N-Q 1 c24259nvq.htm QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS nvq
Table of Contents

 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-01136
SECURITY EQUITY FUND
(Exact name of registrant as specified in charter)
ONE SECURITY BENEFIT PLACE, TOPEKA, KANSAS 66636-0001
(Address of principal executive offices) (Zip code)
THOMAS A. SWANK, PRESIDENT
SECURITY EQUITY FUND
ONE SECURITY BENEFIT PLACE
TOPEKA, KANSAS 66636-0001
(Name and address of agent for service)
Registrant’s telephone number, including area code: (785) 438-3000
Date of fiscal year end: September 30
Date of reporting period: December 31, 2007
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. §3507.
 
 

 

TABLE OF CONTENTS

Item 1. Schedule of Investments
Item 2. Controls and Procedures
Item 3. Exhibits
SIGNATURES
Certification

Table of Contents

Item 1. Schedule of Investments.


Schedule of Investments
December 31, 2007 (Unaudited) 		  Security Equity Fund — Alpha Opportunity Series
                 
    Shares     Value  
COMMON STOCK - 48.5%
                
Aerospace & Defense - 0.2%
                
Hexcel Corporation *
     2,957     $ 71,796  
 
              
 
                
Agricultural Products - 1.7%
                
Bunge, Ltd. (1)
     5,484       638,392  
 
              
 
                
Airlines - 1.1%
                
Allegiant Travel Company *
     3,581       115,093  
Delta Air Lines, Inc. *
     6,896       102,682  
Northwest Airlines Corporation *
     12,318       178,734  
 
              
 
             396,509  
 
              
 
                
Apparel Retail - 0.3%
                
Urban Outfitters, Inc. *
     4,436       120,925  
 
              
 
                
Asset Management & Custody Banks - 2.6%
                
Bank of New York Mellon Corporation
     7,026       342,588  
Northern Trust Corporation
     3,985       305,171  
State Street Corporation
     4,016       326,099  
 
              
 
             973,858  
 
              
 
                
Auto Parts & Equipment - 0.1%
                
WABCO Holdings, Inc.
     986       49,389  
 
              
         
Biotechnology - 0.7%
                
Genzyme Corporation *
     3,492       259,945  
 
              
 
                
Coal & Consumable Fuels - 0.4%
                
International Coal Group, Inc. *
     20,181       108,170  
Peabody Energy Corporation
     493       30,389  
 
              
 
             138,559  
 
              
 
                
Communications Equipment - 1.1%
                
Black Box Corporation
     7,147       258,507  
Research In Motion, Ltd. *
     1,438       163,069  
 
              
 
             421,576  
 
              
 
                
Computer Hardware - 0.8%
                
Hewlett-Packard Company
     6,173       311,613  
 
              
 
                
Construction & Engineering - 1.7%
                
Foster Wheeler, Ltd. * (1)
     3,461       536,524  
Jacobs Engineering Group, Inc. *
     1,007       96,280  
 
              
 
             632,804  
 
              
 
                
Construction & Farm Machinery & Heavy Trucks - 1.0%
                
AGCO Corporation *
     2,989       203,192  
CNH Global N.V.
     2,783       183,177  
 
              
 
             386,369  
 
              
 
                
Diversified Banks - 0.3%
                
Banco Bradesco S.A. ADR
    3,595       115,040  
 
              
 
                
Diversified Chemicals - 0.4%
                
FMC Corporation
     2,529       137,957  
 
              
         
Diversified Commercial & Professional Services -0.2%
               
Pike Electric Corporation *
     3,883       65,079  
 
              
 
                
Diversified Metals & Mining - 1.7%
                
Anglo American plc ADR
     2,157       65,508  
Fording Canadian Coal Trust
     1,798       69,403  
Freeport-McMoRan Copper & Gold, Inc. (CI.B)
     1,479       151,509  
General Moly, Inc. *
     1,697       19,804  
Rio Tinto plc ADR
     725       304,427  
 
              
 
             610,651  
 
              
 
                
Electrical Components & Equipment - 4.0%
                
American Superconductor Corporation *
     2,013       55,035  
Ametek, Inc.
     1,479       69,276  
Cooper Industries, Ltd.
     986       52,140  
Emerson Electric Company
     2,003       113,490  
Fuel Cell Energy, Inc. *
     2,464       24,443  
General Cable Corporation *
     3,057       224,017  
Graf Tech International, Ltd. *
     10,071       178,760  
Powell Industries, Inc. *
     6,708       295,622  
Rockwell Automation, Inc.
     3,081       212,466  
Sunpower Corporation *
     2,007       261,693  
 
              
 
             1,486,942  
 
              
Electronic Equipment
                
Manufacturers - 0.4%
                
Amphenol Corporation
     2,003       92,879  
Rofin-Sinar Technologies, Inc. *
     986       47,437  
 
              
 
             140,316  
 
              
Exchange Traded Funds - 0.7%
                
iShares MSCI Taiwan Index Fund
     2,123       31,972  
iShares Silver Trust *
     493       72,348  
SPDR S&P Metals & Mining ETF
     1,971       137,221  
 
              
 
             241,541  
 
              
Fertilizers & Agricultural Chemicals - 0.3%
                
Sociedad Quimica y Minera de Chile S.A. ADR
     539       95,268  
 
              
 
                
Food Distributors - 0.1%
                
Andersons, Inc.
     526       23,565  
Zhongpin, Inc. *
     992       12,916  
 
              
 
             36,481  
 
              
Gold - 0.1%
                
Yamana Gold, Inc.
     3,595       46,519  
 
              
 
                
Heavy Electrical Equipment - 1.1%
                
ABB, Ltd. ADR
     14,380       414,144  
 
              
 
                
Hypermarkets & Super Centers - 0.6%
                
BJ’s Wholesale Club, Inc. *
     7,046       238,366  
 
              
The accompanying notes are an integral part of the financial statements.

 

Table of Contents

Schedule of Investments   Security Equity Fund — Alpha Opportunity Series
December 31, 2007 (Unaudited) — continued    
                 
    Shares     Value  
COMMON STOCK (continued)
                
Independent Power Producers & Energy Traders - 1.3%
                
AES Corporation *
     9,993     $ 213,750  
Ormat Technologies, Inc.
     4,688       257,887  
 
              
 
             471,637  
 
              
Industrial Conglomerates - 1.0%
                
McDermott International, Inc. *
     2,979       175,850  
Textron, Inc.
     1,972       140,604  
Walter Industries, Inc.
     1,479       53,140  
 
              
 
             369,594  
 
              
Industrial Machinery - 2.8%
                
Donaldson Company, Inc.
     2,186       101,387  
Flowserve Corporation
     3,492       335,930  
Harsco Corporation
     3,078       197,208  
SPX Corporation
     4,027       414,177  
 
              
 
             1,048,702  
 
              
Integrated Oil & Gas - 0.9%
                
Petroleo Brasileiro S.A. ADR
     2,516       289,944  
Sasol, Ltd. ADR
     718       35,519  
 
              
 
             325,463  
 
              
Internet Software & Services -2.8%
                
Google, Inc. * (1)
     1,510       1,044,135  
 
              
 
Investment Banking & Brokerage - 1.0%
                
Charles Schwab Corporation
     11,493       293,646  
Raymond James Financial, Inc.
     2,486       81,193  
 
              
 
             374,839  
 
              
IT Consulting & Other Services -0.0%
                
Ener NOC, Inc. *
     219       10,753  
 
              
 
Marine - 0.3%
                
Kirby Corporation *
     2,507       116,525  
 
              
 
                
Metal & Glass Containers - 0.4%
                
Crown Holdings, Inc. *
     1,479       37,936  
Owens-Illinois, Inc. *
     2,465       122,018  
 
              
 
             159,954  
 
              
Multi-Line Insurance - 0.9%
                
Assurant, Inc.
     4,915       328,814  
 
              
 
                
Oil & Gas Drilling - 0.5%
                
Noble Corporation
     3,523       199,085  
 
              
 
                
Oil & Gas Equipment & Services - 4.5%
                
Cameron International Corporation *
     6,020       289,743  
Dril-Quip, Inc. *
     2,503       139,317  
Hornbeck Offshore Services, Inc. *
     5,220       234,639  
National Oilwell Varco, Inc. *
     2,957       217,221  
Schlumberger, Ltd.
     2,506       246,515  
Willbros Group, Inc. * (1)
     14,073       538,855  
 
              
 
             1,666,290  
 
              
Oil & Gas Exploration & Production - 3.7%
                
Apache Corporation (1)
     8,053     $ 866,020  
Denbury Resources, Inc. *
     7,190       213,902  
Harvest Natural Resources, Inc. *
     22,009       275,113  
 
              
 
             1,355,035  
Oil & Gas Storage & Transportation -0.7%
                
 
              
Williams Companies, Inc.
     7,498       268,278  
 
              
 
                
Precious Metals & Minerals - 0.1%
                
Coeur d’Alene Mines Corporation *
     1,408       6,956  
Silver Wheaton Corporation *
     2,660       45,140  
 
              
 
             52,096  
 
              
Regional Banks - 0.1%
                
BancorpSouth, Inc.
     986       23,279  
 
              
 
                
Specialized REITs -3.5%
                
Plum Creek Timber Company, Inc.
     8,680       399,627  
Potlatch Corporation
     10,068       447,422  
Rayonier, Inc.
     9,553       451,284  
 
              
 
             1,298,333  
 
              
Specialty Chemicals - 0.8%
                
OM Group, Inc. *
     3,128       179,985  
Rohm & Haas Company
     2,464       130,765  
 
              
 
             310,750  
 
              
Steel - 0.8%
                
Nucor Corporation
     1,478       87,527  
Ternium S.A. ADR
     4,817       193,210  
 
              
 
             280,737  
 
              
Systems Software - 0.1%
                
Aladdin Knowledge Systems, Ltd. *
     1,002       26,182  
 
              
 
                
Trading Companies & Distributors - 0.7%
                
UAP Holding Corporation
     6,997       270,084  
 
TOTAL COMMON STOCK (Cost $17,966,493)
           $ 18,030,604  
 
                 
    Principal    
    Amount   Value
U.S. GOVERNMENT SPONSORED AGENICY BONDS & NOTES - 38.7%
                
Federal Home Loan Bank
                
4.12% - 2008 (1)
   $ 550,000       545,918  
4.25% - 2008 (2)
     1,250,000       1,239,011  
4.275% - 2008 (1)
     700,000       696,635  
4.29% - 2008 (1)
     330,000       327,885  
4.30% - 2008 (1)
     500,000       499,102  
4.32% - 2008 (1)
     450,000       448,455  
4.35% - 2008 (1)
     1,000,000       997,713  
Federal Home Loan Mortgage Corporation
                
4.20% - 2008 (1)
     25,000       24,880  
4.22% - 2008 (1)
     600,000       597,734  
The accompanying notes are an integral part of the financial statements.

 

Table of Contents

Schedule of Investments   Security Equity Fund — Alpha Opportunity Series
December 31, 2007 (Unaudited) — continued    
                 
    Principal        
    Amount     Value  
U.S. GOVERNMENT SPONSORED AGENCY BONDS & NOTES (continued)
                
Federal Home Loan Mortgage Corporation (continued)
                
4.241% - 2008 (1)
   $ 725,000     $ 722,523  
4.30% - 2008 (1)
     650,000       648,137  
4.32% - 2008 (1)
     725,000       721,018  
4.61% - 2008 (1)
     650,000       649,646  
Federal National Mortgage Association
                
4.10% - 2008 (1)
     500,000       497,082  
4.14% - 2008 (1)
     550,000       545,604  
4.16% - 2008 (1)
     875,000       867,508  
4.19% - 2008 (1)
     325,000       321,299  
4.207% - 2008 (1)
     350,000       349,752  
4.21% - 2008 (1)
     1,000,000       989,067  
4.22% - 2008 (2)
     1,200,000       1,194,919  
4.22% - 2008 (1)
     50,000       49,760  
4.234% - 2008 (1)
     110,000       109,471  
4.34% - 2008 (1) 
     200,000       199,390  
4.56% - 2008 (1)
     500,000       499,238  
4.60% - 2008 (1)
     475,000       475,000  
4.66% - 2008 (1)
     200,000       199,848  
 
TOTAL U.S. GOVERNMENT SPONSORED AGENCY BONDS & NOTES
           $ 14,416,595  
(Cost $14,413,019)
                
 
Total Investments (Security Equity Fund - Alpha Opportunity Series)
          $ 32,447,199  
(Cost $32,379,512) - 87.2%
               
Other Assets in Excess of Liabilities - 12.8%
             4,752,115  
 
              
TOTAL NET ASSETS - 100.0%
           $ 37,199,314  
 
              
Schedule of Securities Sold Short
December 31,2007
Security Equity Fund — Alpha Opportunity Series
                 
    Shares     Value  
COMMON STOCK - (5.7)%
                
Department Stores - 0.0%
                
Nordstrom, Inc.
     (503 )   $ (18,475 )
 
              
 
                
Diversified Banks - (0.2)%
                
Comerica, Inc.
     (796 )     (34,650 )
Wachovia Corporation
     (1,007 )     (38,296 )
 
              
 
             (72,946 )
 
              
Diversified Chemicals - (0.6)%
                
E.I. Du Pont de Nemours & Company
     (796 )     (35,096 )
PPG Industries, Inc.
     (2,517 )     (176,769 )
 
              
 
             (211,865 )
 
              
Diversified Commercial & Professional Services - (0.3)%
                
China Security & Surveillance
     (1,725 )     (103,673 )
 
              
 
                
Electronic Equipment Manufacturers - (0.2)%
                
Littelfuse, Inc. *
     (2,054 )   $ (67,700 )
 
              
 
                
Exchange Traded Funds - (1.1)%
                
Consumer Discretionary Select
     (503 )     (16,488 )
Financial Select Sector SPDR Fund
     (1,510 )     (43,790 )
KBW Bank ETF
     (2,013 )     (87,566 )
Regional Bank HOLDRs Trust
     (1,950 )     (256,620 )
 
              
 
             (404,464 )
 
              
Food Retail - 0.0%
                
Winn-Dixie Stores, Inc. *
     (398 )     (6,714 )
 
              
 
                
Health Care Technology - (0.1)%
                
Allscripts Healthcare Solutions, Inc.
     (1,592 )     (30,917 )
 
              
 
                
Homebuilding - (0.1)%
                
Toll Brothers, Inc. *
     (2,013 )     (40,381 )
 
                
Internet Retail - (0.1)%
                
IAC *
     (1,510 )     (40,649 )
 
              
 
                
Investment Banking & Brokerage - (0.9)%
                
Goldman Sachs Group, Inc.
     (503 )     (108,170 )
KBW, Inc. *
     (398 )     (10,185 )
Lehman Brothers Holdings, Inc.
     (1,988 )     (130,094 )
Merrill Lynch & Company, Inc.
     (1,510 )     (81,057 )
Morgan Stanley
     (398 )     (21,138 )
 
              
 
             (350,644 )
 
              
Leisure Products - (0.2)%
                
MarineMax, Inc. *
     (1,120 )     (17,360 )
Mattel, Inc.
     (2,331 )     (44,382 )
 
              
 
             (61,742 )
 
              
Life & Health Insurance - (0.1)%
                
MetLife, Inc.
     (464 )     (28,592 )
 
              
 
                
Movies & Entertainment - (0.2)%
                
News Corporation
     (1,597 )     (32,722 )
Walt Disney Company
     (796 )     (25,695 )
 
              
 
             (58,417 )
 
              
Multi-Line Insurance - (0.2)%
                
American International Group, Inc.
     (1,592 )     (92,814 )
 
              
 
                
Other Diversified Financial Services - (0.3)%
                
JPMorgan Chase & Company
     (2,388 )     (104,236 )
 
              
 
                
Pharmaceuticals - (0.1)%
                
Eli Lilly & Company
     (398 )     (21,249 )
 
              
 
                
Publishing - 0.0%
                
Gannett Company, Inc.
     (398 )     (15,522 )
 
              
 
                
Regional Banks - (0.1)%
                
Fifth Third Bancorp
     (390 )     (9,801 )
The accompanying notes are an integral part of the financial statements.

 

Table of Contents

Schedule of Investments   Security Equity Fund — Alpha Opportunity Series
December 31, 2007 (Unaudited) — continued    
                 
    Shares     Value  
COMMON STOCK (continued)
                
Regional Banks (continued)
                
Regions Financial Corporation
     (390 )   $ (9,223 )
Susquehanna Bancshares, Inc.
     (398 )     (7,339 )
Synovus Financial Corporation
     (398 )     (9,584 )
 
              
 
             (35,947 )
 
              
 
                
Restaurants - (0.2)%
                
California Pizza Kitchen, Inc. *
     (2,858 )     (44,499 )
Panera Bread Company *
     (1,170 )     (41,909 )
 
              
 
             (86,408 )
 
              
 
                
Retail REITs - (0.3)%
                
Federal Realty Invs Trust
     (1,592 )     (130,783 )
 
              
 
                
Semiconductors - (0.2)%
                
National Semiconductor
     (2,517 )     (56,985 )
 
              
 
                
Specialty Stores - (0.1)%
                
Tiffany & Company
     (1,170 )     (53,855 )
 
              
 
                
Thrifts & Mortgage Finance - (0.1)%
                
BankUnited Financial Corporation
     (3,020 )     (20,838 )
 
TOTAL COMMON STOCK
           $ (2,115,816 )
(Proceeds $2,197,390)
                
 
Total Securities Sold Short (Security Equity Fund - Alpha Opportunity Series) (Proceeds $2,197,390)
           $ (2,115,816 )
 
              
Footnotes
Percentages are stated as a percent of net assets.
For federal income tax purposes the identified cost of investments owned at 12/31/2007 was $32,475,050.
*               - Non-income producing security
1               - Security is segregated as collateral for open futures contracts.
2               - Security is segregated as collateral for short positions.
Glossary:
ADR          - American Depositary Receipt
plc             - Public Limited Company
See notes to financial statements.
The accompanying notes are an integral part of the financial statements.

 

Table of Contents

Schedule of Investments   Security Equity Fund — Equity Series
December 31, 2007 (Unaudited)    
                 
    Shares     Value  
COMMON STOCK - 95.2%
                
Aerospace & Defense - 3.9%
                
General Dynamics Corporation
     135,800     $ 12,084,842  
 
              
 
                
Air Freight & Logistics - 3.1%
                
FedEx Corporation
     107,700       9,603,609  
 
              
 
                
Broadcasting & Cable TV - 1.4%
                
CBS Corporation (CI.B)
     158,100       4,308,225  
 
              
 
                
Building Products - 1.9%
                
USG Corporation *
     167,000       5,976,930  
 
              
 
                
Coal & Consumable Fuels - 0.3%
                
Evergreen Energy, Inc. *
     465,800       1,038,734  
 
              
 
                
Communications Equipment - 2.3%
                
ADC Telecommunications, Inc. *
     447,757       6,962,621  
 
              
 
                
Consumer Finance - 8.0%
                
American Express Company
     193,850       10,084,077  
Capital One Financial Corporation
     167,600       7,920,776  
Discover Financial Services
     199,000       3,000,920  
First Marblehead Corporation
     230,400       3,525,120  
 
              
 
             24,530,893  
 
              
Data Processing & Outsourced Services - 3.6%
                
Western Union Company
     456,400       11,081,392  
 
              
 
                
Drug Retail - 2.8%
                
CVS Caremark Corporation
     217,600       8,649,600  
 
              
 
                
Electronic Manufacturing Services - 1.2%
                
Tyco Electronics, Ltd.
     98,575       3,660,090  
 
              
 
                
Health Care Equipment - 3.9%
                
Covidien, Ltd.
     98,575       4,365,887  
Hospira, Inc. *
     175,700       7,491,848  
 
              
 
             11,857,735  
 
              
Health Care Services - 2.6%
                
Medco Health Solutions, Inc. *
     77,350       7,843,290  
 
              
 
                
Home Improvement Retail - 3.8%
                
Home Depot, Inc.
     438,300       11,807,802  
 
              
 
                
Hotels, Resorts & Cruise Lines - 2.3%
                
Carnival Corporation
     158,800       7,065,012  
 
              
 
                
Hypermarkets & Super Centers - 6.1%
                
Costco Wholesale Corporation
     84,800       5,915,648  
Wal-Mart Stores, Inc.
     267,000       12,690,510  
 
              
 
             18,606,158  
 
              
Industrial Conglomerates - 8.4%
                
General Electric Company
     451,400       16,733,398  
McDermott International, Inc. *
     89,000       5,253,670  
Tyco International, Ltd.
     98,575       3,908,498  
 
              
 
             25,895,566  
 
              
Integrated Oil & Gas - 7.4%
                
Chevron Corporation
     113,500     $ 10,592,955  
Exxon Mobil Corporation
     129,700       12,151,593  
 
              
 
             22,744,548  
 
              
Movies & Entertainment - 2.7%
                
Time Warner, Inc.
     498,000       8,221,980  
 
              
 
                
Multi-Line Insurance - 5.2%
                
American International Group, Inc.
     274,400       15,997,520  
 
              
 
                
Oil & Gas Equipment & Services - 2.4%
                
Baker Hughes, Inc.
     30,300       2,457,330  
BJ Services Company
     53,900       1,307,614  
Halliburton Company
     95,600       3,624,196  
 
              
 
             7,389,140  
 
              
Other Diversified Financial Services - 3.5%
                
Citigroup, Inc.
     90,000       2,649,600  
JPMorgan Chase & Company
     185,300       8,088,345  
 
              
 
             10,737,945  
 
              
Pharmaceuticals - 4.1%
                
Johnson & Johnson
     189,000       12,606,300  
 
              
 
                
Property & Casualty Insurance - 6.3%
                
Berkshire Hathaway, Inc. *
     136       19,257,600  
 
              
         
Systems Software - 5.9%
                
Microsoft Corporation
     505,300       17,988,680  
 
              
 
                
Wireless Telecommunication Services - 2.1%
                
Sprint Nextel Corporation
     480,600       6,310,278  
 
TOTAL COMMON STOCK (Cost $253,293,329)
           $ 292,226,490  
 
                 
    Principal        
    Amount     Value  
U.S. GOVERNMENT SPONSORED AGENCY BONDS & NOTES - 0.8%
                
Federal Home Loan Bank
         
4.24% - 2008
   $ 1,300,000       1,299,693  
Federal National Mortgage Association 3.92% - 2008
     1,000,000       998,585  
 
TOTAL U.S. GOVERNMENT SPONSORED AGENCY BONDS & NOTES
           $ 2,298,278  
(Cost $2,298,278)
                
 
 
                
COMMERCIAL PAPER - 4.0%
                
Banking - 1.3%
                
UBS Finance (DE) LLC
           
4.23%, 1/4/2008
     1,500,000       1,499,472  
4.33%, 1/10/2008
     1,100,000       1,098,809  
Wells Fargo & Company, Inc. 4.25%, 1/2/2008
     1,600,000       1,599,811  
 
              
 
             4,198,092  
 
              
The accompanying notes are an integral part of the financial statements.

 

Table of Contents

Schedule of Investments   Security Equity Fund — Equity Series
December 31, 2007 (Unaudited) — continued    
                 
    Principal    
    Amount   Value
COMMERCIAL PAPER (continued)
                
Brokerage - 1.1%
                
Goldman Sachs Group, Inc.
                
5.25%, 1/7/2008
    1,600,000     $ 1,598,587  
JP Morgan Chase & Company
                
4.15%, 1/9/2008
    1,800,000       1,798,340  
 
               
 
            3,396,927  
 
               
Consumer Products - 0.5%
                
Unilever Capital Corporation
                
4.21%, 1/7/2008
    1,500,000       1,498,942  
 
               
 
                
Financial Companies - Captive - 1.1%
                
General Electric Capital Corporation
                
4.15%, 1/8/2008
    1,300,000       1,298,951  
4.05%, 1/11/2008
    2,000,000       1.997.750  
 
               
 
            3,296,701  
 
               
 
TOTAL COMMERCIAL PAPER (Cost $12,390,662)
          $ 12,390,662  
 
Total Investments (Security Equity Fund - Equity Series)
          $ 306,915,430  
(Cost $267,982,269) - 100.0%
                
Liabilities in Excess of Other Assets - 0.0%
            (49,476 )
 
               
TOTAL NET ASSETS - 100.0%
          $ 306,865,954  
 
               
Footnotes
Percentages are stated as a percent of net assets.
For federal income tax purposes the identified cost of investments owned at 12/31/2007 was $267,982,269.
*       — Non-income producing security
See notes to financial statements.
The accompanying notes are an integral part of the financial statements.

 

Table of Contents

     
Schedule of Investments   Security Equity Fund — Global Series
December 31, 2007 (Unaudited)    
                 
    Shares     Value  
RIGHT - 0.0%
                
Hong Kong - 0.0%
                
Wharf Holdings, Ltd.
     44,725     $ 61,377  
 
TOTAL RIGHT (Cost $41,617)
           $ 61,377  
 
COMMON STOCK - 96.7%
                
Australia - 0.7%
                
Macquarie Airports
     359,478       1,276,085  
 
              
         
Bermuda - 3.5%
                
Accenture, Ltd.
     78,170       2,816,465  
Hiscox, Ltd.
     489,092       2,778,435  
TBS International, Ltd. *
     32,390       1,070,814  
 
              
 
             6,665,714  
 
              
Cayman Islands - 2.6%
                
Herbalife, Ltd.
     33,720       1,358,242  
Seagate Technology
     137,750       3,512,625  
 
              
 
             4,870,867  
 
              
China - 1.8%
                
China BlueChemical, Ltd.
     5,373,930       3,473,677  
 
              
         
Finland - 2.0%
                
Nokia Oyj ADR
     97,610       3,747,248  
 
              
         
France - 2.9%
                
France Telecom S.A.
     153,969       5,534,297  
 
              
         
Germany - 1.2%
                
Altana AG
     58,974       1,433,560  
Arques Industries AG
     25,222       865,343  
SAP AG
     630       32,680  
 
              
 
             2,331,583  
 
              
Hong Kong - 5.5%
                
China Petroleum & Chemical Corporation
     1,064,000       1,607,510  
Link REIT (1)
     1,303,300       2,821,524  
New World Development, Ltd.
     564,100       2,000,406  
Sun Hung Kai Properties, Ltd.
     96,800       2,055,903  
Wharf Holdings, Ltd.
     357,800       1,874,560  
 
              
 
             10,359,903  
 
              
Ireland - 1.6%
                
Anglo Irish Bank Corporation plc
     183,532       2,952,803  
 
              
         
Italy - 4.0%
                
Unione di Banche Italiane SCPA
     279,854       7,685,311  
 
              
         
Japan - 10.5%
                
Astellas Pharma, Inc.
     31,790       1,389,306  
Chiba Bank, Ltd.
     523,420       4,274,350  
Fuji Heavy Industries, Ltd.
     258,100       1,209,029  
Hino Motors, Ltd.
     196,379       1,281,173  
JGC Corporation
     162,800       2,818,156  
Nintendo Company, Ltd.
     6,317       3,792,411  
Nippon Express Company, Ltd.
     244,427       1,261,233  
Nippon Telegraph & Telephone Corporation
     310       1,555,077  
NTT DoCoMo, Inc.
     887       1,480,522  
Ricoh Company, Ltd.
     45,590       844,828  
 
              
 
             19,906,085  
 
              
Marshall Islands - 1.2%
                
Diana Shipping, Inc.
     36,100       1,135,706  
Quintana Maritime, Ltd.
     53,300       1,224,834  
 
              
 
             2,360,540  
 
              
Netherlands - 1.7%
                
Wavin N.V. *
     237,460       3,161,742  
 
              
         
Singapore - 5.0%
                
Neptune Orient Lines, Ltd.
     510,600       1,385,266  
Singapore Airlines, Ltd.
     357,350       4,309,425  
Singapore Press Holdings, Ltd.
     1,238,248       3,866,303  
 
              
 
             9,560,994  
 
              
Spain - 0.7%
                
Gestevision Telecinco S.A.
     55,379       1,415,704  
 
              
         
Switzerland - 0.5%
                
Actelion, Ltd. *
     20,555       944,171  
 
              
Thailand - 0.6%
                
PTT Aromatics & Refining PCL *
     934,810       1,193,228  
 
              
         
United Kingdom - 4.2%
                
Enterprise Inns plc
     199,483       1,923,707  
Game Group plc
     719,789       3,581,431  
Next plc
     32,921       1,058,023  
Thomas Cook Group plc *
     250,988       1,407,118  
 
              
 
             7,970,279  
 
              
United States - 46.5%
                
AGL Resources, Inc.
     36,620       1,378,377  
Alberto-Culver Company
     74,200       1,820,868  
Altria Group, Inc.
     126,000       9,523,080  
AMERIGROUP Corporation *
     41,220       1,502,469  
Amgen, Inc. *
     19,640       912,082  
Anadarko Petroleum Corporation
     70,480       4,629,831  
AT&T, Inc.
     113,300       4,708,748  
Baxter International, Inc.
     24,300       1,410,615  
Charles River Laboratories International, Inc. *
     25,190       1,657,502  
Citizens Communications Company
     288,840       3,676,933  
Darden Restaurants, Inc.
     34,500       955,995  
DRS Technologies, Inc.
     17,400       944,298  
Embarq Corporation
     24,110       1,194,168  
EMCOR Group, Inc. *
     113,430       2,680,351  
Express Scripts, Inc. *
     6,840       499,320  
Gilead Sciences, Inc. *
     23,380       1,075,714  
Gymboree Corporation *
     23,370       711,850  
Hershey Company
     35,880       1,413,672  
Hewlett-Packard Company
     89,850       4,535,628  
The accompanying notes are an integral part of the financial statements.

Table of Contents

     
Schedule of Investments
December 31, 2007 (Unaudited) — continued 		  Security Equity Fund — Global Series
     
                 
    Shares   Value
COMMON STOCK (continued)
                
United States (continued)
                
Humana, Inc. *
     18,600     $ 1,400,766  
Idearc, Inc.
     26,830       471,135  
Integrys Energy Group, Inc.
     17,800       920,082  
Invitrogen Corporation *
     16,980       1,586,102  
Johnson & Johnson
     68,930       4,597,631  
Kinetic Concepts, Inc. *
     38,600       2,067,416  
Lockheed Martin Corporation
     48,620       5,117,741  
Longs Drug Stores Corporation
     17,100       803,700  
Marvel Entertainment, Inc. *
     150,690       4,024,930  
McKesson Corporation
     72,990       4,781,575  
Merck & Company, Inc.
     25,000       1,452,750  
Molina Healthcare, Inc. *
     27,480       1,063,476  
OSI Pharmaceuticals, Inc. *
     33,600       1,629,936  
Pepco Holdings, Inc.
     47,620       1,396,695  
RadioShack Corporation
     78,890       1,330,085  
Trinity Industries, Inc.
     77,670       2,156,119  
Unisource Energy Corporation
     32,120       1,013,386  
Wabtec Corporation
     98,000       3,375,120  
Wal-Mart Stores, Inc.
     31,880       1,515,256  
Whiting Petroleum Corporation *
     44,530       2,567,600  
 
                
 
             88,503,002  
 
TOTAL COMMON STOCK (Cost $182,394,203)
           $ 183,913,233  
 
                 
    Principal        
    Amount     Value  
SHORT TERM INVESTMENTS - 1.3%
                
State Street GA Prime Money Market Fund
   $ 2,496,761     $ 2,496,761  
 
TOTAL SHORT TERM INVESTMENTS (Cost $2,496,761)
           $ 2,496,761  
 
Total Investments (Security Equity Fund — Global Series)
               
(Cost $184,932,581) - 98.0%
           $ 186,471,371  
Other Assets in Excess of Liabilities - 2.0%
             3,786,789  
 
              
TOTAL NET ASSETS - 100.0%
           $ 190,258,160  
 
              
INVESTMENT CONCENTRATION
At December 31, 2007, the investment diversification of the fund was as follows:
                 
    % of        
Industry   Net Assets     Value  
 
Integrated Telecommunication Services
     8.7 %   $ 16,669,224  
Diversified Banks
     5.6       10,638,114  
Tobacco
     5.0       9,523,080  
Construction & Engineering
     4.6       8,660,249  
Pharmaceuticals
     3.9       7,439,687  
Oil & Gas Exploration & Production
     3.8       7,197,431  
Construction & Farm Machinery & Heavy Trucks
     3.6       6,812,412  
Aerospace & Defense
     3.2       6,062,039  
Real Estate Management & Development
     3.1       5,930,868  
Computer & Electronics Retail
     2.6       4,911,516  
Marine
     2.4       4,816,619  
Health Care Distributors
     2.5       4,781,575  
Biotechnology
     2.4       4,561,902  
Computer Hardware
     2.4       4,535,628  
Publishing
     2.2       4,337,438  
Airlines
     2.3       4,309,425  
Regional Banks
     2.3       4,274,350  
Movies & Entertainment
     2.1       4,024,930  
Managed Health Care
     2.1       3,966,711  
Home Entertainment Software
     2.0       3,792,411  
Communications Equipment
     2.0       3,747,248  
Computer Storage & Peripherals
     1.9       3,512,625  
Health Care Equipment
     1.8       3,478,031  
Fertilizers & Agricultural Chemicals
     1.8       3,473,677  
Life Sciences Tools & Services
     1.7       3,243,604  
Personal Products
     1.7       3,179,110  
Restaurants
     1.5       2,879,702  
Retail REIT’s
     1.5       2,821,524  
IT Consulting & Other Services
     1.5       2,816,465  
Property & Casualty Insurance
     1.5       2,778,435  
Money Markets
     1.3       2,496,762  
Electric Utilities
     1.3       2,410,080  
Integrated Oil & Gas
     0.9       1,607,511  
Hypermarkets & Super Centers
     0.8       1,515,257  
Wireless Telecommunication Services
     0.8       1,480,522  
Specialty Chemicals
     0.7       1,433,560  
Broadcasting & Cable TV
     0.7       1,415,704  
Packaged Foods & Meats
     0.7       1,413,672  
Hotels, Resorts & Cruise Lines
     0.7       1,407,118  
Gas Utilities
     0.7       1,378,377  
Airport Services
     0.7       1,276,086  
Trucking
     0.6       1,261,233  
Automobile Manufacturers
     0.6       1,209,030  
Oil & Gas Refining & Marketing
     0.6       1,193,228  
Department Stores
     0.6       1,058,023  
Multi-Utilities
     0.5       920,082  
Specialized Finance
     0.5       865,343  
Office Electronics
     0.5       844,827  
Drug Retail
     0.4       803,700  
Apparel Retail
     0.4       711,850  
Health Care Services
     0.3       499,320  
Rights
     0.0       61,376  
Application Software
     0.0       32,680  
 
            
Total Investments
     98.0       186,471,371  
Other Assets and Liabilities, Net
     2.0       3,786,789  
 
            
Net Assets
     100 %   $ 190,258,160  
 
            
The accompanying notes are an integral part of the financial statements.

 

Table of Contents

     
Schedule of Investments
December 31, 2007 (Unaudited) — continued 		  Security Equity Fund — Global Series
Footnotes
     
Percentages are stated as a percent of net assets.
 
For federal income tax purposes the identified cost of investments owned at 12/31/2007 was $185,102,422.
 
*   - Non-income producing security
 
1   - Security is a PFIC (Passive Foreign Investment Company)
Glossary:
     
ADR
  - American Depositary Receipt
         
PCL
  - Public Company Limited
         
plc
  - Public Limited Company
         
REIT
  - Real Estate Investment Trust
See notes to financial statements.
The accompanying notes are an integral part of the financial statements.

 

Table of Contents

Schedule of Investments   Security Equity Fund — Mid Cap Value Series
December 31, 2007 (Unaudited)    
                 
    Shares     Value  
COMMON STOCK - 96.4%
                
Aerospace & Defense - 2.2%
                
Orbital Sciences Corporation *
     762,000     $ 18,684,240  
 
              
 
                
Apparel Retail - 3.1%
                
Brown Shoe Company, Inc.
     399,500       6,060,415  
Collective Brands, Inc. *
     567,300       9,865,347  
Stein Mart, Inc.
     570,000       2,701,800  
Talbots, Inc.
     619,300       7,320,126  
 
              
 
             25,947,688  
 
              
Apparel, Accessories & Luxury Goods - 1.4%
                
Maidenform Brands, Inc. *
     468,000       6,332,040  
Oxford Industries, Inc.
     215,000       5,540,550  
 
              
 
             11,872,590  
 
              
Application Software - 1.6%
                
EPIQ Systems, Inc. *
     588,250       10,241,433  
PLATO Learning, Inc. * (1)
     895,000       3,553,150  
 
              
 
             13,794,583  
 
              
Auto Parts & Equipment - 0.4%
                
HydroGen Corporation * (1)(2)
     1,260,000       3,742,200  
 
              
 
                
Biotechnology - 0.2%
                
Combinatorx, Inc. *
     337,400       1,498,056  
 
              
Building Products - 0.3%
                
Trex Company, Inc. *
     250,000       2,120,000  
 
              
 
                
Coal & Consumable Fuels - 8.6%
                
Arch Coal, Inc.
     620,000       27,856,600  
Consol Energy, Inc.
     298,700       21,363,024  
Evergreen Energy, Inc. *
     3,106,000       6,926,380  
USEC, Inc. *
     1,780,000       16,020,000  
 
              
 
             72,166,004  
 
              
Communications Equipment - 2.2%
                
EFJ, Inc. *
     870,000       2,383,800  
MasTec, Inc. *
     1,100,000       11,187,000  
Symmetricom, Inc. *
     960,000       4,521,600  
 
              
 
             18,092,400  
 
              
Computer Storage & Peripherals - 0.3%
                
STEC, Inc. *
     307,300       2,685,802  
 
              
         
Construction & Engineering - 3.6%
                
Insituform Technologies, Inc. *
     423,600       6,269,280  
Quanta Services, Inc. *
     899,000       23,589,760  
 
              
 
             29,859,040  
 
              
Consumer Finance - 0.7%
                
First Marblehead Corporation
     378,100       5,784,930  
 
              
 
                
Data Processing & Outsourced Services - 5.8%
                
Affiliated Computer Services, Inc. *
     495,000       22,324,500  
Computer Sciences Corporation *
     516,300       25,541,361  
Gevity HR, Inc.
     141,300       1,086,597  
 
              
 
             48,952,458  
 
              
Diversified Commercial & Professional Services - 1.7%
                
Navigant Consulting, Inc. *
     1,020,000       13,943,400  
 
              
Drug Retail - 1.4%
                
Longs Drug Stores Corporation
     258,400       12,144,800  
 
              
 
                
Electric Utilities - 9.2%
                
Allete, Inc.
     323,800       12,816,004  
Empire District Electric Company
     185,000       4,214,300  
Great Plains Energy, Inc. (3)
     1,610,000       47,205,200  
Northeast Utilities (3)
     250,500       7,843,155  
Westar Energy, Inc.
     200,000       5,188,000  
 
              
 
             77,266,659  
 
              
Electrical Components & Equipment - 2.1%
                
Lime Energy Company *
     32,100       43,335  
Power-One, Inc. * (1)
     4,350,700       17,359,293  
 
              
 
             17,402,628  
 
              
Electronic Manufacturing Services - 1.9%
                
Maxwell Technologies, Inc. * (2)
     1,325,300       10,960,231  
Merix Corporation * (1)
     1,049,250       4,879,012  
 
              
 
             15,839,243  
 
              
 
                
Forest Products - 0.5%
                
Louisiana-Pacific Corporation
     300,000       4,104,000  
 
              
 
                
Gas Utilities - 1.1%
                
Atmos Energy Corporation
     335,000       9,393,400  
 
              
 
                
Health Care Equipment - 0.6%
                
Aspect Medical Systems, Inc. *
     338,400       4,737,600  
 
              
 
Health Care Facilities - 1.4%
                
Community Health Systems, Inc. *
     309,900       11,422,914  
 
              
 
Highways & Railtracks - 1.1%
                
Quixote Corporation (1)(2)
     479,100       9,098,109  
 
              
 
Home Furnishings - 1.5%
                
Leggett & Platt, Inc.
     737,800       12,867,232  
 
              
 
Household Appliances - 1.6%
                
Whirlpool Corporation
     164,300       13,411,809  
 
              
 
                
Industrial Machinery - 0.2%
                
Briggs & Stratton Corporation
     84,300       1,910,238  
 
              
 
                
Mortgage REIT’s - 3.2%
                
Bimini Capital Management, Inc. (1)(2)
     1,474,400       339,112  
Luminent Mortgage Capital, Inc.
     713,800       556,764  
The accompanying notes are an integral part of the financial statements.

 

Table of Contents

Schedule of Investments   Security Equity Fund — Mid Cap Value Series
December 31, 2007 (Unaudited) — continued    
                 
    Shares     Value  
COMMON STOCK (continued)
                
Mortgage REIT’s (continued)
                
MFA Mortgage Investments, Inc.
     1,200,000     $ 11,100,000  
Redwood Trust, Inc.
     440,000       15,065,600  
 
              
 
             27,061,476  
 
              
Multi - Line Insurance - 1.3%
                
American Financial Group, Inc.
     382,500       11,046,600  
 
              
Multi-Utilities - 3.9%
                
NorthWestern Corporation
     359,700       10,611,150  
SCANA Corporation (3)
     400,000       16,860,000  
TECO Energy, Inc.
     300,000       5,163,000  
 
              
 
             32,634,150  
 
              
 
                
Oil & Gas Drilling - 2.3%
                
Helmerich & Payne, Inc.
     491,500       19,694,405  
 
              
Oil & Gas Exploration & Production - 2.4%
                
Edge Petroleum Corporation *
     89,700       531,921  
Gulfport Energy Corporation *
     329,900       6,023,974  
Newfield Exploration Company *
     260,000       13,702,000  
 
              
 
             20,257,895  
 
              
Oil & Gas Refining & Marketing - 0.5%
                
Nova Biosource Fuels, Inc. *
     1,354,900       3,929,210  
 
              
Oil & Gas Storage & Transportation - 1.2%
                
Williams Companies, Inc. (3)
     286,000       10,233,080  
 
              
 
                
Packaged Foods & Meats - 5.9%
                
Hormel Foods Corporation
     502,300       20,333,104  
JM Smucker Company
     305,000       15,689,200  
Smithfield Foods, Inc. *
     480,000       13,881,600  
 
              
 
             49,903,904  
 
              
Paper Packaging - 3.6%
                
Bemis Company, Inc.
     620,000       16,975,600  
Sonoco Products Company
     410,000       13,398,800  
 
              
 
             30,374,400  
 
              
Property & Casualty Insurance - 5.1%
                
Alleghany Corporation *
     28,196       11,334,736  
Employers Holdings, Inc.
     271,100       4,530,081  
Hanover Insurance Group, Inc.
     212,000       9,709,600  
North Pointe Holdings Corporation * (1)(2)
     525,000       5,775,000  
United America Indemnity, Ltd. *
     154,500       3,077,640  
W.R. Berkley Corporation
     282,500       8,421,325  
 
              
 
             42,848,382  
 
              
 
                
Railroads - 0.2%
                
Kansas City Southern *
     42,300       1,452,159  
 
              
Regional Banks - 7.2%
                
Commerce Bancshares, Inc.
     357,000       16,015,020  
Hancock Holding Company
     241,800       9,236,760  
Old National Bancorp
     282,100       4,220,216  
Whitney Holding Corporation
     580,000       15,167,000  
Wilmington Trust Corporation
     462,000       16,262,400  
 
              
 
             60,901,396  
 
              
Restaurants - 0.5%
                
Red Robin Gourmet Burgers, Inc. *
     140,900       4,507,391  
 
              
 
                
Semiconductor Equipment - 0.6%
                
Ultratech, Inc. *
     476,200       5,400,108  
 
              
Semiconductors - 1.5%
                
Applied Micro Circuits Corporation *
     212,500       1,857,250  
IXYS Corporation * (1)
     1,335,400       10,709,908  
 
              
 
             12,567,158  
 
              
Specialized Consumer Services - 1.0%
                
Regis Corporation
     309,200       8,645,232  
 
              
Specialty Chemicals - 0.4%
                
Minerals Technologies, Inc.
     49,300       3,300,635  
 
              
 
                
Thrifts & Mortgage Finance - 0.9%
                
Clayton Holdings, Inc. * (1)(2)
     1,490,200       7,704,334  
 
TOTAL COMMON STOCK (Cost $809,556,715)
           $ 811,203,938  
 
PREFERRED STOCK - 0.3%
                
Diversified Metals & Mining - 0.1%
                
Arch Coal, Inc.
     4,600       1,000,500  
 
              
 
                
Environmental & Facilities Services - 0.1%
                
ThermoEnergy Corporation PIPE * (1)(2)(4)(5)
     1,745,000       855,050  
 
              
 
                
Metal & Glass Containers - 0.1%
                
Owens-Illinois, Inc.
     11,000       549,780  
 
TOTAL PREFERRED STOCK (Cost $2,281,297)
           $ 2,405,330  
 
WARRANTS - 0.2%
                
Warrants - 0.2%
                
Lime Energy Company
                
$1.00, 3/19/2009
     29,517       25,255  
Nova Biosource Fuels, Inc.
               
$2.40, 7/5/2011
     677,450       1,170,575  
ThermoEnergy Corporation
               
$0.75, 7/14/2008 (1)(2)(4)
     1,745,000       186,017  
 
              
 
             1,381,847  
 
TOTAL WARRANTS (Cost $1,561,837)
           $ 1,381,847  
 
                 
    Principal        
    Amount     Value  
CONVERTIBLE BOND - 1.3%
                
Natural Gas - 0.4%
                
Hanover Compressor Company 4.75%, 2008
   $ 4,000,000       3,950,000  
 
              
The accompanying notes are an integral part of the financial statements.

 

Table of Contents

Schedule of Investments   Security Equity Fund — Mid Cap Value Series
December 31, 2007 (Unaudited) — continued    
                 
    Principal        
    Amount     Value  
CONVERTIBLE BOND (continued)
                
Petroleum - 0.9%
                
USEC, Inc. 3.00%, 2014
   $ 7,600,000     $ 7,429,000  
 
TOTAL CONVERTIBLE BOND (Cost $11,590,300)
           $ 11,379,000  
 
Total Investments (Security Equity Fund — Mid Cap Value Series)
           $ 826,370,115  
(Cost $824,990,149) - 98.2%
                
Other Assets in Excess of Liabilities - 1.8%
             14,908,605  
 
              
TOTAL NET ASSETS - 100.0%
           $ 841,278,720  
 
              
Footnotes
Percentages are stated as a percent of net assets.
For federal income tax purposes the identified cost of investments owned at 12/31/2007 was $824,990,149.
     
*  - Non-income producing security
 
1  - Security is deemed illiquid. The total market value of illiquid securities is $64,201,186 (cost $102,433,429), or 7.6% of total net assets.
 
2  - Investment in an affiliated issuer. See Note 5 in notes to financial statements.
 
3  - Security is segregated as collateral for open written option contracts.
 
4  - Security is restricted from resale. See Note 4 in notes to financial statements.
 
5  - PIPE (Private Investment in Public Equity) - Stock issued by a company in the secondary market as a means of raising capital more quickly and less expensively than through registration of a secondary public offering.
See notes to financial statements.
The accompanying notes are an integral part of the financial statements.

Table of Contents

         
Schedule of Investments
December 31, 2007 (Unaudited) 		  Security Equity Fund — Select 25 Series
                 
    Shares     Value  
COMMON STOCK - 93.7%
                
Air Freight & Logistics - 4.0%
                
FedEx Corporation
     24,943     $ 2,224,167  
 
              
 
                
Broadcasting & Cable TV - 1.3%
                
CBS Corporation (CI.B)
     25,626       698,308  
 
              
 
                
Coal & Consumable Fuels - 0.3%
                
Evergreen Energy, Inc. *
     81,800       182,414  
 
              
 
                
Communications Equipment - 6.1%
                
ADC Telecommunications, Inc. *
     110,374       1,716,316  
Cisco Systems, Inc. *
     61,000       1,651,270  
 
              
 
             3,367,586  
 
              
Consumer Finance - 5.5%
                
American Express Company
     22,500       1,170,450  
Capital One Financial Corporation
     28,600       1,351,636  
First Marblehead Corporation
     36,250       554,625  
 
              
 
             3,076,711  
 
              
Data Processing & Outsourced Services - 3.5%
                
Western Union Company
     80,800       1,961,824  
 
              
 
                
Exchange Traded Funds - 23.4%
                
iShares Russell 1000 Growth Index Fund
     106,886       6,510,426  
iShares S&P500 Growth Index Fund
     93,500       6,535,650  
 
              
 
             13,046,076  
 
              
Home Improvement Retail - 3.9%
                
Home Depot, Inc.
     80,372       2,165,222  
 
              
 
                
Hotels, Resorts & Cruise Lines - 2.4%
                
Carnival Corporation
     30,333       1,349,515  
 
              
 
                
Hypermarkets & Super Centers - 4.4%
                
Wal-Mart Stores, Inc.
     51,296       2,438,099  
 
              
 
                
Industrial Gases - 1.5%
                
Praxair, Inc.
     9,101       807,350  
 
              
 
                
Life Sciences Tools & Services - 5.6%
                
Covance, Inc. *
     35,992       3,117,627  
 
              
 
                
Movies & Entertainment - 1.1%
                
Viacom, Inc. (CI.B) *
     13,953       612,816  
 
              
 
                
Multi-Line Insurance - 5.3%
                
American International Group, Inc.
     50,634       2,951,962  
 
              
 
                
Oil & Gas Equipment & Services - 3.7%
                
Baker Hughes, Inc.
     4,200       340,620  
BJ Services Company
     70,477       1,709,772  
 
              
 
             2,050,392  
 
              
Oil & Gas Storage & Transportation - 4.3%
                
Williams Companies, Inc.
     67,459       2,413,683  
 
              
 
                
Other Diversified Financial Services - 0.6%
                
Citigroup, Inc.
     10,700       315,008  
 
              
 
                
Pharmaceuticals - 5.1%
                
Johnson & Johnson
     42,617       2,842,554  
 
              
 
                
Soft Drinks - 2.5%
                
PepsiCo, Inc.
     18,095       1,373,410  
 
              
 
                
Systems Software - 3.1%
                
Microsoft Corporation
     49,100       1,747,960  
 
              
 
                
Trading Companies & Distributors - 6.1%
                
W.W. Grainger, Inc.
     38,653       3,382,911  
 
TOTAL COMMON STOCK (Cost $51,027,318)
           $ 52,125,595  
 
                 
    Principal        
    Amount     Value  
U.S. GOVERNMENT SPONSORED AGENCY BONDS & NOTES - 11.3%
                
Federal Home Loan Bank
                
4.00% - 2008
   $ 1,000,000       999,000  
4.08% - 2008
     1,000,000       998,413  
4.15% - 2008
     1,300,000       1,296,403  
Federal Home Loan Mortgage Corporation
                
4.05% - 2008
     1,000,000       999,100  
Federal National Mortgage Association
                
4.15% - 2008
     1,000,000       998,156  
4.56% - 2008
     1,000,000       998,271  
 
TOTAL U.S. GOVERNMENT SPONSORED AGENCY BONDS & NOTES
           $ 6,289,343  
(Cost $6,289,343)
                
 
COMMERCIAL PAPER - 11.3%
                
Banking - 4.1%
                
UBS Finance (DE) LLC
                
4.38%, 1/3/2008
     1,300,000       1,299,684  
Wells Fargo & Company, Inc.
                
4.25%, 1/7/2008
     1,000,000       999,291  
 
              
 
             2,298,975  
 
              
Financial Companies - Captive - 7.2%
                
Caterpillar Financial Services Corporation
                
4.10%, 1/22/2008
     1,000,000       997,609  
General Electric Capital Corporation
                
4.05%, 1/11/2008
     1,000,000       998,875  
International Lease Finance Company
                
4.38%, 1/4/2008
     1,000,000       999,635  
The accompanying notes are an integral part of the financial statements.

 

Table of Contents

Schedule of Investments
December 31, 2007 (Unaudited) — continued 		  Security Equity Fund — Select 25 Series
                 
    Principal        
    Amount     Value  
COMMERCIAL PAPER (continued)
                
Financial Companies - Captive (continued)
                
International Lease Finance Company (continued)
                
4.30%, 1/7/2008
     1,000,000     $ 999,283  
 
              
 
             3,995,402  
 
TOTAL COMMERCIAL PAPER (Cost $6,294,377)
           $ 6,294,377  
 
Total Investments (Security Equity Fund - Select 25 Series)
           $ 64,709,315  
(Cost $63,611,038) - 116.3%
                
Liabilities in Excess of Other Assets - (16.3)%
             (9,064,035 )
 
              
TOTAL NET ASSETS - 100.0%
           $ 55,645,280  
 
              
Footnotes
Percentages are stated as a percent of net assets.
For federal income tax purposes the identified cost of investments owned at 12/31/2007 was $63,705,563.
*   - Non-income producing security
See notes to financial statements.
The accompanying notes are an integral part of the financial statements.

 

Table of Contents

Schedule of Investments   Security Equity Fund — Small Cap Growth Series
December 31, 2007 (Unaudited)    
                 
    Shares     Value  
COMMON STOCK - 92.0%
                
Aerospace & Defense - 6.5%
                
Aerovironment, Inc. *
     23,610     $ 571,362  
BE Aerospace, Inc. *
     8,230       435,367  
Heico Corporation
     15,390       838,447  
Ladish Company, Inc. *
     15,950       688,881  
Orbital Sciences Corporation *
     33,090       811,367  
 
              
 
             3,345,424  
 
              
Agricultural Products - 0.7%
                
Darling International, Inc. *
     31,050       358,938  
 
              
 
Airlines - 1.9%
                
Allegiant Travel Company *
     30,330       974,806  
 
              
Apparel Retail - 0.8%
                
Jos A. Bank Clothiers, Inc. *
     14,566       414,403  
 
              
 
Apparel, Accessories & Luxury Goods - 1.8%
                
FGX International Holdings, Ltd. *
     41,130       487,390  
Volcom, Inc. *
     19,050       419,672  
 
              
 
             907,062  
 
              
 
Application Software -4.3%
                
Advent Software, Inc. *
     6,680       361,388  
Concur Technologies, Inc. *
     7,470       270,489  
Magma Design Automation, Inc. *
     32,380       395,360  
Nuance Communications, Inc. *
     30,920       577,586  
PROS Holdings, Inc. *
     31,180       611,751  
 
              
 
             2,216,574  
 
              
 
Asset Management & Custody Banks -2.0%
                
Affiliated Managers Group, Inc.*
     8,650       1,016,029  
 
              
 
Auto Parts & Equipment - 1.1%
                
Amerigon, Inc. *
     26,060       550,908  
 
              
 
                
Broadcasting & Cable TV -1.9%
                
DG FastChannel, Inc. *
     39,080       1,002,011  
 
              
 
Casinos & Gaming - 2.1%
                
Scientific Games Corporation *
     32,900       1,093,925  
 
              
 
Communications Equipment -0.8%
                
Riverbed Technology, Inc. *
     16,220       433,723  
 
              
 
Computer Storage & Peripherals - 1.0%
                
Hutchinson Technology, Inc. *
     19,460       512,187  
 
              
 
Construction & Farm Machinery & Heavy Trucks - 1.1%
                
Bucyrus International, Inc.
     5,600       556,584  
 
              
 
Consumer Finance - 0.6%
                
Cardtronics, Inc. *
     33,071       334,348  
 
              
 
Data Processing & Outsourced Services -2.0%
                
Cybersource Corporation *
     59,290       1,053,583  
 
              
 
Diversified Commercial & Professional Services -0.6%
                
GeoEye, Inc. *
     9,270       311,936  
 
              
 
Education Services -2.4%
                
American Public Education, Inc. *
     8,898       371,758  
DeVry, Inc.
     17,150       891,114  
 
              
 
             1,262,872  
 
              
 
Electronic Manufacturing Services - 1.1%
                
IPG Photonics Corporation *
     27,260       544,927  
 
              
 
Environmental & Facilities Services - 1.8%
                
Rollins, Inc.
     25,945       498,144  
Team, Inc. *
     12,400       453,592  
 
              
 
             951,736  
 
              
 
Exchange Traded Funds - 1.5%
                
Shares Russell 2000 Growth Index Fund
     9,190       769,019  
 
              
 
Footwear - 1.1%
                
Iconix Brand Group, Inc. *
     29,950       588,817  
 
              
 
Health Care Equipment - 6.4%
                
LeMaitre Vascular, Inc. *
     96,200       596,440  
Micrus Endovascular Corporation *
     39,640       780,115  
NuVasive, Inc. *
     17,340       685,277  
Spectranetics Corporation *
     60,080       921,026  
Volcano Corporation *
     27,150       339,647  
 
              
 
             3,322,505  
 
              
 
Health Care Facilities - 1.5%
                
NovaMed, Inc. *
     77,940       331,245  
RadNet, Inc. *
     44,970       456,445  
 
              
 
             787,690  
 
              
 
Health Care Services - 4.0%
                
Healthways, Inc. *
     16,050       937,962  
HMS Holdings Corporation *
     11,510       382,247  
Pediatrix Medical Group, Inc. *
     11,310       770,777  
 
              
 
             2,090,986  
 
              
 
Health Care Supplies - 0.5%
                
Immucor, Inc. *
     7,580       257,644  
 
              
 
Health Care Technology - 2.1%
                
Phase Forward, Inc. *
     20,280       441,090  
Trizetto Group *
     36,970       642,169  
 
              
 
             1,083,259  
 
              
 
Home Entertainment Software - 0.9%
                
THQ, Inc. *
     16,690       470,491  
 
              
The accompanying notes are an integral part of the financial statements.

Table of Contents

     
Schedule of Investments   Security Equity Fund — Small Cap Growth Series
December 31, 2007 (Unaudited) - continued    
                 
    Shares     Value  
COMMON STOCK (continued)
                
Hotels, Resorts & Cruise Lines - 1.2%
                
Home Inns & Hotels Management, Inc. ADR *
     17,720     $ 631,541  
 
              
 
                
Industrial Machinery - 0.9%
                
Dynamic Materials Corporation
     8,280       487,692  
 
              
 
                
Insurance Brokers - 0.6%
                
eHealth, Inc. *
     10,040       322,384  
 
              
 
                
Integrated Telecommunication Services - 1.2%
                
Cbeyond, Inc. *
     16,310       635,927  
 
              
         
Internet Retail -1.9%
                
NutriSystem, Inc. *
     22,110       596,528  
Shutterfly, Inc. *
     15,190       389,168  
 
              
 
             985,696  
 
              
 
                
Internet Software & Services -8.6%
                
Digital River, Inc. *
     19,650       649,825  
Equinix, Inc. *
     7,405       748,423  
Internet Brands, Inc. *
     57,690       405,561  
j2 Global Communications, Inc. *
     43,770       926,611  
NaviSite, Inc. *
     105,970       536,208  
TheStreet.com, Inc.
     46,390       738,529  
Valueclick, Inc. *
     19,640       430,116  
 
              
 
             4,435,273  
 
              
Investment Banking & Brokerage - 2.0%
                
Investment Technology Group, Inc.*
     12,700       604,393  
optionsXpress Holdings, Inc.
     12,300       415,986  
 
              
 
             1,020,379  
 
              
Leisure Facilities - 1.0%
                
Life Time Fitness, Inc. *
     10,410       517,169  
 
              
 
                
Marine -0.8%
                
Excel Maritime Carriers, Ltd.
     10,140       407,527  
 
              
         
Oil & Gas Equipment & Services - 5.0%
                
Core Laboratories N.V. *
     5,920       738,343  
Dril-Quip, Inc. *
     13,920       774,787  
Oil States International, Inc. *
     13,420       457,890  
         
Superior Energy Services, Inc. *
     18,120       623,690  
 
              
 
             2,594,710  
 
              
Oil & Gas Exploration & Production -0.6%
                
Arena Resources, Inc. *
     7,900       329,509  
 
              
 
                
Packaged Foods & Meats - 0.8%
                
SunOpta, Inc. *
     30,680       409,578  
 
              
 
                
Personal Products - 1.1%
                
Bare Escentuals, Inc. *
     22,640       549,020  
 
              
 
                
Pharmaceuticals -3.1%
                
KV Pharmaceutical Company *
     40,010       1,141,885  
Sciele Pharma, Inc. *
     23,640       483,438  
 
              
 
             1,625,323  
 
              
Property & Casualty Insurance - 1.7%
                
Amtrust Financial Services, Inc.
     63,110       869,025  
 
              
 
                
Real Estate Management & Development -0.8%
                
FirstService Corporation *
     13,190       402,691  
 
              
 
                
Semiconductors - 2.4%
                
Atheros Communications, Inc. *
     17,370       530,480  
02Micro International, Ltd. ADR *
     37,100       428,134  
Silicon Motion Technology Corporation ADR *
     14,660       260,655  
 
              
 
             1,219,269  
 
              
Specialized Finance - 1.2%
                
MarketAxess Holdings, Inc. *
     19,920       255,574  
Portfolio Recovery Associates, Inc.
     9,390       372,501  
 
              
 
             628,075  
 
              
 
                
Specialty Chemicals - 0.8%
                
Zoltek Companies, Inc. *
     9,400       402,978  
 
                
Steel - 1.3%
             —  
Haynes International, Inc. *
     5,970       414,915  
Schnitzer Steel Industries, Inc.
     3,930       271,681  
 
              
 
             686,596  
 
              
Systems Software - 1.8%
                
Aladdin Knowledge Systems, Ltd. *
     19,350       505,615  
FalconStor Software, Inc. *
     35,610       400,969  
 
              
 
             906,584  
 
              
 
                
Technology Distributors - 0.7%
                
Mellanox Technologies, Ltd. *
     21,120       384,806  
 
TOTAL COMMON STOCK (Cost $41,774,675)
           $ 47,664,139  
 
                 
    Principal        
    Amount     Value  
REPURCHASE AGREEMENT- 10.7%
                
United Missouri Bank, 3.61%, dated 12/31/07, matures 1/02/08; repurchase amount $5,536,110 (Collateralized by FNSM, 6.50%, 11/01/37 with a value of $5,646,017)
   $ 5,535,000     $ 5,535,000  
 
TOTAL REPURCHASE AGREEMENT (Cost $5,535,000)
           $ 5,535,000  
 
Total Investments (Security Equity Fund — Small Cap Growth Series)
           $ 53,199,139  
(Cost $47,309,675) - 102.7%
                
Liabilities in Excess of Other Assets — (2.7)%
             (1.414.657 )
 
              
TOTAL NET ASSETS - 100.0%
           $ 51,784,482  
 
              
Footnotes
The accompanying notes are an integral part of the financial statements.

Table of Contents

Schedule of Investments
December 31, 2007 (Unaudited) — continued 		  Security Equity Fund — Small Cap Growth Series
Footnotes
Percentages are stated as a percent of net assets.
For federal income tax purposes the identified cost of investments owned at 12/31/2007 was $47,549,001.
     
*
  - Non-income producing security
         
Glossary:
    
         
ADR
  - American Depositary Receipt
         
See notes to financial statements.
The accompanying notes are an integral part of the financial statements.

 

Table of Contents

NOTES TO FINANCIAL STATEMENTS
1. Unrealized Appreciation (Depreciation) on Investments
     For federal income tax purposes, the amounts of unrealized appreciation (depreciation) on investments at December 31, 2007 were as follows:
                         
    Gross   Gross   Net unrealized
    unrealized   unrealized   appreciation
    appreciation   (depreciation)   (depreciation)
 
Security Equity Fund:
                        
Alpha Opportunity Series
   $ 292,169     $ (320,020 )   $ (27,851 )
Equity Series
     73,471,398       (34,538,237 )     38,933,161  
Global Series
     10,479,428       (9,110,479 )     1,368,949  
Mid Cap Value Series
     123,353,865       (121,973,899 )     1,379,966  
Select 25 Series
     6,290,461       (5,286,709 )     1,003,752  
Small Cap Growth Series
     8,644,456       (2,994,318 )     5,650,138  
2.   Open Futures Contracts
 
    Open futures contracts for Alpha Opportunity Series as of December 31, 2007 were as follows:
                                                 
        Number of   Expiration   Contract   Market   Unrealized
    Position   Contracts   Date   Amount   Value   Gain/(Loss)
 
Alpha Opportunity Series
                                                
S&P 500 Index Future
   Long     41       03-21-2008       15,390,967     $ 15,141,300     $ (249,667 )
 
                                                
3. Options Written
The following options written were outstanding for Mid Cap Value Series at December 31, 2007:
Mid Cap Value Series Call Options Written Outstanding
                                         
    Expiration   Exercise   Number of   Market        
Common Stock   Date   Price   Contracts   Value        
 
Great Plains Energy, Inc.
     1/18/2008     $ 30.00       1,610     $ 16,100          
Northeast Utilities
     4/18/2008       35.00       167       5,845          
SCANA Corporation
     2/15/2008       45.00       800       8,000          
Williams Companies, Inc.
     1/18/2008       32.50       1,430       471,900          
Williams Companies, Inc.
     2/15/2008       35.00       1,430       250,250          
                             
Total call options outstanding (premiums received, $764,219)
                     5,437     $ 752,095          
                             
4.   Restricted Securities
 
    As of December 31, 2007, Mid Cap Value Series contained restricted securities. Market value, cost,
percentage of total net assets and acquisition dates are as follows:
                                                 
    Number   Price Per   Market       % of   Acquisition
    of Shares   Share   Value   Cost   Net Assets   Dates
 
Mid Cap Value
                                                
ThermoEnergy Corporation PIPE
     1,745,000     $ 0.49     $ 855,050     $ 1,646,500       0.1 %     07-14-05  
ThermoEnergy Corporation Warrant
     1,745,000       0.1066       186,017       447,500       0.0 %     07-14-05  
These securities have been valued after considering certain pertinent factors, including the results of operations since the date of purchase, and the recent sales price of its common stock. No quoted market price exists for these shares. It is possible that the estimated value may differ significantly from the amount that might ultimately be realized in the near term, and the difference could be material.

 

Table of Contents

NOTES TO FINANCIAL STATEMENTS (continued)
5.   Affiliated Issuers
     Investments representing 5% or more of the outstanding voting securities of a portfolio company of a fund result in that portfolio company being considered an affiliated company of such fund, as defined in the 1940 Act. The aggregate market value of all securities of affiliated companies held in Mid Cap Value Series as of December 31, 2007 amounted to $38,660,053 which represents 4.6% of net assets. There were no affiliated companies held in any other Series. Transactions in Mid Cap Value Series during the period ended December 31, 2007 in which the portfolio company is an “affiliated person” are as follows:
                                     
    Balance   Gross   Gross   Balance   Realized   Investment
    9/30/2007   Additions   Reductions   12/31/2007   Gain/(Loss)   Income
 
Bimini Capital Management, Inc. (Shares)
    1,474,400       —     —     1,474,400     —   —
Bimini Capital Management, Inc. (Cost)
  $ 16,310,457     $ —     $             —   $ 16,310,457     $             —   $           —
 
                                    
Clayton Holdings, Inc. (Shares)
    569,100       921,100     —     1,490,200     —   —
Clayton Holdings, Inc. (Cost)
  $ 5,267,192     $ 4,809,921     $             —   $ 10,077,113     $             —   $           —
 
                                    
Hydrogen Corporation (Shares)
    840,300       419,700     —     1,260,000     —   —
Hydrogen Corporation (Cost)
  $ 4,054,365     $ 1,170,962     $             —   $ 5,225,327     $             —   $           —
 
                                    
Maxwell Technologies, Inc. (Shares)
    789,400       535,900     —     1,325,300     —   —
Maxwell Technologies, Inc. (Cost)
  $ 10,502,509     $ 4,104,994     $             —   $ 14,607,503     $             —   $           —
 
                                    
North Pointe Holdings Corporation (Shares)
    525,000       —     —     525,000     —   —
North Pointe Holdings Corporation (Cost)
  $ 6,408,985     $              —     $             —   $ 6,408,985     $             —   $           —
 
                                    
Quixote Corporation (Shares)
    479,100       —     —     479,100     —   —
Quixote Corporation (Cost)
  $ 9,318,028     $ —     $             —   $ 9,318,028     $             —   $           —
 
                                    
ThermoEnergy Corporation PIPE (Shares)
    1,745,000       —     —     1,745,000     —   —
ThermoEnergy Corporation PIPE (Cost)
  $ 1,646,500     $ —     $             —   $ 1,646,500     $             —   $           —
 
                                    
ThermoEnergy Corporation Warrant (Shares)
    1,745,000       —     —     1,745,000     —   —
ThermoEnergy Corporation Warrant (Cost)
  $ 447,500     $ —     $             —   $ 447,500     $             —   $           —
 
*   As a result of Mid Cap Value Series’ beneficial ownership of the common stock of these portfolio companies, applicable regulations require that the Series state that it may be deemed an affiliate of the respective portfolio company. The Series disclaims that the “affliated persons” are affiliates of the Distributor, Advisor, Series or any other client of the Advisor.
6.   Security Valuation
     Security Valuation — Valuations of the Fund’s securities are supplied by pricing services approved by the Board of Directors. The Fund’s officers, under the general supervision of the Board of Directors, regularly review procedures used by, and valuations provided by, the pricing services. Each security owned by a Fund that is listed on a securities exchange is valued at its last sale price on that exchange on the date as of which assets are valued. Where the security is listed on more than one exchange, the Fund will use the price of that exchange that it generally considers to be the principal exchange on which the stock is traded. Fund securities listed on the Nasdaq Stock Market, Inc. (“Nasdaq”) will be valued at the Nasdaq Official Closing Price. Securities for which market quotations are not readily available are valued by a pricing service considering securities with similar yields, quali ty, type of issue, coupon, duration and rating. If there is no bid price or if the bid price is deemed to be unsatisfactory by the Board of Directors or by the Fund’s investment manager, then the securities are valued in good faith by such method as the Board of Directors determines will reflect the fair value. If events occur that will affect the value of a fund’s portfolio securities before the NAV has been calculated (a “significant event”), the security will generally be priced using a fair value procedure. If the Valuation Committee determines a significant event has occurred, it will evaluate the impact of that event on an affected security or securities, to determine whether a fair value adjustment would materially affect the fund’s NAV per share. Some of the factors which may be considered by the Board of Directors in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on disposition; trading in similar securities of the same issuer or comparable companies; information from broker-dealers; and an evaluation of the forces that influence the market in which the securities are purchased and sold. The Fund generally will value short-term debt securities at prices based on market quotations for such securities or 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. Investments in foreign securities may involve risks not present in domestic investments. The Valuation Committee will determine the current value of such foreign securities by taking into consideration certain factors which may include those discussed above, as well as the following factors, among others: the value of the securities traded on other foreign markets, ADR trading, closed-end fund trading, foreign currency exchange activity, and the trading prices of financial products that are tied to foreign securities such as WEBS. In addition, the Board of Directors has authorized the Valuation Committee and Administrator to use prices and other information supplied by IDC’s Fair Value Information Service in valuing such securities. Since foreign securities may be denominated in a foreign currency and involve settlement and pay interest or foreign 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 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.
Please refer to the Fund’s most recent semi-annual or annual financial statements for information regarding the Fund’s significant accounting policies.

 

Table of Contents

Item 2. Controls and Procedures.
(a)   The registrant’s President and Treasurer have concluded that the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) are effective based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-Q.
(b)   There were no significant changes in the registrant’s internal controls, or in other factors that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
Item 3. Exhibits.
(a)   Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached hereto.

 

Table of Contents

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
             
    SECURITY EQUITY FUND    
 
            
 
  By:   /s/ Thomas A. Swank    
 
           
 
      Thomas A. Swank, President    
 
            
 
  Date:   February 28, 2007    
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report ha(s been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
             
 
  By:   /s/ Thomas A. Swank    
 
           
 
      Thomas A. Swank, President    
 
            
 
  Date:   February 28, 2007    
 
            
 
  By:   /s/ Brenda M. Harwood    
 
           
 
      Brenda M. Harwood, Treasurer    
 
            
 
  Date:   February 28, 2007