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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
074 S000600 0
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028 A010700 1464
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034 000700 Y
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<PAGE> PAGE 23
042 G000700 0
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049 000700 N
050 000700 N
051 000700 N
052 000700 N
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<PAGE> PAGE 24
062 Q000700 0.0
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066 A000700 Y
066 B000700 N
066 C000700 N
066 D000700 N
066 E000700 Y
066 F000700 N
066 G000700 N
067 000700 N
068 A000700 N
068 B000700 N
069 000700 N
070 A010700 Y
070 A020700 N
070 B010700 Y
070 B020700 N
070 C010700 N
070 C020700 N
070 D010700 N
070 D020700 N
070 E010700 N
070 E020700 N
070 F010700 N
070 F020700 N
070 G010700 N
070 G020700 N
070 H010700 N
070 H020700 N
070 I010700 N
070 I020700 N
070 J010700 N
070 J020700 N
070 K010700 Y
070 K020700 Y
070 L010700 N
070 L020700 Y
070 M010700 N
070 M020700 N
070 N010700 Y
070 N020700 N
070 O010700 N
070 O020700 N
070 P010700 N
070 P020700 N
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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SIGNATURE REBECCA HOWE
TITLE COMPLIANCE ASSISTANT
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<NAME> VALUE GROWTH CL A
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<NAME> HIGH YIELD BOND CL I
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</TABLE>
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<NAME> MANAGED CL I
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<TABLE> <S> <C>
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<NAME> BLUE CHIP CL A
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</TABLE>
<TABLE> <S> <C>
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<NAME> BLUE CHIP CL I
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</TABLE>
<TABLE> <S> <C>
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<NAME> MONEY MARKET CL A
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</TABLE>
Ernst & Young LLP
Suite 3400, 801 Grand Avenue, Des Moines IA 50309-2764
Phone: 515 243 2727
Report of Independent Auditors
The Board of Directors and Shareholders
EquiTrust Series Fund, Inc.
In planning and performing our audit of the financial statements of EquiTrust
Series Fund, Inc. for the year ended July 31, 1999, we considered its internal
control, including control activities for safeguarding securities, in order to
determining our auditing procedures for the purpose of expressing our opinion on
the financial statements and to comply with the requirements of Form N-SAR, and
not to provide assurance on internal control.
The management of EquiTrust 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 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, 1999.
The report is intended solely for the information and use of the Board of
Directors and management of EquiTrust Series Fund, Inc. and the Securities and
Exchange Commission and is not intended to be and should not be used by anyone
other than these specified parties.
Ernst & Young LLP
August 27, 1999
