IDEX II SERIES FUND
Growth Portfolio
Supplement Dated June 5, 1996
to Prospectus Dated February 1, 1996
as previously supplemented April 29, 1996
Please read this Supplement carefully and retain
it for future reference.
On May 22, 1996, the Boards of Trustees of IDEX Fund, IDEX Fund 3 and
IDEX II Series Fund (the "Funds") approved an Agreement and Plan of
Reorganization and Liquidation ("the Plan") pursuant to which all of the assets
of IDEX Fund and IDEX Fund 3 will be acquired by IDEX II Series Fund Growth
Portfolio (the "IDEX II Growth Portfolio") in exchange for the assumption by
IDEX II Growth Portfolio of all of the liabilities of IDEX Fund and IDEX Fund 3
and the issuance of a new class of shares of IDEX II Growth Portfolio, to be
designated Class T Shares (the "Reorganization"). The Plan was signed by
officers of the Funds on May 31, 1996. If the Reorganization is approved by
shareholders of IDEX Fund and by shareholders of IDEX Fund 3, all shareholders
of IDEX Fund and IDEX Fund 3 will become owners of Class T Shares of IDEX II
Growth Portfolio as a result of the Reorganization. After the closing of the
Reorganization, IDEX II Series Fund will be renamed IDEX Series Fund.
Class T Shares of IDEX II Growth Portfolio will be subject to the
same sales charge structure, rights and privileges as the shares of IDEX Fund
and IDEX Fund 3. The Reorganization will have no effect on the sales charge
structure, rights and privileges of the Class A, B or C shares of IDEX II Growth
Portfolio, or on the investment objectives and policies, advisory and other
service provider arrangements and portfolio management of IDEX II Growth
Portfolio. Class T Shares are not currently anticipated to be offered or sold to
new investors, including holders of Class A, B or C shares of IDEX II Growth
Portfolio.
<PAGE>