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Tortoise MLP Fund, Inc. Provides Unaudited Balance Sheet Information And Asset Coverage Ratio Update As Of June 30, 2013

Tortoise MLP Fund, Inc. (NYSE: NTG) today announced that as of June 30, 2013, the company’s unaudited total assets were approximately $2.0 billion and its unaudited net asset value was $1.3 billion, or $28.50 per share.

As of June 30, 2013, 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 629 percent, and its coverage ratio for preferred shares was 471 percent. For more information on calculation of coverage ratios, please refer to the company’s most recent applicable prospectus.

Set forth below is a summary of the company’s unaudited balance sheet at June 30, 2013 and a summary of its top 10 holdings.

Unaudited Balance Sheet

  (in Millions)   Per Share
Investments $ 1,950.4 $ 41.56
Cash and Cash Equivalents 0.2 0.00
Other Assets   2.6   0.06
Total Assets   1,953.2   41.62
 
Short Term Borrowings 15.1 0.32
Senior Notes 255.0 5.43
Preferred Stock   90.0   1.92
Total Leverage   360.1   7.67
 
Other Liabilities 5.4 0.12
Deferred Tax Liability   250.1   5.33
Net Assets $ 1,337.6 $ 28.50
 

46.93 million common shares currently outstanding.

 

Top 10 Holdings (as of June 30, 2013)

Name

 

MarketValue (in Millions)

 

% ofInvestment Securities (1)

Spectra Energy Partners, LP $ 154.5 7.9 %
Energy Transfer Partners, L.P. 146.2 7.5 %
El Paso Pipeline Partners, L.P. 137.4 7.0 %
Enterprise Products Partners L.P. 134.0 6.9 %
Regency Energy Partners, L.P. 121.9 6.3 %
Boardwalk Pipeline Partners, LP 106.4 5.5 %
Williams Partners, L.P. 100.2 5.1 %
Plains All American Pipeline, L.P. 89.0 4.6 %
Buckeye Partners, L.P. 78.0 4.0 %
Kinder Morgan Management, LLC   77.5 4.0 %
Total $ 1,145.1 58.8 %
 

(1) Percent of Investments and Cash Equivalents

 

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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