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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
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
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048 A010400 0
<PAGE> PAGE 21
048 A020400 0.000
048 B010400 0
048 B020400 0.000
048 C010400 0
048 C020400 0.000
048 D010400 0
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 2.0
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 85.2
062 Q000400 12.8
062 R000400 0.0
063 A000400 0
063 B000400 7.9
<PAGE> PAGE 22
064 A000400 N
064 B000400 Y
065 000400 N
066 A000400 N
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
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 1227574
071 B000400 976039
071 C000400 1365783
071 D000400 71
072 A000400 12
072 B000400 137405
072 C000400 12646
<PAGE> PAGE 23
072 D000400 0
072 E000400 0
072 F000400 5748
072 G000400 0
072 H000400 0
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072 J000400 0
072 K000400 0
072 L000400 0
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072 N000400 0
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072 P000400 0
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072 S000400 0
072 T000400 0
072 U000400 0
072 V000400 0
072 W000400 0
072 X000400 5748
072 Y000400 0
072 Z000400 144303
072AA000400 0
072BB000400 9085
072CC010400 0
072CC020400 162813
072DD010400 145155
072DD020400 0
072EE000400 19838
073 A010400 0.9980
073 A020400 0.0000
073 B000400 0.1482
073 C000400 0.0000
074 A000400 3747
074 B000400 0
074 C000400 27888
074 D000400 1190310
074 E000400 134542
074 F000400 43098
074 G000400 0
074 H000400 0
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074 K000400 0
074 L000400 29121
074 M000400 0
074 N000400 1431000
074 O000400 3683
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<PAGE> PAGE 24
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 0
074 S000400 0
074 T000400 1427317
074 U010400 155873
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074 X000400 5
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075 A000400 0
075 B000400 1436888
076 000400 0.00
024 000500 Y
025 A000501 MERRILL LYNCH PIERCE FENNER & SMITH
025 B000501 13-5674085
025 C000501 E
025 D000501 910
025 A000502 NEW CENTER ASSET TRUST
025 B000502 51-6186874
025 C000502 D
025 D000502 10595
025 D000503 0
025 D000504 0
025 D000505 0
025 D000506 0
025 D000507 0
025 D000508 0
028 A010500 1621
028 A020500 0
028 A030500 0
028 A040500 5580
028 B010500 1295
028 B020500 0
028 B030500 0
028 B040500 3281
028 C010500 2018
028 C020500 0
028 C030500 0
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028 D010500 1596
028 D020500 0
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028 E020500 0
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<PAGE> PAGE 25
028 F010500 1326
028 F020500 1021
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028 F040500 2779
028 G010500 10345
028 G020500 1021
028 G030500 0
028 G040500 19928
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030 A000500 0
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031 A000500 0
031 B000500 0
032 000500 0
033 000500 0
034 000500 N
035 000500 0
036 B000500 0
037 000500 N
038 000500 0
039 000500 N
040 000500 N
042 A000500 0
042 B000500 0
042 C000500 0
042 D000500 0
042 E000500 0
042 F000500 0
042 G000500 0
042 H000500 0
043 000500 0
044 000500 0
045 000500 Y
046 000500 N
047 000500 Y
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048 F010500 0
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048 G010500 0
<PAGE> PAGE 26
048 G020500 0.000
048 H010500 0
048 H020500 0.000
048 I010500 0
048 I020500 0.000
048 J010500 0
048 J020500 0.000
048 K010500 0
048 K020500 0.000
049 000500 N
050 000500 N
051 000500 N
052 000500 N
053 A000500 N
055 A000500 N
055 B000500 N
056 000500 N
057 000500 N
061 000500 0
062 A000500 N
062 B000500 0.0
062 C000500 0.0
062 D000500 0.0
062 E000500 0.0
062 F000500 0.0
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062 H000500 0.0
062 I000500 0.0
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062 K000500 0.0
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062 P000500 0.0
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066 A000500 Y
066 B000500 Y
066 C000500 N
066 D000500 N
066 E000500 N
066 F000500 N
066 G000500 N
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
070 A010500 Y
<PAGE> PAGE 27
070 A020500 N
070 B010500 Y
070 B020500 N
070 C010500 N
070 C020500 N
070 D010500 Y
070 D020500 N
070 E010500 N
070 E020500 N
070 F010500 Y
070 F020500 N
070 G010500 Y
070 G020500 N
070 H010500 Y
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 Y
070 K010500 Y
070 K020500 N
070 L010500 Y
070 L020500 Y
070 M010500 N
070 M020500 Y
070 N010500 Y
070 N020500 N
070 O010500 Y
070 O020500 N
070 P010500 Y
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 Y
070 R020500 N
071 A000500 460325
071 B000500 453484
071 C000500 339387
071 D000500 134
072 A000500 12
072 B000500 1540
072 C000500 1009
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<PAGE> PAGE 28
072 M000500 0
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072 Y000500 0
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072DD020500 0
072EE000500 4105
073 A010500 0.0304
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073 B000500 0.1215
073 C000500 0.0000
074 A000500 77
074 B000500 0
074 C000500 10595
074 D000500 0
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074 G000500 0
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074 O000500 298
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<PAGE> PAGE 29
074 V020500 0.00
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076 000500 0.00
024 000600 Y
025 A000601 NEW CENTER ASSET TRUST
025 B000601 51-6186874
025 C000601 D
025 D000601 12395
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<PAGE> PAGE 30
030 C000600 0.00
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035 000600 0
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038 000600 0
039 000600 N
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048 K020600 0.000
049 000600 N
050 000600 N
051 000600 N
<PAGE> PAGE 31
052 000600 N
053 A000600 N
055 A000600 N
055 B000600 N
056 000600 N
057 000600 N
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063 A000600 0
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066 A000600 Y
066 B000600 N
066 C000600 Y
066 D000600 N
066 E000600 N
066 F000600 N
066 G000600 N
067 000600 N
068 A000600 N
068 B000600 Y
069 000600 N
070 A010600 Y
070 A020600 N
070 B010600 Y
070 B020600 N
070 C010600 N
070 C020600 N
070 D010600 Y
070 D020600 N
070 E010600 N
070 E020600 N
070 F010600 Y
070 F020600 N
070 G010600 Y
<PAGE> PAGE 32
070 G020600 N
070 H010600 Y
070 H020600 N
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070 I020600 N
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070 J020600 Y
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070 K020600 Y
070 L010600 Y
070 L020600 Y
070 M010600 Y
070 M020600 Y
070 N010600 Y
070 N020600 N
070 O010600 Y
070 O020600 N
070 P010600 Y
070 P020600 N
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070 Q020600 N
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070 R020600 N
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<PAGE> PAGE 33
072 Y000600 0
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024 000700 Y
025 A000701 BEAR STEARNS & CO.
025 B000701 13-4946705
025 C000701 E
025 D000701 157
<PAGE> PAGE 34
025 A000702 DONALDSON LUFKIN & JENRETTE
025 B000702 13-2741729
025 C000702 E
025 D000702 120
025 A000703 LEHMAN BROTHERS, INC.
025 B000703 13-2518466
025 C000703 E
025 D000703 97
025 A000704 MERRILL LYNCH PIERCE FENNER & SMITH
025 B000704 13-5674085
025 C000704 E
025 D000704 160
025 A000705 MORGAN STANLEY & CO.
025 B000705 13-2655998
025 C000705 E
025 D000705 156
025 D000706 0
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028 A010700 8700
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<PAGE> PAGE 35
030 C000700 0.00
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050 000700 N
051 000700 N
<PAGE> PAGE 36
052 000700 N
053 A000700 N
055 A000700 N
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056 000700 N
057 000700 N
061 000700 0
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<PAGE> PAGE 37
070 G020700 N
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<PAGE> PAGE 38
072 Y000700 0
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SIGNATURE OTIS F. HILBERT
TITLE SECRETARY
<PAGE>
LB Series Fund, Inc.
Form N-SAR for
Period Ended 12-31-98
INDEX TO EXHIBITS
EXHIBIT NO. ITEM
27 Financial Data Schedule (Exhibit 27)
77.B. Report on internal control by Independent Public
Accountants
77.C. Description of Matters Submitted to a Vote of Security
Holders
77.Q.1(a) By-laws of LB Series Fund, Inc.
<PAGE>
PricewaterhouseCoopers LLP (LOGO)
PricewaterhouseCoopers LLP
650 Third Avenue South
Park Building
Suite 1300
Minneapolis, MN 55402-4333
Telephone (612) 596-6000
Facsimile (612) 373-7160
REPORT OF INDEPENDENT ACCOUNTANTS
ON INTERNAL ACCOUNTING CONTROLS
To the Shareholders and
Board of Directors of
LB Series Fund, Inc.
In planning and performing our audit of the financial statements and
financial highlights of LB Series Fund, Inc. (being comprised of Opportunity
Growth, Mid Cap Growth, World Growth, Growth, High Yield, Income and Money
Market Portfolios and hereafter referred to as the "Fund") for the year
ended December 31, 1998, we considered the Fund's internal control,
including control activities for safeguarding securities, in order to
determine our auditing procedures for the purposes of expressing our opinion
on the financial statements and financial highlights and to comply with the
requirements of Form N-SAR, and not to provide assurance on internal
control.
The management of the Fund is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and
related costs of controls. Generally, controls that are relevant to an
audit pertain to the entity's objective of preparing financial statements
and financial highlights for external purposes that are fairly presented in
conformity with generally accepted accounting principles. These controls
include the safeguarding of assets against unauthorized acquisition, use or
disposition.
Because of inherent limitations in internal control, errors or fraud may
occur and not be detected. Also, projection of any evaluation of internal
control 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 internal control would not necessarily disclose all
matters in internal control 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 one or more of the internal control components does not reduce
to a relatively low level the risk that misstatements caused by errors or
fraud in amounts that would be material in relation to the financial
statements and financial highlights 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 and its operation, including controls over safeguarding
securities, that we consider to be material weaknesses as defined above as
of December 31, 1998.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
/s/ PricewaterhouseCoopers LLP
PRICEWATERHOUSECOOPERS LLP
February 10, 1998
#23771
<PAGE>
ITEM 77.Q.1(a)
BYLAWS
OF
LB SERIES FUND, INC.(4)
Effective June 10, 1998
SHAREHOLDERS
Section 1.01. PLACE OF MEETINGS. Each meeting of the shareholders
shall be held at the principal executive office of the Corporation or at
such other place as may be designated by the Board of Directors or the Chief
Executive Officer; provided, however, that any meeting called by or at the
demand of a shareholder or shareholders shall be held in the county where
the principal executive office of the Corporation is located.
SECTION 1.02. REGULAR MEETINGS. Regular meetings of the shareholders
may be held on an annual or other less frequent basis as determined by the
Board of Directors; provided, however, that if a regular meeting has not
been held during the immediately preceding fifteen months, a shareholder or
shareholders holding 3% or more of the voting power of all shares entitled
to vote may demand a regular meeting of shareholders by written demand given
to the Chief Executive Officer or Chief Financial Officer of the
Corporation. At each regular meeting the shareholders shall elect qualified
successors for directors who serve for an indefinite term or whose terms
have expired or are due to expire within six months after the date of the
meeting and may transact any other business, provided, however, that no
business with respect to which special notice is required by law shall be
transacted unless such notice shall have been given.
Section 1.03. SPECIAL MEETINGS. A special meeting of the shareholders
may be called for any purpose or purposes at any time by the Chief Executive
Officer; by the Chief Financial Officer; by the Board of Directors or any
two or more members thereof; or by one or more shareholders holding not less
than 10% of the voting power of all shares of the Corporation entitled to
vote, who shall demand such special meeting by written notice given to the
Chief Executive Officer or the Chief Financial Officer of the Corporation
specifying the purposes of such meeting.
Section 1.04. MEETINGS HELD UPON SHAREHOLDER DEMAND. Within thirty
days of receipt of a demand by the Chief Executive Officer or the Chief
Financial Officer from any shareholder or shareholders entitled to call a
meeting of the shareholders, it shall be the duty of the Board of Directors
of the Corporation to cause a special or regular meeting of shareholders, as
the case may be, to be duly called and held on notice no later than ninety
days after receipt of such demand. If the Board of Directors fails to cause
such a meeting to be called and held as required by this Section, the
shareholder or shareholders making the demand may call the meeting by giving
notice as provided in Section 1.06 hereof at the expense of the Corporation.
Section 1.05. ADJOURNMENTS. Any meeting of the shareholders may be
adjourned from time to time to another date, time and place. If any meeting
of the shareholders is so adjourned, no notice as to such adjourned meeting
need be given if the date, time and place at which the meeting will be
reconvened are announced at the time of adjournment.
Section 1.06. NOTICE OF MEETINGS. Except as otherwise specified in
Section 1.05 or required by law, written notice of each meeting of the
shareholders, stating the date, time and place and, in the case of a special
meeting, the purpose or purposes, shall be given at least ten days and not
more than sixty days prior to the meeting to every holder of shares entitled
to vote at such meeting. The business transacted at a special meeting of
shareholders is limited to the purposes stated in the notice of the meeting.
Section 1.07. WAIVER OF NOTICE. A shareholder may waive notice of the
date, time, place and purpose or purposes of a meeting of shareholders. A
waiver of notice by a shareholder entitled to notice is effective whether
given before, at or after the meeting, and whether given in writing, orally
or by attendance. Attendance by a shareholder at a meeting is a waiver of
notice of that meeting, unless the shareholder objects at the beginning of
the meeting to the transaction of business because the meeting is not
lawfully called or convened, or objects before a vote on an item of business
because the item may not lawfully be considered at that meeting and does not
participate in the consideration of the item at that meeting.
Section 1.08. QUORUM; ACTS OF SHAREHOLDERS. Subdivision 1. Except as
otherwise required by law, the Articles of Incorporation of the Corporation
or these Bylaws, the holders of a majority of the voting power of the shares
entitled to vote at a shareholders meeting are a quorum for the transaction
of business. If a quorum is present when a duly called or held meeting is
convened, the shareholders present may continue to transact business until
adjournment, even though the withdrawal of a number of the shareholders
originally present leaves less than the proportion or number otherwise
required for a quorum. Except as otherwise required by law or specified in
the Articles of Incorporation of the Corporation, the shareholders shall
take action by the affirmative vote of the holders of a majority of the
voting power of the shares present and entitled to vote at a duly held
meeting of shareholders.
Subdivision 2. The absence from any meeting, in person or by proxy, of
holders of the number of shares in excess of a majority thereof which may be
required by the laws of the State of Minnesota, the Investment Company Act
of 1940 or other applicable statute, the Articles of Incorporation of the
Corporation or these Bylaws for action upon any given matter shall not
prevent action at such meeting upon any other matter or matters which may
properly come before the meeting if there shall be present thereat, in
person or by proxy, holders of the number of shares of stock of the
Corporation required for action in respect of such matter or matters.
Section 1.09. VOTING RIGHTS. Subdivision 1. A shareholder shall have
the voting rights set forth in the Articles of Incorporation of the
Corporation. Except as otherwise required by law, a holder of shares
entitled to vote may vote any portion of the shares in any way the
shareholder chooses. If a shareholder votes without designating the
proportion or number of shares voted in a particular way, the shareholder is
deemed to have voted all of the shares in that way.
Subdivision 2. The Board may fix a date not more than sixty days
before the date of a meeting of shareholders as the date for the
determination of the holders of shares entitled to notice of and entitled to
vote at the meeting. When a date is so fixed, only shareholders on that date
are entitled to notice of and permitted to vote at that meeting of
shareholders.
Section 1.10. PROXIES. A shareholder may cast or authorize the
casting of a vote by filing a written appointment of a proxy with an officer
of the Corporation at or before the meeting at which the appointment is to
be effective.
Section 1.11. ACTION WITHOUT A MEETING. Any action required or
permitted to be taken at a meeting of the shareholders of the Corporation
may be taken without a meeting by written action signed by all of the
shareholders entitled to vote on that action. The written action is
effective when it has been signed by all of those shareholders, unless a
different effective time is provided in the written action.
DIRECTORS
Section 2.01. NUMBER; QUALIFICATIONS. Except as authorized by the
shareholders pursuant to a shareholder control agreement or unanimous
affirmative vote, the business and affairs of the Corporation shall be
managed by or under the direction of a Board of one or more directors.
Directors shall be natural persons. The shareholders at each regular
meeting shall determine the number of directors to constitute the Board,
provided that thereafter the authorized number of directors may be increased
by the shareholders or the Board and decreased by the shareholders.
Directors need not be shareholders.
Section 2.02. TERM. Each director shall serve for an indefinite term
that expires at the next regular meeting of the shareholders. A director
shall hold office until a successor is elected and has qualified or until
the earlier death, resignation, removal or disqualification of the director.
No person shall serve as a Director beyond the earlier of the end of the
month in which he or she attains the age of 70 years, or the end of the
month in which he or she completes 15 continuous years of service as a
Director, except that the limitation on 15 continuous years of service shall
not apply to Rolf F. Bjelland, Bruce, J. Nicholson, Charles W. Arnason, and
Ruth E. Randall, or any person who is an interested person of the LB Series
Fund, Inc. as defined in section 2(a) (19) of the Investment Company Act of
1940. (2)(7)
A vacancy on the Board may be declared by a majority of the Board upon
the happening of any of the following events: (1) death, (2) resignation,
or (3) disability of a Director. Disability may involve either physical or
mental disability which seriously affects the ability of a Director to
participate in the meetings of the Board. Such physical or mental
disability shall be certified to after examination by one or more physicians
selected by majority vote of the remaining directors. A Director shall be
deemed to be disabled if he or she is unable to attend three (3) consecutive
regular meetings of the Board of Directors because of such disability.(3)
Section 2.03. VACANCIES. Vacancies on the Board of Directors
resulting from the death, resignation, removal or disqualification of a
director may be filled by the affirmative vote of a majority of the
remaining members of the Board, though less than a quorum. Vacancies on the
Board resulting from newly created directorships may be filled by the
affirmative vote of a majority of the directors serving at the time such
directorships are created. Each person elected to fill a vacancy shall hold
office until a qualified successor is elected by the shareholders at the
next regular meeting or at any special meeting duly called for that purpose.
Section 2.04. PLACE OF MEETINGS. Each meeting of the Board of
Directors shall be held at the principal executive office of the Corporation
or at such other place as may be designated from time to time by a majority
of the members of the Board.
Section 2.05. REGULAR MEETINGS. Regular meetings of the Board of
Directors for the election of officers and the transaction of any other
business shall be held without notice at the place of and immediately after
each regular meeting of the shareholders.
Section 2.06. SPECIAL MEETINGS. A special meeting of the Board of
Directors may be called for any purpose or purposes at any time by any
member of the Board by giving not less than two nor more than ten days'
notice to all directors of the date, time and place of the meeting. The
notice need not state the purpose of the meeting.
Section 2.07. WAIVER OF NOTICE; PREVIOUSLY SCHEDULED MEETINGS.
Subdivision 1. A director of the Corporation may waive notice of the date,
time and place of a meeting of the Board. A waiver of notice by a director
entitled to notice is effective whether given before, at or after the
meeting, and whether given in writing, orally or by attendance. Attendance
by a director at a meeting is a waiver of notice of that meeting, unless the
director objects at the beginning of the meeting to the transaction of
business because the meeting is not lawfully called or convened and
thereafter does not participate in the meeting.
Subdivision 2. If the day or date, time and place of a Board meeting
have been provided herein or announced at a previous meeting of the Board,
no action is required. Notice of an adjourned meeting need not be given
other than by announcement at the meeting at which adjournment is taken of
the date, time and place at which the meeting will be reconvened.
Section 2.08. QUORUM; ACTS OF BOARD. The presence in person of a
majority of the directors currently holding office shall be necessary to
constitute a quorum for the transaction of business. In the absence of a
quorum, a majority of the directors present may adjourn a meeting from time
to time without further notice until a quorum is present. If a quorum is
present when a duly held meeting is convened, the directors present may
continue to transact business until adjournment, even though the withdrawal
of a number of the directors originally present leaves less than the
proportion or number otherwise required for a quorum. Except as otherwise
required by law, the Articles of Incorporation of the Corporation or these
Bylaws, the Board shall take action by the affirmative vote of a majority of
the directors present at a duly held meeting; provided, however, that the
approval of any contract with an investment adviser or principal
underwriter, as such terms are defined in the Investment Company Act of 1940
or any renewal or amendment thereof, the approval of the fidelity bond
required by the Investment Company Act of 1940, and the selection of the
Corporation's independent public accountants shall each require the
affirmative vote of a majority of the directors who are not parties to such
contract or interested persons of such party.
Section 2.09. ELECTRONIC COMMUNICATIONS. A conference among directors
by any means of communication through which the directors may simultaneously
hear each other during the conference constitutes a Board meeting, if the
same notice is given of the conference as would be required for a meeting,
and if the number of directors participating in the conference would be
sufficient to constitute a quorum at a meeting. A director may participate
in a Board meeting not described in the immediately preceding sentence by
any means of communication through which the director, other directors so
participating and all directors physically present at the meeting may
simultaneously hear each other during the meeting. Participation in a
meeting by any means referred to in this Section 2.09 constitutes a presence
in person at the meeting.
Section 2.10. ABSENT DIRECTORS. A director of the Corporation may
give advance written consent or opposition to a proposal to be acted on at a
Board meeting. If the director is not present at the meeting, consent or
opposition to a proposal does not constitute presence for purposes of
determining the existence of a quorum, but consent or opposition shall be
counted as a vote in favor of or against the proposal and shall be entered
in the minutes or other record of action at the meeting, if the proposal
acted on at the meeting is substantially the same or has substantially the
same effect as the proposal to which the director has consented or objected.
Section 2.11. ACTION WITHOUT A MEETING. An action required or
permitted to be taken at a Board meeting may be taken without a meeting by
written action signed by all of the directors. Any action, other than an
action requiring shareholder approval, if the Articles of Incorporation so
provide, may be taken by written action signed by the number of directors
that would be required to take the same action at a meeting of the Board at
which all directors were present. The written action is effective when
signed by the required number of directors, unless a different effective
time is provided in the written action. When written action is permitted to
be taken by less than all directors, all directors shall be notified
immediately of its text and effective date.
Section 2.12. COMMITTEES. Subdivision 1. A resolution approved by
the affirmative vote of a majority of the Board may establish committees
having the authority of the Board in the management of the business of the
Corporation only to the extent provided in the resolution. Committees shall
be subject at all times to the direction and control of the Board, except as
provided in Section 2.13.
Subdivision 2. A committee shall consist of one or more natural
persons, who need not be directors, appointed by affirmative vote of a
majority of the directors present at a duly held Board meeting.
Subdivision 3. Section 2.04 and Sections 2.06 to 2.11 hereof shall
apply to committees and members of committees to the same extent as those
sections apply to the Board and directors.
Subdivision 4. Minutes, if any, of committee meetings shall be made
available upon request to members of the committee and to any director.
Section 2.13. COMMITTEE OF DISINTERESTED PERSONS. Pursuant to the
procedure set forth in Section 2.12, the Board may establish a committee
composed of two or more disinterested directors or other disinterested
persons to determine whether it is in the best interests of the Corporation
to pursue a particular legal right or remedy of the Corporation and whether
to cause the dismissal or discontinuance of a particular proceeding that
seeks to assert a right or remedy on behalf of the Corporation. The
committee, once established, is not subject to the direction or control of,
or termination by, the Board. A vacancy on the committee may be filled by a
majority vote of the remaining committee members. The good faith
determinations of the committee are binding upon the Corporation and its
directors, officers and shareholders. The committee terminates when it
issues a written report of its determinations to the Board.
Section 2.14. COMPENSATION. The Board may fix the compensation, if
any, of directors.
OFFICERS
Section 3.01. NUMBER AND DESIGNATION. The Corporation shall have one
or more natural persons exercising the functions of the offices of Chief
Executive Officer and Chief Financial Officer. The Board of Directors may
elect or appoint such other officers or agents as it deems necessary for the
operation and management of the Corporation, with such powers, rights,
duties and responsibilities as may be determined by the Board, including,
without limitation, a Chairman of the Board, a President, one or more Vice
Presidents, a Secretary and a Treasurer, each of whom shall have the powers,
rights, duties and responsibilities set forth in these Bylaws unless
otherwise determined by the Board. Any of the offices or functions of those
offices may be held by the same person.
Section 3.02. CHAIRMAN OF THE BOARD. Unless otherwise determined by
the Board of Directors, the Chairman of the Board shall be the Chief
Executive Officer of the Corporation. The Chairman of the Board shall
perform such executive and other duties as the Board of Directors may, from
time to time, prescribe.
Section 3.03. CHIEF EXECUTIVE OFFICER. Unless provided otherwise by a
resolution adopted by the Board of Directors, the Chief Executive officer
(a) shall have general active management of the business of the Corporation;
(b) shall, when present, preside at all meetings of the shareholders and
Board of Directors; (c) shall see that all orders and resolutions of the
Board are carried into effect; (d) may maintain records of and certify
proceedings of the Board and shareholders; and (e) shall perform such other
duties as may from time to time be assigned by the Board.
Section 3.04. CHIEF FINANCIAL OFFICER. Unless provided otherwise by a
resolution adopted by the Board of Directors, the Chief Financial officer
(a) shall keep accurate financial records for the Corporation; (b) shall
deposit all monies, drafts and checks in the name of and to the credit of
the Corporation in such banks and depositories as the Board of Directors
shall designate from time to time; (c) shall endorse for deposit all notes,
checks and drafts received by the Corporation as ordered by the Board,
making proper vouchers therefor; (d) shall disburse corporate funds and
issue checks and drafts in the name of the Corporation, as ordered by the
Board; (e) shall render to the Chief Executive Officer and the Board of
Directors, whenever requested, an account of all of his transactions as
Chief Financial Officer and of the financial condition of the Corporation;
and (f) shall perform such other duties as may be prescribed by the Board of
Directors or the Chief Executive Officer from time to time.
Section 3.05. PRESIDENT. The President shall perform such duties as
may from time to time be assigned by the Board of Directors.
Section 3.06. VICE PRESIDENTS. Any one or more Vice Presidents, if
any, may be designated by the Board of Directors as Executive Vice
Presidents or Senior Vice Presidents. During the absence or disability of
the President, it shall be the duty of the highest ranking Executive Vice
President, and, in the absence of any such Vice President, it shall be the
duty of the highest ranking Senior Vice President or other Vice President,
who shall be present at the time and able to act, to perform the duties of
the President. The determination of who is the highest ranking of two or
more persons holding the same office shall, in the absence of specific
designation of order of rank by the Board of Directors, be made on the basis
of the earliest date of appointment or election, or, in the event of
simultaneous appointment or election, on the basis of the longest continuous
employment by the Corporation.
Section 3.07. SECRETARY. The Secretary, unless otherwise determined
by the Board, shall attend all meetings of the shareholders and all meetings
of the Board of Directors, shall record or cause to be recorded all
proceedings thereof in a book to be kept for that purpose, and may certify
such proceedings. Except as otherwise required or permitted by law or by
these Bylaws, the Secretary shall give or cause to be given notice of all
meetings of the shareholders and all meetings of the Board of Directors.
Section 3.08. TREASURER. Unless otherwise determined by the Board,
the Treasurer shall be the Chief Financial Officer of the Corporation. If
an officer other than the Treasurer is designated Chief Financial Officer,
the Treasurer shall perform such duties as may from time to time be assigned
to him by the Board.
Section 3.09. AUTHORITY AND DUTIES. In addition to the foregoing
authority and duties, all officers of the Corporation shall respectively
have such authority and perform such duties in the management of the
business of the Corporation as may be designated from time to time by the
Board of Directors. Unless prohibited by a resolution approved by the
affirmative vote of a majority of the directors present, an officer elected
or appointed by the Board may, without the approval of the Board, delegate
some or all of the duties and powers of an office to other persons.
Section 3.10. TERM. Subdivision 1. All officers of the Corporation
shall hold office until their respective successors are chosen and have
qualified or until their earlier death, resignation or removal.
Subdivision 2. An officer may resign at any time by giving written
notice to the Corporation. The resignation is effective without acceptance
when the notice is given to the Corporation, unless a later effective date
is specified in the notice.
Subdivision 3. An officer may be removed at any time, with or without
cause, by a resolution approved by the affirmative vote of a majority of the
directors present at a duly held Board meeting.
Subdivision 4. A vacancy in an office because of death, resignation,
removal, disqualification or other cause may, or in the case of a vacancy in
the office of Chief Executive Officer or Chief Financial Officer shall, be
filled for the unexpired portion of the term by the Board.
Section 3.11. SALARIES. The salaries of all officers of the
Corporation shall be fixed by the Board of Directors or by the Chief
Executive Officer if authorized by the Board.
INDEMNIFICATION
Section 4.01. INDEMNIFICATION. The Corporation shall indemnify such
persons, for such expenses and liabilities, in such manner, under such
circumstances, and to such extent, as required or permitted by Minnesota
Statutes, Section 302A.521, as amended from time to time, or as required or
permitted by other provisions of law.
Section 4.02. INSURANCE. The Corporation may purchase and maintain
insurance on behalf of any person in such person's official capacity against
any liability asserted against and incurred by such person in or arising
from that capacity, whether or not the Corporation would otherwise be
required to indemnify the person against the liability.
SHARES
Section 5.01. CERTIFICATED AND UNCERTIFICATED SHARES. Subdivision 1.
The shares of the Corporation shall be either certificated shares or
uncertificated shares. Each holder of duly issued certificated shares is
entitled to a certificate of shares.
Subdivision 2. Each certificate of shares of the Corporation shall
bear the corporate seal, if any, and shall be signed by the Chief Executive
Officer, or the President or any Vice President, and the Chief Financial
Officer, or the Secretary or any Assistant Secretary, but when a certificate
is signed by a transfer agent or a registrar, the signature of any such
officer and the corporate seal upon such certificate may be facsimiles,
engraved or printed. If a person signs or has a facsimile signature placed
upon a certificate while an officer, transfer agent or registrar of the
Corporation, the certificate may be issued by the Corporation, even if the
person has ceased to serve in that capacity before the certificate is
issued, with the same effect as if the person had that capacity at the date
of its issue.
Subdivision 3. A certificate representing shares issued by the
Corporation shall, if the Corporation is authorized to issue shares of more
than one class or series, set forth upon the face or back of the
certificate, or shall state that the Corporation will furnish to any
shareholder upon request and without charge, a full statement of the
designations, preferences, limitations and relative rights of the shares of
each class or series authorized to be issued, so far as they have been
determined, and the authority of the Board to determine the relative rights
and preferences of subsequent classes or series.
Subdivision 4. A resolution approved by the affirmative vote of a
majority of the directors present at a duly held meeting of the Board may
provide that some or all of any or all classes and series of the shares of
the Corporation will be uncertificated shares. Any such resolution shall
not apply to shares represented by a certificate until the certificate is
surrendered to the Corporation.
Section 5.02. DECLARATION OF DIVIDENDS AND OTHER DISTRIBUTIONS. The
Board of Directors shall have the authority to declare dividends and other
distributions upon the shares of the Corporation to the extent permitted by
the Articles of Incorporation of the Corporation and by law.
Section 5.03. TRANSFER OF SHARES. Shares of the Corporation may be
transferred only on the books of the Corporation by the holder thereof, in
person or by his attorney. In the case of certificated shares, shares shall
be transferred only upon surrender and cancellation of certificates for a
like number of shares. The Board of Directors, however, may appoint one or
more transfer agents and registrars to maintain the share records of the
Corporation and to effect transfers of shares.
Section 5.04. RECORD DATE. The Board of Directors may fix a time, not
exceeding sixty days preceding the date fixed for the payment of any
dividend or other distribution, as a record date for the determination of
the shareholders entitled to receive payment of such dividend or other
distribution, and in such case only shareholders of record on the date so
fixed shall be entitled to receive payment of such dividend or other
distribution, notwithstanding any transfer of any shares on the books of the
Corporation after any record date so fixed.
INVESTMENT OBJECTIVES AND RESTRICTIONS
Section 6.01. INVESTMENT OBJECTIVES. The investment objectives of
each Portfolio of the Corporation are fundamental and may not be changed
without the approval of the holders of a majority of the outstanding shares
of the Portfolio affected (which for this purpose and under the Investment
Company Act of 1940 means the lesser of (a) 67% of the shares represented at
a meeting at which more than 50% of the outstanding shares are represented
or (b) more than 50% of the outstanding shares). The investment objectives
of the Portfolios of the Corporation are as follows:
Money Market Portfolio. The objective of this Portfolio is to
----------------------
achieve the maximum current income that is consistent with stability of
capital and maintenance of liquidity through investment in high
quality, short-term debt obligations.
Income Portfolio. The objective of this Portfolio is to achieve a
----------------
high level of income over the longer term while providing reasonable
safety of capital through investment primarily in readily marketable
intermediate and long-term fixed income securities.
Growth Portfolio. The objective of this Portfolio is to achieve
----------------
long-term growth of capital through investment primarily in common
stocks of established corporations that appear to offer attractive
prospects of a high total return from dividends and capital
appreciation.
High Yield Portfolio. The objective of the Portfolio is to obtain
--------------------
high current income through investment primarily in a diversified
portfolio of professionally managed high yield securities, many of
which involve greater risks than higher quality investments, which a
secondary objective of growth of capital.(1)
Opportunity Growth Portfolio. The objective of the Portfolio is
----------------------------
to obtain long term growth of capital through investment primarily in a
diversified portfolio of professionally managed smaller capitalization
common stocks.(5)
World Growth Portfolio. The objective of the Portfolio is to
----------------------
obtain long term growth of capital through investment primarily in a
diversified portfolio of professionally managed common stocks of
established, non-U.S. companies.(5)
Mid Cap Growth Portfolio. The objective of the Portfolio is to
------------------------
obtain long term growth of capital through investment primarily in a
diversified portfolio of professionally managed medium market
capitalization common stocks.(6)
Section 6.02. INVESTMENT RESTRICTIONS. The investment restrictions
set forth below are fundamental and may not be changed without the approval
of the holders of a majority of the outstanding shares of the Portfolio or
Portfolios affected (as defined in Section 6.01 hereof).
None of the Portfolios will:
1. Buy or sell real estate, mortgages, commodities or commodity
contracts, although the Portfolios may buy and sell securities which
are secured by real estate and securities of real estate investment
trusts and of other issuers that engage in real estate operations.
2. Buy or sell the securities of other investment companies,
except by purchases in the open market involving only customary
brokerage commissions and as a result of which not more than 5% of the
Corporation's total assets (taken at current value) would be invested
in such securities, or except as part of a merger, consolidation or
other acquisition.
3. Acquire securities for the purpose of exercising control or
management of any company except in connection with a merger,
consolidation, acquisition or reorganization.
4. Make short sales.
5. Purchase securities on margin or otherwise borrow money or
issue senior securities except that a Portfolio, in accordance with its
investment objectives and policies, may enter into reverse repurchase
agreements and purchase securities on a when-issued and delayed
delivery basis, within the limitations set forth in the current
Prospectus of the Corporation filed with the Securities and Exchange
Commission under the Securities Act of 1933. The Corporation may also
obtain such short-term credit as it needs for the clearance of
securities transactions, and may borrow from a bank, for the account of
any Portfolio, as a temporary measure to facilitate redemptions (but
not for leveraging or investment) an amount that does not exceed 5% of
the value of the Portfolio's total assets (including the amount
borrowed) less liabilities (not including the amount owed as a result
of the borrowing) at the time the borrowing is made. Investment
securities will not be purchased while borrowings are outstanding.
Interest paid on borrowings will not be available for investment.
6. Enter into reverse repurchase agreements if, as a result, the
Portfolio's obligations with respect to reverse repurchase agreements
would exceed 10% of the Portfolio's net assets (defined to mean total
assets at market value less liabilities other than reverse repurchase
agreements).
7. Pledge or mortgage assets, except that not more than 10% of
the value of any Portfolio may be pledged (taken at the time the pledge
is made) to secure borrowings made in accordance with paragraph 5
above, and that a Portfolio may enter into reverse repurchase
agreements in accordance with paragraph 6 above.
8. Lend money, except that loans of up to 10% of the value of
each Portfolio may be made through the purchase of privately placed
bonds, debentures, notes and other evidences of indebtedness of a
character customarily acquired by institutional investors that may or
may not be convertible into stock or accompanied by warrants or rights
to acquire stock. Repurchase agreements and the purchase of publicly
traded debt obligations are not considered to be "loans" for this
purpose and may be entered into or purchased by a Portfolio in
accordance with its investment objectives and policies.
9. Underwrite the securities of other issuers, except where the
Corporation may be deemed to be an underwriter for purposes of certain
Federal securities laws in connection with the disposition of portfolio
securities and with loans that a Portfolio may make pursuant to
paragraph 8 above.
10. Make an investment unless, when considering all its other
investments, 75% of the value of a Portfolio's assets would consist of
cash, cash items, obligations of the U.S. Government, its agencies or
instrumentalities, and other securities. For purposes of this
restriction, "other securities" are limited for each issuer to not more
than 5% of the value of a Portfolio's assets and to not more than 10%
of the issuer's outstanding voting securities held by the Corporation
as a whole.
11. Purchase securities of a company in any industry if as a
result of the purchase a Portfolio's holdings of securities issued by
companies in that industry would exceed 25% of the value of the
Portfolio, except that this restriction does not apply to purchases of
obligations issued or guaranteed by the U.S. Government, its agencies
and instrumentalities, or issued by domestic banks. For purposes of
this restriction, neither finance companies as a group nor utility
companies as a group are considered to be a single industry and will be
grouped instead according to their services; for example, gas, electric
and telephone utilities will each be considered a separate industry.
12. Invest in securities (including repurchase agreements
maturing in more than seven days) that are subject to legal or
contractual restrictions on resale or for which no readily available
market exists, or in the securities of issuers (other than U.S.
Government agencies or instrumentalities) having a record, together
with predecessors, of less than three years' continuous operation, if,
regarding all such securities, more than 10% of the Portfolio's total
assets would be invested in them.
Certain additional investment restrictions are applicable only to the
Money Market Portfolio. That Portfolio will not:
1. Invest in oil and gas interests, common stock, preferred
stock, warrants or other equity securities.
2. Invest in any security with a remaining maturity in excess of
one year, except that securities held pursuant to repurchase agreements
may have a remaining maturity of more than one year.
MISCELLANEOUS
Section 7.01. EXECUTION OF INSTRUMENTS. Subdivision 1. All deeds,
mortgages, bond, checks, contracts and other instruments pertaining to the
business and affairs of the Corporation shall be signed on behalf of the
Corporation by the Chief Executive Officer, the President or any Vice
President, or by such other person or persons as may be designated from time
to time by the Board of Directors.
Subdivision 2. If a document must be executed by persons holding
different offices or functions and one person holds such offices or
exercises such functions, that person may execute the document in more than
one capacity if the document indicates each such capacity.
Section 7.02. ADVANCES. The Corporation may, without a vote of the
directors, advance money to its directors, officers or employees to cover
expenses that can reasonably be anticipated to be incurred by them in the
performance of their duties and for which they would be entitled to
reimbursement in the absence of an advance.
Section 7.03. CORPORATE SEAL. The seal of the Corporation, if any,
shall be a circular embossed seal having inscribed thereon the name of the
Corporation and the following words:
"Corporate Seal Minnesota".
Section 7.04. FISCAL YEAR. The fiscal year of the Corporation shall
be determined by the Board of Directors.
Section 7.05. AMENDMENTS. The Board of Directors shall have the power
to adopt, amend or repeal the Bylaws of the Corporation, subject to the
power of the shareholders to change or repeal the same, provided, however,
that the Board shall not adopt, amend or repeal any Bylaw fixing a quorum
for meetings of shareholders, prescribing procedures for removing directors
or filling vacancies in the Board, or fixing the number of directors or
their classifications, qualifications or terms of office, but may adopt or
amend a Bylaw that increases the number of directors, and provided further,
however, that the investment objectives contained in Section 6.01 hereof and
the investment restrictions in Section 6.02 hereof may be changed only with
the approval of the holders of a majority of the outstanding shares of the
Portfolio or Portfolios affected (as defined in Section 6.01 hereof).
<PAGE>
NOTES TO BY-LAWS
OF
LB SERIES FUND, INC.
(1) Entire paragraph added as amendment by action of Board of Directors on
June 2, 1987.
(2) As amended by action of Board of Directors on December 5, 1989.
(3) Entire paragraph added as amendment by action of Board of Directors on
December 5, 1989.
(4) Name change from LBVIP Series Fund, Inc. to LB Series Fund, Inc.
approved by a vote of the holders of a majority shares of stock on
October 28, 1993, at a regular meeting of shareholders. Filed with
Minnesota Secretary of State on January 31, 1994.
(5) Entire paragraph added as amendment by action of Board of Directors on
September 7, 1995.
(6) Entire paragraph added as amendment by action of Board of Directors on
September 10, 1997.
(7) Maximum years of term amended from 10 to 15 years and exception
modified to include all interested persons by action of Board of
Directors on June 10, 1998.
<PAGE>
ATTACHMENT 77C
Description of Matters Submitted to a Vote of Security Holders
(a) A Special Meeting of Shareholders of each of the Growth Portfolio,
Opportunity Growth Portfolio, Mid Cap Growth Portfolio, World Growth
Portfolio, High Yield Portfolio, Income Portfolio and Money Market
Portfolio(collectively, the "Special Meeting"), each a series of LB Series
Fund, Inc., (the "Fund"), was held on December 1, 1998.
(b) The matters voted upon at the Special Meeting, and the affirmative and
negative votes cast thereto, are the following:
(1) Election of Directors:
To Elect Rolf F. Bjelland as Director:
Growth Portfolio:
Votes to approve: 139,938,142.896
Votes to disapprove: 1,693,874.324
Votes to abstain: 0.00
High Yield Portfolio:
Votes to approve: 151,192,402.754
Votes to disapprove: 1,626,391.596
Votes to abstain: 0.00
Income Portfolio:
Votes to approve: 99,283,081.322
Votes to disapprove: 914,482.198
Votes to abstain: 0.00
Mid Cap Growth Portfolio:
Votes to approve: 7,554,478.342
Votes to disapprove: 75,943.288
Votes to abstain: 0.00
Money Market Portfolio:
Votes to approve: 160,161,313.757
Votes to disapprove: 1,496,333.062
Votes to abstain: 0.00
Opportunity Growth Portfolio:
Votes to approve: 33,323,861.639
Votes to disapprove: 556,907.001
Votes to abstain: 0.00
World Growth Portfolio:
Votes to approve: 28,065,638.873
Votes to disapprove: 397,705.965
Votes to abstain: 0.00
To Elect Jodi L. Harpstead as Director:
Growth Portfolio:
Votes to approve: 139,953,795.992
Votes to disapprove: 1,678,221.228
Votes to abstain: 0.00
High Yield Portfolio:
Votes to approve: 151,166,966.347
Votes to disapprove: 1,651,828.003
Votes to abstain: 0.00
Income Portfolio:
Votes to approve: 99,260,341.106
Votes to disapprove: 937,222.414
Votes to abstain: 0.00
Mid Cap Growth Portfolio:
Votes to approve: 7,553,956.085
Votes to disapprove: 76,465.545
Votes to abstain: 0.00
Money Market Portfolio:
Votes to approve: 160,297,928.955
Votes to disapprove: 1,359,717.864
Votes to abstain: 0.00
Opportunity Growth Portfolio:
Votes to approve: 33,327,704.810
Votes to disapprove: 553,063.830
Votes to abstain: 0.00
World Growth Portfolio:
Votes to approve: 28,066,149.641
Votes to disapprove: 397,195.197
Votes to abstain: 0.00
To Elect Noel K. Estenson as Director:
Growth Portfolio:
Votes to approve: 139,912,048.176
Votes to disapprove: 1,719,696.044
Votes to abstain: 0.00
High Yield Portfolio:
Votes to approve: 151,159,094.307
Votes to disapprove: 1,659,700.043
Votes to abstain: 0.00
Income Portfolio:
Votes to approve: 99,285,609.586
Votes to disapprove: 911,953.934
Votes to abstain: 0.00
Mid Cap Growth Portfolio:
Votes to approve: 7,560,788.969
Votes to disapprove: 69,632.661
Votes to abstain: 0.00
Money Market Portfolio:
Votes to approve: 160,190,930.286
Votes to disapprove: 1,466,716.533
Votes to abstain: 0.00
Opportunity Growth Portfolio:
Votes to approve: 33,353,347.750
Votes to disapprove: 527,420.890
Votes to abstain: 0.00
World Growth Portfolio:
Votes to approve: 28,085,117.160
Votes to disapprove: 378,227.678
Votes to abstain: 0.00
To Elect Herbert F. Eggerding as Director:
Growth Portfolio:
Votes to approve: 140,009,800.084
Votes to disapprove: 1,693,874.324
Votes to abstain: 0.00
High Yield Portfolio:
Votes to approve: 151,224,303.966
Votes to disapprove: 1,574,490.384
Votes to abstain: 0.00
Income Portfolio:
Votes to approve: 99,342,865.444
Votes to disapprove: 854,698.076
Votes to abstain: 0.00
Mid Cap Growth Portfolio:
Votes to approve: 7,560,592.223
Votes to disapprove: 69,829.407
Votes to abstain: 0.00
Money Market Portfolio:
Votes to approve: 160,558,963.774
Votes to disapprove: 1,098,683.045
Votes to abstain: 0.00
Opportunity Growth Portfolio:
Votes to approve: 33,349,046.845
Votes to disapprove: 531,721.795
Votes to abstain: 0.00
World Growth Portfolio:
Votes to approve: 28,092,389.679
Votes to disapprove: 370,955.159
Votes to abstain: 0.00
To Elect Richard A. Hauser as Director:
Growth Portfolio:
Votes to approve: 139,961,127.348
Votes to disapprove: 1,670,889.872
Votes to abstain: 0.00
High Yield Portfolio:
Votes to approve: 151,183,144.803
Votes to disapprove: 1,635,649.547
Votes to abstain: 0.00
Income Portfolio:
Votes to approve: 99,311,477.265
Votes to disapprove: 886,086.255
Votes to abstain: 0.00
Mid Cap Growth Portfolio:
Votes to approve: 7,554,844.058
Votes to disapprove: 75,577.572
Votes to abstain: 0.00
Money Market Portfolio:
Votes to approve: 160,485,491.805
Votes to disapprove: 1,172,155.014
Votes to abstain: 0.00
Opportunity Growth Portfolio:
Votes to approve: 33,344,169.565
Votes to disapprove: 536,599.075
Votes to abstain: 0.00
World Growth Portfolio:
Votes to approve: 28,076,572.892
Votes to disapprove: 386,771.946
Votes to abstain: 0.00
To Elect Connie M. Levi as Director:
Growth Portfolio:
Votes to approve: 139,798,412.668
Votes to disapprove: 1,833,604.552
Votes to abstain: 0.00
High Yield Portfolio:
Votes to approve: 151,096,976.131
Votes to disapprove: 1,721,818.219
Votes to abstain: 0.00
Income Portfolio:
Votes to approve: 99,260,605.427
Votes to disapprove: 936,958.093
Votes to abstain: 0.00
Mid Cap Growth Portfolio:
Votes to approve: 7,552,724.340
Votes to disapprove: 77,697.290
Votes to abstain: 0.00
Money Market Portfolio:
Votes to approve: 160,351,716.258
Votes to disapprove: 1,305,930.561
Votes to abstain: 0.00
Opportunity Growth Portfolio:
Votes to approve: 33,320,767.991
Votes to disapprove: 560,000.649
Votes to abstain: 0.00
World Growth Portfolio:
Votes to approve: 28,064,148.981
Votes to disapprove: 399,195.857
Votes to abstain: 0.00
To Elect Bruce J. Nicholson as Director:
Growth Portfolio:
Votes to approve: 140,013,370.354
Votes to disapprove: 1,618,646.866
Votes to abstain: 0.00
High Yield Portfolio:
Votes to approve: 151,210,052.588
Votes to disapprove: 1,608,741.762
Votes to abstain: 0.00
Income Portfolio:
Votes to approve: 99,253,431.897
Votes to disapprove: 944,131.623
Votes to abstain: 0.00
Mid Cap Growth Portfolio:
Votes to approve: 7,546,004.028
Votes to disapprove: 84,417.602
Votes to abstain: 0.00
Money Market Portfolio:
Votes to approve: 160,595,883.623
Votes to disapprove: 1,061,763.196
Votes to abstain: 0.00
Opportunity Growth Portfolio:
Votes to approve: 33,349,983.166
Votes to disapprove: 530,785.474
Votes to abstain: 0.00
World Growth Portfolio:
Votes to approve: 28,060,907.079
Votes to disapprove: 402,437.759
Votes to abstain: 0.00
To Elect Ruth E. Randall as Director:
Growth Portfolio:
Votes to approve: 139,918,474.902
Votes to disapprove: 1,713,542.318
Votes to abstain: 0.00
High Yield Portfolio:
Votes to approve: 151,178,668.387
Votes to disapprove: 1,640,125.963
Votes to abstain: 0.00
Income Portfolio:
Votes to approve: 99,274,740.580
Votes to disapprove: 922,822.940
Votes to abstain: 0.00
Mid Cap Growth Portfolio:
Votes to approve: 7,556,221.941
Votes to disapprove: 74,199.689
Votes to abstain: 0.00
Money Market Portfolio:
Votes to approve: 160,354,662.794
Votes to disapprove: 1,302,984.025
Votes to abstain: 0.00
Opportunity Growth Portfolio:
Votes to approve: 33,328,039.710
Votes to disapprove: 552,728.930
Votes to abstain: 0.00
World Growth Portfolio:
Votes to approve: 28,077,112.514
Votes to disapprove: 386,232.324
Votes to abstain: 0.00
2(A) To amend the fundamental investment restriction on borrowing
and the issuance of senior securities:
Growth Portfolio:
Votes to approve: 135,227,191.902
Votes to disapprove: 1,633,409.197
Votes to abstain: 4,771,416.122
High Yield Portfolio:
Votes to approve: 146,352,617.292
Votes to disapprove: 1,300,454.729
Votes to abstain: 5,165,722.330
Income Portfolio:
Votes to approve: 96,061,971.340
Votes to disapprove: 698,655.604
Votes to abstain: 3,436,936.578
Mid Cap Growth Portfolio:
Votes to approve: 7,359,305.145
Votes to disapprove: 75,474.715
Votes to abstain: 195,641.770
Money Market Portfolio:
Votes to approve: 154,977,496.980
Votes to disapprove: 1,647,270.414
Votes to abstain: 5,032,879.426
Opportunity Growth Portfolio:
Votes to approve: 33,339,421.057
Votes to disapprove: 410,140.488
Votes to abstain: 1,131,207.095
World Growth Portfolio:
Votes to approve: 27,173,417.123
Votes to disapprove: 340,398.560
Votes to abstain: 949,529.155
2(B) To amend the fundamental investment restriction on lending:
Growth Portfolio:
Votes to approve: 135,329,014.526
Votes to disapprove: 1,532,711.566
Votes to abstain: 4,770,291.128
High Yield Portfolio:
Votes to approve: 146,402,820.540
Votes to disapprove: 1,250,251.480
Votes to abstain: 5,165,722.330
Income Portfolio:
Votes to approve: 96,098,023.605
Votes to disapprove: 663,568.434
Votes to abstain: 3,435,971.481
Mid Cap Growth Portfolio:
Votes to approve: 7,362,404.225
Votes to disapprove: 72,375.634
Votes to abstain: 195,641.770
Money Market Portfolio:
Votes to approve: 155,027,225.288
Votes to disapprove: 1,597,542.105
Votes to abstain: 5,032,879.426
Opportunity Growth Portfolio:
Votes to approve: 32,346,293.199
Votes to disapprove: 403,268.346
Votes to abstain: 1,131,207.095
World Growth Portfolio:
Votes to approve: 27,183,458.788
Votes to disapprove: 330,356.895
Votes to abstain: 949,529.155
2(C) To amend the fundamental investment restriction on real estate
and commodities:
Growth Portfolio:
Votes to approve: 135,318,196.057
Votes to disapprove: 1,542,405.040
Votes to abstain: 4,771,416.122
High Yield Portfolio:
Votes to approve: 146,410,662.577
Votes to disapprove: 1,242,409.444
Votes to abstain: 5,165,722.330
Income Portfolio:
Votes to approve: 96,076,009.787
Votes to disapprove: 685,582.251
Votes to abstain: 3,435,971.481
Mid Cap Growth Portfolio:
Votes to approve: 7,362,364.661
Votes to disapprove: 72,415.197
Votes to abstain: 195,641.770
Money Market Portfolio:
Votes to approve: 155,058,185.935
Votes to disapprove: 1,566,581.459
Votes to abstain: 5,032,879.426
Opportunity Growth Portfolio:
Votes to approve: 32,344,691.804
Votes to disapprove: 404,869.741
Votes to abstain: 1,131,207.095
World Growth Portfolio:
Votes to approve: 27,178,378.272
Votes to disapprove: 335,437.411
Votes to abstain: 949,529.155
2(D) To eliminate the fundamental investment restriction on
reverse repurchase agreements:
Growth Portfolio:
Votes to approve: 135,295,990.569
Votes to disapprove: 1,565,735.523
Votes to abstain: 4,770,291.128
High Yield Portfolio:
Votes to approve: 146,398,378.900
Votes to disapprove: 1,254,693.121
Votes to abstain: 5,165,722.330
Income Portfolio:
Votes to approve: 96,075,341.395
Votes to disapprove: 686,250.643
Votes to abstain: 3,435,971.481
Mid Cap Growth Portfolio:
Votes to approve: 7,361,999.566
Votes to disapprove: 72,780.293
Votes to abstain: 195,641.770
Money Market Portfolio:
Votes to approve: 155,072,750.393
Votes to disapprove: 1,552,017.002
Votes to abstain: 5,032,879.426
Opportunity Growth Portfolio:
Votes to approve: 32,350,035.300
Votes to disapprove: 399,526.245
Votes to abstain: 1,131,207.095
World Growth Portfolio:
Votes to approve: 27,182,143.405
Votes to disapprove: 331,672.278
Votes to abstain: 949,529.155
2(E) To eliminte the fundamental investment restriction on the pledge
of assets:
Growth Portfolio:
Votes to approve: 135,296,513.063
Votes to disapprove: 1,564,088.036
Votes to abstain: 4,771,416.122
High Yield Portfolio:
Votes to approve: 146,381,485.699
Votes to disapprove: 1,271,586.322
Votes to abstain: 5,165,722.330
Income Portfolio:
Votes to approve: 96,094,194.438
Votes to disapprove: 667,397.600
Votes to abstain: 3,435,971.481
Mid Cap Growth Portfolio:
Votes to approve: 7,359,562.884
Votes to disapprove: 75,216.974
Votes to abstain: 195,641.770
Money Market Portfolio:
Votes to approve: 155,062,651.473
Votes to disapprove: 1,562,115.921
Votes to abstain: 5,032,879.426
Opportunity Growth Portfolio:
Votes to approve: 32,346,920.988
Votes to disapprove: 402,640.558
Votes to abstain: 1,131,207.095
World Growth Portfolio:
Votes to approve: 27,179,665.956
Votes to disapprove: 334,149.727
Votes to abstain: 949,529.155
2(F) To eliminate the fundamental investment restriction on
restricted securities, illiquid securities and
unseasoned issuers:
Growth Portfolio:
Votes to approve: 135,266,775.142
Votes to disapprove: 1,593,825.954
Votes to abstain: 4,771,416.122
High Yield Portfolio:
Votes to approve: 146,288,718.619
Votes to disapprove: 1,364,353.401
Votes to abstain: 5,165,722.330
Income Portfolio:
Votes to approve: 96,018,282.900
Votes to disapprove: 743,309.138
Votes to abstain: 3,435,971.481
Mid Cap Growth Portfolio:
Votes to approve: 7,359,504.916
Votes to disapprove: 75,274.943
Votes to abstain: 195,641.770
Money Market Portfolio:
Votes to approve: 155,068,665.676
Votes to disapprove: 1,566,101.718
Votes to abstain: 5,032,879.426
Opportunity Growth Portfolio:
Votes to approve: 32,329,957.265
Votes to disapprove: 419,604.280
Votes to abstain: 1,131,207.095
World Growth Portfolio:
Votes to approve: 27,173,730.257
Votes to disapprove: 340,085.426
Votes to abstain: 949,529.155
2(G) To eliminate the fundamental investment restriction on
control securities:
Growth Portfolio:
Votes to approve: 135,334,490.997
Votes to disapprove: 1,526,110.102
Votes to abstain: 4,771,416.122
High Yield Portfolio:
Votes to approve: 146,405,756.461
Votes to disapprove: 1,247,315.559
Votes to abstain: 5,165,722.330
Income Portfolio:
Votes to approve: 96,099,912.810
Votes to disapprove: 661,679.229
Votes to abstain: 3,435,971.481
Mid Cap Growth Portfolio:
Votes to approve: 7,362,498.095
Votes to disapprove: 72,281.764
Votes to abstain: 195,641.770
Money Market Portfolio:
Votes to approve: 155,093,481.887
Votes to disapprove: 1,531,285.506
Votes to abstain: 5,032,879.426
Opportunity Growth Portfolio:
Votes to approve: 32,356,049.324
Votes to disapprove: 393,512.222
Votes to abstain: 1,131,207.095
World Growth Portfolio:
Votes to approve: 27,186,722.746
Votes to disapprove: 327,092.936
Votes to abstain: 949,529.155
2(H) To eliminate the fundamental investment restriction on short
sales:
Growth Portfolio:
Votes to approve: 135,186,710.410
Votes to disapprove: 1,675,015.681
Votes to abstain: 4,770,291.128
High Yield Portfolio:
Votes to approve: 146,262,513.733
Votes to disapprove: 1,390,558.287
Votes to abstain: 5,165,722.330
Income Portfolio:
Votes to approve: 95,986,526.152
Votes to disapprove: 775,065.887
Votes to abstain: 3,435,971.481
Mid Cap Growth Portfolio:
Votes to approve: 7,323,746.170
Votes to disapprove: 111,033.689
Votes to abstain: 195,641.770
Money Market Portfolio:
Votes to approve: 155,069,403.172
Votes to disapprove: 1,555,364.221
Votes to abstain: 5,032,879.426
Opportunity Growth Portfolio:
Votes to approve: 32,282,438.235
Votes to disapprove: 467,123.310
Votes to abstain: 1,131,207.095
World Growth Portfolio:
Votes to approve: 27,112,903.623
Votes to disapprove: 400,912.061
Votes to abstain: 949,529.155
2(I) To eliminate the fundamental investment restriction on
investments in other investment companies:
Growth Portfolio:
Votes to approve: 135,253,024.325
Votes to disapprove: 1,608,701.767
Votes to abstain: 4,770,291.128
High Yield Portfolio:
Votes to approve: 146,341,069.235
Votes to disapprove: 1,312,002.787
Votes to abstain: 5,165,722.330
Income Portfolio:
Votes to approve: 96,097,415.135
Votes to disapprove: 664,176.902
Votes to abstain: 3,435,971.481
Mid Cap Growth Portfolio:
Votes to approve: 7,356,368.640
Votes to disapprove: 78,411.219
Votes to abstain: 195,641.770
Money Market Portfolio:
Votes to approve: 155,085,417.892
Votes to disapprove: 1,539,349.502
Votes to abstain: 5,032,879.426
Opportunity Growth Portfolio:
Votes to approve: 32,339,822.098
Votes to disapprove: 409,739.447
Votes to abstain: 1,131,207.095
World Growth Portfolio:
Votes to approve: 27,171,008.931
Votes to disapprove: 342,806.752
Votes to abstain: 949,529.155
2(J) To eliminate the fundamental investment restriction on
investments in oil and gas interests, common stock and other
equity securities of the Money Market Portfolio:
Money Market Portfolio:
Votes to approve: 155,105,021.592
Votes to disapprove: 1,519,745.801
Votes to abstain: 5,032,879.426
2(K) To eliminate the fundamental investment restriction on
portfolio maturity of the Money Market Portfolio:
Money Market Portfolio:
Votes to approve: 155,102,138.425
Votes to disapprove: 1,522,628.968
Votes to abstain: 5,032,879.426
3 To ratify the selection of PricewaterhouseCoopers LLP as the
Fund's independent accountants:
Growth Portfolio:
Votes to approve: 138,756,884.072
Votes to disapprove: 528,115.549
Votes to abstain: 2,347,017.597
High Yield Portfolio:
Votes to approve: 149,679,179.731
Votes to disapprove: 393,471.021
Votes to abstain: 2,746,143.597
Income Portfolio:
Votes to approve: 98,329,168.132
Votes to disapprove: 205,519.760
Votes to abstain: 1,662,875.628
Mid Cap Growth Portfolio:
Votes to approve: 7,498,363.532
Votes to disapprove: 18,832.377
Votes to abstain: 113,225.721
Money Market Portfolio:
Votes to approve: 157,952,308.972
Votes to disapprove: 190,071.971
Votes to abstain: 3,515,265.876
Opportunity Growth Portfolio:
Votes to approve: 33,109,904.454
Votes to disapprove: 155,952.033
Votes to abstain: 614,912.154
World Growth Portfolio:
Votes to approve: 27,835,808.174
Votes to disapprove: 106,263.550
Votes to abstain: 521,273.114
<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, 1998
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-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 2,694,972
<INVESTMENTS-AT-VALUE> 3,315,788
<RECEIVABLES> 54,445
<ASSETS-OTHER> 84
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,370,317
<PAYABLE-FOR-SECURITIES> 50,207
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 98
<TOTAL-LIABILITIES> 50,305
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,382,026
<SHARES-COMMON-STOCK> 141,238
<SHARES-COMMON-PRIOR> 112,406
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 317,134
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 620,852
<NET-ASSETS> 3,320,012
<DIVIDEND-INCOME> 28,044
<INTEREST-INCOME> 9,722
<OTHER-INCOME> 0
<EXPENSES-NET> 11,282
<NET-INVESTMENT-INCOME> 26,484
<REALIZED-GAINS-CURRENT> 325,325
<APPREC-INCREASE-CURRENT> 361,224
<NET-CHANGE-FROM-OPS> 731,033
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 26,297
<DISTRIBUTIONS-OF-GAINS> 382,615
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 12,853
<NUMBER-OF-SHARES-REDEEMED> 4,476
<SHARES-REINVESTED> 20,455
<NET-CHANGE-IN-ASSETS> 893,874
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 374,237
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 11,282
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 11,282
<AVERAGE-NET-ASSETS> 2,820,575
<PER-SHARE-NAV-BEGIN> 21.58
<PER-SHARE-NII> 0.19
<PER-SHARE-GAIN-APPREC> 5.28
<PER-SHARE-DIVIDEND> 0.19
<PER-SHARE-DISTRIBUTIONS> 3.35
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 23.51
<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, 1998
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-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 1,030,691
<INVESTMENTS-AT-VALUE> 1,060,095
<RECEIVABLES> 14,275
<ASSETS-OTHER> 38
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,074,408
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 87
<TOTAL-LIABILITIES> 87
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,050,122
<SHARES-COMMON-STOCK> 105,218
<SHARES-COMMON-PRIOR> 88,783
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (5,107)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 29,306
<NET-ASSETS> 1,074,321
<DIVIDEND-INCOME> 666
<INTEREST-INCOME> 61,734
<OTHER-INCOME> 0
<EXPENSES-NET> 3,862
<NET-INVESTMENT-INCOME> 58,538
<REALIZED-GAINS-CURRENT> 13,373
<APPREC-INCREASE-CURRENT> 14,895
<NET-CHANGE-FROM-OPS> 86,805
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 58,496
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 13,352
<NUMBER-OF-SHARES-REDEEMED> 2,734
<SHARES-REINVESTED> 5,818
<NET-CHANGE-IN-ASSETS> 193,881
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (18,522)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,862
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,862
<AVERAGE-NET-ASSETS> 965,443
<PER-SHARE-NAV-BEGIN> 9.92
<PER-SHARE-NII> 0.61
<PER-SHARE-GAIN-APPREC> 0.29
<PER-SHARE-DIVIDEND> 0.61
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.21
<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, 1998
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-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 193,558
<INVESTMENTS-AT-VALUE> 193,558
<RECEIVABLES> 242
<ASSETS-OTHER> 9
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 193,809
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 193,809
<SHARES-COMMON-STOCK> 193,809
<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> 193,809
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 7,991
<OTHER-INCOME> 0
<EXPENSES-NET> 575
<NET-INVESTMENT-INCOME> 7,416
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 7,416
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 7,416
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 130,086
<NUMBER-OF-SHARES-REDEEMED> 64,861
<SHARES-REINVESTED> 7,416
<NET-CHANGE-IN-ASSETS> 72,642
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 575
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 575
<AVERAGE-NET-ASSETS> 143,683
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> 0.05
<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. Annual Report to Shareholders dated December 31, 1998
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-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 1,530,303
<INVESTMENTS-AT-VALUE> 1,395,838
<RECEIVABLES> 31,415
<ASSETS-OTHER> 3,747
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,431,000
<PAYABLE-FOR-SECURITIES> 3,683
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 3,683
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,571,727
<SHARES-COMMON-STOCK> 155,873
<SHARES-COMMON-PRIOR> 128,831
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (9,946)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (134,465)
<NET-ASSETS> 1,427,317
<DIVIDEND-INCOME> 12,646
<INTEREST-INCOME> 137,405
<OTHER-INCOME> 0
<EXPENSES-NET> 5,748
<NET-INVESTMENT-INCOME> 144,303
<REALIZED-GAINS-CURRENT> (9,085)
<APPREC-INCREASE-CURRENT> (162,813)
<NET-CHANGE-FROM-OPS> (27,596)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 145,155
<DISTRIBUTIONS-OF-GAINS> 19,838
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 15,927
<NUMBER-OF-SHARES-REDEEMED> 5,514
<SHARES-REINVESTED> 16,629
<NET-CHANGE-IN-ASSETS> 82,754
<ACCUMULATED-NII-PRIOR> 853
<ACCUMULATED-GAINS-PRIOR> 18,977
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5,748
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,748
<AVERAGE-NET-ASSETS> 1,436,888
<PER-SHARE-NAV-BEGIN> 10.44
<PER-SHARE-NII> 0.99
<PER-SHARE-GAIN-APPREC> (1.12)
<PER-SHARE-DIVIDEND> 1.00
<PER-SHARE-DISTRIBUTIONS> 0.15
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.16
<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, 1998
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-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 344,317
<INVESTMENTS-AT-VALUE> 371,691
<RECEIVABLES> 726
<ASSETS-OTHER> 76
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 372,493
<PAYABLE-FOR-SECURITIES> 298
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 298
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 392,838
<SHARES-COMMON-STOCK> 33,659
<SHARES-COMMON-PRIOR> 33,897
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (48,017)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 27,374
<NET-ASSETS> 372,195
<DIVIDEND-INCOME> 1,009
<INTEREST-INCOME> 1,539
<OTHER-INCOME> 0
<EXPENSES-NET> 1,454
<NET-INVESTMENT-INCOME> 1,095
<REALIZED-GAINS-CURRENT> (45,124)
<APPREC-INCREASE-CURRENT> 30,584
<NET-CHANGE-FROM-OPS> (13,444)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,021
<DISTRIBUTIONS-OF-GAINS> 4,105
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,767
<NUMBER-OF-SHARES-REDEEMED> 3,447
<SHARES-REINVESTED> 441
<NET-CHANGE-IN-ASSETS> (19,268)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 1,138
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,454
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,454
<AVERAGE-NET-ASSETS> 363,403
<PER-SHARE-NAV-BEGIN> 11.55
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> (0.37)
<PER-SHARE-DIVIDEND> 0.03
<PER-SHARE-DISTRIBUTIONS> 0.12
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.06
<EXPENSE-RATIO> 0.40
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<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, 1998
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-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 310,959
<INVESTMENTS-AT-VALUE> 368,913
<RECEIVABLES> 552
<ASSETS-OTHER> 295
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 369,760
<PAYABLE-FOR-SECURITIES> 16
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 16
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 319,060
<SHARES-COMMON-STOCK> 29,187
<SHARES-COMMON-PRIOR> 25,827
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (7,287)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 57,972
<NET-ASSETS> 369,744
<DIVIDEND-INCOME> 5,442
<INTEREST-INCOME> 829
<OTHER-INCOME> 0
<EXPENSES-NET> 2,820
<NET-INVESTMENT-INCOME> 3,451
<REALIZED-GAINS-CURRENT> (2,051)
<APPREC-INCREASE-CURRENT> 47,583
<NET-CHANGE-FROM-OPS> 48,983
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 6,101
<DISTRIBUTIONS-OF-GAINS> 2,481
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,960
<NUMBER-OF-SHARES-REDEEMED> 1,286
<SHARES-REINVESTED> 687
<NET-CHANGE-IN-ASSETS> 82,541
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (105)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,820
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,820
<AVERAGE-NET-ASSETS> 331,773
<PER-SHARE-NAV-BEGIN> 11.12
<PER-SHARE-NII> 0.12
<PER-SHARE-GAIN-APPREC> 1.74
<PER-SHARE-DIVIDEND> 0.21
<PER-SHARE-DISTRIBUTIONS> 0.10
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.67
<EXPENSE-RATIO> 0.85
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
#23994
</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, 1998
and is qualified in its entirety by reference to such 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> DEC-31-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 86,101
<INVESTMENTS-AT-VALUE> 96,016
<RECEIVABLES> 1,074
<ASSETS-OTHER> 7
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 97,097
<PAYABLE-FOR-SECURITIES> 1,427
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 1,427
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 91,073
<SHARES-COMMON-STOCK> 8,597
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (5,317)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9,914
<NET-ASSETS> 95,670
<DIVIDEND-INCOME> 270
<INTEREST-INCOME> 242
<OTHER-INCOME> 0
<EXPENSES-NET> 196
<NET-INVESTMENT-INCOME> 316
<REALIZED-GAINS-CURRENT> (5,317)
<APPREC-INCREASE-CURRENT> 9,913
<NET-CHANGE-FROM-OPS> 4,913
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 316
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9,154
<NUMBER-OF-SHARES-REDEEMED> 586
<SHARES-REINVESTED> 28
<NET-CHANGE-IN-ASSETS> 95,670
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 196
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 196
<AVERAGE-NET-ASSETS> 53,507
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.04
<PER-SHARE-GAIN-APPREC> 1.13
<PER-SHARE-DIVIDEND> 0.04
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.13
<EXPENSE-RATIO> 0.40
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
