LB SERIES FUND INC/
NSAR-B, 1996-02-28
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<PAGE>      PAGE  1
000 B000000 12/31/95
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001 A000000 LB SERIES FUND, INC.
001 B000000 811-4603
001 C000000 6123407215
002 A000000 625 FOURTH AVENUE SOUTH
002 B000000 MINNEAPOLIS
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020 A000001 LEHMAN BROTHERS, INC.
020 B000001 13-2518466
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020 A000003 MORGAN STANLEY & CO.
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020 A000004 MERRILL LYNCH PIERCE FENNER & SMITH
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<PAGE>      PAGE  2
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020 A000006 BEAR STEARNS & CO.
020 B000006 13-4946705
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020 A000007 PRUDENTIAL SECURITIES, INC.
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<PAGE>      PAGE  3
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<PAGE>      PAGE  4
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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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<PAGE>      PAGE  11
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<PAGE>      PAGE  12
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<PAGE>      PAGE  14
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<PAGE>      PAGE  17
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028 E020400      5834
028 E030400         0
028 E040400       942
028 F010400     13554
028 F020400      5288
028 F030400         0
028 F040400      1414
028 G010400     60596
028 G020400     35605
028 G030400         0
028 G040400      7339
028 H000400         0
029  000400 N
030 A000400      0
030 B000400  0.00
030 C000400  0.00
031 A000400      0
031 B000400      0
032  000400      0
033  000400      0
034  000400 N
035  000400      0
036 B000400      0
037  000400 N
038  000400      0
039  000400 N
040  000400 N
041  000400 N
042 A000400   0
042 B000400   0
042 C000400   0
042 D000400   0
042 E000400   0
042 F000400   0
042 G000400   0
042 H000400   0
043  000400      0
044  000400      0
045  000400 Y
046  000400 N
047  000400 Y
048  000400  0.400
048 A010400        0
048 A020400 0.000
048 B010400        0
048 B020400 0.000
048 C010400        0
048 C020400 0.000
048 D010400        0
<PAGE>      PAGE  20
048 D020400 0.000
048 E010400        0
048 E020400 0.000
048 F010400        0
048 F020400 0.000
048 G010400        0
048 G020400 0.000
048 H010400        0
048 H020400 0.000
048 I010400        0
048 I020400 0.000
048 J010400        0
048 J020400 0.000
048 K010400        0
048 K020400 0.000
049  000400 N
050  000400 N
051  000400 N
052  000400 N
053 A000400 N
055 A000400 N
055 B000400 N
056  000400 N
057  000400 N
061  000400        0
062 A000400 Y
062 B000400   0.0
062 C000400   0.0
062 D000400   0.0
062 E000400   0.0
062 F000400   0.0
062 G000400   0.0
062 H000400   0.0
062 I000400   5.6
062 J000400   0.0
062 K000400   0.0
062 L000400   0.0
062 M000400   0.0
062 N000400   0.0
062 O000400   0.0
062 P000400  77.8
062 Q000400  16.6
062 R000400   0.0
063 A000400   0
063 B000400  8.9
064 A000400 N
066 A000400 N
067  000400 N
068 A000400 N
068 B000400 N
069  000400 N
<PAGE>      PAGE  21
070 A010400 Y
070 A020400 N
070 B010400 Y
070 B020400 N
070 C010400 Y
070 C020400 N
070 D010400 Y
070 D020400 N
070 E010400 Y
070 E020400 N
070 F010400 Y
070 F020400 N
070 G010400 Y
070 G020400 N
070 H010400 Y
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 Y
070 K010400 Y
070 K020400 N
070 L010400 Y
070 L020400 Y
070 M010400 Y
070 M020400 N
070 N010400 Y
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 Y
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400    553626
071 B000400    525253
071 C000400    630556
071 D000400   67
072 A000400 12
072 B000400    64896
072 C000400     6154
072 D000400        0
072 E000400        0
072 F000400     2749
072 G000400        0
072 H000400        0
072 I000400        0
072 J000400        0
072 K000400        0
<PAGE>      PAGE  22
072 L000400        0
072 M000400        0
072 N000400        0
072 O000400        0
072 P000400        0
072 Q000400        0
072 R000400        0
072 S000400        0
072 T000400        0
072 U000400        0
072 V000400        0
072 W000400        0
072 X000400     2749
072 Y000400        0
072 Z000400    68301
072AA000400        0
072BB000400    17635
072CC010400    70248
072CC020400        0
072DD010400    68301
072DD020400        0
072EE000400        0
073 A010400   0.9590
073 A020400   0.0000
073 B000400   0.0000
073 C000400   0.0000
074 A000400       69
074 B000400        0
074 C000400    43949
074 D000400   621304
074 E000400    82631
074 F000400    34162
074 G000400        0
074 H000400        0
074 I000400        0
074 J000400     1752
074 K000400        0
074 L000400    10948
074 M000400        0
074 N000400   794815
074 O000400     1961
074 P000400        0
074 Q000400        0
074 R010400        0
074 R020400        0
074 R030400        0
074 R040400      364
074 S000400        0
074 T000400   792490
074 U010400    79742
074 U020400        0
<PAGE>      PAGE  23
074 V010400     9.94
074 V020400     0.00
074 W000400   0.0000
074 X000400        5
074 Y000400        0
075 A000400        0
075 B000400   687295
076  000400     0.00
SIGNATURE   OTIS F. HILBERT                              
TITLE       SECRETARY           
 


<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the LB 
Series Fund, Inc. Annual Report to Shareholders dated December 31, 1995 and 
is qualified in its entirety by reference to such Annual Report.
</LEGEND>
<SERIES>
   <NUMBER> 1
   <NAME> LB SERIES FUND, INC. - GROWTH PORTFOLIO
</SERIES>
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-START>                             JAN-01-1995
<PERIOD-END>                               DEC-31-1995
<EXCHANGE-RATE>                                      1
<INVESTMENTS-AT-COST>                        1,082,113
<INVESTMENTS-AT-VALUE>                       1,182,724
<RECEIVABLES>                                    3,546
<ASSETS-OTHER>                                     128
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                               1,186,398
<PAYABLE-FOR-SECURITIES>                        13,228
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                           26
<TOTAL-LIABILITIES>                             13,254
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                       917,598
<SHARES-COMMON-STOCK>                           64,198
<SHARES-COMMON-PRIOR>                           53,435
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                        154,935
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                       100,611
<NET-ASSETS>                                 1,173,144
<DIVIDEND-INCOME>                               13,341
<INTEREST-INCOME>                                4,781
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   3,755
<NET-INVESTMENT-INCOME>                         14,367
<REALIZED-GAINS-CURRENT>                       178,315
<APPREC-INCREASE-CURRENT>                       93,851
<NET-CHANGE-FROM-OPS>                          286,533
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                       14,367
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         10,640
<NUMBER-OF-SHARES-REDEEMED>                        738
<SHARES-REINVESTED>                                861
<NET-CHANGE-IN-ASSETS>                         451,323
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                     (23,379)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                            3,755
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                  3,755
<AVERAGE-NET-ASSETS>                           938,777
<PER-SHARE-NAV-BEGIN>                            13.51
<PER-SHARE-NII>                                   0.24
<PER-SHARE-GAIN-APPREC>                           4.76
<PER-SHARE-DIVIDEND>                              0.24
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              18.27
<EXPENSE-RATIO>                                   0.40
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        



</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the LB 
Series Fund, Inc. Annual Report to Shareholders dated December 31, 1995 and 
is qualified in its entirety by reference to such Annual Report.
</LEGEND>
<SERIES>
   <NUMBER> 2
   <NAME> LB SERIES FUND, INC. - INCOME PORTFOLIO
</SERIES>
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-START>                             JAN-01-1995
<PERIOD-END>                               DEC-31-1995
<EXCHANGE-RATE>                                      1
<INVESTMENTS-AT-COST>                          743,951
<INVESTMENTS-AT-VALUE>                         772,414
<RECEIVABLES>                                   10,886
<ASSETS-OTHER>                                     116
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                 783,416
<PAYABLE-FOR-SECURITIES>                        21,087
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                          272
<TOTAL-LIABILITIES>                             21,359
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                       755,721
<SHARES-COMMON-STOCK>                           75,614
<SHARES-COMMON-PRIOR>                           67,283
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                       (22,127)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                        28,463
<NET-ASSETS>                                   762,057
<DIVIDEND-INCOME>                                  180
<INTEREST-INCOME>                               48,094
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   2,677
<NET-INVESTMENT-INCOME>                         45,597
<REALIZED-GAINS-CURRENT>                        14,949
<APPREC-INCREASE-CURRENT>                       57,100
<NET-CHANGE-FROM-OPS>                          117,646
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                       45,597
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                          7,399
<NUMBER-OF-SHARES-REDEEMED>                      3,804
<SHARES-REINVESTED>                              4,736
<NET-CHANGE-IN-ASSETS>                         153,843
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                     (37,076)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                            2,677
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                  2,677
<AVERAGE-NET-ASSETS>                           669,240
<PER-SHARE-NAV-BEGIN>                             9.04
<PER-SHARE-NII>                                   0.65
<PER-SHARE-GAIN-APPREC>                           1.04
<PER-SHARE-DIVIDEND>                              0.65
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              10.08
<EXPENSE-RATIO>                                   0.40
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        



</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the LB 
Series Fund, Inc. Annual Report to Shareholders dated December 31, 1995 and 
is qualified in its entirety by reference to such Annual Report.
</LEGEND>
<SERIES>
   <NUMBER> 3
   <NAME> LB SERIES FUND, INC. - MONEY MARKET PORTFOLIO
</SERIES>
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-START>                             JAN-01-1995
<PERIOD-END>                               DEC-31-1995
<EXCHANGE-RATE>                                      1
<INVESTMENTS-AT-COST>                           66,158
<INVESTMENTS-AT-VALUE>                          66,158
<RECEIVABLES>                                        9
<ASSETS-OTHER>                                       4
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                  66,171
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                           21
<TOTAL-LIABILITIES>                                 21
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                        66,150
<SHARES-COMMON-STOCK>                           66,150
<SHARES-COMMON-PRIOR>                           41,883
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                             0
<NET-ASSETS>                                    66,150
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                                2,850
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                     192
<NET-INVESTMENT-INCOME>                          2,658
<REALIZED-GAINS-CURRENT>                             0
<APPREC-INCREASE-CURRENT>                            0
<NET-CHANGE-FROM-OPS>                            2,658
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                        2,658
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         52,883
<NUMBER-OF-SHARES-REDEEMED>                     31,261
<SHARES-REINVESTED>                              2,645
<NET-CHANGE-IN-ASSETS>                          24,267
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                              192
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                    192
<AVERAGE-NET-ASSETS>                            47,897
<PER-SHARE-NAV-BEGIN>                             1.00
<PER-SHARE-NII>                                   0.06
<PER-SHARE-GAIN-APPREC>                              0
<PER-SHARE-DIVIDEND>                              0.06
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               1.00
<EXPENSE-RATIO>                                   0.40
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        



</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the LB 
Series Fund, Inc. Annual Report to Shareholders dated December 31, 1995 and 
is qualified in its entirety by reference to such Annual Report.
</LEGEND>
<SERIES>
   <NUMBER> 4
   <NAME> LB SERIES FUND, INC. - HIGH YIELD PORTFOLIO
</SERIES>
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-START>                             JAN-01-1995
<PERIOD-END>                               DEC-31-1995
<EXCHANGE-RATE>                                      1
<INVESTMENTS-AT-COST>                          762,475
<INVESTMENTS-AT-VALUE>                         782,046
<RECEIVABLES>                                   12,700
<ASSETS-OTHER>                                      69
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                 794,815
<PAYABLE-FOR-SECURITIES>                         1,961
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                          364
<TOTAL-LIABILITIES>                              2,325
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                       799,621
<SHARES-COMMON-STOCK>                           79,742
<SHARES-COMMON-PRIOR>                           64,885
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                       (26,701)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                        19,570
<NET-ASSETS>                                   792,490
<DIVIDEND-INCOME>                                6,154
<INTEREST-INCOME>                               64,896
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   2,749
<NET-INVESTMENT-INCOME>                         68,301
<REALIZED-GAINS-CURRENT>                      (17,635)
<APPREC-INCREASE-CURRENT>                       70,248
<NET-CHANGE-FROM-OPS>                          120,914
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                       68,301
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                          9,777
<NUMBER-OF-SHARES-REDEEMED>                      1,980
<SHARES-REINVESTED>                              7,061
<NET-CHANGE-IN-ASSETS>                         196,849
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                      (9,067)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                            2,749
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                  2,749
<AVERAGE-NET-ASSETS>                           687,295
<PER-SHARE-NAV-BEGIN>                             9.18
<PER-SHARE-NII>                                   0.96
<PER-SHARE-GAIN-APPREC>                           0.76
<PER-SHARE-DIVIDEND>                              0.96
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               9.94
<EXPENSE-RATIO>                                   0.40
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        



</TABLE>


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