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<PAGE> PAGE 7
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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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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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008 B000801 A
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008 D020801 KS
008 D030801 66636
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008 D030802 10006
015 A000801 CHASE MANHATTAN BANK, N.A.
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<PAGE> PAGE 42
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<PAGE> PAGE 43
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<PAGE> PAGE 44
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<PAGE> PAGE 45
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<PAGE> PAGE 46
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<PAGE> PAGE 47
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008 A000901 SECURITY MANAGEMENT COMPANY, LLC
008 B000901 A
008 C000901 801-8008
008 D010901 TOPEKA
008 D020901 KS
008 D030901 66636
008 D040901 0001
015 A000901 UMB BANK, N.A.
015 B000901 C
015 C010901 KANSAS CITY
015 C020901 MO
015 C030901 64106
015 E010901 X
028 A010900 1870
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<PAGE> PAGE 48
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<PAGE> PAGE 49
054 B000900 Y
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<PAGE> PAGE 50
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<PAGE> PAGE 51
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<PAGE> PAGE 52
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SIGNATURE AMY J. LEE
TITLE SECRETARY
SECURITY EQUITY FUND
FILE NO. 811-1136
CIK NO. 0000088525
SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
The annual meeting of Stockholders of Security Equity Fund, Security Growth and
Income Fund, Security Ultra Fund, and SBL Fund was held January 26, 2000. The
following matters were voted upon at the meeting:
(A) WITH REGARD TO THE RATIFICATION OF THE SELECTION OF ERNST & YOUNG LLP AS
THE INDEPENDENT ACCOUNTANTS FOR THE FUND'S CURRENT FISCAL YEAR:
VOTES
---------------------------------------
FUNDS FOR AGAINST/ABSTENTIONS
------------------------------- --------------- -------------------
Security Equity Fund .......... 78,379,644.603 2,807,848.884
Security Growth and Income Fund 7,972,436.703 262,061.999
Security Ultra Fund ........... 7,758,326.270 224,768.194
SBL Fund ...................... 206,779,305.419 7,992,419.086
(B) WITH REGARD TO THE APPROVAL FOR AN ARRANGEMENT AND NEW INVESTMENT ADVISORY
CONTRACT THAT WOULD PERMIT SECURITY MANAGEMENT COMPANY, LLC, THE FUND'S
INVESTMENT ADVISER, WITH BOARD APPROVAL, TO ENTER INTO OR AMEND
SUB-ADVISORY AGREEMENTS WITHOUT STOCKHOLDER APPROVAL:
VOTES
--------------------------------------
FUNDS FOR AGAINST/ABSTENTIONS
------------------------------- -------------- -------------------
SECURITY EQUITY FUND
Equity Series .............. 57,460,002.465 13,460,321.966
Global Series .............. 1,634,173.646 169,362.323
Total Return Series ........ 436,998.900 22,393.959
Social Awareness Series .... 494,488.720 214,874.590
Value Series ............... 1,076,472.012 323,567.702
Small Company Series ....... 1,233,181.347 28,294.759
Enhanced Index Series ...... 1,338,841.336 557,168.769
International Series ....... 658,233.094 72,870.990
Select 25 Series ........... 1,348,942.282 657,304.627
SECURITY GROWTH AND INCOME FUND 7,276,586.186 957,912.516
SECURITY ULTRA FUND ........... 7,185,530.069 797,564.395
SBL FUND
Series A ................... 34,408,432.792 5,217,553.632
Series B ................... 38,273,125.797 5,781,256.600
Series C ................... 10,415,553.977 1,907,045.493
Series D ................... 48,391,138.820 6,479,697.001
Series E ................... 10,841,222.689 1,534,037.217
Series H ................... 892,353.745 133,399.165
Series I ................... 174,211.202 44,828.707
Series J ................... 11,850,080.441 1,880,228.506
Series K ................... 1,117,956.268 92,005.491
Series M ................... 2,931,241.847 316,815.514
Series N ................... 5,218,957.015 557,804.047
Series O ................... 10,449,581.465 1,437,099.759
Series P ................... 868,045.207 54,710.165
Series S ................... 6,270,995.313 1,057,930.430
Series V ................... 2,202,275.370 200,958.408
Series X ................... 1,603,074.141 141,122.988
Series Y ................... 1,909,278.258 117,707.035
(C) WITH REGARD TO APPROVAL OF A BROKERAGE ENHANCEMENT PLAN PURSUANT TO RULE
12B-1 UNDER THE INVESTMENT COMPANY ACT OF 1940, AND A NEW INVESTMENT
ADVISORY CONTRACT THAT WOULD PERMIT THE IMPLEMENTATION OF THE PLAN:
VOTES
----------------------------------
FUNDS FOR AGAINST/ABSTAIN
------------------------------- -------------- ---------------
SECURITY EQUITY FUND
Equity Series .............. 58,102,523.702 12,817,800.729
Global Series .............. 1,662,754.462 140,781.507
Total Return Series ........ 436,998.900 22,393.959
Social Awareness Series .... 500,734.496 208,628.814
Value Series ............... 1,076,472.012 323,567.702
Small Company Series ....... 1,233,181.347 28,294.759
Enhanced Index Series ...... 1,338,841.336 557,168.769
International Series ....... 658,233.094 72,870.990
Select 25 Series ........... 1,348,942.282 657,304.627
SECURITY GROWTH AND INCOME FUND 7,332,736.443 901,762.259
SECURITY ULTRA FUND ........... 7,212,720.232 770,374.232
SBL FUND
Series A ................... 34,896,228.686 4,729,757.738
Series B ................... 38,852,881.468 5,201,500.929
Series C ................... 10,568,970.341 1,753,629.129
Series D ................... 49,317,907.237 5,552,928.584
Series E ................... 10,951,981.265 1,423,278.641
Series H ................... 921,597.961 104,154.949
Series I ................... 174,211.202 44,828.707
Series J ................... 12,155,854.421 1,574,454.526
Series K ................... 1,140,957.641 69,004.118
Series M ................... 2,975,967.597 272,089.764
Series N ................... 5,258,989.969 517,771.093
Series O ................... 10,651,655.046 1,235,026.178
Series P ................... 875,390.340 47,365.032
Series S ................... 6,460,448.043 868,477.700
Series V ................... 2,182,905.306 220,328.472
Series X ................... 1,613,347.461 130,849.668
Series Y ................... 1,923,832.012 103,153.281
ISSUE: a. To amend the Fund's fundamental investment limitation concerning
diversification.
VOTES
--------------------------------------
SERIES OF SECURITY EQUITY FUND FOR AGAINST/ABSTENTIONS
------------------------------ -------------- -------------------
Equity Series ................ 58,733,693.385 12,186,632.366
Total Return Series .......... 442,705.362 16,687.497
Social Awareness Series ...... 495,854.884 213,508.426
Value Series ................. 1,029,890.799 37,0148.915
Small Company Series ......... 1,235,767.734 25,708.372
ISSUE: b. To amend the Fund's fundamental investment limitation concerning
share ownership of any one issuer.
VOTES
--------------------------------------
SERIES OF SECURITY EQUITY FUND FOR AGAINST/ABSTENTIONS
------------------------------ -------------- -------------------
Equity Series ................ 58,697,764.122 12,222,560.309
Global Series ................ 1,656,889.258 146,646.711
Total Return Series .......... 442,705.362 16,687.497
Social Awareness Series ...... 496,152.884 213,210.426
Value Series ................. 1,028,934.799 371,104.915
Small Company Series ......... 1,235,767.734 25,708.372
Enhanced Index Series ........ 1,339,452.859 556,557.246
International Series ......... 657,285.402 73,818.682
Select 25 Series ............. 1,373,733.887 632,513.022
ISSUE: c. To eliminate the Fund's fundamental investment limitation concerning
investing for control of portfolio companies.
VOTES
--------------------------------------
SERIES OF SECURITY EQUITY FUND FOR AGAINST/ABSTENTIONS
------------------------------ -------------- -------------------
Equity Series ................ 58,675,401.847 12,244,922.584
Global Series ................ 1,657,008.644 146,527.325
Total Return Series .......... 442,705.362 16,687.497
Social Awareness Series ...... 495,101.601 214,261.709
Value Series ................. 1,029,890.799 370,148.915
Small Company Series ......... 1,235,753.706 25,722.400
Enhanced Index Series ........ 1,335,826.433 560,183.672
International Series ......... 657,285.402 73,818.682
Select 25 Series ............. 1,375,645.250 630,601.659
ISSUE: d. To amend the Fund's fundamental investment limitation concerning
underwriting.
VOTES
--------------------------------------
SERIES OF SECURITY EQUITY FUND FOR AGAINST/ABSTENTIONS
------------------------------ -------------- -------------------
Equity Series ................ 58,698,621.432 12,221,702.999
Total Return Series .......... 442,705.362 16,687.497
Social Awareness Series ...... 494,687.448 214,675.862
Value Series ................. 1,028,237.799 371,801.915
Small Company Series ......... 1,235,767.734 25,708.372
ISSUE: e. To amend the Fund's fundamental investment limitation concerning
borrowing.
VOTES
--------------------------------------
SERIES OF SECURITY EQUITY FUND FOR AGAINST/ABSTENTIONS
------------------------------ -------------- -------------------
Equity Series ................ 58,542,922.638 12,377,401.793
Total Return Series .......... 442,705.362 16,687.497
Social Awareness Series ...... 493,928.450 215,434.860
Value Series ................. 1,027,649.450 372,390.264
Small Company Series ......... 1,235,719.749 25,756.357
ISSUE: f. To amend the Fund's fundamental investment limitation concerning
lending.
VOTES
--------------------------------------
SERIES OF SECURITY EQUITY FUND FOR AGAINST/ABSTENTIONS
------------------------------ -------------- -------------------
Equity Series ................ 58,492,217.732 12,428,106.699
Total Return Series .......... 442,705.362 16,687.497
Social Awareness Series ...... 496,057.360 213,305.950
Value Series ................. 1,028,835.450 371,204.264
Small Company Series ......... 1,235,719.749 25,756.357
ISSUE: g. To eliminate the Fund's fundamental investment limitation concerning
short sales and margin purchases of securities.
VOTES
--------------------------------------
SERIES OF SECURITY EQUITY FUND FOR AGAINST/ABSTENTIONS
------------------------------ -------------- -------------------
Equity Series ................ 58,449,304.563 12,471,019.868
Total Return Series .......... 442,705.362 16,687.497
Social Awareness Series ...... 490,870.733 218,492.577
Value Series ................. 1,027,280.799 372,758.915
ISSUE: h. To amend the Fund's fundamental investment limitation concerning
senior securities.
VOTES
--------------------------------------
SERIES OF SECURITY EQUITY FUND FOR AGAINST/ABSTENTIONS
------------------------------ -------------- -------------------
Equity Series ................ 58,623,704.544 12,296,619.887
ISSUE: i. To eliminate the Fund's fundamental investment limitation concerning
investment in other investment companies.
VOTES
--------------------------------------
SERIES OF SECURITY EQUITY FUND FOR AGAINST/ABSTENTIONS
------------------------------ -------------- -------------------
Equity Series ................ 58,650,724.308 12,269,600.123
ISSUE: j. To eliminate the Fund's fundamental investment limitation concerning
investment in companies with less than three years' operating
history.
VOTES
--------------------------------------
SERIES OF SECURITY EQUITY FUND FOR AGAINST/ABSTENTIONS
------------------------------ -------------- -------------------
Equity Series ................ 58,575,838.961 12,344,485.470
ISSUE: k. 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 5% of the outstanding securities of such issuer.
VOTES
--------------------------------------
SERIES OF SECURITY EQUITY FUND FOR AGAINST/ABSTENTIONS
------------------------------ -------------- -------------------
Equity Series ................ 58,490,754.956 12,429,569.475
Total Return Series .......... 442,705.362 16,687.497
Social Awareness Series ...... 491,005.613 218,357.697
Value Series ................. 1,029,095.799 370,943.915
ISSUE: l. To eliminate the Fund's fundamental investment limitation concerning
the officers or directors of the Fund, the Underwriter or Manager
purchasing shares of the Fund, except at current net asset value.
VOTES
--------------------------------------
SERIES OF SECURITY EQUITY FUND FOR AGAINST/ABSTENTIONS
------------------------------ -------------- -------------------
Equity Series ................ 58,541,563.043 12,378,761.388
Global Series ................ 1,657,151.501 146,384.468
Total Return Series .......... 442,705.362 16,687.497
Social Awareness Series ...... 493,775.245 215,588.065
Value Series ................. 1,028,604.799 371,434.915
Small Company Series ......... 1,235,084.155 26,391.951
Enhanced Index Series ........ 1,334,683.859 561,326.246
International Series ......... 657,285.402 73,818.682
Select 25 Series ............. 1,367,797.945 638,448.964
ISSUE: m. To amend the Fund's fundamental investment limitation concerning
buying or selling real estate.
VOTES
--------------------------------------
SERIES OF SECURITY EQUITY FUND FOR AGAINST/ABSTENTIONS
------------------------------ -------------- -------------------
Equity Series ................ 58,626,048.177 12,294,276.254
Total Return Series .......... 442,705.362 16,687.497
Social Awareness Series ...... 495,032.832 214,330.478
Value Series ................. 1,027,502.843 372,536.871
Small Company Series ......... 1,233,233.608 28,242.498
ISSUE: n. To amend the Fund's fundamental investment limitation concerning
buying or selling commodities or commodity contracts.
VOTES
--------------------------------------
SERIES OF SECURITY EQUITY FUND FOR AGAINST/ABSTENTIONS
------------------------------ -------------- -------------------
Equity Series ................ 57,758,613.211 13,161,711.220
Total Return Series .......... 442,705.362 16,687.497
Social Awareness Series ...... 493,138.448 216,224.862
Value Series ................. 1,025,382.843 374,656.871
Small Company Series ......... 1,233,233.608 28,242.498
ISSUE: o. To eliminate the Fund's fundamental investment limitation concerning
investment in warrants.
VOTES
--------------------------------------
SERIES OF SECURITY EQUITY FUND FOR AGAINST/ABSTENTIONS
------------------------------ -------------- -------------------
Equity Series ................ 58,550,787.758 12,369,536.673
ISSUE: p. To eliminate the Fund's fundamental investment limitation concerning
restricted securities.
VOTES
--------------------------------------
SERIES OF SECURITY EQUITY FUND FOR AGAINST/ABSTENTIONS
------------------------------ -------------- -------------------
Equity Series ................ 58,428,788.042 12,491,536.389
ISSUE: q. To eliminate the Fund's fundamental investment limitation concerning
investment in puts, calls, straddles or spreads.
VOTES
--------------------------------------
SERIES OF SECURITY EQUITY FUND FOR AGAINST/ABSTENTIONS
------------------------------ -------------- -------------------
Equity Series ................ 57,609,175.666 13,311,148.765
ISSUE: r. To eliminate the Fund's fundamental investment limitation concerning
investment in oil, gas, mineral leases or other mineral exploration
or development programs.
VOTES
--------------------------------------
SERIES OF SECURITY EQUITY FUND FOR AGAINST/ABSTENTIONS
------------------------------ -------------- -------------------
Equity Series ................ 57,668,509.912 13,251,814.519
Total Return Series .......... 442,705.362 16,687.497
Social Awareness Series ...... 492,723.619 216,639.691
Value Series ................. 1,027,747.799 372,291.915
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<ARTICLE> 6
<CIK> 0000088525
<NAME> SECURITY EQUITY FUND
<SERIES>
<NUMBER> 011
<NAME> EQUITY SERIES - CLASS A
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<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000088525
<NAME> SECURITY EQUITY FUND
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<S> <C>
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000088525
<NAME> SECURITY EQUITY FUND
<SERIES>
<NUMBER> 013
<NAME> EQUITY SERIES - CLASS C
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-2000
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<INVESTMENTS-AT-COST> 679356
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<RECEIVABLES> 2842
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<PAID-IN-CAPITAL-COMMON> 567042
<SHARES-COMMON-STOCK> 474
<SHARES-COMMON-PRIOR> 456
<ACCUMULATED-NII-CURRENT> (410)
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<ACCUMULATED-NET-GAINS> 114739
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 431099
<NET-ASSETS> 1112470
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<EXPENSES-NET> 6593
<NET-INVESTMENT-INCOME> (410)
<REALIZED-GAINS-CURRENT> 127503
<APPREC-INCREASE-CURRENT> (985)
<NET-CHANGE-FROM-OPS> 126108
<EQUALIZATION> 0
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<GROSS-EXPENSE> 6593
<AVERAGE-NET-ASSETS> 1120926
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<PER-SHARE-GAIN-APPREC> 1.18
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<EXPENSE-RATIO> 2.02
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000088525
<NAME> SECURITY EQUITY FUND
<SERIES>
<NUMBER> 021
<NAME> GLOBAL SERIES - CLASS A
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-2000
<PERIOD-START> OCT-01-1999
<PERIOD-END> MAR-31-2000
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<INVESTMENTS-AT-COST> 64048
<INVESTMENTS-AT-VALUE> 83749
<RECEIVABLES> 311
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<PAYABLE-FOR-SECURITIES> 945
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<OTHER-ITEMS-LIABILITIES> 160
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<PAID-IN-CAPITAL-COMMON> 61825
<SHARES-COMMON-STOCK> 2638
<SHARES-COMMON-PRIOR> 2023
<ACCUMULATED-NII-CURRENT> (725)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 12459
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 19696
<NET-ASSETS> 93255
<DIVIDEND-INCOME> 239
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<OTHER-INCOME> (22)
<EXPENSES-NET> 755
<NET-INVESTMENT-INCOME> (417)
<REALIZED-GAINS-CURRENT> 13619
<APPREC-INCREASE-CURRENT> 12866
<NET-CHANGE-FROM-OPS> 26068
<EQUALIZATION> 0
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<DISTRIBUTIONS-OF-GAINS> 2783
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<NUMBER-OF-SHARES-SOLD> 803
<NUMBER-OF-SHARES-REDEEMED> 356
<SHARES-REINVESTED> 168
<NET-CHANGE-IN-ASSETS> 24443
<ACCUMULATED-NII-PRIOR> (308)
<ACCUMULATED-GAINS-PRIOR> 3640
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 638
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 755
<AVERAGE-NET-ASSETS> 65132
<PER-SHARE-NAV-BEGIN> 13.99
<PER-SHARE-NII> (.08)
<PER-SHARE-GAIN-APPREC> 7.57
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 1.49
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19.99
<EXPENSE-RATIO> 1.96
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000088525
<NAME> SECURITY EQUITY FUND
<SERIES>
<NUMBER> 022
<NAME> GLOBAL SERIES - CLASS B
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-2000
<PERIOD-START> OCT-01-1999
<PERIOD-END> MAR-31-2000
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 64048
<INVESTMENTS-AT-VALUE> 83749
<RECEIVABLES> 311
<ASSETS-OTHER> 10301
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 94361
<PAYABLE-FOR-SECURITIES> 945
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 160
<TOTAL-LIABILITIES> 1105
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 61825
<SHARES-COMMON-STOCK> 2054
<SHARES-COMMON-PRIOR> 1531
<ACCUMULATED-NII-CURRENT> (725)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 12459
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 19696
<NET-ASSETS> 93255
<DIVIDEND-INCOME> 239
<INTEREST-INCOME> 121
<OTHER-INCOME> (22)
<EXPENSES-NET> 755
<NET-INVESTMENT-INCOME> (417)
<REALIZED-GAINS-CURRENT> 13619
<APPREC-INCREASE-CURRENT> 12866
<NET-CHANGE-FROM-OPS> 26068
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 1990
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 768
<NUMBER-OF-SHARES-REDEEMED> 372
<SHARES-REINVESTED> 127
<NET-CHANGE-IN-ASSETS> 18582
<ACCUMULATED-NII-PRIOR> (308)
<ACCUMULATED-GAINS-PRIOR> 3640
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 638
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 755
<AVERAGE-NET-ASSETS> 65132
<PER-SHARE-NAV-BEGIN> 13.45
<PER-SHARE-NII> (.14)
<PER-SHARE-GAIN-APPREC> 7.25
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 1.49
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19.07
<EXPENSE-RATIO> 2.81
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000088525
<NAME> SECURITY EQUITY FUND
<SERIES>
<NUMBER> 023
<NAME> GLOBAL SERIES - CLASS C
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-2000
<PERIOD-START> OCT-01-1999
<PERIOD-END> MAR-31-2000
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 64048
<INVESTMENTS-AT-VALUE> 83749
<RECEIVABLES> 311
<ASSETS-OTHER> 10301
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 94361
<PAYABLE-FOR-SECURITIES> 945
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 160
<TOTAL-LIABILITIES> 1105
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 61825
<SHARES-COMMON-STOCK> 68
<SHARES-COMMON-PRIOR> 15
<ACCUMULATED-NII-CURRENT> (725)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 12459
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 19696
<NET-ASSETS> 93255
<DIVIDEND-INCOME> 239
<INTEREST-INCOME> 121
<OTHER-INCOME> (22)
<EXPENSES-NET> 755
<NET-INVESTMENT-INCOME> (417)
<REALIZED-GAINS-CURRENT> 13619
<APPREC-INCREASE-CURRENT> 12866
<NET-CHANGE-FROM-OPS> 26068
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 27
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 53
<NUMBER-OF-SHARES-REDEEMED> 2
<SHARES-REINVESTED> 2
<NET-CHANGE-IN-ASSETS> 1145
<ACCUMULATED-NII-PRIOR> (308)
<ACCUMULATED-GAINS-PRIOR> 3640
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 638
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 755
<AVERAGE-NET-ASSETS> 65132
<PER-SHARE-NAV-BEGIN> 13.90
<PER-SHARE-NII> (.14)
<PER-SHARE-GAIN-APPREC> 7.48
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 1.49
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19.75
<EXPENSE-RATIO> 2.95
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000088525
<NAME> SECURITY EQUITY FUND
<SERIES>
<NUMBER> 031
<NAME> TOTAL RETURN SERIES - CLASS A
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-2000
<PERIOD-START> OCT-01-1999
<PERIOD-END> MAR-31-2000
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 6669
<INVESTMENTS-AT-VALUE> 7737
<RECEIVABLES> 46
<ASSETS-OTHER> 150
<OTHER-ITEMS-ASSETS> 13
<TOTAL-ASSETS> 7946
<PAYABLE-FOR-SECURITIES> 42
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 21
<TOTAL-LIABILITIES> 63
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 6682
<SHARES-COMMON-STOCK> 305
<SHARES-COMMON-PRIOR> 307
<ACCUMULATED-NII-CURRENT> (49)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 182
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1068
<NET-ASSETS> 7883
<DIVIDEND-INCOME> 31
<INTEREST-INCOME> 3
<OTHER-INCOME> 0
<EXPENSES-NET> 83
<NET-INVESTMENT-INCOME> (49)
<REALIZED-GAINS-CURRENT> 99
<APPREC-INCREASE-CURRENT> 693
<NET-CHANGE-FROM-OPS> 743
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 196
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 14
<NUMBER-OF-SHARES-REDEEMED> 33
<SHARES-REINVESTED> 17
<NET-CHANGE-IN-ASSETS> 153
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 483
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 29
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 83
<AVERAGE-NET-ASSETS> 7693
<PER-SHARE-NAV-BEGIN> 11.69
<PER-SHARE-NII> (.05)
<PER-SHARE-GAIN-APPREC> 1.28
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .64
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.28
<EXPENSE-RATIO> 1.65
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000088525
<NAME> SECURITY EQUITY FUND
<SERIES>
<NUMBER> 032
<NAME> TOTAL RETURN SERIES - CLASS B
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-2000
<PERIOD-START> OCT-01-1999
<PERIOD-END> MAR-31-2000
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 6669
<INVESTMENTS-AT-VALUE> 7737
<RECEIVABLES> 46
<ASSETS-OTHER> 150
<OTHER-ITEMS-ASSETS> 13
<TOTAL-ASSETS> 7946
<PAYABLE-FOR-SECURITIES> 42
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 21
<TOTAL-LIABILITIES> 63
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 6682
<SHARES-COMMON-STOCK> 340
<SHARES-COMMON-PRIOR> 316
<ACCUMULATED-NII-CURRENT> (49)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 182
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1068
<NET-ASSETS> 7883
<DIVIDEND-INCOME> 31
<INTEREST-INCOME> 3
<OTHER-INCOME> 0
<EXPENSES-NET> 83
<NET-INVESTMENT-INCOME> (49)
<REALIZED-GAINS-CURRENT> 99
<APPREC-INCREASE-CURRENT> 693
<NET-CHANGE-FROM-OPS> 743
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 202
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 26
<NUMBER-OF-SHARES-REDEEMED> 19
<SHARES-REINVESTED> 17
<NET-CHANGE-IN-ASSETS> 456
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 483
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 29
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 83
<AVERAGE-NET-ASSETS> 7693
<PER-SHARE-NAV-BEGIN> 11.56
<PER-SHARE-NII> (.10)
<PER-SHARE-GAIN-APPREC> 1.25
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .64
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.07
<EXPENSE-RATIO> 2.65
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000088525
<NAME> SECURITY EQUITY FUND
<SERIES>
<NUMBER> 033
<NAME> TOTAL RETURN SERIES - CLASS C
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-2000
<PERIOD-START> OCT-01-1999
<PERIOD-END> MAR-31-2000
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 6669
<INVESTMENTS-AT-VALUE> 7737
<RECEIVABLES> 46
<ASSETS-OTHER> 150
<OTHER-ITEMS-ASSETS> 13
<TOTAL-ASSETS> 7946
<PAYABLE-FOR-SECURITIES> 42
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 21
<TOTAL-LIABILITIES> 63
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 6682
<SHARES-COMMON-STOCK> 3
<SHARES-COMMON-PRIOR> 1
<ACCUMULATED-NII-CURRENT> (49)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 182
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1068
<NET-ASSETS> 7883
<DIVIDEND-INCOME> 31
<INTEREST-INCOME> 3
<OTHER-INCOME> 0
<EXPENSES-NET> 83
<NET-INVESTMENT-INCOME> (49)
<REALIZED-GAINS-CURRENT> 99
<APPREC-INCREASE-CURRENT> 693
<NET-CHANGE-FROM-OPS> 743
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 1
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2
<NUMBER-OF-SHARES-REDEEMED> 0
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<PER-SHARE-GAIN-APPREC> 12.08
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .46
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 24.30
<EXPENSE-RATIO> 2.15
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000088525
<NAME> SECURITY EQUITY FUND
<SERIES>
<NUMBER> 071
<NAME> ENHANCED INDEX SERIES - CLASS A
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-2000
<PERIOD-START> OCT-01-1999
<PERIOD-END> MAR-31-2000
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 21714
<INVESTMENTS-AT-VALUE> 24869
<RECEIVABLES> 58
<ASSETS-OTHER> 2344
<OTHER-ITEMS-ASSETS> 28
<TOTAL-ASSETS> 27299
<PAYABLE-FOR-SECURITIES> 37
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 95
<TOTAL-LIABILITIES> 132
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 23647
<SHARES-COMMON-STOCK> 735
<SHARES-COMMON-PRIOR> 756
<ACCUMULATED-NII-CURRENT> (53)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 216
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3356
<NET-ASSETS> 27166
<DIVIDEND-INCOME> 134
<INTEREST-INCOME> 51
<OTHER-INCOME> 0
<EXPENSES-NET> 238
<NET-INVESTMENT-INCOME> (53)
<REALIZED-GAINS-CURRENT> 276
<APPREC-INCREASE-CURRENT> 3995
<NET-CHANGE-FROM-OPS> 4218
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 95
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 139
<NUMBER-OF-SHARES-REDEEMED> 168
<SHARES-REINVESTED> 8
<NET-CHANGE-IN-ASSETS> 1075
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 217
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 95
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 238
<AVERAGE-NET-ASSETS> 25372
<PER-SHARE-NAV-BEGIN> 10.04
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 1.87
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .12
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.79
<EXPENSE-RATIO> 1.42
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000088525
<NAME> SECURITY EQUITY FUND
<SERIES>
<NUMBER> 072
<NAME> ENHANCED INDEX SERIES - CLASS B
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-2000
<PERIOD-START> OCT-01-1999
<PERIOD-END> MAR-31-2000
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 21714
<INVESTMENTS-AT-VALUE> 24869
<RECEIVABLES> 58
<ASSETS-OTHER> 2344
<OTHER-ITEMS-ASSETS> 28
<TOTAL-ASSETS> 27299
<PAYABLE-FOR-SECURITIES> 37
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 95
<TOTAL-LIABILITIES> 132
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 23647
<SHARES-COMMON-STOCK> 1015
<SHARES-COMMON-PRIOR> 960
<ACCUMULATED-NII-CURRENT> (53)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 216
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3356
<NET-ASSETS> 27166
<DIVIDEND-INCOME> 134
<INTEREST-INCOME> 51
<OTHER-INCOME> 0
<EXPENSES-NET> 238
<NET-INVESTMENT-INCOME> (53)
<REALIZED-GAINS-CURRENT> 276
<APPREC-INCREASE-CURRENT> 3995
<NET-CHANGE-FROM-OPS> 4218
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 118
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 142
<NUMBER-OF-SHARES-REDEEMED> 98
<SHARES-REINVESTED> 11
<NET-CHANGE-IN-ASSETS> 2282
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 217
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 95
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 238
<AVERAGE-NET-ASSETS> 25372
<PER-SHARE-NAV-BEGIN> 9.99
<PER-SHARE-NII> (.04)
<PER-SHARE-GAIN-APPREC> 1.86
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .12
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.69
<EXPENSE-RATIO> 2.15
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000088525
<NAME> SECURITY EQUITY FUND
<SERIES>
<NUMBER> 073
<NAME> ENHANCED INDEX SERIES - CLASS C
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-2000
<PERIOD-START> MAR-31-2000
<PERIOD-END> MAR-31-2000
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 21714
<INVESTMENTS-AT-VALUE> 24869
<RECEIVABLES> 58
<ASSETS-OTHER> 2344
<OTHER-ITEMS-ASSETS> 28
<TOTAL-ASSETS> 27299
<PAYABLE-FOR-SECURITIES> 37
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 95
<TOTAL-LIABILITIES> 132
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 23647
<SHARES-COMMON-STOCK> 566
<SHARES-COMMON-PRIOR> 520
<ACCUMULATED-NII-CURRENT> (53)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 216
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3356
<NET-ASSETS> 27166
<DIVIDEND-INCOME> 134
<INTEREST-INCOME> 51
<OTHER-INCOME> 0
<EXPENSES-NET> 238
<NET-INVESTMENT-INCOME> (53)
<REALIZED-GAINS-CURRENT> 276
<APPREC-INCREASE-CURRENT> 3995
<NET-CHANGE-FROM-OPS> 4218
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 63
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 56
<NUMBER-OF-SHARES-REDEEMED> 16
<SHARES-REINVESTED> 6
<NET-CHANGE-IN-ASSETS> 1424
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 217
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 95
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 238
<AVERAGE-NET-ASSETS> 25372
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> (.03)
<PER-SHARE-GAIN-APPREC> 1.86
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .12
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.71
<EXPENSE-RATIO> 2.06
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000088525
<NAME> SECURITY EQUITY FUND
<SERIES>
<NUMBER> 081
<NAME> INTERNATIONAL SERIES - CLASS A
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-2000
<PERIOD-START> MAR-31-2000
<PERIOD-END> MAR-31-2000
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 8322
<INVESTMENTS-AT-VALUE> 10979
<RECEIVABLES> 347
<ASSETS-OTHER> 890
<OTHER-ITEMS-ASSETS> 32
<TOTAL-ASSETS> 12248
<PAYABLE-FOR-SECURITIES> 691
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 128
<TOTAL-LIABILITIES> 819
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 9152
<SHARES-COMMON-STOCK> 374
<SHARES-COMMON-PRIOR> 302
<ACCUMULATED-NII-CURRENT> (178)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (165)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2620
<NET-ASSETS> 11429
<DIVIDEND-INCOME> 31
<INTEREST-INCOME> 8
<OTHER-INCOME> (8)
<EXPENSES-NET> 133
<NET-INVESTMENT-INCOME> (102)
<REALIZED-GAINS-CURRENT> 166
<APPREC-INCREASE-CURRENT> 2304
<NET-CHANGE-FROM-OPS> 2368
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 79
<NUMBER-OF-SHARES-REDEEMED> 7
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1868
<ACCUMULATED-NII-PRIOR> 15
<ACCUMULATED-GAINS-PRIOR> (421)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 53
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 187
<AVERAGE-NET-ASSETS> 9631
<PER-SHARE-NAV-BEGIN> 9.69
<PER-SHARE-NII> (.10)
<PER-SHARE-GAIN-APPREC> 3.22
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.81
<EXPENSE-RATIO> 2.36
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000088525
<NAME> SECURITY EQUITY FUND
<SERIES>
<NUMBER> 082
<NAME> INTERNATIONAL SERIES - CLASS B
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-2000
<PERIOD-START> MAR-31-2000
<PERIOD-END> MAR-31-2000
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 8322
<INVESTMENTS-AT-VALUE> 10979
<RECEIVABLES> 347
<ASSETS-OTHER> 890
<OTHER-ITEMS-ASSETS> 32
<TOTAL-ASSETS> 12248
<PAYABLE-FOR-SECURITIES> 691
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 128
<TOTAL-LIABILITIES> 819
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 9152
<SHARES-COMMON-STOCK> 233
<SHARES-COMMON-PRIOR> 210
<ACCUMULATED-NII-CURRENT> (178)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (165)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2620
<NET-ASSETS> 11429
<DIVIDEND-INCOME> 31
<INTEREST-INCOME> 8
<OTHER-INCOME> (8)
<EXPENSES-NET> 133
<NET-INVESTMENT-INCOME> (102)
<REALIZED-GAINS-CURRENT> 166
<APPREC-INCREASE-CURRENT> 2304
<NET-CHANGE-FROM-OPS> 2368
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 25
<NUMBER-OF-SHARES-REDEEMED> 2
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 928
<ACCUMULATED-NII-PRIOR> 15
<ACCUMULATED-GAINS-PRIOR> (421)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 53
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 187
<AVERAGE-NET-ASSETS> 9631
<PER-SHARE-NAV-BEGIN> 9.65
<PER-SHARE-NII> (.15)
<PER-SHARE-GAIN-APPREC> 3.20
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.70
<EXPENSE-RATIO> 3.25
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000088525
<NAME> SECURITY EQUITY FUND
<SERIES>
<NUMBER> 083
<NAME> INTERNATIONAL SERIES - CLASS C
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-2000
<PERIOD-START> MAR-31-2000
<PERIOD-END> MAR-31-2000
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 8322
<INVESTMENTS-AT-VALUE> 10979
<RECEIVABLES> 347
<ASSETS-OTHER> 890
<OTHER-ITEMS-ASSETS> 32
<TOTAL-ASSETS> 12248
<PAYABLE-FOR-SECURITIES> 691
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 128
<TOTAL-LIABILITIES> 819
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 9152
<SHARES-COMMON-STOCK> 288
<SHARES-COMMON-PRIOR> 257
<ACCUMULATED-NII-CURRENT> (178)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (165)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2620
<NET-ASSETS> 11429
<DIVIDEND-INCOME> 31
<INTEREST-INCOME> 8
<OTHER-INCOME> (8)
<EXPENSES-NET> 133
<NET-INVESTMENT-INCOME> (102)
<REALIZED-GAINS-CURRENT> 166
<APPREC-INCREASE-CURRENT> 2304
<NET-CHANGE-FROM-OPS> 2368
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 32
<NUMBER-OF-SHARES-REDEEMED> 1
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1184
<ACCUMULATED-NII-PRIOR> 15
<ACCUMULATED-GAINS-PRIOR> (421)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 53
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 187
<AVERAGE-NET-ASSETS> 9631
<PER-SHARE-NAV-BEGIN> 9.68
<PER-SHARE-NII> (.13)
<PER-SHARE-GAIN-APPREC> 3.20
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.75
<EXPENSE-RATIO> 2.86
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000088525
<NAME> SECURITY EQUITY FUND
<SERIES>
<NUMBER> 091
<NAME> SELECT 25 SERIES - CLASS A
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-2000
<PERIOD-START> MAR-31-2000
<PERIOD-END> MAR-31-2000
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 37056
<INVESTMENTS-AT-VALUE> 44985
<RECEIVABLES> 774
<ASSETS-OTHER> 1234
<OTHER-ITEMS-ASSETS> 28
<TOTAL-ASSETS> 47021
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 128
<TOTAL-LIABILITIES> 128
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 40313
<SHARES-COMMON-STOCK> 1737
<SHARES-COMMON-PRIOR> 1327
<ACCUMULATED-NII-CURRENT> (230)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1118)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 7929
<NET-ASSETS> 46894
<DIVIDEND-INCOME> 68
<INTEREST-INCOME> 41
<OTHER-INCOME> 0
<EXPENSES-NET> 339
<NET-INVESTMENT-INCOME> (230)
<REALIZED-GAINS-CURRENT> (749)
<APPREC-INCREASE-CURRENT> 6531
<NET-CHANGE-FROM-OPS> 5552
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 795
<NUMBER-OF-SHARES-REDEEMED> 385
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 7356
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (368)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 145
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 339
<AVERAGE-NET-ASSETS> 38579
<PER-SHARE-NAV-BEGIN> 10.53
<PER-SHARE-NII> (.04)
<PER-SHARE-GAIN-APPREC> 1.79
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.28
<EXPENSE-RATIO> 1.35
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000088525
<NAME> SECURITY EQUITY FUND
<SERIES>
<NUMBER> 092
<NAME> SELECT 25 SERIES - CLASS B
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-2000
<PERIOD-START> MAR-31-2000
<PERIOD-END> MAR-31-2000
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 37056
<INVESTMENTS-AT-VALUE> 44985
<RECEIVABLES> 774
<ASSETS-OTHER> 1234
<OTHER-ITEMS-ASSETS> 28
<TOTAL-ASSETS> 47021
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 128
<TOTAL-LIABILITIES> 128
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 40313
<SHARES-COMMON-STOCK> 1564
<SHARES-COMMON-PRIOR> 1230
<ACCUMULATED-NII-CURRENT> (230)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1118)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 7929
<NET-ASSETS> 46894
<DIVIDEND-INCOME> 68
<INTEREST-INCOME> 41
<OTHER-INCOME> 0
<EXPENSES-NET> 339
<NET-INVESTMENT-INCOME> (230)
<REALIZED-GAINS-CURRENT> (749)
<APPREC-INCREASE-CURRENT> 6531
<NET-CHANGE-FROM-OPS> 5552
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 538
<NUMBER-OF-SHARES-REDEEMED> 204
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 6145
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (368)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 145
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 339
<AVERAGE-NET-ASSETS> 38579
<PER-SHARE-NAV-BEGIN> 10.52
<PER-SHARE-NII> (.09)
<PER-SHARE-GAIN-APPREC> 1.77
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.20
<EXPENSE-RATIO> 2.11
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000088525
<NAME> SECURITY EQUITY FUND
<SERIES>
<NUMBER> 093
<NAME> SELECT 25 SERIES - CLASS C
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-2000
<PERIOD-START> MAR-31-2000
<PERIOD-END> MAR-31-2000
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 37056
<INVESTMENTS-AT-VALUE> 44985
<RECEIVABLES> 774
<ASSETS-OTHER> 1234
<OTHER-ITEMS-ASSETS> 28
<TOTAL-ASSETS> 47021
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 128
<TOTAL-LIABILITIES> 128
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 40313
<SHARES-COMMON-STOCK> 529
<SHARES-COMMON-PRIOR> 421
<ACCUMULATED-NII-CURRENT> (230)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1118)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 7929
<NET-ASSETS> 46894
<DIVIDEND-INCOME> 68
<INTEREST-INCOME> 41
<OTHER-INCOME> 0
<EXPENSES-NET> 339
<NET-INVESTMENT-INCOME> (230)
<REALIZED-GAINS-CURRENT> (749)
<APPREC-INCREASE-CURRENT> 6531
<NET-CHANGE-FROM-OPS> 5552
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 228
<NUMBER-OF-SHARES-REDEEMED> 120
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 2038
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (368)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 145
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 339
<AVERAGE-NET-ASSETS> 38579
<PER-SHARE-NAV-BEGIN> 10.55
<PER-SHARE-NII> (.09)
<PER-SHARE-GAIN-APPREC> 1.78
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.24
<EXPENSE-RATIO> 2.08
</TABLE>
WHEREAS, the fundamental investment policies of the Series A, Series B and
Series Y of SBL Fund, the Equity Series and Select 25 Series of Security Equity
Fund and the Security Growth and Income Fund (the "Funds") do not prohibit the
use of financial futures contracts;
WHEREAS, Security Management Company, LLC, the Funds' investment adviser has
discussed with the Boards of Directors of the Funds its desire to use futures
contracts in the management of the Funds; and
WHEREAS, the Board has determined that it is in the best interests of the Funds
and their respective shareholders to authorize the use of futures contracts in
the management of the Funds;
NOW, THEREFORE, BE IT RESOLVED, that the Funds be permitted, consistent with
applicable law, to use financial futures contracts.
FURTHER RESOLVED that the appropriate officers of the Funds are authorized and
directed to take such action as they deem necessary and appropriate to implement
the purposes and intent of this resolution.
<PAGE>
WHEREAS, Strong Capital Management, Inc. ("Strong") serves as sub-advisor to the
Small Company Series of Security Equity Fund and Series X (Small Cap Series) of
SBL Fund (the Small Company Series and Series X collectively referred to as the
"Series");
WHEREAS, the Series currently define small company and small cap, respectively,
as companies with a total market value of less than $1.2 billion at the time of
purchase;
WHEREAS, Strong has requested that the Series' definition of small company and
small cap be amended to more closely follow the benchmark for the Series; and
WHEREAS, the Board has determined that it is appropriate and in the best
interests of the Series and their respective shareholders to make such a change;
NOW, THEREFORE, BE IT RESOLVED, that the Small Company Series of Security Equity
Fund and Series X of SBL Fund each adopt the following investment policy:
The Series pursues its investment objective by investing, under normal
circumstances, at least 65% of its assets in equity securities of domestic and
foreign companies with market capitalizations substantially similar to those of
companies in the Russell 2000 Growth Index at the time of the Series'
investment.
FURTHER RESOLVED, that the officers of Security Equity Fund and SBL Fund are
authorized and directed to take such action as they deem necessary and
appropriate to implement the purposes and intent of this resolution.
<PAGE>
WHEREAS, the Board of Directors has approved the establishment of new series of
common stock of Security Equity Fund in addition to the series of common stock
presently issued by the Fund;
WHEREAS, the Board of Directors has approved the establishment of five new
series of common stock of SBL Fund in addition to the seventeen separate series
of common stock presently issued by the Fund;
WHEREAS, the Board has reviewed the investment objectives, investment policies,
and fundamental policies as set forth in the form of each Funds' Prospectus and
Statement of Additional Information dated May 1, 2000 and finds that they are
appropriate for the administration of the Series of the Funds;
WHEREAS, the Board of Directors has determined that an amendment to the
Investment Advisory Contract between SBL Fund and Security Management Company,
LLC to include investment management services for the new series of SBL Fund,
Series G, Series Q, Series L, Series T and Series W, is in the best interest of
the Fund;
WHEREAS, the Board has further determined that an amendment to the
Administrative Services and Transfer Agency Agreement between SBL Fund and
Security Management Company, LLC, to include administrative and transfer agency
services to the new series of SBL Fund, Series G, Series Q, Series L, Series T
and Series W, is in the best interest of the Fund;
WHEREAS, the Board of Directors has determined that an amendment to the
Investment Management and Services Agreement between Security Equity Fund and
Security Management Company, LLC, to include investment management and
administrative services to the new series of Security Equity Fund, Large Cap
Growth Series and Technology Series, is in the best of interest of the Fund;
WHEREAS, the Board of Directors has determined that amending the Security Equity
Fund Brokerage Enhancement Plan to include the Large Cap Growth Series and
Technology Series and the SBL Fund Brokerage Enhancement Plan to include Series
G, Series Q, Series L, Series T and Series W is in the best interest of the
respective series and their shareholders;
WHEREAS, Security Management has recommended approval of the Sub-Advisors with
respect Series G, Series Q, Series L, Series T and Series W of SBL Fund and the
Technology Series of Security Equity Fund;
WHEREAS, the Board of Directors has considered with regard to the sub-advisory
agreements, among other things, the following: (1) the nature, extent and
quality of services expected to be provided by Alliance Capital Management, L.P.
to Series L (Capital Growth) of SBL Fund; Strong Capital Management, Inc. to
Series Q (Small Cap Value) of SBL Fund; Wellington Management Company, LLP to
Series T (Technology) of SBL Fund and the Technology Series of Security Equity
Fund; and OppenheimerFunds, Inc. to Series W (Main Street Growth and Income) of
SBL Fund; (2) the investment performance of other funds managed by Alliance
Capital Management, L.P.; Strong Capital Management, Inc.; Wellington Management
Company, LLP; and OppenheimerFunds, Inc.; (3) the costs of services provided or
to be provided by Alliance Capital Management, L.P.; Strong Capital Management,
Inc.; Wellington Management Company, LLP; and OppenheimerFunds, Inc.; and (4) a
comparison of each series' projected expense ratio and those of similarly
situated mutual funds; and
WHEREAS, the Board of Directors of SBL Fund has determined that the proposed
Sub-Advisory Contract between Security Management Company, LLC and Alliance
Capital, L.P. with respect to Series L (Capital Growth) of SBL Fund; between
Security Management Company, LLC and Strong Capital Management, Inc. with
respect to Series Q (Small Cap Value) of SBL Fund; between Wellington Management
Company, LLP with respect to Series T (Technology) of SBL Fund and the
Technology Series of Security Equity Fund; and between OppenheimerFunds, Inc.
with respect to Series W (Main Street Growth and Income) of SBL Fund is in the
best interests of the respective series and their shareholders;
NOW, THEREFORE, BE IT RESOLVED, that the investment objectives and policies and
fundamental policies of each of SBL Fund, Series G, Series Q, Series L, Series T
and Series W and Security Equity Fund, Large Cap Growth Series and Technology
Series, are as set forth in the form of the respective Funds' Prospectus and
Statement of Additional Information dated May 1, 2000, which is hereby approved
and incorporated herein by reference.
FURTHER RESOLVED, that the form of the Amendment to the Investment Advisory
Contract between SBL Fund and Security Management Company, LLC presented at this
meeting, providing for Security Management Company, LLC to provide investment
management services to SBL Fund, Series G, Series Q, Series L, Series T and
Series W, pursuant to the terms of that Agreement, is hereby approved and the
officers of the Fund are hereby authorized and directed to execute the Amendment
to the Investment Advisory Contract.
FURTHER RESOLVED, that the form of the Amendment to the Administrative Services
and Transfer Agency Agreement between SBL Fund and Security Management Company,
LLC, presented at this meeting, providing for Security Management Company, LLC
to provide administrative and transfer agency services to SBL Fund, Series G,
Series Q, Series L, Series T and Series W pursuant to the terms of that
Contract, is hereby approved and the officers of the Fund are hereby authorized
and directed to execute the Amendment to the Administrative Services and
Transfer Agency Agreement.
FURTHER RESOLVED, that the form of the Amendment to the Investment Management
and Services Agreement between Security Equity Fund and Security Management
Company, LLC, presented at this meeting, providing for Security Management
Company, LLC to provide investment management and administrative services to
Security Equity Fund, Large Cap Growth Series and Technology Series pursuant to
the terms of that Agreement, is hereby approved and the officers of the Fund are
hereby authorized and directed to execute the Amendment to the Investment
Management and Services Agreement.
FURTHER RESOLVED, that the compensation to be paid to Security Management
Company, LLC under each Fund's Agreement with respect to each of SBL Fund,
Series G, Series Q, Series L, Series T and Series W and Security Equity Fund,
Large Cap Growth Series and Technology Series is determined to be reasonable and
fair in light of the nature and quality of the services expected to be provided
by Security Management Company, LLC.
FURTHER RESOLVED, that the Investment Advisory Contract, in substantially the
form presented to this meeting, with such changes as the President or any Vice
President of SBL Fund, with the advice of counsel, shall approve, be recommended
for approval by the initial shareholder(s) of Series G, Series Q, Series L,
Series T and Series W of SBL Fund.
FURTHER RESOLVED that, provided said Investment Advisory Contract is, or has
been, approved by said initial shareholder(s), the President or any Vice
President be, and each hereby is, authorized to execute said Investment Advisory
Contract on behalf of SBL Fund in the form approved by said shareholder(s) and
deliver the same to Security Management Company, LLC.
FURTHER RESOLVED, that the Investment Management and Services Agreement, in
substantially the form presented to this meeting, with such changes as the
President or any Vice President of Security Equity Fund, with the advice of
counsel, shall approve, be recommended for approval by the initial
shareholders(s) of Large Cap Growth Series and Technology of Security Equity
Fund.
FURTHER RESOLVED that, provided said Investment Management and Services
Agreement is, or has been, approved by said initial shareholder(s), the
President or any Vice President be, and each hereby is, authorized to execute
said Investment Management and Services Agreement on behalf of Security Equity
Fund in the form approved by said shareholder(s) and deliver the same to
Security Management Company, LLC.
FURTHER RESOLVED, that the form of the Sub-Advisory Contract between Security
Management Company, LLC and Alliance Capital Management, L.P. with respect to
Series L (Capital Growth) of SBL Fund; between Security Management Company, LLC
and Strong Capital Management, Inc. with respect to Series Q (Small Cap Value)
of SBL Fund; between Security Management Company, LLC and Wellington Management
Company, LLP with respect to Series T (Technology) of SBL Fund and the
Technology Series of Security Equity Fund; and between Security Management
Company LLC and OppenheimerFunds, Inc. with respect to Series W (Main Street
Growth and Income) of SBL Fund, is hereby approved as required by Section 15 of
the Investment Company Act of 1940, each Contract effective April 30, 2000 to
continue in effect until May 1, 2001. A copy of the form of the Sub-Advisory
Contracts is filed following the minutes of this meeting.
FURTHER RESOLVED that the compensation to be paid to Alliance Capital
Management, L.P. under the Sub-Advisory Contract with respect to Series L
(Capital Growth) of SBL Fund; to Strong Capital Management, Inc. under the
Sub-Advisory Contract with respect to Series Q (Small Cap Value) of SBL Fund; to
Wellington Management Company, LLP with respect to Series T (Technology) of SBL
Fund and the Technology Series of Security Equity Fund; and to OppenheimerFunds,
Inc. with respect to Series W (Main Street Growth and Income) of SBL Fund, is
hereby determined to be fair and reasonable in light of the nature and quality
of the services expected to be provided by Alliance Capital Management, L.P.,
Strong Capital Management, Inc., Wellington Management Company, LLP and
OppenheimerFunds, Inc.
FURTHER RESOLVED, that each Sub-Advisory Contract, in substantially the form
presented to this meeting, with such changes as the President or any Vice
President of SBL Fund and Security Equity Fund, respectively, with the advice of
counsel, shall approve, be recommended for approval by the initial
shareholder(s) of Series Q (Small Cap Value), Series L (Capital Growth), Series
T (Technology) and Series W (Main Street Growth and Income) of SBL Fund and
Technology Series of Security Equity Fund.
FURTHER RESOLVED that, provided said Sub-Advisory Contracts are, or have been,
approved by said initial shareholder(s), the President or any Vice President be,
and each hereby is, authorized to execute said Sub-Advisory Contracts on behalf
of SBL Fund and Security Equity Fund in the form approved by said shareholder(s)
and deliver the same to the respective sub-advisors.
FURTHER RESOLVED, in accordance with Rule 12b-1 under the Act, each of SBL Fund
and Security Equity Fund, on behalf of itself and the respective new series,
adopts the form of Brokerage Enhancement Plan bearing its name which has been
distributed at this meeting, copies of which are attached hereto and made a part
of these meeting minutes, together with any non-material changes that an Officer
of the Fund deems appropriate.
FURTHER RESOLVED, that having received and reviewed a copy of the proposed
affiliated brokerage procedures of SBL Fund and Security Equity Fund (a copy of
which is attached hereto and made a part of these meeting minutes), the same is
hereby adopted for and shall apply to Series G, Series Q, Series L, Series T and
Series W of SBL Fund and the Large Cap Growth Series and Technology Series of
Security Equity Fund.
FURTHER RESOLVED, that the form of amendment to the Distribution Agreement for
each of the Class A, Class B and Class C shares of Security Equity Fund between
Security Distributors, Inc. and the Fund, dated January 1, 1964, October 1,
1993, and January 28, 1999, respectively, is hereby approved and adopted with
respect to the Large Cap Growth Series and Technology Series of the Fund, and
the appropriate officers of the Fund are hereby authorized and directed to
execute such amendments to the foregoing Distribution Agreements. A copy of the
form of the Amendments to the Distribution Agreements is filed following the
minutes of the meeting.
FURTHER RESOLVED, that the form of the Fund's Class A Distribution Plan, Class B
Distribution Plan, and Class C Distribution Plan are hereby approved and adopted
for the Large Cap Growth Series and Technology Series of the Security Equity
Fund, effective May 1, 2000.
FURTHER RESOLVED, that the following procedures of the Security Funds are hereby
adopted for and shall apply to Series G, Series Q, Series L, Series T and Series
W of SBL Fund and Large Cap Growth Series and Technology Series of Security
Equity Fund: Procedures for Securities Transactions between Funds/Series/Private
Accounts; Procedures for Calculation of Net Asset Value; Code of Ethics;
Procedures for Reverse Repurchase Agreements, Firm Commitment Agreements, and
Standby Commitment Agreements; Statement of Procedures of Purchase and Resale of
Restricted Securities; and Trade Bunching and Allocation Procedures.
FURTHER RESOLVED, that the Foreign Custody Arrangements Monitoring Procedures
and Authorized List of Compulsory Depositories are hereby adopted for and shall
apply to SBL Fund, Series T and Security Equity Fund, Technology Series.
FURTHER RESOLVED, that the Board hereby authorizes a private offering of up to
$100,000 to Security Management Company, LLC or an affiliate thereof of the
shares of the SBL Fund, Series G, Series Q, Series L, Series T and Series W and
Security Equity Fund, Large Cap Growth Series and Technology Series.
FURTHER RESOLVED, that the officers of SBL Fund are hereby directed and
authorized to establish five new series of SBL Fund designated as Series G,
Series Q, Series L, Series T and Series W.
FURTHER RESOLVED, that, the officers of Security Equity Fund are hereby directed
and authorized to establish six new series of the Security Equity Fund
designated as Large Cap Growth Series A, Large Cap Growth Series B, Large Cap
Growth Series C, Technology Series A, Technology Series B, and Technology Series
C.
FURTHER RESOLVED, that, the officers of SBL Fund are hereby directed and
authorized to issue an indefinite number of $1.00 par value shares of capital
stock of the following series of the corporation: Series G, Series L, Series Q,
Series T and Series W.
FURTHER RESOLVED, that, the officers of Security Equity Fund are hereby directed
and authorized to issue an indefinite number of $0.25 par value shares of
capital stock of the following series of the corporation: Large Cap Growth
Series A, Large Cap Growth Series B, Large Cap Growth Series C, Technology
Series A, Technology Series B, and Technology Series C.
FURTHER RESOLVED, that, the preferences, rights, privileges and restrictions of
the shares of each of the series of Security Equity Fund shall be as set forth
in the minutes of the November 6, 1998 meeting of this Board of Directors, which
preferences, rights, privileges and restrictions are hereby reaffirmed in the
minutes of this meeting.
FURTHER RESOLVED, that the preferences, rights, privileges and restrictions of
the shares of SBL Fund's series of common stock, as set forth in the minutes of
the June 6, 1977 meeting of this Board of Directors, are hereby reaffirmed in
the minutes of this meeting.
FURTHER RESOLVED, that the officers of SBL Fund and Security Equity Fund are
hereby authorized and directed to take such action as may be necessary under the
laws of the State of Kansas or as they deem appropriate to cause the foregoing
resolutions to become effective.
FURTHER RESOLVED, that the Board hereby selects a fiscal year end of December 31
for Series G, Series Q, Series L, Series T and Series W of SBL Fund and
September 30 for Large Cap Growth Series and Technology Series of Security
Equity Fund.
FURTHER RESOLVED, that the Board hereby selects Ernst & Young LLP as independent
auditors of Series G, Series Q, Series L, Series T and Series W of SBL Fund for
the fiscal year ending December 31, 2000 and for the fiscal year ending
September 30, 2000 for Large Cap Growth Series and Technology Series of Security
Equity Fund.
FURTHER RESOLVED, that the amendment to the Custody Agreement between SBL Fund
and Security Equity Fund and UMB Bank, n.a., presented at this meeting,
providing for UMB Bank, n.a. to provide services as custodian to Series G,
Series Q, Series L, and Series W of SBL Fund and Large Cap Growth Series of
Security Equity Fund pursuant to the terms of that Contract, is hereby approved
and the appropriate officers of each of the Funds are hereby authorized and
directed to execute the amendment to the Custody Agreement.
FURTHER RESOLVED, that the amendment to the Custody Agreement between SBL Fund
and Security Equity Fund and Chase Manhattan Bank, presented at this meeting,
providing for Chase Manhattan Bank to provide services as custodian to Series T
of SBL Fund and Technology Series of Security Equity Fund pursuant to the terms
of that Contract, is hereby approved and the appropriate officers of each of the
Funds are hereby authorized and directed to execute the amendment to the Custody
Agreement.
FURTHER RESOLVED, that pursuant to Rule 22c-1 under the Investment Company Act
of 1940, the Board hereby approves the close of the New York Stock Exchange
(normally 4:00 p.m. Eastern time) on each day that the Exchange is open for
trading as the time of day for determining the net asset value of SBL Fund,
Series G, Series Q, Series L, Series T and Series W and Security Equity Fund,
Large Cap Growth Series and Technology Series, provided that the Series' net
asset value need not be calculated on a day in which no shares are tendered for
redemption and no order to purchase shares is received.
FURTHER RESOLVED, that in consideration of the requirements of Rule 17f-4 under
the Investment Company Act of 1940, the arrangements by which UMB Bank, n.a., as
custodian for Series G, Series Q, Series L and Series W of SBL Fund and Large
Cap Growth Series of Security Equity Fund, proposes to participate in the
Federal Reserve Book Entry System, The Depository Trust Company and the
Participants Trust Company be, and the same hereby are approved.
FURTHER RESOLVED, that in consideration of the requirements of Rule 17f-4 under
the Investment Company Act of 1940, the arrangements by which Chase Manhattan
Bank, as custodian for Series T of SBL Fund and Technology Series of Security
Equity Fund, proposes to participate in the Federal Reserve Book Entry System,
The Depository Trust Company and the Participants Trust Company be, and the same
hereby are approved.
FURTHER RESOLVED, that the officers of SBL Fund are hereby authorized and
directed to amend the Fund's registration statement as appropriate to reflect
the items approved at this meeting of the Board held on February 4, 2000 and
authorized to commence an offering of shares of Series G, Series Q, Series L,
Series T and Series W to separate accounts of Security Benefit Life Insurance
Company and its affiliated insurance companies as soon as practicable after
effectiveness for the amended registration statement.
FURTHER RESOLVED, that the officers of Security Equity Fund are hereby
authorized and directed to amend the Fund's registration statement as
appropriate to reflect the items approved at this meeting of the Board held on
February 4, 2000, and to commence a public offering of shares of the Large Cap
Growth Series and Technology Series of the Fund as soon as practicable after
effectiveness of the amended registration statement.
FURTHER RESOLVED, that the appropriate officers of the Funds be, and they hereby
are, authorized and directed to add Series G (Large Cap Growth), Series Q (Small
Cap Value), Series L (Capital Growth), Series T (Technology) and Series W
(Growth and Income) of SBL Fund and Large Cap Growth Series and Technology
Series of Security Equity Fund as insureds under the joint insurance bond from
the National Union Fire Insurance Company; the insureds presently included under
the bond are Security Cash Fund, Security Equity Fund, Security Growth and
Income Fund, Security Municipal Bond Fund, Security Ultra Fund, Security Income
Fund, SBL Fund, Advisor's Fund, Security Management Company, LLC, and Security
Distributors, Inc.; such bond insures against dishonesty, including, but not
limited to, larceny and embezzlement; such bond is a blanket bond in the amount
of $8,000,000, which amount is not increased with the addition of the new
series; said bond to be in effect on or about the effective date of the new
series.
FURTHER RESOLVED, that the appropriate officers of the Funds are hereby
authorized to continue the "Agreement Among Joint Insureds," which shall
continue in force as provided in the Agreement and which is attached to and
hereby made part of this resolution.
FURTHER RESOLVED, that the payment of a proportionate share of the premium for
the joint Fidelity Bond in the amount of $0 for the period beginning with the
approximate effective date of the new series to August 1, 2000, be, and it
hereby is, authorized, ratified and approved.
FURTHER RESOLVED, that the extension of the $8,000,000 Joint Investment
Counselors Errors and Omissions Policy ("E & O Policy") to include Series G, L,
Q, T and W of SBL Fund and Large Cap Growth Series and Technology Series of
Security Equity Fund is in the best interests of the Fund, and the additional
premium of $0 for the extension of said policy to include the new series until
August 1, 2000, is fair and reasonable.
FURTHER RESOLVED, that the officers of SBL Fund and Security Equity Fund are
hereby authorized to take all action necessary to extend coverage under the E &
O Policy to Series G, L, Q, T and W of SBL Fund and Large Cap Growth Series and
Technology Series of Security Equity Fund.
<PAGE>
WHEREAS, the Board of Directors of Security Equity Fund desires to change the
name of its existing series of common stock, from Small Company Series A, B and
C to Small Cap Growth Series A, B and C and Value Series A, B and C to Mid Cap
Value Series A, B and C to more accurately reflect the investment objective and
policies of each series; and
WHEREAS, there are no changes in the voting powers, designations, preferences
and relative, participating, optional or other rights, if any, or the
qualifications, limitations or restrictions of the series requiring stockholder
approval;
NOW, THEREFORE, BE IT RESOLVED, that, the name of Small Company Series A, Small
Company Series B and Small Company Series C of Security Equity Fund is hereby
changed to Small Cap Growth Series A, Small Cap Growth Series B and Small Cap
Growth Series C, respectively and the name of Value Series A, Value Series B and
Value Series C is hereby changed to Mid Cap Value Series A, Mid Cap Value Series
B and Mid Cap Value Series C, respectively.
FURTHER RESOLVED, that the appropriate officers of Security Equity Fund be, and
they hereby are, authorized and directed to take such action as may be necessary
under the laws of the State of Kansas or as they deem appropriate to cause the
foregoing resolutions to become effective, including filing an amended
certificate of designation with the Kansas Secretary of State's Office.
FURTHER RESOLVED, that the Board of Directors hereby directs the appropriate
officers of the Funds, with the assistance of counsel, to file such supplements
to the currently effective prospectus and SAI as shall be necessary for such
documents to reflect the actions taken at this meeting.
<PAGE>
WHEREAS, Series S of SBL Fund and the Social Awareness Series of Security Equity
Fund (the "Funds") each has certain social screens (the "Screens") as part of
their investment policies; and
WHEREAS, each Fund's Board of Directors has duly considered the current Screens
of the Funds and believes that a clarification of the intent of the Screens is
prudent;
NOW, THEREFORE, BE IT RESOLVED, that the Board determines it to be in the best
interest of the Funds and their respective shareholders to clarify that the
Funds' Screens shall be construed to permit the Funds to invest in any company
in the Domini 400 Social Index.
FURTHER RESOLVED, that the officers of the Funds are hereby authorized and
directed to take all steps necessary to effect the purpose and intent of this
resolution.
