WRL SERIES FUND INC
497, 1996-09-10
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                              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.



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