<PAGE>
--------------------------
Farm Bureau Mutual Funds
FBL Series Fund, Inc.
[LOGO]
SEMI-ANNUAL REPORT
JANUARY 31, 1996
INVESTMENT MANAGER AND
PRINCIPAL UNDERWRITER
FBL INVESTMENT ADVISORY
SERVICES, INC.
5400 UNIVERSITY AVENUE
WEST DES MOINES, IA 50266
1-800-247-4170 (OUTSIDE IOWA)
1-800- 422-3175 (IN IOWA)
225-5586 (DES MOINES)
FARM BUREAU MUTUAL
FUNDS
5400 UNIVERSITY
AVENUE This report is not to be distributed
WEST DES MOINES, unless preceded or accompanied by
IOWA 50266 [LOGO] a prospectus.
737-027(96)
<PAGE>
(This page has been left blank intentionally.)
2
<PAGE>
PRESIDENT'S LETTER
Dear Shareholder,
Setting aside all the noise that has been generated by the "budget battle,"
markets have acquitted themselves admirably. The equity market, as measured by
the S&P 500 continues to set new highs, delivering to investors 37% returns
during 1995. As stocks saw nothing but blue skies, bonds also delivered very
nice double-digit returns the past year. In the case of bonds, however, it is an
economy performing below its potential that is the driving force. One of these
markets is not telling the truth.
It is a truism that at the end of every bull market move, the words "it's
different this time" are heard to justify the lofty valuations prevailing at the
moment. Nobody wants to give up a very good thing, and human emotions get
involved in wishing that trees really could grow to the sky. Thus,
rationalizations are invented and new era talk becomes common place.
Measures citing overvaluation abound: historically low dividend yields,
proliferation of mutual funds, historically high price-to-book value ratios,
etc. For each of these factors, the bulls offer reasonable rationalizations:
historically low payout ratios, individual ownership of equities still below the
1960s peak, massive write-downs of corporate assets distorting book value, etc.
It is possible that this market has some life left in it. Nonetheless, all
markets do reach logical end-points and periods of over-performance are
punctuated by periods of under-performance.
It has been said that it is currently a greater sin to be out of a rising
market than to be fully invested in a falling one. This proposition is the
classic problem of an unrestrained bull market. Just when does a market cross
over the line of performing on sound underlying fundamentals to unrestrained
greed? No definitive answer has been provided. What can be said with assurance
is that the cross-over point will come, the air will go out of the values now
prevailing, and the greater sin will become, why didn't I sell when I had the
chance?
This is not an argument to be out of the market, or to persuade that timing
market movements is a profitable enterprise. It is an argument to be very sure
that the stocks (or mutual funds) that make up your investment program really do
represent good value. Make up your own mind and be wary of what the herd thinks
or does. Be aware that some returns currently available come with very high risk
factors. Do not be persuaded that human nature has been reformed. In other
words, it is not different this time.
For the actively managed FBL Series Fund, Inc. portfolios (those other than
the passive Blue Chip Portfolio), we constantly assess the securities held to
ensure that valuations are reasonable. In so doing, we seek to produce
attractive risk-adjusted performance and create lasting value for our
shareholders. Below are activity and strategy summaries for the various
portfolios of FBL Series Fund, Inc.
GROWTH COMMON STOCK: With the backdrop of a very favorable economic
environment, investments in the U.S. equity market provided outstanding returns
in 1995. Inflation was essentially unchanged in the fifth year of economic
recovery, and productivity improved contrary to many economists' expectations.
Also, corporate profits exceeded most estimates despite slower-than-expected
economic growth and corporate after-tax profit margins reached a 25-year high of
about 6%. All this coincided with a near 200-basis point drop in long-term
interest rates. The stock market benefitted from a price-to-earnings (PE)
expansion and an earnings explosion thanks to an increase in profit margins,
recording a 1995 total return of approximately 37% in terms of the S&P 500.
3
<PAGE>
Risk in the market increased substantially and investor expectations were
high. The Growth Common Stock Portfolio continued to look for companies and
industries that were undervalued with the opportunity to appreciate favorably.
The Portfolio utilized convertible securities to reduce risk and provide
attractive income. In some cases, convertible positions were cut back and the
focus was shifted to the underlying common stock where improving fundamentals
were quite evident, aiding the Portfolio's performance. This was particularly
true in the oil and gas drilling equities.
Also, the Growth Common Stock Portfolio was able to benefit from merger
activity as two of its holdings were bought out at premiums to the market price.
In the case of American City Business Journals, the Portfolio doubled its money.
By continuing to focus on undervalued securities, we expect further merger
activity will add to the Portfolio's growth. We plan to maintain the Portfolio's
good representation in the undervalued energy and banking sectors as the
long-term picture for these industries looks attractive.
HIGH GRADE BOND: U.S. Treasury yields decreased fairly dramatically the
past six months. For example, the 2-year, 10-year and 30-year Treasury issues
yielded 5.87%, 6.42% and 6.84%, respectively, at July 31, 1995, but at January
31, 1996, were 4.92%, 5.57% and 6.02%. In addition, corporate spreads remain
near historically low levels, suggesting that investors are not being well
compensated for taking on the credit and market risk inherent in corporate
bonds.
This Portfolio continues to hold a significant portion of its assets in
high-coupon, callable bonds that offer attractive incremental yields relative to
similar non-callable issues. Due to their call features, these types of
corporate issues tend to go up in price less than non-callable issues when
interest rates drop; and conversely, due to their incremental yield, tend to go
down less than non-callable issues when interest rates rise. Because of this,
Portfolio returns will tend to lag other, more aggressive funds in both up and
down markets.
HIGH YIELD BOND: During the past six months, the high yield bond market
underperformed the high grade corporate bond market. The reasons for this
underperformance were the naturally shorter duration of high yield bonds and a
general increase in their yield spreads as investors became more concerned about
a rise in actual default rates and the potential for an economic slowdown.
During this period, the DLJ 100 High Yield Active Issues Index went from a
10.63% yield and a 436 basis-point spread to a 10.30% yield and a spread of 502
basis-points. In general, we view these spread levels as reasonable, and
therefore, no major changes in the Portfolio are contemplated at this time.
MANAGED: The Managed Portfolio continues to seek securities offering high
income with a modest growth potential. This Portfolio uses a value philosophy,
but concentrates on securities that produce an income stream twice that of the
S&P 500. Currently, the S&P 500 is yielding a minuscule 2.3%. We achieve higher
income by investing in a mixture of high dividend-paying stocks, preferreds,
convertibles (debentures and preferreds) and corporate bonds. In the past year,
much of the return was attributed to the high yielding financial and energy
holdings. In 1996, the Portfolio will continue to seek out securities which
provide income in the range of 4% - 9%, and reduce its holdings of income-only
preferreds in favor of convertibles and common stock where a potential for
greater growth exists.
MONEY MARKET: During 1995, we watched the Fed funds rate seesaw from 5.50%
to 6.00% and back again. Once the U.S. economy appeared to be slowing down after
the increase in interest rates in January, 1995, the Federal Reserve Board
reacted by lowering the Fed funds rate 25 basis points in July and again in
January, 1996. Money market investors are certainly feeling the pain of lower
interest rates and hopefully, this recent fine tuning will yield the desired
results of the Fed.
4
<PAGE>
BLUE CHIP: True to its passive strategy, the performance of the Blue Chip
Portfolio over the past year has reflected that of the large capitalization
market sector which it represents. The Blue Chip Portfolio will, at all times,
remain substantially invested in common stocks of large companies. This
Portfolio is designed for those investors who prefer substantial exposure to
common stocks at all times or who wish to make their own market value judgments.
EDWARD M. WIEDERSTEIN
PRESIDENT
February 14, 1996
5
<PAGE>
FBL SERIES FUND, INC.
STATEMENTS OF ASSETS AND LIABILITIES
JANUARY 31, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
GROWTH HIGH GRADE
COMMON STOCK BOND
PORTFOLIO PORTFOLIO
--------------- -------------
<S> <C> <C>
ASSETS
Investments in securities, at value (cost -- $72,960,647; $8,235,337; $ 80,577,733 $ 8,540,181
$6,159,551; $22,351,311; $2,292,136; and $6,983,703, respectively) (NOTE
5).......................................................................
Cash....................................................................... 188,496 85,753
Receivables:
Due from FBL Investment Advisory Services, Inc...........................
Accrued dividends and interest........................................... 132,387 167,621
Investment securities sold............................................... 1,058
Prepaid expense and other assets........................................... 1,013 300
--------------- -------------
Total Assets............................................................... $ 80,899,629 $ 8,794,913
--------------- -------------
--------------- -------------
LIABILITIES AND NET ASSETS
Liabilities:
Accounts payable:
FBL Investment Advisory Services, Inc. (NOTE 3)........................ $ 21,154 $ 5,345
Accrued expenses......................................................... 1,106 3,484
--------------- -------------
Total Liabilities.......................................................... 22,260 8,829
Net assets applicable to outstanding capital stock (NOTE 4)................ 80,877,369 8,786,084
--------------- -------------
Total Liabilities and Net Assets........................................... $ 80,899,629 $ 8,794,913
--------------- -------------
--------------- -------------
Shares issued and outstanding as of January 31, 1996....................... 5,700,499 848,222
NET ASSET VALUE PER SHARE.................................................. $ 14.19 $ 10.36
--------------- -------------
--------------- -------------
</TABLE>
SEE ACCOMPANYING NOTES.
6
<PAGE>
<TABLE>
<CAPTION>
HIGH
YIELD BOND MANAGED MONEY MARKET BLUE CHIP
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- ------------- -------------- -------------- --------------
<S> <C> <C> <C>
$ 6,107,415 $ 24,193,418 $ 2,292,136 $ 11,734,878
177,193 171,544 88,093 290,753
7,667 4,649
168,965 85,371 2,029 17,255
260 389 229 347
- ------------- -------------- -------------- --------------
$ 6,461,500 $ 24,450,722 $ 2,387,136 $ 12,043,233
- ------------- -------------- -------------- --------------
- ------------- -------------- -------------- --------------
$ 5,932 $ 12,696 $ 2,510 $ 7,287
3,618 3,009 3,404 2,771
- ------------- -------------- -------------- --------------
9,550 15,705 5,914 10,058
6,451,950 24,435,017 2,381,222 12,033,175
- ------------- -------------- -------------- --------------
$ 6,461,500 $ 24,450,722 $ 2,387,136 $ 12,043,233
- ------------- -------------- -------------- --------------
- ------------- -------------- -------------- --------------
643,845 1,881,378 2,381,222 465,744
$ 10.02 $ 12.99 $ 1.00 $ 25.84
- ------------- -------------- -------------- --------------
- ------------- -------------- -------------- --------------
</TABLE>
7
<PAGE>
FBL SERIES FUND, INC.
STATEMENTS OF OPERATIONS
SIX MONTHS ENDED JANUARY 31, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
GROWTH HIGH
COMMON STOCK GRADE BOND
PORTFOLIO PORTFOLIO
--------------- ------------
<S> <C> <C>
INVESTMENT INCOME
Dividends............................................................. $ 1,058,316
Interest.............................................................. 374,925 $ 348,672
--------------- ------------
Total Investment Income............................................... 1,433,241 348,672
EXPENSES
Paid to FBL Investment Advisory Services, Inc. (NOTE 3):
Investment advisory and management fees............................. 192,086 17,103
Transfer and dividend disbursing agent fees......................... 59,682 16,115
Distribution fees................................................... 192,086 21,378
Administrative service fees......................................... 96,043 10,689
Accounting fees..................................................... 19,209 2,138
Custodian fees........................................................ 8,430 4,137
Legal fees............................................................ 2,576 285
Directors' fees and expenses.......................................... 1,636 185
Reports to shareholders............................................... 32,372 3,618
Registration fees..................................................... 9,390 2,289
Miscellaneous......................................................... (711) 1,542
--------------- ------------
Total Expenses........................................................ 612,799 79,479
Expense Reimbursement (NOTE 3)........................................
--------------- ------------
Net Expenses.......................................................... 612,799 79,479
--------------- ------------
Net Investment Income................................................. 820,442 269,193
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) from investment transactions................. 4,088,963 (5,364)
Change in unrealized appreciation/depreciation of investments......... 5,307,002 85,663
--------------- ------------
Net Gain on Investments............................................... 9,395,965 80,299
--------------- ------------
Net Increase in Net Assets Resulting from Operations.................. $ 10,216,407 $ 349,492
--------------- ------------
--------------- ------------
</TABLE>
SEE ACCOMPANYING NOTES.
8
<PAGE>
<TABLE>
<CAPTION>
HIGH
YIELD BOND MANAGED MONEY MARKET BLUE CHIP
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- ----------- ------------- -------------- -------------
<S> <C> <C> <C>
$ 296,792 $ 108,538
$ 321,009 317,022 $ 72,246 25,764
- ----------- ------------- -------------- -------------
321,009 613,814 72,246 134,302
18,453 69,289 4,965 13,210
17,726 32,951 6,809 19,826
16,775 57,741 6,206 26,421
8,388 28,870 3,103 13,210
1,678 5,774 621 2,642
4,695 5,785 3,284 5,513
217 788 83 342
145 492 54 218
2,802 9,728 1,063 4,486
2,145 3,725 1,781 2,519
1,745 558 1,504 662
- ----------- ------------- -------------- -------------
74,769 215,701 29,473 89,049
(7,667) (4,649)
- ----------- ------------- -------------- -------------
67,102 215,701 24,824 89,049
- ----------- ------------- -------------- -------------
253,907 398,113 47,422 45,253
60,846 834,511
(48,242) 1,368,230 1,383,701
- ----------- ------------- -------------- -------------
12,604 2,202,741 1,383,701
- ----------- ------------- -------------- -------------
$ 266,511 $ 2,600,854 $ 47,422 $ 1,428,954
- ----------- ------------- -------------- -------------
- ----------- ------------- -------------- -------------
</TABLE>
9
<PAGE>
FBL SERIES FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
GROWTH
COMMON STOCK
PORTFOLIO
----------------------------------
SIX MONTHS ENDED
JANUARY 31, 1996 YEAR ENDED
(UNAUDITED) JULY 31, 1995
------------------ --------------
<S> <C> <C>
OPERATIONS
Net investment income.................................................. $ 820,442 $ 2,285,143
Net realized gain (loss) from investment transactions.................. 4,088,963 2,239,764
Change in unrealized appreciation/depreciation of investments.......... 5,307,002 1,538,922
------------------ --------------
Net Increase (Decrease) in Net Assets Resulting from Operations........ 10,216,407 6,063,829
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM (NOTE 6)
Net investment income.................................................. (2,469,514) (1,942,351)
Net realized gain from investment transactions......................... (1,454,239) (3,592,463)
Distributions in excess of net realized gain from investment
transactions.........................................................
------------------ --------------
(3,923,753) (5,534,814)
CAPITAL SHARE TRANSACTIONS (NOTE 4).................................... 3,638,212 6,102,860
------------------ --------------
Total Increase (Decrease) in Net Assets................................ 9,930,866 6,631,875
NET ASSETS
Beginning of period.................................................... 70,946,503 64,314,628
------------------ --------------
End of period (including undistributed net investment income as set $ 70,946,503
forth below)......................................................... $ 80,877,369
------------------ --------------
------------------ --------------
Undistributed Net Investment Income.................................... $ 0 $ 1,457,162
------------------ --------------
------------------ --------------
</TABLE>
SEE ACCOMPANYING NOTES.
10
<PAGE>
<TABLE>
<CAPTION>
HIGH HIGH
GRADE BOND YIELD BOND
PORTFOLIO PORTFOLIO
- --------------------------------- ---------------------------------
SIX MONTHS ENDED SIX MONTHS ENDED
JANUARY 31, 1996 YEAR ENDED JANUARY 31, 1996 YEAR ENDED
(UNAUDITED) JULY 31, 1995 (UNAUDITED) JULY 31, 1995
- ------------------ ------------- ------------------ -------------
<S> <C> <C> <C>
$ 269,193 $ 495,667 $ 253,907 $ 499,603
(5,364) (33,881) 60,846 10,149
85,663 170,813 (48,242) 87,294
- ------------------ ------------- ------------------ -------------
349,492 632,599 266,511 597,046
(269,193) (495,667) (253,907) (499,603)
(21,547) (59,344)
(24,669) (7,192)
- ------------------ ------------- ------------------ -------------
(269,193) (520,336) (275,454) (566,139)
360,756 636,952 (229,614) 234,188
- ------------------ ------------- ------------------ -------------
441,055 749,215 (238,557) 265,095
8,345,029 7,595,814 6,690,507 6,425,412
- ------------------ ------------- ------------------ -------------
$ 8,786,084 $ 8,345,029 $ 6,451,950 $ 6,690,507
- ------------------ ------------- ------------------ -------------
- ------------------ ------------- ------------------ -------------
$ 0 $ 0 $ 0 $ 0
- ------------------ ------------- ------------------ -------------
- ------------------ ------------- ------------------ -------------
</TABLE>
11
<PAGE>
FBL SERIES FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
MANAGED
PORTFOLIO
----------------------------------
SIX MONTHS ENDED
JANUARY 31, 1996 YEAR ENDED
(UNAUDITED) JULY 31, 1995
------------------ --------------
<S> <C> <C>
OPERATIONS
Net investment income.................................................. $ 398,112 $ 961,614
Net realized gain from investment transactions......................... 834,512 176,989
Change in unrealized appreciation/depreciation of investments.......... 1,368,230 671,828
------------------ --------------
Net Increase (Decrease) in Net Assets Resulting from Operations........ 2,600,854 1,810,431
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM (NOTE 6)
Net investment income.................................................. (367,290) (963,801)
Net realized gain from investment transactions......................... (188,116) (239,223)
Distributions in excess of net realized gain from investment (161,255)
transactions..........................................................
------------------ --------------
(555,406) (1,364,279)
CAPITAL SHARE TRANSACTIONS (NOTE 4).................................... 1,284,743 1,558,373
------------------ --------------
Total Increase (Decrease) in Net Assets................................ 3,330,191 2,004,525
NET ASSETS
Beginning of period.................................................... 21,104,826 19,100,301
------------------ --------------
End of period (including undistributed net investment income as set $ 21,104,826
forth below).......................................................... $ 24,435,017
------------------ --------------
------------------ --------------
Undistributed Net Investment Income.................................... $ 32,095 $ 1,272
------------------ --------------
------------------ --------------
</TABLE>
SEE ACCOMPANYING NOTES.
12
<PAGE>
<TABLE>
<CAPTION>
MONEY MARKET BLUE CHIP
PORTFOLIO PORTFOLIO
- --------------------------------- ---------------------------------
SIX MONTHS ENDED SIX MONTHS ENDED
JANUARY 31, 1996 YEAR ENDED JANUARY 31, 1996 YEAR ENDED
(UNAUDITED) JULY 31, 1995 (UNAUDITED) JULY 31, 1995
- ------------------ ------------- ------------------ -------------
<S> <C> <C> <C>
$ 47,422 $ 87,948 $ 45,253 $ 72,767
80
1,383,701 1,636,574
- ------------------ ------------- ------------------ -------------
47,422 87,948 1,428,954 1,709,421
(47,422) (87,948) (87,280) (53,615)
- ------------------ ------------- ------------------ -------------
(47,422) (87,948) (87,280) (53,615)
(57,628) (187,752) 1,034,230 1,256,850
- ------------------ ------------- ------------------ -------------
(57,628) (187,752) 2,375,904 2,912,656
2,438,850 2,626,602 9,657,271 6,744,615
- ------------------ ------------- ------------------ -------------
$ 2,381,222 $ 2,438,850 $ 12,033,175 $ 9,657,271
- ------------------ ------------- ------------------ -------------
- ------------------ ------------- ------------------ -------------
$ 0 $ 0 $ 0 $ 41,475
- ------------------ ------------- ------------------ -------------
- ------------------ ------------- ------------------ -------------
</TABLE>
13
<PAGE>
FBL SERIES FUND, INC.
SCHEDULE OF INVESTMENTS
GROWTH COMMON STOCK PORTFOLIO
JANUARY 31, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES
HELD VALUE
---------- -----------
<S> <C> <C>
COMMON STOCKS (61.12%)
CHEMICALS AND ALLIED PRODUCTS (3.40%)
Crompton & Knowles Corp........................................ 200,000 $ 2,750,000
DEPOSITORY INSTITUTIONS (3.45%)
CU Bancorp..................................................... 251,000 2,792,375
ELECTRIC, GAS AND SANITARY SERVICES (8.46%)
Citizens Utilities Co., Class B................................ 301,168 3,726,954
Montana Power Co............................................... 140,000 3,115,000
-----------
6,841,954
FURNITURE AND FIXTURES (4.51%)
Ladd Furniture................................................. 260,550 3,647,700
HOLDING AND OTHER INVESTMENT OFFICES (5.32%)
General Growth Properties, Inc................................. 200,000 4,300,000
INSURANCE CARRIERS (5.68%)
EMC Insurance Group, Inc....................................... 353,100 4,590,300
MISCELLANEOUS RETAIL (4.09%)
Ferrellgas Partners, L.P....................................... 140,000 3,307,500
NONDEPOSITORY INSTITUTIONS (0.39%)
Berkshire Hathaway, Inc........................................ (101) 319,000
OIL AND GAS EXTRACTION (15.09%)
Apache Corp.................................................... 140,000 3,762,500
Global Marine, Inc............................................. 480,000(1) 4,140,000
Noble Drilling Corp............................................ 438,000 4,297,875
-----------
12,200,375
STONE, CLAY AND GLASS PRODUCTS (4.23%)
Lafarge Corp................................................... 183,700 3,421,412
TRANSPORTATION -- BY AIR (2.31%)
Petroleum Helicopters, Inc. (Non-Voting)....................... 127,500 1,705,313
Petroleum Helicopters, Inc. (Voting)........................... 12,350 166,725
-----------
1,872,038
</TABLE>
14
<PAGE>
FBL SERIES FUND, INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
GROWTH COMMON STOCK PORTFOLIO
<TABLE>
<CAPTION>
SHARES
HELD VALUE
---------- -----------
<S> <C> <C>
WHOLESALE TRADE -- NONDURABLE GOODS (4.19%)
Howell Corp.................................................... 161,500 $ 2,301,375
Super Valu Stores, Inc......................................... 35,000 1,085,000
-----------
3,386,375
-----------
Total Common Stocks.............................................. 49,429,029
PREFERRED STOCKS (23.83%)
DEPOSITORY INSTITUTIONS (9.78%)
Community First Bankshares, Inc................................ 100,000 3,200,000
Conservative Savings Corp., Convertible........................ 101,139 3,337,587
Sterling Financial Corp........................................ 45,300 1,370,325
-----------
7,907,912
GAS PRODUCTION AND DISTRIBUTION (1.18%)
Western Gas Resources, Inc., Convertible....................... 30,000 952,500
OIL AND GAS EXTRACTION (7.47%)
Chieftain International, Inc., Convertible..................... 75,200 2,021,000
Noble Drilling Corp., Convertible.............................. 1,500 40,500
Reading & Bates Corp., Convertible............................. 79,530 3,976,500
-----------
6,038,000
WATER TRANSPORTATION (4.51%)
Sea Containers, Ltd., Convertible.............................. 78,750 3,652,031
WHOLESALE TRADE -- NONDURABLE GOODS (0.89%)
Howell Corp.................................................... 13,900 722,800
-----------
Total Preferred Stocks........................................... 19,273,243
</TABLE>
15
<PAGE>
FBL SERIES FUND, INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
GROWTH COMMON STOCK PORTFOLIO
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
---------- -----------
CORPORATE BOND (3.06%)
<S> <C> <C>
HOLDING AND OTHER INVESTMENT OFFICES (3.06%)
Centennial Bancorp, Convertible Sub. Deb., 7.00%, due
5/01/04....................................................... $2,073,000 $ 2,477,235
SHORT-TERM INVESTMENTS (11.62%)
UNITED STATES GOVERNMENT AGENCIES (2.35%)
Federal Home Loan Mortgage Corp., due 2/02/96.................. 1,000,000 999,848
Federal Home Loan Mortgage Corp., due 2/13/96.................. 900,000 898,378
-----------
1,898,226
COMMERCIAL PAPER (9.27%)
American General Finance Corp., 5.47%, due 2/21/96............. 3,100,000 3,100,000
Ford Motor Credit Corp., 5.41%, due 2/28/96.................... 1,600,000 1,600,000
General Electric Capital Corp., 5.33%, due 3/06/96............. 1,300,000 1,300,000
Norwest Financial, Inc., 5.49%, due 2/08/96.................... 1,500,000 1,500,000
-----------
7,500,000
-----------
Total Short-Term Investments..................................... 9,398,226
-----------
Total Investments (99.63%)....................................... 80,577,733
OTHER ASSETS LESS LIABILITIES (0.37%)
Cash, receivables and prepaid expense, less liabilities........ 299,636
-----------
Total Net Assets (100.00%)....................................... $80,877,369
-----------
-----------
</TABLE>
(1) Non-income producing security.
SEE ACCOMPANYING NOTES.
16
<PAGE>
FBL SERIES FUND, INC.
SCHEDULE OF INVESTMENTS
HIGH GRADE BOND PORTFOLIO
JANUARY 31, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
----------- ----------
<S> <C> <C>
CORPORATE BONDS (82.53%)
APPAREL AND ACCESSORY STORES (4.22%)
TJX Companies, Inc., 9.50%, due 5/01/16............................ $ 350,000 $ 370,660
COMMUNICATIONS (6.98%)
Hawaiian Telephone Co., 8.00%, due 9/01/01......................... 250,000 255,808
Pacific Telephone & Telegraph Co., 7.25%, due 2/01/08.............. 350,000 357,091
----------
612,899
DEPOSITORY INSTITUTIONS (15.04%)
Midland America Capital Corp., 12.75%, due 11/15/03................ 175,000 206,708
J.P. Morgan & Co., 7.25%, due 10/01/10............................. 350,000 365,879
National Westminster Bancorp, Inc., 9.45%, due 5/01/01............. 125,000 145,155
Norwest Corp., 9.25%, due 5/01/97.................................. 100,000 104,826
Third National Bank, 7.50%, due 11/15/02........................... 147,000 148,388
UnionBancorp, Inc. (Defeased), 8.50%, due 4/01/96.................. 350,000 350,896
----------
1,321,852
ELECTRIC, GAS AND SANITARY SERVICES (12.10%)
MDU Resources Group, Inc., 9.125%, due 10/01/16.................... 200,000 214,382
National Rural Utilities Cooperative Finance Corp., 9.00%, due
3/15/16........................................................... 305,000 313,970
Texas Eastern Transmission, 10.00%, due 9/01/11.................... 150,000 158,360
Western Penn Power, 7.875%, due 12/01/04........................... 360,000 376,581
----------
1,063,293
ELECTRONIC & OTHER ELECTRIC EQUIPMENT (2.86%)
Harris Corp., 7.75%, due 12/15/01.................................. 250,000 251,455
FOOD AND KINDRED PRODUCTS (8.35%)
Anheuser-Busch Companies, Inc., 8.50%, due 3/01/17................. 350,000 365,915
Sara Lee Corp., 8.75%, due 5/15/16................................. 350,000 368,277
----------
734,192
GENERAL MERCHANDISE STORES (3.59%)
Dayton-Hudson Corporation, 9.25%, due 11/15/16..................... 300,000 315,885
HOLDING AND OTHER INVESTMENT OFFICES (4.35%)
Federal Realty Investment Trust, 8.875%, due 1/15/00............... 350,000 382,109
</TABLE>
17
<PAGE>
FBL SERIES FUND, INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
HIGH GRADE BOND PORTFOLIO
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
----------- ----------
<S> <C> <C>
INSURANCE CARRIERS (8.15%)
Old Republic Int'l. Corp., 11.50%, due 6/01/15..................... $ 150,000 $ 159,134
Old Republic Int'l. Corp., 10.00%, due 2/01/18..................... 200,000 212,326
Torchmark Corporation, 8.625%, due 3/01/17......................... 225,000 236,194
Torchmark Corporation, 9.625%, due 5/01/98......................... 100,000 108,274
----------
715,928
OIL AND GAS EXTRACTION (2.88%)
Burlington Resources, Inc., 9.125%, due 10/01/21................... 200,000 252,978
PETROLEUM AND COAL PRODUCTS (0.93%)
Pennzoil Co., 9.00%, due 4/01/17................................... 77,000 81,374
PRINTING AND PUBLISHING (3.55%)
Valassis Communications, Inc., 9.55%, due 12/01/03................. 300,000 311,517
RAILROAD TRANSPORTATION (4.19%)
Union Pacific Corp., 8.50%, due 1/15/17............................ 350,000 367,843
SECURITY AND COMMODITY BROKERS (2.45%)
Lehman Brothers Holdings, Inc., 8.875%, due 11/01/98............... 200,000 215,066
TRANSPORTATION EQUIPMENT (2.89%)
Ford Motor Credit Co., 9.50%, due 9/15/11.......................... 200,000 253,656
----------
Total Corporate Bonds................................................ 7,250,707
MORTGAGE-BACKED SECURITIES (10.13%)
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) (0.97%)
Pool # 503442, 9.50%, due 7/01/05.................................. 80,605 85,139
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) (9.16%)
Pool # 144332, 9.00%, due 7/15/16.................................. 45,620 49,055
Pool # 307097, 9.00%, due 7/15/21.................................. 81,373 86,940
Pool # 236070, 10.00%, due 10/15/12................................ 621,815 668,830
----------
804,825
----------
Total Mortgage-Backed Securities..................................... 889,964
SHORT-TERM INVESTMENTS (4.54%)
UNITED STATES GOVERNMENT AGENCY (1.70%)
Federal Home Loan Mortgage Assoc., due 2/23/96..................... 150,000 149,510
</TABLE>
18
<PAGE>
FBL SERIES FUND, INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
HIGH GRADE BOND PORTFOLIO
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
----------- ----------
<S> <C> <C>
COMMERCIAL PAPER (2.84%)
Ford Motor Credit Corp., 5.45%, due 2/15/96........................ $ 250,000 $ 250,000
----------
Total Short-Term Investments......................................... 399,510
----------
Total Investments (97.20%)........................................... 8,540,181
OTHER ASSETS LESS LIABILITIES (2.80%)
Cash, receivables and prepaid expense, less liabilities............ 245,903
----------
Total Net Assets (100.00%)........................................... $8,786,084
----------
----------
</TABLE>
SEE ACCOMPANYING NOTES.
19
<PAGE>
FBL SERIES FUND, INC.
SCHEDULE OF INVESTMENTS
HIGH YIELD BOND PORTFOLIO
JANUARY 31, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
----------- ----------
<S> <C> <C>
CORPORATE BONDS (90.79%)
AGRICULTURAL PRODUCTION -- CROPS (2.45%)
Chiquita Brands International, Inc., 11.50%, due 6/01/01........... $ 150,000 $ 157,875
APPAREL AND ACCESSORY STORES (5.42%)
Genesco, Inc., 10.375%, due 2/01/03................................ 150,000 138,000
TJX Companies, Inc., 9.50%, due 5/01/16............................ 200,000 211,806
----------
349,806
APPAREL AND OTHER TEXTILE PRODUCTS (7.01%)
Dan River, Inc., 10.125%, due 12/15/03............................. 280,000 257,600
Fieldcrest Cannon, Inc., 11.25%, due 6/15/04....................... 200,000 195,000
----------
452,600
AUTO REPAIR, SERVICES AND PARKING (1.85%)
Envirotest Systems Corp., 9.625%, due 4/01/03...................... 150,000 119,250
BUSINESS SERVICES (3.62%)
Borg-Warner Corp., 9.125%, due 5/01/03............................. 250,000 233,750
COMMUNICATIONS (4.15%)
Panamsat, L.P., 9.75%, due 8/01/00................................. 250,000 267,500
ELECTRIC, GAS AND SANITARY SERVICES (6.13%)
Montana Power Co., 7.50%, due 1/01/98.............................. 140,000 140,843
Public Service Company of New Mexico, 5.875%, due 5/01/97.......... 150,000 148,935
Texas Eastern Transmission Corp., 10.00%, due 10/01/11............. 100,000 105,573
----------
395,351
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT (3.52%)
Amphenol Corp., 12.75%, due 12/15/02............................... 200,000 227,000
FABRICATED METAL PRODUCTS (2.97%)
Jorgensen (Earle M.) Co., 10.75%, due 3/01/00...................... 200,000 191,500
FOOD STORES (5.42%)
P&C Food Markets, Inc., 11.50%, due 10/15/01....................... 150,000 151,500
Penn Traffic Co., 10.25%, due 2/15/02.............................. 200,000 198,500
----------
350,000
GENERAL MERCHANDISE STORES (5.07%)
Federated Department Stores, Inc., 10.00%, due 2/15/01............. 300,000 327,000
INSURANCE CARRIERS (4.88%)
Torchmark Corp., 8.625%, due 3/01/17............................... 300,000 314,925
</TABLE>
20
<PAGE>
FBL SERIES FUND, INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
HIGH YIELD BOND PORTFOLIO
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
----------- ----------
<S> <C> <C>
LUMBER AND WOOD PRODUCTS (6.16%)
Georgia-Pacific Corp., 9.25%, due 3/15/16.......................... $ 150,000 $ 157,998
Pacific Lumber Co., 10.50%, due 3/01/03............................ 250,000 239,688
----------
397,686
MISCELLANEOUS RETAIL (4.90%)
Eckerd Corp., 9.25%, due 2/15/04................................... 295,000 316,387
PAPER AND ALLIED PRODUCTS (3.86%)
Container Corp. of America, 9.75%, due 4/01/03..................... 250,000 248,750
PETROLEUM AND COAL PRODUCTS (2.85%)
Clark Oil & Refining Corp., 10.50%, due 12/01/01................... 175,000 183,750
RUBBER AND MISCELLANEOUS PLASTICS PRODUCTS (4.14%)
Foamex, L.P., 9.50%, due 6/01/00................................... 182,000 173,810
Plastic Specialties & Technologies, Inc., 11.25%, due 12/01/03..... 100,000 93,250
----------
267,060
STONE, CLAY AND GLASS PRODUCTS (7.70%)
Owens-Illinois, Inc., 11.00%, due 12/01/03......................... 200,000 227,500
USG Corp., 9.25%, due 9/15/01...................................... 250,000 269,375
----------
496,875
TEXTILE MILL PRODUCTS (0.68%)
Bibb Co. (The), 14.00%, due 10/01/99............................... 125,000(1) 43,750
TRANSPORTATION EQUIPMENT (3.44%)
Preston Corp., 7.00%, due 5/01/11.................................. 306,000 221,850
WATER TRANSPORTATION (4.57%)
Moran Transport Co., 11.75%, due 7/15/94........................... 300,000 294,750
----------
Total Corporate Bonds................................................ 5,857,415
SHORT-TERM INVESTMENT (3.87%)
COMMERCIAL PAPER
General Electric Capital Corp., 5.40%., due 2/15/96................ 250,000 250,000
----------
Total Investments (94.66%)........................................... 6,107,415
OTHER ASSETS LESS LIABILITIES (5.34%)
Cash, receivables and prepaid expense, less liabilities............ 344,535
----------
Total Net Assets (100.00%)........................................... $6,451,950
----------
----------
</TABLE>
(1) Company has been in default since the April 1, 1995 interest payment.
SEE ACCOMPANYING NOTES.
21
<PAGE>
FBL SERIES FUND, INC.
SCHEDULE OF INVESTMENTS
MANAGED PORTFOLIO
JANUARY 31, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES
HELD VALUE
---------- -----------
<S> <C> <C>
COMMON STOCKS (23.17%)
ELECTRIC, GAS AND SANITARY SERVICES (8.52%)
Montana Power Co.............................................. 49,600 $ 1,103,600
Peoples Energy Corp........................................... 30,000 978,750
-----------
2,082,350
HOLDING AND OTHER INVESTMENT OFFICES (5.19%)
General Growth Properties, Inc................................ 59,000 1,268,500
INSURANCE CARRIERS (5.59%)
EMC Insurance Group, Inc...................................... 105,000 1,365,000
MISCELLANEOUS RETAIL (3.87%)
Ferrellgas Partners, L.P...................................... 40,000 945,000
-----------
Total Common Stocks............................................. 5,660,850
PREFERRED STOCKS (32.15%)
DEPOSITORY INSTITUTIONS (9.74%)
Community First Bankshares, Inc............................... 33,000 1,056,000
Conservative Savings Corp., Convertible....................... 34,170 1,127,610
Sterling Financial Corp....................................... 6,450 195,112
-----------
2,378,722
GAS PRODUCTION AND DISTRIBUTION (3.09%)
Western Gas Resources, Inc.................................... 1,000 25,125
Western Gas Resources, Inc., Convertible...................... 23,000 730,250
-----------
755,375
OIL AND GAS EXTRACTION (10.75%)
ICO, Inc., Convertible........................................ 10,000 209,375
Noble Drilling Corp., Convertible............................. 36,000 972,000
Reading & Bates Corp., Convertible............................ 28,900 1,445,000
-----------
2,626,375
WATER TRANSPORTATION (4.36%)
Sea-Containers, Ltd., Convertible............................. 23,000 1,066,625
WHOLESALE TRADE -- NONDURABLE GOODS (4.21%)
Howell Corp................................................... 19,800 1,029,600
-----------
Total Preferred Stocks.......................................... 7,856,697
</TABLE>
22
<PAGE>
FBL SERIES FUND, INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
MANAGED PORTFOLIO
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
---------- -----------
<S> <C> <C>
CORPORATE BONDS (9.83%)
COMMUNICATIONS (0.44%)
Hawaiian Telephone Co., 8.00%, due 9/01/01.................... $ 105,000 $ 107,439
DEPOSITORY INSTITUTIONS (1.57%)
Columbia Banking System, Convertible Sub. Deb., 7.85%, due
6/30/02...................................................... 170,000 208,250
National Westminster Bancorp, Inc., 9.45%, due 5/01/01........ 150,000 174,186
-----------
382,436
ELECTRIC, GAS AND SANITARY SERVICES (0.63%)
National Co-op Services Corp. (Arkansas Electric), 9.48%, due
1/01/12...................................................... 142,000 153,437
FOOD AND KINDRED PRODUCTS (1.72%)
Anheuser-Busch Companies, Inc., 8.50%, due 3/01/17............ 200,000 209,094
Sara Lee Corp., 8.75%, due 5/15/16............................ 200,000 210,444
-----------
419,538
HOLDING AND OTHER INVESTMENT OFFICES (2.97%)
Centennial Bancorp, Convertible Sub. Deb., 7.00%, due
5/01/04...................................................... 608,000 726,560
INSURANCE CARRIERS (1.07%)
Torchmark Corp., 8.625%, due 3/01/17.......................... 250,000 262,437
PETROLEUM AND COAL PRODUCTS (0.57%)
Pennzoil Co., 9.00%, due 4/01/17.............................. 133,000 140,556
RAILROAD TRANSPORTATION (0.86%)
Union Pacific Corp., Sinking Fund Deb., 8.50%, due 1/15/17.... 200,000 210,196
-----------
Total Corporate Bonds........................................... 2,402,599
</TABLE>
23
<PAGE>
FBL SERIES FUND, INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
MANAGED PORTFOLIO
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
---------- -----------
<S> <C> <C>
SHORT-TERM INVESTMENTS (33.86%)
COMMERCIAL PAPER (4.09%)
Ford Motor Credit Corp., 5.49%, due 2/21/96................... $1,000,000 $ 1,000,000
UNITED STATES GOVERNMENT AGENCIES (29.77%)
Federal Farm Credit Bank, due 3/01/96......................... 2,000,000 1,991,335
Federal Home Loan Bank, due 2/16/96........................... 500,000 498,841
Federal Home Loan Mortgage Corp., due 2/05/96................. 900,000 899,441
Federal Home Loan Mortgage Corp., due 2/26/96................. 1,000,000 996,267
Federal National Mortgage Assoc., due 2/12/96................. 1,500,000 1,497,522
Federal National Mortgage Assoc., due 3/22/96................. 1,400,000 1,389,866
-----------
7,273,272
-----------
Total Short-Term Investments.................................... 8,273,272
-----------
Total Investments (99.01%)...................................... 24,193,418
OTHER ASSETS LESS LIABILITIES (0.99%)
Cash, receivables and prepaid expense, less liabilities....... 241,599
-----------
Total Net Assets (100.00%)...................................... $24,435,017
-----------
-----------
</TABLE>
SEE ACCOMPANYING NOTES.
24
<PAGE>
FBL SERIES FUND, INC.
SCHEDULE OF INVESTMENTS
MONEY MARKET PORTFOLIO
JANUARY 31, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
ANNUALIZED
YIELD ON
PURCHASE PRINCIPAL
DATE AMOUNT VALUE
------------- ----------- ----------
<S> <C> <C> <C>
SHORT-TERM INVESTMENTS (96.26%)
COMMERCIAL PAPER (14.49%)
NONDEPOSITORY INSTITUTIONS
American General Finance Corp., due 2/29/96....... 5.508% $ 120,000 $ 120,000
Deere (John) Capital Corp., due 3/06/96........... 5.327 100,000 100,000
General Electric Capital Corp., due 2/22/96....... 5.547 125,000 125,000
----------
Total Commercial Paper.............................. 345,000
UNITED STATES GOVERNMENT AGENCIES (81.77%)
Federal Home Loan Bank, due 2/13/96............... 5.534 150,000 149,728
Federal Home Loan Mortgage Corp., due 2/05/96..... 5.674 500,000 499,689
Federal National Mortgage Assoc., due 2/09/96..... 5.622 500,000 499,385
Federal National Mortgage Assoc., due 2/13/96..... 5.475 450,000 449,191
Federal National Mortgage Assoc., due 2/14/96..... 5.482 200,000 199,610
Federal National Mortgage Assoc., due 2/22/96..... 5.426 150,000 149,533
----------
Total United States Government Agencies............. 1,947,136
----------
Total Investments (96.26%)............................ 2,292,136
OTHER ASSETS LESS LIABILITIES (3.74%)
Cash, receivables and prepaid expense, less
liabilities........................................ 89,086
----------
Total Net Assets (100.00%)............................ $2,381,222
----------
----------
</TABLE>
SEE ACCOMPANYING NOTES.
25
<PAGE>
FBL SERIES FUND, INC.
SCHEDULE OF INVESTMENTS
BLUE CHIP PORTFOLIO
JANUARY 31, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES
HELD VALUE
----------- -----------
<S> <C> <C>
COMMON STOCKS (91.29%)
CHEMICALS AND ALLIED PRODUCTS (17.77%)
Bristol-Myers Squibb Co......................................... 2,507 $ 221,870
DuPont (EI) de Nemours & Co..................................... 3,420 262,913
Eastman Chemical Co............................................. 1,813 119,885
Johnson & Johnson............................................... 3,797 364,512
Merck & Co., Inc................................................ 4,732 332,423
Praxair, Inc.................................................... 7,901 268,634
Procter & Gamble Co............................................. 3,186 267,226
Union Carbide Corp.............................................. 7,148 301,109
-----------
2,138,572
COMMUNICATIONS (6.54%)
American Telephone & Telegraph Co............................... 3,693 246,969
Bell Atlantic Corp.............................................. 3,222 221,915
Capital Cities/ABC, Inc......................................... 2,476 318,476
-----------
787,360
DEPOSITORY INSTITUTIONS (1.84%)
Morgan JP & Co., Inc............................................ 2,719 220,919
EATING AND DRINKING PLACES (3.01%)
McDonald's Corp................................................. 7,204 362,001
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT (2.41%)
General Electric Co............................................. 3,782 290,268
FOOD AND KINDRED PRODUCTS (7.88%)
Coca-Cola Co. (The)............................................. 5,107 384,940
PepsiCo, Inc.................................................... 4,995 297,827
Philip Morris Companies, Inc.................................... 2,851 265,143
-----------
947,910
GENERAL MERCHANDISE STORES (3.40%)
Sears, Roebuck & Co............................................. 4,108 170,482
Wal-Mart Stores, Inc............................................ 8,084 164,711
Woolworth (F.W.) Co. Ltd........................................ 6,592(1) 74,160
-----------
409,353
</TABLE>
26
<PAGE>
FBL SERIES FUND, INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
BLUE CHIP PORTFOLIO
<TABLE>
<CAPTION>
SHARES
HELD VALUE
----------- -----------
<S> <C> <C>
INDUSTRIAL MACHINERY AND EQUIPMENT (4.32%)
Caterpillar, Inc................................................ 5,046 $ 324,836
International Business Machines Corp............................ 1,798 195,532
-----------
520,368
INSTRUMENTS AND RELATED PRODUCTS (2.17%)
Eastman Kodak Co................................................ 3,554 260,775
INSURANCE CARRIERS (4.37%)
Allstate Corp................................................... 3,807 166,080
American International Group, Inc............................... 3,718 360,181
-----------
526,261
MOTION PICTURES (2.37%)
Disney (Walt) Co................................................ 4,435 284,949
NONDEPOSITORY INSTITUTIONS (1.14%)
Dean Witter, Discover & Co...................................... 2,524 136,612
PAPER AND ALLIED PRODUCTS (3.53%)
International Paper Co.......................................... 5,222 213,449
Minnesota Mining & Manufacturing Co............................. 3,282 211,689
-----------
425,138
PETROLEUM AND COAL PRODUCTS (10.04%)
Amoco Corp...................................................... 2,855 200,921
Chevron Corp.................................................... 3,949 204,854
Exxon Corp...................................................... 2,836 227,589
Mobil Corp...................................................... 2,208 244,536
Texaco, Inc..................................................... 2,550 206,231
USX Corp. -- Marathon Group..................................... 6,631 124,331
-----------
1,208,462
PRIMARY METAL INDUSTRIES (3.23%)
Aluminum Company of America..................................... 4,377 242,924
Bethlehem Steel Corp............................................ 9,623(1) 145,548
-----------
388,472
RUBBER AND MISCELLANEOUS PLASTICS PRODUCTS (3.09%)
Goodyear Tire & Rubber Co....................................... 7,756 371,319
SECURITY AND COMMODITY BROKERS (2.62%)
American Express Co............................................. 5,173 237,958
Lehman Brothers Holding, Inc.................................... 3,003 76,952
-----------
314,910
</TABLE>
27
<PAGE>
FBL SERIES FUND, INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
BLUE CHIP PORTFOLIO
<TABLE>
<CAPTION>
SHARES
HELD VALUE
----------- -----------
<S> <C> <C>
TRANSPORTATION EQUIPMENT (10.23%)
Allied-Signal, Inc.............................................. 6,940 $ 346,132
Boeing Co. (The)................................................ 3,056 237,222
Ford Motor Co................................................... 6,753 200,058
General Motors Corp............................................. 3,386 178,188
United Technologies Corp........................................ 2,626 269,493
-----------
1,231,093
WHOLESALE TRADE -- DURABLE GOODS (1.33%)
Westinghouse Electric Co........................................ 7,673 160,174
-----------
Total Common Stocks............................................... 10,984,916
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
-----------
<S> <C> <C>
SHORT-TERM INVESTMENTS (6.23%)
UNITED STATES GOVERNMENT AGENCY (2.08%)
Federal Farm Credit Bank, due 2/02/96........................... 250,000 249,962
COMMERCIAL PAPER (4.15%)
Ford Motor Credit Corp., 5.48%, due 2/15/96..................... 500,000 500,000
-----------
Total Short-Term Investments...................................... 749,962
-----------
Total Investments (97.52%)........................................ 11,734,878
OTHER ASSETS LESS LIABILITIES (2.48%)
Cash, receivables and prepaid expense, less liabilities......... 298,297
-----------
Total Net Assets (100.00%)........................................ $12,033,175
-----------
-----------
</TABLE>
(1)
Non-income producing security.
SEE ACCOMPANYING NOTES.
28
<PAGE>
FBL SERIES FUND, INC.
NOTES TO FINANCIAL STATEMENTS
JANUARY 31, 1996
(UNAUDITED)
1. SIGNIFICANT ACCOUNTING POLICIES
FBL Series Fund, Inc. (the "Fund") is registered under the Investment
Company Act of 1940, as amended, as an open-end, diversified management
investment company and operates in the mutual fund industry. The Fund consists
of six portfolios (known as the Growth Common Stock, High Grade Bond, High Yield
Bond, Managed, Money Market and Blue Chip Portfolios).
All portfolios, other than the Money Market Portfolio, value their common
stocks, corporate bonds, United States Treasury obligations and mortgage-backed
securities that are traded on any national exchange at the last sale price on
the day of valuation or, lacking any sales, at the mean between the closing bid
and asked prices. Investments traded in the over-the-counter market are valued
at the mean between the bid and asked prices or yield equivalent as obtained
from one or more dealers that make markets in the securities. Investments for
which market quotations are not readily available are valued at fair value as
determined in good faith by the Board of Directors. Short-term investments
(including repurchase agreements) are valued at market value, except that
obligations maturing in 60 days or less are valued using the amortized cost
method of valuation described below with respect to the Money Market Portfolio,
which approximates market.
The Money Market Portfolio values investments at amortized cost, which
approximates market. Under the amortized cost method, a security is valued at
its cost on the date of purchase and thereafter is adjusted to reflect a
constant amortization to maturity of the difference between the principal amount
due at maturity and the cost of the investment to the portfolio.
The value of the underlying securities serving to collateralize repurchase
agreements is marked to market daily. Should the value of the underlying
securities decline, the seller would be required to provide the applicable
portfolio with additional securities so that the aggregate value of the
underlying securities was at least equal to the repurchase price. If a seller of
a repurchase agreement were to default, the affected portfolio might experience
losses in enforcing its rights. To minimize this risk, the investment adviser
(under the supervision of the Board of Directors) will monitor the
creditworthiness of the seller of the repurchase agreement and must find such
creditworthiness satisfactory before a portfolio may enter into the repurchase
agreement.
The Fund records investment transactions generally one day after the trade
date. The identified cost basis has been used in determining the net realized
gain or loss from investment transactions and unrealized appreciation or
depreciation on investments. Dividends are taken into income on an accrual basis
as of the ex-dividend date and interest is recognized on an accrual basis.
Discounts and premiums on investments purchased are amortized over the life of
the respective investments.
Dividends and distributions to shareholders are recorded on the record date.
2. FEDERAL INCOME TAXES
No provision for federal income taxes is considered necessary because the
Fund is qualified as a "regulated investment company" under the Internal Revenue
Code and intends to distribute each year substantially all of its net investment
income and realized capital gains to shareholders. The cost of investments is
the same for both federal income tax and financial reporting purposes.
29
<PAGE>
FBL SERIES FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
2. FEDERAL INCOME TAXES (CONTINUED)
At July 31, 1995, the High Grade Bond, High Yield Bond, Managed and Blue
Chip Portfolios had net capital loss carryforwards of approximately $39,000,
$7,000, $161,000 and $4,000, respectively, which will expire in 1999 and 2003.
3. MANAGEMENT CONTRACT AND TRANSACTIONS WITH AFFILIATES
The Fund has entered into agreements with FBL Investment Advisory Services,
Inc. ("FBL Investment") relating to the management of the portfolios and the
investment of their assets. Pursuant to these agreements, fees paid to FBL
Investment are as follows: (1) annual investment advisory and management fees,
which are based on each portfolio's daily net assets as follows: Growth Common
Stock Portfolio -- 0.50%; High Grade Bond Portfolio -- 0.40%; High Yield Bond
Portfolio -- 0.55%; Managed Portfolio -- 0.60%; Money Market Portfolio -- 0.40%
and Blue Chip Portfolio -- 0.25%; (2) distribution fees, which are computed at
an annual rate of 0.50% of each portfolio's average daily net asset value and,
in part, are subsequently remitted by FBL Investment to retail dealers including
FBL Marketing Services, Inc. ("FBL Marketing"), an affiliate who serves as
principal dealer; (3) administrative service fees, which are computed at an
annual rate of 0.25% of each portfolio's average daily net asset value; (4)
shareholder service, transfer and dividend disbursing agent fees, which are
based on direct services provided and expenses incurred by the investment
adviser, plus an annual per account charge ranging from $7.00 to $9.00; and (5)
accounting fees, which are based on each portfolio's daily net assets at an
annual rate of 0.05%, with a maximum per portfolio annual expense of $30,000.
FBL Investment has agreed to reimburse the portfolios annually for total
expenses (excluding brokerage, interest, taxes, the distribution fee and
extraordinary expenses) in excess of 1.50% of each portfolio's average daily net
assets. The amount reimbursed, however, shall not exceed the amount of the
investment advisory and management fees paid by the portfolio for such period.
Certain officers and directors of the Fund are also officers of Farm Bureau
Life Insurance Company, FBL Investment, FBL Marketing and other affiliated
entities. At January 31, 1996, Farm Bureau Life Insurance Company, the indirect
parent of FBL Investment and FBL Marketing, owned shares of the Fund's
portfolios as follows:
<TABLE>
<CAPTION>
PORTFOLIO SHARES
- --------------------------------------------------------- ---------
<S> <C>
High Yield Bond.......................................... 75,129
Money Market............................................. 1,910,602
</TABLE>
FBL Investment also owned 69,178 shares of the Growth Common Stock Portfolio
at January 31, 1996.
30
<PAGE>
FBL SERIES FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
4. CAPITAL SHARE TRANSACTIONS
Net assets as of January 31, 1996 consisted of:
<TABLE>
<CAPTION>
PORTFOLIO
-------------------------------------------------------------------------
GROWTH HIGH
COMMON HIGH GRADE YIELD MONEY BLUE
STOCK BOND BOND MANAGED MARKET CHIP
----------- ---------- ---------- ----------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C>
Capital Stock (5,000,000,000 shares of $.001
par value Capital Stock authorized).......... $ 5,700 $ 848 $ 644 $ 1,882 $ 2,381 $ 466
Additional paid-in capital.................... 70,623,329 8,524,504 6,471,334 22,073,793 2,378,841 7,286,470
Accumulated undistributed net
investment income............................ (191,909) 32,094 (552)
Accumulated undistributed net realized gain
(loss) from investment transactions.......... 2,823,163 (44,112) 32,107 485,141 (4,384)
Net unrealized appreciation (depreciation) of
investments.................................. 7,617,086 304,844 (52,135) 1,842,107 4,751,175
----------- ---------- ---------- ----------- ---------- -----------
Net Assets.................................... $80,877,369 $8,786,084 $6,451,950 $24,435,017 $2,381,222 $12,033,175
----------- ---------- ---------- ----------- ---------- -----------
----------- ---------- ---------- ----------- ---------- -----------
</TABLE>
Transactions in Capital Stock for each portfolio were as follows:
<TABLE>
<CAPTION>
SHARES ISSUED IN
REINVESTMENT OF
DIVIDENDS AND NET INCREASE
SHARES SOLD DISTRIBUTIONS SHARES REDEEMED (DECREASE)
---------------------- --------------------- --------------------- ----------------------
PORTFOLIO SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT
- ----------------------------- --------- ----------- --------- ---------- --------- ---------- --------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Six Months Ended January 31,
1995:
Growth Common Stock.......... 252,256 $ 3,516,139 272,420 $3,830,226 266,123 $3,708,153 258,553 $ 3,638,212
High Grade Bond.............. 52,618 543,385 20,305 209,666 38,013 392,295 34,910 360,756
High Yield Bond.............. 46,434 463,425 18,337 182,755 87,661 875,794 (22,890) (229,614)
Managed...................... 130,893 1,665,570 39,175 498,704 69,182 879,531 100,886 1,284,743
Money Market................. 183,344 183,344 10,348 10,348 251,320 251,320 (57,628) (57,628)
Blue Chip.................... 60,945 1,461,885 3,471 85,480 21,269 513,135 43,147 1,034,230
Year Ended July 31, 1995:
Growth Common Stock.......... 456,086 $ 5,716,180 465,616 $5,401,147 399,968 $5,014,467 521,734 $ 6,102,860
High Grade Bond.............. 97,267 947,943 37,987 400,616 71,483 711,607 63,771 636,952
High Yield Bond.............. 85,943 872,956 35,880 351,724 97,585 990,492 24,238 234,188
Managed...................... 206,561 2,362,969 107,958 1,216,938 178,193 2,021,534 136,326 1,558,373
Money Market................. 194,697 194,697 19,711 19,711 402,160 402,160 (187,752) (187,752)
Blue Chip.................... 91,343 1,825,635 2,799 52,645 31,209 621,430 62,933 1,256,850
</TABLE>
31
<PAGE>
FBL SERIES FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
5. INVESTMENT TRANSACTIONS
For the six months ended January 31, 1996, the cost of investment securities
purchased and proceeds from investment securities sold (not including short-term
investments and U.S. Government securities) by portfolio, were as follows:
<TABLE>
<CAPTION>
PORTFOLIO PURCHASES SALES
- ----------------------------------------------- ----------- -----------
<S> <C> <C>
Growth Common Stock............................ $29,412,927 $30,573,381
High Grade Bond................................ 959,078 873,429
High Yield Bond................................ 1,080,169 1,392,168
Managed........................................ 2,840,462 7,994,426
Blue Chip...................................... 678,888 0
</TABLE>
At January 31, 1996, net unrealized appreciation of investments by portfolio
was composed of the following:
<TABLE>
<CAPTION>
NET UNREALIZED
GROSS UNREALIZED APPRECIATION
---------------------------- (DEPRECIATION)
PORTFOLIO APPRECIATION DEPRECIATION OF INVESTMENTS
- -------------------------------------- ------------- ------------- ---------------
<S> <C> <C> <C>
Growth Common Stock................... $ 8,952,268 $ 1,335,182 $ 7,617,086
High Grade Bond....................... 319,413 14,569 304,844
High Yield Bond....................... 187,851 239,986 (52,135)
Managed............................... 2,026,525 184,418 1,842,107
Blue Chip............................. 4,842,140 90,965 4,751,175
</TABLE>
6. DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Dividends from net investment income for the following portfolios are
declared daily and were payable on the last business day of the month as
follows:
<TABLE>
<CAPTION>
HIGH HIGH
GRADE YIELD MONEY
PAYABLE DATE BOND BOND MARKET
- ---------------------------------------------------------- --------- --------- -----------
<S> <C> <C> <C>
August 31, 1995........................................... $ .0549 $ .0631 $ .0032
September 29, 1995........................................ .0530 .0611 .0030
October 31, 1995.......................................... .0561 .0639 .0032
November 30, 1995......................................... .0557 .0636 .0031
December 29, 1995......................................... .0525 .0613 .0032
January 31, 1996.......................................... .0551 .0660 .0033
--------- --------- -----------
Total Dividends Per Share................................. $ .3273 $ .3790 $ .0190
--------- --------- -----------
--------- --------- -----------
</TABLE>
32
<PAGE>
FBL SERIES FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
6. DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS (CONTINUED)
In addition, dividends and distributions to shareholders from net investment
income and net realized gain on investment transactions were paid during the six
months ended January 31, 1996, for the following portfolios:
<TABLE>
<CAPTION>
ORDINARY INCOME DIVIDENDS: DIVIDEND PERCENT QUALIFYING
DECLARATION RECORD PAYABLE AMOUNT PER FOR DEDUCTION BY
PORTFOLIO DATE DATE DATE SHARE CORPORATIONS
- -------------------------------- ----------- --------- --------- ----------- -------------------
<S> <C> <C> <C> <C> <C>
Growth Common Stock............. 12/21/95 12/28/95 12/28/95 $ 0.4585 73%
Managed......................... 10/29/95 10/31/95 11/07/95 0.0825 57
Managed......................... 12/21/95 12/28/95 12/28/95 0.1196 56
Blue Chip....................... 12/21/95 12/28/95 12/28/95 0.1950 82
</TABLE>
<TABLE>
<CAPTION>
CAPITAL GAINS DISTRIBUTIONS: DIVIDEND
DECLARATION RECORD PAYABLE AMOUNT PER
PORTFOLIO DATE DATE DATE SHARE
- -------------------------------------------- ----------- --------- --------- -------------
<S> <C> <C> <C> <C>
Growth Common Stock......................... 12/21/95 12/28/95 12/28/95 $ 0.2700
High Yield Bond............................. 12/21/95 12/28/95 12/28/95 0.0325
Managed..................................... 12/21/95 12/28/95 12/28/95 0.1029
</TABLE>
The capital gains distributions related to the Growth Common Stock, High
Yield Bond and Managed Portfolios include net short-term realized gains of
$1,152,619 ($0.2140 per share), $21,546 ($0.0325 per share) and $188,116
($0.1029 per share), respectively, that are taxable to shareholders as ordinary
income dividends.
33
<PAGE>
FBL SERIES FUND, INC.
FINANCIAL HIGHLIGHTS
PERIOD ENDED JANUARY 31, 1996 (UNAUDITED) AND YEARS ENDED JULY 31, 1995, 1994,
1993, 1992 AND 1991
<TABLE>
<CAPTION>
GROWTH
COMMON STOCK
PORTFOLIO
-------------------------------------------------------------------------------
1996 1995 1994 1993 1992 1991
-------------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period......... $ 13.04 $ 13.07 $ 15.13 $ 12.48 $ 11.64 $ 11.02
Income From Investment Operations
Net investment income.................... 0.15 0.43 0.60 0.51 0.48 0.58
Net gains or losses on securities (both
realized and unrealized)................ 1.73 0.65 (0.49) 2.75 0.93 0.65
------- ----------- ----------- ----------- ----------- -----------
Total from investment operations........... 1.88 1.08 0.11 3.26 1.41 1.23
------- ----------- ----------- ----------- ----------- -----------
Less Distributions
Dividends (from net investment income)... (0.46) (0.39) (0.60) (0.48) (0.57) (0.61)
Distributions (from capital gains)....... (0.27) (0.72) (1.57) (0.13)
Distributions in excess of net realized
gains...................................
------- ----------- ----------- ----------- ----------- -----------
Total distributions........................ (0.73) (1.11) (2.17) (0.61) (0.57) (0.61)
------- ----------- ----------- ----------- ----------- -----------
Net asset value, end of period............... $ 14.19 $ 13.04 $ 13.07 $ 15.13 $ 12.48 $ 11.64
------- ----------- ----------- ----------- ----------- -----------
------- ----------- ----------- ----------- ----------- -----------
Total Return:
Total investment return based on net asset
value (1)................................. 31.00%(2) 9.36% 0.34% 27.25% 12.51% 11.67%
Ratios/Supplemental Data:
Net assets, end of period ($000's
omitted).................................. 80,877 70,947 64,315 51,732 39,418 36,193
Ratio of net expenses to average net
assets.................................... 1.60%(2) 1.62% 1.60% 1.61% 1.69% 1.59%
Ratio of net income to average net
assets.................................... 2.14%(2) 3.43% 4.05% 3.80% 3.99% 5.19%
Portfolio turnover rate.................... 43%(2) 85% 93% 92% 87% 59%
Information assuming no voluntary reimburse-
ment by FBL Investment of excess operating
expenses (see NOTE 3):
Per share net investment income............
Ratio of expenses to average net assets....
Amount reimbursed..........................
</TABLE>
Note: Per share amounts have been calculated on the basis of monthly per share
amounts (using average monthly outstanding shares) accumulated for the period.
(1) Total investment return is calculated assuming an initial investment made at
the net asset value at the beginning of the period, reinvestment of all
dividends and distributions at net asset value during the period, and
redemption on the last day of the period. Contingent deferred sales charge
is not reflected in the calculation of total investment return.
(2) Computed on an annualized basis.
SEE ACCOMPANYING NOTES.
34
<PAGE>
<TABLE>
<CAPTION>
HIGH HIGH
GRADE BOND YIELD BOND
PORTFOLIO PORTFOLIO
- ------------------------------------------------------- ---------------------------------------------------------
1996 1995 1994 1993 1992 1991 1996 1995 1994 1993 1992 1991
- ---------- ------- ------- ------- ------- ------- ---------- -------- -------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
$10.26 $10.13 $10.69 $10.68 $10.15 $ 9.95 $10.03 $ 10.00 $ 10.76 $10.47 $ 9.82 $ 9.62
0.33 0.63 0.64 0.70 0.73 0.78 0.38 0.78 0.81 0.83 0.90 0.95
0.10 0.16 (0.40) 0.13 0.62 0.20 0.02 0.13 (0.60) 0.46 0.65 0.19
- ---------- ------- ------- ------- ------- ------- ---------- -------- -------- ------- ------- -------
0.43 0.79 0.24 0.83 1.35 0.98 0.40 0.91 0.21 1.29 1.55 1.14
- ---------- ------- ------- ------- ------- ------- ---------- -------- -------- ------- ------- -------
(0.33) (0.63) (0.64) (0.70) (0.73) (0.78) (0.38) (0.78) (0.81) (0.83) (0.90) (0.94)
(0.16) (0.12) (0.09) (0.03) (0.09) (0.16) (0.17)
(0.03) (0.01)
- ---------- ------- ------- ------- ------- ------- ---------- -------- -------- ------- ------- -------
(0.33) (0.66) (0.80) (0.82) (0.82) (0.78) (0.41) (0.88) (0.97) (1.00) (0.90) (0.94)
- ---------- ------- ------- ------- ------- ------- ---------- -------- -------- ------- ------- -------
$10.36 $10.26 $10.13 $10.69 $10.68 $10.15 $10.02 $ 10.03 $ 10.00 $10.76 $10.47 $ 9.82
- ---------- ------- ------- ------- ------- ------- ---------- -------- -------- ------- ------- -------
- ---------- ------- ------- ------- ------- ------- ---------- -------- -------- ------- ------- -------
8.61%(2) 8.23% 1.77% 8.10% 13.71% 10.29% 8.40%(2) 9.71% 1.88% 12.95% 16.44% 12.83%
8,786 8,345 7,596 8,047 7,676 4,276 6,452 6,691 6,425 5,758 4,835 4,029
1.85%(2) 1.99% 1.90% 1.79% 1.88% 1.62% 2.00%(2) 2.00% 2.00% 2.00% 1.98% 1.77%
6.27%(2) 6.29% 6.12% 6.59% 6.94% 7.78% 7.57%(2) 7.83% 7.68% 7.84% 8.79% 9.98%
11%(2) 18% 42% 54% 45% 40% 18%(2) 23% 26% 56% 56% 78%
$ 0.37 $ 0.75 $ 0.79 $ 0.82
2.23% 2.29% 2.17% 2.05%
$7,666 $18,810 $10,754 $3,147
</TABLE>
35
<PAGE>
FBL SERIES FUND, INC.
FINANCIAL HIGHLIGHTS (CONTINUED)
<TABLE>
<CAPTION>
MANAGED
PORTFOLIO
-------------------------------------------------------------------------------
1996 1995 1994 1993 1992 1991
-------------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period......... $ 11.85 $ 11.62 $ 12.51 $ 10.77 $ 9.95 $ 9.92
Income From Investment Operations
Net investment income.................... 0.22 0.56 0.55 0.54 0.61 0.66
Net gains or losses on securities (both
realized and unrealized)................ 1.22 0.47 (0.62) 1.87 0.82 0.03
------- ----------- ----------- ----------- ----------- -----------
Total from investment operations........... 1.44 1.03 (0.07) 2.41 1.43 0.69
------- ----------- ----------- ----------- ----------- -----------
Less Distributions
Dividends (from net investment income)... (0.20) (0.56) (0.50) (0.52) (0.61) (0.66)
Distributions (from capital gains)....... (0.10) (0.14) (0.32) (0.15)
Distributions in excess of net realized
gains................................... (0.10)
------- ----------- ----------- ----------- ----------- -----------
Total distributions........................ (0.30) (0.80) (0.82) (0.67) (0.61) (0.66)
------- ----------- ----------- ----------- ----------- -----------
Net asset value, end of period............... $ 12.99 $ 11.85 $ 11.62 $ 12.51 $ 10.77 $ 9.95
------- ----------- ----------- ----------- ----------- -----------
------- ----------- ----------- ----------- ----------- -----------
Total Return:
Total investment return based on net asset
value (1)................................. 26.02%(2) 9.40% -0.61% 23.02% 14.79% 7.05%
Ratios/Supplemental Data:
Net assets, end of period ($000's
omitted).................................. 24,435 21,105 19,100 8,257 3,887 3,935
Ratio of net expenses to average net
assets.................................... 1.87%(2) 1.94% 1.96% 1.96% 2.07% 1.84%
Ratio of net income to average net
assets.................................... 3.45%(2) 4.86% 4.42% 4.54% 5.93% 6.51%
Portfolio turnover rate.................... 17%(2) 69% 29% 52% 77% 31%
Information assuming no voluntary reimburse-
ment by FBL Investment of excess operating
expenses (see NOTE 3):
Per share net investment income............ $ 0.53
Ratio of expenses to average net assets.... 2.02%
Amount reimbursed.......................... $ 3,497
</TABLE>
36
<PAGE>
<TABLE>
<CAPTION>
MONEY MARKET BLUE CHIP
PORTFOLIO PORTFOLIO
- ------------------------------------------------------ --------------------------------------------------
1996 1995 1994 1993 1992 1991 1996 1995 1994 1993 1992 1991
- ---------- ------- ------ ------- ------- ------- ---------- ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
$ 1.00 $ 1.00 $1.00 $ 1.00 $ 1.00 $ 1.00 $22.85 $18.75 $17.69 $16.78 $15.38 $15.61
0.02 0.04 0.02 0.01 0.03 0.05 0.10 0.19 0.14 0.13 0.17 0.30
3.08 4.05 1.06 0.90 1.47 0.77
- ---------- ------- ------ ------- ------- ------- ---------- ------ ------ ------ ------ ------
0.02 0.04 0.02 0.01 0.03 0.05 3.18 4.24 1.20 1.03 1.64 1.07
- ---------- ------- ------ ------- ------- ------- ---------- ------ ------ ------ ------ ------
(0.02) (0.04) (0.02) (0.01) (0.03) (0.05) (0.19) (0.14) (0.14) (0.12) (0.24) (0.31)
(0.99)
- ---------- ------- ------ ------- ------- ------- ---------- ------ ------ ------ ------ ------
(0.02) (0.04) (0.02) (0.01) (0.03) (0.05) (0.19) (0.14) (0.14) (0.12) (0.24) (1.30)
- ---------- ------- ------ ------- ------- ------- ---------- ------ ------ ------ ------ ------
$ 1.00 $ 1.00 $1.00 $ 1.00 $ 1.00 $ 1.00 $25.84 $22.85 $18.75 $17.69 $16.78 $15.38
- ---------- ------- ------ ------- ------- ------- ---------- ------ ------ ------ ------ ------
- ---------- ------- ------ ------- ------- ------- ---------- ------ ------ ------ ------ ------
3.90%(2) 3.60% 1.47% 1.33% 2.82% 5.52% 29.92%(2) 22.77% 6.75% 6.21% 10.77% 8.36%
2,381 2,439 2,627 2,555 2,861 3,672 12,033 9,657 6,745 5,415 4,405 3,883
2.00%(2) 2.00% 1.93% 1.94% 2.00% 1.70% 1.68%(2) 1.78% 1.83% 1.90% 1.92% 1.63%
3.82%(2) 3.51% 1.45% 1.33% 2.83% 5.42% 0.85%(2) 0.92% 0.75% 0.73% 1.09% 2.06%
0%(2) 0% 0% 0% 0% 0% 0%(2) 1% 1% 0% 0% 5%
$ 0.02 $ 0.03
2.37% 2.20%
$4,649 $4,948
</TABLE>
37
