Tortoise Announces Distribution Amounts and Dates for TYG, NTG, TTP, TPZ and TEAF
November 09 2020 - 5:22PM
Business Wire
TYG, NTG, TTP, TPZ and TEAF today declared the following
distributions:
Fund
Ticker
Distribution Amount
Tortoise Energy Infrastructure Corp.
TYG
$0.3000
Tortoise Midstream Energy Fund, Inc.
NTG
$0.3100
Tortoise Pipeline & Energy Fund,
Inc.
TTP
$0.1600
Tortoise Power and Energy Infrastructure
Fund, Inc.
TPZ
$0.0500
Tortoise Essential Assets Income Term
Fund
TEAF
$0.0750
The TYG, NTG, TTP and TPZ distributions are payable on November
30, 2020 to shareholders of record on November 23, 2020. TEAF
monthly distributions are payable on December 31, 2020, January 29,
2021 and February 26, 2021 to shareholders of record on the
respective dates of December 24, 2020, January 22, 2021 and
February 19, 2021.
2020 Tax Characterization Information
For tax purposes, 0 to 10% of TYG and NTG’s 2020 distributions
are expected to be characterized as qualified dividend income, with
the remainder as return of capital; 0 to 10% of TTP and NDP’s 2020
distributions are expected to be characterized as dividend income,
with the remainder as return of capital; 50 to 60% of TPZ’s 2020
distributions are expected to be characterized as dividend income
with the remainder as return of capital; and 50 to 60% of TEAF’s
2020 distributions are expected to be characterized as dividend
income with the remainder as return of capital.
A final determination of the characterization will be made in
January 2021 and you will receive a form 1099-DIV for each fund in
which you are invested.
For book purposes, the source of distributions for TYG and NTG
is estimated to be 100% return of capital, the source of
distributions for NDP is estimated to be approximately 90 to 100%
ordinary income, with the remainder as return of capital, and the
source of distributions for TEAF is estimated to be approximately
65 to 75% ordinary income, with the remainder 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.
Tortoise Capital Advisors, L.L.C. is the adviser to Tortoise
Energy Infrastructure Corp., Tortoise Midstream Energy Fund, Inc.,
Tortoise Pipeline & Energy Fund, Inc., Tortoise Power and
Energy Infrastructure Fund, Inc., Tortoise Energy Independence
Fund, Inc. and Tortoise Essential Assets Income Term Fund. Ecofin
Advisors Limited is a sub-adviser to Tortoise Essential Assets
Income Term Fund.
For additional information on these funds, please visit
cef.tortoiseecofin.com.
About Tortoise
Tortoise focuses on energy and power infrastructure and the
transition to cleaner energy. Tortoise’s solid track record of
energy value chain investment experience and research dates back
more than 20 years. As one of the earliest investors in midstream
energy, Tortoise believes it is well-positioned to be at the
forefront of the global energy evolution that is underway. With a
steady wins approach and a long-term perspective, Tortoise strives
to make a positive impact on clients and communities. To learn
more, visit www.TortoiseEcofin.com.
Cautionary Statement Regarding Forward-Looking
Statements
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 fund’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 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201109006183/en/
Maggie Zastrow (913) 981-1020 info@tortoiseadvisors.com
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