SECURITY EQUITY FUND, 497, 1999-09-13

SECURITY EQUITY FUND
497, 1999-09-13

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SECURITY EQUITY FUND
  ENHANCED INDEX SERIES
MEMBERS OF THE SECURITY BENEFIT GROUP OF COMPANIES
700 HARRISON, TOPEKA, KANSAS 66636-0001


                       SUPPLEMENT DATED SEPTEMBER 13, 1999
                        TO PROSPECTUS DATED JULY 26, 1999


THE  REFERENCE  TO "SIDNEY  HOOTS" IN THE  "PORTFOLIO  MANAGERS"  SECTION OF THE
PROSPECTUS IS DELETED IN ITS ENTIRETY AND REPLACED WITH THE FOLLOWING:

CRAIG  RUSSELL,  Managing  Director of Bankers  Trust,  has been  co-manager  of
Enhanced  Index Fund since July 1999.  He joined  Bankers  Trust in 1992 and has
over 10 years of investment experience. He has a B.S. degree in Engineering from
the University of Michigan.

MANISH KESHIVE, Vice President of Bankers Trust, has been co-manager of Enhanced
Index Fund since July 1999.  He joined  Bankers  Trust in 1996. He earned a B.S.
degree in Technology from the Indian Institute of Technology in 1993 and an M.S.
degree from the Massachusetts Institute of Technology in 1995.