Tortoise Announces Distribution Amounts and Dates for TTP, TPZ and TEAF
August 05 2020 - 5:37PM
Business Wire
TTP, TPZ and TEAF declared the following distributions:
Fund
Ticker
Distribution Amount
Tortoise Pipeline & Energy Fund,
Inc.
TTP
$0.1600
Tortoise Power and Energy Infrastructure
Fund, Inc.
TPZ
$0.0500
Tortoise Essential Assets Income Term
Fund
TEAF
$0.0750
The Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP)
quarterly distribution is payable on August 31, 2020 to
stockholders of record on August 24, 2020.
The Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:
TPZ) August monthly distribution is payable on August 31, 2020 to
shareholders of record on August 24, 2020.
The Tortoise Essential Assets Income Term Fund (NYSE: TEAF)
monthly distributions are payable on September 30, 2020, October
30, 2020 and November 30, 2020 to stockholders of record on the
respective dates of September 23, 2020, October 23, 2020 and
November 23, 2020.
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. 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.
The source of distributions for TEAF is estimated to be
approximately 80-90% ordinary income, with the remainder as return
of capital. For tax purposes, the characterization will not be made
until determination of earnings and profits after year end.
Tortoise Capital Advisors, L.L.C. is the adviser to Tortoise
Pipeline & Energy Fund, Inc., Tortoise Power and Energy
Infrastructure Fund, Inc. and Tortoise Essential Assets Income Term
Fund. Ecofin Advisors Limited is a sub-adviser to Tortoise
Essential Assets Income Term Fund.
For additional information on these funds, please visit
cef.tortoiseadvisors.com.
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
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.
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: https://www.businesswire.com/news/home/20200805006078/en/
Maggie Zastrow (913) 981-1020 info@tortoiseadvisors.com
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