Tortoise MLP & Pipeline Fund

Tortoise Capital Advisors

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Investors should consider the Fund’s investment objective, risks, fees and expenses carefully before investing. The preliminary prospectus, which contains this and other information about the Fund, should be read carefully before investing. Enclosed is a preliminary prospectus containing information regarding the Fund, including its investment objective, strategies, risks, fees and expenses and other information. a preliminary prospectus may also be obtained by calling 888-925-0988. Once the Fund’s registration statement is effective and prior to investing, investors should again consider the Fund’s investment objectives, risks, fees and expenses carefully before investing. The prospectus contains this and other information about the Fund. Read the prospectus carefully before investing. To obtain a copy of the prospectus when available, call 888-925-0988.

*It is anticipated that the Fund’s shares will be approved for listing on the New York Stock Exchange, subject to notice of issuance, under the ticker symbol "TTP."

For more information and a prospectus contact your financial advisor or call Toll-Free 888-925-0988.

These securities are being offered through Morgan Stanley & Co. LLC, Citigroup Global Markets Inc., and UBS Securities LLC in connection with this offering. Morgan Stanley & Co. LLC, Citigroup Global Markets Inc., and UBS Securities LLC are not affiliated with Tortoise Capital Advisors, LLC

The Fund is not sold or distributed by Montage Investments or any of its affiliates (“Montage”) or any other affiliates of Tortoise Capital Advisors, LLC. Shares of the Fund will be bought and sold through nonaffiliated broker/dealers and trade on the NYSE. The preliminary prospectus should be read carefully before investing.

NOT FDIC INSURED · NO BANK GUARANTEE · MAY LOSE VALUE

  • From Montage Investments