CONSECO FUND GROUP
CLASS A SHARES
SUPPLEMENT DATED JANUARY 21, 1997
TO PROSPECTUS DATED JANUARY 2, 1997
The last two sentences of the first paragraph of the description of the
Fixed Income Fund on page 7 have been clarified concerning the cross-
reference to Mortgage-Backed Securities and have been revised to read as
follows:
See Debt Securities and Mortgage-Backed Securities below and in the
SAI. In addition, up to 15% of the Fund may be invested directly in equity
securities, including preferred and common stocks, convertible debt securities
and debt securities carrying warrants to purchase equity securities, and up to
10% of the Fund may be invested in debt securities rated below investment
grade. <PAGE>
