Tortoise Pipeline & Energy Fund, Inc.

Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP)

Investment strategy  
As of January 2016

TTP’s investment approach emphasizes total return potential through current income and growth, low volatility and downside risk minimization. TTP invests primarily in pipeline companies and to a lesser extent in other energy infrastructure companies that own and operate a network of asset systems that transport, store, distribute, gather, process, explore, develop, manage or produce crude oil, refined petroleum products (including biodiesel and ethanol), natural gas or NGLs or that provide electric power generation (including renewable energy), transmission and/or distribution.

Under normal circumstances, TTP invests at least 80% of its total assets (including assets obtained through leverage) in equity securities of pipeline and other energy infrastructure companies. More than 75% of these companies will generally be structured as corporations or limited liability companies domiciled in the United States or Canada. As a regulated investment company, the fund may invest up to 25% of its total assets in MLPs. The fund may invest up to 30% of its total assets in unregistered or otherwise restricted securities, primarily through direct investments, and will not invest in private companies. The fund may invest up to 20% of its total assets in debt securities, including those rated below investment grade. The fund will not invest more than 10% of its total assets in any single issuer and will not engage in short sales. These investment restrictions described above apply at the time of purchase, and the fund will not be required to reduce a position due solely to market value fluctuations.

The fund also writes (sells) covered call options to seek to enhance long-term return potential across economic environments, increase current income and mitigate portfolio risk through option income. The fund’s covered call strategy focuses on other energy companies that Tortoise believes are integral links in the value chain for pipeline companies.

TTP seeks to utilize leverage when it perceives a net positive total return opportunity for stockholders. TTP targets a moderate amount of leverage up to 25% of total assets, with mostly fixed rates and laddered due dates.

For more information about the fund please visit:
Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP)