-----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, Wgfn7AaTub82LmIq9gtg6dcxNod5g5Va4tTFBwUX8Q9xJYdsB6qugVa/MBhROlVI pj86TJ1a4uNKfasqTbiaog== 0000950136-02-001717.txt : 20020610 0000950136-02-001717.hdr.sgml : 20020610 20020607112432 ACCESSION NUMBER: 0000950136-02-001717 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20020331 FILED AS OF DATE: 20020607 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SECURITY ULTRA FUND CENTRAL INDEX KEY: 0000088676 IRS NUMBER: 480720145 STATE OF INCORPORATION: KS FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-01316 FILM NUMBER: 02673128 BUSINESS ADDRESS: STREET 1: SECURITY MANAGEMENT COMPANY, LLC STREET 2: ONE SECURITY BENEFIT PLACE CITY: TOPEKA STATE: KS ZIP: 66636-0001 BUSINESS PHONE: 7854383127 MAIL ADDRESS: STREET 1: SECURITY MANAGEMENT COMPANY, LLC STREET 2: ONE SECURITY BENEFIT PLACE CITY: TOPEKA STATE: KS ZIP: 66636-0001 FORMER COMPANY: FORMER CONFORMED NAME: SECURITY ACCUMULATION FUND INC DATE OF NAME CHANGE: 19690326 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SECURITY GROWTH & INCOME FUND/KS/ CENTRAL INDEX KEY: 0000088565 IRS NUMBER: 486102826 STATE OF INCORPORATION: KS FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-00487 FILM NUMBER: 02673129 BUSINESS ADDRESS: STREET 1: SECURITY MANAGEMENT COMPANY, LLC STREET 2: ONE SECURITY BENEFIT PLACE CITY: TOPEKA STATE: KS ZIP: 66636-0001 BUSINESS PHONE: 7854383127 MAIL ADDRESS: STREET 1: SECURITY MANAGEMENT COMPANY, LLC STREET 2: ONE SECURITY BENEFIT PLACE CITY: TOPEKA STATE: KS ZIP: 66636-0001 FORMER COMPANY: FORMER CONFORMED NAME: SECURITY INVESTMENT FUND INC DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SECURITY EQUITY FUND CENTRAL INDEX KEY: 0000088525 IRS NUMBER: 486104426 STATE OF INCORPORATION: KS FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-01136 FILM NUMBER: 02673130 BUSINESS ADDRESS: STREET 1: SECURITY MANAGEMENT COMPANY, LLC STREET 2: ONE SECURITY BENEFIT PLACE CITY: TOPEKA STATE: KS ZIP: 66636-0001 BUSINESS PHONE: 7854383127 MAIL ADDRESS: STREET 1: SECURITY MANAGEMENT COMPANY, LLC STREET 2: ONE SECURITY BENEFIT PLACE CITY: TOPEKA STATE: KS ZIP: 66636-0001 N-30D 1 file001.txt SEMI-ANNUAL REPORT Security Funds(SM) - ------------------------------------------------------------------------------- SEMI-ANNUAL REPORT March 31, 2002 o Security Equity Fund -Enhanced Index Series (p. 18) -Equity Series (p. 15) -Global Series (p. 7) -International Series (p. 31) -Large Cap Growth (p. 29) -Mid Cap Value Series (p. 3) -Select 25 Series (p. 6) -Small Cap Growth Series (p. 10) -Social Awareness Series (p. 13) -Technology Series (p. 5) -Total Return Series (p. 26) o Security Growth and Income Fund (p. 36) o Security Ultra Fund (p. 34) [graphic] Security Distributors, Inc. A Member of The Security Benefit Group of Companies CHAIRMAN OF THE BOARD'S COMMENTARY - ------------------------------------------------------------------------------- March 31, 2002 [graphic omitted] John Cleland To Our Shareholders: Over the last six months, investors have seen a gradually improving economic outlook begin to alter the investment landscape. After adjusting fourth quarter numbers, it now appears questionable as to whether the United States actually experienced a true recession, which requires two consecutive quarters of negative GDP growth. Even if a recession actually occurred, it was the shortest and mildest on record. Unfortunately, the market's ability to discount an improved economic outlook was sidetracked in the fourth quarter by the Enron debacle and the damage that unfortunate occurrence did to investor psychology. We believe this was an isolated instance and is not symptomatic of anything more serious that would create a real global crisis of confidence in U.S. markets. The improving economic outlook continues to be driven by consumer spending, which should be accompanied by improved investments through the rest of 2002, as we have nearly completed the inventory liquidation process. Unfortunately, the markets are, once again, preoccupied by the eruption of Middle-Eastern violence. This has distracted investors' attention from the continued, positive fundamentals of economic growth improving the outlook for corporate earnings, in a climate where inflation remains absent from the landscape. We don't believe that interest rates are likely to rise significantly over the balance of the year. The Federal Reserve Board will be unlikely to tighten policy precipitously for fear of aborting the economic recovery, which appears to be in process. This should be a positive climate for the equity markets to improve their recent performance. However, a word of caution remains in order, as market valuations remain historically high. We urge investors to ratchet down any remaining unrealistic expectations to more historic norms. We expect the markets to continue to be extremely volatile, as the global landscape is troubled. This is a period when investors' focus should be on long-term returns, where time has historically proven to be a true friend. A dollar cost averaging* investment strategy may well be an appropriate vehicle. As always, we invite your questions and comments. Sincerely, /s/ John Cleland - ---------------------- John Cleland, Chairman The Security Funds *Dollar cost averaging does not assure profits or protect against loss in a declining market. 1 PRESIDENT'S COMMENTARY March 31, 2002 [graphic omitted] James Schmank To Our Shareholders: The weak investment conditions have continued over the past six months, providing a difficult environment for money managers to deliver positive performance results. We know that during these times, it is challenging for our investors to stay with their long-term investment plans. The period began with a weakened economy, exacerbated by terrorist attacks and the uncertainty of the ensuing war in Afghanistan. Middle-Eastern conflicts threatened the stability of oil pricing and supplies, lowering consumer confidence and postponing an economic recovery. Corporate earnings suffered as the nation entered a recessionary period in November, and the economy delivered its worst performance in more than a decade. Then, unexpectedly, we saw the collapse of the Enron Corporation due to financial reporting irregularities, and the reliability of American accounting standards was seriously questioned. All these events rocked investor confidence, resulting in significant volatility and weak financial markets. By historical standards, however, the recession was mild and short-lived. As the semi-annual period ended, the economy was hinting at a recovery, as most recent economic releases were positive in nature. However, even though general conditions are improving, the markets remain volatile and pessimistic in nature, looking for stability and reasons for confidence. Our Security Benefit portfolio managers continue to work through the economic and financial market land mines, and we are comfortable with the current position of our portfolios. We have seen particular strength and positive performance results in the small and mid cap value invest-ment sectors. In addition, our fixed income portfolios continue to produce positive results, despite the difficult markets. During these times, it is most important to stay the course with your long-term investment plan, and to keep in close contact with your financial advisor. Maintaining good investment diversity in your portfolio is critical. Investors using dollar cost averaging* strategy may be able to benefit from these market downturns when conditions improve. Please feel free to contact us at any time to share your questions and concerns. You can also find valuable information on our website at www.securitybenefit.com. We thank you for trusting us with your investment, and we are working diligently to provide you with the best returns possible. Sincerely, /s/ James Schmank - ------------------------ James Schmank, President The Security Funds *Dollar cost averaging does not assure profits or protect against loss in a declining market. 2 SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- March 31, 2002 (Unaudited) SECURITY EQUITY FUND- MID CAP VALUE SERIES Principal Amount or Number Market CONVERTIBLE BOND of Shares Value - -------------------------------------------------------------------------------- Construction Machinery - 2.6% Shaw Group, Inc., 0.0% - 2021(2)................. $7,250,000 $3,978,437 PREFERRED STOCK Oil & Gas Exploration & Production - 0.5% Callon Petroleum Company ........................ 34,000 824,500 COMMON STOCKS Agricultural Products - 2.5% Archer-Daniels-Midland Company ................. 200,000 2,786,000 Sylvan, Inc.* ................................... 91,000 1,051,050 --------- 3,837,050 Apparel & Accessories - 0.5% Kellwood Company (1)............................. 35,000 850,150 Application Software - 1.1% JDA Software Group, Inc.*(1)..................... 42,000 1,338,960 Lightspan, Inc.* ................................ 425,000 369,750 --------- 1,708,710 Auto Parts & Equipment - 1.3% Federal Signal Corporation ...................... 33,000 782,760 Modine Manufacturing Company .................... 38,100 1,028,319 Motorcar Parts & Accessories, Inc.* ............. 50,000 222,500 --------- 2,033,579 Banks - 8.3% Commerce Bancshares, Inc. ....................... 47,250 2,089,395 First Midwest Bancorp, Inc. ..................... 10,800 313,632 Hibernia Corporation ............................ 85,000 1,623,500 Marshall & Ilsley Corporation ................... 13,300 827,792 Mercantile Bankshares Corporation ............... 45,000 1,946,700 Net.B@nk, Inc.* ................................. 73,700 1,245,530 Resource Bancshares Mortgage Group, Inc. ........ 47,900 915,369 Wilmington Trust Corporation .................... 24,100 1,622,171 Zions Bancorporation ............................ 38,000 2,252,260 --------- 12,836,349 Building Products - 0.7% Crane Company ................................... 40,000 1,093,600 Catalog Retail - 1.3% Coldwater Creek, Inc.* .......................... 115,000 2,042,400 Commercial Printing - 1.2% Banta Corporation ............................... 53,000 1,892,630 Commodity Chemicals - 1.2% Lyondell Chemical Company ....................... 108,000 1,793,880 Computer Storage & Peripherals - 0.7% Sandisk Corporation* ............................ 50,000 1,085,000 Number Market COMMON STOCKS (continued) of Shares Value - -------------------------------------------------------------------------------- Construction & Engineering - 5.1% Chicago Bridge & Iron Company N.V ............... 90,000 $2,674,800 Shaw Group, Inc.* ............................... 193,100 5,310,250 --------- 7,985,050 Construction & Farm Machinery - 0.1% ASV, Inc.* ...................................... 11,600 136,300 Diversified Chemicals - 1.6% Engelhard Corporation ........................... 40,000 1,241,200 Solutia, Inc. ................................... 140,000 1,218,000 --------- 2,459,200 Diversified Commercial Services - 1.0% Angelica Corporation ............................ 99,300 1,538,157 Electric Utilites - 2.1% Black Hills Corporation ......................... 37,400 1,252,152 Unisource Energy Corporation .................... 100,000 2,046,000 --------- 3,298,152 Electronic Equipment & Instruments - 3.3% Anixter International, Inc.* .................... 45,600 1,351,128 Maxwell Technologies, Inc.* ..................... 225,000 2,092,500 Powell Industries, Inc.* ........................ 75,300 1,672,413 --------- 5,116,041 Fertilizers & Agricultural Chemicals - 1.5% Potash Corporation of Saskatchewan, Inc. ........ 35,000 2,284,100 Food Retail - 0.3% Casey's General Stores, Inc. .................... 33,300 449,550 Footwear - 1.3% Brown Shoe Company, Inc. ........................ 107,000 2,082,220 Gas Utilities - 2.6% Kinder Morgan, Inc. ............................. 82,000 3,971,260 Health Care Distributors & Services - 1.7% Hooper Holmes, Inc. ............................. 250,000 2,622,500 Health Care Equipment - 0.3% Inamed Corporation* ............................. 12,400 407,960 Health Care Facilities - 1.3% RehabCare Group, Inc.* .......................... 71,400 2,034,900 Industrial Machinery - 0.3% Ingersoll-Rand Company .......................... 10,000 500,200 IT Consulting & Services - 6.2% Acxiom Corporation*(1) .......................... 224,500 3,847,930 Computer Sciences Corporation* .................. 105,000 5,328,750 Forrester Research, Inc.* ....................... 23,000 439,300 --------- 9,615,980 - -------------------------------------------------------------------------------- 3 See accompanying notes. SCHEDULE OF INVESTMENTS (CONTINUED) - -------------------------------------------------------------------------------- March 31, 2002 (Unaudited) SECURITY EQUITY FUND- MID CAP VALUE SERIES (CONTINUED) Number Market COMMON STOCKS (continued) of Shares Value - -------------------------------------------------------------------------------- Leisure Products - 1.4% Mattel, Inc. .................................... 75,000 $1,563,000 Midway Games, Inc.* ............................. 48,000 646,080 ----------- 2,209,080 Multi-Line Insurance - 1.2% Unitrin, Inc. ................................... 46,800 1,881,360 Multi-Utilities - 2.1% Avista Corporation .............................. 60,000 931,800 Dynegy, Inc. .................................... 80,000 2,320,000 ----------- 3,251,800 Networking Equipment - 1.9% Adaptec, Inc.* .................................. 225,000 3,008,250 Oil & Gas Drilling - 4.6% GlobalSantaFe Corporation ....................... 70,000 2,289,000 Pride International, Inc.* ...................... 306,000 4,865,400 ----------- 7,154,400 Oil & Gas Equipment & Services - 4.7% Cooper Cameron Corporation* ..................... 25,000 1,277,750 Key Energy Services, Inc.* ...................... 140,000 1,500,800 Tidewater, Inc. ................................. 107,400 4,548,390 ----------- 7,326,940 Oil & Gas Exploration & Production - 9.4% Apache Corporation .............................. 4,070 231,502 Callon Petroleum Company* ....................... 202,000 1,575,600 Canadian Natural Resources, Ltd ................. 95,000 3,129,300 Evergreen Resources, Inc.* ...................... 65,000 2,710,500 Kerr-McGee Corporation .......................... 27,900 1,753,515 Ocean Energy, Inc. .............................. 210,000 4,155,900 TransMontaigne, Inc.* ........................... 197,000 1,024,400 ----------- 14,580,717 Packaged Foods - 1.5% Hormel Foods Corporation ........................ 34,000 929,900 Monterey Pasta Company* ......................... 156,000 1,318,200 ----------- 2,248,100 Paper Products - 0.6% Glatfelter ...................................... 55,500 995,670 Property & Casualty Insurance - 4.9% Cincinnati Financial Corporation ................ 47,000 2,052,020 MBIA, Inc. ...................................... 18,750 1,025,437 W.R. Berkley Corporation ........................ 80,000 4,598,400 ----------- 7,675,857 Railroads - 0.2% CSX Corporation(1) .............................. 7,000 266,770 Real Estate Investment Trusts - 1.5% AMB Property Corporation ........................ 43,000 1,182,500 Healthcare Realty Trust, Inc. ................... 37,000 1,123,320 ----------- 2,305,820 Principal Amount or Number Market COMMON STOCKS (Continued) of Shares Value - -------------------------------------------------------------------------------- Restaurants - 0.4% Steak N Shake Company* .......................... 46,700 $656,135 Semiconductors - 1.0% IXYS Corporation* ............................... 139,000 1,624,910 Specialty Chemicals - 1.3% Material Sciences Corporation* .................. 85,700 895,565 Minerals Technologies, Inc. ..................... 20,000 1,049,400 ------------ 1,944,965 Telecommunications Equipment - 0.9% ADTRAN, Inc.* ................................... 57,700 1,392,878 Trucking - 1.0% Covenant Transport, Inc.* ....................... 105,500 1,546,630 Unit Investment Trust - 5.2% S&P MidCap 400/BARRA Value Index Fund (Cl.I) .... 55,000 5,443,900 S&P MidCap 400 Index Fund ....................... 25,000 2,700,000 ------------ 8,143,900 ----------- Total common stocks - 91.3% ................................ 141,889,100 ------------ U.S. GOVERNMENT & AGENICES - -------------------------- Federal Home Loan Bank: 1.75%, 04-05-02 ............................... $800,000 799,845 1.75%, 04-10-02 ............................... $600,000 599,738 1.76%, 04-17-02 ............................... $1,000,000 999,222 1.74%, 04-19-02 ............................... $1,300,000 1,298,869 1.72%, 05-01-02 ............................... $500,000 499,283 ------------ 4,196,957 Federal Home Loan Mortgage Corporation: 1.76%, 04-16-02 ............................... $900,000 899,340 1.77%, 04-23-02 ............................... $1,200,000 1,198,702 ------------ 2,098,042 ------------ Total U.S. government & agencies - 4.0% ..................... 6,294,999 REPURCHASE AGREEMENT - 0.4% - --------------------------- United Missouri Bank, 1.53%, 4-01-02 (Collateralized by U.S. Treasury Bill, 09-05-02 with a value of $598,433) ....................... $586,000 586,000 ------------ Total investments - 98.8% ................................... 153,573,036 Cash and other assets, less liabilities - 1.2% .............. 1,854,571 Total net assets - 100.0% ................................... $155,427,607 ============ The identified cost of investments owned at March 31, 2002 was the same for federal income tax and financial statement purposes. * Non-income producing security (1) Security is segregated as collateral for futures, options or forward exchange contracts. (2) Deferred interest obligation currently zero under terms of initial offering. - -------------------------------------------------------------------------------- 4 See accompanying notes. SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- March 31, 2002 (Unaudited) SECURITY EQUITY FUND- TECHNOLOGY SERIES Number Market COMMON STOCKS (continued) of Shares Value - -------------------------------------------------------------------------------- Applications Software - 6.3% Agile Software Corporation* ..................... 7,500 $90,750 I12 Technologies, Inc.* ......................... 13,300 67,298 Macromedia, Inc.* ............................... 4,100 83,722 Peregrine Systems, Inc.* ........................ 7,600 72,352 Rational Software Corporation* .................. 12,200 193,126 ---------- 507,248 Computer Hardware - 18.2% Compaq Computer Corporation ..................... 16,400 171,380 Dell Computer Corporation* ...................... 8,000 208,880 International Business Machines Corporation ..... 5,800 603,200 Palm, Inc.* ..................................... 66,800 266,532 Sun Microsystems, Inc.* ......................... 23,700 209,034 ---------- 1,459,026 Computer Storage & Peripherals - 8.2% Lexmark International, Inc.* .................... 5,800 331,644 Maxtor Corporation* ............................. 46,867 325,726 ---------- 657,370 Data Processing Services - 13.5% Bisys Group, Inc.* .............................. 7,740 272,835 First Data Corporation .......................... 4,950 431,887 Sabre Holdings Corporation* ..................... 8,000 373,680 ---------- 1,078,402 Diversified Commercial Services - 3.2% Cendant Corporation* ............................ 13,500 259,200 Electronic Equipment & Instruments - 3.4% Flextronics International, Ltd .................. 4,200 76,650 Jabil Circuit, Inc.* ............................ 2,600 61,178 Sanmina-SCI Corporation* ........................ 6,000 70,500 Solectron Corporation* .......................... 8,200 63,960 ---------- 272,288 Employment Services - 1.3% Resources Connection, Inc.* ..................... 3,700 107,041 Internet Software & Services - 3.1% VeriSign, Inc.* ................................. 7,382 199,314 Vignette Corporation* ........................... 13,100 45,064 ---------- 244,378 IT Consulting & Services - 2.1% Accenture, Ltd.* ................................ 6,400 170,880 Movies & Entertainment - 1.8% AOL Time Warner, Inc.* .......................... 6,000 141,900 Networking Equipment - 7.2% Cisco Systems, Inc.* ............................ 34,100 577,313 Principal Amount or Number Market COMMON STOCKS (Continued) of Shares Value - -------------------------------------------------------------------------------- Semiconductor Equipment - 5.6% Credence Systems Corporation* ................... 7,000 $153,720 Ibis Technology Corporation* .................... 4,300 63,296 Speedfam-Ipec, Inc.* ............................ 19,000 81,320 Ultratech Stepper, Inc.* ........................ 7,200 149,760 ---------- 448,096 Semiconductors - 8.6% Fairchild Semiconductor Corporation* ............ 6,700 191,620 Intel Corporation ............................... 2,700 82,107 OmniVision Technologies, Inc.* .................. 13,700 151,111 Silicon Storage Technology, Inc.* ............... 14,100 148,755 Vitesse Semiconductor Corporation* .............. 6,200 60,760 Xilinx, Inc.* ................................... 1,300 51,818 ---------- 686,171 Systems Software - 12.9% Microsoft Corporation* .......................... 12,200 735,782 Oracle Corporation* ............................. 23,200 296,960 ---------- 1,032,742 Telecommunications Equipment - 3.7% QUALCOM, Inc.* .................................. 5,700 79,572 Tellabs, Inc.* .................................. 7,600 214,548 294,120 ---------- Total common stocks - 99.1% ................................. 7,936,175 FOREIGN STOCK - ------------- Finland - 0.1% Nokia Oyj ADR ................................... 400 8,296 REPURCHASE AGREEMENT - 2.3% - --------------------------- State Street, 0.65%, 4-01-02 (Collateralized by FNMA, 4.33%, 08-07-03, with a value of $187,567) .............................. $183,643 183,643 ---------- Total investments - 101.5% .................................... 8,128,114 Liabilities, less cash and other assets - 1.5% ................ (122,432) ---------- Total net assets - 100.0% ..................................... $8,005,682 ========== The identified cost of investments owned at March 31, 2002 was the same for federal income tax and financial statement purposes. * Non-income producing security ADR (American Depositary Receipt) - -------------------------------------------------------------------------------- 5 See accompanying notes. SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- March 31, 2002 (Unaudited) SECURITY EQUITY FUND - SELECT 25 SERIES Number Market COMMON STOCKS (continued) of Shares Value - -------------------------------------------------------------------------------- Advertising - 4.1% Omnicom Group, Inc. ............................. 16,000 $1,510,400 Application Software - 2.1% Siebel Systems, Inc.* ........................... 24,000 782,640 Broadcasting & Cable TV - 9.1% Clear Channel Communications, Inc.* ............. 33,000 1,696,530 Univision Communications, Inc.* ................. 39,700 1,667,400 ----------- 3,363,930 Data Processing Services - 4.0% Automatic Data Processing, Inc. ................. 25,000 1,456,750 Department Stores - 4.6% Kohl's Corporation* ............................. 24,000 1,707,600 Diversified Financial Services - 7.3% Citigroup, Inc . ................................ 30,000 1,485,600 Fannie Mae ...................................... 15,000 1,198,200 ----------- 2,683,800 Drug Retail - 4.3% Walgreen Company ................................ 40,000 1,567,600 General Merchandise Stores - 5.0% Wal-Mart Stores, Inc. .......................... 30,000 1,838,700 Health Care Distributors & Services - 3.8% Cardinal Health, Inc. ........................... 20,000 1,417,800 Health Care Equipment - 3.7% Medtronic, Inc. ................................. 30,000 1,356,300 Home Improvement Retail - 4.0% Home Depot, Inc. ................................ 30,000 1,458,300 Industrial Conglomerates - 3.6% General Electric Company ........................ 35,000 1,310,750 Motorcycle Manufacturers - 4.5% Harley-Davidson, Inc. ........................... 30,000 1,653,900 Movies & Entertainment - 3.9% Viacom, Inc. (Cl.B)* ............................ 30,000 1,451,100 Multi-line Insurance - 3.5% American International Group, Inc. .............. 18,000 1,298,520 Networking Equipment - 2.8% Cisco Systems, Inc.* ............................ 60,000 1,015,800 Pharmaceuticals - 3.8% Pfizer, Inc. .................................... 35,000 1,390,900 Semicondutor Equipment - 4.4% Applied Materials, Inc.* ........................ 30,000 1,628,100 Semiconductors - 4.1% Intel Corporation ............................... 50,000 1,520,500 Principal Amount or Number Market COMMON STOCKS (Continued) of Shares Value - -------------------------------------------------------------------------------- Systems Software - 6.0% Microsoft Corporation* .......................... 25,000 $1,507,750 Veritas Software Corporation* ................... 16,000 701,280 ----------- 2,209,030 ----------- Total common stocks - 88.6% 32,622,420 =========== U.S. GOVERNMENT & AGENCIES - -------------------------- Federal Farm Credit Bank, 1.76%, 05-09-02 ............................... $500,000 499,071 Federal Home Loan Bank, 1.72%, 05-01-02 ............................... $500,000 499,284 Federal Home Loan Mortgage Corporation: 1.75%, 04-09-02 ............................... $600,000 599,765 1.77%, 04-23-02 ............................... $500,000 499,459 ----------- 1,099,224 Federal National Mortgage Association, 1.72%, 04-01-02 ............................... $1,500,000 1,500,000 ----------- Total U.S. government & agencies - 9.8% ..................... 3,597,579 REPURCHASE AGREEMENT - 1.6% - --------------------------- United Missouri Bank, 1.53%, 04-01-02 (Collateralized by U.S. Treasury Bill, 09-05-02 with a value of $585,553) .................................. $574,000 574,000 ----------- Total investments - 100.0% .................................... 36,793,999 Liabilities, less cash and other assets - 0.0% ............................................... (12,848) ----------- Total net assets - 100.0% ................................... $36,781,151 =========== The identified cost of investments owned at March 31, 2002 was the same for federal income tax and financial statement purposes. * Non-income producing - -------------------------------------------------------------------------------- 6 security See accompanying notes. SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- March 31, 2002 (Unaudited) SECURITY EQUITY FUND - GLOBAL SERIES Number Market COMMON STOCKS of Shares Value - -------------------------------------------------------------------------------- Australia - 1.6% Australia & New Zealand Banking Group, Ltd ............................ 153,820 $1,458,806 Bermuda - 1.0% Ace, Ltd ........................................ 22,590 942,003 Brazil - 1.4% Companhia de Bebidas das Americas ............... 26,157 510,323 Embraer Aircraft ADR ............................ 5,296 106,648 Embraer - Empresa Brasileira de Aeronautica S.A ............................ 37,272 752,149 ---------- 1,369,120 Canada - 2.9% Alberta Energy Company, Ltd ..................... 10,400 453,118 Bombardier, Inc. (Cl.B) ......................... 109,900 988,507 Husky Energy, Inc. .............................. 76,090 815,557 Manulife Financial Corporation .................. 17,773 487,047 ---------- 2,744,229 Finland - 0.5% Nokia Oyj ADR ................................... 22,400 464,576 France - 5.1% Axa ............................................. 13,020 293,848 Business Objects S.A.* .......................... 5,300 232,988 Essilor International S.A ....................... 7,600 272,171 Sanofi-Synthelabo S.A ........................... 33,534 2,153,173 Societe BIC S.A ................................. 27,010 966,105 Thomson Multimedia* ............................. 12,700 395,648 Valeo S.A ....................................... 11,477 509,638 ---------- 4,823,571 Germany - 4.1% Fresenius AG .................................... 19,235 1,473,338 Porsche AG ...................................... 4,174 1,909,913 SAP AG .......................................... 3,139 475,397 ---------- 3,858,648 Hong Kong - 1.5% Hong Kong & China Gas Company, Ltd .............. 249,000 346,374 Television Broadcasts, Ltd. ..................... 222,991 1,037,792 ---------- 1,384,166 India - 1.8% Hindustan Lever, Ltd ............................ 109,000 503,550 Infosys Technologies, Ltd ....................... 6,000 459,465 Zee Telefilms, Ltd .............................. 220,000 756,786 ---------- 1,719,801 Japan - 6.5% Credit Saison Company, Ltd ...................... 31,200 $650,907 Eisai Company, Ltd .............................. 19,200 473,716 Hirose Electric Company, Ltd .................... 4,700 328,381 KDDI Corporation ................................ 44 112,544 Keyence Corporation ............................. 1,300 248,357 Kyocera Corporation ............................. 5,100 352,865 Nintendo Company, Ltd ........................... 9,798 1,441,589 Sharp Corporation ............................... 78,000 1,028,740 Sony Corporation ................................ 13,900 722,609 Takeda Chemical Industries, Ltd ................. 6,000 243,106 Toshiba Corporation* ............................ 81,000 339,194 Trend Micro, Inc.* .............................. 7,000 182,744 ---------- 6,124,752 Korea - 0.3% SK Telecom Company, Ltd ......................... 1,160 255,262 Mexico - 2.1% Fomento Economico Mexicano de C.V. S.A .......... 126,100 586,931 Grupo Modelo de C.V. S.A ........................ 169,600 432,807 Grupo Televisa S.A. ADR* ........................ 18,764 910,242 1,929,980 Netherlands - 3.0% Koninklijke Numico N.V .......................... 17,100 471,410 Qiagen N.V.* .................................... 9,061 140,627 Royal Dutch Petroleum Company ................... 18,009 978,249 STMicroelectronics N.V .......................... 6,750 228,960 Wolters Kluwer N.V .............................. 48,488 1,015,222 2,834,468 Singapore - 1.2% Singapore Press Holdings, Ltd ................... 83,729 1,117,053 Spain - 0.3% Amadeus Global Travel Distribution S.A.* ........ 39,172 278,515 Switzerland - 1.0% Kudelski S.A.* .................................. 7,300 377,197 Novartis AG* .................................... 14,599 574,220 ---------- 951,417 - -------------------------------------------------------------------------------- 7 See accompanying notes. SCHEDULE OF INVESTMENTS (CONTINUED ) - -------------------------------------------------------------------------------- March 31, 2002 (Unaudited) SECURITY EQUITY FUND - GLOBAL SERIES (CONTINUED) Number Market COMMON STOCKS (continued) of Shares Value - -------------------------------------------------------------------------------- United Kingdom - 16.8% Astrazeneca Group plc ........................... 10,418 $516,859 Boots Company plc ............................... 97,052 929,409 BP Amoco plc ADR ................................ 22,167 1,177,068 Cable & Wireless plc ............................ 111,200 355,889 Cadbury Schweppes plc ........................... 267,497 1,839,823 Diageo plc ...................................... 66,490 869,179 Dixons Group plc ................................ 66,150 246,562 Hanson plc ...................................... 135,500 1,020,716 Nycomed Amersham plc ............................ 24,000 262,301 Oxford GlycoSciences plc* ....................... 15,648 88,017 Pearson plc ..................................... 28,200 362,013 Reckitt Benckiser plc ........................... 199,920 3,285,277 Reed International plc .......................... 122,175 1,183,045 Rentokil Initial plc ............................ 337,047 1,354,673 Royal Bank of Scotland Group plc ....................................... 43,099 1,109,623 Six Continents plc .............................. 93,931 1,000,508 Smith & Nephew plc .............................. 35,500 207,516 ---------- 15,808,478 United States - 42.8% Affymetrix, Inc.* ............................... 10,500 304,290 American Express Company ........................ 23,600 966,656 Amgen, Inc.* .................................... 24,400 1,456,192 AOL Time Warner, Inc.* .......................... 29,745 703,469 Applera Corporation - Applied Biosystems Group ................................ 21,100 471,585 Applied Materials, Inc.* ........................ 4,500 244,215 Bank One Corporation ............................ 43,059 1,799,005 Berkshire Hathaway, Inc. (Cl. B)* ............... 340 805,460 Best Buy Company* ............................... 6,916 547,747 Cadence Design Systems, Inc.* ................... 193,864 4,383,265 Checkpoint Software Technologies,Ltd.* .............................. 7,800 237,120 ChevronTexaco Corporation ....................... 10,783 973,382 Circuit City Stores-Circuit City Group .......... 51,271 924,929 Citigroup, Inc .................................. 8,566 424,188 Electronic Arts, Inc.* .......................... 37,464 2,277,811 Fannie Mae ...................................... 24,200 1,933,096 Gilead Sciences, Inc.* .......................... 27,200 978,928 Human Genome Sciences, Inc.* .................... 15,000 326,850 ICICI, Ltd. ADR ................................. 59,400 482,328 International Business Machines Corporation ..................................... 9,667 1,005,368 International Flavors & Fragrances, Inc. ................................ 23,802 832,356 International Game Technology* .................. 7,200 448,704 Johnson & Johnson ............................... 28,152 1,828,472 Laboratory Corporation of America Holdings* ............................... 5,600 536,816 Lehman Brothers Holdings, Inc. .................. 6,400 413,696 Principal Amount or Number Market COMMON STOCKS (Continued) of Shares Value - -------------------------------------------------------------------------------- United States (continued) Liberty Media Corporation* ...................... 32,300 $408,272 MBNACorporation ................................. 5,600 215,992 Mentor Graphics Corporation* .................... 24,700 522,158 National Semiconductor Corporation* .................................... 48,500 1,633,965 Novellus Systems, Inc.* ......................... 4,400 238,172 Oracle Corporation* ............................. 16,160 206,848 Oxford Health Plans, Inc.* ...................... 7,800 325,962 Pfizer, Inc. .................................... 23,638 939,374 Protein Design Labs, Inc.* ...................... 2,300 39,399 QUALCOMM, Inc.* ................................. 4,620 173,897 Quest Diagnostics, Inc.* ........................ 12,800 1,060,480 Quintiles Transnational Corporation* ............ 52,177 926,142 Raytheon Company 46,800 1,921,140 Riverstone Networks, Inc.* ...................... 24,789 148,734 Sanmina Corporation* ............................ 8,000 94,000 Scientific-Atlanta, Inc. ........................ 18,400 425,040 Siebel Systems, Inc.* ........................... 12,200 397,842 Sirius Satellite Radio, Inc.* ................... 39,500 210,140 Sybase, Inc.* ................................... 54,062 944,463 Symantec Corporation* ........................... 10,800 445,068 Synopsys, Inc.* ................................. 11,785 650,061 Wachovia Corporation ............................ 28,208 1,045,953 Wyeth ........................................... 20,890 1,371,429 Xilinx, Inc.* ................................... 6,300 251,118 XMSatellite Radio Holdings, Inc.* ............... 32,700 450,279 ----------- 40,351,856 ----------- Total common stocks - 93.9% ................................. 88,416,701 FOREIGN CORPORATE BOND - ---------------------- United Kingdom - 0.0% Telewest Communications plc, 11.00% - 2007 ................................ 130,000 66,300 PREFERRED STOCKS - ---------------- Brazil - 0.8% Tele Norte Leste Participacoes S.A .............. 61,411,354 771,606 Germany - 1.2% Wella AG ........................................ 22,119 1,133,676 ----------- Total preferred stocks - 2.0% 1,905,282 REPURCHASE AGREEMENT - 4.0% - --------------------------- State Street, 1.25%, 04-01-02 (Collateralized by FNMA, 4.75%, 03-15-03 with a value of $3,864,602) ................................... $3,787,754 3,787,754 ----------- Total investments - 99.9% ................................... 94,176,037 ----------- Cash and other assets, less liabilities - 0.1% .............. 90,654 ----------- Total net assets - 100.0% ................................... $94,266,691 =========== - -------------------------------------------------------------------------------- 8 See accompanying notes. SCHEDULE OF INVESTMENTS (CONTINUED ) - -------------------------------------------------------------------------------- March 31, 2002 (Unaudited) SECURITY EQUITY FUND - GLOBAL SERIES (CONTINUED) INVESTMENT CONCENTRATION - -------------------------------------------------------------------------------- At March 31, 2002, Global Series' investment concentration by industry was as follows: Aerospace/Defense ............................................. 3.0% Auto Parts and Supplies ....................................... 0.5% Automobiles ................................................... 2.0% Banks & Credit ................................................ 5.8% Beverages ..................................................... 3.6% Broadcast Media ............................................... 4.8% Building & Construction ....................................... 1.1% Communicatiaons ............................................... 0.2% Computer Software ............................................. 9.6% Computer Systems .............................................. 2.5% Cosmetics ..................................................... 1.2% Electrical Equipment .......................................... 0.6% Electronics ................................................... 3.7% Entertainment ................................................. 0.9% Financial Services ............................................ 6.9% Food Wholesalers .............................................. 0.5% Healthcare .................................................... 2.0% Hotel/Motel ................................................... 10.8% Household Products ............................................ 4.4% Insurance ..................................................... 1.5% Manufacturing ................................................. 1.6% Medical ....................................................... 1.1% Natural Gas ................................................... 0.4% Office Equipment .............................................. 1.0% Oil ........................................................... 4.7% Pharmaceuticals ............................................... 5.7% Publishing .................................................... 2.3% Retail ........................................................ 2.6% Semiconductors ................................................ 2.8% Services ...................................................... 2.7% Telecommunications ............................................ 3.9% Toys & Sporting Goods ......................................... 1.5% Repurchase agreement .......................................... 4.0% Cash and other assets, less liabilities ....................... 0.1% ------ 100.0% The identified cost of investments owned at March 31, 2002 was the same for federal income tax and financial statement purposes. * Non-income producing security ADR (American Depositary Receipt) - -------------------------------------------------------------------------------- 9 See accompanying notes. SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- March 31, 2002 (Unaudited) SECURITY EQUITY FUND - SMALL CAP GROWTH SERIES Number Market COMMON STOCKS of Shares Value - -------------------------------------------------------------------------------- Apparel & Accessories - 1.0% OshKosh B'Gosh, Inc ............................. 5,400 $231,444 Apparel Retail - 3.2% bebe stores, Inc.* .............................. 6,700 141,035 Christopher & Banks Corporation* ................ 4,500 147,825 Hot Topic, Inc.* ................................ 9,000 188,100 Urban Outfitters, Inc.* ......................... 10,800 252,180 --------- 729,140 Application Software - 11.2% Activision, Inc.* ............................... 10,000 298,300 Aspen Technology, Inc.* ......................... 19,000 435,100 BARRA, Inc.* .................................... 3,700 224,109 Documentum, Inc.* ............................... 12,000 305,400 E.piphany, Inc.* ................................ 13,000 98,280 JDA Software Group, Inc.* ....................... 9,000 286,920 Kronos, Inc.* ................................... 3,100 145,638 QuadraMed Corporation* .......................... 21,000 186,900 Secure Computing Corporation* ................... 4,100 80,401 THQ, Inc.* ...................................... 7,100 348,610 Witness Systems, Inc.* .......................... 8,000 112,560 --------- 2,522,218 Auto Parts & Equipment - 0.6% Dura Automotive Systems, Inc.* .................. 7,000 134,190 Automobile Manufacturers - 0.6% Winnebago Industries, Inc ....................... 3,000 125,970 Banks - 1.4% New York Community Bancorp, Inc. ................ 4,000 110,600 TCF Financial Corporation ....................... 4,000 210,440 --------- 321,040 Biotechnology - 3.0% Neurocrine Biosciences, Inc.* ................... 5,600 227,304 SangStat Medical Corporation* ................... 11,700 314,262 Transkaryotic Therapies, Inc.* .................. 3,200 137,760 --------- 679,326 Broadcasting & Cable TV - 1.7% Entercom Communications Corporation* ............ 3,700 203,019 Radio One, Inc.* ................................ 8,200 178,432 --------- 381,451 Casinos & Gaming - 4.8% Alliance Gaming Corporation* .................... 4,800 146,544 Ameristar Casinos, Inc.* ........................ 3,700 101,676 Argosy Gaming Company* .......................... 5,000 183,450 Boyd Gaming Corporation* ........................ 18,700 281,248 Shuffle Master, Inc.* ........................... 17,800 367,748 --------- 1,080,666 Number Market COMMON STOCKS (continued) of Shares Value - -------------------------------------------------------------------------------- Catalog Retail - 1.2% Ticketmaster (Cl.B)* ............................ 9,300 $275,094 Computer & Electronics Retail - 0.8% Electronics Boutique Holding Corporation* ....... 5,600 193,368 Computer Storage & Peripherals - 1.4% ATI Technologies, Inc.* ......................... 23,600 316,240 Construction & Engineering - 1.3% EMCOR Group, Inc.* .............................. 5,000 290,000 Consumer Electronics - 0.6% Harman International Industries, Inc. ........... 2,700 133,245 Data Processing Services - 1.7% Global Payments, Inc. ........................... 10,800 395,820 Diversified Commercial Services - 7.7% Career Education Corporation* ................... 6,700 265,320 Coinstar, Inc.* ................................. 8,500 286,365 Corinthian Colleges, Inc.* ...................... 6,700 338,685 FTI Consulting, Inc.* ........................... 12,600 390,348 Kroll, Inc.* .................................... 20,100 334,665 West Corporation* ............................... 4,000 126,560 --------- 1,741,943 Electrical Components & Equipment - 0.6% AMETEK, Inc. .................................... 3,700 137,677 Electronic Equipment & Instruments - 2.4% Itron, Inc.* .................................... 9,000 267,750 Photon Dynamics, Inc.* .......................... 5,500 279,895 --------- 547,645 Employment Services - 0.8% Labor Ready, Inc.* .............................. 23,000 179,400 Environmental Services - 0.9% Headwaters, Inc.* ............................... 13,000 198,900 Food Distributors - 1.0% Performance Food Group Company* ................. 6,700 218,822 General Merchandise Stores - 1.0% Tuesday Morning Corporation* .................... 10,800 220,331 Health Care Distributors & Services - 4.4% D & K Healthcare Resources, Inc. ................ 5,600 336,112 DIANON Systems, Inc.* ........................... 3,000 194,640 MIMS Corporation* ............................... 29,000 478,500 --------- 1,009,252 Health Care Equipment - 2.0% Quidel Corporation* ............................. 32,000 211,520 Respironics, Inc.* .............................. 7,300 236,520 --------- 448,040 - -------------------------------------------------------------------------------- 10 See accompanying notes SCHEDULE OF INVESTMENTS (CONTINUED) - -------------------------------------------------------------------------------- March 31, 2002 (Unaudited) SECURITY EQUITY FUND - SMALL CAP GROWTH SERIES (CONTINUED) Number Market COMMON STOCKS (continued) of Shares Value - -------------------------------------------------------------------------------- Health Care Supplies - 1.5% Advanced Neuromodulation System, Inc.* ................................... 3,700 $124,098 ICU Medical, Inc.* .............................. 6,300 229,320 ---------- 353,418 Homebuilding - 3.8% Beazer Homes USA, Inc.* ......................... 2,100 162,855 KB HOME ......................................... 5,300 230,020 M.D.C. Holdings, Inc. ........................... 8,500 367,200 WCI Communities, Inc.* .......................... 3,800 92,720 ---------- 852,795 Industrial Gases - 1.0% Airgas, Inc.* ................................... 11,100 223,110 Insurance Brokers - 2.5% Brown & Brown, Inc .............................. 12,500 392,500 Hilb, Rogal, & Hamilton Company ................. 5,500 171,600 ---------- 564,100 Internet Software & Services - 5.2% Digital Insight Corporation* .................... 7,800 214,890 FreeMarkets, Inc.* .............................. 11,000 252,670 Global Sports, Inc.* ............................ 11,100 189,810 PEC Solutions, Inc.* ............................ 10,000 245,900 S1 Corporation* ................................. 18,000 277,920 ---------- 1,181,190 IT Consulting & Services - 3.7% CACI International, Inc.* ....................... 7,500 263,325 Perot Systems Corporation* ...................... 6,000 119,700 ProQuest Company* ............................... 3,000 128,970 Tier Technologies, Inc. (Cl.B)* ................. 18,600 328,290 ---------- 840,285 Oil & Gas Drilling - 0.7% Rowan Companies, Inc.* .......................... 7,000 161,280 Oil & Gas Equipment & Services - 0.6% Smith International, Inc.* ...................... 2,000 135,500 Oil & Gas Exploration & Production - 5.9% Frontier Oil Corporation ........................ 13,800 296,424 Remington Oil & Gas Corporation* ................ 11,400 229,824 Spinnaker Exploration Company* .................. 3,000 124,950 Ultra Petroleum Corporation* .................... 32,300 257,754 XTO Energy, Inc. ................................ 21,000 421,050 ---------- 1,330,002 Packaged Foods - 0.3% Green Mountain Coffee, Inc.* .................... 3,000 62,280 Number Market COMMON STOCKS (continued) of Shares Value - -------------------------------------------------------------------------------- Pharmaceuticals - 2.2% Amarin Corporation* ............................. 2,700 $38,286 Bradley Pharmaceuticals, Inc.* .................. 18,300 194,895 TARO Pharmaceutical Industries, Ltd.* ........... 9,000 255,150 ---------- 488,331 Restaurants - 3.1% P.F. Chang's China Bistro, Inc.* ................ 4,800 319,824 Panera Bread Company* ........................... 5,900 375,889 ---------- 695,713 Semiconductor Equipment - 2.8% Brooks Automation, Inc.* ........................ 5,600 254,464 Mykrolis Corporation* ........................... 17,000 259,930 Varian Semiconductor Equipment Associates, Inc.* ............................... 2,600 117,000 ---------- 631,394 Semiconductors - 3.8% ESS Technology, Inc.* ........................... 13,000 269,620 Oak Technology, Inc.* ........................... 14,900 221,712 Semtech Corporation* ............................ 1,500 54,750 Silicon Laboratories, Inc.* ..................... 3,000 105,990 Zoran Corporation* .............................. 5,000 218,400 ---------- 870,472 Specialty Stores - 1.8% Group 1 Automotive, Inc.* ....................... 3,500 136,675 Krispy Kreme Doughnuts, Inc.* ................... 4,500 183,825 O'Reilly Automotive, Inc.* ...................... 2,600 82,082 ---------- 402,582 Steel - 0.8% Steel Dynamics, Inc.* ........................... 10,800 177,228 Systems Software - 0.5% Borland Software Corporation .................... 8,800 114,488 Telecommunications Equipment - 2.8% Harmonic, Inc.* ................................. 20,100 233,160 Polycom, Inc.* .................................. 8,200 201,720 UTStarcom, Inc.* ................................ 7,400 194,102 ---------- 628,982 Trucking - 1.8% J.B. Hunt Transport Services, Inc.* ............. 6,000 170,580 Knight Transportation, Inc.* .................... 11,100 234,654 ---------- 405,234 ---------- Total common stocks - 100.1% ................................. 22,629,606 - -------------------------------------------------------------------------------- 11 See accompanying notes. SCHEDULE OF INVESTMENTS (continued) - -------------------------------------------------------------------------------- March 31, 2002 (Unaudited) SECURITY EQUITY FUND - SMALL CAP GROWTH SERIES (CONTINUED) Principal Market Amount Value - -------------------------------------------------------------------------------- REPURCHASE AGREEMENT - 1.7% - --------------------------- United Missouri Bank, 1.53%, 04-01-02 (Collateralized by U.S. Treasury Bill, 09-05-02 with a value of $396,313) ............... $388,000 $388,000 Total investments - 101.8% .............. 23,017,606 Liabilities, less cash & other assets - (1.8%) ..... (407,361) Total net assets - 100.0% .......................... $22,610,245 The identified cost of investments owned at March 31, 2002 was the same for federal income tax and financial statement purposes. * Non-income producing security - -------------------------------------------------------------------------------- 12 See accompanying notes. SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- March 31, 2002 (Unaudited) SECURITY EQUITY FUND - SOCIAL AWARENESS SERIES Number Market COMMON STOCKS of Shares Value - -------------------------------------------------------------------------------- Advertising - 1.4% Omnicom Group, Inc. ............................. 3,500 $330,400 Air Freight & Couriers - 0.3% FedEx Corporation* .............................. 1,400 81,340 Airlines - 1.1% Southwest Airlines Company ...................... 13,200 255,420 Apparel Retail - 0.3% Talbots, Inc. ................................... 2,000 70,800 Banks - 7.5% Bank of America Corporation ..................... 5,200 353,704 Bank of New York Company, Inc. .................. 7,100 298,342 Bank One Corporation ............................ 5,300 221,434 Fifth Third Bancorp ............................. 2,100 141,708 Mellon Financial Corporation .................... 3,400 131,206 Northern Trust Corporation ...................... 1,200 72,132 PNC Financial Services Group .................... 3,100 190,619 Wells Fargo & Company ........................... 7,700 380,380 ---------- 1,789,525 Biotechnology - 1.1% Amgen, Inc.* .................................... 4,500 268,560 Broadcasting & Cable TV - 1.1% Clear Channel Communications, Inc.* ............. 1,592 81,845 Comcast Corporation* ............................ 5,600 178,080 ---------- 259,925 Computer Hardware - 3.9% Dell Computer Corporation* ...................... 13,900 362,929 International Business Machines Corporation ..... 4,500 468,000 Sun Microsystems, Inc.* ......................... 11,200 98,784 ---------- 929,713 Computer Storage & Peripherals - 0.5% EMC Corporation* ................................ 9,500 113,240 Construction & Farm Machinery - 0.5% Deere & Company ................................. 2,800 127,540 Consumer Finance - 1.8% Capital One Financial Corporation ............... 1,100 70,235 Household International, Inc. ................... 2,000 113,600 MBNA Corporation ................................ 6,600 254,562 ---------- 438,397 Data Processing Services - 1.4% Paychex, Inc. ................................... 8,500 337,450 Department Stores - 1.0% Kohl's Corporation* ............................. 3,400 241,910 Number Market COMMON STOCKS (continued) of Shares Value - -------------------------------------------------------------------------------- Diversified Financial Services - 5.0% American Express Company ........................ 5,800 $237,568 Fannie Mae ...................................... 4,500 359,460 J.P. Morgan Chase & Company ..................... 11,200 399,280 Merrill Lynch & Company, Inc. ................... 3,300 182,754 ---------- 1,179,062 Drug Retail - 1.3% CVS Corporation ................................. 4,600 157,918 Walgreen Company ................................ 3,700 145,003 ---------- 302,921 Electrical Components & Equipment - 0.9% Molex, Inc. ..................................... 6,000 208,020 Electronic Equipment & Instruments - 0.2% Sanmina-SCI Corporation* ........................ 4,900 57,575 Food Retail - 0.9% Kroger Company* ................................. 9,300 206,088 General Merchandise Stores - 2.0% Family Dollar Stores, Inc. ...................... 9,200 308,292 Target Corporation .............................. 3,800 163,856 ---------- 472,148 Health Care Distributors & Services - 1.1% Cardinal Health, Inc. ........................... 3,712 263,144 Health Care Equipment - 1.5% Medtronic, Inc. ................................. 7,700 348,117 Home Improvement Retail - 2.8% Home Depot, Inc. ................................ 10,400 505,544 Lowe's Companies, Inc. .......................... 3,600 156,564 ---------- 662,108 Household Products - 4.0% Colgate-Palmolive Company ....................... 4,400 251,460 Kimberly-Clark Corporation ...................... 3,000 193,950 Procter & Gamble Company ........................ 5,700 513,513 ---------- 958,923 Industrial Conglomerates - 0.8% Minnesota Mining & Manufacturing Company ........ 1,700 195,517 Industrial Gases - 0.9% Praxair, Inc. ................................... 3,700 221,260 Industrial Machinery - 0.6% Illinois Tool Works, Inc. ....................... 2,100 151,935 Insurance Brokers - 0.7% Marsh & McLennan Companies, Inc. ................ 1,400 157,836 - -------------------------------------------------------------------------------- 13 See accompanying notes. SCHEDULE OF INVESTMENTS (CONTINUED) - -------------------------------------------------------------------------------- March 31, 2002 (Unaudited) SECURITY EQUITY FUND - SOCIAL AWARENESS SERIES (CONTINUED) Number Market COMMON STOCKS (continued) of Shares Value - -------------------------------------------------------------------------------- Integrated Telecommunication Services - 3.8% AT&T Corporation ................................ 11,244 $176,531 BellSouth Corporation ........................... 4,600 169,556 SBC Communications, Inc. ........................ 13,948 522,213 Sprint Corporation (FON Group) .................. 2,000 30,580 ----------- 898,880 Life & Health Insurance - 0.3% AFLAC, Inc. ..................................... 2,200 64,900 Movies & Entertainment - 3.2% AOL Time Warner, Inc.* .......................... 11,100 262,515 Viacom, Inc. (Cl. B)* ........................... 6,700 324,079 Walt Disney Company ............................. 8,100 186,948 ----------- 773,542 Multi-Line Insurance - 4.7% American International Group, Inc. .............. 15,654 1,129,279 Networking Equipmemt - 2.3% Cisco Systems, Inc.* ............................ 31,900 540,067 Oil & Gas Equipment & Services - 0.8% BJ Services Company* ............................ 5,800 199,926 Packaged Foods - 0.6% General Mills, Inc. ............................. 2,700 131,895 Pharmaceuticals - 9.3% Allergan, Inc. .................................. 2,900 187,485 Johnson & Johnson ............................... 17,104 1,110,905 Merck & Company, Inc. ........................... 12,200 702,476 Schering-Plough Corporation ..................... 6,900 215,970 ----------- 2,216,836 Property & Casualty Insurance - 1.0% Chubb Corporation ............................... 3,400 248,540 Publishing & Printing - 1.2% McGraw-Hill Companies, Inc. ..................... 1,600 109,200 New York Times Company .......................... 3,800 181,868 ----------- 291,068 Restaurants - 0.6% McDonald's Corporation .......................... 5,000 138,750 Semiconductor Equipment - 0.8% Applied Materials, Inc.* ........................ 3,500 189,945 Semiconductors - 6.2% Analog Devices, Inc.* ........................... 2,500 112,600 Intel Corporation ............................... 30,200 918,382 Micron Technology, Inc.* ........................ 4,100 134,890 Texas Instruments, Inc. ......................... 7,200 238,320 Xilinx, Inc.* ................................... 2,000 79,720 ----------- 1,483,912 Principal Amount or Number Market COMMON STOCKS (continued) of Shares Value - -------------------------------------------------------------------------------- Soft Drinks - 4.3% Coca-Cola Company ............................... 10,600 $553,956 PepsiCo, Inc. ................................... 8,900 458,350 ----------- 1,012,306 Systems Software - 7.0% Adobe Systems, Inc. ............................. 4,800 193,392 Microsoft Corporation* .......................... 24,600 1,483,626 ----------- 1,677,018 Telecommunications Equipment - 1.1% ADC Telecommunications, Inc.* ................... 5,900 24,013 Comverse Technology, Inc.* ...................... 3,500 44,345 QUALCOMM, Inc.* ................................. 2,400 90,336 Scientific-Atlanta, Inc. ........................ 4,300 99,330 ----------- 258,024 Wireless Telecommunication Services - 0.3% Sprint Corporation (PCS Group)* ................. 5,800 59,682 ----------- Total common stocks - 92.1% 21,943,444 U.S. GOVERNMENT & AGENCIES - 3.0% - --------------------------------- Federal Home Loan Mortgage Corporation, 1.75%, 04-09-02 ......................... $700,000 699,726 REPURCHASE AGREEMENT - 4.9% - --------------------------- United Missouri Bank, 1.53%, 04-01-02 (Collateralized by U.S. Treasury Bill, 09-05-02, with a value of $1,185,967) ............................... $1,163,000 1,163,000 ----------- Total investments - 100.0% ................................ 23,806,170 Cash and other assets, less liabilities - 0.0% ............ 11,101 ----------- Total net assets - 100.0% ................................. $23,817,271 =========== The identified cost of investments owned at March 31, 2002 was the same for federal income tax and financial statement purposes. * Non-income producing security - -------------------------------------------------------------------------------- 14 See accompanying notes. SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- March 31, 2002 (Unaudited) SECURITY EQUITY FUND - EQUITY SERIES Number Market COMMON STOCKS of Shares Value - -------------------------------------------------------------------------------- Advertising - 1.2% Omnicom Group, Inc. ............................. 90,000 $8,496,000 Aerospace & Defense - 1.5% General Dynamics Corporation .................. 45,000 4,227,750 United Technologies Corporation ................. 90,000 6,678,000 ----------- 10,905,750 Aluminum - 0.6% Alcoa, Inc. ..................................... 110,000 4,151,400 Apparel Retail - 0.4% Abercrombie & Fitch Company* .................... 100,000 3,080,000 Application Software - 0.2% Amodocs, Ltd.* .................................. 50,000 1,332,500 Auto Parts & Equipment - 0.4% Delphi Corporation .............................. 100,000 1,599,000 Lear Corporation* ............................... 30,000 1,428,000 ----------- 3,027,000 Automobile Manufacturers - 0.8% Ford Motor Company .............................. 150,000 2,473,500 General Motors Corporation ...................... 50,000 3,022,500 ----------- 5,496,000 Banks - 4.0% Bank of America Corporation ..................... 80,000 5,441,600 Bank of New York Company, Inc. .................. 100,000 4,202,000 Fifth Third Bancorp ............................. 60,000 4,048,800 FleetBoston Financial Corporation ............... 90,000 3,150,000 Mellon Financial Corporation .................... 40,000 1,543,600 Washington Mutual, Inc. ......................... 105,000 3,478,650 Wells Fargo & Company ........................... 125,000 6,175,000 ----------- 28,039,650 Biotechnology - 0.4% Amgen, Inc.* .................................... 50,000 2,984,000 Brewers - 0.4% Anheuser-Busch Companies, Inc. .................. 50,000 2,610,000 Broadcasting & Cable TV - 2.1% Clear Channel Communications, Inc.* ............. 145,700 7,490,437 Comcast Corporation* ............................ 60,000 1,908,000 Liberty Media Corporation* ...................... 230,000 2,907,200 Univision Communications, Inc.* ................. 65,000 2,730,000 ----------- 15,035,637 Computer Hardware - 2.9% Dell Computer Corporation* ...................... 200,000 5,222,000 International Business Machines Corporation ..... 130,000 13,520,000 Sun Microsystems, Inc.* ......................... 270,000 2,381,400 ----------- 21,123,400 Number Market COMMON STOCKS (continued) of Shares Value - -------------------------------------------------------------------------------- Computer Storage & Peripherals - 0.5% Lexmark International, Inc.* .................... 60,000 $3,430,800 Consumer Finance - 1.2% Capital One Financial Corporation ............... 65,000 4,150,250 MBNA Corporation ................................ 120,000 4,628,400 ----------- 8,778,650 Data Processing Services - 1.5% Automatic Data Processing, Inc. ................. 100,000 5,827,000 DST Systems, Inc.* .............................. 70,000 3,486,000 First Data Corporation .......................... 15,000 1,308,750 ----------- 10,621,750 Department Stores - 0.2% Kohl's Corporation* ............................. 15,000 1,067,250 Diversified Financial Services - 7.1% American Express Company ........................ 60,000 2,457,600 Citigroup, Inc. ................................. 400,000 19,808,000 Fannie Mae ...................................... 150,000 11,982,000 Goldman Sachs Group, Inc. ....................... 15,000 1,353,750 J.P. Morgan Chase & Company ..................... 100,000 3,565,000 Merrill Lynch & Company, Inc. ................... 90,000 4,984,200 Morgan Stanley Dean Witter & Company ............ 110,000 6,304,100 ----------- 50,454,650 Drug Retail - 1.4% CVS Corporation ................................. 60,000 2,059,800 Walgreen Company ................................ 200,000 7,838,000 ----------- 9,897,800 Food Retail - 0.7% Safeway, Inc.* .................................. 105,000 4,727,100 Gas Utilities - 0.5% El Paso Corporation ............................. 86,100 3,790,983 General Merchandise Stores - 3.4% Family Dollar Stores, Inc. ...................... 55,000 1,843,050 Target Corporation .............................. 100,000 4,312,000 Wal-Mart Stores, Inc. ........................... 300,000 18,387,000 ----------- 24,542,050 Health Care Distributors & Services - 1.5% AmerisourceBergen Corporation ................... 60,000 4,098,000 Cardinal Health, Inc. ........................... 97,500 6,911,775 ----------- 11,009,775 Health Care Equipment - 2.0% Baxter International, Inc. ...................... 80,000 4,761,600 Guidant Corporation* ............................ 50,000 2,166,000 Medtronic, Inc. ................................. 175,000 7,911,750 ----------- 14,839,350 - -------------------------------------------------------------------------------- 15 See accompanying notes. SCHEDULE OF INVESTMENTS (CONTINUED) - -------------------------------------------------------------------------------- March 31, 2002 (Unaudited) SECURITY EQUITY FUND - EQUITY SERIES (CONTINUED) Number Market COMMON STOCKS (continued) of Shares Value - -------------------------------------------------------------------------------- Health Care Facilities - 0.5% HCA, Inc. ....................................... 40,000 $1,763,200 Tenet Healthcare Corporation* ................... 25,000 1,675,500 ----------- 3,438,700 Home Improvement Retail - 1.6% Home Depot, Inc. ................................ 230,000 11,180,300 Household Products - 1.5% Colgate-Palmolive Company ....................... 50,000 2,857,500 Kimberly-Clark Corporation ...................... 55,000 3,555,750 Procter & Gamble Company ........................ 50,000 4,504,500 ----------- 10,917,750 Industrial Conglomerates - 6.3% General Electric Company ........................ 900,000 33,705,000 Minnesota Mining & Manufacturing Company ........ 40,000 4,600,400 Tyco International, Ltd. ........................ 200,000 6,464,000 ----------- 44,769,400 Industrial Machinery - 0.2% Illinois Tool Works, Inc. ....................... 15,000 1,085,250 Insurance Brokers - 0.5% Marsh & McLennan Companies, Inc. ................ 30,000 3,382,200 Integrated Oil & Gas - 5.3% ChevronTexaco Corporation ....................... 45,000 4,062,150 Exxon Mobil Corporation ......................... 500,000 21,915,000 Marathon Oil Corporation ........................ 120,000 3,456,000 Royal Dutch Petroleum Company ................... 150,000 8,148,000 ----------- 37,581,150 Integrated Telecommunications Services - 2.9% BellSouth Corporation ........................... 135,000 4,976,100 SBC Communications, Inc. ........................ 240,000 8,985,600 Verizon Communications, Inc. .................... 100,000 4,565,000 WorldCom, Inc. - WorldCom Group* ................ 250,000 1,685,000 ----------- 20,211,700 IT Consulting & Services - 0.7% Computer Sciences Corporation* .................. 60,000 3,045,000 Electronic Data Systems Corporation ............. 30,000 1,739,700 ----------- 4,784,700 Life & Health Insurance - 1.0% AFLAC, Inc. ..................................... 125,000 3,687,500 MetLife, Inc. ................................... 100,000 3,150,000 ----------- 6,837,500 Motorcyle Manufacturers - 0.6% Harley-Davidson, Inc. ........................... 75,000 4,134,750 Number Market COMMON STOCKS (continued) of Shares Value - -------------------------------------------------------------------------------- Movies & Entertainment - 1.5% AOL Time Warner, Inc.* .......................... 200,000 $4,730,000 Viacom, Inc. (Cl. B)* ........................... 120,000 5,804,400 ----------- 10,534,400 Multi-Line Insurance - 2.8% American International Group, Inc. .............. 200,000 14,428,000 Hartford Financial Services Group, Inc. ......... 75,000 5,109,000 ----------- 19,537,000 Multi-Utilities - 0.3% Williams Companies, Inc. ........................ 100,000 2,356,000 Networking Equipment - 1.1% Cisco Systems, Inc.* ............................ 450,000 7,618,500 Oil & Gas Drilling - 0.5% GlobalSanteFe Corporation ....................... 100,000 3,270,000 Oil & Gas Equipment & Services - 0.2% Halliburton Company ............................. 100,000 1,707,000 Oil & Gas Exploration & Production - 0.6% Anadarko Petroleum Corporation .................. 40,000 2,257,600 Talisman Energy, Inc. ........................... 45,000 1,878,300 ----------- 4,135,900 Packaged Foods - 0.5% General Mills, Inc. ............................. 30,000 1,465,500 Kraft Foods, Inc. ............................... 45,000 1,739,250 ----------- 3,204,750 Pharmaceuticals - 9.9% Allegran, Inc. .................................. 40,000 2,586,000 Biovail Corporation* ............................ 80,000 3,998,400 Bristol-Myers Squibb Company .................... 130,000 5,263,700 Eli Lilly & Company ............................. 60,000 4,572,000 Johnson & Johnson ............................... 170,000 11,041,500 Merck & Company, Inc. ........................... 140,000 8,061,200 Pfizer, Inc. .................................... 400,000 15,896,000 Pharmacia Corporation ........................... 120,000 5,409,600 Schering-Plough Corporation ..................... 140,000 4,382,000 Wyeth ........................................... 135,000 8,862,750 ----------- 70,073,150 Property & Casualty Insurance - 0.5% Chubb Corporation ............................... 45,000 3,289,500 Publishing & Printing - 0.7% Gannet Company, Inc. ............................ 40,000 3,044,000 Tribune Company ................................. 35,000 1,591,100 ----------- 4,635,100 Semiconductor Equipment - 0.7% Applied Materials, Inc.* ........................ 90,000 4,884,300 - -------------------------------------------------------------------------------- 16 See accompanying notes. SCHEDULE OF INVESTMENTS (CONTINUED) - -------------------------------------------------------------------------------- March 31, 2002 (Unaudited) SECURITY EQUITY FUND - EQUITY SERIES (CONTINUED) Principal Amount or Number Market COMMON STOCKS (continued) of Shares Value - -------------------------------------------------------------------------------- Semiconductors - 3.8% Intel Corporation ........................ 600,000 $18,246,000 Micron Technology, Inc.* ................. 100,000 3,290,000 Texas Instruments, Inc. .................. 120,000 3,972,000 Xilinx, Inc.* ............................ 40,000 1,594,400 ------------ 27,102,400 Soft Drinks - 1.6% Coca-Cola Company ........................ 80,000 4,180,800 PepsiCo, Inc. ............................ 140,000 7,210,000 ------------ 11,390,800 Specialty Chemicals - 0.6% Ecolab, Inc. ............................. 100,000 4,572,000 Specialty Stores - 0.2% Office Depot, Inc.* ...................... 80,000 1,588,000 Systems Software - 4.6% Microsoft Corporation* ................... 450,000 27,139,500 Oracle Corporation* ...................... 400,000 5,120,000 ------------ 32,259,500 Unit Investment Trust - 7.3% S&P Mid-Cap 400 Depositary Receipts ...... 220,000 21,747,000 S&P 500 Index Fund (Cl.I) ................ 260,000 29,928,600 ------------ 51,675,600 ------------ Total common stocks - 93.4% 661,598,795 U. S. GOVERNMENT & AGENCIES Federal Farm Credit Bank, 1.76%, 05-09-02 .................. $2,900,000 2,894,612 Federal Home Loan Banks: 1.75%, 04-05-02 .................. $2,900,000 2,899,436 1.76%, 04-17-02 .................. $3,600,000 3,597,200 1.74%, 04-19-02 .................. $2,900,000 2,897,477 1.72%, 05-01-02 .................. $1,900,000 1,897,277 ------------ 11,291,390 Federal Home Loan Mortgage Association: 1.73%, 04-03-02 .................. $5,000,000 4,999,520 1.74%, 04-08-02 .................. $7,200,000 7,197,564 1.74%, 04-15-02 .................. $7,300,000 7,295,060 ------------ 19,492,144 Federal Home Loan Mortgage Corporation: 1.74%, 04-02-02 .................. $2,000,000 1,999,904 1.75%, 04-09-02 .................. $6,500,000 6,497,472 1.77%, 04-23-02 .................. $1,600,000 1,598,269 ------------ 10,095,645 ------------ Total U. S. government & agencies - 6.2% 43,773,791 Principal Market Amount Value - -------------------------------------------------------------------------------- REPURCHASE AGREEMENT - 0.1% - --------------------------- United Missouri Bank, 1.53%, 04-01-02 (Collateralized by U.S. Treasury Bill, 09-05-02 with a value of $611,313) ....................... $599,000 $599,000 ------------ Total investments - 99.7% ........................ 705,971,586 Cash and other assets, less liabilities - 0.3% ... 2,146,758 ------------ Total net assets - 100.0% ........................ $708,118,344 ============ The identified cost of investments owned at March 31, 2002 was the same for federal income tax and financial statement purposes. * Non-income producing security (1) Security is segregated as collateral for futures, options or forward exchange contracts. - -------------------------------------------------------------------------------- 17 See accompanying notes. SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- March 31, 2002 (Unaudited) SECURITY EQUITY FUND - ENHANCED INDEX SERIES Number Market COMMON STOCKS of Shares Value - -------------------------------------------------------------------------------- Advertising - 0.3% Interpublic Group of Companies, Inc. ............ 700 $23,996 Omnicom Group, Inc. ............................. 300 28,320 TMP Worldwide, Inc. ............................. 300 10,341 -------- 62,657 Aerospace & Defense - 1.6% Boeing Company .................................. 1,800 86,850 General Dynamics Corporation .................... 300 28,185 Goodrich Corporation ............................ 400 12,656 Honeywell International, Inc.* .................. 1,600 61,232 Lockheed Martin Corporation ..................... 800 46,064 Northrop Grumman Corporation .................... 200 22,610 Rockwell Collins, Inc. .......................... 400 10,088 United Technologies Corporation ................. 900 66,780 -------- 334,465 Agricultural Products - 0.1% Archer-Daniels-Midland Company .................. 1,300 18,109 Air Freight & Couriers - 0.2% FedEx Corporation* .............................. 700 40,670 Airlines - 0.2% AMR Corporation* ................................ 500 13,205 Delta Air Lines, Inc. ........................... 200 6,544 Southwest Airlines Company ...................... 1,500 29,025 US Airways Group, Inc.* ......................... 100 645 -------- 49,419 Aluminum - 0.4% Alcan, Inc. ..................................... 600 Alcoa, Inc. ..................................... 1,600 60,384 -------- 84,162 Apparel & Accessories - 0.1% Jones Apparel Group, Inc. ....................... 400 13,980 V.F. Corporation ................................ 400 17,300 -------- 31,280 Apparel Retail - 0.3% Gap, Inc. ....................................... 1,700 25,568 Limited, Inc. ................................... 1,000 17,900 TJX Companies, Inc. ............................. 500 20,005 -------- 63,473 Number Market COMMON STOCKS (continued) of Shares Value - -------------------------------------------------------------------------------- Application Software - 0.6% Autodesk, Inc.* ................................. 400 $18,676 Citrix Systems, Inc.* ........................... 400 6,912 Compuware Corporation* .......................... 1,100 14,201 Intuit, Inc.* ................................... 400 15,344 Mercury Interactive Corporation* ................ 200 7,530 Parametric Technology Corporation* .............. 500 3,020 PeopleSoft, Inc.* ............................... 600 21,918 Rational Software Corporation* .................. 600 9,498 Siebel Systems, Inc.* ........................... 1,200 39,132 -------- 136,231 Auto Parts & Equipment - 0.3% Dana Corporation ................................ 300 6,441 Delphi Corporation .............................. 1,100 17,589 Johnson Controls, Inc. .......................... 300 26,493 TRW, Inc. ....................................... 200 10,294 Visteon Corporation ............................. 300 4,965 -------- 65,782 Automobile Manufacturers - 0.6% Ford Motor Company .............................. 3,500 57,715 General Motors Corporation ...................... 1,200 72,540 -------- 130,255 Banks - 6.0% AmSouth Bancorporation .......................... 900 19,782 BB&T Corporation ................................ 800 30,488 Bank of America Corporation ..................... 3,100 210,862 Bank of New York Company, Inc. .................. 1,400 58,828 Bank One Corporation ............................ 2,200 91,916 Charter One Financial, Inc. ..................... 400 12,488 Comerica, Inc. .................................. 300 18,771 Fifth Third Bancorp ............................. 1,100 74,228 FleetBoston Financial Corporation ............... 2,300 80,500 Golden West Financial Corporation ............... 400 25,400 Huntington Bancshares, Inc. ..................... 500 9,850 KeyCorp ......................................... 1,000 26,650 Marshall & Ilsley Corporation ................... 200 12,448 Mellon Financial Corporation .................... 800 30,872 National City Corporation ....................... 1,300 39,988 PNC Financial Services Group .................... 491 30,192 Regions Financial Corporation ................... 400 13,740 SouthTrust Corporation .......................... 600 15,840 SunTrust Banks, Inc. ............................ 500 33,365 Synovus Financial Corporation ................... 500 15,240 U.S. Bancorp .................................... 4,000 90,280 - -------------------------------------------------------------------------------- 18 See accompanying notes. SCHEDULE OF INVESTMENTS (CONTINUED) - -------------------------------------------------------------------------------- March 31, 2002 (Unaudited) SECURITY EQUITY FUND - ENHANCED INDEX SERIES (CONTINUED) Number Market COMMON STOCKS (continued) of Shares Value - -------------------------------------------------------------------------------- Banks (continued) Union Planters Corporation ...................... 400 $18,956 Wachovia Corporation ............................ 2,600 96,408 Washington Mutual, Inc. ......................... 2,100 69,573 Wells Fargo & Company ........................... 3,300 163,020 Zions Bancorporation ............................ 100 5,927 ---------- 1,295,612 Biotechnology - 1.1% Amgen, Inc.* .................................... 2,100 125,328 Biogen, Inc.* ................................... 300 14,718 Chiron Corporation* ............................. 1,200 36,312 Genzyme Corporation* ............................ 500 22,945 Immunex Corporation* ............................ 500 21,835 MedImmune, Inc.* ................................ 500 19,665 ---------- 240,803 Brewers - 0.4% Anheuser-Busch Companies, Inc. .................. 1,700 88,740 Broadcasting & Cable TV - 0.6% Clear Channel Communications, Inc.* ............. 1,200 61,692 Comcast Corporation* ............................ 1,200 38,160 General Motors Corporation (Cl.H)* .............. 3 49 Univision Communications, Inc.* ................. 500 21,000 ---------- 120,901 Building Products - 0.2% Masco Corporation ............................... 1,200 32,940 Casinos & Gaming - 0.2% Harrah's Entertainment, Inc.* ................... 300 13,278 International Game Technology* .................. 400 24,928 ---------- 38,206 Commercial Printing - 0.1% R. R. Donnelley & Sons Company .................. 500 15,550 Computer & Electronics Retail - 0.2% Best Buy Company, Inc.* ......................... 500 39,600 Circuit City Stores - Circuit City Group ........ 400 7,216 ---------- 46,816 Number Market COMMON STOCKS (continued) of Shares Value - -------------------------------------------------------------------------------- Computer Hardware - 3.2% Apple Computer, Inc.* ........................... 900 $21,303 Compaq Computer Corporation ..................... 3,300 34,485 Dell Computer Corporation* ...................... 5,200 135,772 Gateway, Inc.* .................................. ,300 8,216 Hewlett-Packard Company ......................... 3,700 66,378 International Business Machines Corporation ..... 3,300 343,200 NCR Corporation* ................................ 300 13,425 Palm, Inc.* ..................................... 1,100 4,389 Sun Microsystems, Inc.* ......................... 6,300 55,566 ---------- 682,734 Computer Storage & Peripherals - 0.4% EMC Corporation* ................................ 4,300 51,256 Lexmark International, Inc.* .................... 300 17,154 Network Appliance, Inc.* ........................ 600 12,228 ---------- 80,638 Construction & Engineering - 0.0% Fluor Corporation ............................... 100 4,079 McDermott International, Inc. ................... 400 6,220 ---------- 10,299 Construction & Farm Machinery - 0.4% Caterpillar, Inc. ............................... 600 34,110 Deere & Company ................................. 400 18,220 Navistar International Corporation* ............. 100 4,430 PACCAR, Inc. .................................... 300 21,963 ---------- 78,723 Construction Materials - 0.0% Vulcan Materials Company ........................ 100 4,754 Consumer Finance - 0.8% Capital One Financial Corporation ............... 500 31,925 Countrywide Credit Industries, Inc. ............. 200 8,950 Household International, Inc. ................... 1,000 56,800 MBNA Corporation ................................ 1,800 69,426 Providian Financial Corporation ................. 500 3,775 ---------- 170,876 Data Processing Services - 1.1% Automatic Data Processing, Inc. ................. 1,200 69,924 Concord EFS, Inc.* .............................. 1,100 36,575 First Data Corporation .......................... 700 61,075 Fiserv, Inc.* ................................... 500 22,995 Paychex, Inc. ................................... 700 27,790 Sabre Holdings Corporation* ..................... 300 14,013 ---------- 232,372 - -------------------------------------------------------------------------------- 19 See accompanying notes. SCHEDULE OF INVESTMENTS (CONTINUED) - -------------------------------------------------------------------------------- March 31, 2002 (Unaudited) SECURITY EQUITY FUND - ENHANCED INDEX SERIES (CONTINUED) Number Market COMMON STOCKS (continued) of Shares Value - -------------------------------------------------------------------------------- Department Stores - 0.6% Dillard's, Inc. ................................. 600 $14,316 Federated Department Stores, Inc.* .............. 500 20,425 Kohl's Corporation* ............................. 600 42,690 May Department Stores Company ................... 500 17,425 Sears, Roebuck & Company ........................ 600 30,762 ---------- 125,618 Diversified Chemicals - 0.8% Dow Chemical Company ............................ 1,900 62,168 E.I. du Pont de Nemours & Company ............... 2,000 94,300 Eastman Chemical Company ........................ 200 9,758 Engelhard Corporation ........................... 200 6,206 Hercules, Inc.* ................................. 600 7,986 ---------- 180,418 Diversified Commercial Services - 0.6% Cendant Corporation* ............................ 2,100 40,320 Cintas Corporation .............................. 300 14,958 Convergys Corporation* .......................... 500 14,785 Deluxe Corporation .............................. 300 13,878 Equifax, Inc. ................................... 500 14,950 H.R. Block, Inc. ................................ 400 17,780 IMS Health, Inc. ................................ 600 13,470 ---------- 130,141 Diversified Financial Services - 6.4% Ambac Financial Group, Inc. ..................... 300 7,721 American Express Company ........................ 2,600 106,496 Bear Stearns Companies, Inc. .................... 400 25,100 Charles Schwab Corporation ...................... 2,600 34,034 Citigroup, Inc. ................................. 9,900 490,248 Fannie Mae ...................................... 2,000 159,760 Franklin Resources, Inc. ........................ 500 20,960 Freddie Mac ..................................... 1,400 88,718 J.P. Morgan Chase & Company, Inc. ............... 3,900 139,035 Merrill Lynch & Company, Inc. ................... 1,600 88,608 Moody's Corporation ............................. 500 20,550 Morgan Stanley Dean Witter & Company ............ 2,100 120,351 State Street Corporation ........................ 600 33,228 USA Education, Inc. ............................. 300 29,340 ---------- 1,374,149 Diversified Metals & Mining - 0.1% Freeport-McMoran Copper & Gold, Inc. (Cl.B)* .... 600 10,572 Inco, Ltd.* ..................................... 400 7,828 Phelps Dodge Corporation ........................ 300 12,630 ---------- 31,030 Drug Retail - 0.2% Walgreen Company ................................ 1,200 47,028 Number Market COMMON STOCKS (continued) of Shares Value - -------------------------------------------------------------------------------- Electric Utilities - 2.3% AES Corporation* ................................ 1,000 $9,000 Allegheny Energy, Inc. .......................... 200 8,270 American Electric Power Company, Inc. ........... 600 27,654 CMS Energy Corporation .......................... 300 6,789 Calpine Corporation* ............................ 600 7,620 Cinergy Corporation ............................. 300 10,725 Constellation Energy Group ...................... 300 9,255 DTE Energy Company .............................. 300 13,650 Dominion Resources, Inc. ........................ 600 39,096 Duke Energy Corporation ......................... 1,600 60,480 Edison International ............................ 900 15,075 Entergy Corporation ............................. 400 17,364 Exelon Corporation .............................. 600 31,782 FPL Group, Inc. ................................. 300 17,865 FirstEnergy Corporation ......................... 700 24,206 Mirant Corporation* ............................. 1,100 15,895 PG&E Corporation ................................ 800 18,848 PPL Corporation ................................. 300 11,883 Pinnacle West Capital Corporation ............... 200 9,070 Progress Energy, Inc. ........................... 400 20,016 Public Service Enterprise Group, Inc. ........... 500 22,900 Southern Company ................................ 1,300 34,437 TXU Corporation ................................. 600 32,706 TECO Energy, Inc. ............................... 200 5,726 Xcel Energy, Inc. ............................... 600 15,210 ---------- 485,522 Electrical Components & Equipment - 0.4% American Power Conversion Corporation* .......... 700 10,346 Cooper Industries, Inc. ......................... 300 12,585 Emerson Electric Company ........................ 800 45,912 Molex, Inc. ..................................... 300 10,401 Power-One, Inc.* ................................ 700 5,726 Rockwell Automation, Inc. ....................... 400 8,024 Thomas & Betts Corporation ...................... 100 2,116 ---------- 95,110 Electronic Equipment & Instruments - 0.6% Agilent Technologies, Inc.* ..................... 900 31,464 Jabil Circuit, Inc.* ............................ 600 14,118 Millipore Corporation* .......................... 200 8,848 PerkinElmer, Inc. ............................... 200 3,700 Sanmina-Sci Corporation* ........................ 1,000 11,750 Solectron Corporation* .......................... 1,600 12,480 Symbol Technologies, Inc. ....................... 400 4,496 Tektronix, Inc. ................................. 400 9,464 Thermo Electron Corporation* .................... 600 12,438 Waters Corporation* ............................. 300 8,391 ---------- 117,149 - -------------------------------------------------------------------------------- 20 See accompanying notes. SCHEDULE OF INVESTMENTS (CONTINUED) - -------------------------------------------------------------------------------- March 31, 2002 (Unaudited) SECURITY EQUITY FUND - ENHANCED INDEX SERIES (CONTINUED) Number Market COMMON STOCKS (continued) of Shares Value - -------------------------------------------------------------------------------- Employment Services - 0.1% Robert Half International, Inc.* ................ 500 $14,760 Environmental Services - 0.2% Allied Waste Industries, Inc.* .................. 400 5,200 Waste Management, Inc. .......................... 1,100 29,975 -------- 35,175 Food Distributors - 0.2% SYSCO Corporation ............................... 1,200 35,784 Food Retail - 0.5% Albertson's, Inc. ............................... 700 23,198 Kroger Company .................................. 1,800 39,888 Safeway, Inc.* .................................. 1,000 45,020 Winn-Dixie Stores, Inc. ......................... 300 4,812 -------- 112,918 Footwear - 0.2% NIKE, Inc. (Cl.B) ............................... 500 30,005 Reebok International, Ltd.* ..................... 300 8,109 -------- 38,114 Forest Products - 0.1% Louisiana-Pacific Corporation ................... 600 6,444 Weyerhaeuser Company ............................ 400 25,144 -------- 31,588 Gas Utilities - 0.5% El Paso Energy Corporation ...................... 1,000 44,030 KeySpan Corporation ............................. 200 7,278 Kinder Morgan, Inc. ............................. 400 19,372 NICOR, Inc. ..................................... 100 4,555 NiSource, Inc. .................................. 600 13,770 NiSource, Inc. - Sails*(2) ...................... 69 160 Sempra Energy ................................... 600 15,090 -------- 104,255 General Merchandise Stores - 3.0% Big Lots, Inc.* ................................. 600 8,430 Costco Wholesale Corporation* ................... 1,000 39,820 Dollar General Corporation ...................... 600 9,768 Family Dollar Stores, Inc. ...................... 300 10,053 Target Corporation .............................. 1,000 43,120 Wal-Mart Stores, Inc. ........................... 8,600 527,094 -------- 638,285 Gold - 0.2% Barrick Gold Corporation ........................ 1,000 18,560 Newmont Mining Corporation ...................... 700 19,383 Placer Dome, Inc. ............................... 1,200 14,700 -------- 52,643 Number Market COMMON STOCKS (continued) of Shares Value - -------------------------------------------------------------------------------- Health Care Distributors & Services - 0.3% Cardinal Health, Inc. ........................... 400 $28,356 McKesson HBOC, Inc. ............................. 500 18,715 Quintiles Transnational Corporation* ............ 900 15,975 -------- 63,046 Health Care Equipment - 1.4% Baxter International, Inc. ...................... 1,300 77,376 Becton, Dickinson & Company ..................... 400 15,088 Biomet, Inc.* ................................... 500 13,530 Boston Scientific Corporation* .................. 1,000 25,090 C.R. Bard, Inc. ................................. 100 5,905 Guidant Corporation* ............................ 700 30,324 Medtronic, Inc. ................................. 2,300 103,983 St. Jude Medical, Inc.* ......................... 200 15,430 Stryker Corporation* ............................ 300 18,099 -------- 304,825 Health Care Facilities - 0.5% HCA - The Healthcare Company .................... 300 13,224 HEALTHSOUTH Corporation* ........................ 1,100 15,785 Health Management Association, Inc. ............. 700 14,511 Manor Care, Inc.* ............................... 400 9,320 Tenet Healthcare Corporation* ................... 800 53,616 -------- 106,456 Home Furnishings - 0.0% Leggett & Platt, Inc. ........................... 300 7,440 Home Improvement Retail - 1.3% Home Depot, Inc. ................................ 4,500 218,745 Lowe's Companies, Inc. .......................... 1,500 65,235 Sherwin-Williams Company ........................ 200 5,696 -------- 289,676 Homebuilding - 0.1% Centex Corporation .............................. 100 5,193 KB HOME ......................................... 400 17,360 Pulte Homes, Inc. ............................... 100 4,785 -------- 27,338 Hotels - 0.3% Carnival Corporation ............................ 1,500 48,975 Hilton Hotels Corporation ....................... 694 9,924 Starwood Hotels & Resorts Worldwide, Inc. ....... 300 11,283 -------- 70,182 Household Appliances - 0.2% Black & Decker Corporation ...................... 300 13,962 Maytag Corporation .............................. 300 13,275 Stanley Works ................................... 100 4,625 Whirlpool Corporation ........................... 100 7,555 -------- 39,417 - -------------------------------------------------------------------------------- 21 See accompanying notes. SCHEDULE OF INVESTMENTS (CONTINUED) - -------------------------------------------------------------------------------- March 31, 2002 (Unaudited) SECURITY EQUITY FUND - ENHANCED INDEX SERIES (CONTINUED) Number Market COMMON STOCKS (continued) of Shares Value - -------------------------------------------------------------------------------- Household Products - 1.8% Clorox Company .................................. 700 $30,541 Colgate-Palmolive Company ....................... 1,100 62,865 Kimberly-Clark Corporation ...................... 1,000 64,650 Procter & Gamble Company ........................ 2,500 225,225 ---------- 383,281 Housewares & Specialties - 0.2% American Greetings Corporation .................. 900 16,335 Fortune Brands, Inc. ............................ 200 9,874 Newell Rubbermaid, Inc. ......................... 500 15,980 Tupperware Corporation .......................... 100 2,275 ---------- 44,464 Industrial Conglomerates - 4.3% General Electric Company ........................ 19,200 719,040 Minnesota Mining & Manufacturing Company ........ 700 80,507 Textron, Inc. ................................... 200 10,220 Tyco International, Ltd. ........................ 3,900 126,048 ---------- 935,815 Industrial Gases - 0.2% Air Products & Chemicals, Inc. .................. 400 20,660 Praxair, Inc. ................................... 300 17,940 ---------- 38,600 Industrial Machinery - 0.6% Danaher Corporation ............................. 300 21,306 Dover Corporation ............................... 600 24,600 Eaton Corporation ............................... 109 8,827 Illinois Tool Works, Inc. ....................... 600 43,410 Ingersoll-Rand Company .......................... 300 15,006 ITT Industries, Inc. ............................ 95 5,989 Pall Corporation ................................ 300 6,147 Parker-Hannifin Corporation ..................... 200 9,980 ---------- 135,265 Insurance Brokers - 0.3% Aon Corporation ................................. 400 14,000 Marsh & McLennan Companies, Inc. ................ 500 56,370 ---------- 70,370 Integrated Oil & Gas - 5.0% Amerada Hess Corporation ........................ 300 23,808 ChevronTexaco Corporation ....................... 1,700 153,459 Conoco, Inc. (Cl.B) ............................. 1,100 32,098 Exxon Mobil Corporation ......................... 13,200 578,556 Occidental Petroleum Corporation ................ 900 26,235 Phillips Petroleum Company ...................... 700 43,960 Royal Dutch Petroleum Company ................... 4,100 222,712 ---------- 1,080,828 Number Market COMMON STOCKS (continued) of Shares Value - -------------------------------------------------------------------------------- Integrated Telecommunication Services - 4.1% AT&T Corporation ................................ 8,600 $135,020 ALLTEL Corporation .............................. 600 33,330 BellSouth Corporation ........................... 3,600 132,696 CenturyTel, Inc. ................................ 200 6,800 Citizens Communications Company ................. 600 6,450 Qwest Communications International, Inc. ........ 3,200 26,304 SBC Communications, Inc. ........................ 6,500 243,360 Sprint FON Corporation .......................... 2,200 33,638 Verizon Communications, Inc. .................... 5,200 237,380 WorldCom, Inc. - WorldCom Group* ................ 5,700 38,418 ---------- 893,396 Internet Software & Services - 0.1% Yahoo!, Inc.* ................................... 1,400 25,858 IT Consulting & Services - 0.4% Computer Sciences Corporation* .................. 400 20,300 Electronic Data Systems Corporation ............. 900 52,191 Sapient Corporation* ............................ 300 1,425 Unisys Corporation* ............................. 1,000 12,630 ---------- 86,546 Leisure Products - 0.0% Brunswick Corporation ........................... 100 2,732 Hasbro, Inc. .................................... 300 4,746 ---------- 7,478 Life & Health Insurance - 0.8% AFLAC, Inc. ..................................... 900 26,550 Conseco Inc.* ................................... 700 2,534 Jefferson-Pilot Corporation ..................... 200 10,016 John Hancock Financial Services, Inc. ........... 500 19,095 Lincoln National Corporation .................... 600 30,438 MetLife, Inc. ................................... 1,600 50,400 Torchmark Corporation ........................... 200 8,058 UNUMProvident Corporation ....................... 700 19,551 ---------- 166,642 Managed Health Care - 0.6% Aetna, Inc. ..................................... 200 7,764 CIGNA Corporation ............................... 300 30,417 Humana, Inc.* ................................... 700 9,471 UnitedHealth Group, Inc. ........................ 600 45,852 WellPoint Health Networks, Inc.* ................ 400 25,468 ---------- 118,972 Metal & Glass Containers - 0.1% Ball Corporation ................................ 100 4,722 Pactiv Corporation* ............................. 500 10,010 ---------- 14,732 - -------------------------------------------------------------------------------- 22 See accompanying notes. SCHEDULE OF INVESTMENTS (CONTINUED) - -------------------------------------------------------------------------------- March 31, 2002 (Unaudited) SECURITY EQUITY FUND - ENHANCED INDEX SERIES (CONTINUED) Number Market COMMON STOCKS (continued) of Shares Value - -------------------------------------------------------------------------------- Motorcycle Manufacturers 0.1% Harley-Davidson, Inc. ........................... 500 $27,565 Movies & Entertainment - 2.0% AOL Time Warner, Inc.* .......................... 8,600 203,390 Viacom, Inc. (Cl.B)* ............................ 3,500 169,295 Walt Disney Company ............................. 2,600 60,008 ---------- 432,693 Multi-Line Insurance - 1.8% American International Group, Inc. .............. 4,600 331,844 Hartford Financial Services Group, Inc. ..................................... 400 27,248 Loews Corporation ............................... 400 23,432 ---------- 382,524 Multi-Utilities - 0.2% Dynegy, Inc. .................................... 700 20,300 Williams Companies, Inc. ........................ 1,000 23,560 ---------- 43,860 Networking Equipment - 1.1% Avaya, Inc.* .................................... 600 4,428 Cisco Systems, Inc.* ............................ 14,200 240,406 ---------- 244,834 Office Electronics - 0.1% Xerox Corporation ............................... 1,800 19,350 Office Services & Supplies - 0.2% Avery Dennison Corporation ...................... 200 12,206 Pitney Bowes, Inc. .............................. 600 25,680 ---------- 37,886 Oil & Gas Drilling - 0.3% Nabors Industries, Inc.* ........................ 300 12,675 Noble Drilling Corporation* ..................... 300 12,417 Rowan Companies, Inc.* .......................... 400 9,216 Transocean Sedco Forex, Inc. .................... 800 26,584 ---------- 60,892 Oil & Gas Equipment & Services - 0.5% Baker Hughes, Inc. .............................. 600 22,950 Halliburton Company ............................. 800 13,656 Schlumberger, Ltd. .............................. 1,100 64,702 ---------- 101,308 Oil & Gas Exploration & Production - 0.5% Anadarko Petroleum Corporation .................. 500 28,220 Burlington Resources, Inc. ...................... 700 28,063 Devon Energy Corporation ........................ 300 14,481 EOG Resources, Inc. ............................. 200 8,112 Kerr-McGee Group ................................ 200 12,570 Unocal Corporation .............................. 400 15,580 ---------- 107,026 Number Market COMMON STOCKS (continued) of Shares Value - -------------------------------------------------------------------------------- Oil & Gas Refining & Marketing - 0.0% Ashland, Inc. ................................... 100 $4,551 Sunoco, Inc. .................................... 100 4,001 ---------- 8,552 Packaged Foods - 1.2% ConAgra Foods, Inc. ............................. 1,200 29,100 General Mills, Inc. ............................. 700 34,195 H.J. Heinz Company .............................. 800 33,200 Hershey Foods Corporation ....................... 400 27,416 Kellogg Company ................................. 700 23,499 Sara Lee Corporation ............................ 1,500 31,140 Unilever N.V .................................... 1,100 62,480 Wm. Wrigley Jr. Company ......................... 400 21,324 ---------- 262,354 Paper Packaging - 0.2% Bemis Company, Inc. ............................. 300 16,305 Sealed Air Corporation* ......................... 300 14,124 Temple-Inland, Inc. ............................. 100 5,672 ---------- 36,101 Paper Products - 0.3% Boise Cascade Corporation ....................... 100 3,624 Georgia-Pacific Group ........................... 400 11,980 International Paper Company ..................... 900 38,709 MeadWestvaco Corporation ........................ 300 9,945 ---------- 64,258 Personal Products - 0.5% Avon Products, Inc. ............................. 600 32,592 Gillette Company ................................ 2,000 68,020 ................................................ ---------- 100,612 Pharmaceuticals - 8.9% Abbott Laboratories ............................. 3,000 157,800 Allergan, Inc. .................................. 200 12,930 Bristol-Myers Squibb Company .................... 3,000 121,470 Eli Lilly & Company ............................. 2,200 167,640 Forest Laboratories, Inc.* ...................... 500 40,850 Johnson & Johnson ............................... 5,900 383,205 King Pharmaceuticals, Inc.* ..................... 600 21,006 Merck & Company, Inc. ........................... 3,900 224,562 Pfizer, Inc. .................................... 12,100 480,854 Pharmacia Corporation ........................... 1,800 81,144 Schering-Plough Corporation ..................... 2,800 87,640 Watson Pharmaceuticals, Inc.* ................... 300 8,127 Wyeth ........................................... 2,100 137,865 ---------- 1,925,093 Photographic Products - 0.1% Eastman Kodak Company ........................... 800 24,936 - -------------------------------------------------------------------------------- 23 See accompanying notes. SCHEDULE OF INVESTMENTS (CONTINUED) - -------------------------------------------------------------------------------- March 31, 2002 (Unaudited) SECURITY EQUITY FUND - ENHANCED INDEX SERIES (CONTINUED) Number Market COMMON STOCKS (continued) of Shares Value - -------------------------------------------------------------------------------- Property & Casualty Insurance - 0.8% ACE, Ltd. ....................................... 700 $29,190 Allstate Corporation ............................ 1,400 52,878 Cincinnati Financial Corporation ................ 300 13,098 MBIA, Inc. ...................................... 400 21,876 MGIC Investment Corporation ..................... 300 20,529 Progressive Corporation ......................... 100 16,662 SAFECO Corporation .............................. 200 6,408 XL Capital, Ltd. ................................ 200 18,670 -------- 179,311 Publishing & Printing - 0.6% Dow Jones & Company, Inc. ....................... 300 17,466 Gannett Company, Inc. ........................... 500 38,050 Knight-Ridder, Inc. ............................. 100 6,869 McGraw-Hill Companies, Inc. ..................... 500 34,125 New York Times Company .......................... 200 9,572 Tribune Company ................................. 500 22,730 -------- 128,812 Railroads - 0.5% Burlington Northern Santa Fe Corporation ........ 700 21,126 CSX Corporation ................................. 400 15,244 Norfolk Southern Corporation .................... 700 16,758 Union Pacific Corporation ....................... 700 43,498 -------- 96,626 Real Estate Investment Trusts - 0.2% Equity Office Properties Trust .................. 700 20,993 Equity Residential Properties Trust ............. 500 14,370 Plum Creek Timber Company, Inc. ................. 500 14,855 -------- 50,218 Restaurants - 0.6% Darden Restaurants, Inc. ........................ 200 8,118 McDonald's Corporation .......................... 2,500 69,375 Starbucks Corporation* .......................... 900 20,817 Tricon Global Restaurants, Inc.* ................ 400 23,512 Wendy's International, Inc. ..................... 100 3,498 -------- 125,320 Semiconductor Equipment - 0.7% Applied Materials, Inc.* ........................ 1,700 92,259 KLA-Tencor Corporation* ......................... 400 26,600 Novellus Systems, Inc.* ......................... 400 21,652 Teradyne, Inc.* ................................. 500 19,715 -------- 160,226 Number Market COMMON STOCKS (continued) of Shares Value - -------------------------------------------------------------------------------- Semiconductors - 3.7% Advanced Micro Devices, Inc.* ................... 1,000 $14,710 Altera Corporation* ............................. 700 15,309 Analog Devices, Inc.* ........................... 800 36,032 Applied Micro Circuits Corporation* ............. 1,200 9,600 Broadcom Corporation* ........................... 600 21,540 Conexant Systems, Inc.* ......................... 900 10,845 Intel Corporation ............................... 13,200 401,412 LSI Logic Corporation* .......................... 1,000 17,000 Maxim Integrated Products, Inc.* ................ 700 38,997 Micron Technology, Inc.* ........................ 1,300 42,770 National Semiconductor Corporation* ............. 500 16,845 Nvidia Corporation* ............................. 300 13,308 PMC-Sierra, Inc.* ............................... 300 4,884 QLogic Corporation* ............................. 300 14,856 Texas Instruments, Inc. ......................... 3,600 119,160 Vitesse Semiconductor Corporation* .............. 900 8,820 Xilinx, Inc.* ................................... 600 23,916 -------- 810,004 Soft Drinks - 2.1% Coca-Cola Company ............................... 4,800 250,848 Coca-Cola Enterprises, Inc. ..................... 900 16,902 Pepsi Bottling Group, Inc. ...................... 500 12,935 PepsiCo, Inc. ................................... 3,400 175,100 -------- 455,785 Specialty Chemicals - 0.2% Ecolab, Inc. .................................... 200 9,144 International Flavor & Fragrances, Inc. ......... 100 3,497 PPG Industries, Inc. ............................ 300 16,473 Rohm & Haas Company ............................. 400 16,908 Sigma-Aldrich Corporation ....................... 100 4,696 -------- 50,718 Specialty Stores - 0.5% AutoZone, Inc.* ................................. 200 13,770 Bed Bath & Beyond, Inc.* ........................ 600 20,250 Office Depot, Inc.* ............................. 1,200 23,820 Staples, Inc.* .................................. 1,500 29,955 Tiffany & Company ............................... 200 7,110 Toys 'R' Us, Inc.* .............................. 600 10,776 -------- 105,681 Steel - 0.1% Allegheny Technologies, Inc. .................... 500 8,270 Nucor Corporation ............................... 100 6,424 United States Steel Corporation ................. 200 3,630 Worthington Industries, Inc. .................... 200 3,072 -------- 21,396 - -------------------------------------------------------------------------------- 24 See accompanying notes. SCHEDULE OF INVESTMENTS (CONTINUED) - -------------------------------------------------------------------------------- March 31, 2002 (Unaudited) SECURITY EQUITY FUND - ENHANCED INDEX SERIES (CONTINUED) Principal Amount or Number Market COMMON STOCKS (continued) of Shares Value - -------------------------------------------------------------------------------- Systems Software - 4.1% Adobe Systems, Inc. ............................. 600 $24,174 BMC Software, Inc.* ............................. 700 13,615 Computer Associates International, Inc. ......... 1,700 37,213 Microsoft Corporation* .......................... 10,600 639,286 Novell, Inc.* ................................... 700 2,723 Oracle Corporation* ............................. 10,600 135,680 VERITAS Software Corporation* ................... 800 35,064 ---------- 887,755 Telecommunications Equipment - 1.2% ADC Telecommunications, Inc.* ................... 1,600 6,512 Andrew Corporation* ............................. 400 6,692 CIENA Corporation* .............................. 1,300 11,700 Comverse Technology, Inc.* ...................... 400 5,068 Corning, Inc. ................................... 1,800 13,716 JDS Uniphase Corporation* ....................... 2,600 15,314 Lucent Technologies, Inc. ....................... 6,600 31,218 Motorola, Inc. .................................. 4,300 61,060 Nortel Networks Corporation ..................... 6,200 27,838 QUALCOMM, Inc.* ................................. 1,500 56,460 Scientific-Atlanta, Inc. ........................ 800 18,480 Tellabs, Inc.* .................................. 800 8,376 ---------- 262,434 Tires & Rubber - 0.1% Cooper Tire & Rubber Company .................... 100 2,165 Goodyear Tire & Rubber Company .................. 500 12,785 ---------- 14,950 Tobacco - 1.0% Philip Morris Companies, Inc. ................... 4,300 226,481 UST, Inc. ....................................... 300 11,679 ---------- 238,160 Trading Companies & Distributors - 0.0% W.W. Grainger, Inc. ............................. 100 5,623 Trucking - 0.0% Ryder System, Inc. .............................. 100 2,954 Wireless Telecommunication Services - 0.3% AT&T Wireless Services* ......................... 5,200 46,540 Nextel Communications, Inc.* .................... 1,500 8,070 Sprint PCS Group* ............................... 1,900 19,551 ---------- 74,161 ---------- Total common stocks - 93.7% ............................... 20,266,759 U.S. GOVERNMENT SECURITIES - 0.5% - --------------------------------- U.S. Treasury Bill, 1.53%, 04-18-02 ..................................... $105,000 104,914 Principal Market COMMON STOCKS (Continued) Amount Value - -------------------------------------------------------------------------------- REPURCHASE AGREEMENT - 5.9% - --------------------------- United Missouri Bank, 1.53%, 04-01-02 (Collateralized by U.S. Treasury Bill, 09-05-02 with a value of $1,307,833) .................. $1,282,000 $1,282,000 ----------- Total investments - 100.1% ................................ 21,653,673 Liabilities, less cash and other assets - (0.1%) .......... (27,155) ----------- Total net assets - 100.0% ................................. $21,626,518 =========== The identified cost of investments owned at March 31, 2002 was the same for federal income tax and financial statement purposes. * Non-income producing security (1) Security is segregated as collateral for futures, options or forward exchange contracts. (2) SAILS - Stock Appreciation Income Linked Security - is the term used for a unit consisted of a zero coupon debt security and a forward equity contract. - -------------------------------------------------------------------------------- 25 See accompanying notes. SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- March 31, 2002 (Unaudited) SECURITY EQUITY FUND - TOTAL RETURN SERIES Number Market COMMON STOCKS of Shares Value - -------------------------------------------------------------------------------- Advertising - 1.5% Omnicom Group, Inc. ............................. 950 $89,680 Aerospace & Defense - 0.9% General Dynamics Corporation .................... 350 32,883 United Technologies Corporation ................. 300 22,260 -------- 55,143 Aluminum - 0.6% Alcoa, Inc. ..................................... 900 33,966 Apparel - Retail - 0.4% Abercrombie & Fitch Company* .................... 800 24,640 Application Software - 0.6% Amdocs, Ltd.* ................................... 1,300 34,645 Auto Parts & Equipment - 0.6% Delphi Corporation .............................. 1,100 17,589 Lear Corporation* ............................... 400 19,040 -------- 36,629 Automobile Manufacturers - 0.8% Ford Motor Company .............................. 1,200 19,788 General Motors Corporation ...................... 400 24,180 -------- 43,968 Banks - 3.0% Bank of New York Company, Inc. .................. 1,450 60,929 Bank One Corporation ............................ 700 29,246 FleetBoston Financial Corporation ............... 1,700 59,500 Wells Fargo & Company ........................... 600 29,640 -------- 179,315 Brewers - 0.4% Anheuser-Busch Companies, Inc. .................. 500 26,100 Broadcasting & Cable TV - 4.0% Adelphia Communications Corporation* ............ 600 8,940 Cablevision Systems New York Group* ............. 500 17,000 Clear Channel Communications, Inc.* ............. 1,025 52,695 Comcast Corporation* ............................ 1,800 57,240 Liberty Media Corporation* ...................... 5,700 72,048 Univision Communications, Inc.* ................. 600 25,200 -------- 233,123 Computer Hardware - 2.9% Dell Computer Corporation* ...................... 3,600 93,996 International Business Machines Corporation ..... 300 31,200 Sun Microsystems, Inc.* ......................... 5,300 46,746 -------- 171,942 Number Market COMMON STOCKS (continued) of Shares Value - -------------------------------------------------------------------------------- Computer Storage & Peripherals - 1.7% EMC Corporation* ................................ 3,400 $40,528 Network Appliance, Inc.* ........................ 3,050 62,159 -------- 102,687 Consumer Finance - 0.9% Capital One Financial Corporation ............... 400 25,540 MBNA Corporation ................................ 700 26,999 -------- 52,539 Data Processing Services - 0.5% Automatic Data Processing, Inc. ................. 550 32,048 Department Stores - 0.5% Kohl's Corporation* ............................. 400 28,460 Diversified Chemicals - 0.3% Dow Chemical Company ............................ 600 19,632 Diversified Financial Services - 10.5% American Express Company ........................ 1,850 75,776 Citigroup, Inc. ................................. 3,966 196,396 Fannie Mae ...................................... 900 71,892 Goldman Sachs Group, Inc. ....................... 600 54,150 J.P. Morgan Chase & Company ..................... 3,425 122,101 Merrill Lynch & Company, Inc. ................... 900 49,842 Morgan Stanley Dean Witter & Company ............ 800 45,848 -------- 616,005 Drug Retail - 1.2% CVS Corporation ................................. 600 20,598 Walgreen Company ................................ 1,200 47,028 -------- 67,626 Food Retail - 0.5% Safeway, Inc.* .................................. 600 27,012 Gas Utilities - 0.8% El Paso Corporation ............................. 1,100 48,433 General Merchandise Stores - 3.6% Target Corporation .............................. 900 38,808 Wal-Mart Stores, Inc. ........................... 2,850 174,677 -------- 213,485 Health Care Distributors & Services - 1.1% Cardinal Health, Inc. ........................... 875 62,029 Health Care Equipment - 2.2% Guidant Corporation* ............................ 800 34,656 Medtronic, Inc. ................................. 2,100 94,941 -------- 129,597 Health Care Facilities - 0.3% Tenet Healthcare Corporation* ................... 300 20,106 Home Improvement Retail - 1.3% Home Depot, Inc. ................................ 1,600 77,776 - -------------------------------------------------------------------------------- 26 See accompanying notes. SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- March 31, 2002 (Unaudited) SECURITY EQUITY FUND - TOTAL RETURN SERIES Number Market COMMON STOCKS (continued) of Shares Value - -------------------------------------------------------------------------------- Household Products - 1.3% Colgate-Palmolive Company ....................... 650 $37,147 Kimberly-Clark Corporation ...................... 600 38,790 -------- 75,937 Industrial Conglomerates - 6.4% General Electric Company ........................ 6,950 260,278 Tyco International, Ltd. ........................ 3,600 116,352 -------- 376,630 Industrial Machinery - 0.3% Illinois Tool Works, Inc. ....................... 250 18,087 Insurance Brokers - 1.2% Marsh & McLennan Companies, Inc. ................ 600 67,644 Integrated Oil & Gas - 4.3% ChevronTexaco Corporation ....................... 400 36,108 Exxon Mobil Corporation ......................... 3,500 153,405 Marathon Oil Corporation ........................ 1,000 28,800 Royal Dutch Petroleum Company ................... 600 32,592 -------- 250,905 Integrated Telecommunication Services - 2.4% BellSouth Corporation ........................... 1,100 40,546 SBC Communications, Inc. ........................ 1,450 54,288 Verizon Communications, Inc. .................... 600 27,390 WorldCom, Inc. - WorldCom Group* ................ 2,400 16,176 -------- 138,400 IT Consulting & Services - 0.5% Computer Sciences Corporation* .................. 600 30,450 Life & Health Insurance - 0.9% AFLAC, Inc. ..................................... 1,100 32,450 MetLife, Inc. ................................... 700 22,050 -------- 54,500 Motorcycle Manufacturers - 0.4% Harley-Davidson, Inc. ........................... 400 22,052 Movies & Entertainment - 1.6% AOL Time Warner, Inc.* .......................... 1,150 27,198 Metro-Goldwyn-Mayer, Inc.* ...................... 1,200 19,944 Viacom, Inc. (Cl.B)* ............................ 1,000 48,370 -------- 95,512 Multi-Line Insurance - 2.7% American International Group, Inc. .............. 1,712 123,504 Hartford Financial Services Group, Inc. ......... 500 34,060 -------- 157,564 Multi-Utilities - 0.5% Williams Companies, Inc. ........................ 1,300 30,628 Number Market COMMON STOCKS (continued) of Shares Value - -------------------------------------------------------------------------------- Networking Equipment - 1.5% Cisco Systems, Inc.* ............................ 5,300 $89,729 Oil & Gas Drilling - 0.4% GlobalSantaFe Corporation ....................... 800 26,160 Oil & Gas Equipment & Services - 1.1% Halliburton Company ............................. 2,300 39,261 Schlumberger, Ltd. .............................. 450 26,469 -------- 65,730 Oil & Gas Exploration & Production - 0.6% Anadarko Petroleum Corporation .................. 300 16,932 Talisman Energy, Inc. ........................... 500 20,870 -------- 37,802 Packaged Foods - 0.7% General Mills, Inc. ............................. 400 19,540 Kraft Foods, Inc. ............................... 500 19,325 -------- 38,865 Pharmaceuticals - 10.7% Bristol-Myers Squibb Company .................... 1,700 68,833 Eli Lilly & Company 400 30,480 Johnson & Johnson ............................... 800 51,960 Merck & Company, Inc. ........................... 1,800 103,644 Pfizer, Inc. .................................... 3,500 139,090 Pharmacia Corporation ........................... 1,100 49,588 Schering-Plough Corporation ..................... 2,600 81,380 Wyeth ........................................... 1,600 105,040 -------- 630,015 Publishing & Printing - 0.6% New York Times Company .......................... 700 33,502 Semiconductor Equipment - 1.7% Applied Materials, Inc.* ........................ 1,800 97,686 Semiconductors - 2.9% Intel Corporation ............................... 4,500 136,845 Micron Technology, Inc.* ........................ 1,000 32,900 -------- 169,745 Specialty Chemicals - 0.9% Ecolab, Inc. .................................... 550 25,146 Rohm & Haas Company ............................. 600 25,362 -------- 50,508 Specialty Stores - 0.7% Office Depot, Inc.* ............................. 1,200 23,820 Tiffany & Company ............................... 500 17,775 -------- 41,595 Systems Software - 5.1% Microsoft Corporation* .......................... 4,300 259,333 Oracle Corporation* ............................. 3,200 40,960 -------- 300,000 - -------------------------------------------------------------------------------- 27 See accompanying notes. SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- March 31, 2002 (Unaudited) SECURITY EQUITY FUND - TOTAL RETURN SERIES Pricipal Amount or Number Market COMMON STOCKS (continued) of Shares Value - -------------------------------------------------------------------------------- Telecommunications Equipment - 1.0% Comverse Technology, Inc.* ...................... 1,650 $20,905 Nokia Oyj ADR ................................... 800 16,592 Nortel Networks Corporation ..................... 2,000 8,980 Tellabs, Inc.* .................................. 900 9,423 ---------- 55,900 Unit Investment Trust - 4.4% S&P 500 Index Fund (Cl.I) ....................... 1,500 172,665 S&P Mid-Cap 400 Depositary Receipts ............. 900 88,965 261,630 Wireless Telecommunications Services - 0.4% Sprint Corporation (PCS Group)* ................. 2,400 24,696 ---------- Total common stocks - 96.3% ............................... 5,668,751 REPURCHASE AGREEMENT - 7.2% - --------------------------- United Missouri Bank, 1.53%, 04-01-02 (Collateralized by U.S. Treasury Bill, 09-05-02 with a value of $430,991) ............. $422,000 422,000 ---------- Total investments - 103.5% .................................. 6,090,751 Liabilities, less cash and other assets - (3.5%) ........................................... (203,154) ---------- Total net assets - 100.0% ................................... $5,887,597 ========== The identified cost of investments owned at March 31, 2002 was the same for federal income tax and financial statement purposes. * Non-income producing security ADR (American Depositary Receipt) - -------------------------------------------------------------------------------- 28 See accompanying notes. SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- March 31, 2002 (Unaudited) SECURITY EQUITY FUND - LARGE CAP GROWTH SERIES Number Market COMMON STOCKS of Shares Value - -------------------------------------------------------------------------------- Advertising - 0.6% Omnicom Group, Inc. ............................. 600 $56,640 Application Software - 0.6% Check Point Software Technologies, Ltd.* ............................. 150 4,560 i2 Technologies, Inc.* .......................... 600 3,036 Mercury Interactive Corporation* ................ 100 3,765 Rational Software Corporation* .................. 700 11,081 Siebel Systems, Inc.* ........................... 1,000 32,610 -------- 55,052 Banks - 1.2% Bank of New York Company, Inc. .................. 1,000 42,020 Bank One Corporation ............................ 1,200 50,136 Northern Trust Corporation ...................... 300 18,033 -------- 110,189 Biotechnology - 1.2% Amgen, Inc.* .................................... 1,800 107,424 Brewers - 0.9% Anheuser-Busch Companies, Inc. .................. 1,500 78,300 Broadcasting & Cable TV - 0.8% Clear Channel Communications, Inc.* ............. 376 19,330 Comcast Corporation* ............................ 1,200 38,160 Univision Communications, Inc.* ................. 400 16,800 -------- 74,290 Computer Hardware - 4.5% Dell Computer Corporation* ...................... 3,600 93,996 International Business Machines Corporation ..... 2,300 239,200 Sun Microsystems, Inc.* ......................... 7,500 66,150 Sycamore Networks, Inc.* ........................ 200 790 -------- 400,136 Computer Storage & Peripherals - 0.9% EMC Corporation* ................................ 3,600 42,912 Network Appliance, Inc.* ........................ 1,600 32,608 -------- 75,520 Consumer Finance - 0.5% Capital One Financial Corporation ............... 700 44,695 Data Processing Services - 0.5% Paychex, Inc. ................................... 1,050 41,685 Department Stores - 0.8% Kohl's Corporation* ............................. 500 35,575 May Department Stores Company ................... 900 31,365 -------- 66,940 Number Market COMMON STOCKS (continued) of Shares Value - -------------------------------------------------------------------------------- Diversified Financial Services - 0.7% Charles Schwab Corporation ...................... 1,100 $14,399 Merrill Lynch & Company ......................... 500 27,690 Morgan Stanley Dean Witter & Company ............ 400 22,924 -------- 65,013 Drug Retail - 1.0% CVS Corporation ................................. 700 24,031 Walgreen Company ................................ 1,700 66,623 -------- 90,654 Electronic Equipment & Instruments - 0.7% Celestica, Inc.* ................................ 700 25,382 Sanmina Corporation* ............................ 1,200 14,100 Flextronics International, Ltd.* ................ 1,200 21,900 -------- 61,382 Food Retail - 0.4% Safeway, Inc.* .................................. 800 36,016 General Merchandise Stores - 4.3% Wal-Mart Stores, Inc. ........................... 6,300 386,127 Health Care Distributors & Services - 0.6% Cardinal Health, Inc.* .......................... 700 49,623 Health Care Equipment - 1.3% Applera Corporation - Applied Biosystems Group .. 300 6,705 Medtronic, Inc. ................................. 2,400 108,504 -------- 115,209 Health Care Supplies - 0.1% Zimmer Holding, Inc.* ........................... 360 12,258 Home Improvement Retail - 2.2% Home Depot, Inc. ................................ 4,100 199,301 Household Products - 2.4% Colgate-Palmolive Company ....................... 1,000 57,150 Kimberly-Clark Corporation ...................... 1,100 71,115 Procter & Gamble Company ........................ 900 81,081 -------- 209,346 Industrial Conglomerates - 9.2% General Electric Company ........................ 17,500 655,375 Minnesota Mining & Manufacturing Company ........ 600 69,006 Tyco International, Ltd. ........................ 2,800 90,496 -------- 814,877 Insurance Brokers - 0.5% Marsh & McLennan Companies, Inc. ................ 400 45,096 Integrated Telecommunication Service - 1.0% Qwest Communications, Inc.* ..................... 1,300 10,686 SBC Communications, Inc. ........................ 2,000 74,880 -------- 85,566 - -------------------------------------------------------------------------------- 29 See accompanying notes. SCHEDULE OF INVESTMENTS (CONTINUED) - -------------------------------------------------------------------------------- March 31, 2002 (Unaudited) SECURITY EQUITY FUND - LARGE CAP GROWTH SERIES (CONTINUED) Number Market COMMON STOCKS (continued) of Shares Value - -------------------------------------------------------------------------------- IT Consulting & Services - 0.0% Sapient Corporation* ............................ 300 $1,425 Movies & Entertainment - 2.6% AOL Time Warner, Inc.* .......................... 5,000 118,250 Viacom, Inc. (Cl. B)* ........................... 2,400 116,088 ---------- 234,338 Multi-Line Insurance - 2.6% American International Group, Inc. .............. 3,200 230,848 Networking Equipment - 2.6% Cisco Systems, Inc.* ............................ 12,700 215,011 Juniper Networks, Inc.* ......................... 1,000 12,620 ---------- 227,631 Pharmaceuticals - 19.8% Allergan, Inc. .................................. 700 45,255 Bristol-Myers Squibb Company .................... 4,200 170,058 Eli Lilly & Company ............................. 2,600 198,120 Forest Laboratories, Inc.* ...................... 700 57,190 Johnson & Johnson ............................... 5,070 329,297 Merck & Company, Inc. ........................... 2,300 132,434 Pfizer, Inc. .................................... 11,050 439,127 Pharmacia Corporation ........................... 3,100 139,748 Schering-Plough Corporation ..................... 2,500 78,250 Watson Pharmaceuticals, Inc.* ................... 700 18,963 Wyeth ........................................... 2,400 157,560 ---------- 1,766,002 Semiconductor Equipment - 1.5% Applied Materials, Inc.* ........................ 1,200 65,124 KLA-Tencor Corporation* ......................... 300 19,950 Novellus Systems, Inc.* ......................... 900 48,717 ---------- 133,791 Semiconductors - 5.6% Analog Devices, Inc.* ........................... 800 36,032 Applied Micro Circuits Corporation* ............. 200 1,600 Broadcom Corporation* ........................... 300 10,770 Intel Corporation ............................... 11,700 355,797 Micron Technology* .............................. 1,000 32,900 PMC - Sierra, Inc.* ............................. 200 3,256 Xilinx, Inc.* ................................... 1,500 59,790 ---------- 500,145 Soft Drinks - 3.6% Coca-Cola Company ............................... 3,200 167,232 PepsiCo, Inc. ................................... 3,000 154,500 ---------- 321,732 Principal Amount or Number Market COMMON STOCKS (continued) of Shares Value - -------------------------------------------------------------------------------- Systems Software - 7.1% Adobe Systems, Inc. ............................. 800 $32,232 BEA Systems, Inc.* .............................. 700 9,597 Microsoft Corporation* .......................... 6,900 416,139 Oracle Corporation* ............................. 9,600 122,880 VERITAS Software Corporation* ................... 1,100 48,213 ---------- 629,061 Telecommunications Equipment - 0.9% Comverse Technology, Inc.* ...................... 300 3,801 Corning, Inc.* .................................. 1,000 7,620 Corvis Corporation* ............................. 100 125 JDS Uniphase Corporation* ....................... 1,000 5,890 QUALCOMM, Inc.* ................................. 1,100 41,404 Scientific-Atlantic, Inc. ....................... 900 20,790 Sonus Networks, Inc.* ........................... 700 1,834 ---------- 81,464 Unit Investment Trust - 7.7% S&P 500/BARRA Growth Index Fund (Cl.I) .......... 5,700 336,015 S&P MidCap 400 Index Fund (Cl.I) ................ 3,200 345,600 ---------- 681,615 Wireless Telecommunication Services - 0.2% Nextel Communications, Inc.* .................... 700 3,766 Sprint Corporation (PCS Group)* ................. 1,400 14,406 ---------- 18,172 ---------- Total common stocks - 91.1% ............................... 8,107,563 REPURCHASE AGREEMENT - 9.0% - --------------------------- State Street, 0.65%, 04-01-02 (Collateralized by FNMA, 4.50%, 04-25-03 with a value of $823,247) .................................... $802,407 802,407 ---------- Total investments - 100.1% ................................ 8,909,970 Liabilities, less cash & other assets - 0.1% .............. (10,717) ---------- Total net assets - 100.0% ................................. $8,899,253 ========== The identified cost of investments owned at March 31, 2002 was the same for federal income tax and financial statement purposes. * Non-income producing security - -------------------------------------------------------------------------------- 30 See accompanying notes. SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- March 31, 2002 (Unaudited) SECURITY EQUITY FUND - INTERNATIONAL SERIES Number Market FOREIGN STOCKS of Shares Value - -------------------------------------------------------------------------------- Australia - 0.4% M.I.M. Holdings, Ltd. ...................... 38,087 $27,441 Belgium - 1.1% Interbrew .................................. 2,818 78,055 Brazil - 1.4% Companhia Vale Do Rio Doce* ................ 1,400 38,346 Embraer- Empresa Brasileira de Aeronautica S.A. ADR ..................... 1,161 23,417 Petroleo Brasileiro S.A. - Petrobras ADR ... 1,393 36,873 ------- 98,636 Canada - 1.5% Manulife Financial Corporation ............. 1,999 54,780 Royal Bank of Canada ....................... 1,591 53,054 ------- 107,834 Denmark - 1.6% Danske Bank A/S ............................ 3,330 51,976 Novo Nordisk A/S ........................... 1,430 56,974 Group 4 Falck A/S .......................... 75 8,978 ------- 117,928 Finland - 2.2% Nokia Oyj .................................. 3,800 80,326 Nokia Oyj ADR .............................. 2,069 42,911 UPM-Kymmene Oyj ............................ 900 30,778 ------- 154,015 France - 12.1% Aventis S.A.1 .............................. 2,013 139,086 Axa ........................................ 1,600 36,110 BNP Paribas S.A ............................ 2,480 125,270 Groupe Danone .............................. 600 70,717 PSA Peugeot Citroen ........................ 584 28,837 Pechiney S.A ............................... 490 26,119 Sanofi-Synthelabo S.A ...................... 1,079 69,281 Societe Generale ........................... 1,207 76,342 Suez S.A ................................... 3,100 87,678 TotalFinaElf S.A.1 ......................... 965 149,010 Vinci S.A .................................. 845 54,735 ------- 863,185 Number Market FOREIGN STOCKS (continued) of Shares Value - -------------------------------------------------------------------------------- Germany - 9.3% Allianz AG ................................. 480 $114,319 Bayer AG ................................... 1,360 46,094 Deutsche Lufthansa AG ...................... 1,362 20,758 E.ON AG .................................... 1,645 83,738 Fresenius Medical Care AG .................. 700 42,650 Henkel KGaA ................................ 1,100 67,895 Metro AG ................................... 1,070 36,536 Muenchener Rueckversicherungs- Gesellschaft AG .......................... 213 53,065 SAP AG ..................................... 400 60,579 Schering AG ................................ 1,480 86,636 Siemens AG ................................. 825 54,700 ------- 666,970 Hong Kong - 0.7% Hutchison Whampoa, Ltd. .................... 6,000 52,886 Hungary - 0.7% OTP Bank Rt ................................ 6,267 48,320 Ireland -1.1% Bank of Ireland ............................ 7,075 78,696 Italy - 5.6% ENI SpA .................................... 8,879 130,134 Riunione Adriatica di Sicurta SpA .......... 4,560 59,672 Snam Rete Gas SpA* ......................... 21,250 56,913 Telecom Italia SpA ......................... 4,456 36,697 UniCredito Italiano SpA .................... 27,531 119,610 ------- 403,026 Japan - 14.4% Bridgestone Corporation .................... 5,000 67,906 Canon, Inc. ................................ 3,000 111,367 Hitachi, Ltd. .............................. 7,000 51,179 Honda Motor Company, Ltd. .................. 1,300 54,635 Ito-Yokado Company, Ltd. ................... 1,000 39,763 JGC Corporation ............................ 3,000 23,269 Matsushita Electric Industrial Company, Ltd. 4,000 48,772 Mitsubishi Corporation ..................... 7,000 52,763 Mitsui Fudosan Company, Ltd. ............... 4,000 31,961 Nintendo Company, Ltd. ..................... 400 58,852 Nissan Motor Company, Ltd. ................. 13,000 93,968 Nomura Holdings, Inc. ...................... 6,000 77,821 NTT DoCoMo, Inc. ........................... 20 54,205 Pioneer Corporation ........................ 3,000 57,721 - -------------------------------------------------------------------------------- 31 See accompanying notes. SCHEDULE OF INVESTMENTS (CONTINUED) - -------------------------------------------------------------------------------- March 31, 2002 (Unaudited) SECURITY EQUITY FUND - INTERNATIONAL SERIES (CONTINUED) Number Market FOREIGN STOCKS (continued) of Shares Value - -------------------------------------------------------------------------------- Japan (continued) Sharp Corporation .......................... 4,000 $52,756 Sony Corporation ........................... 2,000 103,973 Yamanouchi Pharmaceutical Company, Ltd. .... 2,000 49,949 ---------- 1,030,860 Korea - 2.3% Kookmin Bank ............................... 1,242 51,947 Samsung Electronics Company, Ltd. .......... 260 70,048 Samsung Electronics Company, Ltd. GDR ...... 300 40,412 ---------- 162,407 Luxembourg - 0.5% Arcelor* ................................... 2,600 35,611 Mexico - 1.4% America Movil S.A. de C.V ADR .............. 1,200 23,832 Cemex S.A. de C.V. ADR ..................... 1,196 35,330 Grupo Financiero BBVA Bancomer S.A. de C.V. (GFB)* ............. 36,900 40,409 ---------- 99,571 Netherlands - 6.1% Gucci Group N.V ............................ 534 49,521 ING Groep N.V .............................. 1,352 36,800 Koninklijke Ahold N.V ...................... 2,163 56,761 Koninklijke (Royal) KPN N.V ................ 7,700 39,432 Koninklijke (Royal) Philips Electronics N.V .......................... 2,490 75,964 STMicroelectronics N.V ..................... 1,800 60,222 TPG N.V .................................... 3,799 78,978 Verenigde Nederlandse Uitgeversbedrijven N.V ................... 1,100 34,931 ---------- 432,609 Poland - 0.7% Bank Pekao S.A. ADR* ....................... 1,887 47,469 Russia - 0.3% Surgutneftegaz ADR ......................... 1,016 18,506 Spain - 3.8% Banco Popular Espanol S.A .................. 2,590 97,611 Iberdrola S.A .............................. 5,619 73,334 Telefonica S.A.* ........................... 8,889 99,649 Telefonica S.A. Rights* .................... 8,889 2,016 ---------- 272,610 Number Market FOREIGN STOCKS (continued) of Shares Value - -------------------------------------------------------------------------------- Sweden - 1.2% Skandinaviska Enskilda Banken AB (SEB) ..... 5,370 $53,399 Telefonaktiebolaget LM Ericsson (Cl. B) .... 8,070 34,124 ---------- 87,523 Switzerland - 5.6% Adecco S.A ................................. 360 22,850 Compagnie Financiere Richemont AG .......... 800 18,433 Credit Suisse Group* ....................... 1,500 56,859 Nestle S.A ................................. 590 131,205 Novartis AG ................................ 960 37,759 Swiss Re ................................... 700 64,410 UBS AG* .................................... 1,400 68,926 ---------- 400,442 United Kingdom - 18.4% AstraZeneca Group plc ...................... 1,400 69,457 BAE Systems plc ............................ 7,388 35,244 BHP Billiton plc ........................... 13,600 77,466 BP plc1 .................................... 25,444 226,089 Barclays plc ............................... 1,370 42,276 British Sky Broadcasting Group plc* ........ 5,710 67,488 Cadbury Schweppes plc ...................... 2,600 17,882 Centrica plc ............................... 15,946 51,488 Compass Group plc .......................... 8,000 53,571 GlaxoSmithKline plc1 ....................... 6,717 158,205 Granada plc ................................ 9,586 18,769 Lloyds TSB Group plc ....................... 5,100 52,362 Logica plc ................................. 2,887 18,932 P & O Princess Cruises plc ................. 6,200 42,621 Reckitt Benckiser plc ...................... 5,443 89,445 Royal Bank of Scotland Group plc ........... 3,452 88,875 Shell Transport & Trading Company plc ...... 7,376 54,828 Vodafone Group plc1 ........................ 81,049 149,749 ---------- 1,314,747 ---------- Total foreign stocks - 92.4% ..................... 6,599,347 REPURCHASE AGREEMENT - 2.7% - --------------------------- State Street, 0.65% , 04-01-02 (Collateralized by FNMA, 5.00%, 02-14-03 with a value of $201,405) ......................... $193,332 193,332 ---------- Total investments - 95.1% ......................... 6,792,679 Cash & other assets, less liabilities - 4.9% ................................ 348,950 ---------- Total net assets - 100.0% ......................... $7,141,629 ========== - -------------------------------------------------------------------------------- 32 See accompanying notes. SCHEDULE OF INVESTMENTS (CONTINUED) - -------------------------------------------------------------------------------- March 31, 2002 (Unaudited) SECURITY EQUITY FUND - INTERNATIONAL SERIES (CONTINUED) INVESTMENT CONCENTRATION - -------------------------------------------------------------------------------- At March 31, 2002, International Series' investment concentration, by industry, was as follows: Aerospace/Defense ................................ 0.8% Airlines ......................................... 0.3% Apparel .......................................... 0.7% Automobiles ...................................... 2.5% Banks & Credit ................................... 15.6% Beverages ........................................ 1.1% Broadcast Media .................................. 0.9% Building & Construction .......................... 0.8% Building Materials ............................... 0.5% Chemicals ........................................ 2.8% Computer Software ................................ 1.1% Electric Utilities ............................... 1.0% Electronics ...................................... 7.0% Engineering ...................................... 0.3% Entertainment .................................... 0.3% Financial Services ............................... 3.9% Food Processing .................................. 3.6% Food Wholesalers ................................. 1.0% Health Care ...................................... 1.6% Household Products ............................... 1.3% Insurance ........................................ 4.4% Manufacturing .................................... 1.9% Metals & Minerals ................................ 2.4% Natural Gas ...................................... 0.8% Office Equipment ................................. 1.6% Oil .............................................. 8.6% Paper & Forest Products .......................... 0.4% Pharmaceuticals .................................. 8.4% Publishing ....................................... 0.5% Real Estate Development .......................... 0.5% Retail ........................................... 1.3% Semiconductors ................................... 0.8% Services ......................................... 2.3% Steel ............................................ 0.5% Telecommunications ............................... 7.9% Tire & Rubber .................................... 0.9% Toys & Sporting Goods ............................ 0.8% Transportation ................................... 0.6% Repurchase Agreement 2.7% Rights ........................................... 0.7% Cash & other assets, less liabilities ............................... 4.9% ------ 100.0% ====== The identified cost of investments owned at March 31, 2002 was the same for federal income tax and financial statement purposes. * Non-income producing security ADR (American Depositary Receipt) GDR (Global Depositary Receipt) (1) Security is segregated as collateral for futures, forward exchange contracts or options. - -------------------------------------------------------------------------------- 33 See accompanying notes. SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- March 31, 2002 (Unaudited) SECURITY ULTRA FUND Number Market COMMON STOCKS of Shares Value - -------------------------------------------------------------------------------- Apparel Retail - 1.1% AnnTaylor Stores Corporation* ................... 52,000 $2,247,440 Application Software - 7.7% Captaris, Inc.* ................................. 219,000 757,740 Cerner Corporation* ............................. 28,900 1,378,819 Electronic Arts, Inc.*(2)........................ 20,400 1,240,320 EPIQ Systems, Inc.* ............................. 120,000 1,911,600 Hyperion Solutions Corporation* ................. 220,000 5,942,200 InteliData Technologies Corporation*(1) ......... 345,000 520,950 MSC.Software Corporation* ....................... 32,000 736,000 Peregrine Systems, Inc.* ........................ 232,000 2,208,640 Rational Software Corporation* .................. 245,000 712,350 ----------- 15,408,619 Auto Parts & Equipment - 1.8% Federal Signal Corporation ...................... 58,600 1,389,992 Gentex Corporation* ............................. 78,000 2,311,140 ----------- 3,701,132 Banks - 1.5% Northern Trust Corporation ...................... 49,000 2,945,390 Biotechnology - 6.9% Alexion Pharmaceuticals, Inc.* .................. 80,000 1,880,800 Enzon, Inc.* .................................... 60,000 2,657,400 Esperion Therapeutics, Inc. * ................... 135,000 822,150 GenVec, Inc.* ................................... 230,100 692,601 Ligand Pharmaceuticals, Inc. (Cl. B)* ........... 200,000 3,944,000 Novavax, Inc.* .................................. 130,000 1,487,200 Strategic Diagnostics, Inc.* .................... 150,000 777,000 Titan Pharmaceuticals, Inc.* .................... 210,000 1,472,100 ----------- 13,733,251 Broadcasting & Cable TV - 2.9% Charter Communications, Inc.* ................... 150,000 1,693,500 Salem Communications Corporation* ............... 125,200 2,967,240 XM Satellite Radio Holdings, Inc.* .............. 86,000 1,184,220 5,844,960 Catalog Retail - 1.9% Lands' End, Inc.* ............................... 86,000 3,858,820 Construction & Engineering - 3.6% Shaw Group, Inc.* ............................... 262,000 7,205,000 Data Processing Services - 1.9% NDCHealth Corporation ........................... 102,000 3,711,780 Diversified Commercial Services - 2.1% DeVry, Inc.* .................................... 60,000 1,807,800 Edison Schools, Inc.* ........................... 168,400 2,340,760 ----------- 4,148,560 Number Market COMMON STOCKS (continued) of Shares Value - -------------------------------------------------------------------------------- Diversified Financial Services - 0.2% Euronet Wordwide, Inc.* ......................... 28,000 $476,000 Electrical Components & Equipment - 1.1% AstroPower, Inc. * .............................. 26,000 1,085,760 Wilson Greatbatch Technologies, Inc.* ........... 43,300 1,113,243 ----------- 2,199,003 Electronic Equipment & Instruments - 1.6% FuelCell Energy, Inc.* .......................... 70,000 1,103,200 Maxwell Technologies, Inc.* ..................... 230,700 2,145,510 ----------- 3,248,710 Gold - 0.9% Placer Dome, Inc. ............................... 145,000 1,776,250 Health Care Distributors & Services - 1.9% Hooper Holmes, Inc. ............................. 318,600 3,342,114 IMPATH, Inc.* ................................... 12,450 510,948 ----------- 3,853,062 Health Care Equipment - 2.4% Bioject Medical Technologies, Inc.* ............. 300,000 1,155,000 INAMED Corporation* ............................. 61,200 2,013,480 Micro Therapeutics, Inc.* ....................... 200,000 1,580,000 ----------- 4,748,480 Health Care Facilities - 0.6% AmSurg Corporation* ............................. 41,000 1,115,610 Industrial Machinery - 2.4% Flowserve Corporation* .......................... 74,000 2,368,740 Ingersoll-Rand Company .......................... 33,500 1,675,670 Tennant Company ................................. 17,100 716,832 ----------- 4,761,242 Intergrated Telecommunication Service - 0.3% Intrado, Inc.* .................................. 30,600 666,774 Internet Software & Services - 0.7% WatchGuard Technologies* ........................ 231,000 1,446,060 IT Consulting & Services - 7.7% Acxiom Corporation* ............................. 404,000 6,924,560 Computer Sciences Corporation* .................. 60,000 3,045,000 Forrester Research, Inc.* ....................... 50,000 955,000 Keane, Inc.* .................................... 260,000 4,433,000 ----------- 15,357,560 Leisure Products - 4.2% Mattel, Inc. .................................... 400,000 8,336,000 Life & Health Insurance - 2.2% AFLAC, Inc.(2) .................................. 150,000 4,425,000 Multi-Utilities - 1.2% Dynegy, Inc. .................................... 80,000 2,320,000 - -------------------------------------------------------------------------------- 34 See accompanying notes. SCHEDULE OF INVESTMENTS (CONTINUED) - -------------------------------------------------------------------------------- March 31, 2002 (Unaudited) SECURITY ULTRA FUND (CONTINUED) Number Market COMMON STOCKS of Shares Value - -------------------------------------------------------------------------------- Networking Equipment - 0.6% Packeteer, Inc.* ................................ 156,000 $1,154,400 Oil & Gas Drilling - 3.4% ENSCO International, Inc. ....................... 164,600 4,961,044 Pride Intenational, Inc.* ....................... 118,600 1,885,740 ------------ 6,846,784 Oil & Gas Equipment & Services - 3.9% BJ Services Company* ............................ 100,000 3,447,000 National-Oilwell, Inc.* ......................... 136,000 3,444,880 Tidewater, Inc. ................................. 20,300 859,705 ------------ 7,751,585 Oil & Gas Exploration & Production - 10.8% Apache Corporation .............................. 97,900 5,568,552 Callon Petroleum Company* ....................... 247,000 1,926,600 Evergreen Resources, Inc.* ...................... 81,000 3,377,700 Ocean Energy, Inc. .............................. 400,000 7,916,000 Stone Energy Corporation* ....................... 70,000 2,712,500 ------------ 21,501,352 Pharmaceuticals - 1.0% Guilford Pharmaceuticals, Inc.* ................. 127,000 904,240 Penwest Pharmaceuticals Company* ................ 60,000 1,164,000 ------------ 2,068,240 Publishing & Printing - 3.3% E.W. Scripps Company(2).......................... 80,400 6,602,448 Semiconductors - 5.8% Advanced Power Technology, Inc.* ................ 59,500 683,060 Atmel Corporation* .............................. 300,000 3,042,000 HI/FN, Inc.* .................................... 70,000 826,000 IXYS Corporation* ............................... 216,000 2,525,040 Mircosemi Corporation* .......................... 51,400 838,848 Microtune, Inc.* ................................ 57,600 827,712 Monolithic System Technology, Inc.* ............. 75,800 871,700 Power Integrations, Inc.*(2) .................... 107,500 2,047,875 ------------ 11,662,235 Specialty Chemicals - 0.3% Rentech, Inc.* .................................. 1,139,300 638,008 Systems Software - 2.3% Symantec Corporation*(2) ........................ 105,000 4,327,050 Wind River Systems, Inc.* ....................... 24,000 326,160 ------------ 4,653,210 Principal Amount or Number Market COMMON STOCKS (continued) of Shares Value - -------------------------------------------------------------------------------- Telecommunications Equipment - 2.9% ADTRAN, Inc.* ................................... 80,000 $1,931,200 Corvis Corporation* ............................. 315,000 393,435 Harris Corporation .............................. 30,700 1,102,437 Terayon Communication Systems, Inc.* ............ 241,000 2,043,680 Transcrypt International, Inc.* ................. 255,650 314,450 ------------ 5,785,202 Trading Companies & Distributors - 1.5% MSC Industrial Direct Company, Inc.* ............ 130,000 2,977,000 ------------ Total common stocks - 94.6% ................................ 189,175,167 WARRANT - 0.0% - -------------- Intelidata Technologies Corporation* ............ 172,500 69,199 U.S. GOVERNMENT & AGENCIES - -------------------------- Federal Home Loan Bank: 1.68%, 04-22-02 ............................... $5,000,000 4,995,100 1.72%, 05-01-02 ............................... $5,000,000 4,992,833 ------------ Total U.S. government & agencies - 5.0% ................... 9,987,933 REPURCHASE AGREEMENT - 0.4% - --------------------------- United Missouri Bank, 1.53%, 04-01-02 (Collateralized by U.S. Treasury Bill, 09-05-02 with a value of $703,428) ..................... $692,000 692,000 ------------ Total investments -100.0% ................................. 199,924,299 Liabilities, less cash and other assets - (0.0%) .......... (28,618) ------------ Total net assets - 100.0% ................................. $199,895,681 ============ The identified cost of investments owned at March 31, 2002 was the same for federal income tax and financial statement purposes. * Non-income producing security (1) PIPES-Private Investment in Public Equity - is the term used for stock issued by a company in the secondary market as a means of raising capital more quickly and less expensively than through registration in a secondary public offering. (2) Security is segregated as collateral for futures, forward exchange contracts or options. - -------------------------------------------------------------------------------- 35 See accompanying notes. SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- March 31, 2002 (Unaudited) SECURITY GROWTH AND INCOME FUND Principal Amount or Number Market CORPORATE BONDS of Shares Value - -------------------------------------------------------------------------------- Consumer Cyclical - Other - 0.0% American Eco Corporation, 9.625% - 2008* ................................ $125,000 $12 HealthCare - 0.0% Alderwoods Group, Inc.: 12.25% - 2004 ................................. $1,500 1,500 11.00% - 2007 ................................. $7,700 7,739 12.25% - 2009 ................................. $10,200 10,761 Multicare Companies, Inc., 9.00% - 2007 ................................. $200,000 -- ---------- 20,000 Energy - Refining - 0.3% Crown Central Petroleum, 10.875% - 2005 ................................ $200,000 170,000 Total corporate bonds - 0.3% ........................... 190,012 COMMON STOCKS - ------------- Aerospace & Defense - 3.7% Boeing Company .................................. 10,100 487,325 Rockwell Collins, Inc. .......................... 12,200 307,684 United Technologies Corporation ................. 17,100 1,268,820 ---------- 2,063,829 Banks - 3.7% FleetBoston Financial Corporation ............... 26,100 913,500 Washington Mutual, Inc. ......................... 17,500 579,775 Wells Fargo & Company ........................... 12,600 622,440 ---------- 2,115,715 Broadcasting & Cable TV - 3.0% Liberty Media Corporation* ...................... 134,300 1,697,552 Computer & Electronics Retail - 1.0% RadioShack Corporation .......................... 19,200 576,768 Computer Hardware - 2.0% International Business Machines Corporation ............................ 10,600 1,102,400 Consumer Electronics - 3.3% Koninklijke (Royal) Philips Electronics N.V. ADR* ........................... 45,200 1,365,944 Sony Corporation ADR ............................ 9,700 501,490 ---------- 1,867,434 Department Stores - 2.7% Federated Department Stores, Inc.* .............. 20,400 833,340 Sears, Roebuck & Company ........................ 13,400 687,018 ---------- 1,520,358 Number Market COMMON STOCKS (continued) of Shares Value - -------------------------------------------------------------------------------- Diversified Commercial Services - 0.0% Alderwoods Group, Inc.* ......................... 1,133 $10,084 Diversified Financial Services - 15.1% American Express Company ........................ 30,900 1,265,664 Citigroup, Inc. ................................. 42,366 2,097,964 Fannie Mae ...................................... 22,900 1,829,252 Goldman Sachs Group, Inc. ....................... 13,600 1,227,400 Lehman Brothers Holdings, Inc. .................. 6,900 446,016 Morgan Stanley Dean Witter & Company ............ 17,700 1,014,387 Stilwell Financial, Inc. ........................ 27,300 668,577 ---------- 8,549,260 Diversified Metals & Mining - 0.2% Fording, Inc. ................................... 5,843 114,172 Electric Utilities - 4.8% Edison International* ........................... 32,900 551,075 Entergy Corporation ............................. 12,900 559,989 PG&E Corporation* ............................... 66,900 1,576,164 ---------- 2,687,228 Electrical Components & Equipment - 1.0% Emerson Electric Company ........................ 10,200 585,378 Food Retail - 1.8% Winn-Dixie Stores, Inc. ......................... 62,600 1,004,104 Health Care Equipment - 1.7% C.R. Bard, Inc. ................................. 5,400 318,870 Guidant Corporation* ............................ 15,000 649,800 ---------- 968,670 Health Care Facilities - 1.0% Genesis Health Ventures, Inc.* .................. 518 9,428 Tenet Healthcare Corporation* ................... 8,100 542,862 ---------- 552,290 Household Products - 2.8% Clorox Company .................................. 16,600 724,258 Procter & Gamble Company ........................ 9,200 828,828 1,553,086 Industrial Gases - 0.8% Air Products & Chemicals, Inc. .................. 8,900 459,685 Industrial Machinery - 0.5% Eaton Corporation ............................... 3,700 299,626 Integrated Oil & Gas - 7.7% BP plc ADR ...................................... 19,300 1,024,830 Conoco, Inc. .................................... 36,100 1,053,398 Exxon Mobil Corporation ......................... 51,600 2,261,628 ---------- 4,339,856 - -------------------------------------------------------------------------------- 36 See accompanying notes. SCHEDULE OF INVESTMENTS (CONTINUED) - -------------------------------------------------------------------------------- March 31, 2002 (Unaudited) SECURITY GROWTH AND INCOME FUND (CONTINUED) Number Market COMMON STOCKS (continued) of Shares Value - -------------------------------------------------------------------------------- Integrated Telecommunication Services - 2.4% Sprint Corporation (FON Group) .................. 46,000 $703,340 Verizon Communications, Inc. .................... 14,600 666,490 ----------- 1,369,830 IT Consulting & Services - 0.5% KPMG Consulting, Inc.* .......................... 13,700 276,740 Life & Health Insurance - 2.8% John Hancock Financial Services, Inc. .................................. 14,000 534,660 Lincoln National Corporation .................... 20,600 1,045,038 ----------- 1,579,698 Managed Healthcare - 2.4% CIGNA Corporation ............................... 5,000 506,950 Wellpoint Health Networks, Inc.* ................ 13,800 878,646 ----------- 1,385,596 Marine - 0.2% CP Ships, Ltd. .................................. 8,800 105,776 Movies & Entertainment - 2.7% News Corporation, Ltd. ADR ...................... 32,400 777,600 Walt Disney Company ............................. 32,600 752,408 ----------- 1,530,008 Multi-Line Insurance - 2.6% American International Group, Inc. .............. 20,100 1,450,014 Office Electronics - 2.0% Xerox Corporation ............................... 106,900 1,149,175 Office Services & Supplies - 1.5% Pitney Bowes, Inc. .............................. 20,200 864,560 Oil & Gas Exploration & Production - 1.2% PanCanadian Energy Corporation ..................................... 23,276 692,228 Oil & Gas Refining & Marketing - 1.1% Sunoco, Inc. .................................... 14,900 596,149 Paper Products - 1.5% International Paper Company ..................... 19,200 825,792 Pharmaceuticals - 4.6% Bristol-Myers Squibb Company .................... 11,300 457,537 Merck & Company, Inc. ........................... 14,200 817,636 Pharmacia Corporation ........................... 13,000 586,040 Schering-Plough Corporation ..................... 23,600 738,680 ----------- 2,599,893 Property & Casualty Insurance - 2.2% Allstate Corporation ............................ 16,300 615,651 Chubb Corporation ............................... 8,300 606,730 ----------- 1,222,381 Principal Amount or Number Market COMMON STOCKS (continued) of Shares Value - -------------------------------------------------------------------------------- Publishing & Printing - 1.2% Knight-Ridder, Inc. ............................. 10,200 $700,638 Railroads - 0.6% CP Railway, Ltd. ................................ 17,000 364,140 Restaurants - 2.5% McDonald's Corporation .......................... 50,700 1,406,925 Specialty Stores - 1.3% Office Depot, Inc.* ............................. 36,600 726,510 Systems Software - 2.7% BMC Software, Inc.* ............................. 36,500 709,925 Computer Associates International, Inc. ......... 38,400 840,576 ----------- 1,550,501 Telecommunications Equipment - 4.4% Corning, Inc. ................................... 73,200 557,784 Lucent Technologies, Inc. ....................... 80,300 379,819 Motorola, Inc. .................................. 72,100 1,023,820 Nortel Networks Corporation ..................... 121,000 543,290 ----------- 2,504,713 ----------- Total common stocks - 97.2% ................................. 54,968,762 WARRANT - 0.0% - -------------- Genesis Health Ventures, Inc.* .................. 869 1,843 U.S. GOVERNMENT & AGENCIES - 2.5% - --------------------------------- Federal Farm Credit Bank, 1.90%, 04-01-02 ...................................... $1,406,000 1,405,742 ----------- Total investments - 100.0% ................................. 56,566,359 Cash and other assets, less liabilities - 0.0% ............. 9,586 ----------- Total net assets - 100.0% .................................. $56,575,945 =========== The identified cost of investments owned at March 31, 2002 was the same for federal income tax and financial statement purposes. * Non-income producing security ADR (American Depositary Receipt) - -------------------------------------------------------------------------------- 37 See accompanying notes. STATEMENTS OF ASSETS AND LIABILITIES - -------------------------------------------------------------------------------- March 31, 2002 (Unaudited) Security Equity Fund ---------------------------------------------------------------- Security Total Social Growth and Equity Global Return Awareness Income Fund Series Series Series Series Assets Investments, at value (1) ..................... $ 56,566,359 $ 705,971,586 $ 94,176,037 $ 6,090,751 $ 23,806,170 Cash 8,910 581,012 50,708 871 1,981 Receivables: Fund shares sold ........................... 34,856 7,296 100 - 14,409 Securities sold ............................ - 1,932,441 193,496 58,073 - Interest ................................... 3,856 - 7,150 - - Dividends .................................. 33,880 471,939 159,622 4,629 14,480 Variation margin ........................... - 36,750 - - - Foreign taxes recoverable ..................... - - 20,921 - - Prepaid expenses .............................. - - - 20,512 25,253 ------------- ------------- ------------- ------------- ------------- Total assets 56,647,861 709,001,024 94,608,034 6,174,836 23,862,293 ------------- ------------- ------------- ------------- ------------- Liabilities Cash overdraft, denominated in a foreign currency, at value (2) .................... $ - $ - 45,494 $ - $ - Payable for: Securities purchased ....................... - - 101,581 274,121 - Fund shares redeemed ....................... - 173,747 14,777 - - Management fees ............................ 64,708 617,871 149,601 3,771 20,229 Custodian fees ............................. - - - 1,006 781 Transfer and administration fees ........... - - - 971 5,442 Professional fees .......................... - - - 2,565 1,971 12b-1distribution plan fees ................ 7,208 91,062 29,890 3,295 9,787 Other ...................................... - - - 1,510 6,812 ------------- ------------- ------------- ------------- ------------- Total liabilities ...................... 71,916 882,680 341,343 287,239 45,022 ------------- ------------- ------------- ------------- ------------- Net Assets .................................... $ 56,575,945 $ 708,118,344 $ 94,266,691 $ 5,887,597 $ 23,817,271 ------------- ------------- ------------- ------------- ------------- Net assets consist of: Paid in capital ............................... $ 67,813,546 $ 554,968,981 $ 98,336,014 $ 6,925,233 $ 24,269,273 Accumulated undistributed net investment loss ........................... (899) (87,800) (658,196) (34,034) (114,218) Accumulated undistributed net realized gain (loss) on sale of investments, futures and foreign currency transactions .............. (10,700,365) 5,288,005 (9,504,779) (466,278) (491,646) Net unrealized appreciation (depreciation) in value of investments, futures and translation of assets and liabilities in foreign currency ........... (536,337) 147,949,158 6,093,652 (537,324) 153,862 ------------- ------------- ------------- ------------- ------------- Total net assets ......................... $ 56,575,945 $ 708,118,344 $ 94,266,691 $ 5,887,597 $ 23,817,271 ============= ============= ============= ============= ============= Class "A" Shares Capital shares outstanding .................... 8,124,105 85,312,615 4,713,053 335,391 634,941 Net assets .................................... $ 47,863,918 $ 599,958,551 $ 60,949,365 $ 2,979,558 $ 12,659,768 Net asset value per share ..................... $ 5.89 $ 7.03 $ 12.93 $ 8.88 $ 19.94 ============= ============= ============= ============= ============= Offering price per share (net asset value divided by 94.25%) ........ $ 6.25 $ 7.46 $ 13.72 $ 9.42 $ 21.16 ============= ============= ============= ============= ============= Class "B" Shares Capital shares outstanding .................... 1,248,207 15,943,249 2,345,311 298,092 519,031 Net assets .................................... $ 7,094,824 $ 102,686,781 $ 28,361,420 $ 2,548,495 $ 9,760,294 Net asset value per share ..................... $ 5.68 $ 6.44 $ 12.09 $ 8.55 $ 18.80 ============= ============= ============= ============= ============= Class "C" Shares Capital shares outstanding .................... 267,805 783,639 390,000 41,680 71,304 Net assets .................................... $ 1,549,846 $ 5,315,208 $ 4,874,562 $ 357,641 $ 1,371,457 Net asset value per share ..................... $ 5.79 $ 6.78 $ 12.50 $ 8.58 $ 19.23 ============= ============= ============= ============= ============= Class "S" Shares Capital shares outstanding .................... 11,498 22,679 6,356 215 1,307 Net assets .................................... $ 67,357 $ 157,804 $ 81,344 $ 1,903 $ 25,752 Net asset value per share ..................... $ 5.86 $ 6.96 $ 12.80 $ 8.84 $ 19.70 ============= ============= ============= ============= ============= (1) Investments, at cost ...................... $ 57,102,696 $ 557,885,937 $ 88,082,377 $ 6,628,075 $ 23,652,308 (2) Cash denominated in a foreign currency, at cost ......................... $ - $ - $ (45,523) $ - $ -
- -------------------------------------------------------------------------------- 38 See accompanying notes. STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED) - -------------------------------------------------------------------------------- March 31, 2002 (Unaudited)
Security Equity Fund ------------------------------------------------------------------ Mid Cap Small Cap Enhanced Value Growth Index International Series Series Series Series Assets Investments, at value(1) ..................................... $ 153,573,036 $ 23,017,606 $ 21,653,673 $ 6,792,679 Collateral received for securities loaned, at value .......... - - - 949,724 Cash ......................................................... 26,651 - 27,568 109 Cash denominated in a foreign currency, at value(2) .......... - - - 302,894 Unrealized appreciation on forward foreign exchange contracts ................................ - - - 172,587 Receivables: Fund shares sold .......................................... 926,479 16,501 - - Securities sold ........................................... 1,155,143 421,009 400,166 152,768 Dividends ................................................. 93,365 810 20,764 11,715 Variation margin .......................................... - - 5,145 - Security Management Company .................................. - - - 8,426 Foreign taxes recoverable .................................... - - - 5,513 Prepaid expenses ............................................. 41,382 24,294 28,849 27,097 ------------- ------------- ------------- ------------- Total assets 155,816,056 23,480,220 22,136,165 8,423,512 ------------- ------------- ------------- ------------- Liabilities Unrealized depreciation on forward foreign exchange contracts ................................ $ - $ - $ - $ 241,893 Cash overdraft ............................................... - 93,635 - - Payable for: Securities loaned ......................................... - - - 949,724 Securities purchased ...................................... 665,646 373,576 - Fund shares redeemed ...................................... 34,094 2,694 - - Written options, at value ................................. 135,885 - - - Management fees ........................................... 125,118 22,037 13,893 6,604 Custodian fees ............................................ 2,821 4,242 2,985 14,678 Transfer and administration fees .......................... 25,010 8,952 3,307 5,897 Professional fees ......................................... 161 1,168 1,652 16 12b-1distribution plan fees ............................... 55,536 62,441 110,870 61,146 Other ..................................................... 9,824 9,160 3,364 1,925 ------------- ------------- ------------- ------------- Total liabilities ..................................... 388,449 869,975 509,647 1,281,883 ------------- ------------- ------------- ------------- Net Assets ................................................... $ 155,427,607 $ 22,610,245 $ 21,626,518 $ 7,141,629 ============= ============= ============= ============= Net assets consist of: Paid in capital .............................................. $ 122,280,454 $ 32,478,891 $ 25,209,793 $ 9,906,584 Accumulated undistributed net investment loss ................ (335,283) (296,166) (48,109) (530,535) Accumulated undistributed net realized gain (loss) on sale of investments, futures and foreign currency transactions ............................. 4,865,369 (13,498,532) (1,564,982) (2,396,402) Net unrealized appreciation (depreciation) in value of investments, futures and translation of assets and liabilities in foreign currency ....................... 28,617,067 3,926,052 (1,970,184) 161,982 ------------- ------------- ------------- ------------- Total net assets ........................................ $ 155,427,607 $ 22,610,245 $ 21,626,518 $ 7,141,629 ============= ============= ============= ============= Class "A" Shares Capital shares outstanding ................................... 3,646,432 1,113,897 894,058 403,742 Net assets ................................................... $ 86,386,259 $ 12,395,726 $ 7,933,855 $ 2,972,744 Net asset value per share .................................... $ 23.69 $ 11.13 $ 8.87 $ 7.36 ============= ============= ============= ============= Offering price per share (net asset value divided by 94.25%) . $ 25.14 $ 11.81 $ 9.41 $ 7.81 ============= ============= ============= ============= Class "B" Shares Capital shares outstanding ................................... 2,071,427 670,862 947,416 253,884 Net assets ................................................... $ 46,638,897 $ 7,103,261 $ 8,204,107 $ 1,828,094 Net asset value per share .................................... $ 22.52 $ 10.59 $ 8.66 $ 7.20 ============= ============= ============= ============= Class "C" Shares Capital shares outstanding ................................... 608,934 279,870 632,264 324,023 Net assets ................................................... $ 13,935,636 $ 3,018,056 $ 5,485,568 $ 2,340,580 Net asset value per share .................................... $ 22.89 $ 10.78 $ 8.68 $ 7.22 ============= ============= ============= ============= Class "S" Shares Capital shares outstanding ................................... 361,101 8,413 339 29 Net assets ................................................... $ 8,466,815 $ 93,202 $ 2,988 $ 211 Net asset value per share .................................... $ 23.45 $ 11.08 $ 8.80 $ 7.33 ============= ============= ============= ============= (1) Investments, at cost ..................................... $ 124,988,779 $ 19,091,554 $ 23,598,592 $ 6,558,806 (2) Cash denominated in a foreign currency, at cost .......... $ - $ - $ - $ 305,316
- -------------------------------------------------------------------------------- 39 See accompanying notes. STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED) - -------------------------------------------------------------------------------- March 31, 2002 (Unaudited)
Security Equity Fund ------------------------------------------------------------------ Large Cap Security Select 25 Growth Technology Ultra Series Series Series Fund Assets Investments, at value(1) ............................ $ 36,793,999 $ 8,909,970 $ 8,128,114 $ 199,924,299 Collateral received for securities loaned, at value . - 643,059 2,006,854 - Cash ................................................ 470 419 - - Receivables: Fund shares sold ................................. 7,500 - - 53,616 Securities sold .................................. - - 37,072 1,034,816 Interest ......................................... - - - - Dividends ........................................ 15,125 5,626 1,046 23,063 Prepaid expenses .................................... 26,536 17,547 17,838 - ------------- ------------- ------------- ------------- Total assets ................................. 36,843,630 9,576,621 10,190,924 201,035,794 ------------- ------------- ------------- ------------- Liabilities Cash overdraft ...................................... $ - $ - $ 4 $ 3,385 Security Management Company ......................... - - 668 - Payable for: Securities loaned ................................ - 643,059 2,006,854 - Securities purchased ............................. - 66 127,900 647,022 Fund shares redeemed ............................. 621 - - 22,474 Written options, at value ........................ - - - 247,295 Management fees .................................. 23,403 7,523 6,770 186,913 Custodian fees ................................... 679 1,212 2,164 - Transfer and administration fees ................. 7,722 1,730 5,486 - Professional fees ................................ 846 2,227 16,077 - 12b-1distribution plan fees ...................... 20,034 20,599 17,959 33,024 Other ............................................ 9,174 952 1,360 - ------------- ------------- ------------- ------------- Total liabilities ............................ 62,479 677,368 2,185,242 1,140,113 ------------- ------------- ------------- ------------- Net Assets .......................................... $ 36,781,151 $ 8,899,253 $ 8,005,682 $ 199,895,681 ============= ============= ============= ============= Net assets consist of: Paid in capital ..................................... $ 43,005,885 $ 11,981,575 $ 14,585,390 $ 158,757,802 Accumulated undistributed net investment loss ....... (216,782) (69,092) (100,822) (958,605) Accumulated undistributed net realized gain (loss) on sale of investments, futures and foreign currency transactions ..................... (6,385,504) (359,932) (5,282,899) 12,348,241 Net unrealized appreciation (depreciation) in value of investments, futures and translation of assets and liabilities in foreign currency .... 377,552 (2,653,298) (1,195,987) 29,748,243 ------------- ------------- ------------- ------------- Total net assets ............................... $ 36,781,151 $ 8,899,253 $ 8,005,682 $ 199,895,681 ============= ============= ============= ============= Class "A" Shares Capital shares outstanding .......................... 1,941,954 502,154 1,043,751 14,668,089 Net assets .......................................... $ 17,601,417 $ 3,284,949 $ 4,611,195 $ 161,781,683 Net asset value per share ........................... $ 9.06 $ 6.54 $ 4.42 $ 11.03 ============= ============= ============= ============= Offering price per share (net asset value divided by 94.25%) .............. $ 9.61 $ 6.94 $ 4.69 $ 11.70 ============= ============= ============= ============= Class "B" Shares Capital shares outstanding .......................... 1,525,756 373,588 301,671 2,995,164 Net assets .......................................... $ 13,526,853 $ 2,401,121 $ 1,287,654 $ 29,501,919 Net asset value per share ........................... $ 8.87 $ 6.43 $ 4.27 $ 9.85 ============= ============= ============= ============= Class "C" Shares Capital shares outstanding .......................... 633,112 498,389 453,906 624,474 Net assets .......................................... $ 5,634,252 $ 3,209,390 $ 1,937,962 $ 6,643,736 Net asset value per share ........................... $ 8.90 $ 6.44 $ 4.27 $ 10.64 ============= ============= ============= ============= Class "S" Shares Capital shares outstanding .......................... 2,079 585 38,424 180,351 Net assets .......................................... $ 18,629 $ 3,793 $ 168,871 $ 1,968,343 Net asset value per share ........................... $ 8.96 $ 6.48 $ 4.39 10.91 ============= ============= ============= ============= 1 Investments, at cost .............................. $ 36,416,447 $ 11,563,268 $ 9,324,101 $ 170,482,782
- -------------------------------------------------------------------------------- 40 See accompanying notes. STATEMENTS OF OPERATIONS - -------------------------------------------------------------------------------- For the Six Months Ended March 31, 2002 (Unaudited)
Security Equity Fund --------------------------------------------------------- Security Total Social Growth and Equity Global Return Awareness Income Fund Series Series Series Series Investment Income: Dividends .......................................... $ 370,217 $ 3,780,900 $ 530,000 $ 28,711 $ 104,618 Interest ........................................... 48,399 260,795 33,921 1,832 13,731 ---------- ----------- ----------- -------- ---------- ..................................................... 418,616 4,041,695 563,921 30,543 118,349 Less: Foreign tax expense .......................... - - (38,105) - - ---------- ----------- ----------- -------- ---------- Total investment income ......................... 418,616 4,041,695 525,816 30,543 118,349 Expenses: Management fees .................................... 374,924 3,601,198 838,472 22,141 115,750 Custodian fees ..................................... - - - 1,635 1,303 Transfer/maintenance fees .......................... - - - 3,362 22,657 Administration fees ................................ - - - 2,657 10,418 Directors' fees .................................... - - - 23 170 Professional fees .................................. - - - 3,303 4,011 Reports to shareholders ............................ - - - 750 1,853 Registration fees .................................. - - - 15,368 16,365 Other expenses ..................................... - - - 846 5,347 12b-1 distribution plan fees - Class B ............. 32,329 504,242 135,659 13,042 48,238 12b-1 distribution plan fees - Class C ............. 6,191 23,407 21,589 1,441 6,328 12b-1 distribution plan fees - Class S ............. 247 648 341 9 127 ---------- ----------- ----------- -------- ---------- 413,691 4,129,495 996,061 64,577 232,567 ---------- ----------- ----------- -------- ---------- Net investment income (loss) ....................... 4,925 (87,800) (470,245) (34,034) (114,218) Net Realized and Unrealized Gain (Loss): Net realized gain (loss) during the period on: Investments ........................................ (2,078,719) 21,121,874 (3,370,471) (289,801) (389,724) Foreign currency transactions ...................... - - (1,418,928) - - ---------- ----------- ----------- -------- ---------- Net realized gain (loss) ........................ (2,078,719) 21,121,874 (4,789,399) (289,801) (389,724) Net change in unrealized appreciation (depreciation) during the period on: Investments ........................................ 7,305,972 47,979,443 18,616,383 870,728 2,778,165 Futures ............................................ - (136,491) - - - Translation of assets and liabilities in foreign currencies ....................................... - - (2,485) - - ---------- ----------- ----------- -------- ---------- Net unrealized appreciation ....................... 7,305,972 47,842,952 18,613,898 870,728 2,778,165 ---------- ----------- ----------- -------- ---------- Net gain ........................................ 5,227,253 68,964,826 13,824,499 580,927 2,388,441 ---------- ----------- ----------- -------- ---------- Net increase in net assets resulting from operations ................................... $5,232,178 $68,877,026 $13,354,254 $546,893 $2,274,223 ========== =========== =========== ======== ==========
- -------------------------------------------------------------------------------- 41 See accomanying notes STATEMENTS OF OPERATIONS (CONTINUED) - --------------------------------------------------------------------------------
For the Six Months Ended March 31, 2002 Security Equity Fund (Unaudited) -------------------------------------------------------------------- Mid Cap Small Cap Enhanced Value Growth Index International Series Series Series Series Investment Income: Dividends ........................................... $ 654,584 $ 13,823 $ 134,055 $ 34,979 Securities lending .................................. - - - 2,576 Interest ............................................ 78,302 9,841 18,561 1,714 ----------- ---------- ---------- ---------- 732,886 23,664 152,616 39,269 Less: Foreign tax expense ........................... - - - (4,696) ----------- ---------- ---------- ---------- Total investment income .......................... 732,886 23,664 152,616 34,573 Expenses: Management fees ..................................... 602,941 136,981 79,957 38,602 Custodian fees ...................................... 6,141 7,996 4,350 42,634 Transfer/maintenance fees ........................... 101,340 58,473 10,084 3,961 Administration fees ................................. 54,266 12,329 9,595 31,579 Directors' fees ..................................... 784 172 120 45 Professional fees ................................... 5,124 3,491 3,554 2,914 Reports to shareholders ............................. 5,735 3,989 1,627 921 Registration fees ................................... 19,161 17,856 12,793 15,167 Other expenses ...................................... 3,606 7,786 1,336 1,214 12b-1 distribution plan fees - Class A .............. - 22,075 9,767 3,712 12b-1 distribution plan fees - Class B .............. 182,096 34,015 40,817 8,799 12b-1 distribution plan fees - Class C .............. 49,803 14,267 26,710 11,446 12b-1 distribution plan fees - Class S .............. 37,172 400 15 - ----------- ---------- ---------- ---------- Total expenses ...................................... 1,068,169 319,830 200,725 160,994 Less: Reimbursement of expenses - Class A ........... - - - (24,214) Less: Reimbursement of expenses - Class B ........... - - - (14,394) Less: Reimbursement of expenses - Class C ........... - - - (18,588) ----------- ---------- ---------- ---------- Net expenses ........................................ 1,068,169 319,830 200,725 103,798 ----------- ---------- ---------- ---------- Net investment loss ................................. (335,283) (296,166) (48,109) (69,225) Net Realized and Unrealized Gain (Loss): Net realized gain (loss) during the period on: Investments ......................................... 5,668,512 (173,203) (372,723) (730,830) Futures ............................................. - - 129,931 18,788 Options written and purchased ....................... 134,132 - - (85,443) Foreign currency transactions ....................... - - - 110,317 ----------- ---------- ---------- ---------- Net realized gain (loss) ......................... 5,802,644 (173,203) (242,792) (687,168) Net change in unrealized appreciation (depreciation) during the period on: Investments ......................................... 28,098,960 3,803,577 2,277,696 1,202,928 Futures ............................................. - - (41,539) 422 Options written and purchased ....................... 1,173 - - 94,282 Translation of assets and liabilities in foreign currencies ........................................ - - - (68,830) ----------- ---------- ---------- ---------- Net unrealized appreciation ......................... 28,100,133 3,803,577 2,236,157 1,228,802 ----------- ---------- ---------- ---------- Net gain .............................................. 33,902,777 3,630,374 1,993,365 541,634 ----------- ---------- ---------- ---------- Net increase in net assets resulting from operations .................................... $33,567,494 $3,334,208 $1,945,256 $ 472,409 =========== ========== ========== ==========
- -------------------------------------------------------------------------------- 42 See accompanying notes. STATEMENTS OF OPERATIONS (CONTINUED) - --------------------------------------------------------------------------------
For the Six Months Ended March 31, 2002 Security Equity Fund (Unaudited) --------------------------------------------------- Large Cap Security Select 25 Growth Technology Ultra Series Series Series Fund Investment Income: Dividends ........................................... $ 84,672 $ 32,712 $ 2,767 $ 256,166 Securities lending .................................. - 1,909 3,579 - Interest ............................................ 19,332 2,768 1,091 49,785 --------- --------- --------- ----------- 104,004 37,389 7,437 305,951 Less: Foreign tax expense ........................... - - (74) - --------- --------- --------- ----------- Total investment income .......................... 104,004 37,389 7,363 305,951 Expenses: Management fees ..................................... 131,672 41,767 38,427 1,071,593 Custodian fees ...................................... 1,578 2,199 6,912 - Transfer/maintenance fees ........................... 30,614 6,460 8,592 - Administration fees ................................. 15,801 3,759 24,229 - Directors' fees ..................................... 242 42 55 - Professional fees ................................... 3,491 2,992 17,062 - Reports to shareholders ............................. 3,740 499 750 - Registration fees ................................... 15,838 15,487 17,840 - Other expenses ...................................... 4,583 3,014 1,305 - 12b-1 distribution plan fees - Class A .............. 20,778 3,835 5,547 - 12b-1 distribution plan fees - Class B .............. 65,466 11,381 6,039 155,884 12b-1 distribution plan fees - Class C .............. 26,901 15,032 9,351 28,137 12b-1 distribution plan fees - Class S .............. 82 14 848 8,942 --------- --------- --------- ----------- Total expenses ...................................... 320,786 106,481 136,957 1,264,556 Less: Reimbursement of expenses - Class A ........... - - (16,477) - Less: Reimbursement of expenses - Class B ........... - - (4,551) - Less: Reimbursement of expenses - Class C ........... - - (7,087) - Less: Reimbursement of expenses - Class S ........... - - (657) - --------- --------- --------- ----------- Net expenses ........................................ 320,786 106,481 108,185 1,264,556 --------- --------- --------- ----------- Net investment loss ................................. (216,782) (69,092) (100,822) (958,605) Net Realized and Unrealized Gain (Loss): Net realized gain (loss) during the period on: Investments ......................................... (394,023) (5,740) (783,361) 12,390,868 Options written and purchased ....................... - - - 967,602 --------- --------- --------- ----------- Net realized gain (loss) ......................... (394,023) (5,740) (783,361) 13,358,470 Net change in unrealized appreciation during the period on: Investments ......................................... 6,439,360 627,319 2,431,774 37,044,003 Options written and purchased ....................... - - - 314,559 --------- --------- --------- ----------- Net unrealized appreciation ......................... 6,439,360 627,319 2,431,774 37,358,562 --------- --------- --------- ----------- Net gain ......................................... 6,045,337 621,579 1,648,413 50,717,032 --------- --------- --------- ----------- Net increase in net assets resulting from operations .................................... $5,828,555 $ 552,487 $1,547,591 $ 1,547,591 ========== ========= ========== ===========
- -------------------------------------------------------------------------------- 43 See accompanying notes. STATEMENTS OF CHANGES IN NET ASSETS
For the Six Months Ended March 31, 2002 Security Equity Fund (Unaudited) ------------------------------------------------------ Total Social Growth and Equity Global Return Awareness Income Fund Series Series Series Series Increase (decrease) in net assets from operations: Net investment income (loss) ............................ $ 4,925 $ (87,800) $ (470,245) $ (34,034) $ (114,218) Net realized gain (loss) during the period on investments and foreign currency transactions ........ (2,078,719) 21,121,874 (4,789,399) (289,801) (389,724) Net change in unrealized appreciation during the period on investments, futures and translation of assets and liabilities in foreign currencies ................................... 7,305,972 47,842,952 18,613,898 870,728 2,778,165 ----------- ----------- ------------ ----------- ----------- Net increase in net assets resulting from operations .................................... 5,232,178 68,877,026 13,354,254 546,893 2,274,223 Distributions to shareholders from: Net investment income: Class A ............................................... (215,293) - - - - Class B ............................................... - - - - - Class C ............................................... - - - - - Net realized gain: Class A ............................................... - (5) (389) - - Class B ............................................... - - (34) - - Class C ............................................... - - - - - ---------- ----------- ------------ ----------- ----------- Total distributions to shareholders ................ (215,293) (5) (423) - - Net increase (decrease) from capital share transactions (Note 7) ............................. (48,975) (24,721,112) 5,663,185 (134,465) 516,358 ----------- ----------- ------------ ----------- ----------- Total increase in net assets .......................... 4,967,910 44,155,909 19,017,016 412,428 2,790,581 Net assets: Beginning of period ..................................... 51,608,035 663,962,435 75,249,675 5,475,169 21,026,690 ----------- ----------- ------------ ----------- ----------- End of period ........................................... $56,575,945 $708,118,344 $ 94,266,691 $ 5,887,597 $23,817,271 =========== ============ ============ =========== =========== Undistributed net investment loss at end of period ...................................... $ (899) $ (87,800) $ (658,196) $ (34,034) $ (114,218) =========== ============ ============ =========== ===========
- -------------------------------------------------------------------------------- 44 See accompanying notes. STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED) - --------------------------------------------------------------------------------
For the Six Months Ended March 31, 2002 Security Equity Fund (Unaudited) ---------------------------------------------------------- Mid Cap Small Cap Enhanced Value Growth Index International Series Series Series Series Increase (decrease) in net assets from operations: Net investment loss ............................................ $ (335,283) $ (296,166) $ (48,109) $ (69,225) Net realized gain (loss) during the period on investments, futures, options written and purchased and foreign currency transactions ............................ 5,802,644 (173,203) (242,792) (687,168) Net change in unrealized appreciation during the period on investments, futures, options written and purchased and translation of assets and liabilities in foreign currencies ........................ 28,100,133 3,803,577 2,236,157 1,228,802 ------------ ----------- ----------- ---------- Net increase in net assets resulting from operations ................................. 33,567,494 3,334,208 1,945,256 472,409 Distributions to shareholders from: Net investment income: Class A ...................................................... - - - - Class B ...................................................... - - - - Class C ...................................................... - - - - Net realized gain: Class A ...................................................... (959,098) (102) - - Class B ...................................................... (559,794) - - - Class C ...................................................... (140,478) - - - Class S ...................................................... (111,649) - - - ------------ ----------- ----------- ---------- Total distributions to shareholders ........................ (1,771,019) (102) - - Net increase (decrease) from capital share transactions (Note 7) .......................................... 32,771,722 (6,527,156) 779,425 (194,135) ------------ ----------- ----------- ---------- Total increase (decrease) in net assets .................... 64,568,197 (3,193,050) 2,724,681 278,274 Net assets: Beginning of period ............................................ 90,859,410 5,803,295 18,901,837 6,863,355 ------------ ----------- ----------- ---------- End of period .................................................. $155,427,607 $22,610,245 $21,626,518 $7,141,629 ============ =========== =========== ========== Undistributed net investment loss at end of period ............................................. $ (335,283) $ (296,166) $ (48,109) $ (530,535) ============ =========== =========== ==========
- -------------------------------------------------------------------------------- 45 See accompanying notes. STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
For the Six Months Ended March 31, 2002 Security Equity Fund (Unaudited) -------------------------------------------------- Large Cap Security Select 25 Growth Technology Ultra Series Series Series Fund Increase (decrease) in net assets from operations: Net investment loss ................................. $ (216,782) $ (69,092) $ (100,822) $ (958,605) Net realized gain (loss) during the period on investments and options written and purchased ..... (394,023) (5,740) (783,361) 13,358,470 Net change in unrealized appreciation during the period on investments and options written and purchased ......................................... 6,439,360 627,319 2,431,774 37,358,562 ------------ ---------- ---------- ------------ Net increase in net assets resulting from operations ...................... 5,828,555 552,487 1,547,591 49,758,427 Distributions to shareholders from: Net investment income: Class A ........................................... - - - - Class B ........................................... - - - - Class C ........................................... - - - - Net realized gain: Class A ........................................... - - - (865,534) Class B ........................................... - - - (192,234) Class C ........................................... - - - (31,558) Class S ........................................... - - - (10,153) ------------ ---------- ---------- ------------ Total distributions to shareholders ............. - - - (1,099,479) Net increase (decrease) from capital share transactions (Note 7) ............................... 543,719 1,376,576 1,085,990 (14,534,466) ------------ ---------- ---------- ------------ Total increase in net assets .................... 6,372,274 1,929,063 2,633,581 34,124,482 Net assets: Beginning of period ................................. 30,408,877 6,970,190 5,372,101 165,771,199 ------------ ---------- ---------- ------------ End of period ....................................... $ 36,781,151 $8,899,253 $8,005,682 $199,895,681 ============ ========== ========== ============ Undistributed net investment loss at end of period .................................. $ (216,782) $ (69,092) $ (100,822) $ (958,605) ============ ========== ========== ============
- -------------------------------------------------------------------------------- 46 See accompanying notes. STATEMENTS OF CHANGES IN NET ASSETS - --------------------------------------------------------------------------------
For the Year Ended September 30, 2001 Security Equity Fund -------------------------------------------------------------- Security Total Social Growth and Equity Global Return Awareness Income Fund Series Series Series Series Increase (decrease) in net assets from operations: Net investment income (loss) .................... $ 230,830 $ (1,021,322) $ (670,953) $ (72,862) $ (205,623) Net realized gain (loss) ........................ 122,142 (15,833,863) (4,553,134) (157,710) (101,922) Unrealized depreciation during the period ....... (10,270,889) (251,088,366) (22,091,096) (2,284,729) (9,151,010) ----------- ------------- ----------- ----------- ----------- Net decrease in net assets resulting from operations ............................ (9,917,917) (267,943,551) (27,315,183) (2,515,301) (9,458,555) Distributions to shareholders from: Net investment income: Class A ....................................... (462,844) -- -- -- -- Class B ....................................... -- -- -- -- -- Class C ....................................... -- -- -- -- -- Net realized gain: Class A ....................................... -- (114,704,943) (10,809,849) (12,471) (337,362) Class B ....................................... -- (22,020,546) (5,821,545) (12,484) (242,973) Class C ....................................... -- (777,387) (557,832) (268) (20,421) Return of Capital: Class A ....................................... -- (542,036) -- -- -- Class B ....................................... -- (92,380) -- -- -- Class C ....................................... -- (4,068) -- -- -- ----------- ------------- ----------- ----------- ----------- Total distributions to shareholders ........ (462,844) (138,141,360) (17,189,226) (25,223) (600,756) Net increase (decrease) from capital share transactions .............................. (6,093,969) 54,862,332 25,202,979 126,038 (167,386) ----------- ------------- ----------- ----------- ----------- Total decrease in net assets .................. (16,474,730) (351,222,579) (19,301,430) (2,414,486) (10,226,697) ----------- ------------- ----------- ----------- ----------- Net assets: Beginning of period ............................. 68,082,765 1,015,185,014 94,551,105 7,889,655 31,253,387 ----------- ------------- ----------- ----------- ----------- End of period ................................... $51,608,035 $ 663,962,435 $75,249,675 $ 5,475,169 $21,026,690 =========== ============= =========== =========== =========== Undistributed net investment income (loss) at end of period .............................. $ 209,469 $ -- ($ 187,951) $ -- $ -- =========== ============= =========== =========== ===========
- -------------------------------------------------------------------------------- 47 See accompanying notes. STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED) - --------------------------------------------------------------------------------
For the Year Ended September 30, 2001 Security Equity Fund ---------------------------------------------------------------- Mid Cap Small Cap Enhanced Value Growth Index International Series Series Series Series Increase (decrease) in net assets from operations: Net investment loss ................................. $ (275,855) $ (566,697) $ (114,140) $ (125,218) Net realized gain (loss) ............................ 1,206,574 (13,178,089) (1,334,860) (2,191,271) Unrealized depreciation during the period ........... (10,472,808) (14,134,986) (6,290,851) (1,424,584) ----------- ----------- ----------- ----------- Net decrease in net assets resulting from operations ...................................... (9,542,089) (27,879,772) (7,739,851) (3,741,073) Distributions to shareholders from: Net investment income: Class A ........................................... -- -- -- -- Class B ........................................... -- -- -- -- Class C ........................................... -- -- -- -- Net realized gain: Class A ........................................... (3,246,216) (2,057,590) (67,612) (160,805) Class B ........................................... (1,319,788) (832,733) (87,740) (93,304) Class C ........................................... (266,591) (236,170) (57,342) (129,401) ----------- ----------- ----------- ----------- Total distributions to shareholders ............. (4,832,595) (3,126,493) (212,694) (383,510) Net increase from capital share transactions .......... 53,666,000 3,209,320 583,627 489,007 ----------- ----------- ----------- ----------- Total increase (decrease) in net assets ......... 39,291,316 (27,796,945) (7,368,918) (3,635,576) ----------- ----------- ----------- ----------- Net assets: Beginning of period ................................. 51,568,094 53,600,240 26,270,755 10,498,931 ----------- ----------- ----------- ----------- End of period ....................................... $90,859,410 $25,803,295 $18,901,837 $ 6,863,355 =========== =========== =========== =========== Undistributed net investment loss at end of period .. $ -- $ -- $ -- ($ 461,310) =========== =========== =========== ===========
- -------------------------------------------------------------------------------- 48 See accompanying notes. STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED) - --------------------------------------------------------------------------------
For the Year Ended September 30, 2001 Security Equity Fund ----------------------------------------------- Large Cap Security Select 25 Growth Technology Ultra Series Series Series Fund Increase (decrease) in net assets from operations: Net investment loss .............................. $ (404,390) $ (115,438) $ (188,194) $ (1,848,883) Net realized gain (loss) ......................... (4,667,122) (294,033) (4,306,061) 1,959,450 Unrealized depreciation during the period ........ (10,725,421) (3,132,725) (3,215,015) (102,278,505) ------------- ----------- ----------- -------------- Net decrease in net assets resulting from operations ................................... (15,796,933) (3,542,196) (7,709,270) (102,167,938) Distributions to shareholders from: Net investment income: Class A ........................................ -- -- -- -- Class B ........................................ -- -- -- -- Class C ........................................ -- -- -- -- Net realized gain: Class A ........................................ -- -- -- (18,526,505) Class B ........................................ -- -- -- (3,891,252) Class C ........................................ -- -- -- (281,233) ------------- ----------- ----------- -------------- Total distributions to shareholders ......... -- -- -- (22,698,990) Net increase (decrease) from capital share transactions ............................... (1,292,821) 3,966,482 4,494,683 44,022,107 ------------- ----------- ----------- -------------- Total increase (decrease) in net assets ..... (17,089,754) 424,286 (3,214,587) (80,844,821) ------------- ----------- ----------- -------------- Net assets: Beginning of period .............................. 47,498,631 6,545,904 8,586,688 246,616,020 ------------- ----------- ----------- -------------- End of period .................................... $ 30,408,877 $ 6,970,190 $ 5,372,101 $ 165,771,199 ============= =========== =========== ============== Undistributed net investment loss at end of period $ -- $ -- $ -- $ -- ============= =========== =========== ==============
- -------------------------------------------------------------------------------- 49 See accompanying notes. FINANCIAL HIGHLIGHTS - --------------------------------------------------------------------------------
Selected data for each share of capital stock outstanding throughout each period SECURITY GROWTH AND INCOME FUND (CLASS A) Fiscal Period Ended September 30 -------------------------------------------------------------------- Per Share Data 2002 (c)(n) 2001(c) 2000(c) 1999(c) 1998(c) 1997(c) ----------- ---------- --------- ---------- --------- ------- Net Asset Value Beginning of Period ................... $ 5.37 $ 6.42 $ 7.17 $ 7.68 $ 11.14 $ 9.05 Income from Investment Operations: Net Investment Income (Loss) .......................... -- 0.03 0.07 0.12 0.13 0.15 Net Gain (Loss) on Securities (realized and unrealized) ............................ 0.55 (1.03) (0.58) 0.75 (0.87) 2.81 ------- ------- -------- ------- ------- ------- Total from Investment Operations ...................... 0.55 (1.00) (0.51) 0.87 (0.74) 2.96 Less Distributions: Dividends (from Net Investment Income) ................ (0.03) (0.05) (0.13) (0.04) (0.13) (0.16) Distributions (from Realized Gains) ................... -- -- (0.11) (1.34) (2.59) (0.71) ------- ------- -------- ------- ------- ------- Total Distributions ............................... (0.03) (0.05) (0.24) (1.38) (2.72) (0.87) ------- ------- -------- ------- ------- ------- Net Asset Value End of Period ......................... $ 5.89 $ 5.37 $ 6.42 $ 7.17 $ 7.68 $ 11.14 ======= ======= ======== ======= ======= ======= Total Return (a) ...................................... 10.16% (15.68%) (7.28%) 12.00% (7.95%) 35.31% Ratios/Supplemental Data Net Assets End of Period (thousands) .................. $47,864 $45,006 $ 60,448 $74,796 $76,371 $91,252 Ratio of Expenses to Average Net Assets ............... 1.36% 1.32% 1.27% 1.22% 1.21% 1.24% Ratio of Net Investment Income (Loss) to Average Net Assets .......................................... 0.16% 0.49% 0.99% 1.63% 1.49% 1.53% Portfolio Turnover Rate ............................... 61% 180% 144% 98% 144% 124%
SECURITY GROWTH AND INCOME FUND (CLASS B) Fiscal Period Ended September 30 ------------------------------------------------------------------------ Per Share Data 2002(c)(n) 2001(c) 2000(c) 1999(c) 1998(c) 1997(c) ------------ ---------- ----------- ---------- ---------- ----------- Net Asset Value Beginning of Period ................... $ 5.18 $ 6.21 $ 6.95 $ 7.54 $ 10.99 $ 8.94 Income from Investment Operations: Net Investment Income (Loss) .......................... (0.02) (0.03) -- 0.05 0.05 0.05 Net Gain (Loss) on Securities (realized and unrealized) ............................ 0.52 1.00 0.58 0.73 (0.88) 2.77 -------- ------- -------- ------- ------- ------- Total from Investment Operations ...................... 0.50 (1.03) (0.58) 0.78 (0.83) 2.82 Less Distributions: Dividends (from Net Investment Income) ................ -- -- (0.05) (0.03) (0.03) (0.06) Distributions (from Realized Gains) ................... -- -- (0.11) (1.34) (2.59) (0.71) -------- ------- -------- ------- ------- ------- Total Distributions ............................... -- -- (0.16) (1.37) (2.62) (0.77) Net Asset Value End of Period ......................... $ 5.68 $ 5.18 $ 6.21 $ 6.95 $ 7.54 $ 10.99 ======== ======= ======== ======= ======= ======= Total Return (a) ...................................... 9.65% (16.59%) (8.36%) 10.93% (8.95%) 34.01% Ratios/Supplemental Data Net Assets End of Period (thousands) .................. $ 7,095 $ 5,657 $ 7,152 $ 9,829 $ 9,257 $ 6,737 Ratio of Expenses to Average Net Assets ............... 2.36% 2.32% 2.27% 2.22% 2.21% 2.24% Ratio of Net Investment Income (Loss) to Average Net Assets .......................................... (0.85%) (0.51%) 0.01% 0.63% 0.59% 0.53% Portfolio Turnover Rate ............................... 61% 180% 144% 98% 144% 124%
- -------------------------------------------------------------------------------- 50 See accompanying notes. FINANCIAL HIGHLIGHTS (CONTINUED) - -------------------------------------------------------------------------------- Selected data for each share of capital stock outstanding throughout each period
SECURITY GROWTH AND INCOME FUND (CLASS C) Fiscal Period Ended September 30 ---------------------------------------------------- Per Share Data 2002(c)(n) 2001(c) 2000(c) 1999(c)(i) ------------- --------- --------- -------------- Net Asset Value Beginning of Period .................. $ 5.28 $ 6.32 $7.11 $6.87 Income from Investment Operations: Net Investment Income (Loss) ......................... (0.02) (0.03) (0.01) 0.03 Net Gain (Loss) on Securities (realized and unrealized) ........................... 0.53 (1.01) (0.56) 0.21 ------ ------ ----- ----- Total from Investment Operations ..................... 0.51 (1.04) (0.57) 0.24 Less Distributions: Dividends (from Net Investment Income) ............... -- -- (0.11) -- Distributions (from Realized Gains) ................. -- -- (0.11) -- ------ ------ ----- ----- Total Distributions .............................. -- -- (0.22) -- ------ ------ ----- ----- Net Asset Value End of Period ........................ $ 5.79 $ 5.28 $6.32 $7.11 ====== ====== ===== ===== Total Return (a) ..................................... 9.66% (16.46%) (8.10%) 3.49% Ratios/Supplemental Data Net Assets End of Period (thousands) ................ $1,550 $ 904 $ 483 $ 297 Ratio of Expenses to Average Net Assets .............. 2.37% 2.33% 2.28% 2.22% Ratio of Net Investment Income (Loss) to Average Net Assets ......................................... (0.91%) (0.55%) (0.10%) 0.62% Portfolio Turnover Rate .............................. 61% 180% 144% 90%
SECURITY GROWTH AND INCOME FUND (CLASS S)
Fiscal Period Ended September 30 --------------------------------------------------- Per Share Data 2002(c)(n) 2001(c)(m) --------------- --------------- Net Asset Value Beginning of Period .................. $ 5.34 $ 6.08 Income from Investment Operations: Net Investment Income (Loss) ......................... (0.02) (0.02) Net Gain (Loss) on Securities (realized and unrealized) .......................... 0.54 (0.72) ------ -------- Total from Investment Operations ..................... 0.52 (0.74) Less Distributions: Dividends (from Net Investment Income) ............... -- -- Distributions (from Realized Gains) .................. -- -- ------ -------- Total Distributions -- -- ------ -------- Net Asset Value End of Period ........................ $ 5.86 $ 5.34 ====== ======== Total Return (a) ..................................... 9.74% (16.56%) Ratios/Supplemental Data Net Assets End of Period (thousands) ................. $ 67 $ 41 Ratio of Expenses to Average Net Assets ............. 2.36% 2.36% Ratio of Net Income (Loss) to Average Net Assets ......................................... (0.87%) (0.74%) Portfolio Turnover Rate .............................. 61% 225%
- -------------------------------------------------------------------------------- 51 See accompanying notes. FINANCIAL HIGHLIGHTS (CONTINUED) - -------------------------------------------------------------------------------- Selected data for each share of capital stock outstanding throughout each period SECURITY EQUITY FUND - EQUITY SERIES (CLASS A)
Fiscal Period Ended September 30 ------------------------------------------------------------------- Per Share Data 2002(c)(n) 2001(c) 2000(c) 1999(c) 1998(c) 1997(c) ---------- --------- -------- ---------- ---------- -------- Net Asset Value Beginning of Period ................. $ 6.36 $ 10.26 $ 9.96 $ 8.86 $ 9.09 $ 7.54 Income from Investment Operations: Net Investment Income (Loss) ........................ -- -- -- 0.02 0.04 0.04 Net Gain (Loss) on Securities (realized and unrealized) .......................... 0.67 (2.49) 0.66 1.80 0.56 2.20 -------- -------- -------- -------- -------- -------- Total from Investment Operations .................... 0.67 (2.49) 0.66 1.82 0.60 2.24 Less Distributions: Dividends (from Net Investment Income) .............. -- -- -- (0.04) (0.03) (0.04) Distributions (from Realized Gains) ................. -- (1.40) (0.36) (0.68) (0.80) (0.65) Return of Capital ................................... -- (0.01) -- -- -- -- -------- -------- -------- -------- -------- -------- Total Distributions ............................. -- (1.41) (0.36) (0.72) (0.83) (0.69) -------- -------- -------- -------- -------- -------- Net Asset Value End of Period ....................... $ 7.03 $ 6.36 $ 10.26 $ 9.96 $ 8.86 $ 9.09 ======== ======== ======== ======== ======== ======== Total Return (a) .................................... 10.54% (27.66%) 6.64% 20.66% 7.38% 32.08% Ratios/Supplemental Data Net Assets End of Period (thousands) ................ $599,959 $563,553 $853,126 $917,179 $773,606 $757,520 Ratio of Expenses to Average Net Assets ............. 1.03% 1.02% 1.02% 1.02% 1.02% 1.03% Ratio of Net Investment Income (Loss) to Average Net Assets ........................................ 0.13% 0.03% 0.03% 0.19% 0.39% 0.46% Portfolio Turnover Rate ............................. 29% 23% 54% 36% 47% 66%
SECURITY EQUITY FUND - EQUITY SERIES (CLASS B) Fiscal Period Ended September 30 ------------------------------------------------------------------ 2002(c)(n) 2001(c) 2000(c) 1999(c) 1998(c) 1997(c) Per Share Data ----------- ---------- --------- -------- ---------- -------- Net Asset Value Beginning of Period ................. $ 5.86 $ 9.65 $ 9.47 $ 8.52 $ 8.82 $ 7.36 Income from Investment Operations: Net Investment Income (Loss) ........................ (0.03) (0.07) (0.10) (0.08) (0.05) (0.04) Net Gain (Loss) on Securities (realized and unrealized) .......................... 0.61 (2.31) 0.64 1.71 0.55 2.15 -------- ------- -------- -------- -------- ------- Total from Investment Operations .................... 0.58 (2.38) 0.54 1.63 0.50 2.11 Less Distributions: Dividends (from Net Investment Income) .............. -- -- -- -- -- -- Distributions (from Realized Gains) ................. -- (1.40) (0.36) (0.68) (0.80) (0.65) Return of Capital ................................... -- (0.01) -- -- -- -- -------- ------- -------- -------- -------- ------- Total Distributions .............................. -- (1.41) (0.36) (0.68) (0.80) (0.65) -------- ------- -------- -------- -------- ------- Net Asset Value End of Period ....................... $ 6.44 $ 5.86 $ 9.65 $ 9.47 $ 8.52 $ 8.82 ======== ======= ======== ======== ======== ======= Total Return (a) .................................... 9.90% (28.34%) 5.69% 19.23% 6.38% 30.85% Ratios/Supplemental Data Net Assets End of Period (thousands) ................ $102,687 $96,067 $156,633 $159,872 $112,978 $89,336 Ratio of Expenses to Average Net Assets ............. 2.03% 2.02% 2.02% 2.02% 2.02% 2.03% Ratio of Net Investment Income (Loss) to Average Net Assets ........................................ (0.88%) (0.97%) (0.97%) (0.82%) (0.61%) (0.54%) Portfolio Turnover Rate ............................. 29% 23% 54% 36% 47% 66%
- -------------------------------------------------------------------------------- 52 See accompanying notes. FINANCIAL HIGHLIGHTS (CONTINUED) - --------------------------------------------------------------------------------
Selected data for each share of capital stock outstanding throughout each period SECURITY EQUITY FUND - EQUITY SERIES (CLASS C) Fiscal Period Ended September 30 -------------------------------------------------- 2002(c)(n) 2001(c) 2000(c) 1999(c)(i) Per Share Data ------------ ---------- ---------- ----------- Net Asset Value Beginning of Period ................. $ 6.16 $10.07 $ 9.89 $10.13 Income from Investment Operations: Net Investment Income (Loss) ........................ (0.03) (0.07) (0.10) (0.05) Net Gain (Loss) on Securities (realized and unrealized) .......................... 0.65 (2.43) 0.64 (0.19) ------ ------ ------ ------ Total from Investment Operations .................... 0.62 (2.50) 0.54 (0.24) Less Distributions: Dividends (from Net Investment Income) .............. -- -- -- -- Distributions (from Realized Gains) ................. -- (1.40) (0.36) -- Return of Capital ................................... -- (0.01) -- -- ------ ------ ------ ------ Total Distributions ............................. -- (1.41) (0.36) -- ------ ------ ------ ------ Net Asset Value End of Period ....................... $ 6.78 $ 6.16 $10.07 $ 9.89 ====== ====== ====== ====== Total Return (a) .................................... 10.07% (28.35%) 5.55% (2.37%) Ratios/Supplemental Data Net Assets End of Period (thousands) ................ $5,315 $4,230 $5,426 $4,507 Ratio of Expenses to Average Net Assets ............. 2.03% 2.02% 2.02% 2.02% Ratio of Net Investment Income (Loss) to Average Net Assets ........................................ (0.88%) (0.97%) (0.96%) (0.89%) Portfolio Turnover Rate ............................. 29% 23% 54% 45%
SECURITY EQUITY FUND - EQUITY SERIES (CLASS S) Fiscal Period Ended September 30 -------------------------------------- Per Share Data 2002(c)(n) 2001(c)(m) ---------------- ---------------- Net Asset Value Beginning of Period ................. $ 6.33 $ 7.10 Income from Investment Operations: Net Investment Income (Loss) ........................ (0.03) (0.04) Net Gain (Loss) on Securities (realized and unrealized) .......................... 0.66 (0.73) ------ ------- Total from Investment Operations .................... 0.63 (0.77) Less Distributions: Dividends (from Net Investment Income) .............. -- -- Distributions (from Realized Gains) ................. -- -- ------ ------- Total Distributions ............................. -- -- ------ ------- Net Asset Value End of Period ....................... $ 6.96 $ 6.33 ====== ======= Total Return (a) .................................... 9.95% (23.64%) Ratios/Supplemental Data Net Assets End of Period (thousands) ................ $ 157 $ 112 Ratio of Expenses to Average Net Assets ............. 2.03% .03% Ratio of Net Investment Income (Loss) to Average Net Assets ........................................ (0.88%) (0.95%) Portfolio Turnover Rate ............................. 29% 22%
- -------------------------------------------------------------------------------- 53 See accompanying notes. FINANCIAL HIGHLIGHTS (CONTINUED) - --------------------------------------------------------------------------------
Selected data for each share of capital stock outstanding throughout each period SECURITY EQUITY FUND - GLOBAL SERIES (CLASS A) Fiscal Period Ended September 30 ------------------------------------------------------------------ Per Share Data 2002(c)(n) 2001(c) 2000(c) 1999(c) 1998(c) 1997(c) ---------- ---------- --------- --------- -------- --------- Net Asset Value Beginning of Period ................. $ 11.04 $ 18.86 $ 13.99 $ 11.23 $ 13.56 $ 12.42 Income from Investment Operations: Net Investment Income (Loss) ........................ (0.04) (0.08) (0.11) 0.01 0.02 0.01 Net Gain (Loss) on Securities (realized and unrealized) .......................... 1.93 (4.33) 6.47 3.71 (1.19) 2.29 ------- ------- ------- ------- ------- ------- Total from Investment Operations .................... 1.89 (4.41) 6.36 3.72 (1.17) 2.30 Less Distributions: Dividends (from Net Investment Income) .............. -- -- -- (0.01) (0.09) (0.38) Distributions (from Realized Gains) ................. -- (3.41) (1.49) (0.91) (1.07) (0.78) In Excess of Net Investment Income .................. -- -- -- (0.04) -- -- ------- ------- ------- ------- ------- ------- Total Distributions ............................. -- (3.41) (1.49) (0.96) (1.16) (1.16) ------- ------- ------- ------- ------- ------- Net Asset Value End of Period ....................... $ 12.93 $ 11.04 $ 18.86 $ 13.99 $ 11.23 $ 13.56 ======= ======= ======= ======= ======= ======= Total Return (a) 17.12% (27.60%) 47.04% 34.39% (8.47%) 20.22% Ratios/Supplemental Data Net Assets End of Period (thousands) ................ $60,949 $48,089 $60,909 $28,292 $18,941 $24,193 Ratio of Expenses to Average Net Assets ............. 1.89% 1.90% 1.92% 2.00% 2.00% 2.00% Ratio of Net Investment Income (Loss) to Average Net Assets ........................................ (0.70%) (0.57%) (0.62%) 0.11% 0.15% 0.07% Portfolio Turnover Rate ............................. 27% 38% 92% 141% 122% 132%
SECURITY EQUITY FUND - GLOBAL SERIES (CLASS B) Fiscal Period Ended September 30 --------------------------------------------------------------------- Per Share Data 2002(c)(n) 2001(c) 2000(c) 1999(c) 1998(c) 1997(c) Net Asset Value Beginning of Period ................. $ 10.38 $18.00 $13.45 $10.89 $13.22 $12.18 Income from Investment Operations: Net Investment Income (Loss) ........................ (0.10) (0.14) (0.17) (0.11) (0.10) (0.11) Net Gain (Loss) on Securities (realized and unrealized) .......................... 1.81 (4.07) 6.21 3.58 (1.16) 2.24 ------- ------ ------ ------ ------ ------ Total from Investment Operations .................... 1.71 (4.21) 6.04 3.47 (1.26) 2.13 Less Distributions: Dividends (from Net Investment Income) .............. -- -- -- -- -- (0.31) Distributions (from Realized Gains) ................. -- (3.41) (1.49) (0.91) (1.07) (0.78) ------- ------ ------ ------ ------ ------ Total Distributions ............................. -- (3.41) (1.49 (0.91) (1.07) (1.09) ------- ------ ------ ------ ------ ------ Net Asset Value End of Period ....................... $ 12.09 $10.38 $18.00 $13.45 $10.89 $13.22 ======= ====== ====== ====== ====== ====== Total Return (a) .................................... 16.47% (27.86%) 46.53% 33.04% (9.43%) 19.01% Ratios/Supplemental Data Net Assets End of Period (thousands) ................ $28,362 $23,533 $30,951 $20,591 $12,619 $13,061 Ratio of Expenses to Average Net Assets ............. 2.89% 2.39% 2.29% 3.00% 3.00% 3.00% Ratio of Net Investment Income (Loss) to Average Net Assets ........................................ (1.71%) (1.07%) (0.96%) (0.87%) (0.85%) (0.93%) Portfolio Turnover Rate ............................. 27% 38% 92% 141% 122% 132%
- -------------------------------------------------------------------------------- 54 See accompanying notes. FINANCIAL HIGHLIGHTS (CONTINUED) - --------------------------------------------------------------------------------
Selected data for each share of capital stock outstanding throughout each period SECURITY EQUITY FUND - GLOBAL SERIES (CLASS C) Fiscal Period Ended September 30 -------------------------------------------------- Per Share Data 2002(c)(n) 2001(c) 2000(c) 1999(c)(i) ----------- ---------- --------- ------------ Net Asset Value Beginning of Period ................. $ 10.72 $18.55 $13.90 $ 12.68 Income from Investment Operations: Net Investment Income (Loss) ........................ (0.10) (0.21) (0.26) (0.03) Net Gain (Loss) on Securities (realized and unrealized) .......................... 1.88 (4.21) 6.40 1.25 ------- ------ ------ ------- Total from Investment Operations .................... 1.78 (4.42) 6.14 1.22 Less Distributions: Dividends (from Net Investment Income) .............. -- -- -- -- Distributions (from Realized Gains) ................ -- (3.41) (1.49) -- ------- ------ ------ ------- Total Distributions ............................... -- (3.41) (1.49) -- ------- ------ ------ ------- Net Asset Value End of Period ....................... $ 12.50 $10.72 $18.55 $ 13.90 ======= ====== ====== ======= Total Return (a) .................................... 16.61% (28.20%) 45.67% 9.62% Ratios/Supplemental Data Net Assets End of Period (thousands) ................ $ 4,875 $3,569 $2,691 $ 202 Ratio of Expenses to Average Net Assets ............. 2.90% 2.91% 2.92% 3.00% Ratio of Net Investment Income (Loss) to Average Net Assets ........................................ (1.71%) (1.57%) (1.53%) (0.49%) Portfolio Turnover Rate ............................. 27% 38% 92% 90%
SECURITY EQUITY FUND - GLOBAL SERIES (CLASS S) Fiscal Period Ended September 30 ---------------------------------------- Per Share Data 2002(c)(n) 2001(c)(m) ------------------ ------------------- Net Asset Value Beginning of Period ................. $ 10.98 $ 14.26 Income from Investment Operations: Net Investment Income (Loss) ........................ (0.10) (0.12) Net Gain (Loss) on Securities (realized and unrealized) .......................... 1.92 (3.16) -------- -------- Total from Investment Operations .................... 1.82 (3.28) Less Distributions: Dividends (from Net Investment Income) .............. -- -- Distributions (from Realized Gains) ................. -- -- -------- -------- Total Distributions ............................. -- -- -------- -------- Net Asset Value End of Period ....................... $ 12.80 $ 10.98 ======== ======== Total Return (a) .................................... 16.58% (25.76%) Ratios/Supplemental Data Net Assets End of Period (thousands) ................ $ 81 $ 59 Ratio of Expenses to Average Net Assets ............. 2.89% 2.92% Ratio of Net Income (Loss) to Average Net Assets ........................................ (1.70%) (1.40%) Portfolio Turnover Rate ............................. 27% 51%
- -------------------------------------------------------------------------------- 55 See accompanying notes. FINANCIAL HIGHLIGHTS (CONTINUED) - --------------------------------------------------------------------------------
Selected data for each share of capital stock outstanding throughout each period SECURITY EQUITY FUND - TOTAL RETURN SERIES (CLASS A) Fiscal Period Ended September 30 ----------------------------------------------------------------------- Per Share Data 2002(c)(n) 2001(c) 2000(c) 1999(b)(c)(j) 1998(b)(c) 1997(b)(c)(f) ----------- ------- ------- ------------ ---------- -------------- Net Asset Value Beginning of Period ................. $ 8.07 $11.81 $11.69 $10.73 $ 12.58 $11.06 Income from Investment Operations: Net Investment Income (Loss) ........................ (0.03) (0.06) (0.07) (0.03) 0.08 0.17 Net Gain (Loss) on Securities (realized and unrealized) .......................... 0.84 (3.64) 0.83 1.90 (0.98) 1.86 ------ ------ ----- ----- ----- ------ Total from Investment Operations .................... 0.81 (3.70) 0.76 1.87 (0.90) 2.03 Less Distributions: Dividends (from Net Investment Income) .............. -- -- -- (0.16) (0.20) (0.26) Distributions (from Realized Gains) ................ -- (0.04) (0.64) (0.75) (0.75) (0.25) ------ ------ ----- ----- ----- ------ Total Distributions ............................. -- (0.04) (0.64) (0.91) (0.95) (0.51) ------ ------ ----- ----- ----- ------ Net Asset Value End of Period ....................... $ 8.88 $ 8.07 $11.81 $11.69 $10.73 $12.58 ====== ====== ====== ====== ====== ====== Total Return (a) .................................... 10.04% (31.43%) 6.49% 17.84% (7.19%) 19.00% Ratios/Supplemental Data Net Assets End of Period (thousands) ................ $2,980 $2,797 $3,928 $3,587 $3,294 $3,906 Ratio of Expenses to Average Net Assets ............. 1.70% 1.51% 1.49% 2.00% 2.00% 1.68% Ratio of Net Investment Income (Loss) to Average Net Assets ........................................ (0.66%) (0.58%) (0.61%) (0.29%) 0.65% 1.52% Portfolio Turnover Rate ............................. 47% 35% 55% 121% 45% 79%
SECURITY EQUITY FUND - TOTAL RETURN SERIES (CLASS B) Fiscal Period Ended September 30 --------------------------------------------------------------------- Per Share Data 2002(c)(n) 2001(c) 2000(c) 1999(b)(c)(j) 1998(b)(c) 1997(b)(c)(f) ---------- ------- ------- ------------ ---------- ------------ Net Asset Value Beginning of Period ................. $7.81 $11.55 $11.56 $10.62 $12.45 $10.97 Income from Investment Operations: Net Investment Income (Loss) ........................ (0.07) (0.16) (0.19) (0.14) (0.03) 0.07 Net Gain (Loss) on Securities (realized and unrealized) .......................... 0.81 (3.54) 0.82 1.88 (0.96) 1.84 ------ ------ ------ ------ ------ ------ Total from Investment Operations .................... 0.74 (3.70) 0.63 1.74 0.99) 1.91 Less Distributions: Dividends (from Net Investment Income) .............. -- -- -- (0.05) (0.09) (0.18) Distributions (from Realized Gains) ................. -- (0.04) (0.64) (0.75) (0.75) (0.25) ------ ------ ------ ------ ------ ------ Total Distributions ............................. -- (0.04) (0.64) (0.80) (0.84) (0.43) ------ ------ ------ ------ ------ ------ Net Asset Value End of Period ....................... $ 8.55 $ 7.81 $11.55 $11.56 $10.62 $12.45 ====== ====== ====== ====== ====== ====== Total Return (a) .................................... 9.48% (32.14%) 5.39% 16.68% (7.99%) 17.95% Ratios/Supplemental Data Net Assets End of Period (thousands) ................ $2,548 $2,519 $3,903 $3,652 $3,304 $3,851 Ratio of Expenses to Average Net Assets ............. 2.70% 2.51% 2.49% 2.94% 2.94% 2.58% Ratio of Net Investment Income (Loss) to Average Net Assets ........................................ (1.66%) (1.58%) (1.61%) (1.23%) (0.29%) 0.61% Portfolio Turnover Rate ............................. 47% 35% 55% 121% 45% 79%
- -------------------------------------------------------------------------------- 56 See accompanying notes. FINANCIAL HIGHLIGHTS (CONTINUED) - --------------------------------------------------------------------------------
Selected data for each share of capital stock outstanding throughout each period SECURITY EQUITY FUND - TOTAL RETURN SERIES (CLASS C) Fiscal Period Ended September 30 ------------------------------------------------------------------- Per Share Data 2002(c)(n) 2001(c) 2000(c) 1999(b)(c)(i)(j) -------------- ----------- ---------- ------------------------ Net Asset Value Beginning of Period ................. $ 7.83 $ 11.60 $ 11.58 $ 11.48 Income from Investment Operations: Net Investment Income (Loss) ........................ (0.07) (0.15) (0.16) (0.11) Net Gain (Loss) on Securities (realized and unrealized) .......................... 0.82 (3.58) 0.82 0.21 ------ ------- ------- ---------- Total from Investment Operations .................... 0.75 (3.73) 0.66 0.10 Less Distributions: Dividends (from Net Investment Income) .............. -- -- -- -- Distributions (from Realized Gains) ................ -- (0.04) (0.64) -- ------ ------- ------- ---------- Total Distributions ............................. -- (0.04) (0.64) -- ------ ------- ------- ---------- Net Asset Value End of Period ....................... $ 8.58 $ 7.83 $ 11.60 $ 11.58 ====== ======= ======= ========== Total Return (a) .................................... 9.58% (32.26%) 5.65% 0.87% Ratios/Supplemental Data Net Assets End of Period (thousands) ................ $ 358 $ 157 $ 59 $ Ratio of Expenses to Average Net Assets ............. 2.71% 2.56% 2.30% 2.93% Ratio of Net Investment Income (Loss) to Average Net Assets ........................................ (1.68%) (1.62%) (1.45%) (1.84%) Portfolio Turnover Rate ............................. 47% 35% 55% 149%
SECURITY EQUITY FUND - TOTAL RETURN SERIES (CLASS S) Fiscal Period Ended September 30 ---------------------------------------------- Per Share Data 2002(c)(n) 2001(c)(m) ------------------- ------------------------- Net Asset Value Beginning of Period ................. $ 8.07 $ 9.29 Income from Investment Operations: Net Investment Income (Loss) ........................ (0.07) (0.04) Net Gain (Loss) on Securities (realized and unrealized) .......................... 0.84 (1.18) ------ ------- Total from Investment Operations .................... 0.77 (1.22) Less Distributions: Dividends (from Net Investment Income) .............. -- -- Distributions (from Realized Gains) ................. -- -- ------ ------- Total Distributions ............................. -- -- ------ ------- Net Asset Value End of Period ....................... $ 8.04 $ 8.07 ====== ======= Total Return (a) .................................... 9.54% (30.07%) Ratios/Supplemental Data Net Assets End of Period (thousands) ................ $ 2 $ 2 Ratio of Expenses to Average Net Assets ............. 2.63% 1.65% Ratio of Net Income (Loss) to Average Net Assets ........................................ (1.58%) (0.74%) Portfolio Turnover Rate ............................. 47% 28%
- -------------------------------------------------------------------------------- 57 See accompanying notes. FINANCIAL HIGHLIGHTS (CONTINUED) - -------------------------------------------------------------------------------- Selected data for each share of capital stock outstanding throughout each period SECURITY EQUITY FUND - SOCIAL AWARENESS SERIES (CLASS A)
Fiscal Period Ended September 30 ------------------------------------------------------------------- Per Share Data 2002(c)(n) 2001(c) 2000(c) 1999(c) 1998(c) 1997(b)(c)(d) - -------------- ----------- ------- ------- ------- ------- ------------- Net Asset Value Beginning of Period ................. $ 17.95 $ 26.04 $ 24.05 $ 19.37 $17.99 $15.00 Income from Investment Operations: Net Investment Income (Loss) ........................ (0.05) (0.07) (0.13) (0.05) -- 0.08 Net Gain (Loss) on Securities (realized and unrealized) .......................... 2.04 (7.55) 2.50 5.09 1.42 2.91 ------- ------- ------- ------- ------ ------ Total from Investment Operations .................... 1.99 (7.62) 2.37 5.04 1.42 2.99 Less Distributions: Dividends (from Net Investment Income) .............. -- -- -- -- (0.04) -- Distributions (from Realized Gains) ................. -- (0.47) (0.38) (0.36) -- -- ------- ------- ------- ------- ------ ------ Total Distributions ............................. -- (0.47) (0.38) (0.36) (0.04) -- ------- ------- ------- ------- ------ ------ Net Asset Value End of Period ....................... $ 19.94 $ 17.95 $ 26.04 $ 24.05 $19.37 $17.99 ======= ======= ======= ======= ====== ====== Total Return (a) .................................... 11.09% (29.71%) 9.88% 26.12% 7.89% 19.93% Ratios/Supplemental Data Net Assets End of Period (thousands) ................ $12,660 $10,909 $17,702 $13,403 $7,619 $6,209 Ratio of Expenses to Average Net Assets ............. 1.54% 1.43% 1.42% 1.42% 1.22% 0.67% Ratio of Net Investment Income (Loss) to Average Net Assets ........................................ (0.52%) (0.30%) (0.51%) (0.22%) -- 0.57% Portfolio Turnover Rate ............................. 3% 17% 26% 26% 41% 38%
SECURITY EQUITY FUND - SOCIAL AWARENESS SERIES (CLASS B) Fiscal Period Ended September 30 --------------------------------------------------------------------- Per Share Data 2002(c)(n) 2001(c) 2000(c) 1999(c) 1998(b)(c) 1997(b)(c)(d) ----------- --------- ------- --------- ----------- ------------ Net Asset Value Beginning of Period ................. $ 17.01 $ 24.96 $ 23.35 $19.01 $ 17.81 $ 15.00 Income from Investment Operations: Net Investment Income (Loss) ........................ (0.14) (0.28) (0.38) (0.30) (0.19) (0.08) Net Gain (Loss) on Securities (realized and unrealized) .......................... 1.93 (7.20) 2.37 5.00 1.39 2.89 --------- ------- ------- ------ ------- ------- Total from Investment Operations .................... 1.79 (7.48) 1.99 4.70 1.20 2.81 Less Distributions: Dividends (from Net Investment Income) .............. -- -- -- -- -- -- Distributions (from Realized Gains) ................. -- (0.47) (0.38) (0.36) -- -- --------- ------- ------- ------ ------- ------- Total Distributions ............................. -- (0.47) (0.38) (0.36) -- -- --------- ------- ------- ------ ------- ------- Net Asset Value End of Period ....................... $ 18.80 $ 17.01 $ 4.96 $23.35 $ 19.01 $ 17.81 ========= ======= ======= ====== ======= ======= Total Return (a) .................................... 10.52% (30.44%) 8.53% 24.81% 6.74% 18.73% Ratios/Supplemental Data Net Assets End of Period (thousands) ................ $ 9,760 $ 8,969 $12,633 $9,136 $ 5,245 $ 3,641 Ratio of Expenses to Average Net Assets ............. 2.54% 2.43% 2.43% 2.51% 2.20% 1.84% Ratio of Net Investment Income (Loss) to Average Net Assets ........................................ (1.51%) (1.31%) (1.52%) (1.30%) (0.98%) (0.60%) Portfolio Turnover Rate ............................. 3% 17% 26% 26% 41% 38%
- -------------------------------------------------------------------------------- 58 See accompanying notes. FINANCIAL HIGHLIGHTS (CONTINUED) - -------------------------------------------------------------------------------- Selected data for each share of capital stock outstanding throughout each period SECURITY EQUITY FUND - SOCIAL AWARENESS SERIES (CLASS C)
Fiscal Period Ended September 30 -------------------------------------------------- Per Share Data 2002(c)(n) 2001(c) 2000(c) 1999(c)(i) ----------- ---------- ---------- ----------- Net Asset Value Beginning of Period ................. $ 17.40 $ 25.50 $ 23.87 $ 24.47 Income from Investment Operations: Net Investment Income (Loss) ........................ (0.14) (0.28) (0.41) (0.22) Net Gain (Loss) on Securities (realized and unrealized) .......................... 1.97 (7.35) 2.42 (0.38) ------- ------- ------- ------- Total from Investment Operations .................... 1.83 (7.63) 2.01 (0.60) Less Distributions: Dividends (from Net Investment Income) .............. -- -- -- -- Distributions (from Realized Gains) ................. -- (0.47) (0.38) -- ------- ------- ------- ------- Total Distributions ............................. -- (0.47) (0.38) -- ------- ------- ------- ------- Net Asset Value End of Period ....................... $ 19.23 $ 17.40 $ 25.50 $ 23.87 ======= ======= ======= ======= Total Return (a) .................................... 10.52% (30.39%) 8.43% (2.45%) Ratios/Supplemental Data Net Assets End of Period (thousands) ................ $ 1,371 $ 1,126 $ 918 $ 405 Ratio of Expenses to Average Net Assets ............. 2.54% 2.45% 2.55% 2.66% Ratio of Net Investment Income (Loss) to Average Net Assets ........................................ (1.52%) (1.33%) (1.64%) (1.46%) Portfolio Turnover Rate ............................. 3% 17% 26% 33%
SECURITY EQUITY FUND - SOCIAL AWARENESS SERIES (CLASS S) Fiscal Period Ended September 30 -------------------------------- Per Share Data 2002(c)(n) 2001(c)(m) ------------- ---------------- Net Asset Value Beginning of Period ................. $ 17.83 $ 22.93 Income from Investment Operations: Net Investment Income (Loss) ........................ (0.15) (0.16) Net Gain (Loss) on Securities (realized and unrealized) .......................... 2.02 (4.94) ------- ------- Total from Investment Operations .................... 1.87 (5.10) Less Distributions: Dividends (from Net Investment Income) .............. -- -- Distributions (from Realized Gains) ................. -- -- ------- ------- Total Distributions ............................. -- -- ------- ------- Net Asset Value End of Period ....................... $ 19.70 $ 17.83 ======= ======= Total Return (a) .................................... 10.49% (25.89%) Ratios/Supplemental Data Net Assets End of Period (thousands) ................ $ 26 $ 23 Ratio of Expenses to Average Net Assets ............. 2.54% 2.38% Ratio of Net Income (Loss) to Average Net Assets ........................................ (1.51%) (1.20%) Portfolio Turnover Rate ............................. 3% 17%
- -------------------------------------------------------------------------------- 59 See accompanying notes. FINANCIAL HIGHLIGHTS (CONTINUED) - --------------------------------------------------------------------------------
Selected data for each share of capital stock outstanding throughout each period SECURITY EQUITY FUND - MID CAP VALUE SERIES (CLASS A) Fiscal Period Ended September 30 ------------------------------------------------------------------------ Per Share Data 2002(c)(n) 2001(c) 2000(c) 1999(c) 1998(b)(c) 1997(b)(c)(e) ------------ --------- --------- -------- ----------- -------------- Net Asset Value Beginning of Period ................. $ 18.04 $ 20.75 $ 16.60 $ 12.07 $ 12.95 $ 10.00 Income from Investment Operations: Net Investment Income (Loss) ........................ (0.01) -- (0.04) (0.07) (0.02) 0.05 Net Gain (Loss) on Securities (realized and unrealized) .......................... 5.98 (0.90) 4.89 4.65 (0.53) 2.90 ------- ------- ------- ------- ------- ------- Total from Investment Operations .................... 5.97 (0.90) 4.85 4.58 (0.55) 2.95 Less Distributions: Dividends (from Net Investment Income) .............. -- -- -- -- (0.05) -- Distributions (from Realized Gains) ................. (0.32) (1.81) (0.70) (0.05) (0.28) -- ------- ------- ------- ------- ------- ------- Total Distributions ............................. (0.32) (1.81) (0.70) (0.05) (0.33) -- ------- ------- ------- ------- ------- ------- Net Asset Value End of Period ....................... $ 23.69 $ 18.04 $ 20.75 $ 16.60 $ 12.07 $ 12.95 ======= ======= ======= ======= ======= ======= Total Return (a) .................................... 33.32% (4.54%) 30.46% 38.06% (4.31%) 29.50% Ratios/Supplemental Data Net Assets End of Period (thousands) ................ $86,386 $50,541 $34,458 $22,804 $10,901 $ 4,631 Ratio of Expenses to Average Net Assets ............. 1.33% 1.30% 1.29% 1.33% 1.27% 1.10% Ratio of Net Investment Income (Loss) to Average Net Assets ........................................ (0.11%) 0.01% (0.25%) (0.44%) (0.13%) 1.43% Portfolio Turnover Rate ............................. 47% 55% 69% 79% 98% 35%
SECURITY EQUITY FUND - MID CAP VALUE SERIES (CLASS B) Fiscal Period Ended September 30 ------------------------------------------------------------------------ Per Share Data 2002(c)(n) 2001(c) 2000(c) 1999(c) 1998(b)(c) 1997(b)(c)(e) ----------- ---------- --------- --------- ------------ ------------- Net Asset Value Beginning of Period ................. $ 17.26 $ 20.11 $ 16.26 $11.94 $12.91 $10.00 Income from Investment Operations: Net Investment Income (Loss) ........................ (0.11) (0.19) (0.22) (0.22) (0.15) 0.01 Net Gain (Loss) on Securities (realized and unrealized) .......................... 5.69 (0.85) 4.77 4.59 (0.54) 2.90 ------- ------- ------- ------ ------ ------ Total from Investment Operations .................... 5.58 (1.04) 4.55 4.37 (0.69) 2.91 Less Distributions: Dividends (from Net Investment Income) .............. -- -- -- -- -- -- Distributions (from Realized Gains) ................. (0.32) (1.81) (0.70) (0.05) (0.28) -- ------- ------- ------- ------ ------ ------ Total Distributions ............................. (0.32) (1.81) (0.70) (0.05) (0.28) -- ------- ------- ------- ------ ------ ------ Net Asset Value End of Period ....................... $ 22.52 $ 17.26 $ 20.11 $16.26 $11.94 $12.91 ======= ======= ======= ====== ====== ====== Total Return (a) .................................... 32.56% (5.45%) 29.21% 36.71% (5.38%) 29.10% Ratios/Supplemental Data Net Assets End of Period (thousands) ................ $46,639 $26,967 $14,041 $9,682 $6,615 $3,572 Ratio of Expenses to Average Net Assets ............. 2.33% 2.30% 2.32% 2.37% 2.33% 2.26% Ratio of Net Investment Income (Loss) to Average Net Assets ........................................ (1.11%) (0.98%) (1.27%) (1.50%) (1.19%) 0.27% Portfolio Turnover Rate ............................. 47% 55% 69% 79% 98% 35%
- -------------------------------------------------------------------------------- 60 See accompanying notes. FINANCIAL HIGHLIGHTS (CONTINUED) - --------------------------------------------------------------------------------
Selected data for each share of capital stock outstanding throughout each period SECURITY EQUITY FUND - MID CAP VALUE SERIES (CLASS C) Fiscal Period Ended September 30 ------------------------------------------------- Per Share Data 2002(c)(n) 2001(c) 2000(c) 1999(c)(i) ----------- ---------- ---------- ------------- Net Asset Value Beginning of Period ................. $ 17.53 $20.39 $16.51 $14.54 Income from Investment Operations: Net Investment Income (Loss) ........................ (0.11) (0.19) (0.22) (0.13) Net Gain (Loss) on Securities (realized and unrealized) .......................... 5.79 (0.86) 4.80 2.10 ------- ------ ------ ------ Total from Investment Operations .................... 5.68 (1.05) 4.58 1.97 Less Distributions: Dividends (from Net Investment Income) .............. -- -- -- -- Distributions (from Realized Gains) ................. (0.32) (1.81) (0.70) -- ------- ------ ------ ------ Total Distributions ............................. (0.32) (1.81) (0.70) -- ------- ------ ------ ------ Net Asset Value End of Period ....................... $ 22.89 $17.53 $20.39 $16.51 ======= ====== ====== ====== Total Return (a) .................................... 32.63% (5.42%) 28.93% 13.55% Ratios/Supplemental Data Net Assets End of Period (thousands) ................ $13,936 $6,976 $3,069 $1,138 Ratio of Expenses to Average Net Assets ............. 2.33% 2.30% 2.36% 2.38% Ratio of Net Investment Income (Loss) to Average Net Assets ........................................ (1.11%) (0.98%) (1.28%) (1.36%) Portfolio Turnover Rate ............................. 47% 55% 69% 92%
SECURITY EQUITY FUND - MID CAP VALUE SERIES (CLASS S) Fiscal Period Ended September 30 -------------------------------- Per Share Data 2002(c)(n) 2001(c)(m) -------------- ---------------- Net Asset Value Beginning of Period ................. $17.95 $20.90 Income from Investment Operations: Net Investment Income (Loss) ........................ (0.12) (0.10) Net Gain (Loss) on Securities (realized and unrealized) .......................... 5.94 (2.85) ------ ------ Total from Investment Operations .................... 5.82 (2.95) Less Distributions: Dividends (from Net Investment Income) .............. -- -- Distributions (from Realized Gains) ................. (0.32) -- ------ ------ Total Distributions ............................. (0.32) -- ------ ------ Net Asset Value End of Period ....................... $23.45 $17.95 ====== ====== Total Return (a) .................................... 32.65% (12.74%) Ratios/Supplemental Data Net Assets End of Period (thousands) ................ $8,467 $6,376 Ratio of Expenses to Average Net Assets ............. 2.32% 2.29% Ratio of Net Income (Loss) to Average Net Assets ........................................ (1.12%) (0.95%) Portfolio Turnover Rate ............................. 47% 61%
- -------------------------------------------------------------------------------- 61 See accompanying notes. FINANCIAL HIGHLIGHTS (CONTINUED) - --------------------------------------------------------------------------------
Selected data for each share of capital stock outstanding throughout each period SECURITY EQUITY FUND - SMALL CAP GROWTH SERIES (CLASS A) Fiscal Period Ended September 30 ------------------------------------------------------------------- Per Share Data 2002(c)(n) 2001(c) 2000(b)(c) 1999(b)(c) 1998(b)(c)(g) ------------ --------- ----------- ------------- -------------- Net Asset Value Beginning of Period ................. $ 9.80 $ 22.08 $ 12.98 $ 8.70 $ 10.00 Income from Investment Operations: Net Investment Income (Loss) ........................ (0.11) (0.18) (0.19) -- (0.03) Net Gain (Loss) on Securities (realized and unrealized) .......................... 1.44 (10.78) 9.75 4.28 (1.26) ------- ------- ------- ------- ------- Total from Investment Operations .................... 1.33 (10.96) 9.56 4.28 (1.29) Less Distributions: Dividends (from Net Investment Income) .............. -- -- -- -- (0.01) Distributions (from Realized Gains) ................. -- (1.32) (0.46) -- -- ------- ------- ------- ------- ------- Total Distributions ............................. -- (1.32) (0.46) -- (0.01) ------- ------- ------- ------- ------- Net Asset Value End of Period ....................... $ 11.13 $ 9.80 $ 22.08 $ 12.98 $ 8.70 ======= ======= ======= ======= ======= Total Return (a) .................................... 13.57% (51.94%) 74.58% 49.20% (12.95%) Ratios/Supplemental Data Net Assets End of Period (thousands) ................ $12,396 $17,235 $38,172 $16,877 $ 2,677 Ratio of Expenses to Average Net Assets ............. 2.07% 1.91% 1.55% 0.49% 1.39% Ratio of Net Investment Income (Loss) to Average Net Assets ........................................ (1.89%) (1.32%) (0.97%) 0.03% (0.35%) Portfolio Turnover Rate ............................. 287% 394% 318% 361% 366%
SECURITY EQUITY FUND - SMALL CAP GROWTH SERIES (CLASS B) Fiscal Period Ended September 30 ----------------------------------------------------------- Per Share Data 2002(c)(n) 2001(c) 2000(b)(c) 1999(b)(c) 1998(b)(c)(g) ---------- ------- ----------- ---------- ------------ Net Asset Value Beginning of Period ................. $ 9.37 $21.34 $ 12.69 $8.63 $ 10.00 Income from Investment Operations: Net Investment Income (Loss) ........................ (0.14) (0.28) (0.31) (0.14) (0.13) Net Gain (Loss) on Securities (realized and unrealized) .......................... 1.36 (10.37) 9.42 4.20 (1.24) ------- ------ ------- ------ ------- Total from Investment Operations ................ 1.22 (10.65) 9.11 4.06 (1.37) Less Distributions: Dividends (from Net Investment Income) .............. -- -- -- -- -- Distributions (from Realized Gains) ................. -- (1.32) (0.46) -- -- ------- ------ ------- ------ ------- Total Distributions .............................. -- (1.32) (0.46) -- -- ------- ------ ------- ------ ------- Net Asset Value End of Period ....................... $ 10.59 $ 9.37 $ 21.34 $12.69 $ 8.63 ======= ====== ======= ====== ======= Total Return (a) .................................... 13.02% (52.31%) 72.70% 47.05% (13.70%) Ratios/Supplemental Data Net Assets End of Period (thousands) ................ $ 7,103 $6,173 $11,688 $2,430 $ 1,504 Ratio of Expenses to Average Net Assets ............. 2.82% 2.67% 2.44% 1.94% 2.38% Ratio of Net Investment Income (Loss) to Average Net Assets ........................................ (2.65%) (2.07%) (1.81%) (1.41%) 1.34%) Portfolio Turnover Rate ............................. 287% 394% 318% 361% 366%
- -------------------------------------------------------------------------------- 62 See accompanying notes. FINANCIAL HIGHLIGHTS (CONTINUED) - --------------------------------------------------------------------------------
Selected data for each share of capital stock outstanding throughout each period SECURITY EQUITY FUND - SMALL CAP GROWTH SERIES (CLASS C) Fiscal Period Ended September 30 --------------------------------------------------------- Per Share Data 2002(c)(n) 2001(c) 2000(b)(c) 1999(b)(c)(i) ------------ ---------- ------------ ---------------- Net Asset Value Beginning of Period ................. $ 9.53 $ 21.74 $ 12.86 $ 11.16 Income from Investment Operations: Net Investment Income (Loss) ........................ (0.14) (0.28) (0.35) (0.07) Net Gain (Loss) on Securities (realized and unrealized) .......................... 1.39 10.61) 9.69 1.77 ------- ------- ------- -------- Total from Investment Operations .................... 1.25 (10.89) 9.34 1.70 Less Distributions: Dividends (from Net Investment Income) .............. -- -- -- -- Distributions (from Realized Gains) ................. -- (1.32) (0.46) -- ------- ------- ------- -------- Total Distributions ............................. -- (1.32) (0.46) -- ------- ------- ------- -------- Net Asset Value End of Period ....................... $ 10.78 $ 9.53 $ 21.74 $ 12.86 ======= ======= ======= ======== Total Return (a) .................................... 13.12% (52.46%) 73.54% 15.23% Ratios/Supplemental Data Net Assets End of Period (thousands) ................ $ 3,018 $ 2,339 $ 3,741 $ 890 Ratio of Expenses to Average Net Assets ............. 2.82% 2.68% 2.39% 1.47% Ratio of Net Investment Income (Loss) to Average Net Assets ........................................ (2.65%) (2.09%) (1.81%) (0.95%) Portfolio Turnover Rate ............................. 287% 394% 318% 374%
SECURITY EQUITY FUND - SMALL CAP GROWTH SERIES (CLASS S) Fiscal Period Ended September 30 ----------------------------------- Per Share Data 2000(c)(n) 2001(c)(m) ---------------- ----------------- Net Asset Value Beginning of Period ................. $ 9.80 $ 11.82 Income from Investment Operations: Net Investment Income (Loss) ........................ (0.14) (0.16) Net Gain (Loss) on Securities (realized and unrealized) .......................... 1.42 (1.86) ------- ------- Total from Investment Operations .................... 1.28 (2.02) Less Distributions: Dividends (from Net Investment Income) .............. -- -- Distributions (from Realized Gains) ................. -- -- ------- ------- Total Distributions ............................. -- -- ------- ------- Net Asset Value End of Period ....................... $ 11.08 $ 9.80 ======= ======= Total Return (a) .................................... 13.06% (33.74%) Ratios/Supplemental Data Net Assets End of Period (thousands) ................ $ 93 $ 56 Ratio of Expenses to Average Net Assets ............. 2.82% 2.79% Ratio of Net Income (Loss) to Average Net Assets ........................................ (2.65%) (2.34%) Portfolio Turnover Rate ............................. 287% 394%
- -------------------------------------------------------------------------------- 63 See accompanying notes. FINANCIAL HIGHLIGHTS (CONTINUED) - --------------------------------------------------------------------------------
Selected data for each share of capital stock outstanding throughout each period SECURITY EQUITY FUND - ENHANCED INDEX SERIES (CLASS A) Fiscal Period Ended September 30 ---------------------------------------------- Per Share Data 2002(c)(n) 2001(c) 2000(c) 1999(c)(h) ----------- ---------- --------- ----------- Net Asset Value Beginning of Period ................. $ 8.03 $11.29 $10.04 $10.00 Income from Investment Operations: Net Investment Income (Loss) ........................ -- -- -- 0.03 Net Gain (Loss) on Securities (realized and unrealized) .......................... 0.84 (3.17) 1.37 0.01 ------ ------ ------ ------ Total from Investment Operations .................... 0.84 (3.17) 1.37 0.04 Less Distributions: Dividends (from Net Investment Income) .............. -- -- -- -- Distributions (from Realized Gains) ................. -- (0.09) (0.12) -- ------ ------ ------ ------ Total Distributions ............................. -- (0.09) (0.12) -- ------ ------ ------ ------ Net Asset Value End of Period ....................... $ 8.87 $ 8.03 $11.29 $10.04 ====== ====== ====== ====== Total Return (a) .................................... 10.46% (28.27%) 13.65% 0.40% Ratios/Supplemental Data Net Assets End of Period (thousands) ................ $7,934 $6,699 $8,219 $7,589 Ratio of Expenses to Average Net Assets ............. 1.41% 1.42% 1.44% 1.48% Ratio of Net Investment Income (Loss) to Average Net Assets ........................................ 0.03% 0.02% (0.05%) 0.39% Portfolio Turnover Rate ............................. 38% 40% 73% 68%
SECURITY EQUITY FUND - ENHANCED INDEX SERIES (CLASS B) Fiscal Period Ended September 30 --------------------------------------------- Per Share Data 2002(c)(n) 2001(c) 2000(c) 1999(c)(h) ---------- ------- -------- ------------- Net Asset Value Beginning of Period ................. $ 7.87 $ 11.15 $ 9.99 $10.00 Income from Investment Operations: Net Investment Income (Loss) ........................ (0.03) (0.08) (0.09) (0.02) Net Gain (Loss) on Securities (realized and unrealized) .......................... 0.82 (3.11) 1.37 0.01 ------ ------- ------- ------ Total from Investment Operations .................... 0.79 (3.19) 1.28 (0.01) Less Distributions: Dividends (from Net Investment Income) .............. -- -- -- -- Distributions (from Realized Gains) ................. -- (0.09) 0.12) -- ------ ------- ------- ------ Total Distributions ............................. -- (0.09) (0.12) -- ------ ------- ------- ------ Net Asset Value End of Period ....................... $ 8.66 $ 7.87 $ 11.15 $ 9.99 ====== ======= ======= ====== Total Return (a) .................................... 10.04% (28.81%) 12.82% (0.10%) Ratios/Supplemental Data Net Assets End of Period (thousands) ................ $8,204 $ 7,360 $10,960 $9,591 Ratio of Expenses to Average Net Assets ............. 2.16% 2.17% 2.18% 2.20% Ratio of Net Investment Income (Loss) to Average Net Assets ........................................ (0.73%) (0.74%) (0.79%) (0.33%) Portfolio Turnover Rate ............................. 38% 40% 73% 68%
- -------------------------------------------------------------------------------- 64 See accompanying notes. FINANCIAL HIGHLIGHTS (CONTINUED) - --------------------------------------------------------------------------------
Selected data for each share of capital stock outstanding throughout each period SECURITY EQUITY FUND - ENHANCED INDEX SERIES (CLASS C) Fiscal Period Ended September 30 ---------------------------------------------------- Per Share Data 2002(c)(n) 2001(c) 2000(c) 1999(c)(h) ------------ ----------- ---------- ------------ Net Asset Value Beginning of Period ................. $ 7.88 $11.16 $10.00 $10.00 Income from Investment Operations: Net Investment Income (Loss) ........................ 0.03) (0.08) (0.09) (0.01) Net Gain (Loss) on Securities (realized and unrealized) .......................... 0.83 (3.11) 1.37 0.01 ------ ------ ------ ----- Total from Investment Operations .................... 0.80 (3.19) 1.28 -- Less Distributions: Dividends (from Net Investment Income) .............. -- -- -- -- Distributions (from Realized Gains) ................. -- (0.09) (0.12) -- ------ ------ ------ ----- Total Distributions ............................. -- (0.09) (0.12) -- ------ ------ ------ ----- Net Asset Value End of Period ....................... $ 8.68 $ 7.88 $11.16 $10.00 ====== ====== ====== ====== Total Return (a) .................................... 10.15% (28.78%) 12.69% 0.00% Ratios/Supplemental Data Net Assets End of Period (thousands) ................ $5,486 $4,840 $7,092 $5,205 Ratio of Expenses to Average Net Assets ............. 2.16% 2.17% 2.15% 2.05% Ratio of Net Investment Income (Loss) to Average Net Assets ........................................ (0.73%) (0.74%) (0.77%) (0.18%) Portfolio Turnover Rate ............................. 38% 40% 73% 68%
SECURITY EQUITY FUND - ENHANCED INDEX SERIES (CLASS S) Fiscal Period Ended September 30 --------------------------------------- Per Share Data 2002(c)(n) 2001(c)(m) ----------------- ------------------- Net Asset Value Beginning of Period ................. $ 8.00 $ 8.84 Income from Investment Operations: Net Investment Income (Loss) ........................ (0.03) (0.04) Net Gain (Loss) on Securities (realized and unrealized) .......................... 0.83 (0.80) ------- ------- Total from Investment Operations .................... 0.80 (0.84) Less Distributions: Dividends (from Net Investment Income) .............. -- -- Distributions (from Realized Gains) ................. -- -- ------- ------- Total Distributions ............................. -- -- ------- ------- Net Asset Value End of Period ....................... $ 8.80 $ 8.00 ======= ======= Total Return (a) .................................... 10.00% (25.09%) Ratios/Supplemental Data Net Assets End of Period (thousands) ................ $ 3 $ 3 Ratio of Expenses to Average Net Assets ............. 2.18% 2.17% Ratio of Net Income (Loss) to Average Net Assets ........................................ (0.76%) (0.71%) Portfolio Turnover Rate ............................. 38% 30%
- -------------------------------------------------------------------------------- 65 See accompanying notes. FINANCIAL HIGHLIGHTS (CONTINUED) - --------------------------------------------------------------------------------
Selected data for each share of capital stock outstanding throughout each period SECURITY EQUITY FUND - INTERNATIONAL SERIES (CLASS A) Fiscal Period Ended September 30 --------------------------------------------------------------------- Per Share Data 2002(c)(n) 2001(b)(c)(l) 2000(b)(c) 1999(b)(c)(h) ------------- ---------------- --------------- ----------------- Net Asset Value Beginning of Period ................. $ 6.87 $ 11.01 $ 9.69 $ 10.00 Income from Investment Operations: Net Investment Income (Loss) ........................ (0.06) (0.09) (0.13) (0.03) Net Gain (Loss) on Securities (realized and unrealized) .......................... 0.55 (3.65) 1.45 (0.28) ------- ------- ------- ------- Total from Investment Operations .................... 0.49 (3.74) 1.32 (0.31) Less Distributions: Dividends (from Net Investment Income) .............. -- -- -- -- Distributions (from Realized Gains) ................. -- (0.40) -- -- ------- ------- ------- ------- Total Distributions ............................. -- (0.40) -- -- ------- ------- ------- ------- Net Asset Value End of Period ....................... $ 7.36 $ 6.87 $ 11.01 $ 9.69 ======= ======= ======= ======= Total Return (a) .................................... 7.13% (35.01%) 13.62% (3.10%) Ratios/Supplemental Data Net Assets End of Period (thousands) ................ $ 2,973 $ 2,934 $ 4,414 $ 2,928 Ratio of Expenses to Average Net Assets ............. 2.50% 2.51% 2.46% 2.50% Ratio of Net Investment Income (Loss) to Average Net Assets ........................................ (1.54%) (0.98%) (1.08%) (0.41%) Portfolio Turnover Rate ............................. 178% 170% 116% 115%
SECURITY EQUITY FUND - INTERNATIONAL SERIES (CLASS B) Fiscal Period Ended September 30 ------------------------------------------------------------- Per Share Data 2002(c)(n) 2001(b)(c)(l) 2000(b)(c) 1999(b)(c)(h) ------------ --------------- -------------- --------------- Net Asset Value Beginning of Period ................. $ 6.74 $ 10.88 $ 9.65 $ 10.00 Income from Investment Operations: Net Investment Income (Loss) ........................ (0.08) (0.15) (0.22) (0.07) Net Gain (Loss) on Securities (realized and unrealized) .......................... 0.54 (3.59) 1.45 (0.28) ------ ------- ------ ------- Total from Investment Operations .................... 0.46 (3.74) 1.23 (0.35) Less Distributions: Dividends (from Net Investment Income) .............. -- -- -- -- Distributions (from Realized Gains) ................. -- (0.40) -- -- ------ ------- ------ ------- Total Distributions ............................. -- (0.40) -- -- ------ ------- ------ ------- Net Asset Value End of Period ....................... $ 7.20 $ 6.74 $10.88 $ 9.65 ====== ======= ====== ======= Total Return (a) .................................... 6.83% (35.45%) 12.75% (3.50%) Ratios/Supplemental Data Net Assets End of Period (thousands) ................ $1,828 $ 1,685 $2,520 $ 2,028 Ratio of Expenses to Average Net Assets ............. 3.25% 3.25% 3.26% 3.19% Ratio of Net Investment Income (Loss) to Average Net Assets ........................................ 2.28%) (1.73%) (1.92%) (1.09%) Portfolio Turnover Rate ............................. 178% 170% 116% 115%
- -------------------------------------------------------------------------------- 66 See accompanying notes. FINANCIAL HIGHLIGHTS (CONTINUED) - --------------------------------------------------------------------------------
Selected data for each share of capital stock outstanding throughout each period SECURITY EQUITY FUND - INTERNATIONAL SERIES (CLASS C) Fiscal Period Ended September 30 --------------------------------------------------------- Per Share Data 2002(c)(n) 2001(b)(c)(l) 2000(b)(c) 1999(b)(c)(h) ---------- ------------- ---------- ------------- Net Asset Value Beginning of Period ................... $ 6.76 $10.92 $ 9.68 $10.00 Income from Investment Operations: Net Investment Income (Loss) .......................... (0.08) (0.15) (0.21) (0.04) Net Gain (Loss) on Securities (realized and unrealized) ............................ 0.54 (3.61) 1.45 (0.28) ------ ------ ------ ------ Total from Investment Operations ...................... 0.46 (3.76) 1.24 (0.32) Less Distributions: ................................... Dividends (from Net Investment Income) -- -- -- -- ------ ------ ------ ------ Distributions (from Realized Gains) ................... -- (0.40) -- -- ------ ------ ------ ------ Total Distributions ............................... -- (0.40) -- -- Net Asset Value End of Period ......................... $ 7.22 $ 6.76 $10.92 $ 9.68 ====== ====== ====== ====== Total Return (a) ...................................... 6.81% (35.50%) 12.81% (3.20%) Ratios/Supplemental Data Net Assets End of Period (thousands) .................. $2,341 $2,244 $3,564 $2,493 Ratio of Expenses to Average Net Assets ............... 3.25% 3.25% 3.11% 2.78% Ratio of Net Investment Income (Loss) to Average Net Assets .......................................... (2.29%) (1.75%) (1.76%) (0.71%) Portfolio Turnover Rate ............................... 178% 170% 116% 115%
SECURITY EQUITY FUND - INTERNATIONAL SERIES (CLASS S) Fiscal Period Ended September 30 -------------------------------- Per Share Data 2002(c)(n) ---------- Net Asset Value Beginning of Period ..................... $ 6.94 Income from Investment Operations: Net Investment Income (Loss) ............................ (0.04) Net Gain (Loss) on Securities (realized and unrealized) .............................. 0.43 ------ Total from Investment Operations ........................ 0.39 Less Distributions: Dividends (from Net Investment Income) .................. -- Distributions (from Realized Gains) ..................... -- ------ Total Distributions ................................. -- ------ Net Asset Value End of Period ........................... $ 7.33 ====== Total Return (a) ........................................ 6.70% Ratios/Supplemental Data Net Assets End of Period (thousands) .................... $ -- Ratio of Expenses to Average Net Assets ................. 3.25% Ratio of Net Investment Income (Loss) to Average Net Assets ............................................ (4.50%) Portfolio Turnover Rate ................................. 277%
- -------------------------------------------------------------------------------- 67 See accompanying notes. FINANCIAL HIGHLIGHTS (CONTINUED) - --------------------------------------------------------------------------------
Selected data for each share of capital stock outstanding throughout each period SECURITY EQUITY FUND - SELECT 25 SERIES (CLASS A) Fiscal Period Ended September 30 ------------------------------------------------------ Per Share Data 2002(c)(n) 2001(c) 2000(c) 1999(c)(h) ---------- ------- ------- ---------- Net Asset Value Beginning of Period ................... $ 7.58 $11.34 $10.53 $10.00 Income from Investment Operations: Net Investment Income (Loss) .......................... (0.04) (0.06) (0.09) (0.05) Net Gain (Loss) on Securities (realized and unrealized) ............................ 1.52 (3.70) 0.90 0.58 ------ ------ ------ ------ Total from Investment Operations ...................... 1.48 (3.76) 0.81 0.53 Less Distributions: Dividends (from Net Investment Income) ................ -- -- -- -- Distributions (from Realized Gains) ................... -- -- -- -- ------ ------ ------ ------ Total Distributions ............................... -- -- -- -- ------ ------ ------ ------ Net Asset Value End of Period ......................... $ 9.06 $ 7.58 $11.34 $10.53 ====== ====== ====== ====== Total Return (a) ...................................... 19.53% (33.16%) 7.69% 5.30% Ratios/Supplemental Data Net Assets End of Period (thousands) .................. $17,601 $14,347 $22,006 $13,975 Ratio of Expenses to Average Net Assets ............... 1.43% 1.39% 1.35% 1.48% Ratio of Net Investment Income (Loss) to Average Net Assets .......................................... (0.84%) (0.60%) (0.74%) (0.75%) Portfolio Turnover Rate ............................... 25% 44% 89% 14%
SECURITY EQUITY FUND - SELECT 25 SERIES (CLASS B) Fiscal Period Ended September 30 ------------------------------------------------------ Per Share Data 2002(c)(n) 2001(c) 2000(c) 1999(c)(h) ---------- ------- ------- ---------- Net Asset Value Beginning of Period ................... $ 7.44 $11.22 $10.52 $10.00 Income from Investment Operations: Net Investment Income (Loss) .......................... (0.07) (0.13) (0.17) (0.09) Net Gain (Loss) on Securities (realized and unrealized) ............................ 1.50 (3.65) 0.87 0.61 ------ ------ ------ ------ Total from Investment Operations ...................... 1.43 (3.78) 0.70 0.52 Less Distributions: Dividends (from Net Investment Income) ................ -- -- -- -- Distributions (from Realized Gains) ................... -- -- -- -- ------ ------ ------ ------ Total Distributions ............................... -- -- -- -- ------ ------ ------ ------ Net Asset Value End of Period ......................... $ 8.87 $ 7.44 $11.22 $10.52 ====== ====== ====== ====== Total Return (a) ...................................... 19.22% (33.69%) 6.65% 5.20% Ratios/Supplemental Data Net Assets End of Period (thousands) .................. $13,527 $11,519 $18,199 $12,938 Ratio of Expenses to Average Net Assets ............... 2.18% 2.14% 2.11% 2.19% Ratio of Net Investment Income (Loss) to Average Net Assets .......................................... (1.59%) (1.35%) (1.49%) (1.47%) Portfolio Turnover Rate ............................... 25% 44% 89% 14%
- -------------------------------------------------------------------------------- 68 See accompanying notes. FINANCIAL HIGHLIGHTS (CONTINUED) - --------------------------------------------------------------------------------
Selected data for each share of capital stock outstanding throughout each period SECURITY EQUITY FUND - SELECT 25 SERIES (CLASS C) Fiscal Period Ended September 30 --------------------------------------------------- Per Share Data 2002(c)(n) 2001(c) 2000(c) 1999(c)(h) ---------- ------- ------- ---------- Net Asset Value Beginning of Period .................. $ 7.47 $11.26 $10.55 $10.00 Income from Investment Operations: Net Investment Income (Loss) ......................... (0.07) (0.13) (0.17) (0.09) Net Gain (Loss) on Securities (realized and unrealized) ........................... 1.50 (3.66) 0.88 0.64 ------ ------ ------ ------ Total from Investment Operations ..................... 1.43 (3.79) 0.71 0.55 Less Distributions: Dividends (from Net Investment Income) ............... -- -- -- -- Distributions (from Realized Gains) .................. -- -- -- -- ------ ------ ------ ------ Total Distributions .............................. -- -- -- -- ------ ------ ------ ------ Net Asset Value End of Period ........................ $ 8.90 $ 7.47 $11.26 $10.55 ====== ====== ====== ====== Total Return (a) ..................................... 19.14% (33.66%) 6.73% 5.50% Ratios/Supplemental Data Net Assets End of Period (thousands) ................. $5,634 $4,531 $7,294 $4,442 Ratio of Expenses to Average Net Assets .............. 2.18% 2.14% 2.10% 2.07% Ratio of Net Investment Income (Loss) to Average Net Assets ......................................... (1.59%) (1.35%) (1.49%) (1.34%) Portfolio Turnover Rate .............................. 25% 44% 89% 14%
SECURITY EQUITY FUND - SELECT 25 SERIES (CLASS S) Fiscal Period Ended September 30 -------------------------------- Per Share Data 2002(c)(n) 2001(c)(m) ---------- ---------- Net Asset Value Beginning of Period ............... $ 7.50 $ 9.62 Income from Investment Operations: Net Investment Income (Loss) ...................... (0.07) (0.08) Net Gain (Loss) on Securities (realized and unrealized) ........................ 1.53 (2.04) ------ ------ Total from Investment Operations .................. 1.46 (2.12) Less Distributions: Dividends (from Net Investment Income) ............ -- -- Distributions (from Realized Gains) ............... -- -- ------ ------ Total Distributions ........................... -- -- ------ ------ Net Asset Value End of Period ..................... $ 8.96 $ 7.50 ====== ====== Total Return (a) .................................. 19.47% (29.97%) Ratios/Supplemental Data Net Assets End of Period (thousands) .............. $19 $12 Ratio of Expenses to Average Net Assets ........... 2.18% 2.22% Ratio of Net Income (Loss) to Average Net Assets ...................................... (1.58%) (1.47%) Portfolio Turnover Rate ........................... 25% 36%
- -------------------------------------------------------------------------------- 69 See accompanying notes. FINANCIAL HIGHLIGHTS (CONTINUED) - --------------------------------------------------------------------------------
Selected data for each share of capital stock outstanding throughout each period SECURITY EQUITY FUND - LARGE CAP GROWTH SERIES (CLASS A) Fiscal Period Ended September 30 ----------------------------------------- Per Share Data 2002(c)(n) 2001(b)(c)(l) 2000(c)(k)(l) ---------- ------------- ------------- Net Asset Value Beginning of Period .................. $ 6.00 $ 9.71 $10.00 Income from Investment Operations: Net Investment Income (Loss) ......................... (0.04) (0.08) (0.05) Net Gain (Loss) on Securities (realized and unrealized) ........................... 0.58 (3.63) (0.24) ------ ------ ------ Total from Investment Operations ..................... 0.54 (3.71) (0.29) Less Distributions: Dividends (from Net Investment Income) ............... -- -- -- Distributions (from Realized Gains) .................. -- -- -- ------ ------ ------ Total Distributions .............................. -- -- -- ------ ------ ------ Net Asset Value End of Period ........................ $ 6.54 $ 6.00 $ 9.71 ====== ====== ====== Total Return (a) ..................................... 9.00% (38.21%) (2.90%) Ratios/Supplemental Data Net Assets End of Period (thousands) ................. $3,285 $2,436 $2,405 Ratio of Expenses to Average Net Assets .............. 2.08% 2.00% 1.92% Ratio of Net Investment Income (Loss) to Average Net Assets ......................................... (1.18%) (1.10%) (1.25%) Portfolio Turnover Rate .............................. 0% 6% 5%
SECURITY EQUITY FUND - LARGE CAP GROWTH SERIES (CLASS B) Fiscal Period Ended September 30 --------------------------------------------- Per Share Data 2002(c)(n) 2001(b)(c) 2000(c)(k)(l) ---------- ---------- ------------- Net Asset Value Beginning of Period .................... $ 5.92 $ 9.65 $10.00 Income from Investment Operations: Net Investment Income (Loss) ........................... (0.06) (0.14) (0.08) Net Gain (Loss) on Securities (realized and unrealized) ............................. 0.57 (3.59) (0.27) ------ ------ ------ Total from Investment Operations ....................... 0.51 (3.73) (0.35) Less Distributions: Dividends (from Net Investment Income) ................. -- -- -- Distributions (from Realized Gains) .................... -- -- -- ------ ------ ------ Total Distributions ................................ -- -- -- ------ ------ ------ Net Asset Value End of Period .......................... $ 6.43 $ 5.92 $ 9.65 ====== ====== ====== Total Return (a) ....................................... 8.62% (38.65%) (3.50%) Ratios/Supplemental Data Net Assets End of Period (thousands) ................... $2,401 $1,955 $ 2,039 Ratio of Expenses to Average Net Assets ................ 2.82% 2.75% 2.68% Ratio of Net Investment Income (Loss) to Average Net Assets ........................................... (1.93%) (1.85%) (2.02%) Portfolio Turnover Rate ................................ 0% 6% 5%
- -------------------------------------------------------------------------------- 70 See accompanying notes. FINANCIAL HIGHLIGHTS (CONTINUED) - --------------------------------------------------------------------------------
Selected data for each share of capital stock outstanding throughout each period SECURITY EQUITY FUND - LARGE CAP GROWTH SERIES (CLASS C) Fiscal Period Ended September 30 --------------------------------------------- Per Share Data 2002(c)(n) 2001(b)(c) 2000(c)(k)(l) ---------- ---------- ------------- Net Asset Value Beginning of Period .................... $ 5.93 $ 9.65 $10.00 Income from Investment Operations: Net Investment Income (Loss) ........................... (0.06) (0.13) (0.08) Net Gain (Loss) on Securities (realized and unrealized) ............................. 0.57 (3.59) (0.27) ------ ------ ------ Total from Investment Operations ....................... 0.51 (3.72) (0.35) Less Distributions: Dividends (from Net Investment Income) ................. -- -- -- Distributions (from Realized Gains) .................... -- -- -- ------ ------ ------ Total Distributions ................................ -- -- -- ------ ------ ------ Net Asset Value End of Period .......................... $ 6.44 $ 5.93 $ 9.65 ====== ====== ====== Total Return (a) ....................................... 8.60% (38.55%) (3.50%) Ratios/Supplemental Data Net Assets End of Period (thousands) ................... $3,209 $2,577 $2,102 Ratio of Expenses to Average Net Assets ................ 2.82% 2.75% 2.66% Ratio of Net Investment Income (Loss) to Average Net Assets ........................................... (1.93%) (1.85%) (2.00%) Portfolio Turnover Rate ................................ 0% 6% 5%
SECURITY EQUITY FUND - LARGE CAP GROWTH SERIES (CLASS S) Fiscal Period Ended September 30 -------------------------------- Per Share Data 2002(c)(n) 2001(b)(c)(m) ---------- ------------- Net Asset Value Beginning of Period ............ $ 5.97 $ 6.60 Income from Investment Operations: Net Investment Income (Loss) ................... (0.06) (0.08) Net Gain (Loss) on Securities (realized and unrealized) ..................... 0.57 (0.55) ------ ------ Total from Investment Operations ............... 0.51 (0.63) Less Distributions: Dividends (from Net Investment Income) ......... -- -- Distributions (from Realized Gains) ............ -- -- ------ ------ Total Distributions ........................ -- -- ------ ------ Net Asset Value End of Period .................. $ 6.48 $ 5.97 ====== ====== Total Return (a) ............................... 8.54% (29.27%) Ratios/Supplemental Data Net Assets End of Period (thousands) ........... $4 $2 Ratio of Expenses to Average Net Assets ........ 2.81% 2.75% Ratio of Net Income (Loss) to Average Net Assets ................................... (1.89%) (1.80%) Portfolio Turnover Rate ........................ 0% 1%
- -------------------------------------------------------------------------------- 71 See accompanying notes. FINANCIAL HIGHLIGHTS (CONTINUED) - --------------------------------------------------------------------------------
Selected data for each share of capital stock outstanding throughout each period SECURITY EQUITY FUND - TECHNOLOGY SERIES (CLASS A) Fiscal Period Ended September 30 -------------------------------------------------- Per Share Data 2002(c)(n) 2001(b)(c)(l) 2000(b)(c)(k)(l) ---------- ------------- ---------------- Net Asset Value Beginning of Period ..................... $ 3.41 $ 9.33 $10.00 Income from Investment Operations: Net Investment Income (Loss) ............................ (0.05) (0.11) (0.08) Net Gain (Loss) on Securities (realized and unrealized) .............................. 1.06 (5.81) (0.59) ------ ------ ------ Total from Investment Operations ........................ 1.01 (5.92) (0.67) Less Distributions: Dividends (from Net Investment Income) .................. -- -- -- Distributions (from Realized Gains) ..................... -- -- -- ------ ------ ------ Total Distributions ................................. -- -- -- ------ ------ ------ Net Asset Value End of Period ........................... $ 4.42 $ 3.41 $ 9.33 ====== ====== ====== Total Return (a) ........................................ 29.62% (63.45%) (6.70%) Ratios/Supplemental Data Net Assets End of Period (thousands) .................... $4,611 $3,023 $4,340 Ratio of Expenses to Average Net Assets ................. 2.50% 2.26% 2.28% Ratio of Net Investment Income (Loss) to Average Net Assets ............................................ (2.31%) (2.01%) (2.05%) Portfolio Turnover Rate ................................. 183% 240% 148%
SECURITY EQUITY FUND - TECHNOLOGY SERIES (CLASS B) Fiscal Period Ended September 30 ------------------------------------------------ Per Share Data 2002(c)(n) 2001(b)(c)(l) 2000(b)(c)(k)(l) ---------- ------------- ---------------- Net Asset Value Beginning of Period ..................... $ 3.30 $9.21 $10.00 Income from Investment Operations: Net Investment Income (Loss) ............................ (0.06) (0.16) (0.11) Net Gain (Loss) on Securities ........................... (realized and unrealized) 1.03 (5.75) (0.68) ------ ----- ------ Total from Investment Operations ........................ 0.97 (5.91) (0.79) Less Distributions: Dividends (from Net Investment Income) .................. -- -- -- Distributions (from Realized Gains) ..................... -- -- -- ------ ----- ------ Total Distributions ................................. -- -- -- ------ ----- ------ Net Asset Value End of Period ........................... $ 4.27 $3.30 $ 9.21 ====== ===== ====== Total Return (a) ........................................ 29.39% (64.17%) (7.90%) Ratios/Supplemental Data Net Assets End of Period (thousands) .................... $1,288 $870 $1,971 Ratio of Expenses to Average Net Assets ................. 3.25% 3.01% 3.03% Ratio of Net Investment Income (Loss) to Average Net Assets ............................................ (3.06%) (2.76%) (2.79%) Portfolio Turnover Rate ................................. 183% 240% 148%
- -------------------------------------------------------------------------------- 72 See accompanying notes. FINANCIAL HIGHLIGHTS (CONTINUED) - --------------------------------------------------------------------------------
Selected data for each share of capital stock outstanding throughout each period SECURITY EQUITY FUND - TECHNOLOGY SERIES (CLASS C) Fiscal Period Ended September 30 ------------------------------------------------ Per Share Data 2002(c)(n) 2001(b)(c)(l) 2000(b)(c)(k)(l) ---------- ------------- ---------------- Net Asset Value Beginning of Period ..................... $ 3.30 $ 9.21 $10.00 Income from Investment Operations: Net Investment Income (Loss) ............................ (0.07) (0.16) (0.11) Net Gain (Loss) on Securities (realized and unrealized) .............................. 1.04 (5.75) (0.68) ------ ------ ------ Total from Investment Operations ........................ 0.97 (5.91) (0.79) Less Distributions: Dividends (from Net Investment Income) .................. -- -- -- Distributions (from Realized Gains) ..................... -- -- -- ------ ------ ------ Total Distributions ................................. -- -- -- ------ ------ ------ Net Asset Value End of Period ........................... $ 4.27 $ 3.30 $ 9.21 ====== ====== ====== Total Return (a) ........................................ 29.39% (64.17%) (7.90%) Ratios/Supplemental Data Net Assets End of Period (thousands) .................... $1,938 $1,348 $2,276 Ratio of Expenses to Average Net Assets ................. 3.25% 3.01% 3.03% Ratio of Net Investment Income (Loss) to Average Net Assets ............................................ (3.06%) (2.77%) (2.79%) Portfolio Turnover Rate ................................. 183% 240% 148%
SECURITY EQUITY FUND - TECHNOLOGY SERIES (CLASS S) Fiscal Period Ended September 30 --------------------------------- Per Share Data 2002(c)(n) 2001(b)(c)(l)(m) ---------- ---------------- Net Asset Value Beginning of Period .................. $ 3.40 $ 6.63 Income from Investment Operations: Net Investment Income (Loss) ......................... (0.07) (0.09) Net Gain (Loss) on Securities (realized and unrealized) ........................... 1.06 (3.14) ------ ------ Total from Investment Operations ..................... 0.99 (3.23) Less Distributions: Dividends (from Net Investment Income) ............... -- -- Distributions (from Realized Gains) .................. -- -- ------ ------ Total Distributions .............................. -- -- ------ ------ Net Asset Value End of Period ........................ $ 4.39 $ 3.40 ====== ====== Total Return (a) ..................................... 29.12% (53.74%) Ratios/Supplemental Data Net Assets End of Period (thousands) ................. $169 $131 Ratio of Expenses to Average Net Assets .............. 3.25% 3.01% Ratio of Net Income (Loss) to Average Net Assets ......................................... (3.06%) (2.75%) Portfolio Turnover Rate .............................. 183% 245%
- -------------------------------------------------------------------------------- 73 See accompanying notes. FINANCIAL HIGHLIGHTS (CONTINUED) - --------------------------------------------------------------------------------
Selected data for each share of capital stock outstanding throughout each period SECURITY ULTRA FUND (CLASS A) Fiscal Period Ended September 30 ----------------------------------------------------------------------- Per Share Data 2002(c)(n) 2001(c) 2000(c) 1999(c) 1998(c) 1997(c) ---------- ------- ------- ------- ------- ------- Net Asset Value Beginning of Period .................. $ 8.48 $15.28 $ 9.19 $7.65 $9.24 $8.25 Income from Investment Operations: Net Investment Income (Loss) ......................... (0.04) (0.07) (0.08) (0.06) (0.06) (0.08) Net Gain (Loss) on Securities (realized and unrealized) ........................... 2.65 (5.38) 6.60 3.51 (1.06) 1.65 ------ ------ ------ ----- ----- ----- Total from Investment Operations ..................... 2.61 (5.45) 6.52 3.45 (1.12) 1.57 Less Distributions: Dividends (from Net Investment Income) ............... -- -- -- -- -- -- Distributions (from Realized Gains) .................. (0.06) (1.35) (0.43) (1.91) (0.47) (0.58) ------ ------ ------ ----- ----- ----- Total Distributions .............................. (0.06) (1.35) (0.43) (1.91) (0.47) (0.58) ------ ------ ------ ----- ----- ----- Net Asset Value End of Period ........................ $11.03 $ 8.48 $15.28 $9.19 $7.65 $9.24 ====== ====== ====== ===== ===== ===== Total Return (a) ..................................... 30.78% (38.19%) 72.82% 50.91% (12.45%) 20.57% Ratios/Supplemental Data Net Assets End of Period (thousands) ................. $161,782 $131,498 $204,787 $96,238 $67,554 $84,504 Ratio of Expenses to Average Net Assets .............. 1.10% 1.09% 1.11% 1.21% 1.23% 1.71% Ratio of Net Investment Income (Loss) to Average Net Assets ......................................... (0.79%) (0.64%) (0.62%) (0.77%) (0.64%) (1.01%) Portfolio Turnover Rate .............................. 42% 48% 35% 54% 116% 68%
SECURITY ULTRA FUND (CLASS B) Fiscal Period Ended September 30 ----------------------------------------------------------------------- Per Share Data 2002(c)(n) 2001(c) 2000(c) 1999(c) 1998(c) 1997(c) ---------- ------- ------- ------- ------- ------- Net Asset Value Beginning of Period .................. $ 7.62 $14.02 $ 8.54 $ 7.28 $ 8.90 $ 8.03 Income from Investment Operations: Net Investment Income (Loss) ......................... (0.08) (0.17) (0.19) (0.14) (0.14) (0.15) Net Gain (Loss) on Securities (realized and unrealized) ........................... 2.37 (4.88) 6.10 3.31 (1.01) 1.60 ------ ------ ------ ------ ------ ------ Total from Investment Operations ..................... 2.29 (5.05) 5.91 3.17 (1.15) 1.45 Less Distributions: Dividends (from Net Investment Income) ............... -- -- -- -- -- -- Distributions (from Realized Gains) .................. (0.06) (1.35) (0.43) (1.91) (0.47) (0.58) ------ ------ ------ ------ ------ ------ Total Distributions .............................. (0.06) (1.35) (0.43) (1.91) (0.47) (0.58) ------ ------ ------ ------ ------ ------ Net Asset Value End of Period ........................ $ 9.85 $ 7.62 $14.02 $ 8.54 $ 7.28 $ 8.90 ====== ====== ====== ====== ====== ====== Total Return (a) ..................................... 30.06% (38.83%) 71.17% 49.39% (13.30%) 19.58% Ratios/Supplemental Data Net Assets End of Period (thousands) ................. $29,502 $28,580 $38,812 $7,818 $5,610 $5,964 Ratio of Expenses to Average Net Assets .............. 2.10% 2.09% 2.11% 2.21% 2.23% 2.71% Ratio of Net Investment Income (Loss) to Average Net Assets ......................................... (1.79%) (1.64%) (1.61%) (1.77%) (1.64%) (2.01%) Portfolio Turnover Rate .............................. 42% 48% 35% 54% 116% 68%
- -------------------------------------------------------------------------------- 74 See accompanying notes. FINANCIAL HIGHLIGHTS (CONTINUED) - -------------------------------------------------------------------------------- Selected data for each share of capital stock outstanding throughout each period
SECURITY ULTRA FUND (CLASS C) Fiscal Period Ended September 30 -------------------------------------------------------------- Per Share Data 2002(c)(n) 2001(c) 2000(c) 1999(c)(i) ---------- ------- ------- ---------- Net Asset Value Beginning of Period ...................... $ 8.22 $14.99 $ 9.11 $8.20 Income from Investment Operations: Net Investment Income (Loss) ............................. (0.09) (0.18) (0.20) (0.07) Net Gain (Loss) on Securities (realized and unrealized) ............................... 2.57 (5.24) 6.51 0.98 ------ ------ ------ ----- Total from Investment Operations ......................... 2.48 (5.42) 6.31 0.91 Less Distributions: Dividends (from Net Investment Income) ................... -- -- -- -- Distributions (from Realized Gains) ...................... (0.06) (1.35) (0.43) -- ------ ------ ------ ----- Total Distributions .................................. (0.06) (1.35) (0.43) -- ------ ------ ------ ----- Net Asset Value End of Period ............................ $10.64 $ 8.22 $14.99 $9.11 ====== ====== ====== ===== Total Return (a) ......................................... 30.17% (38.78%) 71.10% 11.10% Ratios/Supplemental Data Net Assets End of Period (thousands) ..................... $6,644 $4,194 $3,017 $95 Ratio of Expenses to Average Net Assets .................. 2.10% 2.09% 2.11% 2.21% Ratio of Net Investment Income (Loss) to Average Net Assets ............................................. (1.79%) (1.66%) (1.61%) (1.75%) Portfolio Turnover Rate .................................. 42% 48% 35% 54%
SECURITY ULTRA FUND (CLASS S) Fiscal Period Ended September 30 --------------------------- Per Share Data 2002(c)(n) 2001(c)(m) ---------- ---------- Net Asset Value Beginning of Period .............. $ 8.43 $12.51 Income from Investment Operations: Net Investment Income (Loss) ..................... (0.09) (0.12) Net Gain (Loss) on Securities (realized and unrealized) ....................... 2.63 (3.96) ------ ------ Total from Investment Operations ................. 2.54 (4.08) Less Distributions: Dividends (from Net Investment Income) ........... -- -- Distributions (from Realized Gains) .............. (0.06) -- ------ ------ Total Distributions .......................... (0.06) -- ------ ------ Net Asset Value End of Period .................... $10.91 $ 8.43 ====== ====== Total Return (a) ................................. 30.13% (34.75%) Ratios/Supplemental Data Net Assets End of Period (thousands) ............. $1,968 $1,499 Ratio of Expenses to Average Net Assets .......... 2.10% 2.10% Ratio of Net Income (Loss) to Average Net Assets ..................................... (1.79%) (1.72%) Portfolio Turnover Rate .......................... 42% 52%
- -------------------------------------------------------------------------------- 75 See accompanying notes. FINANCIAL HIGHLIGHTS (CONTINUED) - -------------------------------------------------------------------------------- Selected data for each share of capital stock outstanding throughout each period (a) Total return information does not reflect deduction of any sales charges imposed at the time of purchase for Class A shares or upon redemption for Class B, C and S shares. (b) Fund expenses were reduced by the Investment Manager during the period and expense ratios absent such reimbursement would have been as follows:
2002 2001 2000 1999 1998 1997 Total Return Series Class A N/A N/A N/A 2.3% 2.5% 2.4% Class B N/A N/A N/A 3.2% 3.4% 3.3% Class C N/A N/A N/A 3.2% N/A N/A Social Awareness Series Class A N/A N/A N/A N/A 1.5% 1.7% Class B N/A N/A N/A N/A 2.5% 2.8% Mid Cap Value Series Class A N/A N/A N/A N/A 1.5% 1.9% Class B N/A N/A N/A N/A 2.6% 2.8% Small Cap Growth Series Class A N/A N/A 1.6% 1.5% 2.4% N/A Class B N/A N/A 2.5% 2.9% 3.4% N/A Class C N/A N/A 2.5% 2.5% N/A N/A International Series Class A 4.2% 3.8% 3.5% 4.7% N/A N/A Class B 4.9% 4.5% 4.3% 5.4% N/A N/A Class C 4.9% 4.5% 4.1% 5.0% N/A N/A Class S 3.3% N/A N/A N/A N/A N/A Large Cap Growth Series Class A N/A 2.2% N/A N/A N/A N/A Class B N/A 2.9% N/A N/A N/A N/A Class C N/A 2.9% N/A N/A N/A N/A Class S N/A 3.1% N/A N/A N/A N/A Technology Series Class A 3.2% 2.7% 2.3% N/A N/A N/A Class B 4.0% 3.4% 3.0% N/A N/A N/A Class C 4.0% 3.5% 3.0% N/A N/A N/A Class S 4.0% 3.6% N/A N/A N/A N/A
(c) Net investment income (loss) was computed using average shares outstanding throughout the period. (d) Security Social Awareness Series was initially capitalized on November 1, 1996, with a net asset value of $15 per share. Percentage amounts for the period, except for total return, have been annualized. (e) Security Mid Cap Value Series was initially capitalized on May 1, 1997, with a net asset value of $10 per share. Percentage amounts for the period, except for total return, have been annualized. (f) Meridian Investment Management Corporation (Meridian) became the sub-advisor of Total Return Series effective August 1, 1997. Prior to August 1, 1997 Security Management Company, LLC (SMC) paid Templeton/Franklin Investment Services, Inc. and Meridian for research services provided to Total Return Series. (g) Security Small Cap Growth Series was initially capitalized on October 15, 1997, with a net asset value of $10 per share. Percentage amounts for the period, except for total return, have been annualized. (h) Security Enhanced Index Series, Security International Series and Security Select 25 Series were initially capitalized on January 29, 1999, with a net asset value of $10 per share. Percentage amounts for the period, except for total return, have been annualized. (i) Class "C" Shares were initially offered for sale on January 29, 1999. Percentage amounts for the period, except total return, have been annualized. (j) Prior to May 15, 1999 SMC paid Meridian for sub-advisory services provided to Total Return Series. Effective May 15, 1999 the sub-advisory contract with Meridian was terminated and SMC continued to provide advisory services to the Total Return Series. (k) Security Large Cap Growth Series and Security Technology Series were initially capitalized on May 1, 2000, with a net asset value of $10 per share. Percentage amounts for the period, except total return, have been annualized. (l) Expense ratios, including reimbursements, were calculated without the reduction for custodian fees earnings credits beginning May 1, 2000 for Security Large Cap Growth Series, Security Technology Series and Security International Series. Expense ratios with such reductions would have been as follows: 2002 2001 2000 International Series Class A N/A 2.49% N/A Class B N/A 3.23% N/A Class C N/A 3.23% N/A Large Cap Growth Series Class A N/A 1.99% 1.85% Class B N/A N/A 2.61% Class C N/A N/A 2.60% Technology Series Class A N/A 2.25% 2.25% Class B N/A 3.00% 3.00% Class C N/A 3.00% 3.00% Class S N/A 3.00% N/A (m) Class "S" Shares were initially offered for sale on February 1, 2001. Percentage amounts for the period, except total return, have been annualized. Total return has been calculated for the period February 1, 2001 through September 30, 2001. (n) Unaudited figures for the six months ended March 31, 2002. Percentage amounts for the period, except total return, have been annualized. - -------------------------------------------------------------------------------- 76 See accompanying notes. NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- March 31, 2002 1. Significant accounting policies Security Growth and Income, Equity and Ultra Funds (the Funds) are registered under the Investment Company Act of 1940, as amended, as open-end management investment companies. The shares of Security Equity Fund are currently issued in multiple Series, with each Series, in effect, representing a separate fund. The Fund is required to account for the assets of each Series separately and to allocate general liabilities of the Fund to each Series based on the relative net assets of each Series. Class "A" shares are generally sold with a sales charge at the time of purchase. Class "A" shares are not subject to a sales charge when they are redeemed, except that purchases of Class "A" shares of $1 million or more sold without a front-end sales charge are subject to a contingent deferred sales charge if redeemed within one year of purchase. Class "B" shares are offered without a front-end sales charge but incur additional class-specific expenses. Redemptions of the shares within five years of acquisition incur a contingent deferred sales charge. Class "C" shares are offered without a front-end sales charge but incur additional class-specific expenses. Redemptions of the shares within one year of acquisition incur a contingent deferred sales charge. The Funds began offering an additional class of shares (" S" shares) to the public on February 1, 2001. The shares are offered without a front-end sales charge but incur additional class-specific expenses. Redemptions of the shares within seven years of acquisition incur a contingent deferred sales charge. The following is a summary of the significant accounting policies followed by the Funds in the preparation of their financial statements. A. Security Valuation - Securities listed or traded on a national securities exchange are valued on the basis of the last sales price. If there are no sales on a particular day, then the securities are valued at the last bid price. If a security is traded on multiple exchanges, its value will be based on prices from the principal exchange where it is traded. All other securities for which market quotations are available are valued on the basis of the current bid price. If there is no bid price or if the bid price is deemed to be unsatisfactory by the Board of Directors or the Funds' investment manager, then the securities are valued in good faith by such method as the Board of Directors determines will reflect the fair market value. The Funds generally will value short-term debt securities at prices based on market quotations for securities of similar type, yield, quality and duration, except those securities purchased with 60 days or less to maturity are valued on the basis of amortized cost which approximates market value. Generally, trading in foreign securities markets is substantially completed each day at various times prior to the close of the New York Stock Exchange. The values of foreign securities are determined as of the close of such foreign markets or the close of the New York Stock Exchange, if earlier. All investments quoted in foreign currency are valued in U. S. dollars on the basis of the foreign currency exchange rates prevailing at the close of business. The Global Series', International Series' and Technology Series' investments in foreign securities may involve risks not present in domestic investments. Since foreign securities may be denominated in a foreign currency and involve settlement and pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U. S. dollar can significantly affect the value of the investments and earnings of the Funds. Foreign investments may also subject the Global Series and International Series to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which could affect the market and/or credit risk of the investments. B. Repurchase agreements - In connection with transactions in repurchase agreements, it is the Funds' policy that its custodian take possession of the underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all times. If the seller defaults, and the fair value of the collateral declines, realization of the collateral by the Funds may be delayed or limited. C. Foreign Currency Transactions - The accounting records of the Funds are maintained in U. S. dollars. All assets and liabilities initially expressed in foreign currencies are converted into U. S. dollars at prevailing exchange rates. Purchases and sales of investment securities, dividend and interest income, and certain expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate that portion of the results of operations resulting from changes in the foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments. Net realized foreign exchange gains or losses arise from sales of portfolio securities, sales of foreign currencies, and the difference between asset and liability amounts initially stated in foreign currencies and the U. S. dollar value of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of portfolio securities and other assets and liabilities at the end of the reporting period, resulting from changes in the exchange rates. D. Forward Foreign Currency Exchange Contracts - Global Series and International Series may enter into forward foreign exchange contracts in order to manage foreign currency risk from purchase or sale of securities denominated in foreign currency. These funds may also enter into such contracts to manage changes in foreign currency exchange rates on portfolio positions. These contracts are marked to market daily, by recognizing the difference between the contract exchange rate and the current market rate as unrealized gains or losses. Realized gains or losses are recognized when contracts are settled and are reflected in the statement of operations. These contracts involve market risk in excess of the amount reflected in the statement of assets and liabilities. The face or contract amount in U. S. dollars reflects the total exposure these funds have in that particular currency contract. Losses may arise due to changes in the value of the foreign currency or if the counterparty does not perform under the contract. E. Futures - Growth and Income Fund, Equity Series, Social Awareness Series, Small Cap Growth Series, Enhanced Index Series, International Series, and Ultra Fund utilize futures contracts to a limited extent, with the objectives of maintaining full exposure to the underlying stock market, enhancing returns, maintaining liquidity, and minimizing transaction costs. These funds may purchase futures - -------------------------------------------------------------------------------- 77 NOTES TO FINANCIAL STATEMENTS (CONTINUED) - -------------------------------------------------------------------------------- March 31, 2002 contracts to immediately position incoming cash in the market, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for liquidity. In the event of redemptions, the Funds may pay departing shareholders from its cash balances and reduce their futures positions accordingly. Returns may be enhanced by purchasing futures contracts instead of the underlying securities when futures are believed to be priced more attractively than the underlying securities. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks contained in the indexes and the prices of futures contracts, and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Funds are required to deposit and maintain as collateral either cash or securities, representing the initial margin, equal to a certain percentage of the contract value. Subsequent changes in the value of the contract, or variation margin, are recorded as unrealized gains or losses. The variation margin is paid or received in cash daily by the Funds. The Funds realize a gain or loss when the contract is closed or expires. F. Option writing- When the Funds write an option, an amount equal to the premium received by the Funds is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by the Funds on the expiration date as realized gains from investments. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or, if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency in determining whether the Funds have realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Funds. The Funds as writers of options bear the market risk of an unfavorable change in the price of the security underlying the written option. G. Security Transactions and Investment Income - Security transactions are accounted for on the date the securities are purchased or sold. Realized gains and losses are reported on an identified cost basis. Dividend income less foreign taxes withheld (if any) plus foreign taxes recoverable (if any) are recorded on the ex-dividend date. Interest income is recognized on the accrual basis. H. Distributions to Shareholders - Distributions to shareholders are recorded on the ex-dividend date. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences are primarily due to differing treatments relating to the expiration of net operating losses and the recharacterization of foreign currency gains and losses and the deferral of wash sale losses. I. Taxes - The Funds complied with the requirements of the Internal Revenue Code applicable to regulated investment companies and distributed all of their taxable net income and net realized gains sufficient to relieve them from all, or substantially all, federal income, excise and state income taxes. Therefore, no provision for federal or state income tax is required. J. Use of Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. K. Securities Lending - Certain of the Series may lend up to 33 1/3% of the value of total assets to broker/dealers, banks, or other institutional borrowers of securities in order to earn additional income. Each Series' policy is to maintain collateral in the form of cash, U. S. Government securities, letters of credit or such other collateral as may be permitted under its investment program equal to at least 100% of the value of securities loaned. The collateral is then "marked-to-market" daily until the securities are returned. 2. Management fees and other transactions with affiliates Under terms of the investment advisory contract, Security Management Company, LLC (SMC) agrees to provide, or arrange for others to provide, all the services required by the Growth and Income Fund, Equity Series, Global Series, and Ultra Fund for a single fee, including investment advisory services, transfer agent services and certain other administrative services. For Growth and Income Fund, Equity Series and Ultra Fund, this fee is equal to 2% of the first $10 million of the average daily closing value of each Fund's net assets, 1.5% of the next $20 million, and 1% of the remaining net assets of the fund for the fiscal year. For Global Series, this fee is equal to 2% of the first $70 million of the average daily closing value of the series' net assets and 1.5% of the remaining average net assets of the series for the fiscal year. Additionally, SMC agrees to assume all of the Funds' expenses, except for its fee and the expenses of interest, taxes, brokerage commissions and extraordinary items and Class "B", Class "C" and Class "S" distribution fees. Management fees are payable to SMC under an investment advisory contract at an annual rate of 0.75% of the average daily net assets for Total Return, Enhanced Index and Select 25 Series, 1.00% for Social Awareness, Mid Cap Value, Small Cap Growth, Large Cap Growth and Technology Series, and 1.10% for International Series. SMC also acts as the administrative agent and transfer agent for the Funds, and as such performs administrative functions, transfer agency and dividend disbursing services, and the bookkeeping, accounting and pricing functions for each fund. For these services, the Investment Manager receives, from the International Series an administrative fee equal to .045% of the average daily net assets of the series plus the greater of .10% of the average net assets or $60,000 for the year ended January 31, 2002. For administrative services provided to the Total Return, Social Awareness, Mid Cap Value, Small Cap Growth, Enhanced Index, Select 25 and the Large Cap Growth Series, SMC receives an administrative fee equal to .09% of the average daily net assets of each series. For transfer agent services, SMC is paid an annual fixed charge per account as well as a transaction fee for all shareholder and dividend payments, except from Growth and Income - -------------------------------------------------------------------------------- 78 NOTES TO FINANCIAL STATEMENTS (CONTINUED) - -------------------------------------------------------------------------------- March 31, 2002 Fund, Equity Series, Global Series and Ultra Fund. For the Technology Series, the administrative fee is equal to .045% of the average daily net assets of the Series plus the greater of .10% of the average net assets, (i) $45,000 in the year ending April 30, 2002 or (ii) $60,000 thereafter. SMC pays the Dreyfus Corporation an annual fee equal to .25% of the average daily closing value of the combined net assets of Growth & Income Fund and another fund managed by SMC, SBL Series B, computed on a daily basis. Beginning January 1, 2002, the Dreyfus Corporation agreed to waive .10% of the average daily closing value of the combined net assets of Growth & Income Fund and another fund managed by SMC, SBL Series B, computed on a daily basis until 12/31/06. SMC pays OppenheimerFunds, Inc. an annual fee equal to a percentage of the average daily closing value of the combined average daily net assets of Global Series and another fund managed by SMC, SBL Series D, computed on a daily basis as follows: Combined Average Daily Net Assets Annual Fees - --------------------------------- ----------- $0 to $300 Million ................................................. .35% $300 Million to $750 Million ....................................... .30% $750 Million or more ............................................... .25% SMC pays Strong Capital Management, Inc. (" Strong") with respect to Small Cap Growth Series, an annual fee based on the combined average net assets of the Series and another fund managed by SMC, SBL Series X, computed on a daily basis as follows: Combined Average Daily Net Assets Annual Fees - --------------------------------- ----------- Less Than $150 Million ............................................. .50% $150 Million to $500 Million ....................................... .45% $500 Million or more ............................................... .40% Deutsche Asset Management, Inc. furnishes investment advisory services to Enhanced Index and International Series. For such services to the Enhanced Index Series SMC pays Deutsche Asset Management, Inc. an annual fee equal to a percentage of the average daily closing value of the combined net assets of Enhanced Index Series and another fund managed by SMC, SBL Series H, computed on a daily basis as follows: Combined Average Daily Net Assets Annual Fees - --------------------------------- ----------- $0 to $100 Million ................................................. .20% $100 Million to $300 Million ....................................... .15% $300 Million or more ............................................... .13% SMC also pays Deutsche Asset Management, Inc. a minimum fee equal to $200,000 per year in the third and following years of the Series' operations. For the services provided to the International Series, SMC pays Deutsche Asset Management, Inc. an annual fee equal to a percentage of the average daily closing value of the combined net assets of International Series and another fund managed by SMC, SBL Series I, computed on a daily basis as follows: Combined Average Daily Net Assets Annual Fees - --------------------------------- ----------- $0 to $200 Million ................................................. .60% $200 Million or more ............................................... .55% Wellington Management Company, LLP furnishes investment advisory services to the Technology Series. For such services, SMC pays Wellington an annual fee equal to .50% of the average daily closing value of the combined net assets of Technology Series and another fund managed by SMC, SBL Series T. SMC has agreed to limit the total expenses of the Enhanced Index and Select 25 Series to 1.75%, Total Return, Social Awareness, Mid Cap Value, Small Cap Growth and Large Cap Growth Series to 2.00%, and International and Technology Series to 2.25%, in each case exclusive of interest, taxes, extraordinary expenses, brokerage fees and commissions and 12b-1 fees. The expense limits other than those for Enhanced Index, Select 25 and International Series are voluntary limits which may be limited at any time without notice to shareholders. The Funds have adopted Distribution Plans related to the offering of Class B and Class C shares pursuant to Rule 12b-1 under the Investment Company Act of 1940 and Small Cap Growth, Enhanced Index, International, Select 25, Large Cap Growth and the Technology Series have also adopted such a Plan with respect to their Class A Shares. The plans provide for payments at an annual rate of 1.00% of the average daily net assets of each Fund's Class B, Class C, and Class S shares and 0.25% of the average daily net assets of the Small Cap Growth, Enhanced Index, International, Select 25 Series, Large Cap Growth and the Technology Series Class A shares. Security Distributors, Inc. (SDI), a wholly-owned subsidiary of Security Benefit Group, Inc. and the national distributor of the Funds, received net underwriting commissions on sales of Class A shares and contingent deferred sales charges on redemptions occurring within 5 years of the date of purchase of Class B shares, within 1 year of the date of purchase for Class C shares and within seven years of the date of purchase of Class S Shares after allowances to brokers and dealers, all in the amounts presented in the following table: - -------------------------------------------------------------------------------- 79 NOTES TO FINANCIAL STATEMENTS (CONTINUED) - -------------------------------------------------------------------------------- March 31, 2002
SDI Broker/ Broker/ Broker/ Broker/ Underwriting CDSC CDSC CDSC Dealer Dealer Dealer Dealer (Class A) (Class B) (Class C) (Class S) (Class A) (Class B) (Class C) (Class S) --------- --------- --------- --------- --------- --------- --------- --------- Growth and Income Fund ........ $ 775 $ 3,507 $225 $ 44 $ 14,215 $ 24,230 $1,090 $ 896 Security Equity Fund: Equity Series ............... 3,253 95,455 1,217 108 285,415 298,825 6,434 1,417 Global Series ............... 223 13,048 272 160 29,012 30,561 3,187 608 Total Return Series.......... 22 1,558 - - 1,269 1,744 520 - Social Awareness Series...... 289 10,209 142 - 16,251 18,924 791 - Mid Cap Value Series ........ 7,301 19,574 1,110 9,450 88,566 213,261 11,204 1,596 Small Cap Growth Series...... 422 3,961 55 39 11,576 16,029 2,216 164 Enhanced Index Series........ 80 6,391 14 - 8,127 15,278 1,219 - International Series......... 88 405 1 - 1,114 1,816 431 8 Select 25 Series ............ 231 20,213 76 - 19,164 28,045 2,071 144 Large Cap Growth Series ..... 80 3,062 84 - 2,444 4,566 634 70 Technology Series ........... 142 96 305 - 6,225 5,255 624 1 Security Ultra Fund ........... 3,179 25,286 2,149 7,632 66,942 83,375 6,288 1,492
Certain officers and directors of the Funds are also officers and/or directors of Security Benefit Life Insurance Company and its subsidiaries, which include SMC and SDI. 3. Federal Unrealized Appreciation/Depreciation For federal income tax purposes, the amounts of unrealized appreciation (depreciation) on investments at March 31, 2002, were as follows:
Gross Gross Net unrealized unrealized unrealized appreciation appreciation depreciation (depreciation) ------------ ------------ -------------- Growth & Income Fund ........................... $ 3,901,252 $(4,437,589) $ (536,337) Security Equity Fund: Equity Series ................................ 183,970,234 (35,884,585) 148,085,649 Global Series ................................ 7,544,329 (13,637,989) (6,093,660) Total Return Series .......................... 427,304 (964,628) (537,324) Social Awareness Series ...................... 3,703,827 (3,549,965) 153,862 Mid Cap Value Series ......................... 31,391,563 (2,807,306) 28,584,257 Small Cap Growth Series ...................... 4,275,930 (349,878) 3,926,052 Enhanced Index Series ........................ 2,032,002 (3,976,921) (1,944,919) International Series ......................... 438,791 (204,918) 233,873 Select 25 Series ............................. 3,183,748 (2,806,196) 377,552 Large Cap Growth Series ...................... 368,201 (3,021,499) (2,653,298) Technology Series ............................ 544,878 (1,740,865) (1,195,987) Security Ultra Fund ............................ 48,014,263 (18,572,746) 29,441,517
4. Investment transactions Investment transactions for the six months ended March 31, 2002, (excluding overnight investments and short-term commercial paper) were as follows: Proceeds Purchases from Sales --------- ---------- Growth & Income Fund ......................... $16,305,888 $18,299,534 Security Equity Fund: Equity Series .............................. 96,830,142 149,297,768 Global Series .............................. 17,890,947 10,795,781 Total Return Series ........................ 1,309,342 1,435,993 Social Awareness Series .................... 350,155 650,489 Mid Cap Value Series ....................... 51,734,172 26,838,820 Small Cap Growth Series .................... 37,148,584 41,522,391 Enhanced Index Series ...................... 4,633,698 3,629,597 International Series ....................... 5,663,675 5,892,575 Select 25 Series ........................... 4,076,828 6,139,302 Large Cap Growth Series .................... 1,072,260 1,123 Technology Series .......................... 7,818,712 6,620,189 Security Ultra Fund .......................... 39,531,722 64,583,705 - -------------------------------------------------------------------------------- 80 NOTES TO FINANCIAL STATEMENTS (CONTINUED) - -------------------------------------------------------------------------------- March 31, 2002 5. Forward Foreign Exchange Contracts At March 31, 2002, International Series had the following open forward foreign exchange contracts to buy or sell currency (excluding foreign currency contracts used for purchase and sale settlements):
Net Unrealized Contracts Settlement Foreign Currency Amount to be U.S. $ Value Appreciation to Buy Date to be delivered in U.S.$ paid in U.S.$ as of 3/31/02 (Depreciation) ------ ---- ------------------------- -------------- ------------- -------------- International Series Australian Dollar .............. 04/26/02 207,565 $ 108,957 $ 110,575 $ 1,618 British Pound .................. 04/25/02 290,815 413,323 413,510 187 Danish Kroner .................. 04/25/02 1,195,771 141,649 140,211 (1,438) European Monetary Unit ......... 04/25/02 300,576 264,005 261,923 (2,082) Japanese Yen ................... 04/25/02 56,180,452 425,838 424,446 (1,392) Korean Won ..................... 04/25/02 34,848,474 26,303 26,224 (79) New Zealand Dollar ............. 04/26/02 158,744 68,603 69,704 1,101 Norwegian Krone ................ 04/25/02 206,696,607 23,567,254 23,338,358 (228,896) Singapore Dollar ............... 04/25/02 86,585 47,566 46,975 (591) Swedish Krona .................. 04/25/02 1,425,384 139,070 137,455 (1,615) Swiss Franc .................... 04/25/02 429,963 257,876 255,777 (2,099) --------- ($235,286) =========
Net Unrealized Contracts Settlement Foreign Currency Amount to be U.S. $ Value Appreciation to Sell Date to be delivered in U.S.$ received in U.S.$ as of 3/31/02 (Depreciation) - ------- ---- ------------------------- ----------------- ------------- -------------- International Series Australian Dollar ...... 04/02/02 -04/26/02 230,546 $ 120,435 $ 122,844 $(2,409) British Pound .......... 04/02/02 -04/25/02 87,691 124,773 124,694 79 Canadian Dollar ........ 04/25/02 92,514 58,350 57,983 367 European Monetary Unit . 04/02/02 -04/25/02 257,598 225,665 224,534 1,131 Japanese Yen ........... 04/01/02 -04/25/02 208,792,612 1,586,858 1,577,372 9,486 Korean Won ............. 04/25/02 34,707,091 26,086 26,117 (31) Hungary Forint ......... 04/03/02 1,072,000 3,838 3,844 (6) New Zealand Dollar ..... 04/26/02 114,577 49,881 50,310 (429) Norwegian Krone ........ 04/25/02 205,600,529 23,366,352 23,214,599 151,753 Singapore Dollar ....... 04/25/02 86,687 47,435 47,031 404 Swiss Franc ............ 04/25/02 936,374 562,666 557,031 5,635 -------- $165,980 ========
6. Open Futures Contracts
Number of Contract Market Unrealized Position Contracts Expiration Date Amount Value Loss -------- --------- --------------- ------ ----- ---- Equity Series S&P 500 Index Future ....... Long 35 6/20/02 $10,191,990 $10,055,499 $(136,491) Enhanced Index Series S&P 500 E- Mini Future ..... Long 4 6/21/02 $ 233,840 $ 229,850 $ (3,990) S&P 500 Index Future ....... Long 4 6/20/02 1,170,474 1,149,200 (21,274) --------- $ (25,264) =========
- -------------------------------------------------------------------------------- 81 NOTES TO FINANCIAL STATEMENTS (CONTINUED) - -------------------------------------------------------------------------------- March 31, 2002 7. Capital Share Transactions The Funds are authorized to issue unlimited number of shares in an unlimited number of classes. Transactions in the capital shares of the Funds were as follows:
2002 2002 2002 2002 2002 Shares Amount Shares Amount Shares Sold Sold Reinvested Reinvested Redeemed ---- ---- ---------- ---------- -------- Growth & Income Fund Class A shares ................. 452,296 $ 2,597,906 33,045 $ 197,941 (741,100) Class B shares ................. 301,105 1,666,029 - - (143,975) Class C shares ................. 123,955 708,132 - - (27,458) Class S shares ................. 3,995 22,400 - - (133) --------- ------------- ------ ------------ -------- Total ......................... 881,351 $ 4,994,467 33,045 $ 197,941 (912,666) ========= ============= ====== ============ ======== Security Equity Fund: Equity Series Class A shares ................. 5,245,644 $ 36,505,933 1 $ 5 (8,530,262) Class B shares ................. 2,078,543 13,237,526 - - (2,542,997) Class C shares ................. 219,571 1,471,955 - - (122,361) Class S shares ................. 5,214 35,417 - - (263) --------- ------------- ------ ------------ -------- Total ......................... 7,548,972 $ 51,250,831 1 $ 5 (11,195,883) ========= ============= ====== ============ ======== Global Series Class A shares ................. 5,800,284 $ 71,496,135 45 $ 657 (5,443,715) Class B shares ................. 352,232 4,086,286 3 34 (275,116) Class C shares ................. 106,234 1,272,451 - - (49,101) Class S shares ................. 1,196 15,196 - - (175) --------- ------------- ------ ------------ -------- Total ......................... 6,259,946 $ 76,870,068 48 $ 691 (5,768,107) ========= ============= ====== ============ ======== Total Return Series Class A shares ................. 29,706 $ 262,571 - $ - (40,931) Class B shares ................. 10,885 94,757 - - (35,535) Class C shares ................. 23,506 202,897 - - (1,903) Class S shares ................. - - - - - --------- ------------- ------ ------------ -------- Total ......................... 64,097 $ 560,225 - $ - (78,369) ========= ============= ====== ============ ======== Social Awareness Series Class A shares ................. 84,313 $ 1,653,307 - $ - (57,093) Class B shares ................. 34,045 630,983 - - (42,106) Class C shares ................. 13,769 262,715 - - (7,183) Class S shares ................. - - - - - --------- ------------- ------ ------------ -------- Total .......................... 132,127 $ 2,547,005 - $ - (106,382) ========= ============= ====== ============ ======== Mid Cap Value Series Class A shares ................. 1,309,087 $ 27,847,972 43,855 $ 908,678 (507,074) Class B shares ................. 712,717 14,498,825 27,646 546,012 (232,017) Class C shares ................. 252,035 5,194,418 6,474 129,993 (47,705) Class S shares ................. 11,997 256,631 5,427 111,634 (11,525) --------- ------------- ------ ------------ -------- Total ......................... 2,285,836 $ 47,797,846 83,402 $ 1,696,317 (798,321) ========= ============= ====== ============ ======== Small Cap Growth Series Class A shares ................. 210,516 $ 2,298,867 13 $ 218 (854,360) Class B shares ................. 226,375 2,349,278 - - (214,703) Class C shares ................. 75,148 796,692 - - (40,525) Class S shares ................. 2,694 30,788 - - (61) --------- ------------- ------ ------------ -------- Total ......................... 514,733 $ 5,475,625 13 $ 218 (1,109,650) ========= ============= ====== ============ ======== Enhanced Index Series Class A shares ................. 184,536 $ 1,606,934 - $ - (124,094) Class B shares ................. 92,949 791,250 - - (80,567) Class C shares ................. 58,230 495,903 - - (39,662) Class S shares ................. - - - - - --------- ------------- ------ ------------ -------- Total ......................... 335,715 $ 2,894,087 - $ - (244,323) ========= ============= ====== ============ ======== International Series Class A shares ................. 35,235 $ 253,349 - $ - (58,724) Class B shares ................. 6,832 47,731 - - (3,001) Class C shares ................. 19,304 136,713 - - (27,298) Class S shares ................. 29 200 - - - --------- ------------- ------ ------------ -------- Total ......................... 61,400 $ 437,993 - $ - (89,023) ========= ============= ====== ============ ======== Select 25 Series Class A shares ................. 246,263 $ 2,192,888 - $ - (197,202) Class B shares ................. 152,131 1,327,779 - - (174,286) Class C shares ................. 61,374 530,493 - - (34,846) Class S shares ................. 412 3,600 - - (1) --------- ------------- ------ ------------ -------- Total ......................... 460,180 $ 4,054,760 - $ - (406,335) ========= ============= ====== ============ ======== Large Cap Growth Series Class A shares ................. 172,027 $ 1,157,564 - $ - (75,865) Class B shares ................. 85,570 566,245 - - (42,521) Class C shares ................. 80,465 527,477 - - (16,939) Class S shares ................. 268 1,750 - - - --------- ------------- ------ ------------ -------- Total ......................... 338,330 $ 2,253,036 - $ - (135,325) ========= ============= ====== ============ ======== Technology Series Class A shares ................. 309,419 $ 1,396,948 - $ - (152,946) Class B shares ................. 40,033 170,356 - - (1,771) Class C shares ................. 72,166 311,522 - - (26,193) Class S shares ................. 2 30 - - (40) --------- ------------- ------ ------------ -------- Total ......................... 421,620 $ 1,878,856 - $ - (180,950) ========= ============= ====== ============ ======== Security Ultra Fund Class A shares ................. 3,384,246 $ 34,573,625 79,784 $ 829,749 (4,306,640) Class B shares ................. 449,861 4,082,350 20,365 189,806 (1,228,018) Class C shares ................. 183,424 1,797,188 3,053 30,713 (72,249) Class S shares ................. 15,665 159,689 982 10,135 (14,105) --------- ------------- ------ ------------ -------- Total ......................... 4,033,196 $ 40,612,852 104,184 $ 1,060,403 (5,621,012) ========= ============= ====== ============ ========
2002 2002 Total 2002 Total Amount Increase/(Decrease) Increase/(Decrease) Redeemed Shares Amount -------- ------ ------ Growth & Income Fund Class A shares ................. $ (4,275,183) (255,759) $ (1,479,336) Class B shares ................. (807,413) 157,130 858,616 Class C shares ................. (158,014) 96,497 550,118 Class S shares ................. (773) 3,862 21,627 --------------- --------- -------------- Total ......................... $ (5,241,383) 1,730 $ (48,975) =============== ========= ============== Security Equity Fund: Equity Series Class A shares ................. $ (59,073,427) (3,284,617) $ (22,567,489) Class B shares ................. (16,092,418) (464,454) (2,854,892) Class C shares ................. (804,275) 97,210 667,680 Class S shares ................. (1,828) 4,951 33,589 --------------- --------- -------------- Total ......................... $ (75,971,948) (3,646,910) $ (24,721,112) =============== ========= ============== Global Series Class A shares ................. $ (67,408,236) 356,614 $ 4,088,556 Class B shares ................. (3,210,094) 77,119 876,226 Class C shares ................. (587,117) 57,133 685,339 Class S shares ................. (2,127) 1,021 13,068 --------------- --------- -------------- Total ......................... $ (71,207,574) 491,887 $ 5,663,185 =============== ========= ============== Total Return Series Class A shares ................. $ (370,951) (11,225) $ (108,380) Class B shares ................. (307,176) (24,650) (212,419) Class C shares ................. (16,563) 21,603 186,334 Class S shares ................. - - - --------------- --------- -------------- Total ......................... $ (694,690) (14,272) $ (134,465) =============== ========= ============== Social Awareness Series Class A shares ................. $ (1,117,814) 27,220 $ 535,493 Class B shares ................. (776,696) (8,061) (145,713) Class C shares ................. (136,137) 6,586 126,578 Class S shares ................. - - - --------------- --------- -------------- Total .......................... $ (2,030,647) 25,745 $ 516,358 =============== ========= ============== Mid Cap Value Series Class A shares ................. $ (10,747,863) 845,868 $ 18,008,787 Class B shares ................. (4,769,548) 508,346 10,275,289 Class C shares ................. (967,614) 210,804 4,356,797 Class S shares ................. (237,416) 5,899 130,849 --------------- --------- -------------- Total ......................... $ (16,722,441) 1,570,917 $ 32,771,722 =============== ========= ============== Small Cap Growth Series Class A shares ................. $ (9,318,524) (643,831) $ (7,019,439) Class B shares ................. (2,247,944) 11,673 101,334 Class C shares ................. (435,842) 34,623 360,850 Class S shares ................. (689) 2,633 30,099 --------------- --------- -------------- Total ......................... $ (12,002,999) (594,902) $ (6,527,156) =============== ========= ============== Enhanced Index Series Class A shares ................. $ (1,088,224) 60,442 $ 518,710 Class B shares ................. (689,745) 12,382 101,505 Class C shares ................. (336,693) 18,568 159,210 Class S shares ................. - - - --------------- --------- -------------- Total ......................... $ (2,114,662) 91,392 $ 779,425 =============== ========= ============== International Series Class A shares ................. $ (420,170) (23,489) $ (166,821) Class B shares ................. (20,834) 3,831 26,897 Class C shares ................. (191,124) (7,994) (54,411) Class S shares ................. - 29 200 --------------- --------- -------------- Total ......................... $ (632,128) (27,623) $ (194,135) =============== ========= ============== Select 25 Series Class A shares ................. $ (1,716,901) 49,061 $ 475,987 Class B shares ................. (1,490,411) (22,155) (162,632) Class C shares ................. (303,719) 26,528 226,774 Class S shares ................. (10) 411 3,590 --------------- --------- -------------- Total ......................... $ (3,511,041) 53,845 $ 543,719 =============== ========= ============== Large Cap Growth Series Class A shares ................. $ (492,404) 96,162 $ 665,160 Class B shares ................. (275,265) 43,049 290,980 Class C shares ................. (108,791) 63,526 418,686 Class S shares ................. - 268 1,750 --------------- --------- -------------- Total ......................... $ (876,460) 203,005 $ 1,376,576 =============== ========= ============== Technology Series Class A shares ................. $ (673,108) 156,473 $ 723,840 Class B shares ................. (7,721) 38,262 162,635 Class C shares ................. (111,862) 45,973 199,660 Class S shares ................. (175) (38) (145) --------------- --------- -------------- Total ......................... $ (792,866) 240,670 $ 1,085,990 =============== ========= ============== Security Ultra Fund Class A shares ................. $ (44,073,649) (842,610) $ (8,670,275) Class B shares ................. (11,274,078) (757,792) (7,001,922) Class C shares ................. (712,652) 114,228 1,115,249 Class S shares ................. (147,342) 2,542 22,482 --------------- --------- -------------- Total ......................... $ (56,207,721) (1,483,632) $ (14,534,466) =============== ========= ==============
- -------------------------------------------------------------------------------- 82 NOTES TO FINANCIAL STATEMENTS (CONTINUED) - -------------------------------------------------------------------------------- March 31, 2002
2001 2001 2001 2001 Shares Amount Shares Amount Sold Sold Reinvested Reinvested ---------- ------------ ---------- ------------ Growth and Income Fund Class A shares ................. 735,881 $ 4,558,768 67,314 $ 419,365 Class B shares ................. 314,886 1,867,041 -- -- Class C shares ................. 118,356 713,249 -- -- Class S shares ................. 7,636 46,988 -- -- ---------- ------------ ---------- ------------ Total ......................... 1,176,759 $ 7,186,046 67,314 $ 419,365 ========== ============ ========== ============ Security Equity Fund: Equity Series Class A shares ................. 10,662,579 $ 83,685,615 12,508,257 $105,569,821 Class B shares ................. 5,051,157 36,396,598 2,779,586 21,764,155 Class C shares ................. 323,491 2,382,480 81,177 668,094 Class S shares ................. 17,728 125,404 -- -- ---------- ------------ ---------- ------------ Total ......................... 16,054,955 $122,590,097 15,369,020 $128,002,070 ========== ============ ========== ============ Global Series Class A shares ................. 4,312,915 $ 60,974,682 716,125 $ 10,323,385 Class B shares ................. 630,395 8,433,918 424,510 5,775,880 Class C shares ................. 213,028 2,974,473 38,692 545,022 Class S shares ................. 5,631 73,000 -- -- ---------- ------------ ---------- ------------ Total ......................... 5,161,969 $ 72,456,073 1,179,327 $ 16,644,287 ========== ============ ========== ============ Total Return Series Class A shares ................. 90,149 $ 885,000 1,100 $ 12,185 Class B shares ................. 24,106 241,904 1,140 12,322 Class C shares ................. 17,309 171,350 22 241 Class S shares ................. 215 2,000 -- -- ---------- ------------ ---------- ------------ Total ......................... 131,779 $ 1,300,254 2,262 $ 24,748 ========== ============ ========== ============ Social Awareness Series Class A shares ................. 223,468 $ 5,015,472 13,389 $ 321,016 Class B shares ................. 88,622 1,855,427 10,042 230,222 Class C shares ................. 31,640 688,498 822 19,271 Class S shares ................. 1,583 36,300 -- -- ---------- ------------ ---------- ------------ Total ......................... 345,313 $ 7,595,697 24,253 $ 570,509 ========== ============ ========== ============ Mid Cap Value Series Class A shares ................. 1,444,875 $ 30,051,144 164,650 $ 3,044,301 Class B shares ................. 1,063,580 21,276,502 72,534 1,293,791 Class C shares ................. 296,497 6,105,178 14,564 263,856 Class S shares ................. 385,640 8,151,488 -- -- ---------- ------------ ---------- ------------ Total ......................... 3,190,592 $ 65,584,312 251,748 $ 4,601,948 ========== ============ ========== ============ Small Cap Growth Series Class A shares ................. 801,567 $ 11,832,144 126,942 $ 2,028,028 Class B shares ................. 485,512 7,162,892 54,038 830,891 Class C shares ................. 125,855 1,712,588 14,768 231,644 Class S shares ................. 5,780 67,030 -- -- ---------- ------------ ---------- ------------ Total ......................... 1,418,714 $ 20,774,654 195,748 $ 3,090,563 ========== ============ ========== ============ Enhanced Index Series Class A shares ................. 197,142 $ 1,958,174 6,171 $ 64,739 Class B shares ................. 133,817 1,316,759 8,285 85,677 Class C shares ................. 87,057 843,394 5,280 54,649 Class S shares ................. 339 3,000 -- -- ---------- ------------ ---------- ------------ Total ......................... 418,355 $ 4,121,327 19,736 $ 205,065 ========== ============ ========== ============ International Series Class A shares ................. 158,611 $ 1,344,418 16,680 $ 160,797 Class B shares ................. 22,172 193,922 9,711 92,354 Class C shares ................. 27,457 235,007 13,100 124,980 Class S shares ................. -- -- -- -- ---------- ------------ ---------- ------------ Total ......................... 208,240 $ 1,773,347 39,491 $ 378,131 ========== ============ ========== ============ Select 25 Series Class A shares ................. 345,987 $ 3,334,756 -- $ -- Class B shares ................. 232,938 2,261,926 -- -- Class C shares ................. 103,823 1,007,338 -- -- Class S shares ................. 1,668 14,300 -- -- ---------- ------------ ---------- ------------ Total ......................... 684,416 $ 6,618,320 -- $ -- ========== ============ ========== ============ Large Cap Growth Series Class A shares ................. 255,450 $ 1,992,412 -- $ -- Class B shares ................. 156,711 1,268,854 -- -- Class C shares ................. 301,454 2,381,104 -- -- Class S shares ................. 317 2,386 -- -- ---------- ------------ ---------- ------------ Total ......................... 713,932 $ 5,644,756 -- $ ========== ============ ========== ============ Technology Series Class A shares ................. 666,719 $ 4,242,527 -- $ -- Class B shares ................. 78,874 524,424 -- -- Class C shares ................. 186,696 1,176,155 -- -- Class S shares ................. 52,228 283,350 -- -- ---------- ------------ ---------- ------------ Total ......................... 984,517 $ 6,226,456 -- $ -- ========== ============ ========== ============ Security Ultra Fund Class A shares ................. 5,059,861 $ 60,350,578 1,506,092 $ 17,877,361 Class B shares ................. 1,992,540 21,681,497 359,733 3,870,738 Class C shares ................. 380,274 4,315,275 23,047 267,342 Class S shares ................. 241,795 2,780,756 -- -- ---------- ------------ ---------- ------------ Total ......................... 7,674,470 $ 89,128,106 1,888,872 $ 22,015,441 ========== ============ ========== ============ 2001 2001 2001 Total 2001 Total Shares Amount Increase/(Decrease) Increase/(Decrease) Redeemed Redeemed Shares Amount ----------- ------------- ---------- ----------- Growth and Income Fund Class A shares ................. (1,843,890) $ (11,349,763) (1,040,695) $(6,371,630) Class B shares ................. (374,960) (2,210,790) (60,074) (343,749) Class C shares ................. (23,462) (138,827) 94,894 574,422 Class S shares ................. -- -- 7,636 46,988 ----------- ------------- ---------- ----------- Total ......................... (2,242,312) $ (13,699,380) (998,239) $(6,093,969) =========== ============= ========= =========== Security Equity Fund: Equity Series Class A shares ................. (17,716,938) $(139,187,533) 5,453,898 $50,067,903 Class B shares ................. (7,658,980) (54,701,729) 171,763 3,459,024 Class C shares ................. (257,235) (1,840,573) 147,433 1,210,001 Class S shares ................. -- -- 17,728 125,404 ----------- ------------- ---------- ----------- Total ......................... (25,633,153) $(195,729,835) 5,790,822 $54,862,332 =========== ============= ========= =========== Global Series Class A shares ................. (3,901,765) $ (56,194,385) 1,127,275 $15,103,682 Class B shares ................. (505,770) (6,779,678) 549,135 7,430,120 Class C shares ................. (63,899) (919,962) 187,821 2,599,533 Class S shares ................. (296) (3,356) 5,335 69,644 ----------- ------------- ---------- ----------- Total ......................... (4,471,730) $ (63,897,381) 1,869,566 $25,202,979 =========== ============= ========= =========== Total Return Series Class A shares ................. (77,212) $ (769,855) 14,037 $ 127,330 Class B shares ................. (40,382) (406,545) (15,136) (152,319) Class C shares ................. (2,312) (22,564) 15,019 149,027 Class S shares ................. -- -- 215 2,000 ----------- ------------- ---------- ----------- Total ......................... (119,906) $ (1,198,964) 14,135 $ 126,038 =========== ============= ========= =========== Social Awareness Series Class A shares ................. (309,079) $ (6,651,193) (72,222) $(1,314,705) Class B shares ................. (77,632) (1,598,671) 21,032 486,978 Class C shares ................. (3,732) (78,754) 28,730 629,015 Class S shares ................. (276) (4,974) 1,307 31,326 ----------- ------------- ---------- ----------- Total ......................... (390,719) $ (8,333,592) (21,153) $ (167,386) =========== ============= ========= =========== Mid Cap Value Series Class A shares ................. (469,581) $ (9,435,740) 1,139,944 $23,659,705 Class B shares ................. (271,334) (5,238,587) 864,780 17,331,706 Class C shares ................. (63,422) (1,226,188) 247,639 5,142,846 Class S shares ................. (30,438) (619,745) 355,202 7,531,743 ----------- ------------- ---------- ----------- Total ......................... (834,775) $ (16,520,260) 2,607,565 $53,666,000 =========== ============= ========= =========== Small Cap Growth Series Class A shares ................. (899,615) $ (13,928,471) 28,894 $ (68,299) Class B shares ................. (428,103) (5,821,539) 111,447 2,172,244 Class C shares ................. (67,409) (905,887) 73,214 1,038,345 Class S shares ................. -- -- 5,780 67,030 ----------- ------------- ---------- ----------- Total ......................... (1,395,127) $ (20,655,897) 219,335 $ 3,209,320 =========== ============= ========= =========== Enhanced Index Series Class A shares ................. (97,813) $ (960,272) 105,500 $ 1,062,641 Class B shares ................. (190,439) (1,747,232) (48,337) (344,796) Class C shares ................. (113,876) (1,035,261) (21,539) (137,218) Class S shares ................. -- -- 339 3,000 ----------- ------------- ---------- ----------- Total ......................... (402,128) $ (3,742,765) 35,963 $ 583,627 =========== ============= ========= =========== International Series Class A shares ................. (148,828) $ (1,247,792) 26,463 $ 257,423 Class B shares ................. (13,362) (110,875) 18,521 175,401 Class C shares ................. (34,997) (303,804) 5,560 56,183 Class S shares ................. -- -- -- -- ----------- ------------- ---------- ----------- Total ......................... (197,187) $ (1,662,471) 50,544 $ 489,007 =========== ============= ========= =========== Select 25 Series Class A shares ................. (394,286) $ (3,787,919) (48,299) $ (453,163) Class B shares ................. (306,997) (2,792,325) (74,059) (530,399) Class C shares ................. (145,082) (1,330,897) (41,259) (323,559) Class S shares ................. -- -- 1,668 14,300 ----------- ------------- ---------- ----------- Total ......................... (846,365) $ (7,911,141) (161,949) $(1,292,821) =========== ============= ========= =========== Large Cap Growth Series Class A shares ................. (97,167) $ (738,305) 158,283 $ 1,254,107 Class B shares ................. (37,462) (248,258) 119,249 1,020,596 Class C shares ................. (84,435) (691,711) 217,019 1,689,393 Class S shares ................. -- -- 317 2,386 ----------- ------------- ---------- ----------- Total ......................... (219,064) $ (1,678,274) 494,868 $ 3,966,482 =========== ============= ========= =========== Technology Series Class A shares ................. (244,687) $ (1,367,594) 422,032 $ 2,874,933 Class B shares ................. (29,538) (170,968) 49,336 353,456 Class C shares ................. (25,995) (133,592) 160,701 1,042,563 Class S shares ................. (13,766) (59,619) 38,462 223,731 ----------- ------------- ---------- ----------- Total ......................... (313,986) $ (1,731,773) 670,531 $ 4,494,683 =========== ============= ========= =========== Security Ultra Fund Class A shares ................. (4,459,504) $ (51,400,627) 2,106,449 $26,827,312 Class B shares ................. (1,367,759) (14,013,238) 984,514 11,538,997 Class C shares ................. (94,313) (1,049,860) 309,008 3,532,757 Class S shares ................. (63,986) (657,715) 177,809 2,123,041 ----------- ------------- ---------- ----------- Total ......................... (5,985,562) $ (67,121,440) 3,577,780 $44,022,107 =========== ============= ========= ===========
- -------------------------------------------------------------------------------- 83 NOTES TO FINANCIAL STATEMENTS (CONTINUED) - -------------------------------------------------------------------------------- March 31, 2002 8. Options written Transactions in options written for International Series for the period ended March 31, 2002 were as follows: Put Options Written Number of Premium Contracts Amount --------- ------- Balance at September 30, 2001 ........................... - $ - Opened .................................................. 250,000 1,113 Bought Back ............................................. - - Expired ................................................. ($250,000) (1,113) Exercised ............................................... - $ - --------- ------- Balance at March 31, 2002 ............................... - $ - ========= ======= Call Options Written Number of Premium Contracts Amount --------- ------ Balance at September 30, 2001 ........................... - $ - Opened .................................................. 1,256,506 16,199 Bought Back ............................................. (259,565) (1,017) Expired ................................................. (996,941) (15,182) Exercised ............................................... - $ - --------- ------- Balance at March 31, 2002 ............................... - $ - ========= ======= The following options written were outstanding for Mid Cap Value Series at March 31, 2002: Put Options Written
Expiration Exercise Number of Market Common Stock Date Price Contracts Value - ------------ ---- ----- --------- ----- Evergreen Resources, Inc. ............................................... 4/22/02 35.00 180 $ - Maxwell Technologiews, Inc. ............................................. 6/24/02 10.00 27 4,185 Rehabcare Group, Inc. ................................................... 4/22/02 20.00 97 - Shaw Group, Inc. ........................................................ 4/22/02 17.50 350 - ----- -------- Total put options outstanding (premiums received, $101,806) ............. 654 $ 4,185 ===== ======== Call Options Written Expiration Exercise Number of Market Common Stock Date Price Contracts Value - ------------ ---- ----- --------- ----- CXS Corporation .......................................................... 4/22/02 40.00 70 $ 4,200 JDA Software Group, Inc. ................................................. 7/22/02 30.00 250 127,500 ----- -------- Total call options outstanding (premiums received, $66,889) .............. 320 $131,700 ===== ========
Transactions in options written for Mid Cap Value Series for the period ended March 31, 2002 were as follows: Put Options Written Number of Premium Contracts Amount --------- ------ Balance at September 30, 2001 .................. 825 $ 80,084 Opened ......................................... 1,557 236,021 Bought Back .................................... - - Expired ........................................ (1,145) (99,263) Exercised ...................................... (583) (115,036) ------ -------- Balance at March 31, 2002 ...................... 654 $101,806 ====== ======== Call Options Written Number of Premium Contracts Amount --------- ------ Balance at September 30, 2001 .................. 477 $ 83,729 Opened ......................................... 920 171,925 Bought Back .................................... - - Expired ........................................ (110) (34,868) Exercised ...................................... (967) (153,897) ------ -------- Balance at March 31, 2002 ...................... 320 $ 66,889 ====== ======== - -------------------------------------------------------------------------------- 84 NOTES TO FINANCIAL STATEMENTS (CONTINUED) - -------------------------------------------------------------------------------- March 31, 2002 8. Options written (continued) The following options written were outstanding for Security Ultra Fund for the period ended March 31, 2002:
Put Options Written Expiration Exercise Number of Market Common Stock Date Price Contracts Value - ------------ ---- ----- --------- ----- AnnTaylor Stores Corporation ........................................... 4/19/02 40.00 200 $ 10,000 FuelCell Energy, Inc. .................................................. 4/19/02 15.00 700 24,500 Maxwell Technologies, Inc. ............................................. 6/21/02 10.00 43 6,665 Shaw Group, Inc. ....................................................... 4/19/02 17.50 570 0 ----- -------- Total put options outstanding (premiums received, $222,308) ............ 1,513 $ 41,165 ===== ======== Call Options Written Expiration Exercise Number of Market Common Stock Date Price Contracts Value - ------------ ---- ----- --------- ----- Power Integrations, Inc. ............................................... 4/19/02 30.00 400 0 Symantec Corporation ................................................... 4/19/02 37.50 310 148,800 Electronic Arts, Inc. .................................................. 4/19/02 60.00 204 55,080 Rational Software Corporation .......................................... 4/19/02 22.50 450 2,250 ----- -------- Total call options outstanding (premiums received, $331,713) ........... 1,364 $206,130 ===== ========
Transactions in options written for Security Ultra Fund for the period ended March 31, 2002 were as follows: Put Options Written Number of Premium Contracts Amount --------- ------ Balance at September 30, 2001 .................... 1,097 $116,673 Opened ........................................... 4,619 592,319 Bought Back ...................................... - - Expired .......................................... (3,272) (336,599) Exercised ........................................ (931) (150,085) ------ -------- Balance at March 31, 2002 ........................ 1,513 $222,308 Call Options Written Number of Premium Contracts Amount --------- ------ Balance at September 30, 2001 .................... 750 $314,105 Opened ........................................... 3,934 895,482 Bought Back ...................................... (325) (186,183) Expired .......................................... (2,415) (630,343) Exercised ........................................ (580) (61,348) ------ -------- Balance at March 31, 2002 ........................ 1,364 $331,713 9. Securities Lending Transactions In order to generate additional income, certain of the Funds may lend portfolio securities representing up to 33 1/3% of the value of total assets (which includes collateral received for securities on loan) to broker/dealers, institutional investors, or other persons. As with other extensions of credit, there may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the security fail financially. The market value of the securities on loan at March 31, 2002, the amount of cash received as collateral held at March 31, 2002 and income generated during the period ended March 31, 2002, from the program were as follows:
Market Value of Collateral Market Value Purchased with Cash Received Income Received of Loaned Securities Money Market Instrument from Securities Lending -------------------- ----------------------- ----------------------- International Series ....... $ 902,865 $ 949,724 $2,576 Large Cap Growth Series .... 622,155 643,059 1,909 Technology Series .......... 1,916,949 2,006,854 3,579
- -------------------------------------------------------------------------------- 85 The Security Group of Mutual Funds - ---------------------------------- Security Growth and Income Fund Security Equity Fund o Equity Series o Global Series o Total Return Series o Social Awareness Series o Mid Cap Value Series o Small Cap Growth Series o Enhanced Index Series o International Series o Select 25 Series o Large Cap Growth Series o Technology Series Security Ultra Fund Security Income Fund o Diversified Income Series o High Yield Series Security Municipal Bond Fund Security Cash Fund Security Funds Officers and Directors - ---------------------------------- Directors - --------- Donald A. Chubb, Jr. John D. Cleland Penny A. Lumpkin Mark L. Morris, Jr., D. V. M. Maynard F. Oliverius James R. Schmank Officers - -------- John D. Cleland, Chairman of the Board James R. Schmank, President Terry A. Milberger, Vice President, Equity Fund James P. Schier, Vice President, Equity and Ultra Fund Cindy L. Shields, Vice President, Equity Fund Amy J. Lee, Secretary Christopher D. Swickard, Assistant Secretary Brenda M. Harwood, Treasurer Jana R. Selley , Compliance Officer This report is submitted for the general information of the share- holders of the Funds. The report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus which contains details concerning the sales charges and other pertinent information. ---------------------------------------------- [LOGO] Security Distributors, Inc. ---------------------------------------------- One Security Benefit Place Topeka, KS 66636-0001 -----END PRIVACY-ENHANCED MESSAGE-----