Wednesday, December 7, 2011
Tortoise Pipeline & Energy Fund announces initial distribution
LEAWOOD, Kan. - Tortoise Pipeline & Energy Fund, Inc. (Amex: TTP) on Nov. 30 declared its initial distribution of $0.40625 per share.
The distribution will be paid on March 1, 2012, to stockholders of record on Feb. 22.
The distribution achieves the fund's target of a 6.5 percent annualized yield on its $25 public offering price.
The fund focuses particularly on North American pipeline companies that transport natural gas, natural gas liquids, crude oil and refined products, and to a lesser extent, on other energy infrastructure companies.
As a flow-through regulated investment company, the fund may efficiently purchase securities of traditional pipeline corporations along with master limited partnerships. Its investment objective is to provide stockholders a high level of total return, with an emphasis on current distributions.