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<PAGE> PAGE 2
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<PAGE> PAGE 7
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<PAGE> PAGE 11
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<PAGE> PAGE 13
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<PAGE> PAGE 17
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<PAGE> PAGE 20
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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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SIGNATURE AMY J. LEE
TITLE SECRETARY
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<INTEREST-INCOME> 11
<OTHER-INCOME> 0
<EXPENSES-NET> 9
<NET-INVESTMENT-INCOME> 8
<REALIZED-GAINS-CURRENT> (40)
<APPREC-INCREASE-CURRENT> 57
<NET-CHANGE-FROM-OPS> 25
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 10
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 23
<NUMBER-OF-SHARES-REDEEMED> 105
<SHARES-REINVESTED> 1
<NET-CHANGE-IN-ASSETS> (757)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 14
<AVERAGE-NET-ASSETS> 552
<PER-SHARE-NAV-BEGIN> 9.26
<PER-SHARE-NII> .09
<PER-SHARE-GAIN-APPREC> (8.61)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .08
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> .66
<EXPENSE-RATIO> 1.34
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000088498
<NAME> SECURITY INCOME FUND
<SERIES>
<NUMBER> 062
<NAME> MFR EMERGING MARKETS - B
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> JUN-30-1999
<EXCHANGE-RATE> 1.000
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 2
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 66
<SHARES-COMMON-STOCK> 1
<SHARES-COMMON-PRIOR> 65
<ACCUMULATED-NII-CURRENT> 6
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (70)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 2
<DIVIDEND-INCOME> 6
<INTEREST-INCOME> 11
<OTHER-INCOME> 0
<EXPENSES-NET> 9
<NET-INVESTMENT-INCOME> 8
<REALIZED-GAINS-CURRENT> (40)
<APPREC-INCREASE-CURRENT> 57
<NET-CHANGE-FROM-OPS> 25
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 10
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2
<NUMBER-OF-SHARES-REDEEMED> 67
<SHARES-REINVESTED> 1
<NET-CHANGE-IN-ASSETS> (602)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 14
<AVERAGE-NET-ASSETS> 420
<PER-SHARE-NAV-BEGIN> 9.31
<PER-SHARE-NII> .04
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (8.61)
<PER-SHARE-DISTRIBUTIONS> .08
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> .66
<EXPENSE-RATIO> 2.47
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000088498
<NAME> SECURITY INCOME FUND
<SERIES>
<NUMBER> 071
<NAME> MFR GLOBAL ASSET ALLOCATION - A
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> JUN-30-1999
<EXCHANGE-RATE> 1.000
<INVESTMENTS-AT-COST> 5
<INVESTMENTS-AT-VALUE> 19
<RECEIVABLES> 1
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 36
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<SENIOR-LONG-TERM-DEBT> 0
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<PAID-IN-CAPITAL-COMMON> 35
<SHARES-COMMON-STOCK> 2
<SHARES-COMMON-PRIOR> 138
<ACCUMULATED-NII-CURRENT> 5
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (18)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 14
<NET-ASSETS> 36
<DIVIDEND-INCOME> 7
<INTEREST-INCOME> 20
<OTHER-INCOME> 0
<EXPENSES-NET> (3)
<NET-INVESTMENT-INCOME> 30
<REALIZED-GAINS-CURRENT> 170
<APPREC-INCREASE-CURRENT> (242)
<NET-CHANGE-FROM-OPS> (42)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 9
<DISTRIBUTIONS-OF-GAINS> 5
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6
<NUMBER-OF-SHARES-REDEEMED> 152
<SHARES-REINVESTED> 10
<NET-CHANGE-IN-ASSETS> (1572)
<ACCUMULATED-NII-PRIOR> 5
<ACCUMULATED-GAINS-PRIOR> (29)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 7
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 10
<AVERAGE-NET-ASSETS> 1484
<PER-SHARE-NAV-BEGIN> 11.51
<PER-SHARE-NII> .16
<PER-SHARE-GAIN-APPREC> 1.65
<PER-SHARE-DIVIDEND> .17
<PER-SHARE-DISTRIBUTIONS> 1.56
<RETURNS-OF-CAPITAL> 0
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<EXPENSE-RATIO> (.39)
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000088498
<NAME> SECURITY INCOME FUND
<SERIES>
<NUMBER> 072
<NAME> MFR GLOBAL ASSET ALLOCATION - B
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
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<SHARES-COMMON-STOCK> 1
<SHARES-COMMON-PRIOR> 70
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<INTEREST-INCOME> 20
<OTHER-INCOME> 0
<EXPENSES-NET> (3)
<NET-INVESTMENT-INCOME> 30
<REALIZED-GAINS-CURRENT> 170
<APPREC-INCREASE-CURRENT> (242)
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<DISTRIBUTIONS-OF-GAINS> 5
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1
<NUMBER-OF-SHARES-REDEEMED> 79
<SHARES-REINVESTED> 9
<NET-CHANGE-IN-ASSETS> (784)
<ACCUMULATED-NII-PRIOR> 5
<ACCUMULATED-GAINS-PRIOR> (29)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 7
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<GROSS-EXPENSE> 10
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<PER-SHARE-NAV-BEGIN> 11.40
<PER-SHARE-NII> .14
<PER-SHARE-GAIN-APPREC> 1.54
<PER-SHARE-DIVIDEND> .10
<PER-SHARE-DISTRIBUTIONS> 1.56
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.42
<EXPENSE-RATIO> (.59)
</TABLE>
<PAGE>
SECURITY INCOME FUND
FILE NO. 811-2120
CIK NO. 0000088498
EXHIBIT 77C: Submission of matters to a vote of security holders
Special Meeting of Stockholders of Emerging Markets Total Return Series, Global
Asset Allocation Series and Global High Yield Series held April 26, 1999. The
following matters were voted upon at the meeting:
* Approval of the liquidation and dissolution of the Emerging Markets Total
Return Series.
Number of votes for: 111,719
Number of votes abstained/against: 0
* Approval of the amendment of the Articles of Incorporation of the Fund to
reduce to zero the number of shares outstanding of Emerging Markets Total
Return Series and dissolve that series of the Fund's common stock.
Number of votes for: 111,719
Number of votes abstained/against: 0
* Approval of the liquidation and dissolution of the Global Asset Allocation
Series.
Number of votes for: 103,239
Number of votes abstained/against: 0
* Approval of the amendment of the Articles of Incorporation of the Fund to
reduce to zero the number of shares outstanding of Global Asset Allocation
Series and dissolve that series of the Fund's common stock.
Number of votes for: 103,239
Number of votes abstained/against: 0
* Approval of the liquidation and dissolution of the Global High Yield Series.
Number of votes for: 363,372
Number of votes abstained/against: 0
* Approval of the amendment of the Articles of Incorporation of the Fund to
reduce to zero the number of shares outstanding of Global High Yield Series
and dissolve that series of the Fund's common stock.
Number of votes for: 363,372
Number of votes abstained/against: 0
<PAGE>
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.
EXHIBIT 77I: Terms of new or amended securities
(b) Class C shares were added to one series of the Registrant, effective May 3,
1999. Class C shares are sold at net asset value and are subject to a
contingent deferred sales charge and 12b-1 fee of 1% annually. The
contingent deferred sales charge will be imposed only if shares are
redeemed within first year of initial purchase.
