WRL SERIES FUND, INC.
EQUITY-INCOME PORTFOLIO
SUPPLEMENT DATED SEPTEMBER 9, 1996 TO PROSPECTUS DATED MAY 1, 1996
THE FIRST PARAGRAPH ON PAGE 1 UNDER THE HEADING "INVESTMENT OBJECTIVE OF
THE PORTFOLIO" IS REVISED TO READ AS FOLLOWS:
The investment objective of the Equity-Income Portfolio (the
"Portfolio") is to provide current income, long-term growth of income
and capital appreciation. The Portfolio seeks to achieve its objective
by investing primarily in a blend of equity and fixed-income
securities, including common stocks, income producing securities
convertible into common stock and fixed-income securities. The
Portfolio will primarily invest in equity and debt securities of
companies with established operating histories and strong fundamental
characteristics. The Portfolio seeks to achieve an income yield in
excess of the dividend income yield of the Standard & Poor's Index of
500 Common Stocks primarily by utilizing both equity and fixed-income
securities.
THE FIRST PARAGRAPH ON PAGE 1 UNDER THE HEADING "PORTFOLIO POLICIES AND
TECHNIQUES" IS REVISED TO READ AS FOLLOWS:
In selecting equity and fixed-income securities for the Portfolio, the
Sub-Adviser typically seeks companies which exhibit strong fundamental
characteristics and considers fundamental factors such as balance sheet
quality, cash flow generation, earnings and dividend growth record and
outlook, and profitability levels. The Sub-Adviser presently intends to
consider these and other fundamental characteristics in determining
attractive investment opportunities in equity and fixed- income
investment securities. However, the Sub-Adviser may select securities
based on factors other than those described above. For example, some
securities may be purchased at an apparent discount to their
appropriate value, anticipating that they will increase to that value
over time.
THE FOLLOWING MODIFIES THE FIRST PARAGRAPH ON PAGE 1 UNDER THE HEADING
"TYPES OF SECURITIES AND RISK FACTORS":
The following replaces the first sentence:
The Portfolio seeks to invest its assets primarily in a blend of income
producing common or preferred stock, debt obligations, some of which
will typically be convertible into common stock, and other fixed-income
securities.