[Federal Register Volume 60, Number 218 (Monday, November 13, 1995)]
[Notices]
[Page 57045]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-27970]
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SECURITIES AND EXCHANGE COMMISSION
[Investment Company Act Release No. 21476; File No. 811-7053]
Torchmark Government Securities Fund, Inc.; Application for
Deregistration
November 6, 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: Torchmark Government Securities Fund, Inc.
RELEVANT ACT SECTION: Section 8(f).
SUMMARY OF APPLICATION: Applicant seeks an order declaring that it has
ceased to be an investment company.
FILING DATES: The application on Form N-8F was filed on August 25,
1995, and amended on October 25, 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 December 4,
1995, 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 who wish to
be notified of a hearing may request notification by writing to the
SEC's Secretary.
ADDRESSES: Secretary, SEC, 450 5th Street, N.W., Washington, D.C.
20549. Applicant, 6300 Lamar Avenue, P.O. Box 29217, Shawnee Mission,
Kansas 66201-9217.
FOR FURTHER INFORMATION CONTACT:
James J. Dwyer, Staff Attorney, at (202) 942-0581, or Alison E. Baur,
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 at the
SEC's Public Reference Branch.
Applicant's Representations
1. Applicant is an open-end, diversified management investment
company organized as a corporation under Maryland law. On October 20,
1992, applicant registered under section 8(a) of the Act by filing a
notification of registration on Form N-8A, and filed a registration
statement on Form N-1A under section 8(b) of the Act and under the
Securities Act of 1933 to register an indefinite number of shares. The
registration statement was declared effective on February 26, 1993, and
the initial public offering of applicant's shares commenced on that
date.
2. At a meeting held on February 8, 1995, applicant's board of
directors determined that it was desirable to dissolve applicant and
approved a plan to liquidate. In determining to liquidate applicant,
the board considered the fact that applicant's investment adviser,
based upon analysis of market conditions, applicant's performance, and
opportunities for growth, determined that it was unlikely that
applicant's assets would increase to a level that would enable
applicant to achieve a desirable expense level.
3. On or about March 1, 1995, proxy materials were distributed to
applicant's shareholders containing the proposed plan of liquidation
(the ``Plan''). Applicant's shareholders approved the Plan at a special
meeting of shareholders held on April 3, 1995.
4. Pursuant to the Plan, applicant sold substantially all of its
portfolio securities and other property by June 27, 1995, on which date
applicant had outstanding 150,772.54 shares of common stock. As of June
28, 1995, applicant had an aggregate value of $1,460,985.89, and a net
asset value per share of $9.69. On June 28, 1995, pursuant to the Plan
and in accordance with Maryland law, applicant made a liquidating
distribution to its shareholders pro rata at net asset value. In
addition, Waddell & Reed, Inc., the parent of applicant's investment
adviser, made individual payments to applicant's shareholders not
affiliated with Waddell & Reed, Inc., that, when added to the amounts
received by such shareholders, approximated their investment in
applicant.
5. The expenses incurred in connection with the liquidation are
expected to total $3,788 and have been or will be paid by Waddell &
Reed, Inc. They consist primarily of legal expenses, expenses of
printing and mailing communications to shareholders, and miscellaneous
accounting and administrative expenses.
6. At the time of the application, applicant had no
securityholders, assets, or liabilities, except for certain legal and
audit fees that will be paid by Waddell & Reed, Inc. Applicant is not a
party to any litigation or administrative proceeding. Applicant is not
presently engaged, nor does it propose to engage, in any business
activities other than those necessary for the winding up of its
affairs.
7. Applicant filed Articles of Dissolution with the Maryland
Department of Assessments and Taxation on April 24, 1995. Applicant
also took other actions required by Maryland law in connection with the
dissolution.
For the SEC, by the Division of Investment Management, under
delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 95-27970 Filed 11-9-95; 8:45 am]
BILLING CODE 8010-01-M
