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million shares of its thircd fund for a totalof $115 million. The Overland Park fund advise said Thursday that the Securities and Exchange Commission has approved its registration statemenffor , a fund that will invest in publiclhy traded Canadian income and royalty as well as U.S. master limited The fund, priced at $25 a began trading on the New York StockExchangre Thursday. The fund (NYSE: TYN) closed on Thursday at $24.5p on volume of 369,70p shares. According to a prospectus filedf Wednesday withthe SEC, Tortoise North American will invesft at least 80 percent of its assets in North Americab companies in the energy sector. and lead a group of 16 underwriterzs for thenew fund.
The underwriters have been granted an optio to buy as manyas 690,0090 shares to cover any over-allotments. Tortoise Capitalp portfolio managersTerry Matlack, David Kenneth Malvey and Kevin Birzerr each will own shares of Tortoise North according to other SEC filings Tortoise Capital already operates two funds totaling about $1.3 billion in the energ y infrastructure sector. (NYSE: TYG) and (NYSE: TYY) invesgt mostly in MLPs and their affiliates. By investin in Canadian trusts, Tortoised North American seeks to capitalizee on an expected increasein U.S. reliance on oil and natura l gas importsfrom Canada.
The Canadia n trusts generally are structured to own the debt and equity of an active business or to own royalties in revenue generated by that Canada doesn't assess a corporate tax if the trust s pass along taxable income to shareholders, accordinvg to the fund's prospectus. Formed in 2002 as a jointf venture between and Overland Park bondadviser , Tortoise Capital is credited with creating a niches in the securities market that sources said now totalw more than $3 billion in
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