Tortoise Power and Energy Infrastructure Fund, Inc. Provides Section 19(a) Notice

Rhea-AI Summary

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.

Positive

• Average annual total return of 6.17% for the past 5 years
• Cumulative total return of 17.10% for the fiscal year through June 30, 2024
• Annualized current distribution rate of 6.95% of NAV

Negative

• 79% of current distribution is return of capital, not income or capital gains
• 76% of fiscal year-to-date distributions are return of capital
• Fund has distributed more than its income and net realized capital gains

LEAWOOD, KS / ACCESSWIRE / July 31, 2024 / This notice provides stockholders of Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ) with information regarding the distribution paid on July 31, 2024, and cumulative distribution paid fiscal year-to-date.

The following table sets forth the estimated amounts of the current distribution, paid on July 31, 2024, and the cumulative distribution 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 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 0.0216 21% 0.2052 24% 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 0.0834 79% 0.6348 76% Total (per common share) 0.1050 100% 0.8400 100% Average annual total return (in relation to NAV) for the 5 years ending on 6/30/2024 6.17% Annualized current distribution rate expressed as a percentage of NAV as of 6/30/2024 6.95% Cumulative total return (in relation to NAV) for the fiscal year through 6/30/2024 17.10% Cumulative fiscal year distributions as a percentage of NAV as of 6/30/2024 4.64%

You should not draw any conclusions about TPZ's investment performance from the amount of this distribution or from the terms of TPZ's distribution policies.

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 TPZ is paid back to you. A return of capital distribution does not necessarily reflect 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 TPZ's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. 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.

Tortoise Capital Advisors is the Adviser to the Tortoise Power and Energy Infrastructure Fund, Inc.

For additional information on this fund, please visit cef.tortoiseadvisors.com.

About Tortoise

Tortoise focuses on energy and power infrastructure and the transition to cleaner energy. Tortoise's solid track record of energy value chain investment experience and research dates back more than 20 years. As an early investor in midstream energy, Tortoise believes it is well-positioned to be at the forefront of the global energy evolution that is underway. With a steady wins approach and a long-term perspective, Tortoise strives to make a positive impact on clients and communities. To learn more, visit www.tortoiseadvisors.com.

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.

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.

Contact Information

For more information contact Eva Lipner at (913) 981-1020 or info@tortoiseadvisors.com.

SOURCE: Tortoise

View the original press release on accesswire.com

FAQ

What is the current distribution amount for Tortoise Power and Energy Infrastructure Fund (TPZ)?

The current distribution for Tortoise Power and Energy Infrastructure Fund (TPZ) is $0.1050 per common share, paid on July 31, 2024.

What is the breakdown of TPZ's current distribution sources?

The current distribution of TPZ consists of 21% ($0.0216) from net investment income and 79% ($0.0834) from return of capital.

What is TPZ's average annual total return for the 5 years ending June 30, 2024?

TPZ's average annual total return for the 5 years ending June 30, 2024, is 6.17%.

What is the cumulative total return for TPZ in the fiscal year through June 30, 2024?

The cumulative total return for TPZ in the fiscal year through June 30, 2024, is 17.10%.

How much of TPZ's fiscal year-to-date distribution is considered return of capital?

76% of TPZ's fiscal year-to-date distribution is considered return of capital.