The Board of Directors of Tortoise MLP Fund, Inc. (NYSE: NTG) today declared the company’s third quarter 2011 distribution of $0.41 per share, an increase of 0.6 percent compared to the $0.4075 distribution in the previous quarter. The distribution is payable on Sept. 1, 2011, to stockholders of record on Aug. 24, 2011.
"Our distribution increase reflects our confidence, as long-term investors, in the fundamentally stable and growing distributions from MLPs in our portfolio," said Tortoise Capital Advisors’ Managing Director, Terry Matlack. “Additionally, despite recent market conditions, NTG’s relatively low leverage positions it to withstand periods of MLP price volatility.”
For tax purposes, the company estimates at least 90 percent of NTG’s 2011 distributions will be characterized as return of capital with the remaining percentage characterized as qualified dividend income. The final characterization will not be made until determination of its earnings and profits after year end. For book purposes, the source of this distribution is estimated to be 100 percent return of capital.
About Tortoise MLP Fund, Inc.Tortoise MLP Fund, Inc. seeks to achieve its investment objective by investing primarily in energy infrastructure master limited partnership (MLPs) and their affiliates, with an emphasis on natural gas infrastructure MLPs. Tortoise MLP Fund Inc.’s investment objective is to provide its stockholders a high level of total return with an emphasis on current distributions. About Tortoise Capital Advisors, LLC Tortoise Capital Advisors is an investment manager specializing in listed energy infrastructure investments. Tortoise is considered a pioneer in managing portfolios of MLP securities and other energy companies for individual, institutional and closed-end fund investors. As of July 31, 2011, Tortoise had approximately $6.7 billion of assets under management in six NYSE-listed investment companies, an open-end investment company and private accounts. For more information, visit our website at 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.