Distribution Amounts and Dates Declared for:

Tortoise Midstream Energy Fund, Inc. (NYSE: NTG)

Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP)

Tortoise Energy Independence Fund, Inc. (NYSE: NDP)

OVERLAND PARK, Kansas – Nov. 25, 2024 – Tortoise Capital announced excise tax distributions declared by three of its closed-end funds: NTG, TTP, and NDP. These excise distributions are payable on Dec. 13, 2024, to shareholders of record on Dec. 6, 2024.

Tortoise Capital closed-end funds excise tax distribution details are as follows:

The distributions for NTG and NDP will consist of net investment income earned by each Fund and return of capital. The tax characterization of all distributions paid in 2024 will be made after the end of 2024 and will be provided on Form 1099-DIV.

Investors should not draw any conclusions about TTP’s investment performance from the amount of these distributions or from the terms of TTP’s distribution policy.  

TTP estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of the distribution may be return of capital. A return of capital may occur, for example, when some or all of the money invested in TTP is paid back to the investor. A return of capital distribution does not necessarily reflect TTP’s investment performance and should not be confused with “yield” or “income.”

TTP will report the sources for its distributions at the time of the payment in the applicable Section 19(a) Notice.  The amounts and sources of distributions TTP reports are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will be made after the end of 2024 and will be provided on Form 1099-DIV.

About Tortoise Capital

With approximately $8.8 billion in assets under management as of October 31, 2024, Tortoise Capital’s record of investment experience and research dates back more than 20 years. As an early investor in midstream energy, Tortoise Capital believes it is well-positioned to be at the forefront of the global energy evolution that is under way. Based in Overland Park, Kansas, Tortoise Capital Advisors, L.L.C. is an SEC-registered fund manager that invests primarily in publicly traded companies in the energy and power infrastructure sectors—from production to transportation to distribution. For more information about Tortoise Capital, visit www.TortoiseAdvisors.com.

Tortoise Capital Advisors, L.L.C. is the adviser to Tortoise Midstream Energy Fund, Inc., Tortoise Pipeline & Energy Fund, Inc., and Tortoise Energy Independence Fund, Inc.

For additional information on these funds, please visit cef.tortoiseadvisors.com.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains certain statements that may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included herein are "forward-looking statements." Although the funds and Tortoise Capital Advisors believe that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the fund’s reports that are filed with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required by law, the funds and Tortoise Capital Advisors do not assume a duty to update this forward-looking statement.

Media Contacts

Margaret Kirch Cohen/Richard Chimberg
Newton Park PR
+1 847-507-2229
+1 617-312-4281
margaret@newtonparkpr.com
rich@newtonparkpr.com