Tortoise MLP Fund, Inc. Provides Unaudited Balance Sheet Information and Asset Coverage Ratio Update as of Jan. 31, 2013

Fri Feb 1, 2013 5:37pm EST

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LEAWOOD, Kan.--(Business Wire)--
Tortoise MLP Fund, Inc. (NYSE: NTG) today announced that as of Jan. 31, 2013,
the company`s unaudited total assets were approximately $1.8 billion and its
unaudited net asset value was $1.2 billion, or $26.54 per share. 

As of Jan. 31, 2013, the company was in compliance with its asset coverage
ratios under the Investment Company Act of 1940 (the 1940 Act) and basic
maintenance covenants. The company`s asset coverage ratio under the 1940 Act
with respect to senior securities representing indebtedness was 567 percent, and
its coverage ratio for preferred shares was 431 percent. For more information on
calculation of coverage ratios, please refer to the company`s most recent
applicable prospectus. 

The company issued 57,190 shares of common stock under its at-the-market equity
offering program for gross proceeds of approximately $1.5 million during the
month of January 2013. 

Set forth below is a summary of the company`s unaudited balance sheet at Jan.
31, 2013 and a summary of its top 10 holdings. 

Unaudited Balance Sheet

                              (in Millions)       Per Share     
 Investments                  $        1,775.5    $      38.09  
 Cash and Cash Equivalents             0.1               0.00   
 Other Assets                          12.9              0.28   
 Total Assets                          1,788.5           38.37  
                                                                
 Short-Term Borrowings                 28.9              0.62   
 Senior Notes                          255.0             5.47   
 Preferred Stock                       90.0              1.93   
 Total Leverage                        373.9             8.02   
                                                                
 Other Liabilities                     3.5               0.08   
 Deferred Tax Liability                174.1             3.73   
 Net Assets                   $        1,237.0    $      26.54  
                                                                
 46.62 million common shares currently outstanding.             
                                                                


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

 Name                                  Market                % of                
                                       Value                 Investment          
                                       (in Millions)         Securities(1)       
 El Paso Pipeline Partners, L.P.       $         149.6       8.4       %         
 Energy Transfer Partners, L.P.                  136.0       7.7       %         
 Enterprise Products Partners L.P.               122.2       6.9       %         
 Williams Partners L.P.                          117.2       6.6       %         
 Regency Energy Partners LP                      111.7       6.3       %         
 Spectra Energy Partners, LP                     100.3       5.6       %         
 Boardwalk Pipeline Partners, LP                 97.0        5.5       %         
 Plains All American Pipeline, L.P.              79.9        4.5       %         
 Kinder Morgan Management, LLC                   75.3        4.2       %         
 ONEOK Partners, L.P.                            71.4        4.0       %         
 Total                                 $         1,060.6     59.7      %         


(1) Percent of Investments and Cash Equivalents 

About Tortoise MLP Fund, Inc.

Tortoise MLP Fund, Inc. owns a portfolio of master limited partnership (MLP)
investments in the energy infrastructure sector, with an emphasis on natural gas
infrastructure MLPs. Tortoise MLP Fund, Inc.`s goal is to provide its
stockholders a high level of total return with an emphasis on current
distributions. 

About Tortoise Capital Advisors, L.L.C.

Tortoise Capital Advisors, L.L.C. is an investment manager specializing in
listed energy infrastructure investments. As of Dec. 31, 2012, the adviser had
approximately $9.2 billion of assets under management in NYSE-listed closed-end
investment companies, an open-end fund and other accounts. For more information,
visit www.tortoiseadvisors.com. 

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 the Company and Tortoise Capital Advisors believe 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, the Company and Tortoise Capital
Advisors do not assume a duty to update any forward-looking statement.

Tortoise Capital Advisors, L.L.C.
Pam Kearney, 866-362-9331
Investor Relations
pkearney@tortoiseadvisors.com

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