Maxim Series Fund, Inc.
Supplement dated July 20, 2000, to the currently effective Prospectus and
Statement of Additional Information concerning the Maxim Loomis Sayles Corporate
Bond Portfolio and the Maxim Loomis Sayles Small-Cap Value Portfolio.
The Portfolios' sub-adviser, Loomis, Sayles & Company, L.P. ("Loomis
Sayles"), is an affiliate of Nvest, L.P. and Nvest Companies, L.P., which
recently announced that they have entered into an agreement to be acquired by
CDC Asset Management. CDC Asset Management is the investment management arm of
France's Caisse des Depots Group, which is a major diversified financial
institution. Nvest will be renamed CDC Asset Management-North America and it
will continue to use the holding company structure. Loomis Sayles will retain
its investment independence, brand name, management and operating autonomy. The
transaction will not affect daily operations of the Portfolios or the investment
management activities of Loomis Sayles.
Consummation of the transaction with CDC is subject to a number of
contingencies, including regulatory approvals and approval of the unitholders of
Nvest, L.P. and Nvest Companies, L.P. Under the rules for mutual funds the
transaction may result in a change of control for Loomis Sayles and, therefore,
an assignment of the Portfolios' investment sub-advisory agreement with Loomis
Sayles, which generally is not permitted under the Investment Company Act of
1940. Consequently, it is anticipated that Loomis Sayles will seek approval of a
new agreement from the Portfolios' Board of Directors and Maxim will seek
shareholders' approval of the new agreement prior to consummation of the
transaction. The transaction is expected to close in the fourth quarter of 2000.
