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SBL FUND PROSPECTUS SUPPLEMENT
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SBL FUND
MEMBER OF THE SECURITY BENEFIT GROUP OF COMPANIES
700 HARRISON, TOPEKA, KANSAS 66636-0001
SUPPLEMENT DATED MARCH 15, 2000
TO PROSPECTUS DATED JULY 23, 1999
AS SUPPLEMENTED FEBRUARY 1, 2000
UNDER THE SECTION "SERIES' PRINCIPAL INVESTMENT STRATEGIES" ADD THE FOLLOWING
INFORMATION FOR SERIES A (GROWTH SERIES), SERIES B (GROWTH-INCOME SERIES) AND
SERIES Y (SELECT 25 SERIES):
The Series also may invest a portion of its assets in options and futures
contracts which may be used to hedge the Series' portfolio, to increase returns
or to maintain exposure to the equity markets.
FOR SERIES A (GROWTH SERIES) AND SERIES Y (SELECT 25 SERIES) ADD:
The Series may invest in a variety of investment companies, including those that
seek to track the composition and performance of a specific index. The Series
may use these index-based investments as a way of managing its cash position, to
gain exposure to the equity markets, or a particular sector of the equity
market, while maintaining liquidity.
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INDEX-BASED INVESTMENTS, such as S&P Depositary Receipts (SPDRs), hold
substantially all of their assets in securities representing a specific index.
In the case of SPDRs the index represented is the S&P 500.
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FOR SERIES S (SOCIAL AWARENESS SERIES) ADD:
The Series also may invest in companies that are included in the Domini 400
Social IndexSM, which companies will be deemed to comply with Series' social
criteria.
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The DOMINI 400 SOCIAL INDEXSM (DSI) is a market capitalization-weighted common
stock index. It monitors the performance of 400 U.S. corporations that pass
multiple, broad-based social screens. The DSI 400 consists of approximately 250
companies included in the Standard & Poor's 500 Index, approximately 100
additional large companies not included in the S&P but providing industry
representation, and approximately 50 additional companies with particularly
strong social characteristics. The DSI is maintained by Kinder, Lydenberg,
Domini & Co., Inc.
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FOR SERIES X, THE DESCRIPTION OF THE MARKET CAPITALIZATION OF THE COMPANIES IN
WHICH THE SERIES MAY INVEST IS REVISED TO READ AS FOLLOWS:
The Series pursues its investment objective by investing, under normal
circumstances, at least 65% of its assets in equity securities of domestic and
foreign companies with market capitalizations substantially similar to that of
companies in the Russell 2000 Growth Index at the time of purchase.
UNDER THE SECTION "MAIN RISKS," SUBSECTION "OPTIONS AND FUTURES" THE REFERENCE
TO "EXCEPT SERIES A" IS REMOVED.
EFFECTIVE MARCH 7, 2000, TERRY A. MILBERGER ASSUMED PORTFOLIO MANAGEMENT
RESPONSIBILITIES FOR SERIES B (GROWTH-INCOME SERIES), REPLACING MICHAEL A.
PETERSON. MR. PETERSON'S BIOGRAPHICAL INFORMATION APPEARING UNDER THE HEADING
"PORTFOLIO MANAGERS" IS REMOVED AND MR. MILBERGER'S BIOGRAPHICAL INFORMATION
UNDER THE SAME HEADING IS REPLACED WITH THE FOLLOWING INFORMATION:
TERRY A. MILBERGER, Senior Vice President and Senior Portfolio Manager of the
Investment Manager, has managed Series A (Growth Series) since 1989 and has
managed Series B (Growth-Income Series) since March 2000. He has been the lead
manager of Series Y (Select 25 Series) since its inception in May 1999. Mr.
Milberger has more than 20 years of investment experience. He began his career
as an investment analyst in the insurance industry and from 1974 through 1978 he
served as an assistant portfolio manager for the Investment Manager. He was then
employed as Vice President of Texas Commerce Bank and managed its pension fund
assets until he returned to the Investment Manager in 1981. Mr. Milberger holds
a bachelor's degree in business and an M.B.A. from the University of Kansas and
is a Chartered Financial Analyst.
