[Federal Register Volume 60, Number 146 (Monday, July 31, 1995)]
[Notices]
[Pages 39045-39046]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-18653]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Investment Company Act Release No. 21245; 811-7480]
Nuveen Insured New York Premium Income Municipal Fund 2; 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'').
-----------------------------------------------------------------------
APPLICANT: Nuveen Insured New York Premium Income Municipal Fund 2.
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, N.W., Washington, D.C.
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
[[Page 39046]]
company organized as a Massachusetts business trust. On February 11,
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 March 18, 1993 and the
initial public offering of applicant's common shares commenced shortly
thereafter.
2. On June 9, 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. The registration
statement was declared effective on July 12, 1993, and the initial
public offering of its preferred stock commenced shortly thereafter.
3. On July 27, 1994, applicant's Board of Trustees approved a plan
of reorganization whereby Nuveen Insured New York Premium Income
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.
---------------------------------------------------------------------------
4. On September 1, 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 21, 1994.
The reorganization was approved by the applicant's shareholders at the
annual shareholders' meeting held on November 18, 1994.
5. As of December 7, 1994, the effective date of the
reorganization, applicant had outstanding 4,252,118 shares of common
stock and 1,280 shares of MuniPreferred, Series T. As of that date,
applicant's aggregate net assets were $78,846,744.05, and the
liquidation value of its MuniPreferred, Series T, was $32,000,000, and
the net asset value per common share of the applicant was $11.02.
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 (c) 1,280 shares of the
Acquiring Fund's MuniPreferred, Series T.
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 Acquiring Fund MuniPreferred Series T, in
exchange for each share of the applicant's MuniPreferred, Series T,
held by its preferred shareholders. Previously, on November 25, 1994,
the applicant had declared a dividend of all investment company taxable
income in the amount of $410,754.60 (as of the close of business on
December 7, 1994) payable to common shareholders of record as of
December 7, 1994. On December 6, 1994 a dividend of all accumulated but
unpaid dividends on shares of MuniPreferred Series T of the applicant
through and including December 7, 1994 was declared, payable on
December 14, 1994, in the amount of $2,980.85.
7. Applicant and the Acquiring Fund together incurred expenses of
$189,611 in connection with the reorganization. Applicant and the
Acquiring Fund bore $98,665 and $95,946, respectively, of such expenses
based on their respective asset size.
8. As of May 31, 1995, applicant had liabilities accrued in
connection with the reorganization for which it has retained cash in
the amount of $25,478.78. Otherwise, Applicant has 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 had 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. 95-18653 Filed 7-28-95; 8:45 am]
BILLING CODE 8010-01-M