N-Q

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)

RICHARD M. GOLDMAN, 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: June 30, 2008

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

Item 1. Schedule of Investments.

Schedule of Investments	Security Equity Fund — Alpha Opportunity Series
June 30, 2008 (Unaudited)

	Shares		Value
COMMON STOCK - 31.3%
Aerospace & Defense - 0.1%
Hexcel Corporation *		1,362	$	26,287
Agricultural Products - 1.4%
Bunge, Ltd. (1)		6,128		659,924
Fresh Del Monte Produce, Inc. *		264		6,223
				666,147
Airlines - 0.3%
Southwest Airlines Company		10,785		140,636
Aluminum - 0.2%
Alcoa, Inc.		2,530		90,119
Apparel Retail - 0.8%
Ross Stores, Inc.		7,018		249,279
Urban Outfitters, Inc. *		3,793		118,304
				367,583
Apparel, Accessories & Luxury Goods - 0.6%
Polo Ralph Lauren Corporation		4,653		292,115
Application Software - 0.8%
Salesforce.com, Inc. *		3,911		266,847
SAP AG ADR		1,099		57,269
Synopsys, Inc. *		2,501		59,799
				383,915
Biotechnology - 0.5%
BioMarin Pharmaceutical, Inc. *		1,610		46,658
Gilead Sciences, Inc. *		3,025		160,174
				206,832
Building Products - 0.3%
Owens Corning, Inc. *		7,045		160,274
Commodity Chemicals - 0.0%
Braskem S.A. ADR		989		15,696
Communications Equipment - 0.2%
Qualcomm, Inc.		2,168		96,194
Computer Storage & Peripherals - 0.4%
Western Digital Corporation *		5,906		203,934
Construction & Engineering - 2.2%
Empresas ICA SAB de CV ADR *		491		12,196
Foster Wheeler, Ltd. *		4,857		355,289
Jacobs Engineering Group, Inc. *		2,168		174,958
KBR, Inc.		5,210		181,881
Quanta Services, Inc. *		4,447		147,952
Shaw Group, Inc. *		2,683		165,783
				1,038,059
Construction & Farm Machinery & Heavy Trucks - 0.5%
Joy Global, Inc.		2,709		205,423
Kubota Corporation ADR		1,006		36,005
				241,428
Construction Materials - 0.4%
Texas Industries, Inc.		2,988		167,717
Consumer Electronics - 0.3%
Matsushita Electric Industrial Company, Ltd. ADR		4,025		86,215
Sony Corporation ADR		1,316		57,562
				143,777
Diversified Banks - 1.4%
Banco Santander Chile S.A. ADR		631		27,139
Mizuho Financial Group, Inc. ADR		5,378		49,854
New York Community Bancorp, Inc.*		5,334		95,159
U.S. Bancorp (1)		16,878		470,727
				642,879
Diversified Metals & Mining - 1.4%
Freeport-McMoRan Copper & Gold, Inc. (CI.B)		2,172		254,537
Southern Copper Corporation		442		47,130
Teck Cominco, Ltd. (CI.B)		7,667		367,633
				669,300
Electric Utilities - 0.3%
Exelon Corporation		1,571		141,327
Electrical Components & Equipment - 0.8%
Emerson Electric Company		1,542		76,252
Powell Industries, Inc. *		1,029		51,872
Roper Industries, Inc.		2,872		189,207
Solarfun Power Holdings Company, Ltd. ADR *		3,097		54,198
				371,529
Electronic Equipment Manufacturers - 0.4%
Itron, Inc. *		1,767		173,785
Exchange Traded Funds - 4.9%
Claymore		12,571		241,237
iShares MSCI Hong Kong Index Fund		1,935		32,760
iShares Silver Trust * (1)		3,794		654,579
Market Vectors Agribusiness ETF *		7,183		442,688
Market Vectors Steel Index Fund		2,671		282,805
Powershares QQQ		8,316		375,634
SPDR Gold Trust *		2,710		247,694
				2,277,397
Heavy Electrical Equipment - 0.2%
ABB, Ltd. ADR *		3,870		109,598
Home Entertainment Software - 0.1%
Shanda Interactive Entertainment, Ltd. ADR *		999		27,123

The accompanying notes are an integral part of the financial statements.

Schedule of Investments	Security Equity Fund — Alpha Opportunity Series
June 30, 2008 (Unaudited) — continued

	Shares		Value
COMMON STOCK (continued)
Hypermarkets & Super Centers - 0.5%
BJ’s Wholesale Club, Inc. *		5,710	$	220,977
Independent Power Producers & Energy Traders - 1.0%
Dynegy, Inc. *		18,354		156,927
Mirant Corporation *		2,168		84,877
NRG Energy, Inc. *		988		42,385
Ormat Technologies, Inc.		3,579		176,015
				460,204
Industrial Conglomerates - 0.3%
Otter Tail Corporation		4,022		156,174
Industrial Machinery - 1.7%
Dover Corporation		5,176		250,363
Eaton Corporation		1,542		131,024
Flowserve Corporation		1,029		140,664
Harsco Corporation		2,090		113,717
Timken Company		4,335		142,795
				778,563
Integrated Oil & Gas - 2.9%
Hess Corporation		3,231		407,720
Petroleo Brasileiro S.A. ADR (1)		11,608		822,195
Suncor Energy, Inc.		1,626		94,503
				1,324,418
Integrated Telecommunication Services - 0.1%
Telefonos de Mexico SAB de CV ADR		1,412		33,436
Internet Software & Services - 0.5%
GigaMedia, Ltd. *		1,627		19,410
j2 Global Communications, Inc. *		1,542		35,466
Open Text Corporation *		3,451		110,777
Sina Corporation *		1,489		63,357
				229,010
IT Consulting & Other Services - 0.0%
Wipro, Ltd. ADR		1,607		19,573
Metal & Glass Containers - 0.4%
Crown Holdings, Inc. *		6,503		169,013
Oil & Gas Drilling - 0.6%
Rowan Companies, Inc.		5,419		253,338
Oil & Gas Equipment & Services - 1.2%
Cameron International Corporation *		1,626		89,999
Schlumberger, Ltd. (1)		4,335		465,709
				555,708
Oil & Gas Exploration & Production - 0.9%
Carrizo Oil & Gas, Inc. *		5,409		368,299
Nexen, Inc.		1,350		53,662
				421,961
Packaged Foods & Meats - 0.2%
HQ Sustainable Maritime Industries, Inc. *		604		8,003
Tyson Foods, Inc.		4,329		64,675
				72,678
Paper Products - 0.1%
Votorantim Celulose e Papel S.A. ADR		1,260		33,655
Property & Casualty Insurance - 0.1%
Progressive Corporation		3,252		60,878
Semiconductors -0.5%
Advanced Semiconductor Engineering, Inc. ADR		598		2,661
Himax Technologies, Inc. ADR		1,350		6,912
Taiwan Semiconductor Manufacturing Company, Ltd. ADR		21,201		231,303
				240,876
Specialized REIT’s - 0.3%
Plum Creek Timber Company, Inc.		3,251		138,850
Steel - 0.9%
Commercial Metals Company		2,059		77,624
Steel Dynamics, Inc.		8,625		336,979
				414,603
Trucking - 0.5%
J.B. Hunt Transport Services, Inc.		5,702		189,763
Knight Transportation, Inc. *		3,170		58,011
				247,774
Wireless Telecommunication Services - 0.1%
Millicom International Cellular S.A.		232		24,012
TOTAL COMMON STOCK (Cost $15,100,857)			$	14,509,352

	Principal
	Amount		Value
U.S. GOVERNMENT SPONSORED AGENCY BONDS & NOTES - 46.8%
Federal Home Loan Bank
1.98% - 2008 (1)	$	750,000		749,732
2.13% - 2008 (1)		750,000		749,423
2.18% - 2008 (1)		550,000		548,228
2.19% - 2008 (1)		275,000		274,148
2.21% - 2008 (1)		1,250,000		1,244,638
2.30% - 2008 (1)		400,000		397,972
2.35% - 2008 (1)		1,150,000		1,144,543

The accompanying notes are an integral part of the financial statements.

Schedule of Investments	Security Equity Fund — Alpha Opportunity Series
June 30, 2008 (Unaudited) — continued

	Principal
	Amount		Value
U.S. GOVERNMENT SPONSORED AGEN CY BONDS & NOTES (continued)
Federal Home Loan Mortgage Corporation
2.01% - 2008 (1)	$	225,000	$	224,526
2.11% - 2008 (1)		600,000		598,476
2.11% - 2008 (1)		50,000		49,851
2.23% - 2008 (1)		250,000		249,086
2.34% - 2008 (1)		700,000		696,542
Federal National Mortgage Association
1.897% - 2008 (1)		1,450,000		1,450,000
2.00% - 2008 (1)		850,000		848,368
2.00% - 2008 (2)		1,200,000		1,197,922
2.02% - 2008 (1)		400,000		399,809
2.04% - 2008 (2)		1,150,000		1,147,435
2.04% - 2008 (1)		500,000		499,552
2.05% - 2008 (1)		700,000		699,482
2.08% - 2008 (1)		500,000		499,403
2.08% - 2008 (1)		500,000		499,283
2.15% - 2008 (1)		500,000		498,607
2.17% - 2008 (1)		200,000		198,986
2.17% - 2008 (1)		1,500,000		1,496,835
2.25% - 2008 (1)		1,500,000		1,495,355
2.25% - 2008 (1)		1,500,000		1,494,518
2.30% - 2008 (1)		1,000,000		995,905
2.30% - 2008 (1)		1,200,000		1,194,852
2.34% - 2008 (1)		200,000		199,077
TOTAL U.S. GOVERNMENT SPONSORED AGENCY BONDS & NOTES			$	21,742,554
(Cost $21,743,876)
Total Investments (Security Equity Fund - Alpha Opportunity Series)			$	36,251,906
(Cost $36,844,733) - 78.1%
Other Assets in Excess of Liabilities - 21.9%				10,161,054
TOTAL NET ASSETS - 100.0%			$	46,412,960

Schedule of Securities Sold Short
June 30, 2008

Security Equity Fund - Alpha Opportunity Series

	Shares			Value
COMMON STOCK - (3.4)%
Apparel Retail - (0.1)%
AnnTaylor Stores Corporation *		(427	)	$	(10,231	)
Bebe Stores, Inc.		(1,743	)		(16,750	)
					(26,981	)
Biotechnology - (0.3)%
Amgen, Inc. *		(3,419	)		(161,240	)
Consumer Electronics - (0.1)%
Garmin, Ltd.		(736	)		(31,530	)
Data Processing & Outsourced Services - 0.0%
Automatic Data Processing, Inc.		(427	)		(17,891	)
Department Stores - (0.1)%
Kohl’s Corporation *		(855	)		(34,234	)
Distillers & Vintners - (0.1)%
Constellation Brands, Inc. *		(1,705	)		(33,861	)
Education Services - 0.0%
Apollo Group, Inc. *		(427	)		(18,899	)
Electric Utilities - (0.2)%
Progress Energy, Inc.		(2,178	)		(91,106	)
Electronic Manufacturing Services - (0.2)%
Benchmark Electronics, Inc. *		(611	)		(9,984	)
Jabil Circuit, Inc.		(5,264	)		(86,382	)
					(96,366	)
Exchange Traded Funds - (1.0)%
iShares Lehman 20+ Year Treasury		(4,275	)		(394,754	)
iShares Lehman 7-10 Year		(427	)		(37,576	)
Vanguard Total Bond Market ETF		(405	)		(30,869	)
					(463,199	)
Footwear - (0.1)%
K-Swiss, Inc.		(2,071	)		(30,444	)
Health Care Equipment - (0.1)%
Stryker Corporation		(436	)		(27,416	)
Integrated Oil & Gas - (0.3)%
Exxon Mobil Corporation		(1,710	)		(150,702	)
Marine Ports & Services - (0.2)%
DryShips, Inc.		(855	)		(68,554	)
Motorcycle Manufacturers - 0.0%
Harley-Davidson, Inc.		(427	)		(15,483	)
Multi-Utilities - (0.1)%
DTE Energy Company		(1,282	)		(54,408	)
Real Estate Management & Development - 0.0%
Consolidated-Tomoka Land		(118	)		(4,963	)
Restaurants - (0.1)%
Starbucks Corporation *		(4,153	)		(65,368	)
Retail REIT’s - (0.2)%
General Growth Properties, Inc.		(2,152	)		(75,385	)
Semiconductors - 0.0%
Cree, Inc. *		(427	)		(9,740	)
Specialized Consumer Services - (0.1)%
Sotheby’s		(855	)		(22,546	)

The accompanying notes are an integral part of the financial statements.

Schedule of Investments	Security Equity Fund — Alpha Opportunity Series
June 30, 2008 (Unaudited) — continued

	Shares			Value
COMMON STOCK (continued)
Specialty Chemicals - 0.0%
Ecolab, Inc.		(427	)	$	(18,357	)
Technology Distributors - (0.1)%
Arrow Electronics, Inc. *		(427	)		(13,118	)
Avnet, Inc. *		(855	)		(23.324	)
					(36,442	)
TOTAL COMMON STOCK				$	(1,555,115	)
(Proceeds $1,552,851)
Total Securities Sold Short (Security Equity Fund -
(Proceeds $1,552,851)				$	(1,555,115	)

Footnotes

Percentages are stated as a percent of net assets.

For federal income tax purposes the identified cost of investments owned at 6/30/2008 was $36,940,271.

*   - 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

See notes to financial statements.

The accompanying notes are an integral part of the financial statements.

Schedule of Investments	Security Equity Fund — Equity Series
June 30, 2008 (Unaudited)

	Shares		Value
COMMON STOCK - 98.0%
Advertising - 1.1%
Omnicom Group, Inc.		61,110	$	2,742,617
Aerospace & Defense - 3.7%
Honeywell International, Inc.		104,080		5,233,142
United Technologies Corporation		68,900		4,251,130
				9,484,272
Air Freight & Logistics - 1.5%
FedEx Corporation		49,200		3,876,468
Asset Management & Custody Banks - 1.5%
Bank of New York Mellon Corporation		102,935		3,894,031
Biotechnology - 4.5%
Celgene Corporation *		97,875		6,251,276
Gilead Sciences, Inc. *		104,295		5,522,420
				11,773,696
Broadcasting & Cable TV - 0.3%
CBS Corporation		47,000		915,560
Building Products - 1.7%
USG Corporation *		151,800		4,488,726
Communications Equipment - 3.5%
Cisco Systems, Inc. *		170,095		3,956,410
Corning, Inc.		220,765		5,088,633
				9,045,043
Computer Hardware - 4.7%
Apple, Inc. *		33,530		5,614,263
Hewlett-Packard Company		147,035		6,500,418
				12,114,681
Construction & Farm Machinery & Heavy Trucks - 2.1%
Deere & Company		73,990		5,336,899
Construction Materials - 0.5%
Vulcan Materials Company		19,800		1,183,644
Consumer Finance - 1.6%
Capital One Financial Corporation		85,100		3,234,651
First Marblehead Corporation		334,900		860,693
				4,095,344
Data Processing & Outsourced Services - 1.5%
Western Union Company		154,400		3,816,768
Department Stores - 0.7%
JC Penney Company, Inc.		50,900		1,847,161
Diversified Banks - 2.0%
Wells Fargo & Company		216,510		5,142,113
Diversified Chemicals - 0.7%
Dow Chemical Company		49,600		1,731,536
Diversified Commercial & Professional Services - 0.5%
Equifax, Inc.		39,000		1,311,180
Drug Retail - 3.3%
CVS Caremark Corporation		216,885		8,582,139
Electric Utilities - 1.0%
Edison International		49,800		2,558,724
Electrical Components & Equipment - 2.0%
Emerson Electric Company		102,730		5,079,998
Electronic Manufacturing Services - 0.4%
Tyco Electronics, Ltd.		32,800		1,174,896
Exchange Traded Funds - 1.7%
iShares Russell 1000 Value Index Fund		31,700		2,188,885
iShares S&P 500 Value Index Fund		33,800		2,142,920
				4,331,805
Fertilizers & Agricultural Chemicals - 3.0%
Monsanto Company		25,855		3,269,106
Mosaic Company		30,305		4,385,134
				7,654,240
Footwear - 1.5%
Nike, Inc. (CI.B)		65,135		3,882,697
Health Care Equipment - 1.4%
Covidien, Ltd.		33,800		1,618,682
Hospira, Inc. *		52,700		2,113,797
				3,732,479
Health Care Services - 0.8%
Medco Health Solutions, Inc. *		44,800		2,114,560
Home Improvement Retail - 1.6%
Home Depot, Inc.		48,000		1,124,160
Lowe’s Companies, Inc.		145,900		3,027,425
				4,151,585
Hypermarkets & Super Centers - 3.4%
Costco Wholesale Corporation		42,500		2,980,950
Wal-Mart Stores, Inc.		102,200		5,743,640
				8,724,590
Industrial Conglomerates - 4.2%
General Electric Company		134,800		3,597,812
McDermott International, Inc. *		32,400		2,005,236
Textron, Inc.		83,355		3,995,205
Tyco International, Ltd.		29,100		1,165,164
				10,763,417

The accompanying notes are an integral part of the financial statements.

Schedule of Investments	Security Equity Fund — Equity Series
June 30, 2008 (Unaudited) — continued

	Shares		Value
COMMON STOCK (continued)
Industrial Gases - 1.7%
Air Products & Chemicals, Inc.		44,390	$	4,388,395
Integrated Oil & Gas - 4.0%
Chevron Corporation		29,900		2,963,987
ConocoPhillips		14,400		1,359,216
Exxon Mobil Corporation		45,700		4,027,541
Sasol, Ltd. ADR		35,900		2,115,946
				10,466,690
Integrated Telecommunication Services - 0.9%
Windstream Corporation		192,200		2,371,748
Internet Software & Services - 1.7%
Google, Inc. *		8,440		4,442,985
Life Sciences Tools & Services - 2.2%
Thermo Fisher Scientific, Inc. *		100,140		5,580,802
Movies & Entertainment - 2.6%
Time Warner, Inc.		185,100		2,739,480
Walt Disney Company		132,530		4,134,936
				6,874,416
Multi-Line Insurance - 1.4%
American International Group, Inc.		141,900		3,754,674
Oil & Gas Drilling - 3.7%
Nabors Industries, Ltd. *		91,385		4,498,884
Transocean, Inc.		33,500		5,105,065
				9,603,949
Oil & Gas Equipment & Services - 1.4%
Halliburton Company		66,200		3,513,234
Oil & Gas Storage & Transportation - 1.5%
Williams Companies, Inc.		93,900		3,785,109
Other Diversified Financial Services - 1.5%
JPMorgan Chase & Company		116,500		3,997,115
Pharmaceuticals - 1.2%
Schering-Plough Corporation		160,500		3,160,245
Property & Casualty Insurance - 2.3%
Berkshire Hathaway, Inc. *		49		5,916,750
Railroads - 4.2%
Burlington Northern Santa Fe Corporation		56,630		5,656,771
Union Pacific Corporation		70,400		5,315,200
				10,971,971
Restaurants - 1.7%
McDonald’s Corporation		76,280		4,288,462
Semiconductor Equipment - 1.5%
MEMC Electronic Materials, Inc. *		65,280		4,017,331
Semiconductors - 1.5%
Microchip Technology, Inc.		127,105		3,881,787
Soft Drinks - 1.6%
PepsiCo, Inc.		65,160		4,143,524
Specialty Chemicals - 0.8%
Rohm & Haas Company		43,600		2,024,784
Systems Software - 2.1%
Oracle Corporation *		258,230		5,422,830
Thrifts & Mortgage Finance - 0.8%
Federal Home Loan Mortgage Corporation		84,500		1,385,800
Federal National Mortgage Association		39,200		764,792
				2,150,592
Tobacco - 1.3%
Altria Group, Inc.		47,700		980,712
Philip Morris International, Inc.		47,700		2,355,903
				3,336,615
TOTAL COMMON STOCK (Cost $263,121,002)			$	253,644,877

	Principal
	Amount		Value
U.S. GOVERNMENT SPONSORED AGENCY BONDS & NOTES - 0.5%
Federal Home Loan Bank 1.92% - 2008	$	1,300,000		1,299,931
TOTAL U.S. GOVERNMENT SPONSORED AGENCY BONDS & NOTES (Cost $1,299,931)			$	1,299,931
REPURCHASE AGREEMENT - 1.5%
UMB Financial Corp, 1.89%, dated 6/30/08, matures 7/1/08; repurchase amount $3,889,230 (Collateralized by FNMA, 5.50%, 8/22/12 with a value of $3,966,806)	$	3,889,000	$	3,889,000
TOTAL REPURCHASE AGREEMENT (Cost $3,889,000)			$	3,889,000
Total Investments (Security Equity Fund - Equity Series) (Cost $268,309,933) - 100.0%			$	258,833,808
Other Assets in Excess of Liabilities - 0.0%				112,049
TOTAL NET ASSETS - 100.0%			$	258,945,857

Footnotes

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of the financial statements.

Schedule of Investments	Security Equity Fund — Equity Series
June 30, 2008 (Unaudited) — continued

For federal income tax purposes the identified cost of investments owned at 6/30/2008 was $268,309,933.

*  - 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.

Schedule of Investments	Security Equity Fund — Global Series
June 30, 2008 (Unaudited)

	Shares		Value
COMMON STOCK - 101.0%
Austria - 0.5%
OMV AG (1)		9,778	$	764,067
Bermuda - 2.5%
Endurance Specialty Holdings, Ltd.		30,661		944,052
Platinum Underwriters Holdings, Ltd.		36,099		1,177,189
Tyco Electronics, Ltd.		44,372		1,589,405
				3,710,646
Brazil - 2.1%
Bovespa Holding S.A.		248,800		3,075,056
Canada - 0.4%
Research In Motion, Ltd. *		5,594		653,939
Cayman Islands - 3.1%
Herbalife, Ltd.		25,417		984,909
Shanda Interactive Entertainment, Ltd. ADR*		57,620		1,564,383
Suntech Power Holdings Company, Ltd. ADR *		56,690		2,123,607
				4,672,899
China - 0.4%
Jiangxi Copper Company, Ltd. (1)		340,200		670,136
France - 1.7%
UBISOFT Entertainment * (1)		29,306		2,563,235
Germany - 1.3%
Fresenius Medical Care AG & Company KGaA (1)		24,119		1,329,077
MAN AG (1)		5,284		585,998
SAPAG		630		32,978
				1,948,053
Hong Kong - 4.4%
LinkREIT(1)(2)		2,865,200		6,528,499
Ireland - 2.8%
Anglo Irish Bank Corporation plc (1)		439,404		4,154,068
Italy - 3.5%
Unione di Banche Italiane SCPA (1)		225,665		5,273,567
Japan - 10.0%
Astellas Pharma, Inc. (1)		28,280		1,202,612
Chiba Bank, Ltd. (1)		177,600		1,247,062
JGC Corporation (1)		205,290		4,042,502
Nintendo Company, Ltd. (1)		10,338		5,862,406
Nippon Express Company, Ltd. (1)		253,760		1,218,710
NTT DoCoMo, Inc. (1)		847		1,242,329
Shima Seiki Manufacturing, Ltd. (1)		4,992		136,280
				14,951,901
Luxembourg - 0.4%
ArcelorMittal (1)		5,260		521,108
Norway - 0.6%
Yara International ASA (1)		9,866		871,288
Singapore - 6.2%
Singapore Airlines, Ltd. (1)		223,560		2,419,556
Singapore Press Holdings, Ltd. (1)		2,205,948		6,897,101
				9,316,657
South Africa - 1.7%
Aveng, Ltd. (1)		340,767		2,515,526
Sweden - 0.3%
Scania AB (1)		37,455		509,944
Switzerland - 1.2%
Actelion, Ltd. * (1)		18,739		999,457
Lonza Group AG (1)		6,214		858,637
				1,858,094
United Kingdom - 5.3%
AstraZeneca plc (1)		22,399		952,367
Cadbury plc(1)		129,741		1,627,401
Imperial Tobacco Group plc (1)		89,810		3,334,530
Old Mutual plc (1)		340,849		626,381
RioTinto plc ADR		1,526		755,370
Vedanta Resources plc (1)		16,740		722,268
				8,018,317
United States - 52.6%
Altria Group, Inc.		132,891		2,732,239
Amgen, Inc. *		18,941		893,258
Anadarko Petroleum Corporation		46,848		3,506,104
AO Smith Corporation		28,974		951,216
AT&T, Inc.		115,667		3,896,821
Baxter International, Inc.		21,453		1,371,705
Biogen Idec, Inc. *		20,672		1,155,358
Brocade Communications Systems, Inc. *		101,686		837,893
CA, Inc.		229,591		5,301,256
CF Industries Holdings, Inc.		5,747		878,142
Charles River Laboratories International, Inc. *		20,694		1,322,760
ConocoPhillips		14,948		1,410,942
Consolidated Edison, Inc.		32,010		1,251,271
Constellation Energy Group, Inc.		48,256		3,961,818
Gap, Inc.		61,435		1,024,121
General Electric Company		42,270		1,128,186
Genworth Financial, Inc.		60,100		1,070,381
Gymboree Corporation *		30,555		1,224,339
IMS Health, Inc.		37,510		873,983
Invitrogen Corporation *		29,040		1,140,110
Johnson & Johnson		87,176		5,608,904
Joy Global, Inc.		48,062		3,644,541
Lockheed Martin Corporation		54,384		5,365,525
Marvel Entertainment, Inc. *		83		2,668
National City Corporation		1,044,931		4,984,321

The accompanying notes are an integral part of the financial statements.

Schedule of Investments	Security Equity Fund — Global Series
June 30, 2008 (Unaudited) — continued

	Shares		Value
COMMON STOCK (continued)
United States (continued)
NetFlix, Inc. *		25,712	$	670,312
Northrop Grumman Corporation		10,859		726,467
Owens & Minor, Inc.		17,750		810,998
Philip Morris International, Inc.		147,013		7,260,972
Pinnacle West Capital Corporation		39,710		1,221,877
RadioShack Corporation		73,290		899,268
Reinsurance Group of America, Inc.		23,312		1,014,538
Safeway, Inc.		40,740		1,163,127
Symantec Corporation *		60,917		1,178,744
TJX Companies, Inc.		39,357		1,238,565
Trinity Industries, Inc.		111,323		3,861,795
Wal-Mart Stores, Inc.		21,953		1,233,759
Watson Wyatt Worldwide, Inc.		22,325		1,180,769
Weight Watchers International, Inc.		26,874		956,983
				78,956,036
TOTAL COMMON STOCK (Cost $157, 797,715)			$	151,533,036
Total Investments (Security Equity Fund - Global Series) (Cost $157,797,715) - 101.0%			$	151,533,036
Liabilities in Excess of Other Assets — (1.0)%				(1.504.318	)
TOTAL NET ASSETS - 100.0%			$	150,028,718

INVESTMENT CONCENTRATION

At June 30, 2008, the investment diversification of the fund was as follows:

	% of
Industry	Net Assets			Value
Tobacco		8.8	%	$	13,327,741
Home Entertainment Software		6.6			9,990,024
Diversified Banks		6.3			9,427,635
Construction & Farm Machinery & Heavy Trucks		5.3			8,016,281
Pharmaceuticals		5.1			7,763,883
Publishing		4.6			6,897,101
Construction & Engineering		4.4			6,558,028
Retail REIT’s		4.4			6,528,499
Systems Software		4.3			6,480,000
Regional Banks		4.2			6,231,383
Aerospace & Defense		4.1			6,091,993
Independent Power Producers & Energy Traders		2.7			3,961,817
Integrated Telecommunication Services		2.6			3,896,821
Oil & Gas Exploration & Production		2.3			3,506,104
Apparel Retail		2.3			3,487,025
Life Sciences Tools & Services		2.3			3,321,507
Reinsurance		2.1			3,135,779
Specialized Finance		2.1			3,075,056
Electrical Components & Equipment		2.0			3,074,823
Biotechnology		2.0			3,048,073
Airlines		1.6			2,419,557
Integrated Oil & Gas		1.5			2,175,009
Diversified Metals & Mining		1.4			2,147,774
Fertilizers & Agricultural Chemicals		1.2			1,749,429
Packaged Foods & Meats		1.1			1,627,401
Electronic Manufacturing Services		1.1			1,589,405
Communications Equipment		1.0			1,491,831
Health Care Equipment		0.9			1,371,705
Health Care Services		0.9			1,329,077
Multi-Utilities		0.8			1,251,271
Wireless Telecommunication Services		0.8			1,242,329
Hypermarkets & Super Centers		0.8			1,233,759
Electric Utilities		0.8			1,221,877
Trucking		0.8			1,218,710
Human Resource & Employment Services		0.8			1,180,769
Food Retail		0.8			1,163,127
Industrial Conglomerates		0.7			1,128,186
Multi-Line Insurance		0.7			1,070,381
Personal Products		0.7			984,909
Specialized Consumer Services		0.6			956,983
Computer & Electronics Retail		0.6			899,268
Health Care Technology		0.6			873,983
Health Care Distributors		0.5			810,998
Industrial Machinery		0.5			722,278
Internet Retail		0.5			670,312
Life & Health Insurance		0.4			626,381
Steel		0.4			521,108
Application Software		0.0			32,978
Movies & Entertainment		0.0			2,668
Total Investments		101.0			151,533,036
Other Assets and Liabilities, Net		-1.0			(1,504,318	)
Net Assets		100	%	$	150,028,718

Footnotes

Percentages are stated as a percent of net assets.

For federal income tax purposes the identified cost of investments owned at 6/30/2008 was $157,967,556.

*   -	Non-income producing security
1  -	Security was subject to the fair value trigger at June 30, 2008. The total market value of fair valued securities amounts to $59,676,113, (cost $62,233,365) or 39.8% of total net assets.
2  -	Security is a PFIC (Passive Foreign Investment Company)

Glossary: 

ADR	- American Depositary Receipt
pic	- Public Limited Company
REIT	- Real Estate Investment Trust

See notes to financial statements.

The accompanying notes are an integral part of the financial statements.

Schedule of Investments	Security Equity Fund — Mid Cap Value Series
June 30, 2008 (Unaudited)

	Shares		Value
COMMON STOCK - 98.2%
Aerospace & Defense - 0.5%
Argon ST, Inc. *		153,800	$	3,814,240
Apparel Retail - 3.1%
Brown Shoe Company, Inc.		542,900		7,356,295
Collective Brands, Inc. *		365,970		4,256,231
Talbots, Inc.		1,029,000		11,926,110
				23,538,636
Apparel, Accessories & Luxury Goods - 2.3%
Fossil, Inc. *		125,300		3,642,471
Maidenform Brands, Inc. *		635,900		8,584,650
Oxford Industries, Inc.		277,600		5,316,040
				17,543,161
Application Software - 1.4%
EPIQ Systems, Inc. *		579,250		8,225,350
PLATO Learning, Inc. * (1)		845,700		2,241,105
				10,466,455
Auto Parts & Equipment - 0.1%
HydroGen Corporation * (1)(2)		1,260,000		441,000
Biotechnology - 0.2%
Combinatorx, Inc. *		356,230		1,264,617
Building Products - 0.6%
Trex Company, Inc. *		357,200		4,189,956
Coal & Consumable Fuels - 3.0%
Consol Energy, Inc. (3)		50,000		5,618,500
Evergreen Energy, Inc. *		3,660,000		6,368,400
USEC, Inc. *		1,667,100		10,135,968
				22,122,868
Communications Equipment - 1.1%
EF Johnson Technologies, Inc. *		870,000		1,522,500
Symmetricom, Inc. *		1,722,070		6,612,749
				8,135,249
Computer Storage & Peripherals - 0.4%
STEC, Inc. *		307,300		3,155,971
Construction & Engineering - 3.5%
Insituform Technologies, Inc. *		486,700		7,412,441
Quanta Services, Inc. *		427,100		14,209,617
URS Corporation *		102,000		4,280,940
				25,902,998
Consumer Finance- 0.8%
First Marblehead Corporation		2,401,800		6,172,626
Data Processing & Outsourced Services - 7.4%
Affiliated Computer Services, Inc. *		495,000		26,477,550
Computer Sciences Corporation *		516,300		24,183,492
Gevity HR, Inc.		809,700		4,356,186
				55,017,228
Diversified Commercial & Professional Services - 3.0%
GeoEye, Inc. *		133,090		2,357,024
Navigant Consulting, Inc. *		1,020,000		19,951,200
				22,308,224
Drug Retail - 1.5%
Longs Drug Stores Corporation		258,400		10,881,224
Electric Utilities - 6.5%
Allete, Inc. (3)		323,800		13,599,600
Empire District Electric Company		185,000		3,429,900
Great Plains Energy, Inc.		756,400		19,121,792
Northeast Utilities		309,300		7,896,429
Westar Energy, Inc.		200,000		4,302,000
				48,349,721
Electrical Components & Equipment - 1.5%
Power-One, Inc. * (2)		5,314,700		10,044,783
UQM Technologies, Inc. *		517,722		1,138,988
				11,183,771
Electronic Manufacturing Services - 2.0%
Maxwell Technologies, Inc. * (2)		1,325,300		14,074,686
Merix Corporation *		389,500		895,850
				14,970,536
Exchange Traded Funds - 2.0%
iShares Russell 2000 Value Index Fund		115,000		7,360,000
iShares S&P MidCap 400		101,000		7,476,020
				14,836,020
Forest Products - 0.9%
Louisiana-Pacific Corporation		820,300		6,964,347
Gas Utilities - 2.2%
Atmos Energy Corporation		335,000		9,235,950
Southern Union Company		274,000		7,403,480
				16,639,430
Health Care Equipment - 0.4%
Aspect Medical Systems, Inc. *		443,900		2,792,131
Health Care Facilities - 1.4%
Community Health Systems, Inc. *		309,900		10,220,502
Health Care Services - 2.0%
Pediatrix Medical Group, Inc. *		213,100		10,490,913
RehabCare Group, Inc. *		258,900		4,150,167
				14,641,080
Highways & Railtracks - 0.5%
Quixote Corporation (2)		479,100		3,942,993
Home Furnishings - 1.9%
Leggett & Platt, Inc.		827,400		13,875,498

The accompanying notes are an integral part of the financial statements.

Schedule of Investments	Security Equity Fund — Mid Cap Value Series
June 30, 2008 (Unaudited) — continued

	Shares		Value
COMMON STOCK (continued)
Household Appliances - 0.3%
Whirlpool Corporation		41,000	$	2,530,930
Human Resource & Employment Services - 0.9%
Administaff, Inc.		232,000		6,470,480
Industrial Machinery - 1.2%
Briggs & Stratton Corporation		568,700		7,211,116
Thermoenergy Corporation * (1)		1,745,000		2,163,800
				9,374,916
Mortgage REIT’s - 0.0%
Bimini Capital Management, Inc. * (1)(2)		1,474,400		368,600
Multi — Line Insurance - 1.6%
American Financial Group, Inc. (3)		443,750		11,870,313
Multi-Utilities - 3.5%
NorthWestern Corporation		359,700		9,143,574
SCANA Corporation		400,000		14,800,000
TECO Energy, Inc. (3)		115,700		2,486,393
				26,429,967
Oil & Gas Drilling - 2.7%
Helmerich & Payne, Inc. (3)		282,700		20,360,054
Oil & Gas Equipment & Services - 1.2%
Global Industries, Ltd. *		490,200		8,789,286
Oil & Gas Exploration & Production - 2.5%
Edge Petroleum Corporation *		89,700		483,483
Gulfport Energy Corporation *		395,900		6,520,473
Newfield Exploration Company * (3)		179,900		11,738,475
				18,742,431
Oil & Gas Refining & Marketing - 0.2%
Nova Biosource Fuels, Inc. *		2,071,100		1,387,637
Packaged Foods & Meats - 6.9%
Hormel Foods Corporation (3)		545,300		18,872,833
JM Smucker Company		345,000		14,020,800
Smithfield Foods, Inc. *		740,900		14,729,092
TreeHouse Foods, Inc. *		169,700		4,116,922
				51,739,647
Paper Packaging - 3.6%
Bemis Company, Inc.		620,000		13,900,400
Sonoco Products Company		417,500		12,921,625
				26,822,025
Paper Products - 0.7%
Schweitzer-Mauduit International, Inc.		333,200		5,614,420
Property & Casualty Insurance - 6.0%
Alleghany Corporation *		30,785		10,222,159
Assured Guaranty, Ltd.		342,800		6,166,972
Employers Holdings, Inc.		271,100		5,611,770
Hanover Insurance Group, Inc.		212,000		9,010,000
MBIA, Inc.		1,127,200		4,948,408
United America Indemnity, Ltd. *		154,500		2,065,665
W.R. Berkley Corporation		282,500		6,825,200
				44,850,174
Publishing - 0.3%
Valassis Communications, Inc. *		193,450		2,421,994
Railroads - 0.2%
Kansas City Southern *		42,300		1,860,777
Regional Banks - 6.9%
Commerce Bancshares, Inc.		357,000		14,158,620
Hancock Holding Company		241,800		9,500,322
Old National Bancorp		215,850		3,078,021
Whitney Holding Corporation		457,600		8,374,080
Wilmington Trust Corporation		625,500		16,538,220
				51,649,263
Restaurants - 0.5%
Red Robin Gourmet Burgers, Inc. *		137,100		3,803,154
Semiconductor Equipment - 1.0%
Ultratech, Inc. *		476,200		7,390,624
Semiconductors - 3.7%
IXYS Corporation * (2)		2,334,700		27,876,318
Specialized Consumer Services - 0.5%
Regis Corporation		154,000		4,057,900
Thrifts & Mortgage Finance - 2.6%
Clayton Holdings, Inc. * (2)		1,490,200		8,896,494
MGIC Investment Corporation		1,686,100		10,302,071
				19,198,565
Trucking - 1.0%
Old Dominion Freight Line, Inc. *		131,500		3,947,630
Saia, Inc. *		331,700		3,622,164
				7,569,794
TOTAL COMMON STOCK (Cost $858,578,203)			$	734,549,751
WARRANTS - 0.1%
Warrants - 0.1%
Lime Energy Company $1.00, 3/19/2009		4,217		8,846
Nova Biosource Fuels, Inc. $2.40, 7/5/2011		677,450		208,132

The accompanying notes are an integral part of the financial statements.

Schedule of Investments	Security Equity Fund — Mid Cap Value Series
June 30, 2008 (Unaudited) — continued

	Shares		Value
WARRANTS (continued)
Warrants (continued)
ThermoEnergy Corporation
$0.75, 7/14/2008 (1)		1,745,000	$	192,811
				409,789
TOTAL WARRANTS (Cost $1,561,837)			$	409,789

	Principal
	Amount		Value
CONVERTIBLE BOND - 1.2%
Electric Utilities - 0.4%
Power-One, Inc.
8.00%, 2013 (4)(5)	$	4,000,000		3,290,120
Petroleum - 0.8%
USEC, Inc.
3.00%, 2014		7,600,000		5,681,000
TOTAL CONVERTIBLE BOND (Cost $11,600,000)			$	8,971,120
U.S. GOVERNMENT SPONSORED AGENCY BONDS & NOTES - 0.3%
Federal Home Loan Bank
1.92% - 2008		2,000,000		1,999,893
TOTAL U.S. GOVERNMENT SPONSORED AGENCY BONDS & NOTES			$	1,999,893
(Cost $1,999,893)
COMMERCIAL PAPER - 1.7%
Brokerage - 0.5%
JP Morgan Chase & Company
1.90%, 7/2/2008		4,000,000		3,999,789
Food & Beverage - 0.7%
Nestle Capital Corporation
2.09%, 7/7/2008 (5)		4,300,000		4,298,502
2.16%, 7/8/2008 (5)		1,000,000		999,580
				5,298,082
Non U.S. Banking - 0.5%
Danske Corporation
2.45%, 7/1/2008 (5)		2,600,000		2,600,000
2.60%, 7/7/2008 (5)		1,200,000		1,199,480
				3,799,480
TOTAL COMMERCIAL PAPER (Cost $13,097,351)			$	13,097,351
Total Investments (Security Equity Fund — Mid Cap Value Series)			$	759,027,904
(Cost $886,837,284) - 101.5%
Liabilities in Excess of Other Assets — (1.5)%				(11,181,267	)
TOTAL NET ASSETS - 100.0%			$	747,846,637

Footnotes

Percentages are stated as a percent of net assets.

For federal income tax purposes the identified cost of investments owned at 6/30/2008 was $886,837,284.

*	- Non-income producing security
1	- Security is deemed illiquid. The total market value of illiquid securities is $5,407,315 (cost $29,611,497), or 0.7% of total net assets.
2	- Investment in an affiliated issuer. See Note 4 in notes to financial statements.
3	- Security is segregated as collateral for open written option contracts.
4	- Security was acquired through a private placement.
5	- Security is a 144A or Section 4(2) security. The total market value of 144A or Section 4(2) securities is $12,387,682 (cost $13,097,562), or 1.7% of total net assets.

See notes to financial statements.

The accompanying notes are an integral part of the financial statements.

Schedule of Investments	Security Equity Fund — Select 25 Series
June 30, 2008 (Unaudited)

	Shares		Value
COMMON STOCK - 97.8%
Advertising - 2.0%
Omnicom Group, Inc.		20,685	$	928,343
Aerospace & Defense - 3.9%
Honeywell International, Inc.		35,590		1,789,465
Asset Management & Custody Banks - 2.9%
Bank of New York Mellon Corporation		35,405		1,339,371
Biotechnology - 8.8%
Celgene Corporation *		33,290		2,126,233
Gilead Sciences, Inc. *		37,335		1,976,888
				4,103,121
Communications Equipment - 6.7%
Cisco Systems, Inc. *		57,800		1,344,428
Corning, Inc.		77,500		1,786,375
				3,130,803
Computer Hardware - 7.2%
Apple, Inc. *		11,390		1,907,141
Hewlett-Packard Company		32,080		1,418,257
				3,325,398
Construction & Farm Machinery & Heavy Trucks - 3.8%
Deere & Company		24,775		1,787,021
Diversified Banks - 2.6%
Wells Fargo & Company		50,845		1,207,569
Drug Retail - 4.2%
CVS Caremark Corporation		49,320		1,951,592
Electrical Components & Equipment - 3.7%
Emerson Electric Company		34,735		1,717,646
Fertilizers & Agricultural Chemicals - 5.6%
Monsanto Company		8,720		1,102,557
Mosaic Company		10,235		1,481,004
				2,583,561
Footwear - 2.8%
Nike, Inc. (Cl.B)		22,040		1,313,804
Industrial Conglomerates - 3.0%
Textron, Inc.		28,565		1,369,121
Industrial Gases - 3.1%
Air Products & Chemicals, Inc.		14,460		1,429,516
Internet Software & Services - 3.4%
Google, Inc. *		3,010		1,584,524
Life Sciences Tools & Services - 4.1%
Thermo Fisher Scientific, Inc. *		33,935		1,891,198
Movies & Entertainment - 3.0%
Walt Disney Company		45,320		1,413,984
Oil & Gas Drilling - 6.8%
Nabors Industries, Ltd. *		31,320		1,541,883
Transocean, Inc.		10,540		1,606,191
				3,148,074
Railroads - 4.2%
Burlington Northern Santa Fe Corporation		19,360		1,933,870
Restaurants - 3.0%
McDonald’s Corporation		25,060		1,408,873
Semiconductor Equipment - 3.0%
MEMC Electronic Materials, Inc. *		22,980		1,414,189
Semiconductors - 2.8%
Microchip Technology, Inc.		43,005		1,313,373
Soft Drinks - 3.0%
PepsiCo, Inc.		22,240		1,414,242
Systems Software - 4.2%
Oracle Corporation *		93,445		1,962,345
TOTAL COMMON STOCK (Cost $45,016,506)			$	45,461,003

	Principal
	Amount		Value
REPURCHASE AGREEMENT - 2.3%
UMB Financial Corp, 1.89%, dated 6/30/08, matures 7/1/08; repurchase amount $1,075,064 (Collateralized by U.S. Treasury Note, 3.25%, 1/15/09 with a value of $1,096,556)	$	1,075,000	$	1,075,000
TOTAL REPURCHASE AGREEMENT (Cost $1,075,000)			$	1,075,000
Total Investments (Security Equity Fund - Select 25 Series)			$	46,536,003
(Cost $46,091,506) - 100.1%
Liabilities in Excess of Other Assets - (0.1)%				(57,695	)
TOTAL NET ASSETS - 100.0%			$	46,478,308

Footnotes

Percentages are stated as a percent of net assets.

For federal income tax purposes the identified cost of investments owned at 6/30/2008 was $46,186,031.

*  - Non-income producing security

See notes to financial statements.

The accompanying notes are an integral part of the financial statements.

Schedule of Investments	Security Equity Fund — Small Cap Growth Series
June 30, 2008 (Unaudited)

	Shares		Value
COMMON STOCK - 90.1%
Aerospace & Defense - 3.5%
BE Aerospace, Inc. *		8,950	$	208,445
Heico Corporation		7,490		243,725
Hexcel Corporation *		16,230		313,239
				765,409
Alternative Carriers - 1.9%
Premiere Global Services, Inc. *		28,390		413,926
Apparel Retail - 2.3%
Aeropostale, Inc. *		7,820		245,001
Jos A. Bank Clothiers, Inc. *		9,896		264,718
				509,719
Apparel, Accessories & Luxury Goods - 1.5%
FGX International Holdings, Ltd. *		29,950		240,798
True Religion Apparel, Inc. *		3,330		88,744
				329,542
Application Software - 3.2%
Advent Software, Inc. *		8,450		304,876
Nuance Communications, Inc. *		10,190		159,677
PROS Holdings, Inc. *		21,440		240,771
				705,324
Biotechnology - 3.1%
OSI Pharmaceuticals, Inc. *		6,390		264,035
Savient Pharmaceuticals, Inc. *		8,010		202,653
United Therapeutics Corporation *		2,220		217,005
				683,693
Casinos & Gaming - 1.9%
Scientific Games Corporation *		14,040		415,865
Commercial Printing - 1.7%
Innerworkings, Inc. *		30,620		366,215
Communications Equipment - 2.3%
Comtech Telecommunications Corporation *		4,560		223,440
DG FastChannel, Inc. *		16,270		280,658
				504,098
Computer Storage & Peripherals - 0.7%
Data Domain, Inc. *		6,600		153,978
Consumer Finance - 1.0%
Cardtronics, Inc. *		26,060		231,152
Data Processing & Outsourced Services - 4.0%
Cybersource Corporation *		11,120		186,038
TeleTech Holdings, Inc. *		17,240		344,110
TNS, Inc. *		14,430		345,743
				875,891
Education Services - 1.2%
DeVry, Inc.		5,070		271,853
Electrical Components & Equipment - 1.8%
EnerSys *		5,195		177,825
GrafTech International, Ltd. *		7,890		211,689
				389,514
Environmental & Facilities Services - 1.6%
Rollins, Inc.		16,255		240,899
Team, Inc. *		3,590		123,209
				364,108
Fertilizers & Agricultural Chemicals - 1.2%
Terra Industries, Inc.		5,570		274,880
Health Care Equipment - 8.3%
LeMaitre Vascular, Inc. *		70,050		204,546
Natus Medical, Inc. *		17,646		369,507
NuVasive, Inc. *		6,580		293,863
Spectranetics Corporation *		47,597		469,306
Vnus Medical Technologies, Inc. *		14,650		293,147
Zoll Medical Corporation *		6,140		206,734
				1,837,103
Health Care Facilities - 2.9%
NovaMed, Inc. *		40,560		152,911
Psychiatric Solutions, Inc. *		12,850		486,244
				639,155
Health Care Services - 2.2%
Amedisys, Inc. *		4,470		225,377
IPC The Hospitalist Company, Inc. *		14,157		266,435
				491,812
Health Care Supplies - 1.0%
RTI Biologics, Inc. *		26,130		228,637
Health Care Technology - 1.8%
Trizetto Group *		19,120		408,786
Industrial Machinery - 2.2%
Dynamic Materials Corporation		4,010		132,129
Flow International Corporation *		31,870		248,586
Valmont Industries, Inc.		920		95,947
				476,662
Insurance Brokers - 1.1%
eHealth, Inc. *		14,240		251,478
Internet Software & Services - 9.3%
Digital River, Inc. *		6,450		248,841
Equinix, Inc. *		2,585		230,634
Internet Brands, Inc. *		50,018		331,619
j2 Global Communications, Inc. *		13,620		313,260
NaviSite, Inc. *		68,360		259,768
NIC, Inc.		20,580		140,561
TheStreet.com, Inc.		3,730		24,282

The accompanying notes are an integral part of the financial statements.

Schedule of Investments	Security Equity Fund — Small Cap Growth Series
June 30, 2008 (Unaudited) — continued

	Shares		Value
COMMON STOCK (continued)
Internet Software & Services (continued)
Valueclick, Inc. *		14,570	$	220,736
Website Pros, Inc. *		33,430		278,472
				2,048,173
Investment Banking & Brokerage - 2.1%
FCStone Group, Inc. *		5,310		148,308
Investment Technology Group, Inc. *		9,620		321,885
				470,193
Leisure Facilities - 0.6%
Life Time Fitness, Inc. *		4,570		135,044
Leisure Products - 1.1%
Leapfrog Enterprises, Inc. *		29,020		241,446
Life Sciences Tools & Services - 0.7%
Luminex Corporation *		7,590		155,975
Marine - 1.1%
Genco Shipping & Trading, Ltd.		3,720		242,544
Marine Ports & Services - 1.3%
Aegean Marine Petroleum Network, Inc.		6,815		277,302
Oil & Gas Drilling - 1.2%
Atwood Oceanics, Inc. *		2,150		267,331
Oil & Gas Equipment & Services - 7.0%
Core Laboratories N.V. *		1,780		253,383
Dril-Quip, Inc. *		5,420		341,460
Oil States International, Inc. *		5,930		376,199
Superior Energy Services, Inc. *		6,120		337,457
Tesco Corporation *		7,380		235,791
				1,544,290
Oil & Gas Exploration & Production - 2.6%
Arena Resources, Inc. *		7,220		381,361
Carrizo Oil & Gas, Inc. *		2,780		189,290
				570,651
Personal Products - 1.3%
Bare Escentuals, Inc. *		15,210		284,883
Pharmaceuticals - 1.8%
Sciele Pharma, Inc.		20,920		404,802
Property & Casualty Insurance - 1.8%
Amtrust Financial Services, Inc.		30,940		389,844
Publishing - 0.6%
Dolan Media Company *		7,570		137,774
Semiconductors - 1.8%
Anadigics, Inc. *		18,850		185,672
Microsemi Corporation *		8,720		219,570
				405,242
Specialty Chemicals - 0.7%
Rockwood Holdings, Inc. *		4,250		147,900
Trucking - 1.4%
Old Dominion Freight Line, Inc. *		10,430		313,109
Wireless Telecommunication Services - 1.3%
Syniverse Holdings, Inc. *		18,430		298,566
TOTAL COMMON STOCK (Cost $18,672,216)			$	19,923,869

	Principal
	Amount		Value
REPURCHASE AGREEMENT - 9.5%
UMB Financial Corp, 1.89%, dated 6/30/08, matures 7/1/08; repurchase amount $2,108,126 (Collateralized by U.S. Treasury Note, 4.875%, 5/31/09 with a value of $2,150,260)	$	2,108,000	$	2,108,000
TOTAL REPURCHASE AGREEMENT (Cost $2,108,000)			$	2,108,000
Total Investments (Security Equity Fund — Small Cap Growth Series)			$	22,031,869
(Cost $20,780,216) - 99.6%
Other Assets in Excess of Liabilities - 0.4%				90,411
TOTAL NET ASSETS - 100.0%			$	22,122,280

Footnotes

Percentages are stated as a percent of net assets.

For federal income tax purposes the identified cost of investments owned at 6/30/2008 was $21,019,542.

*  - Non-income producing security

See notes to financial statements.

The accompanying notes are an integral part of the financial statements.

NOTES TO FINANCIAL STATEMENTS

1. Unrealized Appreciation (Depreciation) on Investments

     For federal income tax purposes, the amounts of unrealized appreciation (depreciation) on investments at June 30, 2008 were as follows:

	Gross		Gross			Net unrealized
	unrealized		unrealized			appreciation
	appreciation		(depreciation)			(depreciation)
Security Equity Fund:
Alpha Opportunity Series	$	61,068	$	(749,433	)	$	(688,365	)
Equity Series		26,762,150		(36,238,275	)		(9,476,125	)
Global Series		6,397,540		(12,832,060	)		(6,434,520	)
Mid Cap Value Series		68,211,468		(196,020,848	)		(127,809,380	)
Select 25 Series		2,972,645		(2,622,673	)		349,972
Small Cap Growth Series		2,771,957		(1,759,630	)		1,012,327

2. Open Futures Contracts

     Open futures contracts for Alpha Opportunity Series as of June 30, 2008 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

70

09-19-2008

23,580,899

$

22,419,250

$

(1,161,649

)

3. Options Written

The following options written were outstanding for Mid Cap Value Series at June 30, 2008:

Mid Cap Value Series Call Options Written Outstanding

	Expiration		Exercise		Number of		Market
Common Stock	Date		Price		Contracts		Value
Allete, Inc.		7/18/2008	$	45.00		651	$	13,020
Consol Energy, Inc.		7/18/2008		80.00		500		1,610,000
Helmerich & Payne, Inc.		9/19/2008		55.00		715		1,287,000
Newfield Exploration Company		9/19/2008		65.00		600		366,000
TECO Energy, Inc.		8/15/2008		20.00		1,157		208,260
Total call options outstanding (premiums received, $1,287,250)						3,623	$	3,484,280

Mid Cap Value Series Put Options Written Outstanding

	Expiration		Exercise		Number of		Market
Common Stock	Date		Price		Contracts		Value
Brown Shoe Company		7/18/2008	$	15.00		1,173	$	164,220
Total call options outstanding (premiums received, $150,483)						1,173	$	164,220

NOTES TO FINANCIAL STATEMENTS (continued)

4. 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 June 30, 2008 amounted to $65,644,874 which represents 8.8% of net assets. There were no affiliated companies held in any other Series. Transactions in Mid Cap Value Series during the period ended June 30, 2008 in which the portfolio company is an “affiliated person” are as follows:

	Balance		Gross		Gross		Balance		Realized		Investment
	9/30/2007		Additions		Reductions		6/30/2008		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	$	—	$	—
IXYS Corporation (Shares)		1,335,400		999,300		—		2,334,700		—		—
IXYS Corporation (Cost)	$	11,770,248	$	7,879,373	$	—	$	19,649,621	$	—	$	—
Maxwell Technologies, Inc. (Shares)		789,400		535,900		—		1,325,300		—		—
Maxwell Technologies, Inc. (Cost)	$	10,502,509	$	4,104,994	$	—	$	14,607,503	$	—	$	—
Power-One, Inc. Corporation (Shares)		2,648,800		2,665,900		—		5,314,700		—		—
Power-One, Inc. Corporation (Cost)	$	16,493,326	$	9,601,571	$	—	$	26,094,897	$	—	$	—
Quixote Corporation (Shares)		479,100		—		—		479,100		—		—
Quixote Corporation (Cost)	$	9,318,028	$	—	$	—	$	9,318,028	$	—	$	—

* 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.

5. 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, quality, 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.

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.

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/ Richard M. Goldman
	Richard M. Goldman, President
Date: August 28, 2008

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Richard M. Goldman
	Richard M. Goldman, President
Date: August 28, 2008
By:	/s/ Brenda M. Harwood
	Brenda M. Harwood, Treasurer
Date: August 28, 2008

EX-99.CERT

CERTIFICATIONS

I, Richard M. Goldman, certify that:

1.	I have reviewed this report on Form N-Q of Security Equity Fund;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

August 28, 2008	/s/ Richard M. Goldman
Date	Richard M. Goldman, President

CERTIFICATIONS

I, Brenda M. Harwood, certify that:

1.	I have reviewed this report on Form N-Q of Security Equity Fund;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

August 28, 2008	/s/ Brenda M. Harwood
Date	Brenda M. Harwood, Treasurer