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066 A000400 N
067 000400 N
068 A000400 N
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<PAGE> PAGE 21
070 A020400 N
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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
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070 L020400 Y
070 M010400 Y
070 M020400 N
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070 N020400 N
070 O010400 Y
070 O020400 N
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070 Q020400 N
070 R010400 N
070 R020400 N
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
070 I010500 N
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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SIGNATURE OTIS F. HILBERT
TITLE SECRETARY
LB Series Fund, Inc.
Form N-SAR for
Period Ended 12-31-96
INDEX TO EXHIBITS
EXHIBIT NO. ITEM
99.1 Report on internal control by Independent Public
Accountants. (Item 77.B.)
27 Financial Data Schedule (Exhibit 27)
3100 Multifoods Tower Telephone 612 332 7000
33 South Sixth Street Facsimile 612 332 6711
Minneapolis, MN 55402-3795
Price Waterhouse LLP (LOGO)
REPORT OF INDEPENDENT ACCOUNTANTS
ON INTERNAL ACCOUNTING CONTROLS
February 7, 1997
To the Shareholders and
Board of Directors of
LB Series Fund, Inc.
In planning and performing our audit of the financial statements of LB
Series Fund, Inc. (being comprised of Opportunity Growth, World Growth,
Growth, High Yield, Income and Money Market Portfolios and hereafter referred
to as the "Fund") for the year ended December 31, 1996 we considered the
Fund's internal control structure, including procedures for safeguarding
securities, in order to determine our auditing procedures for the purposes of
expressing our opinion on the financial statements and to comply with the
requirements of Form N-SAR, and not to provide assurance on the internal
control structure.
The management of the Fund is responsible for establishing and maintaining an
internal control structure. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and
related costs of internal control structure policies and procedures. Two of
the objectives of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are appropriately
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it
may become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce
to a relatively low level the risk that errors or irregularities in amounts
that would be material in relation to the financial statements being audited
may occur and not be detected within a timely period by employees in the
normal course of performing their assigned functions. However, we noted no
matters involving the internal control structure, including procedures for
safeguarding securities, that we consider to be material weaknesses as defined
above as of December 31, 1996.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
/s/ Price Waterhouse LLP
pwlet.doc
<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, 1996 and
is qualified in its entirety by reference to such Annual Report.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> LB SERIES FUND, INC. - GROWTH PORTFOLIO
</SERIES>
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<CURRENCY> U.S. DOLLARS
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<PERIOD-END> DEC-31-1996
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 1,515,168
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<SHARES-COMMON-PRIOR> 64,198
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<REALIZED-GAINS-CURRENT> 226,018
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<EQUALIZATION> 0
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<DISTRIBUTIONS-OF-GAINS> 156,588
<DISTRIBUTIONS-OTHER> 0
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<NUMBER-OF-SHARES-REDEEMED> 1,544
<SHARES-REINVESTED> 10,463
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,622
<AVERAGE-NET-ASSETS> 1,405,555
<PER-SHARE-NAV-BEGIN> 18.27
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<AVG-DEBT-OUTSTANDING> 0
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</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, 1996 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
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<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 855,206
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<RECEIVABLES> 10,759
<ASSETS-OTHER> 57
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 873,180
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<TOTAL-LIABILITIES> 72,020
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<PAID-IN-CAPITAL-COMMON> 819,799
<SHARES-COMMON-STOCK> 82,176
<SHARES-COMMON-PRIOR> 75,614
<ACCUMULATED-NII-CURRENT> 0
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<ACCUMULATED-NET-GAINS> (25,866)
<OVERDISTRIBUTION-GAINS> 0
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<REALIZED-GAINS-CURRENT> (3,739)
<APPREC-INCREASE-CURRENT> (21,236)
<NET-CHANGE-FROM-OPS> 25,863
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 50,838
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 8,257
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<SHARES-REINVESTED> 5,273
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<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (22,127)
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<GROSS-EXPENSE> 3,107
<AVERAGE-NET-ASSETS> 776,849
<PER-SHARE-NAV-BEGIN> 10.08
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<EXPENSE-RATIO> 0.40
<AVG-DEBT-OUTSTANDING> 0
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</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, 1996 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
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<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 103,831
<INVESTMENTS-AT-VALUE> 103,831
<RECEIVABLES> 84
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<TOTAL-ASSETS> 103,921
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<TOTAL-LIABILITIES> 0
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<SHARES-COMMON-STOCK> 103,921
<SHARES-COMMON-PRIOR> 66,150
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<OVERDISTRIBUTION-GAINS> 0
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<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 325
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 325
<AVERAGE-NET-ASSETS> 81,358
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0.05
<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, 1996 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-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 1,002,647
<INVESTMENTS-AT-VALUE> 1,012,860
<RECEIVABLES> 15,360
<ASSETS-OTHER> 1,724
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,029,944
<PAYABLE-FOR-SECURITIES> 3,207
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> (0)
<TOTAL-LIABILITIES> 3,207
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,023,695
<SHARES-COMMON-STOCK> 102,108
<SHARES-COMMON-PRIOR> 79,742
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (7,170)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 10,212
<NET-ASSETS> 1,026,737
<DIVIDEND-INCOME> 8,358
<INTEREST-INCOME> 84,287
<OTHER-INCOME> 0
<EXPENSES-NET> 3,624
<NET-INVESTMENT-INCOME> 89,021
<REALIZED-GAINS-CURRENT> 19,531
<APPREC-INCREASE-CURRENT> (9,358)
<NET-CHANGE-FROM-OPS> 99,194
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 89,021
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 15,617
<NUMBER-OF-SHARES-REDEEMED> 2,176
<SHARES-REINVESTED> 8,924
<NET-CHANGE-IN-ASSETS> 234,247
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (26,701)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,624
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,624
<AVERAGE-NET-ASSETS> 906,009
<PER-SHARE-NAV-BEGIN> 9.94
<PER-SHARE-NII> 0.98
<PER-SHARE-GAIN-APPREC> 0.12
<PER-SHARE-DIVIDEND> 0.98
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.06
<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, 1996 and
is qualified in its entirety by reference to such Annual Report.
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> LB SERIES FUND, INC. - OPPORTUNITY GROWTH PORTFOLIO
</SERIES>
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-18-1996
<PERIOD-END> DEC-31-1996
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 259,898
<INVESTMENTS-AT-VALUE> 255,557
<RECEIVABLES> 2,152
<ASSETS-OTHER> 270
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 257,979
<PAYABLE-FOR-SECURITIES> 11,428
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 11,428
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 254,590
<SHARES-COMMON-STOCK> 21,431
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,698)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (4,341)
<NET-ASSETS> 246,551
<DIVIDEND-INCOME> 24
<INTEREST-INCOME> 827
<OTHER-INCOME> 0
<EXPENSES-NET> 506
<NET-INVESTMENT-INCOME> 345
<REALIZED-GAINS-CURRENT> 4,493
<APPREC-INCREASE-CURRENT> (4,341)
<NET-CHANGE-FROM-OPS> 497
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 345
<DISTRIBUTIONS-OF-GAINS> 8,191
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 20,830
<NUMBER-OF-SHARES-REDEEMED> 141
<SHARES-REINVESTED> 742
<NET-CHANGE-IN-ASSETS> 246,551
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 506
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 506
<AVERAGE-NET-ASSETS> 132,913
<PER-SHARE-NAV-BEGIN> 10
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 1.90
<PER-SHARE-DIVIDEND> 0.02
<PER-SHARE-DISTRIBUTIONS> 0.40
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.5
<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, 1996 and
is qualified in its entirety by reference to such Annual Report.
</LEGEND>
<SERIES>
<NUMBER> 6
<NAME> LB SERIES FUND, INC. - WORLD GROWTH PORTFOLIO
</SERIES>
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-18-1996
<PERIOD-END> DEC-31-1996
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 162,236
<INVESTMENTS-AT-VALUE> 172,568
<RECEIVABLES> 541
<ASSETS-OTHER> 1,388
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 174,497
<PAYABLE-FOR-SECURITIES> 402
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2
<TOTAL-LIABILITIES> 404
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 163,854
<SHARES-COMMON-STOCK> 15,901
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (103)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 10,342
<NET-ASSETS> 174,093
<DIVIDEND-INCOME> 1,412
<INTEREST-INCOME> 550
<OTHER-INCOME> 0
<EXPENSES-NET> 761
<NET-INVESTMENT-INCOME> 1,201
<REALIZED-GAINS-CURRENT> 129
<APPREC-INCREASE-CURRENT> 10,341
<NET-CHANGE-FROM-OPS> 11,671
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,433
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 15,909
<NUMBER-OF-SHARES-REDEEMED> 139
<SHARES-REINVESTED> 131
<NET-CHANGE-IN-ASSETS> 174,093
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 761
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 761
<AVERAGE-NET-ASSETS> 94,171
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.08
<PER-SHARE-GAIN-APPREC> 0.96
<PER-SHARE-DIVIDEND> 0.09
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.95
<EXPENSE-RATIO> 0.85
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
