[Federal Register Volume 60, Number 146 (Monday, July 31, 1995)]
[Notices]
[Pages 39055-39056]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-18663]



-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION
[Investment Company Act Release No. 21233; 811-7786]


Nuveen Ohio 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 Ohio 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. Applicant is a closed-end diversified management investment 
company organized as a Massachusetts business trust. On June 14, 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 common stock. The 
registration statement was declared effective on July 23, 1993 and the 
initial public offering of applicant's common shares commenced shortly 
thereafter.
    2. On September 13, 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 M. The 
registration statement was declared effective on November 5, 1993 and 
the initial public offering of its preferred shares commenced shortly 
thereafter.
    3. On June 29, 1994, applicant's Board of Trustees approved a plan 
of reorganization whereby Nuveen Ohio Quality 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 August 9, 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 August 31, 1994. The 
reorganization was approved by the applicant's shareholders at the 
annual shareholders' meeting held on October 6, 1994.
    5. As of November 8, 1994, the effective date of the 
reorganization, applicant had outstanding 2,229,722 shares of common 
stock and 680 shares of MuniPreferred, Series M. As of that date, 
applicant's aggregate net assets were $40,428,812.80, and the 
liquidation value of its MuniPreferred, Series M, was $17,000,000, and 
the net asset value per common share of the applicant was $10.51. 
Substantially all of applicant's 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 M), and (c) 680 shares of the 
Acquiring Fund's MuniPreferred, Series M.
    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 shareholders and (b) to its preferred 
shareholders one share of Acquiring Fund MuniPreferred, Series M, in 
exchange for each share of the applicant's MuniPreferred, Series M, 
held by its preferred shareholders. Previously, on October 28, 1994, 
the applicant had declared a dividend of all investment company taxable 
income in 

[[Page 39056]]
the amount of $176,593.98 (as of the close of business on November 8, 
1994) payable to common shareholders of record as of November 8, 1994. 
On November 7, 1994 a dividend of all accumulated but unpaid dividends 
on shares of MuniPreferred, Series M of the applicant through and 
including November 8, 1994 was declared, payable no later than November 
15, 1994, in the amount of $1,211.37.
    7. Applicant, Nuveen Ohio Premium Income Municipal Fund, Inc., and 
the Acquiring Fund incurred expenses of $294,779 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 
$74,151, Nuveen Ohio Premium Income Municipal Fund, Inc. paying a total 
of $93,676, and the Acquiring Fund paying a total of $126,952.
    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 $40,080.99. 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. 95-18663 Filed 7-28-95; 8:45 am]
BILLING CODE 8010-01-M