File Nos. 333-13185; 811-7839
Rule 497(e)
CONSECO FUND GROUP
CLASS Y SHARES
SUPPLEMENT DATED MAY 28, 1997
TO PROSPECTUS DATED JANUARY 2, 1997
The second paragraph under the section entitled How to Buy Shares
on page 13 has been modified to clarify the definition of institutional
investors and to add a definition of qualifying individual investors. The
paragraph now reads as follows:
In order to buy class Y shares you must qualify as an
institutional investor or a qualifying individual investor.
Institutional investors may include, but are not limited to,
the following: (i) tax qualified retirement plans which have
(a) at least $10 million in plan assets, or (b) have 250 or
more employees eligible to participate at the time of purchase,
(ii) banks and insurance companies purchasing shares for their
own account, (iii) investment companies not affiliated with the
Adviser, (iv) tax-qualified retirement plans of the Adviser or
b r o ker-dealer wholesalers and their affiliates, or (v)
endowments, foundations and other charitable organizations. A
qualifying individual investor is an investor who is a client
of the Adviser and is making a purchase of over $500,000 or
whose purchase together with his current holdings of Class Y
shares exceeds $500,000.
wdc # : 9764<PAGE>
