Guggenheim Alpha Opportunity Fund (SAOAX) AW Withdrawal of amendment

[SBG LOGO] The Security Benefit
           Group of Companies
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October 14, 2003


Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, NW
Washington, DC 20549


Subj:  Security Equity Fund
       File No.:  333-107410
       Date of Filing:  10/14/2003
       Accession No.:  0000088525-03-000050


Dear Sir or Madam:

Please  withdraw the above noted N-14/A filing which should have been filed as a
485BPOS filing. We will refile it today under the correct filing type.

Please contact me at (785) 438-3321 if you have any questions about this filing.
Thank you for your assistance.

Sincerely,

CHRIS SWICKARD

Chris Swickard
Assistant Secretary
Security Equity Fund


   One Security Benefit Place * Topeka, Kansas 66636-0001 * (785) 438-3000 *
                             www.securitybenefit.com