[Federal Register Volume 61, Number 58 (Monday, March 25, 1996)]
[Notices]
[Pages 12120-12121]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-7069]



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SECURITIES AND EXCHANGE COMMISSION
[Rel. No. IC-21829; 811-5165]


Target Unit Investment Trust; Notice of Application

March 18, 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: Target Unit Investment Trust.

RELEVANT ACT SECTION: Section 8(f).

SUMMARY OF APPLICATION: Applicant requests an order declaring that it 
has ceased to be an investment company.

FILING DATES: The application was filed on November 6, 1995 and amended 
on March 12, 1996.

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 April 12, 1996, 
and should be accompanied by proof of service on 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 5th Street, NW., Washington, DC 20549. 
Applicant, 60 Broad Street, New York, New York 10004.

FOR FURTHER INFORMATION CONTACT:
Elaine M. Boggs, Staff Attorney, at (202) 942-0572, 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 unit investment trust that was organized under 
the laws of New York. Applicant consists of five series, S-6 for 
Corporate High Yield Series 1 through 5 (``Trust Series 1 through 5''). 
On May 15, 1987, applicant registered under the Act as an investment 
company. On May 15, 1987, September 24, 1987, February 2, 1988, April 
20, 1988, and October 31, 1988, applicant filed registration statements 
to register its shares under the Securities Act of 1933 for Trust 
Series 1, 2, 3, 4, and 5, respectively. The registration statements 
were declared effective on June 24, 1987 January 21, 1988, April 13, 
1988, and October 27, 1988 for Trust Series 1, 2, 3, and 4, 
respectively. Applicant began a public offering for each series after 
that particular series was declared effective. No initial public 
offering was commenced for Trust Series 5. Investors Bank and Trust 
Company (``IBT'') and the First National Bank of Chicago serve as co-
trustees for applicant. IBT held applicant's assets and performed all 
administrative and ministerial services.
    2. Pursuant to the indenture for each Trust Series, applicant's 
sponsor Kidder Peabody & Co. Inc. (the ``Sponsor''), had the power to 
terminate a Trust Series whenever the value of the Trust Series was 
less than 50% of the aggregate principal amount of the securities held 
by the Trust Series on the initial date of deposit. The value of the 
securities held by each Trust Series dropped below this value.
    3. Upon instructions provided by the Sponsor to IBT, termination 
notices were sent to unitholders. IBT made a pro rata disposition of 
net assets of each Trust Series to unitholders of record as of the 
termination date of the respective Trust Series who tendered their 
units in response to the termination notice. Liquidation payments were 
made available by IBT within two business days following each Trust 
Series' termination date.
    4. As of March 12, 1996, all assets have been distributed except 
for those assets relating to 25,438 units in Trust Series 1. Such 
assets in the amount of $11,829.94 are being held by IBT pending 
distribution. IBT will continue to hold such assets and will mail a 
final notice to the unitholders on July 1, 1996. If still unclaimed, 
the remaining assets, if any, will escheat to the Commonwealth of 
Massachusetts pursuant to the provisions of state law, and IBT will 
turn the assets over to the Commonwealth on October 21, 1996. 
Thereafter, the unitholders must proceed directly against the 
Commonwealth to make good their claims.
    5. Securities held in each Trust Series were liquidated pursuant to 
the terms of the indenture for each Trust Series at the direction of 
the Sponsor, who made the trades and provided trade instructions to 
IBT. With two exceptions, the price received by IBT was in excess of 
the par value of the securities sold (corporate bonds). There were no 
commissions or brokerage charges.
    6. Pursuant to the provisions of the indenture governing each Trust 
Series, IBT deducted the amount of expenses and amounts owing from the 
trust corpus prior to making liquidating payments to unitholders. These 
expenses were: production and mailing of a final annual report, 
production of a final tax return, and production

[[Page 12121]]
mailing of termination notices to unitholders.
    7. Applicant has no debts or other liabilities that remain 
outstanding. Applicant is not a party to any litigation or 
administrative proceeding.
    8. Each Trust Series has been terminated under New York law.
    9. Applicant is not now engaged, nor does it propose to engage, in 
any business activities other than those necessary for the winding up 
of its affairs.

    For the Commission, by the Division of Investment Management, 
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 96-7069 Filed 3-22-96; 8:45 am]
BILLING CODE 8010-01-M