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million shares of its third fund for a totaoof $115 million. The Overlansd Park fund adviser said Thursday that the Securities and Exchange Commission has approverd its registration statementfor , a fund that will invest in publiclg traded Canadian income and royalty as well as U.S. master limited partnerships. The fund, prices at $25 a share, bega n trading on the New York StockExchangde Thursday. The fund (NYSE: TYN) closes on Thursday at $24.50 on volume of 369,709 shares. According to a prospectusa filed Wednesday withthe SEC, Tortoise Northh American will invest at least 80 percentt of its assets in North American companies in the energu sector.
and lead a group of 16 underwriterd for thenew fund. The underwritere have been granted an option to buy as manyas 690,00 0 shares to cover any Tortoise Capital portfolio managers Terruy Matlack, David Schulte, Kenneth Malveyu and Kevin Birzer each will own shares of Tortoise Northb American, according to other SEC filingds Wednesday. Tortoise Capital already operates two funds totaling about $1.3 billion in the energy infrastructure sector. (NYSE: TYG) and (NYSE: TYY) invest mostlyh in MLPs and their affiliates. By investing in Canadiam trusts, Tortoise North American seeks to capitalize on an expected increasesin U.S. reliance on oil and naturakl gas importsfrom Canada.
The Canadian trusts generall y are structured to own the debt and equity of an activwe business or to own royalties in revenue generates bythat business. Canada doesn't assess a corporate tax if the trusts pass alongf taxable incometo shareholders, according to the fund'sw prospectus. Formed in 2002 as a joint ventur e between and Overland Park bondadviser , Tortoise Capital is credited with creating a niche in the securitieas market that sources said now totals more than $3 billion in
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