Tortoise announced the quarterly cash distributions for the Tortoise North American Pipeline Fund (NYSE Arca: TPYP) and Tortoise Global Water ESG Fund (Cboe: TBLU).
Ex-date: Wednesday, Sept. 26, 2018 Record date: Thursday, Sept. 27, 2018 Payable date: Friday, Sept. 28, 2018
For TPYP, the distribution of $0.2744 per share ($1.0976 on an annualized basis) is payable on the payable date listed above to shareholders of record on the record date listed above. Based on current financial information, the source of distribution is estimated to consist of 52% return of capital. TPYP will report the sources of its distribution at the time of payment in the applicable Section 19(a) Notice; the sources of distribution reported are estimates and not being provided for tax reporting purposes.
For TBLU, the distribution of $0.1019 per share ($0.4076 on an annualized basis) is payable on the payable date listed above to shareholders of record on the record date listed above.
The final determination of the tax character of distributions paid in 2018 will be reported to shareholders in January 2019 on Form 1099-DIV.
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Tortoise invests in assets and services that serve essential needs in society and can also serve essential client needs, such as diversification and income. Through a variety of investment vehicles, Tortoise provides a wide range of client solutions, focused on their evolving needs. Tortoises actively researched indices fill a void in the essential asset universe and provide a platform for passively managed exchange-traded products. For additional information, please visit www.tortoiseadvisors.com.
About Tortoise North American Pipeline Fund (NYSE Arca: TPYP)
The Tortoise North American Pipeline Fund employs a passive management approach designed to track the performance of the Tortoise North American Pipeline Index„ . The underlying index is a proprietary rules-based, capitalization weighted, float adjusted index designed to track the overall performance of equity securities of North American pipeline companies.
About Tortoise Global Water ESG Fund (Cboe: TBLU)
The Tortoise Global Water ESG Fund uses a passive management approach and seeks to track the net total return performance of the Tortoise Global Water ESG Index„ . The underlying index is a float-adjusted, modified market capitalization-weighted index comprised of companies that are materially engaged in the water infrastructure or water management industries. Water infrastructure companies are those whose principal business is providing public water distribution or supporting/enhancing water distribution infrastructure via engineering, construction and/or consulting. Water equipment/services companies are those engaged in the business of producing water equipment, such as pipes, valves and pumps, or providing water services, such as filtration, treatment and testing.
The Tortoise North American Pipeline Index„ and the Tortoise Global Water ESG Index„ are the exclusive property of Tortoise Index Solutions, LLC, which has contracted with S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC) to calculate and maintain the Index. The Index is not sponsored by S&P Dow Jones Indices or its affiliates or its third party licensors (collectively, S&P Dow Jones Indices). S&P Dow Jones Indices will not be liable for any errors or omission in calculating the Index. Calculated by S&P Dow Jones Indices and its related stylized mark(s) are service marks of S&P Dow Jones Indices and have been licensed for use by Tortoise Index Solutions, LLC and its affiliates. S&P is a registered trademark of Standard & Poors Financial Services LLC (SPFS), and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones). No portion of this publication may be reproduced in any format or by any means including electronically or mechanically, by photocopying, or by any other form or manner whatsoever, without the prior written consent of Tortoise Index Solutions, LLC. It is not possible to invest directly in an index.
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 fund and Tortoise Index Solutions 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 fund and Tortoise Index Solutions 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.
The funds investment objective, risks, charges and expenses must be considered carefully before investing. The summary and statutory prospectus (if available) contains this and other important information about the fund and may be obtained by clicking here for TPYP and clicking here for TBLU. In addition, a free hard-copy is available by calling 844-TR-Index (844-874-6339). Read it carefully before investing.
Shares of exchange-traded funds (ETFs) are not individually redeemable and owners of the shares may acquire those shares from the ETF and tender those shares for redemption to the ETF in Creation Units only. See the ETF prospectus for additional information regarding Creation Units. Investors may purchase or sell ETF shares throughout the day through any brokerage account, which will result in typical brokerage commissions.
Investing involves risk. Principal loss is possible. The fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund. Therefore, the fund is more exposed to individual stock volatility than a diversified fund. Investing in specific sectors such as energy pipelines may involve greater risk and volatility than less concentrated investments. The fund is not actively managed and therefore the fund generally will not sell a security due to current or projected underperformance of a security, industry or sector, unless that security is removed from the index or the selling of the security is otherwise required upon a rebalancing of the index. There is no guarantee that the fund will achieve a high degree of correlation to the index and therefore achieve its investment objective. Shares may trade at prices different than net asset value per share.
TPYP: Risks include, but are not limited to, risks associated with companies owning and/or operating energy pipelines, as well as Master Limited Partnerships (MLPs), MLP affiliates, capital markets, terrorism, natural disasters, climate change, operating, regulatory, environmental, supply and demand, and price volatility risks. The tax benefits received by an investor investing in the fund differ from that of a direct investment in an MLP by an investor. The value of the funds investment in an MLP will depend largely on the MLPs treatment as a partnership for U.S. federal income tax purposes. If the MLP is deemed to be a corporation then its income would be subject to federal taxation, reducing the amount of cash available for distribution to the fund which could result in a reduction of the funds value. Investments in non-U.S. companies (including Canadian issuers) involve risk not ordinarily associated with investments in securities and instruments of U.S. issuers, including risks related to political, social and economic developments abroad, differences between U.S. and foreign regulatory and accounting requirements, tax risk and market practices, as well as fluctuations in foreign currencies. The fund invests in small and midcap companies, which involve additional risks such as limited liquidity and greater volatility than larger companies.
TBLU: Investment in the water infrastructure and management industry may significantly affect the value of the shares of the fund. Companies in the water industry are subject to environmental considerations, taxes, government regulation, price and supply fluctuations, competition and water conservation influences. Investments in non-U.S. companies (including Canadian issuers) involve risk not ordinarily associated with investments in securities and instruments of U.S. issuers, including risks related to political, social and economic developments abroad, differences between U.S. and foreign regulatory and accounting requirements, tax risk and market practices, as well as fluctuations in foreign currencies. The fund invests in small and mid-cap companies, which involve additional risks such as limited liquidity and greater volatility than larger companies. The fund has elected to be, and intends to qualify each year for treatment as, a regulated investment company (RIC). To maintain the funds qualification for federal income tax treatment as a RIC, the fund must meet certain source-of-income, asset diversification and annual distribution requirements. If for any taxable year the fund fails to qualify for the special federal income tax treatment afforded to RICs, all of the funds taxable income will be subject to federal income tax at regular corporate rates (without any deduction for distributions to its shareholders) and its income available for distribution will be reduced. Derivatives involve risks different from, and in certain cases, greater than the risks presented by more traditional investments.
The funds are not actively managed and therefore the funds generally will not sell a security due to current or projected underperformance of a security, industry or sector, unless that security is removed from the index or the selling of the security is otherwise required upon a rebalancing of the index. There is no guarantee that the funds will achieve a high degree of correlation to the index and therefore achieve its investment objective. Shares may trade at prices different than net asset value per share.
Nothing contained in this communication constitutes tax, legal, or investment advice. Investors must consult their tax advisor or legal counsel for advice and information concerning their particular situation. Certain marketing or sales related support provided by Tortoise Securities and certain of its affiliates, none of which are affiliated with Quasar Distributors, LLC.
Tortoise Index Solutions, LLC, Advisor
Quasar Distributors, LLC, Distributor
- NOT FDIC INSURED
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- MAY LOSE VALUE