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<PAGE> PAGE 21
042 B000400 0
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046 000400 N
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048 I010400 0
048 I020400 0.000
048 J010400 0
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048 K010400 0
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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
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062 D000400 0.0
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<PAGE> PAGE 22
062 G000400 0.0
062 H000400 0.0
062 I000400 3.0
062 J000400 0.0
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062 P000400 79.1
062 Q000400 17.4
062 R000400 0.0
063 A000400 0
063 B000400 7.8
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
<PAGE> PAGE 23
070 O020400 N
070 P010400 Y
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 Y
070 R020400 Y
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<PAGE> PAGE 24
074 D000400 1181982
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024 000500 Y
025 A000501 NEW CENTER ASSET TRUST
025 B000501 51-6186874
025 C000501 D
025 D000501 2099
025 A000502 ASSOCIATES CORP. OF N.A.
025 B000502 74-1494554
025 C000502 D
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025 A000503 DONALDSON, LUFKIN & JENRETTE
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<PAGE> PAGE 25
028 A040500 2089
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<PAGE> PAGE 26
045 000500 Y
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050 000500 N
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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024 000700 Y
025 A000701 BEAR STEARNS & CO.
025 B000701 13-4946705
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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SIGNATURE OTIS F. HILBERT
TITLE SECRETARY
<PAGE>
LB Series Fund, Inc.
Form N-SAR for
Period Ended 12-31-99
INDEX TO EXHIBITS
EXHIBIT NO. ITEM
- ----------- -----------------------------------------------------
77.B. Report on internal control by Independent Public
Accountants
77.Q.1(a) By-laws of LB Series Fund, Inc.
77.Q.1(b) Board action regarding nonfundamental investment
restrictions
77.Q.1(h) Financial Data Schedule
<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
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, 1999, 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, 1999.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
/s/ PricewaterhouseCoopers LLP
PRICEWATERHOUSECOOPERS LLP
February 9, 2000
#28203
<PAGE>
FIRST AMENDED AND RESTATED BYLAWS
OF
LB SERIES FUND, INC.
Effective December 1, 1999
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 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.
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.
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.
MISCELLANEOUS(8)
Section 6.01. EXECUTION OF INSTRUMENTS. Subdivision 1. All deeds,
mortgages, bonds, 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 6.02. 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 6.03. 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 6.04. FISCAL YEAR. The fiscal year of the Corporation shall
be determined by the Board of Directors.
Section 6.05. 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.
<PAGE>
ITEM 77.Q.1(b)
The following non-fundamental restrictions were deleted in Registrant's
Post-effective Amendment No. 24 filed on February 24, 2000:
1. The limitation for the Opportunity Growth Portfolio, Mid Cap Growth
Portfolio, and World Growth Portfolio which prevents those portfolios from
holding more than 5% of their assets in debt obligations.
2. The limitation for the High Yield Portfolio which prevents it from
holding more than 20% of its assets in equity securities, and the limitation
of the Income Portfolio which prevents it from holding more than 10% of its
assets in common stock and 25% of its assets in high yield securities,
common stocks, and convertible bonds and preferred stocks.
3. The limitation which prevents Registrant's portfolios from entering into
futures contracts if the sum of the open futures contracts purchases and
sales and the futures contracts subject to options would exceed 30% of the
market value of a Portfolio's assets.
4. The restriction on the sale of put options, which was modified to allow
the sale of put options if they are part of a combined position.
<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, 1999
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-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 3,647,870
<INVESTMENTS-AT-VALUE> 4,909,509
<RECEIVABLES> 39,209
<ASSETS-OTHER> 75
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4,948,793
<PAYABLE-FOR-SECURITIES> 35,504
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 35,504
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,851,071
<SHARES-COMMON-STOCK> 162,478
<SHARES-COMMON-PRIOR> 141,238
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 800,579
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,261,640
<NET-ASSETS> 4,913,290
<DIVIDEND-INCOME> 25,157
<INTEREST-INCOME> 7,803
<OTHER-INCOME> 0
<EXPENSES-NET> 15,571
<NET-INVESTMENT-INCOME> 17,389
<REALIZED-GAINS-CURRENT> 824,885
<APPREC-INCREASE-CURRENT> 640,787
<NET-CHANGE-FROM-OPS> 1,483,061
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 16,926
<DISTRIBUTIONS-OF-GAINS> 341,903
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9,782
<NUMBER-OF-SHARES-REDEEMED> 5,096
<SHARES-REINVESTED> 16,555
<NET-CHANGE-IN-ASSETS> 1,593,278
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 317,134
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 15,571
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 15,571
<AVERAGE-NET-ASSETS> 3,892,791
<PER-SHARE-NAV-BEGIN> 23.51
<PER-SHARE-NII> 0.11
<PER-SHARE-GAIN-APPREC> 9.14
<PER-SHARE-DIVIDEND> 0.11
<PER-SHARE-DISTRIBUTIONS> 2.41
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 30.24
<EXPENSE-RATIO> 0.40
</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, 1999
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-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 1,187,767
<INVESTMENTS-AT-VALUE> 1,152,500
<RECEIVABLES> 15,141
<ASSETS-OTHER> 33
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,167,674
<PAYABLE-FOR-SECURITIES> 101,629
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 40
<TOTAL-LIABILITIES> 101,669
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,130,159
<SHARES-COMMON-STOCK> 113,239
<SHARES-COMMON-PRIOR> 105,218
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (28,675)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (35,479)
<NET-ASSETS> 1,066,005
<DIVIDEND-INCOME> 374
<INTEREST-INCOME> 69,959
<OTHER-INCOME> 0
<EXPENSES-NET> 4,338
<NET-INVESTMENT-INCOME> 65,995
<REALIZED-GAINS-CURRENT> (23,584)
<APPREC-INCREASE-CURRENT> (64,785)
<NET-CHANGE-FROM-OPS> (22,374)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 65,979
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7,874
<NUMBER-OF-SHARES-REDEEMED> 6,626
<SHARES-REINVESTED> 6,773
<NET-CHANGE-IN-ASSETS> (8,316)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (5,107)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,338
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,338
<AVERAGE-NET-ASSETS> 1,084,387
<PER-SHARE-NAV-BEGIN> 10.21
<PER-SHARE-NII> 0.59
<PER-SHARE-GAIN-APPREC> (0.80)
<PER-SHARE-DIVIDEND> 0.59
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.41
<EXPENSE-RATIO> 0.40
</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, 1999
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-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 294,211
<INVESTMENTS-AT-VALUE> 294,211
<RECEIVABLES> 589
<ASSETS-OTHER> 83
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 294,883
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 294,883
<SHARES-COMMON-STOCK> 294,883
<SHARES-COMMON-PRIOR> 193,809
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 294,883
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 12,589
<OTHER-INCOME> 0
<EXPENSES-NET> 958
<NET-INVESTMENT-INCOME> 11,631
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 11,631
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 11,631
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 159,601
<NUMBER-OF-SHARES-REDEEMED> 70,158
<SHARES-REINVESTED> 11,631
<NET-CHANGE-IN-ASSETS> 101,074
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 958
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 958
<AVERAGE-NET-ASSETS> 239,402
<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
</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, 1999
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-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 1,634,876
<INVESTMENTS-AT-VALUE> 1,494,722
<RECEIVABLES> 31,252
<ASSETS-OTHER> 2,028
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,528,002
<PAYABLE-FOR-SECURITIES> 2,265
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 2,265
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,681,430
<SHARES-COMMON-STOCK> 167,816
<SHARES-COMMON-PRIOR> 155,873
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (15,539)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (140,154)
<NET-ASSETS> 1,525,736
<DIVIDEND-INCOME> 15,873
<INTEREST-INCOME> 148,619
<OTHER-INCOME> 0
<EXPENSES-NET> 5,921
<NET-INVESTMENT-INCOME> 158,571
<REALIZED-GAINS-CURRENT> (5,593)
<APPREC-INCREASE-CURRENT> (5,690)
<NET-CHANGE-FROM-OPS> 147,288
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 158,571
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,593
<NUMBER-OF-SHARES-REDEEMED> 10,990
<SHARES-REINVESTED> 17,340
<NET-CHANGE-IN-ASSETS> 98,420
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (9,946)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5,921
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,921
<AVERAGE-NET-ASSETS> 1,480,160
<PER-SHARE-NAV-BEGIN> 9.16
<PER-SHARE-NII> 0.99
<PER-SHARE-GAIN-APPREC> (0.07)
<PER-SHARE-DIVIDEND> 0.99
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.09
<EXPENSE-RATIO> 0.40
</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, 1999
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-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 323,378
<INVESTMENTS-AT-VALUE> 463,780
<RECEIVABLES> 28
<ASSETS-OTHER> 98
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 436,906
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 364,308
<SHARES-COMMON-STOCK> 30,977
<SHARES-COMMON-PRIOR> 33,659
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (40,804)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 113,402
<NET-ASSETS> 436,906
<DIVIDEND-INCOME> 534
<INTEREST-INCOME> 544
<OTHER-INCOME> 0
<EXPENSES-NET> 1,399
<NET-INVESTMENT-INCOME> (321)
<REALIZED-GAINS-CURRENT> 7,106
<APPREC-INCREASE-CURRENT> 86,028
<NET-CHANGE-FROM-OPS> 92,813
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,198
<NUMBER-OF-SHARES-REDEEMED> 3,880
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 64,710
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (48,017)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,399
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,399
<AVERAGE-NET-ASSETS> 349,865
<PER-SHARE-NAV-BEGIN> 11.06
<PER-SHARE-NII> (0.01)
<PER-SHARE-GAIN-APPREC> 3.05
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.1
<EXPENSE-RATIO> 0.40
</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, 1999
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-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 376,423
<INVESTMENTS-AT-VALUE> 549,594
<RECEIVABLES> 526
<ASSETS-OTHER> 20
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 550,140
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 364,205
<SHARES-COMMON-STOCK> 32,491
<SHARES-COMMON-PRIOR> 29,187
<ACCUMULATED-NII-CURRENT> (0)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 12,781
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 173,154
<NET-ASSETS> 550,140
<DIVIDEND-INCOME> 6,327
<INTEREST-INCOME> 909
<OTHER-INCOME> 0
<EXPENSES-NET> 3,525
<NET-INVESTMENT-INCOME> 3,711
<REALIZED-GAINS-CURRENT> 18,272
<APPREC-INCREASE-CURRENT> 115,183
<NET-CHANGE-FROM-OPS> 137,166
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,915
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,355
<NUMBER-OF-SHARES-REDEEMED> 1,164
<SHARES-REINVESTED> 113
<NET-CHANGE-IN-ASSETS> 180,396
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (7,287)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,525
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,525
<AVERAGE-NET-ASSETS> 414,707
<PER-SHARE-NAV-BEGIN> 12.67
<PER-SHARE-NII> 0.11
<PER-SHARE-GAIN-APPREC> 4.21
<PER-SHARE-DIVIDEND> 0.06
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.93
<EXPENSE-RATIO> 0.85
</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, 1999
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-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 223,133
<INVESTMENTS-AT-VALUE> 279,527
<RECEIVABLES> 2,394
<ASSETS-OTHER> 58
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 281,979
<PAYABLE-FOR-SECURITIES> 10,309
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 10,309
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 189,834
<SHARES-COMMON-STOCK> 16,342
<SHARES-COMMON-PRIOR> 8,597
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 25,443
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 56,393
<NET-ASSETS> 271,670
<DIVIDEND-INCOME> 547
<INTEREST-INCOME> 459
<OTHER-INCOME> 0
<EXPENSES-NET> 613
<NET-INVESTMENT-INCOME> 394
<REALIZED-GAINS-CURRENT> 30,759
<APPREC-INCREASE-CURRENT> 46,480
<NET-CHANGE-FROM-OPS> 77,634
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 394
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7,988
<NUMBER-OF-SHARES-REDEEMED> 267
<SHARES-REINVESTED> 24
<NET-CHANGE-IN-ASSETS> 176,000
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (5,317)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 613
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 613
<AVERAGE-NET-ASSETS> 153,148
<PER-SHARE-NAV-BEGIN> 11.13
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 5.49
<PER-SHARE-DIVIDEND> 0.02
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.62
<EXPENSE-RATIO> 0.40
</TABLE>
