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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 24F-2
ANNUAL NOTICE OF SECURITIES SOLD
PURSUANT TO RULE 24F-2
READ INSTRUCTIONS AT END OF FORM BEFORE PREPARING FORM.
PLEASE PRINT OR TYPE.
1. Name and address of issuer:
Variflex LS, 700 Harrison Street, Topeka, Kansas 66636-0001
2. Name of each series or class of funds for which this notice is filed:
Variflex LS
3. Investment Company Act File Number: 811-8836
Securities Act File Number: 33-85592
4. Last day of fiscal year for which this notice is filed:
December 31, 1996
5. Check box if this notice is being filed more than 180 days after the close
of the issuer's fiscal year for purposes of reporting securities sold
after the close of the fiscal year but before termination of the issuer's
24f-2 declaration:
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6. Date of termination of issuer's declaration under rule 24f-2(a)(1), if
applicable (see Instruction A.6):
7. Number and amount of securities of the same class or series which had been
registered under the Securities Act of 1933 other than pursuant to rule
24f-2 in a prior fiscal year, but which remained unsold at the beginning
of the fiscal year:
None.
8. Number and amount of securities registered during the fiscal year other
than pursuant to rule 24f-2:
None.
9. Number and aggregate sale price of securities sold during the fiscal year:
17,141,905 $207,943,506
10. Number and aggregate sale price of securities sold during the fiscal year
in reliance upon registration pursuant to rule 24f-2:
17,141,905 $207,943,506
11. Number and aggregate sale price of securities issued during the fiscal
year in connection with dividend reinvestment plans, if applicable (see
Instruction B.7):
-0- $ 5,822,975
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INVESTMENT COMPANIES-FORMS
12. Calculation of registration fee:
(i) Aggregate sale price of securities sold during the fiscal year in
reliance on rule 24f-2 (from Item 10):
$207,943,506
(ii) Aggregate price of shares issued in connection with dividend
reinvestment plans (from Item 11, if applicable):
+$ 5,822,975
(iii) Aggregate price of shares redeemed or repurchased during the fiscal
year (if applicable):
-$ 79,087,750
(iv) Aggregate price of shares redeemed or repurchased and previously
applied as a reduction to filing fees pursuant to rule 24e-2 (if
applicable):
+$ 0
(v) Net aggregate price of securities sold and issued during the fiscal
year in reliance on rule 24f-2 [line (i), plus line (ii), less line
(iii), plus line (iv)] (if applicable):
$134,678,731
(vi) Multiplier prescribed by Section 6(b) of the Securities Act of 1933
or other applicable law or regulation (see instruction C.6):
x 1/3300
(vii) Fee due [line (i) or (line (v) multiplied by line (vi)]:
$ 40,811.74
13. Check box if fees are being remitted to the Commission's lockbox
depository as described in section 3a of the Commission's Rules of
Informal and Other Procedures (17 CFR 202.3a)
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Date of mailing or wire transfer of filing fees to the Commission's
lockbox depository:
February 25, 1997
SIGNATURES
This report has been signed below by the following persons on behalf of the
issuer and in the capacities and on the dates indicated.
By (Signature and Title)* AMY J. LEE
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Amy J. Lee, Vice President, Associate
General Counsel and Assistant Secretary
Date February 26, 1997
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*Please print the name and title of the signing officer below the signature.
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Exhibit 1
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[SBG LOGO]
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Security Benefit Life Insurance Company 700 SW Harrison St.
Security Benefit Group, Inc. Topeka, Kansas 66636-0001
Security Distributors, Inc. (913) 295-3000
Security Management Company
February 26, 1997
Security Benefit Life Insurance Company
700 Harrison
Topeka, KS 66636-0001
Dear Sir or Madam:
This letter is in reference to the Rule 24f-2 Notice for the Variflex LS
Variable Annuity File No. 33-85592 of which Security Benefit Life Insurance
Company (hereinafter called "SBL") is the Depositor. Said Notice is being filed
with the Securities and Exchange Commission for the purpose of making definite
in amount the Variable Annuity contracts administered within and by means of
Variflex LS Account which were sold pursuant to an indefinite registration.
I have examined the Articles of Incorporation and bylaws of SBL, minutes of
meetings of its Board of Directors and other records, and pertinent provisions
of the Kansas insurance laws, together with applicable certificates of public
officials and other documents which I have deemed relevant. Based on the
foregoing, it is my opinion that:
1. SBL is duly organized and validly existing as a mutual life insurance
company under the laws of the State of Kansas.
2. Variflex LS Account has been validly created as a Separate Account in
accordance with the pertinent provisions of the insurance laws of Kansas.
3. SBL has the power, and has validly and legally exercised it, to create and
issue the Variable Annuity contracts which are administered within and by
means of Variflex LS.
4. The amount of variable annuity policies sold pursuant to the indefinite
registration are fully enforceable in accordance with the terms by their
respective holders providing said contracts were issued for the
consideration set forth therein and evidenced by appropriate policies and
certificates.
I hereby consent to the inclusion in said Rule 24f-2 Notice of my foregoing
opinion to be filed as Exhibit 1 thereto.
Respectfully submitted,
AMY J. LEE
AMY J. LEE
Vice President, Associate General Counsel and Assistant Secretary
Security Benefit Life Insurance Company
