SECURITY ULTRA FUND
NSAR-A/A, 1995-05-31
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<PAGE>      PAGE  1
000 A000000 03/31/95
000 C000000 0000088676
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 Y
000 H000000 N
000 I000000 2.2
000 J000000 A
001 A000000 SECURITY ULTRA FUND
001 B000000 811-1316
001 C000000 9132953227
002 A000000 700 HARRISON
002 B000000 TOPEKA
002 C000000 KS
002 D010000 66636
002 D020000 0001
003  000000 N
004  000000 N
005  000000 N
006  000000 N
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007 B000000  0
008 A000001 SECURITY MANAGEMENT COMPANY
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008 D010001 TOPEKA
008 D020001 KS
008 D030001 66636
008 D040001 0001
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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
011 C040001 0001
012 A000001 SECURITY MANAGEMENT COMPANY
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 KS
<PAGE>      PAGE  2
013 B030001 64105
013 B040001 2100
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   16
019 C000000 SECURITYFU
020 A000001 KING (C.L.) ASSOCIATES, INC.
020 B000001 13-2700327
020 C000001     12
020 A000002 LAWRENCE (C.J.), INC.
020 B000002 13-2730828
020 C000002     11
020 A000003 PAINE WEBBER, INC.
020 B000003 13-2638166
020 C000003      8
020 A000004 OPPENHEIMER & COMPANY, INC.
020 B000004 13-2798343
020 C000004      8
020 A000005 LEHMAN BROTHERS DISTRIBUTORS, INC.
020 B000005 13-2518466
020 C000005      8
020 A000006 PRUDENTIAL-BACHE SECURITIES, INC.
020 B000006 22-2347336
020 C000006      8
020 A000007 BLAIR (WILLIAM) & COMPANY
020 B000007 36-2214610
020 C000007      7
020 A000008 SMITH BARNEY HARRIS UPHAM & COMPANY
020 B000008 13-1912900
020 C000008      6
020 A000009 DONALDSON LUFKIN & JENRETTE SECURITIES
020 B000009 13-2741729
020 C000009      5
020 A000010 BROWN (ALEX) & SONS, INC.
020 B000010 52-1319768
020 C000010      5
021  000000      127
022 A000001 MERRILL LYNCH
022 B000001 13-5674085
022 C000001     64640
022 D000001      2106
022 A000002 SECURITY CASH FUND
022 B000002 48-0911935
022 C000002     13907
022 D000002      2994
<PAGE>      PAGE  3
022 A000003 FIRST BOSTON CORPORATION (THE)
022 B000003 13-5659485
022 C000003     17972
022 D000003         0
022 A000004 SECURITY EQUITY FUND
022 B000004 48-6104426
022 C000004      9388
022 D000004      6643
022 A000005 SBL FUND A
022 B000005 48-0873454
022 C000005       499
022 D000005     12380
022 A000006 MORGAN STANLEY & COMPANY, INC.
022 B000006 13-2655998
022 C000006      7646
022 D000006       400
022 A000007 SMITH BARNEY HARRIS UPHAM & COMPANY, INC.
022 B000007 13-1912900
022 C000007      4340
022 D000007      3618
022 A000008 SECURITY GROWTH AND INCOME FUND
022 B000008 48-6102826
022 C000008      3497
022 D000008      3996
022 A000009 SBL FUND B
022 B000009 48-1054156
022 C000009      1199
022 D000009      6593
022 A000010 SBL FUND C
022 B000010 48-1054154
022 C000010      2496
022 D000010      2994
023 C000000     146004
023 D000000      63841
024  000000 N
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<PAGE>      PAGE  4
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<PAGE>      PAGE  7
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<PAGE>      PAGE  9
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080 A000000 NATIONAL UNION FIRE INSURANCE COMPANY
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SIGNATURE   JAMES R. SCHMANK                             
TITLE       TREASURER           
 

WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000088676
<NAME> SECURITY ULTRA FUND
<SERIES>
   <NUMBER> 2
   <NAME> CLASS A
<CURRENCY> U.S. DOLLARS
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          SEP-30-1994
<PERIOD-START>                              OCT-1-1994
<PERIOD-END>                               MAR-31-1995
<EXCHANGE-RATE>                                      1
<INVESTMENTS-AT-COST>                            50200
<INVESTMENTS-AT-VALUE>                           56347
<RECEIVABLES>                                     4217
<ASSETS-OTHER>                                    1201
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                   61765
<PAYABLE-FOR-SECURITIES>                          1103
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                         1020
<TOTAL-LIABILITIES>                               2123
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                         49000
<SHARES-COMMON-STOCK>                             8108
<SHARES-COMMON-PRIOR>                             8899
<ACCUMULATED-NII-CURRENT>                        (118)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                           4613
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                          6147
<NET-ASSETS>                                     59642
<DIVIDEND-INCOME>                                  114
<INTEREST-INCOME>                                  175
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                     407
<NET-INVESTMENT-INCOME>                          (118)
<REALIZED-GAINS-CURRENT>                          2417
<APPREC-INCREASE-CURRENT>                        (213)
<NET-CHANGE-FROM-OPS>                             2086
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                          1149
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                           7984
<NUMBER-OF-SHARES-REDEEMED>                       8940
<SHARES-REINVESTED>                                165
<NET-CHANGE-IN-ASSETS>                          (4655)
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<GROSS-EXPENSE>                                    407
<AVERAGE-NET-ASSETS>                             59746
<PER-SHARE-NAV-BEGIN>                             6.82
<PER-SHARE-NII>                                  (.01)
<PER-SHARE-GAIN-APPREC>                           .235
<PER-SHARE-DIVIDEND>                              .135
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               6.91
<EXPENSE-RATIO>                                   1.33
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000088676
<NAME> SECURITY ULTRA FUND
<SERIES>
   <NUMBER> 2
   <NAME> CLASS B
<CURRENCY> U.S. DOLLARS
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          SEP-30-1994
<PERIOD-START>                              OCT-1-1994
<PERIOD-END>                               MAR-31-1995
<EXCHANGE-RATE>                                      1
<INVESTMENTS-AT-COST>                            50200
<INVESTMENTS-AT-VALUE>                           56347
<RECEIVABLES>                                     4217
<ASSETS-OTHER>                                    1201
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                   61765
<PAYABLE-FOR-SECURITIES>                          1103
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                         1020
<TOTAL-LIABILITIES>                               2123
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                         49000
<SHARES-COMMON-STOCK>                              524
<SHARES-COMMON-PRIOR>                              184
<ACCUMULATED-NII-CURRENT>                        (118)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                           4613
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                          6147
<NET-ASSETS>                                     59642
<DIVIDEND-INCOME>                                  114
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<OTHER-INCOME>                                       0
<EXPENSES-NET>                                     407
<NET-INVESTMENT-INCOME>                          (118)
<REALIZED-GAINS-CURRENT>                          2417
<APPREC-INCREASE-CURRENT>                        (213)
<NET-CHANGE-FROM-OPS>                             2086
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                            29
<DISTRIBUTIONS-OTHER>                                0
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<ACCUMULATED-GAINS-PRIOR>                         3373
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<GROSS-EXPENSE>                                    407
<AVERAGE-NET-ASSETS>                             59746
<PER-SHARE-NAV-BEGIN>                             6.81
<PER-SHARE-NII>                                  (.04)
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<PER-SHARE-DIVIDEND>                              .135
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
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<EXPENSE-RATIO>                                   2.34
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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