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<PAGE> PAGE 13
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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<PAGE> PAGE 42
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008 B000901 A
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<PAGE> PAGE 43
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<PAGE> PAGE 44
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<PAGE> PAGE 45
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<PAGE> PAGE 46
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008 B001001 A
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008 D011001 TOPEKA
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<PAGE> PAGE 47
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<PAGE> PAGE 48
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<PAGE> PAGE 49
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<PAGE> PAGE 50
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<PAGE> PAGE 51
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008 A001101 SECURITY MANAGEMENT COMPANY, LLC
008 B001101 A
008 C001101 801-8008
008 D011101 TOPEKA
008 D021101 KS
008 D031101 66636
008 D041101 0001
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008 B001102 S
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015 A001101 CHASE MANHATTAN BANK, N.A.
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<PAGE> PAGE 52
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<PAGE> PAGE 53
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<PAGE> PAGE 54
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<PAGE> PAGE 55
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008 B001201 A
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008 D011201 TOPEKA
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<PAGE> PAGE 56
015 A001201 UMB BANK, N.A.
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<PAGE> PAGE 57
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<PAGE> PAGE 58
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<PAGE> PAGE 59
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<PAGE> PAGE 60
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008 A001301 SECURITY MANAGEMENT COMPANY, LLC
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<PAGE> PAGE 61
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<PAGE> PAGE 62
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<PAGE> PAGE 63
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<PAGE> PAGE 65
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<PAGE> PAGE 66
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<PAGE> PAGE 67
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<PAGE> PAGE 68
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<PAGE> PAGE 69
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<PAGE> PAGE 70
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<PAGE> PAGE 71
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<PAGE> PAGE 72
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<PAGE> PAGE 73
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<PAGE> PAGE 74
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<PAGE> PAGE 75
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<PAGE> PAGE 76
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<PAGE> PAGE 77
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<PAGE> PAGE 78
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<PAGE> PAGE 80
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<PAGE> PAGE 81
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SIGNATURE AMY J. LEE
TITLE SECRETARY
EXHIBIT 77Q-1
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. The amendment to the
Bylaws is filed following the minutes of this meeting and is incorporated
herein by reference.
EXHIBIT 77B: Accountant's Report on Internal Control
Report of Independent Auditors
To the Shareholders and
Board of Directors of
SBL Fund
In planning and performing our audit of the financial statements of SBL Fund
(the Fund) for the year ended December 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 error 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 December 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
February 11, 2000
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EXHIBIT 77D: Policies with respect to security investments
WHEREAS, the Board of Directors has determined that a change to the
operating policies is appropriate for Series P of SBL Fund and High Yield
Series of Security Income Fund;
RESOLVED, that the investment policies of Series P of SBL Fund and High
Yield Series of Security Income Fund are hereby amended to allow the
portfolios to invest in exchange-traded real estate investment trusts.
WHEREAS, each of Series E and Series P of SBL Fund and Limited Maturity
Bond Series and High Yield Series of Security Income Fund has an
investment policy that permits investment in asset backed securities;
WHEREAS, the Board of Directors desires to set a limit on the foregoing
Series' investment in asset backed securities; and
NOW, THEREFORE, BE IT RESOLVED, that the operating policy of Series E and
Series P of SBL Fund and Limited Maturity Bond and High Yield Series of
Security Income Fund with respect to investment in asset backed and
mortgage backed securities is hereby amended to read as follows: "The
Series may invest in asset backed securities (excluding mortgage backed
securities) in an amount not to exceed 15% of total assets and may invest
in mortgage backed securities in an amount not to exceed for Series P and
High Yield Series 25% of total assets and for Series E and Limited
Maturity Bond Series 35% of total assets."
WHEREAS, the investment policies of SBL Fund, Series E provide that the
Series will invest at least 65% of its assets in U.S. Government
securities and securities rated A or higher; and
WHEREAS, the Board of Directors has determined that a change to the
investment policies is appropriate for Series E;
RESOLVED, that the investment policies of SBL Fund, Series E are hereby
amended to require that 65% of its total assets be invested in U.S.
Government securities and securities rated BBB or higher (investment grade
securities).
WHEREAS, the fundamental investment policies of the Series A, Series B and
Series Y of SBL Fund, the Equity Series and Select 25 Series of Security
Equity Fund and the Security Growth and Income Fund (the "Funds") do not
prohibit the use of financial futures contracts;
WHEREAS, Security Management Company, LLC, the Funds' investment adviser
has discussed with the Boards of Directors of the Funds its desire to use
futures contracts in the management of the Funds; and
WHEREAS, the Board has determined that it is in the best interests of the
Funds and their respective shareholders to authorize the use of futures
contracts in the management of the Funds;
NOW, THEREFORE, BE IT RESOLVED, that the Funds be permitted, consistent
with applicable law, to use financial futures contracts.
FURTHER RESOLVED that the appropriate officers of the Funds are authorized
and directed to take such action as they deem necessary and appropriate to
implement the purposes and intent of this resolution.
WHEREAS, Strong Capital Management, Inc. ("Strong") serves as sub-advisor
to the Small Company Series of SBL Fund and Series X (Small Cap Series) of
SBL Fund (the Small Company Series and Series X collectively referred to
as the "Series");
WHEREAS, the Series currently define small company and small cap,
respectively, as companies with a total market value of less than $1.2
billion at the time of purchase;
WHEREAS, Strong has requested that the Series' definition of small company
and small cap be amended to more closely follow the benchmark for the
Series; and
WHEREAS, the Board has determined that it is appropriate and in the best
interests of the Series and their respective shareholders to make such a
change;
NOW, THEREFORE, BE IT RESOLVED, that the Small Company Series of Security
Equity Fund and Series X of SBL Fund each adopt the following investment
policy:
The Series pursues its investment objective by investing, under normal
circumstances, at least 65% of its assets in equity securities of domestic
and foreign companies with market capitalizations substantially similar to
those of companies in the Russell 2000 Growth Index at the time of the
Series' investment.
FURTHER RESOLVED, that the officers of Security Equity Fund and SBL Fund
are authorized and directed to take such action as they deem necessary and
appropriate to implement the purposes and intent of this resolution.
