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SIGNATURE AMY J. LEE
TITLE SECRETARY
<PAGE>
ADVISOR'S FUND
FILE NO. 811-08843
CIK NO. 0001061036
RESOLVED, that the Bylaws of SBL Fund, Security Equity Fund, Security Ultra
Fund, Security Growth and Income Fund, Security Cash Fund, Security Income Fund,
Security Municipal Bond Fund, and Advisor's Fund are hereby amended to allow
shareholders to vote, in addition to voting in person or by proxy, by telephone
or through the Internet.
<PAGE>
ADVISOR'S FUND
FILE NO. 811-08843
CIK NO. 0001061036
Report of Independent Auditors
To the Shareholders and
Board of Directors of
Advisor's Fund
In planning and performing our audit of the financial statements of the
Advisor's Fund (the Fund) for the period from April 15, 1999 (inception) to July
31, 1999, we considered its internal control, including control activities for
safeguarding securities, in order to determine our auditing procedures for the
purpose of expressing our opinion on the financial statements and to comply with
the requirement of Form N-SAR and not to provide assurance on the internal
control.
The management of the Fund is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud may occur
and not be detected. Also, projection of any evaluation of internal control to
future periods is subject to the risk that it may become inadequate because of
changes in conditions or that the effectiveness of the design and operation may
deteriorate.
Our consideration of internal control would not necessarily disclose all matters
in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of one or more
of the specific internal control components does not reduce to a relatively low
level the risk that errors or fraud in amounts that would be material in
relation to the financial statements being audited may occur and not be detected
within a timely period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving internal control and
its operation, including controls for safeguarding securities, that we consider
to be material weaknesses as defined above at July 31, 1999.
This report is intended solely for the information and use of the Board of
Directors and management of the Fund and the Securities and Exchange Commission
and is not intended to be and should not be used by anyone other than these
specified parties.
Ernst & Young LLP
Kansas City, Missouri
August 27, 1999
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