SUPPLEMENT DATED JANUARY 17, 1997
TO PROSPECTUS
DATED DECEMBER 1, 1996
for
FBL SERIES FUND, INC.
At page 2, under the caption "Investment Adviser and
Distributor" in the "Summary" section, the second sentence
describing the maximum annual management fee rate is replaced
with
the following:
The maximum annual fee rate is .25% of average daily net
assets for the Blue Chip and Money Market Portfolios,
.40% of average daily net assets for the High Grade Bond
Portfolio, .50% of average daily net assets for the Value
Growth Portfolio, .55% of average daily net assets for
the High Yield Bond Portfolio and .60% of average daily
net assets for the Managed Portfolio.
At page 3, under the heading "Annual Fund Operating Expenses
(As a percentage of net assets)" in the "Summary of Expenses"
section, the tables are replaced with the following:
High High
Value Grade Yield
Growth Bond Bond
Management Fees 0.50% 0.40% 0.55%
12b-1 Fees 0.50 0.50 0.50
Other Expenses 0.62 0.95 0.95
Total Fund Operating
Expenses 1.62% 1.85% 2.00%
Money Blue
Managed Market Chip
Management Fees 0.60% 0.25%(1) 0.25%
12b-1 Fees 0.50 0.50 0.50
Other Expenses 0.81 1.10 1.04
Total Fund Operating
Expenses 1.91% 1.85% 1.79%
(1) Total operating expenses for the Money Market
Portfolio were 2.00% for the fiscal year ended July 31,
1996. The figures have been restated for the reduction
in management fees from 0.40% to 0.25% effective December
1, 1996.
At page 30, the table below the second paragraph is replaced
with the following:
Average Daily Net Assets
First Second Third
$200 $200 $200
Portfolio Million Million Million
Value Growth 0.50% 0.45% 0.40%
High Grade Bond 0.40% 0.35% 0.30%
High Yield Bond 0.55% 0.50% 0.45%
Managed 0.60% 0.55% 0.50%
Money Market 0.25% 0.25% 0.25%
Blue Chip 0.25% 0.25% 0.25%
