Tortoise Capital Advisors Announces Distribution Amounts and Dates for Closed-End Funds (TYG, NTG, TTP, NDP, TPZ)
November 09 2015 - 8:16PM
Business Wire
The closed-end funds managed by Tortoise Capital Advisors
declared the following distributions today:
Fund Ticker
DistributionAmount
% Change
fromPriorDistribution
% Changefrom
PriorYear
Tortoise Energy Infrastructure Corp. TYG $0.6550 0.8% 6.5%
Tortoise MLP Fund, Inc. NTG $0.4225 - 0.3% Tortoise Pipeline &
Energy Fund, Inc. TTP $0.4500 - 10.4% Tortoise Energy Independence
Fund, Inc. NDP $0.4375 - -
The TYG, NTG, TTP and NDP distributions are payable on Nov. 30,
2015 to stockholders of record on Nov. 23, 2015. The ex-dividend
date is Nov. 19, 2015. For tax purposes, we currently expect 80 to
100 percent of TYG’s and NTG’s 2015 distributions to be
characterized as qualified dividend income, with the remainder, if
any, as return of capital; 80 to 100 percent of TTP’s 2015
distributions to be characterized as dividend income and capital
gain, with the remainder, if any, as return of capital; and 0 to 10
percent of NDP’s 2015 distributions to be characterized as dividend
income and capital gain, with the remainder as return of capital. A
final determination of the characterization will be made in January
2016.
For book purposes, the source of distributions for TYG and NTG
is estimated to be 100 percent return of capital, and the source of
distributions for NDP is estimated to be approximately 75 to 85
percent ordinary income, with the remainder as return of capital.
TTP will report the sources for its quarterly distributions at the
time of the payment in the applicable Section 19(a) Notice.
Fund
Ticker
MonthlyDistributionAmount
% Changefrom PriorDistribution
% Changefrom PriorYear
Tortoise Power and Energy Infrastructure Fund, Inc. TPZ
$0.1375 - 10.0%
The TPZ monthly distributions are payable on Dec. 31, 2015, Jan.
29, 2016 and Feb. 29, 2016 to stockholders of record on the
respective dates of Dec. 24, 2015, Jan. 22, 2016 and Feb. 22, 2016.
The respective ex-dividend dates are Dec. 22, 2015, Jan. 20, 2016
and Feb. 18, 2016. For tax purposes, we currently expect 80 to 100
percent of TPZ’s 2015 distributions to be characterized as dividend
income and capital gain, with the remainder, if any, as return of
capital. TPZ will report the sources for its monthly distributions
at the time of the payment in the applicable Section 19(a)
Notice.
A portion of TTP’s and TPZ’s distributions may include realized
capital gains. By distributing realized gains throughout the year
the long-term capital gain distributions necessary at year end may
be reduced. The distribution rate is independent of the Funds’
performance during any particular period but is expected to
correlate with the Funds’ performance over time.
You should not draw any conclusions about TTP’s or TPZ’s
investment performance from the amount of these distributions or
from the terms of TTP’s or TPZ’s distribution policy.
TTP and TPZ estimate that they have distributed more than their
income and net realized capital gains; therefore, a portion of the
distribution may be return of capital. A return of capital may
occur, for example, when some or all of the money that you invested
in TTP and TPZ is paid back to you. A return of capital
distribution does not necessarily reflect TTP’s and TPZ’s
investment performance and should not be confused with “yield” or
“income.”
The amounts and sources of distributions TTP and TPZ report are
only estimates and are not being provided for tax reporting
purposes. The actual amounts and sources of the amounts for tax
reporting purposes will depend upon TTP’s and TPZ’s investment
experience during the remainder of their fiscal years and may be
subject to changes based on tax regulations. TTP and TPZ will each
send you a Form 1099-DIV for the calendar year that will tell you
how to report these distributions for federal income tax
purposes.
About Tortoise Capital Advisors, L.L.C.
Tortoise Capital Advisors, L.L.C. is an investment manager
specializing in listed energy investments. As of Oct. 31, 2015, the
adviser had approximately $14.6 billion of assets under management
in listed closed-end funds, mutual funds, private funds and
separate accounts. For more information, visit
www.tortoiseadvisors.com.
Forward-Looking Statement
This press release contains certain statements that may include
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. All statements, other than statements of
historical fact, included herein are "forward-looking statements."
Although the funds and Tortoise Capital Advisors believe that the
expectations reflected in these forward-looking statements are
reasonable, they do involve assumptions, risks and uncertainties,
and these expectations may prove to be incorrect. Actual results
could differ materially from those anticipated in these
forward-looking statements as a result of a variety of factors,
including those discussed in the funds’ reports that are filed with
the Securities and Exchange Commission. You should not place undue
reliance on these forward-looking statements, which speak only as
of the date of this press release. Other than as required by law,
the funds and Tortoise Capital Advisors do not assume a duty to
update this forward-looking statement.
Safe Harbor Statement
This press release shall not constitute an offer to sell or a
solicitation to buy, nor shall there be any sale of these
securities in any state or jurisdiction in which such offer or
solicitation or sale would be unlawful prior to registration or
qualification under the laws of such state or jurisdiction.
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version on businesswire.com: http://www.businesswire.com/news/home/20151109006913/en/
Tortoise Capital Advisors, L.L.C.Pam Kearney,
866-362-9331Investor Relationspkearney@tortoiseadvisors.com
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