SECURITY ULTRA FUND
NSAR-B, 1998-11-24
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<PAGE>      PAGE  1
000 B000000 09/30/98
000 C000000 0000088676
000 D000000 N
000 E000000 NF
000 F000000 Y
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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
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008 D010001 TOPEKA
008 D020001 KS
008 D030001 66636
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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
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012 C010001 TOPEKA
012 C020001 KS
012 C030001 66636
012 C040001 0001
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013 B010001 KANSAS CITY
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020 C000002     12
020 A000003 INSTINET CORPORATION
020 B000003 13-3443395
020 C000003     12
020 A000004 CANTOR FITZGERALD SECURITIES CORPORATION
020 B000004 13-2698893
020 C000004     11
020 A000005 BRIDGE TRADING COMPANY, INC.
020 B000005 43-1450530
020 C000005     11
020 A000006 LEHMAN BROTHERS
020 B000006 13-2518466
020 C000006     10
020 A000007 SALOMON/SMITH BARNEY
020 B000007 13-3082694
020 C000007     10
020 A000008 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP
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020 C000008     10
020 A000009 PRUDENTIAL-BACHE SECURITIES, INC.
020 B000009 22-2347336
020 C000009     10
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<PAGE>      PAGE  3
020 C000010      9
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SIGNATURE   AMY J. LEE                                   
TITLE       SECRETARY           

<TABLE> <S> <C>

<ARTICLE>                            6
<CIK>                                0000088676
<NAME>                               SECURITY ULTRA FUND
<SERIES>
     <NUMBER>                        001
     <NAME>                          CLASS A
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<CURRENCY>                           U.S. DOLLARS
       
<S>                                  <C>
<PERIOD-TYPE>                        YEAR
<FISCAL-YEAR-END>                    SEP-30-1998
<PERIOD-START>                       OCT-01-1997
<PERIOD-END>                         SEP-30-1998
<EXCHANGE-RATE>                                   1
<INVESTMENTS-AT-COST>                        72,063
<INVESTMENTS-AT-VALUE>                       70,870
<RECEIVABLES>                                 1,830
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<TOTAL-ASSETS>                               73,834
<PAYABLE-FOR-SECURITIES>                        565
<SENIOR-LONG-TERM-DEBT>                           0
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<SENIOR-EQUITY>                                   0
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<SHARES-COMMON-STOCK>                         8,832
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<ACCUMULATED-NII-CURRENT>                         0
<OVERDISTRIBUTION-NII>                            0
<ACCUMULATED-NET-GAINS>                      18,928
<OVERDISTRIBUTION-GAINS>                          0
<ACCUM-APPREC-OR-DEPREC>                    (1,193)
<NET-ASSETS>                                 73,165
<DIVIDEND-INCOME>                               382
<INTEREST-INCOME>                               132
<OTHER-INCOME>                                    0
<EXPENSES-NET>                                1,131
<NET-INVESTMENT-INCOME>                       (617)
<REALIZED-GAINS-CURRENT>                     21,895
<APPREC-INCREASE-CURRENT>                  (31,504)
<NET-CHANGE-FROM-OPS>                      (10,226)
<EQUALIZATION>                                    0
<DISTRIBUTIONS-OF-INCOME>                         0
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<NUMBER-OF-SHARES-SOLD>                       1,810
<NUMBER-OF-SHARES-REDEEMED>                   2,607
<SHARES-REINVESTED>                             480
<NET-CHANGE-IN-ASSETS>                     (16,949)
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<INTEREST-EXPENSE>                                0
<GROSS-EXPENSE>                               1,131
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<PER-SHARE-NAV-BEGIN>                          9.24
<PER-SHARE-NII>                               (.06)
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<PER-SHARE-DISTRIBUTIONS>                       .47
<RETURNS-OF-CAPITAL>                              0
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<EXPENSE-RATIO>                                1.23
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<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-30-1998
<PERIOD-START>                       OCT-01-1997
<PERIOD-END>                         SEP-30-1998
<EXCHANGE-RATE>                                   1
<INVESTMENTS-AT-COST>                        72,063
<INVESTMENTS-AT-VALUE>                       70,870
<RECEIVABLES>                                 1,830
<ASSETS-OTHER>                                1,134
<OTHER-ITEMS-ASSETS>                              0
<TOTAL-ASSETS>                               73,834
<PAYABLE-FOR-SECURITIES>                        565
<SENIOR-LONG-TERM-DEBT>                           0
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<SENIOR-EQUITY>                                   0
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<ACCUM-APPREC-OR-DEPREC>                    (1,193)
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<NET-INVESTMENT-INCOME>                       (617)
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<APPREC-INCREASE-CURRENT>                  (31,504)
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<EQUALIZATION>                                    0
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<AVERAGE-NET-ASSETS>                         86,818
<PER-SHARE-NAV-BEGIN>                          8.90
<PER-SHARE-NII>                               (.14)
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<EXPENSE-RATIO>                                2.23
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<AVG-DEBT-PER-SHARE>                              0
        

</TABLE>


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