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Tortoise Pipeline & Energy Fund, Inc. Provides Unaudited Balance Sheet Information And Asset Coverage Ratio Update As Of Oct. 31, 2013

Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP) today announced that as of Oct. 31, 2013, the company’s unaudited total assets were approximately $399.0 million and its unaudited net asset value was $311.0 million, or $31.05 per share.

As of Oct. 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 563 percent, and its coverage ratio for preferred shares was 459 percent. For more information on calculation of coverage ratios, please refer to the company’s most recent applicable prospectus.

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

Unaudited Balance Sheet

   
(in Millions) Per Share
Investments $ 396.7 $ 39.60
Cash and Cash Equivalents 0.4 0.04
Other Assets   1.9   0.19
Total Assets   399.0   39.83
 
Short-Term Borrowings 21.6 2.16
Senior Notes 49.0 4.89
Preferred Stock   16.0   1.60
Total Leverage   86.6   8.65
 
Other Liabilities   1.4   0.13
Net Assets $ 311.0 $ 31.05
 

10.02 million common shares currently outstanding.

 

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

   

Name

MarketValue (in Millions)

% ofInvestment Securities (1)

Spectra Energy Corp. $ 34.3 8.6 %
Williams Companies, Inc. 31.5 7.9 %
ONEOK, Inc. 25.4 6.4 %
CenterPoint Energy, Inc. 22.8 5.7 %
Kinder Morgan Management, LLC 20.0 5.0 %
NiSource, Inc. 16.8 4.2 %
Enbridge Energy Management, LLC 15.6 3.9 %
Targa Resources Corp. 12.9 3.3 %
Enbridge, Inc. 11.6 2.9 %
Energy Transfer Partners, L.P.   10.6 2.7 %
Total $ 201.5 50.6 %
 

(1) Percent of Investments and Cash Equivalents

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.

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