Tortoise Capital Announces Closed-End Fund Distributions Including Increases for TYG and NTG

Distribution Amounts and Dates Declared for:
Tortoise Energy Infrastructure Corp. (NYSE: TYG)
Tortoise Midstream Energy Fund, Inc. (NYSE: NTG)
Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP)
Tortoise Energy Independence Fund, Inc. (NYSE: NDP)
Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE: TPZ)
Ecofin Sustainable and Social Impact Term Fund (NYSE: TEAF)

OVERLAND PARK, Kan., Aug. 9, 2024 /PRNewswire/ -- Tortoise Capital and the Board of its closed-end funds announced distributions for its closed-end funds. Tortoise Energy Infrastructure Corp. (TYG) and Tortoise Midstream Energy Fund, Inc. (NTG) increased their distributions by 10% and 5%, respectively. The distribution increases are a product of the 26-week average NAV ended May 31, 2024, and the distribution target ranges outlined below. We believe this, along with the recently announced merger and ETF conversion, underscores our continued commitment to shareholder returns.

While the distribution target range for Tortoise Power and Energy Infrastructure Fund, Inc. (TPZ), Tortoise Pipeline & Energy Fund, Inc. (TTP), and Tortoise Energy Independence Fund, Inc. (NDP) has not changed, in light of the previously announced merger of TPZ, TTP and NDP, Tortoise Capital expects distributions to remain flat until completion of the transaction.

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

TYG, NTG, TTP, NDP and TPZ distributions are payable on Aug. 30, 2024, to shareholders of record on Aug. 23, 2024. TEAF monthly distributions are payable on September 30, 2024, October 31, 2024, and November 29, 2024, to shareholders of record on the respective dates of September 23, 2024, October 24, 2024, and November 22, 2024.

For book purposes, the source of distributions for each of TYG and NTG is estimated to be 0-20% ordinary income with the remainder as return of capital, and NDP is estimated to be approximately 20-30% ordinary income, with the remainder as return of capital. For TEAF, the source of distributions is estimated to be approximately 40 to 50% ordinary income, with the remainder as return of capital. For tax purposes, the characterization will not be made until determination of earnings and profits after year end.

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

TTP and TPZ estimate that they have distributed more than their 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 and TPZ is paid back to the investor. A return of capital distribution does not necessarily reflect TTP's and TPZ's investment performance and should not be confused with "yield" or "income."

TTP and TPZ will report the sources for their distributions at the time of the payment in the applicable Section 19(a) Notice.  The amounts and sources of distributions TTP and TPZ report 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 depend upon TTP's and TPZ's investment experience during the remainder of their fiscal years and may be subject to changes based on tax regulations.

About Tortoise Capital 
With approximately $8 billion in assets under management as of July 31, 2024, Tortoise Capital's solid record of investment experience and research dates back more than 20 years. As one of the earliest investors 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 Energy Infrastructure Corp., Tortoise Midstream Energy Fund, Inc., Tortoise Pipeline & Energy Fund, Inc., Tortoise Energy Independence Fund, Inc., Tortoise Power and Energy Infrastructure Fund, Inc. and Ecofin Sustainable and Social Impact Term Fund with Ecofin Advisors Limited as the fund's sub-adviser.

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

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SOURCE Tortoise Capital