8-K

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   -----------

                                    FORM 8-K

                                 CURRENT REPORT

                       Pursuant to Section 13 or 15 (d) of
                       the Securities Exchange Act of 1934

                                   -----------

      Date of Report (Date of earliest event reported): May 21, 2009


                                  CONSECO, INC.
             (Exact name of registrant as specified in its charter)


   Delaware                               001-31792               75-3108137
- ----------------------                 ----------------        --------------
(State or other                          (Commission          (I.R.S. Employer
jurisdiction of                          File Number)        Identification No.)
organization)

11825 North Pennsylvania Street
        Carmel, Indiana                                             46032
- --------------------------------------                            ----------
(Address of principal executive offices)                          (Zip Code)

                                 (317) 817-6100
                            -------------------------
              (Registrant's telephone number, including area code)


                                 Not Applicable
                                ----------------
                        (Former name or former address,
                          if changed since last report)


     Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:

     [ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)

     [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)

     [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))

     [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))




Item 7.01. Regulation FD Disclosure.

     On May 21, 2009, Conseco, Inc. (the "Company") announced that it has posted
an Investment Portfolio Supplement as of March 31, 2009, on the Company's web
site. Copies of the Company's press release and the Investment Portfolio
Supplement are attached hereto as Exhibits 99.1 and 99.2 and are incorporated
herein by reference.

     The information contained under Item 7.01 in this Current Report on Form
8-K (including Exhibits 99.1 and 99.2) is being furnished and shall not be
deemed "filed" for the purposes of Section 18 of the Securities and Exchange Act
of 1934, as amended (the "Exchange Act"), or otherwise subject to the
liabilities of that Section. The information contained in this Current Report on
Form 8-K shall not be incorporated by reference into any registration statement
or other document pursuant to the Securities Act of 1933, as amended, or the
Exchange Act, except as shall be expressly set forth by specific reference in
any such filing.


Item 9.01(d).  Financial Statements and Exhibits.

     The following materials are furnished as exhibits to this Current Report on
Form 8-K:

        99.1    Press release of Conseco, Inc. dated May 21, 2009

        99.2    Investment Portfolio Supplement






                                   SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.

                                           CONSECO, INC.

May 21, 2009
                                           By:  /s/ Edward J. Bonach
                                                ------------------------
                                                Edward J. Bonach
                                                  Executive Vice President and
                                                  Chief Financial Officer

EX-99

                                                                    Exhibit 99.1


news

For Release    Immediate

Contacts       (News Media) Tony Zehnder, Corporate Communications 312.396.7086
               (Investors) Scott Galovic, Investor Relations 317.817.3228


                  Conseco Posts Investment Portfolio Supplement

Carmel, Ind., May 21, 2009 - Conseco, Inc. (NYSE:CNO) announced that it has
posted an Investment Portfolio Supplement as of March 31, 2009.

This supplement is being posted in response to continued investor interest in
the Company's investment portfolio and to assist investors in their analysis of
the portfolio.

A copy of this supplement can be accessed through the Investors section of our
web site as follows:
(http://investor.conseco.com/phoenix.zhtml?c=98529&p=irol-presentations).

About Conseco
Conseco, Inc.'s insurance companies help protect working American families and
seniors from financial adversity: Medicare supplement, long-term care, cancer,
heart/stroke and accident policies protect people against major unplanned
expenses; annuities and life insurance products help people plan for their
financial futures. For more information, visit Conseco's website at
www.conseco.com.

                                     - ### -

EX-99

Conseco, Inc.

Investment Portfolio Review

as of March 31, 2009

1

Summary

Asset Allocation

Risk Management

2

Summary

Our goal is stable and predictable investment performance

We invest predominantly in liquid fixed income securities

Our portfolio is actively managed

Our portfolio reflects credit migration and mark-to-market trends consistent
with the  credit cycle and market conditions

Our risk controls include intensive fundamental research, credit policy,
diversification, asset liability management, hedging, and compliance

We have experienced investment professionals (including 13 CFA
Charterholders, 2 CPAs, 11 MBAs, and 2 JDs)

Our current priority is the preservation of capital in the context of satisfactory
investment income

3

Asset Allocation

*Excludes the assets of a variable interest entity we are required to consolidate for GAAP purposes. The carrying value of our investment
in the subordinated debt of the entity was $78 million at March 31, 2009. The entity holds assets primarily consisting of below-investment
grade loans with a book value of $386 million.

As of 3/31/2009

(Allocations based on book values)

Our diversified investment portfolio is built around
traditional liquid fixed income products*

4

Asset Allocation

As of 3/31/2009

$Millions

Our mark-to-market is consistent with widened credit spreads
and increased volatility

*Excludes variable interest entity

5

Our diversified IG Corporate allocation (57.0% of portfolio)
emphasizes traditionally non-cyclical sectors

Asset Allocation - Investment Grade Corporates

As of 3/31/2009

(Allocations based on book values)

6

Asset Allocation - Investment Grade Corporates

As of 3/31/2009

$Millions

In certain IG Corporate sectors, our mark-to-market reflects
significant market illiquidity and event risk (e.g. financials)

*This table excludes non investment grade securities

7

As of 3/31/2009

$Millions

Our exposure to financials (14% of invested assets) is diversified*

* This table includes financial below-investment grade securities

Asset Allocation - Investment Grade Corporates

8

Our BIG Corporate allocation (5.0% of portfolio) is diversified
and weighted away from cyclicals

Asset Allocation – Below-Investment Grade Corporates

As of 3/31/2009

(Allocations based on book values)

9

As of 3/31/2009

$Millions

Our BIG Corporates are heavily oriented toward
BB credits: we have limited below B credits

Asset Allocation – Below-Investment Grade Corporates

10

Asset Allocation – Below-Investment Grade Corporates

We are investing very little new money in below-investment grade;
experiencing ratings migration trends consistent with the credit cycle

From 1/1/2009 to 3/31/2009

$Millions

BIG Ratio

Downgrades in 1Q 2009

11

As of 3/31/2009

$Millions

Our CMBS portfolio (4.1% of invested assets) is primarily
comprised of AAA and AA rated securities (70%)

Asset Allocation - CMBS

12

Our CMBS exposure is heavily weighted toward older vintages with stronger qualitative
characteristics and seasoning. We have limited exposure to the 2006 and 2007 vintages.

Asset Allocation - CMBS

As of 3/31/2009

(Allocations based on book values)

13

Our CMBS investments are backed by a diverse pool of underlying collateral –

more than 7,905 commercial mortgage loans with a face value exceeding $90 billion

Asset Allocation - CMBS

As of 3/31/2009

(Allocations based on book values)

14

South
Atlantic

17.9%

New
England
4.5%

East South
Central

2.0%

West South
Central

7.6%

Pacific

18.0%

Middle
Atlantic

20.5%

Mountain

7.1%

West North
Central

2.7%

East North
Central

8.2%

The collateral underlying our CMBS investments is geographically diverse

Multiple
Regions

11.5%

Asset Allocation - CMBS

As of 3/31/2009

(Allocations based on book values)

15

Delinquencies in the collateral underlying our CMBS are increasing but
are lower than comparable statistics for the entire CMBS market

1.

Source: Intex. Data as of March 31, 2009.

Asset Allocation - CMBS

16

The following summarizes the credit characteristics of our CMBS portfolio

As of 3/31/2009

$Millions

Asset Allocation - CMBS

17

Asset Allocation - CMBS

Collateral

DSCR

LTV

Occupancy

Cap rate

Rent rolls

Geographic distribution

Industry distribution

Collateral rating/credit grade
distribution

IO loans

NOI trends

TI/LC reserves

Sponsor

Structure

Surveillance

Property/company and
management overview

Origination practices

Underwriting standards

Monitoring and collection
process

Quality control

Special Servicer
rating/strength

Trust structure

Cash flow allocation

Mechanics of credit
enhancement/protection

Stress tests

Rating

Term/Yield/Duration vs.
portfolio

Prepayment projections

Intex Platform

Monitor rating versus
performance

Identify underperforming
assets/transactions which could
lead to rating change

Projections on defaults
delinquencies, and recoveries

Projected cash flows and credit
support levels

Stress tests

Real Point

We actively track CMBS using a robust underwriting and surveillance process

18

Our CMO investments (10.6% of the portfolio) are 80% AAA rated
and approximately 40% GSE guaranteed

As of 3/31/2009

$Millions

Asset Allocation - CMO

19

Our private label CMO investments (6.6% of the portfolio)
are 66% AAA rated and diversified by vintage

Asset Allocation - CMO

As of 3/31/2009

(Allocations based on book values)

20

As of 3/31/2009

$Millions

MBS collateralized by prime jumbo loans
comprise 74% of our private label CMO’s

Asset Allocation - CMO

21

As of 3/31/2009

$Millions

MBS collateralized by Alt-A mortgage loans
comprise 26% of our private label CMO’s

Asset Allocation - CMO

22

As of 3/31/2009

$Millions

The following summaries the qualitative and credit support characteristics
of our Alt-A securities compared to the general Alt-A market

Asset Allocation - CMO

1.

Source: True Standings. Data as of March 31, 2009

23

Asset Allocation - CMO

Collateral

Loan-Level analysis

Debt-to-Income

Loan-to-Value

Occupancy type

Geographic distribution

Property value trends

Credit score

IO loans

Documentation

Historical performance

Loan Performance Platform

Sponsor

Structure

Surveillance

Origination practices

Underwriting practices

Servicer quality

Monitoring and collection
process

Quality control

Trust structure

Cash flow allocation

Mechanics of credit
enhancement/protection

Stepdowns

Rating

Intex Platform

Stochastics on defaults,
delinquencies, recoveries,
prepayments, and cash flows

Trends in credit support relative to
delinquencies and losses

Projected cash coverages

Principal payment windows

Projected collateral writedowns

Term/Yield/Duration vs. portfolio

Yield Book Platform

We have a robust analytical process for all residential mortgage securities

24

Our ABS allocation represents 1.6% of our portfolio

Asset Allocation - Asset Backed Securities

As of 3/31/2009

(Allocations based on book values)

25

As of 3/31/2009

$Millions

Subprime and home equity valuations reflect the challenging market environment

Asset Allocation - Asset Backed Securities

26

As of 3/31/2009

Subprime represents only 0.4% of our portfolio and
originates mostly in highly seasoned pre-2006 vintages

Asset Allocation - Asset Backed Securities

27

As of 3/31/2009

Asset Allocation - Asset Backed Securities

The following summarizes the credit support and other characteristics
of our Subprime Asset backed securities

28

Asset Allocation - Commercial Mortgages

Commercial mortgage loans represent 9.9% of our portfolio

As of 3/31/2009

(Allocations based on book values)

29

South
Atlantic

21.4%

New
England
8.5%

East South
Central

5.2%

West South
Central

5.9%

Pacific

8.5%

Middle
Atlantic

6.8%

Mountain

10.0%

West North
Central

12.3%

East North
Central

21.4%

Our portfolio of commercial mortgage loans is geographically diversified

Asset Allocation - Commercial Mortgages

As of 3/31/2009

(Allocations based on book values)

30

Loan Balance

Number of Loans

Our commercial mortgage portfolio tends toward a large number of

medium sized loans with few large exposures

Asset Allocation - Commercial Mortgages

As of 3/31/2009

(Allocations based on book values)

31

Characteristics of our commercial mortgage loans

Asset Allocation - Commercial Mortgages

As of 3/31/2009

(Dollar amounts are book values)

32

We take a proactive approach to controlling key investment risks

Risk Management

Measuring quantifiable risks using proven methodologies/market-consistent
values

Documented guidelines for risk policies and risk capacity

Monitoring and enforcing adherence to our risk policies

Extensive use of third parties to value invested assets - independent data
integrity function

Ongoing fundamental credit surveillance at individual credit level

Senior oversight of illiquid capital commitments

Dedicated hedging and asset liability management functions with clear
performance goals

33

Subprime allocation reflects
severe market discount and
high delinquencies in 2006   
and 2007 vintages

HEL allocation reflects market
stresses

Risk Management

Overall mark-to-market and
credit migration consistent
with credit cycle

Pressure on financials

Highly rated, highly liquid

Pressure on ALT-A’s and
prime jumbos

Low, but rising delinquency
trends

Seasoned portfolio

Pricing pressure on BBB   
exposure bears careful
surveillance

Increases in delinquencies  
could result from slowing
economy

Active surveillance and
portfolio management

We are managing through the credit cycle by emphasizing
long-term assessments of value and quality

As of 3/31/2009

(Allocations based on book values)

34

We continue to manage our asset portfolio to
align with our insurance liabilities

As of 12/31/2009

(In years)

Risk Management

35

The following summarizes the duration of our assets and liabilities by legal entity

As of 3/31/09

Risk Management

36

Conseco, Inc.

Investment Portfolio

37