[SBG LOGO] The Security Benefit Group of Companies - -------------------------------------------------------------------------------- May 30, 2002 Security Equity Fund One Security Benefit Place Topeka, KS 66636 Subj: Security Equity Fund, Equity Series Dear Sir or Madam: As counsel to Security Management Company, LLC, Security Equity Fund's investment manager, I am familiar with the business operations, practices and procedures of Security Equity Fund (the "Company"). In connection with the acquisition of Total Return Series of the Company by Equity Series, another Series of the Company, the Company will issue shares of its common stock. Such shares will be registered on a Form N-14 registration statement (the "Registration Statement") to be filed by the Company with the Securities and Exchange Commission. I have examined various corporate records of the Company as I have deemed necessary to give this opinion. On the basis of the foregoing, it is my opinion that the shares of common stock of the Company being registered under the Securities Act of 1933 in the Registration Statement have been duly authorized and will be legally and validly issued, fully paid, and non-assessable by the Company upon transfer of the assets of Total Return Series pursuant to the terms of the Plan of Reorganization included in the Registration Statement. I hereby consent to the filing of this opinion as an exhibit to the Registration Statement. Sincerely, Amy J. Lee One Security Benefit Place * Topeka, Kansas 66636-0001 * (785) 438-3000 * www.securitybenefit.com
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N-14 Filing
Guggenheim Core Bond Fund Class P (SIUPX) N-14Registration statement for investment companies business combination
Filed: 30 May 02, 12:00am