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
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