CONSECO SERIES TRUST
                           Conseco 20 Focus Portfolio
                                Equity Portfolio
                               Balanced Portfolio
                              High Yield Portfolio
                             Fixed Income Portfolio
                         Government Securities Portfolio
                             Money Market Portfolio

                         11825 North Pennsylvania Street
                              Carmel, Indiana 46032


                                                            March 12, 2001



Dear Shareholder,

         Recently,  a proxy  statement  for Conseco  Series  Trust was mailed to
contract  holders.  Regrettably,  an error has been discovered on page twenty of
the proxy statement.  The introductory  paragraph to Proposal Seven  incorrectly
states that the Board of Trustees of Conseco  Series Trust approved a 12b-1 Plan
at a meeting held on January 17, 2001.  The  introductory  paragraph to Proposal
Seven should be replaced with the following:

               The Board of  Trustees of the Trust (the  "Board")  has
         approved, and unanimously recommends that the shareholders of
         each Portfolio  approve,  a Plan of Distribution  and Service
         (the  "Plan")  pursuant  to Rule  12b-1 of the 1940 Act.  The
         Trustees,  including a majority of the  Trustees  who are not
         "interested  persons"  of the Trust (as  defined  in the 1940
         Act) ("Independent Trustees"),  unanimously approved the Plan
         with  respect  to each  Portfolio's  shares  at a  telephonic
         meeting  held on January  26,  2001.  The Board,  including a
         majority  of the  Independent  Trustees,  then  ratified  and
         approved the Plan with respect to each Portfolio's  shares at
         an  in-person  meeting  held for that purpose on February 15,
         2001.

         If you should have any questions  regarding this update,  please do not
hesitate to call 1-800-824-2726, and one of our representatives will be happy to
answer your questions. Thank you for your continued investment in Conseco Series
Trust.

                                    Very truly yours,


                                    William P. Kovacs
                                    Secretary