Company at a Glance
Tortoise North American Energy
Corp. (NYSE: TYN) is a non-diversified closed-end investment company focused
primarily on investing in equity securities of companies in the energy sector
with their primary operations in North America, including oil and gas
exploitation, energy infrastructure and energy shipping companies. Our
investments are primarily in Master Limited Partnerships (MLPs) and their
affiliates, but may also include Canadian royalty and income trusts, common
stock, debt and other securities issued by energy companies that are not
MLPs.
Investment Goals: Yield, Growth
and Quality
TYN seeks a high level of total
return with an emphasis on current distributions paid to
stockholders.
In seeking to achieve
yield,
we target
distributions to our stockholders that are roughly equal to the underlying yield
on a direct investment in MLPs. In order to accomplish this, we maintain our
strategy of investing primarily in companies in the energy sector with
attractive current yields and growth potential.
We seek to achieve distribution
growth
as revenues of our underlying companies grow with the economy, with the
population and through rate increases. This revenue growth generally leads to
increased operating profits, and when combined with internal expansion projects
and acquisitions, is expected to provide attractive growth in distributions to
us.
TYN seeks to achieve
quality
by
investing in companies operating energy infrastructure assets that are critical
to the North American economy. Often these assets would be difficult to
replicate. We also back experienced management teams with successful track
records. By investing in TYN, our stockholders have access to a portfolio that
is diversified through geographic regions and across product lines, including
natural gas, natural gas liquids, crude oil and refined products.
About U.S. Energy Infrastructure
Master Limited Partnerships (MLPs)
MLPs are limited partnerships whose
units trade on public exchanges such as the New York Stock Exchange (NYSE), the
NYSE Alternext US and the NASDAQ. Buying MLP units makes an investor a limited
partner in the MLP. There are currently more than 100 MLPs in the market in
industries related to energy and natural resources. We invest primarily in MLPs
in the energy infrastructure sector. Energy infrastructure MLPs are engaged in
the transportation, storage and processing of crude oil, natural gas and refined
products from production points to the end users.
TYN Investment
Features
We provide stockholders an
alternative to investing directly in MLPs and their affiliates. We offer
investors the opportunity to receive an attractive distribution return with a
historically low return correlation to returns on stocks and bonds.
Additional features
include:
-
One Form 1099 per stockholder at the end of
the year, multiple K-1s and multiple state filings for individual
partnership investments;
-
A professional management team, with more
than 130 years combined investment experience;
-
The ability to access investment grade credit
markets to enhance stockholder return; and
-
Access to direct placements and other
investments not available through the public market.
September 15, 2013
Dear Fellow Stockholders,
Equity market performance was uneven
over the summer months, with the S&P 500
®
registering gains in July but
declines for both June and August. The broad market index closed the three month
period with a paltry 0.7 percent gain and a much healthier 17.2 percent return
for the fiscal year to date ending Aug. 31, 2013. Disappointing data on
manufacturing and new home sales in July set the tone for a downbeat August that
erased much of July’s gains. Early in August, U.S. unemployment dropped to its
lowest level since December 2008, renewing speculation that the Federal Reserve
may begin to taper its quantitative easing. Additional headwinds in August
included an escalation of the crisis in Syria and economic data showing sluggish
consumer spending. Against this uneven backdrop, midstream MLPs outperformed the
broader market while upstream MLPs underperformed.
Master Limited Partnership Sector
Review
The Tortoise MLP Index
®
posted a 0.7
percent and 16.7 percent total return for the three and nine months ending Aug.
31, 2013, respectively. MLPs’ performance during the quarter was markedly lower
than in previous fiscal quarters, largely in response to concern and uncertainty
around rising interest rates, as well as the digestion of increased equity
offerings and some compression in crude oil location price differentials that
had previously been at record levels. Midstream MLPs dramatically outperformed
upstream MLPs for the quarter and by a wide margin for the fiscal year to date,
as reflected by the Tortoise Midstream MLP Index’s 19.4 percent fiscal
year-to-date return as compared to the Tortoise Upstream MLP Index’s -4.0
percent return for the same period. This outperformance was driven by midstream
MLPs’ solid fundamentals, strong underlying distribution growth and continued
infrastructure build-out in support of robust production out of North American
shales, as well as some market and regulatory pressures faced by certain
upstream MLPs.
The upstream sector of the energy
value chain continues to benefit from escalating volumes of oil and natural gas
production, which in turn benefits the midstream sector by driving
infrastructure build-out. To put this production growth into perspective,
consider that domestic crude oil production rose 17.4 percent from July 2012 to
July 2013, averaging a 25-year high of nearly 7.5 million barrels per
day.
1
By 2020, oil production may approach 10 million barrels per
day.
2
The natural gas production numbers are equally astounding. It
is estimated that U.S. natural gas production, which effectively has eliminated
U.S. dependency on foreign gas imports, will reach nearly
74 billion cubic feet per day by the end of this decade,
an increase of 50 percent since 2005.
3
We continue to project more
than $50 billion in MLP growth projects from 2013 through 2015 to support this
activity.
Capital markets are humming, with
MLPs raising approximately $32 billion in equity and $23 billion in debt fiscal
year to date through August 31st. This included the launch of four new midstream
MLP initial public offerings during the fiscal quarter. Fiscal year to date, 12
MLPs have gone public, raising total proceeds of $3.2 billion. Merger and
acquisition (M&A) activity also has been vigorous, with announced MLP
transactions totaling nearly $40 billion fiscal year to date, including more
than $16 billion in the quarter. The largest announced MLP transactions in the
quarter were Spectra Energy Corporation’s planned drop down of midstream assets
to its respective MLP and BreitBurn Energy Partners’ pending acquisition of
acreage from Whiting Petroleum Corp. Both transactions are pending.
Fund Performance
Review
The fund’s total assets increased
marginally during the quarter to $253.3 million on Aug. 31, 2013. The fund’s
market-based total return was -9.8 percent and 15.4 percent (both including the
reinvestment of distributions) for the three and nine months ending Aug. 31,
2013. The fund’s NAV-based total return was 2.1 percent and 14.5 percent for the
same periods. For the first two fiscal quarters, the fund’s market total return
outperformed its NAV return; however, during the third quarter, the fund’s
market total return underperformed its NAV return, erasing the market price
premium that existed at the start of the quarter.
During the fiscal quarter, the fund’s
asset performance was boosted by its exposure to natural gas pipeline, refined
product pipeline and gathering and processing MLPs. Refined product pipeline
MLPs specifically saw a boost from a favorable tariff escalator (PPI + 2.65
percent) and, along with natural gas pipeline MLPs, the ongoing investment in
energy infrastructure to support the country’s emerging supply basins. Gathering
and processing MLPs benefitted from a growing fee-based profile. M&A
activity also positively impacted performance as assets migrated to MLPs from
larger integrated energy companies. On a broader basis, crude oil pipelines
experienced some downward pressure during the quarter due in part to narrowing
of location price differentials. However, this was mitigated by the fund’s
(Unaudited)
2013 3rd Quarter
Report
1
specific holdings, which were
generally less affected. Upstream MLPs also provided some headwinds, driven in
part by the Securities and Exchange Commission’s inquiry into non-GAAP financial
measures and hedging strategies of Linn Energy, LLC, the largest upstream MLP
and a small portfolio holding of the fund; this was mitigated in part by the
fund’s security selection within the sector.
The fund paid a distribution of $0.40
per common share ($1.60 annualized) to stockholders on Sept. 3, 2013, an
increase of 0.6 percent quarter over quarter and 2.6 percent year over year.
This distribution represented an annualized yield of 5.8 percent based on the
fund’s third fiscal quarter closing price of $27.72. The distribution payout
coverage (distributable cash flow divided by distributions) for the fiscal
quarter was 105.6 percent, reflective of our emphasis on sustainability. The
fund ended the period with leverage (bank debt) at 13.0 percent of total assets.
Additional information about the fund’s performance, distributions and leverage
is available in the Key Financial Data and Management’s Discussion sections of
this report.
Concluding Thoughts
The unconventional oil and gas
revolution taking place in North America today is profoundly altering the energy
landscape. Prolific oil and gas production is creating opportunities for energy
companies across the energy value chain, including MLPs. We remain enthusiastic
about these prospects and about the future of North American energy. We look
forward to serving you as your professional investment adviser as this
compelling story continues.
Sincerely,
The Managing Directors
Tortoise Capital Advisors
L.L.C.
The adviser to Tortoise North
American Energy Corp.
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P. Bradley
Adams
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H. Kevin
Birzer
|
Zachary A.
Hamel
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Kenneth P.
Malvey
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Terry
Matlack
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David J.
Schulte
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1
American Petroleum
Institute, 2013
|
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2
Citi, 2012
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3
Energy Information Administration,
2013
|
The Tortoise MLP Index
®
is a
float-adjusted, capitalization weighted index of energy master limited
partnerships (MLPs). The Tortoise Midstream MLP Index, a sub-index of the
Tortoise MLP Index
®
, is comprised of all constituents included in the following
sub sectors: Crude Oil Pipelines, Gathering & Processing, Natural Gas
Pipelines and Refined Products Pipelines. The Tortoise Upstream MLP
Index
SM
is comprised of all constituents included in the
Tortoise MLP Index’s Coal and Oil & Gas Production sub sector indices. The
S&P 500 Index
®
is an unmanaged market-value-weighted index of stocks, which
is widely regarded as the standard for measuring large-cap U.S. stock market
performance.
(Unaudited)
2
Tortoise North American Energy Corp.
Key
Financial Data
(Supplemental Unaudited Information)
(dollar amounts in
thousands unless otherwise indicated)
|
The information presented below
regarding Distributable Cash Flow and Selected Financial Information is
supplemental non-GAAP financial information, which we believe is meaningful to
understanding our operating performance. The Distributable Cash Flow Ratios
include the functional equivalent of EBITDA for non-investment companies, and we
believe they are an important supplemental measure of performance and promote
comparisons from period-to-period. This information is supplemental, is not
inclusive of required financial disclosures (e.g. Total Expense Ratio), and
should be read in conjunction with our full financial statements.
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2012
|
|
2013
|
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|
|
|
Q3
(1)
|
|
Q4
(1)
|
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Q1
(1)
|
|
Q2
(1)
|
|
Q3
(1)
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Total Income
from Investments
|
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|
|
|
|
|
|
|
|
|
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|
|
|
|
|
Distributions received from master limited partnerships
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$
|
3,221
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$
|
3,257
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|
$
|
3,298
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$
|
3,423
|
|
$
|
3,352
|
|
|
Dividends paid in stock
|
|
|
218
|
|
|
241
|
|
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250
|
|
|
205
|
|
|
211
|
|
|
Dividends from common stock
|
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87
|
|
|
79
|
|
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53
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63
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|
|
65
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Interest and dividend income
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|
—
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1
|
|
|
—
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|
|
—
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|
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—
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Total from
investments
|
|
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3,526
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|
|
3,578
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|
3,601
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|
3,691
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|
3,628
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Operating
Expenses Before
Leverage Costs and Current
Taxes
|
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Advisory
fees
|
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535
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|
559
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570
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|
|
640
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|
|
649
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Other operating expenses
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|
|
119
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|
|
111
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|
|
129
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|
|
123
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|
|
121
|
|
|
|
|
|
654
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|
|
670
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|
|
699
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|
|
763
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|
|
770
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Distributable cash flow before leverage
costs and current taxes
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|
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2,872
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|
|
2,908
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2,902
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|
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2,928
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|
|
2,858
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Leverage
costs
(2)
|
|
|
190
|
|
|
190
|
|
|
189
|
|
|
193
|
|
|
192
|
|
|
Current income tax
expense
(3)
|
|
|
—
|
|
|
—
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|
|
—
|
|
|
—
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|
|
—
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Distributable Cash Flow
(4)
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$
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2,682
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$
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2,718
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$
|
2,713
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$
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2,735
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$
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2,666
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As a percent
of average total assets
(5)
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Total
from investments
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6.51
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%
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6.33
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%
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6.24
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%
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5.77
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%
|
|
5.59
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%
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Operating expenses before leverage costs
and current taxes
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|
|
1.21
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%
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|
1.19
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%
|
|
1.21
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%
|
|
1.19
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%
|
|
1.19
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%
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Distributable cash flow before leverage costs and current taxes
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5.30
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%
|
|
5.14
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%
|
|
5.03
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%
|
|
4.58
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%
|
|
4.40
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%
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As a percent
of average net assets
(5)
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|
|
|
|
|
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Total
from investments
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|
|
8.97
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%
|
|
8.86
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%
|
|
8.83
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%
|
|
8.19
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%
|
|
8.01
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%
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|
Operating expenses before leverage costs
and current taxes
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|
|
1.66
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%
|
|
1.66
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%
|
|
1.71
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%
|
|
1.69
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%
|
|
1.70
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%
|
|
Leverage
costs and current taxes
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0.48
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%
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0.47
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%
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|
0.46
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%
|
|
0.43
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%
|
|
0.42
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%
|
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Distributable cash flow
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6.83
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%
|
|
6.73
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%
|
|
6.66
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%
|
|
6.07
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%
|
|
5.89
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%
|
|
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Selected Financial Information
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Distributions
paid on common stock
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$
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2,455
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$
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2,473
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$
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2,489
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$
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2,507
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$
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2,524
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Distributions paid on common
stock per share
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|
0.3900
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0.3925
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0.3950
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0.3975
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0.4000
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Distribution
coverage percentage for period
(6)
|
|
|
109.2
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%
|
|
109.9
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%
|
|
109.0
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%
|
|
109.1
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%
|
|
105.6
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%
|
|
Net realized gain, net of income
taxes, for the period
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2,791
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7,239
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1,513
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6,156
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2,661
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Total assets, end
of period
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|
224,011
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|
225,988
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|
244,726
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|
252,597
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|
253,294
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|
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Average total assets during
period
(7)
|
|
215,393
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|
227,259
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|
234,107
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253,747
|
|
257,322
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|
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Leverage
(8)
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|
31,000
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|
34,800
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|
32,400
|
|
32,900
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|
32,900
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|
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Leverage as a percent of total
assets
|
|
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13.8
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%
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15.4
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%
|
|
13.2
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%
|
|
13.0
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%
|
|
13.0
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%
|
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Net unrealized
appreciation, end of period
|
|
62,950
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|
58,204
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|
70,500
|
|
71,249
|
|
72,694
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|
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Net assets, end of
period
|
|
160,792
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|
160,717
|
|
171,777
|
|
175,468
|
|
176,768
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|
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Average net
assets during period
(9)
|
|
156,379
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|
162,512
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|
165,339
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|
178,907
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|
179,673
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|
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Net asset value per common
share
|
|
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25.54
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|
|
25.51
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|
|
27.26
|
|
|
27.82
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|
|
28.01
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Market value per
common share
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|
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25.69
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|
|
25.06
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|
|
28.12
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|
|
31.18
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|
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27.72
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Shares outstanding
(actual)
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|
6,295,750
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|
6,301,191
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|
6,301,191
|
|
6,306,162
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|
6,310,801
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(1)
|
Q1 is the
period from December through February. Q2 is the period from March through
May. Q3 is the period from June through August. Q4 is the period from
September through November.
|
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(2)
|
Leverage costs
include interest expense, interest rate swap expenses and other recurring
leverage expenses.
|
|
(3)
|
Includes taxes
paid on net investment income and foreign taxes, if any. Taxes related to
realized gains are excluded from the calculation of Distributable Cash
Flow (“DCF”).
|
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(4)
|
“Net
investment income (loss), before income taxes” on the Statement of
Operations is adjusted as follows to reconcile to DCF: increased by the
return of capital on MLP distributions and the value of paid-in-kind
distributions; and decreased by realized and unrealized gains (losses) on
interest rate swap settlements.
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(5)
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Annualized for
periods less than one full year.
|
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(6)
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Distributable
Cash Flow divided by distributions paid.
|
|
(7)
|
Computed by
averaging month-end values within each period.
|
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(8)
|
Leverage
consists of short-term borrowings.
|
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(9)
|
Computed by
averaging daily net assets within each
period.
|
2013 3rd Quarter
Report
3
Management's Discussion
(Unaudited)
|
The information contained in this
section should be read in conjunction with our Financial Statements and the
Notes thereto. In addition, this report contains certain forward-looking
statements. These statements include the plans and objectives of management for
future operations and financial objectives and can be identified by the use of
forward-looking terminology such as “may,” “will,” “expect,” “intend,”
“anticipate,” “estimate,” or “continue” or the negative thereof or other
variations thereon or comparable terminology. These forward-looking statements
are subject to the inherent uncertainties in predicting future results and
conditions. Certain factors that could cause actual results and conditions to
differ materially from those projected in these forward-looking statements are
set forth in the “Risk Factors” section of our public filings with the SEC.
Overview
Tortoise North American Energy Corp.’s (“TYN” or the
“Company”) investment objective is to seek a high level of total return for our
stockholders, with an emphasis on distribution income paid to stockholders. Our
investment strategy requires us to invest at least 80 percent of our total
assets in equity securities of companies in the energy sector with their primary
operations in North America, including energy infrastructure, oil and gas
production and energy shipping companies. The equity securities of the energy
companies purchased by TYN consist primarily of interests in MLPs. MLPs are
publicly traded partnerships whose equity interests are traded in the form of
units on public exchanges, such as the NYSE or NASDAQ. We invest primarily in
MLPs through public market and private purchases. While we are a registered
investment company under the Investment Company Act of 1940, as amended (the
“1940 Act”), we are not a “regulated investment company” for federal tax
purposes. Our distributions do not typically generate unrelated business taxable
income (“UBTI”) and our stock may therefore be suitable for holding by pension
funds, IRAs and mutual funds, as well as taxable accounts. Tortoise Capital
Advisors, L.L.C. serves as our investment adviser.
Company Update
Total assets increased approximately $0.7 million during
the 3rd quarter, primarily as a result of increased market values of our MLP
investments. Average total assets for the quarter increased as compared to 2nd
quarter 2013, resulting in increased asset-based expenses. Distribution
increases from our MLP investments were in-line with our expectations. Total
leverage as a percent of total assets remained unchanged compared to the prior
quarter-end and we increased our quarterly distribution to $0.40 per share.
Additional information on these events and results of our operations are
discussed in more detail below.
Critical Accounting
Policies
The financial statements are
based on the selection and application of critical accounting policies, which
require management to make significant estimates and assumptions. Critical
accounting policies are those that are both important to the presentation of our
financial condition and results of operations and require management’s most
difficult, complex, or subjective judgments. Our critical accounting policies
are those applicable to the
valuation of
investments, tax matters and certain revenue recognition matters as discussed in
Note 2 in the Notes to Financial Statements.
Determining Distributions to
Stockholders
Our portfolio generates
cash flow from which we pay distributions to stockholders. Our Board of
Directors has adopted a policy of declaring what it believes to be sustainable
distributions. In determining distributions, our Board of Directors considers a
number of current and anticipated factors, including, among others,
distributable cash flow (“DCF”), realized and unrealized gains, leverage amounts
and rates, current and deferred taxes payable, and potential volatility in
returns from our investments and the overall market. While the Board considers
many factors in determining distributions to stockholders, particular emphasis
is given to DCF and distribution coverage. Distribution coverage is DCF divided
by distributions paid to stockholders and is discussed in more detail below.
Over the long term, we expect to distribute substantially all of our DCF to
holders of common stock. Our Board of Directors reviews the distribution rate
quarterly and may adjust the quarterly distribution throughout the year.
Determining
DCF
DCF is distributions received
from investments, less expenses. The total distributions received from our
investments include the amount received by us as cash distributions from MLPs,
paid-in-kind distributions, and dividend and interest payments. The total
expenses include current or anticipated operating expenses, leverage costs and
current income taxes. Current income taxes include taxes paid on our net
investment income in addition to foreign taxes, if any. Taxes incurred from
realized gains on the sale of investments, expected tax benefits and deferred
taxes are not included in DCF.
The Key Financial Data table
discloses the calculation of DCF and should be read in conjunction with this
discussion. The difference between distributions received from investments in
the DCF calculation and total investment income as reported in the Statement of
Operations, is reconciled as follows: the Statement of Operations, in conformity
with U.S. generally accepted accounting principles (“GAAP”), recognizes
distribution income from MLPs and common stock on their ex-dates, whereas the
DCF calculation may reflect distribution income on their pay dates; GAAP
recognizes that a significant portion of the cash distributions received from
MLPs are characterized as a return of capital and therefore excluded from
investment income, whereas the DCF calculation includes the return of capital;
and distributions received from investments in the DCF calculation include the
value of dividends paid-in-kind (additional stock or MLP units), whereas such
amounts are not included as income for GAAP purposes, and includes distributions
related to direct investments when the purchase price is reduced in lieu of
receiving cash distributions. The treatment of expenses in the DCF calculation
also differs from what is reported in the Statement of Operations. In addition
to the total operating expenses, including expense reimbursement, as disclosed
in the Statement of Operations, the DCF calculation reflects interest expense,
realized and unrealized gains (losses) on interest rate swap settlements, other
leverage expenses, and taxes paid on net investment income. A reconciliation of
Net Investment Loss, before Income Taxes to DCF is included below.
4
Tortoise North American Energy Corp.
Management's Discussion
(Unaudited)
(Continued)
|
Distributions Received from
Investments
Our ability to generate
cash is dependent on the ability of our portfolio of investments to generate
cash flow from their operations. In order to maintain and grow distributions to
our stockholders, we evaluate each holding based upon its contribution to our
investment income, our anticipation of its growth rate, and its risk relative to
other potential investments.
We concentrate on investments we
believe can expect an increasing demand for services from economic and
population growth. We seek well-managed businesses with hard assets and stable
recurring revenue streams.
Total distributions received from our
investments for the 3rd quarter 2013 were approximately $3.6 million. This
represents a 1.7 percent decrease as compared to 2nd quarter 2013 and an
increase of 2.9 percent as compared to 3rd quarter 2012. These changes reflect
increases in per share distribution rates on our MLP investments and the impact
of various portfolio trading activity. In addition, one portfolio company
changed the timing of its distribution payment which shifted approximately
$49,900 of distributions to TYN from the 3rd quarter 2013 to future
quarters.
Expenses
We incur two types of expenses: (1) operating expenses,
consisting primarily of the advisory fee, and (2) leverage costs. On a
percentage basis, operating expenses before leverage costs and current taxes
were an annualized 1.19 percent of average total assets for the 3rd quarter 2013
as compared to 1.21 percent for the 3rd quarter 2012 and 1.19 percent for the
2nd quarter 2013.
Advisory fees for the 3rd quarter
2013 increased 1.4 percent from 2nd quarter 2013 as a result of increased
average managed assets for the quarter as discussed above. Other operating
expenses decreased slightly as compared to 2nd quarter 2013.
Leverage costs consist of two major
components: (1) the direct interest expense, which will vary from period to
period as our margin borrowing facility has a variable interest rate, and (2)
the realized and unrealized gain or loss on our interest rate swap settlements.
Detailed information on our margin borrowing facility is included in the
Liquidity and Capital Resources section below.
Total leverage costs for DCF purposes
were approximately $192,000 for the 3rd quarter 2013, a slight decrease as
compared to the 2nd quarter 2013. Our average annualized total cost of leverage,
including interest rate swaps, was 2.23 percent as of August 31, 2013.
As indicated in Note 9 of our Notes
to Financial Statements, we have entered into $25 million notional amount of
interest rate swap contracts with The Bank of Nova Scotia in an attempt to
reduce a portion of the interest rate risk arising from our leveraged capital
structure. TYN has agreed to pay The Bank of Nova Scotia a fixed rate while
receiving a floating rate based upon the 1-month U.S. Dollar London Interbank
Offered Rate (“LIBOR”). The spread between the fixed swap rate and LIBOR is
reflected in our Statement of Operations as a realized or unrealized gain when
LIBOR exceeds the fixed
rate (The Bank of
Nova Scotia pays TYN the net difference) or a realized or unrealized loss when
the fixed rate exceeds LIBOR (TYN pays The Bank of Nova Scotia the net
difference). The interest rate swap contracts have a weighted average fixed rate
of 1.70 percent and weighted average remaining maturity of approximately 5.0
years at August 31, 2013. This swap arrangement effectively fixes the cost of
approximately 76 percent of our outstanding leverage as of August 31, 2013 over
the remaining swap period.
Interest accrues on the margin
facility at a rate equal to 1-month LIBOR plus 0.85 percent and unused balances
are subject to a fee of 0.25 percent. The annual rate of leverage may vary in
future periods as a result of changes in LIBOR, the utilization of our margin
facility, and maturity of our interest rate swap contracts. Additional
information on our leverage is disclosed below in Liquidity and Capital
Resources and in our Notes to Financial Statements.
Distributable Cash Flow
For 3rd quarter 2013, our DCF was
approximately $2.7 million, a decrease of 0.6 percent as compared to 3rd quarter
2012 and a decrease of 2.5 percent as compared to 2nd quarter 2013. The changes
are the net result of changes to distributions and expenses as outlined above.
We declared a distribution of $2.5 million, or $0.40 per share, during the
quarter. This represents an increase of $0.01 per share as compared to 3rd
quarter 2012 and an increase of $0.0025 per share as compared to 2nd quarter
2013.
Our distribution coverage ratio was
105.6 percent for 3rd quarter 2013, a decrease in the coverage ratio of 3.6
percent as compared to 3rd quarter 2012 and a decrease of 3.5 percent as
compared to 2nd quarter 2013. These decreases are primarily due to the change in
timing of receipt of distribution payments as described above. Our goal is to
pay what we believe to be sustainable distributions with any increases safely
covered by earned DCF. A distribution coverage ratio of greater than 100 percent
provides flexibility for on-going management of the portfolio, changes in
leverage costs, the impact of taxes from realized gains and other expenses. An
on-going distribution coverage ratio of less than 100 percent will, over time,
erode the earning power of a portfolio and may lead to lower distributions. We
expect to allocate a portion of the projected future growth in DCF to increase
distributions to stockholders while also continuing to build critical
distribution coverage to help preserve the sustainability of distributions to
stockholders for the years ahead.
Net investment loss before income
taxes on the Statement of Operations is adjusted as follows to reconcile to DCF
for 2013 YTD and 3rd quarter 2013 (in thousands):
|
|
2013
|
|
3rd
Qtr
|
|
|
YTD
|
|
2013
|
|
Net Investment
Loss, before Income Taxes
|
$
|
(2,299
|
)
|
|
$
|
(547
|
)
|
|
Adjustments to reconcile to
DCF:
|
|
|
|
|
|
|
|
|
Dividends paid in stock
|
|
666
|
|
|
|
211
|
|
|
Distributions characterized as return of capital
|
|
10,032
|
|
|
|
3,098
|
|
|
Interest rate swap
expenses
|
|
(285
|
)
|
|
|
(96
|
)
|
|
DCF
|
$
|
8,114
|
|
|
$
|
2,666
|
|
2013 3rd Quarter
Report
5
Management's Discussion
(Unaudited)
(Continued)
|
Liquidity and Capital
Resources
We had total assets of $253
million at quarter-end. Our total assets reflect the value of our investments,
which are itemized in the Schedule of Investments. It also reflects cash,
interest and receivables and any expenses that may have been prepaid. During 3rd
quarter 2013, total assets increased by approximately $0.7 million, primarily
due to an increase in the value of our investments as reflected by the change in
realized and unrealized gains on investments (excluding return of capital on
distributions).
Total leverage outstanding at August
31, 2013 was $32.9 million, unchanged as compared to May 31, 2013. Total
leverage represented 13.0 percent of total assets at August 31, 2013, unchanged
as compared to May 31, 2013 and a decrease from 13.8 percent at August 31, 2012.
Our leverage as a percent of total assets remains below our long-term target
level of 20 percent of total assets. This allows the opportunity to add leverage
when compelling investment opportunities arise. Temporary increases to up to 25
percent of our total assets may be permitted, provided that such leverage is
consistent with the limits set forth in the 1940 Act, and that such leverage is
expected to be reduced over time in an orderly fashion to reach our long-term
target. Our leverage ratio is impacted by increases or decreases in MLP values,
issuance of equity and/or the sale of securities where proceeds are used to
reduce leverage.
We have used leverage to acquire
securities consistent with our investment philosophy. The terms of our leverage
are governed by regulatory and contractual asset coverage requirements that
arise from the use of leverage. Additional information on our leverage and asset
coverage requirements is discussed in Note 8 in the Notes to Financial
Statements. Our coverage ratio is updated each week on our Web site at
www.tortoiseadvisors.com.
Taxation of our Distributions and
Income Taxes
We invest in
partnerships that generally have cash distributions in excess of their income
for accounting and tax purposes. Accordingly, the distributions include a return
of capital component for accounting and tax purposes. Distributions declared and
paid by us in a year generally differ from taxable income for that year, as such
distributions may include the distribution of current year taxable income or
return of capital.
The taxability of the distribution
you receive depends on whether we have annual earnings and profits (“E&P”).
E&P is primarily comprised of the taxable income from MLPs with certain
specified adjustments as reported on annual K-1s, fund operating expenses and
net realized gains. If we have E&P, it is first allocated to preferred
shares (if any) and then to the common shares.
In the event we have E&P
allocated to our common shares, all or a portion of our distribution will be
taxable at the Qualified Dividend Income (“QDI”) rate, assuming various holding
requirements are met by the stockholder. The QDI rate is variable based on the
taxpayer’s taxable income. The portion of our distribution that is taxable may
vary for either of two reasons. First, the characterization of the distributions
we receive from MLPs could change annually based upon the K-1 allocations and
result in less return of capital and more in the form of income. Second, we
could sell an MLP investment and realize a gain or loss at any time. It is for
these reasons that we inform you of the tax treatment after the close of each
year as the ultimate characterization of our distributions is undeterminable
until the year is over.
E&P for 2012 exceeded total
distributions to stockholders. As a result, for tax purposes, distributions to
common stockholders for the year ended 2012 were 100 percent qualified dividend
income. This information is reported to stockholders on Form 1099-DIV and is
available on our Web site at www.tortoiseadvisors.com. For book purposes, the
source of distributions to common stockholders for the year ended 2012 was 100
percent return of capital. We currently estimate that 80 to 100 percent of 2013
distributions will be characterized as qualified dividend income for tax
purposes, with the remaining percentage, if any, characterized as return of
capital. A final determination of the characterization will be made in January
2014.
As of November 30, 2012, we had
approximately $7 million in capital loss carryforwards. As of August 31, 2013,
we estimate that we have utilized our capital loss carryforward due to net
capital gains realized. As of November 30, 2012, we had approximately $13
million in net operating losses. To the extent we have taxable income in the
future that is not offset by net operating losses, we will owe federal and state
income taxes. Tax payments can be funded from investment earnings, fund assets
or borrowings.
The unrealized gain or loss we have
in the portfolio is reflected in the Statement of Assets and Liabilities. At
August 31, 2013, our investments are valued at $253.2 million, with an adjusted
cost of $158.0 million. The $95.2 million difference reflects unrealized gain
that would be realized for financial statement purposes if those investments
were sold at those values. The Statement of Assets and Liabilities also reflects
either a net deferred tax liability or net deferred tax asset depending
primarily upon unrealized gains (losses) on investments, realized gains (losses)
on investments, capital loss carryforwards and net operating losses. At August
31, 2013, the balance sheet reflects a net deferred tax liability of
approximately $40.4 million or $6.40 per share. Accordingly, our net asset value
per share represents the amount which would be available for distribution to
stockholders after payment of taxes. Details of our taxes are disclosed in Note
5 in our Notes to Financial Statements.
6
Tortoise North American Energy Corp.
Schedule of Investments
August 31,
2013
|
|
(Unaudited)
|
|
|
|
|
Shares
|
|
Fair Value
|
|
Master Limited Partnerships and
|
|
|
|
|
|
|
Related Companies —
140.8%
(1)
|
|
|
|
|
|
|
|
|
|
Crude/Refined Products Pipelines —
46.2%
(1)
|
|
|
|
|
|
United States — 46.2%
(1)
|
|
|
|
|
|
|
Buckeye
Partners, L.P.
(2)
|
180,600
|
|
$
|
12,642,000
|
|
|
Enbridge Energy Partners,
L.P.
(2)
|
290,604
|
|
|
8,665,811
|
|
|
Genesis Energy
L.P.
|
21,706
|
|
|
1,056,431
|
|
|
Holly Energy Partners,
L.P.
(2)
|
95,360
|
|
|
3,388,141
|
|
|
Magellan
Midstream Partners, L.P.
(2)
|
301,400
|
|
|
16,353,964
|
|
|
MPLX LP
|
86,500
|
|
|
3,088,050
|
|
|
NuStar Energy
L.P.
(2)
|
115,000
|
|
|
4,796,650
|
|
|
Oiltanking Partners,
L.P.
|
24,900
|
|
|
1,207,650
|
|
|
Phillips 66
Partners LP
|
40,200
|
|
|
1,236,954
|
|
|
Plains All American Pipeline,
L.P.
(2)
|
301,900
|
|
|
15,264,064
|
|
|
Rose Rock
Midstream, L.P.
|
19,042
|
|
|
622,102
|
|
|
Sunoco Logistics Partners
L.P.
(2)
|
158,440
|
|
|
10,178,186
|
|
|
Tesoro Logistics
L.P.
(2)
|
57,800
|
|
|
3,098,080
|
|
|
|
|
|
|
81,598,083
|
|
|
Natural Gas/Natural Gas Liquids Pipelines —
63.2%
(1)
|
|
|
|
United States — 63.2%
(1)
|
|
|
|
|
|
|
Boardwalk
Pipeline Partners, L.P.
(2)
|
165,400
|
|
|
4,971,924
|
|
|
El Paso Pipeline Partners,
L.P.
(2)
|
370,310
|
|
|
15,453,036
|
|
|
Energy Transfer
Equity, L.P.
(2)
|
110,400
|
|
|
7,102,032
|
|
|
Energy Transfer Partners,
L.P.
(2)
|
206,800
|
|
|
10,602,636
|
|
|
Enterprise
Products Partners L.P.
(2)(3)
|
293,700
|
|
|
17,451,654
|
|
|
EQT Midstream Partners,
L.P.
|
60,200
|
|
|
2,882,978
|
|
|
Inergy
Midstream, L.P.
|
142,900
|
|
|
3,320,996
|
|
|
Kinder Morgan Energy Partners,
L.P.
(2)
|
59,000
|
|
|
4,812,040
|
|
|
Kinder Morgan
Management, L.L.C.
(2)(4)
|
162,503
|
|
|
12,974,261
|
|
|
ONEOK Partners,
L.P.
(2)
|
93,800
|
|
|
4,651,542
|
|
|
Regency Energy
Partners L.P.
(2)
|
392,400
|
|
|
10,606,572
|
|
|
Spectra Energy Partners,
L.P.
(2)
|
139,500
|
|
|
5,814,360
|
|
|
TC PipeLines,
L.P.
(2)
|
27,000
|
|
|
1,304,640
|
|
|
Williams Partners
L.P.
(2)
|
196,900
|
|
|
9,713,077
|
|
|
|
|
|
|
111,661,748
|
|
|
Natural Gas Gathering/Processing —
19.7%
(1)
|
|
|
|
|
|
United States — 19.7%
(1)
|
|
|
|
|
|
|
Access Midstream Partners,
L.P.
(2)
|
139,200
|
|
|
6,348,912
|
|
|
Crestwood
Midstream Partners, L.P.
|
42,700
|
|
|
1,107,638
|
|
|
DCP Midstream Partners,
L.P.
(2)
|
130,100
|
|
|
6,235,693
|
|
|
MarkWest Energy
Partners, L.P.
(2)
|
92,400
|
|
|
6,171,396
|
|
|
Summit Midstream Partners,
LP
|
45,300
|
|
|
1,493,994
|
|
|
Targa Resources
Partners L.P.
(2)
|
134,400
|
|
|
6,566,784
|
|
|
Western Gas Equity Partners,
LP
|
41,104
|
|
|
1,618,675
|
|
|
Western Gas
Partners L.P.
(2)
|
90,700
|
|
|
5,363,998
|
|
|
|
|
|
|
34,907,090
|
|
|
Oil and Gas Production —
10.4%
(1)
|
|
|
|
|
|
|
United States — 10.4%
(1)
|
|
|
|
|
|
|
BreitBurn Energy
Partners L.P.
(2)
|
181,288
|
|
|
3,203,359
|
|
|
EV Energy Partners,
L.P.
(2)
|
72,900
|
|
|
2,660,121
|
|
|
Legacy Reserves,
L.P.
(2)
|
131,663
|
|
|
3,552,268
|
|
|
Linn Energy,
LLC
(2)
|
206,400
|
|
|
4,976,304
|
|
|
Pioneer
Southwest Energy Partners L.P.
|
47,800
|
|
|
1,955,020
|
|
|
Vanguard Natural Resources,
LLC
(2)
|
78,000
|
|
|
2,141,100
|
|
|
|
|
|
|
18,488,172
|
|
|
Marine Transportation —
1.3%
(1)
|
|
|
|
|
|
|
Republic of the Marshall Islands —
1.3%
(1)
|
|
|
|
|
|
|
Teekay LNG Partners
L.P.
(2)
|
53,500
|
|
|
2,251,280
|
|
|
Total Master
Limited Partnerships and
|
|
|
|
|
|
|
Related
Companies (Cost $154,843,697)
|
|
|
|
248,906,373
|
|
|
|
|
Common Stock — 2.3%
(1)
|
|
|
|
|
|
|
|
|
Marine Transportation —
0.7%
(1)
|
|
|
|
|
|
|
Republic of the Marshall Islands —
0.7%
(1)
|
|
|
|
|
|
|
Teekay Offshore
Partners L.P.
(2)
|
42,400
|
|
|
1,347,048
|
|
|
Other — 1.6%
(1)
|
|
|
|
|
|
|
Republic of the Marshall Islands —
1.6%
(1)
|
|
|
|
|
|
|
Seadrill Partners LLC
|
90,000
|
|
|
2,787,300
|
|
|
Total Common
Stock (Cost $2,993,360)
|
|
|
|
4,134,348
|
|
|
|
|
Short-Term Investment —
0.1%
(1)
|
|
|
|
|
|
|
United States Investment Company —
0.1%
(1)
|
|
|
|
|
|
|
Fidelity Institutional Money
Market Portfolio —
|
|
|
|
|
|
|
Class I, 0.05%
(5)
(Cost $129,757)
|
129,757
|
|
|
129,757
|
|
|
Total Investments —
143.2%
(1)
|
|
|
|
|
|
|
(Cost
$157,966,814)
|
|
|
|
253,170,478
|
|
|
Interest Rate Swap Contracts —
(0.0%)
(1)
|
|
|
|
|
|
|
$25,000,000
notional — Unrealized Depreciation
(6)
|
|
|
|
(93,060
|
)
|
|
Other Assets and Liabilities —
(43.2%)
(1)
|
|
|
|
(76,309,535
|
)
|
|
Total Net Assets Applicable to Common
|
|
|
|
|
|
|
Stockholders —
100.0%
(1)
|
|
|
$
|
176,767,883
|
|
|
(1)
|
Calculated as
a percentage of net assets applicable to common
stockholders.
|
|
(2)
|
All or a
portion of the security is segregated as collateral for the margin
borrowing facility. See Note 8 to the financial statements for further
disclosure.
|
|
(3)
|
All or a
portion of the security is segregated as collateral for the unrealized
depreciation of interest rate swap contracts of $93,060.
|
|
(4)
|
Security
distributions are paid-in-kind.
|
|
(5)
|
Rate reported
is the current yield as of August 31, 2013.
|
|
(6)
|
See Note 9 to
the financial statements for further
disclosure.
|
See accompanying Notes to
Financial Statements.
2013 3rd Quarter
Report
7
Statement of Assets & Liabilities
August 31,
2013
|
|
(Unaudited)
|
|
|
|
Assets
|
|
|
|
|
Investments at fair value (cost $157,966,814)
|
$
|
253,170,478
|
|
|
Distributions receivable
from master limited partnerships
|
|
16,185
|
|
|
Prepaid
expenses and other assets
|
|
106,973
|
|
|
Total assets
|
|
253,293,636
|
|
|
Liabilities
|
|
|
|
|
Payable to
Adviser
|
|
440,937
|
|
|
Distributions payable to common stockholders
|
|
2,524,325
|
|
|
Accrued expenses and other
liabilities
|
|
155,701
|
|
|
Unrealized depreciation of interest rate swap contracts
|
|
93,060
|
|
|
Deferred tax
liability
|
|
40,411,730
|
|
|
Short-term borrowings
|
|
32,900,000
|
|
|
Total liabilities
|
|
76,525,753
|
|
|
Net assets applicable to common stockholders
|
$
|
176,767,883
|
|
|
Net Assets Applicable to Common Stockholders Consist
of:
|
|
|
|
Capital
stock, $0.001 par value; 6,310,801 shares issued and
|
|
|
|
|
outstanding (100,000,000 shares authorized)
|
$
|
6,311
|
|
|
Additional paid-in
capital
|
|
89,858,814
|
|
|
Accumulated net investment loss, net of income taxes
|
|
(3,537,695
|
)
|
|
Undistributed net realized
gain, net of income taxes
|
|
17,745,994
|
|
|
Net
unrealized appreciation of investments and
|
|
|
|
|
interest rate swap contracts, net of income taxes
|
|
72,694,459
|
|
|
Net assets applicable to common stockholders
|
$
|
176,767,883
|
|
|
Net
Asset Value per common share outstanding
|
|
|
|
|
(net assets applicable to common stock,
|
|
|
|
|
divided by common shares outstanding)
|
$
|
28.01
|
|
|
Statement of Operations
|
|
|
|
|
Period from December 1, 2012 through August 31,
2013
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
Investment Income
|
|
|
|
|
Distributions from master limited partnerships
|
$
|
10,072,607
|
|
|
Less return of capital on
distributions
|
|
(10,032,250
|
)
|
|
Net
distributions from master limited partnerships
|
|
40,357
|
|
|
Dividend income
|
|
180,979
|
|
|
Dividends from money market mutual funds
|
|
152
|
|
|
Total Investment Income
|
|
221,488
|
|
|
Operating Expenses
|
|
|
|
|
Advisory fees
|
|
1,858,405
|
|
|
Professional fees
|
|
119,365
|
|
|
Administrator
fees
|
|
74,389
|
|
|
Directors’ fees
|
|
38,494
|
|
|
Stockholder communication
expenses
|
|
37,772
|
|
|
Fund
accounting fees
|
|
29,709
|
|
|
Registration fees
|
|
18,446
|
|
|
Custodian fees and expenses
|
|
10,222
|
|
|
Stock transfer agent
fees
|
|
9,056
|
|
|
Other
operating expenses
|
|
35,433
|
|
|
Total Operating Expenses
|
|
2,231,291
|
|
|
Leverage Expenses
|
|
|
|
|
Interest expense
|
|
289,217
|
|
|
Total Expenses
|
|
2,520,508
|
|
|
Net Investment Loss, before Income
Taxes
|
|
(2,299,020
|
)
|
|
Deferred tax benefit
|
|
780,294
|
|
|
Net Investment Loss
|
|
(1,518,726
|
)
|
|
Realized and Unrealized Gain on
Investments
|
|
|
|
|
and Interest Rate
Swaps
|
|
|
|
|
Net realized gain on investments
|
|
15,920,156
|
|
|
Net realized loss on interest rate swap settlements
|
|
(283,331
|
)
|
|
Net realized gain, before income taxes
|
|
15,636,825
|
|
|
Deferred tax expense
|
|
(5,307,180
|
)
|
|
Net realized gain on investments and
|
|
|
|
|
interest rate swaps
|
|
10,329,645
|
|
|
Net unrealized appreciation of investments
|
|
20,666,146
|
|
|
Net unrealized appreciation of interest rate swap contracts
|
|
1,269,253
|
|
|
Net unrealized appreciation, before income taxes
|
|
21,935,399
|
|
|
Deferred tax expense
|
|
(7,444,933
|
)
|
|
Net unrealized appreciation of investments
|
|
|
|
|
and interest rate swap contracts
|
|
14,490,466
|
|
|
Net Realized and Unrealized Gain on
Investments
|
|
|
|
|
and Interest Rate
Swaps
|
|
24,820,111
|
|
|
Net
Increase in Net Assets Applicable to
|
|
|
|
|
Common Stockholders
Resulting from Operations
|
$
|
23,301,385
|
|
See accompanying Notes to
Financial Statements.
8
Tortoise North American Energy Corp.
Statement of Changes in Net Assets
|
|
|
|
Period from
|
|
|
|
|
|
|
|
December 1, 2012
|
|
|
|
|
|
|
|
through
|
|
Year Ended
|
|
|
|
August 31,
2013
|
|
November 30,
2012
|
|
|
|
(Unaudited)
|
|
|
|
|
|
Operations
|
|
|
|
|
|
|
|
|
|
Net
investment loss
|
|
$
|
(1,518,726
|
)
|
|
$
|
(1,439,536
|
)
|
|
Net realized gain on investments and
interest rate swaps
|
|
|
10,329,645
|
|
|
|
12,025,458
|
|
|
Net
unrealized appreciation of investments and interest rate swap
contracts
|
|
|
14,490,466
|
|
|
|
3,842,041
|
|
Net
increase in net assets applicable
to
common stockholders resulting from operations
|
|
|
23,301,385
|
|
|
|
14,427,963
|
|
|
Distributions to Common Stockholders
|
|
|
|
|
|
|
|
|
|
Return of capital
|
|
|
(7,519,989
|
)
|
|
|
(9,792,027
|
)
|
|
Capital Stock Transactions
|
|
|
|
|
|
|
|
|
Issuance of 9,610 and 5,441 common
shares
from
reinvestment of distributions to stockholders, respectively
|
|
|
269,948
|
|
|
|
138,963
|
|
|
Total
increase in net assets applicable to common stockholders
|
|
|
16,051,344
|
|
|
|
4,774,899
|
|
|
Net Assets
|
|
|
|
|
|
|
|
|
|
Beginning of period
|
|
|
160,716,539
|
|
|
|
155,941,640
|
|
|
End of period
|
|
$
|
176,767,883
|
|
|
$
|
160,716,539
|
|
|
Accumulated net investment loss, net of income taxes, end of
period
|
|
$
|
(3,537,695
|
)
|
|
$
|
(2,018,969
|
)
|
See accompanying Notes to
Financial Statements.
2013 3rd Quarter
Report
9
Statement of Cash Flows
Period from December
1, 2012 through August 31, 2013
|
|
(Unaudited)
|
|
|
|
Cash Flows from Operating
Activities
|
|
|
|
|
|
Distributions received from master limited partnerships
|
|
$
|
10,072,217
|
|
|
Dividend income
received
|
|
|
181,133
|
|
|
Purchases of long-term investments
|
|
|
(31,830,220
|
)
|
|
Proceeds from sales of
long-term investments
|
|
|
31,149,822
|
|
|
Purchases of short-term investments, net
|
|
|
(58,152
|
)
|
|
Payments on interest rate
swap contracts, net
|
|
|
(283,331
|
)
|
|
Interest expense paid
|
|
|
(288,296
|
)
|
|
Operating expenses
paid
|
|
|
(2,178,713
|
)
|
|
Net cash provided by operating activities
|
|
|
6,764,460
|
|
|
Cash Flows from Financing
Activities
|
|
|
|
|
|
Advances from margin loan facility
|
|
|
16,400,000
|
|
|
Repayments on margin loan
facility
|
|
|
(18,300,000
|
)
|
|
Distributions paid to common stockholders
|
|
|
(4,864,460
|
)
|
|
Net cash used in financing activities
|
|
|
(6,764,460
|
)
|
|
Net
change in cash
|
|
|
—
|
|
|
Cash — beginning of
period
|
|
|
—
|
|
|
Cash —
end of period
|
|
$
|
—
|
|
|
Reconciliation of net increase in net
assets applicable
|
|
|
|
|
|
to common
stockholders resulting from operations
|
|
|
|
|
|
to net cash
provided by operating activities
|
|
|
|
|
|
Net increase in net assets applicable to common
|
|
|
|
|
|
stockholders resulting from operations
|
|
$
|
23,301,385
|
|
|
Adjustments to reconcile net increase in net assets
|
|
|
|
|
|
applicable to common stockholders resulting from
|
|
|
|
|
|
operations to net cash provided by operating activities:
|
|
|
|
|
|
Purchases of long-term investments
|
|
|
(31,830,220
|
)
|
|
Proceeds from sales of long-term investments
|
|
|
31,149,822
|
|
|
Purchases of short-term investments, net
|
|
|
(58,152
|
)
|
|
Return of capital on distributions received
|
|
|
10,032,250
|
|
|
Deferred tax expense
|
|
|
11,971,819
|
|
|
Net unrealized appreciation of investments and
|
|
|
|
|
|
interest rate swap contracts
|
|
|
(21,935,399
|
)
|
|
Net realized gain on investments
|
|
|
(15,920,156
|
)
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
Increase in distributions receivable from
|
|
|
|
|
|
master limited partnerships
|
|
|
(390
|
)
|
|
Increase in prepaid expenses and other assets
|
|
|
(12,726
|
)
|
|
Increase in payable to Adviser
|
|
|
64,649
|
|
|
Increase in accrued expenses and other liabilities
|
|
|
1,578
|
|
|
Total adjustments
|
|
|
(16,536,925
|
)
|
|
Net cash provided by operating activities
|
|
$
|
6,764,460
|
|
|
Non-Cash Financing Activities
|
|
|
|
|
|
Reinvestment of
distributions by common stockholders
|
|
|
|
|
|
in additional common shares
|
|
$
|
269,948
|
|
See accompanying Notes to
Financial Statements.
10
Tortoise North American Energy Corp.
|
|
|
Period from
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 1, 2012
|
|
Year Ended
|
|
Year Ended
|
|
Year Ended
|
|
Year Ended
|
|
Year Ended
|
|
|
|
through
|
|
November 30,
|
|
November 30,
|
|
November 30,
|
|
November 30,
|
|
November 30,
|
|
|
|
August 31,
2013
|
|
2012
|
|
2011
|
|
2010
|
|
2009
|
|
2008
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Common Share
Data
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Asset Value, beginning of period
|
|
|
$
|
25.51
|
|
|
|
$
|
24.77
|
|
|
$
|
24.51
|
|
|
$
|
20.22
|
|
|
$
|
10.78
|
|
|
$
|
27.25
|
|
|
Income (Loss) from Investment
Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income (loss)
(2)
|
|
|
|
(0.24
|
)
|
|
|
|
(0.23
|
)
|
|
|
(0.12
|
)
|
|
|
(0.09
|
)
|
|
|
0.25
|
|
|
|
0.43
|
|
|
Net
realized and unrealized gain (loss) on investments and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
interest rate swaps contracts
(2)
|
|
|
|
3.93
|
|
|
|
|
2.53
|
|
|
|
1.89
|
|
|
|
5.86
|
|
|
|
10.67
|
|
|
|
(15.14
|
)
|
|
Total income (loss) from investment operations
|
|
|
|
3.69
|
|
|
|
|
2.30
|
|
|
|
1.77
|
|
|
|
5.77
|
|
|
|
10.92
|
|
|
|
(14.71
|
)
|
|
Distributions to Preferred
Stockholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return
of capital
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.17
|
)
|
|
Distributions to Common
Stockholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
realized gain
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.10
|
)
|
|
Return
of capital
|
|
|
|
(1.19
|
)
|
|
|
|
(1.56
|
)
|
|
|
(1.51
|
)
|
|
|
(1.48
|
)
|
|
|
(1.48
|
)
|
|
|
(1.49
|
)
|
|
Total distributions to common stockholders
|
|
|
|
(1.19
|
)
|
|
|
|
(1.56
|
)
|
|
|
(1.51
|
)
|
|
|
(1.48
|
)
|
|
|
(1.48
|
)
|
|
|
(1.59
|
)
|
|
Net Asset Value, end of
period
|
|
|
$
|
28.01
|
|
|
|
$
|
25.51
|
|
|
$
|
24.77
|
|
|
$
|
24.51
|
|
|
$
|
20.22
|
|
|
$
|
10.78
|
|
|
Per
common share market value, end of period
|
|
|
$
|
27.72
|
|
|
|
$
|
25.06
|
|
|
$
|
24.05
|
|
|
$
|
24.44
|
|
|
$
|
19.49
|
|
|
$
|
9.25
|
|
|
Total Investment Return Based on
Market Value
(3)
|
|
|
|
15.38
|
%
|
|
|
|
10.87
|
%
|
|
|
4.77
|
%
|
|
|
33.62
|
%
|
|
|
131.66
|
%
|
|
|
(55.98
|
)%
|
|
|
|
Supplemental Data and Ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets applicable to common stockholders,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
end of
period (000’s)
|
|
|
$
|
176,768
|
|
|
|
$
|
160,717
|
|
|
$
|
155,942
|
|
|
$
|
154,289
|
|
|
$
|
126,609
|
|
|
$
|
49,716
|
|
|
Average net assets (000’s)
|
|
|
$
|
174,707
|
|
|
|
$
|
160,825
|
|
|
$
|
157,410
|
|
|
$
|
141,986
|
|
|
$
|
80,041
|
|
|
$
|
113,045
|
|
|
Ratio
of Expenses to Average Net Assets
(4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advisory fees
|
|
|
|
1.42
|
%
|
|
|
|
1.36
|
%
|
|
|
1.28
|
%
|
|
|
1.19
|
%
|
|
|
1.13
|
%
|
|
|
1.50
|
%
|
|
Other
expenses
|
|
|
|
0.28
|
|
|
|
|
0.31
|
|
|
|
0.32
|
|
|
|
0.38
|
|
|
|
1.01
|
|
|
|
0.48
|
|
|
Fee
waiver
|
|
|
|
—
|
|
|
|
|
(0.01
|
)
|
|
|
(0.07
|
)
|
|
|
(0.12
|
)
|
|
|
(0.12
|
)
|
|
|
(0.23
|
)
|
|
Subtotal
|
|
|
|
1.70
|
|
|
|
|
1.66
|
|
|
|
1.53
|
|
|
|
1.45
|
|
|
|
2.02
|
|
|
|
1.75
|
|
|
Leverage expenses
(5)
|
|
|
|
0.22
|
|
|
|
|
0.24
|
|
|
|
0.47
|
|
|
|
0.75
|
|
|
|
1.17
|
|
|
|
3.71
|
|
|
Income
tax expense (benefit)
(6)
|
|
|
|
9.13
|
|
|
|
|
5.31
|
|
|
|
4.30
|
|
|
|
13.10
|
|
|
|
(4.70
|
)
|
|
|
0.06
|
|
|
Total expenses
|
|
|
|
11.05
|
%
|
|
|
|
7.21
|
%
|
|
|
6.30
|
%
|
|
|
15.30
|
%
|
|
|
(1.51
|
)%
|
|
|
5.52
|
%
|
See accompanying Notes to
Financial Statements.
2013 3rd Quarter
Report
11
Financial Highlights
(Continued)
|
|
|
|
Period from
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 1, 2012
|
|
Year Ended
|
|
Year Ended
|
|
Year Ended
|
|
Year Ended
|
|
Year Ended
|
|
|
|
through
|
|
November 30,
|
|
November 30,
|
|
November 30,
|
|
November 30,
|
|
November 30,
|
|
|
|
August 31,
2013
|
|
2012
|
|
2011
|
|
2010
|
|
2009
|
|
2008
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of net investment income (loss) to
average net assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
before fee
waiver
(4)(5)
|
|
|
|
(1.16
|
)%
|
|
|
|
(0.90
|
)%
|
|
|
(0.54
|
)%
|
|
|
(0.50
|
)%
|
|
|
1.82
|
%
|
|
|
1.51
|
%
|
|
Ratio of net investment income (loss) to
average net assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
after fee
waiver
(4)(5)
|
|
|
|
(1.16
|
)%
|
|
|
|
(0.89
|
)%
|
|
|
(0.47
|
)%
|
|
|
(0.38
|
)%
|
|
|
1.94
|
%
|
|
|
1.74
|
%
|
|
Portfolio turnover rate
|
|
|
|
12.58
|
%
|
|
|
|
22.37
|
%
|
|
|
27.34
|
%
|
|
|
27.89
|
%
|
|
|
41.90
|
%
|
|
|
36.69
|
%
|
|
Short-term borrowings, end of period
(000’s)
|
|
|
$
|
32,900
|
|
|
|
$
|
34,800
|
|
|
$
|
31,300
|
|
|
$
|
10,400
|
|
|
$
|
5,900
|
|
|
|
—
|
|
|
Long-term debt obligations, end of period
(000’s)
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
$
|
15,000
|
|
|
$
|
15,000
|
|
|
$
|
15,000
|
|
|
Preferred stock, end of period
(000’s)
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
$
|
10,000
|
|
|
Per common share amount of long-term debt
obligations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
outstanding,
end of period
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
$
|
2.38
|
|
|
$
|
2.40
|
|
|
$
|
3.25
|
|
|
Per common share amount of net assets,
excluding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
long-term
debt obligations, end of period
|
|
|
$
|
28.01
|
|
|
|
$
|
25.51
|
|
|
$
|
24.77
|
|
|
$
|
26.89
|
|
|
$
|
22.61
|
|
|
$
|
14.03
|
|
|
Asset coverage, per $1,000 of principal
amount of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
long-term
debt obligations and short-term borrowings
(7)
|
|
|
$
|
6,373
|
|
|
|
$
|
5,618
|
|
|
$
|
5,982
|
|
|
$
|
7,074
|
|
|
$
|
7,058
|
|
|
$
|
4,981
|
|
|
Asset coverage ratio of long-term debt
obligations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and
short-term borrowings
(7)
|
|
|
|
637
|
%
|
|
|
|
562
|
%
|
|
|
598
|
%
|
|
|
707
|
%
|
|
|
706
|
%
|
|
|
498
|
%
|
|
Asset coverage, per $25,000 liquidation
value per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
of preferred
stock
(8)
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
$
|
74,716
|
|
|
Asset coverage ratio of preferred
stock
(8)
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
299
|
%
|
|
(1)
|
Information presented
relates to a share of common stock outstanding for the entire
period.
|
|
(2)
|
The per common share data
for the years ended November 30, 2012, 2011, 2010, 2009, and 2008 do not
reflect the change in estimate of investment income and return of capital,
for the respective year. See Note 2E to the financial statements for
further disclosure.
|
|
(3)
|
Not annualized for
periods less than one full year. Total investment return is calculated
assuming a purchase of common stock at the beginning of the period and a
sale at the closing price on the last day of the period reported
(excluding broker commissions). The calculation also assumes reinvestment
of distributions at actual prices pursuant to the Company’s dividend
reinvestment plan.
|
|
(4)
|
Annualized for periods
less than one full year.
|
|
(5)
|
The expense ratios and
net investment income (loss) ratios do not reflect the effect of
distributions to preferred stockholders.
|
|
(6)
|
For the period from
December 1, 2012 through August 31, 2013, the Company accrued $11,971,819
for net deferred income tax expense. For the year ended November 30, 2012,
the Company accrued $13,102 for current income tax expense and $8,530,007
for net deferred income tax expense. For the years ended November 30, 2011
and 2010, the Company accrued $6,732,194 and $18,559,864, respectively,
for net deferred income tax expense. For the year ended November 30, 2009,
the Company accrued $3,732,366 for net deferred income tax benefit, which
included $5,488,509 of deferred income tax benefit for the timing
differences at December 1, 2008 when the Company converted to a taxable
corporation. The Company accrued $44,786, $39,097, $(28,837) and $68,509
for the years ended November 30, 2011, 2010, 2009 and 2008, respectively,
for current and foreign tax (benefit) expense.
|
|
(7)
|
Represents value of total
assets less all liabilities and indebtedness not represented by long-term
debt obligations, short-term borrowings and preferred stock at the end of
the period divided by long-term debt obligations and short-term borrowings
outstanding at the end of the period.
|
|
(8)
|
Represents value of total
assets less all liabilities and indebtedness not represented by long-term
debt obligations, short-term borrowings and preferred stock at the end of
the period divided by long-term debt obligations, short-term borrowings
and preferred stock outstanding at the end of the
period.
|
See accompanying Notes to
Financial Statements.
12
Tortoise North American Energy Corp.
Notes
to Financial Statements
(Unaudited)
August 31, 2013
|
1.
Organization
Tortoise North
American Energy Corporation (the “Company”) was organized as a Maryland
corporation on January 13, 2005, and is a non-diversified, closed-end management
investment company under the Investment Company Act of 1940, as amended (the
“1940 Act”). The Company’s investment objective is to seek a high level of total
return with an emphasis on distribution income paid to stockholders. The Company
seeks to provide its stockholders with a vehicle to invest in a portfolio
consisting primarily of publicly traded U.S. master limited partnerships
(“MLPs”), including oil and gas exploitation, energy infrastructure and energy
shipping companies. The Company commenced operations on October 31, 2005. The
Company’s stock is listed on the New York Stock Exchange under the symbol
“TYN.”
2. Significant Accounting
Policies
A. Use of
Estimates
The preparation
of financial statements in conformity with U.S. generally accepted accounting
principles requires management to make estimates and assumptions that affect the
reported amount of assets and liabilities, recognition of distribution income
and disclosure of contingent assets and liabilities at the date of the financial
statements. Actual results could differ from those estimates.
B. Investment
Valuation
The Company
primarily owns securities that are listed on a securities exchange or
over-the-counter market. The Company values those securities at their last sale
price on that exchange or over-the-counter market on the valuation date. If the
security is listed on more than one exchange, the Company uses the price from
the exchange that it considers to be the principal exchange on which the
security is traded. Securities listed on the NASDAQ will be valued at the NASDAQ
Official Closing Price, which may not necessarily represent the last sale price.
If there has been no sale on such exchange or over-the-counter market on such
day, the security will be valued at the mean between the last bid price and last
ask price on such day.
The Company may invest up to 50
percent of its total assets in restricted securities. Restricted securities are
subject to statutory and contractual restrictions on their public resale, which
may make it more difficult to obtain a valuation and may limit the Company’s
ability to dispose of them. Investments in restricted securities and other
securities for which market quotations are not readily available will be valued
in good faith by using fair value procedures approved by the Board of Directors.
Such fair value procedures consider factors such as discounts to publicly traded
issues, time until conversion date, securities with similar yields, quality,
type of issue, coupon, duration and rating. If events occur that affect the
value of the Company’s portfolio securities before the net asset value has been
calculated (a “significant event”), the portfolio securities so affected will
generally be priced using fair value procedures. The Company did not hold any
restricted securities at August 31, 2013.
An equity security of a publicly
traded company acquired in a direct placement transaction may be subject to
restrictions on resale that can affect the security’s liquidity and fair value.
Such securities that are convertible or otherwise will become freely tradable
will be valued based on the market value of the freely tradable security less an
applicable discount. Generally, the discount will initially be equal to the
discount at which the Company purchased the securities. To the extent that such
securities are convertible or otherwise become freely tradable within a time
frame that may be reasonably determined, an amortization schedule may be used to
determine the discount.
The Company generally values debt
securities at prices based on market quotations for such securities, except
those securities purchased with 60 days or less to maturity are valued on the
basis of amortized cost, which approximates market value.
The Company generally values its
interest rate swap contracts using industry-accepted models which discount the
estimated future cash flows based on the stated terms of the interest rate swap
agreement by using interest rates currently available in the market, or based on
dealer quotations, if available.
C. Foreign Currency
Translation
For foreign currency, investments in
foreign securities, and other assets and liabilities denominated in a foreign
currency, the Company translates these amounts into U.S. dollars on the
following basis:
|
|
(1)
|
|
market value of
investment securities, assets and liabilities at the current rate of
exchange on the valuation date and
|
|
|
|
|
|
(2)
|
|
purchases and
sales of investment securities, income and expenses at the relevant rates
of exchange on the respective dates of such
transactions.
|
The Company does not isolate that
portion of gains and losses on investments that is due to changes in the foreign
exchange rates from that which is due to changes in market prices of equity
securities.
D. Foreign Withholding
Taxes
The Company may be
subject to taxes imposed by countries in which it invests with respect to its
investment in issuers existing or operating in such countries. Such taxes are
generally based on income earned. The Company accrues such taxes when the
related income is earned.
E. Security Transactions and
Investment Income
Security transactions are accounted
for on the date the securities are purchased or sold (trade date). Realized
gains and losses are reported on an identified cost basis. Interest income is
recognized on the accrual basis, including amortization of premiums and
accretion of discounts. Dividend and distribution income is recorded on the
ex-dividend date. Distributions received from the Company’s investments in MLPs
generally are comprised of ordinary income and return of capital from the MLPs.
The Company allocates
2013 3rd Quarter
Report
13
Notes
to Financial Statements
(Unaudited)
(Continued)
|
distributions between investment
income and return of capital based on estimates made at the time such
distributions are received. Such estimates are based on information provided by
each MLP and other industry sources. These estimates may subsequently be revised
based on actual allocations received from MLPs after their tax reporting periods
are concluded, as the actual character of these distributions is not known until
after the fiscal year end of the Company.
For the period from December 1, 2011
through November 30, 2012, the Company estimated the allocation of investment
income and return of capital for the distributions received from MLPs within the
Statement of Operations. For this period, the Company had estimated
approximately 10 percent of total distributions as investment income and
approximately 90 percent as return of capital.
Subsequent to November 30, 2012, the
Company reallocated the amount of investment income and return of capital it
recognized for the period from December 1, 2011 through November 30, 2012 based
on the 2012 tax reporting information received from the individual MLPs. This
reclassification amounted to a decrease in pre-tax net investment income of
approximately $775,000 or $0.123 per share ($493,000 or $0.078 per share, net of
deferred tax benefit), an increase in unrealized appreciation of investments of
approximately $726,000 or $0.115 per share ($461,000 or $0.073 per share, net of
deferred tax expense), and an increase in realized gains of approximately
$49,000 or $0.008 per share ($32,000 or $0.005 per share, net of deferred tax
expense) for the period from December 1, 2012 through August 31, 2013.
Subsequent to the period ended
February 28, 2013, the Company reallocated the amount of investment income and
return of capital it recognized in the current fiscal year based on its revised
2013 estimates, after considering the final allocations for 2012. This
reclassification amounted to a decrease in pre-tax net investment income of
approximately $57,000 or $0.009 per share ($36,000 or $0.006 per share, net of
deferred tax benefit), a decrease in unrealized appreciation of investments of
approximately $162,000 or $0.026 per share ($103,000 or $0.016 per share, net of
deferred tax benefit), and an increase in realized gains of approximately
$219,000 or $0.035 per share ($139,000 or $0.022 per share, net of deferred tax
expense).
F. Distributions to
Stockholders
Distributions to common stockholders
are recorded on the ex-dividend date. The Company may not declare or pay
distributions to its common stockholders if it does not meet asset coverage
ratios required under the 1940 Act or the rating agency guidelines for its debt
and preferred stock (if any) following such distribution. The character of
distributions to stockholders made during the year may differ from their
ultimate characterization for federal income tax purposes. For book purposes,
the source of the Company’s distributions to common stockholders for the year
ended November 30, 2012 and the period ended August 31, 2013 was 100 percent
return of capital. For tax purposes, the Company’s distributions to common
stockholders
for the year ended November 30,
2012 were 100 percent qualified dividend income. The tax character of
distributions paid to common stockholders in the current year will be determined
subsequent to November 30, 2013.
G. Federal Income
Taxation
From the Company’s inception through
November 30, 2008, the Company qualified as a regulated investment company
(“RIC”) under the U.S. Internal Revenue Code of 1986, as amended (the “Code”).
Effective December 1, 2008, the Company is treated as a taxable corporation for
federal and state income tax purposes. The Company, as a corporation, is
obligated to pay federal and state income tax on its taxable income. Currently,
the highest regular marginal federal income tax rate for a corporation is 35
percent. The Company may be subject to a 20 percent federal alternative minimum
tax (“AMT”) on its federal alternative minimum taxable income to the extent that
its AMT exceeds its regular federal income tax.
The Company invests in MLPs, which
generally are treated as partnerships for federal income tax purposes. As a
limited partner in the MLPs, the Company reports its allocable share of the
MLP’s taxable income in computing its own taxable income. The Company’s tax
expense or benefit is included in the Statement of Operations based on the
component of income or gains (losses) to which such expense or benefit relates.
Deferred income taxes reflect the net tax effects of temporary differences
between the carrying amounts of assets and liabilities for financial reporting
purposes and the amounts used for income tax purposes. A valuation allowance is
recognized if, based on the weight of available evidence, it is more likely than
not that some portion or all of the deferred income tax asset will not be
realized.
H. Offering and Debt Issuance
Costs
Offering costs related to the
issuance of common and preferred stock are charged to additional paid-in capital
when the stock is issued. Debt issuance costs related to long-term debt
obligations are capitalized and amortized over the period the debt is
outstanding.
I. Derivative Financial
Instruments
The Company uses derivative financial
instruments (principally interest rate swap contracts) to manage interest rate
risk. The Company has established policies and procedures for risk assessment
and the approval, reporting and monitoring of derivative financial instrument
activities. The Company does not hold or issue derivative financial instruments
for speculative purposes. All derivative financial instruments are recorded at
fair value with changes in fair value during the reporting period, and amounts
accrued under the agreements, included as unrealized gains or losses in the
accompanying Statement of Operations. The fair value of derivative financial
instruments in a loss position are offset against the fair value of derivative
financial instruments in a gain position, with the net fair value appropriately
reflected as an asset or liability within the accompanying Statement of Assets
& Liabilities. Cash settlements under the terms of the interest rate swap
contracts and termination of such contracts are recorded as realized gains or
losses in the accompanying Statement of Operations.
14
Tortoise North American Energy Corp.
Notes
to Financial Statements
(Unaudited)
(Continued)
|
J. Indemnifications
Under the Company’s organizational
documents, its officers and directors are indemnified against certain
liabilities arising out of the performance of their duties to the Company. In
addition, in the normal course of business, the Company may enter into contracts
that provide general indemnification to other parties. The Company’s maximum
exposure under these arrangements is unknown, as this would involve future
claims that may be made against the Company that have not yet occurred, and may
not occur. However, the Company has not had prior claims or losses pursuant to
these contracts and expects the risk of loss to be remote.
K. Recent Accounting
Pronouncements
In December 2011, the Financial
Accounting Standards Board issued ASU 2011-11 “Balance Sheet (Topic 210)
Disclosures about Offsetting Assets and Liabilities”. ASU 2011-11 requires new
disclosures for recognized financial instruments and derivative instruments that
are either offset on the balance sheet in accordance with the offsetting
guidance in ASC 210-20-45 or ASC 815-10-45 or are subject to an enforceable
master netting arrangement or similar arrangement. ASU 2011-11 is effective for
periods beginning on or after January 1, 2013 and must be applied
retrospectively.
In January 2013, the Financial Accounting Standards Board
issued Accounting Standards Update No. 2013-01 “Clarifying the Scope of
Disclosures about Offsetting Assets and Liabilities” (“ASU 2013-01”) which
amended Accounting Standards Codification Subtopic 210-20, Balance Sheet
Offsetting. ASU 2013-01 clarified the scope of ASU No. 2011-11 “Disclosures
about Offsetting Assets and Liabilities” (“ASU 2011-11”). ASU 2013-01 clarifies
the scope of ASU 2011-11 as applying to derivatives accounted for in accordance
with Topic 815, Derivatives and Hedging, including bifurcated embedded
derivatives, repurchase agreements and reverse repurchase agreements, and
securities borrowing and securities lending transactions that are offset either
in accordance with other requirements of U.S. GAAP or subject to an enforceable
master netting arrangement or similar agreement. The guidance in ASU 2013-01 and
ASU 2011-11 is effective for interim and annual periods beginning on or after
January 1, 2013. The additional disclosures required by these amendments are
reflected within the financial statements.
3. Concentration
Risk
Under normal conditions, the Company
will have at least 80 percent of its total assets in equity securities of
companies in the energy sector with their primary operations in North America
(“Energy Companies”). Energy Companies include companies that derive more than
50 percent of their revenues from transporting, processing, storing,
distributing or marketing natural gas, natural gas liquids, electricity, coal,
crude oil or refined petroleum products, or exploring, developing, managing or
producing such commodities. The Company may invest up to 50 percent of its total
assets in restricted securities. In determining application of these policies,
the term “total assets”
includes assets
obtained through leverage. Companies that primarily invest in a particular
sector may experience greater volatility than companies investing in a broad
range of industry sectors. The Company may, for defensive purposes, temporarily
invest all or a significant portion of its assets in investment grade
securities, short-term debt securities and cash or cash equivalents. To the
extent the Company uses this strategy, it may not achieve its investment
objective.
4. Agreements
The Company has entered into an
Investment Advisory Agreement with Tortoise Capital Advisors, L.L.C. (the
“Adviser”). Under the terms of the agreement, the Company pays the Adviser a fee
equal to an annual rate of 1.00 percent of the Company’s average monthly total
assets (including any assets attributable to leverage) minus accrued liabilities
(other than debt entered into for purposes of leverage and the aggregate
liquidation preference of outstanding preferred stock, if any) (“Managed
Assets”), in exchange for the investment advisory services provided.
U.S. Bancorp Fund Services, LLC
serves as the Company’s administrator. The Company pays the administrator a
monthly fee computed at an annual rate of 0.04 percent of the first
$1,000,000,000 of the Company’s Managed Assets, 0.01 percent on the next
$500,000,000 of Managed Assets and 0.005 percent on the balance of the Company’s
Managed Assets.
Computershare Trust Company, N.A.
serves as the Company’s transfer agent and registrar and Computershare Inc.
serves as the Company’s dividend paying agent and agent for the automatic
dividend reinvestment plan.
U.S. Bank, N.A. serves as custodian of the Company’s
cash and investment securities. The Company pays the custodian a monthly fee
computed at an annual rate of 0.004 percent of the Company’s portfolio assets,
plus portfolio transaction fees.
5. Income Taxes
Deferred income taxes reflect the net
tax effect of temporary differences between the carrying amount of assets and
liabilities for financial reporting and tax purposes. Components of the
Company’s deferred tax assets and liabilities as of August 31, 2013, are as
follows:
|
Deferred tax
assets:
|
|
|
|
Net
operating loss carryforwards
|
$
|
5,749,365
|
|
AMT credit
|
|
33,959
|
|
Organization costs
|
|
36,941
|
|
State of Kansas credit
|
|
4,055
|
|
|
|
5,824,320
|
|
Deferred tax
liabilities:
|
|
|
|
Basis
reduction of investment in MLPs
|
|
11,575,789
|
|
Net unrealized gains on investment
securities
|
|
34,660,261
|
|
|
|
46,236,050
|
|
Total net
deferred tax liability
|
$
|
40,411,730
|
2013 3rd Quarter
Report
15
Notes
to Financial Statements
(Unaudited)
(Continued)
|
At August 31, 2013, a valuation
allowance on deferred tax assets was not deemed necessary because the Company
believes it is more likely than not that there is an ability to realize its
deferred tax assets through future taxable income. Any adjustments to the
Company’s estimates of future taxable income will be made in the period such
determination is made. The Company recognizes the tax benefits of uncertain tax
positions only when the position is “more likely than not” to be sustained upon
examination by the tax authorities based on the technical merits of the tax
position. The Company’s policy is to record interest and penalties on uncertain
tax positions as part of tax expense. As of August 31, 2013, the Company had no
uncertain tax positions and no penalties and interest were accrued. Tax years
subsequent to the year ending November 30, 2008 remain open to examination by
federal and state tax authorities.
Total income tax expense differs from
the amount computed by applying the federal statutory income tax rate of 35
percent to net investment loss and net realized and unrealized gains on
investments for the period ended August 31, 2013, as follows:
|
Application of
statutory income tax rate
|
$
|
12,345,621
|
|
|
State income taxes, net of
federal tax benefit
|
|
504,407
|
|
|
Change in
deferred tax liability due to change in
|
|
|
|
|
overall tax rate
|
|
(813,355
|
)
|
|
Dividends received
deduction
|
|
(64,854
|
)
|
|
Total income tax
expense
|
$
|
11,971,819
|
|
Total income taxes are computed by
applying the federal statutory rate plus a blended state income tax rate. During
the period, the Company re-evaluated its overall federal and state income tax
rate, revising it from 37.25 percent to 36.43 percent, due to (1) an anticipated
35 percent federal rate and (2) anticipated state apportionment of income and
gains.
For the period from December 1, 2012
through August 31, 2013, the components of income tax expense include deferred
federal and state income tax expense (net of federal tax benefit) of $11,501,885
and $469,934, respectively.
The Company acquired all of the net
assets of Tortoise Gas and Oil Corporation (“TGO”) on September 14, 2009 in a
tax-free reorganization under Section 368(a)(1)(C) of the Internal Revenue Code.
As of November 30, 2012, the Company had a net operating loss for federal income
tax purposes of approximately $12,743,000. This includes a net operating loss of
approximately $7,935,000 from TGO. The net operating loss may be carried forward
for 20 years. If not utilized, this net operating loss will expire as follows:
$2,677,000, $5,258,000, $463,000, $2,247,000, $5,000 and $2,093,000 in the years
ending November 30, 2027 through November 30, 2032. Utilization of the net
operating loss from TGO is further subject to Section 382 limitations of the
Internal Revenue Code, which limit tax attributes subsequent to ownership
changes. The amount of deferred tax asset for net operating losses at August 31,
2013 includes amounts for the period from December 1, 2012 through August 31,
2013.
As of November 30, 2012, the Company
had a capital loss carryforward of approximately $6,500,000. This amount
includes a capital loss of
approximately
$1,400,000 from TGO. As of August 31, 2013, the Company estimated that it
utilized its capital loss carryforward. The capital gains for the period ended
August 31, 2013 have been estimated based on information currently available.
Such estimate is subject to revision upon receipt of the 2013 tax reporting
information from the individual MLPs. For corporations, capital losses can only
be used to offset capital gains and cannot be used to offset ordinary income. As
of November 30, 2012, an AMT credit of $33,959 was available, which may be
credited in the future against regular income tax. This credit may be carried
forward indefinitely.
As of August 31, 2013, the aggregate
cost of securities for federal income tax purposes was $126,191,388. The
aggregate gross unrealized appreciation for all securities in which there was an
excess of fair value over tax cost was $127,027,823, the aggregate gross
unrealized depreciation for all securities in which there was an excess of tax
cost over fair value was $48,733 and the net unrealized appreciation was
$126,979,090.
6. Fair Value of Financial
Instruments
Various inputs are used in
determining the fair value of the Company’s financial instruments. These inputs
are summarized in the three broad levels listed below:
|
|
Level 1 —
|
quoted prices in active markets for
identical investments
|
|
|
|
|
|
|
Level 2 —
|
other significant observable inputs
(including quoted prices for similar investments, market corroborated
inputs, etc.)
|
|
|
|
|
|
|
Level 3 —
|
significant unobservable inputs
(including the Company’s own assumptions in determining the fair value of
investments)
|
The inputs or methodology used for
valuing securities are not necessarily an indication of the risk associated with
investing in those securities.
The following table provides the fair
value measurements of applicable Company assets and liabilities by level within
the fair value hierarchy as of August 31, 2013. These assets and liabilities are
measured on a recurring basis.
|
|
|
Fair Value at
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
August 31,
2013
|
|
Level 1
|
|
Level 2
|
|
Level
3
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity
Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock
(a)
|
|
|
$
|
4,134,348
|
|
|
$
|
4,134,348
|
|
$
|
—
|
|
$
|
—
|
|
Master Limited Partnerships
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and Related
Companies
(a)
|
|
|
|
248,906,373
|
|
|
|
248,906,373
|
|
|
—
|
|
|
—
|
|
Total Equity Securities
|
|
|
|
253,040,721
|
|
|
|
253,040,721
|
|
|
—
|
|
|
—
|
|
Other
Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term
Investment
(b)
|
|
|
|
129,757
|
|
|
|
129,757
|
|
|
—
|
|
|
—
|
|
Total
Assets
|
|
|
$
|
253,170,478
|
|
|
$
|
253,170,478
|
|
$
|
—
|
|
$
|
—
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Rate
Swap Contracts
|
|
|
$
|
93,060
|
|
|
$
|
—
|
|
$
|
93,060
|
|
$
|
—
|
|
(a)
|
All other
industry classifications are identified in the Schedule of
Investments.
|
|
(b)
|
Short-term
investment is a sweep investment for cash balances in the Company at
August 31, 2013.
|
The Company did not hold any Level 3
securities during the period from December 1, 2012 through August 31,
2013.
16
Tortoise North American Energy Corp.
Notes
to Financial Statements
(Unaudited)
(Continued)
|
Valuation
Techniques
In general, and where applicable, the
Company uses readily available market quotations based upon the last updated
sales price from the principal market to determine fair value. This pricing
methodology applies to the Company’s Level 1 investments.
An equity security of a publicly
traded company acquired in a private placement transaction without registration
under the Securities Act of 1933, as amended (the “1933 Act”), is subject to
restrictions on resale that can affect the security’s fair value. If such a
security is convertible into publicly-traded common shares, the security
generally will be valued at the common share market price adjusted by a
percentage discount due to the restrictions and categorized as Level 2 in the
fair value hierarchy. If the security has characteristics that are dissimilar to
the class of security that trades on the open market, the security will
generally be valued and categorized as Level 3 in the fair value
hierarchy.
Interest rate swap contracts are
valued by using industry-accepted models which discount the estimated future
cash flows based on a forward rate curve and the stated terms of the interest
rate swap agreement by using interest rates currently available in the market,
or based on dealer quotations, if available, which applies to the Company’s
Level 2 liabilities.
The Company utilizes the beginning of reporting period
method for determining transfers between levels. There were no transfers between
levels during the period ended August 31, 2013.
7. Investment
Transactions
For the period from December 1, 2012
through August 31, 2013, the Company purchased (at cost) and sold securities
(proceeds received) in the amount of $31,830,220 and $31,149,822 (excluding
short-term debt securities), respectively.
8. Credit Facility
As of August 31, 2013, the Company
has a 270-day rolling evergreen margin loan facility with Bank of America, N.A.
The terms of the agreement provide for a $40,000,000 facility that is secured by
certain of the Company’s assets. Outstanding balances generally accrue interest
at a variable rate equal to one-month LIBOR plus 0.85 percent and unused
portions of the facility accrue a fee equal to an annual rate of 0.25
percent.
The average principal balance and
interest rate for the period during which the margin loan facility was utilized
during the period ended August 31, 2013, was approximately $35,100,000 and 1.05
percent, respectively. At August 31, 2013, the principal balance outstanding was
$32,900,000 at an interest rate of 1.03 percent.
Under the terms of the margin loan
facility, the Company must maintain asset coverage required under the 1940 Act.
If the Company fails to maintain the required coverage, it may be required to
repay a portion of an outstanding balance until the coverage requirement has
been met. At August 31, 2013, the Company was in compliance with the terms of
the margin loan facility.
9. Interest Rate Swap
Contracts
The Company has entered into interest
rate swap contracts in an attempt to protect itself from increasing interest
expense on its leverage resulting from increasing short-term interest rates. A
decline in interest rates may result in a decline in the value of the swap
contracts, which may result in a decline in the net assets of the Company. At
the time the interest rate swap contracts reach their scheduled termination,
there is a risk that the Company would not be able to obtain a replacement
transaction, or that the terms of the replacement would not be as favorable as
on the expiring transaction. In addition, if the Company is required to
terminate any swap contract early due to the net assets of the Company falling
below $48,000,000 or the Company failing to maintain a required 300 percent
asset coverage of the liquidation value of the outstanding debt, then the
Company could be required to make a termination payment to the extent of the
Company’s net liability position, in addition to redeeming all or some of the
debt. The Company segregates a portion of its assets as collateral for the
amount of any net liability of its interest rate swap contracts. Details of the
interest rate swap contracts outstanding as of August 31, 2013, are as
follows:
|
|
|
|
|
|
|
|
Fixed Rate
|
|
Floating Rate
|
|
Unrealized
|
|
|
|
Maturity
|
|
Notional
|
|
Paid by the
|
|
Received by
|
|
Appreciation
|
|
Counterparty
|
|
Date
|
|
Amount
|
|
Company
|
|
the Company
|
|
(Depreciation)
|
|
The Bank of Nova Scotia
|
|
09/02/2014
|
|
$
|
5,000,000
|
|
0.654%
|
|
1-month U.S. Dollar LIBOR
|
|
|
$
|
(22,695
|
)
|
|
|
The Bank of Nova
Scotia
|
|
09/02/2016
|
|
|
5,000,000
|
|
1.258%
|
|
1-month U.S.
Dollar LIBOR
|
|
|
|
(68,578
|
)
|
|
|
The Bank of Nova Scotia
|
|
09/02/2018
|
|
|
5,000,000
|
|
1.815%
|
|
1-month U.S. Dollar LIBOR
|
|
|
|
(48,899
|
)
|
|
|
The Bank of Nova
Scotia
|
|
09/02/2021
|
|
|
10,000,000
|
|
2.381%
|
|
1-month U.S.
Dollar LIBOR
|
|
|
|
47,112
|
|
|
|
|
|
|
|
$
|
25,000,000
|
|
|
|
|
|
|
$
|
(93,060
|
)
|
|
The Company is exposed to credit risk
on the interest rate swap contracts if the counterparty should fail to perform
under the terms of the interest rate swap contracts. The amount of credit risk
is limited to the net appreciation of the interest rate swap contracts, if any,
as no collateral is pledged by the counterparty. In addition, if the
counterparty to the interest rate swap contracts defaults, the Company would
incur a loss in the amount of the receivable and would not receive amounts due
from the counterparty to offset the interest payments on the Company’s leverage.
2013 3rd Quarter
Report
17
Notes
to Financial Statements
(Unaudited)
(Continued)
|
The unrealized appreciation of
interest rate swap contracts in the amount of $1,269,253 for the period ended
August 31, 2013 is included in the Statement of Operations. Cash settlement
payments under the terms of the interest rate swap contracts in the amount of
$283,331 are recorded as realized losses for the period ended August 31, 2013.
The total notional amount of all open swap agreements at August 31, 2013 is
indicative of the volume of this derivative type for the period ended August 31,
2013.
|
|
|
|
|
|
|
Net Amounts
|
|
|
|
|
|
|
|
|
|
|
Gross Amounts
|
|
of Assets
|
|
Gross Amounts Not Offset
|
|
|
|
|
|
|
Gross
|
|
Offset in the
|
|
Presented in
|
|
in the Statement of Assets
|
|
|
|
|
|
|
Amounts of
|
|
Statement
|
|
the Statement
|
|
&
Liabilities
|
|
|
|
|
|
|
Recognized
|
|
of Assets &
|
|
of Assets &
|
|
Financial
|
|
Cash Collateral
|
|
Net
|
|
Description
|
|
Assets
|
|
Liabilities
|
|
Liabilities
|
|
Instruments
|
|
Received
|
|
Amount
|
|
Interest Rate Swap Contracts
|
|
$47,112
|
|
$(47,112)
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
|
|
|
|
|
|
Net
Amounts
|
|
|
|
|
|
|
|
|
|
|
Gross
Amounts
|
|
of
Liabilities
|
|
Gross Amounts
Not Offset
|
|
|
|
|
|
Gross
|
|
Offset in
the
|
|
Presented
in
|
|
in the
Statement of Assets
|
|
|
|
|
|
Amounts
of
|
|
Statement
|
|
the
Statement
|
|
&
Liabilities
|
|
|
|
|
|
Recognized
|
|
of Assets
&
|
|
of Assets
&
|
|
Financial
|
|
Cash
Collateral
|
|
Net
|
|
Description
|
|
Liabilities
|
|
Liabilities
|
|
Liabilities
|
|
Instruments
|
|
Received
|
|
Amount
|
|
Interest Rate
Swap Contracts
|
|
$140,172
|
|
$(47,112)
|
|
$(93,060)
|
|
$
|
—
|
|
$
|
—
|
|
$(93,060)
|
10. Common Stock
The Company has 100,000,000 shares of
capital stock authorized and 6,310,801 shares outstanding at August 31, 2013.
Transactions in common stock for the period ended August 31, 2013, were as
follows:
|
Shares at
November 30, 2012
|
6,301,191
|
|
Shares issued through
reinvestment of distributions
|
9,610
|
|
Shares at August
31, 2013
|
6,310,801
|
11. Subsequent
Events
On September 3, 2013, the Company
paid a distribution in the amount of $0.40 per common share, for a total of
$2,524,320. Of this total, the dividend reinvestment amounted to
$147,837.
The Company has performed an
evaluation of subsequent events through the date the financial statements were
issued and has determined that no additional items require recognition or
disclosure.
18
Tortoise North American Energy Corp.
Additional Information
(Unaudited)
|
Director and Officer
Compensation
The Company does not compensate any
of its directors who are “interested persons,” as defined in Section 2(a)(19) of
the 1940 Act, nor any of its officers. For the period ended August 31, 2013, the
aggregate compensation paid by the Company to the independent directors was
$36,750. The Company did not pay any special compensation to any of its
directors or officers.
Forward-Looking
Statements
This report contains “forward-looking
statements” within the meaning of the Securities Act of 1933 and the Securities
Exchange Act of 1934. By their nature, all forward-looking statements involve
risks and uncertainties, and actual results could differ materially from those
contemplated by the forward-looking statements. Several factors that could
materially affect the Company’s actual results are the performance of the
portfolio of stocks held by it, the conditions in the U.S. and international
financial, petroleum and other markets, the price at which shares of the Company
will trade in the public markets and other factors discussed in filings with the
SEC.
Proxy Voting
Policies
A description of the policies and
procedures that the Company uses to determine how to vote proxies relating to
portfolio securities owned by the Company and information regarding how the
Company voted proxies relating to the portfolio of securities during the
12-month period ended June 30, 2013 is available to stockholders (i) without
charge, upon request by calling the Company at (913) 981-1020 or toll-free at
(866) 362-9331 and on the Company’s Web site at www.tortoiseadvisors.com; and
(ii) on the SEC’s Web site at www.sec.gov.
Form N-Q
The Company files its complete
schedule of portfolio holdings for the first and third quarters of each fiscal
year with the SEC on Form N-Q. The Company’s Form N-Q is available without
charge upon request by calling the Company at (866) 362-9331 or by visiting the
SEC’s Web site at www.sec.gov. In addition, you may review and copy the
Company’s Form N-Q at the SEC’s Public Reference Room in Washington, D.C. You
may obtain information on the operation of the Public Reference Room by calling
(800) SEC-0330.
The Company’s Form N-Qs are also
available on the Company’s Web site at www.tortoiseadvisors.com.
Statement of Additional
Information
The Statement of Additional
Information (“SAI”) includes additional information about the Company’s
directors and is available upon request without charge by calling the Company at
(866) 362-9331 or by visiting the SEC’s Web site at www.sec.gov.
Certifications
The Company’s Chief Executive Officer
submitted to the New York Stock Exchange the annual CEO certification as
required by Section 303A.12(a) of the NYSE Listed Company Manual.
The Company has filed with the SEC,
as an exhibit to its most recently filed Form N-CSR, the certification of its
Chief Executive Officer and Chief Financial Officer required by Section 302 of
the Sarbanes-Oxley Act.
Privacy Policy
In order to conduct its business, the
Company collects and maintains certain nonpublic personal information about its
stockholders of record with respect to their transactions in shares of the
Company’s securities. This information includes the stockholder’s address, tax
identification or Social Security number, share balances, and dividend
elections. We do not collect or maintain personal information about stockholders
whose share balances of our securities are held in “street name” by a financial
institution such as a bank or broker.
We do not disclose any nonpublic
personal information about you, the Company’s other stockholders or the
Company’s former stockholders to third parties unless necessary to process a
transaction, service an account, or as otherwise permitted by law.
To protect your personal information
internally, we restrict access to nonpublic personal information about the
Company’s stockholders to those employees who need to know that information to
provide services to our stockholders. We also maintain certain other safeguards
to protect your nonpublic personal information.
2013 3rd Quarter
Report
19
Office of the Company
and
of the Investment Adviser
Tortoise Capital Advisors, L.L.C.
11550 Ash Street, Suite
300
Leawood, Kan. 66211
(913) 981-1020
(913) 981-1021
(fax)
www.tortoiseadvisors.com
Managing Directors
of
Tortoise Capital
Advisors, L.L.C.
P. Bradley
Adams
H. Kevin Birzer
Zachary A. Hamel
Kenneth P. Malvey
Terry
Matlack
David J. Schulte
Board of Directors
of
Tortoise North American
Energy Corp.
H. Kevin Birzer,
Chairman
Tortoise Capital
Advisors, L.L.C.
Terry
Matlack
Tortoise Capital
Advisors, L.L.C.
Conrad S.
Ciccotello
Independent
John R.
Graham
Independent
Charles E.
Heath
Independent
|
|
ADMINISTRATOR
U.S.
Bancorp Fund Services, LLC
615 East Michigan St.
Milwaukee, Wis. 53202
CUSTODIAN
U.S. Bank,
N.A.
1555 North Rivercenter Drive,
Suite 302
Milwaukee, Wis. 53212
TRANSFER, DIVIDEND
DISBURSING
AND REINVESTMENT AGENT
Computershare Trust Company, N.A. / Computershare Inc.
P.O. Box
43078
Providence, R.I. 02940-3078
(800)
426-5523
www.computershare.com
LEGAL
COUNSEL
Husch Blackwell
LLP
4801 Main St.
Kansas City, Mo. 64112
INVESTOR
RELATIONS
(866)
362-9331
info@tortoiseadvisors.com
STOCK
SYMBOL
Listed NYSE Symbol:
TYN
This report is for stockholder
information. This is not a prospectus intended for use in the purchase
or sale of fund shares.
Past
performance is no guarantee of future results and your investment may
be worth more or less at the time you
sell.
|
Tortoise Capital
Advisors’ Closed-end Funds
|
Pureplay MLP
Funds
|
|
Broader
Funds
|
|
Name
|
Ticker
|
|
Focus
|
Total
Assets
(1)
($ in
millions)
|
|
Name
|
Ticker
|
|
Focus
|
Total
Assets
(1)
($ in
millions)
|
Tortoise Energy
Infrastructure Corp.
|
|
|
Midstream Equity
|
$2,080
|
|
Tortoise Pipeline &
Energy Fund, Inc.
|
|
|
Pipeline Equity
|
$389
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tortoise Energy
Capital Corp.
|
|
|
Midstream Equity
|
$1,092
|
|
Tortoise Energy
Independence
Fund, Inc.
|
|
|
North American Upstream Equity
|
$449
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tortoise MLP
Fund, Inc.
|
|
|
Natural Gas Infrastructure Equity
|
$1,927
|
|
Tortoise Power and
Energy Infrastructure
Fund,
Inc.
|
|
|
Power & Energy Infrastructure Debt &
Dividend Paying Equity
|
$230
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tortoise North
American Energy Corp.
|
|
|
Midstream/Upstream Equity
|
$260
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) As of 9/30/13
Tortoise North American Energy (NYSE:TYN)
過去 株価チャート
から 5 2024 まで 6 2024
Tortoise North American Energy (NYSE:TYN)
過去 株価チャート
から 6 2023 まで 6 2024
