United States

Securities and Exchange Commission

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT

INVESTMENT COMPANY

Investment Company Act file number: 811-05069

EquiTrust Variable Insurance Series Fund

(Exact name of registrant as specified in charter)

5400 University Avenue, West Des Moines IA 50266-5997

(Address of principal executive offices) (Zip code)

Kristi Rojohn, 5400 University Avenue, West Des Moines IA 50266-5997

(Name and address of agent for service)

Registrant telephone number, including area code: 515.225.5400

Date of fiscal year end: December 31, 2006

Date of reporting period: September 30, 2006

Item 1.

Schedules of Investments.

EQUITRUST VARIABLE INSURANCE SERIES FUND

SCHEDULE OF INVESTMENTS

VALUE GROWTH PORTFOLIO

September 30, 2006

(Unaudited)

	Shares Held		Value
COMMON STOCKS (77.90%)
APPAREL AND OTHER TEXTILE PRODUCTS (0.39%)
Jones Apparel Group, Inc.	7,500		$	243,300
BUSINESS SERVICES (4.77%)
Affiliated Computer Services, Inc.-Class A	11,400	<F1>		591,204
Compuware Corp.	16,050	<F1>		125,030
eBay, Inc.	5,535	<F1>		156,973
Electronic Data Systems Corp.	5,745			140,867
First Data Corp.	3,520			147,840
Microsoft Corp.	37,205			1,016,813
Oracle Corp.	12,300	<F1>		218,202
Symantec Corp.	28,002	<F1>		595,883
				2,992,812
CHEMICALS AND ALLIED PRODUCTS (11.03%)
Abbott Laboratories	8,000			388,480
Amgen, Inc.	3,700	<F1>		264,661
Bristol-Myers Squibb Co.	13,550			337,666
Colgate-Palmolive Co.	3,255			202,136
Dow Chemical Co.	5,330			207,763
E.I. du Pont de Nemours & Co.	12,555			537,856
GlaxoSmithKline PLC	5,500			292,765
Johnson & Johnson	16,020			1,040,339
KV Pharmaceutical Co.-Class A	12,700	<F1>		300,990
Merck & Co., Inc.	9,764			409,112
Mylan Laboratories, Inc.	10,205			205,427
Olin Corp.	6,400			98,304
Pfizer, Inc.	43,526			1,234,397
Schering-Plough Corp.	14,980			330,908
Sensient Technologies Corp.	2,290			44,815
SurModics, Inc.	3,637	<F1>		127,731
Teva Pharmaceutical Industries, Ltd.	17,691			603,086
Wyeth	5,835			296,651
				6,923,087
COMMUNICATIONS (2.46%)
Alltel Corp.	5,700			316,350
Comcast Corp. - Class A	12,510	<F1>		460,994
Sprint Nextel Corp.	25,603			439,091
Verizon Communications, Inc.	8,800			326,744
				1,543,179
DEPOSITORY INSTITUTIONS (7.31%)
AmSouth Bancorp.	11,630			337,735
Bank of America Corp.	12,204			653,768
Bank of New York Co., Inc.	19,271			679,495
BOK Financial Corp.	3,500			184,100
Citigroup, Inc.	23,183			1,151,500
National City Corp.	6,830			249,978
New York Community Bancorp., Inc.	23,156			379,295
U. S. Bancorp.	15,710			521,886
Wachovia Corp.	7,650			426,870
				4,584,627

ELECTRIC, GAS AND SANITARY SERVICES (3.09%)
Atmos Energy Corp.	11,267		321,673
CMS Energy Corp.	28,300	<F1>	408,652
Pepco Holdings, Inc.	16,200		391,554
Pinnacle West Capital Corp.	9,200		414,460
Xcel Energy, Inc.	19,405		400,713
			1,937,052
ELECTRONIC AND OTHER ELECTRICAL EQUIPMENT (6.18%)
Adaptec, Inc.	43,100	<F1>	190,071
ADC Telecommunications, Inc.	18,205	<F1>	273,075
Cisco Systems, Inc.	30,600	<F1>	703,800
ECI Telecom, Ltd.	10,000	<F1>	82,500
Emerson Electric Co.	2,300		192,878
General Electric Co.	49,110		1,733,583
Helen of Troy, Ltd.	8,966	<F1>	157,443
Intel Corp.	17,500		359,975
JDS Uniphase Corp.	16,400	<F1>	35,916
Qualcomm, Inc.	4,200		152,670
			3,881,911
FABRICATED METAL PRODUCTS (0.51%)
Illionois Tool Works, Inc.	7,055		316,770
FOOD AND KINDRED PRODUCTS (3.00%)
Anheuser-Busch Cos., Inc.	8,530		405,260
Coca-Cola Co. (The)	12,570		561,628
Coca Cola Enterprises, Inc.	17,485		364,213
ConAgra Foods, Inc.	12,970		317,506
General Mills, Inc.	4,110		232,626
			1,881,233
FOOD STORES (0.72%)
Kroger Co.	19,526		451,832
GENERAL MERCHANDISE STORES (1.99%)
Target Corp.	13,790		761,898
Wal-Mart Stores, Inc.	9,835		485,062
			1,246,960
HEALTH SERVICES (1.07%)
Health Management Associates, Inc.	12,800		267,520
Lifepoint Hospitals, Inc.	11,463	<F1>	404,873
			672,393
INDUSTRIAL MACHINERY AND EQUIPMENT (4.29%)
3M Co.	8,960		666,803
Deere & Co.	3,990		334,801
EMC Corp.	53,600	<F1>	642,128
Hewlett-Packard Co.	6,000		220,140
Ingersoll-Rand Co., Ltd.-Class A	19,900		755,802
Solectron Corp.	22,500	<F1>	73,350
			2,693,024
INSTRUMENTS AND RELATED PRODUCTS (5.64%)
Agilent Technologies, Inc.	7,000	<F1>	228,830
Becton Dickinson & Co.	13,226		934,681
Biomet, Inc.	4,220		135,842
Boston Scientific Corp.	4,770	<F1>	70,548
Fisher Scientific International, Inc.	8,176	<F1>	639,690
Medtronic, Inc.	14,040		652,018
Perkinelmer, Inc.	11,900		225,267
Stryker Corp.	7,030		348,618
Zimmer Holdings, Inc.	4,480	<F1>	302,400
			3,537,894
INSURANCE CARRIERS (3.48%)
Allstate Corp.	4,910		308,004
American International Group, Inc.	9,740		645,372
MBIA, Inc.	4,690		288,154
Metlife, Inc.	7,595		430,485
Safeco Corp.	3,223		189,931
WellPoint, Inc.	4,222	<F1>	325,305
			2,187,251
METAL MINING (2.04%)
Barrick Gold Corp.	24,946		766,341
Newmont Mining Corp.	12,000		513,000
			1,279,341
MOTION PICTURES (1.39%)
News Corp.-Class A	17,040		334,836
Time Warner, Inc.	29,390		535,780
			870,616

NONDEPOSITORY INSTITUTIONS (0.52%)
Federal Home Loan Mortgage Corp.	4,900		325,017
OIL AND GAS EXTRACTION (3.09%)
Apache Corp.	5,200		328,640
BJ Services Co.	11,500		346,495
Noble Corp.	4,300		275,974
Occidental Petroleum Co.	9,500		457,045
Rowan Cos., Inc.	16,900		534,547
			1,942,701
PAPER AND ALLIED PRODUCTS (1.48%)
Abitibi Consolidated, Inc.	92,600		228,722
Kimberly-Clark Corp.	10,720		700,659
			929,381
PERSONAL SERVICES (0.25%)
Cintas Corp.	3,910		159,645
PETROLEUM AND COAL PRODUCTS (4.96%)
BP PLC	6,000		393,480
Chevron Corp.	14,100		914,526
ConocoPhillips	30,357		1,807,152
			3,115,158
PRIMARY METAL INDUSTRIES (0.87%)
Northwest Pipe Co.	18,215	<F1>	546,450
PRINTING AND PUBLISHING (1.08%)
Belo Corp.-Series A	14,835		234,541
R.R. Donnelley & Sons Co.	8,110		267,306
Tribune Co.	5,450		178,324
			680,171
RAILROAD TRANSPORTATION (0.30%)
Union Pacific Corp.	2,155		189,640
SECURITY AND COMMODITY BROKERS (0.25%)
Ameriprise Financial, Inc.	3,380		158,522
TELEPHONE COMMUNICATIONS (NO RADIOTELEPHONE) (0.12%)
Ectel, Ltd.	197	<F1>	875
Windstream Corp.	5,893		77,729
			78,604
TOBACCO PRODUCTS (0.52%)
Altria Group, Inc.	4,260		326,103
TRANSPORTATION EQUIPMENT (2.54%)
Federal Signal Corp.	13,300		202,825
Honeywell International, Inc.	23,500		961,150
ITT Industries, Inc.	8,370		429,130
			1,593,105
TRUCKING AND WAREHOUSING (0.26%)
United Parcel Service, Inc.-Class B	2,275		163,664
WHOLESALE TRADE - NONDURABLE GOODS (1.69%)
Dean Foods Co.	7,701	<F1>	323,596
Safeway, Inc.	10,820		328,387
SYSCO Corp.	12,130		405,748
			1,057,731
MISCELLANEOUS EQUITIES (0.61%)
H & Q Life Sciences Investors	28,870		383,682
Total Common Stocks (Cost $44,378,450)			48,892,856
SHORT-TERM INVESTMENTS (21.45%)
MONEY MARKET MUTUAL FUND (0.42%)
JPMorgan U.S. Treasury Plus Money Market Fund (Cost $262,968)	262,968		262,968

	Principal Amount
COMMERCIAL PAPER (7.21%)
DEPOSITORY INSTITUTIONS (1.59%)
Citigroup CP, 5.29%, due 10/5/2006	1,000,000		1,000,000
INSURANCE CARRIERS (1.87%)
Prudential Funding LLC, 5.26%, due 10/11/2006	950,000		950,000
Prudential Funding LLC, 5.25%, due 10/27/2006	225,000		225,000
			1,175,000
NONDEPOSITORY INSTITUTIONS (2.55%)
American General Finance Corp., 5.27%, due 10/18/2006	250,000		250,000
General Electric Capital Corp., 5.26%, due 10/27/2006	750,000		750,000
HSBC Finance Corp., 5.26%, due 10/11/2006	600,000		600,000
			1,600,000
PETROLEUM AND COAL PRODUCTS (1.20%)
Chevron Corp., 5.22%, due 10/2/2006	750,000		750,000
Total Commercial Paper (Cost $4,525,000)			4,525,000
UNITED STATES GOVERNMENT AGENCIES (13.82%)
Federal Home Loan Bank, due 10/12/2006	1,000,000		998,298
Federal Home Loan Bank, due 10/25/2006	1,300,000		1,295,368
Federal Home Loan Bank, due 11/3/2006	1,000,000		995,180
Federal Home Loan Bank, due 11/8/2006	1,200,000		1,193,419
Federal Home Loan Mortgage Corp., due 10/30/2006	1,200,000		1,194,849
Federal National Mortgage Assoc., due 10/2/2006	700,000		699,801
Federal National Mortgage Assoc., due 10/16/2006	1,300,000		1,297,040
Federal National Mortgage Assoc., due 10/18/2006	1,000,000		997,441
Total United States Government Agencies (Cost $8,671,396)			8,671,396
Total Short-Term Investments (Cost $13,459,364)			13,459,364
Total Investments (Cost $57,837,814) (99.35%)			62,352,220
OTHER ASSETS LESS LIABILITIES (0.65%)
Cash, receivables, prepaid expense and other assets, less liabilities			407,446
Total Net Assets (100.00%)		$	62,759,666

<F1> Non-income producing securities.

UNREALIZED APPRECIATION (DEPRECIATION)

The net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the portfolios as of the period end were as follows:

Unrealized Appreciation	$	9,131,392
Unrealized Depreciation		(4,153,274	)
Net Unrealized Appreciation (Depreciation)		4,978,119
Cost for federal income tax purposes	$	57,374,101

EQUITRUST VARIABLE INSURANCE SERIES FUND

SCHEDULE OF INVESTMENTS

HIGH GRADE BOND PORTFOLIO

September 30, 2006

(Unaudited)

	Shares Held			Value
PREFERRED STOCKS (0.54%)
HOLDING AND OTHER INVESTMENT OFFICES
New Plan Excel Realty Trust-Series D, 7.80% (Cost $200,000)		4,000		$	203,125
	Principal Amount
CORPORATE BONDS (33.46%)
DEPOSITORY INSTITUTIONS (7.73%)
Comerica Bank, 5.20%, due 08/22/17	$	1,000,000			962,100
Huntington National Bank, 5.50%, due 02/15/16		700,000			691,922
Provident Capital Trust I, 8.60%, due 12/01/26		500,000			524,595
Washington Mutual Bank, 5.65%, due 08/15/14		750,000			751,770
					2,930,387
ELECTRIC, GAS AND SANITARY SERVICES (6.53%)
Maritime & NE Pipeline, 144A, 7.70%, due 11/30/19		700,000	<F1>		780,115
Oglethorpe Power Corp., 6.974%, due 06/30/11		866,000			888,715
PacifiCorp, 6.90%, due 11/15/11		750,000			807,323
					2,476,153
FOOD STORES (1.68%)
Ahold Finance USA, Inc., 8.25%, due 07/15/10		600,000			639,000
FOOD AND KINDRED PRODUCTS (2.57%)
Diageo Capital PLC, 4.375%, due 05/03/10		1,000,000			973,200
FURNITURE AND FIXTURES (1.35%)
Steelcase Inc., 6.50%, due 08/15/11		500,000			510,870
HOLDING AND OTHER INVESTMENT OFFICES (1.72%)
Security Capital Pacific, 7.20%, due 03/01/13		275,000			293,914
Washington REIT, 6.898%, due 02/25/18		350,000			357,004
					650,918
INSURANCE CARRIERS (2.31%)
SunAmerica, 8.125%, due 04/28/23		700,000			876,302
SECURITY AND COMMODITY BROKERS (5.52%)
Goldman Sachs Group, Inc., 5.125%, due 01/15/15		900,000			874,251
Morgan Stanley-Series MTNC, 5.125%, due 02/11/19		1,300,000			1,218,490
					2,092,741
TOBACCO PRODUCTS (2.07%)
UST, Inc., 7.25%, due 06/01/09		750,000			784,792
TRANSPORTATION - BY AIR (1.63%)
Continental Airlines, Inc., 6.545%, due 08/02/20		399,863			405,801
Federal Express, 7.50%, due 01/15/18		193,493			212,123
					617,924
TRANSPORTATION EQUIPMENT (0.35%)
Ford Motor Co., 9.215%, due 09/15/21		150,000			132,000
Total Corporate Bonds (Cost $12,459,447)					12,684,287
MORTGAGE-BACKED SECURITIES (33.35%)
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) (7.17%)
Pool # 3023, 5.50%, due 08/01/35		1,761,614			1,739,516
Pool # 3051, 5.50%, due 10/01/25		1,000,000			981,010
					2,720,526
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) (2.49%)
Pool # 50276, 9.50%, due 02/01/20		941			1,034
Pool # 256103, 5.50%, due 02/01/26		948,093			941,636
					942,670

GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) (23.69%)
Pool # 1512, 7.50%, due 12/01/23	20,482		21,194
Pool # 2631, 7.00%, due 08/01/28	25,462		26,211
Pool # 2658, 6.50%, due 10/01/28	47,585		48,846
Pool # 2701, 6.50%, due 01/01/29	57,163		58,675
Pool # 2796, 7.00%, due 08/01/29	47,248		48,649
Pool # 3039, 6.50%, due 02/01/31	19,245		19,731
Pool # 3040, 7.00%, due 02/01/31	31,406		32,330
Pool # 3188, 6.50%, due 02/01/32	111,366		114,133
Pool # 3239, 6.50%, due 05/01/32	102,907		105,464
Pool # 3261, 6.50%, due 07/01/32	203,758		208,821
Pool # 3320, 5.50%, due 12/01/32	799,165		792,394
Pool # 3333, 5.50%, due 01/01/33	659,658		654,047
Pool # 3375, 5.50%, due 04/01/33	100,059		99,207
Pool # 3390, 5.50%, due 05/01/33	445,468		441,679
Pool # 3403, 5.50%, due 06/01/33	749,606		743,230
Pool # 3458, 5.00%, due 10/01/33	631,587		612,263
Pool # 3499, 5.00%, due 01/01/34	979,597		948,562
Pool # 3556, 5.50%, due 05/01/34	1,023,852		1,014,985
Pool # 3623, 5.00%, due 10/01/34	1,612,549		1,561,462
Pool # 22630, 6.50%, due 08/01/28	26,618		27,323
Pool # 276337, 10.00%, due 08/01/19	5,831		6,493
Pool # 643816, 6.00%, due 07/01/25	1,374,375		1,394,504
			8,980,203
Total Mortgage-Backed Securities (Cost $12,770,905)			12,643,399
UNITED STATES GOVERNMENT AGENCIES (16.35%)
Federal Home Loan Bank, 5.50%, due 05/18/15	1,000,000		989,484
Federal Home Loan Mortgage Corp., 4.65%, due 10/10/13	1,000,000		964,260
Federal National Mortgage Assoc., 6.00%, due 08/22/13	1,000,000		1,000,659
Federal National Mortgage Assoc., 5.55%, due 06/08/15	1,000,000		991,866
Federal National Mortgage Assoc., 6.00%, due 11/09/15	300,000		299,053
Government National Mortgage Assoc., 5.00%, due 05/01/30	1,000,000		977,923
Government National Mortgage Assoc., 5.50%, due 07/01/32	1,000,000		976,962
Total United States Government Agencies (Cost $6,259,881)			6,200,207
SHORT-TERM INVESTMENTS (15.88%)
COMMERCIAL PAPER (3.76%)
DEPOSITORY INSTITUTIONS (3.23%)
American General Finance Corp., 5.26%, due 10/16/06	1,225,000		1,225,000
NONDEPOSITORY INSTITUTIONS (0.53%)
Prudential Funding LLC, 5.25%, due 10/11/06	200,000		200,000
Total Commercial Paper (Cost $1,425,000)			1,425,000
UNITED STATES GOVERNMENT AGENCIES (11.57%)
Federal Home Loan Bank, due 10/06/06	1,000,000		999,145
Federal Home Loan Bank, due 10/18/06	1,100,000		1,097,191
Federal Home Loan Motgage Corp., due 10/23/06	1,100,000		1,096,399
Federal National Mortgage Assoc., due 11/01/06	1,200,000		1,194,563
Total United States Government Agencies (Cost $4,387,298)			4,387,298
	Shares Held
MONEY MARKET MUTUAL FUND (0.55%)
JPMorgan U.S. Treasury Plus Money Market Fund (Cost $210,622)	210,622		210,622
Total Short-Term Investments (Cost $6,022,920)			6,022,920
Total Investments (Cost $37,713,153) (99.58%)			37,753,938
OTHER ASSETS LESS LIABILITIES (0.42%)
Cash, receivables, prepaid expense and other assets, less liabilities			158,555
Total Net Assets (100.00%)		$	37,912,493

<F1> Each unit was purchased at 104.481 on 04/20/01. As of 09/30/06, the carrying value of each unit was 111.445, representing 780,115 or 2.06% of total net assets.

UNREALIZED APPRECIATION (DEPRECIATION)

The net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the portfolios as of the period end were as follows:

Unrealized Appreciation	$	388,172
Unrealized Depreciation		(347,387	)
Net Unrealized Appreciation (Depreciation)		40,785
Cost for federal income tax purposes	$	37,713,153

EQUITRUST VARIABLE INSURANCE SERIES FUND

SCHEDULE OF INVESTMENTS

STRATEGIC YIELD PORTFOLIO

September 30, 2006

(Unaudited)

	Shares Held			Value
PREFERRED STOCKS (3.04%)
HOLDING AND OTHER INVESTMENT OFFICES
New Plan Excel Realty Trust-Series D, 7.80%		7,000		$	355,469
Sovereign Capital Trust V, 7.84%		32,000			848,000
Total Preferred Stocks (Cost $1,150,000)					1,203,469
	Principal Amount
CORPORATE BONDS (65.52%)
APPAREL AND ACCESSORY STORES (3.35%)
Woolworth (FW) Corp., 8.50%, due 01/15/22	$	1,400,000			1,326,500
CHEMICALS AND ALLIED PRODUCTS (6.18%)
Chemtura Corp., 6.875%, due 06/01/16		1,700,000			1,683,000
Nova Chemicals, Ltd., 7.875%, due 09/15/25		800,000			767,000
					2,450,000
DEPOSITORY INSTITUTIONS (1.32%)
Provident Capital Trust I, 8.60%, due 12/01/26		500,000			524,595
ELECTRIC, GAS AND SANITARY SERVICES (5.41%)
ESI Tractebel, 7.99%, due 12/30/11		274,000			283,982
Indianapolis Power & Light Co., 7.05%, due 02/01/24		750,000			771,968
Semco Energy, Inc., 7.125%, due 05/15/08		900,000			896,625
Waterford 3 Nuclear Power Plant, 8.09%, due 01/02/17		190,749			193,986
					2,146,560
FUNITURE AND FIXTURES (3.35%)
Steelcase Inc., 6.50%, due 08/15/11		1,300,000			1,328,262
HOLDING AND OTHER INVESTMENT OFFICES (20.06%)
Bradley Operating LP, 7.20%, due 01/15/08		450,000			458,591
Federal Realty Investment Trust, 7.48%, due 08/15/26		600,000			658,537
First Industrial LP, 7.60%, due 07/15/28		700,000			765,345
First Industrial LP, 7.75%, due 04/15/32		500,000			551,855
Hospitality Properties Trust, 6.75%, due 02/15/13		1,300,000			1,368,302
HRPT Properties, 6.25%, due 08/15/16		1,075,000			1,109,959
iStar Financial, Inc., 7.00%, due 03/15/08		300,000			308,106
iStar Financial, Inc.-Series B, 5.70%, due 03/01/14		1,171,000			1,161,222
Price Development Co., 7.29%, due 03/11/08		225,000			226,744
Spieker Properties LP, 7.35%, due 12/01/17		1,200,000			1,345,632
					7,954,293
INSURANCE CARRIERS (4.19%)
Markel Capital Trust, 8.71%, due 01/01/46		1,000,000			1,052,710
PXRE Capital Trust, 8.85%, due 02/01/27		670,000			609,700
					1,662,410
MOTION PICTURES (2.31%)
Time Warner, Inc., 8.375%, due 03/15/23		800,000			917,168
PAPER AND ALLIED PRODUCTS (7.39%)
Bowater, Inc., 9.375%, due 12/15/21		900,000			884,250
Cascades, Inc., 7.25%, due 02/15/13		1,000,000			985,000
Potlatch Corp., 13.00%, due 12/01/09		900,000			1,060,875
					2,930,125
TRANSPORTATION - BY AIR (3.07%)
Continental Airlines, Inc., 7.461%, due 10/01/16		1,221,062			1,217,521
WATER TRANSPORTATION (5.62%)
Overseas Shipholding Group, Inc., 8.75%, due 12/01/13		1,100,000			1,185,250
Windsor Petroleum Transportation, 144A, 7.84%, due 01/15/21		1,000,000	<F1>		1,042,100
					2,227,350
WHOLESALE TRADE-NONDURABLE GOODS (3.27%)
Safeway, Inc., 7.45%, due 09/15/27		1,200,000			1,294,392
Total Corporate Bonds (Cost $25,642,610)					25,979,176

MORTGAGE-BACKED SECURITIES (8.15%)
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) (5.77%)
Pool # 3023, 5.50%, due 08/01/35	1,321,210		1,304,637
Pool # 3051, 5.50%, due 10/01/25	1,000,000		981,010
			2,285,647
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) (2.38%)
Pool # 256103, 5.50%, due 02/01/26	948,093		941,636
Total Mortgage-Backed Securities (Cost $3,241,570)			3,227,283
UNITED STATES GOVERNMENT AGENCIES (9.28%)
Federal Home Loan Bank, 5.50%, due 05/18/15	1,000,000		989,484
Federal National Mortgage Assoc., 6.00%, due 08/22/13	1,000,000		1,000,659
Federal National Mortgage Assoc., 5.55%, due 06/08/15	1,000,000		991,866
Federal National Mortgage Assoc., 6.00%, due 11/09/15	700,000		697,789
Total United States Government Agencies (Cost $3,700,000)			3,679,798
SHORT-TERM INVESTMENTS (13.24%)
COMMERCIAL PAPER (5.02%)
FOOD AND KINDERED PRODUCTS (2.51%)
Coca Cola Enterprises, due 10/31/06	1,000,000		995,486
DEPOSITORY INSTITUTIONS (2.51%)
Citigroup CP, 5.25%, due 10/16/06	1,000,000		1,000,000
Total Commercial Paper (Cost $1,995,486)			1,995,486
UNITED STATES GOVERNMENT AGENCIES (7.74%)
Federal Farm Credit Bank, due 10/26/06	975,000		971,390
Federal Home Loan Bank, due 10/11/06	1,000,000		998,429
Federal National Mortgage Assn., due 10/02/06	1,100,000		1,099,686
Total United States Government Agencies (Cost $3,069,505)			3,069,505
	Shares Held
MONEY MARKET MUTUAL FUND (0.48%)
JPMorgan U.S. Treasury Plus Money Market Fund (Cost $189,872)	189,872		189,872
Total Short-Term Investments (Cost $5,254,863)			5,254,863
Total Investments (Cost $38,989,043) (99.23%)			39,344,589
OTHER ASSETS LESS LIABILITIES (0.77%)
Cash, receivables, prepaid expense and other assets, less liabilities			304,401
Total Net Assets (100.00%)		$	39,648,990

<F1> Each unit was purchased at 80.500 on 8/26/99. As of 9/30/06, the carrying value of each unit was 104.210, representing 1,042,100 or 2.63% of total net assets.

UNREALIZED APPRECIATION (DEPRECIATION)

The net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the portfolios as of the period end were as follows:

Unrealized Appreciation	$	873,923
Unrealized Depreciation		(518,377	)
Net Unrealized Appreciation (Depreciation)		355,546
Cost for federal income tax purposes	$	38,989,043

EQUITRUST VARIABLE INSURANCE SERIES FUND

SCHEDULE OF INVESTMENTS

MANAGED PORTFOLIO

September 30, 2006

(Unaudited)

	Shares Held		Value
COMMON STOCKS (54.90%)
APPAREL AND OTHER TEXTILE PRODUCTS (0.34%)
Jones Apparel Group, Inc.	9,600		$	311,424
BUSINESS SERVICES (0.75%)
Affiliated Computer Services, Inc.-Class A	3,800	<F1>		197,068
Electronic Data Systems Corp.	7,500			183,900
Microsoft Corp.	10,800			295,164
				676,13
CHEMICALS AND ALLIED PRODUCTS (9.36%)
Abbott Laboratories	19,800			961,488
Bristol-Myers Squibb Co.	18,705			466,129
Colgate-Palmolive Co.	4,230			262,683
Dow Chemical Co.	13,965			544,355
E.I. du Pont de Nemours & Co.	16,475			705,789
GlaxoSmithKline PLC	4,700			250,181
Johnson & Johnson	22,622			1,469,073
KV Pharmaceutical Co.-Class A	12,600	<F1>		298,620
Merck & Co., Inc.	15,158			635,120
Mylan Laboratories, Inc.	11,890			239,346
Olin Corp.	17,100			262,656
Pfizer, Inc.	57,854			1,640,739
Schering-Plough Corp.	15,700			346,813
Sensient Technologies Corp.	3,175			62,135
Teva Pharmaceutical Industries, Ltd.	9,399			320,412
				8,465,539
COMMUNICATIONS (1.27%)
Comcast Corp.-Class A	9,060	<F1>		333,861
Sprint Nextel Corp.	21,801			373,887
Verizon Communications, Inc.	11,800			438,134
				1,145,882
DEPOSITORY INSTITUTIONS (5.76%)
AmSouth Bancorp.	17,525			508,926
Bank of America Corp.	14,072			753,837
Bank of New York Co., Inc.	11,229			395,935
BOK Financial Corp.	4,600			241,960
Citigroup, Inc.	19,822			984,559
National City Corp.	8,695			318,237
New York Community Bancorp., Inc.	44,834			734,381
U. S. Bancorp.	24,470			812,893
Wachovia Corp.	8,328			464,702
				5,215,430
ELECTRIC, GAS AND SANITARY SERVICES (5.12%)
Atmos Energy Corp.	38,252			1,092,095
Pepco Holdings, Inc.	40,600			981,302
Pinnacle West Capital Corp.	24,200			1,090,210
Tortoise Energy Capital Corp.	39,980			959,520
Xcel Energy, Inc.	24,690			509,849
				4,632,976
ELECTRONIC AND OTHER ELECTRICAL EQUIPMENT (3.88%)
Cisco Systems, Inc.	20,100	<F1>		462,300
Emerson Electric Co.	800			67,088
General Electric Co.	71,480			2,523,244
Helen of Troy, Ltd.	12,334			216,585
Intel Corp.	11,900			244,783
				3,514,000
FABRICATED METAL PRODUCTS (0.50%)
Illinois Tool Works, Inc.	10,155			455,960
FOOD AND KINDRED PRODUCTS (1.65%)
Anheuser-Busch Cos., Inc.	11,995			569,882
Coca-Cola Co. (The)	10,380			463,778
ConAgra Foods, Inc.	18,839			461,179
				1,494,839
FOOD STORES (0.64%)
Kroger Co.	25,186			582,804
GENERAL MERCHANDISE STORES (1.02%)
Target Corp.	4,760			262,990
Wal-Mart Stores, Inc.	13,390			660,395
				923,385

HEALTH SERVICES (0.73%)
Health Management Associates, Inc.	17,400		363,660
Lifepoint Hospitals, Inc.	8,429	<F1>	297,712
			661,372
INDUSTRIAL MACHINERY AND EQUIPMENT (2.08%)
3M Co.	11,405		848,760
Hewlett-Packard Co.	6,900		253,161
Ingersoll-Rand Co., Ltd.-Class A	20,444		776,463
			1,878,384
INSTRUMENTS AND RELATED PRODUCTS (2.63%)
Becton Dickinson & Co.	13,835		977,719
Biomet, Inc.	5,840		187,990
Fisher Scientific International, Inc.	3,920	<F1>	306,701
Stryker Corp.	9,790		485,486
Zimmer Holdings, Inc.	6,200	<F1>	418,500
			2,376,396
INSURANCE CARRIERS (2.32%)
Allstate Corp.	7,140		447,892
American International Group, Inc.	6,170		408,824
MetLife, Inc.	9,755		552,913
Safeco Corp.	4,693		276,558
Wellpoint, Inc.	5,328	<F1>	410,522
			2,096,709
METAL MINING (2.80%)
Barrick Gold Corp.	57,916		1,779,180
Newmont Mining Corp.	17,500		748,125
			2,527,305
OIL AND GAS EXTRACTION (2.24%)
Apache Corp.	6,700		423,440
Occidental Petroleum Co.	22,250		1,070,448
Rowan Cos., Inc.	16,700		528,221
			2,022,109
PAPER AND ALLIED PRODUCTS (1.45%)
Abitibi Consolidated, Inc.	133,500		329,745
Kimberly-Clark Corp.	15,015		981,380
			1,311,125
PETROLEUM AND COAL PRODUCTS (3.07%)
BP PLC	8,100		531,198
ConocoPhillips	37,770		2,248,448
			2,779,646
PERSONAL SERVICES (0.26%)
Cintas Corp.	5,650		230,690
PIPELINES, EXCEPT NATURAL GAS (1.12%)
Kinder Morgan Management, LLC	24,045	<F1>	1,015,180
PRINTING AND PUBLISHING (0.97%)
Belo Corp.-Series A	17,370		274,620
R.R. Donnelley & Sons Co.	10,925		360,088
Tribune Co.	7,375		241,310
			876,018
RAILROAD TRANSPORTATION (0.26%)
Union Pacific Corp.	2,710		238,480
TOBACCO PRODUCTS (0.34%)
Altria Group, Inc.	4,045		309,645
TRANSPORTATION EQUIPMENT (2.43%)
Federal Signal Corp.	36,400		555,100
Honeywell International, Inc.	27,400		1,120,660
ITT Industries, Inc.	10,190		522,441
			2,198,201
TRUCKING AND WAREHOUSING (0.26%)
United Parcel Service, Inc.-Class B	3,320		238,841
WHOLESALE TRADE - NONDURABLE GOODS (1.65%)
Dean Foods Co.	10,579	<F1>	444,530
Safeway, Inc.	15,825		480,289
SYSCO Corp.	17,085		571,493
			1,496,312
Total Common Stocks (Cost $41,885,530)			49,674,784

	Principal Amount
MORTGAGE-BACKED SECURITIES (2.74%)
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA)
Pool # 2796, 7.00%, due 08/01/29	$	70,873		72,973
Pool # 3040, 7.00%, due 02/01/31		39,258		40,413
Pool # 3188, 6.50%, due 02/01/32		111,366		114,133
Pool # 3239, 6.50%, due 05/01/32		172,346		176,628
Pool # 3333, 5.50%, due 01/01/33		288,601		286,146
Pool # 3403, 5.50%, due 06/01/33		236,302		234,292
Pool # 3442, 5.00%, due 09/01/33		950,394		921,316
Pool # 3459, 5.50%, due 10/01/33		638,899		633,465
Total Mortgage-Backed Securities (Cost $2,496,218)				2,479,366
UNITED STATES GOVERNMENT AGENCIES (25.85%)
Federal National Mortgage Assoc., 6.00%, due 11/09/15		975,000		971,921
Government National Mortgage Assoc., 5.00%, due 09/01/23		700,000		690,140
Government National Mortgage Assoc., 5.50%, due 05/01/24		2,000,000		1,979,508
Government National Mortgage Assoc., 5.00%, due 05/01/29		1,000,000		956,537
Government National Mortgage Assoc., 5.00%, due 09/01/29		600,000		589,516
Government National Mortgage Assoc., 5.00%, due 05/01/30		1,560,000		1,525,560
Government National Mortgage Assoc., 5.00%, due 04/01/31		1,500,000		1,474,563
Government National Mortgage Assoc., 5.00%, due 06/01/31		1,300,000		1,273,168
Government National Mortgage Assoc., 5.50%, due 02/01/32		1,300,000		1,285,558
Government National Mortgage Assoc., 5.00%, due 07/01/32		500,000		476,875
Government National Mortgage Assoc., 5.50%, due 07/01/32		2,250,000		2,198,164
Government National Mortgage Assoc., 5.50%, due 11/01/32		2,000,000		1,977,032
Government National Mortgage Assoc., 5.50%, due 02/01/33		2,500,000		2,449,902
Government National Mortgage Assoc., 5.00%, due 05/01/33		780,000		744,966
Government National Mortgage Assoc., 5.00%, due 06/01/33		1,693,200		1,649,470
Government National Mortgage Assoc., 3.47%, due 04/01/34		447,277		430,606
Government National Mortgage Assoc., 4.00%, due 10/01/34		805,699		781,226
Government National Mortgage Assoc., 5.50%, due 12/01/34		2,000,000		1,934,572
Total United States Government Agencies (Cost $23,344,944)				23,389,284
SHORT-TERM INVESTMENTS (16.05%)
COMMERCIAL PAPER (4.61%)
DEPOSITORY INSTITUTIONS (1.10%)
Citigroup CP, 5.29%, due 11/03/06		1,000,000		1,000,000
FOOD AND KINDRED PRODUCTS (0.52%)
Coca Cola Enterprises, due 10/16/06		475,000		473,894
INSURANCE CARRIERS (1.44%)
Prudential Funding LLC, 5.27%, due 11/10/06		1,300,000		1,300,000
NONDEPOSITORY INSTITUTIONS (1.55%)
American General Finance Corp., 5.28%, due 10/11/06		1,000,000		1,000,000
General Electric Capital Corp., 5.25%, due 10/04/06		400,000		400,000
				1,400,000
Total Commercial Paper (Cost $4,173,894)				4,173,894
UNITED STATES GOVERNMENT AGENCIES (11.23%)
Federal Home Loan Bank, due 10/04/06		750,000		749,569
Federal Home Loan Bank, due 10/13/06		250,000		249,535
Federal Home Loan Bank, due 10/18/06		1,000,000		997,424
Federal Home Loan Bank, due 11/08/06		900,000		894,985
Federal Home Loan Bank, due 11/22/06		1,300,000		1,290,429
Federal National Mortgage Assoc., due 10/02/06		1,000,000		999,715
Federal National Mortgage Assoc., due 10/16/06		900,000		897,947
Federal National Mortgage Assoc., due 10/23/06		1,000,000		996,715
Federal National Mortgage Assoc., due 10/26/06		1,100,000		1,095,920
Federal National Mortgage Assoc., due 10/31/06		1,000,000		995,576
Federal National Mortgage Assoc., due 11/15/06		1,000,000		993,506
Total United States Government Agencies (Cost $10,161,321)				10,161,321
	Shares Held
MONEY MARKET MUTUAL FUND (0.21%)
JP Morgan U.S. Treasury Plus Money Market Fund (Cost $185,992)		185,992		185,992
Total Short-Term Investments (Cost $14,521,207)				14,521,207
Total Investments (Cost $82,247,899) (99.54%)				90,064,641
OTHER ASSETS LESS LIABILITIES (0.46%)
Cash, receivables, prepaid expense and other assets, less liabilities				418,11
Total Net Assets (100.00%)			$	90,482,756

<F1> Non-income producing securities.

UNREALIZED APPRECIATION (DEPRECIATION)

The net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the portfolios as of the period end were as follows:

Unrealized Appreciation	$	10,758,686
Unrealized Depreciation		(2,470,259	)
Net Unrealized Appreciation (Depreciation)		8,288,427
Cost for federal income tax purposes	$	81,776,214

EQUITRUST VARIABLE INSURANCE SERIES FUND

SCHEDULE OF INVESTMENTS

MONEY MARKET PORTFOLIO

September 30, 2006

(Unaudited)

	Annualized Yield on Purchase Date		Principal Amount		Value
SHORT-TERM INVESTMENTS (98.72%)
COMMERCIAL PAPER (21.42%)
FOOD AND KINDRED PRODUCTS (3.06%)
Coca Cola Enterprises, due 11/02/2006	5.267	%	$	250000	$	248,799
INSURANCE CARRIERS (3.08%)
Prudential Funding, LLC, 5.30%, due 11/10/06	5.298			250,000		250,000
NONDEPOSITORY INSTITUTIONS (12.20%)
American Express Credit Corp., 5.31%, due 12/15/06	5.308			250,000		250,000
American General Finance Corp., 5.38%, due 10/06/06	5.380			250,000		250,000
General Electric Capital Corp., 5.31%, due 12/12/06	5.310			240,000		240,000
HSBC Finance Corp., 5.26%, due 12/22/06	5.256			250,000		250,000
						990,000
PETROLEUM AND COAL PRODUCTS (3.08%)
Chevron Corp., 5.27%, due 11/27/06	5.268			250,000		250,000
Total Commercial Paper (Cost $1,738,799)						1,738,799
UNITED STATES GOVERNMENT AGENCIES (77.30%)
Federal Farm Credit Bank, due 10/11/06	5.151			300,000		299,535
Federal Farm Credit Bank, due 10/19/06	5.212			300,000		299,188
Federal Farm Credit Bank, due 10/25/06	5.217			300,000		298,932
Federal Home Loan Bank, due 10/13/06	5.186			350,000		349,355
Federal Home Loan Bank, due 10/20/06	5.353			250,000		249,269
Federal Home Loan Bank, due 11/01/06	5.297			250,000		248,844
Federal Home Loan Bank, due 11/08/06	5.238			250,000		248,608
Federal Home Loan Bank, due 11/22/06	5.232			200,000		198,492
Federal Home Loan Bank, due 12/20/06	5.169			250,000		247,165
Federal Home Loan Bank, due 12/27/06	5.175			300,000		296,303
Federal Home Loan Mortgage Corp., due 10/03/06	5.196			250,000		249,893
Federal Home Loan Mortgage Corp., due 10/05/06	5.221			350,000		349,750
Federal Home Loan Mortgage Corp., due 10/10/06	5.196			250,000		249,645
Federal Home Loan Mortgage Corp., due 10/24/06	5.361			250,000		249,122
Federal Home Loan Mortgage Corp., due 10/31/06	5.351			200,000		199,095
Federal Home Loan Mortgage Corp., due 11/14/06	5.237			225,000		223,557
Federal Home Loan Mortgage Corp., due 11/21/06	5.228			250,000		248,152
Federal National Mortgage Assoc., due 10/02/06	5.336			250,000		249,927
Federal National Mortgage Assoc., due 10/04/06	5.221			350,000		349,800
Federal National Mortgage Assoc., due 10/18/06	5.404			250,000		249,335
Federal National Mortgage Assoc., due 10/23/06	5.233			220,000		219,277
Federal National Mortgage Assoc., due 10/27/06	5.282			225,000		224,124
Federal National Mortgage Assoc., due 11/29/06	5.290			300,000		297,414
Federal National Mortgage Assoc., due 12/01/06	5.241			179,000		177,420
Total United States Government Agencies (Cost $6,272,202)						6,272,202
Total Short-Term Investments (Cost $8,011,001)						8,011,001
OTHER ASSETS LESS LIABILITIES (1.28%)
Cash, receivables, prepaid expense and other assets, less liabilities						103,484
Total Net Assets (100.00%)					$	8,114,485

EQUITRUST VARIABLE INSURANCE SERIES FUND

SCHEDULE OF INVESTMENTS

BLUE CHIP PORTFOLIO

September 30, 2006

(Unaudited)

	Shares Held		Value
COMMON STOCKS (98.19%)
BUSINESS SERVICES (4.17%)
Microsoft Corp.	93,758		$	2,562,406
Oracle Corp.	58,314	<F1>		1,034,490
				3,596,896
CHEMICALS AND ALLIED PRODUCTS (15.56%)
Abbott Laboratories	25,260			1,226,626
Amgen, Inc.	18,200	<F1>		1,301,846
Bristol-Myers Squibb Co.	36,063			898,690
Dow Chemical Co.	10,720			417,866
E.I. du Pont de Nemours & Co.	16,081			688,910
Eli Lilly & Co.	18,022			1,027,254
Johnson & Johnson	43,580			2,830,085
Merck & Co., Inc.	28,928			1,212,083
Pfizer, Inc.	45,282			1,284,198
Proctor & Gamble Co.	41,042			2,543,783
				13,431,341
COMMUNICATIONS (4.44%)
AT&T, Inc.	35,565			1,157,996
Comcast Corp.-Class A	22,486	<F1>		828,609
Verizon Communications	37,307			1,385,209
Viacom, Inc.-Class B	12,334	<F1>		458,578
				3,830,392
DEPOSITORY INSTITUTIONS (11.65%)
Bank of America Corp.	46,596			2,496,148
Citigroup, Inc.	49,326			2,450,022
J. P. Morgan Chase & Co.	47,270			2,219,799
Wachovia Corp.	25,980			1,449,684
Wells Fargo Co.	39,800			1,439,964
				10,055,617
EATING AND DRINKING PLACES (2.35%)
McDonald’s Corp.	51,752			2,024,538
ELECTRIC, GAS AND SANITARY SERVICES (3.62%)
Dominion Resources, Inc.	11,600			887,284
Exelon Corp.	24,600			1,489,284
Southern Co.	21,650			746,059
				3,122,627
ELECTRONIC AND OTHER ELECTRICAL EQUIPMENT (8.19%)
Cisco Systems, Inc.	62,268	<F1>		1,432,164
General Electric Co.	73,576			2,597,233
Intel Corp.	58,206			1,197,297
Motorola, Inc.	37,949			948,725
Texas Instruments, Inc.	27,001			897,783
				7,073,202
FOOD AND KINDRED PRODUCTS (3.17%)
Anheuser Busch Cos., Inc.	11,432			543,134
Coca-Cola Co. (The)	26,389			1,179,061
PepsiCo, Inc.	15,518			1,012,705
				2,734,900
FORESTRY (0.46%)
Weyerhaeuser Co.	6,400			393,792
GENERAL MERCHANDISE STORES (2.44%)
Wal-Mart Stores, Inc.	42,623			2,102,166
INDUSTRIAL MACHINERY AND EQUIPMENT (8.73%)
3M Co.	17,808			1,325,271
Applied Materials, Inc.	24,000			425,520
Caterpillar, Inc.	28,614			1,882,801
Dell, Inc.	31,210	<F1>		712,836
EMC Corp.	38,068	<F1>		456,055
Hewlett-Packard Co.	41,279			1,514,526
International Business Machines Corp.	14,821			1,214,433
				7,531,442
INSURANCE CARRIERS (2.91%)
American International Group, Inc.	37,964			2,515,495
LUMBER AND WOOD PRODUCTS (1.09%)
Home Depot, Inc.	25,913			939,865
MOTION PICTURES (2.39%)
Disney (Walt) Co.	36,832			1,138,477
Time Warner, Inc.	50,502			920,651
				2,059,128
NONDEPOSITORY INSTITUTIONS (4.36%)
American Express Co.	52,797			2,960,856
Federal National Mortgage Assoc.	14,400			805,104
				3,765,960

PETROLEUM AND COAL PRODUCTS (8.38%)
Chevron Corp.		39,400		2,555,484
Exxon Mobil Corp.		69,771		4,681,634
				7,237,118
PRIMARY METAL INDUSTRIES (1.00%)
Alcoa, Inc.		30,898		866,380
PRINTING AND PUBLISHING (0.40%)
CBS Corp.-Class B		12,334		347,449
SECURITY AND COMMODITY BROKERS (0.57%)
Ameriprise Financial, Inc.		10,559		495,217
TOBACCO PRODUCTS (3.46%)
Altria Group, Inc.		38,965		2,982,771
TRANSPORTATION EQUIPMENT (8.85%)
Boeing Co. (The)		32,082		2,529,666
General Motors Corp.		16,700		555,442
Honeywell International, Inc.		38,024		1,555,182
United Technologies Corp.		47,402		3,002,917
				7,643,207
Total Common Stocks (Cost $62,442,887)				84,749,503
	Principal Amount
SHORT-TERM INVESTMENTS (1.73%)
COMMERCIAL PAPER (0.40%)
NONDEPOSITORY INSTITUTIONS
American General Finance Corp., 5.27%, due 10/17/06	$	200,000		200,000
HSBC Finance Corp., 5.25%, due 10/13/06		150,000		150,000
Total Commercial Paper (Cost $350,000)				350,000
UNITED STATES GOVERNMENT AGENCIES (1.13%)
Federal Home Loan Bank, due 10/20/06		150,000		149,571
Federal Home Loan Bank, due 10/24/06		200,000		199,329
Federal Home Loan Bank, due 10/27/06		200,000		199,233
Federal National Mortgage Assoc., due 10/04/06		200,000		199,885
Federal National Mortgage Assoc., due 10/10/06		225,000		224,679
Total United States Government Agencies (Cost $972,697)				972,697
	Shares Held
MONEY MARKET MUTUAL FUND (0.20%)
JP Morgan U.S. Treasury Plus Money Market Fund (Cost $168,976)		168,976		168,976
Total Short-Term Investments (Cost $1,491,673)				1,491,673
Total Investments (Cost $63,934,560) (99.92%)				86,241,176
OTHER ASSETS LESS LIABILITIES (0.08%)
Cash, receivables, prepaid expense and other assets, less liabilities				73,582
Total Net Assets (100.00%)			$	86,314,758

<F1> Non-income producing securities.

UNREALIZED APPRECIATION (DEPRECIATION)

The net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the portfolios as of the period end were as follows:

Unrealized Appreciation	$	29,513,160
Unrealized Depreciation		(7,206,544	)
Net Unrealized Appreciation (Depreciation)		22,306,616
Cost for federal income tax purposes	$	63,934,560

Item 2. Controls and Procedures

(a) The registrants principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant disclosure controls and procedures (as defined in Rule 30a 3(c) under the Investment Company Act of 1940, as amended (the 1940 Act) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a 3(b) under the 1940 Act and Rules 13a 15(b) or 15d 15(b) under the Securities Exchange Act of 1934.

(b) There has been no change to the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting.

Item 3. Exhibits.

Certifications for each principal executive officer and principal financial officer of the registrant as required by Rule 30a 2(a) under the 1940 Act are filed as exhibits hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) EquiTrust Variable Insurance Series Fund

By:	/s/ Dennis M. Marker
	Dennis M. Marker
	Chief Executive Officer

Date: 11/16/06

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Dennis M. Marker
	Dennis M. Marker
	Chief Executive Officer
Date: 11/16/06
By:	/s/ James W. Noyce
	James W. Noyce
	Chief Financial Officer
Date: 11/16/06