SECURITY EQUITY FUND
NSAR-B, 1996-11-29
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<PAGE>      PAGE  1
000 B000000 09/30/96
000 C000000 0000088525
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 SECURITY EQUITY FUND
001 B000000 811-1136
001 C000000 9132953127
002 A000000 700 HARRISON STREET
002 B000000 TOPEKA
002 C000000 KS
002 D010000 66636
002 D020000 0001
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  3
007 C010100  1
007 C020100 EQUITY SERIES
007 C030100 N
007 C010200  2
007 C020200 GLOBAL SERIES
007 C030200 N
007 C010300  3
007 C020300 ASSET ALLOCATION SERIES
007 C030300 N
007 C010400  4
007 C010500  5
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
010 A00AA01 SECURITY MANAGEMENT COMPANY
010 B00AA01 811-8008
010 C01AA01 TOPEKA
010 C02AA01 KS
010 C03AA01 66636
010 C04AA01 0001
011 A00AA01 SECURITY DISTRIBUTORS, INC.
011 B00AA01 8-10781
011 C01AA01 TOPEKA
011 C02AA01 KS
011 C03AA01 66636
011 C04AA01 0001
<PAGE>      PAGE  2
012 A00AA01 SECURITY MANAGEMENT COMPANY
012 B00AA01 84-01497
012 C01AA01 TOPEKA
012 C02AA01 KS
012 C03AA01 66636
012 C04AA01 0001
013 A00AA01 ERNST & YOUNG, LLP
013 B01AA01 KANSAS CITY
013 B02AA01 MO
013 B03AA01 64105
013 B04AA01 2143
018  00AA00 Y
019 A00AA00 Y
019 B00AA00   23
019 C00AA00 SECURITYFU
020 A000001 OPPENHEIMER & COMPANY, INC.
020 B000001 13-2798343
020 C000001     65
020 A000002 SALOMON BROTHERS, INC.
020 B000002 13-3082694
020 C000002     60
020 A000003 LAWRENCE (C.J.), INC.
020 B000003 13-2730828
020 C000003     56
020 A000004 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP
020 B000004 13-2741729
020 C000004     54
020 A000005 MERRILL LYNCH
020 B000005 13-5674085
020 C000005     53
020 A000006 MORGAN STANLEY & COMPANY, INC.
020 B000006 13-2655998
020 C000006     52
020 A000007 PRUDENTIAL-BACHE SECURITIES, INC.
020 B000007 22-2347336
020 C000007     46
020 A000008 ALLIED RESEARCH SERVICES, INC.
020 B000008 75-1872581
020 C000008     44
020 A000009 PAINE WEBBER, INC.
020 B000009 13-2638166
020 C000009     42
020 A000010 GOLDMAN SACHS & COMPANY
020 B000010 13-5108880
020 C000010     39
021  000000     1125
022 A000001 MERRILL LYNCH
022 B000001 13-5674085
022 C000001    169593
022 D000001     18177
022 A000002 SECURITY CASH FUND
<PAGE>      PAGE  3
022 B000002 48-0911935
022 C000002     38595
022 D000002     19546
022 A000003 SBL FUND C
022 B000003 48-1054154
022 C000003     19038
022 D000003     11977
022 A000004 SBL FUND B
022 B000004 48-1054156
022 C000004         0
022 D000004     24803
022 A000005 GOLDMAN SACHS & COMPANY
022 B000005 13-5108880
022 C000005      8291
022 D000005     11119
022 A000006 SBL FUND A
022 B000006 48-0873454
022 C000006      2078
022 D000006     16803
022 A000007 FIRST BOSTON CORPORATION (THE)
022 B000007 13-5659485
022 C000007     13757
022 D000007        85
022 A000008 SBL FUND J
022 B000008 48-1121049
022 C000008         0
022 D000008     12876
022 A000009 SECURITY ULTRA FUND
022 B000009 48-0720145
022 C000009      6941
022 D000009      5537
022 A000010 PAINEWEBBER, INC.
022 B000010 13-2638166
022 C000010     10440
022 D000010      1488
023 C000000     285755
023 D000000     139378
024  00AA00 N
025 D00AA01       0
025 D00AA02       0
025 D00AA03       0
025 D00AA04       0
025 D00AA05       0
025 D00AA06       0
025 D00AA07       0
025 D00AA08       0
026 A000000 Y
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
<PAGE>      PAGE  4
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027  000000 Y
074 A000000        6
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074 D000000        0
074 E000000        0
074 F000000        0
074 G000000        0
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074 J000000        0
074 K000000        0
074 L000000        0
074 M000000        0
074 N000000        0
077 A000000 Y
077 B000000 Y
077 Q010000 Y
078  000000 N
080 A00AA00 NATIONAL UNION FIRE INSURANCE COMPANY
080 C00AA00    10175
081 A00AA00 Y
081 B00AA00  22
082 A00AA00 N
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083 A00AA00 N
083 B00AA00        0
084 A00AA00 N
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085 A00AA00 Y
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086 F020000      0
008 A000101 SECURITY MANAGEMENT COMPANY
008 B000101 A
008 C000101 801-8008
008 D010101 TOPEKA
<PAGE>      PAGE  5
008 D020101 KS
008 D030101 66636
008 D040101 0001
015 A000101 UMB BANK, N.A.
015 B000101 C
015 C010101 KANSAS CITY
015 C020101 MO
015 C030101 64106
015 E010101 X
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<PAGE>      PAGE  6
038  000100      0
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048 I010100        0
048 I020100 0.000
048 J010100        0
048 J020100 0.000
048 K010100        0
048 K020100 0.000
049  000100 N
050  000100 N
051  000100 N
052  000100 N
053 A000100 N
054 A000100 Y
054 B000100 Y
054 C000100 Y
054 D000100 Y
054 E000100 Y
054 F000100 Y
<PAGE>      PAGE  7
054 G000100 Y
054 H000100 N
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054 J000100 Y
054 K000100 Y
054 L000100 Y
054 M000100 Y
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054 O000100 Y
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066 A000100 Y
066 B000100 N
066 C000100 N
066 D000100 Y
066 E000100 N
066 F000100 N
066 G000100 N
067  000100 N
068 A000100 N
068 B000100 N
069  000100 N
070 A010100 Y
070 A020100 N
<PAGE>      PAGE  8
070 B010100 Y
070 B020100 N
070 C010100 Y
070 C020100 N
070 D010100 Y
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 N
070 K020100 N
070 L010100 Y
070 L020100 Y
070 M010100 Y
070 M020100 N
070 N010100 N
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 Y
070 P020100 Y
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100    353045
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071 C000100    503450
071 D000100   64
072 A000100 12
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<PAGE>      PAGE  9
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072 T000100      280
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072 Y000100        0
072 Z000100     3643
072AA000100    54909
072BB000100        0
072CC010100    59008
072CC020100        0
072DD010100     4154
072DD020100       65
072EE000100    35208
073 A010100   0.0600
073 A020100   0.0170
073 B000100   0.4820
073 C000100   0.0000
074 A000100    30228
074 B000100        0
074 C000100      699
074 D000100        0
074 E000100        0
074 F000100   585862
074 G000100        0
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074 J000100     4204
074 K000100      699
074 L000100      930
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074 N000100   622622
074 O000100     7259
074 P000100      300
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074 R010100        0
074 R020100        0
074 R030100        0
074 R040100      560
074 S000100        0
074 T000100   614503
074 U010100    76390
074 U020100     5276
074 V010100     7.54
074 V020100     7.36
<PAGE>      PAGE  10
074 W000100   0.0000
074 X000100    37235
074 Y000100        0
075 A000100        0
075 B000100   531317
076  000100     0.00
008 A000201 SECURITY MANAGEMENT COMPANY
008 B000201 A
008 C000201 801-8008
008 D010201 TOPEKA
008 D020201 KS
008 D030201 66636
008 D040201 0001
008 A000202 LEXINGTON MANAGEMENT COMPANY
008 B000202 S
008 C000202 801-8281
008 D010202 SADDLE BROOK
008 D020202 NJ
008 D030202 07662
015 A000201 CHASE MANHATTAN BANK, N.A.
015 B000201 C
015 C010201 BROOKLYN
015 C020201 NY
015 C030201 11245
015 E010201 X
028 A010200       345
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028 A030200         0
028 A040200       354
028 B010200       860
028 B020200         0
028 B030200         0
028 B040200       482
028 C010200       161
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028 D010200       914
028 D020200         0
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028 F010200      2340
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028 F040200       474
028 G010200      5261
028 G020200         0
<PAGE>      PAGE  11
028 G030200         0
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028 H000200      1641
029  000200 Y
030 A000200     29
030 B000200  5.75
030 C000200  0.00
031 A000200      4
031 B000200      0
032  000200     25
033  000200      0
034  000200 Y
035  000200      6
036 A000200 N
036 B000200      0
037  000200 N
038  000200      0
039  000200 N
040  000200 Y
041  000200 Y
042 A000200   0
042 B000200   0
042 C000200 100
042 D000200   0
042 E000200   0
042 F000200   0
042 G000200   0
042 H000200   0
043  000200     60
044  000200      0
045  000200 Y
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048 A010200    70000
048 A020200 2.000
048 B010200 99999999
048 B020200 1.500
048 C010200        0
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048 D020200 0.000
048 E010200        0
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048 F010200        0
048 F020200 0.000
048 G010200        0
048 G020200 0.000
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048 H020200 0.000
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<PAGE>      PAGE  12
048 I020200 0.000
048 J010200        0
048 J020200 0.000
048 K010200        0
048 K020200 0.000
049  000200 N
050  000200 N
051  000200 N
052  000200 N
053 A000200 N
054 A000200 Y
054 B000200 Y
054 C000200 Y
054 D000200 Y
054 E000200 Y
054 F000200 Y
054 G000200 Y
054 H000200 N
054 I000200 Y
054 J000200 Y
054 K000200 Y
054 L000200 Y
054 M000200 Y
054 N000200 Y
054 O000200 Y
055 A000200 N
055 B000200 N
056  000200 Y
057  000200 N
058 A000200 N
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060 A000200 Y
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062 B000200   0.0
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<PAGE>      PAGE  13
062 R000200   0.0
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066 A000200 Y
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066 C000200 N
066 D000200 Y
066 E000200 N
066 F000200 N
066 G000200 N
067  000200 N
068 A000200 N
068 B000200 Y
069  000200 N
070 A010200 Y
070 A020200 N
070 B010200 Y
070 B020200 N
070 C010200 Y
070 C020200 N
070 D010200 Y
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 N
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 N
070 K010200 N
070 K020200 N
070 L010200 Y
070 L020200 Y
070 M010200 Y
070 M020200 Y
070 N010200 N
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070 P010200 Y
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070 Q010200 N
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071 A000200     30918
<PAGE>      PAGE  14
071 B000200     31561
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<PAGE>      PAGE  15
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008 A000301 SECURITY MANAGEMENT COMPANY
008 B000301 A
008 C000301 801-8008
008 D010301 TOPEKA
008 D020301 KS
008 D030301 66636
008 D040301 0001
015 A000301 CHASE MANHATTAN BANK, N.A.
015 B000301 C
015 C010301 BROOKLYN
015 C020301 NY
015 C030301 11245
015 E010301 X
028 A010300       229
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<PAGE>      PAGE  16
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039  000300 N
040  000300 Y
041  000300 Y
042 A000300   0
042 B000300   0
042 C000300 100
042 D000300   0
042 E000300   0
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048 A020300 1.000
048 B010300        0
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048 C010300        0
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<PAGE>      PAGE  17
048 D020300 0.000
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048 I020300 0.000
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048 J020300 0.000
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048 K020300 0.000
049  000300 N
050  000300 N
051  000300 N
052  000300 N
053 A000300 Y
053 B000300 Y
053 C000300 N
054 A000300 Y
054 B000300 Y
054 C000300 Y
054 D000300 Y
054 E000300 Y
054 F000300 Y
054 G000300 Y
054 H000300 N
054 I000300 Y
054 J000300 Y
054 K000300 Y
054 L000300 Y
054 M000300 Y
054 N000300 Y
054 O000300 Y
055 A000300 N
055 B000300 N
056  000300 Y
057  000300 N
058 A000300 N
059  000300 Y
060 A000300 Y
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061  000300      100
062 A000300 N
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<PAGE>      PAGE  18
062 F000300   0.0
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066 A000300 Y
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066 D000300 N
066 E000300 N
066 F000300 N
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070 D010300 Y
070 D020300 N
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070 E020300 N
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070 F020300 Y
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070 H020300 N
070 I010300 N
070 I020300 N
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<PAGE>      PAGE  19
070 M020300 Y
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SIGNATURE   JAMES R. SCHMANK                             
TITLE       V.P. & TREASURER    
 


<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000088525
<NAME> SECURITY EQUITY FUND
<SERIES>
   <NUMBER> 011
   <NAME> EQUITY SERIES, CLASS A
<MULTIPLIER> 1000
<CURRENCY> U.S. DOLLARS
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          SEP-30-1996
<PERIOD-START>                             OCT-01-1995
<PERIOD-END>                               SEP-30-1996
<EXCHANGE-RATE>                                      1
<INVESTMENTS-AT-COST>                           413885
<INVESTMENTS-AT-VALUE>                          586561
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<DISTRIBUTIONS-OF-INCOME>                         4154
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<NUMBER-OF-SHARES-REDEEMED>                      39986
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<ACCUMULATED-NII-PRIOR>                           3305
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<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000088525
<NAME> SECURITY EQUITY FUND
<SERIES>
   <NUMBER> 012
   <NAME> EQUITY SERIES, CLASS B
<MULTIPLIER> 1000
<CURRENCY> U.S. DOLLARS
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          SEP-30-1996
<PERIOD-START>                             OCT-01-1995
<PERIOD-END>                               SEP-30-1996
<EXCHANGE-RATE>                                      1
<INVESTMENTS-AT-COST>                           413885
<INVESTMENTS-AT-VALUE>                          586561
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000088525
<NAME> SECURITY EQUITY FUND
<SERIES>
   <NUMBER> 021
   <NAME> GLOBAL SERIES, CLASS A
<MULTIPLIER> 1000
<CURRENCY> U.S. DOLLARS
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          SEP-30-1996
<PERIOD-START>                             OCT-01-1995
<PERIOD-END>                               SEP-30-1996
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<NET-INVESTMENT-INCOME>                           (42)
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<NUMBER-OF-SHARES-REDEEMED>                        448
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<PER-SHARE-NAV-END>                              12.42
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000088525
<NAME> SECURITY EQUITY FUND
<SERIES>
   <NUMBER> 022
   <NAME> GLOBAL SERIES, CLASS B
<MULTIPLIER> 1000
<CURRENCY> U.S. DOLLARS
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          SEP-30-1996
<PERIOD-START>                             OCT-01-1995
<PERIOD-END>                               SEP-30-1996
<EXCHANGE-RATE>                                      1
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<SENIOR-EQUITY>                                      0
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<ACCUMULATED-NII-CURRENT>                          672
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<ACCUM-APPREC-OR-DEPREC>                          2023
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<NUMBER-OF-SHARES-REDEEMED>                        108
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<ACCUMULATED-GAINS-PRIOR>                          202
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                              470
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                    530
<AVERAGE-NET-ASSETS>                             22071
<PER-SHARE-NAV-BEGIN>                            10.74
<PER-SHARE-NII>                                  (.10)
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<PER-SHARE-DISTRIBUTIONS>                         .156
<RETURNS-OF-CAPITAL>                                 0
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<EXPENSE-RATIO>                                    3.0
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000088525
<NAME> SECURITY EQUITY FUND
<SERIES>
   <NUMBER> 031
   <NAME> ASSET ALLOCATION SERIES, CLASS A
<MULTIPLIER> 1000
<CURRENCY> U.S. DOLLARS
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          SEP-30-1996
<PERIOD-START>                             OCT-01-1995
<PERIOD-END>                               SEP-30-1996
<EXCHANGE-RATE>                                      1
<INVESTMENTS-AT-COST>                             5087
<INVESTMENTS-AT-VALUE>                            5213
<RECEIVABLES>                                       42
<ASSETS-OTHER>                                       8
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                    5263
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                           33
<TOTAL-LIABILITIES>                                 33
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                          4863
<SHARES-COMMON-STOCK>                              221
<SHARES-COMMON-PRIOR>                              181
<ACCUMULATED-NII-CURRENT>                          113
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                            128
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                           126
<NET-ASSETS>                                      5230
<DIVIDEND-INCOME>                                   87
<INTEREST-INCOME>                                  108
<OTHER-INCOME>                                     (2)
<EXPENSES-NET>                                     109
<NET-INVESTMENT-INCOME>                             84
<REALIZED-GAINS-CURRENT>                           253
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<NET-CHANGE-FROM-OPS>                              387
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                           60
<DISTRIBUTIONS-OF-GAINS>                            30
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<NUMBER-OF-SHARES-SOLD>                             63
<NUMBER-OF-SHARES-REDEEMED>                         32
<SHARES-REINVESTED>                                  9
<NET-CHANGE-IN-ASSETS>                             544
<ACCUMULATED-NII-PRIOR>                             14
<ACCUMULATED-GAINS-PRIOR>                           62
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                               40
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<PER-SHARE-NAV-BEGIN>                            10.54
<PER-SHARE-NII>                                    .25
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<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000088525
<NAME> SECURITY EQUITY FUND
<SERIES>
   <NUMBER> 032
   <NAME> ASSET ALLOCATION SERIES, CLASS B
<MULTIPLIER> 1000
<CURRENCY> U.S. DOLLARS
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          SEP-30-1996
<PERIOD-START>                             OCT-01-1995
<PERIOD-END>                               SEP-30-1996
<EXCHANGE-RATE>                                      1
<INVESTMENTS-AT-COST>                             5087
<INVESTMENTS-AT-VALUE>                            5213
<RECEIVABLES>                                       42
<ASSETS-OTHER>                                       8
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                    5263
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                           33
<TOTAL-LIABILITIES>                                 33
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                          4863
<SHARES-COMMON-STOCK>                              253
<SHARES-COMMON-PRIOR>                              146
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<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                            128
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                           126
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<INTEREST-INCOME>                                  108
<OTHER-INCOME>                                     (2)
<EXPENSES-NET>                                     109
<NET-INVESTMENT-INCOME>                             84
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<NET-CHANGE-FROM-OPS>                              387
<EQUALIZATION>                                       0
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<DISTRIBUTIONS-OF-GAINS>                            31
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<NUMBER-OF-SHARES-SOLD>                            105
<NUMBER-OF-SHARES-REDEEMED>                          6
<SHARES-REINVESTED>                                  8
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<ACCUMULATED-NII-PRIOR>                             14
<ACCUMULATED-GAINS-PRIOR>                           62
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</TABLE>


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