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SIGNATURE KRISTI ROJOHN
TITLE ASST SECRETARY
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
EquiTrust Variable Insurance Series Fund
In planning and performing our audit of the financial statements
of EquiTrust Variable Insurance Series Fund (formerly known
as FBL Variable Insurance Series Fund) for the year ended December
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 the internal control.
The management of EquiTrust 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 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. These controls include
the safeguarding of assets against unauthorized acquisition, use
or disposition.
Because of inherent limitations in internal control, errors or
Instances of 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 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 one or more of the specific internal
control components does not reduce to a relatively low level
the risk that errors or instances of 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,
including control for safeguarding securities, that we consider to be
material weaknesses as defined above as of December 31, 1998.
This report is intended solely for the information and use of
management and the Board of Directors of EquiTrust Variable Insurance
Series Fund and the Securities and Exchange Commission and is not
Intended to be and should not be used by anyone other than these
Specified parties.
/s/ Ernst & Young LLP
Des Moines, Iowa
January 25, 1999
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<NAME> VUL VALUE GROWTH
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<NAME> VUL HIGH YIELD BOND
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<NAME> VUL MONEY MARKET
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<NAME> VUL BLUE CHIP
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