<PAGE> PAGE 1
000 B000000 09/30/97
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 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 1
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
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 29
019 C000000 SECURITYFU
020 A000001 INSTINET CORPORATION
020 B000001 13-3443395
020 C000001 19
020 A000002 WESSELS, ARNOLD & HENDERSON
020 B000002 41-1798206
020 C000002 8
020 A000003 TRIAD SECURITIES CORPORATION
020 B000003 13-1976032
020 C000003 8
020 A000004 MONTGOMERY SECURITIES
020 B000004 94-1701676
020 C000004 8
020 A000005 ALLIED RESEARCH SERVICES, INC.
020 B000005 75-1872581
020 C000005 7
020 A000006 BLAIR (WILLIAM) & COMPANY
020 B000006 36-2214610
020 C000006 7
020 A000007 PIPER JAFFRAY, INC.
020 B000007 41-0953246
020 C000007 4
020 A000008 ROBERTSON, STEPHANS COMPANY
020 B000008 94-2524501
020 C000008 4
020 A000009 THAMESWAY
020 B000009 06-1286762
020 C000009 3
020 A000010 BRIDGE TRADING COMPANY, INC.
020 B000010 43-1450530
<PAGE> PAGE 3
020 C000010 3
021 000000 84
022 A000001 HAMBRECHT & QUIST, LLC
022 B000001 94-3220242
022 C000001 2215
022 D000001 3672
022 A000002 UBS SECURITIES, INC.
022 B000002 13-2932996
022 C000002 3004
022 D000002 2172
022 A000003 ADAMS, HARKNESS & HILL, INC.
022 B000003 04-2149932
022 C000003 1849
022 D000003 3258
022 A000004 MONTGOMERY SECURITIES
022 B000004 94-1701676
022 C000004 1404
022 D000004 2745
022 A000005 MORGAN, STANLEY & COMPANY, INC.
022 B000005 13-2655998
022 C000005 2368
022 D000005 1039
022 A000006 ROBERTSON, STEPHANS COMPANY
022 B000006 94-2524501
022 C000006 1567
022 D000006 1711
022 A000007 PIPER JAFFRAY
022 B000007 41-0953246
022 C000007 1921
022 D000007 1200
022 A000008 BROWN (ALEX) & SONS, INC.
022 B000008 52-1319768
022 C000008 1121
022 D000008 1963
022 A000009 WESSELS, ARNOLD & HENDERSON
022 B000009 41-1798206
022 C000009 1008
022 D000009 1849
022 A000010 GOLDMAN SACHS
022 B000010 13-5108880
022 C000010 1281
022 D000010 1240
023 C000000 22128
023 D000000 25453
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 633
028 A020000 0
028 A030000 0
028 A040000 2500
028 B010000 3630
028 B020000 0
028 B030000 0
028 B040000 1127
028 C010000 534
028 C020000 0
028 C030000 0
028 C040000 970
028 D010000 1613
028 D020000 0
028 D030000 0
028 D040000 1237
028 E010000 377
028 E020000 0
028 E030000 0
028 E040000 631
028 F010000 2380
028 F020000 0
028 F030000 0
028 F040000 2230
028 G010000 9167
028 G020000 0
028 G030000 0
028 G040000 8695
028 H000000 3517
029 000000 Y
030 A000000 35
030 B000000 5.75
030 C000000 0.00
031 A000000 6
031 B000000 0
032 000000 29
033 000000 0
034 000000 Y
035 000000 20
<PAGE> PAGE 5
036 A000000 N
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 42
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 Y
066 C000000 N
066 D000000 N
066 E000000 N
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 N
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 N
070 E020000 N
070 F010000 Y
070 F020000 Y
070 G010000 N
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 N
070 J020000 N
070 K010000 N
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 Y
070 P010000 Y
070 P020000 Y
070 Q010000 N
070 Q020000 N
070 R010000 Y
070 R020000 N
071 A000000 48583
071 B000000 50357
071 C000000 71664
071 D000000 68
072 A000000 12
072 B000000 325
072 C000000 231
072 D000000 0
072 E000000 0
072 F000000 985
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 42
072 U000000 0
072 V000000 0
072 W000000 361
072 X000000 1388
072 Y000000 0
072 Z000000 -832
072AA000000 2802
072BB000000 0
072CC010000 13192
072CC020000 0
072DD010000 0
072DD020000 0
072EE000000 5507
073 A010000 0.0000
073 A020000 0.0000
073 B000000 0.5790
073 C000000 0.0000
074 A000000 5170
074 B000000 0
074 C000000 0
074 D000000 0
074 E000000 0
074 F000000 85641
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 740
074 K000000 5
074 L000000 48
074 M000000 0
074 N000000 91604
074 O000000 159
074 P000000 517
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 461
074 S000000 0
074 T000000 90467
074 U010000 9149
<PAGE> PAGE 9
074 U020000 670
074 V010000 9.24
074 V020000 8.90
074 W000000 0.0000
074 X000000 19114
074 Y000000 0
075 A000000 0
075 B000000 78528
076 000000 0.00
077 A000000 Y
077 B000000 Y
078 000000 N
080 A000000 NATIONAL UNION FIRE INSURANCE CO.
080 C000000 11400
081 A000000 Y
081 B000000 28
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 JAMES R. SCHMANK
TITLE V.P. & TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000088676
<NAME> SECURITY ULTRA FUND
<SERIES>
<NUMBER> 001
<NAME> CLASS A
<MULTIPLIER> 1000
<CURRENCY> US DOLLARS
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> SEP-30-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 55330
<INVESTMENTS-AT-VALUE> 85640
<RECEIVABLES> 794
<ASSETS-OTHER> 5170
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 91604
<PAYABLE-FOR-SECURITIES> 159
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 978
<TOTAL-LIABILITIES> 1137
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 58126
<SHARES-COMMON-STOCK> 9149
<SHARES-COMMON-PRIOR> 8995
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2030
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 30311
<NET-ASSETS> 90467
<DIVIDEND-INCOME> 231
<INTEREST-INCOME> 325
<OTHER-INCOME> 0
<EXPENSES-NET> 1388
<NET-INVESTMENT-INCOME> (832)
<REALIZED-GAINS-CURRENT> 2802
<APPREC-INCREASE-CURRENT> 13192
<NET-CHANGE-FROM-OPS> 15162
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 5181
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2872
<NUMBER-OF-SHARES-REDEEMED> 3375
<SHARES-REINVESTED> 657
<NET-CHANGE-IN-ASSETS> 10273
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 4735
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 985
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1388
<AVERAGE-NET-ASSETS> 78528
<PER-SHARE-NAV-BEGIN> 8.25
<PER-SHARE-NII> (.08)
<PER-SHARE-GAIN-APPREC> 1.649
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .579
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.24
<EXPENSE-RATIO> 1.71
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000088676
<NAME> SECURITY ULTRA FUND
<SERIES>
<NUMBER> 002
<NAME> CLASS B
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> SEP-30-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 55330
<INVESTMENTS-AT-VALUE> 85640
<RECEIVABLES> 794
<ASSETS-OTHER> 5170
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 91604
<PAYABLE-FOR-SECURITIES> 159
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 978
<TOTAL-LIABILITIES> 1137
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 58126
<SHARES-COMMON-STOCK> 670
<SHARES-COMMON-PRIOR> 336
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2030
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 30311
<NET-ASSETS> 90467
<DIVIDEND-INCOME> 231
<INTEREST-INCOME> 325
<OTHER-INCOME> 0
<EXPENSES-NET> 1388
<NET-INVESTMENT-INCOME> (832)
<REALIZED-GAINS-CURRENT> 2802
<APPREC-INCREASE-CURRENT> 13192
<NET-CHANGE-FROM-OPS> 15162
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 326
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 766
<NUMBER-OF-SHARES-REDEEMED> 477
<SHARES-REINVESTED> 45
<NET-CHANGE-IN-ASSETS> 3266
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 4735
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 985
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1388
<AVERAGE-NET-ASSETS> 78528
<PER-SHARE-NAV-BEGIN> 8.03
<PER-SHARE-NII> (.15)
<PER-SHARE-GAIN-APPREC> 1.599
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .579
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.90
<EXPENSE-RATIO> 2.71
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
