[Federal Register Volume 59, Number 226 (Friday, November 25, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-29059]
[[Page Unknown]]
[Federal Register: November 25, 1994]
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SECURITIES AND EXCHANGE COMMISSION
[Rel. No. IC-20718; No. 811-6169]
Northwestern Mutual Index 500 Stock Fund, Inc.
November 18, 1994.
AGENCY: Securities an Exchange Commission (``SEC'' or ``Commission'').
ACTION: Notice of Application for an Order under the Investment Company
Act of 1940 (``1940 Act'').
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APPLICANT: Northwestern Mutual Index 500 Stock Fund, Inc.
RELEVANT 1940 ACT SECTION: Order requested under Section 8(f) of the
1940 Act.
SUMMARY OF APPLICATION: Applicant seeks an order declaring that it has
ceased to be an investment company as defined by the 1940 Act.
FILING DATES: The application was filed on September 1, 1994. An
Amendment to the application was filed on November 15, 1994.
HEARING OR NOTIFICATION OF HEARING: An order granting the Application
will be issued unless the Commission orders a hearing. Interested
persons may request a hearing by writing to the SEC's Secretary and
serving Applicant with a copy of the request, personally or by mail.
Hearing requests should be received by the SEC by 5:30 p.m. on December
13, 1994, and should be accompanied by proof of service on Applicant in
the form of an affidavit or, for lawyers, a certificate of service.
Hearing requests should state the nature of the requestor's interest,
the reason for the request, and the issues contested. Persons may
request notification of a hearing by writing to the Secretary of the
SEC.
ADDRESSES: Secretary, Securities and Exchange Commission, 450 5th
Street, NW., Washington, DC 20549. Applicant, 720 East Wisconsin
Avenue, Milwaukee, Wisconsin 53202.
FOR FURTHER INFORMATION CONTACT: Yvonne M. Hunold, Senior Counsel, at
(202) 942-0670, Office of Insurance Products (Division of Investment
Management).
SUPPLEMENTARY INFORMATION: Following is a summary of the Application;
the complete Application is available for a fee from the SEC's Public
Reference Branch.
Applicant's Representations
1. Applicant, a Maryland corporation, is registered under the 1940
Act as an open-end, non-diversified management investment company.
2. On September 7, 1990, Applicant filed a notification of
registration under Section 8(a) of the 1940 Act and a registration
statement under the Securities Act of 1933 and Section 8(b) of the 1940
Act registering an indefinite amount of common stock, all of one class
(File No. 33-36568). The registration statement became effective on
November 30, 1990, the date the initial public offering commenced.
3. On November 4, 1993, Applicant's Board of Directors unanimously
approved an agreement and plan or reorganization (``Plan'') between
Applicant and Northwestern Mutual Series Fund, Inc. (``Series Fund''),
a registered, open-end management investment company.\1\ The Plan was
approved by the Trustees of Northwestern Mutual Life Insurance Company
(``Northwestern Life''), Applicant's sole shareholder, on September 22,
1993. The Plan provides for Applicant to exchange all of its assets for
shares of the Index 500 Stock Portfolio (``Portfolio''), a
corresponding portfolio of the Series Fund. Applicant states that the
primary purpose of the Plan was to eliminate the inefficiency of
operating two portfolios with identical investment objectives and
policies.
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\1\By order dated May 3, 1994, exemptive relief was granted by
the Commission under Section 17(b) from the provisions of Sections
17(a)(1) and 17(a)(2) of the 1940 Act, and under Section 6(c) from
the provisions of Section 9(a), 13(a), 15(a) and 15(b) of the 1940
Act and Rule 6e-2(b)(15) thereunder, permitting Applicant to
exchange its assets for shares of the Portfolio of equivalent value
(Rel. No. IC-20273).
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4. At Applicant's shareholders' meeting on April 27, 1994,
Northwestern Life voted its shares of Applicant in accordance with the
instructions it received from its variable annuity contract owners and
payees, as required by the provisions of the contracts. Of the total
194,114,853.91 shares of stock, representing shares outstanding on the
record date of January 31, 1994 entitled to vote, Northwestern Life
voted 183,728,942.14 shares, or 94.7%, in favor of the Plan, and
4,316,395.34 shares, or 2.2%, against the Plan. Northwestern Life
abstained from voting 6,069,516.43 shares, or 3.1%.
5. On May 2, 1994, Applicant transferred substantially all of its
assets, consisting of 199,137,846 shares of common stock, with a net
asset value per share of $1.39, for an aggregate value of $277,484,077,
to the Portfolio.\2\ In exchange for its assets, Applicant received and
distributed to its shareholder 220,157,952 shares of the Portfolio,
with a total value of $227,484,077. The exchange resulted in the
complete liquidation of Applicant. The value of Applicant's assets and
the value of the assets and shares of the Portfolio were calculated as
of the close of business on the New York Stock Exchange on May 2, 1994.
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\2\The difference between the total 194,114,853.91 shares voted
on April 27, 1993, and the 199,137,846 shares outstanding on May 2,
1994, the date immediately preceding the liquidation and merger of
Applicant, is a result of intervening issuance and redemption of
Applicant's shares.
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6. Northwestern Life paid all expenses incurred in connection with
the Plan. These expenses totaled approximately $63,695, and consisted
primarily of printing and mailing costs and filing fees. No brokerage
commissions were paid.
7. Applicant has retained no assets and has no security holders.
Applicant does not have any debts or other liabilities which remain
outstanding and is not a party to any litigation or administrative
proceeding.
8. Applicant has not, within the last 18 months, transferred any of
its assets to a separate trust, the beneficiaries of which were or are
security holders of Applicant.
9. Applicant is not now engaged, nor does it proposed to engage, in
any business activities other than those necessary for the winding-up
of its affairs. Applicant intends to file, after receipt of the relief
requested, a certificate of dissolution or similar documents in
accordance with state law.
10. Applicant states that it is current with all of its filings
under the 1940 Act, including all Form N-SAR filings for each period
for which such filing was or is required.
For the Commission, by the Division of Investment Management,
pursuant to delegated authority.
Jonathan G. Katz,
Secretary.
[FR Doc. 94-29059 Filed 11-23-94; 8:45 am]
BILLING CODE 8010-01-M