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SECURITY EQUITY FUND
ENHANCED INDEX SERIES
INTERNATIONAL SERIES
MEMBERS OF THE SECURITY BENEFIT GROUP OF COMPANIES
700 HARRISON, TOPEKA, KANSAS 66636-0001
SUPPLEMENT DATED APRIL 12, 1999
TO PROSPECTUS DATED FEBRUARY 1, 1999
THE FOLLOWING SUPPLEMENTS THE SECTION OF THE FUND'S PROSPECTUS ENTITLED,
"INVESTMENT MANAGER":
On March 11, 1999, Bankers Trust announced that it had reached an agreement with
the United States Attorney's Office in the Southern District of New York to
resolve an investigation concerning inappropriate transfers of unclaimed funds
and related record-keeping problems that occurred between 1994 and early 1996.
Pursuant to its agreement with the U.S. Attorney's Office, Bankers Trust pleaded
guilty to misstating entries in the bank's books and records and agreed to pay a
$60 million fine to federal authorities. Separately, Bankers Trust agreed to pay
a $3.5 million fine to the State of New York. The events leading up to the
guilty pleas did not arise out of the investment advisory or mutual fund
management activities of Bankers Trust or its affiliates.
As a result of the plea, absent an order from the SEC, Bankers Trust would not
be able to continue to provide investment advisory services to the Enhanced
Index Fund and the International Fund. The SEC has granted a temporary order to
permit Bankers Trust and its affiliates to continue to provide investment
advisory services to registered investment companies. There is no assurance that
the SEC will grant a permanent order.
