[Federal Register Volume 61, Number 123 (Tuesday, June 25, 1996)]
[Notices]
[Page 32867]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-16068]
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SECURITIES AND EXCHANGE COMMISSION
[Rel. No. IC-22028; 811-5493]
Nuveen New York Municipal Income Fund, Inc.; Notice of
Application
June 19, 1996.
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 Municipal Income Fund, Inc.
Relevant Act Sections: Order requested under section 8(f).
Filing Dates: The application was filed on May 17, 1996.
Summary of Application: Application requests on order declaring that it
has ceased to be an investment company.
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
applicants with a copy of the request, personally or by mail. Hearing
requests should be received by the SEC by 5:30 p.m. on July 15, 1996,
and should be accompanied by proof of service on applicants, 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 5th Street, N.W., Washington, D.C.
20549. Applicant, 333 West Wacker Drive, Chicago, Illinois 60606.
For Further Information Contact: David W. Grim, Staff Attorney, at
(202) 942-0571, or Robert A. Robertson, Branch Chief, 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 at the
SEC's Public Reference Branch.
Applicant's Representations
1. Applicant is a registered closed-end management investment
company organized as a Minnesota corporation. On March 4, 1988,
applicant filed a Notification of Registration on Form N-8A pursuant to
section 8(a) of the Act and a registration statement on Form N-1A under
section 8(b) of the Act and under the Securities Act of 1933. The
registration statement became effective on April 19, 1988, and the
initial public offering commenced soon thereafter.
2. On July 26, 1995, applicant's board of directors unanimously
approved the Agreement and Plan of Reorganization and Liquidation (the
``Agreement''), under which substantially all of the assets of
applicant would be transferred to Nuveen New York Municipal Value Fund,
Inc. (the ``Acquiring Fund''), a Minnesota corporation registered under
the Act as a closed-end management investment company, in exchange for
shares of the Acquiring Fund. Following receipt of the shares of the
Acquiring Fund, applicant would distribute those shares to its
shareholders in complete liquidation of applicant. In accordance with
rule 17a-8 under the Act,\1\ applicant's board of directors determined
that the proposed reorganization was in the best interest of applicant
and that the interests of the existing shareholders of applicant would
not be diluted as a result of the proposed reorganization.
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\1\ Rule 17a-8 provides an exemption from section 17(a) of the
Act for certain reorganizations among registered investment
companies that may be affiliated persons, or affiliated persons of
an affiliated person, solely by reason of having a common investment
adviser, common directors, and/or common officers.
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3. The proposed reorganization was approved by applicant's
shareholders at the annual shareholder meeting on November 16, 1995.
4. Pursuant to the Agreement, on January 8, 1996, applicant
transferred substantially all of its assets to the Acquiring Fund. In
exchange for applicant's assets, the Acquiring Fund transferred the
number of Acquiring Fund shares having an aggregate net asset value
equal to the value of applicant's net assets to applicant and assumed
substantially all of applicant's liabilities. Following this exchange,
applicant distributed the shares of the Acquiring Fund received in
connection with the reorganization to its shareholders on a pro rata
basis (the ``Reorganization''). On the date of Reorganization,
applicant had 2,521,957 shares of beneficial interest outstanding,
having an aggregate net asset value of $28,973,266.50 and a net asset
value per share of $11.49.
5. Applicant and the Acquiring Fund together have incurred, in the
aggregate, expenses of $139,521 in connection with the Reorganization.
The aggregate expenses include legal fees, audit fees and expenses,
printing expenses, mailing expenses, proxy solicitation expenses, and
filing fees. The expenses resulting from the Reorganization were
allocated between applicant and the Acquiring Fund based upon estimated
savings to each as a result of expected reduced operating expenses
following the Reorganization. Estimated expenses relating to the
Reorganization were accrued prior to the effective time of the
Reorganization, with the applicant paying a total of $75,444 and the
Acquiring Fund paying a total of $64,077.
6. Applicant has retained cash to pay certain liabilities accrued
in connection with the Reorganization. As of May 1, 1996, the amount of
such cash was $33,582.90.
7. As of the date of the application, applicant had no
shareholders. Applicant is not a party to any litigation or
administrative proceeding. Applicant is neither engaged nor proposes to
engage in any business activities other than those necessary for the
winding-up of its affairs.
8. Applicant intends to file a certificate of dissolution in
accordance with the law of the State of Minnesota.
For the Commission, by the Division of Investment Management,
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 96-16068 Filed 6-24-96; 8:45 am]
BILLING CODE 8010-01-M
