Schedule 13G
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. INITIAL)*
ELECTRIC CITY CORPORATION
----------------------------------------------------------------------------------
(Name of Issuer)
COMMON
----------------------------------------------------------------------------------
(Title of Class of Securities)
284868106
----------------------------------------------------------------------------------
(CUSIP Number)
March 19, 2004
----------------------------------------------------------------------------------
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is
filed:
[X] Rule 13d-1(b)
[_] Rule 13d-1(c)
[_] Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934
("Act") or otherwise subject to the liabilities of that section of the Act but
shall be subject to all other provisions of the Act (however, see the Notes).
CUSIP No. 284868106
----------------------------------------------------------------------------------
1. Names of Reporting Persons. Security Management Company, LLC
I.R.S. Identification Nos. of
above persons (entities only). 48-1183041
----------------------------------------------------------------------------------
2. Check the Appropriate Box
If a Member of a Group
(See Instructions): (a) [_] (b) [_] Not Applicable [X]
----------------------------------------------------------------------------------
3. SEC Use Only
----------------------------------------------------------------------------------
4. Citizenship or Place of Organization A limited liability company organized
under the laws of the State of Kansas.
----------------------------------------------------------------------------------
Number 5. Sole Voting Power 6,000,000
of Shares
Beneficially 6. Shared Voting Power -0-
Owned
by Each 7. Sole Dispositive Power 6,000,000
Reporting
Person With: 8. Shared Dispositive Power -0-
----------------------------------------------------------------------------------
9. Aggregate Amount Beneficially
Owned by Each Reporting Person 6,000,000
----------------------------------------------------------------------------------
10. Check If the Aggregate Amount in
Row (9) Excludes Certain Shares
(See Instructions) Not applicable
----------------------------------------------------------------------------------
11. Percent of Class Represented
by Amount in Row (9) 14.66%
----------------------------------------------------------------------------------
12. Type of Reporting Person
(See Instructions) IA
----------------------------------------------------------------------------------
ITEM 1
------
(a) NAME OF ISSUER:
Electric City Corporation
(b) ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
1280 Landmeier Road, Elk Grove Village, Illinois 60007-2410
ITEM 2
------
(a) NAME OF PERSON FILING:
Security Management Company, LLC
(b) ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE:
One Security Benefit Place, Topeka, Kansas 66636-0001
(c) CITIZENSHIP:
Security Management Company, LLC is a Kansas limited liability company.
(d) TITLE OF CLASS OF SECURITIES:
Common Stock
(e) CUSIP NUMBER:
284868106
ITEM 3 IF THIS STATEMENT IS FILED PURSUANT TO §§240.13D-1(B), OR 240.13D-2(B) OR
------ (C), CHECK WHETHER THE PERSON FILING IS A:
(a) |_| Broker or dealer registered under section 15 of the Act (15 U.S.C.
78o).
(b) |_| Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).
(c) |_| Insurance company as defined in section 3(a)(19) of the Act (15
U.S.C. 78c).
(d) |_| Investment company registered under section 8 of the Investment
Company Act of 1940 (15 U.S.C. 80a-8).
(e) |X| An investment adviser in accordance with §240.13d-1(b)(1)(ii)(E);
(f) |_| An employee benefit plan or endowment fund in accordance with
§240.13d-1(b)(1)(ii)(F);
(g) |_| A parent holding company or control person in accordance with
§240.13d-1(b)(1)(ii)(G);
(h) |_| A savings association as defined in Section 3(b) of the Federal
Deposit Insurance Act (12 U.S.C. 1813);
(i) |_| A church plan that is excluded from the definition of an investment
company under section 3(c)(14) of the Investment Company Act of 1940
(15 U.S.C. 80a-3);
(j) |_| Group, in accordance with §240.13d-1(b)(1)(ii)(J).
ITEM 4 OWNERSHIP.
------
Provide the following information regarding the aggregate number and percentage
of the class of securities of the issuer identified in Item 1.
(a) AMOUNT BENEFICIALLY OWNED:
As of March 31, 2004, Security Management Company, LLC beneficially owned
6,000,000 shares of Electric City Corporation common stock of a total of
40,922,021 shares outstanding.**
(b) PERCENT OF CLASS:
The shares owned by Security Management Company, LLC constituted 14.66% of
the class of stock.
(c) NUMBER OF SHARES AS TO WHICH THE PERSON HAS:
(i) Sole power to vote or direct the vote: 6,000,000
(ii) Shared power to vote or direct the vote: Not applicable
(iii) Sole power to dispose or direct the disposition of: 6,000,000
(iv) Shared power to dispose or direct the
disposition of: Not applicable
**This report is being filed on behalf of Security Management Company, LLC
("SMC"), a Kansas limited liability company, and/or certain investment
advisory clients relating to their collective beneficial ownership of shares
of common stock of the Issuer. SMC is a registered investment adviser under
Section 203 of the Investment Advisers Act of 1940. As a result of its role
as investment adviser, SMC may be deemed to be the beneficial owner of the
securities of the Issuer. SMC has the sole power to dispose of the shares.
ITEM 5 OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.
------
If this statement is being filed to report the fact that as of the date hereof
the reporting person has ceased to be the beneficial owner of more than five
percent of the class of securities, check the following |_|.
ITEM 6 OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON.
------
Certain mutual funds under the investment management of Security Management
Company, LLC have the right to receive or the power to direct the receipt of
dividends from or the profits from the sale of such securities. Security Mid
Cap Growth Fund owns 2.61% of the common shares of the Issuer, SBL Fund, Series
J owns 5.41% of the common shares of the Issuer, SBL Fund, Series V owns 2.93%
of the common shares of the Issuer, Security Equity Fund, Mid Cap Value Series
owns 3.71% of the common shares of the Issuer.
ITEM 7 IDENTIFICATION AND CLARIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE
------ SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY OR CONTROL
PERSON.
Not applicable.
ITEM 8 IDENTIFICATION AND CLARIFICATION OF MEMBER OF THE GROUP.
------
Not applicable.
ITEM 9 NOTICE OF DISSOLUTION OF GROUP.
------
Not applicable.
ITEM 10 CERTIFICATION.
-------
By signing below I certify that, to the best of my knowledge and belief, the
securities referred to above were acquired and are held in the ordinary course
of business and were not acquired and are not held for the purpose of or with
the effect of changing or influencing the control of the issuer of the
securities and were not acquired and are not held in connection with or as a
participant in any transaction having that purpose or effect.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
Dated: April 6, 2004
MICHAEL G. ODLUM
--------------------------------------------
Michael G. Odlum
President and Managing Member Representative