SECURITY EQUITY FUND
NSAR-A, 1996-05-28
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<PAGE>      PAGE  1
000 A000000 03/31/96
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   22
019 C00AA00 SECURITYFU
020 A000001 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
020 B000001 13-2741729
020 C000001     42
020 A000002 OPPENHEIMER & COMPANY, INC.
020 B000002 13-2798343
020 C000002     38
020 A000003 SALOMON BROTHERS, INC
020 B000003 13-3082694
020 C000003     31
020 A000004 ALLIED RESEARCH SERVICES, INC.
020 B000004 75-1872581
020 C000004     31
020 A000005 MERRILL LYNCH
020 B000005 13-5674085
020 C000005     29
020 A000006 LAWRENCE (C.J.) MORGAN GRENFEL, INC.
020 B000006 13-2730828
020 C000006     26
020 A000007 MORGAN STANLEY & COMPANY, INC.
020 B000007 13-2655998
020 C000007     25
020 A000008 PERSHING & COMPANY
020 B000008 13-2741729
020 C000008     25
020 A000009 GOLDMAN SACHS & COMPANY
020 B000009 13-5108880
020 C000009     24
020 A000010 PRUDENTIAL-BACHE SECURITIES, INC.
020 B000010 13-2625874
020 C000010     24
021  000000      636
022 A000001 MERRILL LYNCH
022 B000001 13-5674085
022 C000001    168805
022 D000001     17928
022 A000002 SECURITY CASH FUND
<PAGE>      PAGE  3
022 B000002 48-0911935
022 C000002     27589
022 D000002     19546
022 A000003 SBL FUND C
022 B000003 48-1054154
022 C000003     13856
022 D000003     11977
022 A000004 SBL FUND B
022 B000004 48-1054156
022 C000004         0
022 D000004     24803
022 A000005 SBL FUND A
022 B000005 48-0873454
022 C000005      2078
022 D000005     16803
022 A000006 FIRST BOSTON CORPORATION (THE)
022 B000006 13-5659485
022 C000006     13754
022 D000006         0
022 A000007 GOLDMAN SACHS & COMPANY
022 B000007 13-5108880
022 C000007      4330
022 D000007      9167
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      6889
022 D000009      5537
022 A000010 PAINEWEBBER, INC.
022 B000010 13-2638166
022 C000010     10401
022 D000010      1488
023 C000000     378543
023 D000000     252873
024  00AA00 N
025 D00AA01       0
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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
077 A000000 Y
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080 A00AA00 NATIONAL UNION FIRE INSURANCE COMPANY
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008 A000101 SECURITY MANAGEMENT COMPANY
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008 D010101 TOPEKA
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
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<PAGE>      PAGE  5
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<PAGE>      PAGE  6
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054 D000100 Y
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<PAGE>      PAGE  7
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066 F000100 N
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067  000100 N
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068 B000100 N
069  000100 N
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070 D010100 Y
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070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
<PAGE>      PAGE  8
070 I010100 N
070 I020100 N
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070 J020100 N
070 K010100 N
070 K020100 N
070 L010100 Y
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070 N020100 N
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<PAGE>      PAGE  9
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075 A000100        0
075 B000100   498934
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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
<PAGE>      PAGE  10
008 B000202 S
008 C000202 801-8281
008 D010202 SADDLE BROOK
008 D020202 NJ
008 D030202 07662
015 A000201 CHASE MANHATTAN BANK
015 B000201 C
015 C010201 NEW YORK
015 C020201 NY
015 C030201 10036
015 E010201 X
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<PAGE>      PAGE  11
036 B000200      0
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039  000200 N
040  000200 Y
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042 E000200   0
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042 H000200   0
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049  000200 N
050  000200 N
051  000200 N
052  000200 N
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054 C000200 Y
054 D000200 Y
<PAGE>      PAGE  12
054 E000200 Y
054 F000200 Y
054 G000200 Y
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054 J000200 Y
054 K000200 Y
054 L000200 Y
054 M000200 Y
054 N000200 Y
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057  000200 N
058 A000200 N
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066 E000200 N
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066 G000200 N
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069  000200 N
<PAGE>      PAGE  13
070 A010200 Y
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070 C010200 Y
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070 D010200 Y
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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 Y
070 K010200 N
070 K020200 N
070 L010200 Y
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<PAGE>      PAGE  14
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<PAGE>      PAGE  15
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008 A000301 SECURITY MANAGEMENT COMPANY
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015 A000301 CHASE MANHATTAN BANK
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<PAGE>      PAGE  16
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<PAGE>      PAGE  17
048 K020300 0.000
049  000300 N
050  000300 N
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<PAGE>      PAGE  18
063 B000300  0.0
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<PAGE>      PAGE  19
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<PAGE>      PAGE  20
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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> 1
   <NAME> EQUITY SERIES, CLASS A
<MULTIPLIER> 1000
<CURRENCY> U.S. DOLLARS
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          SEP-30-1995
<PERIOD-START>                             OCT-01-1995
<PERIOD-END>                               MAR-31-1996
<EXCHANGE-RATE>                                      1
<INVESTMENTS-AT-COST>                           360780
<INVESTMENTS-AT-VALUE>                          504605
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<APPREC-INCREASE-CURRENT>                        30158
<NET-CHANGE-FROM-OPS>                            71070
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                         33372
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<NUMBER-OF-SHARES-SOLD>                          24377
<NUMBER-OF-SHARES-REDEEMED>                      25565
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<PER-SHARE-NAV-END>                               6.95
<EXPENSE-RATIO>                                   1.05
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<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000088525
<NAME> SECURITY EQUITY FUND
<SERIES>
   <NUMBER> 2
   <NAME> EQUITY SERIES, CLASS B
<MULTIPLIER> 1000
<CURRENCY> U.S. DOLLARS
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          SEP-30-1995
<PERIOD-START>                             OCT-01-1995
<PERIOD-END>                               MAR-31-1996
<EXCHANGE-RATE>                                      1
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<PER-SHARE-NII>                                  (.01)
<PER-SHARE-GAIN-APPREC>                           .899
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<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               6.82
<EXPENSE-RATIO>                                   2.05
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<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000088525
<NAME> SECURITY EQUITY FUND
<SERIES>
   <NUMBER> 3
   <NAME> GLOBAL SERIES, CLASS A
<MULTIPLIER> 1000
<CURRENCY> U.S. DOLLARS
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          SEP-30-1995
<PERIOD-START>                             OCT-01-1995
<PERIOD-END>                               MAR-31-1996
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<PER-SHARE-NAV-BEGIN>                            10.94
<PER-SHARE-NII>                                  (.01)
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<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              11.63
<EXPENSE-RATIO>                                    2.0
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<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000088525
<NAME> SECURITY EQUITY FUND
<SERIES>
   <NUMBER> 4
   <NAME> GLOBAL SERIES, CLASS B
<MULTIPLIER> 1000
<CURRENCY> U.S. DOLLARS
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          SEP-30-1995
<PERIOD-START>                             OCT-01-1995
<PERIOD-END>                               MAR-31-1996
<EXCHANGE-RATE>                                      1
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<NUMBER-OF-SHARES-REDEEMED>                         44
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<ACCUMULATED-NII-PRIOR>                            136
<ACCUMULATED-GAINS-PRIOR>                          202
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
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<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                    251
<AVERAGE-NET-ASSETS>                             23404
<PER-SHARE-NAV-BEGIN>                            10.74
<PER-SHARE-NII>                                  (.09)
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<PER-SHARE-DISTRIBUTIONS>                         .156
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              11.46
<EXPENSE-RATIO>                                    3.0
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<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000088525
<NAME> SECURITY EQUITY FUND
<SERIES>
   <NUMBER> 5
   <NAME> ASSET ALLOCATION SERIES, CLASS A
<MULTIPLIER> 1000
<CURRENCY> U.S. DOLLARS
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          SEP-30-1995
<PERIOD-START>                             OCT-01-1995
<PERIOD-END>                               MAR-31-1996
<EXCHANGE-RATE>                                      1
<INVESTMENTS-AT-COST>                             4230
<INVESTMENTS-AT-VALUE>                            4287
<RECEIVABLES>                                       37
<ASSETS-OTHER>                                       1
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                    4325
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<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                           25
<TOTAL-LIABILITIES>                                 25
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                          4084
<SHARES-COMMON-STOCK>                              196
<SHARES-COMMON-PRIOR>                              181
<ACCUMULATED-NII-CURRENT>                         (59)
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<ACCUMULATED-NET-GAINS>                            189
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                            86
<NET-ASSETS>                                      4300
<DIVIDEND-INCOME>                                   31
<INTEREST-INCOME>                                   55
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                      48
<NET-INVESTMENT-INCOME>                             38
<REALIZED-GAINS-CURRENT>                           188
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<EQUALIZATION>                                       0
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<DISTRIBUTIONS-OF-GAINS>                            30
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<NUMBER-OF-SHARES-REDEEMED>                         22
<SHARES-REINVESTED>                                  9
<NET-CHANGE-IN-ASSETS>                             190
<ACCUMULATED-NII-PRIOR>                             14
<ACCUMULATED-GAINS-PRIOR>                           62
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<OVERDIST-NET-GAINS-PRIOR>                           0
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<PER-SHARE-NAV-BEGIN>                            10.54
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<EXPENSE-RATIO>                                    2.0
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<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000088525
<NAME> SECURITY EQUITY FUND
<SERIES>
   <NUMBER> 6
   <NAME> ASSET ALLOCATION SERIES, CLASS B
<MULTIPLIER> 1000
<CURRENCY> U.S. DOLLARS
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          SEP-30-1995
<PERIOD-START>                             OCT-01-1995
<PERIOD-END>                               MAR-31-1996
<EXCHANGE-RATE>                                      1
<INVESTMENTS-AT-COST>                             4230
<INVESTMENTS-AT-VALUE>                            4287
<RECEIVABLES>                                       37
<ASSETS-OTHER>                                       1
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                    4325
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<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                           25
<TOTAL-LIABILITIES>                                 25
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                          4084
<SHARES-COMMON-STOCK>                              207
<SHARES-COMMON-PRIOR>                              146
<ACCUMULATED-NII-CURRENT>                         (59)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                            189
<OVERDISTRIBUTION-GAINS>                             0
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<NET-ASSETS>                                      4300
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<INTEREST-INCOME>                                   55
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<EXPENSES-NET>                                      48
<NET-INVESTMENT-INCOME>                             38
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<NUMBER-OF-SHARES-REDEEMED>                          0
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<ACCUMULATED-NII-PRIOR>                             14
<ACCUMULATED-GAINS-PRIOR>                           62
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</TABLE>


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