FBL VARIABLE INSURANCE SERIES FUND
NSAR-A, 1997-08-28
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<PAGE>      PAGE  1
000 A000000 06/30/97
000 C000000 0000811707
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 FBL VARIABLE INSURANCE SERIES FUND
001 B000000 811-5069
001 C000000 5152255400
002 A000000 5400 UNIVERSITY AVENUE
002 B000000 WEST DES MOINES
002 C000000 IA
002 D010000 50266
002 D020000 5997
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  6
007 C010100  1
007 C020100 VALUE GROWTH PORTFOLIO
007 C030100 N
007 C010200  2
007 C010300  3
007 C020300 HIGH GRADE BOND PORTFOLIO
007 C030300 N
007 C010400  4
007 C020400 HIGH YIELD BOND PORTFOLIO
007 C030400 N
007 C010500  5
007 C020500 MANAGED PORTFOLIO
007 C030500 N
007 C010600  6
007 C020600 MONEY MARKET PORTFOLIO
007 C030600 N
007 C010700  7
007 C020700 BLUE CHIP PORTFOLIO
007 C030700 N
007 C010800  8
007 C010900  9
007 C011000 10
020 A000001 DM KELLY & CO.
020 B000001 42-1439008
020 C000001     65
020 A000002 SECURITIES CORP. OF IOWA
020 B000002 42-0668686
020 C000002     17
<PAGE>      PAGE  2
020 A000003 MORGAN STANLEY
020 B000003 13-2655998
020 C000003      4
020 A000004 DEAN WITTE REYNOLDS & CO.
020 B000004 94-1671384
020 C000004      3
020 A000005 MERRILL LYNCH
020 B000005 13-2761776
020 C000005      2
020 A000006 A.G. EDWARDS & CO.
020 B000006 43-0895447
020 C000006      1
020 A000007 R.W. BAIRD
020 B000007 39-6037917
020 C000007      1
020 C000008      0
020 C000009      0
020 C000010      0
021  000000       93
022 A000001 HSBC SECURITIES, INC.
022 B000001 13-2650272
022 C000001     22898
022 D000001      7502
022 A000002 DREYFUS INSTITUTIONAL
022 B000002 13-2603136
022 C000002     12552
022 D000002     13379
022 A000003 PRUDENTIAL BACHE
022 B000003 22-2347336
022 C000003      6632
022 D000003      8996
022 A000004 MERRILL LYNCH
022 B000004 13-2761776
022 C000004      9158
022 D000004       499
022 A000005 FORD MOTOR CREDIT CORP.
022 B000005 38-1612444
022 C000005      6975
022 D000005       908
022 A000006 INTERNATIONAL BUSINESS MACHINES CORP.
022 B000006 13-0871985
022 C000006      7740
022 D000006         0
022 A000007 GENERAL ELECTRIC
022 B000007 13-1500700
022 C000007      7075
022 D000007         0
022 A000008 NORWEST
022 B000008 42-0331193
022 C000008      5866
022 D000008         0
<PAGE>      PAGE  3
022 A000009 JOHN DEERE CAPITAL CORPORATION
022 B000009 36-2386361
022 C000009      5575
022 D000009         0
022 A000010 DONALDSON, LUFKIN & JENRETTE
022 B000010 13-2741729
022 C000010      5405
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<PAGE>      PAGE  4
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<PAGE>      PAGE  5
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<PAGE>      PAGE  6
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<PAGE>      PAGE  7
062 R000300   0.0
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064 A000300 N
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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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072 Q000700        5
072 R000700        0
072 S000700        0
072 T000700        0
072 U000700        0
072 V000700        0
072 W000700        8
072 X000700       37
072 Y000700        0
072 Z000700      168
072AA000700        0
072BB000700        1
072CC010700     3444
<PAGE>      PAGE  19
072CC020700        0
072DD010700        0
072DD020700        0
072EE000700        0
073 A010700   0.0000
073 A020700   0.0000
073 B000700   0.0000
073 C000700   0.0000
074 A000700      220
074 B000700        0
074 C000700     2426
074 D000700        0
074 E000700        0
074 F000700    21560
074 G000700        0
074 H000700        0
074 I000700        0
074 J000700        0
074 K000700        0
074 L000700       27
074 M000700        0
074 N000700    24233
074 O000700        0
074 P000700        0
074 Q000700        0
074 R010700        0
074 R020700        0
074 R030700        0
074 R040700       13
074 S000700        0
074 T000700    24220
074 U010700      814
074 U020700        0
074 V010700    29.75
074 V020700     0.00
074 W000700   0.0000
074 X000700        2
074 Y000700        0
075 A000700        0
075 B000700    18838
076  000700     0.00
SIGNATURE   KRISTI ROJOHN                                
TITLE       ASST SECRETARY      
 


<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 1
   <NAME> VUL VALUE GROWTH
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-END>                               JUN-30-1997
<INVESTMENTS-AT-COST>                         34644089
<INVESTMENTS-AT-VALUE>                        37008331
<RECEIVABLES>                                    84221
<ASSETS-OTHER>                                  174835
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                37267386
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        13629
<TOTAL-LIABILITIES>                              13629
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      32951113
<SHARES-COMMON-STOCK>                          2706756
<SHARES-COMMON-PRIOR>                          2070769
<ACCUMULATED-NII-CURRENT>                       347046
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                        1591357
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                       2364242
<NET-ASSETS>                                  37253758
<DIVIDEND-INCOME>                               208893
<INTEREST-INCOME>                               231740
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   95319
<NET-INVESTMENT-INCOME>                         345314
<REALIZED-GAINS-CURRENT>                       1237774
<APPREC-INCREASE-CURRENT>                        10321
<NET-CHANGE-FROM-OPS>                          1593409
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         663510
<NUMBER-OF-SHARES-REDEEMED>                      27523
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                        10065306
<ACCUMULATED-NII-PRIOR>                           1732
<ACCUMULATED-GAINS-PRIOR>                       353583
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                            76638
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 104490
<AVERAGE-NET-ASSETS>                          31967415
<PER-SHARE-NAV-BEGIN>                            13.13
<PER-SHARE-NII>                                   0.14
<PER-SHARE-GAIN-APPREC>                           0.49
<PER-SHARE-DIVIDEND>                              0.00
<PER-SHARE-DISTRIBUTIONS>                         0.00
<RETURNS-OF-CAPITAL>                              0.00
<PER-SHARE-NAV-END>                              13.76
<EXPENSE-RATIO>                                   0.60
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 3
   <NAME> VUL HIGH GRADE BOND
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-END>                               JUN-30-1997
<INVESTMENTS-AT-COST>                          3846557
<INVESTMENTS-AT-VALUE>                         3946882
<RECEIVABLES>                                    67258
<ASSETS-OTHER>                                   84878
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                 4099018
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                         7280
<TOTAL-LIABILITIES>                               7280
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                       4011247
<SHARES-COMMON-STOCK>                           416484
<SHARES-COMMON-PRIOR>                           359602
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                        (19834)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                        100325
<NET-ASSETS>                                   4091738
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                               144440
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   10968
<NET-INVESTMENT-INCOME>                         133472
<REALIZED-GAINS-CURRENT>                        (3023)
<APPREC-INCREASE-CURRENT>                         5434
<NET-CHANGE-FROM-OPS>                           135883
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                       133472
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                          64274
<NUMBER-OF-SHARES-REDEEMED>                      21081
<SHARES-REINVESTED>                              13689
<NET-CHANGE-IN-ASSETS>                          557183
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                      (16812)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                             5611
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                  13717
<AVERAGE-NET-ASSETS>                           3790351
<PER-SHARE-NAV-BEGIN>                             9.83
<PER-SHARE-NII>                                   0.35
<PER-SHARE-GAIN-APPREC>                           0.01
<PER-SHARE-DIVIDEND>                              0.35
<PER-SHARE-DISTRIBUTIONS>                         0.00
<RETURNS-OF-CAPITAL>                              0.00
<PER-SHARE-NAV-END>                               9.82
<EXPENSE-RATIO>                                   0.58
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 4
   <NAME> VUL HIGH YIELD BOND
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-END>                               JUN-30-1997
<INVESTMENTS-AT-COST>                          7220657
<INVESTMENTS-AT-VALUE>                         7328842
<RECEIVABLES>                                   146617
<ASSETS-OTHER>                                   76219
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                 7551678
<PAYABLE-FOR-SECURITIES>                        350000
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                         8042
<TOTAL-LIABILITIES>                             358042
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                       7030803
<SHARES-COMMON-STOCK>                           720044
<SHARES-COMMON-PRIOR>                           598413
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                          54648
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                        108185
<NET-ASSETS>                                   7193636
<DIVIDEND-INCOME>                                 4930
<INTEREST-INCOME>                               270149
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   18271
<NET-INVESTMENT-INCOME>                         256808
<REALIZED-GAINS-CURRENT>                         54224
<APPREC-INCREASE-CURRENT>                         6936
<NET-CHANGE-FROM-OPS>                           317968
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                       256808
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         178339
<NUMBER-OF-SHARES-REDEEMED>                      81852
<SHARES-REINVESTED>                              25144
<NET-CHANGE-IN-ASSETS>                         1264543
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                          424
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                            14988
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                  25051
<AVERAGE-NET-ASSETS>                           6361468
<PER-SHARE-NAV-BEGIN>                             9.91
<PER-SHARE-NII>                                   0.41
<PER-SHARE-GAIN-APPREC>                           0.08
<PER-SHARE-DIVIDEND>                              0.41
<PER-SHARE-DISTRIBUTIONS>                         0.00
<RETURNS-OF-CAPITAL>                              0.00
<PER-SHARE-NAV-END>                               9.99
<EXPENSE-RATIO>                                   0.58
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 5
   <NAME> VUL MANAGED
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-END>                               JUN-30-1997
<INVESTMENTS-AT-COST>                         33686472
<INVESTMENTS-AT-VALUE>                        35117660
<RECEIVABLES>                                   218394
<ASSETS-OTHER>                                  290076
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                35626130
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        12316
<TOTAL-LIABILITIES>                              12316
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      32100329
<SHARES-COMMON-STOCK>                          2728599
<SHARES-COMMON-PRIOR>                          2099227
<ACCUMULATED-NII-CURRENT>                       757529
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                        1324768
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                       1431188
<NET-ASSETS>                                  35613814
<DIVIDEND-INCOME>                               410168
<INTEREST-INCOME>                               433654
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   88124
<NET-INVESTMENT-INCOME>                         755698
<REALIZED-GAINS-CURRENT>                        828696
<APPREC-INCREASE-CURRENT>                        40346
<NET-CHANGE-FROM-OPS>                          1624740
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         643069
<NUMBER-OF-SHARES-REDEEMED>                      13697
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                         9591539
<ACCUMULATED-NII-PRIOR>                           1830
<ACCUMULATED-GAINS-PRIOR>                       496072
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                            76887
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 101190
<AVERAGE-NET-ASSETS>                          30308096
<PER-SHARE-NAV-BEGIN>                            12.40
<PER-SHARE-NII>                                   0.31
<PER-SHARE-GAIN-APPREC>                           0.34
<PER-SHARE-DIVIDEND>                              0.00
<PER-SHARE-DISTRIBUTIONS>                         0.00
<RETURNS-OF-CAPITAL>                              0.00
<PER-SHARE-NAV-END>                              13.05
<EXPENSE-RATIO>                                   0.59
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 6
   <NAME> VUL MONEY MARKET
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-END>                               JUN-30-1997
<INVESTMENTS-AT-COST>                          3858426
<INVESTMENTS-AT-VALUE>                         3858426
<RECEIVABLES>                                    11402
<ASSETS-OTHER>                                  295807
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                 4165635
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                         8402
<TOTAL-LIABILITIES>                               8402
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                       4157233
<SHARES-COMMON-STOCK>                          4157233
<SHARES-COMMON-PRIOR>                          3819261
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                             0
<NET-ASSETS>                                   4157233
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                                98666
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   10590
<NET-INVESTMENT-INCOME>                          88076
<REALIZED-GAINS-CURRENT>                             0
<APPREC-INCREASE-CURRENT>                            0
<NET-CHANGE-FROM-OPS>                            88076
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                        88076
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        9462326
<NUMBER-OF-SHARES-REDEEMED>                    9169871
<SHARES-REINVESTED>                              45517
<NET-CHANGE-IN-ASSETS>                          337972
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                             5127
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                  14045
<AVERAGE-NET-ASSETS>                           3834190
<PER-SHARE-NAV-BEGIN>                             1.00
<PER-SHARE-NII>                                   0.02
<PER-SHARE-GAIN-APPREC>                           0.00
<PER-SHARE-DIVIDEND>                              0.02
<PER-SHARE-DISTRIBUTIONS>                         0.00
<RETURNS-OF-CAPITAL>                              0.00
<PER-SHARE-NAV-END>                               1.00
<EXPENSE-RATIO>                                   0.58
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 7
   <NAME> VUL BLUE CHIP
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-END>                               JUN-30-1997
<INVESTMENTS-AT-COST>                         17002106
<INVESTMENTS-AT-VALUE>                        23986057
<RECEIVABLES>                                    26746
<ASSETS-OTHER>                                  220383
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                24233186
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        12771
<TOTAL-LIABILITIES>                              12771
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      17067982
<SHARES-COMMON-STOCK>                           814246
<SHARES-COMMON-PRIOR>                           587306
<ACCUMULATED-NII-CURRENT>                       168855
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                          (373)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                       6983951
<NET-ASSETS>                                  24220415
<DIVIDEND-INCOME>                               158216
<INTEREST-INCOME>                                46262
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   36950
<NET-INVESTMENT-INCOME>                         167528
<REALIZED-GAINS-CURRENT>                         (799)
<APPREC-INCREASE-CURRENT>                      3444471
<NET-CHANGE-FROM-OPS>                          3611200
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         249058
<NUMBER-OF-SHARES-REDEEMED>                      22118
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                         9727297
<ACCUMULATED-NII-PRIOR>                           1327
<ACCUMULATED-GAINS-PRIOR>                          426
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                            18699
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                  36950
<AVERAGE-NET-ASSETS>                          18837653
<PER-SHARE-NAV-BEGIN>                            24.68
<PER-SHARE-NII>                                   0.24
<PER-SHARE-GAIN-APPREC>                           4.83
<PER-SHARE-DIVIDEND>                              0.00
<PER-SHARE-DISTRIBUTIONS>                         0.00
<RETURNS-OF-CAPITAL>                              0.00
<PER-SHARE-NAV-END>                              29.75
<EXPENSE-RATIO>                                   0.40
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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