SECURITY EQUITY FUND
NSAR-A, 1997-05-30
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<PAGE>      PAGE  1
000 A000000 03/31/97
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  4
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 C020400 SOCIAL AWARENESS SERIES
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007 C010500  5
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
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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
<PAGE>      PAGE  2
011 C03AA01 66636
011 C04AA01 0001
012 A00AA01 SECURITY MANAGEMENT COMPANY, LLC
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
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019 C00AA00 SECURITYFU
020 A000001 ALLIED RESEARCH SERVICES, INC.
020 B000001 75-1872581
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020 A000002 BRIDGE TRADING COMPANY
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020 A000003 BERNSTEIN (SANFORD C.) & COMPANY
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020 A000004 GRUNTAL & COMPANY, INC.
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020 A000005 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
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020 A000006 SALOMON BROTHERS, INC.
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020 A000007 PRUDENTIAL-BACHE SECURITIES, INC.
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<PAGE>      PAGE  3
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022 A000006 OPPENHEIMER & COMPANY, INC.
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022 A000007 DEUTSCHE BANK SECURITIES CORPORATION
022 B000007 13-2730828
022 C000007      1854
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022 A000008 SBL FUND B
022 B000008 48-1054156
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022 A000009 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
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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  9
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<PAGE>      PAGE  10
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008 B000201 A
008 C000201 801-8008
008 D010201 TOPEKA
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008 D030201 66636
008 D040201 0001
008 A000202 LEXINGTON MANAGEMENT COMPANY
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008 D010202 SADDLE BROOK
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<PAGE>      PAGE  11
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<PAGE>      PAGE  12
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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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008 A000401 SECURITY MANAGEMENT COMPANY, LLC
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015 A000401 UMB BANK, N.A.
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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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070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 Y
070 K020400 N
070 L010400 N
070 L020400 N
070 M010400 N
070 M020400 N
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<PAGE>      PAGE  25
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SIGNATURE   JAMES R. SCHMANK                             
TITLE       V.P. & TREASURER    
 


<TABLE> <S> <C>

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<CIK> 0000088525
<NAME> SECURITY EQUITY FUND
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</TABLE>

<TABLE> <S> <C>

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<CIK> 0000088525
<NAME> SECURITY EQUITY FUND
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   <NAME> EQUITY SERIES, CLASS B
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</TABLE>

<TABLE> <S> <C>

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<CIK> 0000088525
<NAME> SECURITY EQUITY FUND
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</TABLE>

<TABLE> <S> <C>

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<CIK> 0000088525
<NAME> SECURITY EQUITY FUND
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</TABLE>

<TABLE> <S> <C>

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<CIK> 0000088525
<NAME> SECURITY EQUITY FUND
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000088525
<NAME> SECURITY EQUITY FUND
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   <NAME> ASSET ALLOCATION SERIES, CLASS B
<MULTIPLIER> 1000
<CURRENCY> U.S. DOLLARS
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          SEP-30-1997
<PERIOD-START>                             OCT-01-1996
<PERIOD-END>                               MAR-31-1997
<EXCHANGE-RATE>                                      1
<INVESTMENTS-AT-COST>                             6622
<INVESTMENTS-AT-VALUE>                            6657
<RECEIVABLES>                                       61
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                    6718
<PAYABLE-FOR-SECURITIES>                            39
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                           27
<TOTAL-LIABILITIES>                                 66
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                          6227
<SHARES-COMMON-STOCK>                              307
<SHARES-COMMON-PRIOR>                              253
<ACCUMULATED-NII-CURRENT>                           24
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                            366
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                            35
<NET-ASSETS>                                      6652
<DIVIDEND-INCOME>                                   41
<INTEREST-INCOME>                                   50
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                      63
<NET-INVESTMENT-INCOME>                             28
<REALIZED-GAINS-CURRENT>                           372
<APPREC-INCREASE-CURRENT>                         (91)
<NET-CHANGE-FROM-OPS>                              309
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                           53
<DISTRIBUTIONS-OF-GAINS>                            74
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                             68
<NUMBER-OF-SHARES-REDEEMED>                         25
<SHARES-REINVESTED>                                 11
<NET-CHANGE-IN-ASSETS>                             637
<ACCUMULATED-NII-PRIOR>                            113
<ACCUMULATED-GAINS-PRIOR>                          128
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                               29
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                     85
<AVERAGE-NET-ASSETS>                              6137
<PER-SHARE-NAV-BEGIN>                            10.97
<PER-SHARE-NII>                                    .03
<PER-SHARE-GAIN-APPREC>                           .553
<PER-SHARE-DIVIDEND>                              .181
<PER-SHARE-DISTRIBUTIONS>                         .252
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              11.12
<EXPENSE-RATIO>                                   2.18
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000088525
<NAME> SECURITY EQUITY FUND
<SERIES>
   <NUMBER> 041
   <NAME> SOCIAL AWARENESS SERIES, CLASS A
<MULTIPLIER> 1000
<CURRENCY> U.S. DOLLARS
       
<S>                             <C>
<PERIOD-TYPE>                   5-MOS
<FISCAL-YEAR-END>                          SEP-30-1997
<PERIOD-START>                             NOV-01-1996
<PERIOD-END>                               MAR-31-1997
<EXCHANGE-RATE>                                      1
<INVESTMENTS-AT-COST>                             3028
<INVESTMENTS-AT-VALUE>                            2944
<RECEIVABLES>                                       97
<ASSETS-OTHER>                                     560
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                    3601
<PAYABLE-FOR-SECURITIES>                           308
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                            4
<TOTAL-LIABILITIES>                                312
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                          3481
<SHARES-COMMON-STOCK>                              100
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                          (5)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                          (104)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                          (83)
<NET-ASSETS>                                      3289
<DIVIDEND-INCOME>                                    8
<INTEREST-INCOME>                                    7
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                      20
<NET-INVESTMENT-INCOME>                            (5)
<REALIZED-GAINS-CURRENT>                         (104)
<APPREC-INCREASE-CURRENT>                         (83)
<NET-CHANGE-FROM-OPS>                            (192)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                            103
<NUMBER-OF-SHARES-REDEEMED>                          3
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                            1431
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                               11
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                     31
<AVERAGE-NET-ASSETS>                              2681
<PER-SHARE-NAV-BEGIN>                               15
<PER-SHARE-NII>                                 (.002)
<PER-SHARE-GAIN-APPREC>                         (.658)
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              14.34
<EXPENSE-RATIO>                                   1.42
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000088525
<NAME> SECURITY EQUITY FUND
<SERIES>
   <NUMBER> 042
   <NAME> SOCIAL AWARENESS SERIES, CLASS B
<MULTIPLIER> 1000
<CURRENCY> U.S. DOLLARS
       
<S>                             <C>
<PERIOD-TYPE>                   5-MOS
<FISCAL-YEAR-END>                          SEP-30-1997
<PERIOD-START>                             NOV-01-1996
<PERIOD-END>                               MAR-31-1997
<EXCHANGE-RATE>                                      1
<INVESTMENTS-AT-COST>                             3028
<INVESTMENTS-AT-VALUE>                            2944
<RECEIVABLES>                                       97
<ASSETS-OTHER>                                     560
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                    3601
<PAYABLE-FOR-SECURITIES>                           308
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                            4
<TOTAL-LIABILITIES>                                312
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                          3481
<SHARES-COMMON-STOCK>                              130
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                          (5)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                          (104)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                          (83)
<NET-ASSETS>                                      3289
<DIVIDEND-INCOME>                                    8
<INTEREST-INCOME>                                    7
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                      20
<NET-INVESTMENT-INCOME>                            (5)
<REALIZED-GAINS-CURRENT>                         (104)
<APPREC-INCREASE-CURRENT>                         (83)
<NET-CHANGE-FROM-OPS>                            (192)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                            130
<NUMBER-OF-SHARES-REDEEMED>                          0
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                            1858
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                               11
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                     31
<AVERAGE-NET-ASSETS>                              2681
<PER-SHARE-NAV-BEGIN>                               15
<PER-SHARE-NII>                                 (.046)
<PER-SHARE-GAIN-APPREC>                         (.664)
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              14.29
<EXPENSE-RATIO>                                   2.17
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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