Tortoise today announced completing leverage reductions for TYG, NTG and TTP, which results in each company being in compliance with all applicable 1940 Act leverage tests, as well as the covenants on its debt agreements and the terms of its preferred stock. Leverage has been reduced by utilizing cash raised through trading activity in a manner that minimized prepayment premiums in order to maximize shareholder value. Cash remains on company balance sheets that could be used to further reduce leverage. At this point, all Tortoise closed-end funds are in compliance with the 1940 Act leverage tests.

Tortoise today announced the following unaudited balance sheet information and asset coverage ratio updates for TYG, NTG, TTP, NDP, TPZ and TEAF.

Tortoise announced that the funds’ Board of Directors has approved reverse stock splits for TYG, NTG, TTP and NDP as outlined below. The funds anticipate completing the reverse stock splits prior to the open of trading on the New York Stock Exchange (the "NYSE") on May 1, 2020 for common stockholders of record as of the close of business on April 30, 2020.

This notice provides stockholders of Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP) and Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE: TPZ) with information regarding the distributions paid on February 28, 2020 and cumulative distributions paid fiscal year-to-date.

Tortoise today announced the following unaudited balance sheet information and asset coverage ratio updates for TYG, NTG, TTP, NDP, TPZ and TEAF. Additionally, Tortoise would also like to provide an update on TEAF’s direct investments. The fund’s private deal summary list has been updated here and allocation to direct investments stood at 44% as of April 30, 2020.

Tortoise today announced the following unaudited balance sheet information and asset coverage ratio updates for TYG, NTG, TTP, NDP, TPZ and TEAF. Additionally, Tortoise has published a special podcast with leverage and coverage updates as of Mar. 31, 2020 for these closed-end funds. The podcast is available here.

Tortoise announced today the release of the combined 2020 first quarter stockholders’ report for TYG, NTG, TTP, NDP, TPZ and TEAF.

Tortoise announced that the previously disclosed reverse stock splits, for closed-end funds TYG, NTG, TTP and NDP as outlined below, were executed today prior to the open of trading on the New York Stock Exchange (the "NYSE"). The funds’ common shares will begin trading on a split-adjusted basis under their current symbol, but with new CUSIP numbers, as listed below.

Following the quarterly review of the funds with management and the Board of Directors, Tortoise is today announcing that each of TYG, NTG and NDP are temporarily suspending quarterly distributions through the end of the calendar year, TTP is reducing quarterly distributions, and TEAF is reducing monthly distributions. In June, TPZ will begin to declare distributions monthly and will continue to pay declared distributions monthly. For more information, a Q&A document is available here.