IDEX SERIES FUND, 497, 1996-12-20

IDEX SERIES FUND
497, 1996-12-20
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                                IDEX SERIES FUND
                         CAPITAL APPRECIATION PORTFOLIO
                             EQUITY-INCOME PORTFOLIO

                       SUPPLEMENT DATED DECEMBER 20, 1996
                     TO PROSPECTUS DATED SEPTEMBER 20, 1996

PLEASE READ THIS SUPPLEMENT CAREFULLY AND RETAIN IT FOR FUTURE REFERENCE.


                         Capital Appreciation Portfolio

     The Board of  Trustees  of IDEX  Series  Fund has  approved a change in the
investment  objective  of the IDEX Series Fund Capital  Appreciation  Portfolio.
Effective  February 1, 1997, the investment  objective of this Portfolio will be
changed  from  "long-term  growth of  capital  in a manner  consistent  with the
preservation of capital" to "long-term  growth of capital." This change is to be
reflected throughout the Prospectus.


                                    * * * * *


                             Equity-Income Portfolio

     The Board of Trustees  of IDEX  Series Fund has  approved a name change for
the IDEX Series Fund  Equity-Income  Portfolio.  Effective February 1, 1997, the
Equity-Income Portfolio will change its name from Equity-Income Portfolio to the
Strategic Total Return Portfolio.  This change is to be reflected throughout the
Prospectus.





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                                IDEX SERIES FUND
                         CAPITAL APPRECIATION PORTFOLIO
                             EQUITY-INCOME PORTFOLIO

                       SUPPLEMENT DATED DECEMBER 20, 1996
         TO STATEMENT OF ADDITIONAL INFORMATION DATED SEPTEMBER 20, 1996

PLEASE READ THIS SUPPLEMENT CAREFULLY AND RETAIN IT FOR FUTURE REFERENCE.



                         Capital Appreciation Portfolio

     The Board of  Trustees  of IDEX  Series  Fund has  approved a change in the
investment  objective  of the IDEX Series Fund Capital  Appreciation  Portfolio.
Effective  February 1, 1997, the investment  objective of this Portfolio will be
changed  from  "long-term  growth of  capital  in a manner  consistent  with the
preservation of capital" to "long-term  growth of capital." This change is to be
reflected throughout the Prospectus.


                                    * * * * *


                             Equity-Income Portfolio

     The Board of Trustees  of IDEX  Series Fund has  approved a name change for
the IDEX Series Fund  Equity-Income  Portfolio.  Effective February 1, 1997, the
Equity-Income Portfolio will change its name from Equity-Income Portfolio to the
Strategic Total Return Portfolio.  This change is to be reflected throughout the
Prospectus.



<PAGE>