Rule 497(e)
File No. 002-75503
MAXIM SERIES FUND, INC.
October 14, 1999 Supplement to
the May 1, 1999 Prospectus
On Page 1 of the prospectus, delete the third paragraph and replace it with the
following:
The Fund is available only as an investment option for certain variable annuity
contracts, variable life policies and certain qualified retirement plans.
Therefore you cannot purchase shares of the Portfolios directly; rather you must
own a variable insurance contract or participate in a retirement plan that makes
one or more of the Portfolios available for investment.
Before Page 3 of the prospectus, insert the following information:
FEES AND EXPENSES
This table describes the fees and expenses that you may pay if you buy and hold
shares of the Portfolios.
SHAREHOLDER FEES (fees paid directly from your investment)
Sales Load Imposed on Purchases....................................NONE
Sales Load Imposed on Reinvested Dividends..................NONE
Deferred Sales Load.......................................................NONE
Redemption Fees...........................................................NONE
Exchange Fees.............................................................NONE
<TABLE>
ANNUAL PORTFOLIO OPERATING EXPENSES (expenses that are deducted from Portfolio assets)
- ------------------------------ ------------------ --------------- ----------------- --------------- ------------------
Maxim Maxim Maxim U.S. Maxim Maxim
Money Market Bond Government Short-Term Loomis-Sayles
Securities Maturity Bond Corporate
Bond
- ------------------------------ ------------------ --------------- ----------------- --------------- ------------------
- ------------------------------ ------------------ --------------- ----------------- --------------- ------------------
<S> <C> <C> <C> <C> <C>
Management Fees 0.46% 0.60% 0.60% 0.60% 0.90%
- ------------------------------ ------------------ --------------- ----------------- --------------- ------------------
- ------------------------------ ------------------ --------------- ----------------- --------------- ------------------
Distribution (12b-1) Fees NONE NONE NONE NONE NONE
- ------------------------------ ------------------ --------------- ----------------- --------------- ------------------
- ------------------------------ ------------------ --------------- ----------------- --------------- ------------------
Other Expenses 0.00% 0.00% 0.00% 0.00% 0.00%
- ------------------------------ ------------------ --------------- ----------------- --------------- ------------------
- ------------------------------ ------------------ --------------- ----------------- --------------- ------------------
Total Annual Portfolio
Operating Expenses 0.46% 0.60% 0.60% 0.60% 0.90%
- ------------------------------ ------------------ --------------- ----------------- --------------- ------------------
- ------------------------------ ------------------ --------------- ----------------- --------------- ------------------
Maxim Maxim Maxim Maxim Maxim Founders
Templeton INVESCO ADR T. Rowe Price INVESCO Growth & Income
International Equity/ Balanced
Equity Income
- ------------------------------ ------------------ --------------- ----------------- --------------- ------------------
- ------------------------------ ------------------ --------------- ----------------- --------------- ------------------
Management Fees 1.00% 1.00% 0.80% 1.00% 1.00%
- ------------------------------ ------------------ --------------- ----------------- --------------- ------------------
- ------------------------------ ------------------ --------------- ----------------- --------------- ------------------
Distribution (12b-1) Fees NONE NONE NONE NONE NONE
- ------------------------------ ------------------ --------------- ----------------- --------------- ------------------
- ------------------------------ ------------------ --------------- ----------------- --------------- ------------------
Other Expenses 0.21% 0.32% 0.08% 0.00% 0.15%
- ------------------------------ ------------------ --------------- ----------------- --------------- ------------------
- ------------------------------ ------------------ --------------- ----------------- --------------- ------------------
Total Annual Portfolio
Operating Expenses 1.21%* 1.32%* 0.88% 1.00% 1.15%
- ------------------------------ ------------------ --------------- ----------------- --------------- ------------------
- ------------------------------ ------------------ --------------- ----------------- --------------- ------------------
Maxim Maxim Maxim Ariel Maxim Maxim
Ariel MidCap T. Rowe Price Small-Cap Value Loomis-Sayles INVESCO
Value MidCap Growth Small-Cap Small-Cap Growth
Value
- ------------------------------ ------------------ --------------- ----------------- --------------- ------------------
- ------------------------------ ------------------ --------------- ----------------- --------------- ------------------
Management Fees 0.95% 1.00% 1.00% 1.00% 0.95%
- ------------------------------ ------------------ --------------- ----------------- --------------- ------------------
- ------------------------------ ------------------ --------------- ----------------- --------------- ------------------
Distribution (12b-1) Fees NONE NONE NONE NONE NONE
- ------------------------------ ------------------ --------------- ----------------- --------------- ------------------
- ------------------------------ ------------------ --------------- ----------------- --------------- ------------------
Other Expenses 0.07% 0.16% 0.27% 0.11% 0.16%
- ------------------------------ ------------------ --------------- ----------------- --------------- ------------------
- ------------------------------ ------------------ --------------- ----------------- --------------- ------------------
Total Annual Portfolio
Operating Expenses 1.02% 1.16%* 1.27%* 1.11% 1.11%*
- ------------------------------ ------------------ --------------- ----------------- --------------- ------------------
- ------------------------------ ------------------ --------------- ----------------- --------------- ------------------
Maxim Maxim Index Maxim Maxim Growth Maxim
Stock 600 Value Index Bond
Index Index Index
- ------------------------------ ------------------ --------------- ----------------- --------------- ------------------
- ------------------------------ ------------------ --------------- ----------------- --------------- ------------------
Management Fees 0.60% 0.60% 0.60% 0.60% 0.50%
- ------------------------------ ------------------ --------------- ----------------- --------------- ------------------
- ------------------------------ ------------------ --------------- ----------------- --------------- ------------------
Distribution (12b-1) Fees NONE NONE NONE NONE NONE
- ------------------------------ ------------------ --------------- ----------------- --------------- ------------------
- ------------------------------ ------------------ --------------- ----------------- --------------- ------------------
Other Expenses 0.00% 0.00% 0.00% 0.00% 0.00%
- ------------------------------ ------------------ --------------- ----------------- --------------- ------------------
- ------------------------------ ------------------ --------------- ----------------- --------------- ------------------
Total Annual Portfolio
Operating Expenses 0.60% 0.60% 0.60% 0.60% 0.50%
- ------------------------------ ------------------ --------------- ----------------- --------------- ------------------
</TABLE>
*When taking voluntary reimbursements and waivers into account, the fees were as
follows: Maxim Templeton International Equity Portfolio - 1.20%; Maxim INVESCO
ADR Portfolio - 1.30%; Maxim T. Rowe Price MidCap Growth Portfolio - 1.05%;
Maxim Ariel Small-Cap Value Portfolio - 1.26%; and Maxim INVESCO Small-Cap
Growth Portfolio - 1.10%.
Examples
These examples are intended to help you compare the cost of investing in the
Portfolios with the cost of investing in other mutual funds.
The Examples assume that you invest $10,000 in the Portfolio for the time
periods indicated and then redeem all of your shares at the end of those
periods. The Examples also assume that your investment has a 5% return each year
and that the Portfolio's operating expenses are the amount shown in the fee
table and remain the same for the years shown.
<TABLE>
<S> <C> <C> <C> <C>
Portfolio 1 Year 3 Years 5 Years 10 Years
Maxim Money Market $46 $151 $277 $700
Maxim Bond $60 $197 $361 $907
Maxim U.S. Government Securities $60 $197 $361 $907
Maxim Short-Term Maturity Bond $60 $197 $361 $907
Maxim Loomis-Sayles Corporate Bond $90 $295 $538 $1,344
Maxim Templeton International Equity* $121 $396 $719 $1,783
Maxim INVESCO ADR* $132 $431 $782 $1,936
Maxim T. Rowe Price Equity/Income $88 $269 $526 $1,315
Maxim INVESCO Balanced $100 $328 $596 $1,487
Maxim Founders Growth & Income $115 $376 $684 $1,699
Maxim Ariel MidCap Value $102 $334 $608 $1,515
Maxim T. Rowe Price MidCap Growth* $116 $379 $690 $1,713
Maxim Ariel Small-Cap Value* $127 $415 $753 $1,866
Maxim Loomis-Sayles Small-Cap Value $111 $363 $661 $1,642
Maxim INVESCO Small-Cap Growth* $111 $363 $661 $1,642
Maxim Stock Index $60 $197 $361 $907
Maxim Index 600 $60 $197 $361 $907
Maxim Value Index $60 $197 $361 $907
Maxim Growth Index $60 $197 $361 $907
Maxim Bond Index $50 $165 $301 $759
*Before reimbursements
After Reimbursements:
Maxim Templeton International Equity $120 $392 $713 $1,769
Maxim INVESCO ADR $130 $425 $771 $1,908
Maxim T. Rowe Price MidCap Growth $105 $344 $626 $1,558
Maxim Ariel Small-Cap Value $126 $412 $748 $1,852
Maxim INVESCO Small-Cap Growth $110 $360 $655 $1,628
</TABLE>
On Page 32 of the Prospectus, please insert the following after the first
paragraph under the title "Important Information About Your Investment:"
Purchasing and Redeeming Shares
Variable contract owners or Qualified Plan participants will not deal directly
with the Fund regarding the purchase or redemption of a Portfolio's shares.
Insurance company separate accounts place orders to purchase and redeem shares
of each Portfolio based on allocation instructions received from variable
contract owners. Similarly, Qualified Plan sponsors and administrators purchase
or redeem Portfolio shares based on orders received from participants. Qualified
Plan participants cannot contact the Fund directly to purchase shares of the
Portfolios but may invest in shares of the Portfolios only through their
Qualified Plan. Participants should contact their Qualified Plan sponsor or
administrator for information concerning the appropriate procedure for investing
in the Fund.
Due to differences in tax treatment or other considerations, material
irreconcilable conflicts may arise between the interests of variable annuity
contract owners, variable life insurance policy owners and Qualified Plans that
invest in the Fund. The Board of Directors will monitor each Portfolio for any
material conflicts that may arise and will determine what action should be
taken.
How to Exchange Shares
This section is only applicable to participants in Qualified Plans that purchase
shares of the Fund outside a variable annuity contract.
An exchange involves selling all or a portion of the shares of one Portfolio and
purchasing shares of another Portfolio. There are no sales charges or
distribution fees for an exchange. The exchange will occur at the next net asset
value calculated for the two Portfolios after the exchange request is received
in proper form. Before exchanging into a Portfolio, read its prospectus.
Please note the following policies governing exchanges:
o You can request an exchange in writing or by telephone.
o Written requests should be submitted to:
8505 East Orchard Road, 401(k) Operations Department
Englewood, CO 80111.
o The form should be signed by the account owner(s) and include the following
information:
(1) the name of the account
(2) the account number
(3) the name of the Portfolio from which the shares of which are to be sold
(4) the dollar amount or number of shares to be exchanged
(5) the name of the Portfolio(s) in which new shares will be purchased; and
(6) the signature(s) of the person(s) authorized to effect exchanges in the
account.
o You can request an exchange by telephoning 1-800-338-4015.
o A Portfolio may refuse exchange purchases by any person or group if, in GW
Capital Management's judgment, the Portfolio would be unable to invest the
money effectively in accordance with its investment objective and policies,
or would otherwise potentially be adversely affected.
Other Information
o The policies and procedures to request an exchange of shares of the
Portfolios by telephone may be modified, suspended, or terminated by the
Fund at any time.
o If an account has more than one owner of record, we may rely on the
instructions of any one owner.
o Each account owner has telephone transaction privileges unless we receive
cancellation instructions from an account owner.
o We will not be responsible for losses or expenses arising from unauthorized
telephone transactions, as long as we use reasonable procedures to verify
the identity of the investor, such as requesting personal identification
numbers (PINs) and other information.
o All telephone calls will be recorded and we have adopted other procedures
to confirm that telephone instructions are genuine.
o During periods of unusual market activity, severe weather, or other
unusual, extreme, or emergency conditions, you may not be able to complete
a telephone transaction and should consider placing your order by mail.
<PAGE>
Rule 497(e)
File No. 002-75503
MAXIM SERIES FUND, INC.
October 14, 1999 Supplement to
the May 1, 1999 Prospectus
On Page 1 of the prospectus, delete the third paragraph and replace it with the
following:
The Fund is available only as an investment option for certain variable annuity
contracts, variable life policies and certain qualified retirement plans.
Therefore you cannot purchase shares of the Portfolios directly; rather you must
own a variable insurance contract or participate in a retirement plan that makes
one or more of the Portfolios available for investment.
Before Page 3 of the prospectus, insert the following information:
FEES AND EXPENSES
This table describes the fees and expenses that you may pay if you buy and hold
shares of the Portfolios.
SHAREHOLDER FEES (fees paid directly from your investment)
Sales Load Imposed on Purchases....................................NONE
Sales Load Imposed on Reinvested Dividends..........................NONE
Deferred Sales Load.................................................NONE
Redemption Fees.....................................................NONE
Exchange Fees.......................................................NONE
<TABLE>
ANNUAL PORTFOLIO OPERATING EXPENSES (expenses that are deducted from Portfolio assets)
- ------------------------------ ------------------ --------------- ----------------- ------------------
Maxim Maxim U.S. Maxim Maxim
Money Market Government Short-Term Loomis-Sayles
Mortgage Maturity Bond Corporate
Securities Bond
- ------------------------------ ------------------ --------------- ----------------- ------------------
- ------------------------------ ------------------ --------------- ----------------- ------------------
<S> <C> <C> <C> <C>
Management Fees 0.46% 0.60% 0.60% 0.90%
- ------------------------------ ------------------ --------------- ----------------- ------------------
- ------------------------------ ------------------ --------------- ----------------- ------------------
Distribution (12b-1) Fees NONE NONE NONE NONE
- ------------------------------ ------------------ --------------- ----------------- ------------------
- ------------------------------ ------------------ --------------- ----------------- ------------------
Other Expenses 0.00% 0.00% 0.00% 0.00%
- ------------------------------ ------------------ --------------- ----------------- ------------------
- ------------------------------ ------------------ --------------- ----------------- ------------------
Total Annual Portfolio
Operating Expenses 0.46% 0.60% 0.60% 0.90%
- ------------------------------ ------------------ --------------- ----------------- ------------------
- ------------------------------ ------------------ --------------- ----------------- ------------------
Maxim Founders Maxim Maxim Ariel Maxim
Growth & Income T. Rowe Price Small-Cap Value Loomis-Sayles
MidCap Growth Small-Cap Value
- ------------------------------ ------------------ --------------- ----------------- ------------------
- ------------------------------ ------------------ --------------- ----------------- ------------------
Management Fees 1.00% 1.00% 1.00% 1.00%
- ------------------------------ ------------------ --------------- ----------------- ------------------
- ------------------------------ ------------------ --------------- ----------------- ------------------
Distribution (12b-1) Fees NONE NONE NONE NONE
- ------------------------------ ------------------ --------------- ----------------- ------------------
- ------------------------------ ------------------ --------------- ----------------- ------------------
Other Expenses 0.15% 0.16% 0.27% 0.11%
- ------------------------------ ------------------ --------------- ----------------- ------------------
- ------------------------------ ------------------ --------------- ----------------- ------------------
Total Annual Portfolio
Operating Expenses 1.15% 1.16%* 1.27%* 1.11%
- ------------------------------ ------------------ --------------- ----------------- ------------------
- ------------------------------ ------------------ --------------- ----------------- ------------------
Maxim Maxim Maxim Maxim Growth
Stock Index Value Index
Index 600 Index
- ------------------------------ ------------------ --------------- ----------------- ------------------
- ------------------------------ ------------------ --------------- ----------------- ------------------
Management Fees 0.60% 0.60% 0.60% 0.60%
- ------------------------------ ------------------ --------------- ----------------- ------------------
- ------------------------------ ------------------ --------------- ----------------- ------------------
Distribution (12b-1) Fees NONE NONE NONE NONE
- ------------------------------ ------------------ --------------- ----------------- ------------------
- ------------------------------ ------------------ --------------- ----------------- ------------------
Other Expenses 0.00% 0.00% 0.00% 0.00%
- ------------------------------ ------------------ --------------- ----------------- ------------------
- ------------------------------ ------------------ --------------- ----------------- ------------------
Total Annual Portfolio
Operating Expenses 0.60% 0.60% 0.60% 0.60%
- ------------------------------ ------------------ --------------- ----------------- ------------------
</TABLE>
* When taking voluntary reimbursements and waivers into account, the fees of the
Maxim Ariel Small-Cap Value Portfolio were 1.26% and the fees of the Maxim T.
Rowe Price MidCap Growth Portfolio were 1.05%.
Examples
These examples are intended to help you compare the cost of investing in the
Portfolios with the cost of investing in other mutual funds.
The Examples assume that you invest $10,000 in the Portfolio for the time
periods indicated and then redeem all of your shares at the end of those
periods. The Examples also assume that your investment has a 5% return each year
and that the Portfolio's operating expenses are the amount shown in the fee
table and remain the same for the years shown.
<TABLE>
<S> <C> <C> <C> <C>
Portfolio 1 Year 3 Years 5 Years 10 Years
Maxim Money Market $46 $151 $277 $700
Maxim U.S. Government Mortgage Securities $60 $197 $361 $907
Maxim Short-Term Maturity Bond $60 $197 $361 $907
Maxim Loomis-Sayles Corporate Bond $90 $295 $538 $1,344
Maxim Founders Growth & Income $115 $376 $684 $1,699
Maxim T. Rowe Price MidCap Growth* $116 $379 $690 $1,713
Maxim Ariel Small-Cap Value* $127 $415 $753 $1,866
Maxim Loomis-Sayles Small-Cap Value $111 $363 $661 $1,642
Maxim Stock Index $60 $197 $361 $907
Maxim Index 600 $60 $197 $361 $907
Maxim Value Index $60 $197 $361 $907
Maxim Growth Index $60 $197 $361 $907
*Before reimbursement
After reimbursement:
Maxim T. Rowe Price MidCap Growth $105 $344 $626 $1,558
Maxim Ariel Small-Cap Value $126 $412 $748 $1,852
</TABLE>
On Page 32 of the Prospectus, please insert the following after the first
paragraph under the title "Important Information About Your Investment:"
Purchasing and Redeeming Shares
Variable contract owners or Qualified Plan participants will not deal directly
with the Fund regarding the purchase or redemption of a Portfolio's shares.
Insurance company separate accounts place orders to purchase and redeem shares
of each Portfolio based on allocation instructions received from variable
contract owners. Similarly, Qualified Plan sponsors and administrators purchase
or redeem Portfolio shares based on orders received from participants. Qualified
Plan participants cannot contact the Fund directly to purchase shares of the
Portfolios but may invest in shares of the Portfolios only through their
Qualified Plan. Participants should contact their Qualified Plan sponsor or
administrator for information concerning the appropriate procedure for investing
in the Fund.
Due to differences in tax treatment or other considerations, material
irreconcilable conflicts may arise between the interests of variable annuity
contract owners, variable life insurance policy owners and Qualified Plans that
invest in the Fund. The Board of Directors will monitor each Portfolio for any
material conflicts that may arise and will determine what action should be
taken.
How to Exchange Shares
This section is only applicable to participants in Qualified Plans that purchase
shares of the Fund outside a variable annuity contract.
An exchange involves selling all or a portion of the shares of one Portfolio and
purchasing shares of another Portfolio. There are no sales charges or
distribution fees for an exchange. The exchange will occur at the next net asset
value calculated for the two Portfolios after the exchange request is received
in proper form. Before exchanging into a Portfolio, read its prospectus.
Please note the following policies governing exchanges:
o You can request an exchange in writing or by telephone.
o Written requests should be submitted to:
8505 East Orchard Road, 401(k) Operations Department
Englewood, CO 80111.
o The form should be signed by the account owner(s) and include the following
information:
(7) the name of the account
(8) the account number
(9) the name of the Portfolio from which the shares of which are to be sold
(10) the dollar amount or number of shares to be exchanged
(11) the name of the Portfolio(s) in which new shares will be purchased; and
(12) the signature(s) of the person(s) authorized to effect exchanges in the
account.
o You can request an exchange by telephoning 1-800-338-4015.
o A Portfolio may refuse exchange purchases by any person or group if, in GW
Capital Management's judgment, the Portfolio would be unable to invest the
money effectively in accordance with its investment objective and policies,
or would otherwise potentially be adversely affected.
Other Information
o The policies and procedures to request an exchange of shares of the
Portfolios by telephone may be modified, suspended, or terminated by the
Fund at any time.
o If an account has more than one owner of record, we may rely on the
instructions of any one owner.
o Each account owner has telephone transaction privileges unless we
receive cancellation instructions from an account owner.
o We will not be responsible for losses or expenses arising from unauthorized
telephone transactions, as long as we use reasonable procedures to verify
the identity of the investor, such as requesting personal identification
numbers (PINs) and other information.
o All telephone calls will be recorded and we have adopted other procedures
to confirm that telephone instructions are genuine.
o During periods of unusual market activity, severe weather, or other
unusual, extreme, or emergency conditions, you may not be able to complete
a telephone transaction and should consider placing your order by mail.
