Explanation of closed-end fund distributable cash flow and income taxation | Tortoise Closed-End Funds

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Explanation of closed-end fund distributable cash flow and income taxation

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Past performance is no guarantee of future results. Total return and market value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only. Due to market volatility, current performance may be lower or higher than the figures shown.

Tortoise Capital Advisors is a registered investment adviser specializing in essential assets investing. Essential assets are those that are indispensable and necessary to the functioning of our economy and our society as a whole, such as education, healthcare, infrastructure and energy. For additional information, please call (866) 362-9331 or email info@tortoiseecofin.com.

Past performance is no guarantee of future results. This data is provided for information only and is not intended for trading purposes. Closed-end funds, unlike open-end funds, are not continuously offered. After the initial public offering, shares are sold on the open market through a stock exchange. As with any other stock, total return and market value will fluctuate so that an investment, when sold, may be worth more or less than its original cost. Performance is for the stated time period only. Due to market volatility, current performance may be lower or higher than the figures shown. Shares of closed-end funds frequently trade at a market price that is below their net asset value. Leverage creates risks that may adversely affect return, including the likelihood of greater volatility of net asset value and market value.

All investments involve risk, including possible loss of principal. You should consider the investment objective, risks, charges and expenses carefully before investing. For this and other important information, please refer to the most recent closed-end fund prospectus supplement, if applicable, and its accompanying prospectus. Read it carefully before investing.

Nothing on this website should be considered a solicitation to buy or an offer to sell any shares of a fund in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction. Nothing contained in this communication constitutes tax, legal or investment advice. Investors must consult their tax adviser or legal counsel for advice and information concerning their particular situation.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

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