IDEX SERIES FUND
International Equity Portfolio
Supplement Dated March 4, 1998
to Prospectus Dated March 1, 1998
Please read this Supplement carefully and retain it for future reference.
The following information modifies the "Summary of Expenses," "Annual
Operating Expenses," footnote (c) and "Examples" on page 6:
<TABLE>
<CAPTION>
Annual Operating Expenses (as a percentage of average net assets)
<S> <C> <C> <C>
Management Fees 1.00% 1.00% 1.00%
12b-1 Distribution and Service Fees 0.35% 1.00% 0.90%
Other Expenses (net of expense reimbursements and/or fee waivers) (c) 0.75% 0.75% 0.75%
----- ----- -----
Total Operating Expenses (net of expense reimbursements and/or fee 2.10% 2.75% 2.65%
waivers) (c)
Share Class 1 Year 3 Years 5 Years 10 Years
- ----------- ------ ------- ------- --------
<S> <C> <C> <C> <C>
A $75 $117 $162 $285
B $78 $115 $155 $292
C $27 $82 $141 $298
The next example assumes no redemption and, therefore, no deferred sales charge. (c)
Share Class 1 Year 3 Years 5 Years 10 Years
- ----------- ------ ------- ------- --------
A $75 $117 $162 $285
B $28 $85 $145 $292
C $27 $82 $141 $298
</TABLE>
(c) See Ratio of Expenses to Average Net Assets in the Financial Highlights
section, and Note 6 to the Notes to Financial Highlights for further discussion
of expenses. The percentages reflect an increase in the total annual operating
expense limitation from 1.35% to 1.75%, effective March 1, 1998. The Other
Expenses net of reimbursement/waiver were 7.58% for each class of shares. The
Total Operating Expenses net of reimbursement/waiver for Class A, Class B and
Class C shares were 8.93%, 9.58% and 9.48%, respectively. Although the
continuation of the expense reimbursement and fee waivers cannot be guaranteed,
it is expected that they will remain in effect at least until the end of the
Portfolio's fiscal year, October 31, 1998.
IDEX SERIES FUND
Tax-Exempt Portfolio
The following information modifies the "Summary of Expenses," "Annual
Operating Expenses" on page 30:
<TABLE>
<CAPTION>
Annual Operating Expenses (as a percentage of average net assets)
<S> <C> <C> <C>
Management Fees 0.60% 0.60% 0.60%
12b-1 Distribution and Service Fees 0.35% 1.00% 0.60%
Other Expenses (net of expense reimbursements and/or fee waivers) (c) 0.40% 0.40% 0.40%
----- ----- -----
Total Operating Expenses (net of expense reimbursements and/or fee 1.35% 2.00% 1.60%
waivers) (c)
</TABLE>
<PAGE>
The following paragraph replaces the paragraph on page 53 under the section
"Advisory Fee Reimbursement" in its entirety:
ISI will reimburse the following Portfolios or waive fees, or both, to the
extent that each Portfolio's normal net operating expenses, including advisory
fees but excluding interest, taxes, brokerage commissions and 12b-1 fees, exceed
on an annual basis the following percentages of each Portfolio's average daily
net assets: Tax-Exempt Portfolio, 1.00%; Income Plus Portfolio, 1.25%;
Aggressive Growth, C.A.S.E., Value Equity, Strategic Total Return and Tactical
Asset Allocation Portfolios, 1.50%; and International Equity Portfolio, 1.75%.
The following paragraph replaces the fifth paragraph on page 54 under the
section "International Equity Portfolio" in its entirety:
While Scottish Equitable and GEIM provide portfolio management services, ISI
retains responsibility for the performance of such functions. For their
services, Scottish Equitable and GEIM each will receive 45% of the fees received
by ISI with respect to the amount of Portfolio assets managed by each
sub-adviser under the International Equity Portfolio's Advisory Agreement.
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