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SIGNATURE KRISTI ROJOHN
TITLE ASSISTANT SECRETARY
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<NAME> HIGH GRADE BOND CL I
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<TABLE> <S> <C>
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<NAME> MONEY MARKET CL I
<S> <C>
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</TABLE>
<TABLE> <S> <C>
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<NAME> VALUE GROWTH CL A
<S> <C>
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</TABLE>
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<NAME> VALUE GROWTH CL I
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</TABLE>
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
EquiTrust Money Market Fund, Inc.
In planning and performing our audit of the financial statements of
EquiTrust Money Market Fund, Inc. (formerly known as FBL Money Market
Fund, Inc.) for the year ended July 31, 1998, we
considered its internal control, 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 internal control.
The management of EquiTrust Money Market 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 fraud 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 internal control would not
necessarily disclose all matters in internal control
that might be material weaknesses under standards established by
the American Institute of Certified Public Accountants. A material
weakness is a condition in which the design or operation of one or
more of the specific internal control components does not reduce to a
relatively low level the risk that errors or fraud 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
internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined
above at July 31, 1998.
This report is intended solely for the information and use of
the Board of Directors and management of EquiTrust Money Market Fund,
Inc. and the Securities and Exchange Commission.
/s/ Ernst & Young LLP
August 28, 1998
