SBL FUND
NSAR-A, 1998-08-27
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<PAGE>      PAGE  1
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SIGNATURE   AMY J. LEE                                   
TITLE       SECRETARY           
 


<TABLE> <S> <C>


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<NET-CHANGE-IN-ASSETS>                       41,106
<ACCUMULATED-NII-PRIOR>                       3,266
<ACCUMULATED-GAINS-PRIOR>                    20,120
<OVERDISTRIB-NII-PRIOR>                           0
<OVERDIST-NET-GAINS-PRIOR>                        0
<GROSS-ADVISORY-FEES>                         1,580
<INTEREST-EXPENSE>                                0
<GROSS-EXPENSE>                               2,118
<AVERAGE-NET-ASSETS>                        318,682
<PER-SHARE-NAV-BEGIN>                          6.14
<PER-SHARE-NII>                                 .05
<PER-SHARE-GAIN-APPREC>                         .78
<PER-SHARE-DIVIDEND>                              0
<PER-SHARE-DISTRIBUTIONS>                       .09
<RETURNS-OF-CAPITAL>                            .51
<PER-SHARE-NAV-END>                            6.37
<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>                        005
     <NAME>                          SERIES E
<MULTIPLIER>                         1,000
<CURRENCY>                           U.S. DOLLARS
       
<S>                                  <C>
<PERIOD-TYPE>                        6-MOS
<FISCAL-YEAR-END>                    DEC-31-1998
<PERIOD-START>                       JAN-01-1998
<PERIOD-END>                         JUN-30-1998
<EXCHANGE-RATE>                               1.000
<INVESTMENTS-AT-COST>                       130,839
<INVESTMENTS-AT-VALUE>                      134,876
<RECEIVABLES>                                 2,276
<ASSETS-OTHER>                                  115
<OTHER-ITEMS-ASSETS>                              0
<TOTAL-ASSETS>                              137,267
<PAYABLE-FOR-SECURITIES>                          0
<SENIOR-LONG-TERM-DEBT>                           0
<OTHER-ITEMS-LIABILITIES>                       271
<TOTAL-LIABILITIES>                             271
<SENIOR-EQUITY>                                   0
<PAID-IN-CAPITAL-COMMON>                    141,521
<SHARES-COMMON-STOCK>                        11,471
<SHARES-COMMON-PRIOR>                        11,507
<ACCUMULATED-NII-CURRENT>                     4,194
<OVERDISTRIBUTION-NII>                            0
<ACCUMULATED-NET-GAINS>                    (12,756)
<OVERDISTRIBUTION-GAINS>                          0
<ACCUM-APPREC-OR-DEPREC>                      4,037
<NET-ASSETS>                                136,996
<DIVIDEND-INCOME>                                 0
<INTEREST-INCOME>                             5,002
<OTHER-INCOME>                                    0
<EXPENSES-NET>                                  590
<NET-INVESTMENT-INCOME>                       4,412
<REALIZED-GAINS-CURRENT>                      1,060
<APPREC-INCREASE-CURRENT>                     (306)
<NET-CHANGE-FROM-OPS>                         5,166
<EQUALIZATION>                                    0
<DISTRIBUTIONS-OF-INCOME>                     8,569
<DISTRIBUTIONS-OF-GAINS>                          0
<DISTRIBUTIONS-OTHER>                             0
<NUMBER-OF-SHARES-SOLD>                       3,436
<NUMBER-OF-SHARES-REDEEMED>                   4,208
<SHARES-REINVESTED>                             736
<NET-CHANGE-IN-ASSETS>                      (3,913)
<ACCUMULATED-NII-PRIOR>                       8,351
<ACCUMULATED-GAINS-PRIOR>                  (13,817)
<OVERDISTRIB-NII-PRIOR>                           0
<OVERDIST-NET-GAINS-PRIOR>                        0
<GROSS-ADVISORY-FEES>                           516
<INTEREST-EXPENSE>                                0
<GROSS-EXPENSE>                                 590
<AVERAGE-NET-ASSETS>                        138,658
<PER-SHARE-NAV-BEGIN>                         12.25
<PER-SHARE-NII>                                 .40
<PER-SHARE-GAIN-APPREC>                         .05
<PER-SHARE-DIVIDEND>                            .76
<PER-SHARE-DISTRIBUTIONS>                         0
<RETURNS-OF-CAPITAL>                              0
<PER-SHARE-NAV-END>                           11.94
<EXPENSE-RATIO>                                 .86
<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>                        6-MOS
<FISCAL-YEAR-END>                    DEC-31-1998
<PERIOD-START>                       JAN-01-1998
<PERIOD-END>                         JUN-30-1998
<EXCHANGE-RATE>                               1.000
<INVESTMENTS-AT-COST>                        76,527
<INVESTMENTS-AT-VALUE>                      107,671
<RECEIVABLES>                                 1,203
<ASSETS-OTHER>                                5,633
<OTHER-ITEMS-ASSETS>                              0
<TOTAL-ASSETS>                              114,507
<PAYABLE-FOR-SECURITIES>                      1,621
<SENIOR-LONG-TERM-DEBT>                           0
<OTHER-ITEMS-LIABILITIES>                       206
<TOTAL-LIABILITIES>                           1,827
<SENIOR-EQUITY>                                   0
<PAID-IN-CAPITAL-COMMON>                     74,915
<SHARES-COMMON-STOCK>                         4,504
<SHARES-COMMON-PRIOR>                         4,014
<ACCUMULATED-NII-CURRENT>                       176
<OVERDISTRIBUTION-NII>                            0
<ACCUMULATED-NET-GAINS>                       6,445
<OVERDISTRIBUTION-GAINS>                          0
<ACCUM-APPREC-OR-DEPREC>                     31,144
<NET-ASSETS>                                112,680
<DIVIDEND-INCOME>                               500
<INTEREST-INCOME>                               105
<OTHER-INCOME>                                    0
<EXPENSES-NET>                                  428
<NET-INVESTMENT-INCOME>                         177
<REALIZED-GAINS-CURRENT>                      6,778
<APPREC-INCREASE-CURRENT>                     7,627
<NET-CHANGE-FROM-OPS>                        14,582
<EQUALIZATION>                                    0
<DISTRIBUTIONS-OF-INCOME>                       253
<DISTRIBUTIONS-OF-GAINS>                      2,781
<DISTRIBUTIONS-OTHER>                             0
<NUMBER-OF-SHARES-SOLD>                         739
<NUMBER-OF-SHARES-REDEEMED>                     374
<SHARES-REINVESTED>                             125
<NET-CHANGE-IN-ASSETS>                       23,348
<ACCUMULATED-NII-PRIOR>                         253
<ACCUMULATED-GAINS-PRIOR>                     2,448
<OVERDISTRIB-NII-PRIOR>                           0
<OVERDIST-NET-GAINS-PRIOR>                        0
<GROSS-ADVISORY-FEES>                           378
<INTEREST-EXPENSE>                                0
<GROSS-EXPENSE>                                 428
<AVERAGE-NET-ASSETS>                        101,543
<PER-SHARE-NAV-BEGIN>                         22.25
<PER-SHARE-NII>                                 .04
<PER-SHARE-GAIN-APPREC>                        3.45
<PER-SHARE-DIVIDEND>                            .06
<PER-SHARE-DISTRIBUTIONS>                       .66
<RETURNS-OF-CAPITAL>                              0
<PER-SHARE-NAV-END>                           25.02
<EXPENSE-RATIO>                                 .85
<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>                        6-MOS
<FISCAL-YEAR-END>                    DEC-31-1998
<PERIOD-START>                       JAN-01-1998
<PERIOD-END>                         JUN-30-1998
<EXCHANGE-RATE>                               1.000
<INVESTMENTS-AT-COST>                       188,063
<INVESTMENTS-AT-VALUE>                      228,157
<RECEIVABLES>                                 2,197
<ASSETS-OTHER>                                9,284
<OTHER-ITEMS-ASSETS>                              0
<TOTAL-ASSETS>                              239,638
<PAYABLE-FOR-SECURITIES>                      2,348
<SENIOR-LONG-TERM-DEBT>                           0
<OTHER-ITEMS-LIABILITIES>                       384
<TOTAL-LIABILITIES>                           2,732
<SENIOR-EQUITY>                                   0
<PAID-IN-CAPITAL-COMMON>                    174,984
<SHARES-COMMON-STOCK>                        11,401
<SHARES-COMMON-PRIOR>                        10,608
<ACCUMULATED-NII-CURRENT>                     (285)
<OVERDISTRIBUTION-NII>                            0
<ACCUMULATED-NET-GAINS>                      22,113
<OVERDISTRIBUTION-GAINS>                          0
<ACCUM-APPREC-OR-DEPREC>                     40,094
<NET-ASSETS>                                236,906
<DIVIDEND-INCOME>                               577
<INTEREST-INCOME>                               145
<OTHER-INCOME>                                    0
<EXPENSES-NET>                                  962
<NET-INVESTMENT-INCOME>                       (240)
<REALIZED-GAINS-CURRENT>                     22,214
<APPREC-INCREASE-CURRENT>                   (1,213)
<NET-CHANGE-FROM-OPS>                        20,761
<EQUALIZATION>                                    0
<DISTRIBUTIONS-OF-INCOME>                     1,432
<DISTRIBUTIONS-OF-GAINS>                     23,830
<DISTRIBUTIONS-OTHER>                             0
<NUMBER-OF-SHARES-SOLD>                       1,818
<NUMBER-OF-SHARES-REDEEMED>                   2,223
<SHARES-REINVESTED>                           1,198
<NET-CHANGE-IN-ASSETS>                       10,609
<ACCUMULATED-NII-PRIOR>                       1,388
<ACCUMULATED-GAINS-PRIOR>                    23,729
<OVERDISTRIB-NII-PRIOR>                           0
<OVERDIST-NET-GAINS-PRIOR>                        0
<GROSS-ADVISORY-FEES>                           883
<INTEREST-EXPENSE>                                0
<GROSS-EXPENSE>                                 962
<AVERAGE-NET-ASSETS>                        237,483
<PER-SHARE-NAV-BEGIN>                         21.33
<PER-SHARE-NII>                               (.02)
<PER-SHARE-GAIN-APPREC>                        1.94
<PER-SHARE-DIVIDEND>                            .14
<PER-SHARE-DISTRIBUTIONS>                      2.33
<RETURNS-OF-CAPITAL>                              0
<PER-SHARE-NAV-END>                           20.78
<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>                        6-MOS
<FISCAL-YEAR-END>                    DEC-31-1998
<PERIOD-START>                       JAN-01-1998
<PERIOD-END>                         JUN-30-1998
<EXCHANGE-RATE>                               1.000
<INVESTMENTS-AT-COST>                        15,225
<INVESTMENTS-AT-VALUE>                       14,557
<RECEIVABLES>                                   422
<ASSETS-OTHER>                                    0
<OTHER-ITEMS-ASSETS>                              0
<TOTAL-ASSETS>                               14,979
<PAYABLE-FOR-SECURITIES>                          0
<SENIOR-LONG-TERM-DEBT>                           0
<OTHER-ITEMS-LIABILITIES>                       103
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<SENIOR-EQUITY>                                   0
<PAID-IN-CAPITAL-COMMON>                     14,745
<SHARES-COMMON-STOCK>                         1,430
<SHARES-COMMON-PRIOR>                         1,459
<ACCUMULATED-NII-CURRENT>                       859
<OVERDISTRIBUTION-NII>                            0
<ACCUMULATED-NET-GAINS>                        (52)
<OVERDISTRIBUTION-GAINS>                          0
<ACCUM-APPREC-OR-DEPREC>                      (676)
<NET-ASSETS>                                 14,876
<DIVIDEND-INCOME>                                 0
<INTEREST-INCOME>                               982
<OTHER-INCOME>                                 (22)
<EXPENSES-NET>                                   70
<NET-INVESTMENT-INCOME>                         890
<REALIZED-GAINS-CURRENT>                       (77)
<APPREC-INCREASE-CURRENT>                     (260)
<NET-CHANGE-FROM-OPS>                           553
<EQUALIZATION>                                    0
<DISTRIBUTIONS-OF-INCOME>                        31
<DISTRIBUTIONS-OF-GAINS>                          0
<DISTRIBUTIONS-OTHER>                             0
<NUMBER-OF-SHARES-SOLD>                         508
<NUMBER-OF-SHARES-REDEEMED>                     540
<SHARES-REINVESTED>                               3
<NET-CHANGE-IN-ASSETS>                          198
<ACCUMULATED-NII-PRIOR>                           0
<ACCUMULATED-GAINS-PRIOR>                        25
<OVERDISTRIB-NII-PRIOR>                           0
<OVERDIST-NET-GAINS-PRIOR>                        0
<GROSS-ADVISORY-FEES>                            58
<INTEREST-EXPENSE>                                0
<GROSS-EXPENSE>                                 108
<AVERAGE-NET-ASSETS>                         18,303
<PER-SHARE-NAV-BEGIN>                         10.06
<PER-SHARE-NII>                                 .60
<PER-SHARE-GAIN-APPREC>                       (.24)
<PER-SHARE-DIVIDEND>                            .02
<PER-SHARE-DISTRIBUTIONS>                         0
<RETURNS-OF-CAPITAL>                              0
<PER-SHARE-NAV-END>                           10.40
<EXPENSE-RATIO>                                 .77
<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>                        6-MOS
<FISCAL-YEAR-END>                    DEC-31-1998
<PERIOD-START>                       JAN-01-1998
<PERIOD-END>                         JUN-30-1998
<EXCHANGE-RATE>                               1.000
<INVESTMENTS-AT-COST>                        44,669
<INVESTMENTS-AT-VALUE>                       47,469
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<ASSETS-OTHER>                                    0
<OTHER-ITEMS-ASSETS>                              0
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<PAYABLE-FOR-SECURITIES>                          0
<SENIOR-LONG-TERM-DEBT>                           0
<OTHER-ITEMS-LIABILITIES>                        89
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<SENIOR-EQUITY>                                   0
<PAID-IN-CAPITAL-COMMON>                     41,536
<SHARES-COMMON-STOCK>                         3,756
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<ACCUMULATED-NET-GAINS>                       3,129
<OVERDISTRIBUTION-GAINS>                          0
<ACCUM-APPREC-OR-DEPREC>                      2,800
<NET-ASSETS>                                 47,639
<DIVIDEND-INCOME>                               350
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<OTHER-INCOME>                                 (30)
<EXPENSES-NET>                                  300
<NET-INVESTMENT-INCOME>                         398
<REALIZED-GAINS-CURRENT>                      3,149
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<NET-CHANGE-FROM-OPS>                         5,012
<EQUALIZATION>                                    0
<DISTRIBUTIONS-OF-INCOME>                       959
<DISTRIBUTIONS-OF-GAINS>                      2,399
<DISTRIBUTIONS-OTHER>                             0
<NUMBER-OF-SHARES-SOLD>                         508
<NUMBER-OF-SHARES-REDEEMED>                     956
<SHARES-REINVESTED>                             269
<NET-CHANGE-IN-ASSETS>                        (740)
<ACCUMULATED-NII-PRIOR>                         735
<ACCUMULATED-GAINS-PRIOR>                     2,379
<OVERDISTRIB-NII-PRIOR>                           0
<OVERDIST-NET-GAINS-PRIOR>                        0
<GROSS-ADVISORY-FEES>                           239
<INTEREST-EXPENSE>                                0
<GROSS-EXPENSE>                                 300
<AVERAGE-NET-ASSETS>                         48,160
<PER-SHARE-NAV-BEGIN>                         12.29
<PER-SHARE-NII>                                 .13
<PER-SHARE-GAIN-APPREC>                        1.21
<PER-SHARE-DIVIDEND>                            .27
<PER-SHARE-DISTRIBUTIONS>                       .68
<RETURNS-OF-CAPITAL>                              0
<PER-SHARE-NAV-END>                           12.68
<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>                        6-MOS
<FISCAL-YEAR-END>                    DEC-31-1998
<PERIOD-START>                       JAN-01-1998
<PERIOD-END>                         JUN-30-1998
<EXCHANGE-RATE>                               1.000
<INVESTMENTS-AT-COST>                        44,303
<INVESTMENTS-AT-VALUE>                       53,490
<RECEIVABLES>                                   425
<ASSETS-OTHER>                                    0
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<TOTAL-ASSETS>                               53,915
<PAYABLE-FOR-SECURITIES>                          0
<SENIOR-LONG-TERM-DEBT>                           0
<OTHER-ITEMS-LIABILITIES>                       180
<TOTAL-LIABILITIES>                             180
<SENIOR-EQUITY>                                   0
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<SHARES-COMMON-STOCK>                         3,572
<SHARES-COMMON-PRIOR>                         2,750
<ACCUMULATED-NII-CURRENT>                       579
<OVERDISTRIBUTION-NII>                            0
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<OVERDISTRIBUTION-GAINS>                          0
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<NET-ASSETS>                                 53,735
<DIVIDEND-INCOME>                               214
<INTEREST-INCOME>                               678
<OTHER-INCOME>                                  (5)
<EXPENSES-NET>                                  286
<NET-INVESTMENT-INCOME>                         601
<REALIZED-GAINS-CURRENT>                         89
<APPREC-INCREASE-CURRENT>                     4,108
<NET-CHANGE-FROM-OPS>                         4,798
<EQUALIZATION>                                    0
<DISTRIBUTIONS-OF-INCOME>                       746
<DISTRIBUTIONS-OF-GAINS>                        466
<DISTRIBUTIONS-OTHER>                             0
<NUMBER-OF-SHARES-SOLD>                       1,144
<NUMBER-OF-SHARES-REDEEMED>                     405
<SHARES-REINVESTED>                              83
<NET-CHANGE-IN-ASSETS>                       15,554
<ACCUMULATED-NII-PRIOR>                         724
<ACCUMULATED-GAINS-PRIOR>                       433
<OVERDISTRIB-NII-PRIOR>                           0
<OVERDIST-NET-GAINS-PRIOR>                        0
<GROSS-ADVISORY-FEES>                           230
<INTEREST-EXPENSE>                                0
<GROSS-EXPENSE>                                 286
<AVERAGE-NET-ASSETS>                         46,414
<PER-SHARE-NAV-BEGIN>                         13.88
<PER-SHARE-NII>                                 .14
<PER-SHARE-GAIN-APPREC>                        1.41
<PER-SHARE-DIVIDEND>                            .24
<PER-SHARE-DISTRIBUTIONS>                       .15
<RETURNS-OF-CAPITAL>                              0
<PER-SHARE-NAV-END>                           15.04
<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>                        011
     <NAME>                          SERIES O
<MULTIPLIER>                         1,000
<CURRENCY>                           U.S. DOLLARS
       
<S>                                  <C>
<PERIOD-TYPE>                        6-MOS
<FISCAL-YEAR-END>                    DEC-31-1998
<PERIOD-START>                       JAN-01-1998
<PERIOD-END>                         JUN-30-1998
<EXCHANGE-RATE>                               1.000
<INVESTMENTS-AT-COST>                       170,133
<INVESTMENTS-AT-VALUE>                      197,026
<RECEIVABLES>                                   814
<ASSETS-OTHER>                                    0
<OTHER-ITEMS-ASSETS>                              0
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<PAYABLE-FOR-SECURITIES>                        900
<SENIOR-LONG-TERM-DEBT>                           0
<OTHER-ITEMS-LIABILITIES>                       516
<TOTAL-LIABILITIES>                           1,416
<SENIOR-EQUITY>                                   0
<PAID-IN-CAPITAL-COMMON>                    163,128
<SHARES-COMMON-STOCK>                        10,984
<SHARES-COMMON-PRIOR>                         8,534
<ACCUMULATED-NII-CURRENT>                     1,632
<OVERDISTRIBUTION-NII>                            0
<ACCUMULATED-NET-GAINS>                       4,770
<OVERDISTRIBUTION-GAINS>                          0
<ACCUM-APPREC-OR-DEPREC>                     26,894
<NET-ASSETS>                                196,424
<DIVIDEND-INCOME>                             2,238
<INTEREST-INCOME>                               429
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<EXPENSES-NET>                                  968
<NET-INVESTMENT-INCOME>                       1,696
<REALIZED-GAINS-CURRENT>                      4,877
<APPREC-INCREASE-CURRENT>                     3,345
<NET-CHANGE-FROM-OPS>                         9,918
<EQUALIZATION>                                    0
<DISTRIBUTIONS-OF-INCOME>                     2,450
<DISTRIBUTIONS-OF-GAINS>                      5,929
<DISTRIBUTIONS-OTHER>                             0
<NUMBER-OF-SHARES-SOLD>                       3,423
<NUMBER-OF-SHARES-REDEEMED>                   1,432
<SHARES-REINVESTED>                             459
<NET-CHANGE-IN-ASSETS>                       46,033
<ACCUMULATED-NII-PRIOR>                       2,387
<ACCUMULATED-GAINS-PRIOR>                     5,821
<OVERDISTRIB-NII-PRIOR>                           0
<OVERDIST-NET-GAINS-PRIOR>                        0
<GROSS-ADVISORY-FEES>                           889
<INTEREST-EXPENSE>                                0
<GROSS-EXPENSE>                                 968
<AVERAGE-NET-ASSETS>                        179,200
<PER-SHARE-NAV-BEGIN>                         17.62
<PER-SHARE-NII>                                 .12
<PER-SHARE-GAIN-APPREC>                        1.00
<PER-SHARE-DIVIDEND>                            .25
<PER-SHARE-DISTRIBUTIONS>                       .61
<RETURNS-OF-CAPITAL>                              0
<PER-SHARE-NAV-END>                           17.88
<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>                        6-MOS
<FISCAL-YEAR-END>                    DEC-31-1998
<PERIOD-START>                       JAN-01-1998
<PERIOD-END>                         JUN-30-1998
<EXCHANGE-RATE>                               1.000
<INVESTMENTS-AT-COST>                        10,211
<INVESTMENTS-AT-VALUE>                       10,313
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<ASSETS-OTHER>                                  614
<OTHER-ITEMS-ASSETS>                              0
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<PAYABLE-FOR-SECURITIES>                          2
<SENIOR-LONG-TERM-DEBT>                           0
<OTHER-ITEMS-LIABILITIES>                         5
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<SENIOR-EQUITY>                                   0
<PAID-IN-CAPITAL-COMMON>                     10,688
<SHARES-COMMON-STOCK>                           634
<SHARES-COMMON-PRIOR>                           384
<ACCUMULATED-NII-CURRENT>                       368
<OVERDISTRIBUTION-NII>                            0
<ACCUMULATED-NET-GAINS>                          25
<OVERDISTRIBUTION-GAINS>                          0
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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>
<PERIOD-TYPE>                        6-MOS
<FISCAL-YEAR-END>                    DEC-31-1998
<PERIOD-START>                       JAN-01-1998
<PERIOD-END>                         JUN-30-1998
<EXCHANGE-RATE>                               1.000
<INVESTMENTS-AT-COST>                        12,005
<INVESTMENTS-AT-VALUE>                       13,311
<RECEIVABLES>                                    35
<ASSETS-OTHER>                                  525
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<PAYABLE-FOR-SECURITIES>                        311
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<NET-ASSETS>                                 13,539
<DIVIDEND-INCOME>                                55
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<NET-INVESTMENT-INCOME>                          39
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<APPREC-INCREASE-CURRENT>                       960
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<EQUALIZATION>                                    0
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<NUMBER-OF-SHARES-REDEEMED>                      56
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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>                        6-MOS
<FISCAL-YEAR-END>                    DEC-31-1998
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<PERIOD-END>                         JUN-30-1998
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<SENIOR-EQUITY>                                   0
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<SHARES-COMMON-STOCK>                           393
<SHARES-COMMON-PRIOR>                           275
<ACCUMULATED-NII-CURRENT>                         0
<OVERDISTRIBUTION-NII>                            0
<ACCUMULATED-NET-GAINS>                       (274)
<OVERDISTRIBUTION-GAINS>                          0
<ACCUM-APPREC-OR-DEPREC>                        444
<NET-ASSETS>                                  4,086
<DIVIDEND-INCOME>                                 5
<INTEREST-INCOME>                                11
<OTHER-INCOME>                                    0
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<NET-INVESTMENT-INCOME>                           1
<REALIZED-GAINS-CURRENT>                       (53)
<APPREC-INCREASE-CURRENT>                       325
<NET-CHANGE-FROM-OPS>                           273
<EQUALIZATION>                                    0
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<DISTRIBUTIONS-OF-GAINS>                          0
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<NUMBER-OF-SHARES-SOLD>                         130
<NUMBER-OF-SHARES-REDEEMED>                      12
<SHARES-REINVESTED>                               0
<NET-CHANGE-IN-ASSETS>                        1,446
<ACCUMULATED-NII-PRIOR>                           4
<ACCUMULATED-GAINS-PRIOR>                     (220)
<OVERDISTRIB-NII-PRIOR>                           0
<OVERDIST-NET-GAINS-PRIOR>                        0
<GROSS-ADVISORY-FEES>                            17
<INTEREST-EXPENSE>                                0
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<AVERAGE-NET-ASSETS>                          3,384
<PER-SHARE-NAV-BEGIN>                          9.60
<PER-SHARE-NII>                                   0
<PER-SHARE-GAIN-APPREC>                         .81
<PER-SHARE-DIVIDEND>                            .02
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<EXPENSE-RATIO>                                 .87
<AVG-DEBT-OUTSTANDING>                            0
<AVG-DEBT-PER-SHARE>                              0
        

</TABLE>


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