11/15/2010 NTG

Tortoise MLP Fund, Inc. Announces Full Investment of Senior Notes and Mandatory Redeemable Preferred Shares (Leverage) Proceeds

LEAWOOD, Kan.--Nov. 15, 2010--(BUSINESS WIRE)-- Tortoise MLP Fund, Inc. (NYSE: NTG) today announced that it has fully invested the proceeds from the fund's private offering of Senior Notes and Preferred Shares and expects to pay a first quarter 2011 distribution of not less than $0.40625 per share, a 6.5 percent annualized yield on the $25.00 initial public offering price.

The fund's mix of quality investments consist primarily of midstream energy infrastructure MLPs that engage in the business of transporting, gathering and processing and storing natural gas and natural gas liquids.

"We believe NTG's natural gas infrastructure investments are well positioned for continued distribution growth," said Tortoise Capital Advisors' Managing Director, Terry Matlack. "In addition, the majority of NTG's leverage is long-term and fixed at attractive market rates which reduce the fund's exposure to rising interest rates."

For more detailed NTG leverage information, please visit http://tygd.client.shareholder.com/asset-leverage.cfm?Symbol=NTG.

Year-End Conference Call

Tortoise Capital Advisors will host a conference call on Dec. 16, 2010 at 4:30 p.m. EST, to discuss current U.S. energy infrastructure industry market conditions and NTG's 2010 year-end performance results. Participants can access the conference call by dialing (877) 941-2332. The call will also be webcast in a listen-only format. A link to the webcast will be accessible at www.tortoiseadvisors.com.

A replay of the call will be available at 6 p.m. EST on Dec. 16, 2010 and continuing until 11:59 p.m. CST Dec. 30, 2010, by dialing (303) 590-3030. The replay access code is 4381476#. A replay of the webcast will also be available on the company's Web site at www.tortoiseadvisors.com through Dec. 16, 2011.

About Tortoise MLP Fund, Inc.

Tortoise MLP Fund Inc.'s investment objective is to provide its stockholders a high level of total return with an emphasis on current distributions. Tortoise MLP Fund, Inc. seeks to achieve its investment objective by investing primarily in energy infrastructure master limited partnership (MLPs) and their affiliates, with an emphasis on natural gas infrastructure MLPs.

About Tortoise Capital Advisors, LLC

Tortoise is an investment manager specializing in listed energy infrastructure investments, such as pipeline and power companies. As of Oct. 31, 2010, the adviser had approximately $5.8 billion of assets under management in six NYSE-listed investment companies and private accounts. For more information, visit our Web site at www.tortoiseadvisors.com.

Safe Harbor Statement

This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.

Forward-Looking Statement

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 Company and Tortoise Capital Advisors believe 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 Company'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 Company and Tortoise Capital Advisors do not assume a duty to update any forward-looking statement.

Tortoise Capital Advisors, LLC
Pam Kearney, 866-362-9331
Investor Relations

Source: Tortoise MLP Fund, Inc.