[Federal Register Volume 60, Number 116 (Friday, June 16, 1995)]
[Notices]
[Pages 31746-31747]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-14746]



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SECURITIES AND EXCHANGE COMMISSION
[Release No. IC-21127; 811-6286]


BITS Trust; Notice of Application

June 9, 1995.
AGENCY: Securities and Exchange Commission (``SEC'').

ACTION: Notice of application for deregistration under the Investment 
Company Act of 1940 (the ``1940 Act'').

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APPLICANT: BITS Trust.

RELEVANT 1940 ACT SECTION: Section 8(f).

SUMMARY OF APPLICATION: Applicant seeks an order declaring that it has 
ceased to be an investment company under the 1940 Act.

FILING DATE: The application on Form N-8F was filed on May 10, 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 July 3, 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 who wish to be 
notified of a hearing may request notification by writing to the SEC's 
Secretary.

ADDRESSES: Secretary, SEC, 450 Fifth Street NW., Washington, D.C. 
20549. Applicant, 400 South LaSalle Street, Chicago, Illinois 60605.

FOR FURTHER INFORMATION CONTACT:
H.R. Hallock, Jr., Special Counsel, at (202) 942-0564, or C. David 
Messman, Branch Chief, at (202) 942-0564 (Office of Investment Company 
Regulation, Division of Investment Management).

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, a registered unit investment trust, filed its 
notification of 

[[Page 31747]]
registration on Form N-8A on March 8, 1991. Applicant never filed a 
registration statement under section 8(b) of the 1940 Act or under the 
Securities Act of 1933.
    2. On March 11, 1991, Applicant filed an application under section 
6(c) of the 1940 Act for an exemption from various provisions thereof 
that were necessary in light of its organizational structure. Applicant 
stated that it intended to organize separate trusts in series form and 
to register units of each trust series for listing and trading on the 
Chicago Board Options Exchange, Inc. The stated purpose for this type 
of investment product was to make available to investors an instrument 
that closely tracked the underlying component shares of a stock index 
and traded like a share of common stock. The Standard & Poor's 500 
Composite Price Index was to serve as the underlying index for the 
first trust series. By letter dated November 19, 1991, the SEC granted 
Applicant's request for withdrawal of the application.
    3. Applicant has never issued or sold any securities and has no 
security holders. Applicant has never engaged, and does not propose to 
engage, in business activities of any kind.

    For the Commission, by the Division of Investment Management, 
under delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 95-14746 Filed 6-15-95; 8:45 am]
BILLING CODE 8010-01-M