MAXIM SERIES FUND, INC.
811-03364
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SIGNATURE JEFF ENGELSMAN
TITLE ATTORNEY
Board of Directors and Shareholders
Maxim Vista Growth & Income Portfolio of Maxim Series Fund, Inc.:
In planning and performing our audit of the financial statements of Maxim Vista
Growth & Income Portfolio of Maxim Series Fund, Inc. for the period February 3,
1997 (inception) to October 31, 1997 (on which we have issued our report dated
December 5, 1997), we considered its internal control, including control
activities for safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the financial statements
and to comply with the requirements of Form N-SAR, and not to provide assurance
on the Fund's internal control.
The management of the Fund is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in any internal control, errors or fraud may
occur and not be detected. Also, projection of any evaluation of internal
control to future periods is subject to the risk that it may become inadequate
because of changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of the Fund's internal control would not necessarily disclose
all matters in internal control that might be material weaknesses under
standards established by the American Institution of Certified Public
Accountants. A material weakness is a condition in which the design or operation
of one or more of the internal control components does not reduce to a
relatively low level the risk that errors or fraud in amounts that would be
material in relation to the financial statements being audited may occur and not
be detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters involving the
Fund's internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above as of
October 31, 1997.
This report is intended solely for the information and use of management, the
Board of Directors of Maxim Vista Growth & Income Portfolio of Maxim Series
Fund, Inc. and the Securities and Exchange Commission.
DELOITTE & TOUCHE LLP
/s/ Deloitte & Touche LLP
December 5, 1997
