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 May 31,
2019 and cumulative distributions paid fiscal year-to-date.
The following table sets forth the estimated amounts of the current
distributions, payable May 31, 2019 and the cumulative distributions
paid this fiscal year to date from the following sources: net investment
income, net realized short-term capital gains, net realized long-term
capital gains and return of capital. All amounts are expressed per
common share.
Tortoise Pipeline & Energy Fund, Inc.
Estimated Sources of Distributions
|
|
|
|
|
($) Current Distribution
|
|
|
% Breakdown of the Current Distribution
|
|
|
($) Total Cumulative Distributions for the Fiscal
Year to Date
|
|
|
% Breakdown of the Total Cumulative Distributions for the Fiscal
Year to Date
|
Net Investment Income
|
|
|
0.0000
|
|
|
0
|
%
|
|
|
0.0000
|
|
|
0
|
%
|
Net Realized Short-Term Capital Gains
|
|
|
0.0000
|
|
|
0
|
%
|
|
|
0.0000
|
|
|
0
|
%
|
Net Realized Long-Term Capital Gains
|
|
|
0.0000
|
|
|
0
|
%
|
|
|
0.0000
|
|
|
0
|
%
|
Return of Capital
|
|
|
0.4075
|
|
|
100
|
%
|
|
|
0.8150
|
|
|
100
|
%
|
Total (per common share)
|
|
|
0.4075
|
|
|
100
|
%
|
|
|
0.8150
|
|
|
100
|
%
|
|
|
|
|
Average annual total return (in relation to NAV) for the 5 years
ending on 4/30/2019
|
|
|
-5.92
|
%
|
Annualized current distribution rate expressed as a percentage of
NAV as of 4/30/2019
|
|
|
9.63
|
%
|
|
|
|
|
Cumulative total return (in relation to NAV) for the fiscal year
through 4/30/2019
|
|
|
6.73
|
%
|
Cumulative fiscal year distributions as a percentage of NAV as of
4/30/2019
|
|
|
4.82
|
%
|
|
|
|
|
|
Tortoise Power and Energy Infrastructure Fund, Inc.
Estimated Sources of Distributions
|
|
|
|
|
($) Current Distribution
|
|
|
% Breakdown of the Current Distribution
|
|
|
($) Total Cumulative Distributions for the Fiscal
Year to Date
|
|
|
% Breakdown of the Total Cumulative Distributions for the Fiscal
Year to Date
|
Net Investment Income
|
|
|
0.0264
|
|
|
21
|
%
|
|
|
0.1721
|
|
|
22
|
%
|
Net Realized Short-Term Capital Gains
|
|
|
0.0000
|
|
|
0
|
%
|
|
|
0.0038
|
|
|
1
|
%
|
Net Realized Long-Term Capital Gains
|
|
|
0.0094
|
|
|
8
|
%
|
|
|
0.0281
|
|
|
4
|
%
|
Return of Capital
|
|
|
0.0892
|
|
|
71
|
%
|
|
|
0.5460
|
|
|
73
|
%
|
Total (per common share)
|
|
|
0.1250
|
|
|
100
|
%
|
|
|
0.7500
|
|
|
100
|
%
|
|
|
|
|
|
Average annual total return (in relation to NAV) for the 5 years
ending on 4/30/2019
|
|
|
1.18
|
%
|
Annualized current distribution rate expressed as a percentage of
NAV as of 4/30/2019
|
|
|
7.29
|
%
|
|
|
|
|
Cumulative total return (in relation to NAV) for the fiscal year
through 4/30/2019
|
|
|
7.77
|
%
|
Cumulative fiscal year distributions as a percentage of NAV as of
4/30/2019
|
|
|
3.64
|
%
|
|
|
|
|
|
You should not draw any conclusions about TTP or TPZ’s investment
performance from the amount of this distribution or from the terms of
TTP and TPZ’s distribution policies.
Each of TTP and TPZ estimates that it has distributed more than its
income and net realized capital gains; therefore, a portion of your
distribution may be a return of capital. A return of capital may occur,
for example, when some or all of the money that you invested in TTP
and/or TPZ is paid back to you. A return of capital distribution does
not necessarily reflect TTP or TPZ’s investment performance and should
not be confused with "yield" or "income."
The amounts and sources of distributions reported are only estimates and
are not being provided for tax reporting purposes. The actual amounts
and sources of the amounts for tax reporting purposes will depend upon
the applicable fund’s investment experience during the remainder of its
fiscal year and may be subject to changes based on tax regulations. TTP
and/or TPZ will send you a Form 1099-DIV for the calendar year that will
tell you how to report these distributions for federal income tax
purposes.
Essential Assets Conference Call
Tortoise will host a conference call on July 24, 2019 at 3 p.m. Central
to discuss the essential asset sectors and provide an update on
Tortoise’s outlook.
Toll Free Dial-In Number: (877) 407-9210
Replay Number: (877)
481-4010
Replay ID: #41354 (available through Aug. 24, 2019)
About Tortoise Pipeline & Energy Fund, Inc.
Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP) 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. TTP
invests primarily in equity securities of pipeline companies that
transport natural gas, natural gas liquids (NGLs), crude oil and refined
products and, to a lesser extent, in other energy infrastructure
companies.
About Tortoise Power and Energy Infrastructure Fund, Inc.
Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE: TPZ) invests
in a portfolio of fixed income and equity securities issued by power and
energy infrastructure companies. TPZ’s objective is to provide
stockholders a high level of current income, with a secondary objective
of capital appreciation.
About Tortoise
Tortoise specializes in essential assets and income. Tortoise invests in
assets and services that serve essential needs in society and can also
serve essential client needs, such as diversification and income.
Tortoise’s energy investing expertise across the energy value chain,
including infrastructure and MLPs, dates back more than 15 years.
Through a variety of investment vehicles, Tortoise provides access to a
wide range of client solutions, focused on their evolving needs. For
more information, please visit www.tortoiseadvisors.com.
Tortoise Capital Advisors is the Adviser to Tortoise Pipeline & Energy
Fund, Inc. and Tortoise Power and Energy Infrastructure Fund, Inc.
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.
Cautionary Statement Regarding Forward-Looking Statements
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 funds and Tortoise
Capital Advisors believe that 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 fund’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 funds and
Tortoise Capital Advisors do not assume a duty to update this
forward-looking statement.
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