[Federal Register Volume 60, Number 146 (Monday, July 31, 1995)]
[Notices]
[Pages 39060-39061]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-18645]



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SECURITIES AND EXCHANGE COMMISSION
[Investment Company Act Release No. 21230; 811-7604]


Nuveen Premium Income Municipal Fund 5; Notice of Application

July 21, 1995.
AGENCY: Securities and Exchange Commission (``SEC'').

ACTION: Notice of Application for Deregistration under the Investment 
Company Act of 1940 (the ``Act'').

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APPLICANT: Nuveen Premium Income Municipal Fund 5.

RELEVANT ACT SECTION: Section 8(f).

SUMMARY OF APPLICATION: Applicant requests an order declaring it has 
ceased to be an investment company.

FILING DATE: The application was filed on June 23, 1995.

HEARING OR NOTIFICATION OF HEARING: An order granting the application 
will be issued unless the SEC 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 August 15, 1995, 
and should be accompanied by proof of service on the applicant, in the 
form of an affidavit or, for lawyers, a certificate of service. Hearing 
requests should state the nature of the writer's interest, the reason 
for the request, and the issues contested. Persons may request 
notification of a hearing by writing to the SEC's Secretary.

ADDRESSES: Secretary, SEC 450 Fifth Street, NW., Washington, DC 20549. 
Applicant, 333 West Wacker Drive, Chicago, Illinois 60606.

FOR FURTHER INFORMATION CONTACT:
Diane L. Titus, Paralegal Specialist, at (202) 942-0584, or H.R. 
Hallock, Jr., Special Counsel at (202) 942-0564 (Division of Investment 
Management, Office of Investment Company Regulation).

SUPPLEMENTARY INFORMATION: The following is a summary of the 
application. The complete application may be obtained for a fee from 
the SEC's Public Reference Branch.

Applicant's Representations

    1. Applicant is a closed-end diversified management investment 
company organized as a Massachusetts business trust. On April 2, 1993, 
applicant registered under the Act and filed a registration statement 
on Form N-2 pursuant to section 8(b) of the Act and under the 
Securities Act of 1933 to register shares of its common stock. The 
registration statement was declared effective on May 20, 1993 and the 
initial public offering of applicant's common shares commenced shortly 
thereafter.
    2. On August 2, 1993, applicant filed a registration statement on 
Form N-2 under the Securities Act of 1933 whereby it registered shares 
of preferred stock (``MuniPreferred''), Series T and Series F. The 
registration statement was declared effective on August 17, 1993, and 
the initial public offering of its preferred shares commenced shortly 
thereafter.
    3. On April 26 and April 27, 1994, applicant's Board of Trustees 
approved a plan of reorganization whereby Nuveen Premium Income 
Municipal Fund 4, Inc., a Minnesota corporation registered under the 
Act as a closed-end management investment company (the ``Acquiring 
Fund''), would acquire substantially all of applicant's assets and 
assume substantially all of applicant's liabilities in exchange for 
shares of the Acquiring Funds. In accordance with rule 17a-8 under the 
Act, the Board of Trustees of the applicant determined that the 
reorganization was in the best interest of the applicant and that the 
interests of the existing shareholders of the 

[[Page 39061]]
applicant would not be diluted as a result of the reorganization.\1\

    \1\ Applicant and the Acquiring Fund may be deemed to be 
affiliated persons of each other by reason of having a common 
investment adviser, common directors, and common officers. Although 
purchases and sales between affiliated persons generally are 
prohibited by section 17(a) of the Act, rule 17a-8 provides an 
exemption for certain purchases and sales among investment companies 
that are affiliated persons of one another solely by reason of 
having a common investment adviser, common directors, and/or common 
officers.
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    4. On June 3, 1994, the Acquiring Fund filed a registration 
statement on Form N-14, which contained proxy materials soliciting the 
approval of the reorganization by applicant's shareholders. The 
registration statement was declared effective on June 21, 1994. The 
reorganization was approved by the applicant's shareholders at the 
annual shareholders' meeting held on August 12, 1994.
    5. As of September 8, 1994 the effective date of the 
reorganization, applicant had outstanding 8,657,118 shares of common 
stock, 1,328 shares of MuniPreferred, Series T, and 1,328 shares of 
MuniPreferred, Series F. As of that date, applicant's aggregate net 
assets were $174,334,454.86, and the liquidation value of the 
MuniPreferred, Series T, was $33,200,000, and the liquidation value of 
MuniPreferred, Series F, was $33,200,000 and the net asset value per 
common share of the applicant was $12.47. Substantially all of 
applicant's assets were transferred to the Acquiring Fund in exchange 
for (a) the assumption of substantially all of applicants assets were 
transferred to the Acquiring Fund in exchange for (a) the assumption of 
substantially all of the applicant's liabilities, (b) the number of 
Acquiring Fund common shares having an aggregate net asset value equal 
to the value of the applicant's net assets (calculated net of the 
liquidation preference of applicant's MuniPreferred, Series T and 
Series F), and (c) 1,328 shares of the Acquiring Fund's MuniPreferred, 
Series T2, and 1,328 shares of the Acquiring Fund's MiniPreferred, 
Series F2.
    6. Applicant was subsequently liquidated and distributed (a) pro 
rata to its common shareholder the Acquiring Fund common shares (or 
cash in lieu of fractional shares) received by the applicant pursuant 
to the reorganization in exchange for the common shares of the 
applicant held by its common shareholders and (b) to its preferred 
shareholders one share of the Acquiring Fund MuniPreferred, Series T2 
and Series F2, respectively, in exchange for each share of the 
applicant's MuniPreferred, Series T and Series F, respectively, held by 
its preferred shareholders. Previously, on August 29, 1994, the 
applicant had declared a dividend of all investment company taxable 
income and realized capital gains in the amount of $643,223.87 (as of 
the close of business on September 8, 1994) payable to common 
shareholders of record as of September 8, 1994. On September 6 and 
September 2, 1994, respectively, a dividend of all accumulated but 
unpaid dividends on shares of MuniPreferred, Series T and Serires F of 
the applicant through and including September 8, 1994 was declared, 
payable no later than September 9, 1994, in the amount of $5,820.44 and 
$8,047.68, respectively.
    7. Applicant, Nuveen Premium Income Muncipal Fund 3, Inc. 
(``NPN''), Nuveen Premium Income Municipal Fund 6 (``NPB'') and the 
Acquiring Fund incurred expenses of $573,095 in connection with the 
reorganization. These expenses were borne by the foregoing entities 
based on their respective asset size, with applicant paying a total of 
$126,119, NPN paying a total of $111,067, NPB paying a total of 
$87,491, and Acquiring Fund paying a total of $248,418.
    8. As of the date of the application, applicant had no remaining 
assets, no debts or other liabilities other than those that will be 
paid by the Acquiring Fund, and no securityholders.
    9. Applicant has not, within the last 18 months, transferred any of 
its assets to a separate trust, the beneficiaries of which were or are, 
securityholders of the applicant. Applicant is not a party to any 
litigation or administrative proceeding. Applicant is not now engaged, 
and does not propose to engage, in any business activities other than 
those necessary for the winding-up of its affairs.
    10. Applicant intends to file for termination with the Commonwealth 
of Massachusetts as soon as practicable after the granting of the order 
requested by the application.

    For the SEC, by the Division of Investment Management, under 
delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 95-18645 Filed 7-28-95; 8:45 am]
BILLING CODE 8010-01-M