CONSECO FUND GROUP

CONSECO SCIENCE & TECHNOLOGY FUND                                CONSECO 20 FUND
CONSECO EQUITY FUND                                       CONSECO LARGE-CAP FUND
CONSECO BALANCED FUND                        CONSECO CONVERTIBLE SECURITIES FUND
CONSECO HIGH YIELD FUND                                CONSECO FIXED INCOME FUND

                       SUPPLEMENT DATED DECEMBER 18, 2002
                       to the Prospectus dated May 1, 2002

         THE FOLLOWING REPLACES THE FIRST PARAGRAPH ON PAGE 26 IN ITS ENTIRETY:

INVESTMENT ADVISER AND SUB-ADVISERS

Conseco Capital Management, Inc. ("CCM" or the "Adviser"), the Funds' Investment
Adviser, is located at 11825 N. Pennsylvania Street,  Carmel, Indiana 46032. CCM
is a  wholly-owned  subsidiary  of Conseco,  Inc.  ("Conseco"),  a publicly held
financial services company (OTCBB: CNCE) that provides investment,  lending, and
insurance  products to more than 12 million  customers.  On December  18,  2002,
Conseco,  Inc. and its non-operating holding companies filed voluntary petitions
for reorganization under Chapter 11 of the U.S. Bankruptcy Code. Conseco Capital
Management  and  Conseco  Fund Group are  separate  legal  entities  and are not
included in the bankruptcy  filing. CCM will continue to operate in the ordinary
course of business as the Investment  Adviser of Conseco Fund Group. CCM manages
investments for Conseco,  Inc.,  Conseco Fund Group and other affiliated  mutual
funds, as well as endowments, corporate and government pension funds, hospitals,
insurance companies,  religious organizations and high net worth individuals. As
of September 30, 2002, CCM managed more than $27 billion in assets.

                      SUPPLEMENT DATED DECEMBER 18, 2002 to
            the Statement of Additional Information dated May 1, 2002

THE FOLLOWING REPLACES THE SIXTH PARAGRAPH ON PAGE 44 IN THE SECTION "MANAGEMENT
- - THE ADVISER" IN ITS ENTIRETY:

The  Adviser is a  wholly-owned  subsidiary  of  Conseco,  Inc.  ("Conseco"),  a
publicly-owned financial services company, the principal operations of which are
in development,  marketing and administration of specialized  annuity,  life and
health  insurance  products.  On  December  18,  2002,  Conseco,  Inc.  and  its
non-operating  holding  companies filed voluntary  petitions for  reorganization
under Chapter 11 of the U.S.  Bankruptcy  Code.  Conseco Capital  Management and
Conseco  Fund Group are  separate  legal  entities  and are not  included in the
bankruptcy  filing.  CCM will  continue  to  operate in the  ordinary  course of
business as the Investment Adviser of Conseco Fund Group.  Conseco's offices are
located at 11825 N.  Pennsylvania  Street,  Carmel,  Indiana 46032.  The Adviser
manages other registered investment companies and manages the invested assets of



Conseco, which owns or manages several life insurance subsidiaries, and provides
investment and servicing functions to the Conseco companies and affiliates.  The
Adviser  also  manages  endowments,  corporate  and  government  pension  funds,
hospitals,  insurance  companies,  religious  organizations  and high net  worth
individuals.  As of  September  30, 2002,  the Adviser  managed in excess of $27
billion in assets.