<PAGE> PAGE 1
000 B000000 12/31/97
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
008 A00AA01 FBL INVESTMENT ADVISORY SERVICES, INC.
008 B00AA01 A
008 C00AA01 801-7655
008 D01AA01 WEST DES MOINES
008 D02AA01 IA
008 D03AA01 50266
<PAGE> PAGE 2
008 D04AA01 5997
012 A00AA01 FBL INVESTMENT ADVISORY SERVICES, INC.
012 B00AA01 84-000201
012 C01AA01 WEST DES MOINES
012 C02AA01 IA
012 C03AA01 50266
012 C04AA01 5997
013 A00AA01 ERNST & YOUNG LLP
013 B01AA01 DES MOINES
013 B02AA01 IA
013 B03AA01 50309
013 B04AA01 2764
020 A000001 DM KELLY & CO.
020 B000001 42-1439008
020 C000001 100
020 A000002 SECURITIES CORP. OF IOWA
020 B000002 42-0668686
020 C000002 19
020 A000003 MERRILL LYNCH
020 B000003 13-2761776
020 C000003 15
020 A000004 R.W. BAIRD
020 B000004 39-6037917
020 C000004 8
020 A000005 A.G. EDWARDS & CO.
020 B000005 43-0895447
020 C000005 5
020 A000006 MORGAN STANLEY
020 B000006 13-2655998
020 C000006 4
020 A000007 DEAN WITTER REYNOLDS & CO.
020 B000007 94-1671384
020 C000007 3
020 A000008 PRINCIPAL FINANCIAL SECURITIES
020 B000008 75-0839696
020 C000008 2
020 A000009 DONALDSON, LUFKIN & JENRETTE
020 B000009 13-2741729
020 C000009 2
020 A000010 HUNTLEIGH SECURITIES
020 B000010 43-1106957
020 C000010 0
021 000000 157
022 A000001 HSBC SECURITIES, INC.
022 B000001 13-2650272
022 C000001 93909
022 D000001 22681
022 A000002 DREYFUS INSTITUTIONAL
022 B000002 13-2603136
022 C000002 33422
022 D000002 30358
<PAGE> PAGE 3
022 A000003 MERRILL LYNCH
022 B000003 13-2761776
022 C000003 31288
022 D000003 624
022 A000004 PRUDENTIAL BACHE
022 B000004 22-2347336
022 C000004 11875
022 D000004 13691
022 A000005 GENERAL ELECTRIC
022 B000005 13-1500700
022 C000005 21560
022 D000005 0
022 A000006 FORD MOTOR CREDIT CORP.
022 B000006 38-1612444
022 C000006 19825
022 D000006 908
022 A000007 AMERICAN GENERAL FINANCE CORP.
022 B000007 35-0416090
022 C000007 17145
022 D000007 1737
022 A000008 INTERNATIONAL BUSINESS MACHINES CORP.
022 B000008 13-0871985
022 C000008 17905
022 D000008 100
022 A000009 NORWEST FINANCIAL, INC.
022 B000009 42-1186565
022 C000009 17365
022 D000009 0
022 A000010 JOHN DEERE CAPITAL CORPORATION
022 B000010 36-2386361
022 C000010 12525
022 D000010 0
023 C000000 326655
023 D000000 79374
077 A000000 Y
077 B000000 Y
080 A00AA00 CHUBB GROUP OF INSURANCE COMPANIES
080 C00AA00 1650
081 A00AA00 Y
081 B00AA00 7
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
028 A010100 791
028 A020100 0
028 A030100 0
<PAGE> PAGE 4
028 A040100 324
028 B010100 933
028 B020100 0
028 B030100 0
028 B040100 62
028 C010100 1200
028 C020100 0
028 C030100 0
028 C040100 147
028 D010100 1352
028 D020100 0
028 D030100 0
028 D040100 36
028 E010100 1018
028 E020100 0
028 E030100 0
028 E040100 351
028 F010100 1759
028 F020100 4308
028 F030100 0
028 F040100 390
028 G010100 7053
028 G020100 4308
028 G030100 0
028 G040100 1310
028 H000100 0
062 A000100 N
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
070 A010100 Y
070 A020100 N
070 B010100 Y
070 B020100 N
070 C010100 Y
070 C020100 N
070 D010100 N
<PAGE> PAGE 5
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 N
070 J020100 N
070 K010100 Y
070 K020100 Y
070 L010100 Y
070 L020100 N
070 M010100 N
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 N
070 O020100 N
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 36149
071 B000100 29550
071 C000100 25011
071 D000100 118
072 A000100 12
072 B000100 687
072 C000100 386
072 D000100 0
072 E000100 0
072 F000100 168
072 G000100 0
072 H000100 0
072 I000100 0
072 J000100 6
072 K000100 0
072 L000100 6
072 M000100 2
072 N000100 0
072 O000100 0
072 P000100 0
072 Q000100 18
072 R000100 6
<PAGE> PAGE 6
072 S000100 2
072 T000100 0
072 U000100 0
072 V000100 0
072 W000100 3
072 X000100 211
072 Y000100 14
072 Z000100 876
072AA000100 2628
072BB000100 0
072CC010100 0
072CC020100 1442
072DD010100 870
072DD020100 0
072EE000100 3439
073 A010100 0.2775
073 A020100 0.0000
073 B000100 1.0975
073 C000100 0.0000
074 A000100 0
074 B000100 0
074 C000100 16978
074 D000100 590
074 E000100 1467
074 F000100 25256
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 0
074 K000100 0
074 L000100 91
074 M000100 0
074 N000100 44382
074 O000100 429
074 P000100 0
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 487
074 S000100 0
074 T000100 43466
074 U010100 3458
074 U020100 0
074 V010100 12.58
074 V020100 0.00
074 W000100 0.0000
074 X000100 2
074 Y000100 0
075 A000100 0
075 B000100 36063
<PAGE> PAGE 7
076 000100 0.00
028 A010300 171
028 A020300 23
028 A030300 0
028 A040300 31
028 B010300 156
028 B020300 25
028 B030300 0
028 B040300 36
028 C010300 79
028 C020300 26
028 C030300 0
028 C040300 10
028 D010300 144
028 D020300 25
028 D030300 0
028 D040300 23
028 E010300 312
028 E020300 24
028 E030300 0
028 E040300 61
028 F010300 346
028 F020300 37
028 F030300 0
028 F040300 53
028 G010300 1208
028 G020300 160
028 G030300 0
028 G040300 214
028 H000300 0
062 A000300 Y
062 B000300 0.0
062 C000300 15.7
062 D000300 0.0
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 0.0
062 J000300 0.0
062 K000300 0.0
062 L000300 1.9
062 M000300 8.1
062 N000300 11.4
062 O000300 0.0
062 P000300 59.1
062 Q000300 0.0
062 R000300 3.8
063 A000300 0
063 B000300 8.4
064 A000300 N
<PAGE> PAGE 8
071 A000300 2368
071 B000300 1126
071 C000300 3648
071 D000300 31
072 A000300 12
072 B000300 308
072 C000300 7
072 D000300 0
072 E000300 0
072 F000300 13
072 G000300 0
072 H000300 0
072 I000300 0
072 J000300 3
072 K000300 0
072 L000300 1
072 M000300 0
072 N000300 0
072 O000300 0
072 P000300 0
072 Q000300 2
072 R000300 5
072 S000300 0
072 T000300 0
072 U000300 0
072 V000300 0
072 W000300 0
072 X000300 24
072 Y000300 2
072 Z000300 293
072AA000300 13
072BB000300 3
072CC010300 122
072CC020300 0
072DD010300 293
072DD020300 0
072EE000300 0
073 A010300 0.6882
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 30
074 B000300 0
074 C000300 847
074 D000300 4221
074 E000300 206
074 F000300 0
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 0
<PAGE> PAGE 9
074 K000300 0
074 L000300 78
074 M000300 0
074 N000300 5382
074 O000300 0
074 P000300 0
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 8
074 S000300 0
074 T000300 5374
074 U010300 532
074 U020300 0
074 V010300 10.11
074 V020300 0.00
074 W000300 0.0000
074 X000300 2
074 Y000300 0
075 A000300 0
075 B000300 4230
076 000300 0.00
028 A010400 213
028 A020400 43
028 A030400 0
028 A040400 73
028 B010400 204
028 B020400 46
028 B030400 0
028 B040400 37
028 C010400 264
028 C020400 48
028 C030400 0
028 C040400 24
028 D010400 186
028 D020400 48
028 D030400 0
028 D040400 14
028 E010400 290
028 E020400 41
028 E030400 0
028 E040400 341
028 F010400 362
028 F020400 114
028 F030400 0
028 F040400 99
028 G010400 1519
028 G020400 340
028 G030400 0
028 G040400 589
<PAGE> PAGE 10
028 H000400 0
062 A000400 Y
062 B000400 0.0
062 C000400 11.5
062 D000400 0.0
062 E000400 0.0
062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
062 I000400 0.0
062 J000400 0.0
062 K000400 0.0
062 L000400 1.8
062 M000400 0.0
062 N000400 0.0
062 O000400 0.0
062 P000400 80.3
062 Q000400 0.0
062 R000400 6.4
063 A000400 0
063 B000400 12.2
064 A000400 N
071 A000400 3950
071 B000400 2221
071 C000400 6265
071 D000400 35
072 A000400 12
072 B000400 574
072 C000400 20
072 D000400 0
072 E000400 0
072 F000400 33
072 G000400 0
072 H000400 0
072 I000400 0
072 J000400 3
072 K000400 0
072 L000400 1
072 M000400 1
072 N000400 0
072 O000400 0
072 P000400 0
072 Q000400 4
072 R000400 5
072 S000400 0
072 T000400 0
072 U000400 0
072 V000400 0
072 W000400 0
072 X000400 47
072 Y000400 6
<PAGE> PAGE 11
072 Z000400 553
072AA000400 70
072BB000400 6
072CC010400 209
072CC020400 0
072DD010400 553
072DD020400 0
072EE000400 52
073 A010400 0.7862
073 A020400 0.0000
073 B000400 0.0620
073 C000400 0.0000
074 A000400 6
074 B000400 0
074 C000400 995
074 D000400 6915
074 E000400 492
074 F000400 63
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 0
074 K000400 0
074 L000400 160
074 M000400 0
074 N000400 8631
074 O000400 0
074 P000400 0
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 8
074 S000400 0
074 T000400 8623
074 U010400 845
074 U020400 0
074 V010400 10.21
074 V020400 0.00
074 W000400 0.0000
074 X000400 2
074 Y000400 0
075 A000400 0
075 B000400 7145
076 000400 0.00
028 A010500 948
028 A020500 0
028 A030500 0
028 A040500 109
028 B010500 1247
028 B020500 0
<PAGE> PAGE 12
028 B030500 0
028 B040500 30
028 C010500 1037
028 C020500 0
028 C030500 0
028 C040500 168
028 D010500 1657
028 D020500 0
028 D030500 0
028 D040500 35
028 E010500 1465
028 E020500 0
028 E030500 0
028 E040500 328
028 F010500 2652
028 F020500 3859
028 F030500 0
028 F040500 873
028 G010500 9006
028 G020500 3859
028 G030500 0
028 G040500 1543
028 H000500 0
062 A000500 Y
062 B000500 0.0
062 C000500 2.0
062 D000500 0.0
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 26.0
062 J000500 0.0
062 K000500 0.0
062 L000500 4.4
062 M000500 0.0
062 N000500 0.0
062 O000500 0.0
062 P000500 20.1
062 Q000500 0.0
062 R000500 47.5
063 A000500 0
063 B000500 10.3
064 A000500 N
071 A000500 28674
071 B000500 11832
071 C000500 22633
071 D000500 52
072 A000500 12
072 B000500 1129
072 C000500 805
<PAGE> PAGE 13
072 D000500 0
072 E000500 0
072 F000500 169
072 G000500 0
072 H000500 0
072 I000500 0
072 J000500 5
072 K000500 0
072 L000500 5
072 M000500 2
072 N000500 0
072 O000500 0
072 P000500 0
072 Q000500 18
072 R000500 6
072 S000500 2
072 T000500 0
072 U000500 0
072 V000500 0
072 W000500 1
072 X000500 207
072 Y000500 18
072 Z000500 1745
072AA000500 1649
072BB000500 3
072CC010500 106
072CC020500 0
072DD010500 1728
072DD020500 0
072EE000500 2131
073 A010500 0.5250
073 A020500 0.0000
073 B000500 0.6475
073 C000500 0.0000
074 A000500 0
074 B000500 0
074 C000500 14807
074 D000500 9020
074 E000500 10516
074 F000500 10850
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 0
074 K000500 0
074 L000500 215
074 M000500 0
074 N000500 45408
074 O000500 109
074 P000500 0
074 Q000500 0
<PAGE> PAGE 14
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 350
074 S000500 0
074 T000500 44949
074 U010500 3582
074 U020500 0
074 V010500 12.55
074 V020500 0.00
074 W000500 0.0000
074 X000500 2
074 Y000500 0
075 A000500 0
075 B000500 35338
076 000500 0.00
028 A010600 1301
028 A020600 9
028 A030600 0
028 A040600 1500
028 B010600 1131
028 B020600 8
028 B030600 0
028 B040600 1052
028 C010600 1656
028 C020600 9
028 C030600 0
028 C040600 1725
028 D010600 1656
028 D020600 8
028 D030600 0
028 D040600 1595
028 E010600 3809
028 E020600 9
028 E030600 0
028 E040600 1538
028 F010600 3628
028 F020600 21
028 F030600 0
028 F040600 3915
028 G010600 13181
028 G020600 64
028 G030600 0
028 G040600 11325
028 H000600 0
062 A000600 Y
062 B000600 0.0
062 C000600 61.9
062 D000600 0.0
062 E000600 0.0
062 F000600 0.0
<PAGE> PAGE 15
062 G000600 0.0
062 H000600 0.0
062 I000600 24.6
062 J000600 0.0
062 K000600 0.0
062 L000600 13.5
062 M000600 0.0
062 N000600 0.0
062 O000600 0.0
062 P000600 0.0
062 Q000600 0.0
062 R000600 0.0
063 A000600 31
063 B000600 0.0
064 A000600 N
070 A010600 Y
070 A020600 Y
070 B010600 N
070 B020600 N
070 C010600 N
070 C020600 N
070 D010600 N
070 D020600 N
070 E010600 N
070 E020600 N
070 F010600 N
070 F020600 N
070 G010600 N
070 G020600 N
070 H010600 N
070 H020600 N
070 I010600 N
070 I020600 N
070 J010600 N
070 J020600 N
070 K010600 Y
070 K020600 N
070 L010600 N
070 L020600 N
070 M010600 N
070 M020600 N
070 N010600 Y
070 N020600 N
070 O010600 N
070 O020600 N
070 P010600 N
070 P020600 N
070 Q010600 N
070 Q020600 N
070 R010600 N
070 R020600 N
<PAGE> PAGE 16
071 A000600 0
071 B000600 0
071 C000600 0
071 D000600 0
072 A000600 12
072 B000600 219
072 C000600 0
072 D000600 0
072 E000600 0
072 F000600 11
072 G000600 0
072 H000600 0
072 I000600 0
072 J000600 5
072 K000600 0
072 L000600 1
072 M000600 0
072 N000600 0
072 O000600 0
072 P000600 0
072 Q000600 2
072 R000600 5
072 S000600 0
072 T000600 0
072 U000600 0
072 V000600 0
072 W000600 0
072 X000600 24
072 Y000600 3
072 Z000600 198
072AA000600 0
072BB000600 0
072CC010600 0
072CC020600 0
072DD010600 198
072DD020600 0
072EE000600 0
073 A010600 0.0492
073 A020600 0.0000
073 B000600 0.0000
073 C000600 0.0000
074 A000600 820
074 B000600 0
074 C000600 5257
074 D000600 0
074 E000600 0
074 F000600 0
074 G000600 0
074 H000600 0
074 I000600 0
074 J000600 0
<PAGE> PAGE 17
074 K000600 0
074 L000600 10
074 M000600 0
074 N000600 6087
074 O000600 0
074 P000600 0
074 Q000600 0
074 R010600 0
074 R020600 0
074 R030600 0
074 R040600 9
074 S000600 0
074 T000600 6078
074 U010600 6078
074 U020600 0
074 V010600 1.00
074 V020600 0.00
074 W000600 1.0000
074 X000600 2
074 Y000600 0
075 A000600 4257
075 B000600 0
076 000600 0.00
028 A010700 1345
028 A020700 0
028 A030700 0
028 A040700 180
028 B010700 1136
028 B020700 0
028 B030700 0
028 B040700 377
028 C010700 1104
028 C020700 0
028 C030700 0
028 C040700 173
028 D010700 1370
028 D020700 0
028 D030700 0
028 D040700 28
028 E010700 1025
028 E020700 0
028 E030700 0
028 E040700 145
028 F010700 1842
028 F020700 441
028 F030700 0
028 F040700 736
028 G010700 7822
028 G020700 441
028 G030700 0
028 G040700 1639
<PAGE> PAGE 18
028 H000700 0
045 000700 Y
046 000700 N
047 000700 Y
048 000700 0.200
048 A010700 0
048 A020700 0.000
048 B010700 0
048 B020700 0.000
048 C010700 0
048 C020700 0.000
048 D010700 0
048 D020700 0.000
048 E010700 0
048 E020700 0.000
048 F010700 0
048 F020700 0.000
048 G010700 0
048 G020700 0.000
048 H010700 0
048 H020700 0.000
048 I010700 0
048 I020700 0.000
048 J010700 0
048 J020700 0.000
048 K010700 0
048 K020700 0.000
062 A000700 N
062 B000700 0.0
062 C000700 0.0
062 D000700 0.0
062 E000700 0.0
062 F000700 0.0
062 G000700 0.0
062 H000700 0.0
062 I000700 0.0
062 J000700 0.0
062 K000700 0.0
062 L000700 0.0
062 M000700 0.0
062 N000700 0.0
062 O000700 0.0
062 P000700 0.0
062 Q000700 0.0
062 R000700 0.0
071 A000700 11265
071 B000700 575
071 C000700 21195
071 D000700 3
072 A000700 12
072 B000700 117
<PAGE> PAGE 19
072 C000700 387
072 D000700 0
072 E000700 0
072 F000700 47
072 G000700 0
072 H000700 0
072 I000700 0
072 J000700 7
072 K000700 0
072 L000700 4
072 M000700 1
072 N000700 0
072 O000700 0
072 P000700 0
072 Q000700 13
072 R000700 5
072 S000700 0
072 T000700 0
072 U000700 0
072 V000700 0
072 W000700 1
072 X000700 77
072 Y000700 0
072 Z000700 428
072AA000700 19
072BB000700 2
072CC010700 4627
072CC020700 0
072DD010700 427
072DD020700 0
072EE000700 14
073 A010700 0.4200
073 A020700 0.0000
073 B000700 0.0140
073 C000700 0.0000
074 A000700 0
074 B000700 0
074 C000700 3472
074 D000700 0
074 E000700 0
074 F000700 28438
074 G000700 0
074 H000700 0
074 I000700 0
074 J000700 0
074 K000700 0
074 L000700 46
074 M000700 0
074 N000700 31956
074 O000700 0
074 P000700 0
<PAGE> PAGE 20
074 Q000700 0
074 R010700 0
074 R020700 0
074 R030700 0
074 R040700 91
074 S000700 0
074 T000700 31865
074 U010700 1028
074 U020700 0
074 V010700 31.01
074 V020700 0.00
074 W000700 0.0000
074 X000700 2
074 Y000700 0
075 A000700 0
075 B000700 23381
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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 43379666
<INVESTMENTS-AT-VALUE> 44291689
<RECEIVABLES> 90356
<ASSETS-OTHER> 139
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 44382184
<PAYABLE-FOR-SECURITIES> 428670
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 487593
<TOTAL-LIABILITIES> 916263
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 43002567
<SHARES-COMMON-STOCK> 3455865
<SHARES-COMMON-PRIOR> 2070769
<ACCUMULATED-NII-CURRENT> 8310
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (456979)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 912023
<NET-ASSETS> 43465921
<DIVIDEND-INCOME> 385906
<INTEREST-INCOME> 686921
<OTHER-INCOME> 0
<EXPENSES-NET> 196719
<NET-INVESTMENT-INCOME> 876108
<REALIZED-GAINS-CURRENT> 2628392
<APPREC-INCREASE-CURRENT> (1441898)
<NET-CHANGE-FROM-OPS> 2062602
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 869530
<DISTRIBUTIONS-OF-GAINS> 3438954
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1168439
<NUMBER-OF-SHARES-REDEEMED> 124474
<SHARES-REINVESTED> 341131
<NET-CHANGE-IN-ASSETS> 16277470
<ACCUMULATED-NII-PRIOR> 1732
<ACCUMULATED-GAINS-PRIOR> 353583
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 168315
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 210812
<AVERAGE-NET-ASSETS> 36063355
<PER-SHARE-NAV-BEGIN> 13.13
<PER-SHARE-NII> 0.28
<PER-SHARE-GAIN-APPREC> 0.55
<PER-SHARE-DIVIDEND> 0.28
<PER-SHARE-DISTRIBUTIONS> 1.10
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 12.58
<EXPENSE-RATIO> 0.55
<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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 5057603
<INVESTMENTS-AT-VALUE> 5274612
<RECEIVABLES> 78178
<ASSETS-OTHER> 29594
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 5382384
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 8004
<TOTAL-LIABILITIES> 8004
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5164265
<SHARES-COMMON-STOCK> 531552
<SHARES-COMMON-PRIOR> 359602
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 2
<ACCUMULATED-NET-GAINS> (6894)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 217009
<NET-ASSETS> 5374380
<DIVIDEND-INCOME> 7150
<INTEREST-INCOME> 308141
<OTHER-INCOME> 0
<EXPENSES-NET> 21887
<NET-INVESTMENT-INCOME> 293404
<REALIZED-GAINS-CURRENT> 9918
<APPREC-INCREASE-CURRENT> 122117
<NET-CHANGE-FROM-OPS> 425439
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 293404
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 184783
<NUMBER-OF-SHARES-REDEEMED> 42480
<SHARES-REINVESTED> 29647
<NET-CHANGE-IN-ASSETS> 1839825
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (16812)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 12594
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 24181
<AVERAGE-NET-ASSETS> 4229966
<PER-SHARE-NAV-BEGIN> 9.83
<PER-SHARE-NII> 0.69
<PER-SHARE-GAIN-APPREC> 0.28
<PER-SHARE-DIVIDEND> 0.69
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.11
<EXPENSE-RATIO> 0.52
<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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 8154644
<INVESTMENTS-AT-VALUE> 8464580
<RECEIVABLES> 160640
<ASSETS-OTHER> 6201
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 8631421
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 8175
<TOTAL-LIABILITIES> 8175
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 8300840
<SHARES-COMMON-STOCK> 844823
<SHARES-COMMON-PRIOR> 598413
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 12470
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 309936
<NET-ASSETS> 8623246
<DIVIDEND-INCOME> 20217
<INTEREST-INCOME> 573769
<OTHER-INCOME> 0
<EXPENSES-NET> 41268
<NET-INVESTMENT-INCOME> 552718
<REALIZED-GAINS-CURRENT> 64050
<APPREC-INCREASE-CURRENT> 208688
<NET-CHANGE-FROM-OPS> 825456
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 552718
<DISTRIBUTIONS-OF-GAINS> 52004
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 332510
<NUMBER-OF-SHARES-REDEEMED> 139590
<SHARES-REINVESTED> 53490
<NET-CHANGE-IN-ASSETS> 2694154
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 424
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 32916
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 47087
<AVERAGE-NET-ASSETS> 7145027
<PER-SHARE-NAV-BEGIN> 9.91
<PER-SHARE-NII> 0.79
<PER-SHARE-GAIN-APPREC> 0.36
<PER-SHARE-DIVIDEND> 0.79
<PER-SHARE-DISTRIBUTIONS> 0.06
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.21
<EXPENSE-RATIO> 0.57
<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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 43695695
<INVESTMENTS-AT-VALUE> 45192582
<RECEIVABLES> 215197
<ASSETS-OTHER> 130
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 45407909
<PAYABLE-FOR-SECURITIES> 108875
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 350273
<TOTAL-LIABILITIES> 459148
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 43421313
<SHARES-COMMON-STOCK> 3581522
<SHARES-COMMON-PRIOR> 2099227
<ACCUMULATED-NII-CURRENT> 18951
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 11610
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1496887
<NET-ASSETS> 44948761
<DIVIDEND-INCOME> 805108
<INTEREST-INCOME> 1129313
<OTHER-INCOME> 0
<EXPENSES-NET> 189519
<NET-INVESTMENT-INCOME> 1744902
<REALIZED-GAINS-CURRENT> 1646469
<APPREC-INCREASE-CURRENT> 106045
<NET-CHANGE-FROM-OPS> 3497416
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1727782
<DISTRIBUTIONS-OF-GAINS> 2130931
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1303761
<NUMBER-OF-SHARES-REDEEMED> 129178
<SHARES-REINVESTED> 307712
<NET-CHANGE-IN-ASSETS> 18926486
<ACCUMULATED-NII-PRIOR> 1830
<ACCUMULATED-GAINS-PRIOR> 496072
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 168689
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 207290
<AVERAGE-NET-ASSETS> 35337722
<PER-SHARE-NAV-BEGIN> 12.40
<PER-SHARE-NII> 0.53
<PER-SHARE-GAIN-APPREC> 0.79
<PER-SHARE-DIVIDEND> 0.52
<PER-SHARE-DISTRIBUTIONS> 0.65
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 12.55
<EXPENSE-RATIO> 0.54
<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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 5257094
<INVESTMENTS-AT-VALUE> 5257094
<RECEIVABLES> 10181
<ASSETS-OTHER> 820085
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 6087360
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 9843
<TOTAL-LIABILITIES> 9843
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 6077517
<SHARES-COMMON-STOCK> 6077517
<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> 6077517
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 218543
<OTHER-INCOME> 0
<EXPENSES-NET> 20635
<NET-INVESTMENT-INCOME> 197908
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 197908
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 197908
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 22643257
<NUMBER-OF-SHARES-REDEEMED> 20495338
<SHARES-REINVESTED> 110337
<NET-CHANGE-IN-ASSETS> 2258256
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 10533
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 20635
<AVERAGE-NET-ASSETS> 4257216
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> 0.05
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.48
<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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 23742642
<INVESTMENTS-AT-VALUE> 31909417
<RECEIVABLES> 46195
<ASSETS-OTHER> 77
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 31955689
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 90764
<TOTAL-LIABILITIES> 90764
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 23692567
<SHARES-COMMON-STOCK> 1027703
<SHARES-COMMON-PRIOR> 587306
<ACCUMULATED-NII-CURRENT> 2145
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3438
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8166775
<NET-ASSETS> 31864925
<DIVIDEND-INCOME> 387383
<INTEREST-INCOME> 117093
<OTHER-INCOME> 0
<EXPENSES-NET> 76754
<NET-INVESTMENT-INCOME> 427722
<REALIZED-GAINS-CURRENT> 17242
<APPREC-INCREASE-CURRENT> 4627295
<NET-CHANGE-FROM-OPS> 5072259
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 501000
<NUMBER-OF-SHARES-REDEEMED> 74838
<SHARES-REINVESTED> 14235
<NET-CHANGE-IN-ASSETS> 17371808
<ACCUMULATED-NII-PRIOR> 1327
<ACCUMULATED-GAINS-PRIOR> 426
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 47121
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 76754
<AVERAGE-NET-ASSETS> 23381216
<PER-SHARE-NAV-BEGIN> 24.68
<PER-SHARE-NII> 0.42
<PER-SHARE-GAIN-APPREC> 6.34
<PER-SHARE-DIVIDEND> 0.42
<PER-SHARE-DISTRIBUTIONS> 0.01
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 31.01
<EXPENSE-RATIO> 0.33
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</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
The Board of Trustees and Shareholders
FBL Variable Insurance Series Fund
In planning and performing our audit of the financial statements
of FBL Variable Insurance Series Fund for the year ended December
31, 1997, 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 the internal control
structure.
The management of FBL Variable Insurance Series Fund 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. Generally, controls that are relevant
to an audit pertain to the entity's objective of preparing financial
financial statements for external purposes that are fairly presented
in conformity with generally accepted accounting principles. These
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 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 the specific internal control 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, including control
activities for safeguarding securities, that we consider to be
material weaknesses as defined above as of December 31, 1997.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission
/s/ Ernst & Young LLP
Des Moines, Iowa
January 27, 1998
