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<PAGE> PAGE 7
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<PAGE> PAGE 8
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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 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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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
076 000500 0.00
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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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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SIGNATURE REBECCA L. HOWE
TITLE COMPLIANCE ASSISTANT
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> VUL HIGH GRADE BOND
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> VUL HIGH YIELD BOND
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<SERIES>
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<NAME> VUL MONEY MARKET
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<PER-SHARE-GAIN-APPREC> 0
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<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .55
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> VUL VALUE GROWTH
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 46042431
<INVESTMENTS-AT-VALUE> 40825208
<RECEIVABLES> 149858
<ASSETS-OTHER> 616
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 40975682
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 128107
<TOTAL-LIABILITIES> 128107
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 57149560
<SHARES-COMMON-STOCK> 4699649
<SHARES-COMMON-PRIOR> 4489541
<ACCUMULATED-NII-CURRENT> 855293
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (11940055)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (5217223)
<NET-ASSETS> 40847575
<DIVIDEND-INCOME> 841375
<INTEREST-INCOME> 269818
<OTHER-INCOME> 0
<EXPENSES-NET> 255900
<NET-INVESTMENT-INCOME> 855293
<REALIZED-GAINS-CURRENT> 766209
<APPREC-INCREASE-CURRENT> (4469838)
<NET-CHANGE-FROM-OPS> (2848336)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 976831
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 409813
<NUMBER-OF-SHARES-REDEEMED> 107309
<SHARES-REINVESTED> 21903
<NET-CHANGE-IN-ASSETS> (1816842)
<ACCUMULATED-NII-PRIOR> 978563
<ACCUMULATED-GAINS-PRIOR> (12706264)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 26956
<GROSS-ADVISORY-FEES> 200704
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 256583
<AVERAGE-NET-ASSETS> 40896329
<PER-SHARE-NAV-BEGIN> 9.50
<PER-SHARE-NII> .18
<PER-SHARE-GAIN-APPREC> (.77)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .22
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.69
<EXPENSE-RATIO> .63
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</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 Variable Insurance Series Fund
In planning and performing our audit of the financial statements
of EquiTrust Variable Insurance Series Fund for the year ended
December 31, 1999, 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, and not to provide assurance on
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. 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
internal control components does not reduce to a relatively low
level the risk that misstatements caused by 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 December 31, 1999.
This report is intended solely for the information and use of the
Board of Directors and management 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.
Ernst & Young LLP
January 24, 2000
