Market Overview

Tortoise Announces Expected Constituent Change Due to Merger and Acquisition Activity


Tortoise today announced that Williams Partners L.P. (WPZ) will be
removed from the Tortoise MLP Index® (TMLP), the Tortoise
North American Pipeline IndexSM (TNAP) and the Tortoise Real
Yield IndexSM (TYLD) upon the completion of the proposed
merger with Williams Companies, Inc. (WMB) as WPZ will cease trading on
the NYSE. The merger is subject to shareholder approval scheduled for
Aug. 9, 2018 and is expected to close on Aug. 10, 2018.

About Tortoise

Tortoise invests in assets and services that serve essential needs in
society and can also serve essential client needs, such as
diversification and income. Tortoise's actively researched indices fill
a void in the essential asset universe and provide a platform for
passively managed exchange-traded products. Through a variety of
investment vehicles, Tortoise provides access to a wide range of client
solutions, focused on their evolving needs. For more information, please

About Tortoise MLP Index®

The Tortoise MLP Index is a float-adjusted, capitalization weighted
index of energy master limited partnerships (MLPs). The index is
comprised of publicly traded companies organized in the form of limited
partnerships or limited liability companies engaged in transportation,
production, processing and/or storage of energy commodities.

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 includes pipeline
companies structured as corporations, limited liability companies and
master limited partnerships (MLPs).

About Tortoise Real Yield IndexSM

The Tortoise Real Yield Index is a new differentiated index that aims to
track real asset exposure anchored in current income. It provides an
efficient benchmark for real yielding, tax pass-through, liquid
companies that distribute substantial cash flow streams to investors by
investing in REITs (real estate investment trusts), MLPs (master limited
partnerships) and BDCs (business development companies). The index
provides a benchmark of companies with tangible essential assets that
are supportive of economic activity with no commodity futures, precious
metals, TIPs (Treasury Inflation-Protected Securities) or foreign
currency exposure.

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.

The Tortoise indices are 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) to calculate and maintain the Tortoise MLP
Index®, Tortoise North American Pipeline IndexSM , Tortoise
North American Oil and Gas Producers IndexSM , and the
Tortoise Water IndexSM (the "Indices"). The Indices are not
sponsored by S&P Dow Jones Indices or its affiliates or its third party
licensors (collectively, "S&P Dow Jones Indices"). S&P Dow Jones Indices
will not be liable for any errors or omission in calculating the
Indices. "Calculated by S&P Dow Jones Indices" and its related stylized
mark(s) are service marks of S&P Dow Jones Indices and have been
licensed for use by Tortoise Index Solutions, LLC and its affiliates.
S&P® is a registered trademark of Standard & Poor's Financial Services
LLC ("SPFS"), and Dow Jones® is a registered trademark of Dow Jones
Trademark Holdings LLC ("Dow Jones").

No portion of this publication may be reproduced in any format or by any
means including electronically or mechanically, by photocopying, or by
any other form or manner whatsoever, without the prior written consent
of Tortoise Index Solutions, LLC.

View Comments and Join the Discussion!