IDEX MUTUAL FUNDS
                   IDEX Dean Asset Allocation

Supplement dated June 25, 2001 to Prospectus dated March 1, 2001


At  a  Special Board of Trustees Meeting held June 25, 2001,  the
Board   voted  to  terminate  the  sub-advisory  agreement   (the
"Agreement")  between  Idex Management,  Inc.  ("IMI")  and  Dean
Investment  Associates  ("Dean") on behalf  of  IDEX  Dean  Asset
Allocation ("Fund").  Per the terms of the Agreement,  Dean  will
no  longer  serve as sub-adviser to the Fund on or before  August
24, 2001.

The   Board  selected  Transamerica  Investment  Management,  LLC
("TIM") as the new sub-adviser for the Fund, to be effective upon
the  termination of Dean's sub-advisory services to the Fund  and
pursuant  to  an interim sub-advisory agreement between  IMI  and
TIM,  which  will  expire  the  earlier  of  (i)  150  days  from
commencement or (ii) approval by the Fund's shareholders of a new
sub-advisory contract.  TIM and IMI are affiliated persons  under
the Investment Company Act of 1940.


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IDEX MUTUAL FUNDS
                   IDEX Dean Asset Allocation

Supplement dated June 19, 2001 to Prospectus dated March 1, 2001


The  following paragraph replaces the first paragraph  under  the
section  "How the IDEX Funds are Managed and Organized"  -  "IDEX
Dean  Asset Allocation," on page 73, the bottom of the right-hand
column:

Thomas A. Giles, CFA, vice president and Director of Research  at
Dean,  has  served as manager of this fund since June  2001.   He
joined  Dean in 2000 as Director of Research, Associate  Director
of Portfolio Management.

Prior to joining Dean, Mr. Giles served as portfolio manager  and
Director  of  Research  at Tom Johnson Investment  Management  in
Oklahoma City for eleven years.

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