LB SERIES FUND INC/
NSAR-A, 1998-08-24
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<PAGE>      PAGE  1
000 A000000 06/30/98
000 C000000 790166
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 LB SERIES FUND, INC.
001 B000000 811-4603
001 C000000 6123407215
002 A000000 625 FOURTH AVENUE SOUTH
002 B000000 MINNEAPOLIS
002 C000000 MN
002 D010000 55415
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  7
007 C010100  1
007 C020100 GROWTH PORTFOLIO
007 C030100 N
007 C010200  2
007 C020200 INCOME PORTFOLIO
007 C030200 N
007 C010300  3
007 C020300 MONEY MARKET PORTFOLIO
007 C030300 N
007 C010400  4
007 C020400 HIGH YIELD PORTFOLIO
007 C030400 N
007 C010500  5
007 C020500 OPPORTUNITY GROWTH PORTFOLIO
007 C030500 N
007 C010600  6
007 C020600 WORLD GROWTH PORTFOLIO
007 C030600 N
007 C010700  7
007 C020700 MID CAP GROWTH PORTFOLIO
007 C030700 N
007 C010800  8
007 C010900  9
007 C011000 10
008 A00AA01 LUTHERAN BROTHERHOOD
008 B00AA01 A
008 C00AA01 801-08220
008 D01AA01 MINNEAPOLIS
008 D02AA01 MN
<PAGE>      PAGE  2
008 D03AA01 55415
008 A00AA02 ROWE PRICE FLEMING
008 B00AA02 S
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008 D01AA02 BALTIMORE
008 D02AA02 MD
008 D03AA02 21202
008 A00AA03 T. ROWE PRICE ASSOCIATES
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019 B00AA00    0
020 A000001 LEHMAN BROTHERS, INC.
020 B000001 13-2518466
020 C000001    751
020 A000002 DONALDSON LUFKIN & JENRETTE
020 B000002 13-2741729
020 C000002    420
020 A000003 BEAR STEARNS & CO.
020 B000003 13-4946705
020 C000003    318
020 A000004 MORGAN STANLEY & CO.
020 B000004 13-2655998
020 C000004    314
020 A000005 MERRILL LYNCH PIERCE FENNER & SMITH
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020 C000005    312
020 A000006 FIRST BOSTON CORP.
020 B000006 13-5659485
020 C000006    204
020 A000007 JOHNSON, RICE & CO.
020 B000007 72-1091384
020 C000007    186
020 A000008 PRUDENTIAL SECURITIES, INC.
020 B000008 22-2347336
020 C000008    165
020 A000009 INTERSTATE SECURITIES
020 B000009 56-0276690
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020 A000010 MORGAN J.P., SECURITIES, INC.
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022 A000001 GOLDMAN SACHS & CO.
022 B000001 13-5108880
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022 A000002 BT SECURITIES CORP.
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<PAGE>      PAGE  3
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022 C000004   2293105
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022 C000007   1410871
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022 A000008 MORGAN J.P., SECURITIES, INC.
022 B000008 13-3224016
022 C000008   1621855
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022 A000009 CITICORP SECURITIES MARKET, INC.
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022 A000010 LEHMAN BROTHERS, INC.
022 B000010 13-2518466
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<PAGE>      PAGE  4
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<PAGE>      PAGE  5
025 A000106 PRUDENTIAL SECURITIES, INC.
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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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025 C000201 D
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025 A000202 GENERAL ELECTRIC CAPITAL CORP
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025 C000202 D
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025 A000203 PRUDENTIAL SECURITIES, INC.
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025 C000203 D
<PAGE>      PAGE  10
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<PAGE>      PAGE  11
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<PAGE>      PAGE  12
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<PAGE>      PAGE  13
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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  17
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<PAGE>      PAGE  18
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<PAGE>      PAGE  19
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<PAGE>      PAGE  20
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<PAGE>      PAGE  21
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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
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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  32
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<PAGE>      PAGE  33
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<PAGE>      PAGE  34
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<PAGE>      PAGE  35
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<PAGE>      PAGE  37
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072 Q000700        0
072 R000700        0
072 S000700        0
072 T000700        0
072 U000700        0
072 V000700        0
072 W000700        0
072 X000700       53
072 Y000700        0
072 Z000700       98
072AA000700        0
072BB000700      448
072CC010700      979
072CC020700        0
072DD010700        0
072DD020700        0
072EE000700        0
073 A010700   0.0000
073 A020700   0.0000
073 B000700   0.0000
073 C000700   0.0000
074 A000700       42
074 B000700        0
074 C000700     6300
074 D000700        0
074 E000700        0
<PAGE>      PAGE  38
074 F000700    57817
074 G000700        0
074 H000700        0
074 I000700        0
074 J000700        0
074 K000700        0
074 L000700       13
074 M000700        0
074 N000700    64172
074 O000700     2872
074 P000700        0
074 Q000700        0
074 R010700        0
074 R020700        0
074 R030700        0
074 R040700        0
074 S000700        0
074 T000700    61300
074 U010700     5588
074 U020700        0
074 V010700    10.97
074 V020700     0.00
074 W000700   0.0000
074 X000700        4
074 Y000700        0
075 A000700        0
075 B000700    32170
076  000700     0.00
SIGNATURE   OTIS F. HILBERT                              
TITLE       SECRETARY           
 


<PAGE>
                           LB Series Fund, Inc.

                             Form N-SAR for
                          Period Ended 6-30-98


                            INDEX TO EXHIBITS


EXHIBIT NO.                        ITEM


    27            Financial Data Schedule (Exhibit 27)




ATTACHMENT NO.                     ITEM

    77C           Description of Matters Submitted to a Vote of Security 
                  Holders

    77D           Description of Changes in the Fund's Investment Policies
                  That Have Not Been Submitted to a Vote of Security Holders

    77Q           Sub-Advisory Contract

#22156



<PAGE>
                               ATTACHMENT 77C

        Description of Matters Submitted to a Vote of Security Holders

(a)  A Special Meeting of Shareholders of the Opportunity Growth Portfolio 
(the "Meeting") was held on April 29, 1998.

(b)  The sole matter voted upon at the Special Meeting, and the affirmative 
and negative votes cast thereto, was the approval or disapproval of a new 
investment  sub-advisory agreement between the LB Series Fund, Inc., 
Lutheran Brotherhood, and T. Rowe Price Associates, Inc.; 

           Votes to approve:       31,709,607.8051
           Votes to disapprove:       423,051.4968
           Votes to abstain:        2,213,543.0314


#22175


<PAGE>
                              ATTACHMENT 77D

           Description of Changes in the Fund's Investment Policies
          That Have Not Been  Submitted to a Vote of Security Holders

At a meeting of the Board of Directors of the LB Series Fund, Inc. (the 
"Fund") held on December 4, 1997, the Directors of the Fund approved the 
following change in the non-fundamental investment policy of the Money 
Market Portfolio of the Fund:

     RESOLVED, that the investment policies of the LB Series Fund,
     Inc. (the "Fund") as set forth in the "Investment Objectives
     and Policies" section of the Fund's Statement of Additional
     Information are hereby amended by deleting the following
     paragraph from such section:

     3.  Commercial paper issued by domestic corporations which at
     the date of investment has been found by the Portfolio's Adviser
     to have minimal credit risk and is rated "high quality" by
     Moody's Investors Service, Inc. ("Moody's") or Standard & 
     Poor's Corporation ("S&P"), provided that in no event will 
     the Portfolio invest in commercial paper rated lower than
     Prime-2 by Moody's or A-2 by S&P or, if not rated, issued by
     domestic corporations which have an outstanding senior long-
     term debt issue rated Baa or better by Moody's or BBB or better
     by S&P. In the case where commercial paper has received different
     ratings from different services, such commercial paper is an
     acceptable investment so long as at least one rating is a top
     quality rating and provided the commercial paper presents 
     minimal credit risk. The Portfolio will not invest more than 5%
     of its assets in securities that have received different ratings
     from different services, and will invest no more than 1% of its
     assets in the securities of one issuer, when such securities
     have received different ratings. Long term corporate debt issues
     having less than 397 days to maturity are deemed to be commercial
     paper and to have a credit risk equal to the issuer's commercial
     paper rating. See "Description of Debt Ratings" for an explanation
     of the ratings issued by Moody's and S&P. "Commercial paper" 
     consists of short-term (usually from one to 270 days) unsecured 
     promissory notes issued by corporations in order to finance their
     current operations.

And inserting the following paragraph in place of the above deleted 
paragraph:

     3.  Commercial paper issued by domestic corporations which at the
     date of investment have been found by the Portfolio's Adviser to 
     have minimal credit risk and, except as noted below, are rated
     "high quality" by Moody's Investors Service, Inc. ("Moody's") or 
     Standard & Poor's Corporation ("S&P"), or any other similar
     nationally recognized statistical rating organization ("NRSRO"), 
     provided that in no event will the Portfolio invest in commercial
     paper rated lower than Prime-2 by Moody's or A-2 by S&P or any 
     comparable rating by any other NRSRO or, if not rated, issued by 
     domestic corporations which have an outstanding senior long-term
     debt issue rated A or lower by Moody's or A or lower by S&P. In
     the case where commercial paper has received different ratings
     from different services, such commercial paper is an acceptable
     investment so long as at least one rating is a top quality
     rating and provided the commercial paper presents minimal credit
     risk.  When a security has received ratings by two or more 
     different NRSROs and at least two of the ratings are the highest
     rating given by such NRSROs, the security will be considered "high
     quality".  When a security has received ratings by two or more
     different NRSROs and only one of the ratings is the highest rating
     given by such NRSROs, the security will not be considered "high
     quality".  The Portfolio will not invest more than 5% of its 
     assets in securities that have received ratings from two or more 
     different NRSROs and less than two of the ratings are the highest
     rating given by such NRSROs, and will invest no more than 1% of
     its assets in the securities of any one issuer, when the issuer's
     securities have received ratings from two or more different NRSROs
     and less than two of the ratings are the highest rating given by
     such NRSROs.  Long term corporate debt issues having less than 397
     days to maturity are deemed to be commercial paper and to have a
     credit risk equal to the issuer's commercial paper rating.  See 
     "Description of Debt Ratings" for an explanation of the ratings
     issued by Moody's and S&P. "Commercial paper" consists of short-
     term (usually from one to 270 days) unsecured promissory notes
     issued by corporations in order to finance their current operations.

This change was made effective with the Fund's prospectus dated May 1, 1998. 

#22176



<PAGE>
                              ATTACHMENT 77Q



                       INVESTMENT SUB-ADVISORY AGREEMENT

                                  By and Among

                              Lutheran Brotherhood 
                                       and
                              LB Series Fund, Inc.
                                       and
                          T. ROWE PRICE ASSOCIATES, INC.


     INVESTMENT SUB-ADVISORY AGREEMENT, made as of the 30th day of April 
1998, between Lutheran Brotherhood ("Adviser"), a fraternal benefit society 
organized and existing under the laws of the State of Minnesota, the LB 
Series Fund, Inc., a corporation organized and existing under the laws of 
the State of Minnesota ("Fund"), and T. Rowe Price Associates, Inc. ("Sub-
Adviser"), a corporation organized and existing under the laws of the State 
of Maryland.

     WHEREAS, the Adviser has entered into an Advisory Agreement dated as of 
January 31, 1994 ("Advisory Agreement") with the Fund, which is engaged in 
business as an open-end investment Fund registered under the Investment Fund 
Act of 1940, as amended ("1940 Act"); and

     WHEREAS, the Fund is authorized to issue shares of the Opportunity 
Growth Portfolio ("Portfolio"), a separate portfolio of the Fund;

     WHEREAS, the Sub-Adviser is engaged principally in the business of 
rendering investment supervisory services and is registered as an investment 
adviser under the Investment Advisers Act of 1940, as amended ("Advisers 
Act"); and

     WHEREAS, the Fund and Adviser desire to retain the Sub-Adviser as sub-
adviser to furnish certain investment advisory services to the Adviser and 
the Portfolio and the Sub-Adviser is willing to furnish such services;

     NOW, THEREFORE, in consideration of the premises and mutual promises 
herein set forth, the parties hereto agree as follows:

     1.  Appointment.  Adviser hereby appoints the Sub-Adviser as its 
investment sub-adviser with respect to the Portfolio for the period and on 
the terms set forth in this Agreement.  The Sub-Adviser accepts such 
appointment and agrees to render the services herein set forth, for the 
compensation herein provided.

     2.  Duties of the Sub-Adviser.

     A.  Investment Sub-Advisory Services.  Subject to the supervision of 
the Fund's Board of Directors ("Board") and the Adviser, the Sub-Adviser 
shall act as the investment sub-adviser and shall supervise and direct the 
investments of the Portfolio in accordance with the Portfolio's investment 
objectives, policies, and restrictions as provided in the Portfolio's 
Prospectus and Statement of Additional Information, as currently in effect 
and as amended or supplemented from time to time (hereinafter referred to as 
the "Prospectus"), and such other limitations as the Portfolio may impose by 
notice in writing to the Sub-Adviser.  The Sub-Adviser shall obtain and 
evaluate such information relating to the economy, industries, businesses, 
securities markets, and securities as it may deem necessary or useful in the 
discharge of its obligations hereunder and shall formulate and implement a 
continuing program for the management of the assets and resources of the 
Portfolio in a manner consistent with the Portfolio's investment 
objective(s), policies, and restrictions.  In furtherance of this duty, the 
Sub-Adviser, on behalf of the Portfolio, is authorized, in its discretion 
and without prior consultation with the Portfolio or the Adviser, to:

         (1)  buy, sell, exchange, convert, lend, and otherwise trade in any 
stocks, bonds, and other securities or assets; and

         (2)  directly or through the trading desks of affiliates of Robert 
Fleming Holdings Limited ("Robert Fleming") and Jardine Fleming Group 
Limited ("JFG") place orders and negotiate the commissions (if any) for the 
execution of transactions in securities or other assets with or through such 
brokers, dealers, underwriters or issuers as the Sub-Adviser may select.

     B.  Further Duties of Sub-Adviser.  In all matters relating to the 
performance of this Agreement, the Sub-Adviser shall act in conformity with 
the Fund's Articles of Incorporation, By-Laws, and currently effective 
Registration Statement (as defined below) and with the written instructions 
and directions of the Board and the Adviser, and shall comply with the 
requirements of the 1940 Act, the Advisers Act, the rules thereunder, and 
all other applicable federal and state laws and regulations.  Without 
limiting the foregoing, the Sub-Adviser shall have primary responsibility 
for compliance with Rules 10f-3 and 17e-1 under the 1940 Act in each case in 
which affiliates of Robert Fleming or JFG are used for the execution of 
portfolio securities transactions.

     3.  Compensation.  For the services provided and the expenses assumed 
by the Sub-Adviser pursuant to this Agreement, the Sub-Adviser shall receive 
a monthly investment management fee as set forth in Schedule 1, attached 
hereto and incorporated herein by reference.  The management fee shall be 
payable monthly to the Sub-Adviser on or before the 10th day of the next 
succeeding calendar month.  If this Agreement becomes effective or 
terminates before the end of any month, the investment management fee for 
the period from the effective date to the end of such month or from the 
beginning of such month to the date of termination, as the case may be, 
shall be prorated according to the proration which such period bears to the 
full month in which such effectiveness or termination occurs.

     4.  Duties of the Adviser.

     A.  The Adviser shall continue to have responsibility for all services 
to be provided to the Portfolio pursuant to the Advisory Agreement except 
those services to be performed by the sub-adviser hereunder and shall 
oversee and review the Sub-Adviser's performance of its duties under this 
Agreement.

     B.  The Adviser has furnished the Sub-Adviser with copies of each of 
the following documents and will furnish to the Sub-Adviser at its principal 
office all future amendments and supplements to such documents, if any, as 
soon as practicable after such documents become available:

               (1)  The Articles of Incorporation of the Fund, as filed with 
the State of Minnesota, as in effect on the date hereof and as amended from 
time to time ("Articles of Incorporation");

               (2)  The By-Laws of the Fund as in effect on the date hereof 
and as amended from time to time ("By-Laws");

               (3)  Certified resolutions of the Board of the Fund 
authorizing the appointment of the Adviser and the Sub-Adviser and approving 
the form of the Advisory Agreement and this Agreement;

               (4)  The Fund's Registration Statement under the 1940 Act and 
the Securities Act of 1933, as amended, on Form N-1A, as filed with the 
Securities and Exchange Commission ("SEC") relating to the Portfolio and its 
shares and all amendments thereto ("Registration Statement");

               (5)  The Notification of Registration of the Fund under the 
1940 Act on Form N-8A as filed with the SEC and any amendments thereto;

               (6)  The Portfolio's Prospectus (as defined above); and

               (7)  A certified copy of any financial statement or report 
prepared for the Portfolio by certified or independent public accountants, 
and copies of any financial statements or reports made by the Portfolio to 
its shareholders or to any governmental body or securities exchange.

The Adviser shall furnish the Sub-Adviser with any further documents, 
materials or information that the Sub-Adviser may reasonably request to 
enable it to perform its duties pursuant to this Agreement.

     C.  During the term of this Agreement, the Adviser shall furnish to the 
Sub-Adviser at its principal office all prospectuses, proxy statements, 
reports to shareholders, sales literature, or other material prepared for 
distribution to shareholders of the Portfolio or the public, which refer to 
the Sub-Adviser or its clients in any way, prior to the use thereof, and the 
adviser shall not use any such materials if the Sub-Adviser reasonably 
objects in writing fifteen business days (or such other time as may be 
mutually agreed) after receipt thereof.  The Adviser shall ensure that 
materials prepared by employees or agents of the Adviser or its affiliates 
that refer to the Sub-Adviser or its clients in any way are consistent with 
those materials previously approved by the Sub-Adviser as referenced in the 
preceding sentence.

     5.  Brokerage.

     A.  The Sub-Adviser agrees that, in placing orders with broker-dealers 
for the purchase or sale of portfolio securities, it shall attempt to obtain 
quality execution at favorable security prices; provided that, on behalf of 
the Portfolio, the Sub-Adviser may, in its discretion, agree to pay a 
broker-dealer that furnishes brokerage or research services as such services 
are defined under Section 28(e) of the Securities Exchange Act of 1934, as 
amended ("1934 Act"), a higher commission than that which might have been 
charged by another broker-dealer for effecting the same transactions, if the 
Sub-Adviser determines in good faith that such commission is reasonable in 
relation to the brokerage and research services provided by the broker-
dealer, viewed in terms of either that particular transaction or the overall 
responsibilities of the Sub-Adviser with respect to the accounts as to which 
it exercises investment discretion (as such term is defined under Section 
3(a)(35) of the 1934 Act).  In no instance will portfolio securities be 
purchased from or sold to the Sub-Adviser, or any affiliated person thereof, 
except in accordance with the federal securities laws and the rules and 
regulations thereunder;

     B.  On occasions when the Sub-Adviser deems the purchase or sale of a 
security to be in the best interest of the Portfolio as well as other 
clients of the Sub-Adviser, the Sub-Adviser, to the extent permitted by 
applicable laws and regulations, may, but shall be under no obligation to, 
aggregate the securities to be purchased or sold to attempt to obtain a more 
favorable price or lower brokerage commissions and efficient execution.  In 
such event, allocation of the securities so purchased or sold, as well as 
the expenses incurred in the transaction, will be made by the Sub-Adviser in 
the manner the Sub-Adviser considers to be the most equitable and consistent 
with its fiduciary obligation's to the Fund and to its other clients.

     6.  Ownership of Records.  The Sub-Adviser shall maintain all books and 
records required to be maintained by the Sub-Adviser pursuant to the 1940 
Act and the rules and regulations promulgated thereunder with respect to 
transactions on behalf of the Portfolio.  In compliance with the 
requirements of Rule 31a-3 under the 1940 Act, the Sub-Adviser hereby agrees 
(i) that all records that it maintains for the Portfolio are the property of 
the Fund, (ii) to preserve for the periods prescribed by Rule 31a-2 under 
the 1940 Act any records that it maintains for the Fund and that are 
required to be maintained by Rule 31a-1 under the 1940 Act, and (iii) agrees 
to surrender promptly to the Fund any records that it maintains for the Fund 
upon request by the Fund; provided, however, the Sub-Adviser may retain 
copies of such records.

     7.  Reports.  The Sub-Adviser shall furnish to the Board or the 
Adviser, or both, as appropriate, such information, reports, evaluations, 
analyses and opinions as the Sub-Adviser and the Board or the Adviser, as 
appropriate, may mutually agree upon from time to time.

     8.  Services to Others Clients.  Nothing contained in this Agreement 
shall limit or restrict (i) the freedom of the Sub-Adviser, or any 
affiliated person thereof, to render investment management and corporate 
administrative services to other investment companies, to act as investment 
manager or investment counselor to other persons, firms, or corporations, or 
to engage in any other business activities, or (ii) the right of any 
director, officer, or employee of the Sub-Adviser, who may also be a 
trustee, officer, or employee of the Fund, to engage in any other business 
or to devote his or her time and attention in part to the management or 
other aspects of any other business, whether of a similar nature or a 
dissimilar nature.

     9.  Sub-Adviser's Use of the Services of Others.  The Sub-Adviser may 
(at its cost except as contemplated by Paragraph 5 of this Agreement) 
employ, retain, or otherwise avail itself of the services or facilities of 
other persons or organizations for the purpose of providing the Sub-Adviser 
or the Fund or Portfolio, as appropriate, with such statistical and other 
factual information, such advice regarding economic factors and trends, such 
advice as to occasional transactions in specific securities, or such other 
information, advice, or assistance as the Sub-Adviser may deem necessary, 
appropriate, or convenient for the discharge of its obligations hereunder or 
otherwise helpful to the Fund or the Portfolio, as appropriate, or in the 
discharge of Sub-Advisers overall responsibilities with respect to the other 
accounts that it serves as investment manager or counselor.

     10.  Limitation of Liability of the Sub-Adviser.  Neither the Sub-
Adviser nor any of its officers, directors, or employees, nor any person 
performing executive, administrative, trading, or other functions for the 
Fund, the Portfolio (at the direction or request of the Sub-Adviser) or the 
Sub-Adviser in connection with the Sub-Adviser's discharge of its 
obligations undertaken or reasonably assumed with respect to this Agreement, 
shall be liable for (i) any error of judgment or mistake of law or for any 
loss suffered by the Fund or Portfolio or (ii) any error of fact or mistake 
of law contained in any report or data provided by the Sub-Adviser, except 
for any error, mistake or loss resulting from willful misfeasance, bad 
faith, or gross negligence in the performance of its or his duties on behalf 
of the Fund or Portfolio or from reckless disregard by the Sub-Adviser or 
any 
such person of the duties of the Sub-Adviser pursuant to this Agreement.

     11.  Representations of Sub-Adviser.  The Sub-Adviser represents, 
warrants, and agrees as follows:

     A.  The Sub-Adviser:  (i) is registered as an investment adviser under 
the Advisers Act and will continue to be so registered for so long as this 
Agreement remains in effect; (ii) is not prohibited by the 1940 Act or the 
Advisers Act from performing the services contemplated by this Agreement; 
(iii) has met, and will continue to meet for so long as this Agreement 
remains in effect, any other applicable federal or state requirements, or 
the applicable requirements of any regulatory or industry self-regulatory 
agency, necessary to be met in order to perform the services contemplated by 
this Agreement (iv) has the authority to enter into and perform the services 
contemplated by this Agreement; and (v) will immediately notify the Adviser 
of the occurrence of any event that would disqualify the Sub-Adviser from 
serving as an investment adviser of an investment company pursuant to 
Section 9(a) of the 1940 Act or otherwise.

     B.  The Sub-Adviser has adopted a written code of ethics complying with 
the requirements of Rule 17j-1 under the 1940 Act and, if it has not already 
done so, will provide the Adviser and the Fund with a copy of such code of 
ethics, together with evidence of its adoption.

     C.  The Sub-Adviser has provided the Adviser and the Fund with a copy 
of its Form ADV as most recently filed with the SEC and will, promptly after 
filing any amendment to its Form ADV with the SEC, furnish a copy of such 
amendment to the Adviser.

     12.  Term of Agreement.  This Agreement shall become effective upon the 
date first above written, provided that this Agreement shall not take effect 
unless it has first been approved (i) by a vote of a majority of those 
directors of the Fund who are not parties to this Agreement or interested 
persons of any such party, cast in person at a meeting called for the 
purpose of voting on such approval, and (ii) by vote of a majority of the 
Portfolio's outstanding voting securities.  This Agreement shall continue in 
effect unless terminated pursuant to Section 13 hereof subject to all terms 
and conditions hereof, so long as such continuation shall be specifically 
approved at least annually (a) by either the Board, or by vote of a majority 
of the outstanding voting securities of the Portfolio; (b) in either event, 
by the vote, cast in person at a meeting called for the purpose of voting on 
such approval, of a majority of the directors of the Fund who are not 
parties to this Agreement or interested persons of any such party; and (c) 
the Sub-Adviser shall not have notified the Fund, in writing, at least 60 
days prior to such approval that it does not desire such continuation.  The 
Sub-Adviser shall furnish to the Fund, promptly upon its request, such 
information as may reasonably be necessary to evaluate the terms of this 
Agreement or any extension, renewal, or amendment hereof.

     13.  Termination of Agreement.  Notwithstanding the foregoing, this 
Agreement may be terminated at any time, without the payment of any penalty, 
by vote of the Board or by a vote of a majority of the outstanding voting 
securities of the Portfolio on at least 60 days' prior written notice to the 
Sub-Adviser.  This Agreement may also be terminated by the Adviser:  (i) on 
at least 60 days' prior written notice to the Sub-Adviser, without the 
payment of any penalty; (ii) upon material breach by the Sub-Adviser of any 
of the representations and warranties set forth in Paragraph 11 of this 
Agreement, if such breach shall not have been cured within a 20-day period 
after notice of such breach; or (iii) if the Sub-Adviser becomes unable to 
discharge its duties and obligations under this Agreement.  The Sub-Adviser 
may terminate this Agreement at any time, without the payment of any 
penalty, on at least 60 days' prior notice to the Adviser.  This Agreement 
shall terminate automatically in the event of its assignment or upon 
termination of the Advisory Agreement.

     14.  Amendment of Agreement.  No provision of this Agreement may be 
changed, waived, discharged, or terminated orally, but only by an instrument 
in writing signed by the party against which enforcement of the change, 
waiver, discharge, or termination is sought, and no material amendment of 
this Agreement shall be effective until approved by vote of a majority of 
the Portfolio's outstanding voting securities.

     15.  Miscellaneous.

      A.  Governing Law.  This Agreement shall be construed in accordance 
with the laws of the State of Maryland without giving effect to the 
conflicts of laws principles thereof and the 1940 Act.  To the extent that 
the applicable laws of the State of Maryland conflict with the applicable 
provisions of the 1940 Act, the latter shall control.

      B.  Captions.  The captions contained in this Agreement are included 
for convenience of reference only and in no way define or delimit any of the 
provisions hereof or otherwise affect their construction or effect.

      C.  Entire Agreement.  This Agreement represents the entire agreement 
and understanding of the parties hereto and shall supersede any prior 
agreements between the parties relating to the subject matter hereof, and 
all such prior agreements shall be deemed terminated upon the effectiveness 
of this Agreement.

      D.  Interpretation.  Nothing herein contained shall be deemed to 
require the Fund to take any action contrary to its Articles of 
Incorporation or By-Laws, or any applicable statutory or regulatory 
requirement to which it is subject or by which it is bound, or to relieve or 
deprive the Board of its responsibility for and control of the conduct of 
the affairs of the Portfolio.

      E.  Definitions.  Any question of interpretation of any term or 
provision of this Agreement having a counterpart in or otherwise derived 
from a term or provision of the 1940 Act shall be resolved by reference to 
such term or provision of the 1940 Act and to interpretations thereof, if 
any, by the United States courts or, in the absence of any controlling 
decision of any such court, by rules, regulations, or orders of the SEC 
validly issued pursuant to the Act.  As used in this Agreement, the terms 
"majority of the outstanding voting securities," "affiliated person," 
"interested person," "assignment," "broker," "investment adviser," "net 
assets," "sale," "sell," and "security" shall have the same meaning as such 
terms have in the 1940 Act, subject to such exemption as may be granted by 
the SEC by any rule, regulation, or order.  Where the effect of a 
requirement of the federal securities laws reflected in any provision of 
this Agreement is made less restrictive by a rule, regulation, or order of 
the SEC, whether of special or general application, such provision shall be 
deemed to incorporate the effect of such rule, regulation, or order.

     IN WITNESS WHEREOF, the parties hereto have caused this instrument to 
be executed by their duly authorized signatories as of the date and year 
first above written.

                                            LUTHERAN BROTHERHOOD 
Attest:


/s/ John C. Bjork                           By:  /s/ Otis F. Hilbert


                                            LB SERIES FUND, INC.
Attest:


/s/ John C. Bjork                           By:  /s/ Otis F. Hilbert


        T. ROWE PRICE ASSOCIATES, INC.
Attest:


/s/ Wendy Randall                           By:  /s/ Darrell Braman



                                 SCHEDULE 1


                               Rate of Annual
                            Sub-Advisory Fee as
                              a Percentage of
                          Average Daily Net Assets
                                   .30%




#18938


<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the LB 
Series Fund, Inc. Semi-Annual Report to Shareholders dated June 30, 1998 and 
is qualified in its entirety by reference to such Semi-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-31-1998
<PERIOD-START>                             JAN-01-1998
<PERIOD-END>                               JUN-30-1998
<EXCHANGE-RATE>                                      1
<INVESTMENTS-AT-COST>                        2,551,314
<INVESTMENTS-AT-VALUE>                       3,002,550
<RECEIVABLES>                                   52,551
<ASSETS-OTHER>                                     135
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                               3,055,236
<PAYABLE-FOR-SECURITIES>                        58,669
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        1,204
<TOTAL-LIABILITIES>                             59,873
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                     2,342,484
<SHARES-COMMON-STOCK>                          139,530
<SHARES-COMMON-PRIOR>                          112,406
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                        202,094
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                       450,785
<NET-ASSETS>                                 2,995,363
<DIVIDEND-INCOME>                               14,019
<INTEREST-INCOME>                                4,682
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   5,425
<NET-INVESTMENT-INCOME>                         13,276
<REALIZED-GAINS-CURRENT>                       210,472
<APPREC-INCREASE-CURRENT>                      191,156
<NET-CHANGE-FROM-OPS>                          414,904
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                       13,276
<DISTRIBUTIONS-OF-GAINS>                       382,615
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                          8,172
<NUMBER-OF-SHARES-REDEEMED>                        883
<SHARES-REINVESTED>                             19,835
<NET-CHANGE-IN-ASSETS>                         569,225
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                      374,237
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                            5,425
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                  5,425
<AVERAGE-NET-ASSETS>                         2,734,995
<PER-SHARE-NAV-BEGIN>                            21.58
<PER-SHARE-NII>                                   0.10
<PER-SHARE-GAIN-APPREC>                           3.24
<PER-SHARE-DIVIDEND>                              0.10
<PER-SHARE-DISTRIBUTIONS>                         3.35
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              21.47
<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. Semi-Annual Report to Shareholders dated June 30, 1998 and 
is qualified in its entirety by reference to such Semi-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-31-1998
<PERIOD-START>                             JAN-01-1998
<PERIOD-END>                               JUN-30-1998
<EXCHANGE-RATE>                                      1
<INVESTMENTS-AT-COST>                          985,794
<INVESTMENTS-AT-VALUE>                       1,007,888
<RECEIVABLES>                                   13,418
<ASSETS-OTHER>                                      77
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                               1,021,383
<PAYABLE-FOR-SECURITIES>                        63,716
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                           82
<TOTAL-LIABILITIES>                             63,798
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                       949,461
<SHARES-COMMON-STOCK>                           95,279
<SHARES-COMMON-PRIOR>                           88,783
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                       (13,986)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                        22,110
<NET-ASSETS>                                   957,585
<DIVIDEND-INCOME>                                  343
<INTEREST-INCOME>                               30,051
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   1,819
<NET-INVESTMENT-INCOME>                         28,575
<REALIZED-GAINS-CURRENT>                         4,535
<APPREC-INCREASE-CURRENT>                        7,700
<NET-CHANGE-FROM-OPS>                           40,811
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                       28,575
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                          5,164
<NUMBER-OF-SHARES-REDEEMED>                      1,528
<SHARES-REINVESTED>                              2,860
<NET-CHANGE-IN-ASSETS>                          77,146
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                     (18,522)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                            1,819
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                  1,819
<AVERAGE-NET-ASSETS>                           916,846
<PER-SHARE-NAV-BEGIN>                             9.92
<PER-SHARE-NII>                                   0.31
<PER-SHARE-GAIN-APPREC>                           0.13
<PER-SHARE-DIVIDEND>                              0.31
<PER-SHARE-DISTRIBUTIONS>                         0.00
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              10.05
<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. Semi-Annual Report to Shareholders dated June 30, 1998 and 
is qualified in its entirety by reference to such Semi-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-31-1998
<PERIOD-START>                             JAN-01-1998
<PERIOD-END>                               JUN-30-1998
<EXCHANGE-RATE>                                      1
<INVESTMENTS-AT-COST>                          134,302
<INVESTMENTS-AT-VALUE>                         134,302
<RECEIVABLES>                                      398
<ASSETS-OTHER>                                      12
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                 134,712
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                            0
<TOTAL-LIABILITIES>                                  0
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                       134,712
<SHARES-COMMON-STOCK>                          134,712
<SHARES-COMMON-PRIOR>                          121,167
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                             0
<NET-ASSETS>                                   134,712
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                                3,531
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                     249
<NET-INVESTMENT-INCOME>                          3,282
<REALIZED-GAINS-CURRENT>                             0
<APPREC-INCREASE-CURRENT>                            0
<NET-CHANGE-FROM-OPS>                            3,282
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                        3,282
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         39,307
<NUMBER-OF-SHARES-REDEEMED>                     29,044
<SHARES-REINVESTED>                              3,282
<NET-CHANGE-IN-ASSETS>                          13,544
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                              249
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                    249
<AVERAGE-NET-ASSETS>                           125,283
<PER-SHARE-NAV-BEGIN>                             1.00
<PER-SHARE-NII>                                   0.03
<PER-SHARE-GAIN-APPREC>                           0.00
<PER-SHARE-DIVIDEND>                              0.03
<PER-SHARE-DISTRIBUTIONS>                         0.00
<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. Semi-Annual Report to Shareholders dated June 30, 1998 and 
is qualified in its entirety by reference to such Semi-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-31-1998
<PERIOD-START>                             JAN-01-1998
<PERIOD-END>                               JUN-30-1998
<EXCHANGE-RATE>                                      1
<INVESTMENTS-AT-COST>                        1,492,224
<INVESTMENTS-AT-VALUE>                       1,494,130
<RECEIVABLES>                                   30,675
<ASSETS-OTHER>                                     476
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                               1,525,281
<PAYABLE-FOR-SECURITIES>                        15,016
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                            0
<TOTAL-LIABILITIES>                             15,016
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                     1,489,504
<SHARES-COMMON-STOCK>                          147,306
<SHARES-COMMON-PRIOR>                          128,831
<ACCUMULATED-NII-CURRENT>                          (1)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                         18,855
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                         1,906
<NET-ASSETS>                                 1,510,264
<DIVIDEND-INCOME>                                6,552
<INTEREST-INCOME>                               65,827
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   2,866
<NET-INVESTMENT-INCOME>                         69,513
<REALIZED-GAINS-CURRENT>                        19,716
<APPREC-INCREASE-CURRENT>                     (26,443)
<NET-CHANGE-FROM-OPS>                           62,786
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                       70,367
<DISTRIBUTIONS-OF-GAINS>                        19,838
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         10,754
<NUMBER-OF-SHARES-REDEEMED>                        912
<SHARES-REINVESTED>                              8,633
<NET-CHANGE-IN-ASSETS>                         165,702
<ACCUMULATED-NII-PRIOR>                            853
<ACCUMULATED-GAINS-PRIOR>                       18,977
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                            2,866
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                  2,866
<AVERAGE-NET-ASSETS>                         1,444,714
<PER-SHARE-NAV-BEGIN>                            10.44
<PER-SHARE-NII>                                   0.50
<PER-SHARE-GAIN-APPREC>                         (0.03)
<PER-SHARE-DIVIDEND>                              0.51
<PER-SHARE-DISTRIBUTIONS>                         0.15
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              10.25
<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. Semi-Annual Report to Shareholders dated June 30, 1998 and 
is qualified in its entirety by reference to such Semi-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-31-1998
<PERIOD-START>                             JAN-01-1998
<PERIOD-END>                               JUN-30-1998
<EXCHANGE-RATE>                                      1
<INVESTMENTS-AT-COST>                          394,064
<INVESTMENTS-AT-VALUE>                         395,004
<RECEIVABLES>                                    2,929
<ASSETS-OTHER>                                       3
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                 397,936
<PAYABLE-FOR-SECURITIES>                         6,231
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                            0
<TOTAL-LIABILITIES>                              6,231
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                       401,402
<SHARES-COMMON-STOCK>                           34,575
<SHARES-COMMON-PRIOR>                           33,897
<ACCUMULATED-NII-CURRENT>                          805
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                       (11,442)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                           940
<NET-ASSETS>                                   391,705
<DIVIDEND-INCOME>                                  603
<INTEREST-INCOME>                                  990
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                     788
<NET-INVESTMENT-INCOME>                            805
<REALIZED-GAINS-CURRENT>                       (8,475)
<APPREC-INCREASE-CURRENT>                        4,150
<NET-CHANGE-FROM-OPS>                          (3,520)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                         4,105
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                          1,696
<NUMBER-OF-SHARES-REDEEMED>                      1,367
<SHARES-REINVESTED>                                349
<NET-CHANGE-IN-ASSETS>                             241
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                        1,138
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                              788
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                    788
<AVERAGE-NET-ASSETS>                           397,357
<PER-SHARE-NAV-BEGIN>                            11.55
<PER-SHARE-NII>                                   0.02
<PER-SHARE-GAIN-APPREC>                         (0.12)
<PER-SHARE-DIVIDEND>                              0.00
<PER-SHARE-DISTRIBUTIONS>                         0.12
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              11.33
<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. Semi-Annual Report to Shareholders dated June 30, 1998 and 
is qualified in its entirety by reference to such Semi-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-31-1998
<PERIOD-START>                             JAN-01-1998
<PERIOD-END>                               JUN-30-1998
<EXCHANGE-RATE>                                      1
<INVESTMENTS-AT-COST>                          294,778
<INVESTMENTS-AT-VALUE>                         348,120
<RECEIVABLES>                                    1,144
<ASSETS-OTHER>                                     452
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                 349,716
<PAYABLE-FOR-SECURITIES>                            12
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                          150
<TOTAL-LIABILITIES>                                162
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                       301,406
<SHARES-COMMON-STOCK>                           27,786
<SHARES-COMMON-PRIOR>                           25,827
<ACCUMULATED-NII-CURRENT>                        2,755
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                        (7,947)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                        53,339
<NET-ASSETS>                                   349,554
<DIVIDEND-INCOME>                                3,712
<INTEREST-INCOME>                                  408
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   1,365
<NET-INVESTMENT-INCOME>                          2,755
<REALIZED-GAINS-CURRENT>                       (5,360)
<APPREC-INCREASE-CURRENT>                       42,950
<NET-CHANGE-FROM-OPS>                           40,345
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                         2,481
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                          2,232
<NUMBER-OF-SHARES-REDEEMED>                        478
<SHARES-REINVESTED>                                205
<NET-CHANGE-IN-ASSETS>                          62,350
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                        (105)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                            1,365
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                  1,365
<AVERAGE-NET-ASSETS>                           323,776
<PER-SHARE-NAV-BEGIN>                            11.12
<PER-SHARE-NII>                                   0.10
<PER-SHARE-GAIN-APPREC>                           1.46
<PER-SHARE-DIVIDEND>                              0.00
<PER-SHARE-DISTRIBUTIONS>                         0.10
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              12.58
<EXPENSE-RATIO>                                   0.85
<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. Semi-Annual Report to Shareholders dated June 30, 1998 and 
is qualified in its entirety by reference to such Semi-Annual Report.
</LEGEND>
<SERIES>
   <NUMBER> 7
   <NAME> LB SERIES FUND, INC. - MID CAP GROWTH PORTFOLIO
</SERIES>
<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>                               JUN-30-1998
<EXCHANGE-RATE>                                      1
<INVESTMENTS-AT-COST>                           63,138
<INVESTMENTS-AT-VALUE>                          64,117
<RECEIVABLES>                                       13
<ASSETS-OTHER>                                      42
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                  64,172
<PAYABLE-FOR-SECURITIES>                         2,872
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                            0
<TOTAL-LIABILITIES>                              2,872
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                        60,672
<SHARES-COMMON-STOCK>                            5,588
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                           98
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                          (448)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                           978
<NET-ASSETS>                                    61,300
<DIVIDEND-INCOME>                                   58
<INTEREST-INCOME>                                   93
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                      53
<NET-INVESTMENT-INCOME>                             98
<REALIZED-GAINS-CURRENT>                         (448)
<APPREC-INCREASE-CURRENT>                          979
<NET-CHANGE-FROM-OPS>                              628
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                          5,631
<NUMBER-OF-SHARES-REDEEMED>                         43
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                          61,300
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                               53
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                     53
<AVERAGE-NET-ASSETS>                            32,170
<PER-SHARE-NAV-BEGIN>                            10.00
<PER-SHARE-NII>                                   0.02
<PER-SHARE-GAIN-APPREC>                           0.95
<PER-SHARE-DIVIDEND>                              0.00
<PER-SHARE-DISTRIBUTIONS>                         0.00
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              10.97
<EXPENSE-RATIO>                                   0.40
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        



</TABLE>


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