Tortoise Energy Independence Fund, INC.: insider trades · United States · SEC (Form 4)

About Tortoise Energy Independence Fund, INC.

Tortoise Energy Independence Fund, Inc. (NYSE/NASDAQ: NDP) was a U.S.-listed closed-end fund in the energy and infrastructure universe, organized as a registered investment company and managed by Tortoise Capital. Its investment mandate was highly specialized: the fund sought a high level of total return with an emphasis on current distributions to shareholders, and it invested primarily in equity securities of upstream North American energy companies engaged in the exploration and production of crude oil, condensate, natural gas, and natural gas liquids. The fund’s inception date was July 26, 2012, giving it a long operating history within the Tortoise platform. ([sec.gov](https://www.sec.gov/Archives/edgar/data/0001704299/000120677425000067/teaf4427088-ncsr.htm?utm_source=openai)) NDP was not an operating energy producer, but a listed fund that provided investors with targeted exposure to a narrow segment of the North American energy market. That focus made it distinct from broader energy funds: the portfolio was designed to capture cash flows, capital discipline, production volumes, and commodity-cycle dynamics across upstream exploration and production names. In Tortoise’s own materials, the franchise is described as a specialized energy investor with more than 20 years of research and investment experience and several billion dollars in assets under management. ([sec.gov](https://www.sec.gov/Archives/edgar/data/0001704299/000120677425000067/teaf4427088-ncsr.htm?utm_source=openai)) From a geographic standpoint, the fund was anchored in the United States and, through the Tortoise platform, operated from Overland Park, Kansas. For French-, Belgian-, and Swiss-based investors, the key point is that NDP was a U.S. fund listed on the American market (NYSE/NASDAQ), and therefore subject to SEC reporting standards and the structural features of U.S. closed-end funds. ([tortoiseecofin.com](https://www.tortoiseecofin.com/media/6447/ea0230329-03_tortoise-energy-infrastructure-total-return-fund_497_sai-print.pdf?utm_source=openai)) In competitive terms, NDP occupied a niche position within the U.S. listed energy fund space: a concentrated vehicle focused on upstream energy equities and distributions. Its appeal historically came from the combination of sector leverage and income orientation, while its risk profile remained tightly linked to energy prices, producer balance-sheet strength, capital returns, and investor appetite for cyclical income vehicles. Annual reports show that the fund benchmarked itself against the broader energy sector and highlighted a long-term distribution-driven approach. ([sec.gov](https://www.sec.gov/Archives/edgar/data/0001704299/000120677425000067/teaf4427088-ncsr.htm?utm_source=openai)) The most important recent development was the December 23, 2024 reorganization, when NDP was merged into a newly formed exchange-traded structure alongside other Tortoise funds. The stated rationale was to create a more modern fund structure with better liquidity, lower expenses, and less volatility associated with leverage. As a result, NDP should now be understood primarily as a legacy closed-end fund within the Tortoise family rather than as an actively standalone vehicle. ([sec.gov](https://www.sec.gov/Archives/edgar/data/2034406/000113322825008234/teeft-efp16669_ncsrs.htm?utm_source=openai))