SBL FUND
NSAR-B, 1999-03-01
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<PAGE>      PAGE  1
000 B000000 12/31/98
000 C000000 0000217087
000 D000000 N
000 E000000 NF
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
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
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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
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007 C020700 J
007 C030700 N
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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 C021200 P
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007 C021300 V
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007 C012500 25
007 C012600 26
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007 C013000 30
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
<PAGE>      PAGE  3
013 B03AA01 64105
013 B04AA01 2143
018  00AA00 Y
019 A00AA00 Y
019 B00AA00   33
019 C00AA00 SECURITYFU
020 A000001 SALOMON SMITH BARNEY, INC.
020 B000001 11-2418191
020 C000001    355
020 A000002 ALLIED RESEARCH SERVICES, INC.
020 B000002 75-1872581
020 C000002    330
020 A000003 PAINE WEBBER, INC.
020 B000003 13-2638166
020 C000003    325
020 A000004 MORGAN STANLEY DEAN WITTER
020 B000004 13-2655998
020 C000004    304
020 A000005 MERRILL LYNCH, PIERCE, FENNER & SMITH
020 B000005 36-4674085
020 C000005    292
020 A000006 BRIDGE TRADING COMPANY
020 B000006 43-1450530
020 C000006    272
020 A000007 LEHMAN BROTHERS, INC.
020 B000007 13-2726611
020 C000007    233
020 A000008 GOLDMAN SACHS AND COMPANY
020 B000008 13-5108880
020 C000008    230
020 A000009 FIRST NEW YORK SECURITIES COMPANY LLC
020 B000009 13-3270745
020 C000009    220
020 A000010 DONALDSON, LUFKIN & JENRETTE
020 B000010 13-2741729
020 C000010    205
021  000000     7619
022 A000001 MERRILL LYNCH, PIERCE, FENNER & SMITH
022 B000001 36-4674085
022 C000001   1052161
022 D000001    165562
022 A000002 CHASE SECURITIES, INC
022 B000002 13-3112953
022 C000002    524911
022 D000002     10807
022 A000003 CREDIT SUISSE FIRST BOSTON
022 B000003 13-5659485
022 C000003    290180
022 D000003     33279
022 A000004 GOLDMAN SACHS AND COMPANY
022 B000004 13-5108880
<PAGE>      PAGE  4
022 C000004    187554
022 D000004     45925
022 A000005 SBL FUND C
022 B000005 48-1054154
022 C000005     86446
022 D000005         0
022 A000006 SALOMON SMITH BARNEY, INC.
022 B000006 11-2418191
022 C000006     90953
022 D000006     36665
022 A000007 LEHMAN BROTHERS INC.
022 B000007 13-2726611
022 C000007     41332
022 D000007     20315
022 A000008 SBL FUND A
022 B000008 48-0873454
022 C000008         0
022 D000008     57450
022 A000009 ING BARING FURMAN SELZ
022 B000009 13-3856626
022 C000009     33474
022 D000009     11854
022 A000010 BEAR STEARNS SECURITIES CORPORATION
022 B000010 13-3604093
022 C000010     35351
022 D000010      8255
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023 D000000     600600
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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 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
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015 C020201 MO
015 C030201 64106
015 E010201 X
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<PAGE>      PAGE  11
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068 A000200 N
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<PAGE>      PAGE  13
069  000200 N
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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  18
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<PAGE>      PAGE  19
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<PAGE>      PAGE  38
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<PAGE>      PAGE  40
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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
008 D021001 KS
008 D031001 66636
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008 B001002 S
<PAGE>      PAGE  47
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008 D021002 MD
008 D031002 21202
015 A001001 CHASE MANHATTAN BANK, N.A.
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<PAGE>      PAGE  48
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<PAGE>      PAGE  50
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<PAGE>      PAGE  51
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008 D011101 TOPEKA
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008 D031101 66636
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008 A001102 T. ROWE PRICE ASSOCIATES, INC.
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008 D031102 21202
015 A001101 CHASE MANHATTAN BANK, N.A.
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<PAGE>      PAGE  52
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<PAGE>      PAGE  53
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<PAGE>      PAGE  54
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<PAGE>      PAGE  55
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<PAGE>      PAGE  56
008 A001201 SECURITY MANAGEMENT COMPANY, LLC
008 B001201 A
008 C001201 801-8008
008 D011201 TOPEKA
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<PAGE>      PAGE  57
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<PAGE>      PAGE  59
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<PAGE>      PAGE  62
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<PAGE>      PAGE  63
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070 L021300 N
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070 M021300 N
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<PAGE>      PAGE  64
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<PAGE>      PAGE  65
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<PAGE>      PAGE  66
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<PAGE>      PAGE  68
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SIGNATURE   AMY J. LEE                                   
TITLE       SECRETARY           
 


<TABLE> <S> <C>


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<TABLE> <S> <C>


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</TABLE>

<TABLE> <S> <C>


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<PERIOD-END>                         DEC-31-1998
<EXCHANGE-RATE>                               1.000
<INVESTMENTS-AT-COST>                       129,575
<INVESTMENTS-AT-VALUE>                      129,621
<RECEIVABLES>                                 3,134
<ASSETS-OTHER>                                   23
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<TOTAL-ASSETS>                              132,778
<PAYABLE-FOR-SECURITIES>                      3,460
<SENIOR-LONG-TERM-DEBT>                           0
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<SENIOR-EQUITY>                                   0
<PAID-IN-CAPITAL-COMMON>                    121,251
<SHARES-COMMON-STOCK>                        10,224
<SHARES-COMMON-PRIOR>                         7,822
<ACCUMULATED-NII-CURRENT>                     6,786
<OVERDISTRIBUTION-NII>                            0
<ACCUMULATED-NET-GAINS>                           0
<OVERDISTRIBUTION-GAINS>                          0
<ACCUM-APPREC-OR-DEPREC>                         46
<NET-ASSETS>                                128,083
<DIVIDEND-INCOME>                                 0
<INTEREST-INCOME>                             7,867
<OTHER-INCOME>                                    0
<EXPENSES-NET>                                  806
<NET-INVESTMENT-INCOME>                       7,061
<REALIZED-GAINS-CURRENT>                          0
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<NET-CHANGE-FROM-OPS>                         7,111
<EQUALIZATION>                                    0
<DISTRIBUTIONS-OF-INCOME>                     6,397
<DISTRIBUTIONS-OF-GAINS>                          0
<DISTRIBUTIONS-OTHER>                             0
<NUMBER-OF-SHARES-SOLD>                      33,025
<NUMBER-OF-SHARES-REDEEMED>                  31,153
<SHARES-REINVESTED>                             530
<NET-CHANGE-IN-ASSETS>                       30,069
<ACCUMULATED-NII-PRIOR>                       6,122
<ACCUMULATED-GAINS-PRIOR>                         0
<OVERDISTRIB-NII-PRIOR>                           0
<OVERDIST-NET-GAINS-PRIOR>                        0
<GROSS-ADVISORY-FEES>                           707
<INTEREST-EXPENSE>                                0
<GROSS-EXPENSE>                                 806
<AVERAGE-NET-ASSETS>                        141,380
<PER-SHARE-NAV-BEGIN>                         12.53
<PER-SHARE-NII>                                 .68
<PER-SHARE-GAIN-APPREC>                       (.06)
<PER-SHARE-DIVIDEND>                            .62
<PER-SHARE-DISTRIBUTIONS>                         0
<RETURNS-OF-CAPITAL>                              0
<PER-SHARE-NAV-END>                           12.53
<EXPENSE-RATIO>                                 .57
<AVG-DEBT-OUTSTANDING>                            0
<AVG-DEBT-PER-SHARE>                              0
        

</TABLE>

<TABLE> <S> <C>


<ARTICLE>                            6
<CIK>                                0000217087
<NAME>                               SBL FUND
<SERIES>
     <NUMBER>                        004
     <NAME>                          SERIES D
<MULTIPLIER>                         1,000
<CURRENCY>                           U.S. DOLLARS
       
<S>                                  <C>
<PERIOD-TYPE>                        YEAR
<FISCAL-YEAR-END>                    DEC-31-1998
<PERIOD-START>                       JAN-01-1998
<PERIOD-END>                         DEC-31-1998
<EXCHANGE-RATE>                               1.000
<INVESTMENTS-AT-COST>                       298,323
<INVESTMENTS-AT-VALUE>                      339,405
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<SHARES-COMMON-STOCK>                        51,887
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<OVERDISTRIBUTION-NII>                            0
<ACCUMULATED-NET-GAINS>                      27,696
<OVERDISTRIBUTION-GAINS>                          0
<ACCUM-APPREC-OR-DEPREC>                     39,915
<NET-ASSETS>                                349,794
<DIVIDEND-INCOME>                             5,150
<INTEREST-INCOME>                             1,810
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<NET-INVESTMENT-INCOME>                       2,937
<REALIZED-GAINS-CURRENT>                     30,652
<APPREC-INCREASE-CURRENT>                    24,704
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<NUMBER-OF-SHARES-REDEEMED>                  20,050
<SHARES-REINVESTED>                           4,368
<NET-CHANGE-IN-ASSETS>                       64,013
<ACCUMULATED-NII-PRIOR>                       3,266
<ACCUMULATED-GAINS-PRIOR>                    20,120
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<PER-SHARE-DISTRIBUTIONS>                       .52
<RETURNS-OF-CAPITAL>                              0
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<EXPENSE-RATIO>                                1.26
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<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-31-1998
<PERIOD-START>                       JAN-01-1998
<PERIOD-END>                         DEC-31-1998
<EXCHANGE-RATE>                               1.000
<INVESTMENTS-AT-COST>                       148,441
<INVESTMENTS-AT-VALUE>                      152,656
<RECEIVABLES>                                 2,603
<ASSETS-OTHER>                                  206
<OTHER-ITEMS-ASSETS>                              0
<TOTAL-ASSETS>                               15,465
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<SENIOR-LONG-TERM-DEBT>                           0
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<PAID-IN-CAPITAL-COMMON>                    153,744
<SHARES-COMMON-STOCK>                        12,462
<SHARES-COMMON-PRIOR>                        11,507
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<OVERDISTRIBUTION-NII>                            0
<ACCUMULATED-NET-GAINS>                    (12,084)
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<ACCUM-APPREC-OR-DEPREC>                      4,215
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<DIVIDEND-INCOME>                                 0
<INTEREST-INCOME>                            10,255
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<NUMBER-OF-SHARES-SOLD>                       9,194
<NUMBER-OF-SHARES-REDEEMED>                   8,975
<SHARES-REINVESTED>                             736
<NET-CHANGE-IN-ASSETS>                       13,814
<ACCUMULATED-NII-PRIOR>                       8,351
<ACCUMULATED-GAINS-PRIOR>                  (13,817)
<OVERDISTRIB-NII-PRIOR>                           0
<OVERDIST-NET-GAINS-PRIOR>                        0
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<INTEREST-EXPENSE>                                0
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<PER-SHARE-NAV-BEGIN>                         12.25
<PER-SHARE-NII>                                 .74
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<PER-SHARE-DISTRIBUTIONS>                         0
<RETURNS-OF-CAPITAL>                              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-31-1998
<PERIOD-START>                       JAN-01-1998
<PERIOD-END>                         DEC-31-1998
<EXCHANGE-RATE>                               1.000
<INVESTMENTS-AT-COST>                        93,995
<INVESTMENTS-AT-VALUE>                      141,621
<RECEIVABLES>                                   526
<ASSETS-OTHER>                               13,060
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<OVERDISTRIBUTION-NII>                            0
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<OVERDISTRIBUTION-GAINS>                          0
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<NET-ASSETS>                                152,640
<DIVIDEND-INCOME>                             1,111
<INTEREST-INCOME>                               318
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<EQUALIZATION>                                    0
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<DISTRIBUTIONS-OF-GAINS>                      2,781
<DISTRIBUTIONS-OTHER>                             0
<NUMBER-OF-SHARES-SOLD>                       2,302
<NUMBER-OF-SHARES-REDEEMED>                   1,067
<SHARES-REINVESTED>                             125
<NET-CHANGE-IN-ASSETS>                       63,309
<ACCUMULATED-NII-PRIOR>                         253
<ACCUMULATED-GAINS-PRIOR>                     2,448
<OVERDISTRIB-NII-PRIOR>                           0
<OVERDIST-NET-GAINS-PRIOR>                        0
<GROSS-ADVISORY-FEES>                           832
<INTEREST-EXPENSE>                                0
<GROSS-EXPENSE>                                 909
<AVERAGE-NET-ASSETS>                        110,941
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<PER-SHARE-NII>                                 .09
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<PER-SHARE-DIVIDEND>                            .06
<PER-SHARE-DISTRIBUTIONS>                       .66
<RETURNS-OF-CAPITAL>                              0
<PER-SHARE-NAV-END>                           28.40
<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>                        007
     <NAME>                          SERIES J
<MULTIPLIER>                         1,000
<CURRENCY>                           U.S. DOLLARS
       
<S>                                  <C>
<PERIOD-TYPE>                        YEAR
<FISCAL-YEAR-END>                    DEC-31-1998
<PERIOD-START>                       JAN-01-1998
<PERIOD-END>                         DEC-31-1998
<EXCHANGE-RATE>                               1.000
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<INVESTMENTS-AT-VALUE>                      256,841
<RECEIVABLES>                                   894
<ASSETS-OTHER>                               14,727
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<SENIOR-LONG-TERM-DEBT>                           0
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<OVERDISTRIBUTION-GAINS>                          0
<ACCUM-APPREC-OR-DEPREC>                     47,175
<NET-ASSETS>                                271,281
<DIVIDEND-INCOME>                             1,121
<INTEREST-INCOME>                               343
<OTHER-INCOME>                                    0
<EXPENSES-NET>                                1,953
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<REALIZED-GAINS-CURRENT>                     38,692
<APPREC-INCREASE-CURRENT>                     5,869
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<EQUALIZATION>                                    0
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<DISTRIBUTIONS-OF-GAINS>                     23,931
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<NUMBER-OF-SHARES-SOLD>                       5,406
<NUMBER-OF-SHARES-REDEEMED>                   5,166
<SHARES-REINVESTED>                           1,204
<NET-CHANGE-IN-ASSETS>                       44,984
<ACCUMULATED-NII-PRIOR>                       1,388
<ACCUMULATED-GAINS-PRIOR>                    23,729
<OVERDISTRIB-NII-PRIOR>                           0
<OVERDIST-NET-GAINS-PRIOR>                        0
<GROSS-ADVISORY-FEES>                         1,778
<INTEREST-EXPENSE>                                0
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<AVERAGE-NET-ASSETS>                        237,028
<PER-SHARE-NAV-BEGIN>                         21.33
<PER-SHARE-NII>                               (.04)
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<PER-SHARE-DISTRIBUTIONS>                      2.34
<RETURNS-OF-CAPITAL>                              0
<PER-SHARE-NAV-END>                           22.51
<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-31-1998
<PERIOD-START>                       JAN-01-1998
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<EXCHANGE-RATE>                               1.000
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<ACCUM-APPREC-OR-DEPREC>                    (1,001)
<NET-ASSETS>                                 13,028
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<SHARES-REINVESTED>                             154
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<ACCUMULATED-NII-PRIOR>                           0
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<EXPENSE-RATIO>                                1.13
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<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-31-1998
<PERIOD-START>                       JAN-01-1998
<PERIOD-END>                         DEC-31-1998
<EXCHANGE-RATE>                               1.000
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<NUMBER-OF-SHARES-REDEEMED>                   1,577
<SHARES-REINVESTED>                             268
<NET-CHANGE-IN-ASSETS>                      (3,205)
<ACCUMULATED-NII-PRIOR>                         735
<ACCUMULATED-GAINS-PRIOR>                     2,379
<OVERDISTRIB-NII-PRIOR>                           0
<OVERDIST-NET-GAINS-PRIOR>                        0
<GROSS-ADVISORY-FEES>                           461
<INTEREST-EXPENSE>                                0
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<AVERAGE-NET-ASSETS>                         46,084
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<PER-SHARE-NII>                                 .20
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<PER-SHARE-DISTRIBUTIONS>                       .68
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<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>                        010
     <NAME>                          SERIES N
<MULTIPLIER>                         1,000
<CURRENCY>                           U.S. DOLLARS
       
<S>                                  <C>
<PERIOD-TYPE>                        YEAR
<FISCAL-YEAR-END>                    DEC-31-1998
<PERIOD-START>                       JAN-01-1998
<PERIOD-END>                         DEC-31-1998
<EXCHANGE-RATE>                               1.000
<INVESTMENTS-AT-COST>                        65,303
<INVESTMENTS-AT-VALUE>                       78,721
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<SENIOR-LONG-TERM-DEBT>                           0
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<SHARES-COMMON-STOCK>                         4,754
<SHARES-COMMON-PRIOR>                         2,750
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<OVERDISTRIBUTION-NII>                            0
<ACCUMULATED-NET-GAINS>                        (33)
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<NET-ASSETS>                                 76,121
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<NET-INVESTMENT-INCOME>                       1,352
<REALIZED-GAINS-CURRENT>                       (28)
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<EQUALIZATION>                                    0
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<SHARES-REINVESTED>                              83
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<ACCUMULATED-NII-PRIOR>                         724
<ACCUMULATED-GAINS-PRIOR>                       433
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<PER-SHARE-NAV-END>                           16.01
<EXPENSE-RATIO>                                1.22
<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-31-1998
<PERIOD-START>                       JAN-01-1998
<PERIOD-END>                         DEC-31-1998
<EXCHANGE-RATE>                               1.000
<INVESTMENTS-AT-COST>                       178,488
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<NET-ASSETS>                                204,070
<DIVIDEND-INCOME>                             4,857
<INTEREST-INCOME>                               731
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<REALIZED-GAINS-CURRENT>                      9,127
<APPREC-INCREASE-CURRENT>                     2,310
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<EQUALIZATION>                                    0
<DISTRIBUTIONS-OF-INCOME>                     2,450
<DISTRIBUTIONS-OF-GAINS>                      5,929
<DISTRIBUTIONS-OTHER>                             0
<NUMBER-OF-SHARES-SOLD>                       5,624
<NUMBER-OF-SHARES-REDEEMED>                   3,494
<SHARES-REINVESTED>                             459
<NET-CHANGE-IN-ASSETS>                       53,678
<ACCUMULATED-NII-PRIOR>                       2,387
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<EXPENSE-RATIO>                                1.08
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</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
<FISCAL-YEAR-END>                    DEC-31-1998
<PERIOD-START>                       JAN-01-1998
<PERIOD-END>                         DEC-31-1998
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<ACCUMULATED-NII-CURRENT>                        26
<OVERDISTRIBUTION-NII>                            0
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<ACCUMULATED-NII-PRIOR>                         303
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<EXPENSE-RATIO>                                 .18
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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>                        YEAR
<FISCAL-YEAR-END>                    DEC-31-1998
<PERIOD-START>                       JAN-01-1998
<PERIOD-END>                         DEC-31-1998
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<NUMBER-OF-SHARES-REDEEMED>                     218
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<ACCUMULATED-NII-PRIOR>                          28
<ACCUMULATED-GAINS-PRIOR>                         0
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<INTEREST-EXPENSE>                                0
<GROSS-EXPENSE>                                 113
<AVERAGE-NET-ASSETS>                         12,739
<PER-SHARE-NAV-BEGIN>                         13.13
<PER-SHARE-NII>                                 .03
<PER-SHARE-GAIN-APPREC>                        2.14
<PER-SHARE-DIVIDEND>                            .08
<PER-SHARE-DISTRIBUTIONS>                       .39
<RETURNS-OF-CAPITAL>                              0
<PER-SHARE-NAV-END>                           14.83
<EXPENSE-RATIO>                                 .71
<AVG-DEBT-OUTSTANDING>                            0
<AVG-DEBT-PER-SHARE>                              0
        

</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>                        YEAR
<FISCAL-YEAR-END>                    DEC-31-1998
<PERIOD-START>                       JAN-01-1998
<PERIOD-END>                         DEC-31-1998
<EXCHANGE-RATE>                               1.000
<INVESTMENTS-AT-COST>                         4,144
<INVESTMENTS-AT-VALUE>                        5,375
<RECEIVABLES>                                   226
<ASSETS-OTHER>                                  473
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<SENIOR-LONG-TERM-DEBT>                           0
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<PAID-IN-CAPITAL-COMMON>                      5,183
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<ACCUMULATED-NII-CURRENT>                         9
<OVERDISTRIBUTION-NII>                            0
<ACCUMULATED-NET-GAINS>                       (803)
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<DIVIDEND-INCOME>                                 5
<INTEREST-INCOME>                                27
<OTHER-INCOME>                                    0
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<NET-INVESTMENT-INCOME>                          10
<REALIZED-GAINS-CURRENT>                      (582)
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<DISTRIBUTIONS-OF-GAINS>                          0
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<NUMBER-OF-SHARES-REDEEMED>                      62
<SHARES-REINVESTED>                               1
<NET-CHANGE-IN-ASSETS>                        2,981
<ACCUMULATED-NII-PRIOR>                           4
<ACCUMULATED-GAINS-PRIOR>                     (220)
<OVERDISTRIB-NII-PRIOR>                           0
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<GROSS-ADVISORY-FEES>                            38
<INTEREST-EXPENSE>                                0
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<AVERAGE-NET-ASSETS>                          3,780
<PER-SHARE-NAV-BEGIN>                          9.60
<PER-SHARE-NII>                                 .02
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<EXPENSE-RATIO>                                 .59
<AVG-DEBT-OUTSTANDING>                            0
<AVG-DEBT-PER-SHARE>                              0
        

</TABLE>


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