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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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SIGNATURE JEFF ENGELSMAN
TITLE ATTORNEY
DELOITTE & TOUCHE LLP
DENVER COLORADO
INDEPENDENT AUDITORS' REPORT
To the Board of Directors and Shareholders 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. (the "Fund") for the year
ended October 31, 1998 (on which we have issued our report dated December 29,
1998), 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, 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 internal control, error 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 internal control would not necessarily disclose all matters
in internal control that might be material weaknesses under standards
established by the American Institute 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 misstatements caused by error 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, 1998.
This report is intended solely for the information and use of management, the
Board of Directors of Maxim Series Fund, Inc., and the Securities and Exchange
Commission.
DELOITTE & TOUCHE LLP
/s/ DELOITTE & TOUCHE LLP
December 29, 1998
