File No.2-73879
Maxim Series Account of Great-West Life & Annuity Insurance Company
October 1, 1996
Insert on page 1 of the prospectus:
Effective October 1, 1996, one additional Investment Division willbe
available for allocation of Contributions. This InvestmentDivision invests
exclusively in a corresponding Portfolio of MaximSeries Fund, Inc. ("Maxim").
A prospectus for this Maxim Portfolioaccompanies this prospectus and should
be read carefully. The newInvestment Division will invest in shares of the
followingportfolio:
The Maxim INVESCO Balanced Portfolio which seeks to achieve a hightotal
return on investments through capital appreciation andcurrent income. The
Portfolio invests in a combination of commonstocks (normally 50% to 70% of
total assets) and fixed - incomesecurities (normally 25% or more).
The FEE TABLE on page 4 of the prospectus is amended to add thefollowing
column to the chart under "Maxim Series Fund AnnualExpenses."
Maxim INVESCO Balanced
Management Fee
Other Expenses
TOTAL Maxim Series
Fund Expenses:
The EXAMPLES on page 5 of the prospectus are amended to add theMaxim INVESCO
Balanced Portfolio to the tables as follows:
Example 1:
If you do not take a distribution from your contract, or if youannuitize at
the end of the applicable time period, you would paythe following expenses on
a $1,000 investment, assuming a 5% annualreturn on assets:
1 Year
3 Year
5 year
10 Year
Maxim INVESCO Balanced
Investment Division
$77.50
$139.20
$335.95
Example 2:
If you take a distribution in whole from your contract at the endof the
applicable time period, you would pay the following expenseson a $1,000
investment, assuming a 5% annual return on assets:
1 Year
3 Year
5 year
10 Year
Maxim INVESCO Balanced
Investment Division
$95.80
$131.51
$173.32
$335.95
Insert on page 17 of the prospectus:
Investment Adviser
The Great-West Life Assurance Company ("the Investment Adviser")receives
monthly compensation at the annual rate of 1.00% of theaverage daily net
assets of the Maxim INVESCO Balanced Portfolio. The Investment Adviser
generally pays the expenses incurred inconnection with the portfolio in the
manner described on page 17 ofthis prospectus.
Insert on page 18 of the prospectus:
Sub-Adviser
INVESCO Trust Company ("ITC") serves as the sub-adviser of theMaxim INVESCO
Balanced Portfolio. ITC is a Colorado trust companyand an indirect wholly-
owned subsidiary of INVESCO PLC. ITC isregistered as an investment adviser
with the Securities andExchange Commission. Its principal business address
is 7800 EastUnion Avenue, Denver, CO 80237. ITC receives monthly
compensationfrom the Investment Adviser at the annual rate of .50% of theon,
and.35% of such value in excess of $100 million.
msa sticker 10-96
