<PAGE>
SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of
the Securities Exchange Act of 1934 (Amendment No. )
Filed by the Registrant /X/
Filed by a Party other than the Registrant / /
Check the appropriate box:
/ / Preliminary Proxy Statement
/X/ Definitive Proxy Statement
/ / Definitive Additional Materials
/ / Soliciting Material Pursuant to Rule 14a-11(c) or Rule 14a-12
FBL VARIABLE INSURANCE SERIES FUND (FILE NO. 33-12791)
- --------------------------------------------------------------------------------
(Name of Registrant as Specified In Its Charter)
BOARD OF TRUSTEES OF REGISTRANT
- --------------------------------------------------------------------------------
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
Payment of Filing Fee (Check the appropriate box):
/ / $125 per Exchange Act Rules 0-11(c)(1)(ii), 14a-6(i)(1), 14a-6(i)(2) or
Item 22(a)(2) of Schedule 14A.
/ / $500 per each party to the controversy pursuant to Exchange Act Rule
14a-6(i)(3).
/ / Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11.
1) Title of each class of securities to which transaction applies:
------------------------------------------------------------------------
2) Aggregate number of securities to which transaction applies:
------------------------------------------------------------------------
3) Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule 0-11:*
------------------------------------------------------------------------
4) Proposed maximum aggregate value of transaction:
------------------------------------------------------------------------
/ / Fee paid previously with preliminary materials.
/ / Check box if any part of the fee is offset as provided by Exchange Act Rule
0-11(a)(2) and identify the filing for which the offsetting fee was paid
previously. Identify the previous filing by registration statement number,
or the Form or Schedule and the date of its filing.
1) Amount Previously Paid:
------------------------------------------------------------------------
2) Form, Schedule or Registration Statement No.:
------------------------------------------------------------------------
3) Filing Party:
------------------------------------------------------------------------
4) Date Filed:
------------------------------------------------------------------------
*Set forth the amount on which the filing fee is calculated and state how it was
determined.
<PAGE>
September 25, 1996
To Our Variable Life Insurance Policyowners and Variable Annuity Contract
Holders:
A meeting of the shareholders of FBL Variable Insurance Series Fund (the
"Fund") will be held on Thursday, November 7, 1996 at 9:30 a.m. CST at 5400
University Avenue, West Des Moines, Iowa. This meeting has been called to
consider and vote upon the election of trustees and other matters that are
important to you as a policyowner. You are cordially invited to attend the
meeting of the Fund.
Farm Bureau Life Insurance Company ("Farm Bureau") is the sole shareholder
of the Fund, but some of the shares are held on behalf of one or more separate
accounts supporting your Farm Bureau Flexible Premium Variable Life Insurance
policy and/or Flexible Premium Deferred Variable Annuity contract ("variable
policy"). As a policy owner of record as of September 5, 1996, you have the
right to instruct us, Farm Bureau, as to how we should vote the Fund shares
attributable to your variable policy.
The Fund's board of trustees agrees with Fund management that, for the
Growth Common Stock Portfolio, its name should be changed and its investment
objectives should be restated. The Fund's board has voted to change the name of
this Portfolio to "Value Growth Portfolio." The investment objective of
long-term capital appreciation is to be retained and, subject to shareholder
approval, the secondary objective of providing current income will be
eliminated, and the Portfolio's fundamental investment policies for pursuing its
investment objective of long-term capital appreciation will be amended.
The election of trustees and the retention of Ernst & Young LLP as auditors
are to be voted upon by all shareholders of the Fund. In addition, shareholders
of the Growth Common Stock, Managed, High Grade Bond and High Yield Bond
Portfolios are being asked to approve amendments to their fundamental policies
as described in the accompanying proxy statement. THE TRUSTEES HAVE UNANIMOUSLY
APPROVED ALL PROPOSALS THAT THE SHAREHOLDERS ARE BEING ASKED TO VOTE UPON.
To assist you in giving us your instructions, we have enclosed a "Voting
Instructions" form. Copies of the Fund's Notice to Shareholders and Proxy
Statement are also included. If you do not return the form, we will vote the
shares of each Portfolio attributable to your policy in the same proportion as
the shares of that Portfolio for which we have received instructions. YOUR
INSTRUCTIONS ARE IMPORTANT. You are urged to complete, date and sign the
enclosed "Voting Instruction" form and return it in the enclosed postage-paid
envelope as soon as possible. This will help save the expense of a second
mailing of these materials to policyowners.
Sincerely,
Edward M. Wiederstein
PRESIDENT
<PAGE>
FBL VARIABLE INSURANCE SERIES FUND
5400 UNIVERSITY AVENUE
WEST DES MOINES, IOWA 50266
TELEPHONE (515)225-5586
(800)247-4170
NOTICE OF FBL VARIABLE INSURANCE SERIES FUND
SPECIAL MEETING OF SHAREHOLDERS
NOVEMBER 7, 1996
TO PERSONS ENTITLED TO GIVE VOTING
INSTRUCTIONS IN CONNECTION WITH
FARM BUREAU LIFE VARIABLE ACCOUNT
FLEXIBLE PREMIUM VARIABLE LIFE INSURANCE POLICIES
AND
FARM BUREAU LIFE ANNUITY ACCOUNT
FLEXIBLE PREMIUM DEFERRED VARIABLE ANNUITY CONTRACTS
September 25, 1996
Notice is hereby given that a Special Meeting of Shareholders of FBL
Variable Insurance Series Fund (the "Fund"), including each of the Fund's six
portfolios (Growth Common Stock Portfolio, High Grade Bond Portfolio, High Yield
Bond Portfolio, Managed Portfolio, Money Market Portfolio, and Blue Chip
Portfolio) (individually, a "Portfolio" and collectively, the "Portfolios"),
will be held at 5400 University Avenue, West Des Moines, Iowa on Thursday,
November 7, 1996, at 9:30 a.m., CST, for the following purposes:
1. To elect nine (9) trustees to serve for a term beginning November 7,
1996 to continue until their successors shall have been duly appointed or
elected.
2. For shareholders of the Growth Common Stock Portfolio only,
a. to approve eliminating the Portfolio's secondary investment
objective of current income, and
b. to approve amending the Portfolio's statement of fundamental
investment policies for pursuing its investment objective of long-term
capital appreciation.
3. For shareholders of the Growth Common Stock and Managed Portfolios
only, to approve an amendment to each Portfolio's fundamental investment
policy permitting investment of up to 25% of net assets in foreign debt
securities, as well as foreign equity securities, traded on U.S. exchanges
and payable in U.S. dollars.
4. For shareholders of the High Grade Bond and High Yield Bond
Portfolios only, to approve an amendment to each Portfolio's fundamental
investment policy permitting investment of up to 25% of net assets in
foreign debt securities traded on U.S. exchanges and payable in U.S.
dollars.
5. For shareholders of the Growth Common Stock, Managed, High Grade
Bond and High Yield Bond Portfolios only, to approve an amendment to each
Portfolio's fundamental investment policy reducing its "diversification"
requirement to 75% of the Portfolio's assets instead of the present 100%.
6. For shareholders of the Growth Common Stock, Managed, High Grade
Bond and High Yield Bond Portfolios only, to eliminate each Portfolio's
fundamental investment policy limiting investments in restricted and
illiquid securities (in favor of a non-fundamental policy on such
investments).
<PAGE>
7. To ratify the selection of Ernst & Young LLP as independent auditors
for the fiscal year ending December 31, 1996.
8. To transact such other business as may properly come before the
Special Meeting.
Shareholders of record of the Fund at the close of business on September 5,
1996 are entitled to notice of and to vote at the Special Meeting.
Farm Bureau Life Insurance Company is the only shareholder of the Fund.
However, Farm Bureau Life Insurance Company has agreed to vote the shares of the
Fund at this meeting in accordance with timely instructions received from owners
of variable policies funded through the separate accounts of Farm Bureau Life
Insurance Company that invest in the Fund. If you hold interests in more than
one Portfolio on the record date, you will receive separate voting instruction
forms for each Portfolio.
Edward M. Wiederstein
PRESIDENT
<PAGE>
FBL VARIABLE INSURANCE SERIES FUND
5400 UNIVERSITY AVENUE
WEST DES MOINES, IOWA 50266
TELEPHONE (515) 225-5586
(800) 247-4170
PROXY STATEMENT
AND VOTING INSTRUCTIONS
September 25, 1996
GENERAL INFORMATION
This Proxy Statement and Voting Instruction ("Proxy Statement") is furnished
in connection with the solicitation by the Board of Trustees of the Fund of
voting instructions ("proxies") to be voted at the Special Meeting of
Shareholders of the Fund to be held on November 7, 1996, and at any and all
adjournments thereof. The cost of preparing, printing and mailing the enclosed
proxy, accompanying notice and proxy statement, and all other costs in
connection with the solicitation of proxies, will be paid by Farm Bureau Life
Insurance Company. Additional solicitation may be made by letter, telephone or
facsimile by officers or employees of FBL Investment Advisory Services, Inc.,
the Fund's Investment Adviser and Distributor, which is located at 5400
University Avenue, West Des Moines, Iowa 50266 (the "Adviser").
The Fund will furnish, without charge, a copy of its December 31, 1995
annual report and June 30, 1996 semi-annual report upon request. Write to the
Fund at 5400 University Avenue, West Des Moines, Iowa 50266, or call
1-800-247-4170 (U.S. toll free), 1-800-422-3175 (Iowa toll free), or
1-515-225-5586.
On the matters as to which a choice has been specified by the persons
entitled to give instructions ("shareholders") on the proxy, the shares of the
Fund will be voted accordingly. If no choice is specified, the shares of each
Portfolio will be voted FOR the election of the nine nominees for trustee to be
elected by all shareholders as listed in this Proxy Statement and FOR
ratification of the selection of Ernst & Young LLP as the Fund's independent
auditors. If no choice is so specified, the shares of the Growth Common Stock
Portfolio will be voted FOR approval of the amendment to the Portfolio's
investment objectives to eliminate the secondary investment objective of current
income and FOR approval of the amendment to the Portfolio's fundamental
investment policies for pursuing its investment objective of long-term capital
appreciation; and the shares of the Growth Common Stock, Managed, High Grade
Bond and High Yield Bond Portfolios will be voted FOR approval of the amendments
to each Portfolio's fundamental policies as set forth in the notice of meeting
and more fully discussed in this Proxy Statement. Shareholders of any Portfolio
who give proxies may revoke them at any time before they are voted by filing
with the Fund a written notice of revocation, by delivering a duly executed
proxy bearing a later date, or by attending the Special Meeting and voting in
person.
1
<PAGE>
The following table indicates which shareholders are solicited with respect
to each matter:
<TABLE>
<CAPTION>
PORTFOLIO
---------------------------------------------------------------------
GROWTH HIGH GRADE HIGH YIELD MONEY
MATTER COMMON STOCK BOND BOND MANAGED MARKET BLUE CHIP
- ---------------------------------------- ------------ ---------- ---------- ------- ------ ---------
<S> <C> <C> <C> <C> <C> <C>
Election of trustees X X X X X X
Approval of amendments:
(a) to the Portfolio's investment X
objective to eliminate the secondary
investment objective of current
income, and
(b) to the fundamental investment X
policies for pursuing the
Portfolio's investment objective of
long-term capital appreciation
Approval of an amendment to the X X
Portfolio's fundamental investment
policy permitting investment of up to
25% of net assets in foreign equity or
debt securities traded on U.S.
exchanges and payable in U.S. dollars
Approval of an amendment to the X X
Portfolio's fundamental investment
policy permitting investment of up to
25% of net assets in foreign debt
securities traded on U.S. exchanges and
payable in U.S. dollars
Approval of an amendment to the X X X X
Portfolio's fundamental investment
policy reducing its "diversification"
requirement to 75% of the Portfolio's
assets from 100%
Approval of an amendment to eliminate X X X X
the Portfolio's fundamental investment
policy limiting investments in
restricted and illiquid securities (in
favor of a non-fundamental policy on
such investments)
Ratification of selection of auditors X X X X X X
</TABLE>
A quorum of shareholders is required to take action at the Fund's Special
Meeting. A majority of the shares issued and outstanding and entitled to vote at
the Special Meeting, represented in person or by proxy, will constitute a
quorum. Votes cast by proxy or in person will be tabulated by the judges, who
will determine whether a quorum is present at the Special Meeting. The judges
will treat abstentions as present for the purpose of determining a quorum.
For purposes of determining the approval of the matters submitted for a
vote, abstentions will be treated as follows: On Item 1, abstentions will have
no effect and on Items 2 through 7, abstentions will be considered to be both
present at the meeting and issued and outstanding and, as a result, will have
the effect of being counted as voted against the items. The details of each
proposal to be voted upon by the shareholders of the Fund and the vote required
for approval of each proposal are set forth under the description of each
proposal below.
Although Farm Bureau Life Insurance Company is the legal owner of the shares
of the Fund, certain Fund shares are held on behalf of the policyowners.
Therefore, it has agreed to solicit instructions from Farm Bureau Life Insurance
Company's Flexible Premium Variable Life Insurance policyowners and Flexible
Premium Deferred Variable Annuity contract holders on how to vote the Fund
shares attributable to those policyowners. If voting instructions are properly
executed and returned in time to be voted at the meeting, the shares covered
thereby will be voted by Farm Bureau Life Insurance Company in accordance with
the instructions of policyowners. If no choice is specified in the voting
instruction form for any of the proposals to be voted upon at the meeting, the
timely return of the voting instruction form shall be deemed to be an
instruction to Farm Bureau Life
2
<PAGE>
Insurance Company to vote proxies in favor of such proposal. In addition, Farm
Bureau Life Insurance Company has agreed to vote the shares of the Fund it owns
that are not attributable to the policies, and the shares of the Fund for which
it has not received instructions, in the same proportion as it votes shares of
the Fund for which it has received instructions.
Under certain circumstances, Farm Bureau Life Insurance Company has the
right to disregard the voting instructions of its policyowners, but management
does not believe that there are such circumstances as to the matters currently
before the shareholders.
Those policyowners permitted to give instructions for each Portfolio of the
Fund and the number of shares for which instructions may be given will be
determined as of September 5, 1996, the record date for the Fund's shareholder
meeting. Interests of policyowners for which no voting instructions are received
will be voted in proportion to the instructions that are timely received.
The number of full and fractional shares for which a policyowner can give
instructions will be calculated separately for each subaccount and will be
determined by dividing a policy's net cash value in a subaccount by the net
asset value per share of the portfolio in which the subaccount invests.
As of September 5, 1996, there were issued and outstanding shares of common
stock of the Portfolios as follows: 1,682,284 of Growth Common Stock; 334,188 of
High Grade Bond; 561,512 of High Yield Bond; 1,691,614 of Managed; 3,188,925 of
Money Market; and 494,308 of Blue Chip. Those persons who were shareholders of
record at the close of business on September 5, 1996 will be entitled to one
vote for each share held.
This proxy statement is first being mailed to shareholders of the Fund on or
about September 25, 1996.
1. ELECTION OF TRUSTEES (ALL PORTFOLIOS)
At the Special Meeting, nine (9) trustees are to be elected to serve for a
term to commence on the date of this meeting and continue until their successors
shall have been duly appointed or elected. The table below shows the nominees
for election to the Board, all of whom, other than Kenneth Kay, currently serve
as trustees of the Fund. The nominees for election to the Board of the Fund are
also nominees for election to the Boards of FBL Money Market Fund, Inc. and FBL
Series Fund, Inc. (the three funds collectively referred to as the "Farm Bureau
Funds"), and all the nominees, other than Kenneth Kay, currently serve as
trustees/directors of the Farm Bureau Funds. The affirmative vote of a majority
of the shares present and entitled to vote will be required to elect the
trustees. The Board of Trustees approved the nominees at a meeting held on
August 15, 1996.
It is the intention of the persons named in the enclosed proxy to vote the
shares represented thereby for the election of the nominees listed below unless
the proxy is marked otherwise. Each nominee has agreed to serve as a trustee of
the Fund if elected; however, should any nominee become unwilling or unable to
accept election, the proxies for the Fund will be voted for one or more
substitute nominees designated by the Fund's present Board of Trustees.
The following lists each nominee for trustee and his or her age, principal
occupation and other business affiliations and the year in which each nominee
was first elected or appointed a trustee of the Fund.
NOMINEES FOR TRUSTEE
<TABLE>
<CAPTION>
YEAR FIRST
BECAME A
NAME AND AGE TRUSTEE PRINCIPAL OCCUPATION
- --------------------------------------- ----------- ----------------------------------------------------------
<S> <C> <C>
*Edward M. Wiederstein (48) 1996 Farmer; Chairman, FBL Financial Group, Inc.; President and
Director, Iowa Farm Bureau Federation, Farm Bureau Life
Insurance Company, Universal Assurors Life Insurance
</TABLE>
3
<PAGE>
<TABLE>
<CAPTION>
YEAR FIRST
BECAME A
NAME AND AGE TRUSTEE PRINCIPAL OCCUPATION
- --------------------------------------- ----------- ----------------------------------------------------------
<S> <C> <C>
Company, FBL Insurance Brokerage, Inc., Farm Bureau
Mutual Insurance Company, Utah Farm Bureau Insurance
Company, FBL Financial Services, Inc., BIC, Inc. and Farm
Bureau Agricultural Business Corporation; Director,
Western Farm Bureau Management Corporation, Western Farm
Bureau Life Insurance Company, Western Agricultural
Insurance Company, American Agricultural Insurance
Company and Multi-Pig Corporation.
*Richard D. Harris (52) 1996 Senior Vice President and Secretary-Treasurer, FBL
Financial Group, Inc., Farm Bureau Life Insurance
Company, Western Farm Bureau Life Insurance Company,
Universal Assurors Life Insurance Company, Farm Bureau
Mutual Insurance Company, Utah Farm Bureau Insurance
Company, FBL Financial Services, Inc. and FBL Insurance
Brokerage, Inc.; Executive Director and
Secretary-Treasurer, Iowa Farm Bureau Federation; Senior
Vice President and Assistant Secretary-Treasurer, South
Dakota Farm Bureau Mutual Insurance Company; Vice
President and Treasurer, Farm Bureau Management
Corporation; Former Director, Public Policy Division,
Iowa Farm Bureau Federation; Director, Iowa FFA
Foundation and Iowa Make-A-Wish Foundation.
*Stephen M. Morain (50) 1982 General Counsel and Assistant Secretary, Iowa Farm Bureau
Federation; General Counsel, Secretary and Director, Farm
Bureau Management Corporation; Senior Vice President and
General Counsel, FBL Financial Group, Inc., Farm Bureau
Life Insurance Company, Universal Assurors Life Insurance
Company, Farm Bureau Mutual Insurance Company, Utah Farm
Bureau Insurance Company, FBL Financial Services, Inc.,
FBL Insurance Brokerage, Inc. and South Dakota Farm
Bureau Mutual Insurance Company; Senior Vice President,
General Counsel and Director, FBL Investment Advisory
Services, Inc. and FBL Marketing Services, Inc.; Vice
President and General Counsel, Western Farm Bureau Life
Insurance Company; Director, Computer Aided Design
Software, Inc. and Iowa Business Development Finance
Corporation; Chairman, Edge Technologies, Inc.
</TABLE>
4
<PAGE>
<TABLE>
<CAPTION>
YEAR FIRST
BECAME A
NAME AND AGE TRUSTEE PRINCIPAL OCCUPATION
- --------------------------------------- ----------- ----------------------------------------------------------
<S> <C> <C>
Donald G. Bartling (69) 1980 Farmer; Partner, Bartling Brothers Partnership (farming
business); Director, Papio Missouri River Natural
Resources District.
*John R. Graham (51) 1985 Executive Vice President, Kansas Farm Bureau, Kansas Farm
Bureau Services, Kansas Agricultural Marketing
Association, FB Services Insurance Agency, Kansas Farm
Bureau Life Insurance Company, The Farm Bureau Mutual
Insurance Company, Inc., Kansas Farm Bureau Reinsurance
Company, Inc. and KFB Insurance Company, Inc.; Chairman,
Chief Executive Officer and Director, FB Capital
Management, Inc. of Kansas; Director, National
Association of Independent Insurers, Didde Corporation,
and Farm Bureau Mutual Insurance Agency of Kansas;
Partner, Arthur-Graham Rental Properties, CM Brass and
G&H Real Estate Investments; Trustee, Master Teacher
Employee Benefit Pension Trust.
Erwin H. Johnson (53) 1989 Farmer; Owner and Manager, Center View Farms Co.;
Director, First Security Bank and Trust Co., Charles
City, Iowa; Farm Associate, Iowa State University
Cooperative Extension Service; Voting Delegate, former
President and Director, Floyd County Farm Bureau;
Financial and Farm Management Consultant; Iowa State
University Overseas Projects.
Ann Jorgensen (55) 1988 Private Investor; Farm and Business Management; Partner,
Jorg-Anna Farms; President and Founder, Farm Home
Offices; Vice President, Timberlane Hogs Limited;
Director, Iowa Department of Economic Development;
Chairperson, Rural Development Council; Member, Iowa
Agriculture Products Advisory Council; Secretary, Iowa
Public Television Foundation, Iowa Freedom International
Foundation, Friends of the U.I.H.C.; Former Director and
Chairperson, Iowa's Alcoholic Beverage Control
Commission; Former Regent, State of Iowa Board of
Regents; Former Director, Iowa Public Television and
University of Iowa Hospitals and Clinics.
Curtis C. Pietz (65) 1986 Farmer; Director and Part Owner, Storden Seed and Chemical
Service, Inc.; Director, Minnesota Rural Finance
Authority; Former Program Evaluator, Minnesota Department
of Vocational Education; Former President, Jackson County
</TABLE>
5
<PAGE>
<TABLE>
<CAPTION>
YEAR FIRST
BECAME A
NAME AND AGE TRUSTEE PRINCIPAL OCCUPATION
- --------------------------------------- ----------- ----------------------------------------------------------
<S> <C> <C>
Farm Bureau; Former Chairman and Director, Southwest Farm
Management Association; Director, F.C.S.
Kenneth Kay (53) Farmer; Salesman, Pioneer Seed Corn; Voting Delegate and
Vice President and former President, Cass County Farm
Bureau; Director, First Whitney Bank and Trust; Board
Member, Transportation Committee Chairman, Cass Atlantic
Development Corporation.
</TABLE>
- ------------------------------
* "Interested Person" of the Fund as defined in Section 2(a)(19) of the
Investment Company Act of 1940.
THE FUND'S BOARD OF TRUSTEES UNANIMOUSLY RECOMMENDS THAT SHAREHOLDERS VOTE
FOR THE ELECTION OF THE NOMINEES FOR TRUSTEE.
The trustees affiliated with the Adviser serve without any compensation from
the Fund. Each trustee who is not affiliated with the Adviser receives a fee of
$115 plus expenses for each trustees' meeting attended.
The table below shows, for each trustee who is not affiliated with the
Adviser, the aggregate compensation paid by the Fund for its fiscal year ended
December 31, 1995. The second column of the table shows the total compensation
received by the trustees for calendar year 1995 for services as a trustee of the
Fund and the other Farm Bureau Funds (FBL Money Market Fund, Inc. and FBL Series
Fund, Inc.).
<TABLE>
<CAPTION>
TOTAL
AGGREGATE COMPENSATION
COMPENSATION FROM ALL FARM
NAME OF TRUSTEE FROM THE FUND BUREAU FUNDS (1)
- --------------------------- --------------- ----------------
<S> <C> <C>
Donald G. Bartling......... $ 460 $ 1,380
John R. Graham............. $ 460 $ 1,380
Erwin H. Johnson........... $ 460 $ 1,380
Ann Jorgensen.............. $ 460 $ 1,380
Dale W. Nelson............. $ 460 $ 1,380
Curtis C. Pietz............ $ 460 $ 1,380
</TABLE>
- ------------------------------
(1) Trustees do not receive pension or retirement benefits from the Funds.
The Fund's Board of Trustees has an audit committee and a nominating
committee, both of which are composed of the Trustees who are not "interested
persons." The audit committee of the Fund held two meetings during the fiscal
year ended December 31, 1995. The nominating committee, at a meeting held on
August 15, 1996, proposed the nominees for election by the shareholders; and the
Board of Trustees, including the non-interested trustees, concurred.
Shareholders wishing to submit the name of a candidate for consideration by the
Committee should submit their recommendations to the Secretary of the Fund.
The Fund's Board of Trustees held four meetings during the fiscal year ended
December 31, 1995. During the last fiscal year, each trustee attended 75% or
more of the Fund's Board meetings, and the committee meetings if a member
thereof.
The following table sets forth information as of August 15, 1996 with
respect to each executive officer of the Fund, other than executive officers who
are nominees for trustee and listed above.
6
<PAGE>
Officers of the Fund receive no compensation from the Fund. The officers of the
Fund hold office until their successors are chosen and qualified. The Fund's
officers are elected, generally on an annual basis, by the Board of Trustees.
As of August 15, 1996, Farm Bureau Life Insurance Company, 5400 University
Avenue, West Des Moines, Iowa 50266 owned 7,562,373.813 shares (100% of the
outstanding shares of beneficial interest) of the Fund. No single policy owner
has more than 5% ownership in any underlying portfolio.
<TABLE>
<CAPTION>
POSITIONS AND OFFICES YEAR FIRST
NAME AGE WITH FUND ELECTED PRINCIPAL OCCUPATION
- ----------------------- --- ----------------------------------- ----------- ------------------------------------
<S> <C> <C> <C> <C>
Thomas R. Gibson 52 Executive Vice President and 1987 Executive Vice President, General
General Manager Manager and Chief Executive
Officer, FBL Financial Group, Inc.;
Executive Vice President and
General Manager, Farm Bureau Life
Insurance Company, Universal
Assurors Life Insurance Company,
Western Farm Bureau Life Insurance
Company, Farm Bureau Mutual
Insurance Company, Utah Farm Bureau
Insurance Company, FBL Insurance
Brokerage, Inc., FBL Financial
Services, Inc., and South Dakota
Farm Bureau Mutual Insurance
Company; Executive Vice President,
General Manager and Director, FBL
Investment Advisory Services, Inc.
and FBL Marketing Services, Inc.
Timothy J. Hoffman 46 Vice President, Chief Marketing 1987 Vice President, Chief Marketing
Officer Officer, FBL Financial Group, Inc.,
Farm Bureau Life Insurance Company,
Universal Assurors Life Insurance
Company, Western Farm Bureau Life
Insurance Company, Farm Bureau
Mutual Insurance Company, Utah Farm
Bureau Insurance Company, FBL
Financial Services, Inc., South
Dakota Farm Bureau Mutual Insurance
Company and FBL Insurance
Brokerage, Inc.; President and
Director, FBL Marketing Services,
Inc. and FBL Educational Services,
Inc.; Vice President, Chief
Marketing Officer and Director, FBL
Investment Advisory Services, Inc.
William J. Oddy 52 Vice President, Chief Operating 1981 Vice President, Chief Operating
Officer and Assistant General Officer and Assistant General
Manager Manager, FBL Financial Group, Inc.,
Farm Bureau Life Insurance Company,
Universal Assurors Life Insurance
Company, Western Farm Bureau Life
Insurance Company, FBL Insurance
Brokerage, Inc., Utah Farm Bureau
Insurance Company, Farm Bureau
Mutual Insurance Company, South
Dakota Farm Bureau Mutual Insurance
Company and FBL Financial Services,
Inc.; President, Treasurer
</TABLE>
7
<PAGE>
<TABLE>
<CAPTION>
POSITIONS AND OFFICES YEAR FIRST
NAME AGE WITH FUND ELECTED PRINCIPAL OCCUPATION
- ----------------------- --- ----------------------------------- ----------- ------------------------------------
<S> <C> <C> <C> <C>
and Director, Communications
Providers, Inc.; Vice President,
Chief Operating Officer, Assistant
General Manager and Director, FBL
Investment Advisory Services, Inc.
and FBL Marketing Services, Inc.;
President and Director, FBL Real
Estate Ventures, Ltd. and RIK, Inc.
Richard D. Warming 63 Vice President, Chief Investment 1987 Vice President, Chief Investment
Officer Officer and Assistant Treasurer,
FBL Financial Group, Inc., Farm
Bureau Life Insurance Company,
Universal Assurors Life Insurance
Company, Western Farm Bureau Life
Insurance Company, FBL Insurance
Brokerage, Inc., Utah Farm Bureau
Insurance Company, FBL Financial
Services, Inc., Farm Bureau Mutual
Insurance Company and South Dakota
Farm Bureau Mutual Insurance
Company; President and Director,
FBL Leasing Services, Inc. and FBL
Investment Advisory Services, Inc.;
Vice President, Chief Investment
Officer and Director, FBL Marketing
Services, Inc.; Vice President,
Secretary and Director, RIK, Inc;
Secretary and Director, FBL Real
Estate Ventures, Ltd.
James W. Noyce 40 Vice President, Chief Financial 1996 Vice President, Chief Financial
Officer Officer, FBL Financial Group, Inc.,
Farm Bureau Life Insurance Company,
Universal Assurors Life Insurance
Company, Western Farm Bureau Life
Insurance Company, Farm Bureau
Mutual Insurance Company, Utah Farm
Bureau Insurance Company, FBL
Insurance Brokerage, Inc., FBL
Financial Services, Inc. and South
Dakota Farm Bureau Mutual Insurance
Company; Vice President, Treasurer
and Director; FBL Leasing Services,
Inc. and RIK, Inc.; Vice President,
Chief Financial Officer, Treasurer
and Director, FBL Investment
Advisory Services, Inc. and FBL
Marketing Services, Inc.; Treasurer
and Director, FBL Real Estate
Ventures, Ltd.
Dennis M. Marker 45 Investment Vice President, 1982 Investment Vice President,
Administration and Assistant Administration, FBL Financial
Secretary Group, Inc., Farm Bureau Life
Insurance Company, Universal
Assurors Life Insurance Company,
Western Farm Bureau Life Insurance
Company, FBL Insurance Brokerage,
Inc., Farm Bureau
</TABLE>
8
<PAGE>
<TABLE>
<CAPTION>
POSITIONS AND OFFICES YEAR FIRST
NAME AGE WITH FUND ELECTED PRINCIPAL OCCUPATION
- ----------------------- --- ----------------------------------- ----------- ------------------------------------
<S> <C> <C> <C> <C>
Mutual Insurance Company, Utah Farm
Bureau Insurance Company and South
Dakota Farm Bureau Mutual Insurance
Company; Vice President and
Director, FBL Leasing Services,
Inc.; Investment Vice President,
Administration, Secretary and
Director, FBL Investment Advisory
Services, Inc. and FBL Marketing
Services, Inc.
Sue A. Cornick 35 Market Conduct and Mutual Funds 1990 Market Conduct and Mutual Funds Vice
Vice President and Assistant President and Assistant Secretary,
Secretary FBL Investment Advisory Services,
Inc. and FBL Marketing Services,
Inc.
Kristi Rojohn 33 Assistant Secretary 1990 Senior Compliance Assistant and
Assistant Secretary, FBL Investment
Advisory Services, Inc. and FBL
Marketing Services, Inc.
Elaine A. Followwill 26 Assistant Secretary 1995 Compliance Assistant and Assistant
Secretary, FBL Investment Advisory
Services, Inc. and FBL Marketing
Services, Inc.
</TABLE>
2.(A) AND (B) AMENDMENT OF INVESTMENT OBJECTIVE AND POLICIES (GROWTH COMMON
STOCK PORTFOLIO ONLY)
Currently, the Growth Common Stock Portfolio (to be renamed the Value Growth
Portfolio) pursues its primary investment objective of long-term capital
appreciation by "investing primarily in growth common stocks and securities
convertible or exchangeable into growth common stocks, including warrants and
rights." The Portfolio may also invest in companies in cyclical industries
during periods when the common stock of such companies appears to the Fund's
investment adviser to have good potential for capital appreciation. Its
secondary investment objective presently is current income. On August 15, 1996,
the Fund's Board of Trustees approved, subject to approval by the Portfolio's
shareholders, the Adviser's recommendation to delete the secondary investment
objective of current income and to amend the fundamental investment policies for
pursuing the Portfolio's investment objective of long-term capital appreciation
to: "investing primarily in equity securities of companies that the Adviser
believes have a potential to earn a high return on capital and/or in equity
securities that the Adviser believes are undervalued in the market place. Such
equity securities may include common stock, preferred stock and securities
convertible or exchangeable into common stock." In connection with the Board
approving the revised investment policies, the Board also approved a change in
the name of the Portfolio to the Value Growth Portfolio in order to more
accurately reflect the investment objective and policies of the Portfolio as
amended. Further, in conjunction with the Board's approval of the amendment to
the Portfolio's fundamental investment policies, it also approved amendments to
the Portfolio's non-fundamental policies, including that the Portfolio may
invest in "special situation" companies. (Non-fundamental policies may be
changed by the Board without approval of the shareholders.) A "special
situation" company is one that, in the opinion of the Fund's investment adviser,
has the potential for significant future earnings growth but has not performed
well in the recent past. These situations may include companies having a
management turn-around, corporate or asset restructuring or significantly
undervalued assets. Such investments may, in some instances, involve greater
risk and volatility than is customarily associated with companies with
established records of growth in sales or earnings or companies with promising
new products, services or processes.
9
<PAGE>
The Adviser's emphasis on fundamental analysis of each company's prospects
and the inherent value of its securities may result, under the approved
amendments to the Portfolio's non-fundamental policies, in a portion of the
Portfolio being invested in medium- or smaller-sized companies or in companies
perceived to be unpopular or not so readily identifiable as are larger,
better-known companies. The Adviser believes that opportunities can be found at
all size levels and, therefore, the Portfolio may invest in companies of all
sizes.
The Adviser believes that eliminating the Portfolio's secondary objective of
current income is appropriate. Many investments that offer the potential for
capital appreciation provide little, if any, current income. By eliminating
income as a secondary objective, the Adviser would be able to concentrate
without limitation on seeking value in the market and on the objective of
long-term appreciation of capital. The Adviser believes that this will enable
the Portfolio to achieve a greater total return (capital appreciation plus
income), but no such result can be assured.
The Adviser also believes that it would be beneficial for the Portfolio to
have more latitude to deal with today's complex markets, and believes that the
flexibility to seek value in changing markets is in the best interest of the
shareholders. The Adviser's strategy for the Portfolio will continue to be based
upon a value-oriented analysis of common stocks, and the Adviser will maintain
the flexibility to purchase equity securities such as preferred stocks and
securities convertible or exchangeable into common stock.
Approval of the amendment to the Portfolio's investment objective and
policies requires the affirmative vote of a "majority of the outstanding voting
securities" of the Portfolio. The term "majority of the outstanding voting
securities" (as defined in the Investment Company Act of 1940) of the Portfolio
means the affirmative vote of the lesser of (1) 67% of the voting securities of
the Portfolio present at the meeting if more than 50% of the outstanding shares
of the Portfolio are present in person or by proxy; or (2) more than 50% of the
outstanding voting securities of the Portfolio. If the shareholders of the
Portfolio do not approve eliminating the Portfolio's secondary investment
objective of current income or amending the statement of fundamental investment
policies, the Portfolio will continue operations as if the proposal was not
presented.
THE FUND'S BOARD OF TRUSTEES UNANIMOUSLY RECOMMENDS THAT SHAREHOLDERS VOTE
FOR APPROVAL OF THE AMENDMENT TO THE PORTFOLIO'S INVESTMENT OBJECTIVE AND TO ITS
FUNDAMENTAL INVESTMENT POLICIES FOR PURSUING THE PORTFOLIO'S INVESTMENT
OBJECTIVE OF LONG-TERM CAPITAL APPRECIATION.
3. AMENDMENT TO PORTFOLIO'S FUNDAMENTAL INVESTMENT POLICY PERMITTING INVESTMENT
OF UP TO 25% OF NET ASSETS IN FOREIGN EQUITY OR DEBT SECURITIES TRADED ON
U.S. EXCHANGES AND PAYABLE IN U.S. DOLLARS (GROWTH COMMON STOCK AND MANAGED
PORTFOLIOS ONLY)
Currently, the fundamental policies of the Growth Common Stock and the
Managed Portfolios each provide that the Portfolio may not invest in foreign
securities except for foreign equity securities traded on U.S. exchanges and
payable in U.S. dollars, and in no event in excess of 25% of the respective
Portfolio's net assets. On August 15, 1996, the Fund's Board of Trustees
approved, subject to approval by the shareholders of each of these Portfolios,
the Adviser's recommendation to amend the fundamental policies of the Growth
Common Stock Portfolio and the Managed Portfolio to expand the types of
permissible foreign investments to include debt securities. The total percentage
limitation would remain unchanged. Under the amended policy each Portfolio would
be permitted to invest no more than 25% of its net assets in foreign equity and
debt securities traded on U.S. exchanges and payable in U.S. dollars.
Investments in foreign securities can provide a Portfolio with more
opportunities for attractive returns, but they may also involve some special
risks such as exposure to potentially adverse local political and economic
developments; nationalization and exchange controls; potentially lower liquidity
and higher volatility; and possible problems arising from accounting,
disclosure, settlement, and regulatory practices that differ from U.S.
standards. Fluctuations in exchange rates may affect the earning power and asset
value of the foreign entity issuing the security and can either increase or
10
<PAGE>
decrease the investment's value. Dividend and interest payments may be
repatriated based upon the exchange rate at the time of disbursement or payment,
and restrictions on capital flows may be imposed. The characteristics of the
securities in the Portfolios, such as the maturity and the type of issuer, will
affect yields and yield differentials, which vary over time.
The Adviser believes that, since the overall exposure to foreign securities
is not being increased, the risk level will not be altered materially. Also, the
Adviser believes that investing in foreign debt securities, with a focus upon
convertible debt securities, may be safer than investing in the underlying
common stock because it is senior to the common stock in the capital structure.
Investments in convertible securities may provide more income and downside
protection than investments in the common stock.
Approval of the amendment to the fundamental investment policies of the
Growth Common Stock and Managed Portfolios requires the affirmative vote of the
holders of a "majority of the outstanding voting securities" of each Portfolio,
as defined above. If the shareholders of a Portfolio do not approve the
amendment to the fundamental investment policy, the Portfolio will continue
operations as if the proposal was not presented.
THE FUND'S BOARD OF TRUSTEES UNANIMOUSLY RECOMMENDS THAT SHAREHOLDERS VOTE
FOR APPROVAL OF THE AMENDMENT TO THE FUNDAMENTAL INVESTMENT POLICY OF THE GROWTH
COMMON STOCK AND MANAGED PORTFOLIOS.
4. AMENDMENT TO PORTFOLIO'S FUNDAMENTAL INVESTMENT POLICY PERMITTING INVESTMENT
OF UP TO 25% OF NET ASSETS IN FOREIGN DEBT SECURITIES TRADED ON U.S.
EXCHANGES AND PAYABLE IN U.S. DOLLARS (HIGH GRADE BOND AND HIGH YIELD BOND
PORTFOLIOS ONLY)
Currently, the fundamental policies of the High Grade Bond and the High
Yield Bond Portfolios provide that each Portfolio may not invest in foreign
securities except for foreign equity securities traded on U.S. exchanges and
payable in U.S. dollars and in no event in excess of 25% of the respective
Portfolio's net assets. On August 15, 1996, the Fund's Board of Trustees
approved, subject to approval by the shareholders of each of these Portfolios,
the Adviser's recommendation to amend the fundamental policies of the High Grade
Bond Portfolio and the High Yield Bond Portfolio with respect to foreign
securities investments; the percentage limitation would remain unchanged. Under
the amended policy, each Portfolio would be permitted to invest no more than 25%
of its net assets in foreign debt securities traded on U.S. exchanges and
payable in U.S. dollars; and its ability to invest in foreign equity securities
would be eliminated. The debt securities in which the High Grade Bond Portfolio
will invest will be primarily debt securities that are rated within the three
highest grades assigned by Moody's Investors Service, Inc. (Aaa, Aa, A) or
Standard & Poor's Corporation (AAA, AA, or A); or are unrated but are of
comparable quality in the opinion of the Adviser. The Portfolio may invest up to
20% of its net assets in foreign debt securities rated as low as the second
rating category below the three highest grades of Moody's or Standard & Poor's
as described above, i.e., Ba for Moody's and BB for Standard & Poor's. To the
extent that the Portfolio does invest in foreign debt securities that are rated
lower than A by Moody's or Standard & Poor's (or are unrated but deemed
equivalent in quality to such securities), the Portfolio will be subject to
relatively greater risk of loss of income and principal.
The debt securities in which the High Yield Bond Portfolio will invest will
be primarily debt securities rated in the lowest categories of established
rating services (Ba or lower by Moody's and BB or lower by Standard & Poor's),
or in unrated securities of comparable quality. Such securities are commonly
known as "junk bonds." Although the Portfolio invests primarily in lower-rated
securities, it will not invest in the lowest rating categories (Ca for Moody's
and CC for Standard & Poor's), or in unrated securities of comparable quality,
unless the Adviser believes that the financial condition of the issuer or the
protection afforded to the particular securities is stronger than would
otherwise be indicated by such low ratings.
A discussion of investments in foreign securities, including certain risks,
is included in Section 3 immediately above.
11
<PAGE>
The Adviser believes that the ability to invest in foreign debt securities
will provide the opportunity to increase potential returns to the Portfolios.
Certain foreign debt securities have often provided higher investment returns
than U.S. debt securities. Returns to U.S. owners of foreign debt securities
reflect prevailing interest rates in the foreign countries and, also, the effect
of gains and losses in the U.S. dollar value of the denominated currencies,
which can be substantial. Year to year fluctuations in some markets have been
significant, and negative returns have been experienced. However, the
flexibility to invest in foreign debt securities can reduce risk, because
different world markets, at a given time, have often performed in radically
different ways.
Approval of the amendment to the fundamental investment policies of the High
Grade Bond and High Yield Bond Portfolios requires the affirmative vote of the
holders of a "majority of the outstanding voting securities" of each Portfolio,
as described above. If the shareholders of a Portfolio do not approve the
amendment to the fundamental policy, the Portfolio will continue operating as if
the proposal was not presented.
THE FUND'S BOARD OF TRUSTEES UNANIMOUSLY RECOMMENDS THAT SHAREHOLDERS VOTE
FOR THE APPROVAL OF THE AMENDMENT TO THE FUNDAMENTAL INVESTMENT POLICY OF THE
HIGH GRADE BOND AND HIGH YIELD BOND PORTFOLIOS.
5. AMENDMENT TO PORTFOLIO'S FUNDAMENTAL INVESTMENT POLICY REDUCING ITS
"DIVERSIFICATION" REQUIREMENT TO 75% OF THE PORTFOLIO'S ASSETS FROM 100%
(GROWTH COMMON STOCK, MANAGED, HIGH GRADE BOND AND HIGH YIELD BOND
PORTFOLIOS ONLY)
The fundamental policies of the Growth Common Stock, Managed, High Grade
Bond and High Yield Bond Portfolios provide that each Portfolio may not purchase
securities of any issuer, other than U.S. Government securities or government
agency securities, if, as a result, more than 5% of the value of the Portfolio's
assets (taken at value) would be invested in securities of that issuer. On
August 15, 1996, the Fund's Board of Trustees approved, subject to approval by
the shareholders of each of these Portfolios, the Adviser's recommendation to
amend their fundamental policies so that the above described "diversification"
requirement shall be applicable only to 75% of each Portfolio's assets, instead
of 100%. This would permit each Portfolio to invest up to 25% of its assets in
one or more issuers without regard to the 5% restriction (as is currently the
case for the Blue Chip Portfolio). To the extent that a Portfolio became less
diversified, it would invest a greater proportion of its assets in the
securities of a smaller number of issuers, and be subject to greater risk of
loss and opportunities for gain, as a result of changes in the financial
condition or the market's assessment of the issues. The Adviser believes that
the change will provide the opportunity for enhanced returns while maintaining a
reasonable level of diversification.
Approval of the amendment to the fundamental investment policies of each
Portfolio requires the affirmative vote of the holders of a "majority of the
outstanding voting securities" of each Portfolio, as described above. If the
shareholders of a Portfolio do not approve the amendment to the fundamental
investment policy, the Portfolio will continue operating as if the proposal was
not presented.
THE FUND'S BOARD OF TRUSTEES UNANIMOUSLY RECOMMENDS THAT SHAREHOLDERS VOTE
FOR APPROVAL OF THE AMENDMENT TO THE FUNDAMENTAL INVESTMENT POLICIES OF THE
GROWTH COMMON STOCK, MANAGED, HIGH GRADE BOND AND HIGH YIELD BOND PORTFOLIOS.
6. AMENDMENT TO ELIMINATE THE PORTFOLIO'S FUNDAMENTAL INVESTMENT POLICY
LIMITING INVESTMENTS IN RESTRICTED AND ILLIQUID SECURITIES (IN FAVOR OF A
NON-FUNDAMENTAL POLICY ON SUCH INVESTMENTS) (GROWTH COMMON STOCK, MANAGED,
HIGH GRADE BOND AND HIGH YIELD BOND PORTFOLIOS ONLY)
Currently, the fundamental investment policies of the Growth Common Stock,
Managed, High Grade Bond and High Yield Bond Portfolios provide that each
Portfolio may not "invest more than 10% of the value of its total assets in
securities which are subject to legal or contractual restrictions on resale, or
are not readily marketable (and further, that) no Portfolio has made, or has a
present intention of making, any such investments." On August 15, 1996, the
Fund's Board of Trustees
12
<PAGE>
approved, subject to approval by the shareholders of each Portfolio, the
Adviser's recommendation to eliminate the restriction as a fundamental
investment policy. In connection with approving the amendment to the Portfolios'
fundamental investment policies, the Board also approved amendments to the
Portfolios' non-fundamental policies so that each "may not invest more than 15%
(instead of 10%) of its net assets in illiquid securities." The Adviser believes
that, with the overall limitation of no more than 15% of net assets in illiquid
securities, appropriate limitations are retained on the percentage of assets
that can be held in restricted securities. Unlike a fundamental investment
policy, a non-fundamental policy may be changed by the Fund's Board of Trustees
without approval of the shareholders. Therefore, if the shareholders approve
this proposed amendment, any future changes in investment policy concerning
restricted or illiquid securities would be in the discretion of the Fund's
Board.
Approval of the amendment to the fundamental investment policies of each
Portfolio requires the affirmative vote of the holders of a "majority of the
outstanding voting securities" of each Portfolio, as described above. If the
shareholders of a Portfolio do not approve the amendment to the fundamental
investment policy, the Portfolio will continue operating as if the proposal was
not presented.
THE FUND'S BOARD OF TRUSTEES UNANIMOUSLY RECOMMENDS THAT SHAREHOLDERS VOTE
FOR APPROVAL OF THE AMENDMENT TO THE FUNDAMENTAL INVESTMENT POLICIES OF THE
GROWTH COMMON STOCK, MANAGED, HIGH GRADE BOND, AND HIGH YIELD BOND PORTFOLIOS.
7. SELECTION OF INDEPENDENT AUDITORS
The members of the Fund's Board of Trustees who are not "interested persons"
of the Fund have unanimously selected Ernst & Young LLP, independent public
accountants, as independent auditors, to audit the books and records of the Fund
for the fiscal year ending December 31, 1996. Ernst & Young LLP has served the
Fund in this capacity since 1987 and has no direct or indirect financial
interest in the Fund except as independent auditors. The selection of Ernst &
Young LLP as independent auditors of each Portfolio is being submitted to the
shareholders for ratification, which requires the affirmative vote of a majority
of the shares of the Fund present and entitled to vote on the matter. A
representative of Ernst & Young LLP is expected to be present at the Special
Meeting and will be available to respond to any appropriate questions and to
make a statement if he or she wishes.
THE FUND'S BOARD OF TRUSTEES UNANIMOUSLY RECOMMENDS THAT SHAREHOLDERS VOTE
FOR THE RATIFICATION OF THE SELECTION OF INDEPENDENT AUDITORS.
SHAREHOLDER PROPOSALS
Since the Fund does not hold regular meetings of its shareholders, the date
of the next special shareholder meeting cannot be anticipated. Any shareholder
who wishes to submit a proposal for consideration at the next meeting of
shareholders, when and if it is called, should submit such proposal to the Fund.
GENERAL
Management does not intend to present and does not have reason to believe
that any other items of business will be presented at the Fund's Special
Meeting. However, if other matters are properly presented to the Special Meeting
for a vote, the proxies will be voted upon such matters in accordance with the
judgment of the person acting under the proxies.
Failure of a quorum to be present at the Special Meeting will necessitate
adjournment and will subject the Fund to additional expense. The persons named
in the enclosed proxy may also move for an adjournment of the Special Meeting to
permit further solicitation of proxies with respect to any of the proposals if
they determine that adjournment and further solicitation is reasonable and in
the best interests of the shareholders.
Edward M. Wiederstein
PRESIDENT
13
<PAGE>
[THIS PAGE INTENTIONALLY LEFT BLANK]
<PAGE>
VARIABLE ANNUITY -- GROWTH COMMON STOCK PORTFOLIO
THESE VOTING INSTRUCTIONS ARE SOLICITED BY AND ON BEHALF OF
THE BOARD OF TRUSTEES OF FBL VARIABLE INSURANCE SERIES FUND
VOTING INSTRUCTIONS FOR THE SPECIAL MEETING OF SHAREHOLDERS, NOVEMBER 7, 1996
The undersigned hereby appoints Edward M. Wiederstein, Richard D. Harris and
Stephen M. Morain, and each of them, proxies with several powers of
substitution, to vote for the undersigned at the 1996 Special Meeting of
Shareholders of FBL VARIABLE INSURANCE SERIES FUND, to be held on November 7,
1996, notice of which meeting and the Proxy Statement accompanying the same have
been received by the undersigned, or at any adjournment thereof, upon the
following matters as described in the Notice of Meeting and accompanying Proxy
Statement.
WHEN PROPERLY EXECUTED, THESE INSTRUCTIONS WILL BE VOTED IN THE MANNER
DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. ALL PROPOSALS (SET FORTH ON
THE REVERSE SIDE OF THIS VOTING INSTRUCTIONS FORM) HAVE BEEN PROPOSED BY THE
BOARD OF TRUSTEES. IF NO DIRECTION IS GIVEN ON THESE PROPOSALS, THIS VOTING
INSTRUCTION FORM WILL BE VOTED "FOR" THE NOMINEES AND "FOR" ITEMS 2a, 2b,
3, 5, 6 AND 7. THE PROXY WILL BE VOTED IN ACCORDANCE WITH THE HOLDER'S BEST
JUDGMENT AS TO ANY OTHER MATTER.
- --------------------------------------------------------------------------------
PLEASE VOTE AND SIGN ON OTHER SIDE AND RETURN PROMPTLY IN ENCLOSED ENVELOPE.
- --------------------------------------------------------------------------------
Please sign this voting instruction form exactly as your name appears on the
reverse side of this card. Joint owners should each sign personally. Trustees
and other fiduciaries should indicate the capacity in which they sign, and
where more than one name appears, a majority must sign. If a corporation,
this signature should be that of an authorized officer who should state his
or her title.
- --------------------------------------------------------------------------------
<PAGE>
/X/ PLEASE MARK YOUR VOTES
AS IN THIS EXAMPLE
With- For All
For hold Except
1.) Election of Trustees. / / / / / /
Edward M. Wiederstein, Richard D. Harris,
Stephen M. Morain, Donald G. Bartling, John R. Graham,
Erwin H. Johnson, Ann Jorgensen, Curtis C. Pietz,
and Kenneth Kay
If you do not wish your shares voted for a particular nominee, mark the
"For All Except" box and strike a line through the nominee's name.
RECORD DATE SHARES:
For Against Abstain
2a.) Approval of amendment to the / / / / / /
Portfolio's investment objective
to eliminate the secondary
investment objective of current
income.
2b.) Approval of amendment to the fundamental / / / / / /
investment policies for pursuing the
Portfolio's investment objective of
long-term capital appreciation.
3.) Approval of an amendment to the / / / / / /
Portfolio's fundamental investment
policy permitting investment of up
to 25% of net assets in foreign
equity or debt securities traded on
U.S. exchanges and payable in U.S.
dollars.
For Against Abstain
5.) Approval of an amendment to the / / / / / /
Portfolio's fundamental investment
policy reducing its "diversification"
requirement to 75% of the Portfolio's
assets from 100%.
6.) Approval of an amendment to eliminate / / / / / /
the Portfolio's fundamental investment
policy limiting investments in
restricted and illiquid securities (in
favor of a non-fundamental investment
policy on such investments).
7.) Ratification of selection of auditors. / / / / / /
--------------------
Please be sure to sign and date this Voting Instruction Form. Date
- --------------------------------------------------------------------------------
Shareholder sign here Co-owner sign here
- --------------------------------------------------------------------------------
POLICY NUMBER:
- --------------------------------------------------------------------------------
DETACH CARD DETACH CARD
<PAGE>
VARIABLE ANNUITY -- HIGH GRADE BOND PORTFOLIO
THESE VOTING INSTRUCTIONS ARE SOLICITED BY AND ON BEHALF OF
THE BOARD OF TRUSTEES OF FBL VARIABLE INSURANCE SERIES FUND
VOTING INSTRUCTIONS FOR THE SPECIAL MEETING OF SHAREHOLDERS, NOVEMBER 7, 1996
The undersigned hereby appoints Edward M. Wiederstein, Richard D. Harris
and Stephen M. Morain, and each of them, proxies with several powers of
substitution, to vote for the undersigned at the 1996 Special Meeting of
Shareholders of FBL VARIABLE INSURANCE SERIES FUND, to be held on November 7,
1996, notice of which meeting and the Proxy Statement accompanying the same have
been received by the undersigned, or at any adjournment thereof, upon the
following matters as described in the Notice of Meeting and accompanying Proxy
Statement.
WHEN PROPERLY EXECUTED, THESE INSTRUCTIONS WILL BE VOTED IN THE MANNER
DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. ALL PROPOSALS (SET FORTH ON
THE REVERSE SIDE OF THIS VOTING INSTRUCTION FORM) HAVE BEEN PROPOSED BY THE
BOARD OF TRUSTEES. IF NO DIRECTION IS GIVEN ON THESE PROPOSALS, THIS VOTING
INSTRUCTION FORM WILL BE VOTED "FOR" THE NOMINEES AND "FOR" ITEMS 4, 5, 6 AND
7. THE PROXY WILL BE VOTED IN ACCORDANCE WITH THE HOLDER'S BEST JUDGMENT AS
TO ANY OTHER MATTER.
- --------------------------------------------------------------------------------
PLEASE VOTE AND SIGN ON OTHER SIDE AND RETURN PROMPTLY IN ENCLOSED ENVELOPE.
- --------------------------------------------------------------------------------
Please sign this voting instruction form exactly as your name appears on the
reverse side of this card. Joint owners should each sign personally.
Trustees and other fiduciaries should indicate the capacity in which they
sign, and where more than one name appears, a majority must sign. If a
corporation, this signature should be that of an authorized officer who
should state his or her title.
- --------------------------------------------------------------------------------
<PAGE>
[X] PLEASE MARK VOTES
AS IN THIS EXAMPLE
With- For All
For hold Except
1.) Election of Trustees. / / / / / /
Edward M. Wiederstein, Richard D. Harris,
Stephen M. Morain, Donald S. Bartling, John R. Graham,
Erwin H. Johnson, Ann Jorgensen, Curtis C. Pietz
and Kenneth Kay
If you do not wish your shares voted for a particular nominee, mark
the "For All Except" box and strike a line through the nominee's name.
RECORD DATE SHARES:
For Against Abstain
4.) Approval of an amendment in the / / / / / /
Portfolio's fundamental investment
policy permitting investment of up to
25% of net assets in foreign debt
securities traded on U.S. exchanges
and payable in U.S. dollars.
For Against Abstain
5.) Approval of an amendment to the / / / / / /
Portfolio's fundamental investment policy
reducing its "diversification"
requirement to 75% of the Portfolio's
assets from 100%.
For Against Abstain
6.) Approval of an amendment to eliminate / / / / / /
the Portfolio's fundamental investment
policy limiting investments in
restricted and illiquid securities (in
favor of a non-fundamental investment
policy on such investments).
For Against Abstain
7.) Ratification of selection of auditors. / / / / / /
------------------------------
Please be sure to sign and date this Voting Instruction Form. Date
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Shareholder sign here Co-owner sign here
POLICY NUMBER:
- --------------------------------------------------------------------------------
DETACH CARD DETACH CARD
<PAGE>
VARIABLE ANNUITY -- BLUE CHIP PORTFOLIO
THESE VOTING INSTRUCTIONS ARE SOLICITED BY AND ON BEHALF OF
THE BOARD OF TRUSTEES OF FBL VARIABLE INSURANCE SERIES FUND
VOTING INSTRUCTIONS FOR THE SPECIAL MEETING OF SHAREHOLDERS, NOVEMBER 7, 1996
The undersigned hereby appoints Edward M. Wiederstein, Richard D. Harris and
Stephen M. Morain, and each of them, proxies with several powers of
substitution, to vote for the undersigned at the 1996 Special Meeting of
Shareholders of FBL VARIABLE INSURANCE SERIES FUND, to be held on November 7,
1996, notice of which meeting and the Proxy Statement accompanying the same
have been received by the undersigned, or at any adjournment thereof, upon
the following matters as described in the Notice of Meeting and accompanying
Proxy Statement.
WHEN PROPERLY EXECUTED, THESE INSTRUCTIONS WILL BE VOTED IN THE MANNER
DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. ALL PROPOSALS (SET FORTH ON
THE REVERSE SIDE OF THIS VOTING INSTRUCTION FORM) HAVE BEEN PROPOSED BY THE
BOARD OF TRUSTEES. IF NO DIRECTION IS GIVEN ON THESE PROPOSALS, THIS VOTING
INSTRUCTION FORM WILL BE VOTED "FOR" THE NOMINEES AND "FOR" ITEM 7. THE PROXY
WILL BY VOTED IN ACCORDANCE WITH THE HOLDER'S BEST JUDGMENT AS TO ANY OTHER
MATTER.
- --------------------------------------------------------------------------------
PLEASE VOTE AND SIGN ON OTHER SIDE AND RETURN PROMPTLY IN ENCLOSED ENVELOPE.
- --------------------------------------------------------------------------------
Please sign this voting instruction form exactly as your name appears on the
reverse side of this card. Joint owners should each sign personally. Trustees
and other fiduciaries should indicate the capacity in which they sign, and
where more than one name appears, a majority must sign. If a corporation,
this signature should be that of an authorized officer who should state his
or her title.
- --------------------------------------------------------------------------------
<PAGE>
/X/ PLEASE MARK VOTES
AS IN THIS EXAMPLE
With- For All
For hold Except
1.) Election of Trustees. / / / / / /
Edward M. Wiederstein, Richard D. Harris,
Stephen M. Morain, Donald G. Harting, John R. Graham,
Erwin H. Johnson, Ann Jorgenson, Curtis C. Pietz,
and Kenneth Kay
If you do not wish your shares voted for a particular nominee, mark the
"For All Except" box and strike a line through the nominee's name.
RECORD DATE SHARES:
For Against Abstain
7.) Ratification of selection of auditors. / / / / / /
--------------------------
Please be sure to sign and date this Voting Instruction Form. Date
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Shareholder sign here Co-owner sign here
POLICY NUMBER:
- --------------------------------------------------------------------------------
DETACH CARD DETACH CARD
<PAGE>
VARIABLE ANNUITY -- HIGH YIELD BOND PORTFOLIO
THESE VOTING INSTRUCTIONS ARE SOLICITED BY AND ON BEHALF OF
THE BOARD OF TRUSTEES OF FBL VARIABLE INSURANCE SERIES FUND
VOTING INSTRUCTIONS FOR THE SPECIAL MEETING OF SHAREHOLDERS, NOVEMBER 7, 1996
The undersigned hereby appoints Edward M. Wiederstein, Richard D. Harris and
Stephen M. Morain, and each of them, proxies with several powers of
substitution, to vote for the undersigned at the 1996 Special Meeting of
Shareholders of FBL VARIABLE INSURANCE SERIES FUND, to be held on November 7,
1996, notice of which meeting and the Proxy Statement accompanying the same have
been received by the undersigned, or at any adjournment thereof, upon the
following matters as described in the Notice of Meeting and accompanying Proxy
Statement.
WHEN PROPERLY EXECUTED, THESE INSTRUCTIONS WILL BE VOTED IN THE MANNER
DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. ALL PROPOSALS (SET FORTH ON
THE REVERSE SIDE OF THIS VOTING INSTRUCTION FORM) HAVE BEEN PROPOSED BY THE
BOARD OF TRUSTEES. IF NO DIRECTION IS GIVEN ON THESE PROPOSALS, THIS VOTING
INSTRUCTION FORM WILL BE VOTED "FOR" THE NOMINEES AND "FOR" ITEMS 4, 5, 6,
AND 7. THE PROXY WILL BE VOTED IN ACCORDANCE WITH THE HOLDER'S BEST JUDGMENT
AS TO ANY OTHER MATTER.
- --------------------------------------------------------------------------------
PLEASE VOTE AND SIGN ON OTHER SIDE AND RETURN PROMPTLY IN ENCLOSED ENVELOPE.
- --------------------------------------------------------------------------------
Please sign this voting instruction form exactly as your name appears on the
reverse side of this card. Joint owners should each sign personally. Trustees
and other fiduciaries should indicate the capacity in which they sign, and
where more than one name appears, a majority must sign. If a corporation,
this signature should be that of an authorized officer who should state his
or her title.
- --------------------------------------------------------------------------------
<PAGE>
/x/ PLEASE MARK VOTES
AS IN THIS EXAMPLE
With- For All
For hold Except
1.) Election of Trustees. / / / / / /
Edward M. Wiederstein, Richard D. Harris,
Stephen M. Morain, Donald G. Bartling, John R. Graham,
Erwin H. Johnson, Ann Jorgenson, Curtis C. Pietz
and Kenneth Kay
If you do not wish your shares voted for a particular nominee, mark the "For
All Except" box and strike a line through the nominee's name.
RECORD DATE SHARES:
For Against Abstain
4.) Approval of an amendment to the / / / / / /
Portfolio's fundamental investment
policy permitting investment of up
to 25% of net assets in foreign debt
securities included on U.S. exchanges
and payable in U.S. dollars.
For Against Abstain
5.) Approval of an amendment to the / / / / / /
Portfolio's fundamental investment
policy reducing its "diversification"
requirement to 75% of the Portfolio's
assets from 100%.
For Against Abstain
6.) Approval of an amendment to eliminate / / / / / /
the Portfolio's fundamental investment
policy limiting investments in restricted
and illiquid securities (in favor of a
non-fundamental investment policy on such
investments).
For Against Abstain
7.) Ratification of selection of auditors. / / / / / /
--------------------------
Please be sure to sign and date this Voting Instruction Form Date
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Shareholder sign here Co-signer sign here
POLICY NUMBER:
- --------------------------------------------------------------------------------
DETACH CARD DETACH CARD
<PAGE>
VARIABLE ANNUITY -- MANAGED PORTFOLIO
THESE VOTING INSTRUCTIONS ARE SOLICITED BY AND ON BEHALF OF
THE BOARD OF TRUSTEES OF FBL VARIABLE INSURANCE SERIES FUND
VOTING INSTRUCTIONS FOR THE SPECIAL MEETING OF SHAREHOLDERS, NOVEMBER 7, 1996
The undersigned hereby appoints Edward M. Wiederstein, Richard D. Harris and
Stephen M. Morain, and each of them, proxies with several powers of
substitution, to vote for the undersigned at the 1996 Special Meeting of
Shareholders of FBL VARIABLE INSURANCE SERIES FUND, to be held on November 7,
1996, notice of which meeting and the Proxy Statement accompanying the same have
been received by the undersigned, or at any adjournment thereof, upon the
following matters as described in the Notice of Meeting and accompanying Proxy
Statement.
WHEN PROPERLY EXECUTED, THESE INSTRUCTIONS WILL BE VOTED IN THE MANNER
DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. ALL PROPOSALS (SET FORTH ON
THE REVERSE SIDE OF THIS VOTING INSTRUCTION FORM) HAVE BEEN PROPOSED BY THE
BOARD OF TRUSTEES. IF NO TRUSTEE IS GIVEN ON THESE PROPOSALS, THIS VOTING
INSTRUCTION FORM WILL BE VOTED "FOR" THE NOMINEES AND "FOR" ITEMS 3, 5, 6 AND
7. THE PROXY WILL BE VOTED IN ACCORDANCE WITH THE HOLDER'S BEST JUDGMENT AS
TO ANY OTHER MATTER.
- --------------------------------------------------------------------------------
PLEASE VOTE AND SIGN ON OTHER SIDE AND RETURN PROMPTLY IN ENCLOSED ENVELOPE.
- --------------------------------------------------------------------------------
Please sign this voting instruction form exactly as your name appears on the
reverse side of this card. Joint owners should each sign personally.
Trustees and other fiduciaries should indicate the capacity in which they
sign, and where more than one name appears, a majority must sign. If a
corporation, this signature should be that of an authorized officer who
should state his or her title.
- --------------------------------------------------------------------------------
<PAGE>
/X/ PLEASE MARK VOTES
AS IN THIS EXAMPLE
With- For All
For hold Except
1) Election of Trustees. / / / / / /
Edward M. Wiederstein, Richard D. Harris,
Stephen M. Morain, Donald G. Bartling, John R. Graham,
Erwin H. Johnson, Ann Jorgensen, Curtis C. Pietz
and Kenneth Kay
If you do not wish your shares voted for a particular nominee, mark the
"For All Except" box and strike a line through the nominee's name.
RECORD DATE SHARES:
For Against Abstain
3) Approval of an amendment to the Portfolio's / / / / / /
fundamental investment policy permitting
investment of up to 25% of net assets in
foreign equity or debt securities traded on
U.S. exchanges and payable in U.S. dollars.
For Against Abstain
5) Approval of an amendment to the Portfolio's / / / / / /
fundamental investment policy reducing its
"diversification" requirement to 75% of the
Portfolio's assets from 100%.
For Against Abstain
6) Approval of an amendment to eliminate the / / / / / /
Portfolio's fundamental investment policy
limiting investments in restricted and
illiquid securities (in favor of a
non-fundamental investment policy on
such investments).
For Against Abstain
7) Ratification of selection of auditors. / / / / / /
-----------------
Please be sure to sign and date this Voting Instruction Form. Date
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Shareholder sign here Co-owner sign here
POLICY NUMBER:
- --------------------------------------------------------------------------------
DETACH CARD DETACH CARD
<PAGE>
VARIABLE ANNUITY -- MONEY MARKET PORTFOLIO
THESE VOTING INSTRUCTIONS ARE SOLICITED BY AND ON BEHALF OF
THE BOARD OF TRUSTEES OF FBL VARIABLE INSURANCE SERIES FUND
VOTING INSTRUCTIONS VOTING INSTRUCTIONS FOR THE SPECIAL MEETING OF
SHAREHOLDERS, NOVEMBER 7, 1996
The undersigned hereby appoints Edward M. Wiederstein, Richard D. Harris and
Stephen M. Morsin, and each of them, proxies with several powers of
substitution, to vote for the undersigned at the 1996 Special Meeting of
Shareholders of FBL VARIABLE INSURANCE SERIES FUND, to be held on November 7,
1996, notice of which meeting and the Proxy Statement accompanying the same have
been received by the undersigned, or at any adjournment thereof, upon the
following matters as described in the Notice of Meeting and accompanying Proxy
Statement.
WHEN PROPERLY EXECUTED, THESE INSTRUCTIONS WILL BE VOTED IN THE MANNER
DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. ALL PROPOSALS (SET FORTH ON
THE REVERSE SIDE OF THIS VOTING INSTRUCTION FORM) HAVE BEEN PROPOSED BY THE
BOARD OF TRUSTEES. IF NO DIRECTION IS GIVEN ON THESE PROPOSALS, THIS VOTING
INSTRUCTION FORM WILL BE VOTED "FOR" THE NOMINEES AND "FOR" ITEM 7. THE PROXY
WILL BE VOTED IN ACCORDANCE WITH THE HOLDER'S BEST JUDGMENT AS TO ANY OTHER
MATTER.
- --------------------------------------------------------------------------------
PLEASE VOTE AND SIGN ON OTHER SIDE AND RETURN PROMPTLY IN ENCLOSED ENVELOPE.
- --------------------------------------------------------------------------------
Please sign this voting instruction form exactly as your name appears on the
reverse side of this card. Joint owners should each sign personally.
Trustees and other fiduciaries should indicate the capacity in which they
sign, and where more than one name appears, a majority must sign. If a
corporation, this signature should be that of an authorized officer who
should state his or her title.
- -------------------------------------------------------------------------------
<PAGE>
/X/ PLEASE MARK VOTES
AS IN THIS EXAMPLE
With For All
For hold Except
1.) Election of Trustees. / / / / / /
Edward M. Wiederstein, Richard D. Harris
Stephen M. Morsin, Donald G. Bartling, John R. Graham,
Erwin H. Johnson, Ann Jorgensen, Curtis C. Pietz
and Kenneth Kay
If you do not wish your shares voted for a particular nominee, mark the
"For All Except" box and strike a line through the nominee's name.
RECORD DATE SHARES:
For Against Abstain
7.) Ratification of selection of auditors. / / / / / /
---------------------------
Please be sure to sign and date this Voting Instruction Form. Date
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Shareholder sign here Co-owner signature
POLICY NUMBER:
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
DETACH CARD DETACH CARD
<PAGE>
VARIABLE UNIVERSAL LIFE -- BLUE CHIP PORTFOLIO
THESE VOTING INSTRUCTIONS ARE SOLICITED BY AND ON BEHALF OF THE BOARD OF
TRUSTEES OF FBL VARIABLE INSURANCE SERIES FUND
VOTING INSTRUCTIONS FOR THE SPECIAL MEETING OF
SHAREHOLDERS, NOVEMBER 7, 1996
The undersigned hereby appoints Edward M. Wiederstein, Richard D. Harris and
Stephen M. Morain, and each of them, proxies with several powers of
substitution, to vote for the undersigned at the 1996 Special Meeting of
Shareholders of FBL VARIABLE INSURANCE SERIES FUND, to be held on November 7,
1996, notice of which meeting and the Proxy Statement accompanying the same have
been received by the undersigned, or at any adjournment thereof, upon the
following matters as described in the Notice of Meeting and accompanying Proxy
Statement.
WHEN PROPERLY EXECUTED, THESE INSTRUCTIONS WILL BE VOTED IN THE MANNER
DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. ALL PROPOSALS (SET FORTH ON
THE REVERSE SIDE OF THIS VOTING INSTRUCTION FORM) HAVE BEEN PROPOSED BY THE
BOARD OF TRUSTEES. IF NO DIRECTION IS GIVEN ON THESE PROPOSALS, THIS VOTING
INSTRUCTION FORM WILL BE VOTED "FOR" THE NOMINEES AND "FOR" ITEM 7. THE PROXY
WILL BE VOTED IN ACCORDANCE WITH THE HOLDER'S BEST JUDGMENT AS TO ANY OTHER
MATTER.
- --------------------------------------------------------------------------------
PLEASE VOTE AND SIGN ON OTHER SIDE AND RETURN PROMPTLY IN ENCLOSED ENVELOPE.
- --------------------------------------------------------------------------------
Please sign this voting instruction form exactly as your name appears on the
reverse side of this card. Joint owners should each sign personally. Trustees
and other fiduciaries should indicate the capacity in which they sign, and
where more than one name appears, a majority must sign. If a corporation,
this signature should be that of an authorized officer who should state his
or her title.
- --------------------------------------------------------------------------------
<PAGE>
/X/ PLEASE MARK YOUR VOTES
AS IN THIS EXAMPLE
With- For All
For hold Except
1.) Election of Trustees. / / / / / /
Edward M. Wiederstein, Richard D. Harris,
Stephen M. Morain, Donald G. Bartling, John R. Graham,
Erwin H. Johnson, Ann Jorgensen, Curtis C. Pietz,
and Kenneth Kay
If you do not wish your shares voted for a particular nominee, mark the
"For All Except" box and strike a line through the nominee's name.
RECORD DATE SHARES:
For Against Abstain
7. Ratification of selection of auditors. / / / / / /
-----------------------
Please be sure to sign and date this Voting Instruction Form. Date
- -------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Shareholder sign here Co-owner sign here
POLICY NUMBER:
- --------------------------------------------------------------------------------
DETACH CARD DETACH CARD
<PAGE>
VARIABLE UNIVERSAL LIFE -- MONEY MARKET PORTFOLIO
THESE VOTING INSTRUCTIONS ARE SOLICITED BY AND ON BEHALF OF
THE BOARD OF TRUSTEES OF FBL VARIABLE INSURANCE SERIES FUND
VOTING INSTRUCTIONS FOR THE SPECIAL MEETING OF SHAREHOLDERS, NOVEMBER 7, 1996
The undersigned hereby appoints Edward M. Wiederstein, Richard D. Harris and
Stephen M. Morain, and each of them, proxies with several powers of substitution
to vote for the undersigned at the 1996 Special Meeting of Shareholders of FBL
VARIABLE INSURANCE SERIES FUND, to be held on November 7, 1996, notice of which
meeting and the Proxy Statement accompanying the same have been received by the
undersigned, or at any adjournment therof, upon the following matters as
described in the Notice of Meeting and accompanying Proxy Statement.
WHEN PROPERLY EXECUTED, THESE INSTRUCTIONS WILL BE VOTED IN THE MANNER
DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. ALL PROPOSALS (SET FORTH ON
THE REVERSE SIDE OF THIS VOTING INSTRUCTION FORM) HAVE BEEN PROPOSED BY THE
BOARD OF TRUSTEES. IF NO DIRECTION IS GIVEN ON THESE PROPOSALS, THIS VOTING
INSTRUCTION FORM WILL BE VOTED "FOR" THE NOMINEES AND "FOR" ITEM 7. THE PROXY
WILL BY VOTED IN ACCORDANCE WITH THE HOLDER'S BEST JUDGMENT AS TO ANY OTHER
MATTER.
- --------------------------------------------------------------------------------
PLEASE VOTE AND SIGN ON OTHER SIDE AND RETURN PROMPTLY IN ENCLOSED ENVELOPE.
- --------------------------------------------------------------------------------
Please sign this voting instruction form exactly as your name appears on the
reverse side of this card. Joint owners should each sign personally. Trustees
and other fiduciaries should indicate the capacity in which they sign, and
where more than one name appears, a majority must sign. If a corporation,
this signature should be that of an authorized officer who should state his
or her title.
- --------------------------------------------------------------------------------
<PAGE>
/X/ PLEASE MARK VOTES
AS IN THIS EXAMPLE
With- For All
For hold Except
1.) Election of Trustees. / / / / / /
Edward M. Wiederstein, Richard D. Harris,
Stephen M. Morain, Donald G. Bartling, John R. Graham,
Erwin H. Johnson, Ann Jorgenson, Curtis C. Pietz,
and Kenneth Kay
If you do not wish your shares voted for a particular nominee, mark the
"For All Except" box and strike a line through the nominee's name.
RECORD DATE SHARES:
For Against Abstain
7.) Ratification of selection of auditors. / / / / / /
--------------------------
Please be sure to sign and date this Voting Instruction Form. Date
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Shareholder sign here Co-owner signature
POLICY NUMBER:
- --------------------------------------------------------------------------------
DETACH CARD DETACH CARD
<PAGE>
VARIABLE UNIVERSAL LIFE -- GROWTH COMMON STOCK PORTFOLIO
THESE VOTING INSTRUCTIONS ARE SOLICITED BY AND ON BEHALF OF
THE BOARD OF TRUSTEES OF FBL VARIABLE INSURANCE SERIES FUND
VOTING INSTRUCTIONS FOR THE SPECIAL MEETING OF
SHAREHOLDERS, NOVEMBER 7, 1996
The undersigned hereby appoints Edward M. Wiederstein, Richard D. Harris and
Stephen M. Morain, and each of them, proxies with several powers of
substitution, to vote for the undersigned at the 1996 Special Meeting at
Shareholders of FBL VARIABLE INSURANCE SERIES FUND to be held on November 7,
1996, notice of which meeting and the Proxy Statement accompanying the same have
been received by the undersigned, or at any adjournment thereof, upon the
following matters as described in the Notice of Meeting and accompanying Proxy
Statement.
WHEN PROPERLY EXECUTED, THESE INSTRUCTIONS WILL BE VOTED IN THE MANNER
DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. ALL PROPOSALS (SET FORTH ON
THE REVERSE SIDE OF THIS VOTING INSTRUCTION FORM) HAVE BEEN PROPOSED BY THE
BOARD OF TRUSTEES. IF NO DIRECTION IS GIVEN ON THESE PROPOSALS, THIS VOTING
INSTRUCTION FORM WILL BE VOTED "FOR" THE NOMINEES AND "FOR" ITEMS 2a, 2b, 3, 5,
6 AND 7. THE PROXY WILL BE VOTED IN ACCORDANCE WITH THE HOLDER'S BEST JUDGMENT
AS TO ANY OTHER MATTER.
- --------------------------------------------------------------------------------
PLEASE VOTE AND SIGN ON OTHER SIDE AND RETURN PROMPTLY IN ENCLOSED ENVELOPE.
- --------------------------------------------------------------------------------
Please sign this voting instruction form exactly as your name appears on the
reverse side of this card. Joint owners should each sign personally.
Trustees and other fiduciaries should indicate the capacity in which they
sign, and where more than one name appears, a majority must sign. If a
corporation, this signature should be that of an authorized officer who
should state his or her title.
- --------------------------------------------------------------------------------
<PAGE>
/x/ PLEASE MARK VOTES
AS IN THIS EXAMPLE
With- For All
For hold Except
1.) Election of Trustees. / / / / / /
Edward M. Wiederstein, Richard D. Harris,
Stephen M. Morain, Donald G. Bartling, John R. Graham,
Erwin H. Johnson, Ann Jorgenson, Curtis C. Pietz
and Kenneth Kay
If you do not wish your shares voted for a particular nominee, mark the
"For All Except" box and strike a line through the nominee's name.
RECORD DATE SHARES:
For Against Abstain
2a.) Approval of amendment to the Portfolio's / / / / / /
investment objective to eliminate the
secondary investment objective of current
income.
2b.) Approval of amendment to the fundamental / / / / / /
investment policies for pursuing the
Portfolio's investment objective of long-
term capital appreciation.
3.) Approval of an amendment to the Portfolio's / / / / / /
fundamental investment policy permitting
investment of up to 25% of net assets in
foreign equity or debt securities traded
on U.S. exchanges and payable in U.S.
dollars.
For Against Abstain
5.) Approval of an amendment to the Portfolio's / / / / / /
fundamental investment policy reducing its
"diversification" requirement to 75% of
the Portfolio's assets from 100%.
6.) Approval of an amendment to eliminate the / / / / / /
Portfolio's fundamental investment policy
limiting investments in restricted and
illiquid securities (in favor of a non-
fundamental investment policy on such
investments).
7.) Ratification of selection of auditors. / / / / / /
-------------------------
Please be sure to sign and date this Voting Instruction Form. Date
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Shareholder sign here Co-owner sign here
POLICY NUMBER:
- --------------------------------------------------------------------------------
DETACH CARD DETACH CARD
<PAGE>
VARIABLE UNIVERSAL LIFE -- HIGH GRADE BOND PORTFOLIO
THESE VOTING INSTRUCTIONS ARE SOLICITED BY AND ON BEHALF OF
THE BOARD OF TRUSTEES OF FBL VARIABLE INSURANCE SERIES FUND
VOTING INSTRUCTIONS FOR THE SPECIAL MEETING OF SHAREHOLDERS, NOVEMBER 7, 1996
The undersigned hereby appoints Edward M. Wiederstein, Richard D. Harris and
Stephen M. Morain, and each of them, proxies with several powers of
substitution, to vote for the undersigned at the 1996 Special Meeting of
Shareholders of FBL VARIABLE INSURANCE SERIES FUND, to be held on November 7,
1996, notice of which meeting and the Proxy Statement accompanying the same
have been received by the undersigned, or at any adjournment thereof, upon the
following matters as described in the Notice of Meeting and accompanying Proxy
Statement.
WHEN PROPERLY EXECUTED, THESE INSTRUCTIONS WILL BE VOTED IN THE MANNER
DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. ALL PROPOSALS (SET FORTH ON
THE REVERSE SIDE OF THIS VOTING INSTRUCTION FORM) HAVE BEEN PROPOSED BY THE
BOARD OF TRUSTEES. IF NO DIRECTION IS GIVEN ON THESE PROPOSALS, THIS VOTING
INSTRUCTION FORM WILL BE VOTED "FOR" THE NOMINEES AND "FOR" ITEMS 4, 5, 6 AND
7. THE PROXY WILL BE VOTED IN ACCORDANCE WITH THE HOLDER'S BEST JUDGMENT AS
TO ANY OTHER MATTER.
- -------------------------------------------------------------------------------
PLEASE VOTE AND SIGN ON OTHER SIDE AND RETURN PROMPTLY IN ENCLOSED ENVELOPE.
- --------------------------------------------------------------------------------
Please sign this voting instruction form exactly as your name appears on the
reverse side of this card. Joint owners should each sign personally. Trustees
and other fiduciaries should indicate the capacity in which they sign, and
where more than one name appears, a majority must sign. If a corporation,
this signature should be that of an authorized officer who should state his
or her title.
- --------------------------------------------------------------------------------
<PAGE>
/x/ PLEASE MARK VOTES
AS IN THIS EXAMPLE
With- For All
For hold Except
1.) Election of Trustees. / / / / / /
Edward M. Wiederstein, Richard D. Harris,
Stephen M. Morain, Donald G. Bartling, John R. Graham,
Erwin H. Johnson, Ann Jorgensen, Curtis C. Pietz
and Kenneth Kay
If you do not wish your shares voted for a particular nominee, mark the "For
All Except" box and strike a line through the nominee's name.
RECORD DATE SHARES:
For Against Abstain
4.) Approval of an amendment to the Portfolio's / / / / / /
fundamental investment policy permitting
investment of up to 25% of net assets in
foreign debt securities traded on U.S.
exchanges and payable in U.S. dollars.
For Against Abstain
5.) Approval of an amendment to the Portfolio's / / / / / /
fundamental investment policy reducing its
"diversification" requirement to 75% of the
Portfolio's assets from 100%.
For Against Abstain
6.) Approval of an amendment to eliminate the / / / / / /
Portfolio's fundamental investment policy
limiting investments in restricted and illiquid
securities (in favor of a non-fundamental
investment policy on such investments).
For Against Abstain
7.) Ratification of selection of auditors. / / / / / /
-------------------------------
Please be sure to sign and date this Voting Instruction Form. Date
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Shareholder sign here Co-owner sign here
POLICY NUMBER:
- --------------------------------------------------------------------------------
DETATCH CARD DETATCH CARD
<PAGE>
VARIABLE UNIVERSAL LIFE -- HIGH YIELD BOND PORTFOLIO
THESE VOTING INSTRUCTIONS ARE SOLICITED BY AND ON BEHALF OF
THE BOARD OF TRUSTEES OF FBL VARIABLE INSURANCE SERIES FUND
VOTING INSTRUCTIONS FOR THE SPECIAL MEETING OF SHAREHOLDERS, NOVEMBER 7, 1996
The undersigned hereby appoints Edward M. Wiederstein, Richard D. Harris and
Stephen M. Morain, and each of them, proxies with several powers of
substitution, to vote for the undersigned at the 1996 Special Meeting of
Shareholders of FBL VARIABLE INSURANCE SERIES FUND, to be held on November 7,
1996, notice of which meeting and the Proxy Statement accompanying the same
have been received by the undersigned, or at any adjournment thereof, upon
the following matters as described in the Notice of Meeting and accompanying
Proxy Statement.
WHEN PROPERLY EXECUTED, THESE INSTRUCTIONS WILL BE VOTED IN THE MANNER
DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. ALL PROPOSALS (SET FORTH ON
THE REVERSE SIDE OF THIS VOTING INSTRUCTION FORM) HAVE BEEN PROPOSED BY THE
BOARD OF TRUSTEES. IF NO DIRECTION IS GIVEN ON THESE PROPOSALS, THIS VOTING
INSTRUCTION FORM WILL BE VOTED "FOR" THE NOMINEES AND "FOR" ITEMS 4, 5, 6 AND
7. THE PROXY WILL BE VOTED IN ACCORDANCE WITH THE HOLDER'S BEST JUDGMENT AS
TO ANY OTHER MATTER.
- --------------------------------------------------------------------------------
PLEASE VOTE AND SIGN ON OTHER SIDE AND RETURN PROMPTLY IN ENCLOSED ENVELOPE.
- --------------------------------------------------------------------------------
Please sign this voting instruction form exactly as your name appears on the
reverse side of this card. Joint owners should each sign personally.
Trustees and the other fiduciaries should indicate the capacity in which they
sign, and where more than one name appears, a majority must sign. If a
corporation, this signature should be that of an authorized officer who
should state his or her title.
- --------------------------------------------------------------------------------
<PAGE>
/X/ PLEASE MARK VOTES
AS IN THIS EXAMPLE
With- For All
For hold Except
1.) Election of Trustees. / / / / / /
Edward M. Wiederstein, Richard D. Harris,
Stephen M. Morain, Donald G. Bartling, John R. Graham,
Erwin H. Johnson, Ann Jorgenson, Curtis C. Pietz
and Kenneth Kay
If you do not want your shares voted for a particular nominee, mark the
"For all Except" box and strike a line through the nominee's name.
RECORD DATE SHARES:
For Against Abstain
4.) Approval of an amendment to the Portfolio's / / / / / /
fundamental investment policy permitting
investment of up to 25% of net assets in
foreign debt securities traded on U.S.
exchanges and payable in U.S. dollars.
For Against Abstain
5.) Approval of an amendment to the Portfolio's / / / / / /
fundamental investment policy reducing its
"diversification" requirement to 75% of the
Portfolio's assets from 100%.
For Against Abstain
6.) Approval of an amendment to eliminate the / / / / / /
Portfolio's fundamental investment policy
limiting investments in restricted and
illiquid securities (in favor of a
non-fundamental investment policy on such
investments).
For Against Abstain
7.) Ratification of selection of auditors. / / / / / /
------------------------------
Please be sure to sign and date this Voting Instruction Form. Date
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Shareholder sign here Co-owner sign here
POLICY NUMBER:
- --------------------------------------------------------------------------------
DETACH CARD DETACH CARD
<PAGE>
VARIABLE UNIVERSAL LIFE -- MANAGED PORTFOLIO
THESE VOTING INSTRUCTIONS ARE SOLICITED BY AND ON BEHALF OF
THE BOARD OF TRUSTEES OF FBL VARIABLE INSURANCE SERIES FUND
VOTING INSTRUCTIONS FOR THE SPECIAL MEETING OF SHAREHOLDERS, NOVEMBER 7, 1996
The undersigned hereby appoints Edward M. Wiederstein, Richard D. Harris and
Stephen M. Morain, and each of them, proxies with several powers of
substitution, to vote for the undersigned at the 1996 Special Meeting of
Shareholders of FBL VARIABLE INSURANCE SERIES FUND, to be held on November 7,
1996, notice of which meeting and the Proxy Statement accompanying the same have
been received by the undersigned, or at any adjournment thereof, upon the
following matters as described in the Notice of Meeting and accompanying Proxy
Statement.
WHEN PROPERLY EXECUTED, THESE INSTRUCTIONS WILL BE VOTED IN THE MANNER
DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. ALL PROPOSALS (SET FORTH ON
THE REVERSE SIDE OF THIS VOTING INSTRUCTION FORM) HAVE BEEN PROPOSED BY THE
BOARD OF TRUSTEES. IF NO DIRECTION IS GIVEN ON THESE PROPOSALS, THIS VOTING
INSTRUCTION FORM WILL BE VOTED "FOR" THE NOMINEES AND "FOR" ITEMS 3, 5, 6 AND
7. THE PROXY WILL BE VOTED IN ACCORDANCE WITH THE HOLDER'S BEST JUDGMENT AS
TO ANY OTHER MATTER.
- --------------------------------------------------------------------------------
PLEASE VOTE AND SIGN ON OTHER SIDE AND RETURN PROMPTLY IN ENCLOSED ENVELOPE.
- --------------------------------------------------------------------------------
Please sign this voting instruction form exactly as your name appears on the
reverse side of this card. Joint-owners should each sign personally. Trustees
and other fiduciaries should indicate the capacity in which they sign, and
where more than one name appears, a majority must sign. If a corporation,
this signature should be that of an authorized officer who should state his
or her title.
- --------------------------------------------------------------------------------
<PAGE>
/x/ PLEASE MARK VOTES
AS IN THIS EXAMPLE
With- For All
For hold Except
1.) Election of Trustees. / / / / / /
Edward M. Wiederstein, Richard D. Harris,
Stephen M. Morain, Donald G. Bartling, John R. Graham,
Erwin H. Johnson, Ann Jorgensen, Curtis C. Pietz
and Kenneth Kay
If you do not wish your shares voted for a particular nominee, mark the
"For All Except" box and strike a line through the nominee's name.
RECORD DATE SHARES:
For Against Abstain
3.) Approval of an amendment to the / / / / / /
Portfolio's fundamental policy
permitting investment of up to
25% of net assets in foreign
equity or debt securities traded
on U.S. exchanges and payable in
U.S. dollars.
For Against Abstain
5.) Approval of an amendment to the / / / / / /
Portfolio's fundamental investment
policy reducing its "diversification"
requirement to 75% of the Portfolio's
assets from 100%.
For Against Abstain
6.) Approval of an amendment to eliminate / / / / / /
the Portfolio's fundamental investment
policy limiting investments in
restricted and illiquid securities
(in favor of a non-fundamental
investment policy on such investments.)
For Against Abstain
7.) Ratification of selection of auditors. / / / / / /
-------------------------
Please be sure to sign and date this Voting Instruction Form. Date
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Shareholder sign here Co-owner sign here
POLICY NUMBER:
- --------------------------------------------------------------------------------
DETACH CARD DETACH CARD
