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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 9
SIGNATURE AMY J. LEE
TITLE SECRETARY
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<PAGE>
SECURITY CASH FUND
FILE NO. 811-3073
CIK NO. 0000317977
EXHIBIT 77D: Policies with respect to security investments
WHEREAS, certain states formerly imposed restrictions on the investments
which could be made by registered investment companies, which restrictions
were not required by the Investment Company Act of 1940 (the "1940 Act");
WHEREAS, the National Securities Market Improvement Act of 1996 pre-empted
the states' ability to impose investment restrictions on investment companies
registered under the 1940 Act; and
WHEREAS, the Board of Directors of Security Equity Fund, Security Growth and
Income Fund, Security Ultra Fund, SBL Fund, Security Income Fund, Security
Municipal Bond Fund and Security Cash Fund has determined that it is in the
best interests of the Security Funds and their respective shareholders to
remove the state law investment limitations from their respective
registration statements;
NOW THEREFORE, BE IT RESOLVED, that the appropriate officers of the Security
Funds are authorized and directed to remove the following investment
limitations from the registration statements of the Security Fund:
The investment limitation that (i) a Fund limit the aggregate market value of
all securities or currencies covering call or put options to 25% of the
market value of the Fund's net assets, (ii) a Fund will not write a covered
put option if as a result, the aggregate market value of all portfolio
securities or currencies covering put or call options exceeds 25% of the
market value of the Fund's net assets, and (iii) a Fund not commit more than
5% of its assets to premiums when purchasing call and put options.
