Tortoise Capital Advisors Announces Distribution Dates and Amounts for Closed-End Funds
13 November 2012 - 12:42AM
Business Wire
Certain closed-end funds managed by Tortoise Capital Advisors
declared the following distributions today.
Fund Ticker
DistributionAmount
% Changefrom
PriorDistribution
% Changefrom
PriorYear
Tortoise Energy Infrastructure Corp. TYG $0.5650 0.4% 1.8%
Tortoise Energy Capital Corp. TYY $0.4175 0.6% 2.5%
Tortoise North American Energy Corp. TYN $0.3925 0.6% 2.6%
Tortoise MLP Fund, Inc. NTG $0.4150 N/A 0.6% Tortoise
Pipeline & Energy Fund, Inc. TTP $0.4075 N/A N/A
The TYG, TYY, TYN, NTG and TTP quarterly distributions will be
paid on Nov. 30, 2012 to stockholders of record on Nov. 23, 2012.
For tax purposes, we currently expect 80 to 100 percent of each of
TYG’s, TYY’s and TYN’s 2012 distributions to be characterized as
qualified dividend income (“QDI”), with the remainder, if any, as
return of capital; 90 to 100 percent of NTG’s 2012 distributions to
be characterized as return of capital, with the remainder, if any,
as QDI; and 80 to 100 percent of TTP’s 2012 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 2013.
For book purposes, the source of distributions for TYG, TYY, TYN
and NTG is estimated to be 100 percent return of capital, and the
source of distributions for TTP is estimated to be approximately 60
to 70 percent ordinary income with the remainder as return of
capital.
On Sept. 4, 2012, Tortoise Energy Independence Fund, Inc. (NYSE:
NDP) declared its initial distribution of $0.4375 per share. The
distribution will be paid on Nov. 30, 2012 to stockholders of
record on Nov. 23, 2012. This distribution achieves NDP's target of
a 7.0 percent annualized yield on its $25 public offering price.
For tax purposes, we currently expect 60 to 80 percent of NDP’s
2012 distribution to be characterized as dividend income and
capital gain, with the remainder as return of capital. For book
purposes, the source of distribution is estimated to be
approximately 60 to 80 percent ordinary income with the remainder
as return of capital.
Fund Ticker
MonthlyDistributionAmount
Tortoise Power and EnergyInfrastructure Fund, Inc. TPZ
$0.1250
The TPZ monthly distributions will be paid on Dec. 31, 2012,
Jan. 31, 2013 and Feb. 28, 2013 to stockholders of record on the
respective dates of Dec. 21, 2012, Jan. 24, 2013 and Feb. 21, 2013.
For tax purposes, we currently expect 80 to 100 percent of TPZ’s
2012 distributions to be characterized as ordinary income and
capital gain, with the remainder, if any, as return of capital. TPZ
will report the sources for these monthly distributions at the time
of payment in the applicable Section 19(a) Notice.
You should not draw any conclusions about TPZ’s investment
performance from the amount of these distributions or from the
terms of TPZ’s distribution policy.
TPZ estimates that it has distributed more than its income and
net realized capital gains; therefore, a portion of the
distribution 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 is paid back to you. A return of capital distribution does
not necessarily reflect TPZ’s investment performance and should not
be confused with “yield” or “income.”
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, 2012, the
adviser had approximately $9.2 billion of assets under management
in NYSE-listed closed-end investment companies, an open-end fund
and other 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 company 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 company’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 company 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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