<PAGE> PAGE 1
000 A000000 03/31/2000
000 C000000 0000088565
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 SECURITY GROWTH AND INCOME FUND
001 B000000 811-0487
001 C000000 7854313127
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 N
007 B000000 0
007 C010100 0
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 SECURITY MANAGEMENT COMPANY, LLC
008 B000001 A
008 C000001 801-8008
008 D010001 TOPEKA
008 D020001 KS
008 D030001 66636
008 D040001 0001
010 A000001 SECURITY MANAGEMENT COMPANY, LLC
010 B000001 811-8008
010 C010001 TOPEKA
010 C020001 KS
010 C030001 66636
010 C040001 0001
011 A000001 SECURITY DISTRIBUTORS, INC.
011 B000001 8-10781
011 C010001 TOPEKA
011 C020001 KS
011 C030001 66636
<PAGE> PAGE 2
011 C040001 0001
012 A000001 SECURITY MANAGEMENT COMPANY, LLC
012 B000001 84-01497
012 C010001 TOPEKA
012 C020001 KS
012 C030001 66636
012 C040001 0001
013 A000001 ERNST & YOUNG, LLP
013 B010001 KANSAS CITY
013 B020001 MO
013 B030001 64105
013 B040001 2143
014 A000005 DELETE
015 A000001 UMB BANK, N.A.
015 B000001 C
015 C010001 KANSAS CITY
015 C020001 MO
015 C030001 64106
015 E010001 X
018 000000 Y
019 A000000 Y
019 B000000 35
019 C000000 SECURITYFU
020 A000001 INSTINET
020 B000001 13-3443395
020 C000001 27
020 A000002 SALOMON SMITH BARNEY, INC.
020 B000002 11-2418191
020 C000002 13
020 A000003 PAINE WEBBER, INC.
020 B000003 13-2638166
020 C000003 17
020 A000004 RAYMOND JAMES AND ASSOCIATES
020 B000004 59-1237041
020 C000004 14
020 A000005 BRIDGE TRADING COMPANY
020 B000005 43-1450530
020 C000005 11
020 A000006 ALLIED RESEARCH SERVICES, INC.
020 B000006 75-1872581
020 C000006 11
020 A000007 AUTRANET
020 B000007 13-2961507
020 C000007 9
020 A000008 LEHMAN BROTHERS, INC.
020 B000008 13-2726611
020 C000008 8
020 A000009 DONALDSON, LUFKIN & JENRETTE
020 B000009 13-2741729
020 C000009 8
020 A000010 MORGAN, J.P.
<PAGE> PAGE 3
020 B000010 13-3224016
020 C000010 3
021 000000 225
022 A000001 MERRILL LYNCH, PIERCE, FENNER & SMITH
022 B000001 36-4674085
022 C000001 15151
022 D000001 3431
022 A000002 SBL FUND B
022 B000002 48-0873454
022 C000002 399
022 D000002 3218
022 A000003 (OPPENHEIMER) CIBC WORLDMARKETS
022 B000003 13-2798343
022 C000003 2779
022 D000003 75
022 A000004 GOLDMAN SACHS AND COMPANY
022 B000004 13-5108880
022 C000004 2249
022 D000004 96
022 A000005 SALOMON SMITH BARNEY, INC.
022 B000005 11-2418191
022 C000005 1659
022 D000005 285
022 A000006 MORGAN STANLEY DEAN WITTER
022 B000006 13-2655998
022 C000006 1404
022 D000006 536
022 A000007 RAYMOND JAMES AND ASSOCIATES
022 B000007 59-1237041
022 C000007 444
022 D000007 795
022 A000008 CREDIT SUISSE FIRST BOSTON
022 B000008 13-5659485
022 C000008 329
022 D000008 709
022 A000009 LEHMAN BROTHERS, INC
022 B000009 13-2726611
022 C000009 337
022 D000009 418
022 A000010 SEQUENT COMPUTER SYSTEMS, INC.
022 C000010 0
022 D000010 720
023 C000000 26203
023 D000000 12670
024 000000 N
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
<PAGE> PAGE 4
025 D000007 0
025 D000008 0
026 A000000 Y
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
028 A010000 734
028 A020000 0
028 A030000 0
028 A040000 799
028 B010000 574
028 B020000 0
028 B030000 0
028 B040000 1197
028 C010000 871
028 C020000 2499
028 C030000 0
028 C040000 1898
028 D010000 901
028 D020000 0
028 D030000 0
028 D040000 1724
028 E010000 421
028 E020000 0
028 E030000 0
028 E040000 2506
028 F010000 501
028 F020000 0
028 F030000 0
028 F040000 2304
028 G010000 4002
028 G020000 2499
028 G030000 0
028 G040000 10428
028 H000000 1517
029 000000 Y
030 A000000 26
030 B000000 5.75
030 C000000 0.00
031 A000000 2
031 B000000 0
032 000000 24
033 000000 0
034 000000 Y
035 000000 14
<PAGE> PAGE 5
036 A000000 Y
036 B000000 0
037 000000 N
038 000000 0
039 000000 N
040 000000 Y
041 000000 Y
042 A000000 0
042 B000000 0
042 C000000 100
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 47
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.000
048 A010000 10000
048 A020000 2.000
048 B010000 20000
048 B020000 1.500
048 C010000 99999999
048 C020000 1.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 N
054 A000000 Y
054 B000000 Y
054 C000000 Y
<PAGE> PAGE 6
054 D000000 Y
054 E000000 Y
054 F000000 Y
054 G000000 Y
054 H000000 N
054 I000000 Y
054 J000000 Y
054 K000000 Y
054 L000000 Y
054 M000000 Y
054 N000000 Y
054 O000000 Y
055 A000000 N
055 B000000 N
056 000000 Y
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 100
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 0.0
066 A000000 Y
066 B000000 N
066 C000000 N
066 D000000 N
066 E000000 Y
066 F000000 N
066 G000000 N
067 000000 N
068 A000000 N
068 B000000 N
<PAGE> PAGE 7
069 000000 N
070 A010000 Y
070 A020000 N
070 B010000 N
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 Y
070 F020000 Y
070 G010000 Y
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 Y
070 I020000 N
070 J010000 Y
070 J020000 N
070 K010000 Y
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 N
070 N010000 N
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 Y
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 71878
071 B000000 82068
071 C000000 76281
071 D000000 188
072 A000000 6
072 B000000 140
072 C000000 912
072 D000000 0
072 E000000 0
072 F000000 496
072 G000000 0
072 H000000 0
072 I000000 0
072 J000000 0
<PAGE> PAGE 8
072 K000000 0
072 L000000 0
072 M000000 0
072 N000000 0
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 0
072 S000000 0
072 T000000 47
072 U000000 0
072 V000000 0
072 W000000 0
072 X000000 543
072 Y000000 0
072 Z000000 509
072AA000000 0
072BB000000 7439
072CC010000 1313
072CC020000 0
072DD010000 1285
072DD020000 82
072EE000000 1338
073 A010000 0.0000
073 A020000 0.0000
073 B000000 0.1100
073 C000000 0.0000
074 A000000 514
074 B000000 0
074 C000000 4694
074 D000000 460
074 E000000 0
074 F000000 64288
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 7236
074 K000000 0
074 L000000 129
074 M000000 0
074 N000000 77321
074 O000000 4564
074 P000000 0
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 84
074 S000000 0
074 T000000 72673
074 U010000 9928
<PAGE> PAGE 9
074 U020000 1325
074 V010000 0.00
074 V020000 0.00
074 W000000 0.0000
074 X000000 4431
074 Y000000 0
075 A000000 0
075 B000000 79010
076 000000 0.00
077 A000000 Y
077 C000000 Y
077 D000000 Y
077 Q010000 Y
078 000000 N
080 A000000 NATIONAL UNION FIRE INSURANCE CO.
080 C000000 6875
081 A000000 Y
081 B000000 33
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
SIGNATURE AMY J. LEE
TITLE SECRETARY
SECURITY GROWTH AND INCOME FUND
FILE NO. 811-0487
CIK NO. 0000088565
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
SECURITY GROWTH AND INCOME FUND:
VOTES
- --------------------------------------------------------------------------------
AGAINST/
ISSUE FOR ABSTENTIONS
- --------------------------------------------------------------------------------
a. To amend the Fund's fundamental investment
limitation concerning diversification. 7,403,810.191 830,688.511
- --------------------------------------------------------------------------------
b. To amend the Fund's fundamental investment
limitation concerning share ownership of
any one issuer. 7,403,496.079 831,002.623
- --------------------------------------------------------------------------------
c. To eliminate the Fund's fundamental
investment limitation concerning investing
for control of portfolio companies. 7,400,448.186 834,050.516
- --------------------------------------------------------------------------------
d. To amend the Fund's fundamental investment
limitation concerning underwriting. 7,400,143.923 834,354.779
- --------------------------------------------------------------------------------
e. To amend the Fund's fundamental investment
limitation concerning borrowing. 7,396,191.474 838,307.228
- --------------------------------------------------------------------------------
f. To amend the Fund's fundamental investment
limitation concerning lending. 7,392,874.006 841,624.696
- --------------------------------------------------------------------------------
g. To eliminate the Fund's fundamental
investment limitation concerning short
sales and margin purchases of securities. 7,392,938.926 841,559.776
- --------------------------------------------------------------------------------
h. To eliminate the Fund's fundamental
investment limitation concerning
mortgaging, pledging or hypothecating
its assets. 7,395,365.699 839,133.003
- --------------------------------------------------------------------------------
i. To eliminate the Fund's fundamental
investment limitation concerning
purchasing securities that are not
traded on an exchange or actively
traded over-the-counter. 7,392,878.885 841,619.817
- --------------------------------------------------------------------------------
j. To eliminate the Fund's fundamental
investment limitation concerning
investment in companies with less
than three years' operating history. 7,396,882.263 837,616.439
- --------------------------------------------------------------------------------
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. 7,386,317.349 848,181.353
- --------------------------------------------------------------------------------
l. To eliminate the Fund's fundamental
investment limitation concerning
investment in other investment companies. 7,391,782.381 842,716.321
- --------------------------------------------------------------------------------
m. To eliminate the Fund's fundamental
investment limitation concerning the
officers or directors of the Fund, the
Underwriter or Investment Manager
purchasing shares of the Fund, except
at net asset value. 7,395,717.103 838,781.599
- --------------------------------------------------------------------------------
n. To amend the Fund's fundamental investment
limitation concerning buying or selling
real estate and commodities or commodity
contracts. 7,386,558.948 847,939.754
- --------------------------------------------------------------------------------
o. To eliminate the Fund's fundamental
investment limitation concerning
investment in puts, calls, straddles
or spreads. 7,382,009.650 852,489.052
- --------------------------------------------------------------------------------
p. To eliminate the Fund's fundamental
investment limitation concerning
investment in limited partnerships or
similar interests in oil, gas, mineral
leases or other mineral exploration
development programs. 7,388,227.254 846,271.448
- --------------------------------------------------------------------------------
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000088565
<NAME> SECURITY GROWTH AND INCOME FUND
<SERIES>
<NUMBER> 001
<NAME> 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> 67403
<INVESTMENTS-AT-VALUE> 69442
<RECEIVABLES> 7365
<ASSETS-OTHER> 514
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 77321
<PAYABLE-FOR-SECURITIES> 4564
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 84
<TOTAL-LIABILITIES> 4648
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 77773
<SHARES-COMMON-STOCK> 9928
<SHARES-COMMON-PRIOR> 10427
<ACCUMULATED-NII-CURRENT> 311
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (7450)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2039
<NET-ASSETS> 72673
<DIVIDEND-INCOME> 912
<INTEREST-INCOME> 140
<OTHER-INCOME> 0
<EXPENSES-NET> 543
<NET-INVESTMENT-INCOME> 509
<REALIZED-GAINS-CURRENT> (7439)
<APPREC-INCREASE-CURRENT> 1313
<NET-CHANGE-FROM-OPS> (5617)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1285
<DISTRIBUTIONS-OF-GAINS> 1172
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 399
<NUMBER-OF-SHARES-REDEEMED> 1233
<SHARES-REINVESTED> 335
<NET-CHANGE-IN-ASSETS> (10476)
<ACCUMULATED-NII-PRIOR> 1169
<ACCUMULATED-GAINS-PRIOR> 1327
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 496
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 543
<AVERAGE-NET-ASSETS> 79010
<PER-SHARE-NAV-BEGIN> 7.17
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> (.50)
<PER-SHARE-DIVIDEND> (.13)
<PER-SHARE-DISTRIBUTIONS> (.11)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 6.48
<EXPENSE-RATIO> 1.25
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000088565
<NAME> SECURITY GROWTH AND INCOME FUND
<SERIES>
<NUMBER> 002
<NAME> 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> 67403
<INVESTMENTS-AT-VALUE> 69442
<RECEIVABLES> 7365
<ASSETS-OTHER> 514
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 77321
<PAYABLE-FOR-SECURITIES> 4564
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 84
<TOTAL-LIABILITIES> 4648
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 77773
<SHARES-COMMON-STOCK> 1276
<SHARES-COMMON-PRIOR> 1415
<ACCUMULATED-NII-CURRENT> 311
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (7450)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2039
<NET-ASSETS> 72673
<DIVIDEND-INCOME> 912
<INTEREST-INCOME> 140
<OTHER-INCOME> 0
<EXPENSES-NET> 543
<NET-INVESTMENT-INCOME> 509
<REALIZED-GAINS-CURRENT> (7439)
<APPREC-INCREASE-CURRENT> 1313
<NET-CHANGE-FROM-OPS> (5617)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 76
<DISTRIBUTIONS-OF-GAINS> 160
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 191
<NUMBER-OF-SHARES-REDEEMED> 344
<SHARES-REINVESTED> 14
<NET-CHANGE-IN-ASSETS> (1790)
<ACCUMULATED-NII-PRIOR> 1169
<ACCUMULATED-GAINS-PRIOR> 1327
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 496
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 543
<AVERAGE-NET-ASSETS> 79010
<PER-SHARE-NAV-BEGIN> 6.95
<PER-SHARE-NII> .01
<PER-SHARE-GAIN-APPREC> (.50)
<PER-SHARE-DIVIDEND> (.05)
<PER-SHARE-DISTRIBUTIONS> (.11)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 6.30
<EXPENSE-RATIO> 2.25
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000088565
<NAME> SECURITY GROWTH AND INCOME FUND
<SERIES>
<NUMBER> 003
<NAME> 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> 67403
<INVESTMENTS-AT-VALUE> 69442
<RECEIVABLES> 7365
<ASSETS-OTHER> 514
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 77321
<PAYABLE-FOR-SECURITIES> 4564
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 84
<TOTAL-LIABILITIES> 4648
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 77773
<SHARES-COMMON-STOCK> 49
<SHARES-COMMON-PRIOR> 42
<ACCUMULATED-NII-CURRENT> 311
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (7450)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2039
<NET-ASSETS> 72673
<DIVIDEND-INCOME> 912
<INTEREST-INCOME> 140
<OTHER-INCOME> 0
<EXPENSES-NET> 543
<NET-INVESTMENT-INCOME> 509
<REALIZED-GAINS-CURRENT> (7439)
<APPREC-INCREASE-CURRENT> 1313
<NET-CHANGE-FROM-OPS> (5617)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 6
<DISTRIBUTIONS-OF-GAINS> 6
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 32
<NUMBER-OF-SHARES-REDEEMED> 27
<SHARES-REINVESTED> 2
<NET-CHANGE-IN-ASSETS> 17
<ACCUMULATED-NII-PRIOR> 1169
<ACCUMULATED-GAINS-PRIOR> 1327
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 496
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 543
<AVERAGE-NET-ASSETS> 79010
<PER-SHARE-NAV-BEGIN> 7.11
<PER-SHARE-NII> .01
<PER-SHARE-GAIN-APPREC> (.50)
<PER-SHARE-DIVIDEND> (.11)
<PER-SHARE-DISTRIBUTIONS> (.11)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 6.40
<EXPENSE-RATIO> 2.25
</TABLE>
WHEREAS, the Board of Directors of SBL Fund, and Security Equity, Growth and
Income and Ultra Funds has considered the fact that portfolio managers need
flexibility in managing the assets of the Funds; and
WHEREAS, the Board has considered the risks, rewards and benefits associated
with investing in shares of other investment companies, including investment in
index-based securities;
NOW THEREFORE, BE IT RESOLVED that each of Series A, B, J, V, and Y of SBL Fund,
Equity, Total Return, Value and Select 25 Series of Security Equity Fund,
Security Growth and Income Fund and Security Ultra Fund, is hereby authorized to
invest its assets in the shares of other investment companies, including
index-based securities, consistent with the limitations imposed by Section 12 of
the Investment Company Act of 1940.
FURTHER RESOLVED, that the prospectuses of the applicable Funds be amended or
supplemented as the officers of the Funds deem appropriate in order to disclose
this investment practice, such disclosure to be substantially in the form
presented at this meeting;
