Tortoise MLP & Pipeline Fund Shifts to Quarterly Distribution Payouts

The Board has approved Tortoise MLP & Pipeline Fund (TORIX/TORTX/TORCX) to shift from semi-annual to quarterly distribution payouts. This distribution schedule enhancement aligns with the cash flow energy infrastructure companies pay into the fund.

Quarterly distribution payouts provide more frequent income distributions to shareholders benefiting those taking cash distributions and better aligns with industry practice. The payouts will be in the months of February, May, August, and November with a possible fifth calendar year payment in late December to true-up of any remaining net investment income and capital gains for the calendar year to avoid excise tax, pursuant to tax regulations of regulated investment companies (RIC).

“Our outlook for energy infrastructure is incredibly bullish,” said Matt Sallee, President – Tortoise. “Several portfolio companies recently made announcements to significantly grow distributions and we believe others may follow suit. These distribution increases, coupled with paying out all the return of capital generated by the underlying MLPs in the portfolio should result in a higher TORIX distribution for shareholders moving forward. In recent years, many of our underlying portfolio companies have adjusted their business model to generate significant free cash flow from their underlying businesses, leading to a significant reduction in companies’ leverage levels. Now that current debt levels are in-line with longer-term targets, free cash flow is being directed towards share buybacks and increased distribution growth and we want to pass along that value to our shareholders.”

Distribution Dates and Amounts

Tortoise MLP & Pipeline Fund has paid on February 24, 2022 distributions to shareholders of record as of February 23, 2022.

Clear here for a full distribution history. For distribution dates and amounts for Tortoise MLP & Energy Income Fund (INFRX/INFFX/INFIX), please refer to the website here.

Free cash flow is the cash a company produces through its operations, less the cost of total capital expenditures (growth and maintenance).

About TortoiseEcofin

TortoiseEcofin focuses on essential assets – those assets and services that are indispensable to the economy and society. We strive to make a positive impact on clients and communities by investing in energy infrastructure and the transition to cleaner energy and by providing capital for social impact projects focused on education and senior housing. TortoiseEcofin brings together strong legacies from Tortoise, with expertise investing across the energy value chain for more than 20 years, and from Ecofin, which unites ecology and finance and has roots back to the early 1990s. For more information, please visit www.TortoiseEcofin.com.

About Tortoise MLP & Pipeline Fund

The Tortoise MLP & Pipeline Fund focuses on the large and diverse North American pipeline universe. The fund invests primarily in MLP and pipeline companies that own and operate a network of asset systems that transport, store, distribute, gather and/or process crude oil, refined petroleum products (including biodiesel and ethanol), natural gas or natural gas liquids. The fund is designed to provide access to the sizable pipeline network of one of the world's largest consumers of energy, efficient tax flow-through structure, one 1099 (no K-1s), no unrelated business taxable income (UBTI) and IRA and tax-exempt suitability.

About Tortoise MLP & Energy Income Fund

The Tortoise MLP & Energy Income Fund invests in securities across the capital structure of energy infrastructure companies; including common equity, preferred equity, bonds and MLPs. The fund’s goal is to deliver strong risk-adjusted returns, greater liquidity, lower volatility and high correlation relative to the Alerian MLP Index over a market cycle.

Disclosures

TCA Advisors is the adviser to the Tortoise MLP & Pipeline Fund and Tortoise MLP & Energy Income Fund.

Quasar Distributors, LLC, distributor.

Nothing contained in this communication constitutes tax, legal, or investment advice. Investors must consult their tax advisor or legal counsel for advice and information concerning their particular situation.

The funds’ investment objectives, risks, charges and expenses must be considered carefully before investing. The summary and statutory prospectus contains this and other important information about the fund and may be obtained by calling 855-TCA-FUND (855-822-3863) or visiting www.TortoiseEcofin.com. Read it carefully before investing.

Mutual fund investing involves risk. Principal loss is possible.

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 TortoiseEcofin believes 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 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, TortoiseEcofin does not assume a duty to update this forward-looking statement.

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