[Federal Register Volume 60, Number 146 (Monday, July 31, 1995)]
[Notices]
[Pages 39063-39064]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-18648]
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SECURITIES AND EXCHANGE COMMISSION
[Investment Company Act Release No. 21226; 811-7128]
Nuveen Texas 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 Texas 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 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
company organized as a Massachusetts business trust. On August 21,
1992, 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 December 17, 1992, and
the initial public offering of its common shares commenced shortly
thereafter.
2. On March 18, 1993, applicant filed a registration statement on
Form N-2 under the Securities Act of 1993 whereby it registered shares
of preferred stock (``MuniPreferred''), Series M. The registration
statement was declared effective on April 8, 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 Texas
[[Page 39064]]
Quality 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's common
stock. 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 July 26, 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 23, 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 2,476,985 shares of common
stock and 760 shares of MuniPreferred, Series M. As of that date,
applicant's aggregate net assets were $47,805,776.03, the liquidation
value of its MuniPreferred, Series M, was $19,000,000, and the net
asset value per common share of the applicant was $11.63. 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 M), and (c) 760 shares of Acquiring Fund
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 declared a dividend of all investment company taxable
income in the amount of $228,625.72 (as of the close of business on
November 8, 1994) payable to common shareholders or 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, to be
paid no later than November 15, 1994, in the amount of $1,743.66.
7. Total expenses incurred by the Applicant and the Acquiring Fund
in connection with the reorganization were $195,419. Applicant and the
Acquiring Fund bore $64,727 and $130,692, respectively, of such
expenses, based on their respective asset sizes.
8. As of May 31, 1995, applicant had liabilities for which it has
retained cash in the amount of $43,382,32, for certain liabilities
accrued for in connection with the reorganization. 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 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. 95-18648 Filed 7-28-95; 8:45 am]
BILLING CODE 8010-01-M
