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Tortoise MLP Fund, Inc. Provides Unaudited Balance Sheet Information And Asset Coverage Ratio Update As Of Nov. 30, 2012

Tortoise MLP Fund, Inc. (NYSE: NTG) today announced that as of Nov. 30, 2012, the company’s unaudited total assets were approximately $1.6 billion and its unaudited net asset value was $1.1 billion, or $24.50 per share.

As of Nov. 30, 2012, the company was in compliance with its asset coverage ratios under the Investment Company Act of 1940 (the 1940 Act) and basic maintenance covenants. The company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 541 percent, and its coverage ratio for preferred shares was 409 percent. For more information on calculation of coverage ratios, please refer to the company’s most recent applicable prospectus.

The company issued 51,800 shares of common stock under its at-the-market equity offering program for gross proceeds of approximately $1.3 million during the month of November 2012.

Set forth below is a summary of the company’s unaudited balance sheet at Nov. 30, 2012 and a summary of its top 10 holdings.

Unaudited Balance Sheet

               

(in Millions)

               

Per Share

Investments $ 1,631.2 $ 35.03
Other Assets   2.6   0.06
Total Assets   1,633.8   35.09
 
Short-Term Borrowings 23.9 0.51
Senior Notes 255.0 5.48
Preferred Stock   90.0   1.93
Total Leverage   368.9   7.92
 
Other Liabilities 5.6 0.12
Deferred Tax Liability   118.7   2.55
Net Assets $ 1,140.6 $ 24.50
 

46.56 million common shares currently outstanding.

 

Top 10 Holdings (as of Nov. 30, 2012)

     

Name

     

Market

Value

(in Millions)

               

% of

Investment

Securities (1)

El Paso Pipeline Partners, L.P. $ 138.9 8.5 %
Williams Partners L.P. 129.5 7.9 %
Energy Transfer Partners, L.P. 127.0 7.8 %
Enterprise Products Partners L.P. 123.5 7.6 %
Regency Energy Partners LP 101.1 6.2 %
Boardwalk Pipeline Partners, LP 90.9 5.6 %
Spectra Energy Partners, LP 80.6 4.9 %
ONEOK Partners, L.P. 78.6 4.8 %
Plains All American Pipeline, L.P. 70.6 4.3 %
Kinder Morgan Management, LLC   68.2 4.2 %
Total $ 1,008.9 61.8 %
 

(1) Percent of Investments and Cash Equivalents

 

Year End Conference Call

The company will host a conference call on Dec. 13, 2012 at 4:30 p.m. EST, to discuss current U.S. energy industry market conditions and NTG’s 2012 year-end performance results. Participants can access the conference call by dialing (877) 407-8035. The call will also be webcast in a listen-only format. A link to the webcast will be accessible at www.tortoiseadvisors.com.

A replay of the call will be available after the call continuing until Dec. 13, 2013, by dialing (877) 660-6853. The replay account number is 286 and the conference id is 400245. A replay of the webcast will also be available on the company's website at www.tortoiseadvisors.com through Dec. 13, 2013.

About Tortoise MLP Fund, Inc.

Tortoise MLP Fund, Inc. owns a portfolio of master limited partnership (MLP) investments in the energy infrastructure sector, with an emphasis on natural gas infrastructure MLPs. Tortoise MLP Fund, Inc.’s goal is to provide its stockholders a high level of total return with an emphasis on current distributions.

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