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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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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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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
Security Income Fund
In planning and performing our audit of the financial statements of Security
Income 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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<PERIOD-END> SEP-30-1999
<EXCHANGE-RATE> 1.000
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 82
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 4
<INTEREST-INCOME> 12
<OTHER-INCOME> (1)
<EXPENSES-NET> 12
<NET-INVESTMENT-INCOME> 3
<REALIZED-GAINS-CURRENT> (40)
<APPREC-INCREASE-CURRENT> 57
<NET-CHANGE-FROM-OPS> 20
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 5
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 23
<NUMBER-OF-SHARES-REDEEMED> (106)
<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> 16
<AVERAGE-NET-ASSETS> 972
<PER-SHARE-NAV-BEGIN> 9.26
<PER-SHARE-NII> .01
<PER-SHARE-GAIN-APPREC> (9.19)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .08
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> 1.75
</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> 9-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> SEP-30-1999
<EXCHANGE-RATE> 1.000
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
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<OTHER-ITEMS-ASSETS> 0
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<PAYABLE-FOR-SECURITIES> 0
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 65
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 4
<INTEREST-INCOME> 12
<OTHER-INCOME> (1)
<EXPENSES-NET> 12
<NET-INVESTMENT-INCOME> 3
<REALIZED-GAINS-CURRENT> (40)
<APPREC-INCREASE-CURRENT> 57
<NET-CHANGE-FROM-OPS> 20
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 5
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3
<NUMBER-OF-SHARES-REDEEMED> 69
<SHARES-REINVESTED> 1
<NET-CHANGE-IN-ASSETS> (603)
<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> 16
<AVERAGE-NET-ASSETS> 972
<PER-SHARE-NAV-BEGIN> 9.31
<PER-SHARE-NII> .01
<PER-SHARE-GAIN-APPREC> (9.24)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .08
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> 300
</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> 9-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> SEP-30-1999
<EXCHANGE-RATE> 1.000
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 138
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 6
<INTEREST-INCOME> 20
<OTHER-INCOME> 0
<EXPENSES-NET> 16
<NET-INVESTMENT-INCOME> 10
<REALIZED-GAINS-CURRENT> 186
<APPREC-INCREASE-CURRENT> (256)
<NET-CHANGE-FROM-OPS> (60)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 9
<DISTRIBUTIONS-OF-GAINS> 86
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6
<NUMBER-OF-SHARES-REDEEMED> 154
<SHARES-REINVESTED> 10
<NET-CHANGE-IN-ASSETS> (1591)
<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> 35
<AVERAGE-NET-ASSETS> 1484
<PER-SHARE-NAV-BEGIN> 11.51
<PER-SHARE-NII> .19
<PER-SHARE-GAIN-APPREC> (10.00)
<PER-SHARE-DIVIDEND> .14
<PER-SHARE-DISTRIBUTIONS> 1.56
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> 2.06
</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> 9-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> SEP-30-1999
<EXCHANGE-RATE> 1.000
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 70
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 6
<INTEREST-INCOME> 20
<OTHER-INCOME> 0
<EXPENSES-NET> 16
<NET-INVESTMENT-INCOME> 10
<REALIZED-GAINS-CURRENT> 186
<APPREC-INCREASE-CURRENT> (256)
<NET-CHANGE-FROM-OPS> (60)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 9
<DISTRIBUTIONS-OF-GAINS> 86
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1
<NUMBER-OF-SHARES-REDEEMED> 80
<SHARES-REINVESTED> 9
<NET-CHANGE-IN-ASSETS> (802)
<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> 35
<AVERAGE-NET-ASSETS> 1484
<PER-SHARE-NAV-BEGIN> 11.40
<PER-SHARE-NII> .10
<PER-SHARE-GAIN-APPREC> (9.84)
<PER-SHARE-DIVIDEND> .10
<PER-SHARE-DISTRIBUTIONS> 1.56
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> 2.98
</TABLE>
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 Corporate Bond Series of Security
Income Fund;
WHEREAS, the Corporate Bond Series considers asset backed and
mortgage-backed securities to be separate asset classes;
WHEREAS, the Board of Directors desires to set forth limits on the Series'
investment in asset backed and mortgage backed securities respectively;
and
WHEREAS, at least 65% of the Series' assets must be invested in corporate
debt securities;
NOW, THEREFORE, BE IT RESOLVED, that the operating policy of Corporate
Bond Series with respect to investment in asset backed and mortgage backed
securities is hereby amended to read as follows: "Corporate Bond 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 35% of total
assets."
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."
SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
The combined annual meeting of the stockholders of Corporate Bond Series, U.S.
Government Series, Limited Maturity Bond Series, High Yield Series and Capital
Preservation Series of Security Income Fund, Security Municipal Bond Fund and
Security Cash Fund, Kansas corporations, was held October 29, 1999.
The following matters were voted upon:
* To eliminate the Fund's fundamental investment limitation concerning
investment in companies with less than three years' operating history.
Votes For 7,168,494
Votes Against 1,020,738
* To eliminate the Fund's fundamental investment limitation concerning
purchasing securities of an issuer in which the officers and directors of the
Fund, investment manager or underwriter own more than five percent of the
outstanding securities of such issuer.
Votes For 7,723,926
Votes Against 1,088,662
* To amend the Fund's fundamental investment limitation concerning
diversification.
Votes For 7,380,382
Votes Against 808,850
* To amend the Fund's fundamental investment limitation concerning share
ownership of any one issuer.
Votes For 7,809,674
Votes Against 1,002,914
* To eliminate the Fund's fundamental investment limitation concerning
investing for control of portfolio companies.
Votes For 7,897,165
Votes Against 915,422
* To amend the Fund's fundamental investment limitation concerning
underwriting.
Votes For 7,847,675
Votes Against 964,912
* To amend the Fund's fundamental investment limitation concerning buying or
selling real estate.
Votes For 7,886,458
Votes Against 926,129
* To amend the Fund's fundamental investment limitation concerning commodities
or commodities contracts.
Votes For 6,748,629
Votes Against 2,363,959
* To amend the Fund's fundamental investment limitation concerning lending.
Votes For 7,839,746
Votes Against 972,840
* To eliminate the Fund's fundamental investment limitation concerning
investment in puts, calls, straddles or spreads.
Votes For 7,257,074
Votes Against 932,157
* To eliminate the Fund's fundamental investment limitation concerning oil,
gas, mineral leases or other mineral exploration development programs.
Votes For 6,609,980
Votes Against 2,202,608
* To amend the Fund's fundamental investment limitation concerning borrowing.
Votes For 7,797,260
Votes Against 1,015,327
* To eliminate the Fund's fundamental investment limitation concerning
investment in other investment companies.
Votes For 8,047,303
Votes Against 764,925
* To amend the fund's fundamental investment limitation concerning senior
securities.
Votes For 6,940,698
Votes Against 709,923
* To eliminate the Fund's fundamental investment limitation concerning
restricted securities.
Votes For 7,936,831
Votes Against 875,757
