IDEX SERIES FUND
497, 1997-02-28
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                                IDEX SERIES FUND
                         INTERNATIONAL EQUITY PORTFOLIO

                       SUPPLEMENT DATED FEBRUARY 28, 1997
                      TO PROSPECTUS DATED FEBRUARY 1, 1997

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

     The following  paragraph  replaces the first paragraph on page 42 under the
section "INVESTMENT ADVISORY AND OTHER SERVICES - INTERNATIONAL EQUITY PORTFOLIO
- - PORTFOLIO MANAGERS" in its entirety:

Carol  Clark  serves  as  the  Scottish  Equitable  Portfolio  Manager  for  the
International Equity Portfolio. Ms. Clark is the Manager of Scottish Equitable's
Asset Allocation group and has served both as a Portfolio Manager and Investment
Analyst.  Ms. Clark joined  Scottish  Equitable  in 1983  directly  from Glasgow
University  where she earned a MA (Honors) in  Political  Economy;  and she also
holds the Securities Industry Diploma.



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