[Federal Register Volume 60, Number 218 (Monday, November 13, 1995)]
[Notices]
[Pages 57045-57046]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-27969]



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SECURITIES AND EXCHANGE COMMISSION
[Investment Company Act Release No. 21475; File No. 811-7045]


Torchmark Insured Tax-Free 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 Insured Tax-Free 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 

[[Page 57046]]
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 NW., Washington, DC 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 September 29, 
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. As of that 
date, applicant had outstanding 244,444.751 shares of common stock, 
with an aggregate value of $2,426,548, and a net asset value per share 
of $9.93. 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 $3,631 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. 95-27969 Filed 11-9-95; 8:45 am]
BILLING CODE 8010-01-M