SAOIX: Profile for SECURITY EQUITY FUND, ALPHA OPP

He has more than 40 years of investment management experience. Before co-founding the firm in July 1997, he spent 15 years with Providian Corporation as their equity portfolio manager. From 1988 to 1991, in addition to his equity portfolio management responsibilities, Bill was also head of new asset and liability strategies for Providian. Prior to Providian, Bill worked as a portfolio manager/analyst at McGlinn Capital, Delaware Investment Advisors and Mellon Bank and Trust.

INVESTMENT INFORMATION

Min Initial Investment:	$2,000,000
Min Initial Investment, IRA:	NaN
Min Initial Investment, AIP:	NaN
Min Subsequent Investment:	NaN
Min Subsequent Investment, IRA:	N/A
Min Subsequent Investment, AIP:	N/A

SAOIX can be purchased from brokerages.

FUND SUMMARY

The investment seeks long-term growth of capital. The fund normally invests approximately 50% of total assets according to a long/short strategy and 50% of total assets in a portfolio of equity securities, equity derivatives, and fixed-income securities that is intended to closely track the performance of the S&P 500 Composite Stock Price index.

FUND OPERATIONS

Last Dividend	YFT_NOT_APPLICABLE_ABBREVIATION
Last Cap Gain	YFT_NOT_APPLICABLE_ABBREVIATION
Annual Holdings Turnover	1248.00%
Average for Category:	347.16%

FEES & EXPENSES

Expense	SAOIX	Category Avg
Total Expense Ratio:	1.70%	2.13%
Max 12b1 Fee:	%	N/A
Max Front End Sales Load:	%	5.48%
Max Deferred Sales Load:	%	1.96%
3 Yr Expense Projection*:	$ 536	$1,062
5 Yr Expense Projection*:	$ YFT_NOT_APPLICABLE_ABBREVIATION	$1,747
10 Yr Expense Projection*:	$ YFT_NOT_APPLICABLE_ABBREVIATION	$3,433

* Per $10,000 invested

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