The Tortoise Select Opportunity Fund targets investments with the potential to benefit from catalyst-driven opportunistic themes across the energy value chain and beyond

Tortoise Capital Advisors today announced the introduction of the Tortoise Select Opportunity Fund, an open-end mutual fund that has a dedicated focus on select opportunities across the energy value chain and beyond.

“The North American energy value chain is a dynamic, ever-changing, essential network of commerce, continuously creating different opportunities and catalysts that impact its participants,” said Tortoise investment analyst, Brett Jergens. “From the upstream producers of oil and natural gas - to those who transport the resources by pipeline, rail or by other means - to the downstream users and beneficiaries who process and use the resources. The current energy revolution taking place in North America’s shale basins is just one such example of a driving force that can, and is, creating opportunities across this expansive energy value chain.”

The fund was developed to provide investors with access to the North American energy companies and their beneficiaries that Tortoise believes are, or will be, in a differentiated position to benefit from changing dynamics, catalysts and opportunities across the North American energy value chain that may occur over time. Current and potential examples of such themes may include changing market trends, infrastructure constraints, supply / demand imbalances, price differentials, valuation and structural disparities, mergers and acquisitions, restructuring, paradigm shifts and company specific events.

“Based on the prevailing market and economic conditions and areas of highest conviction, we may shift the fund’s proportional exposure to these opportunities over time. As a result, the fund’s portfolio mix across the value chain could significantly vary over time,” stated Jeremy Goff, a vice president in product development. “With a flexible, yet opportunistic strategy, the fund has the ability to capitalize on what we believe are the most compelling opportunities, regardless of their location within the energy value chain, with the ability to be nimble as dynamics shift.”

The fund is structured as a traditional mutual fund providing daily liquidity at NAV, with flow-through tax treatment and no taxation at the fund level. Simplified tax reporting is provided to investors through a single 1099. Investor, C Class and Institutional shares are available under the symbols TOPTX, TOPCX, and TOPIX, respectively.

This new strategy expands upon Tortoise’s leadership and history in the sector. Tortoise formed the first NYSE-listed closed-end fund focused on MLPs in 2004 and is one of the largest investment managers of registered energy infrastructure funds. As an industry pioneer, Tortoise has managed energy infrastructure investments for nearly a decade, across economic cycles and natural disasters.

The fund was initiated in cooperation with Montage Investments. Montage’s diverse group of boutique asset managers offer multiple investment solutions, including mutual funds, closed-end funds, separately managed accounts and alternative partnership investments. Additional information regarding the fund may be obtained by calling 855-TCA-FUND (855-822-3863) or visiting www.tortoiseadvisors.com.

About Tortoise Capital Advisors, LLC

Tortoise Capital Advisors, L.L.C. is an investment manager specializing in listed energy investments. As of March 31, 2014, the adviser had approximately $15.5 billion of assets under management in NYSE-listed closed-end investment companies, open-end funds and other accounts. For more information, visit www.tortoiseadvisors.com.

About Montage Investments

Montage Investments is a unique group of institutional investment managers – each offering a distinct approach to money management that reflects many decades of professional experience and proprietary investment strategies across global asset classes. The firm’s organizational approach is to allow individual investment managers to retain boutique processes, talents and cultures that have proven records of adding value to portfolios and meeting client objectives. For more information, visit www.montageinvestments.com.

Disclosures

Before investing in the fund, investors should consider their investment goals, time horizons and risk tolerance. The fund’s investment 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. Copies of the fund’s prospectus may be obtained by calling 855-TCA-FUND (855-822-3863) or visiting www.tortoiseadvisors.com. Read it carefully before investing.

Mutual fund 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 may involve greater risk and volatility than less concentrated investments. Risks include, but are not limited to, risks associated with the North American energy companies, including upstream energy companies, midstream energy companies, downstream energy companies, energy company beneficiaries, commodity price volatility risk, supply and demand risk, reserve and depletion risk, operations risk, regulatory risk, environmental risk, terrorism risk, natural disasters and climate change risks. The adviser does not anticipate that the fund will significantly invest in MLPs in all circumstances and market conditions, and may not be invested in MLPs at all. However, the fund may invest up to 25% of its total assets in MLPs. The tax benefits received by an investor investing in the fund differs 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 foreign companies 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. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investment in lower-rated and non-rated securities presents a greater risk of loss to principal and interest than higher rated securities. The fund may also invest in derivatives including options, futures and swap agreements, which can be highly volatile, illiquid and difficult to value, and changes in the value of a derivative held by the fund may not correlate with the underlying instrument or the fund’s other investments and can include additional risks such as liquidity risk, leverage risk and counterparty risk that are possibly greater than risks associated with investing directly in the underlying investments. The fund may engage in short sales and in doing so is subject to the risk that it may not always be able to borrow a security, or to close out a short position at a particular time or at an acceptable price.

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 Quasar Distributors, LLC. Montage Investments is the indirect majority owner of Tortoise Capital Advisors.

The Tortoise open end funds are distributed by Quasar Distributors, LLC.

Tortoise Capital Advisors, LLCPam Kearney, 866-362-9331pkearney@tortoiseadvisors.com