12/29/2015 TPYP

Tortoise Index Solutions Announces Distribution for Exchange Traded Fund (TPYP)

LEAWOOD, Kan.-- December 29, 2015 ()--Tortoise Index Solutions announced the quarterly cash distribution for the Tortoise North American Pipeline Fund (NYSE Arca: TPYP). The distribution of $0.2260 per share ($0.9040 on an annualized basis) is payable on Jan. 4, 2016 to shareholders of record on Dec. 31, 2015. Based on current financial information, the source of distribution is estimated to consist of 36% return of capital. TPYP will report the sources of its distribution at the time of payment in the applicable Section 19(a) Notice; the sources of distribution reported is an estimate and not being provided for tax reporting purposes. The final determination of the tax character of distributions paid in 2015 will be reported to shareholders in January 2016 on Form 1099-DIV.

Ex-date: Tuesday, Dec. 29, 2015
Record date: Thursday, Dec. 31, 2015
Payable date: Monday, Jan. 4, 2016

TPYP seeks investment results that correspond, before fees and expenses, generally to the price and distribution rate, or total return, performance of the Tortoise North American Pipeline IndexSM (TNAP).

About Tortoise Index Solutions

Tortoise Index Solutions, LLC provides research-driven indices that can be used as a realistic basis for exchange-traded products and thought leadership in the universe of essential assets. Its indices are intended to fill a void in the market and provide benchmarks and investible asset class universes for use by investment professionals, research analysts and industry executives to analyze relative performance, as well as to provide a basis for passively managed exchange-traded products. Tortoise Index Solutions, LLC is affiliated with Tortoise Capital Advisors, L.L.C., a registered investment manager specializing in actively managed listed energy investments. As of Nov. 30, 2015, Tortoise Capital Advisors had approximately $13.5 billion in assets under management across listed closed-end funds, mutual funds, private funds and separate accounts. For more information about Tortoise Index Solutions, LLC visit www.tortoiseindexsolutions.com. For more information about Tortoise Capital Advisors, L.L.C., visit www.tortoiseadvisors.com.

In partnership with Montage Investments

Through a family of independent asset managers, driven by deep market insight, proprietary research and collaboration, Montage Investments offers customized solutions across the spectrum of asset classes and strategies for investors and financial professionals, including mutual funds, closed-end funds, exchange traded funds and separate accounts.

About Tortoise North American Pipeline Fund (NYSE Arca: TPYP)

The Tortoise North American Pipeline Fund employs a “passive management” – or indexing – investment approach designed to track the performance of the underlying index. The underlying index is a proprietary rules-based, capitalization weighted, float adjusted index designed to track the overall performance of equity securities of North American pipeline companies.

About Tortoise North American Pipeline IndexSM

The Tortoise North American Pipeline Index is a float-adjusted, capitalization weighted index of pipeline companies that are organized and have their principal place of business in the United States or Canada. A pipeline company is defined as a company that either 1) has been assigned a standard industrial classification (“SIC”) system code that indicates the company operates in the energy pipeline industry or 2) has at least 50% of its assets, cash flow or revenue associated with the operation or ownership of energy pipelines. Pipeline companies engage in the business of transporting natural gas, crude oil and refined products, storing, gathering and processing such gas, oil and products and local gas distribution. The index is the exclusive property of Tortoise Index Solutions, LLC, which has contracted with S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC) (“S&P Dow Jones Indices”) to calculate and maintain the index. S&P® is a registered trademark of Standard & Poor‘s Financial Services LLC (“SPFS”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and, these trademarks have been licensed to S&P Dow Jones Indices. “Calculated by S&P Dow Jones Indices” and its related stylized mark(s) have been licensed for use by Tortoise Index Solutions, LLC and its affiliates. Neither S&P Dow Jones Indices, SPFS, Dow Jones nor any of their affiliates sponsor and promote the Index and none shall be liable for any errors or omissions in calculating the Index. It is not possible to invest directly in an index.

Forward-Looking Statement

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 fund and Tortoise Index Solutions 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 funds‘ 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 fund and Tortoise Index Solutions 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.

Disclosures

The fund‘s objective, risks, charges and expenses must be considered carefully before investing. The summary and statutory prospectus contains this and other important information about the fund and may be obtained by calling 844-TR-INDEX (844-874-6339) or visiting www.tortoiseindexsolutions.com. Read it carefully before investing.

Shares of Exchange Traded Funds (ETFs) are not individually redeemable and owners of the shares may acquire those shares from the ETF and tender those shares for redemption to the ETF in Creation Units only, see the ETF prospectus for additional information regarding Creation Units. Investors may purchase or sell ETF shares throughout the day through any brokerage account, which will result in typical brokerage commissions.

Investing involves risk. Principal loss is possible. The fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund. Therefore, the fund is more exposed to individual stock volatility than a diversified fund. Investing in specific sectors such as energy pipelines may involve greater risk and volatility than less concentrated investments. Risks include, but are not limited to, risks associated with companies owning and/or operating energy pipelines, as well as Master Limited Partnerships (MLPs), MLP affiliates, capital markets, terrorism, natural disasters, climate change, operating, regulatory, environmental, supply and demand, and price volatility risks. The tax benefits received by an investor investing in the fund differ from that of a direct investment in an MLP by an investor. The value of the fund‘s investment in an MLP will depend largely on the MLP‘s treatment as a partnership for U.S. federal income tax purposes. If the MLP is deemed to be a corporation then its income would be subject to federal taxation, reducing the amount of cash available for distribution to the fund which could result in a reduction of the fund‘s value. Investments in non-U.S. companies (including Canadian issuers) involve risk not ordinarily associated with investments in securities and instruments of U.S. issuers, including risks related to political, social and economic developments abroad, differences between U.S. and foreign regulatory and accounting requirements, tax risk and market practices, as well as fluctuations in foreign currencies. The fund invests in small and mid-cap companies, which involve additional risks such as limited liquidity and greater volatility than larger companies.

The fund is not actively managed and therefore the fund generally will not sell a security due to current or projected underperformance of a security, industry or sector, unless that security is removed from the index or the selling of the security is otherwise required upon a rebalancing of the index. There is no guarantee that the fund will achieve a high degree of correlation to the index and therefore achieve its investment objective. Shares may trade at prices different than net asset value per share.

Nothing contained in this communication constitutes tax, legal, or investment advice. Investors must consult their tax advisor or legal counsel for advice and information concerning their particular situation. Certain marketing or sales related support provided by Montage Investments and certain of its affiliates, none of which are affiliated with Foreside Fund Services, LLC. Montage Investments is the indirect majority owner of Tortoise Index Solutions, the adviser to the fund.

Foreside Fund Services, LLC, Distributor

• NOT FDIC INSURED

• NO BANK GUARANTEE

• MAY LOSE VALUE

Contacts

Tortoise Index Solutions, LLC
Pam Kearney, Investor and Media Relations
844-872-1562
info@tortoiseindexsolutions.com