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Tortoise Announces Further Distribution Increases and Discount Management Program for Its Closed-End Funds

Tortoise and the Board of its closed-end funds announced significant increases to distributions for its closed-end funds. As previously announced, the funds have adopted managed distribution policies and those policies have been reviewed and modified to provide more of the fund total return in the form of distributions. These increases are the product of the 26-week average NAV ended November 30, 2021 and the distribution target ranges outlined below. The funds have also implemented a discount management program that aims to further enhance shareholder value.

Tortoise closed-end funds distribution details are as follows:

Fund

Ticker

Distribution
Amount

%
Increase

 

Distribution
Target of
Average
NAV

Distribution
Frequency

Tortoise Energy Infrastructure Corp.

TYG

$0.71

58%

7%-10%

Quarterly

Tortoise Midstream Energy Fund, Inc.

NTG

$0.77

35%

7%-10%

Quarterly

Tortoise Pipeline & Energy Fund, Inc.

TTP

$0.59

60%

7%-10%

Quarterly

Tortoise Energy Independence Fund, Inc.,

NDP

$0.48

55%

7%-10%

Quarterly

Tortoise Power and Energy Infrastructure Fund, Inc.

TPZ

$0.105

75%

7%-10%

Monthly

TYG, NTG, TTP, NDP and TPZ (each, a “Fund” and collectively, the “Funds”) distributions are payable on February 28, 2022, to shareholders of record on February 21, 2022.

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Nachrichtenquelle: Business Wire (engl.)
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Tortoise Announces Further Distribution Increases and Discount Management Program for Its Closed-End Funds Tortoise and the Board of its closed-end funds announced significant increases to distributions for its closed-end funds. As previously announced, the funds have adopted managed distribution policies and those policies have been reviewed and …

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