32866 Federal Register / Vol. 61, No. 123 / Tuesday, June 25, 1996 / Notices

1Rule 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.

which neither CBA nor CBA Nominees

Ltd. would be liable under rule 17f–5.

ii. A Subcustody Agreement will be

executed by CBA and CBA Nominees

Ltd. Pursuant to this agreement, CBA

will delegate to CBA Nominees Ltd.

such of CBA’s duties and obligations as

will be necessary to permit CBA

Nominees Ltd. to hold Assets in custody

in Australia. The Subcustody

Agreement will explicitly provide that

(i) CBA Nominees Ltd. is acting as a

foreign custodian for Assets that belong

to a U.S. Investment Company pursuant

to the terms of an exemptive order

issued by the SEC and (ii) the U.S.

Investment Company or its custodian

(as the case may be) that has entered

into a Custody Agreement will be

entitled to enforce the terms of the

Subcustody Agreement and can seek

relief directly against CBA Nominees

Ltd. The Subcustody Agreement will be

governed by the law of Australia and

CBA shall obtain an opinion of counsel

in Australia opining as to the

enforceability of the rights of a third

party beneficiary under the laws of that

country.

3. CBA currently satisfies and will

continue to satisfy the requirements set

forth in rule 17f–5(c)(2).

For the SEC, by the Division of Investment

Management, under delegated authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 96–16164 Filed 6–24–96; 8:45 am]

BILLING CODE 8010–01–M

[Rel. No. IC–22027; 811–5491]

Nuveen California 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’’).

APPLICANT: Nuveen California 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: Applicant

requests an 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 California 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.

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 5,209,911

shares of beneficial interest outstanding,

having an aggregate net asset value of

$61,944,963.96 and a net asset value per

share of $11.89.

5. Applicant and the Acquiring fund

together have incurred, in the aggregate,

expenses of $161,604 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 applicant paying a

total of $95,661 and the Acquiring Fund

paying a total of $65,943.

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

$39,660.56.

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.
Federal Register / Vol. 61, No. 123 / Tuesday, June 25, 1996 / Notices 32867

1Rule 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.

For the Commission, by the Division of

Investment Management, pursuant to

delegated authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 96–16069 Filed 6–24–96; 8:45 am]

BILLING CODE 8010–01–M

[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’’).

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.

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

Issuer Delisting; Notice of Application

to Withdraw from Listing and

Registration; (Struthers Industries,

Inc., Common Stock, $.10 par Value)

File No. 1–10942

June 19, 1996.

Struthers Industries, Inc.

(‘‘Company’’) has filed an application

with the Securities and Exchange

Commission (‘‘Commission’’), pursuant

to Section 12(d) of the Securities

Exchange Act of 1934 (‘‘Act’’) and Rule

12d2–2(d) promulgated thereunder, to

withdraw the above specified security

(‘‘Security’’) from listing and

registration on the American Stock

Exchange, Inc. (‘‘Amex’’).

The reasons alleged in the application

for withdrawing the Security from

listing and registration include the

following:

According to the Company, on March

27, 1996, the Company received a letter

from the Exchange stating that the

Exchange was considering delisting the

securities of Struthers because the