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SIGNATURE KRISTI ROJOHN
TITLE ASSISTANT SECRETARY
Ernst & Young LLP
Suite 3400
801 Grand Avenue
Des Moines, Iowa 50309-2764
Phone: 515 243 2727
Report of Independent Auditors on Internal Control Structure
The Board of Directors and Shareholders
FBL Series Fund, Inc.
In planning and performing our audit of the financial statements of
FBL Series Fund, Inc. for the year ended July 31, 1997, we
considered its internal control structure, including control activities
for safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the
financial statements and to comply with the requirements of Form
N-SAR, not to provide assurance on the internal control.
The management of FBL Series Fund, Inc. is responsible for
establishing and maintaining internal control. In
fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related
costs of controls. Generally, controls that are relevant to an
audit pertain to the entity's objective of preparing financial
statements for external purposes that are fairly presented in
conformity with generally accepted
accounting principles. Those controls include the safeguarding of
assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control,
errors or irregularities may occur and not be detected. Also,
projection of any evaluation of internal control to future periods is
subject to the risk that it may become inadequate because of
changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of the internal control would not
necessarily disclose all matters in the internal control
that might be material weaknesses under standards established by
the American Institute of Certifies Public Accountants. A material
weakness is a condition in which the design or operation of one or more of the
internal control structure components does not reduce to a
relatively low level the risk that errors or irregularities in
amounts that would be material in relation to the financial
statements being audited may occur and not be detected within a
timely period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving the
internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined
above as of July 31, 1997.
This report is intended solely for the information and use of
The Board of Directors and management of FBL Series Fund, Inc. and
the Securities and Exchange Commission.
/s/ Ernst & Young LLP
August 29, 1997
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