LEAWOOD, Kan. -- June 25, 2015 -- (BUSINESS WIRE) --
Tortoise MLP Fund, Inc. (NTG) today announced a modification to its non-fundamental investment policy that reduces the minimum amount it invests in equity securities of natural gas infrastructure master limited partnerships (MLPs) from at least 70% of its total assets to at least 50%. This change is intended to provide more flexibility and broaden the portfolio’s diversification and total return potential.
NTG will continue to seek to provide stockholders with an efficient vehicle to invest in a portfolio consisting primarily of energy infrastructure MLPs and their affiliates. Under normal circumstances, NTG will continue to invest at least 80% of total assets in equity securities of MLPs in the energy infrastructure sector.
“The evolution of the MLP landscape, particularly merger and acquisition activity within natural gas infrastructure MLPs, has reduced the size of the investment universe, making it prudent in our view, to adjust our investment policy to support long-term stockholder value,” said Tortoise Managing Director and Portfolio Manager, Matt Sallee. “While we don’t plan to make significant changes in the near term, eliminating the need to maintain a 70% natural gas investment level allows us more portfolio management flexibility.”
About Tortoise MLP Fund, Inc.
Tortoise MLP Fund, Inc. owns a portfolio of master limited partnership (MLP) investments in the energy infrastructure sector, with at least half of its total assets invested in natural gas infrastructure MLPs. Tortoise MLP Fund, Inc.’s objective is to provide its stockholders a high level of total return with an emphasis on current distributions paid to stockholders.
About Tortoise Capital Advisors, L.L.C.
Tortoise Capital Advisors, L.L.C. is an investment manager specializing in listed energy investments. As of May 31, 2015, the adviser had approximately $18.0 billion of assets under management in NYSE-listed closed-end funds, open-end funds, private funds and separate accounts. For more information, visit www.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.
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 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 any forward-looking statement.
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