SBL FUND
NSAR-B, 1997-02-26
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<PAGE>      PAGE  1
000 B000000 12/31/96
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
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001 C000000 9132953127
002 A000000 700 HARRISON STREET
002 B000000 TOPEKA
002 C000000 KS
002 D010000 66636
002 D020000 0001
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<PAGE>      PAGE  2
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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, LLC
012 B00AA01 84-01497
012 C01AA01 TOPEKA
012 C02AA01 KS
012 C03AA01 66636
012 C04AA01 0001
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013 B02AA01 MO
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013 B04AA01 2143
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020 A000002 SALOMON BROTHERS, INC.
020 B000002 13-3082694
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020 A000003 MERRILL LYNCH
020 B000003 13-5674085
<PAGE>      PAGE  3
020 C000003    196
020 A000004 ALLIED RESEARCH
020 B000004 75-1872581
020 C000004    176
020 A000005 OPPENHEIMER & COMPANY
020 B000005 13-2798343
020 C000005    132
020 A000006 S.G. WARBURG & COMPANY, INC.
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020 A000007 GOLDMAN SACHS & COMPANY
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022 A000003 SMITH BARNEY
022 B000003 13-3371860
022 C000003    139811
022 D000003    115486
022 A000004 FIRST BOSTON CORPORATION (THE)
022 B000004 13-5659485
022 C000004    189765
022 D000004      8201
022 A000005 SECURITY CASH FUND
022 B000005 48-0911935
022 C000005    155809
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022 A000006 CHEMICAL SECURITIES, INC.
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022 C000006    114571
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022 A000007 NATIONSBANK
022 B000007 75-0520130
022 C000007     56421
022 D000007     54811
<PAGE>      PAGE  4
022 A000008 LEHMAN BROTHERS DISTRIBUTION
022 B000008 13-2518466
022 C000008     79597
022 D000008     29893
022 A000009 CHASE SECURITIES, INC.
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022 C000009     87338
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022 A000010 SBL FUND C
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<PAGE>      PAGE  5
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<PAGE>      PAGE  6
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<PAGE>      PAGE  7
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<PAGE>      PAGE  8
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<PAGE>      PAGE  9
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<PAGE>      PAGE  10
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008 D040201 0001
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<PAGE>      PAGE  11
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<PAGE>      PAGE  13
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<PAGE>      PAGE  14
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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  18
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<PAGE>      PAGE  19
008 D010402 SADDLE BROOK
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<PAGE>      PAGE  21
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<PAGE>      PAGE  26
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<PAGE>      PAGE  32
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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  38
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<PAGE>      PAGE  39
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<PAGE>      PAGE  40
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008 B000901 A
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008 D010901 TOPEKA
008 D020901 KS
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008 D040901 0001
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<PAGE>      PAGE  41
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<PAGE>      PAGE  42
055 A000900 N
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<PAGE>      PAGE  43
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<PAGE>      PAGE  44
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008 B001001 A
008 C001001 801-8008
008 D011001 TOPEKA
008 D021001 KS
008 D031001 66636
008 D041001 0001
008 A001002 T. ROWE PRICE ASSOCIATES, INC.
<PAGE>      PAGE  45
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008 D031002 21202
015 A001001 CHASE MANHATTAN BANKN, N.A.
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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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008 B001101 A
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008 A001102 T. ROWE PRICE ASSOCIATES, INC.
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008 D021102 MD
008 D031102 21202
015 A001101 CHASE MANHATTAN BANK, N.A.
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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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008 A001201 SECURITY MANAGEMENT COMPANY, LLC
008 B001201 A
008 C001201 801-8008
008 D011201 TOPEKA
008 D021201 KS
008 D031201 66636
008 D041201 0001
015 A001201 UMB BANK, N.A.
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015 C021201 MO
015 C031201 64106
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<PAGE>      PAGE  54
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<PAGE>      PAGE  55
051  001200 N
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<PAGE>      PAGE  56
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SIGNATURE   JAMES R. SCHMANK                             
TITLE       V.P. AND TREASURER  
 


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<CIK> 0000217087
<NAME> SBL FUND
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<CIK> 0000217087
<NAME> SBL FUND
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<S>                             <C>
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000217087
<NAME> SBL FUND
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<MULTIPLIER> 1000
<CURRENCY> US DOLLARS
       
<S>                             <C>
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</TABLE>

<TABLE> <S> <C>

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<CIK> 0000217087
<NAME> SBL FUND
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<S>                             <C>
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</TABLE>

<TABLE> <S> <C>

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<CIK> 0000217087
<NAME> SBL FUND
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<S>                             <C>
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<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                           321
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<DIVIDEND-INCOME>                                    0
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<EXPENSES-NET>                                      77
<NET-INVESTMENT-INCOME>                            996
<REALIZED-GAINS-CURRENT>                            34
<APPREC-INCREASE-CURRENT>                          236
<NET-CHANGE-FROM-OPS>                             1266
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                          844
<DISTRIBUTIONS-OF-GAINS>                           141
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<NUMBER-OF-SHARES-SOLD>                            968
<NUMBER-OF-SHARES-REDEEMED>                        429
<SHARES-REINVESTED>                                 92
<NET-CHANGE-IN-ASSETS>                            7042
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<GROSS-EXPENSE>                                    146
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<PER-SHARE-NAV-BEGIN>                            10.22
<PER-SHARE-NII>                                    .90
<PER-SHARE-GAIN-APPREC>                            .50
<PER-SHARE-DIVIDEND>                               .77
<PER-SHARE-DISTRIBUTIONS>                          .13
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              10.72
<EXPENSE-RATIO>                                    .84
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000217087
<NAME> SBL FUND
<SERIES>
   <NUMBER> 090
   <NAME> SERIES M
<MULTIPLIER> 1000
<CURRENCY> US DOLLARS
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-START>                             JAN-01-1996
<PERIOD-END>                               DEC-31-1996
<EXCHANGE-RATE>                                      1
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<INVESTMENTS-AT-VALUE>                           37060
<RECEIVABLES>                                     1409
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<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                           73
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<SENIOR-EQUITY>                                      0
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<SHARES-COMMON-STOCK>                             3187
<SHARES-COMMON-PRIOR>                             1492
<ACCUMULATED-NII-CURRENT>                          925
<OVERDISTRIBUTION-NII>                               0
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<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                          1945
<NET-ASSETS>                                     38396
<DIVIDEND-INCOME>                                  650
<INTEREST-INCOME>                                  520
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                     385
<NET-INVESTMENT-INCOME>                            785
<REALIZED-GAINS-CURRENT>                          1113
<APPREC-INCREASE-CURRENT>                         1834
<NET-CHANGE-FROM-OPS>                             3732
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                          333
<DISTRIBUTIONS-OF-GAINS>                           154
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                           2471
<NUMBER-OF-SHARES-REDEEMED>                        819
<SHARES-REINVESTED>                                 43
<NET-CHANGE-IN-ASSETS>                           22420
<ACCUMULATED-NII-PRIOR>                            310
<ACCUMULATED-GAINS-PRIOR>                          153
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<PER-SHARE-DIVIDEND>                              .119
<PER-SHARE-DISTRIBUTIONS>                         .055
<RETURNS-OF-CAPITAL>                                 0
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<EXPENSE-RATIO>                                   1.34
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000217087
<NAME> SBL FUND
<SERIES>
   <NUMBER> 100
   <NAME> SERIES N
<MULTIPLIER> 1000
<CURRENCY> US DOLLARS
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-START>                             JAN-01-1996
<PERIOD-END>                               DEC-31-1996
<EXCHANGE-RATE>                                      1
<INVESTMENTS-AT-COST>                            20638
<INVESTMENTS-AT-VALUE>                           22490
<RECEIVABLES>                                      175
<ASSETS-OTHER>                                     970
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                   23635
<PAYABLE-FOR-SECURITIES>                           241
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                           50
<TOTAL-LIABILITIES>                                291
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                         20739
<SHARES-COMMON-STOCK>                             1943
<SHARES-COMMON-PRIOR>                              986
<ACCUMULATED-NII-CURRENT>                          456
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                            297
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<ACCUM-APPREC-OR-DEPREC>                          1852
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<DIVIDEND-INCOME>                                  214
<INTEREST-INCOME>                                  508
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                     255
<NET-INVESTMENT-INCOME>                            467
<REALIZED-GAINS-CURRENT>                           291
<APPREC-INCREASE-CURRENT>                         1467
<NET-CHANGE-FROM-OPS>                             2225
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<DISTRIBUTIONS-OF-INCOME>                          113
<DISTRIBUTIONS-OF-GAINS>                            23
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                           1318
<NUMBER-OF-SHARES-REDEEMED>                        373
<SHARES-REINVESTED>                                 12
<NET-CHANGE-IN-ASSETS>                           12764
<ACCUMULATED-NII-PRIOR>                            109
<ACCUMULATED-GAINS-PRIOR>                           23
<OVERDISTRIB-NII-PRIOR>                              0
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<GROSS-ADVISORY-FEES>                              175
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<PER-SHARE-NAV-BEGIN>                            10.73
<PER-SHARE-NII>                                   .193
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<PER-SHARE-DIVIDEND>                              .065
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<EXPENSE-RATIO>                                   1.45
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<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000217087
<NAME> SBL FUND
<SERIES>
   <NUMBER> 110
   <NAME> SERIES O
<MULTIPLIER> 1000
<CURRENCY> US DOLLARS
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-START>                             JAN-01-1996
<PERIOD-END>                               DEC-31-1996
<EXCHANGE-RATE>                                      1
<INVESTMENTS-AT-COST>                            57059
<INVESTMENTS-AT-VALUE>                           63044
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<TOTAL-ASSETS>                                   63519
<PAYABLE-FOR-SECURITIES>                           407
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<SENIOR-EQUITY>                                      0
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<SHARES-COMMON-STOCK>                             4451
<SHARES-COMMON-PRIOR>                             1156
<ACCUMULATED-NII-CURRENT>                         1028
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<ACCUMULATED-NET-GAINS>                           1435
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                          5985
<NET-ASSETS>                                     62377
<DIVIDEND-INCOME>                                 1125
<INTEREST-INCOME>                                  359
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<EXPENSES-NET>                                     453
<NET-INVESTMENT-INCOME>                           1031
<REALIZED-GAINS-CURRENT>                          1436
<APPREC-INCREASE-CURRENT>                         4979
<NET-CHANGE-FROM-OPS>                             7446
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                          109
<DISTRIBUTIONS-OF-GAINS>                             7
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                           4318
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<SHARES-REINVESTED>                                  9
<NET-CHANGE-IN-ASSETS>                           48849
<ACCUMULATED-NII-PRIOR>                            107
<ACCUMULATED-GAINS-PRIOR>                            6
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
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<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                    453
<AVERAGE-NET-ASSETS>                             39012
<PER-SHARE-NAV-BEGIN>                            11.70
<PER-SHARE-NII>                                   .169
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<EXPENSE-RATIO>                                   1.15
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<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000217087
<NAME> SBL FUND
<SERIES>
   <NUMBER> 120
   <NAME> SERIES P
<MULTIPLIER> 1000
<CURRENCY> US DOLLARS
       
<S>                             <C>
<PERIOD-TYPE>                   OTHER
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-START>                             AUG-05-1996
<PERIOD-END>                               DEC-31-1996
<EXCHANGE-RATE>                                      1
<INVESTMENTS-AT-COST>                             2311
<INVESTMENTS-AT-VALUE>                            2373
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<SENIOR-EQUITY>                                      0
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<NUMBER-OF-SHARES-SOLD>                            167
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<NET-CHANGE-IN-ASSETS>                             165
<ACCUMULATED-NII-PRIOR>                              0
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<OVERDISTRIB-NII-PRIOR>                              0
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<AVERAGE-NET-ASSETS>                              2574
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<PER-SHARE-NII>                                    .51
<PER-SHARE-GAIN-APPREC>                            .48
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<EXPENSE-RATIO>                                    .28
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<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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