Rule 497(e)
File No. 811-3364
2-75503
Maxim Series Fund, Inc.
February 23, 1998
Insert on page 7 of the prospectus for the Maxim Profile Portfolios:
Delete the entire paragraph pertaining to the Small-Cap Aggressive Growth
Portfolio as an eligible Underlying Portfolio in the Small-Cap Equity asset
class.
Add the following two new eligible Underlying Portfolios in the Small-Cap Equity
asset class:
The Small-Cap Index Portfolio seeks to provide investment results, before fees,
that correspond to the total return of the Standard & Poor's Small-Cap 600 Stock
Index ("S&P 600 Index"). The S&P 600 Index is widely recognized and tracks an
index of 600 small company stock prices. The S&P 600 Index is designed to
monitor the performance of publicly traded common stock of the small company
sector of the United States equities market. The S&P 600 Index is
market-weighted, meaning that each stock's influence on the index's performance
is directly proportional to that stock's "market value" (the stock price
multiplied by the number of outstanding shares). The securities that comprise
the S&P 600 Index are traded on the New York Stock Exchange, the American Stock
Exchange and the Nasdaq Stock Market.
Standard & Poor's Small-Cap 600 Stock Index and S&P 600 are a trademarks of The
McGraw-Hill Companies, Inc. and have been licensed for use by Maxim Series Fund,
Inc. The Portfolio is not sponsored, endorsed, sold or promoted by Standard &
Poor's and Standard & Poor's makes no representation regarding the advisability
of using this index.
The Small-Cap Value Portfolio seeks to achieve long-term capital appreciation by
investing primarily in common stocks, although the Portfolio may also invest in
other securities, including restricted securities, preferred stock or foreign
securities. In seeking capital appreciation, consideration will be given to
undervalued small and medium sized companies in industries that demonstrate a
strong potential for growth and financially strong companies with distinct
market niches offering quality products or services, outstanding management
teams and a proven record of success.
