Fund Description: Tortoise Pipeline & Energy Fund is an exchange-traded closed-end fund or a closed-end ETF which is officially described as a non-diversified, closed-end management investment company. INVESTMENT OBJECTIVE: The Tortoise Pipeline & Energy Fund seeks to provide a high level of total return, with an emphasis on current distributions. FUND STRATEGY: The Fund seeks to provide stockholders an efficient vehicle to invest in a portfolio consisting primarily of equity securities of pipeline and other energy infrastructure companies. The Fund intends to focus primarily on pipeline companies that engage in the business of transporting natural gas, natural gas liquids, crude oil and refined products, and to a lesser extent, on other energy infrastructure companies. These pipeline companies own and operate long haul, gathering and local gas distribution pipelines. Energy infrastructure companies 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, the Fund will invest at least 80% of our Total Assets in equity securities of pipeline and other energy infrastructure companies. A company is considered to be a pipeline company if at least 50% of its assets, cash flow or revenue is associated with the operation or ownership of energy pipelines and complementary assets or it operates in the energy pipeline industry as defined by the standard industrial classification (SIC) system. A company is considered to be an energy infrastructure company if at least 50% of its assets, revenues or cash flows are derived from energy infrastructure operations or ownership. The Fund may invest up to 25% of our Total Assets in securities of MLPs and may invest up to 30% of our Total Assets in unregistered or otherwise restricted securities, primarily through direct investments in securities of listed companies. FUND MANAGEMENT: Tortoise Capital Advisors, L.L.C., serves as the Fund's investment adviser.