Rule 497(e)
File No. 2-75503
MAXIM SERIES FUND, INC.
Supplement to Prospectus
dated April 30, 1996
Insert on page 30 of the Prospectus amending disclosure regarding the
day-to-day manager for the Maxim INVESCO Small-Cap Growth Portfolio.
The day-to-day management of the Maxim INVESCO Small-Cap Growth Portfolio
is provided by a team of individuals, led by Timothy J. Miller (since 1997).
Mr. Miller also
serves as the co-portfolio manager of the INVESCO Small Company Growth Fund
(since
1997); co-portfolio manager of the INVESCO Growth Fund (since 1996); portfolio
manager of the INVESCO Dynamics Fund (since 1993); senior vice president
(1995 to
present), vice president (1993-1995) and portfolio manager (1992 to present)
of ITC.
Formerly (1979 to 1992), Mr. Miller was analyst and portfolio manager with
Mississippi
Valley Advisors. Trent E. May is a co-portfolio manager of the Maxim INVESCO
Small-
Cap Growth Portfolio and INVESCO Small Company Growth Fund (since 1997); co-
portfolio manager of the INVESCO Growth Fund (since 1996); portfolio manager
(since
1996) of ITC. Formerly, Mr. May was senior equity fund manager/equity analyst
at
Munder Capital Management in Detroit. Stacie Cowell is a co-portfolio manager
of the
Maxim INVESCO Small-Cap Growth Portfolio and INVESCO Small Company Growth
Fund
(since 1997); portfolio manager (since 1996) of ITC. Formerly, Ms. Cowell was
senior
equity analyst with Founders Asset Management; and was capital markets and
trading
analyst with Chase Manhattan Bank in New York.
The date of this supplement is February 3, 1997.
