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SIGNATURE AMY J. LEE
TITLE SECRETARY
SECURITY ULTRA FUND
FILE NO. 811-1316
CIK NO. 0000088676
Submission of matters to a vote of security holders
The annual meeting of Stockholders of Security Equity Fund, Security Growth and
Income Fund, Security Ultra Fund, and SBL Fund was held January 26, 2000. The
following matters were voted upon at the meeting:
(A) WITH REGARD TO THE RATIFICATION OF THE SELECTION OF ERNST & YOUNG LLP AS
THE INDEPENDENT ACCOUNTANTS FOR THE FUND'S CURRENT FISCAL YEAR:
VOTES
---------------------------------------
FUNDS FOR AGAINST/ABSTENTIONS
------------------------------- --------------- -------------------
Security Equity Fund .......... 78,379,644.603 2,807,848.884
Security Growth and Income Fund 7,972,436.703 262,061.999
Security Ultra Fund ........... 7,758,326.270 224,768.194
SBL Fund ...................... 206,779,305.419 7,992,419.086
(B) WITH REGARD TO THE APPROVAL FOR AN ARRANGEMENT AND NEW INVESTMENT ADVISORY
CONTRACT THAT WOULD PERMIT SECURITY MANAGEMENT COMPANY, LLC, THE FUND'S
INVESTMENT ADVISER, WITH BOARD APPROVAL, TO ENTER INTO OR AMEND
SUB-ADVISORY AGREEMENTS WITHOUT STOCKHOLDER APPROVAL:
VOTES
--------------------------------------
FUNDS FOR AGAINST/ABSTENTIONS
------------------------------- -------------- -------------------
SECURITY EQUITY FUND
Equity Series .............. 57,460,002.465 13,460,321.966
Global Series .............. 1,634,173.646 169,362.323
Total Return Series ........ 436,998.900 22,393.959
Social Awareness Series .... 494,488.720 214,874.590
Value Series ............... 1,076,472.012 323,567.702
Small Company Series ....... 1,233,181.347 28,294.759
Enhanced Index Series ...... 1,338,841.336 557,168.769
International Series ....... 658,233.094 72,870.990
Select 25 Series ........... 1,348,942.282 657,304.627
SECURITY GROWTH AND INCOME FUND 7,276,586.186 957,912.516
SECURITY ULTRA FUND ........... 7,185,530.069 797,564.395
SBL FUND
Series A ................... 34,408,432.792 5,217,553.632
Series B ................... 38,273,125.797 5,781,256.600
Series C ................... 10,415,553.977 1,907,045.493
Series D ................... 48,391,138.820 6,479,697.001
Series E ................... 10,841,222.689 1,534,037.217
Series H ................... 892,353.745 133,399.165
Series I ................... 174,211.202 44,828.707
Series J ................... 11,850,080.441 1,880,228.506
Series K ................... 1,117,956.268 92,005.491
Series M ................... 2,931,241.847 316,815.514
Series N ................... 5,218,957.015 557,804.047
Series O ................... 10,449,581.465 1,437,099.759
Series P ................... 868,045.207 54,710.165
Series S ................... 6,270,995.313 1,057,930.430
Series V ................... 2,202,275.370 200,958.408
Series X ................... 1,603,074.141 141,122.988
Series Y ................... 1,909,278.258 117,707.035
(C) WITH REGARD TO APPROVAL OF A BROKERAGE ENHANCEMENT PLAN PURSUANT TO RULE
12B-1 UNDER THE INVESTMENT COMPANY ACT OF 1940, AND A NEW INVESTMENT
ADVISORY CONTRACT THAT WOULD PERMIT THE IMPLEMENTATION OF THE PLAN:
VOTES
----------------------------------
FUNDS FOR AGAINST/ABSTAIN
------------------------------- -------------- ---------------
SECURITY EQUITY FUND
Equity Series .............. 58,102,523.702 12,817,800.729
Global Series .............. 1,662,754.462 140,781.507
Total Return Series ........ 436,998.900 22,393.959
Social Awareness Series .... 500,734.496 208,628.814
Value Series ............... 1,076,472.012 323,567.702
Small Company Series ....... 1,233,181.347 28,294.759
Enhanced Index Series ...... 1,338,841.336 557,168.769
International Series ....... 658,233.094 72,870.990
Select 25 Series ........... 1,348,942.282 657,304.627
SECURITY GROWTH AND INCOME FUND 7,332,736.443 901,762.259
SECURITY ULTRA FUND ........... 7,212,720.232 770,374.232
SBL FUND
Series A ................... 34,896,228.686 4,729,757.738
Series B ................... 38,852,881.468 5,201,500.929
Series C ................... 10,568,970.341 1,753,629.129
Series D ................... 49,317,907.237 5,552,928.584
Series E ................... 10,951,981.265 1,423,278.641
Series H ................... 921,597.961 104,154.949
Series I ................... 174,211.202 44,828.707
Series J ................... 12,155,854.421 1,574,454.526
Series K ................... 1,140,957.641 69,004.118
Series M ................... 2,975,967.597 272,089.764
Series N ................... 5,258,989.969 517,771.093
Series O ................... 10,651,655.046 1,235,026.178
Series P ................... 875,390.340 47,365.032
Series S ................... 6,460,448.043 868,477.700
Series V ................... 2,182,905.306 220,328.472
Series X ................... 1,613,347.461 130,849.668
Series Y ................... 1,923,832.012 103,153.281
SECURITY ULTRA FUND:
VOTES
- --------------------------------------------------------------------------------
AGAINST/
ISSUE FOR ABSTENTIONS
- --------------------------------------------------------------------------------
a. To amend the Fund's fundamental investment
limitation concerning diversification. 7,289,911.983 693,182.481
- --------------------------------------------------------------------------------
b. To amend the Fund's fundamental investment
limitation concerning share ownership of
any one issuer. 7,291,195.965 691,898.499
- --------------------------------------------------------------------------------
c. To eliminate the Fund's fundamental
investment limitation concerning investing
for control of portfolio companies. 7,299,086.485 684,007.979
- --------------------------------------------------------------------------------
d. To amend the Fund's fundamental investment
limitation concerning underwriting. 7,286,189.202 696,905.262
- --------------------------------------------------------------------------------
e. To eliminate the Fund's fundamental
investment limitation concerning
restricted securities. 7,279,047.141 704,047.323
- --------------------------------------------------------------------------------
f. To eliminate the Fund's fundamental
investment limitation concerning
pledging its assets. 7,291,043.234 692,051.230
- --------------------------------------------------------------------------------
g. To amend the Fund's fundamental investment
limitation concerning lending. 7,209,560.803 692,533.661
- --------------------------------------------------------------------------------
h. To eliminate the Fund's fundamental
investment limitation concerning
margin purchases of securities. 7,280,778.346 702,316.118
- --------------------------------------------------------------------------------
i. To amend the Fund's fundamental investment
limitation concerning senior securities
and borrowing. 7,290,613.041 692,481.423
- --------------------------------------------------------------------------------
j. To eliminate the Fund's fundamental
investment limitation concerning
investment in other investment companies. 7,293,258.185 689,836.279
- --------------------------------------------------------------------------------
k. To eliminate the Fund's fundamental
investment limitation concerning short
sales of securities. 7,284,210.494 698,883.970
- --------------------------------------------------------------------------------
l. To amend the Fund's fundamental investment
limitation concerning buying or selling
real estate, commodities or commodity
contracts. 7,281,567.496 701,526.968
- --------------------------------------------------------------------------------
m. To eliminate the Fund's fundamental
investment limitation concerning
investment in warrants. 7,294,798.559 688,295.905
- --------------------------------------------------------------------------------
n. To eliminate the Fund's fundamental
investment limitation concerning
investment in companies with less
than three years' operating history. 7,285,081.348 698,013.116
- --------------------------------------------------------------------------------
o. To eliminate the Fund's fundamental
investment limitation concerning
investment in puts, calls, straddles
or spreads. 7,272,128.926 710,965.538
- --------------------------------------------------------------------------------
p. To eliminate the Fund's fundamental
investment limitation concerning
investment in oil, gas, mineral leases or
other mineral exploration development
programs. 7,281,930.953 701,163.511
- --------------------------------------------------------------------------------
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<NET-INVESTMENT-INCOME> (549)
<REALIZED-GAINS-CURRENT> 20605
<APPREC-INCREASE-CURRENT> 51703
<NET-CHANGE-FROM-OPS> 71759
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 4645
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 83
<NUMBER-OF-SHARES-REDEEMED> 1
<SHARES-REINVESTED> 1
<NET-CHANGE-IN-ASSETS> 1230
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 3064
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 866
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 950
<AVERAGE-NET-ASSETS> 153056
<PER-SHARE-NAV-BEGIN> 9.11
<PER-SHARE-NII> (.08)
<PER-SHARE-GAIN-APPREC> 5.72
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .43
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.32
<EXPENSE-RATIO> 2.13
</TABLE>
WHEREAS, the Board of Directors of SBL Fund, and Security Equity, Growth and
Income and Ultra Funds has considered the fact that portfolio managers need
flexibility in managing the assets of the Funds; and
WHEREAS, the Board has considered the risks, rewards and benefits associated
with investing in shares of other investment companies, including investment in
index-based securities;
NOW THEREFORE, BE IT RESOLVED that each of Series A, B, J, V, and Y of SBL Fund,
Equity, Total Return, Value and Select 25 Series of Security Equity Fund,
Security Growth and Income Fund and Security Ultra Fund, is hereby authorized to
invest its assets in the shares of other investment companies, including
index-based securities, consistent with the limitations imposed by Section 12 of
the Investment Company Act of 1940.
FURTHER RESOLVED, that the prospectuses of the applicable Funds be amended or
supplemented as the officers of the Funds deem appropriate in order to disclose
this investment practice, such disclosure to be substantially in the form
presented at this meeting;
