Tortoise Capital Advisors Announces Distribution Dates and Amounts for Closed-End Funds
The closed-end funds managed by Tortoise Capital Advisors declared the following distributions today:
|Tortoise Energy Infrastructure Corp.||TYG||$0.61500||0.8%||7.0%|
|Tortoise MLP Fund, Inc.||NTG||$0.42125||–||0.3%|
|Tortoise Pipeline & Energy Fund, Inc.||TTP||$0.40750||–||–|
|Tortoise Energy Independence Fund, Inc.||NDP||$0.43750||–||–|
The TYG, NTG, TTP and NDP distributions are payable on Nov. 28, 2014 to stockholders of record on Nov. 21, 2014. The ex-dividend date is Nov. 19, 2014. For tax purposes, we currently expect 80 to 100 percent of TYG’s and NTG’s 2014 distributions to be characterized as qualified dividend income (“QDI”), with the remainder, if any, as return of capital; and 80 to 100 percent of TTP’s and NDP’s 2014 distributions to be characterized as dividend income and capital gain, with the remainder, if any, as return of capital. A final determination of the characterization will be made in January 2015.
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 65 to 75 percent ordinary income, with the remainder as return of capital. TTP will report the source for its quarterly distribution at the time of the payment in the applicable Section 19(a) Notice.
|Tortoise Power and Energy Infrastructure Fund, Inc.||TPZ||$0.12500|
The TPZ monthly distributions are payable on Dec. 31, 2014, Jan. 30, 2015 and Feb. 27, 2015 to stockholders of record on the respective dates of Dec. 24, 2014, Jan. 23, 2015 and Feb. 20, 2015. The respective ex-dividend dates are Dec. 22, 2014, Jan. 21, 2015 and Feb. 18, 2015. For tax purposes, we currently expect 80 to 100 percent of TPZ’s 2014 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 payment in the applicable Section 19(a) Notice.
You should not draw any conclusions about TPZ’s or TTP’s investment performance from the amount of these distributions or from the terms of TPZ’s or TTP’s distribution policy.
The amounts and sources of distributions TPZ and TTP 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 TPZ’s and TTP’s investment experience during the remainder of their fiscal years and may be subject to changes based on tax regulations. TPZ and TTP 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.
2014 Year-End Closed-End Fund Conference Call
NDP, NTG, TPZ, TTP and TYG will host a year-end conference call on Dec. 17, 2014 at 3:30 p.m. Central, to discuss current U.S. energy industry market conditions and Tortoise closed-end funds’ 2014 year-end results.
Participants can access the conference call by dialing (877) 407-9210.
A replay of the call will be available on the company’s Website at www.tortoiseadvisors.com or by dialing 877-660-6853 (Conference ID # 13594177) until 11:59 p.m. Central on Dec. 17, 2015.
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 2014, the adviser had approximately $18.1 billion of assets under management in NYSE-listed closed-end investment companies, open-end funds and other accounts. For more information, visit www.tortoiseadvisors.com.
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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