TTO Overview
Company Overview
Tortoise Capital Resources invests primarily in privately-held and micro-cap public companies operating in the midstream and downstream segments, and to a lesser extent the upstream segment of the U.S. energy infrastructure sector. Our goal is to provide stockholders with a high level of total return, with an emphasis on distributions and distribution growth.
TTO at a Glance [ top ]
| Description (as of 05/31/2008) | Detail |
|---|---|
| Total Assets | $167mm |
| Most Recent Distribution Announced – 3rd quarter 2008 | $0.265 |
| Management Fee (1) | 1.50% |
| CUSIP | 89147N304 |
| IPO Date | 2/2/2007 |
Investment Policies [ top ]
- Under normal circumstances, we intend to invest at least 90 percent of total assets, including leverage, in energy infrastructure company securities, and will invest at least 70 percent of total assets in qualifying assets including securities purchased in non-public offerings from eligible portfolio companies.
- We may invest up to 30 percent of total assets in nonqualifing assets including high yield bonds, bridge loans, distressed debt, commercial loans, private equity, securities of public companies or secondary market purchases of securities of target portfolio companies.
- We target $5 to $30 million investments in privatelyheld and micro-cap companies focused in the energy infrastructure sector.
- We expect our investments will typically provide an immediate return in the form of distributions or interest, and provide us distribution growth.
Investment Portfolio (2) [ top ]
| Description (as of 05/31/2008)(3) | Detail |
|---|---|
| Upstream | |
| Abraxas Energy Partners, L.P. | 4.6% |
| EV Energy Partners, L.P. | 4.2% |
| Legacy Reserves, L.P. | 3.8% |
| Midstream | |
| High Sierra Energy, L.P. | 17.0% |
| Millennium Midstream Partners, L.P. | 12.8% |
| Quest Midstream Partners, L.P. | 12.5% |
| Penn Virginia Resource Partners LP | 8.1% |
| Eagle Rock Energy Partners, L.P. | 7.1% |
| High Sierra Energy GP, LLC | 1.8% |
| Penn Virginia GP Holdings LP | 1.2% |
| Downstream | |
| Mowood, LLC | 7.9% |
| Aggregate | |
| VantaCore Partners, L.P. | 12.4% |
| Coal | |
| International Resource Partners, L.P. | 6.5% |
Sector Allocation (2) [ top ]
| Sectors (as of 05/31/2008) | % of Total Investment Portfolio |
|---|---|
| Midstream | 60.5% |
| Aggregate & Coal | 18.9% |
| Upstream | 12.6% |
| Downstream | 7.9% |
Distribution at a Glance [ top ]
| Description (as of 08/11/2008) | Detail |
|---|---|
| Ex-Dividend Date | 8/19/08 |
| Record Date | 8/21/08 |
| Payable Date | 9/2/08 |
| Amount Per Share (4) | $0.265 |
Footnotes [ top ]
- Annual rate applied to the fund's average monthly total assets (including any assets purchased with or attributable to borrowed funds) less accrued liabilities other than deferred taxes and debt entered into for purposes of leverage. See prospectus for complete disclosure. Through Dec. 31, 2008, the advisor will waive a portion of its fees in an amount equal to 0.25% of TTO's average monthly assets. [ back ]
- Percentages are based on fair market values as of May 31, 2008, except for investments made after May 31, 2008, which are valued at cost. Excluding short-term investments. [ back ]
- Portfolio composition is subject to change due to ongoing management of the Fund. References to specific securities or sectors should not be construed as a recommendation by the Fund or its Advisor. [ back ]
- A portion of this distribution is expected to be treated as return of captial for income tax purposes, although the ultimate characterization will not be made until determination of our earnings and profits after our year-end.
Trademark Notice: Any trademarks, logos and service marks ("Marks") displayed on this Web Site are the property of Tortoise Capital Advisors, LLC or other third parties. You are not permitted to use the Marks without prior written consent of Tortoise Capital Advisors or such third party which may own the Marks.
Past Performance: Past performance is no guarantee of future results. Total return and market value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only. Due to market volatility, current performance may be lower or higher than the figures shown. For current performance information, please visit our Web site at http://www.tortoiseadvisors.com//.
Shares of closed-end funds frequently trade at a market price that is below their net asset value. Leverage creates risks which may adversely affect return, including the likelihood of greater volatility of net asset value and market price of common shares; and fluctuations in distribution rates on any preferred shares.
This data is provided for information only and is not intended for trading purposes. Closed-end funds, unlike open-end funds, are not continuously offered. After the initial public offering, shares are sold on the open market through a stock exchange. You should consider the investment objective, risks, charges and expenses carefully before investing. For this and other important information, please refer to the closed-end fund prospectus and read it carefully before investing.
For additional information call Tortoise Capital Advisors, L.L.C., the fund adviser, at (866) 362-9331.