Tortoise Announces Distribution Amounts and Dates for TYG, NTG, TTP, NDP, TPZ

LEAWOOD, Kan.–(BUSINESS WIRE)–TYG, NTG, TTP, NDP and TPZ declared the following distributions today:

Fund     Ticker    

Distribution
Amount

   

% Change
from Prior
Distribution

   

% Change
from Prior
Year

 
Tortoise Energy Infrastructure Corp. TYG $0.6550
Tortoise Midstream Energy Fund, Inc. NTG $0.4225
Tortoise Pipeline & Energy Fund, Inc. TTP $0.4075
Tortoise Energy Independence Fund, Inc. NDP $0.4375
Tortoise Power and Energy Infrastructure Fund, Inc. TPZ $0.1250
 

“We are maintaining distribution levels as we continue to see strong
fundamentals, compelling valuations and some of our anticipated 2019 key
catalysts coming to fruition in the midstream sector including greater
structure clarity as simplification transactions wind down, increased
return of capital to shareholders and improved fund flows into the
sector,” said Brad Adams, CEO for Tortoise’s closed-end funds.

The TYG, NTG, TTP and NDP quarterly distributions are payable on Feb.
28, 2019 to stockholders of record on Feb. 21, 2019.

The TPZ monthly distributions are payable on March 29, 2019, April 30,
2019 and May 31, 2019 to stockholders of record on the respective dates
of March 22, 2019, April 23, 2019 and May 24, 2019.

For book purposes, the source of distributions for TYG and NTG are
estimated to be 100% return of capital, and the source of distributions
for NDP is estimated to be approximately 65-75% 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.

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.

Energy Value Chain Conference Call

Tortoise will host a conference call on April 24, 2019 at 3 p.m. Central
to discuss the energy sector and provide an update on the energy value
chain and Tortoise’s investment outlook.

Toll Free Dial-In Number: (877) 407-9210
Replay Number: (877)
481-4010
Replay ID: #41353 (available through May 24, 2019)

About Tortoise

Tortoise invests in essential assets – those assets and services that
are indispensable to the economy and society. With a steady wins
approach and a long-term perspective, Tortoise strives to make a
positive impact on clients and communities. For additional information,
please visit 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.

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.

Contacts

Tortoise
Pam Kearney, 866-362-9331
Investor and Public
Relations
[email protected]

error: Content is protected !!