[Federal Register Volume 60, Number 146 (Monday, July 31, 1995)]
[Notices]
[Pages 39044-39045]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-18658]



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SECURITIES AND EXCHANGE COMMISSION
[Investment Company Act Release No. 21238; 811-7496]


Nuveen Insured Florida Premium Income Municipal Fund 2; 
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 Insured Florida 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, 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

    1.1 Applicant is a closed-end diversified management investment 
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 

[[Page 39045]]
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 820 shares 
of preferred stock (``MuniPreferred''), Series W. The registration 
statement was declared effective on July 12, 1993 and the initial 
public offering of its preferred stock commenced shortly thereafter.
    3. On August 30, 1994, applicant's Board of Trustees approved a 
plan of reorganization whereby Nuveen Insured Florida Premium Income 
Municipal Fund, a Massachusetts business trust 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 October 7, 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 October 31, 1994. The 
reorganization was approved by the applicant's shareholders at the 
annual shareholders' meeting held on December 22, 1994.
    5. As of January 9, 1995, the effective date of the reorganization, 
applicant had outstanding 5,508,850 shares of common stock and 1,640 
shares of MuniPreferred, Series W shares. As of that date, applicant's 
aggregate net assets were $104,559,214.71, and the liquidation value of 
its MuniPreferred, Series W, was $41,000,000, and the net asset value 
per common share of the applicant was $11.54. Substantially all of 
applicants assets were transferred to the Acquiring Fund in exchange 
for the assumption of substantially all of the applicant's liabilities 
and 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 W), and 1,640 shares of the Acquiring Fund's 
MuniPreferred, Series W.
    6. Applicant was subsequently liquidated and distributed (a) pro 
rata to its common shareholders 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 shareholder and (b) to its preferred 
shareholders one share of the Acquiring Fund MuniPreferred, Series W, 
in exchange for each share of the applicant's MuniPreferred, Series W, 
held by its preferred shareholders. Previously, on December 30, 1994, 
the applicant had declared a dividend of all investment company taxable 
income and realized capital gains in the amount of $645,637.22 (as of 
the close of business on January 9, 1995) payable to common 
shareholders of record as of January 9, 1995. On January 4, 1995 a 
dividend of all accumulated but unpaid dividends on shares of 
MuniPreferred, Series W of the applicant through and including January 
9, 1995 was declared, payable on January 12, 1995, in the amount of 
$23,311.48.
    7. Applicant and the Acquiring Fund together incurred expenses of 
$180,590 in connection with the reorganization. Applicant and the 
Acquiring Fund bore $70,204 and $110,386, respectively, of such 
expenses based on their respective asset size.
    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 $6,652.65. Otherwise, the applicant has no debts of 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 Security.
[FR Doc. 95-18658 Filed 7-28-95; 8:45 am]
BILLING CODE 8010-01-M