Tortoise Announces Distribution Increase and Continuation of Share Repurchase Program for TYG and NTG - Seite 2

Share Repurchase Program (TYG and NTG)

As part of the Board’s desire to continue its ongoing commitment to enhancing shareholder value, the Board reauthorized a share repurchase program effective through February 28, 2022. Under the share repurchase program, each fund may repurchase up to 10% of its outstanding shares in open-market transactions at such times and in such amounts as management reasonably believes may enhance shareholder value.

Repurchase activity, including the number of shares purchased, the average purchase price and the average discount to net asset value, will be disclosed in the funds' financial reports to shareholders. The share repurchase program will follow Rule 10b-18 requirements, and there is no assurance that the funds will repurchase shares in any amount.

Given the benefit of providing transparency through timely data updates, FAQs and podcasts utilizing the funds’ website, management has decided to discontinue producing financial reports for the first and third fiscal quarters. The funds will continue to issue semi-annual and annual reports as required. Timely and important information is updated regularly on the funds’ website at www.TortoiseEcofin.com.

For book purposes, the source of distributions for TYG and NTG is estimated to be 100% return of capital, and the source of distributions for TEAF is estimated to be approximately 90 to 100% ordinary income, with the remainder as return of capital.

You 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 that you invested in TTP and TPZ is paid back to you. 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.