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Tortoise Energy Independence Fund Provides Unaudited Balance Sheet Information And Asset Coverage Ratio Update As Of Dec. 31, 2012

Stocks in this article: NDP

Tortoise Energy Independence Fund, Inc. (NYSE: NDP) today announced that as of Dec. 31, 2012, the company’s unaudited total assets were approximately $382.4 million and its unaudited net asset value was $330.6 million, or $22.79 per share.

As of Dec. 31, 2012, the company was in compliance with its asset coverage ratios under the Investment Company Act of 1940 (the 1940 Act). The company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 764 percent. For more information on calculation of coverage ratios, please refer to the company’s most recent applicable prospectus.

Set forth below is a summary of the company’s unaudited balance sheet at Dec. 31, 2012 and a summary of its top 10 holdings.

Unaudited Balance Sheet

  (in Millions)   Per Share
Investments $ 381.1 $ 26.27
Cash and Cash Equivalents 0.9 0.06
Other Assets   0.4   0.03
Total Assets   382.4   26.36
 
Short-Term Borrowings 49.8 3.43
 
Other Liabilities   2.0   0.14
Net Assets $ 330.6 $ 22.79
 

14.50 million common shares currently outstanding.

Top 10 Holdings (as of Dec. 31, 2012)

Name

 

MarketValue (in Millions)

 

% ofInvestment Securities (1)

Occidental Petroleum Corp. $ 17.1 4.5 %
Anadarko Petroleum Corp. 16.9 4.4 %
Pioneer Natural Resources Co. 16.5 4.3 %
Apache Corporation 13.9 3.6 %
EOG Resources, Inc. 12.9 3.4 %
Denbury Resources Inc. 11.5 3.0 %
Range Resources Corp. 11.3 3.0 %
Continental Resources Inc. 11.3 3.0 %
Enbridge Energy Management, LLC 11.3 3.0 %
Crescent Point Energy Corp.   10.8 2.8 %
Total $ 133.5 35.0 %

(1) Percent of Investments and Cash Equivalents

About Tortoise Energy Independence Fund, Inc.

Tortoise Energy Independence Fund, Inc. (NYSE: NDP) is a non-diversified, closed-end management investment company that seeks to obtain a high level of total return with an emphasis on current distributions. NDP invests primarily on North American energy companies that engage in the exploration and production of crude oil, condensate, natural gas and natural gas liquids.

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