December 20, 2007


Security Equity Fund
One Security Benefit Place
Topeka, KS 66636-0001


Dear Sir or Madam:

In connection with the registration under the Securities Act of 1933 of an
indefinite number of shares of common stock of Security Equity Fund (the
"Company"), I have examined such matters as I have deemed necessary to give this
opinion.

On the basis of the foregoing, it is my opinion that the shares have been duly
authorized and, when paid for as contemplated by the Company's Registration
Statement, will be validly issued, fully paid, and non-assessable.

I hereby consent to the filing of this opinion as an exhibit to the Registration
Statement.

Sincerely,

AMY J. LEE

Amy J. Lee
Vice President and Secretary
Security Equity Fund