Fund Description: Tortoise North American Pipeline Fund ETF is an exchange-traded index fund or Index ETF which is a separate investment portfolio of the Montage Managers Trust, an open-end investment management company. INVESTMENT OBJECTIVE: The Tortoise North American Pipeline Fund ETF seeks to provide investment returns that closely correspond to the price and total return performance of the Tortoise North American Pipeline Index. INDEX DESCRIPTION: The Tortoise North American Pipeline 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. 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. Index constituents may include the following equity securities of North American Pipeline Companies: 1) common stock; 2) interests in master limited partnerships (MLPs); 3) interests in Pipeline Companies structured as limited liability companies (LLCs); and 4) equity securities of MLP affiliates, including MLP I-Shares. MLP interests included in the Index must pay a distribution greater than or equal to their minimum quarterly distribution at the time of inclusion in the Index. No more than 20% of the Index may consist of MLPs and no constituent can exceed 7.5% of the Index. No constituents will be added to the Index between quarterly rebalance dates, March, June, September and December. Constituents are reviewed annually, at the December rebalance, to determine that they continue to meet the Index methodology. FUND STRATEGY: The Fund employs a passive management or indexing investment approach designed to track the performance of the Index. The Fund will normally invest at least 80% of its total assets in securities that comprise the Index (or depository receipts based on such securities). Under normal conditions, the Fund generally will invest in all of the securities that comprise the Index in proportion to their weightings in the Index; however, under various circumstances, it may not be possible or practicable to purchase all of the securities in the Index in those weightings. In those circumstances, the Fund may purchase a sample of the securities in the Index or utilize various combinations of other available investment techniques in seeking performance which corresponds to the performance of the Index. The Fund may invest up to 20% of its assets in certain index futures, options, options on index futures, swap contracts or other derivatives related to the Index and its components, cash and cash equivalents, other investment companies, as well as in securities and other instruments not included in its Index. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Index concentrates in an industry or group of industries. The Index and the Fund will be concentrated in the energy pipeline industry. FUND MANAGEMENT: Tortoise Index Solutions, LLC serves as the investment adviser to the Fund. The Adviser also serves as Index provider to the Fund.