Tortoise Power and Energy Infrastructure Fund, Inc. - TPZ STOCK NEWS

Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ) has declared its October monthly distribution of $0.105 per share, payable on Oct. 31, 2024, to shareholders of record on Oct. 24, 2024. The fund cautions that this distribution should not be used to draw conclusions about its investment performance. TPZ estimates that it has distributed more than its income and net realized capital gains, suggesting a portion of the distribution may be a return of capital.

TPZ will provide detailed information about the sources of this distribution in a Section 19(a) Notice. The fund emphasizes that the reported amounts and sources are estimates and may change based on its investment experience and tax regulations. Shareholders will receive a Form 1099-DIV for the calendar year with official tax reporting information.

Tortoise Capital Advisors, L.L.C. serves as the adviser to TPZ. For more information, investors can visit cef.tortoiseadvisors.com.

Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ) has issued a Section 19(a) notice for its distribution paid on Aug. 30, 2024. The current distribution of $0.1050 per share is composed of 20% net investment income and 80% return of capital. For the fiscal year to date, the total cumulative distribution of $1.0500 per share consists of 22% net investment income and 78% return of capital.

The fund's average annual total return for the five years ending August 30, 2024, is 8.12%. The annualized current distribution rate as a percentage of NAV is 6.72%. The cumulative total return for the fiscal year through August 30, 2024, is 22.65%, with cumulative fiscal year distributions at 5.60% of NAV.

TPZ estimates it has distributed more than its income and net realized capital gains, indicating a portion of the distribution may be a return of capital. Investors are advised not to draw conclusions about TPZ's investment performance from this distribution.

Tortoise Capital has announced index updates for Q3 2024 and a methodology change for the Tortoise North American Pipeline Index (TNAP). Key changes include:

1. Addition of TXO Partners LP (TXO) to the Tortoise MLP Index

2. Deletions from Ecofin Global Water ESG Index: California Water Service Group (CWT) and SJW Group (SJW)

3. Addition to Ecofin Global Water ESG Index: Fortune Brands Innovations Inc (FBIN)

4. Deletions from Recycling Decarbonization indices: China Everbright Greentech (1257 HK) and Gevo Inc (GEVO)

5. TNAP methodology change: Affiliated securities sharing significant cash flow now to 7.5% maximum weight

These changes will be effective after market close on September 20, 2024, with the TNAP change effective September 23, 2024.

Tortoise Power and Energy Infrastructure Fund (TPZ) has declared its September monthly distribution of $0.105 per share, payable on Sept. 30, 2024, to shareholders of record on Sept. 23, 2024. TPZ estimates that it has distributed more than its income and net realized capital gains, suggesting a portion of the distribution may be a return of capital.

Investors are cautioned not to draw conclusions about TPZ's investment performance from this distribution. The fund will provide a Section 19(a) Notice detailing the sources of distributions, which are only estimates and subject to change. TPZ will send a Form 1099-DIV for tax reporting purposes. Tortoise Capital Advisors, L.L.C. serves as the adviser to TPZ.

Tortoise Pipeline & Energy Fund (NYSE:TTP) and Tortoise Power and Energy Infrastructure Fund (NYSE:TPZ) have issued a Section 19(a) notice regarding their distributions paid on August 30, 2024. TTP's current distribution of $0.5900 per share comprises 17% from net investment income and 83% from return of capital. TPZ's current distribution of $0.1050 per share includes 20% from net investment income and 80% from return of capital.

Key performance metrics for TTP include a -0.56% five-year average annual total return and a 5.61% annualized current distribution rate. TPZ reports a 6.87% five-year average annual total return and a 6.84% annualized current distribution rate. Both funds have distributed more than their income and net realized capital gains, indicating that a portion of the distributions may be a return of capital.

Tortoise Capital has announced the removal of SunPower Corp (NASDAQ:SPWR) from the Tortoise Decarbonization Infrastructure Index (DCRBN) due to SPWR's bankruptcy and asset purchase agreement with Complete Solaria, Inc. The removal will take effect at market open on August 9, 2024. No special rebalancing is required for DCRBN; SPWR's weight will be distributed pro rata among the remaining index constituents. This corporate action reflects significant changes in the solar energy sector and may impact the composition and performance of the DCRBN index.

Tortoise Capital Advisors has announced plans to merge three closed-end funds into a new actively managed ETF, the Tortoise Power and Energy Infrastructure ETF. The funds to be merged are Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ), Tortoise Pipeline & Energy Fund, Inc. (NYSE:TTP), and Tortoise Energy Independence Fund, Inc. (NYSE:NDP). TPZ will be the surviving strategy, with the ETF adopting its accounting and performance history.

The combined assets of the three funds, including leverage, totaled $313.3 million as of July 31, 2024. The expected management fee for the ETF is 85 basis points. The merger aims to provide shareholders with greater liquidity without potential discounts to net asset value. Tortoise Capital expects the transactions to close in the fourth quarter of 2024, subject to shareholder approvals and regulatory requirements.

Tortoise Capital Advisors has announced plans to merge three closed-end funds into a new actively managed ETF called Tortoise Power and Energy Infrastructure ETF. The funds involved are Tortoise Power and Energy Infrastructure Fund (NYSE: TPZ), Tortoise Pipeline & Energy Fund (NYSE: TTP), and Tortoise Energy Independence Fund (NYSE: NDP). TPZ will be the surviving strategy, with the ETF adopting its accounting and performance history.

The combined assets of the three funds, including leverage, totaled $313.3 million as of July 31, 2024. The expected management fee for the new ETF is 85 basis points. Tortoise Capital aims to provide shareholders with greater liquidity at net asset value through this merger. The transactions are expected to close in Q4 2024, subject to shareholder approvals and regulatory requirements.

Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ) has provided a Section 19(a) notice for its distribution paid on July 31, 2024. The current distribution of $0.1050 per share is comprised of 21% net investment income and 79% return of capital. For the fiscal year to date, the total cumulative distribution of $0.8400 per share consists of 24% net investment income and 76% return of capital.

The fund's average annual total return for the 5 years ending June 30, 2024, is 6.17%. The annualized current distribution rate is 6.95% of NAV. TPZ's cumulative total return for the fiscal year through June 30, 2024, is 17.10%, with cumulative fiscal year distributions at 4.64% of NAV.

Investors are cautioned that a portion of the distribution may be a return of capital and should not be confused with yield or income. The actual amounts for tax reporting purposes will be provided in Form 1099-DIV.