TORCHMARK INSURED TAX-FREE FUND, INC.
Supplement to April 15, 1994 Prospectus
Date of Supplement: February 9, 1995
Torchmark Insured Tax-Free Fund, Inc. ("Fund") has ceased the offer and sale of
new shares. On February 8, 1995, the Board of Directors approved a Plan of
Liquidation and Dissolution ("Plan") and directed that the Plan be submitted to
Fund shareholders for approval at a special meeting of shareholders currently
scheduled for April 3, 1995. If the Plan is approved by shareholders, the Fund
anticipates that liquidation distributions will be paid to shareholders in
approximately July 1995. Shareholders who are not affiliated with Waddell &
Reed, Inc. and who, at the time of liquidation, have experienced a depreciation
in the value of their investment in the Fund, will receive from Waddell & Reed,
Inc. an additional payment that, when added to the amount received by each such
shareholder upon the liquidation of the Fund's shares, would approximate the
shareholder's investment in those shares (without taking into account dividends
and capital gain distributions).
Retain this information with your copy of the Fund prospectus.
