SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934
(Amendment No. )
Filed by the Registrant [X]
Filed by a Party other than the Registrant [ ]
Check the appropriate box:
[X] Preliminary Proxy Statement
[ ] Confidential, for Use of the Commission Only (as permitted by
Rule 14a-6(e)(2))
[ ] Definitive Proxy Statement
[ ] Definitive Additional Materials
[ ] Soliciting Material Pursuant toss.240.14a-12
- - --------------------------------------------------------------------------------
Maxim Series Fund Inc.
(Name of Registrant as Specified in its Charter)
- - --------------------------------------------------------------------------------
(Name of Person(s) Filing Proxy Statement if other than the Registrant)
Payment of Filing Fee (Check appropriate box):
[X] No fee required.
[ ] Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and
0-11.
(1) Title of each class of securities to which transaction
applies:
(2) Aggregate number of securities to which transaction applies:
(3) Per unit price or other underlying value of transaction
computed pursuant to Exchange Act Rule 0-11 (set forth the
amount on which the filing fee is calculated and state how
it was determined):
(4) Proposed maximum aggregate value of transaction:
(5) Total fee paid:
[ ] Fee paid previously with preliminary materials.
[ ] Check box if any part of the fee is offset as provided by
Exchange Act Rule 0-11(a)(2) and identify the filing for which
the offsetting fee was paid previously. Identify the previous
filing by registration statement number, or the Form or
Schedule and the date of its filing.
(1) Amount Previously Paid:
(2) Form, Schedule or Registration No.:
(3) Filing Party:
(4) Date Filed:
MAXIM SERIES FUND, INC.
Executive Offices: 8515 East Orchard Road
Englewood, Colorado 80111
Mailing Address: P.O. Box 1700
Denver, Colorado 80201
April 28, 2000
NOTICE OF MEETING OF SHAREHOLDERS
TO THE SHAREHOLDERS OF MAXIM SERIES FUND, INC.:
You are hereby notified that, pursuant to the bylaws of Maxim Series
Fund, Inc. ("the Fund"), a meeting of its shareholders ("the Meeting") will be
held at 8515 East Orchard Road, Englewood, Colorado on Thursday, May 25, 2000 at
9:30 a.m., Mountain Time, for the following purposes:
1. To elect five directors to serve until their successors are elected and
qualified.
2. To ratify the selection of Deloitte & Touche LLP as independent auditors of
the Fund for its fiscal year ending December 31, 2000.
3. To approve the change of the Maxim Growth Index Portfolio's subclassification
from diversified to non-diversified.
4. To transact any other business which may properly come before the Meeting or
any adjournment or adjournments thereof.
The Board of Directors has fixed the close of business on February 25,
2000 as the record date for the determination of shareholders entitled to notice
of and to vote at the Meeting or any adjournment thereof. Owners of certain
variable annuity contracts and variable life insurance policies and certain
qualified retirement plans are entitled to provide voting instructions with
respect to their proportionate interest in the Portfolios of the Fund.
You are invited and encouraged to attend the Meeting. Shareholders who
do not expect to attend the Meeting in person are requested to complete, date
and sign the enclosed form of Proxy and return it promptly in the envelope
provided for that purpose. The enclosed Proxy is being solicited by the Board of
Directors of the Fund.
By Order of the Board of Directors,
/s/ Beverly A. Byrne
Beverly A. Byrne
Secretary
Your vote is important no matter how many shares you owned on the record date.
Please indicate your voting instructions on the enclosed proxy card. Date, sign
and return it in the envelope provided, which is addressed for your convenience
and needs no postage if mailed in the United States. We ask your cooperation in
mailing your proxy card promptly.
PROXY STATEMENT
MAXIM SERIES FUND, INC.
Executive Offices: 8515 East Orchard Road
Englewood, Colorado 80111
Mailing Address: P.O. Box 1700
Denver, Colorado 80201
April 24, 2000
MEETING OF SHAREHOLDERS
Introduction
This Proxy Statement is furnished in connection with the solicitation
of proxies by the Board of Directors of Maxim Series Fund, Inc. ("the Fund"), a
Maryland corporation, to be voted at the 2000 Annual Meeting of Shareholders of
the Fund ("the Meeting"), to be held at 8515 East Orchard Road, Englewood,
Colorado, on Thursday, May 25, 2000 at 9:30 a.m., Mountain Time. It is
anticipated that the approximate mailing date of this Proxy Statement will be
April 24, 2000.
The Board of Directors has fixed the close of business on February 25,
2000 as the record date for the determination of shareholders entitled to notice
of and to vote at the Meeting and at any adjournment thereof (the "Record
Date"). Owners of contracts ("Contractowners") issued through the Series
Accounts (as that term is defined below) by Great-West Life & Annuity Insurance
Company ("GWL&A") who have allocated contract value to one or more of the Fund's
Portfolios as of the Record Date will be entitled to provide voting instructions
with respect to their proportionate interest (including fractional interests) in
each Portfolio with respect to which a proposal applies. Shares of the
Portfolios are sold to certain qualified retirement plans and to the Maxim
Series Account, FutureFunds Series Account, and Retirement Plan Series Account
to fund certain variable annuity contracts issued by GWL&A. Shares are also sold
to Pinnacle Series Account to fund certain variable life insurance policies
issued by GWL&A. The above-mentioned accounts of GWL&A are hereinafter referred
to as the "Series Accounts." Each of the Series Accounts is registered with the
Securities and Exchange Commission as a unit investment trust under the
Investment Company Act of 1940. In addition, shares of the Portfolios are sold
to the Qualified Series Account and FutureFunds Series Account II of GWL&A and
to the TNE Series (k) Account of New England Life Insurance Company to fund
certain variable annuity contracts. Qualified Series Account, FutureFunds Series
Account II, and TNE Series (k) Account are not registered with the Securities
and Exchange Commission and the vote of the owners of contracts issued through
Qualified Series Account, FutureFunds Series Account II, and TNE Series (k)
Account is not being solicited.
The investment adviser to the Fund is GW Capital Management, LLC.
("GWCM"), 8515 East Orchard Road, Englewood, Colorado 80111, a wholly owned
subsidiary of GWL&A. The principal underwriter to the Fund is One Orchard
Equities, Inc., 8515 East Orchard Road, Englewood, Colorado 80111, a wholly
owned subsidiary of GWL&A.
The Series Accounts own shares of the Portfolios on behalf of
Contractowners. In accordance with the Fund's view of present applicable law,
shares attributable to each of the Portfolios held in the Series Accounts will
be voted based on instructions received from the Contractowners who have
allocated contract value to one or more Portfolios as of the Record Date. The
number of votes that a Contractowner has the right to cast will be determined by
applying his/her percentage interest in a Portfolio (held through a Series
Account) to the total number of votes attributable to such Portfolio. In
determining the number of votes, fractional shares will be recognized. Shares as
to which no timely instructions are received, shares owned by qualified
retirement plans, shares owned by The Great-West Life Assurance Company
("Great-West"), which provided initial capital to the Fund, and shares owned by
the Qualified Series Account, FutureFunds Series Account II, and TNE Series (k)
Account will be voted by GWL&A in proportion to the voting instructions that are
received from Contractowners. Voting instructions to abstain on any proposal
will be applied on a pro rata basis to reduce the votes eligible to be cast. A
proxy may be revoked at any time before it is voted by the furnishing of a
written revocation, properly executed, to the Fund's Secretary before the
Meeting or by attending the Meeting. In addition to the solicitation of proxies
by mail, proxies may be solicited by officers and employees of the Fund or GWL&A
or its agents or affiliates personally or by telephone.
The following table indicates the eligible voters with respect to the
proposals being presented at the meeting:
<TABLE>
======================================== ===================================== =====================================
<S> <C> <C> <C> <C> <C> <C>
Proposal Summary Eligible Voters
======================================== ===================================== =====================================
======================================== ===================================== =====================================
1. Election of Directors A proposal regarding the election All Contractowners having an
of the members of the Board of interest in any investment option
Directors of Maxim Series Fund, corresponding to any Portfolio of
Inc. to serve until their Maxim Series Fund.
successors are elected and
qualified.
- - ---------------------------------------- ------------------------------------- -------------------------------------
2. Ratification of Auditors A proposal regarding the All Contractowners having an
ratification of the selection of interest in any investment option
Deloitte & Touche as independent corresponding to any Portfolio of
auditors for Maxim Series Fund, Maxim Series Fund.
Inc. for the fiscal year ending
December 31, 2000.
- - ---------------------------------------- ------------------------------------- -------------------------------------
- - ---------------------------------------- ------------------------------------- -------------------------------------
3. Approval of Change Relating to A proposal regarding the approval Only Contractowners having an
Maxim Growth Index Portfolio of a change in the interest in an investment option
subclassification of Maxim Growth corresponding to the Maxim Growth
Index Portfolio from diversified to Index Portfolio.
non-diversified.
======================================== ===================================== =====================================
</TABLE>
If the enclosed form of proxy is duly executed and returned in time to
be voted at the Meeting, and not subsequently revoked, all shares represented by
the proxy will be voted in accordance with the instructions marked thereon.
Unmarked proxies received from Contractowners will be voted in favor of the
proposals.
The Board may seek one or more adjournments of the Meeting to solicit
additional shareholders, if necessary, to obtain a quorum for the Meeting, or to
obtain the required shareholder vote for approval of the proposals. An
adjournment would require the affirmative vote of the holders of a majority of
the shares present at the Meeting (or an adjournment thereof) in person or by
proxy and entitled to vote. If adjournment is proposed in order to obtain the
required shareholder vote on a particular proposal, the persons named as proxies
will vote in favor of adjournment those shares that they are entitled to vote in
favor of such proposal and will vote against adjournment those shares that they
are required to vote against such proposal. A shareholder vote may be taken on
one or more of the proposals discussed herein prior to any such adjournment if
sufficient votes have been received and it is otherwise appropriate.
The Fund and the Portfolios will pay no expenses associated with this
proxy solicitation. Such expenses will be paid by GWCM. Management of the Fund
knows of no other business, other than that set forth in Proposals 1, 2, and 3,
which will be presented for consideration at the Meeting. If any other matter is
properly presented, it is the intention of the persons named in the enclosed
Proxy to vote in accordance with their best judgment.
Beneficial Ownership
The Fund presently consists of thirty-six Portfolios, each of which
issues a separate class of common stock. Holders of common stock of each
Portfolio on the Record Date will be entitled to one vote for each share held
(and fractional votes corresponding to any fractional shares), with no shares
having cumulative voting rights.
As of the Record Date, no persons other than the Series Accounts,
Qualified Series Account, FutureFunds II Series Account, TNE Series (k) Account,
and Great-West were entitled to provide voting instructions with respect to 5%
or more of a Portfolio's outstanding shares. The Directors and executive
officers of the Fund did not own any shares of the Portfolios. The number of
shares outstanding for each Portfolio and the number of shares of each Portfolio
held by these respective entities are set forth in the table below.
<TABLE>
- - --------------------------- ----------------- -------------- -------------- ----------------- ----------------- ----------------
<S> <C> <C> <C> <C> <C> <C>
Portfolio Total Aggregate Pinnacle Maxim Series FutureFunds Retirement Plan Qualified
Shares Series Account Series Account Series Account Series Account
Account
- - --------------------------- ----------------- -------------- -------------- ----------------- ----------------- ----------------
- - --------------------------- ----------------- -------------- -------------- ----------------- ----------------- ----------------
Money Market 658,961,380.927 430,623.600 3,596121.030 102,780,407.210 5,118,216.120 63,940.330
- - --------------------------- ----------------- -------------- -------------- ----------------- ----------------- ----------------
- - --------------------------- ----------------- -------------- -------------- ----------------- ----------------- ----------------
Bond 52,948,268.523 308,237.080 2,584,434.520 38,087,121.883 120,964.260
- - --------------------------- ----------------- -------------- -------------- ----------------- ----------------- ----------------
- - --------------------------- ----------------- -------------- -------------- ----------------- ----------------- ----------------
Short-Term Maturity Bond 134,861,190.099 312,713.160
- - --------------------------- ----------------- -------------- -------------- ----------------- ----------------- ----------------
- - --------------------------- ----------------- -------------- -------------- ----------------- ----------------- ----------------
U.S. Government Securities 70,808,963.407 901,363.750 6,081,827.080 39,341,885.727 0.000
- - --------------------------- ----------------- -------------- -------------- ----------------- ----------------- ----------------
- - --------------------------- ----------------- -------------- -------------- ----------------- ----------------- ----------------
U.S. Government Mortgage 154,363,191.544 1,655,365.380 0.000
Securities
- - --------------------------- ----------------- -------------- -------------- ----------------- ----------------- ----------------
- - --------------------------- ----------------- -------------- -------------- ----------------- ----------------- ----------------
Stock Index 285,400,303.204 720,949.850 7,600,878.500 170,802,973.324 5,592,225.820 1,073,403.140
- - --------------------------- ----------------- -------------- -------------- ----------------- ----------------- ----------------
- - --------------------------- ----------------- -------------- -------------- ----------------- ----------------- ----------------
Value Index 210,042,501.206 21,259.840 3,937,637.060 6,257,787.920
- - --------------------------- ----------------- -------------- -------------- ----------------- ----------------- ----------------
- - --------------------------- ----------------- -------------- -------------- ----------------- ----------------- ----------------
Growth Index 161,427,343.871 486,968.300 9,264,001.750 8,620,377.240
- - --------------------------- ----------------- -------------- -------------- ----------------- ----------------- ----------------
- - --------------------------- ----------------- -------------- -------------- ----------------- ----------------- ----------------
INVESCO Small-Cap Growth 72,815,491.464 562,418.520 29,245,944.630
- - --------------------------- ----------------- -------------- -------------- ----------------- ----------------- ----------------
- - --------------------------- ----------------- -------------- -------------- ----------------- ----------------- ----------------
INVESCO ADR 60,892,561.692 246,060.850 6,372,768.930 1,169,947.720
- - --------------------------- ----------------- -------------- -------------- ----------------- ----------------- ----------------
- - --------------------------- ----------------- -------------- -------------- ----------------- ----------------- ----------------
T. Rowe Price 104,071,329.209 1,042,947.220 50,595,640.950 0.000
Equity/Income
- - --------------------------- ----------------- -------------- -------------- ----------------- ----------------- ----------------
- - --------------------------- ----------------- -------------- -------------- ----------------- ----------------- ----------------
INVESCO Balanced 120,156,908.560 1,911,218.460 80,009,997.01
- - --------------------------- ----------------- -------------- -------------- ----------------- ----------------- ----------------
- - --------------------------- ----------------- -------------- -------------- ----------------- ----------------- ----------------
Loomis Sayles Corporate 177,274,438.581 893,624.500 18,324,162.470 1,897,496.130
Bond
- - --------------------------- ----------------- -------------- -------------- ----------------- ----------------- ----------------
- - --------------------------- ----------------- -------------- -------------- ----------------- ----------------- ----------------
Global Bond 9,269,431.950
- - --------------------------- ----------------- -------------- -------------- ----------------- ----------------- ----------------
- - --------------------------- ----------------- -------------- -------------- ----------------- ----------------- ----------------
Ariel MidCap Value 40,553,336.778 542,139.980 34,256,428.048
- - --------------------------- ----------------- -------------- -------------- ----------------- ----------------- ----------------
- - --------------------------- ----------------- -------------- -------------- ----------------- ----------------- ----------------
T.Rowe Price MidCap Growth 129,448,382.810 272,427.640 11,845,676.210 3,651,340.370
- - --------------------------- ----------------- -------------- -------------- ----------------- ----------------- ----------------
- - --------------------------- ----------------- -------------- -------------- ----------------- ----------------- ----------------
Aggressive Profile I 16,773,327.941 101,319.000 16,672,008.941
- - --------------------------- ----------------- -------------- -------------- ----------------- ----------------- ----------------
- - --------------------------- ----------------- -------------- -------------- ----------------- ----------------- ----------------
Moderately Aggressive 32,516,076.996 351,784.280 32,164,292.716
Profile I
- - --------------------------- ----------------- -------------- -------------- ----------------- ----------------- ----------------
- - --------------------------- ----------------- -------------- -------------- ----------------- ----------------- ----------------
Moderate Profile I 26,547,892.299 325,822.610 26,222,069.689
- - --------------------------- ----------------- -------------- -------------- ----------------- ----------------- ----------------
- - --------------------------- ----------------- -------------- -------------- ----------------- ----------------- ----------------
Moderately Conservative 13,239,663.111 64,595.360 13,175,067.751
Profile I
- - --------------------------- ----------------- -------------- -------------- ----------------- ----------------- ----------------
- - --------------------------- ----------------- -------------- -------------- ----------------- ----------------- ----------------
Conservative Profile I 15,903,788.975 118,121.290 15,785,667.685
- - --------------------------- ----------------- -------------- -------------- ----------------- ----------------- ----------------
- - --------------------------- ----------------- -------------- -------------- ----------------- ----------------- ----------------
Aggressive Profile II 521,602.689
- - --------------------------- ----------------- -------------- -------------- ----------------- ----------------- ----------------
- - --------------------------- ----------------- -------------- -------------- ----------------- ----------------- ----------------
Moderately Aggressive 585,925.213
Profile II
- - --------------------------- ----------------- -------------- -------------- ----------------- ----------------- ----------------
- - --------------------------- ----------------- -------------- -------------- ----------------- ----------------- ----------------
Moderate Profile II 485,302.614
- - --------------------------- ----------------- -------------- -------------- ----------------- ----------------- ----------------
- - --------------------------- ----------------- -------------- -------------- ----------------- ----------------- ----------------
Moderately Conservative 183,200.952
Profile II
- - --------------------------- ----------------- -------------- -------------- ----------------- ----------------- ----------------
- - --------------------------- ----------------- -------------- -------------- ----------------- ----------------- ----------------
Conservative Profile II 92,359.995
- - --------------------------- ----------------- -------------- -------------- ----------------- ----------------- ----------------
- - --------------------------- ----------------- -------------- -------------- ----------------- ----------------- ----------------
Templeton International 66,459,543.682 29,415,327.250
Equity
- - --------------------------- ----------------- -------------- -------------- ----------------- ----------------- ----------------
- - --------------------------- ----------------- -------------- -------------- ----------------- ----------------- ----------------
Founders Growth & Income 114,175,408.244 64,972.670 3,448,092.850 4,878,311.710
- - --------------------------- ----------------- -------------- -------------- ----------------- ----------------- ----------------
- - --------------------------- ----------------- -------------- -------------- ----------------- ----------------- ----------------
Vista Growth & Income 84,126,469.765
- - --------------------------- ----------------- -------------- -------------- ----------------- ----------------- ----------------
- - --------------------------- ----------------- -------------- -------------- ----------------- ----------------- ----------------
Loomis Sayles Small-Cap 62,430,952.705 1,564,074.690 3,641,151.540
Value
- - --------------------------- ----------------- -------------- -------------- ----------------- ----------------- ----------------
- - --------------------------- ----------------- -------------- -------------- ----------------- ----------------- ----------------
Ariel Small-Cap Value 40,234,358.628 115,217.710 7,994,703.780 2,972,715.420
- - --------------------------- ----------------- -------------- -------------- ----------------- ----------------- ----------------
- - --------------------------- ----------------- -------------- -------------- ----------------- ----------------- ----------------
Index 600 33,756,611.100 444,261.050 17,593,609.86 3,186,033.340 0.000
- - --------------------------- ----------------- -------------- -------------- ----------------- ----------------- ----------------
- - --------------------------- ----------------- -------------- -------------- ----------------- ----------------- ----------------
Index 400 1,004,273.638
- - --------------------------- ----------------- -------------- -------------- ----------------- ----------------- ----------------
- - --------------------------- ----------------- -------------- -------------- ----------------- ----------------- ----------------
Bond Index 104,507,534.271 151,280.040 1,024,728.310 11,238.140
- - --------------------------- ----------------- -------------- -------------- ----------------- ----------------- ----------------
- - --------------------------- ----------------- -------------- -------------- ----------------- ----------------- ----------------
Index Pacific 14,195,009.891
- - --------------------------- ----------------- -------------- -------------- ----------------- ----------------- ----------------
- - --------------------------- ----------------- -------------- -------------- ----------------- ----------------- ----------------
Index European 12,081,863.865
- - --------------------------- ----------------- -------------- -------------- ----------------- ----------------- ----------------
----------------- ------------------ -----------------
Portfolio FutureFunds II TNE Series (k) Great-West
Series Account Account
- - --------------------------- ----------------- ------------------ -----------------
- - --------------------------- ----------------- ------------------ -----------------
Money Market 482,851,591.217 61,514,987.240
- - --------------------------- ----------------- ------------------ -----------------
- - --------------------------- ----------------- ------------------ -----------------
Bond 11,847,510.780
- - --------------------------- ----------------- ------------------ -----------------
- - --------------------------- ----------------- ------------------ -----------------
Short-Term Maturity Bond 96,025,055.289 18,520,955.220
- - --------------------------- ----------------- ------------------ -----------------
- - --------------------------- ----------------- ------------------ -----------------
U.S. Government Securities 6,028,562.800
- - --------------------------- ----------------- ------------------ -----------------
- - --------------------------- ----------------- ------------------ -----------------
U.S. Government Mortgage 132,667,984.580 19,512,331.384
Securities
- - --------------------------- ----------------- ------------------ -----------------
- - --------------------------- ----------------- ------------------ -----------------
Stock Index 96,010,313.130
- - --------------------------- ----------------- ------------------ -----------------
- - --------------------------- ----------------- ------------------ -----------------
Value Index 162,527,828.556 25,387,591.190
- - --------------------------- ----------------- ------------------ -----------------
- - --------------------------- ----------------- ------------------ -----------------
Growth Index 123,912,415.141 17,329,974.570
- - --------------------------- ----------------- ------------------ -----------------
- - --------------------------- ----------------- ------------------ -----------------
INVESCO Small-Cap Growth 38,067,641.784 214.950
- - --------------------------- ----------------- ------------------ -----------------
- - --------------------------- ----------------- ------------------ -----------------
INVESCO ADR 45,394,316.302 7,704,013.190
- - --------------------------- ----------------- ------------------ -----------------
- - --------------------------- ----------------- ------------------ -----------------
T. Rowe Price 52,432,741.039
Equity/Income
- - --------------------------- ----------------- ------------------ -----------------
- - --------------------------- ----------------- ------------------ -----------------
INVESCO Balanced 38,235,693.090
- - --------------------------- ----------------- ------------------ -----------------
- - --------------------------- ----------------- ------------------ -----------------
Loomis Sayles Corporate 130,602,532.871 19,249,386.060
Bond
- - --------------------------- ----------------- ------------------ -----------------
- - --------------------------- ----------------- ------------------ -----------------
Global Bond 7,668,466.260 1,442.016.56
- - --------------------------- ----------------- ------------------ -----------------
- - --------------------------- ----------------- ------------------ -----------------
Ariel MidCap Value 5,754,768.750
- - --------------------------- ----------------- ------------------ -----------------
- - --------------------------- ----------------- ------------------ -----------------
T.Rowe Price MidCap Growth 88,210,536.510 12,951,410.110
- - --------------------------- ----------------- ------------------ -----------------
- - --------------------------- ----------------- ------------------ -----------------
Aggressive Profile I
- - --------------------------- ----------------- ------------------ -----------------
- - --------------------------- ----------------- ------------------ -----------------
Moderately Aggressive
Profile I
- - --------------------------- ----------------- ------------------ -----------------
- - --------------------------- ----------------- ------------------ -----------------
Moderate Profile I
- - --------------------------- ----------------- ------------------ -----------------
- - --------------------------- ----------------- ------------------ -----------------
Moderately Conservative
Profile I
- - --------------------------- ----------------- ------------------ -----------------
- - --------------------------- ----------------- ------------------ -----------------
Conservative Profile I
- - --------------------------- ----------------- ------------------ -----------------
- - --------------------------- ----------------- ------------------ -----------------
Aggressive Profile II 358,760.450 14,077.700 40,000.000
- - --------------------------- ----------------- ------------------ -----------------
- - --------------------------- ----------------- ------------------ -----------------
Moderately Aggressive 330,658.500 29,617.670 30,000.000
Profile II
- - --------------------------- ----------------- ------------------ -----------------
- - --------------------------- ----------------- ------------------ -----------------
Moderate Profile II 354,537.290 65,242.730 30,000.000
- - --------------------------- ----------------- ------------------ -----------------
- - --------------------------- ----------------- ------------------ -----------------
Moderately Conservative 146,642.460 13,265.880 5,000.000
Profile II
- - --------------------------- ----------------- ------------------ -----------------
- - --------------------------- ----------------- ------------------ -----------------
Conservative Profile II 78,426.120 6,551.910 5,000.000
- - --------------------------- ----------------- ------------------ -----------------
- - --------------------------- ----------------- ------------------ -----------------
Templeton International 37,044,216.432
Equity
- - --------------------------- ----------------- ------------------ -----------------
- - --------------------------- ----------------- ------------------ -----------------
Founders Growth & Income 93,881,041.694 11,824,176.660
- - --------------------------- ----------------- ------------------ -----------------
- - --------------------------- ----------------- ------------------ -----------------
Vista Growth & Income 84,126,469.765
- - --------------------------- ----------------- ------------------ -----------------
- - --------------------------- ----------------- ------------------ -----------------
Loomis Sayles Small-Cap 50,174,626.915 6,695,731.150
Value
- - --------------------------- ----------------- ------------------ -----------------
- - --------------------------- ----------------- ------------------ -----------------
Ariel Small-Cap Value 25,246,937.138 3,324,166.690
- - --------------------------- ----------------- ------------------ -----------------
- - --------------------------- ----------------- ------------------ -----------------
Index 600 10,139,233.350
- - --------------------------- ----------------- ------------------ -----------------
- - --------------------------- ----------------- ------------------ -----------------
Index 400 27.528
1,003,691.090
- - --------------------------- ----------------- ------------------ -----------------
- - --------------------------- ----------------- ------------------ -----------------
Bond Index 89,442,413.680 12,546,998.380
- - --------------------------- ----------------- ------------------ -----------------
- - --------------------------- ----------------- ------------------ -----------------
Index Pacific 12,281,270.231 1,905,803.460
- - --------------------------- ----------------- ------------------ -----------------
- - --------------------------- ----------------- ------------------ -----------------
Index European 10,301,979.005 1,779,090.220
- - --------------------------- ----------------- ------------------ -----------------
</TABLE>
PROPOSAL 1: ELECTION OF DIRECTORS
At the Meeting, and in accordance with the bylaws of the Fund, five
Directors will be elected to serve until their successors are elected and
qualified or until death, resignation, or removal, if earlier. It is the
intention of the persons named in the enclosed Proxy to vote in favor of the
election of the nominees listed below. Each nominee has consented to serve as a
Director, including the three incumbent Directors who are not interested persons
of the Fund. The Board of Directors knows of no reason why any of these nominees
will be unable to serve, but in the event of any such unavailability, the
Proxies received will be voted for such substitute nominees as the Board of
Directors may recommend.
The following information is furnished with respect to the nominees:
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Name, Age, and Address Other Business Activities During Past Five Years
Rex Jennings (75) President Emeritus, Denver Metro Chamber of
6508 Hollytree Circle Commerce (since 1987); Director, Maxim Series Fund, Inc.
Tyler, TX 75703 (since 1988); Trustee, Orchard Series Fund (since 1997).
Mitchell T.G. Graye* (44) Senior Vice President & Chief Financial
Officer, GWL&A 335 Ovida Place
(since 1997); Senior Vice President &
Chief Financial Castle
Rock, CO 80104 Officer, GWL&A (1993-1997).
Sanford Zisman (60) Attorney, Zisman & Ingraham, P.C.; Director, Maxim
3773 Cherry Creek Dr. N. Series Fund, Inc. (since 1982); Trustee, Orchard Series
Suite 250 Fund (since 1997).
Denver, CO 80209
Richard P. Koeppe, Ph.D. (68) Retired; Superintendent of Denver Public Schools (1988-
8679 E. Kenyon Ave. 1990); Director, Maxim Series Fund, Inc. (since 1987);
Englewood, CO 80017 Trustee, Orchard Series Fund (since 1997).
William Thomas McCallum* (57) Director, President & Chief Executive Officer, GWL&A
32 Sedgwick Drive (since 1990).
Englewood, CO 80110
</TABLE>
* "Interested person" of the Fund as defined in the Investment Company Act of
1940.
Committees and Board of Directors Meetings
The Board of Directors has a standing Audit Committee, which consists,
and which after the election of the above named nominees as Directors is
expected to consist, of the three Directors who are not "interested persons" of
the Fund within the meaning of the Investment Company Act of 1940. During 2000,
the committee will be made up of Rex Jennings, Richard P. Koeppe and Sanford
Zisman if each is elected. The purpose of the Audit Committee is, on behalf of
the Board of Directors, to review financial statements, audit results, internal
controls, and other financially oriented Fund activities, and to monitor the
exercise of management and external auditor responsibilities. The Board of
Directors has not adopted a written charter of the Audit Committee. During 1999,
the Audit Committee held one meeting.
The Board of Directors has a standing Executive Committee, which
consists of the two Directors who are "interested persons" of the Fund. The
purpose of the Executive Committee is to exercise, as required, the powers and
authority of the Board of Directors, within certain limitations as prescribed in
the bylaws of the Fund.
During 1999, the Board of Directors held four meetings. Each of the
Directors attended at least 75% of the aggregate of the Board of Directors
meetings and meetings of the committee on which he served.
Compensation
GWCM pays all compensation of officers and employees of the Fund, as
well as the fees of all Directors of the Fund who are affiliated persons of
Great-West or its subsidiaries. The Fund pays the independent Directors, and
during 1999 paid each of the three independent Directors $1,000 per meeting
attended and paid all of the actual out-of-pocket expenses of such Directors
relating to attendance at meetings, as well as an annual retainer of $10,000 in
two installments. Such fees and expenses aggregated $52,000 for the period from
January 1, 1999 to December 31, 1999. The following table sets forth for the
fiscal year ended December 31, 1999, compensation paid by the Fund to the
independent Directors. Directors who are interested persons of the Fund receive
no compensation from the Fund.
<TABLE>
Pension or Estimated Total
Aggregate Retirement Benefits Annual Compensation
Compensation Accrued as Part of Benefits Upon from Fund Paid
<S> <C> <C> <C> <C> <C> <C>
Name of Director from Fund Fund Expenses Retirement to Directors
Rex Jennings $10,000 $0 $0 $15,000
Sanford Zisman $10,000 $0 $0 $15,000
Richard P. Koeppe $10,000 $0 $0 $15,000
Officers of the Fund
The following information is furnished with respect to the officers of
the Fund:
Name, Age, and Address Position Other Business Activities During Past Five Years
James D. Motz (50) President Executive Vice President of Employee Benefits, GWL&A
8515 East Orchard Road (since 1997); Senior Vice President of Employee Benefits,
Englewood, CO 80111 GWL&A (1991-1997); Trustee and President, Orchard
Series Fund; Director, GWCM.
David G. McLeod (37) Treasurer Vice President of Investment Operations, GWL&A
8515 East Orchard Road (since 1998); Assistant Vice President of Investment
Englewood, CO 80111 Administration, GWL&A (1994-1998); Manager of
Securities and Equities
Administration, GWL&A
(1992-1994); Treasurer,
Orchard Series Fund;
Director, GWCM.
Bruce Hatcher (36) Assistant Manager of Investment Company Administration, GWL&A
8515 East Orchard Road Treasurer (since 1998); Associate Manager of Separate
Account Englewood, CO 80111 Administration, GWL&A (1993-1998).
Beverly. A. Byrne (44) Secretary Vice President, Counsel & Associate Secretary,
8515 East Orchard Road GWL&A (since 2000); Assistant Vice President,
Englewood, CO 80111 Associate Counsel & Assistant Secretary, GWL&A
(1997-1999); Assistant Counsel and Assistant Secretary,
GWL&A (1993-1997); Chief Legal & Compliance
Counsel, One Orchard Equities, Inc.; Secretary,
Orchard Series Fund; Director, GWCM.
</TABLE>
Stock Ownership
In 1999, none of the Directors or officers of the Fund made any
purchases or sales of the outstanding common stock of the Fund, the principal
underwriter, the investment adviser, or their affiliates, parents, or
subsidiaries.
Recommendation of the Board of Directors
At a meeting held on April 6, 2000, the Board of Directors, including
all of the independent Directors, voted unanimously to nominate the five
individuals named above to serve as Directors of the Fund and to recommend to
shareholders that they vote "FOR" each of the nominees named in this proposal.
Vote Required
In order to approve this proposal, the affirmative vote of the holders
of a majority of the outstanding shares of the Fund is required. "Majority" for
this purpose means: (a) 67% or more of the outstanding shares present at a
meeting of shareholders, if the holders of more than 50% of the outstanding
shares are present or represented by proxy, or (b) more than 50% of the
outstanding shares, whichever is less.
PROPOSAL 2: SELECTION OF INDEPENDENT AUDITORS
Under this proposal, shareholders are being asked to ratify the
selection by the Board of Directors, including all of the independent Directors,
of Deloitte & Touche LLP, independent auditors, to examine the financial
statements of the Fund for the fiscal year ending December 31, 2000. The Fund
knows of no direct or indirect financial interest of such firm in the Fund.
Audit services for the Fund performed by Deloitte & Touche LLP during
the fiscal year most recently completed included examinations of the financial
statements of the Fund, services related to filings with the Securities and
Exchange Commission, and consultation on matters related to accounting and
financial reporting. Deloitte & Touche LLP also acts as independent auditors for
Great-West and all of its subsidiaries and for the other investment companies
for which GWCM acts as investment adviser (Great-West Variable Annuity Account A
and Orchard Series Fund). Representatives of Deloitte & Touche LLP are not
expected to be present at the Meeting.
Recommendation of the Board of Directors
At a meeting held on April 6, 2000, the Board of Directors, including
all of the independent Directors, voted unanimously to ratify the selection of
Deloitte & Touche LLP as independent auditors of the Fund and to recommend to
shareholders that they vote "FOR" this proposal.
Vote Required
In order to approve this proposal, the affirmative vote of the holders
of a majority of the shares of the Fund cast at the Meeting, provided a quorum
is present.
PROPOSAL 3: CHANGE OF THE MAXIM GROWTH INDEX PORTFOLIO'S SUBCLASSIFICATION FROM
DIVERSIFIED TO NON-DIVERSIFIED
The Maxim Growth Index Portfolio is classified as a management
investment company under the Investment Company Act of 1940, as amended (the
"1940 Act"), and sub-classified as open-end and diversified. In order to be a
"diversified company" at least 75% of the value of its total assets must be
represented by cash and cash items, U.S. government securities, securities of
other investment companies, and other securities limited with respect to any one
issuer to an amount not greater in value than 5% of the value of the total
assets of such company and to not more than 10% of the outstanding voting
securities of such issuer. A "non-diversified company" is any management company
other than a diversified company and, therefore, is not limited with regard to
the portion of its assets that may be invested in the securities of a single
issuer. At the Meeting, shareholders of the Maxim Growth Index Portfolio will be
asked to approve a change to its sub-classification from diversified to
non-diversified.
The Maxim Growth Index Portfolio seeks to track the investment
performance of the S&P/BARRA Growth Index. To achieve this objective, it
generally invests in the stocks of a large number of companies; however, if
market fluctuations cause the index to be dominated by a small number of
companies, the Maxim Growth Index Portfolio must invest a substantial portion of
its assets in those few companies in order to track the index. As a result, and
as the market values of the Maxim Growth Index Portfolio's largest holdings rise
and fall, there may be times when it is diversified under the 1940 Act and other
times when it is not. Consistent with its benchmark index, as of April 3, 2000,
the Maxim Growth Index Portfolio's top four holdings represented more than 25%
of its total assets. These holdings were Microsoft (6.78%), General Electric
(7.47%), Cisco Systems (7.15%), and Intel (6.25%). By tracking the composition
of its benchmark index, the Maxim Growth Index Portfolio has become
non-diversified, although it continues to hold more than 100 stock positions in
a variety of market sectors. The Board of Directors has approved the proposed
change of the Maxim Growth Index Portfolio's sub-classification from diversified
to non-diversified in light of recent rapid appreciation of certain stocks
included in the S&P/BARRA Growth Index. The proposed change to non-diversified
will increase the Maxim Growth Index Portfolio's investment flexibility and
improve its ability to track the S&P/BARRA Growth Index when the benchmark index
becomes non-diversified.
The investment return of a non-diversified company typically is
dependent upon the performance of a smaller number of securities than is the
investment return of a diversified company of comparable size. A non-diversified
company typically provides less stable investment returns than a diversified
company. Change to non-diversified status would provide greater discretion to
enter into more concentrated positions with respect to individual investments.
Regardless of whether it is sub-classified as diversified or non-diversified,
the Maxim Growth Index Portfolio intends to maintain the required level of
diversification and otherwise conduct its operations so as to qualify as a
"regulated investment company" for purposes of the Internal Revenue Code of
1986, as amended (the "Code"), in order to relieve it of any liability for
federal income tax to the extent its earnings are distributed to shareholders.
The diversification test under the Code applies at the end of each fiscal
quarter and generally requires that at least 50% of the value of total assets be
represented by the types of assets that satisfy the 75% asset diversification
requirement imposed by the 1940 Act. In addition, no more than 25% of the value
of the Maxim Growth Index Portfolio's assets may be invested in the securities
of any one issuer. The Maxim Growth Index Portfolio also intends to maintain the
level of diversification necessary under the Code to permit investment by
separate accounts that fund variable contracts. As discussed above, the Maxim
Growth Index Portfolio would not be diversified as defined in the 1940 Act if it
fully replicates the S&P/BARRA Growth Index. As a non-diversified company, it
will be better able to meet its investment objective.
Recommendation of the Board of Directors
At a meeting held on April 6, 2000, the Board of Directors evaluated
this proposal. Prior to and during the meeting, the Board of Directors requested
information it deemed necessary to enable them to determine whether the proposal
is in the best interest of the Maxim Growth Index Portfolio and its
shareholders. Based upon its review and evaluation of the materials it received,
and in consideration of all factors deemed relevant, the Board of Directors
determined that this proposal is reasonable and in the best interest of the
Maxim Growth Index Portfolio and its shareholders. Accordingly, the Board of
Directors, including all of the independent Directors, voted unanimously to
approve the proposal and to recommend to shareholders of Maxim Growth Index
Portfolio that they vote "FOR" the proposed change.
Vote Required
In order to approve this proposal, the affirmative vote of the holders
of a majority of the outstanding shares of the Maxim Growth Index Portfolio is
required. "Majority" for this purpose means: (a) 67% or more of the outstanding
shares present at a meeting of shareholders, if the holders of more than 50% of
the outstanding shares are present or represented by proxy, or (b) more than 50%
of the outstanding shares, whichever is less. If this proposal is not approved
by the shareholders, the Board of Directors will consider other actions that may
be taken.
ADDITIONAL INFORMATION
Shareholder Proposals
If a shareholder intends to present a proposal at the 2001 Annual
Meeting of Shareholders of the Fund and desires to have the proposal included in
the Fund's Proxy Statement and Form of Proxy for that meeting, the shareholder
must deliver the proposal to the offices of the Fund by December 1, 2000. The
expense of preparing, printing and mailing of the enclosed Form of Proxy and
accompanying Notice and Proxy Statement will be borne by the Fund.
The Fund will furnish, without charge, a copy of the 1999 annual report and the
June 30, 1999 semi-annual report upon request to: Mr. Tim Dombrowsky, 8515 East
Orchard Road, Englewood, Colorado 80111; (800) 537-2033, ext. 4538.
BY ORDER OF THE BOARD OF DIRECTORS,
/s/ Beverly A. Byrne
Beverly A. Byrne
Secretary
April 24, 2000
PROXY FOR
THE ANNUAL MEETING OF SHARHOLDERS OF
MAXIM SERIES FUND, INC.
The undersigned hereby appoints David G. McLeod, Beverly A. Byrne, and Arnie A.
Beckman, or any of them, to be the attorneys and proxies of the undersigned at
the Annual Meeting of Shareholders of Maxim Series Fund, Inc. to be held at 8515
East Orchard Road., Englewood, Colorado, at 9:30 a.m., Mountain Time, on May 25,
2000, and at any adjournment thereof, and to represent and cast the votes held
on record by the undersigned on February 25, 2000, upon the proposals below and
as set forth in the Notice of Meeting of Shareholders and Proxy Statement for
such meeting.
<TABLE>
1) PROPOSAL TO ELECT DIRECTORS OF THE FUND to serve until their successors are elected and qualified.
<S> <C> <C> <C> <C> <C> <C>
[ ] FOR all nominees listed [ ] WITHHOLD AUTHORITY to vote
below (except as marked for any of the nominees listed below
to the contrary below)
INSTRUCTION: To withhold authority to vote for any individual nominee, mark the box next to the nominee's name below.
[ ] R.P. Koeppe [ ] R. Jennings [ ] M.T.G. Graye [ ] W.T. McCallum [ ] S. Zisman
2) PROPOSAL TO RATIFY THE SELECTION OF DELOITTE & TOUCHE, LLP as the independent auditors for Maxim Series Fund for the fiscal
year ending December 31, 2000.
[ ] FOR [ ] AGAINST [ ] ABSTAIN
3) PROPOSAL TO CHANGE THE SUBCLASSIFICATION OF THE MAXIM GROWTH INDEX PORTFOLIO FROM DIVERSIFIED TO NON-DIVERSIFIED.
[ ] FOR [ ] AGAINST [ ] ABSTAIN
4) In the discretion of the Board of Directors, on such other business which may properly come before the meeting or any
adjournment thereof.
</TABLE>
This Proxy will be voted as specified. If no specifications are made, this proxy
will be voted in favor of the proposals in accordance with the Board of
Directors recommendations. This Proxy is solicited on behalf of the Board of
Directors.
Name of Contractowner:
Group Policy No.: Certificate No.:
Contractowner Number of Votes:
Dated: , 2000 ______________________________
---------------------------
Signature of Contractowner
Please sign and date your Proxy and return promptly in the accompanying
envelope.
