Tortoise Capital Advisors Announces Distribution Amounts and Dates for Closed-End Funds (TYG, NTG, TTP, NDP, TPZ)
LEAWOOD, Kan. -- November 7, 2016 -- (BUSINESS WIRE) --
The closed-end funds managed by Tortoise Capital Advisors declared the following distributions today:
% Change from Prior Distribution
% Change from Prior Year
Tortoise Energy Infrastructure Corp.
Tortoise MLP Fund, Inc.
Tortoise Pipeline & Energy Fund, Inc.
Tortoise Energy Independence Fund, Inc.
The TYG, NTG, TTP and NDP distributions are payable on Nov. 30, 2016 to stockholders of record on Nov. 23, 2016. The ex-dividend date is Nov. 21, 2016. For tax purposes, we currently expect 80 to 100 percent of TYG’s 2016 distributions to be characterized as qualified dividend income (QDI), with the remainder, if any, as return of capital; 0 to 10 percent of NTG’s 2016 distributions to be characterized as QDI, with the remainder as return of capital; 20 to 30 percent of TTP’s 2016 distributions to be characterized as dividend income and capital gain, with the remainder as return of capital; and 0 to 10 percent of NDP’s 2016 distributions to be characterized as dividend income and capital gain, with the remainder as return of capital. A final determination of the characterization will be made in January 2017.
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 80 to 90 percent ordinary income, with the remainder as return of capital.
Monthly Distribution Amount
% Change from Prior Distribution
% Change from Prior Year
Tortoise Power and Energy Infrastructure Fund, Inc.
The TPZ monthly distributions are payable on Dec. 30, 2016, Jan. 31, 2017 and Feb. 28, 2017 to stockholders of record on the respective dates of Dec. 23, 2016, Jan. 24, 2017 and Feb. 21, 2017. The respective ex-dividend dates are Dec. 21, 2016, Jan. 20, 2017 and Feb. 17, 2017. For tax purposes, we currently expect 80 to 100 percent of TPZ’s 2016 distributions to be characterized as dividend income and capital gain, with the remainder, if any, as return of capital.
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 Board of Directors of NTG approved a non-fundamental investment policy consistent with TYG stating that “investments in private companies that do not have any publicly traded shares or units are limited to 5% of total assets.” This revised policy replaces NTG’s existing policy that it will not invest in privately held companies. As noted on our recent webcast, Tortoise’s closed end funds may consider such investments including clean energy.
About Tortoise Capital Advisors, L.L.C.
Tortoise Capital Advisors, L.L.C. is an investment manager specializing in listed energy investments. As of Sept. 30, 2016, the adviser had approximately $15.6 billion of assets under management in listed closed-end funds, mutual funds, private funds and separate 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.