[Federal Register Volume 60, Number 146 (Monday, July 31, 1995)]
[Notices]
[Pages 39053-39054]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-18649]



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SECURITIES AND EXCHANGE COMMISSION
[Investment Company Act Release No. 21243; 811-7716]


Nuveen New York Premium Income Municipal Fund; 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 New York Premium Income Municipal Fund.

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 that 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 Massachusetts business trust. On May 13, 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 1993 to register shares of its common stock. The 
registration statement was declared effective on June 18, 1993, and the 
initial public offering of applicant's common shares commenced shortly 
thereafter.
    2. On August 17, 1993, applicant filed a registration statement on 
Form N-2 under the Securities Act of 1993 whereby it registered shares 
of preferred stock (``MunicPreferred''), Series F. The registration 
statement was declared effective on September 20, 1993, and the initial 
public offering of its preferred shares commenced shortly thereafter.
    3. On July 27, 1994, applicant's Board of Trustee approved a plan 
of reorganization whereby Nuveen New York Performance Plus Municipal 
Fund, 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 Fund. 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 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 September 8, 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 September 30, 1994. 
The reorganization was approved by the applicant's shareholders at the 
annual shareholders' meeting held on December 8, 1994.
    5. As of January 10, 1995, the effective date of the 
reorganization, applicant had outstanding 1,909,411 shares of common 
stock and 572 shares of MuniPreferred, Series F. As of that date, 
applicant's aggregate net assets were $34,156,148.19, and the 
liquidation value of its MuniPreferred, Series F, was $14,300,000, and 
the net asset value per common share of the applicant was $10.40. 
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 
MuniPreferred, Series F), and (c) 572 shares of the Acquiring Fund's 
MuniPreferred, Series F.
    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 
shareholder one share of the Acquiring Fund's MuniPreferred, Series F, 
in exchange for each share of the applicant's MuniPreferred, Series F, 
held by its preferred shareholders. Previously, on December 30, 1994, 
the applicant had declared a dividend of all investment company taxable 
income in the amount of $180,630.28 (as of the close of business on 
January 10, 1995) payable to common shareholders of record as of 
January 10, 1995. On January 6, 1995 a dividend of all accumulated but 
unpaid dividends on shares of MuniPreferred, Series F of the applicant 
through and including January 10, 1995 was declared, payable on January 
17, 1995, in the amount of $2,702.65.
    7. Applicant, Nuveen New York Municipal Market Opportunity Fund, 
Inc., and the Acquiring Fund incurred expenses of $312,799 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 $53.251, Nuveen New York Municipal Market Opportunity 
Fund, Inc. paying a total of $118,312, and the Acquiring Fund paying a 
total of $141,236.
    8. As of May 31, 1995, applicant has liabilities accrued in 
connection with the reorganization for which it has retained cash in 
the amount of $20,167.27. Otherwise, Applicant has 

[[Page 39054]]
no debts or other liabilities other than those that will be paid by the 
Acquiring Fund. As of the date of the filing of the application, 
applicant has no security holders.
    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. 95-18649 Filed 7-28-95; 8:45 am]
BILLING CODE 8010-01-M