<PAGE>
-----------------
Farm Bureau
Financial
Services
<TABLE>
<S> <C>
FBL Variable Insurance
Series Fund
[LOGO]
SEMI-ANNUAL REPORT
JUNE 30, 1996
INVESTMENT MANAGER AND
PRINCIPAL UNDERWRITER
FBL INVESTMENT ADVISORY
SERVICES, INC.
5400 UNIVERSITY AVENUE
WEST DES MOINES, IA 50266
1-800-247-4170 (OUTSIDE
IOWA)
1-800-422-3175 (IN IOWA)
225-5586 (DES MOINES)
</TABLE>
<TABLE>
<S> <C> <C>
FARM BUREAU LIFE INSURANCE COMPANY
FARM BUREAU MUTUAL FUNDS This report is not to be distributed
5400 UNIVERSITY AVENUE unless preceded or accompanied by
WEST DES MOINES, IOWA 50266 [LOGO] a prospectus.
737-527 (96)
</TABLE>
<PAGE>
PRESIDENT'S LETTER
Dear Shareholder,
The Dow Jones Industrial Average reached its modern high on May 22, closing
at 5778.00. On July 23, it closed at 5346.55, a decline of 7.5% and not
insubstantial for a two-month period of time. It does not qualify, however, as a
"bear market." As of this moment, the Dow has returned to within striking
distance of 5700, reinforcing the notion that all equity market sell-offs are
buying opportunities.
But this rebound is different, in that net purchases of equity mutual funds
virtually ground to a halt during the month of July. For the week of July 17,
the industry experienced net redemptions, following months of $20 billion plus
injections into mutual funds. Whether investors will remain subdued for an
extended period is yet to be seen, as is the significance of this decrease in at
least one important source of market liquidity.
Notwithstanding the equity market behavior of the past few months, the fixed
income markets have witnessed more relative volatility over the past few years.
After a very strong bond market rally in 1995, we began this year with the
benchmark thirty-year Treasury yielding 5.95%, and by July we had moved to a
yield of 7.20%. Now, following July's more benign job statistics, the markets
are rallying again. Recall that the Labor Department releases on job creation in
the preceding five months have been somewhat of a trial for the bond and stock
markets. Each time, the market reacted negatively to what was perceived as too
much economic growth, which could rekindle inflation. It would seem to be an
awkward spot for equities to be when a rapidly growing economy knocks the market
down.
We believe that the equity markets will continue to see volatility in the
months ahead. Periodic corrections are quite normal to the stock market, but the
large number of shareholders arriving after 1990 have not seen a meaningful
setback. Accordingly, we encourage mutual fund investors to review the
longer-term characteristics of the financial markets to ensure that their asset
allocation decisions are truly appropriate to their investment objectives and
tolerance for risk.
For the actively managed FBL Variable Insurance Series Fund (those other
than the passive Blue Chip Portfolio) we have sought to manage volatility by
constantly assessing the securities held to ensure that valuations are
reasonable. In so doing, we seek to produce attractive risk-adjusted performance
and create lasting value for our shareholders.
Below are activity and strategy summaries for the various portfolios of FBL
Variable Insurance Series Fund.
GROWTH COMMON STOCK: The Growth Common Stock Portfolio benefitted from its
higher than average energy exposure. Approximately a year ago, the Portfolio had
25% of its assets in various energy company investments: oil and gas drilling,
oil and gas exploration and production, and related oil services. At the time we
made the investments, the energy industry was deeply out of favor and unloved by
Wall Street investors, allowing us to find many attractive and compelling
valuations where the private market value greatly exceeded the stock price,
spelling an investment opportunity. Twelve months later, many of these
investments appreciated 20% - 50% and, as a result, we have been taking profits
and begun searching for additional attractive investments. As of the writing of
this letter, our energy exposure has been reduced from 25% to approximately 10%
of total assets.
We continue to find value in owning smaller bank holding companies. The
growth prospects of these investments are well defined and many are attractive
merger candidates, adding to their upside
2
<PAGE>
potential. The banking sector currently represents 14% of Portfolio assets. Our
strategy in this market is to remain rational and objective when the market is
not. This means that we are willing to buy on bad news when we are able to
establish a reasonable value for the whole company well in excess of the current
share price. This is the essence of value investing. We also prefer to invest
alongside good managements which have a significant personal ownership stake in
the company. Our goal is to be invested in stocks which have appreciation
potential at an acceptable level of risk.
HIGH GRADE BOND: U.S. Treasury yields increased dramatically over the past
six months. For example, the 2-year, 10-year and 30-year Treasury issues yielded
5.18%, 5.59% and 5.96%, respectively, as of January 2, 1996, but as of June 28,
1996, they yielded 6.11%, 6.71% and 6.89%.
We feel that these types of interest rate levels represent a reasonable
value based on the current economic fundamentals, and we will be more inclined
to slightly extend the duration of the Portfolio in order to lock in these
higher yield levels. Our new purchases will probably be concentrated in
mortgage-backed and/or Treasury issues because we feel that the current
historically narrow spreads available in the corporate market do not adequately
compensate investors for taking on the credit and market risk inherent in
corporate bonds.
While we currently plan to extend the duration of the Portfolio, making it
more sensitive to interest rate changes, we will continue to hold a significant
portion of our assets in high-coupon, callable bonds that offer attractive,
incremental yields relative to similar non-callable issues. Due to their call
features, these types of corporate issues tend to go up in price less than
non-callable issues when interest rates drop; and conversely, due to their
incremental yield, tend to go down less than non-callable issues. Our Portfolio
returns should continue to lag other, more aggressive funds in both up and down
markets.
HIGH YIELD BOND: During the past six months, the high yield bond market
outperformed the high grade corporate bond market. The reasons for this
outperformance were the naturally shorter duration of high yield bonds and a
general decrease in the yield spreads on high yield issues as investors became
less concerned about a potential increase in default rates as the economy showed
signs of renewed strength.
During this period, the DLJ 100 High Yield Active Issues Index went from a
10.81% yield and a 534 basis-point spread to a 11.07% yield and a spread of 453
basis-points. In general, we view these spread levels as adequate but not
generous, and therefore, no major changes to the Portfolio are contemplated at
this time.
MANAGED: The Managed Portfolio continues to seek securities offering high
income with a modest growth potential. This Portfolio uses a value philosophy
but concentrates on securities that produce an income stream twice that of the
S&P 500. Currently, the S&P 500 is yielding a minuscule 2.2%. We achieve higher
income by investing in a mixture of high dividend-paying stocks, preferreds,
convertibles (debentures and preferreds) and corporate bonds.
We have continued to add to our convertible securities in the banking
sector. We continue to find value in owning the convertible securities of
smaller bank holding companies, as these securities are available with current
yields ranging from 4% - 6%, in addition to their attractive upside potential.
We have allowed cash to build up in anticipation of better values becoming
available in the market.
MONEY MARKET: Thus far in 1996, the money markets have gone directly from
an expectation of continued Federal Reserve easing following the January 25
basis-point decrease, to an expectation that the Fed would likely tighten
short-term rates as employment numbers began to show strength in the economy and
long-term rates pushed back above 7%. Most recently, expectations are that the
Fed will
3
<PAGE>
do nothing at its August meeting and possibly through the November election. So
while we have seen a relative period of calm in terms of Fed moves, market
expectations have moved short-term rates through some swings on either side of
the Fed. Looking ahead, we do not anticipate dramatic moves in short-term rates
at least until after the election.
BLUE CHIP: True to its passive strategy, the performance of the Blue Chip
Portfolio over the past year has reflected that of the large capitalization
market sector which it represents. The Blue Chip Portfolio will, at all times,
remain substantially invested in common stocks of large companies. This
Portfolio is designed for those investors who prefer substantial exposure to
common stocks at all times or who wish to make their own market value judgments.
[insert specimen signature]
EDWARD M. WIEDERSTEIN
PRESIDENT
August 12, 1996
4
<PAGE>
(This page has been left blank intentionally.)
5
<PAGE>
FBL VARIABLE INSURANCE SERIES FUND
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
GROWTH HIGH
COMMON STOCK GRADE BOND
PORTFOLIO PORTFOLIO
--------------- -------------
<S> <C> <C>
ASSETS
Investments in securities, at value (cost -- $19,251,974; $3,139,534; $ 20,310,470 $ 3,221,005
$5,491,307; $18,485,533; $3,204,508; and $7,560,770, respectively) (NOTE
5).......................................................................
Cash....................................................................... 107,305 14,694
Receivables:
Due from FBL Investment Advisory Services, Inc........................... 10,209 3,170
Accrued dividends and interest........................................... 61,204 51,283
Investment securities sold............................................... 1
Prepaid expense............................................................ 419 153
--------------- -------------
Total Assets............................................................... $ 20,489,608 $ 3,290,305
--------------- -------------
--------------- -------------
LIABILITIES AND NET ASSETS
Liabilities:
Investment securities purchased.......................................... $ $
Accrued expenses......................................................... 4,448 3,409
--------------- -------------
Total Liabilities.......................................................... 4,448 3,409
Net assets applicable to shares of beneficial interest (NOTE 4)............ 20,485,160 3,286,896
--------------- -------------
Total Liabilities and Net Assets........................................... $ 20,489,608 $ 3,290,305
--------------- -------------
--------------- -------------
Shares issued and outstanding as of June 30, 1996.......................... 1,564,064 335,692
NET ASSET VALUE PER SHARE.................................................. $ 13.10 $ 9.79
--------------- -------------
--------------- -------------
</TABLE>
SEE ACCOMPANYING NOTES.
6
<PAGE>
<TABLE>
<CAPTION>
HIGH
YIELD BOND MANAGED MONEY MARKET BLUE CHIP
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- ------------- -------------- -------------- --------------
<S> <C> <C> <C>
$ 5,437,603 $ 19,368,554 $ 3,204,508 $ 10,034,294
13,541 53,491 157,364 57,141
6,778 14,299 3,696
110,954 121,826 4,170 11,719
8
197 388 149 237
- ------------- -------------- -------------- --------------
$ 5,569,073 $ 19,558,566 $ 3,369,887 $ 10,103,391
- ------------- -------------- -------------- --------------
- ------------- -------------- -------------- --------------
$ 447,599 $ $ $
3,114 4,375 3,399 4,150
- ------------- -------------- -------------- --------------
450,713 4,375 3,399 4,150
5,118,360 19,554,191 3,366,488 10,099,241
- ------------- -------------- -------------- --------------
$ 5,569,073 $ 19,558,566 $ 3,369,887 $ 10,103,391
- ------------- -------------- -------------- --------------
- ------------- -------------- -------------- --------------
525,854 1,545,270 3,366,488 440,252
$ 9.73 $ 12.65 $ 1.00 $ 22.94
- ------------- -------------- -------------- --------------
- ------------- -------------- -------------- --------------
</TABLE>
7
<PAGE>
FBL VARIABLE INSURANCE SERIES FUND
STATEMENTS OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
GROWTH HIGH
COMMON STOCK GRADE BOND
PORTFOLIO PORTFOLIO
--------------- ------------
<S> <C> <C>
INVESTMENT INCOME
Dividends............................................................. $ 162,808
Interest.............................................................. 107,690 $ 128,736
--------------- ------------
Total Investment Income............................................... 270,498 128,736
EXPENSES
Paid to FBL Investment Advisory Services, Inc. (NOTE 3):
Investment advisory and management fees............................. 44,798 4,853
Accounting fees..................................................... 4,480 809
Custodial fees........................................................ 2,856 1,752
Legal fees............................................................ 381 66
Reports to shareholders............................................... 1,070 1,070
Trustees' fees and expenses........................................... 1,293 247
Insurance and bonds................................................... 621 268
Miscellaneous......................................................... 4,097 3,002
--------------- ------------
Total Expenses........................................................ 59,596 12,067
Expense Reimbursement (NOTE 3)........................................ (10,209) (3,170)
--------------- ------------
Net Expenses.......................................................... 49,387 8,897
--------------- ------------
Net Investment Income................................................. 221,111 119,839
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain from investment transactions........................ 1,101,534 11,609
Change in unrealized appreciation/depreciation of investments......... (176,001) (74,117)
--------------- ------------
Net Gain (Loss) on Investments........................................ 925,533 (62,508)
--------------- ------------
Net Increase in Net Assets Resulting from Operations.................. $ 1,146,644 $ 57,331
--------------- ------------
--------------- ------------
</TABLE>
SEE ACCOMPANYING NOTES.
8
<PAGE>
<TABLE>
<CAPTION>
HIGH
YIELD BOND MANAGED MONEY MARKET BLUE CHIP
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- ----------- ------------- -------------- -----------
<S> <C> <C> <C>
$ 224,827 $ 78,470
$ 224,523 219,283 $ 84,657 20,271
- ----------- ------------- -------------- -----------
224,523 444,110 84,657 98,741
12,235 46,642 4,825 8,312
1,224 4,240 804 2,078
1,806 2,858 2,259 3,439
100 374 71 187
1,070 1,070 1,070 1,070
380 1,198 228 584
335 567 266 376
3,087 3,992 3,018 3,197
- ----------- ------------- -------------- -----------
20,237 60,941 12,541 19,243
(6,778) (14,299) (3,695)
- ----------- ------------- -------------- -----------
13,459 46,642 8,846 19,243
- ----------- ------------- -------------- -----------
211,064 397,468 75,811 79,498
52,366 921,741 68,607
(27,383) (18,921) 643,560
- ----------- ------------- -------------- -----------
24,983 902,820 712,167
- ----------- ------------- -------------- -----------
$ 236,047 $ 1,300,288 $ 75,811 $ 791,665
- ----------- ------------- -------------- -----------
- ----------- ------------- -------------- -----------
</TABLE>
9
<PAGE>
FBL VARIABLE INSURANCE SERIES FUND
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
GROWTH
COMMON STOCK
PORTFOLIO
------------------------------
SIX MONTHS
ENDED YEAR ENDED
JUNE 30, 1996 DECEMBER 31,
(UNAUDITED) 1995
-------------- --------------
<S> <C> <C>
OPERATIONS
Net investment income............................................................. $ 221,111 $ 628,640
Net realized gain (loss) from investment transactions............................. 1,101,534 858,654
Change in unrealized appreciation/depreciation of investments..................... (176,001) 1,599,431
-------------- --------------
Net Increase in Net Assets Resulting from Operations.............................. 1,146,644 3,086,725
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM (NOTE 6)
Net investment income............................................................. (629,398)
Net realized gain from investment transactions.................................... (331,104)
Distributions in excess of net realized gain from investment transactions.........
-------------- --------------
0 (960,502)
CAPITAL SHARE TRANSACTIONS (NOTE 4)............................................... 3,043,285 3,565,672
-------------- --------------
Total Increase in Net Assets...................................................... 4,189,929 5,691,895
NET ASSETS
Beginning of period............................................................... 16,295,231 10,603,336
-------------- --------------
End of period (including undistributed net investment income as set forth
below).......................................................................... $ 20,485,160 $ 16,295,231
-------------- --------------
-------------- --------------
Undistributed Net Investment Income............................................... $ 224,073 $ 2,962
-------------- --------------
-------------- --------------
</TABLE>
SEE ACCOMPANYING NOTES.
10
<PAGE>
<TABLE>
<CAPTION>
HIGH HIGH
GRADE BOND YIELD BOND
PORTFOLIO PORTFOLIO
- ------------------------------ ------------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED
JUNE 30, 1996 DECEMBER 31, JUNE 30, 1996 DECEMBER 31,
(UNAUDITED) 1995 (UNAUDITED) 1995
- -------------- -------------- -------------- --------------
<S> <C> <C> <C>
$ 119,839 $ 221,221 $ 211,064 $ 413,823
11,609 (1,090) 52,366 66,905
(74,117) 150,916 (27,383) 167,210
- -------------- -------------- -------------- --------------
57,331 371,047 236,047 647,938
(119,839) (221,221) (211,064) (413,823)
(61,458)
- -------------- -------------- -------------- --------------
(119,839) (221,221) (211,064) (475,281)
141,008 606,696 283,284 465,130
- -------------- -------------- -------------- --------------
78,500 756,522 308,267 637,787
3,208,396 2,451,874 4,810,093 4,172,306
- -------------- -------------- -------------- --------------
$ 3,286,896 $ 3,208,396 $ 5,118,360 $ 4,810,093
- -------------- -------------- -------------- --------------
- -------------- -------------- -------------- --------------
$ 0 $ 0 $ 0 $ 0
- -------------- -------------- -------------- --------------
- -------------- -------------- -------------- --------------
</TABLE>
11
<PAGE>
FBL VARIABLE INSURANCE SERIES FUND
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
MANAGED
PORTFOLIO
------------------------------
SIX MONTHS
ENDED YEAR ENDED
JUNE 30, 1996 DECEMBER 31,
(UNAUDITED) 1995
-------------- --------------
<S> <C> <C>
OPERATIONS
Net investment income............................................................. $ 397,468 $ 691,938
Net realized gain (loss) from investment transactions............................. 921,741 543,441
Change in unrealized appreciation/depreciation of investments..................... (18,921) 1,503,900
-------------- --------------
Net Increase in Net Assets Resulting from Operations.............................. 1,300,288 2,739,279
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM (NOTE 6)
Net investment income............................................................. (690,665)
Net realized gain from investment transactions.................................... (206,978)
Distributions in excess of net realized gain from investment transactions.........
-------------- --------------
CAPITAL SHARE TRANSACTIONS (NOTE 4)............................................... 0 (897,643)
3,766,586 2,887,288
-------------- --------------
Total Increase in Net Assets...................................................... 5,066,874 4,728,924
NET ASSETS
Beginning of period............................................................. 14,487,317 9,758,393
-------------- --------------
End of period (including undistributed net investment income as set forth
below)......................................................................... $ 19,554,191 $ 14,487,317
-------------- --------------
-------------- --------------
Undistributed Net Investment Income............................................... $ 400,881 $ 3,413
-------------- --------------
-------------- --------------
</TABLE>
SEE ACCOMPANYING NOTES.
12
<PAGE>
<TABLE>
<CAPTION>
MONEY MARKET BLUE CHIP
PORTFOLIO PORTFOLIO
- ------------------------------ ------------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED
JUNE 30, 1996 DECEMBER 31, JUNE 30, 1996 DECEMBER 31,
(UNAUDITED) 1995 (UNAUDITED) 1995
- -------------- -------------- -------------- --------------
<S> <C> <C> <C>
$ 75,811 $ 143,652 $ 79,498 $ 98,853
68,607 (9)
643,560 1,221,621
- -------------- -------------- -------------- --------------
75,811 143,652 791,665 1,320,465
(75,811) (143,652) (98,331)
- -------------- -------------- -------------- --------------
(75,811) (143,652) 0 (98,331)
207,915 500,759 2,642,772 2,180,879
- -------------- -------------- -------------- --------------
207,915 500,759 3,434,437 3,403,013
3,158,573 2,657,814 6,664,804 3,261,791
- -------------- -------------- -------------- --------------
$ 3,366,488 $ 3,158,573 $ 10,099,241 $ 6,664,804
- -------------- -------------- -------------- --------------
- -------------- -------------- -------------- --------------
$ 0 $ 0 $ 80,239 $ 741
- -------------- -------------- -------------- --------------
- -------------- -------------- -------------- --------------
</TABLE>
13
<PAGE>
FBL VARIABLE INSURANCE SERIES FUND
SCHEDULE OF INVESTMENTS
GROWTH COMMON STOCK PORTFOLIO
JUNE 30, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES
HELD VALUE
--------- ----------
<S> <C> <C>
COMMON STOCKS (66.29%)
CHEMICALS AND ALLIED PRODUCTS (4.65%)
Scherer Corp................................................ 21,000 $ 952,875
COMMUNICATIONS (4.59%)
Lincoln Telecommunications Co............................... 57,400 939,925
DEPOSITORY INSTITUTIONS (2.52%)
CU Bancorp.................................................. 48,000 516,000
ELECTRIC, GAS AND SANITARY SERVICES (10.46%)
Citizens Utilities Co., Class B............................. 78,054 907,378
Montana Power Co............................................ 40,000 890,000
Western Gas Resources, Inc. ................................ 21,200 344,500
----------
2,141,878
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT (3.72%)
Applied Materials, Inc. .................................... 25,000 762,500
FURNITURE AND FIXTURES (3.82%)
Ladd Furniture, Inc. ....................................... 78,150(1) 781,500
HOLDING AND OTHER INVESTMENT OFFICES (4.48%)
General Growth Properties, Inc. ............................ 38,000 916,750
INSURANCE CARRIERS (3.36%)
EMC Insurance Group, Inc. .................................. 55,000 687,500
MISCELLANEOUS RETAIL (2.23%)
Ferrellgas Partners, L.P. .................................. 20,400 456,450
MOTION PICTURES (3.68%)
Disney (Walt) Co. .......................................... 12,000 754,500
NONDEPOSITORY INSTITUTIONS (0.75%)
Berkshire Hathaway, Inc. ................................... 5(1) 153,500
OIL AND GAS EXTRACTION (9.49%)
Apache Corp................................................. 33,000 1,084,875
Burlington Resources, Inc. ................................. 20,000 860,000
----------
1,944,875
PRINTING & PUBLISHING (2.18%)
Belo A.H. Corp.............................................. 12,000 447,000
STONE, CLAY AND GLASS PRODUCTS (2.60%)
Lafarge Corp................................................ 26,300 532,575
</TABLE>
14
<PAGE>
FBL VARIABLE INSURANCE SERIES FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
GROWTH COMMON STOCK PORTFOLIO
<TABLE>
<CAPTION>
SHARES
HELD VALUE
--------- ----------
TRANSPORTATION -- BY AIR (4.27%)
<S> <C> <C>
Petroleum Helicopters, Inc. (Voting)........................ 4,250 $ 68,000
Petroleum Helicopters, Inc. (Non-Voting).................... 52,300 807,381
----------
875,381
WHOLESALE TRADE -- DURABLE GOODS (0.42%)
TBC Corporation............................................. 10,000 86,250
WHOLESALE TRADE -- NONDURABLE GOODS (3.07%)
Howell Corp................................................. 34,800 471,975
Super Valu Stores, Inc. .................................... 5,000 157,500
----------
629,475
----------
Total Common Stocks........................................... 13,578,934
PREFERRED STOCKS (11.69%)
DEPOSITORY INSTITUTIONS (5.23%)
Community First Bankshares, Inc., Convertible............... 23,800 874,650
Sterling Financial Corp..................................... 6,500 196,625
----------
1,071,275
OIL AND GAS EXTRACTION (1.99%)
Chieftain International, Inc., Convertible.................. 15,000 406,875
WATER TRANSPORTATION (3.74%)
Sea Containers, Ltd., Convertible........................... 16,320 767,040
WHOLESALE TRADE -- NONDURABLE GOODS (0.73%)
Howell Corp................................................. 3,000 150,000
----------
Total Preferred Stocks........................................ 2,395,190
</TABLE>
15
<PAGE>
FBL VARIABLE INSURANCE SERIES FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
GROWTH COMMON STOCK PORTFOLIO
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
---------- -----------
<S> <C> <C>
CORPORATE BONDS (3.83%)
COMMUNICATIONS (2.67%)
California Microwave, Convertible Sub. Deb., 5.25%, 12/15/03... $ 650,000 $ 547,625
HOLDINGS AND OTHER INVESTMENT OFFICES (1.16%)
Centennial Bancorp, Convertible Sub. Deb., 7.00%, due
5/01/04....................................................... 175,000 236,320
-----------
Total Corporate Bonds............................................ 783,945
SHORT-TERM INVESTMENTS (17.34%)
UNITED STATES GOVERNMENT AGENCIES (12.51%)
Federal Home Loan Mortgage Corp., due 7/05/96.................. 175,000 174,846
Federal Home Loan Mortgage Corp., due 7/18/96.................. 900,000 897,493
Federal Home Loan Mortgage Corp., due 8/19/96.................. 1,300,000 1,290,238
Federal National Mortgage Assoc., due 7/05/96.................. 200,000 199,824
-----------
2,562,401
MONEY MARKET MUTUAL FUND (4.83%)
Dreyfus Treasury Cash Management, Class A...................... 990,000 990,000
-----------
Total Short-Term Investments..................................... 3,552,401
-----------
Total Investments (99.15%)....................................... 20,310,470
OTHER ASSETS LESS LIABILITIES (0.85%)
Cash, receivables and prepaid expense, less liabilities........ 174,690
-----------
Total Net Assets (100.00%)....................................... $20,485,160
-----------
-----------
</TABLE>
(1) Non-income producing security.
SEE ACCOMPANYING NOTES.
16
<PAGE>
FBL VARIABLE INSURANCE SERIES FUND
SCHEDULE OF INVESTMENTS
HIGH GRADE BOND PORTFOLIO
JUNE 30, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
--------- ----------
<S> <C> <C>
CORPORATE BONDS (73.76%)
APPAREL AND ACCESSORY STORES (3.21%)
TJX Companies, Inc., 9.50%, due 5/01/16.................... $ 100,000 $ 105,357
COMMUNICATIONS (7.59%)
New York Telephone Co., 7.75%, due 12/15/06................ 150,000 151,664
Pacific Telephone & Telegraph Co, 7.25%, due 2/01/08....... 100,000 97,753
----------
249,417
DEPOSITORY INSTITUTIONS (16.29%)
Midland America Capital Corp., 12.75%, due 11/15/03........ 155,000 175,215
Morgan, J. P. & Co., 7.25%, due 10/01/10................... 150,000 145,504
Norwest Corp., 9.25%, due 5/01/97.......................... 100,000 102,744
Third National Bank, 7.50%, due 11/15/02................... 111,000 112,032
----------
535,495
ELECTRIC, GAS AND SANITARY SERVICES (15.38%)
MDU Resources Group, Inc., 9.125%, due 10/01/16............ 100,000 106,974
New England Power Co., 8.00%, due 8/01/22.................. 150,000 148,709
Texas Eastern Transmission, 10.00%, due 10/01/11........... 100,000 105,416
Western Penn Power, 7.875%, due 12/01/04................... 140,000 144,264
----------
505,363
HOLDING AND OTHER INVESTMENT OFFICES (7.77%)
Federal Realty Investment Trust, 8.875%, due 1/15/00....... 100,000 104,605
Meditrust, 7.60%, due 9/13/05.............................. 150,000 150,666
----------
255,271
INSURANCE (3.95%)
Torchmark Corp., 8.625%, due 3/01/17....................... 125,000 129,876
NONDEPOSITORY INSTITUTIONS (3.12%)
Dillard Investment Co., 9.25%, due 5/01/97................. 100,000 102,556
PRINTING AND PUBLISHING (3.10%)
Valassis Communications, Inc., 9.55%, due 12/01/03......... 100,000 102,065
RAILROAD TRANSPORTATION (4.78%)
Union Pacific Corp., 8.50%, due 1/15/17.................... 150,000 157,063
SECURITY AND COMMODITY BROKERS (3.18%)
Lehman Brothers Holding, Inc., 8.875%, due 11/01/98........ 100,000 104,597
</TABLE>
17
<PAGE>
FBL VARIABLE INSURANCE SERIES FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
HIGH GRADE BOND PORTFOLIO
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
--------- ----------
TRANSPORTATION EQUIPMENT (5.39%)
<S> <C> <C>
Ford Motor Credit Co., 9.50%, due 9/15/11.................. $ 150,000 $ 177,251
----------
Total Corporate Bonds........................................ 2,424,311
MORTGAGE-BACKED SECURITIES (9.09%)
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) (1.92%)
Pool # 50276, 9.50%, due 2/01/20........................... 58,854 63,175
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) (7.17%)
Pool # 236070, 10.00%, due 10/15/12........................ 87,978 94,630
Pool # 276337, 10.00%, due 8/15/19......................... 128,770 140,921
----------
235,551
----------
Total Mortgage-Backed Securities............................. 298,726
SHORT-TERM INVESTMENTS (15.15%)
UNITED STATES GOVERNMENT AGENCIES
Federal Home Loan Mortgage Corp., due 7/01/96.............. 100,000 99,971
Federal Home Loan Mortgage Corp., due 7/15/96.............. 100,000 99,766
Federal Home Loan Mortgage Corp., due 7/24/96.............. 150,000 149,450
Federal National Mortgage Assoc., due 8/23/96.............. 150,000 148,781
----------
Total Short-Term Investments................................. 497,968
----------
Total Investments (98.00%)................................... 3,221,005
OTHER ASSETS LESS LIABILITIES (2.00%)
Cash, receivables and prepaid expense, less liabilities.... 65,891
----------
Total Net Assets (100.00%)................................... $3,286,896
----------
----------
</TABLE>
SEE ACCOMPANYING NOTES.
18
<PAGE>
FBL VARIABLE INSURANCE SERIES FUND
SCHEDULE OF INVESTMENTS
HIGH YIELD BOND PORTFOLIO
JUNE 30, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
---------- ----------
<S> <C> <C>
CORPORATE BONDS (93.54%)
AMUSEMENT AND RECREATION SERVICES (4.64%)
AMF Group, Inc., 10.875%, due 3/15/06........................... $ 240,000 $ 237,600
APPAREL AND ACCESSORY STORES (5.00%)
Genesco, Inc., 10.375%, due 2/01/03............................. 100,000 97,625
TJX Companies, Inc., 9.50%, due 5/01/16......................... 150,000 158,035
----------
255,660
APPAREL AND OTHER TEXTILE PRODUCTS (6.75%)
Dan River, Inc., 10.125%, due 12/15/03.......................... 200,000 194,250
Fieldcrest Cannon, Inc., 11.25%, due 6/15/04.................... 150,000 151,125
----------
345,375
AUTO REPAIR, SERVICES AND PARKING (1.51%)
Envirotest Systems Corp., 9.625%, due 4/01/03................... 100,000 77,500
BUSINESS SERVICES (2.72%)
Borg-Warner Corp., 9.125%, due 5/01/03.......................... 150,000 139,500
COMMUNICATIONS (4.07%)
Panamsat, L.P., 9.75%, due 8/01/00.............................. 200,000 208,500
ELECTRIC, GAS AND SANITARY SERVICES (11.84%)
Montana Power Co., 7.50%, due 1/01/98........................... 100,000 100,595
New England Power Co., 8.00%, due 8/01/22....................... 200,000 198,278
Public Service Company of New Mexico, 5.875%, due 5/01/97....... 150,000 148,815
Texas Eastern Transmission Corp., 10.00%, due 10/01/11.......... 150,000 158,124
----------
605,812
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT (4.32%)
Amphenol Corp., 12.75%, due 12/15/02............................ 200,000 221,250
FABRICATED METAL PRODUCTS (3.93%)
Ryerson Tull, Inc., 9.125%, due 7/15/06......................... 200,000 201,000
FOOD STORES (6.34%)
P&C Food Markets, Inc., 11.50%, due 10/15/01.................... 150,000 142,500
Penn Traffic Co., 10.25%, due 2/15/02........................... 200,000 182,000
----------
324,500
GENERAL MERCHANDISE STORES (4.21%)
Federated Department Stores, Inc., 10.00%, due 2/15/01.......... 200,000 215,592
INSURANCE CARRIERS (4.06%)
Torchmark Corp., 8.625%, due 3/01/17............................ 200,000 207,802
</TABLE>
19
<PAGE>
FBL VARIABLE INSURANCE SERIES FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
HIGH YIELD BOND PORTFOLIO
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
---------- ----------
LUMBER AND WOOD PRODUCTS (8.57%)
<S> <C> <C>
Georgia-Pacific Corp., 9.875%, due 11/01/21..................... $ 225,000 $ 246,890
Pacific Lumber Co., 10.50%, due 3/01/03......................... 200,000 192,000
----------
438,890
MISCELLANEOUS RETAIL (4.10%)
Eckerd Corp., 9.25%, due 2/15/04................................ 205,000 209,613
PAPER AND ALLIED PRODUCTS (3.84%)
Container Corp. of America, 9.75%, due 4/01/03.................. 200,000 196,500
PETROLEUM AND COAL PRODUCTS (2.52%)
Clark Oil & Refining Corp., 10.50%, due 12/01/01................ 125,000 128,750
RUBBER AND MISCELLANEOUS PLASTICS PRODUCTS (3.87%)
Plastic Specialties & Technologies, Inc., 11.25%, due
12/01/03....................................................... 200,000 198,000
STONE, CLAY AND GLASS PRODUCTS (6.18%)
Owens-Illinois, Inc., 11.00%, due 12/01/03...................... 150,000 161,625
USG Corp., 9.25%, due 9/15/01................................... 150,000 154,875
----------
316,500
TEXTILE MILL PRODUCTS (1.16%)
Bibb Co. (The), 14.00%, due 10/01/99............................ 125,000(1) 59,375
WATER TRANSPORTATION (3.91%)
Moran Transportation Co., 11.75%, due 7/15/04................... 200,000 200,000
----------
Total Corporate Bonds............................................. 4,787,719
SHORT TERM INVESTMENTS (12.70%)
COMMERCIAL PAPER (4.89%)
General Electric Capital Corp., 5.20%, due 7/02/96.............. 250,000 250,000
UNITED STATES GOVERNMENT AGENCY (7.81%)
Federal Home Loan Mortgage Corp., due 7/01/96................... 400,000 399,884
----------
Total Short-Term Investments...................................... 649,884
----------
Total Investments (106.24%)....................................... 5,437,603
OTHER ASSETS LESS LIABILITIES (-6.24%)
Cash, receivables and prepaid expense, less liabilities......... (319,243)
----------
Total Net Assets (100.00%)........................................ $5,118,360
----------
----------
</TABLE>
(1) Company has been in default since the April 1, 1995 interest payment.
SEE ACCOMPANYING NOTES.
20
<PAGE>
FBL VARIABLE INSURANCE SERIES FUND
SCHEDULE OF INVESTMENTS
MANAGED PORTFOLIO
JUNE 30, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES
HELD VALUE
----------- ----------
<S> <C> <C>
COMMON STOCKS (26.39%)
COMMUNICATIONS (2.35%)
Lincoln Telecommunications Co. ................................. 28,000 $ 458,500
ELECTRIC, GAS AND SANITARY SERVICES (14.34%)
Citizens Utilities Co., Class B................................. 73,741 857,239
Montana Power Co. .............................................. 38,000 845,500
Peoples Energy Corp. ........................................... 10,000 335,000
Western Gas Resources, Inc. .................................... 47,200 767,000
----------
2,804,739
HOLDING AND OTHER INVESTMENT OFFICES (4.57%)
General Growth Properties, Inc. ................................ 37,000 892,625
INSURANCE CARRIERS (3.05%)
EMC Insurance Group, Inc. ...................................... 47,700 596,250
MISCELLANEOUS RETAIL (2.08%)
Ferrellgas Partners, L.P. ...................................... 18,200 407,225
----------
Total Common Stocks............................................... 5,159,339
PREFERRED STOCKS (28.24%)
DEPOSITORY INSTITUTIONS (6.93%)
Community First Bankshares, Inc., Convertible................... 25,000 918,750
Sterling Financial Corp......................................... 14,450 437,113
----------
1,355,863
HOLDING AND OTHER INVESTMENT OFFICES (2.25%)
Security Capital Industrial Trust............................... 19,000 439,375
INSTRUMENTS AND RELATED PRODUCTS (3.98%)
US Surgical Corp................................................ 25,000 778,125
OIL AND GAS EXTRACTION (1.53%)
Chieftain International, Inc., Convertible...................... 11,000 298,375
PETROLEUM AND COAL PRODUCTS (3.92%)
Ashland Oil..................................................... 12,000 766,500
WATER TRANSPORTATION (2.88%)
Sea Containers, Ltd., Convertible............................... 12,000 564,000
WHOLESALE TRADE -- DURABLE GOODS (3.94%)
Kaman Corp...................................................... 15,000 770,625
</TABLE>
21
<PAGE>
FBL VARIABLE INSURANCE SERIES FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
MANAGED PORTFOLIO
<TABLE>
<CAPTION>
SHARES
HELD VALUE
----------- ----------
<S> <C> <C>
WHOLESALE TRADE -- NON-DURABLE GOODS (2.81%)
Howell Corp..................................................... 11,000 $ 550,000
----------
Total Preferred Stocks............................................ 5,522,863
<CAPTION>
PRINCIPAL
AMOUNT
-----------
<S> <C> <C>
CORPORATE BONDS (14.43%)
COMMUNICATIONS (4.31%)
California Microwave, Inc., 5.25%, due 12/15/03................. $1,000,000 842,500
DEPOSITORY INSTITUTIONS (1.52%)
Columbia Banking System, Inc., Convertible Sub. Deb.,
7.85%, due 6/30/02............................................. 130,000 173,553
Midland America Capital Corp., 12.75%, due 11/15/03............. 110,000 124,346
----------
297,899
ELECTRIC, GAS AND SANITARY SERVICES (0.50%)
National Co-op Services Corp. (Arkansas Electric),
9.48%, due 1/01/12............................................. 93,000 98,587
HOLDING AND OTHER INVESTMENT OFFICES (2.92%)
Centennial Bancorp, 7.00%, due 5/01/04.......................... 423,000 571,219
INSURANCE CARRIERS (0.80%)
Torchmark Corp., 8.625%, due 3/01/17............................ 150,000 155,851
PETROLEUM AND COAL PRODUCTS (0.41%)
Pennzoil Co., 9.00%, due 4/01/17................................ 77,000 80,434
PRIMARY METAL INDUSTRIES (3.97%)
Quanex Corp., 6.88%, due 6/30/07................................ 800,000 776,000
----------
Total Corporate Bonds............................................. 2,822,490
SHORT-TERM INVESTMENTS (29.99%)
COMMERCIAL PAPER (10.23%)
American General Finance, due 8/14/96........................... 700,000 700,000
Ford Motor Credit Corp., due 7/11/96............................ 825,000 825,000
IBM Credit Corp., due 7/08/96................................... 475,000 475,000
----------
2,000,000
</TABLE>
22
<PAGE>
FBL VARIABLE INSURANCE SERIES FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
MANAGED PORTFOLIO
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
----------- ----------
UNITED STATES GOVERNMENT AGENCIES (14.90%)
<S> <C> <C>
Federal Home Loan Bank, due 8/05/96........................... $1,100,000 $ 1,094,045
Federal Home Loan Mortgage Assoc., due 7/17/96................ 900,000 897,633
Federal National Mortgage Assoc., due 7/08/96................. 200,000 199,738
Federal National Mortgage Assoc., due 7/23/96................. 725,000 722,446
-----------
2,913,862
MONEY MARKET MUTUAL FUND (4.86%)
Dreyfus Treasury Cash Management, Class A..................... 950,000 950,000
-----------
Total Short-Term Investments.................................... 5,863,862
-----------
Total Investments (99.05%)...................................... 19,368,554
OTHER ASSETS LESS LIABILITIES (0.95%)
Cash, receivables and prepaid expense, less liabilities....... 185,637
-----------
Total Net Assets (100.00%)...................................... $19,554,191
-----------
-----------
</TABLE>
SEE ACCOMPANYING NOTES.
23
<PAGE>
FBL VARIABLE INSURANCE SERIES FUND
SCHEDULE OF INVESTMENTS
MONEY MARKET PORTFOLIO
JUNE 30, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
ANNUALIZED
YIELD ON
PURCHASE PRINCIPAL
DATE AMOUNT VALUE
------------- ----------- ----------
<S> <C> <C> <C>
SHORT-TERM INVESTMENTS (95.19%)
COMMERCIAL PAPER (25.10%)
DEPOSITORY INSTITUTIONS (4.46%)
Norwest Corp., due 7/08/96........................ 5.464% $ 150,000 $ 150,000
NONDEPOSITORY INSTITUTIONS (20.64%)
American General Finance Co., due 8/05/96......... 5.321 175,000 175,000
Ford Motor Credit Corp., due 9/10/96.............. 5.437 145,000 145,000
General Electric Capital Co., due 7/23/96......... 5.330 150,000 150,000
IBM Credit Corporation, due 8/01/96............... 5.409 100,000 100,000
John Deere Capital Corp., due 8/28/96............. 5.367 125,000 125,000
----------
695,000
----------
Total Commercial Paper.............................. 845,000
UNITED STATES GOVERNMENT AGENCIES (70.09%)
Federal Farm Credit Bank, due 8/16/96............. 5.363 150,000 148,949
Federal Home Loan Bank, due 7/15/96............... 5.310 225,000 224,478
Federal Home Loan Bank, due 8/14/96............... 5.354 250,000 248,324
Federal Home Loan Mortgage Corp., due 7/05/96..... 5.287 100,000 99,913
Federal Home Loan Mortgage Corp., due 7/11/96..... 5.303 250,000 249,565
Federal Home Loan Mortgage Corp., due 7/29/96..... 5.314 100,000 99,565
Federal Home Loan Mortgage Corp., due 8/21/96..... 5.342 275,000 272,883
Federal National Mortgage Assoc., due 8/08/96..... 5.376 150,000 149,121
Federal National Mortgage Assoc., due 8/12/96..... 5.366 200,000 198,715
Federal National Mortgage Assoc., due 8/23/96..... 5.319 150,000 148,808
Federal National Mortgage Assoc., due 9/05/96..... 5.394 125,000 123,756
Federal National Mortgage Assoc., due 9/12/96..... 5.443 200,000 197,788
Federal National Mortgage Assoc., due 9/17/96..... 5.441 200,000 197,643
----------
Total United States Government Agencies............. 2,359,508
----------
Total Short-Term Investments (95.19%)................. 3,204,508
OTHER ASSETS LESS LIABILITIES (4.81%)
Cash, receivables and prepaid expense, less
liabilities........................................ 161,980
----------
Total Net Assets (100.00%)............................ $3,366,488
----------
----------
</TABLE>
SEE ACCOMPANYING NOTES.
24
<PAGE>
FBL VARIABLE INSURANCE SERIES FUND
SCHEDULE OF INVESTMENTS
BLUE CHIP PORTFOLIO
JUNE 30, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES
HELD VALUE
----------- -----------
<S> <C> <C>
COMMON STOCKS (88.99%)
CHEMICALS AND ALLIED PRODUCTS (16.77%)
Bristol-Myers Squibb Co. ................................ 2,165 $ 194,850
DuPont (EI) de Nemours & Co. ............................ 2,524 199,712
Eastman Chemical Co. .................................... 2,258 137,456
Johnson & Johnson........................................ 5,116 253,242
Merck & Co., Inc. ....................................... 3,536 228,514
Praxair, Inc. ........................................... 6,239 263,598
Procter & Gamble Co. .................................... 2,307 209,072
Union Carbide Corp. ..................................... 5,218 207,415
-----------
1,693,859
COMMUNICATIONS (3.42%)
American Telephone & Telegraph Co. ...................... 2,892 179,304
Bell Atlantic Corp. ..................................... 2,601 165,814
-----------
345,118
DEPOSITORY INSTITUTIONS (1.88%)
Morgan JP & Co., Inc. ................................... 2,251 190,491
EATING AND DRINKING PLACES (2.31%)
McDonald's Corp.......................................... 4,987 233,142
ELECTRONIC & OTHER ELECTRIC EQUIPMENT (2.46%)
General Electric Co. .................................... 2,868 248,082
FOOD AND KINDRED PRODUCTS (7.80%)
Coca-Cola Co. (The)...................................... 6,220 304,003
PepsiCo, Inc. ........................................... 7,255 256,646
Philip Morris Companies, Inc. ........................... 2,180 226,720
-----------
787,369
GENERAL MERCHANDISE STORES (5.49%)
Sears, Roebuck & Co. .................................... 3,648 177,384
Wal-Mart Stores, Inc. ................................... 6,999 177,600
Woolworth (F.W.) Co., Ltd. .............................. 8,866(1) 199,485
-----------
554,469
</TABLE>
25
<PAGE>
FBL VARIABLE INSURANCE SERIES FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
BLUE CHIP PORTFOLIO
<TABLE>
<CAPTION>
SHARES
HELD VALUE
----------- -----------
INDUSTRIAL MACHINERY AND EQUIPMENT (3.75%)
<S> <C> <C>
Caterpillar, Inc. ....................................... 3,211 $ 217,545
International Business Machines Corp..................... 1,628 161,172
-----------
378,717
INSTRUMENTS AND RELATED PRODUCTS (2.07%)
Eastman Kodak Co. ....................................... 2,684 208,681
INSURANCE CARRIERS (4.11%)
Allstate Corp............................................ 3,680 167,900
American International Group, Inc. ...................... 2,508 247,351
-----------
415,251
MOTION PICTURES (2.00%)
Disney (Walt) Co. ....................................... 3,215 202,143
NONDEPOSITORY INSTITUTIONS (1.71%)
Dean Witter, Discover & Co. ............................. 3,021 172,952
PAPER AND ALLIED PRODUCTS (3.42%)
International Paper Co. ................................. 4,277 157,714
Minnesota Mining & Manufacturing Co. .................... 2,714 187,266
-----------
344,980
PETROLEUM AND COAL PRODUCTS (10.45%)
Amoco Corp............................................... 2,318 167,765
Chevron Corp............................................. 3,154 186,086
Exxon Corp............................................... 2,196 190,778
Mobil Corp............................................... 1,665 186,688
Texaco, Inc. ............................................ 2,115 177,396
USX - Marathon Group..................................... 7,265 146,208
-----------
1,054,921
PRIMARY METAL INDUSTRIES (3.08%)
Aluminum Company of America.............................. 3,298 189,223
Bethlehem Steel Corp..................................... 10,284(1) 122,123
-----------
311,346
RUBBER AND MISCELLANEOUS PLASTICS PRODUCTS (2.83%)
Goodyear Tire & Rubber Co. .............................. 5,924 285,833
</TABLE>
26
<PAGE>
FBL VARIABLE INSURANCE SERIES FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
BLUE CHIP PORTFOLIO
<TABLE>
<CAPTION>
SHARES
HELD VALUE
----------- -----------
SECURITY AND COMMODITY BROKERS (3.37%)
<S> <C> <C>
American Express Co. .................................... 4,479 $ 199,875
Lehman Brothers Holding, Inc. ........................... 5,689 140,802
-----------
340,677
TRANSPORTATION EQUIPMENT (10.45%)
Allied-Signal, Inc. ..................................... 4,506 257,405
Boeing Co. (The)......................................... 2,534 220,775
Ford Motor Co. .......................................... 5,564 180,135
General Motors Corp...................................... 3,169 165,976
United Technologies Corp................................. 2,013 231,495
-----------
1,055,786
WHOLESALE TRADE -- DURABLE GOODS (1.62%)
Westinghouse Electric Corp............................... 8,736 163,800
-----------
Total Common Stocks........................................ 8,987,617
<CAPTION>
PRINCIPAL
AMOUNT
-----------
<S> <C> <C>
SHORT-TERM INVESTMENTS (10.37%)
UNITED STATES GOVERNMENT AGENCIES
Federal Home Loan Bank, due 7/10/96...................... $ 300,000 299,515
Federal Home Loan Mortgage Corp., due 7/22/96............ 200,000 199,325
Federal Home Loan Mortgage Corp., due 7/26/96............ 550,000 547,837
-----------
Total Short-Term Investments............................... 1,046,677
-----------
Total Investments (99.36%)................................. 10,034,294
OTHER ASSETS LESS LIABILITIES (0.64%)
Cash, receivables and prepaid expense, less
liabilities............................................. 64,947
-----------
Total Net Assets (100.00%)................................. $10,099,241
-----------
-----------
</TABLE>
(1) Non-income producing securities.
SEE ACCOMPANYING NOTES.
27
<PAGE>
FBL VARIABLE INSURANCE SERIES FUND
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1996
(UNAUDITED)
1. SIGNIFICANT ACCOUNTING POLICIES
FBL Variable Insurance Series Fund (the "Fund") is registered under the
Investment Company Act of 1940, as amended, as a no-load, open-end diversified
management investment company and operates in the mutual fund industry. The Fund
currently consists of six portfolios (known as the Growth Common Stock, High
Grade Bond, High Yield Bond, Managed, Money Market and Blue Chip Portfolios).
Shares of the Fund are sold only to certain life insurance companies' separate
accounts to fund the benefits under variable insurance contracts issued by such
life insurance companies, including Farm Bureau Life Insurance Company (see NOTE
3).
All portfolios, other than the Money Market Portfolio, value their common
stocks, preferred stocks, corporate bonds, United States Treasury obligations
and mortgage-backed securities that are traded on any national exchange at the
last sale price on the day of valuation or, lacking any sales, at the mean
between the closing bid and asked prices. Investments traded in the
over-the-counter market are valued at the mean between the bid and asked prices
or yield equivalent as obtained from one or more dealers that make markets in
the securities. Investments for which market quotations are not readily
available are valued at fair value as determined in good faith by the Board of
Trustees. Short-term investments (including repurchase agreements) are valued at
market value, except that obligations maturing in 60 days or less are valued
using the amortized cost method of valuation described below with respect to the
Money Market Portfolio, which approximates market.
The Money Market Portfolio values investments at amortized cost, which
approximates market. Under the amortized cost method, a security is valued at
its cost on the date of purchase and thereafter is adjusted to reflect a
constant amortization to maturity of the difference between the principal amount
due at maturity and the cost of the investment to the portfolio.
The value of the underlying securities serving to collateralize repurchase
agreements is marked to market daily. Should the value of the underlying
securities decline, the seller would be required to provide the applicable
portfolio with additional securities so that the aggregate value of the
underlying securities was at least equal to the repurchase price. If a seller of
a repurchase agreement were to default, the affected portfolio might experience
losses in enforcing its rights. To minimize this risk, the investment adviser
(under the supervision of the Board of Trustees) will monitor the
creditworthiness of the seller of the repurchase agreement and must find such
creditworthiness satisfactory before a portfolio may enter into the repurchase
agreement.
The Fund records investment transactions generally one day after the trade
date. The identified cost basis has been used in determining the net realized
gain or loss from investment transactions and unrealized appreciation or
depreciation on investments. Dividend income is recorded on the ex-dividend date
and interest is recognized on an accrual basis. Discounts and premiums on
investments purchased are amortized over the life of the respective investments.
Dividends and distributions to shareholders are recorded on the record date.
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets
28
<PAGE>
FBL VARIABLE INSURANCE SERIES FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
1. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
and liabilities and disclosure of contingent assets and liabilities at the date
of the financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those estimates.
2. FEDERAL INCOME TAXES
No provision for federal income taxes is considered necessary because the
Fund is qualified as a "regulated investment company" under the Internal Revenue
Code and intends to distribute each year substantially all of its net investment
income and realized capital gains to shareholders. The cost of investments is
the same for both federal income tax and financial reporting purposes.
At December 31, 1995, the High Grade Bond Portfolio had a net capital loss
carryforward of approximately $31,000, which will expire from 1996 through 2003.
During the year ended December 31, 1995, the High Grade Bond Portfolio had net
capital loss carryforwards of $8,355 that expired. As a result, $8,355 was
reclassified from accumulated undistributed net realized gain (loss) from
investment transactions to paid-in capital.
3. MANAGEMENT CONTRACT AND TRANSACTIONS WITH AFFILIATES
The Fund has entered into agreements with FBL Investment Advisory Services,
Inc. ("FBL Investment") relating to the management of the portfolios and the
investment of their assets. Pursuant to these agreements, fees paid to FBL
Investment are as follows: (1) annual investment advisory and management fees,
which are based on each portfolio's daily net assets as follows: Growth Common
Stock Portfolio - 0.50%; High Grade Bond Portfolio - 0.30%; High Yield Bond
Portfolio - 0.50%; Managed Portfolio - 0.55%; Money Market Portfolio - 0.30%;
and Blue Chip Portfolio - 0.20%; and (2) accounting fees, which are based on
each portfolio's daily net assets at an annual rate of 0.05%, with a maximum per
portfolio annual expense of $30,000.
The Fund has entered into an agreement with FBL Investment whereby FBL
Investment also serves as the principal underwriter and distributor of the
Fund's shares and as the Fund's shareholder service, transfer and dividend
disbursing agent. There are no additional fees associated with these services.
FBL Investment has agreed to reimburse the portfolios annually for total
expenses, excluding brokerage, interest, taxes and extraordinary expenses in
excess of 1.50% of each portfolio's average daily net assets. The amount
reimbursed, however, shall not exceed the amount of the investment advisory and
management fee paid by the portfolio for such period. During the period ended
June 30, 1996 and the year ended December 31, 1995, FBL Investment further
agreed to reimburse any portfolio, to the extent that annual operating expenses,
including the investment advisory fee, exceed 0.55%.
Certain officers and trustees of the Fund are also officers of FBL
Investment and its indirect parent, Farm Bureau Life Insurance Company. At June
30, 1996, all of the shares of each portfolio are owned by Farm Bureau Life
Insurance Company, Farm Bureau Life Variable Account and Farm Bureau Life
Annuity Account.
29
<PAGE>
FBL VARIABLE INSURANCE SERIES FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
4. CAPITAL SHARE TRANSACTIONS
The Fund has an unlimited number of shares of beneficial interest authorized
with no par value. Net assets as of June 30, 1996 consisted of:
<TABLE>
<CAPTION>
PORTFOLIO
-------------------------------------------------------------------------
GROWTH HIGH
COMMON HIGH GRADE YIELD MONEY BLUE
STOCK BOND BOND MANAGED MARKET CHIP
----------- ---------- ---------- ----------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C>
Paid-in capital....................... $17,717,542 $3,224,655 $5,112,881 $17,081,043 $3,366,488 $ 7,476,879
Accumulated undistributed net
investment income.................... 224,073 400,881 80,239
Accumulated undistributed net realized
gain (loss) from investment
transactions......................... 1,485,049 (19,230) 59,183 1,189,246 68,599
Net unrealized appreciation
(depreciation) of investments........ 1,058,496 81,471 (53,704) 883,021 2,473,524
----------- ---------- ---------- ----------- ---------- -----------
Net Assets............................ $20,485,160 $3,286,896 $5,118,360 $19,554,191 $3,366,488 $10,099,241
----------- ---------- ---------- ----------- ---------- -----------
----------- ---------- ---------- ----------- ---------- -----------
</TABLE>
Transactions in shares of beneficial interest for each portfolio were as
follows:
<TABLE>
<CAPTION>
SHARES ISSUED IN
REINVESTMENT OF
DIVIDENDS AND
SHARES SOLD DISTRIBUTIONS SHARES REDEEMED NET INCREASE
--------------------- ---------------------- --------------------- ---------------------
PORTFOLIO SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT
- --------------------------- --------- ---------- ----------- --------- --------- ---------- --------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Period ended June 30, 1996:
Growth Common Stock........ 286,628 $3,627,478 46,383 $ 584,193 240,245 $3,043,285
High Grade Bond............ 62,102 609,697 10,059 $ 98,967 57,832 567,656 14,329 141,008
High Yield Bond............ 93,649 913,538 19,421 189,729 83,819 819,983 29,251 283,284
Managed.................... 331,595 4,058,156 23,836 291,570 307,759 3,766,586
Money Market............... 4,458,458 4,458,458 23,496 23,496 4,274,039 4,274,039 207,915 207,915
Blue Chip.................. 122,182 2,731,005 3,916 88,233 118,266 2,642,772
Year ended December 31,
1995:
Growth Common Stock........ 281,715 $3,253,282 78,153 $ 960,501 56,399 $ 648,111 303,469 $3,565,672
High Grade Bond............ 67,261 661,381 16,525 162,663 22,105 217,348 61,681 606,696
High Yield Bond............ 151,202 1,473,718 33,048 321,812 135,449 1,330,400 48,801 465,130
Managed.................... 249,343 2,771,019 76,919 897,643 71,102 781,374 255,160 2,887,288
Money Market............... 4,079,456 4,079,456 22,654 22,654 3,601,351 3,601,351 500,759 500,759
Blue Chip.................. 126,819 2,376,704 4,762 98,331 15,781 294,156 115,800 2,180,879
</TABLE>
30
<PAGE>
FBL VARIABLE INSURANCE SERIES FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
5. INVESTMENT TRANSACTIONS
For the period ended June 30, 1996, the cost of investment securities
purchased and proceeds from investment securities sold (not including short-term
investments and U.S. Government securities) by portfolio, were as follows:
<TABLE>
<CAPTION>
PORTFOLIO PURCHASES SALES
- ------------------------------------------------- ----------- ----------
<S> <C> <C>
Growth Common Stock.............................. $8,228,160 $5,383,656
High Grade Bond.................................. 445,395 627,067
High Yield Bond.................................. 1,133,834 531,528
Managed.......................................... 8,007,433 4,865,950
Blue Chip........................................ 2,387,463 174,879
</TABLE>
At June 30, 1996, net unrealized appreciation (depreciation) of investments
by portfolio was composed of the following:
<TABLE>
<CAPTION>
NET UNREALIZED
GROSS UNREALIZED APPRECIATION
---------------------------- (DEPRECIATION)
PORTFOLIO APPRECIATION DEPRECIATION OF INVESTMENTS
- ---------------------------------------------- ------------- ------------- ---------------
<S> <C> <C> <C>
Growth Common Stock........................... $ 1,607,036 $ (548,540) $ 1,058,496
High Grade Bond............................... 96,622 (15,151) 81,471
High Yield Bond............................... 94,681 (148,385) (53,704)
Managed....................................... 981,458 (98,437) 883,021
Blue Chip..................................... 2,500,661 (27,137) 2,473,524
</TABLE>
6. DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Dividends from net investment income for the following portfolios are
declared daily and were payable on the last business day of the month as
follows:
<TABLE>
<CAPTION>
HIGH GRADE HIGH YIELD MONEY
PAYABLE DATE BOND BOND MARKET
- ------------------------------------------------------------ ----------- ----------- -----------
<S> <C> <C> <C>
January 31, 1996............................................ $ .0646 $ .0728 $ .0045
February 29, 1996........................................... .0617 .0694 .0038
March 29, 1996.............................................. .0600 .0682 .0037
April 30, 1996.............................................. .0612 .0732 .0041
May 31, 1996................................................ .0610 .0708 .0040
June 28, 1996............................................... .0553 .0654 .0035
----------- ----------- -----------
Total dividends per share................................... $ .3638 $ .4198 $ .0236
----------- ----------- -----------
----------- ----------- -----------
</TABLE>
31
<PAGE>
FBL VARIABLE INSURANCE SERIES FUND
FINANCIAL HIGHLIGHTS
PERIOD ENDED JUNE 30, 1996 (UNAUDITED) AND
YEARS ENDED DECEMBER 31, 1995, 1994, 1993, 1992 AND 1991
<TABLE>
<CAPTION>
GROWTH
COMMON STOCK
PORTFOLIO
----------------------------------------------------------
1996 1995 1994 1993 1992
---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period......................... $ 12.31 $ 10.39 $ 11.52 $ 10.05 $ 9.55
Income From Investment Operations
Net investment income.................................... 0.15 0.55 0.48 0.63 0.46
Net gains or losses on securities (both realized and
unrealized)............................................. 0.64 2.13 (0.99) 2.10 0.54
---------- ---------- ---------- ---------- ----------
Total from investment operations........................... 0.79 2.68 (0.51) 2.73 1.00
---------- ---------- ---------- ---------- ----------
Less Distributions
Dividends (from net investment income)................... (0.50) (0.36) (0.57) (0.50)
Distributions (from capital gains)....................... (0.26) (0.11) (0.69)
Distributions in excess of net realized gains............ (0.15)
---------- ---------- ---------- ---------- ----------
Total distributions........................................ 0.00 (0.76) (0.62) (1.26) (0.50)
---------- ---------- ---------- ---------- ----------
Net asset value, end of period............................... $ 13.10 $ 12.31 $ 10.39 $ 11.52 $ 10.05
---------- ---------- ---------- ---------- ----------
---------- ---------- ---------- ---------- ----------
Total Return:
Total investment return based on net asset value (1)....... 13.25%(2) 25.87% -4.43% 27.20% 10.46%
Ratios/Supplemental Data:
Net assets, end of period ($000's omitted)................. 20,485 16,295 10,603 4,730 3,017
Ratio of net expenses to average net assets................ 0.55%(2) 0.55% 0.55% 0.55% 0.55%
Ratio of net income to average net assets.................. 2.45%(2) 4.78% 4.35% 5.41% 4.54%
Portfolio turnover rate.................................... 37%(2) 98% 78% 81% 88%
Information assuming no voluntary reimbursement or
waiver by FBL Investment of excess operating expenses
(see NOTE 3):
Per share net investment income............................ $ 0.15 $ 0.53 $ 0.46 $ 0.59 $ 0.41
Ratio of expenses to average net assets.................... 0.66% 0.72% 0.77% 0.89% 1.09%
Amount reimbursed.......................................... $ 10,209 $ 22,306 $ 16,706 $ 13,353 $ 17,373
<CAPTION>
1991
----------
<S> <C>
Net asset value, beginning of period......................... $ 8.65
Income From Investment Operations
Net investment income.................................... 0.51
Net gains or losses on securities (both realized and
unrealized)............................................. 0.75
----------
Total from investment operations........................... 1.26
----------
Less Distributions
Dividends (from net investment income)................... (0.36)
Distributions (from capital gains).......................
Distributions in excess of net realized gains............
----------
Total distributions........................................ (0.36)
----------
Net asset value, end of period............................... $ 9.55
----------
----------
Total Return:
Total investment return based on net asset value (1)....... 14.53%
Ratios/Supplemental Data:
Net assets, end of period ($000's omitted)................. 3,663
Ratio of net expenses to average net assets................ 0.58%
Ratio of net income to average net assets.................. 5.23%
Portfolio turnover rate.................................... 117%
Information assuming no voluntary reimbursement or
waiver by FBL Investment of excess operating expenses
(see NOTE 3):
Per share net investment income............................ $ 0.46
Ratio of expenses to average net assets.................... 1.07%
Amount reimbursed.......................................... $ 12,733
</TABLE>
Note: Per share amounts have been calculated on the basis of monthly per share
amounts (using average monthly outstanding shares) accumulated for the
period.
(1) Total investment return is calculated assuming an initial investment made at
the net asset value at the beginning of the period, reinvestment of all
dividends and distributions at net asset value during the period, and
redemption on the last day of the period.
(2) Computed on an annualized basis.
SEE ACCOMPANYING NOTES.
32
<PAGE>
<TABLE>
<CAPTION>
HIGH HIGH
GRADE BOND YIELD BOND
PORTFOLIO PORTFOLIO
- ---------------------------------------------------------------------- ----------------------------------------------------------
1996 1995 1994 1993 1992 1991 1996 1995 1994 1993 1992
- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
$ 9.98 $ 9.44 $ 10.23 $ 10.14 $ 10.15 $ 9.52 $ 9.69 $ 9.32 $ 10.44 $ 9.92 $ 9.65
0.36 0.77 0.76 0.77 0.83 0.86 0.42 0.87 0.91 0.95 0.98
(0.19) 0.54 (0.79) 0.09 (0.01) 0.63 0.04 0.49 (1.01) 0.58 0.27
- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
0.17 1.31 (0.03) 0.86 0.82 1.49 0.46 1.36 (0.10) 1.53 1.25
- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
(0.36) (0.77) (0.76) (0.77) (0.83) (0.86) (0.42) (0.87) (0.91) (0.95) (0.98)
(0.12) (0.11) (0.06)
- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
(0.36) (0.77) (0.76) (0.77) (0.83) (0.86) (0.42) (0.99) (1.02) (1.01) (0.98)
- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
$ 9.79 $ 9.98 $ 9.44 $ 10.23 $ 10.14 $ 10.15 $ 9.73 $ 9.69 $ 9.32 $ 10.44 $ 9.92
- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
3.59%(2) 14.26% -0.26% 8.74% 8.40% 16.42% 9.84%(2) 15.15% -1.01% 15.05% 13.39%
3,287 3,208 2,452 2,349 3,704 3,659 5,118 4,810 4,172 4,536 4,015
0.55%(2) 0.55% 0.55% 0.55% 0.55% 0.43% 0.55%(2) 0.55% 0.55% 0.55% 0.55%
7.39%(2) 7.81% 7.76% 7.58% 8.19% 8.82% 8.55%(2) 8.96% 9.17% 9.25% 9.88%
15%(2) 14% 15% 38% 16% 38% 12%(2) 32% 10% 58% 35%
$ 0.35 $ 0.74 $ 0.73 $ 0.76 $ 0.80 $ 0.83 $ 0.41 $ 0.84 $ 0.88 $ 0.92 $ 0.88
0.74% 0.84% 0.80% 0.72% 0.79% 0.73% 0.82% 0.88% 0.84% 0.85% 0.99%
$ 3,170 $ 8,255 $ 6,207 $ 5,343 $ 9,004 $ 10,458 $ 6,778 $ 15,105 $ 12,667 $ 12,872 $ 17,310
<CAPTION>
- ----------
1996 1991
- ---------- ----------
<S> <C>
$ 9.98 $ 8.47
0.36 1.04
(0.19) 1.18
- ---------- ----------
0.17 2.22
- ---------- ----------
(0.36) (1.04)
- ---------- ----------
(0.36) (1.04)
- ---------- ----------
$ 9.79 $ 9.65
- ---------- ----------
- ---------- ----------
3.59% 27.49%
3,287 3,965
0.55% 0.43%
7.39% 11.32%
15% 76%
$ 0.35 $ 0.99
0.74% 0.93%
$ 3,170 $ 18,111
</TABLE>
33
<PAGE>
FBL VARIABLE INSURANCE SERIES FUND
FINANCIAL HIGHLIGHTS (CONTINUED)
<TABLE>
<CAPTION>
MANAGED
PORTFOLIO
----------------------------------------------------------------------
1996 1995 1994 1993 1992 1991
---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period...................... $ 11.71 $ 9.93 $ 11.33 $ 10.06 $ 9.27 $ 8.99
Income From Investment Operations
Net investment income................................. 0.28 0.65 0.66 0.72 0.69 0.75
Net gains or losses on securities (both realized and
unrealized).......................................... 0.66 1.90 (1.22) 1.57 0.77 0.39
---------- ---------- ---------- ---------- ---------- ----------
Total from investment operations........................ 0.94 2.55 (0.56) 2.29 1.46 1.14
---------- ---------- ---------- ---------- ---------- ----------
Less Distributions
Dividends (from net investment income)................ (0.59) (0.54) (0.63) (0.67) (0.86)
Distributions (from capital gains).................... (0.18) (0.23) (0.39)
Distributions in excess of net realized gains......... (0.07)
---------- ---------- ---------- ---------- ---------- ----------
Total distributions..................................... 0.00 (0.77) (0.84) (1.02) (0.67) (0.86)
---------- ---------- ---------- ---------- ---------- ----------
Net asset value, end of period............................ $ 12.65 $ 11.71 $ 9.93 $ 11.33 $ 10.06 $ 9.27
---------- ---------- ---------- ---------- ---------- ----------
---------- ---------- ---------- ---------- ---------- ----------
Total Return:
Total investment return based on net asset value (1).... 16.70%(2) 25.69% -4.96% 22.71% 15.72% 12.69%
Ratios/Supplemental Data:
Net assets, end of period ($000's omitted).............. 19,554 14,487 9,758 4,951 3,019 2,633
Ratio of net expenses to average net assets............. 0.55%(2) 0.55% 0.55% 0.55% 0.55% 0.47%
Ratio of net income to average net assets............... 4.65%(2) 5.80% 6.23% 6.23% 7.00% 7.97%
Portfolio turnover rate................................. 43%(2) 48% 59% 59% 60% 40%
Information assuming no voluntary reimbursement or waiver
by FBL Investment of excess operating expenses (see NOTE
3):
Per share net investment income......................... $ 0.27 $ 0.62 $ 0.63 $ 0.67 $ 0.64 $ 0.69
Ratio of expenses to average net assets................. 0.72% 0.77% 0.80% 0.91% 1.13% 1.03%
Amount reimbursed....................................... $ 14,299 $ 26,008 $ 19,147 $ 15,076 $ 16,480 17,024
</TABLE>
34
<PAGE>
<TABLE>
<CAPTION>
MONEY MARKET BLUE CHIP
PORTFOLIO PORTFOLIO
- ---------------------------------------------------------------------- ----------------------------------------------------------
1996 1995 1994 1993 1992 1991 1996 1995 1994 1993 1992
- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
$ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 20.70 $ 15.82 $ 15.67 $ 13.96 $ 12.91
0.02 0.05 0.04 0.03 0.03 0.05 0.21 0.39 0.34 0.29 0.29
2.03 4.80 0.07 1.72 1.05
- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
0.02 0.05 0.04 0.03 0.03 0.05 2.24 5.19 0.41 2.01 1.34
- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
(0.02) (0.05) (0.04) (0.03) (0.03) (0.05) (0.31) (0.26) (0.30) (0.29)
- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
(0.02) (0.05) (0.04) (0.03) (0.03) (0.05) 0.00 (0.31) (0.26) (0.30) (0.29)
- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
$ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 22.94 $ 20.70 $ 15.82 $ 15.67 $ 13.96
- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
4.81%(2) 5.47% 3.68% 2.68% 3.28% 5.77% 22.81%(2) 32.81% 2.65% 14.36% 10.38%
3,366 3,159 2,658 2,300 2,530 2,798 10,099 6,665 3,262 1,654 1,502
0.55%(2) 0.55% 0.55% 0.55% 0.55% 0.48% 0.46%(2) 0.55% 0.55% 0.55% 0.55%
4.64%(2) 5.27% 3.63% 2.65% 3.30% 5.60% 1.90%(2) 2.07% 2.19% 1.92% 2.13%
0%(2) 0% 0% 0% 0% 0% 2%(2) 1% 0% 0% 0%
$ 0.02 $ 0.05 $ 0.04 $ 0.02 $ 0.03 $ 0.05 $ 0.38 $ 0.30 $ 0.24 $ 0.22
0.77% 0.90% 0.82% 0.79% 0.93% 0.78% 0.59% 0.81% 0.89% 1.06%
$ 3,695 $ 9,816 $ 7,157 $ 5,838 $ 10,168 $ 8,232 $ 1,952 $ 6,360 $ 5,495 $ 7,320
<CAPTION>
- ----------
1996 1991
- ---------- ----------
<S> <C> <C>
$ 1.00 $ 10.51
0.02 0.31
2.65
- ---------- ----------
0.02 2.96
- ---------- ----------
(0.02) (0.31)
(0.25)
- ---------- ----------
(0.02) (0.56)
- ---------- ----------
$ 1.00 $ 12.91
- ---------- ----------
- ---------- ----------
4.81% 28.20%
3,366 1,352
0.55% 0.71%
4.64% 2.57%
0% 7%
$ 0.02 $ 0.29
0.77% 0.91%
$ 3,695 $ 2,556
</TABLE>
35
