Rule 497(e)

File Nos. 002-75503

811-03364

MAXIM SERIES FUND, INC.

Maxim Money Market Portfolio

Supplement dated October 16, 2008 to the Prospectus for the Maxim Money Market Portfolio
and the Prospectus for Maxim Series Fund, Inc., both dated August 18, 2008
 

The Maxim Money Market Portfolio (the “Portfolio”) has applied to participate in the U.S. Treasury Department’s Guarantee Program for Money Market Funds (the “Program”). The Portfolio’s participation in the Program is not certain until the Treasury Department reviews and accepts the Portfolio’s guarantee agreement, which is expected to take up to 14 days. The Program is designed to guarantee to investors in participating many market funds that they receive $1.00 for each money market fund share held as of the close of business on September 19, 2008. The Program does not cover any increase in the number of Portfolio shares held in an account after the close of business on September 19, 2008 or any new purchases of Portfolio shares after the close of business on September 19, 2008.
The guarantee will be triggered if the Portfolio’s net asset value per share falls below $0.995 – what is commonly referred to as “breaking the buck” – and the Portfolio liquidates. If this occurs (and subject to the amount available under the Program), a shareholder of record of the Portfolio at the close of business on September 19, 2008 will receive $1.00 for each share held on such date based on the lesser of (1) the number of Portfolio shares held by the shareholder on September 19, 2008 or (2) the number of shares held by the shareholder on the date the guarantee is triggered. Guarantee payments under the Program will not exceed the amount available within the Treasury Department’s Exchange Stabilization Fund (“ESF”) on the date of payment. Currently, ESF assets are approximately $50 billion. The U.S. Treasury Department and the Secretary of the Treasury have the authority to use assets from the ESF for purposes other than those of the Program.
The Program will terminate on December 18, 2008, unless the U.S. Treasury Department determines to extend it. If the Program is extended, participating money market funds, including the Portfolio, will need to consider whether to continue to participate and would need to pay an additional fee (the amount of which would be announced by the Treasury Department at a later date). Even if the Program is extended, there is no assurance that the Portfolio will continue to participate.
Participation in the Program costs 0.01% of the Portfolio’s net asset value as of September 19, 2008. The Portfolio’s investment adviser will bear the costs of participating in the Program.

Neither this prospectus supplement, the above-referenced prospectus nor the Portfolio itself are in any manner approved, endorsed, sponsored or authorized by the U.S. Treasury Department. As of the date of this supplement, additional information about the Program, including the consequences of a fund’s triggering the guarantee, is available at http://www.ustreas.gov .

This Supplement must be accompanied by or read in conjunction with the current Prospectus and Statement of Additional Information, dated August 18, 2008, and should be retained for future reference.