MAXIM SERIES FUND, INC. Rule 497(e)
Supplement to Qualified Prospectus File No. 2-75503
dated April 30, 1996
On page 28 of the Prospectus amending disclosure in the first paragraph
regarding the Foreign Equity
Portfolio, reference to Draycott Partners, Ltd. is deleted and the following
disclosure is substituted therefor:
Loomis Sayles & Company L.P. serves as sub-adviser to this Portfolio.
And the following disclosure is added:
To the second paragraph on page 29:
The Portfolio may also, from time to time, invest up to 20% of its assets
in fixed-income
securities issued or guaranteed by foreign governments (including their
political
subdivisions, agencies and authorities, and/or instrumentalities), issued
by supranational
agencies or issued by foreign companies including but not limited to less
than investment
grade or non-rated debt. Such fixed income securities may also include
convertible
securities issued by foreign companies. Securities with a rating which
is less than
investment grade are commonly referred to as "junk bonds." Lower rated
fixed-income
securities generally provide higher yields, but are subject to greater
credit and market
risks than higher quality fixed-income securities and are considered
predominately
speculative with respect to the ability of the issuer to meet principal
and interest
payments. In addition, the secondary market may be less liquid for
lower-rated fixed-
income securities which may make the valuation and sale of the securities
more difficult.
The Statement of Additional Information contains more information about
securities
ratings.
To the fifth paragraph on page 29:
Such investments may include investments in closed-end investment
companies domiciled in the
United States but which invest primarily in securities issued by foreign
companies.
On page 34 of the prospectus, delete all reference to Draycott Partners, Ltd.
and add to the existing
disclosure regarding Loomis Sayles & Company L.P.:
Loomis Sayles is the sub-adviser of the Small-Cap Aggressive Growth,
Corporate Bond
and Foreign Equity Portfolios.
The day-to-day manager of the Foreign Equity Portfolio is Paul Drexler,
Vice President of
Loomis Sayles and who also serves as the fund manager of the Loomis Sayles
International Equity Fund (since 1996) and the New England International
Fund (since
1997).
The Investment Adviser is responsible for compensating Loomis Sayles which
receives
compensation from the Investment Adviser at the annual rate of .60% on the
first $10
million, .50% on the next $50 million and .35% on amounts over 450 million
on the Foreign
Equity Portfolio.
The date of this supplement is February 14, 1997.
