77C: MATTERS SUBMITTED TO A VOTE OF SECURITY HOLDERS
-----------------------------------------------------
SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
The annual meeting of Stockholders of Security Equity Fund, Security Growth and
Income Fund, Security Ultra Fund, and SBL Fund was held January 26, 2000. The
following matters were voted upon at the meeting:
(A) WITH REGARD TO THE RATIFICATION OF THE SELECTION OF ERNST & YOUNG LLP AS
THE INDEPENDENT ACCOUNTANTS FOR THE FUND'S CURRENT FISCAL YEAR:
---------------------------------------------------------------------
VOTES
---------------------------------
AGAINST/
FUNDS FOR ABSTENTIONS
---------------------------------------------------------------------
Security Equity Fund 78,379,644.603 2,807,848.884
Security Growth and Income Fund 7,972,436.703 262,061.999
Security Ultra Fund 7,758,326.270 224,768.194
SBL Fund 206,779,305.419 7,992,419.086
---------------------------------------------------------------------
(B) WITH REGARD TO THE APPROVAL FOR AN ARRANGEMENT AND NEW INVESTMENT ADVISORY
CONTRACT THAT WOULD PERMIT SECURITY MANAGEMENT COMPANY, LLC, THE FUND'S
INVESTMENT ADVISER, WITH BOARD APPROVAL, TO ENTER INTO OR AMEND
SUB-ADVISORY AGREEMENTS WITHOUT STOCKHOLDER APPROVAL:
---------------------------------------------------------------------
VOTES
---------------------------------
AGAINST/
FUNDS FOR ABSTENTIONS
---------------------------------------------------------------------
SECURITY EQUITY FUND
Equity Series 57,460,002.465 13,460,321.966
Global Series 1,634,173.646 169,362.323
Total Return Series 436,998.900 22,393.959
Social Awareness Series 494,488.720 214,874.590
Value Series 1,076,472.012 323,567.702
Small Company Series 1,233,181.347 28,294.759
Enhanced Index Series 1,338,841.336 557,168.769
International Series 658,233.094 72,870.990
Select 25 Series 1,348,942.282 657,304.627
---------------------------------------------------------------------
SECURITY GROWTH AND INCOME FUND 7,276,586.186 957,912.516
---------------------------------------------------------------------
SECURITY ULTRA FUND 7,185,530.069 797,564.395
---------------------------------------------------------------------
SBL FUND
Series A 34,408,432.792 5,217,553.632
Series B 38,273,125.797 5,781,256.600
Series C 10,415,553.977 1,907,045.493
Series D 48,391,138.820 6,479,697.001
Series E 10,841,222.689 1,534,037.217
Series H 892,353.745 133,399.165
Series I 174,211.202 44,828.707
Series J 11,850,080.441 1,880,228.506
Series K 1,117,956.268 92,005.491
Series M 2,931,241.847 316,815.514
Series N 5,218,957.015 557,804.047
Series O 10,449,581.465 1,437,099.759
Series P 868,045.207 54,710.165
Series S 6,270,995.313 1,057,930.430
Series V 2,202,275.370 200,958.408
Series X 1,603,074.141 141,122.988
Series Y 1,909,278.258 117,707.035
---------------------------------------------------------------------
(C) WITH REGARD TO APPROVAL OF A BROKERAGE ENHANCEMENT PLAN PURSUANT TO RULE
12B-1 UNDER THE INVESTMENT COMPANY ACT OF 1940, AND A NEW INVESTMENT
ADVISORY CONTRACT THAT WOULD PERMIT THE IMPLEMENTATION OF THE PLAN:
----------------------------------------------------------------------
VOTES
----------------------------------
FUNDS FOR AGAINST/ABSTAIN
----------------------------------------------------------------------
SECURITY EQUITY FUND
Equity Series 58,102,523.702 12,817,800.729
Global Series 1,662,754.462 140,781.507
Total Return Series 436,998.900 22,393.959
Social Awareness Series 500,734.496 208,628.814
Value Series 1,076,472.012 323,567.702
Small Company Series 1,233,181.347 28,294.759
Enhanced Index Series 1,338,841.336 557,168.769
International Series 658,233.094 72,870.990
Select 25 Series 1,348,942.282 657,304.627
----------------------------------------------------------------------
SECURITY GROWTH AND INCOME FUND 7,332,736.443 901,762.259
----------------------------------------------------------------------
SECURITY ULTRA FUND 7,212,720.232 770,374.232
----------------------------------------------------------------------
SBL FUND
Series A 34,896,228.686 4,729,757.738
Series B 38,852,881.468 5,201,500.929
Series C 10,568,970.341 1,753,629.129
Series D 49,317,907.237 5,552,928.584
Series E 10,951,981.265 1,423,278.641
Series H 921,597.961 104,154.949
Series I 174,211.202 44,828.707
Series J 12,155,854.421 1,574,454.526
Series K 1,140,957.641 69,004.118
Series M 2,975,967.597 272,089.764
Series N 5,258,989.969 517,771.093
Series O 10,651,655.046 1,235,026.178
Series P 875,390.340 47,365.032
Series S 6,460,448.043 868,477.700
Series V 2,182,905.306 220,328.472
Series X 1,613,347.461 130,849.668
Series Y 1,923,832.012 103,153.281
----------------------------------------------------------------------
---------------------------------------------------------------------------
ISSUE: a. To amend the Fund's fundamental investment limitation
concerning share ownership of any one issuer.
---------------------------------------------------------------------------
VOTES
--------------------------------
AGAINST/
SERIES OF SBL FUND FOR ABSTENTIONS
---------------------------------------------------------------------------
Series A 35,235,823.389 4,390,163.035
Series B 39,183,289.336 4,871,093.061
Series C 11,209,991.964 1,112,607.506
Series D 49,297,056.320 5,573,779.501
Series E 11,060,388.542 1,314,871.364
Series H 912,776.486 112,976.424
Series I 194,097.835 24,942.074
Series J 12,142,536.021 1,587,772.926
Series K 1,115,681.540 94,280.219
Series M 3,001,140.041 246,917.320
Series N 5,247,609.749 529,151.313
Series O 10,764,221.917 1,122,459.307
Series P 846,452.731 76,302.641
Series S 6,406,067.415 922,858.328
Series V 2,186,990.803 216,242.975
Series X 1,622,120.773 122,076.356
Series Y 1,948,642.312 78,342.981
---------------------------------------------------------------------------
---------------------------------------------------------------------------
ISSUE: b. To eliminate the Fund's fundamental investment limitation
concerning investing for control of portfolio companies.
---------------------------------------------------------------------------
VOTES
--------------------------------
AGAINST/
SERIES OF SBL FUND FOR ABSTENTIONS
---------------------------------------------------------------------------
Series A 35,294,073.589 4,331,912.835
Series B 39,258,622.330 4,795,760.067
Series C 11,240,921.689 1,081,677.781
Series D 49,339,306.863 5,531,528.958
Series E 11,094,420.506 1,280,839.400
Series H 912,776.486 112,976.424
Series I 195,206.177 23,833.732
Series J 12,159,973.514 1,570,335.433
Series K 1,124,405.364 85,556.395
Series M 2,999,775.857 248,281.504
Series N 5,239,002.376 537,758.686
Series O 10,758,159.710 1,128,521.514
Series P 853,530.265 69,225.107
Series S 6,434,137.200 894,788.543
Series V 2,179,636.908 223,596.870
Series X 1,623,742.876 120,454.253
Series Y 1,948,824.741 78,160.552
---------------------------------------------------------------------------
---------------------------------------------------------------------------
ISSUE: c. To amend the Fund's fundamental investment limitation
concerning underwriting.
---------------------------------------------------------------------------
VOTES
--------------------------------
AGAINST/
SERIES OF SBL FUND FOR ABSTENTIONS
---------------------------------------------------------------------------
Series A 35,309,923.984 4,316,062.440
Series B 39,238,797.859 4,815,584.538
Series C 11,240,675.237 1,081,924.233
Series E 11,081,921.494 1,293,338.412
Series J 12,165,740.244 1,564,568.703
Series K 1,130,140.583 79,821.176
Series M 3,001,140.041 246,917.320
Series N 5,247,551.982 529,209.080
Series O 10,722,261.932 1,164,419.292
Series P 853,530.265 69,225.107
Series S 6,418,306.720 910,619.023
Series V 2,188,384.679 214,849.099
Series X 1,623,742.876 120,454.253
---------------------------------------------------------------------------
---------------------------------------------------------------------------
ISSUE: d. To amend the Fund's fundamental investment limitation
concerning borrowing.
---------------------------------------------------------------------------
VOTES
--------------------------------
AGAINST/
SERIES OF SBL FUND FOR ABSTENTIONS
---------------------------------------------------------------------------
Series A 34,982,217.076 4,643,769.348
Series B 38,964,339.056 5,090,043.341
Series C 11,168,588.030 1,154,011.440
Series E 11,009,402.471 1,365,857.435
Series J 12,107,798.340 1,622,510.607
Series S 6,379,243.546 949,682.197
---------------------------------------------------------------------------
---------------------------------------------------------------------------
ISSUE: e. To amend the Fund's fundamental investment limitation
concerning lending.
---------------------------------------------------------------------------
VOTES
--------------------------------
AGAINST/
SERIES OF SBL FUND FOR ABSTENTIONS
---------------------------------------------------------------------------
Series A 35,070,583.026 4,555,403.398
Series B 39,071,391.205 4,982,991.192
Series C 11,204,077.117 1,118,522.353
Series E 11,040,588.126 1,334,671.780
Series J 12,103,541.944 1,626,767.003
Series K 1,119,916.406 90,045.353
Series M 2,982,236.348 265,821.013
Series N 5,238,193.629 538,567.433
Series O 10,644,523.037 1,242,158.187
Series P 846,452.731 76,302.641
Series S 6,376,531.844 952,393.899
Series V 2,178,243.032 224,990.746
Series X 1,622,120.773 122,076.356
---------------------------------------------------------------------------
---------------------------------------------------------------------------
ISSUE: f. To eliminate the Fund's fundamental investment limitation
concerning short sales and margin purchases of securities.
---------------------------------------------------------------------------
VOTES
--------------------------------
AGAINST/
SERIES OF SBL FUND FOR ABSTENTIONS
---------------------------------------------------------------------------
Series A 35,010,351.527 4,615,634.897
Series B 38,936,144.251 5,118,238.146
Series C 11,169,204.160 1,153,395.310
Series E 11,012,867.544 1,362,392.362
Series J 12,052,190.588 1,678,118.359
Series S 6,369,202.918 959,722.825
---------------------------------------------------------------------------
---------------------------------------------------------------------------
ISSUE: g. To eliminate the Fund's fundamental investment limitation
concerning investment in other investment companies.
---------------------------------------------------------------------------
VOTES
--------------------------------
AGAINST/
SERIES OF SBL FUND FOR ABSTENTIONS
---------------------------------------------------------------------------
Series A 35,225,520.632 4,400,465.792
Series B 39,273,160.277 4,781,222.120
Series C 11,222,930.694 1,099,668.776
Series E 11,090,831.681 1,284,428.225
Series J 12,132,512.896 1,597,796.051
Series S 6,413,762.786 915,162.957
---------------------------------------------------------------------------
---------------------------------------------------------------------------
ISSUE: h. To amend the Fund's fundamental investment limitation
concerning buying or selling real estate.
---------------------------------------------------------------------------
VOTES
--------------------------------
AGAINST/
SERIES OF SBL FUND FOR ABSTENTIONS
---------------------------------------------------------------------------
Series A 35,286,940.912 4,339,045.512
Series B 39,175,359.548 4,879,022.849
Series C 11,242,153.949 1,080,445.521
Series D 49,324,491.737 5,546,344.084
Series E 11,114,468.428 1,260,791.478
Series H 912,776.486 112,976.424
Series I 195,206.177 23,833.048
Series J 12,155,442.512 1,574,866.435
Series K 1,118,936.337 91,025.422
Series M 2,998,509.115 249,548.246
Series N 5,243,219.411 533,541.651
Series O 10,746,629.629 1,140,051.595
Series P 853,530.265 69,225.107
Series S 6,406,507.150 922,418.593
Series V 2,187,038.868 216,194.910
Series X 1,621,126.580 123,070.549
Series Y 1,946,797.755 80,187.538
---------------------------------------------------------------------------
---------------------------------------------------------------------------
ISSUE: i. To amend the Fund's fundamental investment limitation
concerning commodities or commodity contracts.
---------------------------------------------------------------------------
VOTES
--------------------------------
AGAINST/
SERIES OF SBL FUND FOR ABSTENTIONS
---------------------------------------------------------------------------
Series A 35,132,795.824 4,493,190.600
Series B 39,085,048.064 4,969,334.333
Series C 11,192,000.969 1,130,598.501
Series D 49,084,706.184 5,786,129.637
Series E 11,079,817.700 1,295,442.206
Series H 912,776.486 112,976.424
Series I 195,206.177 23,833.732
Series J 12,123,176.286 1,607,132.661
Series K 1,129,886.491 80,075.268
Series M 2,999,321.129 248,736.232
Series N 5,238,078.094 538,682.968
Series O 10,660,332.323 1,226,348.901
Series P 853,530.265 69,225.107
Series S 6,419,332.770 909,592.973
Series V 2,188,384.679 214,849.099
Series X 1,625,661.493 118,535.636
Series Y 1,948,885.550 78,099.743
---------------------------------------------------------------------------
