<PAGE> PAGE 1
000 A000000 03/31/1999
000 C000000 0000088676
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 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 35
019 C000000 SECURITYFU
020 A000001 BRIDGE TRADING COMPANY
020 B000001 43-1450530
020 C000001 10
020 A000002 DONALDSON, LUFKIN & JENRETTE
020 B000002 13-2741729
020 C000002 10
020 A000003 STEPHENS, INC.
020 B000003 71-0277822
020 C000003 9
020 A000004 LEGG MASON WOOD WALKER
020 B000004 52-0902557
020 C000004 7
020 A000005 WEEDEN AND COMPANY LP
020 B000005 13-3364318
020 C000005 7
020 A000006 HOWARD, WEIL, LABOUISEE, FRIEDRICHS,INC.
020 B000006 72-0636914
020 C000006 7
020 A000007 RAYMOND JAMES AND ASSOCIATES
020 B000007 59-1237041
020 C000007 6
020 A000008 ALLIED RESEARCH SERVICES, INC.
020 B000008 75-1872581
020 C000008 5
020 A000009 MERRILL LYNCH, PEIRCE, FENNER & SMITH
020 B000009 36-4674085
020 C000009 5
020 A000010 S.G. COWEN SECURITIES, INC.
020 B000010 13-5616116
<PAGE> PAGE 3
020 C000010 5
021 000000 97
022 A000001 ING BARING FURMAN SELZ
022 B000001 13-3856626
022 C000001 3377
022 D000001 4069
022 A000002 LEHMAN BROTHERS, INC.
022 B000002 13-2726611
022 C000002 2048
022 D000002 3136
022 A000003 GOLDMAN SACHS AND COMPANY
022 B000003 13-5108880
022 C000003 2204
022 D000003 1850
022 A000004 DONALDSON, LUFKIN & JENRETTE
022 B000004 13-2741729
022 C000004 0
022 D000004 1733
022 A000005 SBL FUND J
022 B000005 48-1121049
022 C000005 0
022 D000005 1507
022 A000006 CREDIT SUISSE FIRST BOSTON
022 B000006 13-5659485
022 C000006 1304
022 D000006 0
022 A000007 (OPPENHEIMER)CIBC WORLDMARKETS
022 B000007 13-2798343
022 C000007 233
022 D000007 869
022 A000008 SALOMON SMITH BARNEY, INC.
022 B000008 11-2418191
022 C000008 0
022 D000008 1073
022 A000009 PRUDENTIAL SECURITIES, INC.
022 B000009 22-2347336
022 C000009 0
022 D000009 728
022 A000010 B.T. ALEX BROWN
022 B000010 52-1319768
022 C000010 720
022 D000010 0
023 C000000 12164
023 D000000 15289
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 5740
028 A020000 0
028 A030000 0
028 A040000 2086
028 B010000 2057
028 B020000 0
028 B030000 0
028 B040000 1432
028 C010000 2578
028 C020000 18446
028 C030000 0
028 C040000 3957
028 D010000 2951
028 D020000 5
028 D030000 0
028 D040000 9256
028 E010000 676
028 E020000 -1
028 E030000 0
028 E040000 3806
028 F010000 1608
028 F020000 0
028 F030000 0
028 F040000 1389
028 G010000 15610
028 G020000 18450
028 G030000 0
028 G040000 21926
028 H000000 1042
029 000000 Y
030 A000000 24
030 B000000 5.75
030 C000000 0.00
031 A000000 2
031 B000000 0
032 000000 22
033 000000 0
034 000000 Y
035 000000 2
<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 36
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 Y
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 Y
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 Y
070 H020000 Y
070 I010000 Y
070 I020000 N
070 J010000 N
070 J020000 N
070 K010000 N
070 K020000 N
070 L010000 Y
070 L020000 N
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 Y
070 R020000 N
071 A000000 27792
071 B000000 32954
071 C000000 84141
071 D000000 102
072 A000000 6
072 B000000 53
072 C000000 176
072 D000000 0
072 E000000 0
072 F000000 538
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 36
072 U000000 0
072 V000000 0
072 W000000 0
072 X000000 574
072 Y000000 0
072 Z000000 -345
072AA000000 4084
072BB000000 0
072CC010000 18473
072CC020000 0
072DD010000 0
072DD020000 0
072EE000000 19120
073 A010000 0.0000
073 A020000 0.0000
073 B000000 1.9100
073 C000000 0.0000
074 A000000 1047
074 B000000 0
074 C000000 0
074 D000000 0
074 E000000 0
074 F000000 88077
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 173
074 K000000 13
074 L000000 57
074 M000000 0
074 N000000 89367
074 O000000 862
074 P000000 107
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 101
074 S000000 0
074 T000000 88297
074 U010000 10546
<PAGE> PAGE 9
074 U020000 722
074 V010000 0.00
074 V020000 0.00
074 W000000 0.0000
074 X000000 16377
074 Y000000 0
075 A000000 0
075 B000000 87833
076 000000 0.00
077 A000000 Y
077 I000000 Y
078 000000 N
080 A000000 NATIONAL UNION FIRE INSURANCE CO.
080 C000000 7275
081 A000000 Y
081 B000000 34
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
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000088676
<NAME> SECURITY ULTRA FUND
<SERIES>
<NUMBER> 001
<NAME> CLASS A
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-START> OCT-01-1998
<PERIOD-END> MAR-31-1999
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 70797
<INVESTMENTS-AT-VALUE> 88077
<RECEIVABLES> 243
<ASSETS-OTHER> 1047
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 89367
<PAYABLE-FOR-SECURITIES> 862
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 208
<TOTAL-LIABILITIES> 1070
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 67470
<SHARES-COMMON-STOCK> 10546
<SHARES-COMMON-PRIOR> 8832
<ACCUMULATED-NII-CURRENT> (345)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3892
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 17280
<NET-ASSETS> 88297
<DIVIDEND-INCOME> 176
<INTEREST-INCOME> 53
<OTHER-INCOME> 0
<EXPENSES-NET> 574
<NET-INVESTMENT-INCOME> (345)
<REALIZED-GAINS-CURRENT> 4084
<APPREC-INCREASE-CURRENT> 18473
<NET-CHANGE-FROM-OPS> 22212
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 1985
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1500
<NUMBER-OF-SHARES-REDEEMED> 2002
<SHARES-REINVESTED> 2216
<NET-CHANGE-IN-ASSETS> 15435
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 18928
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 538
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 574
<AVERAGE-NET-ASSETS> 87833
<PER-SHARE-NAV-BEGIN> 7.65
<PER-SHARE-NII> (.03)
<PER-SHARE-GAIN-APPREC> 2.16
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 1.91
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.87
<EXPENSE-RATIO> 1.23
</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> 6-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-START> OCT-01-1998
<PERIOD-END> MAR-31-1999
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 70797
<INVESTMENTS-AT-VALUE> 88077
<RECEIVABLES> 243
<ASSETS-OTHER> 1047
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 89367
<PAYABLE-FOR-SECURITIES> 862
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 208
<TOTAL-LIABILITIES> 1070
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 67470
<SHARES-COMMON-STOCK> 722
<SHARES-COMMON-PRIOR> 771
<ACCUMULATED-NII-CURRENT> (345)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3892
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 17280
<NET-ASSETS> 88297
<DIVIDEND-INCOME> 176
<INTEREST-INCOME> 53
<OTHER-INCOME> 0
<EXPENSES-NET> 574
<NET-INVESTMENT-INCOME> (345)
<REALIZED-GAINS-CURRENT> 4084
<APPREC-INCREASE-CURRENT> 18473
<NET-CHANGE-FROM-OPS> 22212
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 1985
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 432
<NUMBER-OF-SHARES-REDEEMED> 762
<SHARES-REINVESTED> 281
<NET-CHANGE-IN-ASSETS> (302)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 18928
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 538
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 574
<AVERAGE-NET-ASSETS> 87833
<PER-SHARE-NAV-BEGIN> 7.28
<PER-SHARE-NII> (.07)
<PER-SHARE-GAIN-APPREC> 2.05
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 1.91
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.35
<EXPENSE-RATIO> 2.22
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000088676
<NAME> SECURITY ULTRA FUND
<SERIES>
<NUMBER> 003
<NAME> CLASS C
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 2-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-START> JAN-28-1999
<PERIOD-END> MAR-31-1999
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 70797
<INVESTMENTS-AT-VALUE> 88077
<RECEIVABLES> 243
<ASSETS-OTHER> 1047
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 89367
<PAYABLE-FOR-SECURITIES> 862
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 208
<TOTAL-LIABILITIES> 1070
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 67470
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> (345)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3892
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 17280
<NET-ASSETS> 88297
<DIVIDEND-INCOME> 176
<INTEREST-INCOME> 53
<OTHER-INCOME> 0
<EXPENSES-NET> 574
<NET-INVESTMENT-INCOME> (345)
<REALIZED-GAINS-CURRENT> 4084
<APPREC-INCREASE-CURRENT> 18473
<NET-CHANGE-FROM-OPS> 22212
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 18928
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 538
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 574
<AVERAGE-NET-ASSETS> 87833
<PER-SHARE-NAV-BEGIN> 8.20
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> (.34)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.86
<EXPENSE-RATIO> 2.22
</TABLE>
