Tortoise North American Pipeline Fund (TPYP US) - Portfolio Construction Methodology

Core Insights - The Tortoise North American Pipeline Index provides exposure to pipeline companies in the U.S. and Canada, focusing on firms with significant pipeline-related operations [1] - Eligible companies include corporations, limited liability companies, and master limited partnerships (MLPs) [1] - The index employs a float-adjusted, capitalization-weighted methodology with a maximum weight of 7.5% for affiliated securities to limit exposure to related corporate structures [1] - The index covers a broad range of midstream activities across liquids and natural gas systems and is rebalanced quarterly to reflect corporate actions and sector developments [1] Company and Industry Summary - The index targets firms classified under pipeline-related SIC codes or those deriving at least 50% of their assets, cash flow, or revenue from energy pipelines and related services [1] - The methodology ensures proportionality based on float, maintaining a balanced representation of the sector [1] - The quarterly review and rebalancing process allows the index to adapt to changes in the market and corporate landscape while preserving its investment strategy [1]