SCHEDULE 14A INFORMATION

Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934
(Amendment No.__)

Filed by the Registrant [X]
Filed by a Party other than the Registrant [__]
Check the appropriate box:
[_] Preliminary Proxy Statement
[_] Confidential, for Use of the Commission Only (as permitted by
Rule 14a-6(e)(2))
[X] Definitive Proxy Statement
[_] Definitive Additional Materials
[_] Soliciting Material Pursuant to ss.240.14a-11(c) or ss.240.14a-12

Conseco Strategic Income Fund
(Name of Registrant as Specified In Its Charter)

(name of Person(s) Filing Proxy Statement if other than the Registrant)

Payment of Filing Fee (Check the appropriate box):

[X] No fee required.
[_] Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.

1) Title of each class of securities to which transaction applies:

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2) Aggregate number of securities to which transaction applies:

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3) Per unit price or other underlying value of transaction computed pursuant
to Exchange Act Rule 0-11 (Set forth the amount on which the filing fee is
calculated and state how it was determined):

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4) Proposed maximum aggregate value of transaction:

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5) Total fee paid:

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|__| Fee paid previously with preliminary materials.
|__| Check box if any part of the fee is offset as provided by Exchange Act Rule
0-11(a)(2) and identify the filing for which the offsetting fee was paid
previously. Identify the previous filing by registration statement number, or
the Form or Schedule and the date of its filing.

1) Amount Previously Paid:

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2) Form, Schedule or Registration Statement No.:

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3) Filing Party:

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4) Date Filed:

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[GRAPHIC OMITTED]
CONSECO(R)

CONSECO STRATEGIC INCOME FUND
11815 NORTH PENNSYLVANIA STREET
CARMEL, INDIANA 46032

NOTICE OF ANNUAL MEETING OF SHAREHOLDERS

TO BE HELD OCTOBER 11, 2001

To our Shareholders:

NOTICE IS HEREBY GIVEN THAT the Annual Meeting of Shareholders of Conseco
Strategic Income Fund (the "Fund"), will be held at the Conseco Conference
Center, 530 College Drive, Carmel, Indiana, at 11:00 a.m., local time on October
11, 2001. The following proposals will be voted on at the Meeting:

1. To elect three (3) Trustees to serve for terms ending in 2004
(Proposal No. 1);

2. To ratify the selection of PricewaterhouseCoopers LLP as the
Fund's independent accountants (Proposal No. 2); and

3. To transact such other business as may properly come before the
Meeting, or any adjournment or postponement thereof.

These items are discussed in greater detail in the attached Proxy
Statement.

Only shareholders of record at the close of business on August 16, 2001 are
entitled to notice of, and to vote at, this Meeting or any adjournment thereof.

By Order of the Trustees
William P. Kovacs, Secretary

August 29, 2001
Carmel, Indiana

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WHETHER OR NOT YOU EXPECT TO ATTEND THE MEETING, PLEASE SIGN AND
PROMPTLY RETURN THE ENCLOSED PROXY IN THE ENCLOSED SELF-ADDRESSED
ENVELOPE. IN ORDER TO AVOID THE ADDITIONAL EXPENSE TO THE FUND OF
FURTHER SOLICITATION, WE ASK YOUR COOPERATION IN MAILING IN YOUR
PROXY PROMPTLY. INSTRUCTIONS FOR THE PROPER EXECUTION OF PROXIES
ARE SET FORTH ON THE INSIDE COVER.
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[GRAPHIC OMITTED]
CONSECO(R)

CONSECO STRATEGIC INCOME FUND
11815 NORTH PENNSYLVANIA STREET
CARMEL, INDIANA 46032

PROXY STATEMENT

This Proxy Statement is furnished to shareholders in connection with the
solicitation of proxies by the Board of Trustees of the Conseco Strategic Income
Fund (the "Fund") for the Annual Meeting of Shareholders (the "Annual Meeting")
to be held at the Conseco Conference Center, 530 College Drive, Carmel, Indiana
on October 11, 2001, at 11:00 a.m., local time, (and at any adjournments
thereof), for the purposes set forth in the accompanying Notice of Annual
Meeting of Shareholders.

Shareholders of record at the close of business on August 16, 2001 are
entitled to be present and to vote at the Annual Meeting. Each share of
beneficial interest of the Fund is entitled to one vote and each fractional
share shall be entitled to a proportionate fractional vote, except that shares
held in the treasury of the Fund as of the record date shall not be voted.
Shares represented by executed and unrevoked proxy cards will be voted in
accordance with the specifications made thereon. Returned proxy cards that are
unmarked will be voted in favor of the nominees for Trustee; in accordance with
the recommendation of the Board of Trustees as to all other proposals described
in the Proxy Statement and, at the discretion of the proxyholders, on any other
matter that may properly have come before the Annual Meeting or any adjournments
thereof.

If the enclosed proxy card is executed and returned, it nevertheless may be
revoked by another proxy card or by letter or telegram directed to the Fund. To
be effective, such revocation must be received prior to the meeting and indicate
the shareholder's name. In addition, any shareholder who attends the meeting in
person may vote by ballot at the meeting, thereby canceling any proxy previously
given. The solicitation of proxies will be made primarily by mail. Authorization
to execute proxies may be obtained by telephonic or electronically transmitted
instructions.

The holders of a majority of the Shares issued and outstanding and entitled
to vote present in person or represented by proxy shall be requisite and shall
constitute a quorum for the transaction of business. In the absence of a quorum,
the Shareholders present or represented by proxy and entitled to vote at the
Annual Meeting shall have power to adjourn the meeting from time to time. Action
on any matter is approved if the votes cast in favor of the action exceed the
votes cast against it. Any adjourned meeting may be held as adjourned without
further notice. At any adjourned meeting at which a quorum shall be present, any
business may be transacted as if the meeting had been held as originally called.

Proxy materials will be mailed to Shareholders of record on or about August
29, 2001. Copies of the Fund's current Annual Report will be mailed to its
shareholders along with the proxy materials. As of the record date, August 16,
2001, there were 6,769,767 shares of beneficial interest of the Fund. To the
Fund's knowledge, no shareholder beneficially owned five percent or more of its
outstanding shares on that date.

The principal executive offices of the Fund are located at 11815 North
Pennsylvania, Carmel, Indiana 46032. The Fund's investment adviser, Conseco
Capital Management, Inc. (the "Adviser"), is located at 11825 North
Pennsylvania, Carmel, Indiana 46032.

PROPOSAL NO. 1: ELECTION OF TRUSTEES

The Board of Trustees (the "Board") consists of seven (7) members serving
staggered terms of office. The three Trustees to be elected at the Annual
Meeting have been nominated to serve a term of three years expiring in 2004. All
Trustees will serve until their successors are duly elected and qualified. Each
Trustee, with the exception of Mr. Walthall, has served as Trustee since the
Fund's commencement of operations in July 1998. Mr. Walthall has served as
Trustee since December 1998.

The following information regarding each person nominated for election as a
Trustee, and each person whose term will continue after the Annual Meeting,
includes such person's age, positions with the Adviser (if any), principal
occupation and business experience for the last five years:

NAME AGE PRINCIPAL OCCUPATION AND BUSINESS EXPERIENCE
- ---------------- ---- --------------------------------------------

NOMINEES FOR ELECTION AS TRUSTEES
TERM EXPIRES 2004:

GREGORY J. HAHN* 40 Trustee and Vice President for Investments of the
Fund: Chartered Financial Analyst; Senior Vice
President, Adviser; Trustee, officer and portfolio
manager of other investment companies managed by the
Adviser. Address: 11825 North Pennsylvania Street,
Carmel, Indiana 46032.

DR. JESS H. PARRISH 73 Trustee of the Fund: Higher Education Consultant;
Former President, Midland College; Trustee of other
investment companies managed by the Adviser. Address:
2805 Sentinel, Midland, Texas 79701.

DAVID N. WALTHALL 55 Trustee of the Fund: Principal, Walthall Asset
Management; Formerly President, Chief Executive
Officer and Director of Lyrick Corporation; Formerly,
President and CEO, Heritage Media Corporation;
Formerly, Director, Eagle National Bank; Trustee of
other investment companies managed by the Adviser.
Address: One Galleria Tower, Suite 1050, 13355 Noel
Road, Dallas, Texas 75240.

OTHER TRUSTEES
TERM EXPIRES 2002:

HAROLD W. HARTLEY 78 Trustee of the Fund: Chartered Financial Analyst;
Director, Ennis Business Forms, Inc.; Retired,
Executive Vice President, Tenneco Financial Services,
Inc.; Trustee of other investment companies managed
by the Adviser. Address: 502 Canal Cove Ct., Ft.
Myers Beach, Florida 33913.

DR. R. JAN LECROY 69 Trustee of the Fund: Director, Southwest Securities
Group, Inc.; Retired, President, Dallas Citizens
Council; Trustee of other investment companies
managed by the Adviser. Address: 841 Liberty, Dallas,
Texas 75204.

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* The Trustees so indicated are considered "interested persons," of the Fund
as defined in the Investment Company Act of 1940, as amended (the "1940
Act"), of the Fund as employees of the Adviser.

TERM EXPIRES 2003:

MAXWELL E. BUBLITZ* 46 Trustee and President of the Fund: Chartered
Financial Analyst; CEO, President and Director,
Adviser; Senior Vice President, Investments of
Conseco, Inc.; President and Trustee of other
investment companies managed by the Adviser. Address:
11825 North Pennsylvania Street, Carmel, Indiana
46032.

WILLIAM P. DAVES, Jr. 75 Trustee and Chairman of the Board of the Fund:
Consultant to insurance and healthcare industries;
Director, Chairman and Chief Executive Officer, FFG
Insurance Co.; Chairman of the Board and Trustee of
other investment companies managed by the Adviser.
Address: 5723 Trail Meadow, Dallas, Texas 75230.

The persons named upon the accompanying proxy card intend to vote each such
proxy for the election of the Nominees, unless shareholders specifically
indicate on their proxy card the desire to withhold authority to vote for
elections to office. It is not contemplated that any Nominee will be unable to
serve as a Board member for any reason, but if that should occur prior to the
meeting, the proxyholders reserve the right to substitute another person or
persons of their choice as nominee or nominees.

To the knowledge of the Fund's management, as of the Record Date, the
Trustees and officers of the Fund owned, as a group, less than one percent of
the outstanding shares of the Fund.

There were five meetings of the Board held during the Fund's fiscal year
ended June 30, 2001. Each Trustee attended all five meetings of the Board.

The Fund has an audit committee comprised of all of the Independent
Trustees of the Fund. The audit committee reviews financial statements and other
audit-related matters as they arise throughout the year. The Fund also has a
nominating committee and a compensation committee comprised of its independent
Trustees.

Each Trustee who is not an "interested person" of the Fund receives an
annual retainer fee of $7,500, a fee of $1,500 for each Board meeting or
independent Trustee meeting they attend, and a fee of $500 for Board meetings
and separate committee meetings attended that are conducted by telephone. The
Chairman of the Board receives an additional per meeting fee of $375 for
in-person Board meetings. The Fund also reimburses each Trustee who is not an
"interested person" of the Fund for travel and out-of-pocket expenses.

The Fund does not pay any other remuneration to its officers and Board
members, and the Fund does not have a bonus, pension, profit-sharing or
retirement plan.

The aggregate amount of compensation paid to each Trustee by the Fund for
the fiscal year ended June 30, 2001, and by all funds in the Conseco Family of
Funds for which such Trustee was a Board member (the number of which is set
forth in parenthesis next to each Trustee's total compensation) for the year
ended December 31, 2000, was as follows:

TOTAL COMPENSATION
AGGREGATE FROM FUND AND
COMPENSATION FUND COMPLEX
NAME OF TRUSTEE FROM FUND* PAID TO TRUSTEE**
- --------------- -------------- -----------------
William P. Daves, Jr $15,542 $40,397 (18)

Harold W. Hartley $14,042 $38,334 (18)

Dr. R. Jan LeCroy $14,042 $38,334 (18)

Dr. Jess H. Parrish $14,042 $38,334 (18)

David N. Walthall $14,042 $38,334 (18)

THE FUND'S BOARD OF TRUSTEES, INCLUDING THE "NON-INTERESTED" TRUSTEES,
RECOMMENDS THAT SHAREHOLDERS VOTE "FOR" ELECTION OF
EACH OF THE NOMINEES TO SERVE AS TRUSTEES OF THE FUND.

PROPOSAL NO. 2: RATIFICATION OF
THE SELECTION OF INDEPENDENT ACCOUNTANTS

The Fund's independent accountants must be appointed by a majority of those
Trustees who are not "interested persons" (as defined in the 1940 Act) of the
Fund, and such selection must be submitted for ratification or rejection at the
Annual Meeting of Shareholders; and the employment of such independent
accountants must be conditioned upon the right of the Fund, by vote of a
majority of its outstanding securities at any meeting called for that purpose,
to terminate such employment forthwith without penalty. The Fund's Board,
including a majority of those Trustees who are not "interested persons" of the
Fund, approved the selection of PricewaterhouseCoopers LLP for the fiscal year
ending June 30, 2002 at a Board meeting held on May 16, 2001. Accordingly, the
selection by the Fund's Board of PricewaterhouseCoopers LLP as independent
accountants of the Fund for the fiscal year ending June 30, 2002 is submitted to
shareholders for ratification. Apart from fees received as independent
accountants, neither PricewaterhouseCoopers LLP nor any of its partners has a
direct, or material indirect, financial interest in the Fund.

PricewaterhouseCoopers LLP has acted as independent accountants of the Fund
since the Fund's organization. The Fund's Board believes that the continued
employment of PricewaterhouseCoopers LLP for the fiscal year ending June 30,
2002 is in the best interests of the Fund.

A representative of PricewaterhouseCoopers LLP is expected to be present at
the meeting and will be available to respond to appropriate questions.

THE FUND'S BOARD OF TRUSTEES, INCLUDING THE "NON-INTERESTED" TRUSTEES,
RECOMMENDS THAT SHAREHOLDERS VOTE "FOR" RATIFICATION OF THE SELECTION OF
PRICEWATERHOUSECOOPERS LLP AS INDEPENDENT ACCOUNTANTS OF THE FUND.

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* Amount does not include reimbursed expenses for attending Board meetings,
which amounted to $2,426 for all Trustees as a group.
** Represents total compensation from all investment companies in the fund
complex, including the Fund, for which the Trustee serves as a Board
Member.

OTHER MATTERS

If a proxy card is properly executed and returned accompanied by
instructions to withhold authority to vote, represents a broker "non-vote" (that
is, a proxy card from a broker or nominee indicating that such person has not
received instructions from the beneficial owner or other person entitled to vote
shares of the Fund on a particular matter with respect to which the broker or
nominee does not have discretionary power) or marked with an abstention
(collectively, "abstentions"), the Fund's shares represented thereby will be
considered to be present at the meeting for purposes of determining the
existence of a quorum for the transaction of business. Under Massachusetts law,
abstentions do not constitute a vote "for" or "against" a matter and will be
disregarded in determining "votes cast" on an issue.

The Fund's Board is not aware of any other matter which may come before the
meeting. However, should any such matter with respect to the Fund properly come
before the meeting, it is the intention of the proxy holders to vote the proxy
in accordance with their judgment on any such matter.

The Fund will request broker/dealer firms, custodians, nominees and
fiduciaries to forward proxy materials to the beneficial owners of the shares
held of record. The Fund will reimburse such broker/dealer firms, custodians,
nominees and fiduciaries for their reasonable expenses incurred in connection
with such proxy solicitation. In addition to the solicitation of proxies by
mail, officers of the Fund and employees of the Adviser and its affiliates,
without additional compensation, may solicit proxies in person, by telephone or
otherwise.

The Fund will bear the cost of soliciting proxies. In addition to the use
of the mail, proxies may be solicited personally, by telephone, by telegraph, or
by electronic transmission (e-mail).

Proposals that shareholders wish to include in the Fund's proxy statement
for the Fund's next Annual Meeting of Shareholders must be sent to and received
by the Fund no later than June 22, 2002 at the principal executive offices of
the Fund at 11815 North Pennsylvania Street, Carmel, Indiana 46032.

ADDITIONAL INFORMATION

Conseco Capital Management, Inc., located at 11825 North Pennsylvania
Street, Carmel, Indiana 46032, serves as the Fund's investment adviser.

PFPC, Inc., located at 400 Bellevue Parkway, Wilmington, Delaware 19809,
serves as the Fund's transfer agent and accounting servicing agent.

NOTICE TO BANKS, BROKER/DEALERS VOTING TRUSTEES
AND THEIR NOMINEES

Please advise the Fund, in care of PFPC, Inc., whether other persons are
the beneficial owners of the shares for which proxies are being solicited and,
if so, the number of copies of the proxy statement and other soliciting material
you wish to receive in order to supply copies to the beneficial owners of
shares.

IT IS IMPORTANT THAT PROXY CARDS BE RETURNED PROMPTLY. THEREFORE,
SHAREHOLDERS WHO DO NOT EXPECT TO ATTEND THE MEETING IN PERSON ARE URGED TO
COMPLETE, SIGN, DATE AND RETURN THE ENCLOSED PROXY CARD IN THE ENCLOSED STAMPED
ENVELOPE.

Dated: August 29, 2001

EXHIBIT A

The following sets forth information regarding the executive officers of
the Fund.

PRINCIPAL OCCUPATION
AND BUSINESS
NAME AND POSITION EXPERIENCE FOR PAST
WITH FUND AGE FIVE YEARS
- -------- --- ----------

MAXWELL E. BUBLITZ 46 Chartered Financial Analyst;
President CEO, President and Director,
Adviser; Senior Vice
President, Investments of
Conseco, Inc.; President and
Trustee of other investment
companies managed by the
Adviser.

GREGORY J. HAHN 40 Chartered Financial Analyst;
Vice President Senior Vice President,
Adviser; Trustee, officer
and portfolio manager of
other investment companies
managed by the Adviser.

WILLIAM P. KOVACS, ESQ. 55 Vice President, Senior Counsel,
Vice President and Secretary Chief Compliance Officer and
Director of Adviser. Vice
President and Secretary of
other investment companies
managed by the Adviser.
Previously, Of Counsel to
Shefsky & Froelich and
Rudnick & Wolfe; Prior
thereto, Vice President and
Assistant Secretary, Kemper
Financial Services, Inc.

JAMES S. ADAMS 42 Senior Vice President, Chief
Treasurer Accounting Officer and
Treasurer of Conseco, Inc.
and various subsidiaries.
Treasurer of other
investment companies managed
by the Adviser.

WILLIAM T. DEVANNEY 46 Senior Vice President,
Vice President Corporate Taxes, of Conseco
Services, LLC and various
affiliates. Vice President
of other investment
companies managed by the
Adviser.

PROXY

CONSECO STRATEGIC INCOME FUND

ANNUAL MEETING OF SHAREHOLDERS - OCTOBER 11, 2001

The undersigned shareholder of Conseco Strategic Income Fund (the "Fund") hereby
appoint(s) William P. Kovacs, Karl W. Kindig and Sarah L. Todd, or any one of
them, attorneys with full power of substitution, to vote, as indicated herein,
all of the shares of beneficial interest (the "shares") of the Fund standing in
the name of the undersigned at the close of business on August 16, 2001 at the
Annual Meeting of Shareholders of the Fund to be held at the Conseco Conference
Center, 530 College Drive, Carmel, Indiana on October 11, 2001 at 11:00 a.m.,
and any and all adjournments thereof; with all the powers the undersigned would
possess if then and there personally present and especially (but without
limiting the general authorization and power hereby given) to vote as indicated
on the proposals, as more fully described in the Proxy Statement for the
meeting.

THIS PROXY IS SOLICITED BY THE BOARD OF TRUSTEES AND WILL BE VOTED "FOR"
ELECTION OF THE PROPOSED TRUSTEES AND "FOR" THE PROPOSALS LISTED ON THE REVERSE
SIDE, UNLESS OTHERWISE INDICATED.

SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED ENVELOPE.

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SEE REVERSE CONTINUED AND TO BE SIGNED ON REVERSE SIDE SEE REVERSE
SIDE SIDE
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[X] PLEASE MARK
VOTES AS IN
THIS EXAMPLE.

THIS PROXY IS SOLICITED BY THE BOARD OF TRUSTEES AND WILL BE VOTED "FOR"
ELECTION OF THE PROPOSED TRUSTEES AND "FOR" THE PROPOSALS BELOW, UNLESS
OTHERWISE INDICATED.

1. Election of Trustees.

NOMINEES: (01) Gregory J. Hahn, (02) Dr. Jess H. Parrish,
and (03) David N. Walthall.

FOR [_] [_] WITHHOLD
ALL FROM ALL
NOMINEES NOMINEES
[ ]
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For all nominees except as noted above

FOR AGAINST ABSTAIN
2. To retify the selection of [_] [_] [_]
PricewaterhouseCoopers LLP
as independent auditors of the
Fund.

3. In their discretion, the Proxies are authorized to vote upon such other
business as may properly come before the meeting, or any adjournment or
adjournments.

MARK HERE FOR ADDRESS CHANGE AND NOTE AT LEFT [_]

SIGNATURE(S) SHOULD BE EXACTLY AS NAME OR NAMES APPEARING ON THIS PROXY. IF
SHARES ARE HELD JOINTLY, EACH HOLDER SHOULD SIGN. IF SIGNING IS BY ATTORNEY,
ADMINISTRATOR, TRUSTEE OR GUARDIAN, PLEASE GIVE FULL TITLE.

SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED ENVELOPE TO:

Proxy Tabulator, P.O. Box 9388 Boston, MA 02205-9966

IMPORTANT: No matter how many shares you own, please sign, date and mail your
proxy IMMEDIATELY.

To hold the meeting, a majority of the shares eligible to vote is required by
law to be represented. Therefore, it is important that you note now so that your
Fund will not have to bear the unnecessary expense of another solicitation of
proxies.

Signature: Date:
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