FOR IMMEDIATE RELEASE

LEAWOOD, Kan. – Nov. 11, 2019 – Tortoise today announced the estimated character of distributions for the Tortoise midstream mutual funds to be paid in the calendar year 2019.

The table below lists estimates based on preliminary information as of Oct. 31, 2019 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 2019 will be reported to shareholders in January 2020 on Form 1099-DIV.

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 Tortoise

Tortoise invests in assets and services that serve essential needs in society and can also serve essential client needs, such as diversification and income. Tortoise’s actively researched indices fill a void in the essential asset universe and provide a platform for passively managed exchange-traded products. Through a variety of investment vehicles, Tortoise provides access to a wide range of client solutions, focused on their evolving needs. For more information, please visit www.tortoiseadvisors.com.

About Tortoise MLP & Energy Income Fund

The Tortoise MLP & Energy Income Fund invests in securities across the capital structure of North American midstream energy infrastructure companies; including MLPs, common equity, preferred equity and bonds. 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 Income Fund invests in securities across the capital structure of North American midstream energy infrastructure companies; including MLPs, common equity, preferred equity and bonds. 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 Select Opportunity Fund

The Tortoise Select Opportunity Fund targets investments with the potential to benefit from catalyst-driven opportunistic themes across the energy value chain and beyond. Using a flexible strategy, Tortoise seeks to use its differentiated position and expertise within the energy sector to identify different opportunities across the North American energy value chain. Based on the prevailing market and economic conditions, Tortoise may shift the fund’s proportional exposure to these opportunities over time.

Disclosures

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.tortoiseadvisors.com. Read it carefully before investing.

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 Tortoise 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 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 and by Tortoise do not assume a duty to update this forward-looking statement.

Contact Information

Tortoise
Pam Kearney
Investor and Media Relations
844-872-1562
info@tortoiseadvisors.com