SBL FUND
NSAR-B, 1998-02-27
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<PAGE>      PAGE  1
000 B000000 12/31/97
000 C000000 0000217087
000 D000000 N
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000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 SBL FUND
001 B000000 811-2753
001 C000000 7854313127
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 A00AA01 SECURITY MANAGEMENT COMPANY, LLC
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
013 A00AA01 ERNST & YOUNG LLP
013 B01AA01 KANSAS CITY
013 B02AA01 MO
013 B03AA01 64105
013 B04AA01 2143
018  00AA00 Y
019 A00AA00 Y
019 B00AA00   31
019 C00AA00 SECURITYFU
020 A000001 MORGAN STANLEY & COMPANY, INC.
020 B000001 13-2655998
020 C000001    199
020 A000002 ALLIED RESEARCH
<PAGE>      PAGE  3
020 B000002 75-1872581
020 C000002    207
020 A000003 DEUTSCHE MORGAN GRENFELL
020 B000003 13-2730828
020 C000003    201
020 A000004 BRIDGE TRADING
020 B000004 43-1450530
020 C000004    176
020 A000005 SALOMON BROTHERS, INC.
020 B000005 13-3082694
020 C000005    206
020 A000006 MERRILL LYNCH
020 B000006 13-5674085
020 C000006    192
020 A000007 PAINE WEBBER, INC.
020 B000007 13-2638166
020 C000007    206
020 A000008 PRUDENTIAL BACH SECURITIES, INC.
020 B000008 22-2347336
020 C000008    123
020 A000009 FIRST NEW YORK SECURITIES COMPANY
020 B000009 13-3270745
020 C000009    127
020 A000010 DONALDSON LUFKIN & JENRETTE SECURITIES CORP
020 B000010 13-2741729
020 C000010    110
021  000000     5231
022 A000001 MERRILL LYNCH
022 B000001 13-5674085
022 C000001    954152
022 D000001     84376
022 A000002 FIRST BOSTON CORPORATION (THE)
022 B000002 13-5659485
022 C000002    455729
022 D000002      2117
022 A000003 SALOMON BROTHERS, INC.
022 B000003 13-3082694
022 C000003     25949
022 D000003     41383
022 A000004 GOLDMAN SACHS & COMPANY
022 B000004 13-5108880
022 C000004    393774
022 D000004     27698
022 A000005 SBL FUND C
022 B000005 48-1054154
022 C000005    107615
022 D000005         0
022 A000006 CHASE SECURITIES, INC.
022 B000006 13-3112953
022 C000006    191209
022 D000006      8007
<PAGE>      PAGE  4
022 A000007 SECURITY CASH FUND
022 B000007 48-0911935
022 C000007     70169
022 D000007      2292
022 A000008 SBL FUND B
022 B000008 48-1054156
022 C000008     16254
022 D000008     68787
022 A000009 SMITH BARNEY, INC.
022 B000009 13-1912900
022 C000009     35663
022 D000009     26852
022 A000010 LEHMAN BROTHERS, INC.
022 B000010 13-2518466
022 C000010    105699
022 D000010     22226
023 C000000    2719823
023 D000000     588527
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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  9
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<PAGE>      PAGE  10
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008 B000201 A
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008 D010201 TOPEKA
008 D020201 KS
008 D030201 66636
008 D040201 0001
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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  14
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<PAGE>      PAGE  15
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<PAGE>      PAGE  17
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<PAGE>      PAGE  18
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<PAGE>      PAGE  19
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<PAGE>      PAGE  20
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<PAGE>      PAGE  22
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<PAGE>      PAGE  23
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015 A000501 UMB BANK, N.A.
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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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008 B000601 A
008 C000601 801-8008
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008 D040601 0001
015 A000601 UMB BANK, N.A.
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<PAGE>      PAGE  30
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008 A000701 SECURITY MANAGEMENT COMPANY, LLC
<PAGE>      PAGE  32
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008 C000701 801-8008
008 D010701 TOPEKA
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008 D030701 66636
008 D040701 0001
015 A000701 UMB BANK, N.A.
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008 A000801 SECURITY MANAGEMENT COMPANY, LLC
008 B000801 A
008 C000801 801-8008
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008 D030801 66636
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015 A000801 CHASE MANHATTAN BANK, N.A.
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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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<PAGE>      PAGE  41
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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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<PAGE>      PAGE  45
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008 D011001 TOPEKA
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008 D031002 21202
015 A001001 CHASE MANHATTAN BANK, 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 D031102 21202
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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
<PAGE>      PAGE  54
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008 D011201 TOPEKA
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<PAGE>      PAGE  55
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<PAGE>      PAGE  56
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<PAGE>      PAGE  57
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<PAGE>      PAGE  58
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008 D041301 0001
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<PAGE>      PAGE  59
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046  001300 N
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055 B001300 N
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066 F001300 N
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068 B001300 N
069  001300 N
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070 I021300 N
070 J011300 Y
070 J021300 N
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070 L021300 N
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070 M021300 N
070 N011300 N
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070 O011300 Y
070 O021300 N
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<PAGE>      PAGE  61
070 R011300 Y
070 R021300 N
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<PAGE>      PAGE  62
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008 D031401 66636
008 D041401 0001
015 A001401 UMB BANK, N.A.
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<PAGE>      PAGE  63
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045  001400 Y
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<PAGE>      PAGE  64
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<PAGE>      PAGE  65
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SIGNATURE   JAMES R. SCHMANK                             
TITLE       V.P.                
 


<TABLE> <S> <C>


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</TABLE>

<TABLE> <S> <C>


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</TABLE>

<TABLE> <S> <C>


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</TABLE>

<TABLE> <S> <C>


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<PAID-IN-CAPITAL-COMMON>                    247,185
<SHARES-COMMON-STOCK>                        46,544
<SHARES-COMMON-PRIOR>                        40,254
<ACCUMULATED-NII-CURRENT>                     3,266
<OVERDISTRIBUTION-NII>                            0
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<OVERDISTRIBUTION-GAINS>                          0
<ACCUM-APPREC-OR-DEPREC>                     15,210
<NET-ASSETS>                                285,782
<DIVIDEND-INCOME>                             5,279
<INTEREST-INCOME>                               944
<OTHER-INCOME>                                (531)
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<NET-INVESTMENT-INCOME>                       2,127
<REALIZED-GAINS-CURRENT>                     22,460
<APPREC-INCREASE-CURRENT>                   (8,322)
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<EQUALIZATION>                                    0
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<DISTRIBUTIONS-OF-GAINS>                     12,517
<DISTRIBUTIONS-OTHER>                             0
<NUMBER-OF-SHARES-SOLD>                      16,055
<NUMBER-OF-SHARES-REDEEMED>                  12,579
<SHARES-REINVESTED>                           2,814
<NET-CHANGE-IN-ASSETS>                       38,756
<ACCUMULATED-NII-PRIOR>                       5,665
<ACCUMULATED-GAINS-PRIOR>                    11,450
<OVERDISTRIB-NII-PRIOR>                           0
<OVERDIST-NET-GAINS-PRIOR>                        0
<GROSS-ADVISORY-FEES>                         2,835
<INTEREST-EXPENSE>                                0
<GROSS-EXPENSE>                               3,565
<AVERAGE-NET-ASSETS>                        286,593
<PER-SHARE-NAV-BEGIN>                          6.14
<PER-SHARE-NII>                                 .04
<PER-SHARE-GAIN-APPREC>                         .38
<PER-SHARE-DIVIDEND>                            .13
<PER-SHARE-DISTRIBUTIONS>                       .29
<RETURNS-OF-CAPITAL>                              0
<PER-SHARE-NAV-END>                            6.14
<EXPENSE-RATIO>                                1.24
<AVG-DEBT-OUTSTANDING>                            0
<AVG-DEBT-PER-SHARE>                              0
        

</TABLE>

<TABLE> <S> <C>


<ARTICLE>                            6
<CIK>                                0000217087
<NAME>                               SBL FUND
<SERIES>
     <NUMBER>                        005
     <NAME>                          SERIES E
<MULTIPLIER>                         1,000
<CURRENCY>                           U.S. DOLLARS
       
<S>                                  <C>
<PERIOD-TYPE>                        YEAR
<FISCAL-YEAR-END>                    DEC-31-1997
<PERIOD-START>                       JAN-01-1997
<PERIOD-END>                         DEC-31-1997
<EXCHANGE-RATE>                                   1
<INVESTMENTS-AT-COST>                       135,173
<INVESTMENTS-AT-VALUE>                      139,515
<RECEIVABLES>                                 2,390
<ASSETS-OTHER>                                    0
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<SHARES-COMMON-STOCK>                        11,507
<SHARES-COMMON-PRIOR>                        11,171
<ACCUMULATED-NII-CURRENT>                     8,352
<OVERDISTRIBUTION-NII>                            0
<ACCUMULATED-NET-GAINS>                    (13,816)
<OVERDISTRIBUTION-GAINS>                          0
<ACCUM-APPREC-OR-DEPREC>                      4,342
<NET-ASSETS>                                140,909
<DIVIDEND-INCOME>                                 0
<INTEREST-INCOME>                             9,448
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<EXPENSES-NET>                                1,045
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<REALIZED-GAINS-CURRENT>                    (1,540)
<APPREC-INCREASE-CURRENT>                     4,992
<NET-CHANGE-FROM-OPS>                        11,855
<EQUALIZATION>                                    0
<DISTRIBUTIONS-OF-INCOME>                     8,745
<DISTRIBUTIONS-OF-GAINS>                          0
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<NUMBER-OF-SHARES-SOLD>                       5,468
<NUMBER-OF-SHARES-REDEEMED>                   5,876
<SHARES-REINVESTED>                             744
<NET-CHANGE-IN-ASSETS>                        6,867
<ACCUMULATED-NII-PRIOR>                       8,629
<ACCUMULATED-GAINS-PRIOR>                  (12,213)
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<GROSS-ADVISORY-FEES>                           945
<INTEREST-EXPENSE>                                0
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<PER-SHARE-NAV-BEGIN>                         12.00
<PER-SHARE-NII>                                 .86
<PER-SHARE-GAIN-APPREC>                         .31
<PER-SHARE-DIVIDEND>                            .92
<PER-SHARE-DISTRIBUTIONS>                         0
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<EXPENSE-RATIO>                                 .83
<AVG-DEBT-OUTSTANDING>                            0
<AVG-DEBT-PER-SHARE>                              0
        

</TABLE>

<TABLE> <S> <C>


<ARTICLE>                            6
<CIK>                                0000217087
<NAME>                               SBL FUND
<SERIES>
     <NUMBER>                        006
     <NAME>                          SERIES S
<MULTIPLIER>                         1,000
<CURRENCY>                           U.S. DOLLARS
       
<S>                                  <C>
<PERIOD-TYPE>                        YEAR
<FISCAL-YEAR-END>                    DEC-31-1997
<PERIOD-START>                       JAN-01-1997
<PERIOD-END>                         DEC-31-1997
<EXCHANGE-RATE>                                   1
<INVESTMENTS-AT-COST>                        62,423
<INVESTMENTS-AT-VALUE>                       85,940
<RECEIVABLES>                                   233
<ASSETS-OTHER>                                4,427
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<OTHER-ITEMS-LIABILITIES>                       146
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<PAID-IN-CAPITAL-COMMON>                     63,114
<SHARES-COMMON-STOCK>                         4,014
<SHARES-COMMON-PRIOR>                         3,013
<ACCUMULATED-NII-CURRENT>                       253
<OVERDISTRIBUTION-NII>                            0
<ACCUMULATED-NET-GAINS>                       2,448
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<ACCUM-APPREC-OR-DEPREC>                     23,517
<NET-ASSETS>                                 89,332
<DIVIDEND-INCOME>                               570
<INTEREST-INCOME>                               298
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<EXPENSES-NET>                                  612
<NET-INVESTMENT-INCOME>                         256
<REALIZED-GAINS-CURRENT>                      2,451
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<NET-CHANGE-FROM-OPS>                        15,039
<EQUALIZATION>                                    0
<DISTRIBUTIONS-OF-INCOME>                       141
<DISTRIBUTIONS-OF-GAINS>                      3,818
<DISTRIBUTIONS-OTHER>                             0
<NUMBER-OF-SHARES-SOLD>                       1,523
<NUMBER-OF-SHARES-REDEEMED>                     709
<SHARES-REINVESTED>                             187
<NET-CHANGE-IN-ASSETS>                       31,835
<ACCUMULATED-NII-PRIOR>                         138
<ACCUMULATED-GAINS-PRIOR>                     3,814
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<OVERDIST-NET-GAINS-PRIOR>                        0
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<INTEREST-EXPENSE>                                0
<GROSS-EXPENSE>                                 612
<AVERAGE-NET-ASSETS>                         73,697
<PER-SHARE-NAV-BEGIN>                         19.08
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<PER-SHARE-GAIN-APPREC>                        4.21
<PER-SHARE-DIVIDEND>                            .04
<PER-SHARE-DISTRIBUTIONS>                      1.06
<RETURNS-OF-CAPITAL>                              0
<PER-SHARE-NAV-END>                           22.25
<EXPENSE-RATIO>                                 .83
<AVG-DEBT-OUTSTANDING>                            0
<AVG-DEBT-PER-SHARE>                              0
        

</TABLE>

<TABLE> <S> <C>


<ARTICLE>                            6
<CIK>                                0000217087
<NAME>                               SBL FUND
<SERIES>
     <NUMBER>                        007
     <NAME>                          SERIES J
<MULTIPLIER>                         1,000
<CURRENCY>                           U.S. DOLLARS
       
<S>                                  <C>
<PERIOD-TYPE>                        YEAR
<FISCAL-YEAR-END>                    DEC-31-1997
<PERIOD-START>                       JAN-01-1997
<PERIOD-END>                         DEC-31-1997
<EXCHANGE-RATE>                                   1
<INVESTMENTS-AT-COST>                       169,140
<INVESTMENTS-AT-VALUE>                      210,447
<RECEIVABLES>                                10,262
<ASSETS-OTHER>                               11,669
<OTHER-ITEMS-ASSETS>                              0
<TOTAL-ASSETS>                              232,378
<PAYABLE-FOR-SECURITIES>                      5,825
<SENIOR-LONG-TERM-DEBT>                           0
<OTHER-ITEMS-LIABILITIES>                       255
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<SHARES-COMMON-STOCK>                        10,608
<SHARES-COMMON-PRIOR>                         8,134
<ACCUMULATED-NII-CURRENT>                     1,388
<OVERDISTRIBUTION-NII>                            0
<ACCUMULATED-NET-GAINS>                      23,729
<OVERDISTRIBUTION-GAINS>                          0
<ACCUM-APPREC-OR-DEPREC>                     41,307
<NET-ASSETS>                                226,297
<DIVIDEND-INCOME>                               582
<INTEREST-INCOME>                               787
<OTHER-INCOME>                                    0
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<REALIZED-GAINS-CURRENT>                     25,352
<APPREC-INCREASE-CURRENT>                    13,544
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<EQUALIZATION>                                    0
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<DISTRIBUTIONS-OF-GAINS>                      4,737
<DISTRIBUTIONS-OTHER>                             0
<NUMBER-OF-SHARES-SOLD>                       6,939
<NUMBER-OF-SHARES-REDEEMED>                   4,714
<SHARES-REINVESTED>                             249
<NET-CHANGE-IN-ASSETS>                       77,876
<ACCUMULATED-NII-PRIOR>                         541
<ACCUMULATED-GAINS-PRIOR>                     4,728
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<OVERDIST-NET-GAINS-PRIOR>                        0
<GROSS-ADVISORY-FEES>                         1,451
<INTEREST-EXPENSE>                                0
<GROSS-EXPENSE>                               1,587
<AVERAGE-NET-ASSETS>                        193,444
<PER-SHARE-NAV-BEGIN>                         18.25
<PER-SHARE-NII>                               (.03)
<PER-SHARE-GAIN-APPREC>                        3.67
<PER-SHARE-DIVIDEND>                            .06
<PER-SHARE-DISTRIBUTIONS>                       .50
<RETURNS-OF-CAPITAL>                              0
<PER-SHARE-NAV-END>                           21.33
<EXPENSE-RATIO>                                 .82
<AVG-DEBT-OUTSTANDING>                            0
<AVG-DEBT-PER-SHARE>                              0
        

</TABLE>

<TABLE> <S> <C>


<ARTICLE>                            6
<CIK>                                0000217087
<NAME>                               SBL FUND
<SERIES>
     <NUMBER>                        008
     <NAME>                          SERIES K
<MULTIPLIER>                         1,000
<CURRENCY>                           U.S. DOLLARS
       
<S>                                  <C>
<PERIOD-TYPE>                        YEAR
<FISCAL-YEAR-END>                    DEC-31-1997
<PERIOD-START>                       JAN-01-1997
<PERIOD-END>                         DEC-31-1997
<EXCHANGE-RATE>                                   1
<INVESTMENTS-AT-COST>                        14,455
<INVESTMENTS-AT-VALUE>                       14,032
<RECEIVABLES>                                 1,336
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<SHARES-COMMON-STOCK>                         1,459
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<ACCUMULATED-NII-CURRENT>                         0
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<ACCUMULATED-NET-GAINS>                          25
<OVERDISTRIBUTION-GAINS>                          0
<ACCUM-APPREC-OR-DEPREC>                      (416)
<NET-ASSETS>                                 14,679
<DIVIDEND-INCOME>                                 0
<INTEREST-INCOME>                             1,542
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<REALIZED-GAINS-CURRENT>                         96
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<DISTRIBUTIONS-OF-GAINS>                        361
<DISTRIBUTIONS-OTHER>                             0
<NUMBER-OF-SHARES-SOLD>                       1,143
<NUMBER-OF-SHARES-REDEEMED>                   1,024
<SHARES-REINVESTED>                             154
<NET-CHANGE-IN-ASSETS>                        1,959
<ACCUMULATED-NII-PRIOR>                           0
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<INTEREST-EXPENSE>                                0
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<AVERAGE-NET-ASSETS>                         14,765
<PER-SHARE-NAV-BEGIN>                         10.72
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<PER-SHARE-GAIN-APPREC>                       (.56)
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<PER-SHARE-DISTRIBUTIONS>                       .28
<RETURNS-OF-CAPITAL>                              0
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<EXPENSE-RATIO>                                 .64
<AVG-DEBT-OUTSTANDING>                            0
<AVG-DEBT-PER-SHARE>                              0
        

</TABLE>

<TABLE> <S> <C>


<ARTICLE>                            6
<CIK>                                0000217087
<NAME>                               SBL FUND
<SERIES>
     <NUMBER>                        009
     <NAME>                          SERIES M
<MULTIPLIER>                         1,000
<CURRENCY>                           U.S. DOLLARS
       
<S>                                  <C>
<PERIOD-TYPE>                        YEAR
<FISCAL-YEAR-END>                    DEC-31-1997
<PERIOD-START>                       JAN-01-1997
<PERIOD-END>                         DEC-31-1997
<EXCHANGE-RATE>                                   1
<INVESTMENTS-AT-COST>                        46,909
<INVESTMENTS-AT-VALUE>                       48,245
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<ASSETS-OTHER>                                    1
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<ACCUMULATED-NII-CURRENT>                       735
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<NET-ASSETS>                                 48,379
<DIVIDEND-INCOME>                               512
<INTEREST-INCOME>                               891
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<REALIZED-GAINS-CURRENT>                      2,393
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<NUMBER-OF-SHARES-SOLD>                       1,649
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<SHARES-REINVESTED>                             154
<NET-CHANGE-IN-ASSETS>                        9,983
<ACCUMULATED-NII-PRIOR>                         925
<ACCUMULATED-GAINS-PRIOR>                       949
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<INTEREST-EXPENSE>                                0
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<PER-SHARE-DISTRIBUTIONS>                       .25
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<EXPENSE-RATIO>                                1.26
<AVG-DEBT-OUTSTANDING>                            0
<AVG-DEBT-PER-SHARE>                              0
        

</TABLE>

<TABLE> <S> <C>


<ARTICLE>                            6
<CIK>                                0000217087
<NAME>                               SBL FUND
<SERIES>
     <NUMBER>                        010
     <NAME>                          SERIES N
<MULTIPLIER>                         1,000
<CURRENCY>                           U.S. DOLLARS
       
<S>                                  <C>
<PERIOD-TYPE>                        YEAR
<FISCAL-YEAR-END>                    DEC-31-1997
<PERIOD-START>                       JAN-01-1997
<PERIOD-END>                         DEC-31-1997
<EXCHANGE-RATE>                                   1
<INVESTMENTS-AT-COST>                        32,759
<INVESTMENTS-AT-VALUE>                       37,838
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<SHARES-COMMON-STOCK>                         2,750
<SHARES-COMMON-PRIOR>                         1,943
<ACCUMULATED-NII-CURRENT>                       724
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<NET-ASSETS>                                 38,182
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<INTEREST-INCOME>                               829
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<NET-INVESTMENT-INCOME>                         738
<REALIZED-GAINS-CURRENT>                        432
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<SHARES-REINVESTED>                              57
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<ACCUMULATED-NII-PRIOR>                         456
<ACCUMULATED-GAINS-PRIOR>                       297
<OVERDISTRIB-NII-PRIOR>                           0
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<GROSS-ADVISORY-FEES>                           269
<INTEREST-EXPENSE>                                0
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<AVERAGE-NET-ASSETS>                         27,161
<PER-SHARE-NAV-BEGIN>                         12.02
<PER-SHARE-NII>                                 .24
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<EXPENSE-RATIO>                                1.35
<AVG-DEBT-OUTSTANDING>                            0
<AVG-DEBT-PER-SHARE>                              0
        

</TABLE>

<TABLE> <S> <C>


<ARTICLE>                            6
<CIK>                                0000217087
<NAME>                               SBL FUND
<SERIES>
     <NUMBER>                        011
     <NAME>                          SERIES O
<MULTIPLIER>                         1,000
<CURRENCY>                           U.S. DOLLARS
       
<S>                                  <C>
<PERIOD-TYPE>                        YEAR
<FISCAL-YEAR-END>                    DEC-31-1997
<PERIOD-START>                       JAN-01-1997
<PERIOD-END>                         DEC-31-1997
<EXCHANGE-RATE>                                   1
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<INVESTMENTS-AT-VALUE>                      151,291
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<PAYABLE-FOR-SECURITIES>                        795
<SENIOR-LONG-TERM-DEBT>                           0
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<SHARES-COMMON-STOCK>                         8,534
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<NET-ASSETS>                                150,391
<DIVIDEND-INCOME>                             2,835
<INTEREST-INCOME>                               716
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<APPREC-INCREASE-CURRENT>                    17,564
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<EQUALIZATION>                                    0
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<DISTRIBUTIONS-OF-GAINS>                      1,478
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<NUMBER-OF-SHARES-SOLD>                       5,602
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<SHARES-REINVESTED>                             152
<NET-CHANGE-IN-ASSETS>                       88,014
<ACCUMULATED-NII-PRIOR>                       1,028
<ACCUMULATED-GAINS-PRIOR>                     1,435
<OVERDISTRIB-NII-PRIOR>                           0
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<GROSS-ADVISORY-FEES>                         1,039
<INTEREST-EXPENSE>                                0
<GROSS-EXPENSE>                               1,139
<AVERAGE-NET-ASSETS>                        104,157
<PER-SHARE-NAV-BEGIN>                         14.01
<PER-SHARE-NII>                                 .19
<PER-SHARE-GAIN-APPREC>                        3.77
<PER-SHARE-DIVIDEND>                            .14
<PER-SHARE-DISTRIBUTIONS>                       .21
<RETURNS-OF-CAPITAL>                              0
<PER-SHARE-NAV-END>                           17.62
<EXPENSE-RATIO>                                1.09
<AVG-DEBT-OUTSTANDING>                            0
<AVG-DEBT-PER-SHARE>                              0
        

</TABLE>

<TABLE> <S> <C>


<ARTICLE>                            6
<CIK>                                0000217087
<NAME>                               SBL FUND
<SERIES>
     <NUMBER>                        012
     <NAME>                          SERIES P
<MULTIPLIER>                         1,000
<CURRENCY>                           U.S. DOLLARS
       
<S>                                  <C>
<PERIOD-TYPE>                        YEAR
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</TABLE>

<TABLE> <S> <C>


<ARTICLE>                            6
<CIK>                                0000217087
<NAME>                               SBL FUND
<SERIES>
     <NUMBER>                        013
     <NAME>                          SERIES V
<MULTIPLIER>                         1,000
<CURRENCY>                           U.S. DOLLARS
       
<S>                                  <C>
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<PERIOD-END>                         DEC-31-1997
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</TABLE>

<TABLE> <S> <C>


<ARTICLE>                            6
<CIK>                                0000217087
<NAME>                               SBL FUND
<SERIES>
     <NUMBER>                        014
     <NAME>                          SERIES X
<MULTIPLIER>                         1,000
<CURRENCY>                           U.S. DOLLARS
       
<S>                                  <C>
<PERIOD-TYPE>                        3-MOS
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<PERIOD-START>                       OCT-15-1997
<PERIOD-END>                         DEC-31-1997
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<SENIOR-LONG-TERM-DEBT>                           0
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<ACCUMULATED-NII-CURRENT>                         4
<OVERDISTRIBUTION-NII>                            0
<ACCUMULATED-NET-GAINS>                       (221)
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<DIVIDEND-INCOME>                                 9
<INTEREST-INCOME>                                 0
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<REALIZED-GAINS-CURRENT>                      (221)
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<NET-CHANGE-FROM-OPS>                          (98)
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<INTEREST-EXPENSE>                                0
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<AVG-DEBT-OUTSTANDING>                            0
<AVG-DEBT-PER-SHARE>                              0
        


</TABLE>


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