TortoiseEcofin Announces 2020 Estimated Character of Distributions for its Open End Mutual Funds

LEAWOOD, KS–(BUSINESS WIRE)–TortoiseEcofin today announced the estimated character of distributions for its open end mutual funds to be paid in the calendar year 2020.

The table below lists estimates based on preliminary information as of October 31, 2020 and are subject to change. This data is for information purposes only and should not be construed as an official tax form, nor should it be considered tax or investment advice. Investors should consult a tax professional for guidance regarding their specific tax situation. The final determination of tax character of the distributions paid in 2020 will be reported to shareholders in January 2021 on Form 1099-DIV.

			Estimated ordinary income
Fund name	Ticker	Estimated short-term capital gains	Qualified dividend	Non-qualified dividend	Estimated long-term capital gains	Return of capital
Tortoise MLP & Pipeline Fund	TORIX/TORTX/TORCX	0%	33%	0%	0%	67%
Tortoise MLP & Energy Income Fund	INFRX/INFFX/INFIX	0%	10%	12%	0%	78%
Tortoise MLP & Energy Infrastructure Fund	MLPPX	0%	10%	15%	0%	75%
Tortoise Energy Evolution Fund	TOPIX/TOPTX/TOPCX	0%	100%	0%	0%	0%

A 2020 capital gains distribution is not expected for the Ecofin Global Renewables Infrastructure Fund (ECOIX/ECOAX).

Returns of capital are non-taxable distributions. The portion of the distribution received by the U.S. shareholder from the Fund that constitutes a return of capital will decrease the U.S. shareholder’s tax basis in his or her Fund shares (but not below zero), which will result in an increase in the amount of gain (or decrease in the amount of loss) that will be recognized by the U.S. shareholder for tax purposes on the later sale of such Fund shares. For a further discussion on the tax treatment of Fund distributions to U.S. shareholders, please see the prospectus or consult your own tax advisors as to the U.S. federal income tax consequences of acquiring, holding and disposing of shares, as well as the effects of state, local and non-U.S. tax laws.

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 & 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.

About Tortoise MLP & Energy Infrastructure Fund

The Tortoise MLP & Energy Infrastructure 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.

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 Energy Evolution Fund

The Tortoise Energy Evolution Fund seeks to invest in securities benefiting from the long-term growth associated with the changes in energy supply relating to the energy transition that is currently underway.

About Ecofin Global Renewables Infrastructure Fund

The Ecofin Global Renewables Infrastructure Fund is an impact fund investing in listed companies that own low-carbon power generation assets. The fund invests in companies riding on the high demand growth for clean electricity. The portfolio has the goal of providing a low beta and delivers a measurable decarbonization benefit.

Disclosures

TCA Advisors is the adviser to the Tortoise MLP & Pipeline Fund, Tortoise MLP & Energy Income Fund, Tortoise MLP & Energy Infrastructure Fund, Tortoise Energy Evolution Fund and Ecofin Global Renewables Infrastructure Fund. Ecofin Advisors Limited is the sub-adviser to the Tortoise Energy Evolution Fund and Ecofin Global Renewables Infrastructure 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 funds 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.

Contacts

Maggie Zastrow

(913) 981-1020

info@tortoiseadvisors.com