UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-02753

SBL FUND

(Exact name of registrant as specified in charter)

ONE SECURITY BENEFIT PLACE, TOPEKA, KANSAS 66636-0001
(Address of principal executive offices) (Zip code)

RICHARD M. GOLDMAN, PRESIDENT
SBL FUND
ONE SECURITY BENEFIT PLACE
TOPEKA, KANSAS 66636-0001
(Name and address of agent for service)

Registrant’s telephone number, including area code: (785) 438-3000

Date of fiscal year end: December 31

Date of reporting period: March 31, 2009

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. §3507.

TABLE OF CONTENTS

	Item 1. Schedule of Investments.
	Item 2. Controls and Procedures
	Item 3. Exhibits
	SIGNATURES
EX-99.CERT

Item 1. Schedule of Investments.

Schedule of Investments
March 31, 2009	SBL A (Equity Series)

	Shares		Value
COMMON STOCKS - 96.6%
Advertising - 1.3%
Omnicom Group, Inc.		81,000	$	1,895,400
Aerospace & Defense - 2.8%
Honeywell International, Inc.		78,565		2,188,821
United Technologies Corporation		42,700		1,835,246
				4,024,067
Air Freight & Logistics - 1.6%
FedEx Corporation		51,300		2,282,337
Asset Management & Custody Banks - 1.5%
Bank of New York Mellon Corporation		77,255		2,182,454
Biotechnology - 1.8%
Gilead Sciences, Inc. *		55,715		2,580,719
Broadcasting - 0.1%
CBS Corporation		49,700		194,824
Building Products - 0.8%
USG Corporation *		161,000		1,225,210
Cable & Satellite - 0.3%
Time Warner Cable, Inc.		16,416		407,118
Communications Equipment - 2.4%
Qualcomm, Inc.		89,965		3,500,538
Computer Hardware - 5.9%
Apple, Inc. *		25,510		2,681,611
Dell, Inc. *		169,300		1,604,964
Hewlett-Packard Company		128,360		4,115,222
				8,401,797
Construction Materials - 0.6%
Vulcan Materials Company		19,400		859,226
Consumer Finance - 0.2%
First Marblehead Corporation *		183,964		237,314
Data Processing & Outsourced Services - 2.0%
Western Union Company		231,100		2,904,927
Department Stores - 2.7%
JC Penney Company, Inc.		83,900		1,683,873
Kohl’s Corporation *		55,550		2,350,877
				4,034,750
Diversified Banks - 1.2%
U.S. Bancorp		56,920		831,601
Wells Fargo & Company		59,300		844,432
				1,676,033
Diversified Chemicals - 0.3%
Dow Chemical Company		52,500		442,575
Drug Retail - 3.3%
CVS Caremark Corporation		174,600		4,799,754
Electric Utilities - 1.7%
Edison International		86,300		2,486,303
Electrical Components & Equipment - 1.6%
Emerson Electric Company		82,370		2,354,135
Electronic Manufacturing Services - 0.7%
Tyco Electronics, Ltd.		85,200		940,608
Fertilizers & Agricultural Chemicals - 3.3%
Monsanto Company		29,025		2,411,977
Mosaic Company		53,825		2,259,574
				4,671,551
General Merchandise Stores - 1.4%
Target Corporation		60,200		2,070,278
Health Care Equipment - 2.1%
Covidien, Ltd.		35,900		1,193,316
Hospira, Inc. *		55,900		1,725,074
				2,918,390
Health Care Services - 1.1%
Medco Health Solutions, Inc. *		39,700		1,641,198
Home Entertainment Software - 2.0%
Activision Blizzard, Inc. *		275,950		2,886,437
Home Improvement Retail - 1.8%
Lowe’s Companies, Inc.		138,500		2,527,625
Hypermarkets & Super Centers - 5.3%
Costco Wholesale Corporation		45,100		2,089,032
Wal-Mart Stores, Inc.		106,810		5,564,801
				7,653,833
Independent Power Producers & Energy Traders - 0.5%
NRG Energy, Inc. *		41,600		732,160
Industrial Conglomerates - 2.1%
General Electric Company		143,400		1,449,774
McDermott International, Inc. *		117,000		1,566,630
				3,016,404
Industrial Gases - 1.7%
Air Products & Chemicals, Inc.		44,620		2,509,875
Industrial Machinery - 2.1%
Parker Hannifin Corporation		90,400		3,071,792
Insurance Brokers - 0.9%
AON Corporation		33,100		1,351,142
Integrated Oil & Gas - 4.1%
Chevron Corporation		31,700		2,131,508
ConocoPhillips		15,200		595,232
Exxon Mobil Corporation		48,400		3,296,040
				6,022,780
Integrated Telecommunication Services - 0.5%
Windstream Corporation		98,200		791,492

Schedule of Investments
March 31, 2009	SBL A (Equity Series)

	Shares		Value
COMMON STOCKS - 96.6% (continued)
Internet Software & Services - 2.5%
Google, Inc. *		10,265	$	3,572,836
Life Sciences Tools & Services - 1.7%
Thermo Fisher Scientific, Inc. *		70,585		2,517,767
Managed Health Care - 0.8%
Aetna, Inc.		49,600		1,206,768
Movies & Entertainment - 0.9%
Time Warner, Inc.		65,400		1,262,220
Oil & Gas Drilling - 2.0%
Transocean, Ltd. *		49,100		2,889,044
Oil & Gas Equipment & Services - 0.8%
Halliburton Company		74,200		1,147,874
Oil & Gas Exploration & Production - 2.4%
Chesapeake Energy Corporation		64,200		1,095,252
XTO Energy, Inc.		76,260		2,335,081
				3,430,333
Oil & Gas Storage & Transportation - 0.8%
Williams Companies, Inc.		99,500		1,132,310
Other Diversified Financial Services - 2.5%
JPMorgan Chase & Company1		134,556		3,576,498
Packaged Foods & Meats - 1.1%
General Mills, Inc.		32,115		1,601,896
Pharmaceuticals - 4.8%
Pfizer, Inc.		137,150		1,867,983
Schering-Plough Corporation		84,300		1,985,265
Teva Pharmaceutical Industries, Ltd. ADR		66,435		2,992,897
				6,846,145
Property & Casualty Insurance - 2.5%
Berkshire Hathaway, Inc. *		42		3,641,400
Railroads - 4.4%
Burlington Northern Santa Fe Corporation		59,745		3,593,661
Union Pacific Corporation		62,100		2,552,931
				6,146,592
Research & Consulting Services - 1.1%
Equifax, Inc.		67,900		1,660,155
Restaurants - 1.9%
McDonald’s Corporation		49,320		2,691,392
Semiconductors - 1.3%
Intel Corporation		128,400		1,932,420
Specialty Chemicals - 0.5%
Rohm & Haas Company		9,600		756,864
Systems Software - 1.6%
Oracle Corporation		128,505		2,322,085
Tobacco - 1.3%
Altria Group, Inc.		50,500		809,010
Philip Morris International, Inc.		30,500		1,085,190
				1,894,200
TOTAL COMMON STOCKS (cost $195,386,791)			$	139,523,845
Total Investments - 96.6% (cost $195,386,791)			$	139,523,845
Cash & Other Assets, Less Liabilities - 3.4%				4,893,645
Total Net Assets - 100.0%			$	144,417,490

For federal income tax purposes the identified cost of investments owned at March 31, 2009 was $197,076,900.

ADR            American Depositary Receipt

*	Non-income producing security
1	Security is segregated as collateral for open written option contracts.

Schedule of Investments
March 31, 2009	SBL B (Large Cap Value Series)

	Shares		Value
COMMON STOCKS - 96.7%
Aerospace & Defense - 2.7%
United Technologies Corporation		136,000	$	5,845,280
Air Freight & Logistics - 3.3%
FedEx Corporation		158,143		7,035,782
Broadcasting - 0.6%
CBS Corporation (Cl.B)		328,600		1,261,824
Building Products - 1.7%
USG Corporation *		483,300		3,677,913
Cable & Satellite - 0.7%
Time Warner Cable, Inc.		59,623		1,478,656
Computer Hardware - 2.5%
Hewlett-Packard Company		165,700		5,312,342
Construction Materials - 1.3%
Vulcan Materials Company		60,700		2,688,403
Consumer Finance - 0.3%
First Marblehead Corporation *		563,912		727,446
Data Processing & Outsourced Services - 4.3%
Western Union Company		737,500		9,270,375
Department Stores - 2.5%
JC Penney Company, Inc.		263,700		5,292,459
Diversified Banks - 2.7%
U.S. Bancorp		183,651		2,683,141
Wells Fargo & Company		222,200		3,164,128
				5,847,269
Diversified Chemicals - 0.7%
Dow Chemical Company		176,400		1,487,052
Drug Retail - 2.4%
CVS Caremark Corporation		186,200		5,118,638
Electric Utilities - 3.8%
Edison International		282,400		8,135,944
Electronic Manufacturing Services - 1.4%
Tyco Electronics, Ltd.		273,950		3,024,408
Exchange Traded Funds - 0.9%
iShares Russell 1000 Value Index Fund		49,500		2,009,205
Health Care Equipment - 4.0%
Covidien, Ltd.		101,650		3,378,846
Hospira, Inc. *		173,800		5,363,468
				8,742,314
Health Care Services - 2.5%
Medco Health Solutions, Inc. *		128,200		5,299,788
Home Improvement Retail - 3.7%
Lowe’s Companies, Inc.		444,500		8,112,125
Hypermarkets & Super Centers - 6.8%
Costco Wholesale Corporation		142,700		6,609,864
Wal-Mart Stores, Inc.		154,500		8,049,450
				14,659,314
Independent Power Producers & Energy Traders - 1.1%
NRG Energy, Inc. *		133,500		2,349,600
Industrial Conglomerates - 4.5%
General Electric Company		429,400		4,341,234
McDermott International, Inc. *		414,900		5,555,511
				9,896,745
Industrial Machinery - 2.0%
Parker Hannifin Corporation		125,700		4,271,286
Insurance Brokers - 2.0%
AON Corporation		106,900		4,363,658
Integrated Oil & Gas - 8.5%
Chevron Corporation		98,600		6,629,864
ConocoPhillips		41,200		1,613,392
Exxon Mobil Corporation		151,700		10,330,770
				18,574,026
Integrated Telecommunication Services - 1.2%
Windstream Corporation		331,932		2,675,372
Managed Health Care - 1.8%
Aetna, Inc.		158,000		3,844,140
Movies & Entertainment - 2.5%
News Corporation		116,800		773,216
Time Warner, Inc.		237,510		4,583,935
				5,357,151
Oil & Gas Equipment & Services - 1.8%
Halliburton Company		244,000		3,774,680
Oil & Gas Exploration & Production - 1.6%
Chesapeake Energy Corporation		201,000		3,429,060
Oil & Gas Storage & Transportation - 1.6%
Williams Companies, Inc.		300,700		3,421,966
Other Diversified Financial Services - 1.2%
JPMorgan Chase & Company1		96,269		2,558,830
Pharmaceuticals - 3.0%
Schering-Plough Corporation		270,800		6,377,340
Property & Casualty Insurance - 5.5%
Berkshire Hathaway, Inc. *		135		11,704,501
Railroads - 3.6%
Union Pacific Corporation		194,900		8,012,339

Schedule of Investments
March 31, 2009	SBL B (Large Cap Value Series)

	Shares		Value
COMMON STOCKS - 96.7% (continued)
Research & Consulting Services - 2.5%
Equifax, Inc.		218,000	$	5,330,100
Specialty Chemicals - 1.1%
Rohm & Haas Company		30,500		2,404,620
Tobacco - 2.4%
Altria Group, Inc.		108,000		1,730,160
Philip Morris International, Inc.		97,100		3,454,818
				5,184,978
TOTAL COMMON STOCKS (cost $298,759,569)			$	208,556,929

	Principal
	Amount		Value
REPURCHASE AGREEMENT - 3.1%
UMB Financial Corp, 0.06%, dated 3/31/09, matures 4/01/09; repurchase amount $6,624,011 (Collateralized by FNMA, 5/15/09 with a value of $6,756,489)	$	6,624,000	$	6,624,000
TOTAL REPURCHASE AGREEMENT (cost $6,624,000)			$	6,624,000
Total Investments - 99.8% (cost $305,383,569)			$	215,180,929
Cash & Other Assets, Less Liabilities - 0.2%				373,799
Total Net Assets - 100.0%			$	215,554,728

For federal income tax purposes the identified cost of investments owned at March 31, 2009 was $309,420,318.

*	Non-income producing security
1	Security is segregated as collateral for open written option contracts.

Schedule of Investments
March 31, 2009	SBL C (Money Market Series)

	Principal
	Amount		Value
MORTGAGE BACKED SECURITIES - 0.2%
Other Non-Agency - 0.2%
Pass Through’s - 0.2%
Small Business Administration Pools
#503308, 0.75%, 4/1/2009 1,2	$	72,751	$	72,751
#503343, 0.88%, 4/1/2009 1,2		130,897		130,897
#503347, 0.88%, 4/1/2009 1,2		77,409		77,409
#502353, 1.00%, 4/1/2009 1,2		34,048		34,048
#503295, 0.75%, 4/1/2009 1,2		72,303		70,888
#503303, 0.75%, 4/1/2009 1,2		131,504		128,931
				514,924
				514,924
TOTAL MORTGAGE BACKED SECURITIES (cost $519,041)			$	514,924
U.S. GOVERNMENT SPONSORED AGENCY BONDS & NOTES - 72.6%
Federal Farm Credit Bank
0.36%, 4/3/2009 1,2	$	5,000,000	$	4,994,544
0.36%, 4/9/2009 1,2		4,000,000		3,993,768
0.44%, 4/20/2009 1,2		3,000,000		2,998,128
2.75%, 6/5/2009		1,500,000		1,506,092
0.47%, 7/28/2009		2,000,000		1,998,964
0.65%, 11/18/2009		3,500,000		3,491,016
Federal Home Loan Mortgage Corporation
0.27%, 4/2/2009		2,000,000		1,999,998
0.31%, 4/6/2009		1,000,000		999,993
0.31%, 4/14/2009		3,370,000		3,369,939
0.32%, 4/17/2009		2,000,000		1,999,956
0.38%, 4/20/2009		1,500,000		1,499,961
0.36%, 4/23/2009		1,200,000		1,199,963
0.30%, 5/4/2009		2,000,000		1,999,688
0.35%, 5/11/2009		3,000,000		2,999,433
0.36%, 5/20/2009		1,140,000		1,139,737
0.25%, 6/9/2009		2,000,000		1,999,272
0.32%, 6/15/2009		1,600,000		1,599,366
0.38%, 6/24/2009		1,000,000		999,557
0.50%, 8/11/2009		2,000,000		1,997,874
Federal Home Loan Bank
0.46%, 4/1/2009 1,2		1,500,000		1,499,570
0.61%, 4/1/2009 1,2		1,000,000		998,584
2.35%, 4/7/2009		2,500,000		2,500,685
1.18%, 4/10/2009 1,2		3,000,000		3,004,022
1.27%, 4/16/2009		2,500,000		2,499,948
0.49%, 4/20/2009 1,2		2,000,000		1,997,794
1.20%, 4/29/2009		1,000,000		999,961
0.36%, 4/30/2009		2,600,000		2,599,895
0.87%, 5/13/2009		1,000,000		999,802
0.42%, 5/18/2009		2,000,000		1,999,556
0.32%, 5/29/2009		2,500,000		2,499,315
0.40%, 6/8/2009		2,000,000		1,999,282
0.33%, 6/15/2009		1,000,000		999,604
0.50%, 6/29/2009		1,400,000		1,399,342
0.40%, 6/30/2009		2,000,000		1,999,050
0.90%, 9/8/2009		1,500,000		1,497,933
0.60%, 9/14/2009		2,000,000		1,997,142
0.50%, 9/17/2009		2,500,000		2,496,363
0.50%, 9/18/2009		2,000,000		1,997,072
0.50%, 9/23/2009		1,400,000		1,397,890
0.55%, 10/27/2009		2,000,000		1,995,936
1.20%, 12/4/2009		1,500,000		1,495,472
1.05%, 2/4/2010		2,000,000		1,999,452
1.25%, 3/9/2010		2,000,000		1,999,958
1.30%, 3/30/2010		2,500,000		2,502,295
Federal National Mortgage Association
0.63%, 4/1/2009		3,700,000		3,700,000
0.30%, 4/1/2009		1,600,000		1,600,000
0.32%, 4/2/2009		2,000,000		1,999,982
0.28%, 4/3/2009		7,100,000		7,099,900
0.67%, 4/7/2009		2,000,000		1,999,984
0.28%, 4/15/2009		2,565,000		2,564,951
0.27%, 4/17/2009		1,100,000		1,099,976
0.70%, 4/20/2009		1,500,000		1,499,961
0.35%, 4/22/2009		4,500,000		4,499,869
0.35%, 4/28/2009		1,100,000		1,099,958
1.04%, 4/29/2009		3,000,000		2,999,883
0.36%, 5/1/2009		1,400,000		1,399,801
0.38%, 5/6/2009		3,500,000		3,499,422
0.35%, 5/11/2009		1,500,000		1,499,717
0.35%, 5/28/2009		1,300,000		1,299,650
0.41%, 5/29/2009		3,310,000		3,309,093
0.40%, 6/2/2009		3,500,000		3,498,856
0.34%, 6/10/2009		2,000,000		1,999,262
0.36%, 6/17/2009		4,740,000		4,738,075
0.47%, 6/25/2009		1,500,000		1,499,327
0.35%, 7/1/2009		2,500,000		2,498,673
0.38%, 7/8/2009		1,700,000		1,699,028
0.41%, 7/20/2009		2,000,000		1,998,716
0.51%, 7/27/2009		3,000,000		2,997,951
0.45%, 7/29/2009		1,500,000		1,498,959
0.55%, 8/3/2009		1,500,000		1,498,502
0.60%, 8/5/2009		2,000,000		1,997,970
0.57%, 9/1/2009		2,350,000		2,346,903
0.55%, 9/4/2009		5,000,000		4,993,284
0.61%, 9/28/2009		1,000,000		998,450
0.65%, 10/1/2009		1,000,000		998,221
1.05%, 10/2/2009		1,500,000		1,497,317
0.46%, 10/26/2009		1,000,000		997,978
0.49%, 10/27/2009		1,000,000		997,968
1.10%, 11/2/2009		1,500,000		1,496,417
0.75%, 12/1/2009		1,000,000		997,018
0.70%, 12/3/2009		1,000,000		996,993
TOTAL U.S. GOVERNMENT SPONSORED AGENCY BONDS & NOTES (cost $173,487,734)			$	173,581,187
COMMERCIAL PAPER - 27.3%
Banking - 2.1%
JP Morgan Chase Funding
0.30%, 04/15/20093	$	2,000,000	$	1,999,767
0.25%, 04/23/20093		2,000,000		1,999,694
Wells Fargo & Company, Inc.
0.25%, 04/13/2009		1,000,000		999,917
				4,999,378

Schedule of Investments
March 31, 2009	SBL C (Money Market Series)

	Principal
	Amount		Value
COMMERCIAL PAPER - 27.3% (continued)
Consumer Products - 6.7%
Procter & Gamble Company
0.31%, 05/21/20093	$	2,200,000	$	2,199,196
Procter & Gamble International Funding
0.25%, 04/02/20093		1,500,000		1,499,982
0.30%, 04/09/20093		1,000,000		999,933
0.28%, 04/13/20093		1,500,000		1,499,860
0.38%, 04/16/20093		1,500,000		1,499,763
0.42%, 04/17/20093		1,200,000		1,199,776
0.40%, 04/23/20093		2,000,000		1,999,719
Unilever Capital Corporation
0.75%, 04/21/20093		1,000,000		999,796
0.50%, 04/22/20093		1,000,000		999,786
0.20%, 05/13/20093		1,700,000		1,699,603
0.30%, 05/22/20093		1,500,000		1,499,157
				16,096,571
Electric - 1.8%
FPL Group Capital, Inc.
0.52%, 04/08/20093		1,200,000		1,199,879
Southern Company
0.25%, 04/20/20093		1,000,000		999,868
0.27%, 04/28/20093		2,000,000		1,999,595
				4,199,342
Financial Companies - Captive - 0.6%
General Electric Capital Corporation
0.27%, 04/17/2009		1,500,000		1,499,844
Food & Beverage - 6.1%
Coca-Cola Company
0.25%, 04/03/2009		1,500,000		1,499,969
0.35%, 04/06/2009		2,000,000		1,999,903
0.28%, 05/18/2009		1,000,000		999,634
Nestle Capital Corporation
0.20%, 04/01/20093		2,000,000		1,999,988
0.20%, 04/06/20093		1,000,000		999,963
0.35%, 05/27/20093		1,200,000		1,199,495
0.33%, 06/05/20093		1,500,000		1,499,258
0.28%, 06/19/20093		2,000,000		1,998,800
0.25%, 06/22/20093		2,400,000		2,398,505
				14,595,515
Oil Field Services - 2.8%
BP Capital Markets plc
0.86%, 04/08/20093		2,000,000		1,999,902
0.24%, 04/24/20093		3,000,000		2,999,561
0.25%, 05/14/20093		600,000		599,818
ConocoPhillips
0.33%, 06/01/20093		1,000,000		999,483
				6,598,764
Pharmaceuticals - 7.2%
Abbott Laboratories
0.30%, 04/24/20093		2,000,000		1,999,706
0.20%, 05/07/20093		1,300,000		1,299,740
Johnson & Johnson, Inc.
0.22%, 04/09/20093		905,000		904,956
0.28%, 04/27/20093		2,000,000		1,999,669
0.30%, 05/18/20093		2,000,000		1,999,322
0.30%, 05/19/20093		2,000,000		1,999,306
0.31%, 06/01/20093		1,000,000		999,535
0.32%, 06/03/20093		2,000,000		1,999,040
0.31%, 06/08/20093		1,500,000		1,499,224
0.35%, 06/30/20093		1,500,000		1,498,969
Merck & Company, Inc.
0.25%, 04/21/2009		1,000,000		999,861
				17,199,328
TOTAL COMMERCIAL PAPER (cost $65,186,855)			$	65,188,742
Total Investments - 100.1% (cost $239,193,630)			$	239,284,853
Liabilities, Less Cash & Other Assets – (0.1)%				(119,772	)
Total Net Assets - 100.0%			$	239,165,081

For federal income tax purposes the identified cost of investments owned at March 31, 2009 was $239,193,630.

plc            Public Limited Company

1	Variable rate security. Rate indicated is rate effective at March 31, 2009.
2	Maturity date indicated is next interest reset date.
3	Security is a 144A or Section 4(2) security. The total market value of 144A or Section 4(2) securities is $57,189,614 (cost $57,187,740), or 23.9% of total net assets.

Schedule of Investments
March 31, 2009	SBL D (Global Series)

	Shares		Value
RIGHT - 0.0%
Spain - 0.00%
Mapfre S.A.	$	435,467	$	5,785
TOTAL RIGHT (Cost $5,259)			$	5,785
COMMON STOCKS - 88.7%
Australia - 0.8%
Caltex Australia, Ltd.		94,100		582,952
Macquarie Group, Ltd. 1		67,703		1,273,330
				1,856,282
Belgium - 0.5%
UCB S.A.		36,677		1,081,186
Bermuda - 4.0%
Arch Capital Group, Ltd. *		24,000		1,292,640
Aspen Insurance Holdings, Ltd.		43,800		983,748
Axis Capital Holdings, Ltd.		47,700		1,075,158
Endurance Specialty Holdings, Ltd.		47,000		1,172,180
Validus Holdings, Ltd.		195,563		4,630,932
				9,154,658
Canada - 2.3%
Agnico-Eagle Mines, Ltd.		25,035		1,438,882
Canadian Imperial Bank of Commerce		43,400		1,579,184
CGI Group, Inc. *		94,342		761,679
Empire Company, Ltd.		33,204		1,395,679
				5,175,424
Czech Republic - 0.4%
Telefonica O2 Czech Republic AS		42,922		850,855
Finland - 1.3%
Neste Oil Oyj		129,900		1,729,124
Wartsila Oyj		55,941		1,180,873
				2,909,997
France - 3.4%
Nexans S.A. *		24,600		933,999
Pernod-Ricard S.A.		11,991		668,645
Sanofi-Aventis S.A.		29,900		1,683,377
UBISOFT Entertainment *		198,224		3,623,463
Wendel *		29,750		786,483
				7,695,967
Germany - 0.6%
ThyssenKrupp AG		81,337		1,423,060
Hong Kong - 1.1%
CNOOC, Ltd.		2,491,000		2,468,278
Israel - 0.9%
Check Point Software Technologies *		88,566		1,967,051
Italy - 1.4%
Enel SpA		351,327		1,686,043
Prysmian SpA		142,500		1,419,794
				3,105,837
Japan - 7.7%
JGC Corporation		96,000		1,082,400
Kubota Corporation		108,000		583,754
Kurita Water Industries, Ltd.		75,200		1,438,206
Nintendo Company, Ltd.		12,091		3,475,338
Nippon Mining Holdings, Inc.		290,500		1,144,625
NISSIN FOODS HOLDINGS CO, Ltd.		41,500		1,215,902
NTT DoCoMo, Inc.		4,430		5,983,946
Takeda Pharmaceutical Company, Ltd.		36,400		1,250,354
Yamato Holdings Company, Ltd.		118,000		1,105,132
				17,279,657
Jersey - 1.5%
Randgold Resources, Ltd. ADR		61,863		3,362,254
Norway - 0.4%
Tandberg ASA		64,400		949,737
Papua New Guinea - 1.8%
Oil Search, Ltd.		1,108,678		4,054,682
Philippines - 1.1%
Philippine Long Distance Telephone Company ADR		54,530		2,406,409
Poland - 0.4%
Polski Koncern Naftowy Orlen		141,800		970,228
Spain - 1.0%
Mapfre S.A.		435,467		954,527
Repsol YPF S.A.		72,259		1,250,794
				2,205,321
Switzerland - 4.4%
ACE, Ltd.		23,600		953,440
Syngenta AG		27,399		5,521,682
Transocean, Ltd. *		54,925		3,231,787
				9,706,909
United Kingdom - 9.6%
AstraZeneca plc		50,288		1,768,504
Balfour Beatty plc		153,586		721,157
BG Group plc		178,647		2,704,248
Cadbury plc		762,390		5,764,825
Diageo plc		102,108		1,152,277
GKN plc		714,339		702,091
GlaxoSmithKline plc		114,397		1,785,017
Imperial Tobacco Group plc		198,116		4,457,219
Ladbrokes plc		346,395		909,538
Meggitt plc		399,200		736,024
Prudential plc		192,747		932,000
				21,632,900
United States - 44.1%
Abbott Laboratories		52,932		2,524,856
Activision Blizzard, Inc. *		301,700		3,155,782
AllianceBernstein Holding, LP		169,400		2,493,568
Allstate Corporation		33,900		649,185
Altria Group, Inc.		398,633		6,386,101
American Electric Power Company, Inc.		63,100		1,593,906
Apple, Inc. *		14,570		1,531,598
Bank of New York Mellon Corporation		52,000		1,469,000
Bristow Group, Inc. *		35,400		758,622
Carpenter Technology Corporation		42,500		600,100
Cephalon, Inc. *		35,293		2,403,453
CVS Caremark Corporation		44,200		1,215,058
Darden Restaurants, Inc.		26,900		921,594

Schedule of Investments
March 31, 2009	SBL D (Global Series)

	Shares		Value
COMMON STOCKS - 88.7% (continued)
United States - 44.1% (continued)
DTE Energy Company		39,300	$	1,088,610
Eaton Corporation		34,000		1,253,240
Express Scripts, Inc. *		98,490		4,547,283
Family Dollar Stores, Inc.		43,562		1,453,664
Frontier Communications Corporation		130,400		936,272
General Electric Company		116,700		1,179,837
Gilead Sciences, Inc. *		104,005		4,817,512
Google, Inc. *		17,042		5,931,639
H&R Block, Inc.		28,400		516,596
Interactive Brokers Group, Inc. *		157,267		2,536,717
International Business Machines Corporation		18,211		1,764,464
Kennametal, Inc.		81,700		1,324,357
Kimberly-Clark Corporation		122,750		5,660,003
Kroger Company		50,666		1,075,133
Life Technologies Corporation *		35,700		1,159,536
Manitowoc Company, Inc.		250,900		820,443
Marvel Entertainment, Inc. *		169,975		4,512,836
Mylan, Inc. *		269,600		3,615,336
NiSource, Inc.		156,100		1,529,780
Northern Trust Corporation		19,600		1,172,472
Occidental Petroleum Corporation		39,500		2,198,175
Olin Corporation		53,900		769,153
Oneok, Inc.		54,900		1,242,387
Oshkosh Truck Corporation		90,000		606,600
Overseas Shipholding Group, Inc.		23,200		525,944
Owens-Illinois, Inc. *		54,200		782,648
People’s United Financial, Inc.		59,100		1,062,027
Philip Morris International, Inc.		170,652		6,071,798
Qualcomm, Inc.		82,575		3,212,993
Schnitzer Steel Industries, Inc.		18,200		571,298
Sohu.com, Inc. *		111,375		4,600,901
Universal Health Services, Inc.		23,100		885,654
Valero Energy Corporation		59,100		1,057,890
Walgreen Company		50,100		1,300,596
Watson Pharmaceuticals, Inc. *		38,500		1,197,735
Worthington Industries, Inc.		95,700		833,547
				99,517,899
TOTAL COMMON STOCKS (Cost $198,730,531)			$	199,774,591

	Principal
	Amount		Value
SHORT TERM INVESTMENTS - 3.6%
State Street General Account U.S. Government Fund	$	8,066,454	$	8,066,454
TOTAL SHORT TERM INVESTMENTS (Cost $8,066,454)			$	8,066,454
Total Investments - 92.3% (cost $206,802,244)			$	207,846,830
Cash & Other Assets, Less Liabilities - 7.7%				17,232,241
Total Net Assets - 100.0%			$	225,079,071

INVESTMENT CONCENTRATION

At March 31, 2009, the investment diversification of the Fund was as follows:

	% of Net
Industry	Assets			Value
Tobacco		7.6	%	$	16,915,118
Pharmaceuticals		6.7			14,906,365
Internet Software & Services		4.7			10,532,540
Home Entertainment Software		4.6			10,254,583
Wireless Telecommunication Services		3.8			8,390,355
Money Markets		3.6			8,066,454
Biotechnology		3.2			7,220,965
Reinsurance		3.1			7,095,752
Packaged Foods & Meats		3.1			6,980,727
Oil & Gas Exploration & Production		2.9			6,522,960
Integrated Oil & Gas		2.8			6,153,217
Household Products		2.5			5,660,003
Fertilizers & Agricultural Chemicals		2.5			5,521,682
Oil & Gas Refining & Marketing		2.5			5,484,819
Industrial Machinery		2.2			5,196,676
Asset Management & Custody Banks		2.3			5,135,040
Gold		2.1			4,801,136
Health Care Services		2.0			4,547,283
Movies & Entertainment		2.0			4,512,836
Communications Equipment		1.8			4,162,730
Property & Casualty Insurance		1.6			3,661,531
Steel		1.5			3,428,005
Computer Hardware		1.5			3,296,062
Electric Utilities		1.5			3,279,949
Oil & Gas Drilling		1.5			3,231,787
Multi-Utilities		1.2			2,618,390
Specialized Finance		1.1			2,536,717
Drug Retail		1.1			2,515,654
Food Retail		1.1			2,470,812
Electrical Components & Equipment		1.0			2,353,793
Construction & Farm Machinery & Heavy Trucks		0.9			2,010,797
Systems Software		0.9			1,967,051
Industrial Conglomerates		0.8			1,966,320
Distillers & Vintners		0.8			1,820,922
Construction & Engineering		0.8			1,803,557
Integrated Telecommunication Services		0.8			1,787,127
Diversified Banks		0.8			1,579,184
General Merchandise Stores		0.6			1,453,664
Investment Banking & Brokerage		0.5			1,273,330
Gas Utilities		0.6			1,242,387
Life Sciences Tools & Services		0.5			1,159,536
Air Freight & Logistics		0.5			1,105,132
Thrifts & Mortgage Finance		0.5			1,062,027
Multi-line Insurance		0.4			954,527
Life & Health Insurance		0.4			932,000
Restaurants		0.4			921,594
Casinos & Gaming		0.4			909,538
Health Care Facilities		0.4			885,654
Metal & Glass Containers		0.3			782,648
Diversified Chemicals		0.3			769,153
IT Consulting & Other Services		0.3			761,679
Oil & Gas Equipment & Services		0.3			758,622
Aerospace & Defense		0.3			736,024
Auto Parts & Equipment		0.3			702,091
Oil & Gas Storage & Transportation		0.2			525,944
Specialized Consumer Services		0.2			516,596
Rights		0.0			5,785
Total Investments		92.3		$	207,846,830

Schedule of Investments
March 31, 2009	SBL D (Global Series)

For federal income tax purposes the identified cost of investments owned at March 31, 2009 was $220,399,912.

ADR            American Depositary Receipt

plc            Public Limited Company

*	Non-income producing security
1	Security is a PFIC (Passive Foreign Investment Company).

Schedule of Investments
March 31, 2009	SBL E (Diversified Income Series)

	Principal
	Amount		Value
CORPORATE BOND - 35.6%
Banking - 1.5%
BankBoston Capital Trust IV
1.88%, 20281	$	1,200,000	$	656,698
BOI Capital Funding No. 2, LP
5.57%, 20491,2,3		650,000		52,057
Standard Chartered plc
6.41%, 20491,2,3		1,750,000		796,249
US Central Federal Credit Union
2.70%, 2009		56,818		54,498
				1,559,502
Building Materials - 0.5%
CRH America, Inc.
6.95%, 2012		600,000		536,069
Chemicals - 1.6%
PPG Industries, Inc.
7.40%, 2019		650,000		670,251
Praxair, Inc.
4.38%, 2014		1,000,000		1,000,209
				1,670,460
Consumer Cyclical - Other - 1.4%
Johns Hopkins University
5.25%, 2019		1,500,000		1,468,500
Electric - 1.8%
Arizona Public Service Company
6.38%, 2011		600,000		591,982
Cincinnati Gas & Electric
5.70%, 2012		600,000		612,607
East Coast Power LLC
7.07%, 2012		102,772		108,315
Oncor Electric Delivery Company
6.38%, 2015		600,000		588,286
				1,901,190
Entertainment -0.7%
Walt Disney Company
4.50%, 2013		700,000		715,432
Financial - Other - 3.8%
Berkshire Hathaway Finance Corporation
4.75%, 2012		1,800,000		1,848,028
BP Capital Markets plc
5.25%, 2013		2,000,000		2,140,693
				3,988,721
Financial Companies – Noncaptive Consumer - 0.6%
Nelnet, Inc.
7.40%, 20361		2,500,000		364,970
Residential Capital LLC
8.50%, 2012		650,000		240,500
				605,470
Financial Companies - Noncaptive Diversified - 1.9%
General Electric Capital Corporation
6.00%, 2012		2,000,000		1,971,852
Food & Beverage - 3.2%
Brown-Forman Corporation
5.00%, 2014		2,000,000		2,070,832
General Mills, Inc.
5.70%, 2017		1,200,000		1,233,928
				3,304,760
Independent Energy - 1.6%
Devon Financing Corporation ULC
6.88%, 2011		1,600,000		1,673,270
Insurance - Property & Casualty - 0.3%
Fairfax Financial Holdings, Ltd.
7.75%, 2012		300,000		283,875
Lodging - 0.7%
Starwood Hotels & Resorts Worldwide, Inc.
6.25%, 2013		1,000,000		770,000
Natural Gas Pipelines - 0.2%
Express Pipeline, LP
6.47%, 20132,3		194,400		209,264
Paper - 0.4%
Sino-Forest Corporation
9.13%, 20112,3		500,000		450,000
Pharmaceuticals - 4.4%
AstraZeneca plc
5.90%, 2017		1,750,000		1,852,965
GlaxoSmithKline Capital, Inc.
4.85%, 2013		500,000		520,200
Wyeth
5.50%, 2013		2,000,000		2,082,297
				4,455,462
Railroads - 1.9%
Burlington Northern Santa Fe Corporation
7.13%, 2010		1,900,000		1,989,625
REIT’s - 0.2%
Rouse Company, LP
8.00%, 2009		550,000		156,750
Telecommunications - Wireless - 1.3%
AT&T, Inc.
4.85%, 2014		1,300,000		1,312,377
Transportation - Other - 1.0%
United Parcel Service, Inc.
3.88%, 2014		1,000,000		1,002,447
U.S. Banking - 3.8%
American Express Bank FSB
3.15%, 2011		2,000,000		2,066,564
Wells Fargo & Company
4.38%, 2013		2,000,000		1,864,102
				3,930,666

Schedule of Investments
March 31, 2009	SBL E (Diversified Income Series)

	Principal
	Amount		Value
CORPORATE BOND - 35.6% (continued)
Utility — Other - 2.8%
American Water Capital Corporation
6.09%, 2017	$	3,000,000	$	2,800,224
TOTAL CORPORATE BOND (cost $41,791,773)			$	36,755,916
PREFERRED STOCK - 0.7%
Insurance Brokers - 0.1%
Woodbourne Capital Trust I
1.53%, 20491,2,4		300,000		22,760
Woodbourne Capital Trust II
1.59%, 20491,2,4		300,000		22,759
Woodbourne Capital Trust III
1.59%, 20491,2,4		300,000		22,759
Woodbourne Capital Trust IV
1.59%, 20491,2,4		300,000		22,759
				91,037
Property & Casualty Insurance - 0.6%
Aspen Insurance Holdings, Ltd.
7.40%, 20171,5		48,000		644,640
Thrifts & Mortgage Finance - 0.0%
Federal Home Loan Mortgage Corporation
8.38%, 2012		16,000		7,360
Federal National Mortgage Association
8.25%, 2010		24,000		17,040
4.38%, 2011		10,000		10,400
				34,800
TOTAL PREFERRED STOCK (cost $3,923,796)			$	770,477
MORTGAGE BACKED SECURITIES - 30.1%
Other Non-Agency - 3.1%
C.M.O.’s - 3.1%
Chase Mortgage Finance Corporation
2005-A1 2A2, 5.24%, 20351	$	1,372,002	$	982,142
Homebanc Mortgage Trust
2006-1, 4.34%, 2037 1		1,275,133		586,658
JP Morgan Alternative Loan Trust
2006-S3, 6.00%, 2036		3,000,000		1,264,384
JP Morgan Mortgage Trust
2006-A3, 5.18%, 2036 1		418,845		379,983
				3,213,167
				3,213,167
U.S. Government Sponsored Agencies - 25.8%
C.M.O.’s - 0.0%
Federal Home Loan Mortgage Corporation
FHR 188 H, 7.00%, 2021		1,192		1,262
Federal National Mortgage Association
FNR 1990-68 J, 6.95%, 2020		2,893		3,119
FNR 1990-103 K, 7.50%, 2020		1,001		1,057
				5,438
Pass Through’s - 25.8%
Federal Home Loan Mortgage Corporation
#E01378, 5.00%, 2018		1,338,290		1,393,183
#E01488, 5.00%, 2018		1,229,589		1,277,425
#E01538, 5.00%, 2018		1,237,084		1,286,786
#C44050, 7.00%, 2030		39,369		42,618
#C01079, 7.50%, 2030		14,976		16,237
#C50967, 6.50%, 2031		12,486		13,271
#C50964, 6.50%, 2031		64,776		68,360
#C01172, 6.50%, 2031		51,040		53,865
#C01210, 6.50%, 2031		64,105		68,133
#C01277, 7.00%, 2031		93,725		99,275
#C62801, 6.00%, 2032		118,777		124,963
#C01287, 6.50%, 2032		150,960		159,313
#C01292, 6.00%, 2032		269,473		283,507
#A16943, 6.00%, 2033		912,198		957,995
#A17903, 6.00%, 2034		1,054,481		1,106,103
Federal National Mortgage Association
#254473, 5.50%, 2017		1,086,330		1,140,556
#839353, 5.50%, 2018		704,796		740,859
#555549, 5.00%, 2018		1,405,446		1,459,145
#720714, 4.50%, 2018		1,216,725		1,261,694
#750465, 5.00%, 2018		1,172,586		1,225,450
#780952, 4.00%, 2019		1,703,261		1,741,477
#252806, 7.50%, 2029		53,046		57,511
#252874, 7.50%, 2029		19,256		20,877
#535277, 7.00%, 2030		26,706		28,446
#190307, 8.00%, 2030		21,442		23,309
#541735, 8.00%, 2030		28,692		31,190
#253356, 8.00%, 2030		26,584		28,899
#551262, 7.50%, 2030		13,104		14,189
#535838, 6.50%, 2031		49,291		51,979
#585348, 6.50%, 2031		49,002		51,673
#591381, 6.50%, 2031		88,524		93,351
#254198, 6.00%, 2032		269,545		281,814
#545691, 6.50%, 2032		180,580		190,426
#254346, 6.50%, 2032		117,740		124,159
#254377, 6.00%, 2032		440,700		462,964
#659790, 6.50%, 2032		185,402		196,785
#254478, 6.00%, 2032		207,083		217,544
#254477, 5.50%, 2032		737,188		765,812
#666750, 6.00%, 2032		434,941		454,739
#658077, 5.50%, 2033		963,114		1,004,121
#689108, 5.50%, 2033		891,428		929,383
#688328, 5.50%, 2033		839,910		875,410
#709748, 5.50%, 2033		1,382,357		1,441,216
#713971, 5.50%, 2033		1,438,682		1,499,489
#754903, 5.50%, 2033		882,063		916,307
#725033, 6.00%, 2034		589,107		618,500
#255554, 5.50%, 2035		1,626,291		1,692,993
				26,593,301
				26,598,739

Schedule of Investments
March 31, 2009	SBL E (Diversified Income Series)

	Principal
	Amount		Value
MORTGAGE BACKED SECURITIES - 30.1% (continued)
U.S. Government Sponsored
Securities - 1.2%
Pass Through’s - 1.2%
Government National Mortgage Association
G2 181907, 9.50%, 2020	$	4,403	$	4,927
#301465, 9.00%, 2021		16,867		18,313
#305617, 9.00%, 2021		8,260		8,969
#313107, 7.00%, 2022		70,720		74,735
#369303, 7.00%, 2023		53,784		56,837
#352022, 7.00%, 2023		46,282		48,909
#780454, 7.00%, 2026		77,972		82,399
G2 2445, 8.00%, 2027		31,643		33,273
#462680, 7.00%, 2028		47,040		49,710
#482668, 7.00%, 2028		41,022		43,351
#781079, 7.50%, 2029		16,040		16,926
#518436, 7.25%, 2029		18,701		19,980
#494109, 7.50%, 2029		22,788		24,046
#510704, 7.50%, 2029		12,127		12,796
#479229, 8.00%, 2030		8,846		9,337
#479232, 8.00%, 2030		20,291		21,417
G2 2909, 8.00%, 2030		17,065		17,944
#508342, 8.00%, 2030		35,205		37,158
#561561, 6.50%, 2031		103,115		109,793
#564472, 6.50%, 2031		143,988		153,312
#538285, 6.50%, 2031		57,138		60,017
#552324, 6.50%, 2032		99,136		104,131
#781414, 5.50%, 2032		267,084		278,338
				1,286,618
				1,286,618
TOTAL MORTGAGE BACKED SECURITIES (cost $33,071,324)			$	31,098,524
ASSET BACKED SECURITIES - 0.6%
Home Equity Loans - 0.6%
Credit-Based Asset Servicing and Securitization LLC
2005-CB5, 0.78%, 20351	$	690,233	$	573,246
TOTAL ASSET BACKED SECURITIES (cost $690,233)			$	573,246
U.S. GOVERNMENT SECURITIES - 25.3%
U.S. Treasury Notes
2.00%, 2/28/2010	$	6,000,000	$	6,075,468
3.63%, 12/31/2012		2,000,000		2,167,656
2.50%, 3/31/2013		6,000,000		6,268,128
3.50%, 5/31/2013		6,000,000		6,506,718
2.63%, 2/29/2016		3,000,000		3,076,641
2.75%, 2/15/2019		2,000,000		2,010,940
TOTAL U.S. GOVERNMENT SECURITIES (cost $25,342,726)			$	26,105,551
REPURCHASE AGREEMENT - 5.1%
UMB Financial Corp, 0.06%, dated 3/31/09, matures 4/01/09; repurchase amount $5,232,009 (Collateralized by FNMA, 5/15/09 and U.S. Treasury Note, 4.625%, 7/31/09 with a combined value of $5,336,642)	$	5,232,000	$	5,232,000
TOTAL REPURCHASE AGREEMENT (cost $5,232,000)			$	5,232,000
Total Investments - 97.4% (cost $110,051,852)			$	100,535,714
Cash & Other Assets, Less Liabilities - 2.6%				2,647,587
Total Net Assets - 100.0%			$	103,183,301

For federal income tax purposes the identified cost of investments owned at March 31, 2009 was $111,082,618.

plc            Public Limited Company

1	Variable rate security. Rate indicated is rate effective at March 31, 2009.
2	Security was acquired through a private placement.
3	Security is a 144A or Section 4(2) security. The total market value of 144A or Section 4(2) securities is $1,507,570 (cost $3,075,879), or 1.5% of total net assets.
4	Security was fair valued by the Valuation Committee at March 31, 2009. The total market value of fair valued securities amounts to $91,037, (cost $1,205,796) or 0.1% of total net assets.
5	Step Up/Down

Schedule of Investments
March 31, 2009	SBL H (Enhanced Index Series)

	Shares		Value
COMMON STOCKS - 97.0%
Advertising - 0.4%
Interpublic Group of Companies, Inc. *		18,058	$	74,399
Omnicom Group, Inc.		2,500		58,500
				132,899
Aerospace & Defense - 3.6%
Boeing Company		336		11,955
General Dynamics Corporation		5,034		209,365
Honeywell International, Inc.		2,600		72,436
ITT Corporation		3,985		153,303
L-3 Communications Holdings, Inc.		1,191		80,750
Lockheed Martin Corporation		2,698		186,243
Northrop Grumman Corporation		3,674		160,333
Precision Castparts Corporation		128		7,667
Raytheon Company		5,112		199,062
United Technologies Corporation		4,331		186,146
				1,267,260
Agricultural Products - 0.5%
Archer-Daniels-Midland Company		7,188		199,683
Air Freight & Logistics - 1.1%
CH Robinson Worldwide, Inc.		2,261		103,124
Expeditors International of Washington, Inc.		700		19,803
FedEx Corporation		2,795		124,350
United Parcel Service, Inc. (Cl.B)		3,285		161,687
				408,964
Apparel Retail - 0.6%
Gap, Inc.		11,029		143,267
Ltd. Brands, Inc.		7,342		63,875
				207,142
Apparel, Accessories & Luxury Goods - 0.6%
Coach, Inc. *		2,900		48,430
Jones Apparel Group, Inc.		4,643		19,593
Polo Ralph Lauren Corporation		3,160		133,510
V.F. Corporation		500		28,555
				230,088
Application Software - 0.3%
Adobe Systems, Inc. *		4,127		88,276
Autodesk, Inc. *		597		10,036
				98,312
Asset Management & Custody Banks - 1.2%
American Capital, Ltd.		9,077		16,974
Ameriprise Financial, Inc.		4,992		102,286
Bank of New York Mellon Corporation		4,394		124,131
Invesco, Ltd.		1,100		15,246
State Street Corporation		5,285		162,672
				421,309
Automotive Retail - 0.0%
AutoZone, Inc. *		100		16,262
Biotechnology - 2.0%
Amgen, Inc. *		7,548		373,777
Biogen Idec, Inc. *		2,508		131,469
Gilead Sciences, Inc. *		4,636		214,740
				719,986
Broadcasting - 0.1%
CBS Corporation (Cl.B)		6,374		24,476
Cable & Satellite - 1.0%
Comcast Corporation		23,673		322,900
Time Warner Cable, Inc.		1,900		47,115
				370,015
Coal & Consumable Fuels - 0.1%
Peabody Energy Corporation		1,835		45,948
Commercial Printing - 0.0%
RR Donnelley & Sons Company		1,533		11,237
Communications Equipment - 2.3%
Cisco Systems, Inc. *		29,378		492,669
Corning, Inc.		1,410		18,711
Harris Corporation		3,147		91,074
JDS Uniphase Corporation *		7,400		24,050
Motorola, Inc.		2,875		12,161
Qualcomm, Inc.		5,142		200,075
				838,740
Computer & Electronics Retail - 0.2%
Best Buy Company, Inc.		300		11,388
GameStop Corporation *		800		22,416
RadioShack Corporation		5,702		48,866
				82,670
Computer Hardware - 4.7%
Apple, Inc. *		3,827		402,294
Dell, Inc. *		13,119		124,368
Hewlett-Packard Company		15,236		488,466
International Business Machines Corporation		6,732		652,264
TeraData Corporation *		1,067		17,307
				1,684,699
Computer Storage & Peripherals - 0.8%
EMC Corporation *		16,952		193,253
Lexmark International, Inc. *		2,679		45,195
QLogic Corporation *		6,000		66,720
				305,168
Construction & Engineering - 0.1%
Fluor Corporation		1,551		53,587
Construction & Farm Machinery & Heavy Trucks - 0.1%
Cummins, Inc.		537		13,666
Manitowoc Company, Inc.		2,766		9,045
				22,711
Consumer Finance - 0.5%
American Express Company		8,643		117,805
Capital One Financial Corporation		960		11,750
SLM Corporation *		8,234		40,758
				170,313
Data Processing & Outsourced Services - 1.5%
Affiliated Computer Services, Inc. *		187		8,955
Computer Sciences Corporation *		4,679		172,374
Fidelity National Information Services, Inc.		6,263		113,987
Fiserv, Inc. *		4,519		164,763

Schedule of Investments
March 31, 2009	SBL H (Enhanced Index Series)

	Shares		Value
COMMON STOCKS - 97.0% (continued)
Data Processing & Outsourced Services - 1.5% (continued)
Western Union Company		6,752	$	84,873
				544,952
Department Stores - 0.3%
Macy’s, Inc.		5,945		52,911
Sears Holdings Corporation *		882		40,316
				93,227
Distillers & Vintners - 0.1%
Brown-Forman Corporation (Cl. B)		225		8,737
Constellation Brands, Inc. *		3,700		44,030
				52,767
Diversified Banks - 1.1%
U.S. Bancorp		5,625		82,181
Wells Fargo & Company		22,670		322,821
				405,002
Diversified Chemicals - 0.7%
Dow Chemical Company		7,044		59,381
E.I. Du Pont de Nemours & Company		2,000		44,660
PPG Industries, Inc.		2,729		100,700
				204,741
Diversified Metals & Mining - 0.1%
Freeport-McMoRan Copper & Gold, Inc. (Cl.B)		700		26,677
Titanium Metals Corporation		3,456		18,904
				45,581
Diversified REIT’s - 0.0%
Vornado Realty Trust		413		13,740
Drug Retail - 0.7%
CVS Caremark Corporation		7,996		219,810
Walgreen Company		734		19,055
				238,865
Education Services - 0.2%
Apollo Group, Inc. *		1,120		87,730
Electric Utilities - 2.3%
Duke Energy Corporation		8,613		123,338
Edison International		6,414		184,787
Entergy Corporation		2,800		190,653
Exelon Corporation		900		40,851
FirstEnergy Corporation		1,752		67,627
FPL Group, Inc.		100		5,073
Pepco Holdings, Inc.		9,120		113,818
Pinnacle West Capital Corporation		4,300		114,208
				840,355
Electrical Components & Equipment - 0.5%
Cooper Industries, Ltd.		4,400		113,784
Emerson Electric Company		900		25,722
Rockwell Automation, Inc.		2,460		53,726
				193,232
Electronic Equipment & Instruments - 0.1%
Agilent Technologies, Inc. *		1,581		24,300
Environmental & Facilities Services - 0.0%
Republic Services, Inc.		855		14,663
Fertilizers & Agricultural Chemicals - 0.9%
CF Industries Holdings, Inc.		510		36,276
Monsanto Company		3,239		269,161
				305,437
Food Distributors - 0.5%
Sysco Corporation		8,334		190,015
Food Retail - 0.4%
Kroger Company		388		8,233
Safeway, Inc.		7,598		153,404
				161,637
Footwear - 0.1%
Nike, Inc. (Cl.B)		700		32,823
General Merchandise Stores - 0.1%
Big Lots, Inc. *		2,064		42,890
Gold - 0.1%
Newmont Mining Corporation		1,059		47,401
Health Care Distributors - 0.7%
AmerisourceBergen Corporation		2,567		83,838
Cardinal Health, Inc.		1,600		50,368
McKesson Corporation		3,722		130,419
				264,625
Health Care Equipment - 2.1%
Baxter International, Inc.		2,867		146,848
Becton Dickinson & Company		100		6,724
Boston Scientific Corporation *		6,900		54,855
Covidien, Ltd.		2,100		69,804
CR Bard, Inc.		1,394		111,130
Hospira, Inc. *		866		26,725
Medtronic, Inc.		8,769		258,421
Stryker Corporation		853		29,036
Varian Medical Systems, Inc. *		1,264		38,476
Zimmer Holdings, Inc. *		1,079		39,384
				781,403
Health Care Services - 0.3%
Express Scripts, Inc. *		1,100		50,787
Medco Health Solutions, Inc. *		1,004		41,505
Quest Diagnostics, Inc.		500		23,740
				116,032
Home Improvement Retail - 1.3%
Home Depot, Inc.		11,738		276,548
Lowe’s Companies, Inc.		3,849		70,244
Sherwin-Williams Company		1,600		83,152
				429,944
Homebuilding - 0.3%
Centex Corporation		3,169		23,768
DR Horton, Inc.		3,616		35,075
Pulte Homes, Inc.		4,700		51,371
				110,214
Hotels, Resorts & Cruise Lines - 0.3%
Carnival Corporation		4,800		103,680
Household Appliances - 0.1%
Black & Decker Corporation		1,000		31,560

Schedule of Investments
March 31, 2009	SBL H (Enhanced Index Series)

	Shares		Value
COMMON STOCKS - 97.0% (continued)
Household Products - 3.0%
Clorox Company		1,675	$	86,229
Colgate-Palmolive Company		1,207		71,189
Kimberly-Clark Corporation		1,800		82,998
Procter & Gamble Company		17,308		815,033
				1,055,449
Human Resources & Employment Services - 0.1%
Robert Half International, Inc.		1,100		19,613
Hypermarkets & Super Centers - 1.6%
Wal-Mart Stores, Inc.		11,417		594,826
Industrial Conglomerates - 2.4%
3M Company		3,743		186,102
General Electric Company		57,041		576,685
Textron, Inc.		2,079		11,933
Tyco International, Ltd.		5,756		112,587
				887,307
Industrial Gases - 0.0%
Praxair, Inc.		100		6,729
Industrial Machinery – 1.1%
Danaher Corporation		1,600		86,752
Dover Corporation		5,561		146,699
Eaton Corporation		167		6,156
Flowserve Corporation		800		44,896
Illinois Tool Works, Inc.		2,300		70,955
Parker Hannifin Corporation		1,500		50,970
				406,428
Industrial REIT’s - 0.0%
ProLogis		1,611		10,472
Insurance Brokers – 0.3%
AON Corporation		2,297		93,764
Integrated Oil & Gas - 9.5%
Chevron Corporation		11,907		800,627
ConocoPhillips		7,648		299,496
Exxon Mobil Corporation 1		27,009		1,839,313
Marathon Oil Corporation		5,065		133,159
Murphy Oil Corporation		1,857		83,138
Occidental Petroleum Corporation		5,449		303,237
				3,458,970
Integrated Telecommunication Services – 3.5%
AT&T, Inc.		24,283		611,931
CenturyTel, Inc.		5,388		151,511
Embarq Corporation		800		30,280
Frontier Communications Corporation		12,382		88,903
Qwest Communications International, Inc.		8,059		27,562
Verizon Communications, Inc.		10,243		309,338
Windstream Corporation		6,900		55,614
				1,275,139
Internet Retail – 0.4%
Amazon.com, Inc. *		1,519		111,555
Expedia, Inc. *		3,857		35,022
				146,577
Internet Software & Services - 1.7%
eBay, Inc. *		9,502		119,345
Google, Inc. *		1,172		407,927
Yahoo!, Inc. *		7,762		99,431
				626,703
Investment Banking & Brokerage - 0.8%
Charles Schwab Corporation		428		6,634
Goldman Sachs Group, Inc.		2,769		293,569
				300,203
Leisure Products - 0.1%
Hasbro, Inc.		1,900		47,633
Life & Health Insurance – 1.0%
Aflac, Inc.		3,399		65,804
Lincoln National Corporation		808		5,406
MetLife, Inc.		5,249		119,519
Principal Financial Group, Inc.		395		3,231
Prudential Financial, Inc.		3,128		59,495
Torchmark Corporation		2,170		56,919
Unum Group		2,823		35,288
				345,662
Life Sciences Tools & Services – 0.3%
PerkinElmer, Inc.		1,066		13,613
Thermo Fisher Scientific, Inc. *		2,439		86,999
				100,612
Managed Health Care – 1.2%
Aetna, Inc.		3,120		75,910
Cigna Corporation		1,185		20,844
Humana, Inc. *		897		23,394
UnitedHealth Group, Inc.		8,020		167,858
WellPoint, Inc. *		3,715		141,059
				429,065
Metal & Glass Containers - 0.4%
Owens-Illinois, Inc. *		3,243		46,829
Pactiv Corporation *		6,775		98,847
				145,676
Movies & Entertainment - 1.0%
News Corporation		6,445		42,666
Time Warner, Inc.		7,569		146,075
Viacom, Inc. (Cl.B) *		3,467		60,256
Walt Disney Company		7,085		128,664
				377,661
Multi-Line Insurance - 0.1%
Assurant, Inc.		1,104		24,045
Genworth Financial, Inc.		5,687		10,805
Hartford Financial Services Group, Inc.		2,014		15,810
				50,660
Multi-Sector Holdings - 0.0%
Leucadia National Corporation		500		7,445
Multi-Utilities – 1.9%
Centerpoint Energy, Inc.		10,500		109,515
DTE Energy Company		4,937		136,755
PG&E Corporation		3,973		151,848
Public Service Enterprise Group, Inc.		3,944		116,230
Sempra Energy		4,020		185,884
				700,232

Schedule of Investments

March 31, 2009 SBL H (Enhanced Index Series)

	Shares		Value
COMMON STOCKS - 97.0% (continued)
Office Electronics - 0.0%
Xerox Corporation		3,842	$	17,481
Office REIT’s - 0.1%
Boston Properties, Inc.		1,470		51,494
Office Services & Supplies - 0.0%
Avery Dennison Corporation		600		13,404
Oil & Gas Drilling - 0.8%
Diamond Offshore Drilling, Inc.		1,048		65,877
ENSCO International, Inc.		3,817		100,769
Noble Corporation		5,441		131,074
				297,720
Oil & Gas Equipment & Services - 1.2%
Baker Hughes, Inc.		1,404		40,084
BJ Services Company		5,800		57,710
Cameron International Corporation *		1,900		41,667
National Oilwell Varco, Inc. *		5,669		162,757
Schlumberger, Ltd.		3,084		125,272
				427,490
Oil & Gas Exploration & Production - 0.8%
Anadarko Petroleum Corporation		5,360		208,450
Apache Corporation		1,088		69,730
Devon Energy Corporation		232		10,368
Southwestern Energy Company *		300		8,907
				297,455
Oil & Gas Refining & Marketing - 0.6%
Sunoco, Inc.		2,300		60,904
Tesoro Corporation		3,046		41,030
Valero Energy Corporation		6,007		107,525
				209,459
Other Diversified Financial Services - 2.7%
Bank of America Corporation		33,077		225,585
JPMorgan Chase & Company		19,714		523,998
Morgan Stanley		8,380		190,813
				940,396
Packaged Foods & Meats - 1.3%
Campbell Soup Company		3,918		107,196
ConAgra Foods, Inc.		2,993		50,492
General Mills, Inc.		800		39,904
Kraft Foods, Inc.		12,050		268,595
				466,187
Paper Packaging - 0.3%
Bemis Company, Inc.		1,600		33,552
Sealed Air Corporation		6,700		92,460
				126,012
Pharmaceuticals - 8.1%
Abbott Laboratories		7,032		335,426
Bristol-Myers Squibb Company		11,503		252,146
Eli Lilly & Company		4,288		143,262
Forest Laboratories, Inc. *		3,717		81,625
Johnson & Johnson		14,447		759,913
Merck & Company, Inc.		11,408		305,164
Mylan, Inc. *		483		6,477
Pfizer, Inc.		42,547		579,490
Schering-Plough Corporation		7,200		169,560
Watson Pharmaceuticals, Inc. *		809		25,168
Wyeth		6,340		272,874
				2,931,105
Photographic Products - 0.0%
Eastman Kodak Company		3,278		12,456
Property & Casualty Insurance - 1.0%
Allstate Corporation		4,126		79,013
Chubb Corporation		377		15,955
Cincinnati Financial Corporation		2,500		57,175
Progressive Corporation		434		5,833
Travelers Companies, Inc.		5,093		206,979
				364,955
Publishing - 0.5%
Gannett Company, Inc.		3,143		6,915
McGraw-Hill Companies, Inc.		5,747		131,433
Meredith Corporation		1,665		27,706
				166,054
Railroads - 0.4%
CSX Corporation		1,700		43,945
Norfolk Southern Corporation		2,644		89,235
				133,180
Regional Banks - 0.5%
BB&T Corporation		1,597		27,021
Marshall & Ilsley Corporation		2,649		14,914
PNC Financial Services Group, Inc.		3,800		111,302
SunTrust Banks, Inc.		3,600		42,264
				195,501
Research & Consulting Services - 0.2%
Dun & Bradstreet Corporation		800		61,600
Residential REIT’s - 0.1%
Apartment Investment & Management Company		3,064		16,791
Equity Residential		1,270		23,304
				40,095
Restaurants - 0.9%
McDonald’s Corporation		5,985		326,601
Yum! Brands, Inc.		300		8,244
				334,845
Retail REIT’s - 0.0%
Developers Diversified Realty Corporation		3,162		6,735
Semiconductor Equipment - 0.1%
MEMC Electronic Materials, Inc. *		1,474		24,306
Semiconductors - 1.9%
Intel Corporation		28,609		430,565
National Semiconductor Corporation		300		3,081
Texas Instruments, Inc.		14,111		232,973
Xilinx, Inc.		800		15,328
				681,947
Soft Drinks - 2.1%
Coca-Cola Company		9,383		412,383
Coca-Cola Enterprises, Inc.		1,700		22,423

Schedule of Investments

March 31, 2009 SBL H (Enhanced Index Series)

	Shares		Value
COMMON STOCKS - 97.0% (continued)
Soft Drinks - 2.1% (continued)
Dr Pepper Snapple Group, Inc. *		1,335	$	22,575
Pepsi Bottling Group, Inc.		736		16,295
PepsiCo, Inc.		5,475		281,853
				755,529
Specialized Consumer Services - 0.1%
H&R Block, Inc.		1,679		30,541
Specialized Finance - 0.4%
CME Group, Inc.		388		95,599
NASDAQ OMX Group, Inc. *		2,100		41,118
				136,717
Specialized REIT’s - 0.4%
HCP, Inc.		3,901		69,633
Host Hotels & Resorts, Inc.		967		3,791
Public Storage, Inc.		1,434		79,228
				152,652
Specialty Chemicals - 0.3%
Ecolab, Inc.		947		32,889
International Flavors & Fragrances, Inc.		230		7,006
Sigma-Aldrich Corporation		2,225		84,083
				123,978
Steel - 0.4%
Allegheny Technologies, Inc.		1,526		33,465
Nucor Corporation		2,307		88,058
United States Steel Corporation		1,335		28,209
				149,732
Systems Software - 4.1%
CA, Inc.		5,591		98,458
Microsoft Corporation		42,373		778,392
Oracle Corporation		24,853		449,094
Symantec Corporation *		9,210		137,597
				1,463,541
Thrifts & Mortgage Finance - 0.0%
Hudson City Bancorp, Inc.		400		4,676
Tobacco - 2.1%
Altria Group, Inc.		17,863		286,165
Lorillard, Inc.		2,638		162,870
Philip Morris International, Inc.		7,074		251,693
Reynolds American, Inc.		1,937		69,422
				770,150
Wireless Telecommunication Services - 0.2%
Sprint Nextel Corporation *		23,914		85,373
TOTAL COMMON STOCKS (cost $47,580,554)			$	35,247,877
PREFERRED STOCK - 0.2%
Other Diversified Financial Services - 0.2%
Citigroup, Inc. 8.125%, 2/15/18		4,737	$	72,381
TOTAL PREFERRED STOCK (cost $63,516)			$	72,381

	Principal
	Amount		Value
U.S. GOVERNMENT SECURITIES - 0.3%
U.S. Treasury Bill 0.10%, 5/14/2009	$	115,000	$	114,977
TOTAL U.S. GOVERNMENT SECURITIES (cost $114,986)			$	114,977
Total Investments - 97.5% (cost $47,759,056)			$	35,435,235
Cash & Other Assets, Less Liabilities - 2.5%				922,046
Total Net Assets - 100.0%			$	36,357,281

For federal income tax purposes the identified cost of investments owned at March 31, 2009 was $49,383,934.

*	Non-income producing security
1	Security is segregated as collateral for open futures contracts.

Schedule of Investments

March 31, 2009 SBL J (Mid Cap Growth Series)

	Shares		Value
COMMON STOCKS - 95.1%
Aerospace & Defense - 6.6%
Goodrich Corporation		97,085	$	3,678,551
Precision Castparts Corporation		64,700		3,875,530
				7,554,081
Application Software - 4.2%
Amdocs, Ltd. *		113,360		2,099,427
Nuance Communications, Inc. *		246,460		2,676,556
				4,775,983
Asset Management & Custody Banks - 1.8%
BlackRock, Inc.		15,350		1,996,114
Biotechnology - 5.7%
Genzyme Corporation *		74,190		4,406,145
Gilead Sciences, Inc. *		45,735		2,118,445
				6,524,590
Casinos & Gaming - 4.1%
Penn National Gaming, Inc. *		99,545		2,404,011
WMS Industries, Inc. *		107,715		2,252,321
				4,656,332
Coal & Consumable Fuels - 0.9%
Peabody Energy Corporation		41,905		1,049,301
Construction & Engineering - 1.2%
Aecom Technology Corporation *		50,990		1,329,819
Data Processing & Outsourced Services - 3.6%
Alliance Data Systems Corporation *		111,790		4,130,641
Exchange Traded Funds - 4.2%
iShares Russell Midcap Growth Index Fund		158,395		4,767,690
Fertilizers & Agricultural Chemicals - 1.5%
Mosaic Company		39,945		1,676,891
Food Retail - 2.5%
Kroger Company		133,140		2,825,231
Health Care Equipment - 1.6%
Beckman Coulter, Inc.		35,995		1,836,105
Home Entertainment Software - 3.3%
Activision Blizzard, Inc. *		354,990		3,713,195
Homefurnishing Retail - 2.1%
Bed Bath & Beyond, Inc. *		98,650		2,441,588
Hotels, Resorts & Cruise Lines - 1.6%
Marriott International, Inc.		107,965		1,766,307
Housewares & Specialties - 2.3%
Jarden Corporation *		206,300		2,613,821
Industrial Gases - 5.5%
AirGas, Inc.		99,525		3,364,940
Praxair, Inc.		44,130		2,969,508
				6,334,448
IT Consulting & Other Services - 3.2%
Cognizant Technology Solutions Corporation *		177,890		3,698,333
Leisure Facilities - 1.3%
Life Time Fitness, Inc. *		118,940		1,493,886
Life Sciences Tools & Services - 2.6%
Thermo Fisher Scientific, Inc. *		82,020		2,925,653
Metal & Glass Containers - 2.3%
Ball Corporation		60,286		2,616,412
Multi-Line Insurance - 4.0%
Assurant, Inc.		98,855		2,153,062
HCC Insurance Holdings, Inc.		96,255		2,424,663
				4,577,725
Oil & Gas Equipment & Services - 5.5%
National Oilwell Varco, Inc. *		127,390		3,657,367
Weatherford International, Ltd. *		236,290		2,615,730
				6,273,097
Oil & Gas Exploration & Production - 1.5%
Comstock Resources, Inc. *		56,500		1,683,700
Oil & Gas Storage & Transportation - 1.4%
Williams Companies, Inc.		139,720		1,590,014
Pharmaceuticals - 3.1%
Teva Pharmaceutical Industries, Ltd. ADR		78,005		3,514,125
Railroads - 1.6%
Union Pacific Corporation		45,440		1,868,038
Restaurants - 5.8%
Burger King Holdings, Inc.		153,050		3,512,498
Darden Restaurants, Inc.		90,350		3,095,391
				6,607,889
Semiconductors - 3.7%
Fairchild Semiconductor International, Inc. *		95,710		356,998
ON Semiconductor Corporation *		571,905		2,230,430
Skyworks Solutions, Inc. *		199,900		1,611,194
				4,198,622
Systems Software - 4.8%
Sybase, Inc. *		45,030		1,363,959
Symantec Corporation *		275,840		4,121,049
				5,485,008

Schedule of Investments

March 31, 2009 SBL J (Mid Cap Growth Series)

	Shares		Value
COMMON STOCKS - 95.1% (continued)
Technology Distributors - 1.6%
Avnet, Inc. *		101,290	$	1,773,588
TOTAL COMMON STOCKS (cost $135,942,067)			$	108,298,227
WARRANTS - 0.0%
Nova Biosource Fuels, Inc. $2.40, 7/5/2011		358,100		19,790
TOTAL WARRANTS (cost $369,900)			$	19,790
Total Investments - 95.1% (cost $136,311,967)			$	108,318,017
Cash & Other Assets, Less Liabilities - 4.9%				5,605,381
Total Net Assets - 100.0%			$	113,923,398

For federal income tax purposes the identified cost of investments owned at March 31, 2009 was $138,453,309.

ADR American Depositary Receipt

^* Non-income producing security

Schedule of Investments
March 31, 2009	SBL N (Managed Asset Allocation Series)

	Shares		Value
COMMON STOCKS - 52.3%
Advertising - 0.1%
Lamar Advertising Company *		1,050	$	10,238
Omnicom Group, Inc.		3,200		74,880
				85,118
Aerospace & Defense - 1.5%
American Science & Engineering, Inc.		200		11,160
Boeing Company		2,890		102,826
General Dynamics Corporation		1,700		70,703
Goodrich Corporation		1,000		37,890
Honeywell International, Inc.		4,000		111,440
ITT Corporation		900		34,623
Lockheed Martin Corporation		2,200		151,866
Northrop Grumman Corporation		2,200		96,008
Precision Castparts Corporation		400		23,960
Raytheon Company		1,300		50,622
Rockwell Collins, Inc.		1,700		55,488
Teledyne Technologies, Inc. *		300		8,004
Triumph Group, Inc.		300		11,460
United Technologies Corporation		4,610		198,138
				964,188
Agricultural Products - 0.1%
Archer-Daniels-Midland Company		1,700		47,226
Bunge, Ltd.		300		16,995
				64,221
Air Freight & Logistics - 0.6%
CH Robinson Worldwide, Inc.		800		36,488
Expeditors International of Washington, Inc.		2,300		65,067
United Parcel Service, Inc. (Cl.B)		5,800		285,476
UTi Worldwide, Inc.		900		10,755
				397,786
Airlines - 0.1%
Airtran Holdings, Inc. *		900		4,095
AMR Corporation *		700		2,233
Gol Linhas Aereas Inteligentes S.A. ADR		1,300		3,679
Skywest, Inc.		400		4,976
Southwest Airlines Company		5,900		37,347
				52,330
Apparel Retail - 0.0%
American Eagle Outfitters, Inc. *		700		8,568
J Crew Group, Inc. *		300		3,954
Ross Stores, Inc.		500		17,940
Tween Brands, Inc. *		400		856
				31,318
Apparel, Accessories & Luxury Goods - 0.1%
Anvil Holdings, Inc.1,*		30		45
Coach, Inc.		2,400		40,080
Fossil, Inc. *		500		7,850
				47,975
Application Software - 0.5%
Autodesk, Inc. *		12,600		211,806
Cadence Design Systems, Inc. *		1,900		7,980
Factset Research Systems, Inc.		220		10,998
Jack Henry & Associates, Inc.		800		13,056
Salary.com, Inc. *		1,000		1,400
Salesforce.com, Inc. *		3,100		101,463
Symyx Technologies *		1,300		5,785
Taleo Corporation *		500		5,910
				358,398
Asset Management & Custody Banks - 0.6%
Ameriprise Financial, Inc.		2,340		47,947
Bank of New York Mellon Corporation		2,500		70,625
BlackRock, Inc.		50		6,502
Eaton Vance Corporation		500		11,425
Franklin Resources, Inc.		500		26,935
Invesco, Ltd.		5,500		76,230
Northern Trust Corporation		1,500		89,730
State Street Corporation		2,000		61,560
Waddell & Reed Financial, Inc.		500		9,035
				399,989
Auto Parts & Equipment - 0.1%
Gentex Corporation		1,200		11,952
Johnson Controls, Inc.		3,800		45,600
				57,552
Automobile Manufacturers - 0.0%
Thor Industries, Inc.		200		3,124
Winnebago Industries		500		2,655
				5,779
Automotive Retail - 0.1%
AutoZone, Inc. *		200		32,524
Carmax, Inc. *		600		7,464
				39,988
Biotechnology - 1.2%
Alkermes, Inc. *		800		9,704
Amgen, Inc. *		4,610		228,287
Biogen Idec, Inc. *		1,100		57,662
BioMarin Pharmaceutical, Inc. *		500		6,175
Celgene Corporation *		3,400		150,960
Cephalon, Inc. *		500		34,050
Gilead Sciences, Inc. *		6,200		287,184
Human Genome Sciences, Inc. *		3,400		2,822
Incyte Corporation, Ltd. *		800		1,872
Martek Biosciences Corporation		300		5,475
Maxygen, Inc. *		800		5,440
Senomyx, Inc. *		2,000		3,180
Vertex Pharmaceuticals, Inc. *		900		25,857
				818,668
Brewers - 0.1%
Boston Beer Company, Inc. *		400		8,344
Compania Cervecerias Unidas S.A. ADR		1,300		36,530
				44,874
Broadcasting - 0.1%
Discovery Communications, Inc.*		1,883		30,166
Discovery Communications, Inc. (Cl. C) *		2,583		37,841
				68,007
Building Products - 0.1%
Masco Corporation		5,000		34,900
Universal Forest Products, Inc.		400		10,644
USG Corporation *		400		3,044
				48,588
Cable & Satellite - 0.4%
Cablevision Systems Corporation		3,000		38,820
DIRECTV Group, Inc. *		1,100		25,069
DISH Network Corporation *		600		6,666
Liberty Global, Inc. *		775		11,284
Liberty Media Corporation - Entertainment *		500		9,975

Schedule of Investments
March 31, 2009	SBL N (Managed Asset Allocation Series)

	Shares		Value
COMMON STOCKS - 52.3%(continued)
Cable & Satellite - 0.4% (continued)
Scripps Networks Interactive, Inc. *		700	$	15,757
Time Warner Cable, Inc.		6,741		167,185
				274,756
Casinos & Gaming - 0.1%
International Game Technology		4,200		38,724
MGM Mirage *		2,701		6,293
				45,017
Coal & Consumable Fuels - 0.1%
Arch Coal, Inc.		600		8,022
Consol Energy, Inc.		1,500		37,860
Foundation Coal Holdings, Inc.		400		5,740
Peabody Energy Corporation		900		22,536
Westmoreland Coal Company *		700		5,019
				79,177
Commodity Chemicals - 0.0%
Koppers Holdings, Inc.		600		8,712
Communications Equipment - 1.5%
Blue Coat Systems, Inc. *		400		4,804
Cisco Systems, Inc. *		12,300		206,271
Corning, Inc.		9,800		130,046
F5 Networks, Inc. *		700		14,665
Finisar Corporation *		4,100		1,804
Ixia *		1,500		7,755
JDS Uniphase Corporation *		11,100		36,075
Juniper Networks, Inc. *		8,300		124,998
Motorola, Inc.		19,700		83,331
Palm, Inc. *		2,500		21,550
Qualcomm, Inc.		8,900		346,299
				977,598
Computer & Electronics Retail - 0.0%
Best Buy Company, Inc.		500		18,980
Computer Hardware - 2.2%
Apple, Inc. *		4,500		473,040
Avid Technology, Inc. *		600		5,484
Dell, Inc. *		13,000		123,240
Hewlett-Packard Company		10,700		343,042
International Business Machines Corporation		5,920		573,588
				1,518,394
Computer Storage & Peripherals - 0.2%
EMC Corporation *		9,500		108,300
Isilon Systems, Inc. *		1,500		3,300
SanDisk Corporation *		800		10,120
				121,720
Construction & Engineering - 0.1%
Fluor Corporation		1,000		34,550
Foster Wheeler AG *		1,000		17,470
Insituform Technologies, Inc. *		700		10,948
Quanta Services, Inc. *		1,200		25,740
				88,708
Construction & Farm Machinery & Heavy Trucks - 0.2%
Deere & Company		3,300		108,471
Joy Global, Inc.		400		8,520
Oshkosh Truck Corporation		640		4,314
Paccar, Inc.		1,600		41,216
				162,521
Construction Materials - 0.1%
Vulcan Materials Company		800		35,432
Consumer Electronics - 0.0%
Harman International Industries, Inc.		400		5,412
Consumer Finance - 0.2%
American Express Company		6,700		91,321
SLM Corporation *		9,600		47,520
				138,841
Data Processing & Outsourced Services - 0.7%
Automatic Data Processing, Inc.		2,600		91,416
Computer Sciences Corporation *		200		7,368
Fidelity National Information Services, Inc.		1,300		23,660
Fiserv, Inc. *		1,000		36,460
Global Payments, Inc.		400		13,364
Heartland Payment Systems, Inc.		800		5,288
Mastercard, Inc.		600		100,488
Paychex, Inc.		1,400		35,938
Visa, Inc.		1,200		66,720
Western Union Company		4,700		59,079
				439,781
Department Stores - 0.2%
Kohl’s Corporation *		3,170		134,154
Distributors - 0.0%
Genuine Parts Company		500		14,930
Diversified Banks - 0.5%
Barclays plc ADR		6,000		51,000
Comerica, Inc.		1,600		29,296
U.S. Bancorp		1,000		14,610
Wells Fargo & Company		16,991		241,952
				336,858
Diversified Chemicals - 0.2%
Cabot Corporation		630		6,621
Dow Chemical Company		3,400		28,662
E.I. Du Pont de Nemours & Company		5,351		119,488
				154,771
Diversified Metals & Mining - 0.2%
Freeport-McMoRan Copper & Gold, Inc. (Cl.B)		2,969		113,149
Diversified Real Estate Activities - 0.0%
St. Joe Company *		500		8,370
Drug Retail - 0.5%
CVS Caremark Corporation		8,868		243,781
Walgreen Company		2,600		67,496
				311,277
Education Services - 0.1%
Apollo Group, Inc. *		900		70,497
Corinthian Colleges, Inc. *		900		17,505

Schedule of Investments
March 31, 2009	SBL N (Managed Asset Allocation Series)

	Shares		Value
COMMON STOCKS - 52.3% (continued)
Education Services - 0.1% (continued)
DeVry, Inc.		100	$	4,818
				92,820
Electric Utilities - 1.4%
Allegheny Energy, Inc.		1,800		41,706
American Electric Power Company, Inc.		1,500		37,890
Duke Energy Corporation		4,600		65,872
Entergy Corporation		1,800		122,562
Exelon Corporation		2,800		127,092
FirstEnergy Corporation		1,200		46,320
FPL Group, Inc.		3,200		162,336
Great Plains Energy, Inc.		1,100		14,817
Pinnacle West Capital Corporation		1,100		29,216
PPL Corporation		3,400		97,614
Southern Company		4,100		125,542
				870,967
Electrical Components & Equipment - 0.1%
AO Smith Corporation		500		12,590
Baldor Electric Company		400		5,796
Belden, Inc.		180		2,252
BTU International, Inc. *		900		3,015
Emerson Electric Company		2,300		65,734
General Cable Corporation *		300		5,946
				95,333
Electronic Components - 0.0%
AVX Corporation		1,400		12,712
Electronic Equipment & Instruments - 0.0%
Agilent Technologies, Inc. *		1,900		29,203
Electronic Manufacturing Services - 0.2%
Cyberoptics Corporation *		1,400		6,860
Plexus Corporation *		500		6,910
Tyco Electronics, Ltd.		8,175		90,252
				104,022
Environmental & Facilities Services - 0.4%
Covanta Holding Corporation *		800		10,472
Republic Services, Inc.		11,500		197,225
Stericycle, Inc. *		900		42,957
Waste Connections, Inc. *		400		10,280
				260,934
Fertilizers & Agricultural Chemicals - 0.5%
American Vanguard Corporation		1,100		14,190
Monsanto Company		2,800		232,680
Mosaic Company		650		27,287
Potash Corporation of Saskatchewan, Inc.		400		32,324
				306,481
Food Distributors - 0.1%
Sysco Corporation		3,200		72,960
Food Retail - 0.1%
Casey’s General Stores, Inc.		500		13,330
Kroger Company		2,100		44,562
Pantry, Inc. *		300		5,283
Supervalu, Inc.		1,900		27,132
				90,307
Footwear - 0.1%
Nike, Inc. (Cl.B)		1,680		78,775
Forest Products - 0.0%
Weyerhaeuser Company		1,000		27,570
Gas Utilities - 0.0%
National Fuel Gas Company		500		15,335
Southwest Gas Corporation		700		14,749
				30,084
General Merchandise Stores - 0.1%
Dollar Tree, Inc. *		300		13,365
Target Corporation		2,300		79,097
				92,462
Gold - 0.1%
Allied Nevada Gold Corporation *		1,000		5,850
Newmont Mining Corporation		1,600		71,616
				77,466
Health Care Distributors - 0.2%
Cardinal Health, Inc.		1,600		50,368
Henry Schein, Inc. *		400		16,004
McKesson Corporation		1,700		59,568
				125,940
Health Care Equipment - 1.3%
Aspect Medical Systems, Inc. *		1,100		4,609
Baxter International, Inc.		3,400		174,147
Becton Dickinson & Company		900		60,516
Boston Scientific Corporation *		6,100		48,495
Covidien, Ltd.		3,375		112,185
CR Bard, Inc.		600		47,832
Edwards Lifesciences Corporation *		260		15,764
Gen-Probe, Inc. *		250		11,395
Hologic, Inc. *		728		9,530
Hospira, Inc. *		600		18,516
Intuitive Surgical, Inc. *		200		19,072
Medtronic, Inc.		5,700		167,979
Micrus Endovascular Corporation *		800		4,776
ResMed, Inc. *		400		14,136
St. Jude Medical, Inc. *		2,500		90,825
STERIS Corporation		700		16,296
Stryker Corporation		1,600		54,464
Thoratec Corporation *		500		12,845
				883,382
Health Care Facilities - 0.0%
Community Health Systems, Inc. *		400		6,136
LifePoint Hospitals, Inc. *		600		12,516
				18,652
Health Care Services - 0.3%
DaVita, Inc. *		400		17,580
Express Scripts, Inc. *		1,700		78,489
Healthways, Inc. *		300		2,631
Medco Health Solutions, Inc. *		2,600		107,484
Omnicare, Inc.		510		12,490
				218,674

Schedule of Investments
March 31, 2009	SBL N (Managed Asset Allocation Series)

	Shares		Value
COMMON STOCKS - 52.3% (continued)
Health Care Supplies - 0.0%
Dentsply International, Inc.		1,000	$	26,850
Health Care Technology - 0.0%
Computer Programs & Systems, Inc.		600		19,962
Home Entertainment Software - 0.1%
Activision Blizzard, Inc. *		1,866		19,518
Electronic Arts, Inc. *		1,900		34,561
				54,079
Home Furnishings - 0.0%
Mohawk Industries, Inc. *		160		4,779
Home Improvement Retail - 0.7%
Home Depot, Inc.		8,750		206,150
Lowe’s Companies, Inc.		12,800		233,601
Sherwin-Williams Company		300		15,591
				455,342
Homebuilding - 0.1%
KB Home		1,600		21,088
Lennar Corporation		2,500		18,775
Toll Brothers, Inc. *		800		14,528
				54,391
Homefurnishing Retail - 0.2%
Bed Bath & Beyond, Inc. *		4,800		118,800
Rent-A-Center, Inc. *		800		15,496
Williams-Sonoma, Inc.		600		6,048
				140,344
Hotels, Resorts & Cruise Lines - 0.2%
Choice Hotels International, Inc.		400		10,328
Gaylord Entertainment Company *		300		2,499
Marriott International, Inc.		5,600		91,616
				104,443
Household Appliances - 0.0%
Stanley Works		600		17,472
Household Products - 1.4%
Clorox Company		1,900		97,812
Colgate-Palmolive Company		1,400		82,572
Energizer Holdings, Inc. *		300		14,907
Kimberly-Clark Corporation		2,900		133,719
Procter & Gamble Company		12,373		582,645
				911,655
Housewares & Specialties - 0.1%
Fortune Brands, Inc.		1,700		41,735
Human Resources & Employment Services - 0.1%
Manpower, Inc.		400		12,612
Monster Worldwide, Inc.*		600		4,890
Robert Half International, Inc.		1,500		26,745
				44,247
Hypermarkets & Super Centers - 1.0%
BJ’s Wholesale Club, Inc. *		400		12,796
Costco Wholesale Corporation		1,000		46,320
Wal-Mart Stores, Inc.		11,200		583,520
				642,636
Independent Power Producers & Energy Traders - 0.2%
Constellation Energy Group, Inc.		2,600		53,716
Mirant Corporation *		820		9,348
NRG Energy, Inc. *		5,500		96,800
Reliant Energy, Inc. *		1,800		5,742
				165,606
Industrial Conglomerates - 0.9%
3M Company		3,600		178,992
General Electric Company		37,400		378,114
McDermott International, Inc. *		2,000		26,780
Tyco International, Ltd.		1,575		30,807
				614,693
Industrial Gases - 0.3%
AirGas, Inc.		100		3,381
Praxair, Inc.		2,600		174,954
				178,335
Industrial Machinery - 0.4%
3D Systems Corporation *		800		5,272
Actuant Corporation		580		5,991
Danaher Corporation		3,300		178,926
Harsco Corporation		460		10,198
Illinois Tool Works, Inc.		1,300		40,105
John Bean Technologies Corporation		108		1,130
Nordson Corporation		400		11,372
				252,994
Industrial REIT’s - 0.0%
AMB Property Corporation		900		12,960
EastGroup Properties, Inc.		400		11,228
				24,188
Insurance Brokers - 0.3%
AON Corporation		3,300		134,706
Marsh & McLennan Companies, Inc.		2,500		50,625
				185,331
Integrated Oil & Gas - 4.9%
BP plc ADR		3,600		144,360
Chevron Corporation		10,350		695,934
ConocoPhillips		3,900		152,724
Exxon Mobil Corporation		24,380		1,660,277
Hess Corporation		1,000		54,200
Murphy Oil Corporation		3,100		138,787
Occidental Petroleum Corporation		3,000		166,950
Royal Dutch Shell plc (Cl.B) ADR		4,217		183,903
Suncor Energy, Inc.		3,000		66,630
				3,263,765
Integrated Telecommunication Services - 1.5%
AT&T, Inc.		34,692		874,238
Verizon Communications, Inc.		3,100		93,620
				967,858
Internet Retail - 0.4%
Amazon.com, Inc. *		3,300		242,352
Drugstore.com *		4,000		4,680
Expedia, Inc. *		4,900		44,492
				291,524
Internet Software & Services - 0.7%
Art Technology Group, Inc. *		2,600		6,630
Digital River, Inc. *		200		5,964

Schedule of Investments
March 31, 2009	SBL N (Managed Asset Allocation Series)

	Shares		Value
COMMON STOCKS - 52.3% (continued)
Internet Software & Services - 0.7% (continued)
Google, Inc. *		1,110	$	386,347
VeriSign, Inc. *		3,700		69,819
Websense, Inc. *		700		8,400
				477,160
Investment Banking & Brokerage - 0.8%
Charles Schwab Corporation		8,000		124,000
Goldman Sachs Group, Inc.		2,600		275,652
Morgan Stanley		4,700		107,019
Raymond James Financial, Inc.		700		13,790
Stifel Financial Corporation *		335		14,509
				534,970
IT Consulting & Other Services - 0.2%
Accenture, Ltd.		3,600		98,964
RightNow Technologies, Inc. *		500		3,785
				102,749
Leisure Products - 0.1%
Hasbro, Inc.		1,100		27,577
Mattel, Inc.		400		4,612
Pool Corporation		712		9,541
				41,730
Life & Health Insurance - 0.2%
Aflac, Inc.		3,200		61,952
Lincoln National Corporation		2,400		16,056
MetLife, Inc.		1,600		36,432
StanCorp Financial Group, Inc.		400		9,112
Sun Life Financial, Inc.		1,100		19,646
				143,198
Life Sciences Tools & Services - 0.2%
Charles River Laboratories International, Inc. *		160		4,354
Covance, Inc. *		300		10,689
Illumina, Inc. *		500		18,620
Life Technologies Corporation *		900		29,231
Techne Corporation		270		14,772
Waters Corporation *		700		25,865
				103,531
Managed Health Care - 0.6%
Aetna, Inc.		1,400		34,062
AMERIGROUP Corporation *		400		11,016
Cigna Corporation		2,300		40,457
Humana, Inc. *		1,600		41,728
UnitedHealth Group, Inc.		4,200		87,906
WellPoint, Inc. *		4,500		170,865
				386,034
Metal & Glass Containers - 0.0%
Myers Industries, Inc.		700		4,298
Owens-Illinois, Inc. *		100		1,444
				5,742
Motorcycle Manufacturers - 0.1%
Harley-Davidson, Inc.		3,700		49,543
Movies & Entertainment - 0.5%
Ascent Media Corporation *		198		4,950
News Corporation		3,700		24,494
Time Warner, Inc.		7,599		146,665
Viacom, Inc. (Cl.B) *		1,400		24,332
Walt Disney Company		6,200		112,592
				313,033
Multi-Line Insurance - 0.1%
Assurant, Inc.		1,400		30,492
Hartford Financial Services Group, Inc.		1,300		10,205
Loews Corporation		1,900		41,990
				82,687
Multi-Utilities - 0.4%
Alliant Energy Corporation		700		17,283
Centerpoint Energy, Inc.		5,100		53,193
NiSource, Inc.		1,200		11,760
OGE Energy Corporation		600		14,292
PG&E Corporation		100		3,822
Public Service Enterprise Group, Inc.		1,900		55,993
Sempra Energy		1,500		69,360
TECO Energy, Inc.		5,400		60,210
				285,913
Office REIT’s - 0.1%
Boston Properties, Inc.		900		31,527
Duke Realty Corporation		1,900		10,450
SL Green Realty Corporation		551		5,951
				47,928
Office Services & Supplies - 0.0%
American Reprographics Company *		1,300		4,602
Herman Miller, Inc.		400		4,264
				8,866
Oil & Gas Drilling - 0.1%
Diamond Offshore Drilling, Inc.		300		18,858
Helmerich & Payne, Inc.		600		13,662
Nabors Industries, Ltd. *		1,300		12,987
				45,507
Oil & Gas Equipment & Services - 0.9%
Baker Hughes, Inc.		2,900		82,795
BJ Services Company		3,800		37,810
Complete Production Services, Inc. *		1,000		3,080
FMC Technologies, Inc. *		2,842		89,154
Schlumberger, Ltd.		8,000		324,960
Smith International, Inc.		2,500		53,700
				591,499
Oil & Gas Exploration & Production - 0.8%
Cabot Oil & Gas Corporation		1,600		37,712
Concho Resources, Inc. *		500		12,795
Devon Energy Corporation		1,500		67,035
EOG Resources, Inc.		2,000		109,520
Forest Oil Corporation *		500		6,575
GeoMet, Inc. *		2,600		1,508
Mariner Energy, Inc. *		400		3,100
Newfield Exploration Company *		3,620		82,174
Range Resources Corporation		800		32,928
Ultra Petroleum Corporation *		500		17,945
Whiting Petroleum Corporation *		300		7,755
XTO Energy, Inc.		4,375		133,963
				513,010

Schedule of Investments
March 31, 2009	SBL N (Managed Asset Allocation Series)

	Shares		Value
COMMON STOCKS - 52.3% (continued)
Oil & Gas Refining & Marketing - 0.1%
Holly Corporation		500	$	10,600
Sunoco, Inc.		300		7,944
Valero Energy Corporation		2,900		51,910
				70,454
Oil & Gas Storage & Transportation - 0.2%
Spectra Energy Corporation		6,300		89,082
Williams Companies, Inc.		3,400		38,692
				127,774
Other Diversified Financial Services - 1.4%
Bank of America Corporation		41,278		281,516
JPMorgan Chase & Company		22,136		588,374
				869,890
Packaged Foods & Meats - 0.4%
JM Smucker Company		1,449		54,004
Kraft Foods, Inc.		7,425		165,503
Sara Lee Corporation		2,000		16,160
Tootsie Roll Industries, Inc.		609		13,222
				248,889
Paper Products - 0.1%
Clearwater Paper Corporation *		930		7,468
Domtar Corporation *		2,000		1,900
International Paper Company		3,600		25,344
MeadWestvaco Corporation		1,500		17,985
				52,697
Personal Products - 0.2%
Avon Products, Inc.		6,200		119,226
Pharmaceuticals - 4.2%
Abbott Laboratories		6,200		295,740
Allergan, Inc.		2,200		105,072
Bristol-Myers Squibb Company		9,200		201,664
Elan Corporation plc ADR *		2,500		16,600
Eli Lilly & Company		4,440		148,340
GlaxoSmithKline plc ADR		4,900		152,243
Johnson & Johnson		12,458		655,292
Medicines Company *		500		5,420
Medicis Pharmaceutical Corporation		400		4,948
Merck & Company, Inc.		11,900		318,325
Pfizer, Inc.		13,473		183,502
Schering-Plough Corporation		10,000		235,500
Sepracor, Inc. *		530		7,770
Valeant Pharmaceuticals International *		700		12,453
Warner Chilcott, Ltd. *		1,600		16,832
Wyeth		7,700		331,408
				2,691,109
Property & Casualty Insurance - 0.5%
Axis Capital Holdings, Ltd.		400		9,016
Chubb Corporation		2,300		97,336
Employers Holdings, Inc.		500		4,770
Infinity Property & Casualty Corporation		310		10,518
Markel Corporation *		60		17,033
ProAssurance Corporation *		300		13,986
SeaBright Insurance Holdings, Inc. *		800		8,368
Selective Insurance Group		500		6,080
Travelers Companies, Inc.		4,014		163,129
W.R. Berkley Corporation		200		4,510
White Mountains Insurance Group, Ltd.		10		1,719
				336,465
Publishing - 0.0%
McGraw-Hill Companies, Inc.		800		18,296
Scholastic Corporation		400		6,028
				24,324
Railroads - 0.5%
Burlington Northern Santa Fe Corporation		800		48,120
Canadian National Railway Company		500		17,725
CSX Corporation		1,900		49,115
Norfolk Southern Corporation		700		23,625
Union Pacific Corporation		4,000		164,440
				303,025
Regional Banks - 0.4%
Citizens Republic Bancorp, Inc.		1,300		2,015
City National Corporation		300		10,131
Commerce Bancshares, Inc.		385		13,976
East West Bancorp, Inc.		400		1,828
First Horizon National Corporation		4,223		45,353
Glacier Bancorp, Inc.		800		12,568
Home Bancshares, Inc.		556		11,103
Keycorp		8,400		66,108
Marshall & Ilsley Corporation		3,099		17,447
Pinnacle Financial Partners, Inc. *		400		9,484
PNC Financial Services Group, Inc.		500		14,645
Popular, Inc.		1,500		3,270
Provident Bankshares Corporation		800		5,640
Sandy Spring Bancorp, Inc.		600		6,696
Signature Bank NY *		500		14,115
SunTrust Banks, Inc.		2,100		24,654
UCBH Holdings, Inc.		1,800		2,718
Westamerica Bancorporation		300		13,668
Western Alliance Bancorp *		600		2,736
Wilmington Trust Corporation		500		4,845
				283,000
Reinsurance - 0.0%
Everest Re Group, Ltd.		200		14,160
Research & Consulting Services - 0.1%
Advisory Board Company *		500		8,290
Corporate Executive Board Company		270		3,915
FTI Consulting, Inc. *		300		14,844
Huron Consulting Group, Inc. *		200		8,486
Navigant Consulting, Inc. *		700		9,149
				44,684
Residential REIT’s - 0.1%
Camden Property Trust		500		10,790
Equity Residential		2,700		49,545
				60,335

Schedule of Investments
March 31, 2009	SBL N (Managed Asset Allocation Series)

	Shares		Value
COMMON STOCKS - 52.3% (continued)
Restaurants - 0.7%
McDonald’s Corporation		4,400	$	240,108
Sonic Corporation *		600		6,012
Starbucks Corporation *		8,000		88,880
Yum! Brands, Inc.		3,600		98,928
				433,928
Retail REIT’s - 0.2%
Regency Centers Corporation		400		10,628
Simon Property Group, Inc.		2,457		85,103
Weingarten Realty Investors		900		8,568
				104,299
Semiconductor Equipment - 0.2%
Advanced Energy Industries, Inc. *		900		6,777
Applied Materials, Inc.		6,700		72,025
Cymer, Inc. *		500		11,130
Kla-Tencor Corporation		1,100		22,000
MEMC Electronic Materials, Inc. *		1,100		18,139
Varian Semiconductor Equipment Associates, Inc. *		650		14,079
				144,150
Semiconductors - 1.1%
Advanced Micro Devices, Inc. *		10,600		32,330
Analog Devices, Inc.		2,300		44,321
Broadcom Corporation *		1,400		27,972
Intel Corporation		21,600		325,080
Intersil Corporation		700		8,050
Marvell Technology Group, Ltd. *		5,300		48,548
Maxim Integrated Products, Inc.		1,200		15,840
National Semiconductor Corporation		6,600		67,782
Nvidia Corporation *		3,600		35,496
Semtech Corporation *		1,000		13,350
Texas Instruments, Inc.		6,700		110,617
Zoran Corporation *		889		7,823
				737,209
Soft Drinks - 1.5%
Coca-Cola Company		10,500		461,475
Coca-Cola Enterprises, Inc.		4,600		60,674
Dr Pepper Snapple Group, Inc. *		3,400		57,494
Pepsi Bottling Group, Inc.		2,500		55,350
PepsiCo, Inc.		8,500		437,580
Reed’s, Inc. *		1,700		1,683
				1,074,256
Specialized Consumer Services - 0.1%
H&R Block, Inc.		3,000		54,570
Jackson Hewitt Tax Service, Inc.		400		2,088
				56,658
Specialized Finance - 0.2%
CME Group, Inc.		250		61,598
Interactive Brokers Group, Inc. *		300		4,839
IntercontinentalExchange, Inc. *		300		22,341
Moody’s Corporation		400		9,168
NASDAQ OMX Group, Inc. *		900		17,622
				115,568
Specialized REIT’s - 0.0%
LaSalle Hotel Properties		1,000		5,840
Potlatch Corporation		555		12,870
				18,710
Specialty Chemicals - 0.1%
Albemarle Corporation		500		10,885
Arch Chemicals, Inc.		600		11,376
International Flavors & Fragrances, Inc.		800		24,368
Rohm & Haas Company		100		7,884
Sigma-Aldrich Corporation		600		22,674
				77,187
Specialty Stores - 0.1%
AC Moore Arts & Crafts, Inc. *		1,400		2,646
Dick’s Sporting Goods, Inc. *		560		7,991
Hibbett Sports, Inc. *		700		13,454
Staples, Inc.		1,100		19,921
				44,012
Steel - 0.2%
AK Steel Holding Corporation		1,300		9,256
Carpenter Technology Corporation		300		4,236
Cliffs Natural Resources, Inc.		400		7,264
Haynes International, Inc. *		200		3,564
Nucor Corporation		2,600		99,242
Steel Dynamics, Inc.		1,000		8,810
				132,372
Systems Software - 1.5%
Ariba, Inc. *		800		6,984
Microsoft Corporation		44,400		815,628
Red Hat, Inc. *		9,600		171,264
				993,876
Technology Distributors - 0.0%
SYNNEX Corporation *		600		11,802
Tech Data Corporation *		500		10,890
				22,692
Textiles - 0.0%
Culp, Inc. *		900		2,772
Thrifts & Mortgage Finance - 0.0%
BankAtlantic Bancorp, Inc.		400		804
Brooklyn Federal Bancorp, Inc.		100		1,103
Cooperative Bankshares, Inc.		1,300		1,027
ESSA Bancorp, Inc.		100		1,331
First Defiance Financial Corporation		200		1,208
Kentucky First Federal Bancorp		200		2,054
Louisiana Bancorp, Inc. *		200		2,560
MutualFirst Financial, Inc.		100		480
				10,567
Tobacco - 0.9%
Alliance One International, Inc. *		1,700		6,528
Altria Group, Inc.		10,800		173,016
Lorillard, Inc.		800		49,392
Philip Morris International, Inc.		10,630		378,215
				607,151
Trading Companies & Distributors - 0.0%
Applied Industrial Technologies, Inc.		700		11,809
H&E Equipment Services, Inc. *		400		2,620
				14,429
Trucking - 0.0%
Dollar Thrifty Automotive Group, Inc. *		600		696
Knight Transportation, Inc. *		1,000		15,160
				15,856

Schedule of Investments
March 31, 2009	SBL N (Managed Asset Allocation Series)

	Shares		Value
COMMON STOCKS - 52.3% (continued)
Wireless Telecommunication Services - 1.0%
America Movil SAB de CV ADR		2,400	$	64,992
American Tower Corporation *		1,930		58,730
Crown Castle International Corporation *		4,000		81,640
Leap Wireless International, Inc. *		200		6,974
MetroPCS Communications, Inc. *		6,900		117,852
NII Holdings, Inc. *		1,400		21,000
NTELOS Holdings Corporation		700		12,698
SBA Communications Corporation *		200		4,660
Sprint Nextel Corporation *		34,800		124,236
Vodafone Group plc ADR		11,400		198,588
				691,370
TOTAL COMMON STOCKS (cost $46,879,562)			$	34,700,504

FOREIGN STOCKS - 12.6%
Australia - 0.7%
Australia & New Zealand Banking Group, Ltd.	6,913	$	75,703
Beach Petroleum, Ltd.	45,000		27,533
BHP Billiton, Ltd.	4,098		90,921
Boral, Ltd.	7,150		17,946
CSL, Ltd. *	3,752		84,758
Goodman Fielder, Ltd.	26,795		19,469
Harvey Norman Holdings, Ltd.	14,141		25,268
Lion Nathan, Ltd.	10,677		59,983
Macquarie Group, Ltd. 2	1,988		37,389
Mirvac Group 2	15,221		8,996
Pacific Brands, Ltd.	20,696		3,525
QBE Insurance Group, Ltd.	5,140		68,868
Rio Tinto, Ltd.	1,289		50,700
Suncorp-Metway, Ltd.	5,464		22,794
Telstra Corporation, Ltd.	14,687		32,780
			626,633
Belgium - 0.0%
Umicore	1,732		31,994
Bermuda - 0.2%
Esprit Holdings, Ltd.	8,500		43,319
Sun’s Group, Ltd. *	197,000		74,472
			117,791
Canada - 0.0%
Sun Life Financial, Inc.	1,600		28,982
Cayman Islands - 0.2%
Hutchison Telecommunications International, Ltd.	161,000		50,269
Subsea 7, Inc. *	5,600		35,918
			86,187
China - 0.2%
China Oilfield Services, Ltd.	88,000		69,599
China Railway Construction Corporation, Ltd. *	50,500		65,937
			135,536
Finland - 0.2%
Cargotec Corporation (Cl.B)	1,586		14,749
Nokia Oyj	3,418		40,321
Sanoma Oyj	3,558		45,471
			100,541
France - 1.5%
Alcatel-Lucent	13,256		24,971
AXA S.A.	3,909		46,996
BNP Paribas	2,209		91,324
Bouygues S.A.	1,941		69,414
Bureau Veritas S.A.	1,078		40,814
CNP Assurances	1,012		63,858
EDF Energies Nouvelles S.A.	912		34,372
France Telecom S.A.	3,383		77,075
GDF Suez	2,238		76,855
L’Oreal S.A.	1,172		80,651
Pernod-Ricard S.A.	1,645		91,729
PPR	1,155		74,080
Sanofi-Aventis S.A.	2,783		156,683
Societe Generale	1,070		41,933
Total S.A.	2,712		134,835
Unibail-Rodamco	493		69,835
			1,175,425
Germany - 1.1%
Adidas AG	2,174		72,375
BASF AG	2,317		70,149
Bayerische Motoren Werke AG *	2,208		63,916
Deutsche Bank AG *	1,100		44,278
E.ON AG	5,617		156,029
Fresenius SE	1,382		63,450
Merck KGAA	586		51,816
Muenchener Rueckversicherungs AG	667		81,343
Volkswagen AG	460		26,485
Wacker Chemie AG	565		46,934
			676,775
Hong Kong - 0.3%
China Overseas Land & Investment, Ltd.	33,760		52,966
Hong Kong & China Gas Company, Ltd.	36,000		56,759
Hutchison Whampoa, Ltd.	8,700		42,654
Television Broadcasts, Ltd.	7,000		22,353
			174,732
Ireland - 0.0%
Allied Irish Banks plc	22,311		17,784
DCC plc	4,168		63,123
			80,907
Italy - 0.4%
Finmeccanica SpA	4,646		57,831
Intesa Sanpaolo SpA	22,140		60,957
Prysmian SpA	3,931		39,166
Saipem SpA	3,192		56,821
			214,775
Japan - 3.0%
Air Water, Inc.	3,000		26,126
Aisin Seiki Company, Ltd.	1,600		24,991
Aoyama Trading Company, Ltd.	1,100		14,358
Asahi Kasei Corporation	7,000		25,106
Astellas Pharma, Inc.	1,500		45,767
Bank of Yokohama, Ltd.	10,000		42,231
Benesse Corporation	1,400		51,202
Canon, Inc.	900		25,642
Central Japan Railway Company	7		39,180
Chugai Pharmaceutical Company, Ltd.	2,800		46,959
Fanuc, Ltd.	400		26,794
Goldcrest Company, Ltd.	1,410		30,770

Schedule of Investments
March 31, 2009	SBL N (Managed Asset Allocation Series)

	Shares		Value
FOREIGN STOCKS - 12.6% (continued)
Japan - 3.0% (continued)
Hamamatsu Photonics KK		2,200	$	41,052
Hitachi Chemical Company, Ltd.		2,800		33,324
Honda Motor Company, Ltd.		2,000		46,777
Hosiden Corporation		4,100		40,138
House Foods Corporation		1,900		26,260
Jupiter Telecommunications Company, Ltd.		109		72,461
KDDI Corporation		18		84,017
Kirin Holdings Company, Ltd.		5,000		52,637
Kobayashi Pharmaceutical Company, Ltd.		1,100		36,118
Kobe Steel, Ltd.		25,000		31,825
Koito Manufacturing Company, Ltd.		4,000		28,369
Lawson, Inc.		1,400		57,709
Makita Corporation		1,100		24,449
Mitsubishi Corporation		5,700		73,999
Mitsubishi Electric Corporation		12,000		53,466
Mitsui & Company, Ltd.		6,000		59,770
Mitsui Fudosan Company, Ltd.		4,000		43,120
Modec, Inc.		1,500		19,853
Nikon Corporation		3,000		33,522
Nintendo Company, Ltd.		300		86,230
Nippon Electric Glass Company, Ltd.		8,000		55,445
Nippon Yusen KK		6,000		22,853
NS Solutions Corporation		1,600		17,927
Rohto Pharmaceutical Company, Ltd.		3,000		27,036
Sony Financial Holdings, Inc.		16		42,514
Sumco Corporation		3,800		55,361
Sumitomo Mitsui Financial Group, Inc.		1,100		37,897
Sumitomo Trust & Banking Company, Ltd.		12,000		45,221
Terumo Corporation		900		33,007
Toho Pharmaceutical Company, Ltd.		900		8,611
Tokio Marine Holdings, Inc.		1,800		43,554
Toshiba Machine Company, Ltd.		5,000		14,649
Tosoh Corporation		10,000		18,792
Toyota Motor Corporation		3,600		113,478
Wacom Company, Ltd.		25		26,066
				1,906,633
Jersey - 0.1%
Charter International plc		3,523		23,050
WPP plc		7,264		40,882
				63,932
Mexico - 0.0%
Cemex S.A. de CV *		11,396		7,146
Netherlands - 0.2%
ASML Holding N.V.		2,592		45,969
Fugro N.V.		917		29,176
ING Groep N.V.		2,913		16,060
Koninklijke Philips Electronics N.V.		3,135		46,145
				137,350
Norway - 0.6%
DnB NOR ASA *		7,400		33,312
Orkla ASA		5,800		39,876
StatoilHydro ASA		7,400		130,935
Tandberg ASA		3,600		53,091
Telenor ASA		7,200		41,251
				298,465
Republic of Korea - 0.2%
LG Display Company, Ltd.		2,000		40,850
Samsung Electronics Company, Ltd.		103		42,600
				83,450
Singapore - 0.3%
DBS Group Holdings, Ltd.		7,000		38,890
Jardine Cycle & Carriage, Ltd.		3,000		23,354
SembCorp Industries, Ltd.		37,900		58,560
StarHub, Ltd.		26,250		34,000
Venture Corporation, Ltd.		4,000		13,255
				168,059
Spain - 0.6%
Acciona S.A.		235		24,179
Banco Santander S.A.		11,397		78,579
Iberdrola Renovables S.A. *		21,950		90,978
Industria de Diseno Textil S.A.		1,367		53,300
Telefonica S.A.		7,183		143,326
				390,362
Sweden - 0.3%
Autoliv, Inc.		1,050		19,002
Elekta AB		5,827		58,662
Nordea Bank AB		6,823		34,033
SSAB Svenskt Stal AB		5,466		46,549
Swedbank AB		3,077		10,294
				168,540
Switzerland - 1.2%
ABB, Ltd.		3,294		45,982
Julius Baer Holding AG		1,842		45,310
Nestle S.A.		9,022		304,986
Roche Holding AG		1,575		216,124
Syngenta AG		269		54,211
				666,613
Taiwan, Province of China - 0.1%
Acer, Inc.		35,677		53,650
United Kingdom - 1.2%
Aegis Group plc		15,508		18,413
Arriva plc		6,136		32,641
Aviva plc		5,857		18,215
BG Group plc		3,282		49,681
BHP Billiton plc		2,700		53,694
Brown Group plc		10,229		27,813
Carillion plc		12,255		42,597
Close Brothers Group plc		2,632		20,298
Dairy Crest Group plc		11,032		41,551
GKN plc		12,923		12,701
Great Portland Estates plc		11,860		41,479
Informa plc		4,655		17,499
Intermediate Capital Group plc 2		2,732		11,789
Logica plc		13,657		12,492
Mitchells & Butlers plc		7,451		25,818
Prudential plc		9,729		47,043
QinetiQ Group plc		19,746		37,540
Rolls-Royce Group plc		6,862		28,947
Scottish & Southern Energy plc		5,924		94,179
Standard Chartered plc		7,422		92,275
Tesco plc		28,708		137,330

Schedule of Investments
March 31, 2009	SBL N (Managed Asset Allocation Series)

	Shares		Value
FOREIGN STOCKS - 12.6% (continued)
United Kingdom - 1.2% (continued)
Unilever plc		6,425	$	121,503
				985,498
TOTAL FOREIGN STOCKS (cost $13,424,940)			$	8,379,976
RIGHT - 0.0%
Nordea Bank
$20.75, 4/6/2009		4,285		490
TOTAL RIGHT (cost $1,114)			$	490
WARRANTS - 0.0%
Anvil (Cl. A)
$1.00, 2/28/20121		333		40
Anvil (Cl. B)
$1.00, 2/28/20121		370		15
TOTAL WARRANTS (cost $3,850)			$	55

	Principal
	Amount		Value
CORPORATE BOND - 12.8%
Aerospace & Defense - 0.3%
Bombardier, Inc.
6.75%, 20123,4	$	50,000	$	39,749
L-3 Communications Corporation
7.63%, 2012		25,000		25,094
Lockheed Martin Corporation
4.12%, 2013		25,000		25,813
United Technologies Corporation
5.40%, 2035		20,000		18,378
				109,034
Automotive - 0.2%
DaimlerChrysler North America Holding Corporation
1.63%, 20095		55,000		54,589
6.50%, 2013		30,000		27,182
Erac USA Finance Company
5.60%, 20151,3,4		40,000		26,155
Hertz Corporation
10.50%, 2016		100,000		43,500
				151,426
Banking - 0.9%
Bank of New York Mellon Corporation
4.50%, 2013		35,000		34,685
BB&T Capital Trust II
6.75%, 2036		20,000		11,036
Countrywide Home Loans, Inc.
4.13%, 2009		70,000		69,173
Credit Suisse Guernsey, Ltd.
5.86%, 20495		40,000		14,824
Credit Suisse USA, Inc.
5.50%, 2011		30,000		30,095
E*Trade Financial Corporation
12.50%, 2017		25,000		11,375
Fifth Third Bancorp
6.25%, 2013		35,000		33,417
JP Morgan Chase Capital XXII
6.45%, 2037		35,000		22,130
JPMorgan Chase & Company
4.75%, 2013		55,000		53,312
6.00%, 2018		75,000		75,757
Mizuho Capital Investment 1, Ltd.
6.69%, 20491,3,4,5		16,000		9,613
Northern Trust Company
4.60%, 2013		25,000		25,155
Northern Trust Corporation
5.30%, 2011		30,000		30,482
5.50%, 2013		10,000		10,466
PNC Funding Corporation
5.63%, 2017		35,000		32,226
Svensk Exportkredit AB
5.13%, 2017		70,000		72,712
U.S. Bancorp
4.50%, 2010		45,000		45,255
Wells Fargo & Company
4.88%, 2011		90,000		88,953
				670,666
Basic Industry - Other - 0.1%
Cooper US, Inc.
6.10%, 2017		35,000		34,353
Xstrata Finance Canada, Ltd.
5.50%, 20111,3,4		35,000		29,050
				63,403
Brokerage - 0.8%
Citigroup, Inc.
5.50%, 2012		37,000		32,979
5.50%, 2013		45,000		39,536
Goldman Sachs Group, Inc.
6.15%, 2018		155,000		141,579
6.35%, 2034		30,000		17,711
Jefferies Group, Inc.
5.88%, 2014		20,000		15,893
6.25%, 2036		35,000		19,227
Merrill Lynch & Company, Inc.
5.45%, 2013		35,000		28,692
6.88%, 2018		85,000		66,478
7.75%, 2038		35,000		20,777
Morgan Stanley
6.00%, 2015		100,000		94,412
Willis North America, Inc.
6.20%, 2017		25,000		17,523
				494,807
Building Materials - 0.2%
CRH America, Inc.
6.00%, 2016		50,000		35,255
Freeport-McMoRan Copper & Gold, Inc.
8.38%, 2017		50,000		46,750
Gibraltar Industries, Inc.
8.00%, 2015		25,000		13,500
Lafarge S.A.
6.15%, 2011		20,000		17,600
				113,105
Chemicals - 0.3%
Air Products & Chemicals, Inc.
4.15%, 2013		30,000		29,789
E.I. Du Pont de Nemours & Company
5.60%, 2036		50,000		42,720

Schedule of Investments
March 31, 2009	SBL N (Managed Asset Allocation Series)

	Principal
	Amount		Value
CORPORATE BOND - 12.8% (continued)
Chemicals - 0.3% (continued)
Nalco Company
7.75%, 2011	$	75,000	$	73,876
Praxair, Inc.
4.63%, 2015		35,000		36,327
5.20%, 2017		35,000		33,974
				216,686
Communications - Other - 0.2%
AT&T, Inc.
5.63%, 2016		90,000		90,197
Dun & Bradstreet Corporation
5.50%, 2011		25,000		25,209
Lamar Media Corporation
6.63%, 2015		100,000		73,000
				188,406
Construction Machinery - 0.1%
Caterpillar, Inc.
8.25%, 2038		5,000		5,417
Commercial Vehicle Group, Inc.
8.00%, 2013		25,000		5,500
Honeywell International, Inc.
5.30%, 2018		35,000		35,772
				46,689
Consumer Cyclical - Other - 0.0%
Hasbro, Inc.
6.30%, 2017		20,000		18,295
Consumer Noncyclical - Other - 0.1%
Bunge North America Finance, LP
5.90%, 2017		55,000		43,505
Consumer Products - 0.0%
Fortune Brands, Inc.
5.13%, 2011		15,000		14,721
Visant Corporation
7.63%, 2012		25,000		23,688
				38,409
Distributors - 0.0%
Ferrellgas Partners, LP
8.75%, 2012		25,000		21,000
Diversified Manufacturing - 0.1%
3M Company
5.70%, 2037		35,000		35,592
Hawk Corporation
8.75%, 20141		25,000		25,188
United Technologies Corporation
6.13%, 2019		25,000		26,913
				87,693
Electric - 1.2%
AES Corporation
7.75%, 2014		25,000		22,375
Alabama Power Company
1.44%, 20095		20,000		19,736
Appalachian Power Company
6.38%, 2036		25,000		20,486
Baltimore Gas & Electric Company
5.90%, 2016		50,000		44,460
Black Hills Corporation
6.50%, 2013		30,000		27,776
Centerpoint Energy, Inc.
7.25%, 2010		25,000		25,061
Consolidated Edison Company of New York, Inc.
6.75%, 2038		20,000		19,577
Consumers Energy Company
6.00%, 2014		25,000		25,065
Dynegy Holdings, Inc.
7.75%, 2019		25,000		16,250
El Paso Electric Company
6.00%, 2035		45,000		31,265
Energy Future Holdings Corporation
10.88%, 2017		25,000		16,125
11.25%, 2017		25,000		10,563
Illinois Power Company
6.13%, 2017		15,000		13,630
Monongahela Power Company
5.70%, 20171,3,4		40,000		35,446
Northern States Power
5.25%, 2018		20,000		20,375
Pacific Gas & Electric Company
4.80%, 2014		30,000		30,158
6.35%, 2038		20,000		20,077
Public Service Electric & Gas Company
5.70%, 2036		50,000		47,211
Reliant Energy, Inc.
7.88%, 2017		25,000		19,750
Sierra Pacific Resources
7.80%, 20121		25,000		24,173
Tampa Electric Company
6.15%, 2037		40,000		31,876
Texas Competitive Electric Holdings Company LLC
10.25%, 2015		50,000		25,000
Union Electric Company
5.40%, 2016		50,000		45,493
Virginia Electric and Power Company
4.50%, 2010		35,000		35,538
6.00%, 2037		35,000		33,533
Westar Energy, Inc.
5.10%, 2020		25,000		21,891
				682,890
Entertainment - 0.1%
Historic TW, Inc.
6.88%, 2018		50,000		46,420
International Speedway Corporation
4.20%, 2009		20,000		19,979
				66,399
Environmental - 0.1%
Casella Waste Systems, Inc.
9.75%, 2013		25,000		21,125
Veolia Environnement
6.00%, 2018		35,000		33,133
Waste Management, Inc.
6.10%, 2018		55,000		51,955
				106,213

Schedule of Investments
March 31, 2009	SBL N (Managed Asset Allocation Series)

	Principal
	Amount		Value
CORPORATE BOND - 12.8% (continued)
Financial - Other - 0.1%
AMB Property, LP
6.30%, 2013	$	20,000	$	14,458
AvalonBay Communities, Inc.
6.13%, 2012		30,000		28,426
Duke Realty, LP
6.25%, 2013		20,000		14,509
First Data Corporation
9.88%, 2015		25,000		14,625
10.55%, 20153,4		26,364		10,941
Kinder Morgan Finance Company ULC
5.70%, 2016		45,000		37,800
Nuveen Investments, Inc.
5.50%, 2015		25,000		4,875
				125,634
Financial Companies - Noncaptive Consumer - 0.3%
American Express Credit Corporation
5.88%, 2013		35,000		30,730
7.30%, 2013		15,000		13,924
Capital One Capital IV
6.75%, 20375		50,000		17,050
Ford Motor Credit Company LLC
7.88%, 2010		25,000		20,660
John Deere Capital Corporation
5.50%, 2017		20,000		18,953
SLM Corporation
1.22%, 20095		35,000		35,000
5.45%, 2011		25,000		15,992
5.13%, 2012		15,000		8,083
8.45%, 2018		35,000		18,904
				179,296
Financial Companies - Noncaptive Diversified - 0.3%
Caterpillar Financial Services Corporation
4.25%, 2013		35,000		32,931
5.85%, 2017		25,000		21,721
International Lease Finance Corporation
5.45%, 2011		50,000		33,680
6.63%, 2013		55,000		30,464
JPMorgan Chase & Company
6.40%, 2038		35,000		34,318
Wachovia Corporation
5.75%, 2018		55,000		48,723
				201,837
Food & Beverage - 0.2%
ARAMARK Corporation
4.67%, 20155		50,000		38,125
B&G Foods, Inc.
8.00%, 2011		25,000		23,375
General Mills, Inc.
5.25%, 2013		15,000		15,495
Pantry, Inc.
7.75%, 2014		25,000		19,500
SABMiller plc
6.20%, 20111,3,4		50,000		50,415
Sysco Corporation
5.25%, 2018		20,000		20,283
				167,193
Gaming - 0.1%
Wynn Las Vegas Capital Corporation
6.63%, 2014		100,000		75,500
Health Care - 0.6%
Cardinal Health, Inc.
1.71%, 20095		30,000		29,527
Eli Lilly & Company
5.55%, 2037		35,000		33,242
Genentech, Inc.
4.75%, 2015		35,000		34,982
HCA, Inc.
9.25%, 2016		50,000		45,499
Highmark, Inc.
6.80%, 20131,3,4		30,000		28,538
Kellogg Company
4.25%, 2013		25,000		25,348
Kroger Company
8.05%, 2010		45,000		46,546
Medtronic, Inc.
4.75%, 2015		60,000		59,741
Vanguard Health Holding Company II LLC
9.00%, 2014		25,000		22,063
WellPoint, Inc.
5.00%, 2011		30,000		30,086
Wyeth
5.95%, 2037		35,000		32,961
				388,533
Home Construction - 0.3%
Lennar Corporation
5.60%, 2015		55,000		39,188
MDC Holdings, Inc.
5.50%, 2013		55,000		49,326
NVR, Inc.
5.00%, 2010		20,000		18,895
Pulte Homes, Inc.
5.20%, 2015		50,000		39,563
				146,972
Independent Energy - 0.2%
Canadian Natural Resources, Ltd.
6.25%, 2038		35,000		26,959
Chesapeake Energy Corporation
6.38%, 2015		25,000		21,063
Connacher Oil and Gas, Ltd.
10.25%, 20153,4		25,000		7,875
Forest Oil Corporation
8.00%, 2011		25,000		24,000
Hilcorp Energy I, LP
7.75%, 20153,4		75,000		54,749
NRG Energy, Inc.
7.25%, 2014		25,000		23,500
Southern Company
5.30%, 2012		15,000		15,637
				173,783

Schedule of Investments
March 31, 2009	SBL N (Managed Asset Allocation Series)

	Principal
	Amount		Value
CORPORATE BOND - 12.8% (continued)
Insurance - Life - 0.3%
HUB International Holdings, Inc.
10.25%, 20153,4	$	25,000	$	11,875
MetLife, Inc.
6.13%, 2011		50,000		49,561
NLV Financial Corporation
7.50%, 20331,3,4		30,000		24,186
Principal Financial Group, Inc.
6.05%, 2036		30,000		15,456
Principal Life Global Funding I
5.13%, 20131,3,4		45,000		41,026
Sun Life Financial Global Funding, LP
1.71%, 20131,3,4,5		45,000		30,679
				172,783
Insurance - Property & Casualty - 0.1%
Ace INA Holdings, Inc.
5.70%, 2017		30,000		27,189
Nationwide Mutual Insurance Company
6.60%, 20341,3,4		25,000		12,426
				39,615
Integrated Energy - 0.2%
Hess Corporation
7.88%, 2029		20,000		18,100
Jersey Central Power & Light Company
5.65%, 2017		45,000		42,233
Petrobras International Finance Company
5.88%, 2018		35,000		32,560
Petro-Canada
6.80%, 2038		10,000		7,509
West Penn Power Company
5.95%, 20171,3,4		25,000		22,648
				123,050
Media - Cable - 0.9%
British Sky Broadcasting Group plc
6.10%, 20181,3,4		55,000		47,859
Comcast Cable Communications Holdings, Inc.
8.38%, 2013		30,000		32,083
Comcast Corporation
5.70%, 2018		20,000		18,759
COX Communications, Inc.
7.13%, 2012		20,000		19,910
6.25%, 20181,3,4		35,000		31,092
CSC Holdings, Inc.
7.63%, 2011		50,000		49,625
8.50%, 20143,4		25,000		24,625
DirecTV Holdings LLC
7.63%, 2016		25,000		24,500
News America, Inc.
6.15%, 2037		60,000		43,747
Rogers Cable, Inc.
5.50%, 2014		40,000		39,106
Time Warner Cable, Inc.
5.40%, 2012		55,000		53,127
7.30%, 2038		90,000		81,321
Time Warner, Inc.
5.50%, 2011		30,000		29,598
Viacom, Inc.
5.75%, 2011		25,000		24,354
				519,706
Media - Non Cable - 0.2%
Affinity Group, Inc.
9.00%, 2012		25,000		13,875
News America, Inc.
6.40%, 2035		45,000		33,338
Thomson Reuters Corporation
6.50%, 2018		25,000		23,289
Vivendi
5.75%, 20131,3,4		35,000		32,712
				103,214
Metals & Mining - 0.3%
ArcelorMittal
5.38%, 2013		35,000		27,167
Barrick Gold Financeco LLC
6.13%, 2013		30,000		30,858
BHP Billiton Finance, Ltd.
5.40%, 2017		30,000		28,711
Placer Dome, Inc.
6.45%, 2035		35,000		28,671
Rio Tinto Finance USA, Ltd.
5.88%, 2013		35,000		31,385
Russel Metals, Inc.
6.38%, 2014		25,000		20,125
Steel Dynamics, Inc.
7.38%, 2012		25,000		19,500
Sunoco, Inc.
5.75%, 2017		34,000		29,247
Vale Overseas, Ltd.
6.25%, 2017		35,000		34,497
				250,161
Natural Gas Pipelines - 0.2%
Boardwalk Pipelines LLC
5.50%, 2017		20,000		16,788
Buckeye Partners, LP
6.05%, 2018		15,000		13,057
Dynegy Holdings, Inc.
7.50%, 2015		25,000		17,063
El Paso Corporation
12.00%, 2013		25,000		26,313
TEPPCO Partners, LP
7.55%, 2038		45,000		34,893
Texas Gas Transmission LLC
5.50%, 20131,3,4		50,000		44,189
				152,303
Oil Field Services - 0.6%
Devon Financing Corporation ULC
7.88%, 2031		25,000		25,545
Diamond Offshore Drilling, Inc.
5.15%, 2014		25,000		24,416
El Paso Natural Gas Company
5.95%, 2017		13,000		11,417
EnCana Corporation
5.90%, 2017		35,000		33,033
6.50%, 2034		35,000		28,780
EOG Resources, Inc.
5.88%, 2017		25,000		25,313
Nabors Industries, Inc.
6.15%, 2018		10,000		7,824

Schedule of Investments
March 31, 2009	SBL N (Managed Asset Allocation Series)

	Principal
	Amount		Value
CORPORATE BOND - 12.8% (continued)
Oil Field Services - 0.6% (continued)
Pemex Project Funding Master Trust
5.75%, 2018	$	80,000	$	66,799
Petrobras International Finance Company
7.88%, 2019		15,000		15,543
Shell International Finance BV
6.38%, 2038		25,000		26,326
Southern Natural Gas Company
5.90%, 20171,3,4		13,000		11,330
Transocean, Inc.
5.25%, 2013		10,000		10,025
XTO Energy, Inc.
5.65%, 2016		30,000		28,632
				314,983
Packaging - 0.0%
BWAY Corporation
10.00%, 2010		25,000		25,250
Paper - 0.1%
Boise Cascade LLC
7.13%, 2014		15,000		6,150
Georgia-Pacific LLC
7.13%, 20173,4		25,000		23,125
Nielsen Finance LLC
0.00%, 20166		25,000		10,375
				39,650
Pharmaceuticals - 0.1%
Teva Pharmaceutical Finance LLC
5.55%, 2016		40,000		41,641
Pipelines - 0.0%
Knight, Inc.
6.50%, 2012		25,000		23,313
Railroads - 0.2%
Burlington Northern Santa Fe Corporation
5.65%, 2017		57,000		56,091
Canadian National Railway Company
6.25%, 2034		20,000		19,822
6.38%, 2037		10,000		10,552
Norfolk Southern Corporation
5.75%, 2018		15,000		14,907
Union Pacific Corporation
5.70%, 2018		25,000		23,796
				125,168
Refining - 0.2%
Diamond Offshore Drilling, Inc.
4.88%, 2015		30,000		28,922
Enterprise Products Operating, LP
6.30%, 2017		20,000		18,434
Marathon Oil Corporation
6.00%, 2017		35,000		32,438
5.90%, 2018		45,000		41,085
6.60%, 2037		15,000		11,933
Valero Energy Corporation
6.13%, 2017		55,000		47,295
				180,107
REIT’s - 0.2%
ERP Operating, LP
5.25%, 2014		25,000		20,058
Federal Realty Investment Trust
6.00%, 2012		20,000		16,664
Hospitality Properties Trust
5.63%, 2017		30,000		14,467
Reckson Operating Partnership, LP
6.00%, 2016		30,000		16,917
Regency Centers, LP
5.88%, 2017		15,000		10,065
Simon Property Group, LP
5.75%, 2015		55,000		42,463
				120,634
Restaurants - 0.1%
Federated Retail Holdings, Inc.
5.35%, 2012		20,000		15,699
McDonald’s Corporation
5.30%, 2017		35,000		36,677
				52,376
Retailers - 0.3%
AmeriGas Partners, LP
7.13%, 2016		100,000		94,000
GSC Holdings Corporation
8.00%, 2012		25,000		25,250
Home Depot, Inc.
5.40%, 2016		35,000		31,462
JC Penney Corporation, Inc.
9.00%, 2012		30,000		28,629
				179,341
Services - 0.1%
Allied Waste North America, Inc.
7.25%, 2015		50,000		47,250
Sovereigns - 0.2%
Brazilian Government International Bond
11.00%, 2040		30,000		38,100
Italian Republic
5.25%, 2016		85,000		87,989
				126,089
Supermarkets - 0.0%
Kroger Company
7.50%, 2014		5,000		5,548
Technology - 0.3%
Avnet, Inc.
5.88%, 2014		35,000		30,103
STATS ChipPAC, Ltd.
6.75%, 2011		25,000		21,250
Sungard Data Systems, Inc.
9.13%, 2013		100,000		87,000
Xerox Corporation
5.50%, 2012		15,000		12,991
6.75%, 2017		100,000		76,375
6.35%, 2018		25,000		18,625
				246,344
Telecommunications - Wireless - 0.7%
Alltel Corporation
7.00%, 2012		25,000		26,039

Schedule of Investments
March 31, 2009	SBL N (Managed Asset Allocation Series)

	Principal
	Amount		Value
CORPORATE BOND - 12.8% (continued)
Telecommunications - Wireless - 0.7% (continued)
America Movil S.A. de CV
6.38%, 2035	$	45,000	$	36,148
British Telecommunications plc
5.15%, 2013		40,000		37,124
Centennial Communications Corporation
7.19%, 20135		25,000		25,000
MetroPCS Wireless, Inc.
9.25%, 20143,4		25,000		24,125
New Cingular Wireless Services, Inc.
7.88%, 2011		30,000		32,055
Rogers Communications, Inc.
6.80%, 2018		30,000		29,984
Sprint Capital Corporation
8.38%, 2012		25,000		22,500
6.90%, 2019		50,000		35,250
Sprint Nextel Corporation
6.00%, 2016		25,000		17,875
Verizon Communications, Inc.
4.35%, 2013		50,000		49,599
6.90%, 2038		30,000		29,015
Verizon Global Funding Corporation
7.75%, 2030		35,000		35,660
Vodafone Group plc
5.63%, 2017		35,000		34,688
Wind Acquisition Finance S.A.
10.75%, 20153,4		25,000		24,750
				459,812
Telecommunications - Wirelines - 0.4%
AT&T Corporation
7.30%, 2011		15,000		16,118
AT&T, Inc.
6.45%, 2034		50,000		45,021
Cellco Partnership
8.50%, 20181,3,4		40,000		45,693
Nordic Telephone Company Holdings ApS
8.88%, 20163,4		100,000		93,499
Rogers Wireless, Inc.
7.50%, 2015		15,000		15,546
Telecom Italia Capital S.A.
5.25%, 2013		30,000		26,941
Telefonica Emisiones SAU
6.22%, 2017		35,000		35,869
Windstream Corporation
8.63%, 2016		25,000		24,563
				303,250
Textile - 0.1%
Invista
9.25%, 20123,4		100,000		89,500
Tobacco - 0.1%
Altria Group, Inc.
8.50%, 2013		25,000		27,114
BAT International Finance plc
8.13%, 20131,3,4		25,000		26,979
Reynolds American, Inc.
7.25%, 2013		35,000		33,393
				87,486
U.S. Banking - 0.0%
Fifth Third Bancorp
8.25%, 2038		25,000		15,322
Utility — Other - 0.1%
NRG Energy, Inc.
7.38%, 2016		75,000		69,750
TOTAL CORPORATE BOND (cost $9,645,917)			$	8,491,020
PREFERRED STOCK - 0.0%
Thrifts & Mortgage Finance - 0.0%
Federal National Mortgage Association
8.25%, 2010		1,050		746
TOTAL PREFERRED STOCK (cost $26,250)			$	746
FOREIGN BOND - 0.2%
Chile - 0.1%
Celulosa Arauco y Constitucion S.A.
5.13%, 2013	$	40,000	$	38,801
France - 0.1%
France Telecom S.A.
7.75%, 2011		46,000		49,266
United Kingdom - 0.0%
HBOS plc
6.00%, 20331,3,4		40,000		21,952
TOTAL FOREIGN BOND (cost $127,571)			$	110,019
FOREIGN GOVERNMENT BOND - 0.2%
Mexico - 0.1%
Mexico Government International Bond
6.38%, 2013		45,000		47,475
South Africa - 0.1%
South Africa Government International Bond
6.50%, 2014		65,000		65,000
TOTAL FOREIGN GOVERNMENT BOND (cost $111,850)			$	112,475

Schedule of Investments
March 31, 2009	SBL N (Managed Asset Allocation Series)

	Principal
	Amount		Value
MUNICIPAL BOND - 1.0%
Arizona - 0.1%
Salt River Project Agricultural Improvement & Power District Revenue Bonds
5.00%, 2038	$	50,000	$	49,246
Florida - 0.1%
County of Orange Florida Revenue Bonds
5.00%, 2018		50,000		53,348
Georgia - 0.3%
City of Atlanta Georgia Revenue Bonds
5.50%, 2017		35,000		37,083
County of Baltimore Maryland General Obligation Unlimited
5.00%, 2038		35,000		35,371
De Kalb County Ga Revenue Bonds
5.00%, 2035		40,000		40,233
Metropolitan Atlanta Rapid Transit Authority Revenue Bonds
5.00%, 2037		30,000		29,684
				142,371
Illinois - 0.0%
CHICAGO TRANSIT AUTHORITY
Revenue Bonds
6.90%, 2040		30,000		29,923
Kansas - 0.0%
Kansas Development Finance Authority Revenue Bonds
5.50%, 2034		30,000		27,093
Massachusetts - 0.1%
Massachusetts Health & Educational Facilities Authority Revenue Bonds
5.00%, 2038		45,000		45,634
New York - 0.1%
New York City Housing Development Corporation Revenue Bonds
6.42%, 2027		30,000		22,471
New York State Urban Development Corporation Revenue Bonds
5.50%, 2018		25,000		27,639
Triborough Bridge & Tunnel Authority Revenue Bonds
5.00%, 2038		45,000		43,186
				93,296
North Carolina - 0.1%
City of Charlotte North Carolina Revenue Bonds
4.75%, 2033		50,000		48,457
Oregon - 0.0%
State of Oregon General Obligation Unlimited
5.89%, 2027		15,000		13,980
Texas - 0.1%
Austin Independent School District General Obligation Unlimited
5.00%, 2033		45,000		44,250
Utah - 0.1%
Utah Transit Authority Revenue Bonds
4.75%, 2032		25,000		24,046
5.25%, 2038		35,000		35,456
				59,502
West Virginia - 0.0%
Tobacco Settlement Finance Authority of West Virginia Revenue Bonds
7.47%, 2047		45,000		24,239
TOTAL MUNICIPAL BOND (cost $662,129)			$	631,339
MORTGAGE BACKED SECURITIES - 14.6%
Other Non-Agency - 2.2%
C.M.O.’s - 2.2%
American Tower Trust
2007-1A, 5.96%, 20371,3,4	$	45,000	$	36,225
Banc of America Commercial Mortgage, Inc.
2003-1, 4.65%, 2036		75,000		65,720
2005-3, 4.50%, 2043		235,000		219,970
Banc of America Mortgage Securities, Inc.
2004-A, 5.46%, 20345		29,146		22,907
2004-D, 3.93%, 20345		2,882		2,325
2004-H, 4.75%, 20345		17,302		13,612
2004-I, 4.81%, 20345		17,905		13,334
2005-J, 5.24%, 20355		37,055		25,051
Bear Stearns Commercial Mortgage Securities
2005-PW10, 5.09%, 2040		65,697		65,497
2005-PWR8, 4.67%, 2041		60,000		47,216
Citigroup
2005-CD1, 5.40%, 20445		175,000		156,728
Commercial Mortgage Loan Trust
2008-LS1, 6.22%, 20175		175,000		125,197
Credit Suisse Mortgage Capital Certificates
2006-C4, 5.47%, 2039		100,000		66,087
DLJ Commercial Mortgage Corporation
1999-CG2, 7.30%, 20325		9,134		9,118
GMAC Commercial Mortgage Securities, Inc.
2001-C2, 6.70%, 2034		124,634		125,254
JP Morgan Chase Commercial Mortgage Securities Corporation
2001-CIBC, 6.26%, 2033		95,765		96,857
2001-CIB2, 6.24%, 2035		13,069		13,106
2004-LDP4, 4.82%, 20425		75,000		67,269

Schedule of Investments
March 31, 2009	SBL N (Managed Asset Allocation Series)

	Principal
	Amount		Value
MORTGAGE BACKED SECURITIES - 14.6% (continued)
Other Non-Agency - 2.2% (continued)
C.M.O.’s - 2.2% (continued)
Morgan Stanley Capital I
2007-HQ11, 5.45%, 20445	$	100,000	$	70,033
Morgan Stanley Dean Witter Capital I
2002-TOP7, 5.98%, 2039		200,000		195,120
				1,436,626
				1,436,626
U.S. Government Sponsored Agencies - 11.6%
C.M.O.’s - 0.2%
Federal Home Loan Mortgage Corporation
FHR 2614 IH, 4.50%, 20161,7		57,634		1,921
FHR 2681 PC, 5.00%, 2019		73,353		74,665
Federal National Mortgage Association
FNR 2003-40 NI, 5.50%, 20281,7		3,969		149
FNS 319 2, 6.50%, 20321,7		9,994		1,253
FNR 2006-35 GK, 6.00%, 2032		82,039		84,285
				162,273
Pass Through’s - 11.4%
Federal Home Loan Mortgage Corporation
#E81544, 6.00%, 2009		122		122
#E01341, 5.50%, 2018		5,564		5,830
#E99966, 5.00%, 2018		18,711		19,549
#E99933, 5.00%, 2018		3,159		3,301
#B10343, 5.00%, 2018		5,017		5,241
#B19214, 5.50%, 2020		16,483		17,219
#J02272, 5.50%, 2020		65,396		68,313
#J02554, 5.50%, 2020		60,279		62,968
#J03254, 6.00%, 2021		18,761		19,671
#J03203, 6.00%, 2021		50,065		52,494
#J03615, 6.00%, 2021		87,009		91,230
#J03640, 6.00%, 2021		60,065		62,979
#J03672, 6.00%, 2021		25,433		26,666
#C68205, 7.00%, 2032		4,338		4,661
#1B0527, 5.26%, 20325		1,471		1,512
#C72128, 6.00%, 2032		49,836		52,369
#A12118, 5.00%, 2033		45,728		47,352
#A15852, 5.00%, 2033		17,192		17,803
#A15907, 5.00%, 2033		21,279		22,035
#D86309, 5.00%, 2033		25,361		26,262
#G01628, 6.00%, 2033		100,524		105,570
#A21263, 4.50%, 2034		132,447		135,492
#G01805, 4.50%, 2035		263,081		269,489
#833174, 5.16%, 20355		171,965		177,281
#1G1762, 5.06%, 20355		32,925		34,007
#1H2581, 5.14%, 20365		69,317		70,613
#1G0661, 5.37%, 20365		15,374		15,910
#1G1353, 5.99%, 20365		75,172		78,156
Federal National Mortgage Association
#625931, 5.50%, 2017		3,377		3,548
#254140, 5.50%, 2017		3,524		3,703
#254234, 5.50%, 2017		3,696		3,883
#357280, 6.50%, 2017		16,955		17,780
#555345, 5.50%, 2018		3,603		3,785
#555446, 5.50%, 2018		5,682		5,965
#685202, 5.50%, 2018		48,726		51,097
#555693, 5.50%, 2018		53,547		56,220
#725098, 5.50%, 2018		11,942		12,523
#725528, 5.50%, 2019		8,946		9,381
#789885, 5.50%, 2019		11,230		11,777
#745406, 6.00%, 2021		69,677		73,363
#981614, 5.00%, 2023		8,279		8,596
#650075, 6.50%, 2032		9,671		10,265
#545759, 6.50%, 2032		89,472		94,351
#254514, 5.50%, 2032		2,411		2,514
#254550, 6.50%, 2032		16,038		17,023
#974321, 6.00%, 2033		135,141		141,293
#555417, 6.00%, 2033		45,097		47,432
#254767, 5.50%, 2033		126,563		131,912
#744692, 5.50%, 2033		30,538		31,828
#747387, 5.50%, 2033		23,224		24,206
#747571, 5.50%, 2033		20,635		21,508
#747549, 5.50%, 2033		6,955		7,249
#744750, 5.50%, 2033		13,344		13,908
#750362, 5.50%, 2033		23,499		24,492
#756190, 5.50%, 2033		32,418		33,788
#254983, 5.50%, 2033		58,063		60,518
#255028, 5.50%, 2034		14,336		14,893
#762076, 5.50%, 2034		33,231		34,636
#763700, 5.00%, 2034		63,823		66,012
#725424, 5.50%, 2034		281,014		292,892
#789293, 5.50%, 2034		127,451		132,878
#790237, 6.00%, 2034		33,220		34,836
#791574, 6.00%, 2034		34,038		35,694
#923129, 5.50%, 2034		17,880		18,613
#725704, 6.00%, 2034		274,857		288,571
#790217, 6.00%, 2034		12,862		13,488
#790044, 6.00%, 2034		32,568		34,152
#725690, 6.00%, 2034		33,456		35,083
#790629, 6.00%, 2034		29,025		30,437
#790788, 6.00%, 2034		34,151		35,812
#725773, 5.50%, 2034		215,835		224,216
#796104, 5.50%, 2034		31,464		32,754
#255459, 6.00%, 2034		33,197		34,812
#725946, 5.50%, 2034		766,515		797,953
#804395, 5.50%, 2034		74,184		77,227
#808951, 6.00%, 2035		309,777		324,264
#889829, 5.00%, 2035		408,850		423,256
#745216, 4.80%, 20355		38,182		38,973
#846551, 5.34%, 20355		33,190		34,314
#848476, 5.52%, 20355		50,173		52,068
#848522, 5.65%, 20355		13,531		14,050
#850863, 5.32%, 20355		28,460		29,441
#745554, 6.50%, 2036		361,323		381,418
#868728, 6.50%, 2036		14,039		14,805
#900362, 6.00%, 2036		60,326		63,119
#888010, 5.98%, 20365		33,396		34,574
#896329, 6.50%, 2036		32,438		34,211
#893353, 6.00%, 2036		44,636		46,703
#745946, 5.50%, 2036		19,202		19,953

Schedule of Investments
March 31, 2009	SBL N (Managed Asset Allocation Series)

	Principal
	Amount		Value
MORTGAGE BACKED SECURITIES - 14.6% (continued)
U.S. Government Sponsored Agencies - 11.6% (continued)
Pass Through’s - 11.4% (continued)
Federal National Mortgage Association (continued)
#905196, 6.03%, 20365	$	45,198	$	46,941
#1B3203, 5.96%, 20375		27,611		28,684
#938883, 5.00%, 2037		72,081		74,459
#938089, 5.00%, 2037		25,875		26,729
#889543, 5.50%, 2037		91,596		95,153
#952502, 6.50%, 2037		132,134		139,351
#928835, 6.50%, 2037		25,078		26,445
#960122, 6.50%, 2037		157,238		165,826
#888884, 5.50%, 2037		146,261		152,443
#952182, 5.79%, 20375		107,373		111,778
#959818, 6.50%, 2037		262,127		276,445
#972155, 6.00%, 2038		65,774		68,768
#983288, 6.00%, 2038		84,150		87,980
#964926, 6.00%, 2038		49,951		52,225
#257407, 6.00%, 2038		27,920		29,194
				7,546,532
				7,708,805
U.S. Government Sponsored Securities - 0.8%
Pass Through’s - 0.8%
Government National Mortgage Association
#780766, 7.00%, 2013		151		151
#67365, 11.50%, 2013		1,115		1,254
#781312, 7.00%, 2013		11,912		12,537
G2 2102, 8.00%, 2025		789		853
#427029, 8.50%, 2026		1,460		1,585
G2 3295, 5.50%, 2032		9,725		10,145
#615278, 5.00%, 2033		74,295		77,375
#612919, 5.00%, 2033		37,292		38,838
#604639, 5.00%, 2033		57,452		59,834
G2 3442, 5.00%, 2033		139,142		144,475
G2 3458, 5.00%, 2033		38,988		40,514
G2 3490, 6.50%, 2033		7,354		7,747
G2 3517, 6.00%, 2034		27,086		28,329
G2 3513, 5.00%, 2034		49,075		50,978
G2 3530, 5.50%, 2034		20,289		21,147
G2 3529, 5.00%, 2034		11,848		12,308
#605561, 5.50%, 2034		46,319		48,372
				556,442
				556,442
TOTAL MORTGAGE BACKED SECURITIES (cost $9,652,165)			$	9,701,873
ASSET BACKED SECURITIES - 1.8%
Auto - 0.8%
AmeriCredit Automobile Receivables Trust
2006-RM, 5.53%, 2014	$	280,000	$	207,229
Capital Auto Receivables Asset Trust
2006-SN1A, 5.32%, 20101,3,4		100,920		100,403
2006-SN1A, 5.50%, 20101,3,4		25,000		24,771
2006-1, 5.26%, 2010		60,000		59,366
Triad Auto Receivables Owner Trust
2006-B, 5.52%, 2012		100,000		87,201
USAA Auto Owner Trust
2008-1, 4.16%, 2012		50,000		50,383
				529,353
Credit Cards - 0.5%
Capital One Multi-Asset Execution Trust
2007-C3, 0.85%, 20135		70,000		53,426
2005-A7, 4.70%, 2015		70,000		65,917
Chase Issuance Trust
2006-C2, 0.86%, 20135		125,000		92,589
GE Capital Credit Card Master Note Trust
2006-1, 5.08%, 2012		50,000		49,957
2007-3, 1.00%, 20135		90,000		57,042
MBNA Credit Card Master Note Trust
2006-C3, 0.85%, 20135		35,000		24,023
				342,954
Home Equity Loans - 0.0%
BankBoston Home Equity Loan Trust
1998-1, 6.35%, 2013		390		293
Chase Funding Mortgage Loan Asset-Backed Certificates
2002-2, 5.60%, 2031		5,846		3,805
				4,098
Other - 0.4%
CNH Equipment Trust
2007-A, 5.08%, 2014		50,000		34,713
GE Equipment Small Ticket LLC
2005-1A, 4.51%, 20141,3,4		55,511		55,376
Greenwich Capital Commercial Funding Corporation
2007-GG9, 5.44%, 2039		50,000		36,018
John Deere Owner Trust
2008-A, 3.82%, 2011		44,697		44,405
Marriott Vacation Club Owner Trust
2006-1A, 5.74%, 20281,3,4		63,366		59,615
2006-2A, 5.36%, 20281,3,4		20,234		16,571
				246,698
Student Loans - 0.1%
SLM Student Loan Trust
2008-4, 2.21%, 20125		60,000		58,731
TOTAL ASSET BACKED SECURITIES (cost $1,391,292)			$	1,181,834
U.S. GOVERNMENT SPONSORED AGENCY BONDS & NOTES - 0.0%
Federal Home Loan Bank
5.60%, 6/28/2011	$	10,000	$	10,845
TOTAL U.S. GOVERNMENT SPONSORED AGENCY BONDS & NOTES (cost $10,001)			$	10,845

Schedule of Investments
March 31, 2009	SBL N (Managed Asset Allocation Series)

	Principal
	Amount			Value
U.S. GOVERNMENT SECURITIES - 1.9%
U.S. Treasury Inflation Indexed Bonds
2.00%, 7/15/2014	$	128,402	$	132,575
1.38%, 7/15/2018		244,000		242,018
U.S. Treasury Notes
2.13%, 1/31/2010		55,000		55,707
3.13%, 9/30/2013		200,000		214,188
4.00%, 8/15/2018		580,000		644,524
TOTAL U.S. GOVERNMENT SECURITIES (cost $1,272,914)			$	1,289,012
SHORT TERM INVESTMENTS - 2.6%
State Street GA Money Market Fund	$	507,741	$	507,741
T. Rowe Price Reserve Investment Fund		1,246,763		1,246,763
TOTAL SHORT TERM INVESTMENTS (cost $1,754,504)			$	1,754,504
Total Investments - 100.0% (cost $84,964,059)			$	66,364,692
Liabilities, Less Cash & Other Assets - 0.0%				(22,841	)
Total Net Assets - 100.0%			$	66,341,851

For federal income tax purposes the identified cost of investments owned at March 31, 2009 was $87,502,634.

ADR	American Depositary Receipt
plc	Public Limited Company

*	Non-income producing security
1	Security is deemed illiquid. The total market value of illiquid securities is $917,733 (cost $1,057,024), or 1.4% of total net assets.
2	Security is a PFIC (Passive Foreign Investment Company).
3	Security was acquired through a private placement.
4	Security is a 144A or Section 4(2) security. The total market value of 144A or Section 4(2) securities is $1,269,762 (cost $1,449,905), or 1.9% of total net assets.
5	Variable rate security. Rate indicated is rate effective at March 31, 2009.
6	Step Up/Down
7	Security is an interest-only strip. Rate indicated is effective yield at March 31, 2009.

Schedule of Investments
March 31, 2009	SBL O (All Cap Value Series)

	Shares		Value
COMMON STOCKS - 98.7%
Aerospace & Defense - 1.8%
United Technologies Corporation		53,000	$	2,277,940
Air Freight & Logistics - 2.3%
FedEx Corporation		66,200		2,945,238
Apparel Retail - 0.8%
Brown Shoe Company, Inc.		74,900		280,875
Chico’s FAS, Inc. *		84,570		454,141
Talbots, Inc.		85,500		300,105
				1,035,121
Apparel, Accessories & Luxury Goods - 0.6%
Fossil, Inc. *		19,400		304,580
Maidenform Brands, Inc. *		37,600		344,416
Oxford Industries, Inc.		21,700		133,889
				782,885
Biotechnology - 0.0%
Combinatorx, Inc. *		100,100		62,062
Building Products – 1.0%
Trex Company, Inc. *		34,800		265,524
USG Corporation *		135,600		1,031,916
				1,297,440
Cable & Satellite - 0.6%
Time Warner Cable, Inc.		28,105		696,998
Coal & Consumable Fuels - 0.9%
Evergreen Energy, Inc. *		286,300		398,530
USEC, Inc. *		165,700		795,360
				1,193,890
Communications Equipment - 0.6%
Symmetricom, Inc.1,*		216,100		756,350
Computer Hardware - 2.1%
Hewlett-Packard Company		82,700		2,651,362
Computer Storage & Peripherals - 0.5%
STEC, Inc. *		83,000		611,710
Construction & Engineering - 1.6%
Insituform Technologies, Inc. *		69,800		1,091,672
URS Corporation *		23,200		937,512
				2,029,184
Construction Materials - 2.4%
Eagle Materials, Inc.		26,100		632,925
Vulcan Materials Company		53,400		2,365,086
				2,998,011
Consumer Finance - 0.5%
First Marblehead Corporation *		446,356		575,799
Data Processing & Outsourced Services - 4.8%
Affiliated Computer Services, Inc. *		16,700		799,763
Computer Sciences Corporation *		55,400		2,040,936
Western Union Company		254,100		3,194,037
				6,034,736
Department Stores - 3.5%
JC Penney Company, Inc.		216,700		4,349,169
Diversified Banks - 1.1%
Wells Fargo & Company		94,400		1,344,256
Diversified Chemicals - 0.6%
Dow Chemical Company		94,000		792,420
Drug Retail - 1.7%
CVS Caremark Corporation		77,300		2,124,977
Electric Utilities - 4.5%
Allete, Inc.		17,598		469,691
Edison International		127,200		3,664,632
Great Plains Energy, Inc.		46,900		631,743
Northeast Utilities		22,500		485,775
Westar Energy, Inc.		25,400		445,262
				5,697,103
Electrical Components & Equipment - 0.3%
Power-One, Inc.1,*		432,100		380,248
Electronic Manufacturing Services - 1.7%
Maxwell Technologies, Inc.1,*		119,700		831,915
Tyco Electronics, Ltd.		115,600		1,276,224
				2,108,139
Forest Products - 0.3%
Louisiana-Pacific Corporation		164,000		365,720
Gas Utilities - 0.5%
Atmos Energy Corporation		28,500		658,920
Health Care Equipment - 3.7%
Aspect Medical Systems, Inc. *		50,300		210,757
Covidien, Ltd.		49,500		1,645,380
Hospira, Inc. *		91,000		2,808,260
				4,664,397
Health Care Facilities - 0.3%
Community Health Systems, Inc. *		24,000		368,160
Health Care Services - 2.5%
Medco Health Solutions, Inc. *		53,300		2,203,422
Mednax, Inc. *		17,500		515,725
Providence Service Corporation*		17,500		120,400
RehabCare Group, Inc. *		18,370		320,373
				3,159,920
Highways & Railtracks - 0.1%
Quixote Corporation1		26,100		90,567
Home Furnishings - 0.5%
Leggett & Platt, Inc.		51,200		665,088
Home Improvement Retail - 3.0%
Lowe’s Companies, Inc.		208,700		3,808,775
Human Resources & Employment Services - 0.4%
Administaff, Inc.		24,100		509,233
Hypermarkets & Super Centers - 2.5%
Wal-Mart Stores, Inc.		61,400		3,198,940

Schedule of Investments
March 31, 2009	SBL O (All Cap Value Series)

	Shares		Value
COMMON STOCKS - 98.7% (continued)
Independent Power Producers & Energy Traders - 0.8%
NRG Energy, Inc. *		53,800	$	946,880
Industrial Conglomerates - 3.6%
General Electric Company		189,700		1,917,867
McDermott International, Inc. *		187,100		2,505,269
				4,423,136
Industrial Machinery - 2.0%
Dover Corporation		30,100		794,038
Harsco Corporation		17,200		381,324
Parker Hannifin Corporation		41,000		1,393,180
				2,568,542
Insurance Brokers - 0.2%
Arthur J Gallagher & Company		15,300		260,100
Integrated Oil & Gas - 5.8%
Chevron Corporation		41,200		2,770,287
ConocoPhillips		45,900		1,797,444
Exxon Mobil Corporation		39,700		2,703,570
				7,271,301
Integrated Telecommunication Services - 1.2%
Windstream Corporation		188,000		1,515,280
Managed Health Care - 0.8%
Aetna, Inc.		39,900		970,767
Movies & Entertainment - 1.7%
Time Warner, Inc.		111,989		2,161,389
Multi-Line Insurance - 0.7%
American Financial Group, Inc.		57,600		924,480
Oil & Gas Drilling - 0.6%
Helmerich & Payne, Inc.		33,500		762,795
Oil & Gas Equipment & Services - 2.0%
Global Industries, Ltd. *		275,502		1,057,928
Halliburton Company		94,800		1,466,556
				2,524,484
Oil & Gas Exploration & Production - 2.2%
Chesapeake Energy Corporation		85,700		1,462,042
Goodrich Petroleum Corporation *		9,100		176,176
Gulfport Energy Corporation *		31,900		74,008
Newfield Exploration Company *		5,521		125,327
PetroHawk Energy Corporation *		47,800		919,194
				2,756,747
Oil & Gas Storage & Transportation - 1.7%
Southern Union Company		50,900		774,698
Williams Companies, Inc.		121,300		1,380,394
				2,155,092
Other Diversified Financial Services - 0.8%
JPMorgan Chase & Company		39,400		1,047,252
Packaged Foods & Meats - 2.9%
Hormel Foods Corporation		42,100		1,334,991
JM Smucker Company		23,300		868,391
Smithfield Foods, Inc. *		47,900		453,134
TreeHouse Foods, Inc. *		37,000		1,065,230
				3,721,746
Paper Packaging - 1.2%
Bemis Company, Inc.		44,500		933,165
Sonoco Products Company		29,900		627,302
				1,560,467
Paper Products - 0.5%
Schweitzer-Mauduit International, Inc.		32,400		598,104
Pharmaceuticals - 2.1%
Schering-Plough Corporation		111,300		2,621,115
Property & Casualty Insurance - 6.8%
Alleghany Corporation *		3,570		966,863
Assured Guaranty, Ltd.		19,500		132,015
Berkshire Hathaway, Inc. (Cl.B) *		1,766		4,980,120
Employers Holdings, Inc.		33,000		314,820
Hanover Insurance Group, Inc.		27,900		804,078
United America Indemnity, Ltd. *		6,698		26,926
W.R. Berkley Corporation		58,300		1,314,665
				8,539,487
Railroads - 2.9%
Kansas City Southern *		27,171		345,343
Union Pacific Corporation		81,300		3,342,243
				3,687,586
Regional Banks - 0.5%
Wilmington Trust Corporation		68,640		665,122
Research & Consulting Services - 4.1%
Equifax, Inc.		153,600		3,755,519
ICF International, Inc. *		28,100		645,457
Navigant Consulting, Inc. *		49,700		649,579
				5,050,555
Security & Alarm Services - 0.6%
GeoEye, Inc. *		38,400		758,400
Semiconductors - 1.1%
IXYS Corporation1		177,900		1,433,874
Specialty Chemicals - 1.0%
Rohm & Haas Company		13,600		1,072,224
Zoltek Companies, Inc. *		30,900		210,429
				1,282,653
Tobacco - 2.8%
Philip Morris International, Inc.		97,500		3,469,050
Trucking - 0.4%
Saia, Inc. *		39,000		466,050
TOTAL COMMON STOCKS (cost $197,961,841)			$	124,377,212
Total Investments - 98.7% (cost $197,961,841)			$	124,377,212
Cash & Other Assets, Less Liabilities - 1.3%				1,684,312
Total Net Assets -100.0%			$	126,061,524

Schedule of Investments
March 31, 2009	SBL O (All Cap Value Series)

For federal income tax purposes the identified cost of investments owned at March 31, 2009 was $198,076,543.

*	Non-income producing security
1	Security is deemed illiquid. The total market value of illiquid securities is $3,492,954 (cost $5,904,485), or 2.8% of total net assets.

Schedule of Investments
March 31, 2009	SBL P (High Yield Series)

	Shares		Value
COMMON STOCKS - 0.0%
Air Freight & Logistics - 0.0%
Atlas Air Worldwide Holdings, Inc. *		57	$	989
Airlines - 0.0%
Delta Air Lines, Inc. *		2,225		12,526
Auto Parts & Equipment - 0.0%
Dura Automotive Systems, Inc.1,2,*		181		—
Broadcasting - 0.0%
Adelphia Recovery Trust *		5,270		132
Cable & Satellite - 0.0%
Time Warner Cable, Inc.		101		2,505
Electronic Manufacturing Services - 0.0%
Viasystems Group, Inc.2,*		1,207		4,979
Health Care Equipment - 0.0%
MEDIQ, Inc. *		92		1
Mortgage REIT’s - 0.0%
Bimini Capital Management, Inc. 1,*		30,450		1,370
HomeBanc Corporation 1,2,*		30,000		—
				1,370
TOTAL COMMON STOCKS (cost $746,337)			$	22,502

	Principal
	Amount		Value
CONVERTIBLE BONDS - 1.5%
Health Care Services - 0.8%
Aspect Medical Systems, Inc.
2.50%, 2014	$	725,000	$	386,969
Invacare Corporation
4.13%, 2027		350,000		285,250
				672,219
Metals & Minerals - 0.7%
USEC, Inc.
3.00%, 2014		1,100,000		606,375
TOTAL CONVERTIBLE BONDS (cost $2,140,766)			$	1,278,594
CORPORATE BOND - 80.1%
Aerospace & Defense - 0.7%
Vought Aircraft Industries, Inc.
8.00%, 2011		1,450,000		565,500
Airlines - 3.8%
Continental Airlines, Inc.
8.31%, 2011		438,705		350,964
7.03%, 2011		1,851,249		1,388,437
Delta Air Lines, Inc.
7.90%, 20093		75,000		458
7.71%, 2011		530,000		371,000
7.78%, 2012		1,407,891		1,182,628
				3,293,487
Automotive - 1.9%
Dura Operating Corporation
8.63%, 20121,2,3		10,000		—
Ford Motor Credit Company LLC
5.54%, 20094		300,000		296,250
General Motors Corporation
8.38%, 2033		1,150,000		138,000
Metaldyne Corporation
11.00%, 2012		1,000,000		106,300
Sonic Automotive, Inc.
8.63%, 2013		1,750,000		516,250
Tenneco, Inc.
8.63%, 2014		550,000		101,750
TRW Automotive, Inc.
7.25%, 20145,6		1,250,000		518,750
				1,677,300
Banking - 1.6%
FCB Capital Trust
8.05%, 2028		75,000		56,366
Progress Capital Trust I
10.50%, 2027		700,000		732,217
Rabobank Capital Funding II
5.26%, 20494,5,6		1,400,000		630,000
Western Financial Bank
9.63%, 2012		5,000		4,992
				1,423,575
Brokerage - 1.3%
E*Trade Financial Corporation
8.00%, 2011		750,000		318,750
7.88%, 2015		2,150,000		790,125
				1,108,875
Chemicals - 0.5%
Methanex Corporation
8.75%, 2012		5,000		4,400
PolyOne Corporation
6.52%, 2010		330,000		215,738
6.58%, 2011		625,000		256,250
				476,388
Construction Machinery - 2.3%
RSC Equipment Rental, Inc.
9.50%, 2014		2,450,000		1,200,500
United Rentals North America, Inc.
6.50%, 2012		1,000,000		800,000
				2,000,500
Consumer Products - 0.1%
Hanesbrands, Inc.
5.70%, 20144,6		150,000		99,750
Icon Health & Fitness
11.25%, 20122		25,000		17,500
				117,250
Distributors - 0.1%
SemGroup, LP
8.75%, 20153,5,6		1,700,000		59,500
Electric - 2.1%
AES Red Oak LLC
8.54%, 2019		1,765,770		1,606,851
East Coast Power LLC
7.07%, 2012		61,663		64,989
GrafTech Finance, Inc.
10.25%, 2012		41,000		37,105

Schedule of Investments
March 31, 2009	SBL P (High Yield Series)

	Principal
	Amount		Value
CORPORATE BOND - 80.1% (continued)
Electric - 2.1% (continued)
Westar Energy, Inc.
7.13%, 2009	$	90,000	$	89,635
				1,798,580
Entertainment - 0.5%
Speedway Motorsports, Inc.
6.75%, 2013		510,000		427,125
Environmental - 0.4%
Casella Waste Systems, Inc.
9.75%, 2013		400,000		338,000
Financial - Other - 1.7%
Harland Clarke Holdings Corporation
9.50%, 2015		1,000,000		441,250
5.98%, 20154		2,900,000		1,015,000
				1,456,250
Financial Companies - Captive - 1.0%
International Lease Finance Corporation
4.75%, 2009		900,000		846,084
Financial Companies - Noncaptive Consumer - 1.5%
General Motors Acceptance Corporation
6.75%, 2014		650,000		306,872
8.00%, 2031		1,350,000		501,352
Residential Capital LLC
8.88%, 2015		1,300,000		481,000
				1,289,224
Food & Beverage - 2.9%
Constellation Brands, Inc.
7.25%, 2017		1,000,000		950,000
Dole Food Company, Inc.
7.25%, 2010		400,000		368,000
8.88%, 2011		1,150,000		980,375
Harry & David Holdings, Inc.
9.00%, 2013		900,000		193,500
Land O’ Lakes, Inc.
8.75%, 2011		60,000		59,550
				2,551,425
Gaming - 5.4%
Boyd Gaming Corporation
7.13%, 2016		800,000		432,000
Galaxy Entertainment Finance Company, Ltd.
9.88%, 20125,6		2,475,000		1,633,499
Harrah’s Operating Company, Inc.
10.75%, 2016		750,000		142,500
Mandalay Resort Group
7.63%, 2013		1,000,000		150,000
MGM Mirage
8.50%, 2010		15,000		6,150
8.38%, 2011		55,000		5,775
6.75%, 2012		625,000		218,750
6.75%, 20136		250,000		87,500
7.63%, 2017		500,000		177,500
Mohegan Tribal Gaming Authority
7.13%, 2014		1,750,000		490,000
Pinnacle Entertainment, Inc.
7.50%, 2015		1,550,000		961,000
Station Casinos, Inc.
6.00%, 2012		925,000		231,250
Turning Stone Resort Casino Enterprise
9.13%, 20145,6		150,000		91,500
				4,627,424
Health Care - 3.6%
Coventry Health Care, Inc.
5.88%, 2012		400,000		315,513
6.13%, 2015		575,000		377,469
HCA, Inc.
6.50%, 2016		2,600,000		1,703,000
InvaCare Corporation
9.75%, 20156		150,000		144,375
Johnsondiversey, Inc.
9.63%, 2012		5,000		4,525
US Oncology, Inc.
10.75%, 2014		675,000		621,000
				3,165,882
Independent Energy - 2.0%
Forest Oil Corporation
7.25%, 2019		375,000		296,250
Hilcorp Energy I, LP
7.75%, 20155,6		250,000		182,500
MarkWest Energy Partners, LP
8.50%, 2016		900,000		643,500
Plains Exploration & Production Company
7.00%, 2017		500,000		397,500
Range Resources Corporation
7.38%, 2013		75,000		71,063
Southwestern Energy Company
7.50%, 20185,6		150,000		144,750
VeraSun Energy Corporation
9.38%, 20173		250,000		12,500
				1,748,063
Industrial - Other - 0.7%
Anixter International, Inc.
5.95%, 2015		250,000		192,500
Belden, Inc.
7.00%, 2017		300,000		246,000
Mobile Services Group, Inc.
9.75%, 2014		200,000		148,500
				587,000
Insurance - Life - 0.1%
USI Holdings Corporation
9.75%, 20155,6		100,000		45,000
Insurance - Property & Casualty - 3.4%
Fairfax Financial Holdings, Ltd.
7.75%, 2012		2,575,000		2,436,593
Nationwide Mutual Insurance Company
8.25%, 20315,6		900,000		531,796
				2,968,389

Schedule of Investments
March 31, 2009	SBL P (High Yield Series)

	Principal
	Amount		Value
CORPORATE BOND - 80.1% (continued)
Media - Cable - 0.4%
CSC Holdings, Inc.
6.75%, 2012	$	325,000	$	312,813
Media - Non Cable - 4.1%
Block Communications, Inc.
8.25%, 20155,6		1,125,000		835,313
Bonten Media Acquisition Company
9.00%, 20155,6		100,000		17,125
CMP Susquehanna Corporation
9.88%, 2014		1,200,000		45,000
Fisher Communications, Inc.
8.63%, 2014		250,000		212,500
Historic TW, Inc.
9.13%, 2013		30,000		31,516
Idearc, Inc.
8.00%, 20163		650,000		17,063
Intelsat, Ltd.
7.63%, 2012		1,475,000		1,253,749
Morris Publishing Group LLC
7.00%, 20136		1,625,000		75,156
Reader’s Digest Association, Inc.
9.00%, 2017		150,000		8,625
RH Donnelley Corporation
8.88%, 2016		650,000		37,375
8.88%, 2017		350,000		19,250
Satelites Mexicanos S.A. de CV
9.97%, 20114		1,464,175		849,222
Univision Communications, Inc.
9.75%, 20155,6		1,950,000		195,000
				3,596,894
Metals & Mining - 3.7%
Asia Aluminum Holdings, Ltd.
8.00%, 20113,5,6		2,800,000		196,000
FMG Finance Pty, Ltd.
10.63%, 20165,6		2,550,000		2,142,000
Griffin Coal Mining Company Pty, Ltd.
9.50%, 20165,6		1,400,000		493,500
Noble Group, Ltd.
6.63%, 20155,6		550,000		357,500
				3,189,000
Natural Gas Pipelines - 2.1%
El Paso Corporation
8.25%, 2016		250,000		233,750
Regency Energy Partners, LP
8.38%, 2013		1,955,000		1,661,750
				1,895,500
Oil Field Services - 1.4%
Key Energy Services, Inc.
8.38%, 2014		1,750,000		1,102,500
Pemex Project Funding Master Trust
9.13%, 2010		10,000		10,675
Stallion Oilfield Services
9.75%, 20155,6		700,000		87,500
				1,200,675
Packaging - 1.8%
Ball Corporation
6.88%, 2012		750,000		757,500
Graham Packaging Company, Inc.
9.88%, 2014		625,000		403,125
Owens-Illinois, Inc.
7.50%, 2010		30,000		30,300
Solo Cup Company
8.50%, 2014		500,000		365,000
				1,555,925
Paper - 2.4%
Sino-Forest Corporation
9.13%, 20115,6		2,275,000		2,047,500
Refining - 2.9%
Frontier Oil Corporation
6.63%, 2011		300,000		292,500
Tesoro Corporation
6.50%, 2017		2,250,000		1,698,750
United Refining Company
10.50%, 2012		850,000		493,000
				2,484,250
REIT’s - 5.8%
American Real Estate Partners, LP
8.13%, 2012		2,185,000		1,857,250
7.13%, 2013		400,000		318,000
HCP, Inc.
6.70%, 2018		1,000,000		674,479
Hospitality Properties Trust
6.70%, 2018		2,000,000		1,023,444
HRPT Properties Trust
1.92%, 20114		1,624,000		1,247,467
				5,120,640
Restaurants - 0.1%
Seminole Hard Rock Entertainment, Inc.
3.82%, 20144,5,6		150,000		78,000
Retailers - 4.1%
Blockbuster, Inc.
9.00%, 2012		850,000		382,500
Duane Reade, Inc.
9.75%, 2011		1,300,000		741,000
General Nutrition Centers, Inc.
6.40%, 20144		675,000		415,125
Michaels Stores, Inc.
11.38%, 2016		1,750,000		647,500
Neiman Marcus Group, Inc.
10.38%, 2015		1,450,000		464,000
PCA LLC
11.88%, 20091,2,3		30,000		—
Saks, Inc.
9.88%, 2011		1,300,000		949,000
				3,599,125
Services - 2.6%
Travelport LLC
9.88%, 2014		1,400,000		553,000
West Corporation
9.50%, 2014		800,000		557,000
11.00%, 2016		1,750,000		1,163,750
				2,273,750
Technology - 5.7%
Amkor Technology, Inc.
9.25%, 2016		2,525,000		1,944,249

Schedule of Investments
March 31, 2009	SBL P (High Yield Series)

	Principal
	Amount		Value
CORPORATE BOND - 80.1% (continued)
Technology - 5.7% (continued)
L-3 Communications Corporation
6.38%, 2015	$	250,000	$	235,625
NXP BV
9.50%, 2015		650,000		71,500
Seagate Technology HDD Holdings
6.80%, 2016		1,400,000		812,000
Sungard Data Systems, Inc.
10.63%, 20155,6		600,000		525,000
Viasystems, Inc.
10.50%, 2011		2,000,000		1,290,000
				4,878,374
Telecommunications - Wireless - 3.3%
iPCS, Inc.
4.42%, 20144		1,950,000		1,189,500
MetroPCS Wireless, Inc.
9.25%, 2014		675,000		654,750
Sprint Capital Corporation
6.90%, 2019		1,500,000		1,057,500
				2,901,750
Telecommunications - Wirelines - 0.2%
Qwest Corporation
7.88%, 2011		150,000		147,750
Textile - 1.4%
Phillips-Van Heusen Corporation
8.13%, 2013		1,300,000		1,235,000
Transportation Services - 0.5%
St. Acquisition Corporation
12.50%, 20175,6		1,350,000		297,000
US Shipping Partners, LP
13.00%, 20142		625,000		93,750
				390,750
TOTAL CORPORATE BOND (cost $106,291,827)			$	69,478,517
PREFERRED STOCK - 0.2%
Department Stores - 0.2%
Sears Holdings Corporation
7.00%, 2042		6,510		39,874
7.40%, 2043		18,320		120,225
				160,099
Thrifts & Mortgage Finance - 0.0%
Federal Home Loan Mortgage Corporation
8.38%, 2012		28,000		12,880
Federal National Mortgage Association
8.25%, 2010		28,000		19,880
4.38%, 2011		7,000		7,280
				40,040
TOTAL PREFERRED STOCK (cost $2,345,479)			$	200,139
SENIOR FLOATING RATE INTERESTS - 3.5%
Automotive - 0.8%
Delphi, Term Loan C
9.75%, 20094,7	$	450,155	$	62,700
7.75%, 20097		45,845		6,386
Ford Motor Company, Term Loan B
3.56%, 20134,7		1,270,750		605,371
				674,457
Business Equipment & Services - 2.7%
First Data Corporation, Initial B1 Term Loan
3.27%, 20144,7		2,068,500		1,390,291
VNU, Term Loan
2.53%, 20134,7		1,218,763		946,573
				2,336,864
TOTAL SENIOR FLOATING RATE INTERESTS (cost $4,979,664)			$	3,011,321
FOREIGN BOND - 0.1%
Tunisia - 0.1%
Banque Centrale de Tunisie
7.38%, 2012	$	80,000	$	80,800
TOTAL FOREIGN BOND (cost $79,499)			$	80,800
FOREIGN GOVERNMENT BOND - 0.4%
Chile - 0.0%
Chile Government International Bond
7.13%, 2012		25,000		27,885
Mexico - 0.3%
Mexico Government International Bond
8.38%, 2011		85,000		93,203
7.50%, 2012		116,000		127,019
				220,222
Russia - 0.1%
Russia Government International Bond
8.25%, 20105,6		12,168		12,503
Russian Ministry of Finance
3.00%, 2011		80,000		76,600
				89,103
South Africa - 0.0%
South Africa Government International Bond
7.38%, 2012		35,000		36,050
TOTAL FOREIGN GOVERNMENT BOND (cost $341,042)			$	373,260

Schedule of Investments
March 31, 2009	SBL P (High Yield Series)

	Principal
	Amount		Value
COMMERCIAL PAPER - 2.3%
Oil Field Services - 2.3%
ConocoPhillips
0.18%, 04/01/20096	$	2,000,000	$	2,000,000
TOTAL COMMERCIAL PAPER (cost $2,000,000)			$	2,000,000
REPURCHASE AGREEMENT - 8.0%
UMB Financial Corp, 0.06%, dated 3/31/09, matures 4/01/09; repurchase amount $6,975,012 (Collateralized by FNMA, 5/15/09 with a value of $7,115,408)	$	6,975,000	$	6,975,000
TOTAL REPURCHASE AGREEMENT (cost $6,975,000)			$	6,975,000
Total Investments - 96.1% (cost $125,899,614)			$	83,420,133
Cash & Other Assets, Less Liabilities - 3.9%				3,385,837
Total Net Assets - 100.0%			$	86,805,970

For federal income tax purposes the identified cost of investments owned at March 31, 2009 was $125,457,260.

*	Non-income producing security
1	Security is deemed illiquid. The total market value of illiquid securities is $1,370 (cost $710,300), or 0.0% of total net assets.
2	Security was fair valued by the Valuation Committee at March 31, 2009. The total market value of fair valued securities amounts to $116,229, (cost $933,375) or 0.1% of total net assets.
3	Security is in default of interest and/or principal obligations.
4	Variable rate security. Rate indicated is rate effective at March 31, 2009.
5	Security was acquired through a private placement.
6	Security is a 144A or Section 4(2) security. The total market value of 144A or Section 4(2) securities is $13,528,017 (cost $24,532,448), or 15.6% of total net assets.
7	Security is a senior floating rate interest. See notes to financial statements.

Schedule of Investments
March 31, 2009	SBL Q (Small Cap Value Series)

	Shares		Value
COMMON STOCKS - 98.9%
Apparel Retail - 3.2%
Brown Shoe Company, Inc.		148,800	$	558,000
Chico’s FAS, Inc. *		209,700		1,126,089
Talbots, Inc.		204,900		719,199
				2,403,288
Apparel, Accessories & Luxury Goods - 2.8%
Fossil, Inc. *		53,500		839,950
Maidenform Brands, Inc. *		139,000		1,273,240
				2,113,190
Building Products - 0.7%
Trex Company, Inc. *		71,400		544,782
Coal & Consumable Fuels - 3.4%
Evergreen Energy, Inc. *		1,046,000		1,456,032
USEC, Inc. *		223,400		1,072,320
				2,528,352
Communications Equipment - 1.0%
Symmetricom, Inc.1,*		212,189		742,662
Computer & Electronics Retail - 1.5%
Conn’s, Inc. *		80,100		1,124,604
Computer Storage & Peripherals - 0.9%
STEC, Inc. *		90,800		669,196
Construction & Engineering - 1.7%
Insituform Technologies, Inc. *		83,000		1,298,120
Construction Materials - 2.0%
Eagle Materials, Inc.		62,400		1,513,200
Data Processing & Outsourced Services - 1.6%
Heartland Payment Systems, Inc.		175,900		1,162,699
Electric Utilities - 4.2%
Allete, Inc.		39,100		1,043,579
Empire District Electric Company		68,300		986,252
Westar Energy, Inc.		60,400		1,058,812
				3,088,643
Electrical Components & Equipment - 2.2%
LaBarge, Inc. *		109,700		918,189
Power-One, Inc.1,*		716,475		630,498
UQM Technologies, Inc.1,*		56,560		92,758
				1,641,445
Electronic Manufacturing Services - 1.5%
Maxwell Technologies, Inc.1,*		159,274		1,106,954
Exchange Traded Funds - 0.5%
iShares Russell 2000 Value Index Fund		9,700		382,762
Food Retail - 2.2%
Winn-Dixie Stores, Inc. *		168,400		1,609,904
Forest Products - 2.4%
Louisiana-Pacific Corporation		795,900		1,774,857
Gas Utilities - 1.5%
Atmos Energy Corporation		49,500		1,144,440
Health Care Equipment - 0.7%
Aspect Medical Systems, Inc. *		122,388		512,806
Health Care Services – 5.6%
Mednax, Inc. *		60,100		1,771,146
Providence Service Corporation *		131,762		906,523
RehabCare Group, Inc. *		86,700		1,512,048
				4,189,717
Highways & Railtracks - 0.5%
Quixote Corporation1		117,200		406,684
Human Resources & Employment Services - 1.1%
Administaff, Inc.		39,600		836,748
Industrial Conglomerates - 2.8%
McDermott International, Inc. *		154,200		2,064,738
Insurance Brokers - 0.5%
Arthur J Gallagher & Company		22,800		387,600
IT Consulting & Other Services - 2.4%
CACI International, Inc. *		48,200		1,758,818
Metal & Glass Containers - 0.0%
Intertape Polymer Group, Inc. *		25,000		10,500
Mortgage REIT’s - 0.6%
Redwood Trust, Inc.		29,100		446,685
Multi-Sector Holdings - 1.2%
Pico Holdings, Inc. *		30,100		905,107
Multi-Utilities - 2.4%
NorthWestern Corporation		84,500		1,815,060
Oil & Gas Equipment & Services - 3.9%
Global Industries, Ltd. *		493,772		1,896,084
Tesco Corporation *		129,900		1,015,818
				2,911,902
Oil & Gas Exploration & Production - 2.9%
GMX Resources, Inc. *		53,000		344,500
Goodrich Petroleum Corporation *		42,900		830,544
Gulfport Energy Corporation *		60,700		140,824
PetroHawk Energy Corporation *		42,900		824,967
				2,140,835
Oil & Gas Storage & Transportation - 3.1%
Southern Union Company		154,400		2,349,968
Packaged Foods & Meats - 4.5%
Del Monte Foods Company		227,200		1,656,288

Schedule of Investments
March 31, 2009	SBL Q (Small Cap Value Series)

	Shares		Value
COMMON STOCKS - 98.9% (continued)
Packaged Foods & Meats - 4.5% (continued)
TreeHouse Foods, Inc. *		59,500	$	1,713,005
				3,369,293
Paper Packaging - 1.5%
Bemis Company, Inc.		53,200		1,115,604
Paper Products - 3.0%
Clearwater Paper Corporation *		112,500		903,375
Schweitzer-Mauduit International, Inc.		73,600		1,358,656
				2,262,031
Property & Casualty Insurance - 2.8%
Employers Holdings, Inc.		59,300		565,722
Hanover Insurance Group, Inc.		49,800		1,435,236
				2,000,958
Railroads - 0.8%
Kansas City Southern2,*		46,100		585,931
Regional Banks - 2.3%
Commerce Bancshares, Inc.		20,000		726,000
Wilmington Trust Corporation		105,600		1,023,264
				1,749,264
Research & Consulting Services - 4.2%
ICF International, Inc. *		86,200		1,980,014
Navigant Consulting, Inc. *		56,600		739,762
School Specialty, Inc. *		23,900		420,401
				3,140,177
Restaurants - 2.8%
BJ’s Restaurants, Inc.2,*		148,300		2,062,853
Security & Alarm Services - 3.0%
GeoEye, Inc. *		112,500		2,221,875
Semiconductors - 5.7%
IXYS Corporation1		221,179		1,782,703
RF Micro Devices, Inc. *		1,003,100		1,334,123
Supertex, Inc. *		52,100		1,203,510
				4,320,336
Specialty Chemicals - 3.9%
Landec Corporation *		292,900		1,631,453
Zoltek Companies, Inc. *		182,100		1,240,101
				2,871,554
Steel - 0.0%
Webco Industries, Inc. *		634		19,813
Trucking - 3.4%
Old Dominion Freight Line, Inc. *		37,600		883,224
Saia, Inc. *		111,700		1,334,815
Universal Truckload Services, Inc.		23,211		332,846
				2,550,885
TOTAL COMMON STOCKS (cost $80,490,315)			$	73,856,840

	Principal
	Amount		Value
REPURCHASE AGREEMENT - 2.3%
State Street, 0.01%, dated 3/31/09, matures 4/01/09; repurchase amount $1,686,777 (Collateralized by U.S. Treasury Note, 7/02/09 with a value of$1,724,138)	$	1,686,777	$	1,686,777
TOTAL REPURCHASE AGREEMENT (cost $1,686,777)			$	1,686,777
Total Investments - 101.2% (cost $82,177,092)			$	75,543,617
Liabilities, Less Cash & Other Assets - (1.2)%				(893,146	)
Total Net Assets - 100.0%			$	74,650,471

For federal income tax purposes the identified cost of investments owned at March 31, 2009 was $82,791,589.

*	Non-income producing security
1	Security is deemed illiquid. The total market value of illiquid securities is $4,762,259 (cost $5,379,785), or 6.4% of total net assets.
2	Security is segregated as collateral for open written option contracts.

Schedule of Investments
March 31, 2009	SBL V (Mid Cap Value Series)

	Shares		Value
COMMON STOCKS - 94.3%
Apparel Retail - 2.7%
Brown Shoe Company, Inc.		301,800	$	1,131,750
Chico’s FAS, Inc. *		583,800		3,135,006
Talbots, Inc.		407,300		1,429,623
				5,696,379
Apparel, Accessories & Luxury Goods - 2.0%
Fossil, Inc. *		86,800		1,362,760
Maidenform Brands, Inc. *		247,500		2,267,100
Oxford Industries, Inc.		116,000		715,720
				4,345,580
Application Software - 0.2%
PLATO Learning, Inc.1,*		270,750		481,935
Auto Parts & Equipment - 0.0%
HydroGen Corporation1,2,*		672,346		13,447
Biotechnology - 0.1%
Combinatorx, Inc. *		298,400		185,008
Building Products - 0.5%
Trex Company, Inc. *		132,100		1,007,923
Coal & Consumable Fuels - 2.3%
Evergreen Energy, Inc. *		1,488,000		2,071,296
USEC, Inc. *		606,700		2,912,160
				4,983,456
Communications Equipment - 1.2%
EF Johnson Technologies, Inc.1,*		404,000		303,000
Symmetricom, Inc.1,*		646,680		2,263,380
				2,566,380
Computer Storage & Peripherals - 0.3%
STEC, Inc. *		99,550		733,684
Construction & Engineering - 5.4%
Insituform Technologies, Inc. *		286,800		4,485,552
Quanta Services, Inc. *		162,700		3,489,915
URS Corporation *		84,820		3,427,576
				11,403,043
Construction Materials - 1.5%
Eagle Materials, Inc.		128,800		3,123,400
Consumer Finance - 0.2%
First Marblehead Corporation *		376,341		485,480
Data Processing & Outsourced Services - 5.9%
Affiliated Computer Services, Inc.*		84,900		4,065,861
Computer Sciences Corporation *		225,000		8,289,000
				12,354,861
Electric Utilities - 6.6%
Allete, Inc.		78,351		2,091,188
Great Plains Energy, Inc.		290,300		3,910,341
Northeast Utilities		134,700		2,908,173
Pepco Holdings, Inc.		137,500		1,716,000
Westar Energy, Inc.		192,100		3,367,513
				13,993,215
Electrical Components & Equipment - 1.1%
Power-One, Inc.1,*		2,176,700		1,915,496
UQM Technologies, Inc.1,*		255,466		418,964
				2,334,460
Electronic Manufacturing Services - 1.8%
Maxwell Technologies, Inc.1,*		545,600		3,791,920
Forest Products - 0.7%
Louisiana-Pacific Corporation		668,100		1,489,863
Gas Utilities - 1.7%
Atmos Energy Corporation		155,000		3,583,600
Health Care Equipment - 0.4%
Aspect Medical Systems, Inc. *		203,500		852,665
Health Care Facilities - 1.5%
Community Health Systems, Inc. *		207,900		3,189,186
Health Care Services - 2.5%
Mednax, Inc. *		107,500		3,168,025
Providence Service Corporation *		42,700		293,776
RehabCare Group, Inc. *		105,930		1,847,419
				5,309,220
Highways & Railtracks - 0.4%
Quixote Corporation1		222,000		770,340
Home Furnishings – 1.6%
Leggett & Platt, Inc.		256,500		3,331,935
Human Resources & Employment Services - 0.9%
Administaff, Inc.		93,900		1,984,107
Industrial Conglomerates - 2.0%
McDermott International, Inc. *		313,500		4,197,765
Industrial Machinery - 1.2%
Harsco Corporation		84,600		1,875,582
Thermoenergy Corporation1,*		1,271,793		597,743
				2,473,325
Insurance Brokers - 0.5%
Arthur J Gallagher & Company		64,100		1,089,700
Mortgage REIT’s - 0.7%
Bimini Capital Management, Inc.1,*		768,100		34,565
Redwood Trust, Inc.		94,571		1,451,664
				1,486,229
Multi-Line Insurance - 1.5%
American Financial Group, Inc.		205,250		3,294,263
Multi-Utilities - 3.0%
NorthWestern Corporation		193,500		4,156,380
SCANA Corporation		70,800		2,187,012
				6,343,392
Oil & Gas Drilling - 1.4%
Helmerich & Payne, Inc.3		133,350		3,036,380

Schedule of Investments
March 31, 2009	SBL V (Mid Cap Value Series)

	Shares		Value
COMMON STOCKS - 94.3% (continued)
Oil & Gas Equipment & Services - 2.1%
Global Industries, Ltd. *		1,145,249	$	4,397,756
Oil & Gas Exploration & Production - 2.6%
Goodrich Petroleum Corporation *		32,700		633,072
Gulfport Energy Corporation *		249,600		579,072
Newfield Exploration Company *		22,148		502,760
PetroHawk Energy Corporation *		194,000		3,730,619
				5,445,523
Oil & Gas Storage & Transportation - 1.8%
Southern Union Company		255,100		3,882,622
Packaged Foods & Meats - 6.1%
Del Monte Foods Company		196,000		1,428,840
Hormel Foods Corporation		122,100		3,871,791
JM Smucker Company		133,500		4,975,545
Smithfield Foods, Inc. *		290,000		2,743,400
				13,019,576
Paper Packaging - 4.5%
Bemis Company, Inc.		284,000		5,955,480
Sonoco Products Company		169,450		3,555,061
				9,510,541
Paper Products - 1.3%
Schweitzer-Mauduit International, Inc.		154,400		2,850,224
Property & Casualty Insurance - 7.4%
Alleghany Corporation *		15,236		4,126,295
Assured Guaranty, Ltd.		80,500		544,985
Employers Holdings, Inc.		127,800		1,219,212
Hanover Insurance Group, Inc.		150,100		4,325,882
United America Indemnity, Ltd. *		24,783		99,628
W.R. Berkley Corporation		230,100		5,188,755
				15,504,757
Railroads - 0.8%
Kansas City Southern3,*		132,738		1,687,100
Regional Banks - 5.0%
Commerce Bancshares, Inc.3		113,280		4,112,064
First Horizon National Corporation3		193,904		2,082,524
Old National Bancorp		72,350		808,150
Wilmington Trust Corporation		368,190		3,567,761
				10,570,499
Research & Consulting Services - 2.6%
ICF International, Inc. *		120,400		2,765,588
Navigant Consulting, Inc.3,*		216,600		2,830,962
				5,596,550
Security & Alarm Services - 1.5%
GeoEye, Inc. *		166,260		3,283,635
Semiconductor Equipment - 0.6%
Ultratech, Inc. *		105,800		1,321,442
Semiconductors - 3.8%
IXYS Corporation1		894,800		7,212,088
RF Micro Devices, Inc. *		724,600		963,718
				8,175,806
Specialty Chemicals – 1.2%
Landec Corporation *		251,145		1,398,878
Zoltek Companies, Inc. *		170,000		1,157,700
				2,556,578
Trucking - 1.2%
Old Dominion Freight Line, Inc. *		28,380		666,646
Saia, Inc. *		152,790		1,825,841
				2,492,487
TOTAL COMMON STOCKS (cost $314,131,535)			$	200,227,237
WARRANTS - 0.0%
Nova Biosource Fuels, Inc.
$2.40, 7/5/2011		369,350		20,411
TOTAL WARRANTS (cost $381,520)			$	20,411

	Principal
	Amount		Value
CONVERTIBLE BONDS - 1.3%
Electric Utilities - 0.4%
Power-One, Inc.
8.00%, 20134,5	$	1,000,000	$	826,450
Metals & Minerals - 0.9%
USEC, Inc.
3.00%, 2014		3,500,000		1,929,375
TOTAL CONVERTIBLE BONDS (cost $4,500,000)			$	2,755,825
COMMERCIAL PAPER - 0.9%
Oil Field Services - 0.9%
ConocoPhillips
0.23%, 04/01/20095	$	2,000,000	$	2,000,000
TOTAL COMMERCIAL PAPER (cost $2,000,000)			$	2,000,000
REPURCHASE AGREEMENT - 3.5%
UMB Financial Corp, 0.06%, dated 3/31/09, matures 4/01/09; repurchase amount $7,526,013 (Collateralized by GNMA, 4.75%, 7/20/34 with a value of $7,676,903)	$	7,526,000	$	7,526,000
TOTAL REPURCHASE AGREEMENT (cost $7,526,000)			$	7,526,000
Total Investments - 100.0% (cost $328,539,055)			$	212,529,473
Cash & Other Assets, Less Liabilities - 0.0%				40,742
Total Net Assets - 100.0%			$	212,570,215

For federal income tax purposes the identified cost of investments owned at March 31, 2009 was $328,539,055.

Schedule of Investments
March 31, 2009	SBL V (Mid Cap Value Series)

*	Non-income producing security
1	Security is deemed illiquid. The total market value of illiquid securities is $17,802,878 (cost $47,370,278), or 8.4% of total net assets.
2	Investment in an affiliated issuer. The total market value of affiliated issues is $13,447 (cost $2,571,575), or 0.0% of total net assets. See Affiliated Transactions in notes to financials.
3	Security is segregated as collateral for open written option contracts.
4	Security was acquired through a private placement.
5	Security is a 144A or Section 4(2) security. The total market value of 144A or Section 4(2) securities is $2,826,450 (cost $3,000,000), or 1.3% of total net assets.

Schedule of Investments
March 31, 2009	SBL X (Small Cap Growth Series)

	Shares		Value
COMMON STOCKS - 96.9%
Aluminum - 1.1%
Kaiser Aluminum Corporation		12,300	$	284,376
Apparel, Accessories & Luxury Goods - 2.3%
FGX International Holdings, Ltd. *		37,200		432,264
Hanesbrands, Inc. *		19,000		181,830
				614,094
Application Software - 5.7%
Informatica Corporation *		33,400		442,884
Nuance Communications, Inc. *		56,890		617,826
Solera Holdings, Inc. *		19,200		475,776
				1,536,486
Asset Management & Custody Banks - 1.4%
Westwood Holdings Group, Inc.		9,200		359,628
Biotechnology - 1.1%
Martek Biosciences Corporation		15,200		277,400
Casinos & Gaming - 3.4%
Penn National Gaming, Inc. *		20,200		487,829
WMS Industries, Inc. *		19,300		403,563
				891,392
Communications Equipment - 1.0%
InterDigital, Inc. *		9,700		250,454
Computer Storage & Peripherals - 3.5%
QLogic Corporation *		37,700		419,224
Synaptics, Inc. *		18,300		489,708
				908,932
Construction & Farm Machinery & Heavy Trucks - 1.3%
Wabtec Corporation		13,000		342,940
Data Processing & Outsourced Services - 2.2%
Alliance Data Systems Corporation *		15,640		577,898
Diversified Chemicals - 1.2%
Olin Corporation		22,900		326,783
Diversified Support Services - 1.5%
Ritchie Bros Auctioneers, Inc.		20,600		382,954
Education Services - 1.1%
DeVry, Inc.		6,000		289,080
Electric Utilities - 1.2%
ITC Holdings Corporation		6,950		303,159
Electrical Components & Equipment - 0.5%
Regal-Beloit Corporation		4,300		131,752
Electronic Equipment & Instruments - 0.7%
Rofin-Sinar Technologies, Inc. *		11,900		191,828
Environmental & Facilities Services - 1.6%
Clean Harbors, Inc. *		8,500		408,000
Exchange Traded Funds - 9.5%
iShares Russell 2000 Growth Index Fund		54,170		2,490,737
Fertilizers & Agricultural Chemicals - 2.2%
Agrium, Inc.		5,070		181,455
Terra Industries, Inc.		13,090		367,698
				549,153
Health Care Equipment - 3.4%
NuVasive, Inc. *		13,275		416,569
Wright Medical Group, Inc. *		38,050		495,791
				912,360
Health Care Facilities - 1.4%
Psychiatric Solutions, Inc. *		22,950		361,004
Health Care Services - 3.1%
CardioNet, Inc. *		20,415		572,845
LHC Group, Inc. *		11,300		251,764
				824,609
Homebuilding - 1.9%
KB Home		37,900		499,522
Hotels, Resorts & Cruise Lines - 1.1%
Starwood Hotels & Resorts Worldwide, Inc.		23,650		300,355
Household Products - 1.4%
Church & Dwight Company, Inc.		7,125		372,139
Housewares & Specialties - 1.7%
Jarden Corporation *		35,350		447,885
Human Resources & Employment Services - 2.3%
Watson Wyatt Worldwide, Inc.		12,600		622,062
Hypermarkets & Super Centers - 0.8%
BJ’s Wholesale Club, Inc. *		6,400		204,736
Industrial Machinery - 1.2%
CIRCOR International, Inc.		13,800		310,776
Internet Software & Services - 0.9%
Constant Contact, Inc. *		17,170		240,208
Investment Banking & Brokerage - 3.0%
Knight Capital Group, Inc. *		20,100		296,274
Stifel Financial Corporation *		11,300		489,403
				785,677

Schedule of Investments
March 31, 2009	SBL X (Small Cap Growth Series)

	Shares		Value
COMMON STOCKS - 96.9% (continued)
IT Consulting & Other Services - 1.2%
Cognizant Technology Solutions Corporation *		15,450	$	321,206
Leisure Facilities - 1.4%
Life Time Fitness, Inc. *		29,400		369,264
Life Sciences Tools & Services - 2.0%
PerkinElmer, Inc.		22,300		284,771
Techne Corporation		4,300		235,253
				520,024
Metal & Glass Containers – 1.7%
Silgan Holdings, Inc.		8,750		459,725
Movies & Entertainment - 0.5%
Imax Corporation *		32,435		139,795
Multi-Line Insurance - 2.6%
Assurant, Inc.		10,400		226,512
HCC Insurance Holdings, Inc.		18,600		468,534
				695,046
Oil & Gas Equipment & Services - 2.0%
Oil States International, Inc. *		11,600		155,672
Superior Energy Services, Inc. *		28,810		371,361
				527,033
Oil & Gas Exploration & Production - 4.1%
Bill Barrett Corporation *		16,900		375,856
Comstock Resources, Inc. *		12,170		362,666
Goodrich Petroleum Corporation *		11,900		230,384
Petroquest Energy, Inc. *		44,300		106,320
				1,075,226
Pharmaceuticals - 2.1%
Perrigo Company		22,100		548,743
Railroads - 1.7%
Kansas City Southern *		35,275		448,345
Regional Banks - 1.9%
TCF Financial Corporation		42,550		500,388
Restaurants - 3.0%
Burger King Holdings, Inc.		19,800		454,410
Panera Bread Company *		6,100		340,990
				795,400
Semiconductor Equipment - 0.8%
Tessera Technologies, Inc. *		16,000		213,920
Semiconductors - 3.2%
Silicon Laboratories, Inc. *		13,200		348,480
Skyworks Solutions, Inc. *		61,620		496,657
				845,137
Systems Software - 1.5%
Sybase, Inc. *		12,700		384,683
Technology Distributors - 1.0%
Avnet, Inc. *		14,780		258,798
Wireless Telecommunication Services - 1.5%
NII Holdings, Inc. *		25,600		384,000
TOTAL COMMON STOCKS (cost $26,586,398)			$	25,485,112
Total Investments - 96.9% (cost $26,586,398)			$	25,485,112
Cash & Other Assets, Less Liabilities - 3.1%				808,458
Total Net Assets - 100.0%			$	26,293,570

For federal income tax purposes the identified cost of investments owned at March 31, 2009 was $26,767,710.

* Non-income producing security

Schedule of Investments
March 31, 2009	SBL Y (Select 25 Series)

	Shares	Value
COMMON STOCKS - 96.2%
Advertising - 2.4%
Omnicom Group, Inc.	28,750	$	672,750
Aerospace & Defense - 3.0%
Honeywell International, Inc.	29,340		817,412
Asset Management & Custody Banks - 2.8%
Bank of New York Mellon Corporation	27,655		781,254
Biotechnology - 3.3%
Gilead Sciences, Inc. *	19,630		909,262
Communications Equipment - 4.4%
Qualcomm, Inc.	31,210		1,214,381
Computer Hardware - 8.6%
Apple, Inc. *	9,095		956,067
Dell, Inc. *	60,450		573,066
Hewlett-Packard Company	26,810		859,529
			2,388,662
Department Stores - 3.0%
Kohl’s Corporation *	19,800		837,936
Drug Retail - 4.1%
CVS Caremark Corporation	41,025		1,127,777
Electrical Components & Equipment - 3.2%
Emerson Electric Company	30,800		880,264
Fertilizers & Agricultural Chemicals - 6.0%
Monsanto Company	10,225		849,697
Mosaic Company	19,120		802,658
			1,652,355
General Merchandise Stores - 2.7%
Target Corporation	21,440		737,322
Home Entertainment Software - 3.7%
Activision Blizzard, Inc.*	98,035		1,025,446
Hypermarkets & Super Centers - 3.9%
Wal-Mart Stores, Inc.	20,750		1,081,075
Industrial Gases - 3.2%
Air Products & Chemicals, Inc.	15,740		885,375
Industrial Machinery - 2.3%
Parker Hannifin Corporation	18,950		643,921
Internet Software & Services - 4.5%
Google, Inc. *	3,610		1,256,497
Life Sciences Tools & Services - 3.3%
Thermo Fisher Scientific, Inc.*	25,580		912,439
Oil & Gas Drilling - 3.7%
Transocean, Ltd. *	17,310		1,018,520
Oil & Gas Exploration & Production - 3.0%
XTO Energy, Inc.	26,900		823,678
Other Diversified Financial Services - 3.3%
JPMorgan Chase & Company	34,005		903,853
Packaged Foods & Meats - 2.2%
General Mills, Inc.	12,340		615,519
Pharmaceuticals - 6.3%
Pfizer, Inc.	48,870		665,609
Teva Pharmaceutical Industries, Ltd. ADR	23,965		1,079,623
			1,745,232
Railroads - 4.3%
Burlington Northern Santa Fe Corporation	19,900		1,196,985
Restaurants - 3.5%
McDonald’s Corporation	17,885		975,984
Semiconductors - 2.5%
Intel Corporation	45,700		687,785
Systems Software - 3.0%
Oracle Corporation	46,055		832,214
TOTAL COMMON STOCKS (cost $34,266,345)		$	26,623,898
Total Investments - 96.2% (cost $34,266,345)		$	26,623,898
Cash & Other Assets, Less Liabilities - 3.8%			1,055,935
Total Net Assets - 100.0%		$	27,679,833

For federal income tax purposes the identified cost of investments owned at March 31, 2009 was $34,515,443.

ADR      American Depositary Receipt

^* Non-income producing security

Schedule of Investments
March 31, 2009	SBL Z (Alpha Opportunity Series)

	Shares	Value
COMMON STOCKS- 67.2%
Aerospace & Defense -1.6%
Lockheed Martin Corporation1,2	3,993	$	275,637
Northrop Grumman Corporation1,2	1,100		48,004
			323,641
Agricultural Products -2.0%
Archer-Daniels-Midland Company3	14,527		403,560
Airlines -1.2%
Airtran Holdings, Inc.*	39,730		180,772
Republic Airways Holdings, Inc.*	8,900		57,672
UAL Corporation*	3,200		14,336
			252,780
Apparel Retail -3.6%
Aeropostale, Inc.*	5,220		138,643
Chico’s FAS, Inc.*	28,571		153,426
Gap, Inc.1,2	6,300		81,837
Gymboree Corporation1,2,*	3,200		68,320
Jos A. Bank Clothiers, Inc.*	1,100		30,591
Ltd. Brands, Inc.1,2	5,400		46,980
Ross Stores, Inc.1,2	2,300		82,524
TJX Companies, Inc.1,2	3,800		97,432
			699,753
Apparel, Accessories & Luxury Goods - 1.7%
Carter’s, Inc.*	14,109		265,390
Phillips-Van Heusen Corporation1,2	900		20,412
True Religion Apparel, Inc.*	4,500		53,145
			338,947
Auto Parts & Equipment -0.3%
Exide Technologies*	21,500		64,500
Automobile Manufacturers — 0.1%
Honda Motor Company, Ltd. ADR	981		23,250
Automotive Retail — 0.5%
Carmax, Inc.*	3,297		41,015
O’Reilly Automotive, Inc.*	1,670		58,466
			99,481
Biotechnology — 1.5%
Amgen, Inc.1,2,*	1,900		94,088
Cephalon, Inc.*	2,375		161,738
Emergent Biosolutions, Inc.*	3,400		45,934
			301,760
Casinos & Gaming — 0.1%
Ameristar Casinos, Inc.	1,649		20,744
Communications Equipment - 0.4%
Harmonic, Inc.1,2,*	11,700		76,050
Computer & Electronics Retail — 0.2%
RadioShack Corporation1,2	5,500		47,135
Computer Storage & Peripherals — 0.3%
China Digital TV Holding Company, Ltd. ADR	510		3,432
STEC, Inc.*	3,297		24,299
Synaptics, Inc.*	1,600		42,816
			70,547
Construction & Engineering-3.5%
Aecom Technology Corporation*	4,396		114,648
Foster Wheeler AG*	6,300		110,061
Granite Construction, Inc.	4,671		175,068
MasTec, Inc.*	3,572		43,185
MYR Group, Inc.*	5,786		88,237
Quanta Services, Inc.*	6,044		129,644
URS Corporation*	1,374		55,523
			716,366

Construction & Farm Machinery & Heavy Trucks - 1.5%
Joy Global, Inc.1,2	9,500	202,350
Trinity Industries, Inc.1,2	10,800	98,712
		301,062
Diversified Banks - 0.6%
Wells Fargo & Company	8,242	117,366
Education Services - 0.3%
Apollo Group, Inc.*	900	70,497
Electrical Components & Equipment - 0.5%
AO Smith Corporation1,2	3,000	75,540
GT Solar International, Inc.*	5,000	33,200
		108,740
Electronic Components - 0.1%
AU Optronics Corporation ADR	1,962	16,461
Environmental & Facilities Services - 0.8%
Tetra Tech, Inc.*	7,692	156,763
Exchange Traded Funds - 2.2%
Claymore	7,197	67,220
iShares Silver Trust*	6,044	77,363
SPDR Gold Trust3,*	3,297	297,653
		442,236
Food Retail - 0.6%
Pantry, Inc.*	2,000	35,220
Safeway, Inc.1,2	4,200	84,798
		120,018
General Merchandise Stores - 0.6%
Family Dollar Stores, Inc.1,2	3,900	130,143
Gold - 1.5%
Harmony Gold Mining Company, Ltd. ADR*	3,297	36,069
Iamgold Corporation	2,943	25,163
Randgold Resources, Ltd. ADR	4,207	228,651
Yamana Gold, Inc.	981	9,074
		298,957
Health Care Distributors - 0.5%
Owens & Minor, Inc.1,2	2,800	92,764
Health Care Equipment - 0.5%
Baxter International, Inc.1,2	1,900	97,318
China Medical Technologies, Inc. ADR	330	4,544
		101,862

Schedule of Investments
March 31, 2009	SBL Z (Alpha Opportunity Series)

	Shares	Value
COMMON STOCKS - 67.2% (continued)
Health Care Facilities-0.3%
Kindred Healthcare, Inc.1,2,*	4,100	$	61,295
Health Care Services -0.4%
Lincare Holdings, Inc. 1,2,*	4,100		89,380
Home Entertainment Software - 3.1%
Shanda Interactive Entertainment, Ltd. ADR1,2,*	16,000		632,480
Homebuilding -0.5%
DR Horton, Inc.	1,648		15,986
Pulte Homes, Inc.	8,517		93,090
			109,076
Homefurnishing Retail - 0.2%
Rent-A-Center, Inc.*	2,472		47,883
Hotels, Resorts & Cruise Lines - 1.5%
Choice Hotels International, Inc.3	12,049		311,105
Human Resources & Employment Services - 0.8%
Watson Wyatt Worldwide, Inc.1,2	3,224		159,169
Hypermarkets & Super Centers - 0.6%
Wal-Mart Stores, Inc.1,2	2,300		119,830
Independent Power Producers & Energy Traders - 0.8%
Constellation Energy Group, Inc.1,2	5,400		111,564
Mirant Corporation*	4,700		53,580
			165,144
Industrial Conglomerates -0.2%
General Electric Company1,2	4,500		45,495
Industrial Machinery - 0.3%
Watts Water Technologies, Inc.1,2	3,000		58,680
Integrated Oil & Gas - 0.4%
ConocoPhillips1,2	1,500		58,740
StatoilHydro ASA ADR	981		17,109
			75,849
Integrated Telecommunication Services - 1.4%
AT&T, Inc.1,2	11,300		284,760
Internet Retail - 2.0%
Amazon.com, Inc. 3,*	5,220		383,357
Internet Software & Services - 0.3%
Akamai Technologies, Inc.*	3,022		58,627
Investment Banking & Brokerage - 1.7%
Greenhill & Company, Inc.	3,512		259,362
Knight Capital Group, Inc.*	3,022		44,545
MF Global, Ltd.*	6,593		27,888
Morgan Stanley	1,099		25,024
			356,819
IT Consulting & Other Services - 0.5%
Accenture, Ltd.	2,447		67,268
MAXIMUS, Inc.	624		24,873
			92,141
Life Sciences Tools & Services - 2.6%
Charles River Laboratories International, Inc.1,2,*	2,100		57,141
Illumina, Inc.*	7,144		266,042
Life Technologies Corporation1,2,*	3,000		97,440
Millipore Corporation1,2,*	1,900		109,079
			529,702
Managed Health Care - 0.1%
WellCare Health Plans, Inc.1,2,*	2,400		27,000
Mortgage REIT’s - 0.2%
Annaly Capital Management, Inc.	2,316		32,123
Movies & Entertainment - 0.8%
Marvel Entertainment, Inc.1,2,*	5,800		153,990
Multi-Line Insurance - 0.7%
Genworth Financial, Inc.1,2	4,200		7,980
HCC Insurance Holdings, Inc.	5,063		127,537
			135,517
Oil & Gas Exploration & Production - 1.1%
Anadarko Petroleum Corporation1,2	2,930		113,947
Concho Resources, Inc.*	550		14,075
EnCana Corporation	392		15,919
Southwestern Energy Company*	2,859		84,884
			228,825
Oil & Gas Refining & Marketing - 1.7%
NuStar Energy, LP	1,374		63,355
Sunoco, Inc.	1,099		29,102
Western Refining, Inc.	14,043		167,673
World Fuel Services Corporation	2,400		75,912
			336,042
Packaged Foods & Meats - 0.8%
Cal-Maine Foods, Inc.	3,100		69,409
Cosan, Ltd.*	830		2,034
Dean Foods Company*	5,153		93,166
			164,609
Personal Products - 0.2%
Herbalife, Ltd.1,2	2,600		38,948
Pharmaceuticals - 2.6%
Biovail Corporation	1,334		14,607
Forest Laboratories, Inc.1,2,*	3,600		79,056
Johnson & Johnson1,2	5,300		278,780
Questcor Pharmaceuticals, Inc.*	7,100		34,932
Teva Pharmaceutical Industries, Ltd. ADR	1,256		56,583

Schedule of Investments
March 31, 2009	SBL Z (Alpha Opportunity Series)

		Shares	Value
COMMON STOCKS - 67.2% (continued)
Pharmaceuticals - 2.6% (continued)
Viropharma, Inc.1,2,*		10,500	$	55,125
				519,083
Property & Casualty Insurance - 0.5%
ACE, Ltd.		1,226		49,530
Amtrust Financial Services, Inc.1,2		6,300		60,165
				109,695
Regional Banks - 1.1%
Commerce Bancshares, Inc.		1		24
First Horizon National Corporation		21,045		226,023
				226,047
Reinsurance - 1.1%
Endurance Specialty Holdings, Ltd.1,2		3,200		79,808
RenaissanceRe Holdings, Ltd.		1,099		54,335
Validus Holdings, Ltd.		4,023		95,264
				229,407
Restaurants - 1.2%
BJ’s Restaurants, Inc.*		943		13,117
Jack in the Box, Inc.1,2,*		6,398		149,010
Papa John’s International, Inc.*		3,846		87,958
				250,085
Retail REIT’s - 0.4%
General Growth Properties, Inc.		111,800		79,378
Semiconductor Equipment - 0.1%
Amkor Technology, Inc.1,2,*		9,800		26,264
Semiconductors - 3.2%
Atmel Corporation*		76,862		279,008
Broadcom Corporation*		1,648		32,927
Cree, Inc.*		4,866		114,497
Cypress Semiconductor Corporation*		19,544		132,313
Nvidia Corporation*		1,373		13,538
PMC - Sierra, Inc.*		9,341		59,596
Taiwan Semiconductor Manufacturing Company, Ltd. ADR		981		8,780
				640,659
Soft Drinks - 0.3%
Hansen Natural Corporation*		1,923		69,228
Systems Software - 2.8%
CA, Inc.1,2		20,235		356,337
Check Point Software Technologies *		4,054		90,040
McAfee, Inc.*		1,099		36,817
Symantec Corporation1,2,*		6,300		94,122
				577,316
Technology Distributors - 0.5%
Arrow Electronics, Inc.1,2,*		2,800		53,368
Avnet, Inc.1,2,*		3,200		56,032
				109,400
Tobacco - 3.3%
Altria Group, Inc.1,2		17,800		285,156
Philip Morris International, Inc.1,2		10,500		373,590
				658,746
Trucking - 0.2%
Con-way, Inc.1,2		1,800		32,274
TOTAL COMMON STOCKS (cost $17,128,820)			$	13,620,811
FOREIGN STOCKS - 8.9%
Belgium - 0.4%
Fortis		45,503	$	83,601
Canada - 1.8%
Agnico-Eagle Mines, Ltd.3		6,420		368,988
China - 0.1%
Byd Company, Ltd.		15,000		27,636
France - 0.6%
UBISOFT Entertainment*		5,866		107,228
Germany - 1.9%
Volkswagen AG3		1,300		399,456
Ireland - 0.0%
Anglo Irish Bank Corporation, Ltd.		16,638		4,586
Japan - 1.4%
BIC CAMERA INC		100		20,217
JGC Corporation		6,410		72,273
NTT DoCoMo, Inc.		53		71,591
Prima Meat Packers, Ltd.		34,000		42,251
Shinko Plantech Company, Ltd.		10,100		61,939
Zappallas, Inc.		9		21,141
				289,412
Portugal - 0.6%
BRISA		17,446		120,517
South Africa - 0.2%
Aveng, Ltd.		13,470		37,036
Switzerland - 0.2%
Basilea Pharmaceutica*		500		31,187
United Kingdom - 1.7%
AstraZeneca plc1,2		2,800		98,469
Cadbury plc		8,069		61,014
GlaxoSmithKline plc1,2		5,500		85,820
Imperial Tobacco Group plc		4,402		99,036
				344,339
TOTAL FOREIGN STOCKS (cost $2,198,294)			$	1,813,986
	Principal
	Amount		Value
U.S. GOVERNMENT SPONSORED AGENCY BONDS & NOTES - 13.4%
Federal Home Loan Bank      0.29%, 4/7/20093	$	575,000	$	574,995
Federal Home Loan Mortgage Corporation      0.38%, 4/20/20091		1,065,000		1,064,972

Schedule of Investments
March 31, 2009 SBL Z (Alpha Opportunity Series)

		Principal Amount		Value
U.S. GOVERNMENT SPONSORED AGENCY BONDS & NOTES - 13.4% (continued)
Federal National Mortgage Association      0.10%, 5/21/20093	$	1,072,000		$	1,071,748
TOTAL U.S. GOVERNMENT SPONSORED AGENCY BONDS & NOTES (cost $2,711,666)				$	2,711,715
SHORT TERM INVESTMENTS - 14.3%
State Street General Account U.S. Government Fund	$	2,902,542		$	2,902,542
TOTAL SHORT TERM INVESTMENTS (cost $2,902,542)				$	2,902,542
REPURCHASE AGREEMENT - 10.9%
State Street, 0.01%, dated 3/31/09, matures 4/01/09; repurchase amount $2,216,562 (Collateralized by U.S. Treasury Note, 7/02/09 with a value of $2,263,868)	$	2,216,562		$	2,216,562
TOTAL REPURCHASE AGREEMENT (cost $2,216,562)				$	2,216,562
Total Investments - 114.7% (cost $27,157,884)				$	23,265,616
Liabilities, Less Cash & Other Assets - (14.7)%					(2,989,292	)
Total Net Assets - 100.0%				$	20,276,324
Schedule of Securities Sold Short
	Shares			Value
COMMON STOCKS - (21.2)%
Advertising - (0.4)%
Focus Media Holding, Ltd. ADR4,*		(2,500	)	$	(75,000	)
Air Freight & Logistics - (0.1)%
United Parcel Service, Inc. (Cl.B)		(454	)		(22,346	)
Alternative Carriers - (0.2)%
Global Crossing, Ltd.4,*		(2,520	)		(40,244	)
Application Software - (0.1)%
Autodesk, Inc. *		(909	)		(15,280	)
Biotechnology - (2.6)%
Acorda Therapeutics, Inc.4,*		(2,900	)		(77,575	)
Alnylam Pharmaceuticals, Inc.4,*		(3,000	)		(88,230	)
Cepheid, Inc.4,*		(5,500	)		(84,700	)
Regeneron Pharmaceuticals, Inc.4,*		(3,810	)		(82,715	)
Rigel Pharmaceuticals, Inc.4,*		(3,070	)		(78,838	)
Savient Pharmaceuticals, Inc.4,*		(3,240	)		(64,282	)
Vertex Pharmaceuticals, Inc.4,*		(2,700	)		(74,709	)
					(551,049	)
Building Products - (0.8)%
USG Corporation4,*		(5,580	)		(160,257	)
Communications Equipment - (0.3)%
Riverbed Technology, Inc.4,*		(4,100	)		(54,530	)
Computer Hardware - (0.1)%
Hewlett-Packard Company		(681	)		(21,833	)
Computer Storage & Peripherals - (0.3)%
Intermec, Inc.4,*		(2,570	)		(50,937	)
Diversified Banks - (2.8)%
Wells Fargo & Company4		(12,937	)		(565,622	)
Diversified Metals & Mining - (0.2)%
Ivanhoe Mines, Ltd.4,*		(4,780	)		(39,865	)
Electric Utilities - (1.3)%
Korea Electric Power Corporation ADR4		(19,460	)		(263,294	)
Exchange Traded Funds - (1.0)%
CurrencyShares Euro Trust		(454	)		(60,323	)
iShares Barclays 20+ Year Treasury Bond Fund		(1,136	)		(120,087	)
iShares MSCI Germany Index Fund		(649	)		(9,709	)
iShares MSCI South Korea Index Fund		(422	)		(12,014	)
SPDR KBW Regional Banking ETF		(454	)		(8,726	)
					(210,859	)
Food Retail - (0.1)%
Whole Foods Market, Inc.		(714	)		(11,995	)
Health Care Equipment - (0.3)%
Intuitive Surgical, Inc.4,*		(200	)		(56,100	)
Health Care Supplies - (0.4)%
Align Technology, Inc.4,*		(6,300	)		(76,860	)
Health Care Technology - (0.5)%
athenahealth, Inc.4,*		(2,700	)		(96,795	)
Home Entertainment Software - (0.2)%
Electronic Arts, Inc.4,*		(900	)		(36,720	)
Internet Software & Services - (1.2)%
Baidu, Inc. ADR4,*		(200	)		(53,726	)
Equinix, Inc.4,*		(1,000	)		(79,940	)
SAVVIS, Inc.4,*		(5,900	)		(86,967	)
VeriSign, Inc.4,*		(1,300	)		(33,319	)
					(253,952	)
Leisure Products - (1.5)%
Pool Corporation4		(12,350	)		(305,663	)

Schedule of Investments
March 31, 2009	SBL Z (Alpha Opportunity Series)

	Shares			Value
COMMON STOCKS - (21.2)% (continued)
Life Sciences Tools & Services - (1.2)%
AMAG Pharmaceuticals, Inc.4,*		(1,900	)	$	(82,954	)
Exelixis, Inc.4,*		(4,700	)		(30,127	)
Luminex Corporation4,*		(2,700	)		(68,823	)
Sequenom, Inc.4,*		(3,140	)		(64,715	)
					(246,619	)
Oil & Gas Exploration & Production - (0.6)%
BPZ Resources, Inc.4,*		(6,000	)		(112,800	)
Pharmaceuticals - (0.9)%
Auxilium Pharmaceuticals, Inc.4,*		(1,960	)		(72,167	)
Sepracor, Inc.4,*		(1,350	)		(23,625	)
XenoPort, Inc.4,*		(1,790	)		(82,036	)
					(177,828	)
Regional Banks - (0.5)%
PrivateBancorp, Inc.4		(2,400	)		(103,200	)
Semiconductor Equipment - (0.2)%
Varian Semiconductor Equipment Associates, Inc.4,*		(1,270	)		(33,299	)
Semiconductors - (0.8)%
Cree, Inc.4,*		(4,200	)		(115,332	)
Rambus, Inc.4,*		(3,680	)		(56,451	)
					(171,783	)
Soft Drinks - (0.4)%
Hansen Natural Corporation4,*		(3,270	)		(96,825	)
Specialized Finance - (0.4)%
CME Group, Inc.		(325	)		(80,077	)
Specialty Chemicals - (0.3)%
Zoltek Companies, Inc.4,*		(2,900	)		(52,867	)
Systems Software - (0.6)%
Red Hat, Inc.4,*		(3,300	)		(58,905	)
VMware, Inc.4,*		(2,500	)		(71,450	)
					(130,355	)
Wireless Telecommunication Services - (0.9)%
Clearwire Corporation4,*		(2,660	)		(30,138	)
Leap Wireless International, Inc.4,*		(1,600	)		(69,440	)
SBA Communications Corporation4,*		(2,600	)		(74,854	)
					(174,432	)
TOTAL COMMON STOCKS SOLD SHORT (proceeds $4,274,400)				$	(4,289,286	)
FOREIGN STOCKS - (19.0)%.
Australia - (1.4)%
Aquila Resources, Ltd.4,*		(2,600	)	$	(22,783	)
Arrow Energy, Ltd.4,*		(9,500	)		(24,514	)
Ausenco, Ltd. 4		(2,300	)		(24,817	)
Queensland Gas Company, Ltd.4,*		(13,600	)		(52,898	)
Riversdale Mining, Ltd.4,*		(7,100	)		(54,029	)
Sino Gold Mining, Ltd.4,5,*		(9,100	)		(37,424	)
Western Areas NL4,*		(6,600	)		(47,325	)
					(263,790	)
Austria - (2.4)%
bwin Interactive Entertainment AG4,*		(1,700	)		(48,431	)
Erste Group Bank AG4,*		(5,500	)		(337,971	)
Intercell AG4,*		(2,000	)		(78,778	)
					(465,180	)
Bermuda - (0.1)%
C C Land Holdings, Ltd.4,*		(53,000	)		(14,782	)
Canada - (1.1)%
Agnico-Eagle Mines, Ltd.4,*		(1,900	)		(125,612	)
Silver Wheaton Corporation4,*		(6,500	)		(68,246	)
Trican Well Service, Ltd.4,*		(2,200	)		(37,448	)
					(231,306	)
China - (1.4)%
Anhui Conch Cement Company, Ltd.4,*		(5,500	)		(24,761	)
Beijing Capital International Airport Company, Ltd.4,*		(232,000	)		(200,659	)
China Communications Construction Company, Ltd.4,*		(16,000	)		(16,571	)
China National Building Material Company, Ltd.4,*		(17,300	)		(23,432	)
China National Materials Company, Ltd.4,*		(37,600	)		(19,168	)
					(284,591	)
Germany - (2.9)%
Premiere AG4,*		(4,200	)		(68,951	)
Volkswagen AG4		(1,300	)		(539,374	)
					(608,325	)
Gibraltar - (0.4)%
PartyGaming plc4		(16,200	)		(60,974	)
Hong Kong - (0.3)%
China Merchants Holdings International Company, Ltd.4,*		(4,900	)		(17,461	)
Franshion Properties China, Ltd.4,*		(84,600	)		(23,552	)
Fushan International Energy Group, Ltd.4,*		(70,000	)		(25,165	)
					(66,178	)
Ireland - (0.2)%
Ryanair Holdings plc4,*		(10,200	)		(38,219	)
Isle Of Man - (0.2)%
Genting International plc4,*		(132,800	)		(43,724	)
Japan - (2.7)%
Access Company, Ltd.4,*		(18	)		(34,682	)
Aeon Mall Company, Ltd.4		(1,900	)		(58,221	)
Aozora Bank, Ltd.4,*		(17,300	)		(27,861	)
Japan Steel Works, Ltd.4,*		(1,600	)		(22,196	)
Marui Group Company, Ltd.4,*		(31,000	)		(233,861	)
Mizuho Financial Group, Inc.4,*		(12,000	)		(49,593	)
Mizuho Trust & Banking Company, Ltd.4,*		(18,800	)		(26,216	)
Modec, Inc.4,*		(1,000	)		(25,772	)
Monex Group, Inc.4,*		(83	)		(29,140	)
Tokyo Broadcasting System, Inc.4,*		(1,300	)		(21,836	)
Toyo Tanso Company, Ltd.4,*		(600	)		(32,408	)
					(561,786	)

Schedule of Investments
March 31, 2009	SBL Z (Alpha Opportunity Series)

	Shares			Value
Norway - (0.2)%
Sevan Marine ASA4,*		(6,300	)	$	(33,049	)
Portugal - (2.3)%
BRISA 4		(47,200	)		(490,927	)
Spain - (0.3)%
Zeltia S.A.4		(8,500	)		(57,969	)
Sweden - (2.1)%
Electrolux AB4		(32,100	)		(422,058	)
Switzerland - (0.7)%
Basilea Pharmaceutica4,*		(500	)		(83,365	)
Meyer Burger Technology AG4,*		(200	)		(49,878	)
					(133,243	)
United Kingdom - (0.3)%
Imperial Energy Corporation plc4,*		(4,200	)		(83,657	)
TOTAL FOREIGN STOCKS SOLD SHORT (proceeds $3,703,004)				$	(3,859,758	)
TOTAL SECURITIES SOLD SHORT - (40.2%) (proceeds $7,977,404)				$	(8,149,044	)

For federal income tax purposes the identified cost of investments owned at March 31, 2009 was $27,685,837.

ADR

plc American Depositary Receipt

Public Limited Company

*	Non-income producing security
1	Security is segregated as collateral for open short positions.
2	Security is deemed illiquid. The total market value of illiquid securities is $6,110,338 (cost $9,363,699), or 30.1% of total net assets. The securities were liquid at time of purchase. This security is deemed illiquid due to the Series exposure to Lehman Brothers International Europe (“LBIE”) prime brokerage services. See Note 11 in the SBL Fund Annual Report dated December 31, 2008 for a more detailed explanation.
3	Security is segregated as collateral for open futures contracts.
4	Security is fair valued by the Valuation Committee at March 31, 2009. The total market value of fair valued securities amounts to $(7,786,654) (cost $(7,622,318)), or (38.4%) of total net assets.
5	Security is a PFIC (Passive Foreign Investment Company).

NOTES TO FINANCIAL STATEMENTS

1. Unrealized Appreciation/Depreciation on Investments

For federal income tax purposes, the amounts of unrealized appreciation (depreciation) for each Series’ investments, were as follows:

	Gross		Gross			Net unrealized
	unrealized		unrealized			appreciation
	appreciation		(depreciation)			(depreciation)
Series A
(Equity)	$	3,516,212	$	(61,069,267	)	$	(57,553,055	)
Series B
(Large Cap Value)		10,948,647		(105,188,036	)		(94,239,389	)
Series C
(Money Market)		107,062		(15,839	)		91,223
Series D
(Global)		—		(12,553,082	)		(12,553,082	)
Series E
(U.S. Intermediate Bond)		1,298,087		(11,844,991	)		(10,546,904	)
Series H
(Enhanced Index)		—		(13,948,699	)		(13,948,699	)
Series J
(Mid Cap Growth)		2,181,988		(32,317,280	)		(30,135,292	)
Series N
(Managed Asset Allocation)		—		(21,137,942	)		(21,137,942	)
Series O
(Equity Income)		2,181,612		(75,880,943	)		(73,699,331	)
Series P
(High Yield)		1,457,998		(43,495,125	)		(42,037,127	)
Series Q
(Small Cap Value)		5,083,116		(12,331,088	)		(7,247,972	)
Series V
(Mid Cap Value)		7,937,511		(123,947,093	)		(116,009,582	)
Series X
(Small Cap Growth)		1,785,589		(3,068,187	)		(1,282,598	)
Series Y
(Select 25)		—		(7,891,545	)		(7,891,545	)
Series Z
(Alpha Opportunity)		211,150		(4,631,371	)		(4,420,221	)

2. Open Futures Contracts

    Open futures contracts for Series H and Series Z as of March 31, 2009 were as follows:

		Number of		Expiration		Contract		Market		Unrealized
	Position	Contracts		Date		Amount		Value		Gain/(Loss)
Series H
S&P 500 E-Mini Future	Long		23		06-19-2009	$	849,838	$	914,020	$	64,182
Series Z
S&P 500 Index Future	Long		19		06-19-2009	$	3,447,879	$	3,775,300	$	327,421

NOTES TO FINANCIAL STATEMENTS (continued)

3. Options Written

The following options written were outstanding for Series A, Series B, Series Q and Series V as of March 31, 2009:

Series A Call Options Written

	Expiration		Exercise		Number of		Market
Common Stock	Date		Price		Contracts		Value
JPMorgan Chase & Company		04-17-09	$	32.50		122	$	4,514
Total call options outstanding (premiums received, $12,255)						122	$	4,514

Series B Call Options Written

	Expiration		Exercise		Number of		Market
Common Stock	Date		Price		Contracts		Value
JPMorgan Chase & Company		04-17-09	$	32.50		391	$	14,467
Total call options outstanding (premiums received, $39,276)						391	$	14,467

Series Q Call Options Written

	Expiration		Exercise		Number of		Market
Common Stock	Date		Price		Contracts		Value
BJ’s Restaurants, Inc.		07-17-09		15.00		300		46,500
Kansas City Southern		06-19-09		15.00		295		25,075
Total call options outstanding (premiums received $91,513)						595	$	71,575

     Series V Call Options Written

	Expiration		Exercise		Number of		Market
Common Stock	Date		Price		Contracts		Value
Commerce Bancshares, Inc.		05-15-09	$	45.00		276	$	1,380
First Horizon National Corporation		08-21-09		12.50		970		116,400
Helmerich & Payne, Inc.		06-19-09		25.00		445		109,025
Kansas City Southern		06-19-09		15.00		825		70,125
Navigant Consulting, Inc.		04-17-09		20.00		606		6,060
Total call options outstanding (premiums received, $649,060)						3,122	$	302,990

NOTES TO FINANCIAL STATEMENTS

4. Affiliated Issuers

     Investments representing 5% or more of the outstanding voting securities of a portfolio company of a fund result in that portfolio company being considered an affiliated company of such fund, as defined in the 1940 Act. The aggregate market value of all securities of affiliated companies held in Series V as of March 31, 2009 amounted to $13,447 which represents 0.0% of net assets. There were no affiliated companies held in any other Series. Transactions in Series V during the period ended March 31, 2009 in which the portfolio company is an “affiliated person” are as follows:

	Balance		Gross		Gross		Balance		Realized		Investment
	12/31/2008		Additions		Reductions		3/31/2009		Gain/(Loss)		Income
Hydrogen Corporation (Shares)		672,346		—		—		672,346		—		—
Hydrogen Corporation (Cost)	$	2,571,575	$	—	$	—	$	2,571,575	$	—	$	—

* As a result of Series V’s beneficial ownership of the common stock of these portfolio companies, applicable regulations require that the Series state that it may be deemed an affiliate of the respective portfolio company. The Series disclaims that the “affliated persons” are affiliates of the Distributor, Advisor, Series or any other client of the Advisor.

NOTES TO FINANCIAL STATEMENTS (continued)

5. Summary of Fair Value Exposure at Each Level

In September 2006, the Financial Accounting Standards Board (“FASB”) issued Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (FAS 157). This standard clarifies the definition of fair value for financial reporting, establishes a framework for measuring fair value and requires additional disclosure about the use of fair value requirements. FAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years.

The three levels of fair value hierarchy under FAS 157 are listed below:

Level 1 — quoted prices in active markets for identical securities. The types of assets and liabilities carried at Level 1 fair value generally are government and agency securities, equities listed in active markets, certain futures and certain options.

Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) The types of assets and liabilities carried at Level 2 fair value generally are municipal bonds, certain mortgage and asset-backed securities, certain corporate debt, commercial paper and repurchase agreements.

Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The types of assets and liabilities carried at Level 3 fair value generally are certain mortgage and asset backed securities, certain corporate debt and certain derivatives.

Observable inputs are those based on market data obtained from sources independent of the Fund, and unobservalbe inputs reflect the Funds’ own assumptions based on the best information available.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following table provides the fair value measurements of applicable Fund assets by level withing the fair value hierarchy as of March 31, 2009. These assets are measured on a recurring basis.

			LEVEL 1		LEVEL 2		LEVEL 3
			quoted prices in		significant
			active markets		other		significant
			for identical		observable		unobservable
Description	Total		assets		units		inputs
SBL Fund:
Series A (Equity Series)
ASSETS:
Investments	$	139,523,845	$	139,523,845	$	—	$	—
LIABILITIES:
Written Options (net of premiums received)	$	7,741		7,741		—		—
Series B (Large Cap Value Series)
Investments	$	215,180,929	$	208,556,929		6,624,000		—
LIABILITIES:
Written Options (net of premiums received)	$	24,809		24,809		—		—
Series C (Money Market Series)
Investments		239,284,853		—		239,284,853		—
Series D (Global Series)
Investments		207,846,830		199,780,376		8,066,454		—
Series E (U.S. Intermediate Bond Series)
Investments		100,535,714		13,261,626		87,183,051		91,037
Series H (Enhanced Index Series)
ASSETS:
Investments		35,435,235		35,320,258		114,977		—
Futures Contracts		64,182		64,182		—		—
Total		35,499,417		35,384,440		114,977		—
Series J (Mid Cap Growth Series)
Investments		108,318,017		108,298,227		19,790		—
Series N (Managed Asset Allocation)
Investments		66,364,692		43,081,672		23,283,020		—

NOTES TO FINANCIAL STATEMENTS (continued)

5. Summary of Fair Value Exposure at Each Level (continued)

			LEVEL 1		LEVEL 2		LEVEL 3
			quoted prices in		significant
			active markets		other		significant
			for identical		observable		unobservable
Description	Total		assets		units		inputs
Series O (All Cap Value Series)
ASSETS:
Investments	$	124,377,212	$	124,377,212	$	—	$	—
Series P (High Yield Series)
Investments		83,420,133		217,530		82,735,278		467,325
Series Q (Small Cap Value Series)
ASSETS:
Investments		75,543,617		73,856,840		1,686,777		—
LIABILITIES:
Written Options (net of premiums received)		19,938		19,938		—		—
Series V (Mid Cap Value Series)
ASSETS:
Investments		212,529,473		200,227,236		12,302,237		—
LIABILITIES:
Written Options (net of premiums received)		346,070		346,070		—		—
Series X (Small Cap Growth Series)
Investments		25,485,112		25,485,112		—		—
Series Y (Select 25 Series)
Investments		26,623,898		26,623,898		—		—
Series Z (Alpha Opportunity Series)
ASSETS:
Investments		23,265,616		15,434,797		7,830,819		—
Futures Contracts		327,421		327,421		—		—
Total		23,593,037		15,762,218		7,830,819		—
LIABILITIES:
Securities (sold short)		8,149,044		362,390		—		7,786,654

NOTES TO FINANCIAL STATEMENTS (continued)

6. Schedule of Fair Value Level 3 Activity

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	Investments
Series E (U.S. Intermediate Bond Series)
ASSETS:
Beginning Balance	$	90,205
Total realized gains or losses included in earnings		—
Total unrealized gains or losses included in earnings		832
Purchases, sales, issuances, and settlements (net)		—
Transfers in and/or out of Level 3		—
Ending Balance		91,037
Series N (Managed Asset Allocation Series)
ASSETS:
Beginning Balance	$	30,793
Total realized gains or losses included in earnings		—
Total unrealized gains or losses included in earnings		2,732
Purchases, sales, issuances, and settlements (net)		—
Transfers in and/or out of Level 3		(33,525	)
Ending Balance		—
Series P (High Yield Series)
ASSETS:
Beginning Balance	$	450,303
Total realized gains or losses included in earnings		—
Total unrealized gains or losses included in earnings		17,022
Purchases, sales, issuances, and settlements (net)		—
Transfers in and/or out of Level 3		—
Ending Balance		467,325
Series Z (Alpha Opportunity Series)
LIABILITIES:
Beginning Balance	$	7,786,655
Total realized gains or losses included in earnings		—
Total unrealized gains or losses included in earnings		—
Purchases & sales (net)		—
Transfers in and/or out of Level 3		—
Ending Balance		7,786,655

NOTES TO FINANCIAL STATEMENTS (continued)

7. Senior Loan

Senior loans in which the Series invests generally pay interest rates which are periodically adjusted by reference to a base short-term, floating rate plus a premium. These base lending rates are generally (I) the lending rate offered by one or more major European banks, such as the London Inter-Bank Offered Rate (LIBOR), (ii) the prime rate offered by one or more major United States banks, or (iii) the bank’s certificate of deposit rate. Senior floating rate interests often require prepayments from excess cash flows or permit the borrower to repay at its election. The rate at which the borrower repays cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. The interest rate indicated is the rate in effect at March 31, 2009.

8. Security Valuation

Valuations of the Fund’s securities are supplied by pricing services approved by the Board of Directors. The Fund’s officers, under the general supervision of the Board of Directors, regularly review procedures used by, and valuations provided by, the pricing services. Each security owned by a Fund that is listed on a securities exchange is valued at its last sale price on that exchange on the date as of which assets are valued. Where the security is listed on more than one exchange, the Fund will use the price of that exchange that it generally considers to be the principal exchange on which the stock is traded. Fund securities listed on the Nasdaq Stock Market, Inc. (“Nasdaq”) will be valued at the Nasdaq Official Closing Price. Securities for which market quotations are not readily available are valued by a pricing service considering securities with similar yields, quality, type of issue, coupon, duration and rating. If there is no bid price or if the bid price is deemed to be unsatisfactory by the Board of Directors or by the Fund’s investment manager, then the securities are valued in good faith by such method as the Board of Directors determines will reflect the fair value. If events occur that will affect the value of a fund’s portfolio securities before the NAV has been calculated (a “significant event”), the security will generally be priced using a fair value procedure. If the Valuation Committee determines a significant event has occurred, it will evaluate the impact of that event on an affected security or securities, to determine whether a fair value adjustment would materially affect the fund’s NAV per share. Some of the factors which may be considered by the Board of Directors in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on disposition; trading in similar securities of the same issuer or comparable companies; information from broker-dealers; and an evaluation of the forces that influence the market in which the securities are purchased and sold. The Fund generally will value short-term debt securities at prices based on market quotations for such securities or securities of similar type, yield, quality and duration, except those securities purchased with 60 days or less to maturity are valued on the basis of amortized cost which approximates market value.

     Generally, trading in foreign securities markets is substantially completed each day at various times prior to the close of the New York Stock Exchange. The values of foreign securities are determined as of the close of such foreign markets or the close of the New York Stock Exchange, if earlier. All investments quoted in foreign currency are valued in U.S. dollars on the basis of the foreign currency exchange rates prevailing at the close of business. Investments in foreign securities may involve risks not present in domestic investments. The Valuation Committee will determine the current value of such foreign securities by taking into consideration certain factors which may include those discussed above, as well as the following factors, among others: the value of the securities traded on other foreign markets, ADR trading, closed-end fund trading, foreign currency exchange activity, and the trading prices of financial products that are tied to foreign securities such as WEBS. In addition, the Board of Directors has authorized the Valuation Committee and Administrator to use prices and other information supplied by IDC’s Fair Value Information Service in valuing such securities. Since foreign securities may be denominated in a foreign currency and involve settlement and pay interest or foreign dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Funds. Foreign investments may also subject the Series to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which could affect the market and/or credit risk of the investments.

Please refer to the Fund’s most recent semi-annual or annual financial statements for information regarding the Fund’s significant accounting policies.

Item 2. Controls and Procedures.

(a) The registrant’s President and Treasurer have concluded that the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) are effective based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-Q.

(b) There were no significant changes in the registrant’s internal controls, or in other factors that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

Item 3. Exhibits.

(a) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

SBL FUND
By:	/s/ RICHARD M. GOLDMAN
	Richard M. Goldman, President
Date:	May 29, 2009

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ RICHARD M. GOLDMAN
	Richard M.Goldman, President
Date:	May 29, 2009
By:	/s/ BRENDA M. HARWOOD
	Brenda M. Harwood, Treasurer
Date:	May 29, 2009