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Tortoise Energy Independence Fund, Inc. Provides Unaudited Balance Sheet Information And Asset Coverage Ratio Update As Of Oct. 31, 2013

Tortoise Energy Independence Fund, Inc. (NYSE: NDP) today announced that as of Oct. 31, 2013, the company’s unaudited total assets were approximately $459.4 million and its unaudited net asset value was $402.3 million, or $27.72 per share.

As of Oct. 31, 2013, 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 826 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 Oct. 31, 2013 and a summary of its top 10 holdings.

Unaudited Balance Sheet
   
(in Millions) Per Share
Investments $ 457.9 $ 31.54
Cash and Cash Equivalents 0.2 0.01
Receivable for Investments Sold 0.1 0.01
Other Assets   1.2   0.09
Total Assets   459.4   31.65
 
Short-Term Borrowings 55.4 3.81
 
Other Liabilities   1.7   0.12
Net Assets $ 402.3 $ 27.72
 

14.52 million common shares currently outstanding.
 

Top 10 Holdings (as of Oct. 31, 2013)
   

Name

MarketValue (in Millions)

% ofInvestment Securities (1)
Pioneer Natural Resources Co. $ 35.3 7.7 %
EOG Resources, Inc. 31.2 6.8 %
Anadarko Petroleum Corp. 30.0 6.5 %
Occidental Petroleum Corp. 23.0 5.0 %
Continental Resources Inc. 21.3 4.6 %
Range Resources Corp. 15.0 3.3 %
Chesapeake Energy Corp. 13.4 2.9 %
EQT Corp. 12.8 2.8 %
Cabot Oil & Gas Corp. 12.2 2.7 %
BreitBurn Energy Partners, L.P.   11.9 2.6 %
Total $ 206.1 44.9 %
 

(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 in 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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