LEAWOOD, Kan.--(BUSINESS WIRE)--The closed-end funds managed by Tortoise Capital Advisors declared the following distributions today:
|Tortoise Energy Infrastructure Corp.||TYG||$0.61000||5.2%||6.6%|
|Tortoise MLP Fund, Inc.||NTG||$0.42125||-||0.6%|
|Tortoise Pipeline & Energy Fund, Inc.||TTP||$0.40750||-||-|
|Tortoise Energy Independence Fund, Inc.||NDP||$0.43750||-||-|
TYG, TYY and TYN merger
As a reminder, effective June 23, 2014, Tortoise Energy Capital Corp. (TYY) and Tortoise North American Energy Corp. (TYN) ceased their operations and were merged into TYG, and TYY and TYN stockholders became stockholders of TYG. Today’s declared TYG distribution of $0.61 per TYG common share ($2.44 annualized) for the fiscal 3rd quarter of 2014 reflects the combined fund’s expected distributions from investments, the lower operating expenses per share and the combined costs of leverage.
The TYG, NTG, TTP and NDP distributions are payable on Aug. 29, 2014, to stockholders of record on Aug. 22, 2014. The ex-dividend date is Aug. 20, 2014.
|Tortoise Power and Energy Infrastructure Fund, Inc.||TPZ||$0.12500|
The TPZ monthly distributions are payable on Sept. 30, 2014, Oct. 31, 2014, and Nov. 28, 2014, to stockholders of record on the respective dates of Sept. 23, 2014, Oct. 24, 2014, and Nov. 21, 2014. The respective ex-dividend dates are Sept. 19, 2014, Oct. 22, 2014, and Nov. 19, 2014.
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. For tax purposes, the characterization will not be made until determination of earnings and profits after year end.
TPZ will report the sources for its monthly distributions at the time of payment in the applicable Section 19(a) Notice. TTP will begin to report the sources for its quarterly 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.
TPZ and TTP estimate that they have distributed more than their income and net realized capital gains; therefore, a portion of the distributions may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in TPZ or TTP is paid back to you. A return of capital distribution does not necessarily reflect TPZ’s or TTP’s investment performance and should not be confused with “yield” or “income.”
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.
About Tortoise Capital Advisors, L.L.C.
Tortoise Capital Advisors, L.L.C. is an investment manager specializing in listed energy investments. As of July 31, 2014, the adviser had approximately $17.9 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.