Tortoise Announces Distribution Amounts and Dates for TYG, NTG, TTP, NDP, TPZ, TEAF
November 04 2019 - 5:15PM
Business Wire
TYG, NTG, TTP, NDP, TPZ, and TEAF declared the following
distributions today:
Fund
Ticker
Distribution Amount
Tortoise Energy Infrastructure Corp.
TYG
$0.6550
Tortoise Midstream Energy Fund, Inc.
Tortoise Pipeline & Energy Fund,
Inc.
Tortoise Energy Independence Fund,
Inc.
Tortoise Power and Energy Infrastructure
Fund, Inc.
Tortoise Essential Assets Income Term
Fund
NTG
TTP
NDP
TPZ
TEAF
$0.4225
$0.2850
$0.1000
$0.1250
$0.1085
The TYG, NTG, TTP and NDP quarterly distributions are payable on
Nov. 29, 2019 to shareholders of record on Nov. 22, 2019.
The TPZ and TEAF monthly distributions are payable on Dec. 31,
2019, Jan. 31, 2020 and Feb. 28, 2020 to shareholders of record on
the respective dates of Dec. 24, 2019, Jan. 24, 2020 and Feb. 21,
2020.
2019 Tax Characterization Information
For tax purposes, we currently expect 20 to 30% of TYG’s 2019
distributions to be characterized as qualified dividend income
(QDI), with the remainder as return of capital; 0 to 10% of NTG’s
2019 distributions to be characterized as QDI, with the remainder
as return of capital; 0 to 10% of TTP’s 2019 distributions to be
characterized as dividend income and capital gain, with the
remainder as return of capital; 0 to 10% of NDP’s 2019
distributions to be characterized as dividend income and capital
gain, with the remainder as return of capital, 70 to 80% of TPZ’s
2019 distributions to be characterized as dividend income and
capital gain with the remainder as return of capital and 40 to 50%
of TEAF’s 2019 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 2020 and you will receive a form 1099-DIV for each fund in
which you are invested.
For book purposes, the source of distributions for TYG and NTG
is estimated to be 100% return of capital, the source of
distributions for NDP is estimated to be approximately 90 to 100%
ordinary income, with the remainder as return of capital, and the
source of distributions for TEAF is estimated to be approximately
65 to 75% ordinary income, with the remainder as return of
capital.
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.”
TTP and TPZ will report the sources for their distributions at
the time of the payment in the applicable Section 19(a) Notice. 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.
About Tortoise
Tortoise invests in essential assets – those assets and services
that are indispensable to the economy and society. With a steady
wins approach and a long-term perspective, Tortoise strives to make
a positive impact on clients and communities. For additional
information, please visit tortoiseadvisors.com
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.
Cautionary Statement Regarding Forward-Looking
Statements
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 fund’s 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20191104006032/en/
Tortoise Pam Kearney, Investor and Public Relations, (866)
362-9331, pkearney@tortoiseadvisors.com
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