-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, OSwmzhyTg9YD+C9IHChUzKEOZJKABq68L9tg9VhhZ1mhkH5Z4Vz7KaA/uPOMjCeQ J3fJTFuul2JZ5ZgV2wQGjw== 0000317977-02-000019.txt : 20020414 0000317977-02-000019.hdr.sgml : 20020414 ACCESSION NUMBER: 0000317977-02-000019 CONFORMED SUBMISSION TYPE: NSAR-B PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20011231 FILED AS OF DATE: 20020228 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SECURITY INCOME FUND /KS/ CENTRAL INDEX KEY: 0000088498 IRS NUMBER: 480774743 STATE OF INCORPORATION: KS FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: NSAR-B SEC ACT: 1940 Act SEC FILE NUMBER: 811-02120 FILM NUMBER: 02562160 BUSINESS ADDRESS: STREET 1: SECURITY MANAGEMENT COMPANY, LLC STREET 2: 700 SW HARRISON STREET CITY: TOPEKA STATE: KS ZIP: 66636-0001 BUSINESS PHONE: 7854313127 MAIL ADDRESS: STREET 1: SECURITY MANAGEMENT COMPANY, LLC STREET 2: 700 SW HARRISON STREET CITY: TOPEKA STATE: KS ZIP: 66636-0001 FORMER COMPANY: FORMER CONFORMED NAME: SECURITY BOND FUND DATE OF NAME CHANGE: 19850821 NSAR-B 1 answer.fil INCOME FUND - FYE 12/31/2001 PAGE 1 000 B000000 12/31/2001 000 C000000 0000088498 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 INCOME FUND 001 B000000 811-2120 001 C000000 7854313127 002 A000000 700 HARRISON 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 Y 007 B000000 3 007 C010100 1 007 C010200 2 007 C020200 DIVERSIFIED INCOME 007 C030200 N 007 C010300 3 007 C010400 4 007 C010500 5 007 C020500 HIGH YIELD 007 C030500 N 007 C010600 6 007 C010700 7 007 C010800 8 007 C010900 9 007 C011000 10 010 A00AA01 SECURITY MANAGEMENT COMPANY, LLC 010 B00AA01 84-01497 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G000500 0.0 062 H000500 0.0 062 I000500 0.0 062 J000500 0.0 062 K000500 0.0 062 L000500 2.3 062 M000500 0.0 062 N000500 0.0 062 O000500 0.0 062 P000500 89.1 062 Q000500 0.0 062 R000500 4.3 063 A000500 0 063 B000500 5.9 064 A000500 Y 064 B000500 N 066 A000500 N 067 000500 N 068 A000500 N 068 B000500 N 069 000500 N 070 A010500 Y 070 A020500 N 070 B010500 Y 070 B020500 N 070 C010500 Y 070 C020500 N PAGE 12 070 D010500 Y 070 D020500 N 070 E010500 Y 070 E020500 N 070 F010500 Y 070 F020500 N 070 G010500 Y 070 G020500 N 070 H010500 Y 070 H020500 N 070 I010500 N 070 I020500 N 070 J010500 Y 070 J020500 N 070 K010500 Y 070 K020500 N 070 L010500 Y 070 L020500 N 070 M010500 N 070 M020500 N 070 N010500 Y 070 N020500 N 070 O010500 Y 070 O020500 N 070 P010500 Y 070 P020500 Y 070 Q010500 N 070 Q020500 N 070 R010500 N 070 R020500 N 071 A000500 7168 071 B000500 6535 071 C000500 10081 071 D000500 65 072 A000500 12 072 B000500 1060 072 C000500 17 072 D000500 0 072 E000500 0 072 F000500 65 072 G000500 10 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008 A000602 DELETE 008 A000701 DELETE 008 A000702 DELETE 008 A000703 DELETE SIGNATURE AMY J. LEE TITLE SECRETARY EX-23 3 if-exhibit23.htm ACCOUNTANT'S REPORT ON INTERNAL CONTROL Exhibit 23 
SECURITY INCOME FUND
FILE NO. 811-2120
CIK NO. 0000088498


EXHIBIT 77B:  Accountant's Report on Internal Control


                         Report of Independent Auditors


The Shareholders and Board of Directors
Security Income Fund

In planning and  performing  our audits of the financial  statements of Security
Income Fund (the Fund) for the year ended  December 31, 2001, we considered  its
internal control,  including control activities for safeguarding securities,  to
determine our auditing  procedures  for the purpose of expressing our opinion on
the financial  statements and to comply with the requirements of Form N-SAR, not
to provide assurance on the internal control.

The  management of the Fund is  responsible  for  establishing  and  maintaining
internal control. In fulfilling this responsibility,  estimates and judgments by
management  are  required to assess the expected  benefits and related  costs of
internal control.  Generally,  controls that are relevant to an audit pertain to
the entity's objective of preparing  financial  statements for external purposes
that are fairly  presented in conformity  with accounting  principles  generally
accepted in the United States. Those controls include the safeguarding of assets
against unauthorized acquisition, use, or disposition.

Because of inherent  limitations  in any  internal  control,  error or fraud may
occur and not be  detected.  Also,  projection  of any  evaluation  of  internal
control to future  periods is subject to the risk that it may become  inadequate
because of changes in  conditions  or that the  effectiveness  of the design and
operation may deteriorate.

Our consideration of internal control would not necessarily disclose all matters
in  internal   control  that  might  be  material   weaknesses  under  standards
established  by the  American  Institute  of  Certified  Public  Accountants.  A
material weakness is a condition in which the design or operation of one or more
of the internal control components does not reduce to a relatively low level the
risk  that  misstatements  caused  by error or fraud in  amounts  that  would be
material in relation to the financial statements being audited may occur and not
be  detected  within a timely  period  by  employees  in the  normal  course  of
performing  their assigned  functions.  However,  we noted no matters  involving
internal  control  and  its  operation,   including  controls  for  safeguarding
securities,  that we consider to be material  weaknesses  as defined above as of
December 31, 2001.

This report is intended solely for the information and use of management and the
Board of Directors of the Fund and the Securities and Exchange Commission and is
not intended to be and should not be used by anyone  other than these  specified
parties.

                                                               ERNST & YOUNG LLP

Kansas City, Missouri
February 8, 2002
EX-99 4 if-exhibit99.htm POLICIES WITH RESPECT TO SECURITY INVESTMENTS Exhibit 99 
SECURITY INCOME FUND
FILE NO. 811-2120
CIK NO. 0000088498


EXHIBIT 77D:  Policies with respect to security investments


WHEREAS, the Securities and Exchange Commission has adopted a new rule under the
Investment  Company Act of 1940 that requires a fund with a name suggesting that
it focuses on a particular  type of investment to invest at least 80% of its net
assets in the type of investment suggested by its name;

WHEREAS,  certain of the Security  Funds have a name that suggests that the fund
focuses on a particular type of investment; and

WHEREAS,  the Board of Directors  desires to change the  investment  policies of
those funds in accordance with the requirements of the new rule;

NOW,  THEREFORE,  BE IT RESOLVED,  that the investment policies of the following
funds are hereby  changed to provide  that the fund will  invest,  under  normal
circumstances,  at  least  80% of its  net  assets  in the  type  of  investment
suggested by its name: Series A (Equity),  Series B (Large Cap Value),  Series G
(Large Cap Growth), Series H (Enhanced Index), Series J (Mid Cap Growth), Series
O (Equity Income),  Series P (High Yield),  Series Q (Small Cap Value), Series T
(Technology),  Series V (Mid Cap Value),  and Series X (Small Cap Growth) of SBL
Fund;  High Yield Series of Security Income Fund;  Equity Series,  Mid Cap Value
Series, Small Cap Growth Series,  Enhanced Index Series, Large Cap Growth Series
and Technology Series of Security Equity Fund; and Security Municipal Bond Fund.

FURTHER  RESOLVED,  that  each of the  foregoing  funds  hereby  adopts a policy
requiring it to provide at least 60 days' notice to shareholders prior to making
any change in its policy of investing at least 80% of its net assets in the type
of investment suggested by its name.

FURTHER  RESOLVED,  that the  foregoing  policies  shall be  effective  upon the
effective  date of the next amendment to the  registration  statement of each of
the foregoing  funds and in any event no later than the  compliance  date of the
new rule, July 31, 2002.
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