MAXIM SERIES FUND INC
497, 2000-04-07
DRILLING OIL & GAS WELLS
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                                                                   Rule 497(e)
                                                             File No. 002-75503


                                         MAXIM SERIES FUND, INC.

                                       April 6, 2000 Supplement to
                                        the May 1, 1999 Prospectus

On Page 5 of the prospectus,  under the heading Maxim INVESCO  Small-Cap  Growth
Portfolio  delete the first bullet point under Principal  investment  strategies
and replace it with the following:

o    Invest  primarily in a diversified  group of equity  securities of emerging
     growth companies with market capitalizations of $2 billion or less.






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