CONSECO FUND GROUP
CLASS A, B, C AND Y SHARES
Supplement Dated February 24, 1998 to
Statement of Additional Information Dated December 31, 1997
Paragraph number 3 in the section "Nonfundamental Investment Restrictions"
concerning the Conseco 20 and Conseco High Yield Funds' nonfundamental policy
regarding lending is revised to read as follows:
INVESTMENT RESTRICTIONS
NONFUNDAMENTAL INVESTMENT RESTRICTIONS
The following restrictions are designated as nonfundamental with respect to the
Conseco 20 and Conseco High Yield Funds and may be changed by the Trust's Board
of Trustees ("Board") without shareholder approval.
The Conseco 20 and Conseco High Yield Funds may not (except as noted):
3. Make loans of its assets, except that a Fund may enter into repurchase
agreements and purchase debt instruments as set forth in its fundamental
policy on lending and may lend portfolio securities in an amount not to
exceed 33 1/3% of the value of the Fund's total assets.
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CONSECO FUND GROUP
CLASS A, B AND C SHARES
Supplement Dated February 24, 1998 to the
Prospectuses Dated December 31, 1997
The section regarding the Conseco High Yield Fund's policy with respect to
investments in securities traded pursuant to Rule 144A under the Securities Act
of 1933, as amended, and other restricted securities is revised to read as
follows:
INVESTMENT OBJECTIVES AND POLICIES OF THE FUNDS
CONSECO HIGH YIELD FUND
The Fund may invest in private placements, securities traded pursuant to
Rule 144A under the Securities Act of 1933 ("1933 Act") (Rule 144A permits
qualified institutional buyers to trade certain securities even though they are
not registered under the 1933 Act), or securities which, though not registered
at the time of their initial sale, are issued with registration rights. Some of
these securities may be deemed by the Adviser to be liquid under guidelines
adopted by the Board.
<PAGE>
CONSECO FUND GROUP
CLASS Y SHARES
Supplement Dated February 24, 1998 to
Prospectus Dated December 31, 1997
The section regarding the Conseco High Yield Fund's policy with respect to
investments in securities traded pursuant to Rule 144A under the Securities Act
of 1933, as amended, and other restricted securities is revised to read as
follows:
INVESTMENT OBJECTIVES AND POLICIES OF THE FUNDS
CONSECO HIGH YIELD FUND
The Fund may invest in private placements, securities traded pursuant to
Rule 144A under the Securities Act of 1933 ("1933 Act") (Rule 144A permits
qualified institutional buyers to trade certain securities even though they are
not registered under the 1933 Act), or securities which, though not registered
at the time of their initial sale, are issued with registration rights. Some of
these securities may be deemed by the Adviser to be liquid under guidelines
adopted by the Board.
