SECURITY ULTRA FUND
NSAR-A, 1996-05-28
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<PAGE>      PAGE  1
000 A000000 03/31/96
000 C000000 0000088676
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 SECURITY ULTRA FUND
001 B000000 811-1316
001 C000000 9132953127
002 A000000 700 HARRISON STREET
002 B000000 TOPEKA
002 C000000 KS
002 D010000 66636
002 D020000 0001
003  000000 N
004  000000 N
005  000000 N
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007 C010500  5
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
008 A000001 SECURITY MANAGEMENT COMPANY
008 B000001 A
008 C000001 801-8008
008 D010001 TOPEKA
008 D020001 KS
008 D030001 66636
008 D040001 0001
010 A000001 SECURITY MANAGEMENT COMPANY
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
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
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   22
019 C000000 SECURITYFU
020 A000001 INSTINET CORPORATION
020 B000001 13-3443395
020 C000001     31
020 A000002 MONTGOMERY SECURITIES
020 B000002 94-1701676
020 C000002     17
020 A000003 BROWN (ALEX) AND SONS, INC.
020 B000003 52-1319768
020 C000003     16
020 A000004 MORGAN STANLEY & COMPANY, INC.
020 B000004 13-2655998
020 C000004     10
020 A000005 ROBERTSON, STEPHENS & COMPANY, L.P.
020 B000005 94-2524501
020 C000005      8
020 A000006 GOLDMAN SACHS & COMPANY
020 B000006 13-5108880
020 C000006      7
020 A000007 PAINEWEBBER, INC.
020 B000007 13-2638166
020 C000007      5
020 A000008 DONALDSON, LUFKIN & JENRETTE SECURITIES
020 B000008 13-2741729
020 C000008      5
020 A000009 TRIAD SECURITIES CORPORATION
020 B000009 13-1976032
020 C000009      4
020 A000010 OPPENHEIMER & COMPANY, INC.
020 B000010 13-2798343
<PAGE>      PAGE  3
020 C000010      4
021  000000      137
022 A000001 SECURITY EQUITY FUND
022 B000001 48-6104426
022 C000001      4539
022 D000001       700
022 A000002 FIRST BOSTON CORPORATION (THE)
022 B000002 13-5659485
022 C000002      2873
022 D000002       686
022 A000003 SBL FUND A
022 B000003 48-0873454
022 C000003         0
022 D000003      2496
022 A000004 SBL FUND C
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022 C000004       299
022 D000004       700
022 A000005 SECURITY CASH FUND
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022 C000005       998
022 D000005         0
022 A000006 SBL FUND J
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022 C000006         0
022 D000006       923
022 A000007 JONES & ASSOCIATES, INC.
022 B000007 95-3583143
022 C000007         0
022 D000007       730
022 A000008 SBL FUND B
022 B000008 48-1054156
022 C000008       614
022 D000008         0
022 A000009 SECURITY GROWTH & INCOME FUND
022 B000009 48-6102826
022 C000009       114
022 D000009       499
022 A000010 UBS SECURITIES, INC.
022 B000010 13-2932996
022 C000010       609
022 D000010         0
023 C000000      10540
023 D000000       8375
024  000000 N
025 D000001       0
025 D000002       0
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<PAGE>      PAGE  4
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<PAGE>      PAGE  5
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<PAGE>      PAGE  6
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<PAGE>      PAGE  7
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<PAGE>      PAGE  9
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<PAGE>      PAGE  10
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SIGNATURE   JAMES R. SCHMANK                             
TITLE       V.P. & TREASURER    
 


<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000088676
<NAME> SECURITY ULTRA FUND
<SERIES>
   <NUMBER> 1
   <NAME> CLASS A
<MULTIPLIER> 1000
<CURRENCY> U.S. DOLLARS
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          SEP-30-1995
<PERIOD-START>                             OCT-01-1995
<PERIOD-END>                               MAR-31-1996
<EXCHANGE-RATE>                                      1
<INVESTMENTS-AT-COST>                            52402
<INVESTMENTS-AT-VALUE>                           62259
<RECEIVABLES>                                     1784
<ASSETS-OTHER>                                    2445
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                   66488
<PAYABLE-FOR-SECURITIES>                          1314
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                          270
<TOTAL-LIABILITIES>                               1584
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                         50561
<SHARES-COMMON-STOCK>                             8095
<SHARES-COMMON-PRIOR>                             8054
<ACCUMULATED-NII-CURRENT>                        (176)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                           4662
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                          9857
<NET-ASSETS>                                     64904
<DIVIDEND-INCOME>                                  158
<INTEREST-INCOME>                                   96
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                     430
<NET-INVESTMENT-INCOME>                          (176)
<REALIZED-GAINS-CURRENT>                          7353
<APPREC-INCREASE-CURRENT>                       (4970)
<NET-CHANGE-FROM-OPS>                             2207
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                          7109
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                           1140
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<NET-CHANGE-IN-ASSETS>                          (5834)
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<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                    430
<AVERAGE-NET-ASSETS>                             61388
<PER-SHARE-NAV-BEGIN>                              820
<PER-SHARE-NII>                                  (.02)
<PER-SHARE-GAIN-APPREC>                           .256
<PER-SHARE-DIVIDEND>                              .996
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               7.44
<EXPENSE-RATIO>                                   1.35
<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
<MULTIPLIER> 1000
<CURRENCY> U.S. DOLLARS
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          SEP-30-1995
<PERIOD-START>                             OCT-01-1995
<PERIOD-END>                               MAR-31-1996
<EXCHANGE-RATE>                                      1
<INVESTMENTS-AT-COST>                            52402
<INVESTMENTS-AT-VALUE>                           62259
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<ASSETS-OTHER>                                    2445
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<TOTAL-ASSETS>                                   66488
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<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                          270
<TOTAL-LIABILITIES>                               1584
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                         50561
<SHARES-COMMON-STOCK>                              644
<SHARES-COMMON-PRIOR>                              669
<ACCUMULATED-NII-CURRENT>                        (176)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                           4662
<OVERDISTRIBUTION-GAINS>                             0
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<NET-INVESTMENT-INCOME>                          (176)
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<NET-CHANGE-IN-ASSETS>                           (742)
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<AVERAGE-NET-ASSETS>                             61388
<PER-SHARE-NAV-BEGIN>                             8.11
<PER-SHARE-NII>                                  (.05)
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<PER-SHARE-DISTRIBUTIONS>                            0
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<EXPENSE-RATIO>                                   2.35
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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