SBL FUND
NSAR-B, 1996-02-29
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<PAGE>      PAGE  1
000 B000000 12/31/95
000 C000000 0000217087
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 SBL FUND
001 B000000 811-2753
001 C000000 9132953127
002 A000000 700 HARRISON STREET
002 B000000 TOPEKA
002 C000000 KS
002 D010000 66636
002 D020000 0001
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000 11
007 C010100  1
007 C020100 A
007 C030100 N
007 C010200  2
007 C020200 B
007 C030200 N
007 C010300  3
007 C020300 C
007 C030300 N
007 C010400  4
007 C020400 D
007 C030400 N
007 C010500  5
007 C020500 E
007 C030500 N
007 C010600  6
007 C020600 S
007 C030600 N
007 C010700  7
007 C020700 J
007 C030700 N
007 C010800  8
007 C020800 K
007 C030800 N
007 C010900  9
007 C020900 M
007 C030900 N
007 C011000 10
<PAGE>      PAGE  2
007 C021000 N
007 C031000 N
007 C011100 11
007 C021100 O
007 C031100 N
007 C011200 12
007 C011300 13
007 C011400 14
007 C011500 15
007 C011600 16
007 C011700 17
007 C011800 18
007 C011900 19
007 C012000 20
010 A00AA01 SECURITY MANAGEMENT COMPANY
010 B00AA01 84-01497
010 C01AA01 TOPEKA
010 C02AA01 KS
010 C03AA01 66636
010 C04AA01 0001
011 A00AA01 SECURITY DISTRIBUTORS, INC.
011 B00AA01 8-10781
011 C01AA01 TOPEKA
011 C02AA01 KS
011 C03AA01 66636
011 C04AA01 0001
012 A00AA01 SECURITY MANAGEMENT COMPANY
012 B00AA01 84-01497
012 C01AA01 TOPEKA
012 C02AA01 KS
012 C03AA01 66636
012 C04AA01 0001
013 A00AA01 ERNST & YOUNG LLP
013 B01AA01 KANSAS CITY
013 B02AA01 MO
013 B03AA01 64105
013 B04AA01 2100
018  00AA00 Y
019 A00AA00 Y
019 B00AA00   22
019 C00AA00 SECURITYFU
020 A000001 MORGAN STANLEY & COMPANY, INC.
020 B000001 13-2655998
020 C000001    285
020 A000002 PERSHING & COMPANY
020 B000002 13-2741729
020 C000002    231
020 A000003 LAWRENCE (C.J.) INC.
020 B000003 13-2730828
020 C000003    214
020 A000004 PAINE WEBBER, INC.
<PAGE>      PAGE  3
020 B000004 13-2638166
020 C000004    206
020 A000005 OPPENHEIMER & COMPANY
020 B000005 13-2798343
020 C000005    192
020 A000006 DONALDSON, LUFKIN & JENERETTE SECURITIES CORP
020 B000006 13-2741729
020 C000006    188
020 A000007 WERTHEIM SCHRODER & COMPANY, INC.
020 B000007 13-2697272
020 C000007    175
020 A000008 GOLDMAN SACHS & COMPANY, INC.
020 B000008 13-5108880
020 C000008    153
020 A000009 PRUDENTIAL BACHE SECURITIES, INC.
020 B000009 22-2347336
020 C000009    150
020 A000010 MERRILL LYNCH
020 B000010 13-5674085
020 C000010    144
021  000000     4346
022 A000001 MERRILL LYNCH
022 B000001 13-5674085
022 C000001   2064930
022 D000001     65199
022 A000002 FIRST BOSTON CORPORATION (THE)
022 B000002 13-5659485
022 C000002    400908
022 D000002     35048
022 A000003 SECURITY EQUITY FUND
022 B000003 48-6104426
022 C000003    131557
022 D000003     27493
022 A000004 ABN AMRO SECURITIES (USA), INC.
022 B000004 13-3227945
022 C000004     74809
022 D000004     79854
022 A000005 SECURITY CASH FUND
022 B000005 48-0911935
022 C000005     78964
022 D000005     35914
022 A000006 DAIN BOSWORTH, INC.
022 B000006 41-0212020
022 C000006     54380
022 D000006     57382
022 A000007 SBL A FUND
022 B000007 48-0873454
022 C000007     33510
022 D000007     50546
022 A000008 LEHMAN BROTHERS DISTRIBUTION
022 B000008 13-2518466
<PAGE>      PAGE  4
022 C000008     68538
022 D000008     11888
022 A000009 GOLDMAN SACHS & COMPANY
022 B000009 13-5108880
022 C000009     36467
022 D000009     43504
022 C000010         0
022 D000010         0
023 C000000    2944063
023 D000000     406828
024  00AA00 N
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025 D00AA02       0
025 D00AA03       0
025 D00AA04       0
025 D00AA05       0
025 D00AA06       0
025 D00AA07       0
025 D00AA08       0
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027  000000 Y
029  00AA00 N
030 A00AA00      0
030 B00AA00  0.00
030 C00AA00  0.00
031 A00AA00      0
031 B00AA00      0
032  00AA00      0
033  00AA00      0
034  00AA00 N
035  00AA00      0
036 B00AA00      0
037  00AA00 N
038  00AA00      0
039  00AA00 N
040  00AA00 N
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 Y
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 Y
<PAGE>      PAGE  5
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 Y
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 Y
058 A00AA00 N
059  00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061  00AA00        0
077 A000000 Y
077 B000000 Y
077 Q010000 Y
078  000000 N
080 A00AA00 NATIONAL UNION FIRE INSURANCE COMPANY
080 C00AA00     8875
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083 A00AA00 N
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084 A00AA00 N
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008 A000101 SECURITY MANAGEMENT COMPANY
008 B000101 A
008 C000101 801-8008
008 D010101 TOPEKA
008 D020101 KS
008 D030101 66636
008 D040101 0001
015 A000101 UMB BANK, N.A.
015 B000101 C
015 C010101 KANSAS CITY
<PAGE>      PAGE  6
015 C020101 MO
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015 E010101 X
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<PAGE>      PAGE  7
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048 I020100 0.000
048 J010100        0
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048 K020100 0.000
049  000100 N
050  000100 N
051  000100 N
052  000100 N
053 A000100 N
055 A000100 N
055 B000100 N
056  000100 Y
057  000100 N
062 A000100 N
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062 D000100   0.0
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066 A000100 Y
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066 C000100 N
066 D000100 Y
066 E000100 N
<PAGE>      PAGE  8
066 F000100 N
066 G000100 N
067  000100 N
068 A000100 N
068 B000100 N
069  000100 N
070 A010100 Y
070 A020100 Y
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070 C020100 N
070 D010100 Y
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070 E020100 N
070 F010100 Y
070 F020100 N
070 G010100 Y
070 G020100 N
070 H010100 Y
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 N
070 J020100 N
070 K010100 N
070 K020100 N
070 L010100 Y
070 L020100 N
070 M010100 Y
070 M020100 N
070 N010100 N
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 Y
070 P020100 Y
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
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<PAGE>      PAGE  9
072 F000100     3235
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072 X000100     3590
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073 A010100   0.1530
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073 C000100   0.0000
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074 L000100      777
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074 N000100   521222
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<PAGE>      PAGE  10
074 R030100        0
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074 T000100   519891
074 U010100    24721
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074 V010100    21.03
074 V020100     0.00
074 W000100   0.0000
074 X000100       24
074 Y000100        0
075 A000100   431403
075 B000100        0
076  000100     0.00
008 A000201 SECURITY MANAGEMENT COMPANY
008 B000201 A
008 C000201 801-8008
008 D010201 TOPEKA
008 D020201 KS
008 D030201 66636
008 D040201 0001
015 A000201 UMB BANK, N.A.
015 B000201 C
015 C010201 KANSAS CITY
015 C020201 MO
015 C030201 64106
015 E010201 X
028 A010200     15324
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028 A030200         0
028 A040200     10773
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028 B040200     11441
028 C010200     10170
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028 C030200         0
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028 D010200     12350
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028 F040200     13286
<PAGE>      PAGE  11
028 G010200     76174
028 G020200     12340
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028 G040200     65944
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045  000200 Y
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048 B010200        0
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048 I010200        0
048 I020200 0.000
048 J010200        0
048 J020200 0.000
048 K010200        0
048 K020200 0.000
049  000200 N
050  000200 N
051  000200 N
052  000200 N
053 A000200 N
055 A000200 N
055 B000200 N
056  000200 Y
057  000200 N
062 A000200 N
062 B000200   0.0
062 C000200   0.0
062 D000200   0.0
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<PAGE>      PAGE  12
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066 A000200 Y
066 B000200 N
066 C000200 N
066 D000200 N
066 E000200 Y
066 F000200 N
066 G000200 N
067  000200 N
068 A000200 N
068 B000200 N
069  000200 N
070 A010200 Y
070 A020200 N
070 B010200 Y
070 B020200 N
070 C010200 Y
070 C020200 N
070 D010200 Y
070 D020200 N
070 E010200 Y
070 E020200 N
070 F010200 Y
070 F020200 N
070 G010200 Y
070 G020200 N
070 H010200 Y
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 N
070 J020200 N
070 K010200 N
070 K020200 N
070 L010200 Y
070 L020200 N
070 M010200 Y
070 M020200 N
070 N010200 N
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 Y
<PAGE>      PAGE  13
070 P020200 Y
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
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<PAGE>      PAGE  14
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008 A000301 SECURITY MANAGEMENT COMPANY
008 B000301 A
008 C000301 801-8008
008 D010301 TOPEKA
008 D020301 KS
008 D030301 66636
008 D040301 0001
015 A000301 UMB BANK, N.A.
015 B000301 C
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015 C020301 MO
015 C030301 64106
015 E010301 X
028 A010300     20865
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<PAGE>      PAGE  15
028 C030300         0
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050  000300 N
051  000300 N
052  000300 N
053 A000300 N
055 A000300 N
<PAGE>      PAGE  16
055 B000300 N
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068 B000300 N
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070 B020300 N
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070 J020300 N
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<PAGE>      PAGE  17
070 L010300 Y
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<PAGE>      PAGE  18
073 A010300   0.5850
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008 A000401 SECURITY MANAGEMENT COMPANY
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008 C000401 801-8008
008 D010401 TOPEKA
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008 D030401 66636
008 D040401 0001
008 A000402 LEXINGTON MANAGEMENT CORPORATION
008 B000402 S
008 C000402 801-8281
008 D010402 SADDLE BROOK
008 D020402 NJ
008 D030402 07662
015 A000401 CHASE MANHATTAN BANK
<PAGE>      PAGE  19
015 B000401 C
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015 C030401 10036
015 E010401 X
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<PAGE>      PAGE  20
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<PAGE>      PAGE  21
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<PAGE>      PAGE  23
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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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015 A000601 UMB BANK, N.A.
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<PAGE>      PAGE  28
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<PAGE>      PAGE  30
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<PAGE>      PAGE  31
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015 A000701 UMB BANK, N.A.
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<PAGE>      PAGE  32
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<PAGE>      PAGE  33
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<PAGE>      PAGE  34
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<PAGE>      PAGE  35
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<PAGE>      PAGE  36
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<PAGE>      PAGE  37
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063 B000800 13.2
064 A000800 N
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067  000800 N
068 A000800 N
068 B000800 Y
<PAGE>      PAGE  38
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070 I010800 N
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<PAGE>      PAGE  39
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<PAGE>      PAGE  40
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<PAGE>      PAGE  41
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050  000900 N
051  000900 N
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<PAGE>      PAGE  42
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<PAGE>      PAGE  43
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<PAGE>      PAGE  44
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015 A001001 CHASE MANHATTAN BANK
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<PAGE>      PAGE  45
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<PAGE>      PAGE  46
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<PAGE>      PAGE  47
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<PAGE>      PAGE  48
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<PAGE>      PAGE  49
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<PAGE>      PAGE  50
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<PAGE>      PAGE  51
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<PAGE>      PAGE  52
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<PAGE>      PAGE  53
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SIGNATURE   JAMES R. SCHMANK                             
TITLE       V.P. AND TREASURER  
 

WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

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<CIK> 0000217087
<NAME> SBL FUND
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000217087
<NAME> SBL FUND
<SERIES>
   <NUMBER> 2
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000217087
<NAME> SBL FUND
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000217087
<NAME> SBL FUND
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000217087
<NAME> SBL FUND
<SERIES>
   <NUMBER> 5
   <NAME> E
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<S>                             <C>
<PERIOD-TYPE>                   YEAR
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000217087
<NAME> SBL FUND
<SERIES>
   <NUMBER> 6
   <NAME> S
<MULTIPLIER> 1000
<CURRENCY> U.S. DOLLARS
       
<S>                             <C>
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000217087
<NAME> SBL FUND
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   <NUMBER> 7
   <NAME> J
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<PERIOD-TYPE>                   YEAR
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000217087
<NAME> SBL FUND
<SERIES>
   <NUMBER> 8
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000217087
<NAME> SBL FUND
<SERIES>
   <NUMBER> 9
   <NAME> M
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000217087
<NAME> SBL FUND
<SERIES>
   <NUMBER> 10
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000217087
<NAME> SBL FUND
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   <NUMBER> 11
   <NAME> O
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</TABLE>


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