Deloitte & Touche LLP
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Deloitte
& Touche
INDEPENDENT AUDITORS REPORT
To the Board of Directors and Shareholder 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, 2000 ( on which we have issued our report dated December 1,
2000), 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 Funds
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
entitys objective of preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted accounting principles
generally accepted in the United States of America. Those controls include the
safeguarding of assets against unauthorized acquisition, use, or disposition.
Because of inherent limitations in internal control, misstatements due to 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 the internal
control may become inadequate because of changes in conditions or that the
degree of compliance with policies and procedures 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 due to 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 matter involving the Funds
internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above as of
October 31, 2000.
This report is intended solely for the information and use of management, the
Board of Directors and shareholders of Maxim Series Fund, Inc., and the
Securities and Exchange Commission and is not intended to be and should not be
used by anyone other than these specified parties.
/s/ Deloitte & Touche LLP
December 1, 2000
