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                          CONSENT OF INDEPENDENT AUDITORS





We consent to the reference to our firm under the captions "Financial
Highlights" and "Additional Information" in the Prospectus, and "Financial
Highlights" in the Supplement to Prospectus, for EquiTrust Series Fund, Inc.,
both in Part A, and "Other Information -- Independent Auditors" in Part B and
to the incorporation by reference of our report dated August 31, 2000 on the
financial statements and financial highlights of EquiTrust Series Fund, Inc.
in Post Effective Amendment No. 38 to Form N-1A Registration Statement under
the Securities Act of 1933 (No. 2-38512) and related Prospectus of EquiTrust
Series Fund, Inc.

                                                  /s/ Ernst & Young LLP


Des Moines, Iowa
November 27, 2000



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