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Previous: GT INVESTMENT PORTFOLIOS INC, NSAR-A, 1996-08-28 |
Next: MAXIM SERIES FUND INC, NSAR-A, 1996-08-28 |
Maxim Series Fund, Inc.
Bond Portfolio
BONDS
CANADIAN - PROVINCIAL --- 8.2%
3,000,000 Alberta 2,998,200
Eurodollar Notes
7.000% February 18, 2003
3,000,000 Quebec 3,174,630
Medium Term Notes
8.690% February 22, 2001
$6,172,830
CONSUMER SERVICES --- 6.6%
2,000,000 Service Corporation International 1,986,300
Notes
6.750% June 1, 2001
3,000,000 The Walt Disney Co 2,946,480
Notes
6.375% March 30, 2001
$4,932,780
CREDIT INSTITUTIONS --- 29.0%
3,000,000 American Express Credit Corp 2,900,910
Notes
6.125% November 15, 2001
3,000,000 Associates Corporation of North America 2,753,520
Notes
5.750% October 15, 2003
3,000,000 British Telecommunications Finance PLC 3,197,520
Guaranteed Notes
9.375% February 15, 1999
2,000,000 Capital One Bank 2,011,300
Medium Term Notes
7.350% June 20, 2000
2,000,000 Chrysler Financial Corp 1,992,940
Medium Term Notes
6.520% July 21, 1999
3,000,000 Countrywide Funding Corp 2,849,524
Medium Term Notes
6.280% January 15, 2003
3,000,000 Ford Motor Credit Co 2,933,490
Medium Term Notes
5.370% September 8, 1998
3,000,000 General Electric Capital Corp 3,128,709
Eurodollar Medium Term Notes
8.100% February 15, 2002
$21,767,913
ELECTRIC --- 6.9%
2,000,000 Commonwealth Edison Co 2,012,605
First Mortgage Bonds
7.500% January 1, 2001
3,000,000 Metropolitan Edison Co 3,140,820
Secured Medium Term Notes
8.050% March 1, 2002
$5,153,425
ELECTRONICS - HIGH TECH --- 8.6%
3,000,000 Matsushita Electric Industrial Company Ltd 3,046,260
Notes
7.250% August 1, 2002
3,500,000 Xerox Corp 3,451,875
Eurodollar Notes
6.500% June 29, 2000
$6,498,135
ENVIRONMENTAL SERVICES --- 4.6%
3,300,000 WMX Technologies Inc 3,443,550
Notes
8.250% November 15, 1999
$3,443,550
FOREIGN BANKS --- 3.9%
3,000,000 Bayerische Landesbanken NY 2,966,945
Medium Term Notes
6.375% August 31, 2000
$2,966,945
MFTG - CONSUMER PRODS. --- 10.8%
3,000,000 Anheuser-Busch Companies Inc 3,012,000
Medium Term Notes
7.430% May 4, 2000
2,000,000 Fomento Economico Mexicano SA 2,030,000
Eurodollar Notes
9.500% July 22, 1997
3,000,000 Fruit of the Loom Inc 3,056,370
Senior Notes
7.875% October 15, 1999
$8,098,370
MINING --- 4.5%
3,352,000 English China Clays Inc 3,412,135
Guaranteed Notes
7.375% October 1, 2002
$3,412,135
OIL & GAS --- 3.2%
2,300,000 Coastal Corp 2,397,957
Senior Notes
8.125% September 15, 2002
$2,397,957
OTHER ASSET-BACKED --- 2.6%
2,000,000 World Financial Network Credit Card Master Trust 1,985,784
1996-B Class A
6.950% April 15, 2006
$1,985,784
RETAIL TRADE --- 2.6%
2,000,000 Federated Department Stores Inc 1,985,000
Senior Notes
8.125% October 15, 2002
$1,985,000
TRANSPORTATION EQUIPMENT --- 4.0%
3,000,000 Lockheed Martin Corp 2,992,590
Notes
6.850% May 15, 2001
$2,992,590
WHOLESALE TRADE -CONSUMER --- 4.0%
3,000,000 Supervalu Inc 3,038,759
Notes
7.250% July 15, 1999
$3,038,759
TOTAL BONDS --- 99.6% $74,846,173
(Cost $75,423,095)
SHORT-TERM INVESTMENTS
FOREIGN BANKS --- 0.4%
295,000 Canadian Imperial Bank of Commerce 295,000
$295,000
TOTAL SHORT-TERM INVESTMENTS --- 0.4% $295,000
(Cost $295,000)
TOTAL BOND PORTFOLIO --- 100.0% $75,141,173
(Cost $75,718,095)
Maxim Series Fund, Inc.
Money Market Portfolio
SHORT-TERM INVESTMENTS
CONSUMER SERVICES --- 2.8%
1,150,000 Eli Lilly & Co 1,155,698
8,300,000 Nestle Capital Corp 8,281,737
$9,437,435
CREDIT INSTITUTIONS --- 27.4%
14,000,000 American Express Credit Corp 13,916,476
2,750,000 Associates Corporation of North America 2,745,380
1,150,000 Commercial Credit Corporation Ltd 1,154,865
15,500,000 Ford Motor Credit Co 15,344,452
8,700,000 Halifax Building Society 8,599,603
2,200,000 International Business Machines Credit Corp 2,189,140
5,000,000 JC Penney Funding Corp 4,959,056
11,100,000 Paccar Financial Corp 10,999,317
12,700,000 Prudential Funding Corp 12,650,301
2,000,000 Toyota Motor Credit Corp 2,023,204
13,100,000 TransAmerica Financial Corp 13,022,494
5,000,000 Xerox Credit Corp 4,980,238
$92,584,526
ELECTRIC --- 4.4%
13,300,000 Baltimore Gas & Electric Co 13,224,224
1,500,000 Carolina Power & Light Co 1,517,754
$14,741,978
ELECTRONICS - HIGH TECH --- 16.5%
16,000,000 General Electric Co 15,906,942
12,600,000 Hewlett-Packard Co 12,494,357
16,390,000 Sharp Electronics Corp 16,236,905
11,300,000 Xerox Corp 11,228,055
$55,866,259
ENVIRONMENTAL SERVICES --- 1.7%
5,900,000 WMX Technologies Inc 5,879,350
$5,879,350
FOREIGN BANKS --- 8.5%
16,000,000 Bank of Montreal 15,799,921
13,000,000 Bank of Nova Scotia 12,895,480
132,000 Canadian Imperial Bank of Commerce 132,000
$28,827,401
HOLDING & INVEST. OFFICES --- 0.3%
1,000,000 Grand Metropolitan Investment Corp 1,003,568
$1,003,568
INDUSTRIAL SERVICES --- 6.5%
5,800,000 Fluor Corp 5,797,453
16,300,000 PHH Corp 16,236,687
$22,034,140
INSURANCE --- 2.5%
1,400,000 AIG Funding Inc 1,392,374
7,100,000 American General Corp 7,022,186
$8,414,560
LEASING --- 5.0%
2,000,000 International Lease Finance Corp 2,002,580
15,000,000 Pitney Bowes Credit Corp 14,901,874
$16,904,454
MFTG - CONSUMER PRODS. --- 5.0%
2,500,000 Hasbro Inc 2,461,017
14,700,000 McGraw-Hill Companies Inc 14,568,123
$17,029,140
SECURITIES & COMMODITIES --- 14.2%
16,325,000 CS First Boston Inc 16,191,264
15,590,000 Merrill Lynch & Company Inc 15,432,290
16,300,000 Morgan Stanley Group Inc 16,246,208
$47,869,762
TELEPHONE --- 3.7%
12,600,000 Ameritech Corp 12,414,781
$12,414,781
WHOLESALE TRADE -CONSUMER --- 1.5%
5,000,000 Cargill Inc 4,977,330
$4,977,330
TOTAL SHORT-TERM INVESTMENTS --- 100.0% $337,984,684
(Cost $337,984,684)
TOTAL MONEY MARKET PORTFOLIO --- 100.0% $337,984,684
(Cost $337,984,684)
Maxim Series Fund, Inc.
Stock Index Portfolio
COMMON STOCK
AGENCY --- 0.9%
25,500 Federal Home Loan Mortgage Corp 2,180,250
154,800 Federal National Mortgage Association 5,185,800
$7,366,050
AGRICULTURE --- 0.0%
8,500 Dole Food Company Inc 365,500
$365,500
AIR --- 0.4%
12,700 AMR Corp* 1,155,700
3,000 Airborne Freight Corp 78,000
2,000 Alaska Air Group Inc* 54,750
4,600 Atlantic Southeast Airlines Inc 129,950
8,700 Delta Air Lines Inc 722,100
5,900 Pittston Services Group 171,838
20,450 Southwest Airlines Co 595,606
9,000 US Air Group Inc* 162,000
$3,069,944
COMMUNICATIONS --- 4.3%
16,550 360 Communications Co* 397,200
6,300 AH Belo Corp 234,675
227,700 AT&T Corp 14,117,400
70,600 Airtouch Communications Inc* 1,994,450
10,200 Cabletron Systems Inc* 699,975
4,254 Chris-Craft Industries Inc* 187,176
6,800 ComSat Corp 176,800
34,000 Comcast Corp 629,000
20,000 Gannett Company Inc 1,415,000
31,550 Nextel Communications Inc* 601,406
60,800 Pacific Telesis Group 2,052,000
3,500 TCA Cable TV Inc 105,875
92,600 Tele-Communications Inc* 1,678,375
8,400 Telephone & Data Systems Inc 378,000
55,500 Time Warner Inc 2,178,375
67,200 US West Communications Group 2,142,000
67,000 US West Media Group* 1,222,750
5,900 Vanguard Cellular Systems Inc* 128,325
52,403 Viacom Inc* 2,037,167
59,100 Westinghouse Electric Corp 1,108,125
27,520 Worldcom Inc* 1,523,920
$35,007,994
CONSTRUCTION --- 0.1%
4,000 Centex Corp 124,500
13,433 Clayton Homes Inc 268,660
2,550 Granite Construction Inc 58,650
5,500 Kaufman & Broad Home Corp 79,750
3,800 Pulte Corp 101,650
$633,210
CONSUMER SERVICES --- 8.3%
3,900 Acuson Corp* 62,400
9,200 Allergan Inc 361,100
37,700 Amgen Inc* 2,035,800
1,300 Angelica Corp 30,713
7,000 Apria Healthcare Group Inc* 219,625
7,100 Bally Entertainment Corp 195,250
8,100 Bausch & Lomb Inc 344,250
38,500 Baxter International Inc 1,819,125
9,100 Becton Dickinson & Co 730,275
14,200 Beverly Enterprises Inc* 170,400
5,000 Biogen Inc* 274,375
16,400 Biomet Inc* 235,750
71,400 Bristol-Myers Squibb Co 6,426,000
2,000 CPI Corp 33,000
8,100 CR Bard Inc 275,400
26,775 CUC International Inc* 950,513
6,500 Carter-Wallace Inc 95,063
14,600 Circus Circus Enterprises Inc* 598,600
63,442 Columbia/HCA Healthcare Corp 3,386,217
6,300 Community Psychiatric Centers* 59,850
5,800 Coram Healthcare Corp* 23,925
2,300 Datascope Corp* 40,825
1,900 Diagnostic Products Corp 73,150
78,100 Eli Lilly & Co 5,076,500
5,700 FHP International Corp* 156,038
6,400 Forest Laboratories Inc* 247,200
4,400 Genzyme Corp* 221,100
14,700 H&R Block Inc 479,588
17,100 HFS Inc* 1,197,000
14,550 Harrah's Entertainment Inc* 411,038
6,550 Health Care & Retirement Corp* 155,563
5,000 HealthCare Compare Corp* 243,750
21,914 Healthsouth Corp* 788,904
6,900 Hilton Hotels Corp 776,250
7,352 Horizon/CMS Healthcare Corp* 94,657
23,000 Humana Inc* 411,125
16,800 ITT Corp* 1,113,000
16,950 Ivax Corp 269,081
188,994 Johnson & Johnson 9,355,203
5,300 King World Productions Inc* 192,788
17,456 Laboratory Corp of America* 130,920
8,900 Manor Care Inc 350,438
18,050 Marriott International Inc 970,188
33,200 Medtronic Inc 1,859,200
174,228 Merck & Company Inc 11,259,485
13,025 Mirage Resorts Inc* 703,350
4,100 Nellcor Inc* 198,850
9,350 Novacare Inc* 71,294
4,400 Pacificare Health Systems Inc* 298,100
7,275 Promus Hotel Corp* 215,522
16,600 Service Corporation International 954,500
11,350 St Jude Medical Inc* 380,225
13,700 Stryker Corp 311,675
30,400 Tenet Healthcare Corp* 649,800
96,130 The Walt Disney Co 6,044,174
21,850 US Healthcare Inc 1,201,750
25,650 United Healthcare Corp 1,295,325
8,800 United States Surgical Corp 272,800
10,200 Vencor Inc* 311,100
14,900 Whitman Corp 359,463
$67,468,550
CREDIT INSTITUTIONS --- 7.2%
68,600 American Express Co 3,061,275
64,150 Banc One Corp 2,181,100
5,900 Bancorp Hawaii Inc 212,400
15,900 Bank of Boston Corp 787,050
28,200 Bank of New York Company Inc 1,445,250
52,174 BankAmerica Corp 3,952,181
11,300 Bankers Trust New York Corp 834,788
13,400 Barnett Banks Inc 817,400
7,600 Beneficial Corp 426,550
22,400 Boatmen's Bancshares Inc 898,800
8,550 Central Fidelity Banks Inc 194,513
68,900 Citicorp 5,692,863
6,400 City National Corp 100,800
16,800 Comerica Inc 749,700
31,415 Corestates Financial Corp 1,209,478
6,100 Crestar Financial Corp 325,588
4,300 Dauphin Deposit Corp 122,550
14,400 Fifth Third Bancorp 777,600
20,000 First Bank System Inc 1,160,000
45,210 First Chicago NBD Corp 1,768,841
10,650 First Security Corp 255,600
9,500 First Tennessee National Corp 290,938
40,417 First Union Corp 2,460,385
4,800 First Virginia Banks Inc 192,000
9,000 First of America Bank Corp 402,750
10,400 Firstar Corp 479,700
37,485 Fleet Financial Group Inc 1,630,598
8,300 Golden West Financial Corp 464,800
19,400 Great Western Financial Corp 463,175
19,400 Green Tree Financial Corp 606,250
16,600 HF Ahmanson & Co 448,200
13,800 Household International Inc 1,048,800
26,600 JP Morgan & Company Inc 2,251,025
33,402 KeyCorp 1,294,328
31,575 MBNA Corp 899,888
13,200 Marshall & Ilsley Corp 366,300
19,353 Mellon Bank Corp 1,103,121
8,975 Mercantile Bancorporation Inc 399,388
6,700 Mercantile Bankshares Corp 170,850
31,300 National City Corp 1,099,413
42,415 NationsBank Corp 3,504,539
8,000 Northern Trust Corp 462,000
51,600 Norwest Corp 1,799,550
48,400 PNC Bank Corp 1,439,900
8,800 Regions Financial Corp 411,400
13,275 Southtrust Corp 373,359
11,600 State Street Boston Corp 591,600
32,200 Suntrust Banks Inc 1,191,400
22,803 US Bancorp 823,758
24,000 Wachovia Corp 1,050,000
13,800 Wells Fargo & Co 3,296,475
5,000 Wilmington Trust Co 162,185
$58,152,402
ELECTRIC --- 4.1%
10,639 AES Corp* 300,552
17,100 Allegheny Power System Inc 527,963
26,500 American Electric Power Company Inc 1,129,563
7,400 Atlantic Energy Inc 135,050
20,900 Baltimore Gas & Electric Co 593,038
2,000 Black Hills Corp 49,750
13,000 CMS Energy Corp 401,375
21,700 Carolina Power & Light Co 824,600
29,600 Central & South West Corp 858,400
3,200 Central Louisiana Electric Company Inc 85,200
4,600 Central Maine Power Co 66,700
22,393 Cinergy Corp 716,576
33,300 Consolidated Edison Company of New York Inc 974,025
20,600 DTE Energy Co 636,025
8,600 Delmarva Power & Light Co 180,600
25,100 Dominion Resources Inc 1,004,000
29,100 Duke Power Co 1,491,375
63,200 Edison International 1,113,900
32,300 Entergy Corp 916,513
26,100 FPL Group Inc 1,200,600
13,700 Florida Progress Corp 476,075
17,100 General Public Utilities Corp 602,775
4,300 Hawaiian Electric Industries Inc 152,650
37,300 Houston Industries Inc 918,513
5,300 Idaho Power Co 164,963
10,700 Illinova Corp 307,625
8,050 Ipalco Enterprises Inc 211,313
8,800 Kansas City Power & Light Co 242,000
9,400 LG&E Energy Corp 215,025
14,333 MidAmerican Energy Co 247,244
4,500 Minnesota Power & Light Co 130,500
7,700 Montana Power Co 171,325
6,700 Nevada Power Co 147,400
9,200 New England Electric System 334,650
10,100 New York State Electric & Gas Corp 246,188
20,500 Niagara Mohawk Power Corp 158,875
8,800 Nipsco Industries Inc 354,200
18,100 Northeast Utilities 242,088
9,700 Northern States Power Co 478,938
21,600 Ohio Edison Co 472,500
5,700 Oklahoma Gas & Electric Co 225,863
22,600 PP&L Resources Inc 533,925
41,600 PacifiCorp 925,600
59,200 Pacific Gas & Electric Co 1,376,400
31,500 Peco Energy Co 819,000
12,400 Pinnacle West Capital Corp 376,650
7,200 Portland General Corp 222,300
16,800 Potomac Electric Power Co 445,200
9,100 Public Service Company of Colorado 334,425
5,900 Public Service Company of New Mexico 120,950
34,700 Public Service Enterprise Group Inc 949,913
9,000 Puget Sound Power & Light Co 218,250
14,850 Scana Corp 417,656
95,000 Southern Co 2,339,375
5,800 Southwestern Public Service Co 189,225
16,600 Teco Energy Inc 419,150
32,000 Texas Utilities Co 1,368,000
30,500 Unicom Corp 850,188
14,500 Union Electric Co 583,625
6,500 Utilicorp United Inc 179,563
4,400 WPL Holdings Inc 144,650
15,700 Wisconsin Energy Corp 453,338
$32,973,898
ELECTRONICS - HIGH TECH --- 12.2%
30,880 AMP Inc 1,239,060
6,300 AST Research Inc* 42,525
10,400 Adobe Systems Inc 373,100
19,000 Advanced Micro Devices Inc* 258,875
2,000 Advanced Technology Laboratories Inc* 73,000
16,900 Amdahl Corp* 181,675
13,200 American Power Conversion Corp* 135,300
4,650 Ametek Inc 101,138
16,325 Analog Devices Inc* 416,288
8,525 Andrew Corp* 458,219
17,500 Apple Computer Inc 367,500
25,400 Applied Materials Inc* 774,700
13,800 Atmel Corp* 415,725
6,100 Avnet Inc 256,963
4,100 Beckman Instruments Inc 155,800
12,400 Black & Decker Corp 478,950
25,130 Boston Scientific Corp* 1,130,850
4,100 Briggs & Stratton Corp 168,613
9,000 Cirrus Logic Inc* 157,500
80,200 Cisco Systems Inc* 4,541,325
38,000 Compaq Computer Corp* 1,871,500
11,800 Cypress Semiconductor Corp* 141,600
16,400 DSC Communications Corp* 494,050
5,500 Data General Corp* 71,500
13,100 Dell Computer Corp* 666,463
3,800 Dentsply International Inc 161,500
6,475 Diebold Inc 312,419
21,700 Digital Equipment Corp* 976,500
49,000 Eastman Kodak Co 3,809,750
31,800 Emerson Electric Co 2,873,925
3,100 Exabyte Corp* 40,492
6,433 Federal Signal Corp 151,176
236,000 General Electric Co 20,414,000
17,800 General Instrument Corp* 513,975
7,000 General Signal Corp 265,125
5,500 Harris Corp 335,500
72,313 Hewlett-Packard Co 7,204,183
18,000 Honeywell Inc 981,000
4,700 Hubbell Inc 311,375
11,000 Integrated Device Technology Inc* 116,875
116,500 Intel Corp 8,555,411
6,600 Intergraph Corp* 80,025
77,200 International Business Machines Corp 7,642,800
17,800 International Game Technology 300,375
5,800 Johnson Controls Inc 403,100
5,000 Keystone International Inc 103,750
18,200 LSI Logic Corp* 473,200
10,500 Linear Technology Corp 315,000
6,600 Litton Industries Inc* 287,100
3,500 Magnetek Inc* 33,688
8,925 Mark IV Industries Inc 201,928
8,600 Maxim Integrated Products Inc* 234,883
15,200 Maytag Corp 317,300
2,200 Measurex Corp 64,350
8,700 Mentor Graphics Corp* 141,375
29,500 Micron Technology Inc 763,313
14,262 Molex Inc 452,819
83,900 Motorola Inc 5,275,213
19,200 National Semiconductor Corp* 297,600
36,400 Northern Telecom Ltd 1,979,250
51,900 Novell Inc* 720,113
2,900 OEA Inc 108,750
7,200 Octel Communications Corp* 142,200
6,100 Perkin-Elmer Corp 294,325
6,500 Polaroid Corp 296,563
7,500 Quantum Corp* 109,688
34,200 Raytheon Co 1,765,575
10,800 Scientific-Atlanta Inc 167,400
14,870 Seagate Technology Inc* 669,150
10,450 Sensormatic Electronics Corp 171,119
4,750 Sequent Computer Systems Inc* 64,125
23,100 Silicon Graphics Inc* 554,400
7,300 Solectron Corp* 276,488
7,600 Storage Technology Corp* 290,700
10,400 Stratacom Inc* 585,000
3,300 Stratus Computer Inc* 95,700
26,000 Sun Microsystems Inc* 1,530,750
3,600 Symbol Technologies Inc* 160,200
16,700 Tandem Computers Inc* 206,663
4,700 Tektronix Inc 210,325
7,900 Teledyne Inc 285,388
2,500 Teleflex Inc 119,375
12,600 Tellabs Inc* 842,625
11,800 Teradyne Inc* 203,550
26,900 Texas Instruments Inc 1,341,638
19,325 Thermo Electron Corp 804,403
5,700 Thomas & Betts Corp 213,750
12,100 US Robotics Corp* 1,034,550
24,300 Unisys Corp* 173,138
4,400 Varian Associates Inc 227,700
8,710 Vishay Intertechnology Inc 205,774
7,200 WW Grainger Inc 558,000
10,500 Whirlpool Corp 521,063
45,900 Xerox Corp 2,455,650
10,100 Xilinx Inc* 320,675
6,100 York International Corp 315,675
$99,404,682
ENVIRONMENTAL SERVICES --- 0.5%
30,200 Browning-Ferris Industries Inc 875,800
41,700 Laidlaw Inc 422,213
7,000 Ogden Corp 126,875
5,100 Rollins Inc 119,850
8,200 Safety-Kleen Corp 143,500
12,400 USA Waste Services Inc* 367,350
69,900 WMX Technologies Inc 2,289,225
$4,344,813
FORESTRY --- 0.6%
6,800 Boise Cascade Corp 249,050
3,400 Chesapeake Corp 89,250
13,000 Georgia-Pacific Corp 923,000
42,284 International Paper Co 1,559,223
7,300 Longview Fibre Co 124,100
15,400 Louisiana-Pacific Corp 340,725
28,400 Weyerhaeuser Co 1,207,000
$4,492,348
GAS --- 1.1%
7,900 AGL Resources Inc 149,113
7,000 Brooklyn Union Gas Co 190,750
7,800 Columbia Gas System Inc 406,575
13,300 Consolidated Natural Gas Co 694,925
2,900 Eastern Enterprises 96,425
4,950 El Paso Energy Corp 190,575
35,600 Enron Corp 1,455,150
3,200 Indiana Energy Inc 91,600
9,500 MCN Corp 231,563
5,300 National Fuel Gas Co 190,800
7,100 Nicor Inc 201,463
19,100 NorAm Energy Corp 207,713
3,800 OneOk Inc 95,000
11,900 Pacific Enterprises 352,538
21,400 Panenergy Corp 703,525
5,000 Peoples Energy Corp 167,500
5,800 Questar Corp 197,200
5,100 Seagull Energy Corp* 127,500
12,200 Sonat Inc 549,000
24,600 Tenneco Inc 1,257,675
6,200 Valero Energy Corp 155,000
6,200 Washington Gas Light Co 136,400
14,800 Williams Companies Inc 732,600
$8,580,590
HIGHWAYS --- 0.1%
3,800 Arnold Industries Inc 54,150
6,200 Consolidated Freightways Inc 130,975
11,300 Ryder System Inc 317,813
4,000 Yellow Corp* 53,000
$555,938
HOLDING & INVEST. OFFICES --- 0.7%
61,896 Chase Manhattan Corp 4,371,405
17,200 Hibernia Corp 187,050
7,900 Republic New York Corp 491,775
12,900 Summit Bankcorp 453,113
$5,503,343
INDEPENDENT POWER PROD --- 0.0%
7,300 Calenergy Inc* 186,150
$186,150
INDUSTRIAL SERVICES --- 4.4%
6,200 Altera Corp* 235,600
12,200 America Online Inc* 533,750
4,200 Applied Bioscience International Inc* 44,100
7,200 Arrow Electronics Inc* 310,500
6,500 Autodesk Inc 194,188
41,100 Automatic Data Processing Inc 1,587,488
7,100 BMC Software Inc* 424,225
4,300 Borland International Inc* 39,238
11,325 Cadence Design Systems Inc* 382,219
9,600 Ceridian Corp* 484,800
6,700 Cintas Corp 358,450
7,250 Comdisco Inc 193,031
34,300 Computer Associates International Inc 2,443,875
8,000 Computer Sciences Corp* 598,000
6,000 Compuware Corp* 237,000
11,700 Deluxe Corp 415,350
24,100 Dun & Bradstreet Corp 1,506,250
6,800 EG&G Inc 145,350
7,500 Electronic Arts Inc* 200,625
2,300 Ennis Business Forms Inc 26,163
22,200 Equifax Inc 582,750
31,697 First Data Corp 2,523,874
6,350 Fiserv Inc* 190,500
4,300 FlightSafety International Inc 233,275
11,800 Fluor Corp 771,425
5,700 Foster Wheeler Corp 255,788
3,900 Information Resources Inc* 47,775
21,000 Informix Corp* 472,500
11,200 Interpublic Group of Companies Inc 525,000
3,600 Jacobs Engineering Group Inc* 94,950
5,350 Kelly Services Inc 156,488
11,500 Manpower Inc 451,375
9,000 Medaphis Corp* 357,750
84,200 Microsoft Corp* 10,114,525
6,800 National Service Industries Inc 266,050
9,850 Olsten Corp 289,344
10,600 Omnicom Group Inc 492,900
92,750 Oracle Systems Corp* 3,657,782
2,400 PHH Corp 136,800
17,900 Parametric Technology Corp* 776,413
9,675 Paychex Inc 465,609
21,400 Pitney Bowes Inc 1,021,850
2,700 Policy Management Systems Corp* 135,000
5,800 Reynolds & Reynolds Co 308,850
3,300 Shared Medical Systems Corp 212,025
7,900 Sotheby's Holdings Inc 114,550
4,100 Standard Register Co 100,963
4,400 Structural Dynamics Research Corp* 96,800
7,550 Symantec Corp* 94,375
3,200 Wallace Computer Services Inc 191,200
7,600 Western Atlas Inc* 442,700
$35,941,388
INSURANCE --- 3.9%
15,400 AON Corp 781,550
16,300 Aetna Life and Casualty Co 1,165,450
20,012 Aflac Inc 597,859
6,300 Alexander & Alexander Services Inc 124,425
63,220 Allstate Corp 2,884,413
8,600 American Financial Group Inc 259,075
29,400 American General Corp 1,069,425
67,150 American International Group Inc 6,622,669
24,900 Chubb Capital Corp 1,241,888
10,800 Cigna Corp 1,273,050
8,200 Foundation Health Corp* 294,175
11,600 General Re Corp 1,766,100
2,900 Hartford Steam Boiler Inspection & Insurance Co 142,463
9,000 Healthsource Inc* 157,500
16,800 ITT Hartford Group Inc 894,600
10,100 Jefferson-Pilot Corp 521,413
14,800 Lincoln National Corp 684,500
16,700 Loews Corp 1,317,213
10,300 Marsh & McLennan Companies Inc 993,950
10,250 Progressive Corp 474,063
6,400 Provident Companies Inc 236,800
13,400 Providian Corp 574,525
17,900 Safeco Corp 633,213
11,900 St Paul Companies Inc 636,650
7,700 SunAmerica Inc 435,050
10,200 Torchmark Corp 446,250
9,650 TransAmerica Corp 781,650
3,300 Transatlantic Holdings Inc 231,413
67,249 Travelers Group Inc 3,068,236
16,700 USF&G Corp 273,463
4,850 USLife Corp 159,444
10,400 Unum Corp 647,400
7,542 Value Health Inc* 178,180
$31,568,055
MFTG - CONSUMER PRODS. --- 11.4%
5,400 Adolph Coors Co 96,525
3,900 Alberto-Culver Co 180,863
25,600 American Brands Inc 1,161,600
10,600 American Greetings Corp 290,175
35,900 Anheuser-Busch Companies Inc 2,692,500
73,756 Archer-Daniels-Midland Co 1,410,584
19,200 Avon Products Inc 866,400
4,400 Banta Corp 111,100
9,700 Bed Bath & Beyond Inc* 259,475
2,500 Brown Group Inc 43,438
9,800 Brown-Forman Corp 392,000
13,900 Brunswick Corp 278,000
8,800 Burlington Industries Inc* 124,300
20,600 CPC International Inc 1,483,200
35,400 Campbell Soup Co 2,495,700
2,800 Church & Dwight Inc 58,450
354,300 Coca-Cola Co 17,316,413
18,100 Coca-Cola Enterprises Inc 626,713
20,700 Colgate-Palmolive Co 1,754,325
34,800 ConAgra Inc 1,579,050
5,700 Dean Foods Co 141,075
13,400 Dial Corp 383,575
13,800 Dow Jones & Company Inc 576,150
1,800 Dreyer's Grand Ice Cream Inc 56,700
11,300 Eastman Chemical Co 687,888
8,250 Flowers Industries Inc 133,031
10,800 Fruit of the Loom Inc* 275,400
22,600 General Mills Inc 1,231,700
2,300 Gibson Greetings Inc* 31,625
63,100 Gillette Co 3,935,863
3,000 Golden Books Family Entertainment Inc* 36,000
52,400 HJ Heinz Co 1,591,650
4,300 HON Industries Inc 122,550
10,300 Harcourt General Inc 515,000
12,400 Hasbro Inc 443,300
3,600 Herman Miller Inc 110,250
11,000 Hershey Foods Corp 807,125
2,100 Houghton Mifflin Co 104,475
13,400 IBP Inc 370,175
15,700 International Flavors & Fragrances Inc 747,713
2,500 International Multifoods Corp 45,625
4,100 JM Smucker Co 80,463
4,300 John H Harland Co 105,888
3,700 Jones Apparel Group Inc* 181,763
5,500 Jostens Inc 108,625
30,700 Kellogg Co 2,248,775
6,900 Knight-Ridder Inc 500,250
4,199 Lancaster Colony Corp 156,938
4,300 Lance Inc 70,950
4,800 Land's End Inc* 118,800
6,700 Lee Enterprises Inc 158,288
12,800 Leggett & Platt Inc 355,200
10,400 Liz Claiborne Inc 360,100
22,700 Masco Corp 686,675
39,241 Mattel Inc 1,123,274
11,500 McCormick & Company Inc 254,438
14,200 McGraw-Hill Companies Inc 649,650
3,700 Media General Inc 137,825
3,900 Meredith Corp 162,825
2,700 Michael Foods Inc 31,388
1,000 National Presto Industries Inc 38,000
13,770 New York Times Co 449,246
22,500 Newell Co 689,063
5,000 Nine West Group Inc* 255,625
222,500 Pepsico Inc 7,870,938
117,800 Philip Morris Companies Inc 12,251,200
11,800 Pioneer Hi-Bred International Inc 623,925
19,100 Quaker Oats Co 651,788
21,800 RR Donnelley & Sons Co 760,275
15,000 Ralston-Ralston Purina Group 961,875
21,500 Rubbermaid Inc 585,875
5,500 Russell Corp 151,938
68,600 Sara Lee Corp 2,220,925
3,700 Savannah Foods & Industries Inc 47,638
2,200 Scholastic Corp* 136,400
53,000 Seagram Company Ltd 1,782,125
19,200 Shaw Industries Inc 252,000
2,800 Springs Industries Inc 141,400
7,000 Stride Rite Corp 57,750
15,300 The Times Mirror Co 665,550
2,300 Tiffany & Co 167,900
6,700 Topps Company Inc* 37,688
9,000 Tribune Co 653,625
8,700 Tupperware Corp* 367,575
20,600 Tyson Foods Inc 563,925
28,400 UST Inc 972,700
9,200 Unifi Inc 258,750
22,700 Unilever NV 3,294,338
5,000 Universal Corp 132,500
3,700 Universal Foods Corp 136,438
9,000 VF Corp 536,625
7,300 Warnaco Group Inc 187,975
1,600 Washington Post Co 518,400
7,800 Willamette Industries Inc 464,100
16,500 Wm Wrigley Jr Co 833,250
$92,779,121
MFTG - INDUSTRIAL PRODS --- 11.5%
23,600 3Com Corp* 1,079,700
5,275 A Schulman Inc 129,238
2,300 AT Cross Co 40,825
111,600 Abbott Laboratories 4,854,600
15,900 Air Products & Chemicals Inc 918,225
4,300 Albany International Corp 97,288
8,050 Albemarle Corp 146,913
32,000 Alcan Aluminium Ltd 976,000
9,550 Allegheny Ludlum Corp 180,256
25,000 Aluminum Company of America 1,434,375
11,900 Alza Corp* 325,763
89,500 American Home Products Corp 5,381,188
15,100 Armco Inc* 75,500
5,200 Armstrong World Industries Inc 299,650
3,100 Arvin Industries Inc 68,975
4,300 Ball Corp 123,625
26,563 Bay Networks Inc* 683,997
7,500 Bemis Company Inc 262,500
15,850 Bethlehem Steel Corp* 188,219
3,900 Betz Laboratories Inc 171,113
5,500 Bowater Inc 206,938
2,300 Brush Wellman Inc 43,700
10,100 Cabot Corp 247,450
5,700 Calgon Carbon Corp 76,950
9,700 Callaway Golf Co 322,525
3,300 Calmat Co 59,813
2,200 Carlisle Companies Inc 116,875
2,300 Carpenter Technology Corp 73,600
10,200 Case Corp 489,600
27,800 Caterpillar Inc 1,883,450
9,600 Centocor Inc* 286,800
13,600 Champion International Corp 567,800
5,900 Chiron Corp* 578,200
5,650 Cincinnati Milacron Inc 135,600
7,400 Clorox Co 655,825
6,300 Consolidated Papers Inc 327,600
15,300 Cooper Industries Inc 634,950
11,900 Cooper Tire & Rubber Co 264,775
32,700 Corning Inc 1,254,863
4,300 Crane Co 176,300
6,900 Crompton & Knowles Corp 115,575
18,100 Crown Cork & Seal Company Inc 814,500
8,300 Danaher Corp 361,050
37,200 Deere & Co 1,488,000
3,500 Dexter Corp 104,125
16,100 Dover Corp 742,613
35,500 Dow Chemical Co 2,698,000
3,500 Duriron Company Inc 84,000
79,400 EI DuPont De Nemours & Co 6,282,525
32,600 EMC Corp* 607,175
9,100 Ecolab Inc 300,300
20,400 Engelhard Corp 469,200
16,800 Ethyl Corp 161,700
3,800 Ferro Corp 100,700
5,900 First Brands Corp 159,300
5,300 Georgia Gulf Corp 155,025
21,900 Goodyear Tire & Rubber Co 1,056,675
3,000 Goulds Pumps Inc 76,875
9,200 Great Lakes Chemical Corp 572,700
2,000 HB Fuller Co 72,500
6,650 Harnischfeger Industries Inc 221,113
3,600 Harsco Corp 242,100
15,500 Hercules Inc 856,375
13,000 IMC Global Inc 489,125
16,800 ITT Industries Inc 422,100
16,900 Illinois Tool Works Inc 1,142,863
15,500 Ingersoll-Rand Co 678,125
6,900 Inland Steel Industries Inc 135,413
12,100 James River Corporation of Virginia 319,138
2,300 Kaydon Corp 98,900
3,800 Kennametal Inc 129,200
39,790 Kimberly-Clark Corp 3,073,778
6,400 Lawter International Inc 80,000
4,900 Loctite Corp 227,850
8,900 Lubrizol Corp 270,338
2,100 Lukens Inc 50,138
11,300 Lyondell Petrochemical Co 272,613
7,500 MA Hanna Co 156,563
10,500 Mallinckrodt Group Inc 408,188
7,600 Mead Corp 394,250
6,300 Millipore Corp 263,813
3,200 Minerals Technologies Inc 109,600
59,400 Minnesota Mining & Manufacturing Co 4,098,600
4,200 Modine Manufacturing Co 111,300
83,400 Monsanto Co 2,710,500
14,200 Moore Corporation Ltd 268,025
20,800 Morton International Inc 774,800
16,900 Mylan Laboratories Inc 291,525
1,100 NCH Corp 70,675
1,300 Nacco Industries Inc 71,988
9,500 Nalco Chemical Co 299,250
2,500 Nordson Corp 141,250
12,400 Nucor Corp 627,750
3,500 Olin Corp 312,375
3,400 Oregon Steel Mills Inc 46,750
2,800 Outboard Marine Corp 50,750
7,300 Owens Corning* 313,900
6,100 PH Glatfelter Co 112,088
27,200 PPG Industries Inc 1,326,000
16,300 Pall Corp 393,238
10,550 Parker Hannifin Corp 447,056
5,300 Pentair Inc 159,000
10,800 Perrigo Co* 121,500
90,400 Pfizer Inc 6,452,300
72,060 Pharmacia & Upjohn Inc 3,197,663
4,100 Potlatch Corp 160,413
21,900 Praxair Inc 925,275
2,950 Precision Castparts Corp 126,850
3,300 RP Scherer Corp* 149,738
10,925 RPM Inc (Ohio) 170,703
6,300 Raychem Corp 452,813
9,000 Reynolds Metals Co 469,125
9,500 Rohm & Haas Co 596,125
52,200 Schering-Plough Corp 3,275,550
6,000 Sealed Air Corp* 201,750
1,400 Sequa Corp* 60,375
12,100 Sherwin-Williams Co 562,650
7,100 Sigma Aldrich Corp 379,850
5,800 Snap-On Inc 274,775
12,970 Sonoco Products Co 368,024
2,400 Southdown Inc 56,400
7,900 Sterling Chemicals Inc* 91,838
4,700 Stewart & Stevenson Services Inc 106,925
14,100 Stone Container Corp 193,875
5,200 Tambrands Inc 212,550
3,100 Tecumseh Products Co 166,625
7,900 Temple-Inland Inc 369,325
7,500 The BF Goodrich Co 280,313
12,500 The Stanley Works 371,875
4,400 The Timken Co 170,500
5,900 Trinity Industries Inc 200,600
4,100 Trinova Corp 136,838
21,600 Tyco International Ltd 880,200
40,800 USX-Marathon Group 821,100
11,800 USX-US Steel Group 334,825
9,900 Union Camp Corp 482,625
19,400 Union Carbide Corp 771,150
4,300 Varco International Inc* 77,938
5,650 Varity Corp* 271,906
3,500 Verifone Inc* 147,875
13,900 WR Grace & Co 985,163
38,500 Warner-Lambert Co 2,117,500
5,200 Watson Pharmaceuticals Inc* 196,950
4,200 Watts Industries Inc 78,225
5,191 Wausau Paper Mills Co 102,522
4,800 Wellman Inc 112,200
14,350 Westvaco Corp 428,706
8,000 Witco Corp 275,000
12,850 Worthington Industries Inc 268,244
$93,587,777
MINING --- 0.8%
6,400 Alumax Inc* 194,400
6,000 Asarco Inc 165,750
50,516 Barrick Gold Corp 1,370,247
11,500 Battle Mountain Gold Co 83,375
1,700 Cleveland-Cliffs Inc 66,513
13,200 Cyprus Amax Minerals Co 298,650
18,400 Echo Bay Mines Ltd 197,800
27,694 Freeport-McMoRan Copper & Gold Inc 882,746
20,800 Homestake Mining Co 356,200
16,650 Inco Ltd 536,963
1,200 Maxxam Inc* 47,100
14,056 Newmont Mining Corp 694,015
9,800 Phelps Dodge Corp 611,275
33,900 Placer Dome Inc 809,363
18,660 Santa Fe Pacific Gold Corp 263,573
5,000 Vulcan Materials Co 296,875
$6,874,845
OIL & GAS --- 8.3%
13,200 Amerada Hess Corp 707,850
70,400 Amoco Corp 5,095,200
8,400 Anadarko Petroleum Corp 487,200
12,650 Apache Corp 415,869
9,100 Ashland Inc 360,588
22,800 Atlantic Richfield Co 2,701,800
4,000 BJ Services Company USA* 140,500
20,200 Baker Hughes Inc 664,075
17,900 Burlington Resources Inc 769,700
92,600 Chevron Corp 5,463,400
14,900 Coastal Corp 622,075
4,100 Diamond Shamrock Inc 118,388
25,750 Dresser Industries Inc 759,625
10,000 Ensco International Inc* 325,000
9,700 Enserch Corp 210,975
176,100 Exxon Corp 15,298,688
4,950 Giddings & Lewis Inc 80,438
23,700 Global Marine Inc* 328,838
16,300 Halliburton Co 904,650
3,500 Helmerich & Payne Inc 128,188
7,300 Kerr-McGee Corp 444,388
4,850 Lousiana Land & Exploration Co 279,481
4,200 Mapco Inc 236,775
7,700 McDermott International Inc 160,738
55,900 Mobil Corp 6,267,788
6,400 Murphy Oil Corp 290,400
11,950 Nabors Industries Inc* 194,188
7,100 Noble Affiliates Inc 268,025
45,300 Occidental Petroleum Corp 1,121,175
14,800 Oryx Energy Co* 240,500
5,000 Parker & Parsley Petroleum Co 138,750
7,900 Parker Drilling Co* 45,425
6,600 Pennzoil Co 305,250
37,200 Phillips Petroleum Co 1,557,750
4,650 Quaker State Corp 69,750
14,000 Ranger Oil Ltd 103,250
12,100 Rowan Companies Inc* 178,475
76,000 Royal Dutch Petroleum Co 11,685,000
12,800 Santa Fe Energy Resources Inc* 152,000
34,500 Schlumberger Ltd 2,906,625
5,700 Smith International Inc* 171,713
10,600 Sun Company Inc 321,975
37,500 Texaco Inc 3,145,313
6,200 Tosco Corp 311,550
35,100 Unocal Corp 1,184,625
7,226 Weatherford Enterra Inc* 216,780
$67,580,736
OTHER TRANS. SERVICES --- 0.3%
6,400 Alexander & Baldwin Inc 154,400
5,600 Caliber System Inc 190,400
5,300 FMC Corp* 345,825
8,000 Federal Express Corp* 656,000
2,900 GATX Corp 139,925
5,500 JB Hunt Transport Services Inc 114,813
5,100 Overseas Shipholding Group Inc 92,438
8,800 Tidewater Inc 386,100
$2,079,901
RAILROADS --- 1.0%
21,500 Burlington Northern Santa Fe 1,738,813
30,000 CSX Corp 1,447,500
11,100 Conrail Inc 736,763
8,750 Illinois Central Corp 248,281
5,700 Kansas City Southern Industries Inc 244,388
18,300 Norfolk Southern Corp 1,550,925
29,200 Union Pacific Corp 2,040,350
$8,007,020
RETAIL TRADE --- 5.8%
35,700 Albertson's Inc 1,477,088
21,200 American Stores Co 874,500
3,300 AnnTaylor Stores Corp* 66,825
6,100 Best Buy Inc* 139,538
6,000 Bob Evans Farms Inc 102,000
10,900 Brinker International Inc* 163,500
4,400 Buffets Inc* 53,900
7,000 CML Group Inc 29,750
14,600 Charming Shoppes Inc* 103,105
13,800 Circuit City Stores Inc 498,525
4,550 Claire's Stores Inc 125,694
8,600 Cracker Barrel Old Country Store Inc 208,550
22,600 Darden Restaurants Inc 242,950
10,200 Dayton Hudson Corp 1,051,875
16,100 Dillard Department Stores Inc 587,650
10,182 Dollar General Corp 297,824
3,600 Donaldson Company Inc 92,700
3,900 Duty Free International Inc 59,475
8,100 Family Dollar Stores Inc 140,738
5,400 Fastenal Co 234,900
29,300 Federated Department Stores Inc* 999,863
6,500 Fingerhut Companies Inc 101,563
3,800 Fred Meyer Inc* 111,625
40,900 Gap Inc 1,313,913
4,700 Gencorp Inc 71,088
17,350 Genuine Parts Co 793,763
8,500 Giant Food Inc 304,938
5,400 Great Atlantic & Pacific Tea Company Inc 177,525
3,000 Hancock Fabrics Inc 33,000
6,000 Hannaford Brothers Co 195,750
6,925 Heilig-Meyers Co 166,200
67,800 Home Depot Inc 3,661,200
12,900 Home Shopping Network Inc* 154,800
4,900 Intelligent Electronics Inc 41,650
3,200 International Dairy Queen Inc* 70,400
31,800 JC Penney & Company Inc 1,669,500
67,600 K Mart Corp 836,550
10,500 Kohls Corp* 384,563
17,650 Kroger Co* 697,175
38,500 Limited Inc 827,750
5,800 Lone Star Steakhouse & Saloon Inc* 218,950
2,800 Longs Drug Stores Corp 124,950
22,900 Lowe's Companies Inc 827,263
3,300 Luby's Cafeterias Inc 77,550
3,600 MacFrugal's Bargains-Close-Outs Inc* 63,900
35,400 May Department Stores Co 1,548,750
99,200 McDonald's Corp 4,637,600
14,900 Melville Corp 603,450
5,200 Mercantile Stores Company Inc 304,850
4,800 Micro Warehouse Inc* 96,000
11,500 Nordstrom Inc 511,750
22,225 Office Depot Inc* 452,834
6,400 Outback Steakhouse Inc* 220,698
5,616 Payless ShoeSource Inc* 178,308
9,600 Revco DS Inc* 229,200
11,900 Rite Aid Corp 354,025
6,600 Ruddick Corp 80,850
7,500 Ryan's Family Steak Houses Inc* 69,375
2,850 Sbarro Inc 71,606
55,600 Sears Roebuck & Co 2,703,550
14,100 Service Merchandise Co* 79,313
5,900 Shoney's Inc* 64,163
22,470 Staples Inc* 438,165
10,300 TJX Companies Inc 347,625
9,000 Tandy Corp 426,375
8,800 The Pep Boys - Manny Moe & Jack 299,200
38,800 Toys R Us Inc* 1,105,800
11,800 Viking Office Products Inc* 370,225
6,200 Vons Companies Inc* 231,725
4,700 Waban Inc* 112,213
325,300 Wal-Mart Stores Inc 8,254,488
34,900 Walgreen Co 1,169,150
18,000 Wendy's International Inc 335,250
21,600 Winn-Dixie Stores Inc 764,100
18,900 Woolworth Corp* 425,250
$46,962,404
SECURITIES & COMMODITIES --- 0.9%
8,950 AG Edwards Inc 242,769
17,489 Bear Stearns Companies Inc 413,178
24,850 Charles Schwab & Company Inc 608,825
24,003 Dean Witter Discover & Co 1,374,172
11,350 Franklin Resources Inc 692,350
24,800 Merrill Lynch & Company Inc 1,615,100
21,900 Morgan Stanley Group Inc 1,075,838
13,800 Paine Webber Group Inc 327,750
15,000 Salomon Inc 660,000
8,100 T Rowe Price & Associates Inc 249,075
$7,259,057
TELEPHONE --- 4.4%
9,000 ADC Telecommunications Inc* 405,000
26,900 Alltel Corp 827,175
78,700 Ameritech Corp 4,672,813
62,100 Bell Atlantic Corp 3,958,875
141,000 Bellsouth Corp 5,974,875
8,400 Century Telephone Enterprises Inc 267,750
22,400 Frontier Corp 686,000
138,200 GTE Corp 6,184,450
5,200 Lincoln Telecommunications Co 85,150
97,800 MCI Communications Corp 2,506,125
61,800 Nynex Corp 2,935,500
86,400 SBC Communications Inc 4,255,200
9,300 Southern New England Telecommunications Corp 390,600
61,850 Sprint Corp 2,597,700
$35,747,213
TRANSPORTATION EQUIPMENT --- 4.3%
40,100 Allied-Signal Inc 2,290,713
53,300 Chrysler Corp 3,304,600
5,700 Cummins Engine Company Inc 230,138
14,400 Dana Corp 446,400
11,000 Eaton Corp 644,875
8,700 Echlin Inc 329,513
5,000 Federal-Mogul Corp 91,875
6,500 Fleetwood Enterprises Inc 201,500
166,600 Ford Motor Co 5,393,675
9,000 General Dynamics Corp 558,000
107,000 General Motors Corp 5,604,125
10,900 Harley-Davidson Inc 448,263
28,166 Lockheed Martin Corp 2,365,944
31,600 McDonnell Douglas Corp 1,532,600
10,590 Navistar International Corp* 104,576
8,000 Northrop Grumman Corp 545,000
5,520 Paccar Inc 270,480
30,800 Rockwell International Corp 1,763,300
3,000 Rohr Inc* 62,625
8,700 Sundstrand Corp 318,638
4,100 Superior Industries International Inc 108,650
9,300 TRW Inc 835,838
12,000 Textron Inc 958,500
49,000 The Boeing Co 4,269,125
2,600 Thiokol Corp 102,700
17,300 United Technologies Corp 1,989,500
$34,771,153
WATER --- 0.0%
3,600 APL Ltd 94,050
5,500 American Water Works Company Inc 221,375
$315,425
WHOLESALE TRADE - INDL --- 0.1%
18,100 Alco Standard Corp 819,025
1,700 Lawson Products Inc 42,925
6,300 McKesson Corp 300,038
$1,161,988
WHOLESALE TRADE -CONSUMER --- 1.8%
7,500 Avery Dennison Corp 411,563
5,640 Bergen Brunswig Corp 156,510
8,987 Cardinal Health Inc 648,187
5,300 Fleming Companies Inc 76,188
20,300 Nike Inc 2,085,825
27,771 Price/Costco Inc* 600,548
97,300 Procter & Gamble Co 8,817,813
4,200 Rayonier Inc 159,600
10,700 Reebok International Ltd 359,788
2,600 Stanhome Inc 68,900
9,600 Supervalu Inc 302,400
25,900 Sysco Corp 886,993
$14,574,315
TOTAL COMMON STOCK --- 99.3% $807,315,810
(Cost $552,075,014)
SHORT-TERM INVESTMENTS
FOREIGN BANKS --- 0.7%
5,314,000 Canadian Imperial Bank of Commerce 5,314,000
$5,314,000
TOTAL SHORT-TERM INVESTMENTS --- 0.7% $5,314,000
(Cost $5,314,000)
TOTAL STOCK INDEX PORTFOLIO --- 100.0% $812,629,810
(Cost $557,389,014)
Maxim Series Fund, Inc.
Total Return Portfolio
BONDS
CANADIAN - FEDERAL --- 5.1%
3,850,000 Canada 3,072,907
Debentures
9.000% December 1, 2004
$3,072,907
CREDIT INSTITUTIONS --- 3.1%
1,000,000 Associates Corporation of North America 1,043,260
Senior Medium Term Notes
8.800% August 1, 1998
825,000 Fleet Financial Group 834,884
Notes
7.250% September 1, 1999
$1,878,144
U.S. GOVERNMENTS --- 23.7%
3,000,000 United States of America 3,367,500
Treasury Notes
8.125% August 15, 2019
2,250,000 United States of America 2,330,505
Treasury Notes
7.250% August 15, 2004
3,950,000 United States of America 3,991,357
Treasury Notes
6.750% April 30, 2000
2,825,000 United States of America 2,913,281
Treasury Notes
8.125% February 15, 1998
1,600,000 United States of America 1,671,247
Treasury Notes
7.875% November 15, 1999
$14,273,890
TOTAL BONDS --- 31.9% $19,224,941
(Cost $19,269,176)
COMMON STOCK
AIR --- 1.4%
10,400 Delta Air Lines Inc 863,200
$863,200
COMMUNICATIONS --- 3.4%
13,500 AT&T Corp 837,000
12,000 Jacor Communications Inc* 370,500
43,500 Westinghouse Electric Corp 815,625
$2,023,125
CONSUMER SERVICES --- 9.1%
34,300 ADT Ltd* 647,413
13,500 American Medical Response Inc* 475,875
5,500 COREStaff Inc* 246,125
23,800 Caremark International Inc 600,950
8,600 Genzyme Corp* 432,150
12,100 ITT Corp* 801,625
17,000 Manor Care Inc 669,375
13,700 Marriott International Inc 736,375
15,500 Service Corporation International 891,250
$5,501,138
CREDIT INSTITUTIONS --- 4.8%
18,500 American Express Co 825,563
10,500 BankAmerica Corp 795,375
12,300 First Bank System Inc 713,400
6,500 JP Morgan & Company Inc 550,063
$2,884,401
ELECTRONICS - HIGH TECH --- 5.4%
10,700 Digital Equipment Corp* 481,500
14,800 General Motors Corp 889,850
22,400 Octel Communications Corp* 442,400
9,400 Perkin-Elmer Corp 453,550
9,700 Seagate Technology Inc* 436,500
9,000 Sun Microsystems Inc* 529,875
$3,233,675
GAS --- 1.0%
16,400 Pogo Producing Co 625,250
$625,250
HOLDING & INVEST. OFFICES --- 1.3%
11,400 Chase Manhattan Corp 805,125
$805,125
INDEPENDENT POWER PROD --- 0.9%
20,400 Calenergy Inc* 520,200
$520,200
INDUSTRIAL SERVICES --- 1.7%
4,700 Microsoft Corp* 564,588
7,100 Shared Medical Systems Corp 456,175
$1,020,763
INSURANCE --- 1.5%
9,300 American International Group Inc 917,213
$917,213
MFTG - CONSUMER PRODS. --- 3.5%
12,700 Campbell Soup Co 895,350
16,800 Coca-Cola Co 821,100
7,900 Nine West Group Inc* 403,888
$2,120,338
MFTG - INDUSTRIAL PRODS --- 6.1%
12,500 Aluminum Company of America 717,188
21,300 ITT Industries Inc 535,163
11,200 Kennametal Inc 380,800
15,600 Lear Corp* 549,900
12,200 Pfizer Inc 870,775
18,100 United States Filter Co* 628,975
$3,682,801
MINING --- 3.1%
7,500 Barrick Gold Corp 203,438
10,700 Newmont Mining Corp 528,313
11,200 Phelps Dodge Corp 698,600
6,400 Potash Corporation of Saskatchewan Inc 424,000
$1,854,351
OIL & GAS --- 7.3%
10,800 Amoco Corp 781,650
19,800 Coastal Corp 826,650
30,700 Nabors Industries Inc* 498,875
10,900 Newpark Resources Inc* 400,575
7,800 Schlumberger Ltd 657,150
9,400 Texaco Inc 788,425
14,500 Weatherford Enterra Inc* 435,000
$4,388,325
RETAIL TRADE --- 3.5%
23,400 Federated Department Stores Inc* 798,525
11,100 Nordstrom Inc 493,950
10,500 TJ International Inc 189,000
18,600 Walgreen Co 623,100
$2,104,575
TELEPHONE --- 1.3%
12,800 Ameritech Corp 760,000
$760,000
TRANSPORTATION EQUIPMENT --- 2.3%
8,500 Chrysler Corp 527,000
10,000 The Boeing Co 871,250
$1,398,250
WHOLESALE TRADE -CONSUMER --- 1.0%
6,700 Procter & Gamble Co 607,182
$607,182
TOTAL COMMON STOCK --- 58.5% $35,309,912
(Cost $28,839,457)
SHORT-TERM INVESTMENTS
CREDIT INSTITUTIONS --- 4.6%
400,000 American Express Credit Corp 399,049
2,400,000 Ford Motor Credit Co 2,391,050
$2,790,099
FOREIGN BANKS --- 5.0%
3,007,000 Canadian Imperial Bank of Commerce 3,007,000
$3,007,000
TOTAL SHORT-TERM INVESTMENTS --- 9.6% $5,797,099
(Cost $5,797,099)
TOTAL TOTAL RETURN PORTFOLIO --- 100.0% $60,331,952
(Cost $53,905,732)
Maxim Series Fund, Inc.
U S Government Securities Portfolio
BONDS
AGENCY --- 81.6%
3,000,000 Federal Farm Credit Bank 2,958,900
Medium Term Notes
6.320% June 4, 2001
153,383 Federal Home Loan Mortgage Corp 146,384
Pool #E57977
6.000% April 1, 2009
123,775 Federal Home Loan Mortgage Corp 118,127
Pool #E57809
6.000% April 1, 2009
196,386 Federal Home Loan Mortgage Corp 187,425
Pool #E58355
6.000% April 1, 2009
220,265 Federal Home Loan Mortgage Corp 210,214
Pool #E58713
6.000% May 1, 2009
938,696 Federal Home Loan Mortgage Corp 1,094,144
Pool #N70016
11.000% July 1, 2020
820,673 Federal Home Loan Mortgage Corp 780,706
Pool #M70044
6.000% March 1, 2009
2,283,086 Federal Home Loan Mortgage Corp 2,331,716
Pool #G00256
8.000% November 1, 2023
1,113,000 Federal Home Loan Mortgage Corp 1,190,910
Pool #G00300
9.500% April 1, 2025
1,500,000 Federal Home Loan Mortgage Corp 1,514,100
Gold TBA
8.000% February 1, 2023
619,613 Federal Home Loan Mortgage Corp 591,340
Pool #G10205
6.000% May 1, 2009
427,483 Federal Home Loan Mortgage Corp 407,977
Pool #G10257
6.000% July 1, 2009
1,781,703 Federal Home Loan Mortgage Corp 1,700,404
Pool #G10331
6.000% September 1, 2009
2,122,088 Federal Home Loan Mortgage Corp 2,195,300
Pool #D66747
8.500% June 1, 2025
1,594,945 Federal Home Loan Mortgage Corp 1,554,561
Pool #E00177
6.500% December 1, 2007
131,585 Federal Home Loan Mortgage Corp 125,580
Pool #E00241
6.000% October 1, 2008
506,584 Federal Home Loan Mortgage Corp 483,469
Pool #E00291
6.000% April 1, 2009
1,000,000 Federal Home Loan Mortgage Corp 983,750
CMO Series 1714 Class E
6.250% September 15, 2018
44,105 Federal Home Loan Mortgage Corp 44,040
Pool #230019
8.500% October 1, 2006
912,683 Federal Home Loan Mortgage Corp 990,262
Pool #260025
10.250% October 1, 2010
810,843 Federal Home Loan Mortgage Corp 836,223
Pool #220010
8.750% August 1, 2001
68,580 Federal Home Loan Mortgage Corp 72,140
Pool #730096
10.000% July 1, 2005
128,098 Federal Home Loan Mortgage Corp 134,746
Pool #730105
10.000% July 1, 2005
252,409 Federal Home Loan Mortgage Corp 240,892
Pool #E55428
6.000% January 1, 2009
2,000,000 Federal Home Loan Mortgage Corp 2,013,200
Gold TBA
7.500% January 1, 2009
830,138 Federal National Mortgage Association 779,034
Pool #050965
6.500% January 1, 2024
95,132 Federal National Mortgage Association 89,275
Pool #050992
6.500% March 1, 2024
815,291 Federal National Mortgage Association 858,338
Pool #039271
8.950% December 1, 2016
1,073,035 Federal National Mortgage Association 1,111,922
Pool #124652
8.500% July 1, 2022
458,713 Federal National Mortgage Association 431,906
Pool #265868
6.500% January 1, 2024
229,008 Federal National Mortgage Association 214,910
Pool #268691
6.500% May 1, 2024
181,525 Federal National Mortgage Association 170,350
Pool #278431
6.500% May 1, 2024
489,848 Federal National Mortgage Association 459,693
Pool #286108
6.500% June 1, 2024
268,755 Federal National Mortgage Association 253,049
Pool #279255
6.500% April 1, 2024
2,000,000 Federal National Mortgage Association 1,975,000
TBA
7.000% March 1, 2009
2,234,434 Federal National Mortgage Association 2,318,226
Pool #335660
8.500% June 1, 2020
3,666,880 Federal National Mortgage Association 3,813,555
Pool #303583
8.500% April 1, 2025
1,147,491 Federal National Mortgage Association 1,141,753
Pool #288761
7.500% October 1, 2024
2,001,933 Federal National Mortgage Association 1,991,924
Pool #288748
7.500% September 1, 2024
1,792,400 Federal National Mortgage Association 1,783,438
Pool #288735
7.500% August 1, 2024
992,401 Federal National Mortgage Association 951,594
Pool #288916
6.500% May 1, 2011
516,067 Federal National Mortgage Association 484,298
Pool #274657
6.500% April 1, 2024
544,212 Federal National Mortgage Association 510,710
Pool #267849
6.500% February 1, 2024
226,641 Federal National Mortgage Association 212,689
Pool #025004
6.500% April 1, 2024
312,208 Federal National Mortgage Association 292,988
Pool #250178
6.500% September 1, 2024
440,055 Federal National Mortgage Association 412,965
Pool #249455
6.500% April 1, 2024
202,270 Government National Mortgage Association 199,362
Pool #373673
7.500% April 15, 2026
80,050 Government National Mortgage Association 78,899
Pool #421398
7.500% December 15, 2025
515,434 Government National Mortgage Association 508,373
Pool #422919
7.500% June 15, 2026
29,469 Government National Mortgage Association 29,045
Pool #425271
7.500% April 15, 2026
562,851 Government National Mortgage Association 555,140
Pool #422925
7.500% June 15, 2026
2,000,000 Government National Mortgage Association 2,018,800
TBA
8.000% July 15, 2024
236,072 Government National Mortgage Association 233,417
Pool #780213
7.500% August 15, 2025
1,539,685 Government National Mortgage Association 1,642,227
Pool #248357
9.000% July 15, 2018
934,857 Government National Mortgage Association 922,049
Pool #426148
7.500% June 15, 2026
869,788 Government National Mortgage Association 857,871
Pool #426080
7.500% May 15, 2026
40,331 Government National Mortgage Association 39,778
Pool #421955
7.500% May 15, 2026
48,384 Government National Mortgage Association 47,721
Pool #412615
7.500% June 15, 2026
483,861 Government National Mortgage Association 477,232
Pool #398713
7.500% June 15, 2026
500,000 Government National Mortgage Association 493,150
Pool #398749
7.500% June 15, 2026
2,037,189 Government National Mortgage Association 2,021,910
Pool #399917
7.500% April 15, 2026
161,280 Government National Mortgage Association II 170,909
Pool #001831
9.500% May 20, 2022
2,492,000 US Department of Veterans Affairs 2,424,965
Vendee Trust 1996-1 1D
6.750% October 15, 2016
2,200,000 US Department of Veterans Affairs 2,201,980
Vendee Trust 1995-3 1C
7.250% July 15, 2014
$58,086,955
U.S. GOVERNMENTS --- 2.4%
1,700,000 United States of America 1,717,799
Treasury Notes
6.750% April 30, 2000
$1,717,799
TOTAL BONDS --- 84.0% $59,804,754
(Cost $59,040,368)
SHORT-TERM INVESTMENTS
CREDIT INSTITUTIONS --- 5.9%
1,500,000 American Express Credit Corp 1,496,440
2,700,000 Ford Motor Credit Co 2,692,849
$4,189,289
FOREIGN BANKS --- 4.5%
3,186,000 Canadian Imperial Bank of Commerce 3,186,000
$3,186,000
SECURITIES & COMMODITIES --- 2.8%
2,000,000 Merrill Lynch & Company Inc 1,994,640
$1,994,640
WHOLESALE TRADE -CONSUMER --- 2.8%
2,000,000 Cargill Inc 1,994,650
$1,994,650
TOTAL SHORT-TERM INVESTMENTS --- 16.0% $11,364,579
(Cost $11,364,579)
TOTAL U S GOVERNMENT SECURITIES PORTFOLIO --- 100.0% $71,169,333
(Cost $70,404,947)
Maxim Series Fund, Inc.
Corporate Bond Portfolio
BONDS
AGENCY --- 0.8%
569,045 Federal National Mortgage Association 483,506
1993-212 Class Z
6.000% November 25, 2008
$483,506
AIR --- 1.2%
200,000 Air Wisconsin Services Inc 185,250
Convertible Debentures
7.750% June 15, 2010
92,800 NWA Trust 94,526
Subordinated Notes
9.360% March 10, 2006
450,000 United Air Lines Inc 427,014
Pass Through Certificates
7.870% January 30, 2019
$706,790
CANADIAN - FEDERAL --- 1.1%
950,000 Canada 688,128
Debentures
8.000% June 1, 2023
$688,128
CANADIAN - PROVINCIAL --- 15.7%
5,000,000 British Columbia 360,647
Principal Strips
0.000% August 23, 2024
1,350,000 British Columbia 955,163
Debentures
8.000% September 8, 2023
6,500,000 British Columbia 1,139,023
Principal Strips
0.000% August 23, 2013
275,000 British Columbia 187,406
Debentures
7.875% November 30, 2023
1,400,000 British Columbia 229,233
Principal Strips
0.000% June 9, 2014
5,000,000 Manitoba 210,164
Principal Strips
0.000% March 5, 2031
2,695,000 Manitoba 1,849,635
Bonds
7.750% December 22, 2025
1,300,000 Ontario Hydro 1,001,465
Bonds
8.900% August 18, 2022
4,800,000 Ontario Residual 401,757
Principal Strips
0.000% July 13, 2022
2,000,000 Quebec 1,573,667
Debentures
9.375% January 16, 2023
2,165,000 Saskatchewan 1,642,458
Debentures
8.750% May 30, 2025
$9,550,618
COMMUNICATIONS --- 10.9%
250,000 CBS Inc 196,218
Senior Notes
7.125% November 1, 2023
450,000 Nextel Communications Inc 264,375
Senior Discount Notes
0.000% August 15, 2004
200,000 Rogers Cablesystems of America 127,417
Debentures
9.650% January 15, 2014
3,000,000 Tele-Communications Inc 2,642,220
Debentures
7.875% February 15, 2026
500,000 Time Warner Entertainment LP 486,810
Senior Debentures
8.375% March 15, 2023
750,000 Time Warner Inc 712,883
Debentures
8.050% January 15, 2016
4,000,000 Time Warner Inc 1,450,000
Convertible Senior Notes
0.000% December 17, 2012
850,000 Westinghouse Electric Corp 722,883
Debentures
7.875% September 1, 2023
$6,602,806
CONSTRUCTION --- 1.8%
250,000 Hovnanian Enterprises Inc 212,500
Subordinated Notes
9.750% June 1, 2005
219,000 Midland-Ross Corp 135,780
Debentures
6.000% February 15, 2007
500,000 Pulte Corp 479,835
Notes
7.300% October 24, 2005
300,000 Schuler Homes Inc 241,125
Convertible Sub Debentures
6.500% January 15, 2003
$1,069,240
CREDIT INSTITUTIONS --- 1.1%
200,000 DR Structured Finance Corp 159,000
Pass Through Certificates
8.550% August 15, 2019
775,000,000 General Electric Capital Corp 521,992
Eurodollar Debentures
9.550% August 25, 2003
$680,992
ELECTRIC --- 2.9%
350,000 Beaver Valley Funding Corp 285,681
Debentures
9.000% June 1, 2017
238,000 Commonwealth Edison Co 172,272
Debentures
4.750% December 1, 2011
246,331 GG1B Funding Corp 234,500
Debentures
7.430% January 15, 2011
50,000 Long Island Lighting Co 43,911
Debentures
8.200% March 15, 2023
250,000 Niagara Mohawk Power Corp 202,385
First Mortgage Notes
6.625% July 1, 2005
250,000 Niagara Mohawk Power Corp 209,230
First Mortgage Notes
5.875% September 1, 2002
750,000 Niagara Mohawk Power Corp 615,953
First Mortgage Bonds
7.875% April 1, 2024
$1,763,932
ELECTRONICS - HIGH TECH --- 3.4%
900,000 AST Research Inc 288,000
Zero Coupon Bond
0.000% December 14, 2013
750,000 Apple Computer Inc 618,750
Notes
6.500% February 15, 2004
50,000 Data General Corp 46,758
Debentures
8.375% September 15, 2002
150,000 EDO Corp 120,000
Convertible Bonds
7.000% December 15, 2011
250,000 Maxtor Corp 172,500
Convertible Debentures
5.750% March 1, 2012
50,000 Richardson Electronics Ltd 41,500
Convertible Debentures
7.250% December 15, 2006
550,000 Streamlogic Corp 330,000
Convertible Sub Debentures
6.000% March 15, 2012
500,000 Unisys Corp 460,000
Debentures
9.750% September 15, 2016
$2,077,508
ENVIRONMENTAL SERVICES --- 1.4%
350,000 Air & Water Technologies Corp 309,750
Convertible Debentures
8.000% May 15, 2015
495,000 Ogden Corp 449,213
Eurodollar Convert Sub Bonds
5.750% October 20, 2002
105,000 Ogden Corp 95,813
Eurodollar Convert Sub Bonds
6.000% June 1, 2002
$854,776
FOREIGN BANKS --- 0.6%
500,000 Banco Central Costa Rica 356,250
Bonds
6.250% May 21, 2010
$356,250
FOREIGN GOVERNMENTS --- 17.7%
4,500,000 Argentina 2,463,750
Debentures
Adj % March 31, 2023
1,250,000 Ecuador 448,438
Global Bonds
Adj % February 28, 2025
875,000 Ireland 1,462,294
Debentures
8.250% August 18, 2015
145,000 Ireland 214,407
Notes
6.250% October 18, 2004
3,760,000 New Zealand 2,453,260
Bonds
8.000% November 15, 2006
785,000 New Zealand 511,861
Bonds
8.000% April 15, 2004
250,000 Poland 191,875
Global Bonds
3.750% October 27, 2014
2,500,000 Republic Of South Africa 501,501
Bonds
12.000% February 28, 2005
4,550,000 Republic of Brazil 2,499,679
Bonds
Adj % April 15, 2024
$10,747,065
FORESTRY --- 1.1%
750,000 Georgia-Pacific Corp 683,310
Debentures
7.375% December 1, 2025
$683,310
GAS --- 0.0%
150 NorAm Energy Corp 5,887
Convertible Sub Debentures
6.00% March 15, 2012
$5,887
HOLDING & INVEST. OFFICES --- 3.5%
750,000 Federal Realty Investment Trust 641,250
Convertible Bonds
5.250% October 28, 2003
350,000 Meditrust Corp 351,750
Convertible Debentures
7.500% March 1, 2001
1,100,000 Rockefeller Center Properties Inc 658,625
Convertible Bonds
0.000% December 31, 2000
500,000 Security Capital Industrial Trust 497,765
Notes
8.650% May 15, 2016
$2,149,390
MFTG - CONSUMER PRODS. --- 9.6%
750,000 Borden Inc 613,740
Debentures
7.875% February 15, 2023
600,000 Burns, Philp Treasury 513,000
Convertible Notes
5.500% April 30, 2004
50,000 Chiquita Brands International Inc 43,250
Eurodollar Convert Sub Bonds
7.000% March 28, 2001
100,000 Dixie Yarns Inc 76,000
Convertible Sub Debentures
7.000% May 15, 2012
375,000 Fieldcrest Cannon Inc 297,188
Convertible Debentures
6.000% March 15, 2012
550,000 Fruit of the Loom Inc 489,484
Debentures
7.375% November 15, 2023
50,000 Phillips Van-Heusen Corp 40,663
Notes
7.750% November 15, 2023
1,500,000 RJR Nabisco Inc 1,429,170
Notes
7.625% September 15, 2003
1,350,000 RJR Nabisco Inc 1,354,820
Notes
9.250% August 15, 2013
950,000 The Penn Traffic Co 688,750
Senior Subordinated Notes
9.625% April 15, 2005
350,000 Zenith Electronics Corp 276,063
Convertible Debentures
6.250% April 1, 2011
$5,822,128
MFTG - INDUSTRIAL PRODS --- 2.0%
50,000 Exide Corp # 27,625
Notes
2.900% December 15, 2005
800,000 Geneva Steel Co 624,000
Senior Notes
9.500% January 15, 2004
75,000 Hexcel Corp 62,250
Convertible Debentures
7.000% August 1, 2011
350,000 USX-Marathon Group 343,203
Debentures
8.125% July 15, 2023
150,000 USX-Marathon Group 153,402
Debentures
8.500% March 1, 2023
$1,210,480
OIL & GAS --- 0.4%
200,000 Maxus Energy Corp 181,500
Debentures
8.500% April 1, 2008
100,000 Oryx Energy Co 88,000
Convertible Debentures
7.500% May 15, 2014
$269,500
OTHER TRANS. SERVICES --- 0.7%
200,000 FMC Corp 186,000
Convertible Debentures
6.750% January 16, 2005
100,000 Preston Corp 71,250
Convertible Bonds
7.000% May 1, 2011
250,000 Worldway Corp 170,000
Convertible Sub Debentures
6.250% April 15, 2011
$427,250
REAL ESTATE --- 0.4%
250,000 The Rouse Co 246,563
Convertible Sub Debentures
5.750% July 23, 2002
$246,563
RETAIL TRADE --- 3.9%
250,000 General Host Corp 200,000
Convertible Sub Notes
8.000% February 15, 2002
100,000 Jacobson Stores Inc 78,000
Convertible Debentures
6.750% December 15, 2011
250,000 K Mart Corp 190,000
Debentures
7.950% February 1, 2023
600,000 K Mart Corp 489,000
Pass Through Certificates
9.350% January 2, 2020
500,000 K Mart Corp 415,000
Pass Through Certificates
9.780% January 5, 2020
250,000 K Mart Corp 203,750
Pass Through Certificates
8.540% January 2, 2015
250,000 K Mart Funding Corp 212,500
Secured Lease Bond
8.800% July 1, 2010
250,000 Shoney's Inc 117,500
Convertible Sub Notes
0.000% April 11, 2004
500,000 Woolworth Corp 481,950
Debentures
8.500% January 15, 2022
$2,387,700
TRANSPORTATION EQUIPMENT --- 1.5%
450,000 Mascotech Inc 355,500
Convertible Sub Debentures
4.500% December 15, 2003
213,000 Rohr Inc 185,310
Convertible Sub Debentures
7.000% October 1, 2012
400,000 Rohr Inc 362,000
Sub Debentures
9.250% March 1, 2017
$902,810
U.S. GOVERNMENTS --- 9.7%
2,600,000 United States of America 393,406
Principal Strips
0.000% August 15, 2023
4,550,000 United States of America 4,124,848
Treasury Notes
6.250% August 15, 2023
500,000 United States of America 494,920
Treasury Bonds
6.875% August 15, 2025
1,000,000 United States of America 886,720
Treasury Bonds
6.000% February 15, 2026
$5,899,894
U.S. MUNICIPAL --- 0.6%
2,000,000 Orange County California Pension 380,986
General Obligation Bonds
0.000% September 1, 2016
$380,986
WHOLESALE TRADE - INDL --- 0.6%
400,000 Flagstar Corp 264,000
Senior Sub Debentures
11.250% November 1, 2004
200,000 Flagstar Corp 119,000
Convertible Debentures
10.000% November 1, 2014
$383,000
WHOLESALE TRADE -CONSUMER --- 0.4%
250,000 Fuqua Industries Inc 194,367
Convertible Sub Debentures
6.500% August 4, 2002
50,000 Glycomed Inc 44,500
Convertible Sub Debentures
7.500% January 1, 2003
200,000 Vendell Healthcare Inc* 32,000
Senior Notes
12.000% May 15, 2000
$270,867
TOTAL BONDS --- 93.2% $56,621,376
(Cost $55,248,597)
PREFERRED STOCK
CREDIT INSTITUTIONS --- 1.6%
1,500 Bank of Boston Corp 116,250
4,600 BankAmerica Corp 387,550
3,400 Citicorp 286,875
1,000 First Chicago Corp 90,250
1,500 HSBC Americas Inc 63,188
$944,113
ELECTRIC --- 2.5%
909 Central Louisiana Electric Company Inc 69,084
167 Cleveland Electric Illuminating Co 139,445
1,304 Entergy Louisiana Inc 65,200
5,500 Long Island Lighting Co 105,875
1,450 MDU Resources Group Inc 125,788
9,461 Nevada Power Co 160,837
730 New York State Electric & Gas Corp 33,580
2,850 Niagara Mohawk Power Corp 4.85% 122,550
2,500 Niagara Mohawk Power Corp 7.85% 57,188
11,800 Niagara Mohawk Power Corp Series B 206,500
12,500 Niagara Mohawk Power Corp Series C 221,875
300 Northern States Power Co 14,325
2,500 Texas Utilities Electric Co 226,875
$1,549,122
ELECTRONICS - HIGH TECH --- 0.5%
10,000 Unisys Corp 305,000
$305,000
GAS --- 0.1%
2,500 Western Gas Resources Inc 86,875
$86,875
MFTG - INDUSTRIAL PRODS --- 1.1%
950 Aluminum Company of America 61,275
13,350 Bethlehem Steel Corp # 554,025
3,000 McDermott Inc 83,249
$698,549
TOTAL PREFERRED STOCK --- 5.9% $3,583,659
(Cost $3,577,720)
SHORT-TERM INVESTMENTS
FOREIGN BANKS --- 0.9%
567,000 Canadian Imperial Bank of Commerce 567,000
$567,000
TOTAL SHORT-TERM INVESTMENTS --- 0.9% $567,000
(Cost $567,000)
TOTAL CORPORATE BOND PORTFOLIO --- 100.0% $60,772,035
(Cost $59,393,317)
Maxim Series Fund, Inc.
Small-Cap Index Portfolio
COMMON STOCK
AGRICULTURE --- 0.3%
1,800 Barefoot Inc 19,800
1,800 Dekalb Genetics Corp 46,800
2,300 Delta & Pine Land Co 97,175
1,000 Tejon Ranch Co 16,375
$180,150
AIR --- 1.0%
1,850 Air Express International Corp 52,263
2,500 Airborne Freight Corp 65,000
1,600 Alaska Air Group Inc* 43,800
4,780 America West Airlines Inc* 105,160
400 Amtran Inc* 3,300
4,150 Comair Holdings Inc 112,050
1,900 Continental Airlines Inc* 117,325
3,000 Mesa Airlines Inc* 35,625
2,300 Offshore Logistics Inc* 31,913
900 Skywest Inc 16,763
1,800 Tower Air Inc 9,000
7,400 US Air Group Inc* 133,200
$725,399
COMMUNICATIONS --- 2.5%
200 Adelphia Communications Corp* 1,500
1,800 American Mobil Satellite Corporation Inc* 27,900
400 American Paging Inc* 2,975
1,100 American Telecasting Inc* 14,575
2,462 Arch Communications Group Inc* 45,855
1,900 Associated Group Inc* 57,475
800 BET Holdings Inc* 21,100
1,000 Brite Voice Systems Inc* 21,500
2,400 C-Tec Corp* 71,400
2,985 CAI Wireless Systems Inc* 27,611
600 Cellstar Corp* 5,250
1,600 Cellular Communications Inc* 52,000
1,200 Cellular Communications International Inc* 40,500
1,300 Centennial Cellular Co* 21,938
4,200 Century Communications Corp* 35,700
1,675 Citicasters Inc 52,344
900 Coherent Communications Systems Corp* 19,125
1,800 Colonial Data Technologies Corp* 26,775
1,600 Commnet Cellular Inc* 48,000
1,000 EIS International Inc* 25,500
800 EZ Communications Inc* 19,000
800 Emmis Broadcasting Corp* 40,000
1,700 Evergreen Media Corp* 72,675
900 Heftel Broadcasting Corp* 26,663
400 IPC Information Systems Inc* 7,000
800 Incomnet Inc* 3,800
600 Intercel Inc* 12,000
3,275 International Family Entertainment Inc* 60,588
700 Jacor Communications Inc* 21,613
2,221 Jones Intercable Inc* 31,927
800 MasTec Inc* 20,200
900 Metrocall Inc* 10,013
2,857 Metromedia International Group Inc* 34,998
600 Palmer Wireless Inc* 12,000
5,300 Paxson Communications Corp* 56,313
3,800 Picturetel Corp* 149,625
2,043 PriCellular Corp* 24,771
600 Pronet Inc* 7,350
3,550 Renaissance Communications Corp* 114,488
600 SFX Broadcasting Inc* 23,400
1,100 Silver King Communications Inc* 33,000
1,800 TCA Cable TV Inc 54,450
1,200 TCSI Corp* 28,950
600 TSX Corp* 16,650
1,900 Telular Corp* 11,163
1,700 US Long Distance Corp* 60,350
4,600 United International Holdings Inc* 63,250
500 United Television Inc 49,000
1,200 United Video Satellite Group Inc* 25,200
1,000 Young Broadcasting Corp* 38,250
$1,747,710
CONSTRUCTION --- 1.0%
1,400 Acme Metals Inc* 23,800
400 American Buildings Co* 11,700
100 American Midland Corp* 0
1,200 Apogee Enterprises Inc 41,100
800 Beazer Homes USA Inc* 12,800
700 Continental Homes Holding Corp 15,050
1,566 DR Horton Inc* 16,443
700 Falcon Building Products Inc* 8,400
2,900 Geon Co 65,250
1,300 Granite Construction Inc 29,900
2,490 Insituform Technologies Inc* 19,298
4,100 Kaufman & Broad Home Corp 59,450
2,700 Lennar Corp 67,500
1,900 MDC Holdings Inc 12,825
2,900 Manufactured Home Communities Co 55,825
3,600 Morrison Knudsen Corp* 2,700
1,900 Oasis Residential Inc 41,563
2,200 Pulte Corp 58,850
1,600 Redman Industries Inc* 33,200
3,000 Standard Pacific Corp 21,750
5,300 The Presley Cos* 7,288
1,600 The Ryland Group Inc 24,000
2,200 Toll Brothers Inc* 36,025
1,400 US Home Corp* 34,475
1,100 Washington Construction Group* 11,275
$710,467
CONSUMER SERVICES --- 8.1%
300 AMC Entertainment Inc* 8,363
1,400 Access Health Inc* 66,150
2,700 Accustaff Inc* 73,575
2,500 Acuson Corp* 40,000
200 American Homepatient Inc* 8,850
200 American List Corp 5,300
1,600 American Medical Response Inc* 56,400
300 Ameristar Casinos Inc* 3,900
700 Anchor Gaming Co* 42,175
1,000 Angelica Corp 23,625
1,100 Apogee Inc* 5,913
1,725 Apollo Group Inc* 48,300
5,560 Apria Healthcare Group Inc* 174,445
1,400 Argosy Gaming Corp* 10,325
4,500 Aztar Corp* 51,750
5,600 Bally Entertainment Corp* 154,000
200 Bally's Grand Inc* 8,500
400 Berlitz International Inc* 8,500
4,700 Biocontrol Technology Inc* 6,754
1,600 CNS Inc* 38,800
1,600 CPI Corp 26,400
1,200 Carmike Cinemas Inc* 32,400
2,700 Carter-Wallace Inc 39,488
2,400 Casino Magic Corp* 13,200
1,200 Champion Healthcare Corp* 13,650
600 Children's Discovery Centers of America Inc* 4,050
300 Churchill Downs Inc 10,800
1,600 Coastal Physician Group Inc* 11,000
2,300 Community Health Systems Inc* 119,025
5,300 Community Psychiatric Centers* 50,350
4,800 Coram Healthcare Corp* 19,800
3,800 Coventry Corp* 59,850
1,600 Datascope Corp* 28,400
1,500 DeVry Inc* 67,500
1,300 Diagnostic Products Corp 50,050
2,300 Doubletree Corp* 81,650
800 Emcare Holdings Inc* 23,800
2,265 Enzo Biochem Inc* 38,788
600 Equity Corp International* 16,200
2,600 Equity Inns Inc 29,900
900 Fusion Systems Corp* 22,275
2,400 G&K Services Inc 68,400
700 GC Companies Inc* 26,075
2,900 Genesis Health Ventures Inc* 90,988
2,365 Grancare Inc* 47,004
3,700 Grand Casinos Inc* 95,275
700 Griffin Gaming & Entertainment* 10,850
600 Gryphon Holdings Inc* 9,000
750 Guest Supply Inc* 11,250
800 Harvard Industries Inc* 9,800
600 Harveys Casino Resorts 12,750
1,000 Health Management Inc* 3,000
1,400 Hollywood Casino Corp* 9,625
1,800 Hollywood Park Inc* 17,325
6,149 Horizon/CMS Healthcare Corp* 79,168
1,300 Human Genome Sciences Inc* 47,775
2,400 Hydron Technologies Inc 6,149
400 ITT Educational Services Inc* 11,550
1,100 Incontrol Inc* 12,925
800 Incyte Pharmaceuticals Inc* 30,850
1,100 Insurance Auto Auctions Inc* 11,000
2,500 Integrated Health Services Inc 59,375
1,700 Interim Services Inc* 73,100
1,000 Interpool Inc 18,250
1,000 Jenny Craig Inc* 17,875
2,300 KinderCare Learning Centers Inc* 35,363
300 Lab One Inc 4,950
3,300 Lincare Holdings Inc* 129,525
2,000 Living Centers of America Inc* 68,750
3,400 Magellan Health Services Inc* 73,100
3,100 Mariner Health Group Inc* 56,963
3,182 MedPartners Mullikin Inc* 66,424
656 Monro Muffler/Brake Inc* 12,054
1,066 Morrison Health Care Inc 14,924
500 Movie Gallery Inc* 10,500
1,600 Multicare Companies Inc* 30,400
1,530 National Auto Credit Inc* 17,404
4,200 National Education Corp* 59,850
3,192 Nellcor Inc* 154,812
7,800 Novacare Inc* 59,475
5,400 Omnicare Inc 143,100
6,200 Ornda Healthcorp* 148,800
900 Orthodontic Centers of America Inc* 23,850
1,000 Ostex International Inc* 10,500
750 PDT Inc* 24,750
1,100 PHP Healthcare Corp* 34,650
1,000 Peoples Choice TV Corp* 18,250
500 Phamis Inc* 7,375
6,262 Phycor Inc* 237,956
1,900 Physician Computer Network Inc* 21,968
2,000 Physician Reliance Network Inc* 44,500
3,300 Physician Sales & Services Inc* 80,025
3,450 Players International Inc* 33,638
2,400 President Casinos Inc* 4,049
800 Primadonna Resorts Inc* 18,400
3,700 Prime Hospitality Corp* 61,050
1,800 Quantum Health Resources Inc* 30,600
1,275 Regal Cinemas Inc* 58,331
1,400 Regency Health Services Inc* 15,925
1,300 Regis Corp 40,625
2,600 Renal Treatment Centers Inc* 74,750
14,300 Republic Industries Inc* 416,488
600 Res-Care Inc* 14,400
1,800 Rio Hotel & Casino Inc* 27,675
4,500 Rollins Truck Leasing Corp 46,688
2,300 Rotech Medical Corp* 44,850
300 Roto-Rooter Inc 10,350
3,600 Savoy Pictures Entertainment Inc* 19,350
500 Seafield Capital Corp 18,750
850 Seattle Filmworks Inc* 13,813
733 Sholodge Inc* 9,163
1,900 Showboat Inc 57,238
1,100 Shuffle Master Inc* 16,500
1,600 Sierra Health Services Inc* 50,400
1,100 Speedway Motorsports Inc* 28,188
1,500 Staar Surgical Co* 23,438
2,200 Station Casinos Inc* 31,625
2,300 Storage USA Inc 74,175
4,428 Sun Healthcare Group Inc* 63,099
800 Sylvan Learning Systems Inc* 30,200
1,200 The Marcus Corp 30,150
1,000 TheraTx Inc* 19,000
2,000 Toy Biz Inc* 40,500
2,400 UniFirst Corp 50,700
125 UniHolding Corp* 1,938
700 United American Healthcare Corp* 7,350
3,300 Universal Health Services Inc* 86,213
300 Vitalink Pharmacy Services Inc* 6,975
4,000 Vivra Inc* 131,500
2,800 Westwood One Inc* 42,700
$5,714,562
CREDIT INSTITUTIONS --- 6.1%
1,640 Albank Financial Corp 43,255
1,000 American Annuity Group Inc 13,000
1,300 American Federal Bank FSB 21,775
2,800 Ampal American Israel Corp 14,000
2,800 Amresco Inc 47,950
600 Anchor Bancorp Wisconsin Inc 20,850
2,025 Associated Banc-Corp 78,469
2,400 Astoria Financial Corp 65,100
405 BT Financial Corp 13,669
1,087 Bank of Granite Corp 27,719
800 Bay View Capital Corp 27,200
900 CBT Corp 20,700
5,800 Cal Fed Bancorp Inc* 105,850
1,300 Capsure Holdings Corp* 23,238
1,700 Center Financial Corp 41,065
5,260 Charter One Financial Inc 183,443
1,500 Citizens Bancorp 43,875
4,400 City National Corp 69,300
900 Cole Taylor Financial Group Inc 26,775
2,400 Collective Bancorp Inc 56,700
1,300 Colonial Bancgroup Inc 43,550
1,376 Commerce Bancorp Inc 32,336
1,800 Commercial Federal Corp 68,850
1,331 Commonwealth Bancorp Inc 14,142
4,250 Concord EFS Inc* 153,000
900 Corus Bankshares Inc 27,000
2,600 Cullen/Frost Bankers Inc 72,150
2,300 Deposit Guaranty Corp 101,200
600 FFY Financial Corp 14,250
1,100 First Citizens Bancshares Inc 67,650
2,318 First Colorado Bancorp Inc 30,714
3,200 First Commercial Corp 98,400
2,600 First Commonwealth Financial Corp 46,150
1,441 First Financial Bancorp 46,472
3,500 First Financial Corp 78,750
651 First Financial Corp-Indiana 20,181
2,250 First Michigan Bank Corp 70,875
1,400 First Midwest Bancorp Inc 39,200
1,100 FirstBank Illinois Co 34,100
1,850 FirstBank Puerto Rico 42,550
1,100 FirstFed Financial Corp* 19,113
4,000 FirstMerit Corp 127,000
200 General Acceptance Corp* 1,200
5,200 Glendale Federal Bank FSB* 94,250
300 Harris Savings Bank 4,875
2,865 Home Financial Corp 37,245
700 Homeland Bankshares Corp 23,625
1,650 Hubco Inc 34,856
1,209 Imperial Bancorp* 29,016
1,245 Imperial Credit Industries Inc 37,661
400 Investment Technology Group Inc* 5,400
600 Liberty Bancorp Inc 21,300
2,900 Long Island Bancorp Inc 88,630
900 MLF Bancorp Inc 21,825
3,300 Magna Group Inc 79,200
1,500 Mark Twain Bancshares Inc 55,500
1,130 National City Bancshares Inc 32,911
1,251 New York Bancorp Inc 31,901
1,800 North American Mortgage Co 31,275
2,900 North Fork Bancorporation Inc 75,763
3,100 Olympic Financial Ltd* 71,300
500 Park National Corp 24,750
1,000 Peoples Bank of Bridgeport 22,250
1,050 Pikeville National Corp 22,838
1,500 RCSB Financial Inc 38,813
1,189 Resource Bancshares Mortgage Group Inc* 14,417
2,400 Riggs National Corp 29,100
2,250 St Paul Bancorp Inc 51,750
2,100 Standard Financial Inc 34,650
500 Student Loan Corp 18,000
400 Suffolk Bancorp 12,600
500 Sumitomo Bank of California 12,750
1,500 Susquehanna Bancshares Inc 40,125
3,737 The Money Store Inc 82,681
1,900 The Trust Company of New Jersey 24,700
430 Tompkins County Trustco Inc 9,568
1,300 Trans Financial Inc 22,750
2,180 Trustco Bank Corp 41,965
1,984 UMB Financial Corp 72,912
1,100 US Trust Corp 55,550
600 USBancorp Inc 19,125
1,800 UST Corp 26,775
1,400 United Bankshares Inc 37,800
2,850 United Carolina Bancshares Corp 63,413
4,410 Valley National Bancorp 112,455
1,300 Vallicorp Holdings Inc 22,100
600 Vermont Financial Services Corp 18,900
800 Wesbanco Inc 21,800
1,100 WestAmerica Bancorp 55,275
1,181 Westcorp Inc 20,963
3,800 Western National Corp 69,825
1,750 Whitney Holding Corp 52,938
340 Winthrop Resources Corp 6,885
2,300 World Acceptance Corp* 16,675
1,700 Zions Bancorp 123,675
$4,270,072
ELECTRIC --- 2.2%
1,700 Black Hills Corp 42,288
2,100 Central Hudson Gas & Electric Corp 65,625
2,700 Central Louisiana Electric Company Inc 71,888
3,800 Central Maine Power Co 55,100
1,400 Central Vermont Public Service Corp 17,850
8,952 Citizens Utilities Co* 104,067
2,200 Commonwealth Energy System Cos 56,650
1,800 Destec Energy Inc* 22,950
2,400 Eastern Utilities Associates 47,100
1,900 Empire District Electric Co 32,775
1,200 Energen Corp 26,550
600 Green Mountain Power Corp 14,550
3,500 IES Industries Inc 104,563
1,100 Interstate Power Co 35,338
3,400 MDU Resources Group Inc 73,100
1,850 Madison Gas & Electric Co 39,775
1,000 Northwestern Public Service Co 26,875
1,600 Orange & Rockland Utilities Inc 58,800
1,300 Otter Tail Power Co 42,250
600 Pennsylvania Enterprises Inc 23,850
4,900 Public Service Company of New Mexico 100,450
1,800 SIGCORP Inc 62,325
3,600 Sierra Pacific Resources 91,350
500 St Joseph Light & Power Co 13,875
1,300 TNP Enterprises Inc 36,888
3,820 Tucson Electric Power Co* 51,570
3,900 UGI Corp 85,800
1,700 United Illuminating Co 63,538
2,800 WPS Resources Corp 88,550
$1,556,290
ELECTRONICS - HIGH TECH --- 11.3%
700 3D Systems Corp* 15,400
2,000 ADAC Laboratories 45,500
3,200 AST Research Inc* 21,600
1,800 ATS Medical Inc* 18,225
600 Acme Electric Corp* 4,575
1,900 Actel Corp* 35,150
800 Adflex Solutions Inc* 8,800
1,600 Advanced Technology Laboratories Inc* 58,400
3,100 Allen Group Inc 67,425
1,500 Alliant Techsystems Inc* 70,688
900 Alpha Industries Inc* 7,988
1,450 Altron Inc* 29,363
2,300 Ameridata Technologies Inc* 36,513
3,900 Ametek Inc 84,825
900 Analogic Corp 24,075
1,800 Antec Corp* 28,575
1,700 Apertus Technologies Inc* 6,163
1,400 Applied Digital Access Inc* 14,700
1,000 Applied Innovation Inc* 10,875
2,800 Applied Magnetics Corp* 29,400
1,100 Applix Inc* 31,625
700 Arbor Health Care Co* 19,075
2,400 Aspect Telecommunications Corp* 118,800
700 Aspen Technology Inc* 38,500
1,900 Atari Corp* 10,925
2,000 Augat Inc 38,250
2,800 Auspex Systems Inc* 42,000
2,340 Baldor Electric Co 52,650
3,200 Ballard Medical Products Co 61,200
1,050 Bio Rad Labs Inc* 37,669
1,900 Black Box Corp* 45,125
600 Boca Research Inc* 10,950
2,300 Boston Technology Inc* 38,813
1,600 Broadband Technolgies Inc* 51,600
1,800 Brooktree Corp* 18,900
1,950 Burr Brown Corp* 34,613
1,100 C COR Electronics Inc* 19,800
3,900 C-Cube Microsystems Inc* 128,700
400 CTS Corp 18,800
2,050 Cable Design Technologies Co* 67,138
1,900 California Microwave Inc* 28,975
1,700 Cellpro Inc* 30,600
500 Charter Power Systems Inc 17,375
3,400 Checkpoint Systems Inc* 116,875
500 Cherry Corp* 5,375
2,400 Chips & Technologies Inc* 23,400
1,200 Cidco Inc* 42,300
1,500 Cincinnati Microwave Inc* 5,438
1,500 Circon Corp* 17,625
3,800 Cognex Corp* 61,275
1,300 Coherent Inc* 67,600
1,100 Cohu Inc 22,275
1,000 Collagen Corp 19,125
1,800 Compression Labs Inc* 10,350
2,900 Computer Products Inc* 49,663
2,500 Comverse Technology Inc* 76,250
1,700 Conmed Corp* 45,263
2,550 Credence Systems Corp* 34,264
1,300 Cree Research Inc* 19,500
400 Cubic Corp 13,050
2,300 Cyrix Corp* 39,675
900 DH Technology Inc* 21,600
1,000 DII Group Inc* 25,500
2,100 DSP Communications Inc* 107,888
900 DSP Group Inc* 8,325
2,600 Dallas Semiconductor Corp 47,125
1,200 Daniel Industries Inc 17,400
4,500 Data General Corp* 58,500
1,400 Digi International Inc* 37,450
500 Digital Link Corp* 8,500
1,900 Digital Microwave Corp* 31,588
1,500 Dionex Corp* 48,375
1,000 Electro Scientific Industries Inc* 21,000
2,100 Electroglas Inc* 29,925
400 Eltron International Inc* 10,900
1,200 Energy Conversion Devices Inc* 27,300
1,000 Esterline Technologies Corp* 25,000
1,000 Evans & Sutherland Computer Corp* 21,250
2,600 Exabyte Corp* 33,961
900 Exide Electricians Group Inc* 8,550
500 Expert Software Inc* 3,875
4,200 FORE Systems Inc* 151,725
300 Firefox Communications Inc* 2,250
600 Fluke Corp 24,225
600 Franklin Electric Company Inc 21,000
900 Fresenius USA Inc* 19,350
600 GTI Corp* 4,350
800 Gelman Sciences Inc* 18,100
2,400 General Datacomm Industries Inc* 32,400
2,400 Genrad Inc* 39,600
1,900 Genus Inc* 18,288
5,000 Geotek Communications Inc* 68,435
1,600 Global Village Communication Co* 13,200
1,300 Gulf South Medical Supply Inc* 50,700
300 HCIA Inc* 18,900
425 Hach Co 6,800
900 Hadco Corp* 19,350
2,700 Haemonetics Corp* 49,275
1,750 Harman International Industries Inc 86,188
800 Harmon Industries Inc 13,000
1,650 Health Management Systems Inc* 52,388
600 Heartland Wireless Communications Inc* 14,250
1,350 Holophane Corp* 21,263
600 Hutchinson Technology Inc* 21,300
900 I-Stat Corp* 16,988
2,000 IMO Industries Inc* 11,500
1,000 ITI Technologies Inc* 33,000
2,000 Identix Inc* 29,250
5,300 Input/Output Inc* 171,588
900 Inso Corp* 47,138
1,100 Integrated Circuit Systems Inc* 11,825
1,500 Integrated Process Equipment Corp* 31,125
1,700 Integrated Silicon Solution Inc* 19,550
900 Inter-Tel Inc* 23,568
5,400 Interdigital Communications Inc* 45,900
4,700 Intergraph Corp* 56,988
3,600 International Cabletel Inc* 106,200
5,300 International Rectifier Corp* 85,463
1,900 Intervoice Inc* 37,763
2,900 Invacare Corp 68,150
1,800 Irvine Sensors Corp* 8,550
2,200 Juno Lighting Inc 37,400
800 LS Starrett Co 20,800
4,100 LTX Corp* 25,625
2,600 Lattice Semiconductor Corp* 62,725
1,500 Level One Communications Inc* 29,625
1,400 Littelfuse Inc* 52,500
2,200 Lojack Corp* 24,750
650 Lunar Corp* 22,425
1,100 MTS Systems Corp 23,100
3,600 Macromedia Inc* 78,750
2,300 Magnetek Inc* 22,138
2,000 Marshall Industries* 56,000
1,000 Mattson Technology Inc* 10,625
1,500 Measurex Corp 43,875
2,600 Mentor Corp 66,300
400 Merix Corp* 8,000
3,700 Methode Electronics Inc 62,900
1,400 Metricom Inc* 22,050
1,400 Micro Linear Corp* 10,500
500 Microdyne Corp* 3,313
1,200 Micron Electronics Inc* 14,700
500 Microtest Inc* 3,938
600 Mine Safety Appliances Co 24,600
1,900 Mylex Corp* 33,725
1,600 National Computer Systems Inc 34,200
2,200 Network Equipment Technologies Inc* 46,750
1,200 Numerex Corp 6,450
1,900 OEA Inc 71,250
2,100 Oak Industries Inc* 62,213
1,200 Oak Technology Inc* 11,250
5,440 Octel Communications Corp* 107,440
300 Open Environment Corp* 1,575
800 Opti Inc* 4,100
500 Orbit Semiconductor Inc* 5,563
700 Ortel Corp* 17,150
1,500 P-Com Inc* 47,250
600 PRI Automation Inc* 18,300
1,200 PSC Inc* 12,000
1,400 Pacific Scientific Co 22,050
1,100 Park Electrochemical Corp 22,000
2,000 Pittway Corp 93,000
1,000 Plantronics Inc* 36,750
600 Printronix Inc* 9,375
800 Proxima Corp* 9,700
700 Quick Response Services Inc* 20,125
1,800 Radius Inc* 4,950
1,600 Rational Software Corp* 86,000
1,100 Recoton Corp* 19,250
550 Remedy Corp* 40,150
1,100 Research Medical Inc* 24,338
1,900 Resound Corp* 24,225
1,900 Respironics Inc* 35,150
1,100 Rival Co 25,300
800 Rogers Corp* 19,900
3,500 SCI Systems Inc* 142,188
450 SDL Inc* 12,488
800 Safeskin Corp* 33,200
400 Safety 1st Inc* 3,350
2,000 Sanmina Corp* 54,000
1,100 Security Dynamics Technologies Inc* 90,475
650 Semitool Inc* 8,450
2,600 Sepracor Inc* 39,000
3,900 Sequent Computer Systems Inc* 52,650
2,800 Sierra Semiconductor Corp* 32,550
1,200 Siliconix Inc* 25,800
2,100 Sofamor Danek Group Inc* 58,275
500 Softdesk Inc* 4,750
4,028 Softkey International Inc* 76,278
1,300 Spacelabs Inc* 30,225
900 Spectrian Corp* 12,825
1,600 Standard Microsystems Corp* 24,400
3,626 Steris Corp* 116,032
2,800 Stratus Computer Inc* 81,200
600 Sullivan Dental Products Inc 6,075
700 Summa Four Inc* 9,713
3,450 Summit Technology Inc* 48,300
1,900 Sunrise Medical Inc* 36,575
1,800 Symmetricom Inc* 24,300
1,200 Syquest Technology Inc* 9,450
1,100 Systemsoft Corp* 51,700
1,100 Target Therapeutics Inc* 45,100
800 Tech-Sym Corp* 23,800
1,800 Tecnol Medical Products Inc* 34,650
2,100 Teleflex Inc 100,275
1,000 The Peak Technologies Group Inc* 23,375
1,900 Thermedics Inc* 47,500
1,200 Thomas Industries Inc 22,950
800 Three Five Systems Inc* 8,100
1,600 Tracor Inc* 27,600
1,400 Trident Microsystems Inc* 17,675
2,300 Trimble Navigation Ltd* 44,275
3,900 Unilab Corp* 6,092
400 Union Switch & Signal Inc* 3,400
1,100 Unitrode Corp* 21,313
2,400 Ventritex Inc* 41,100
1,200 Visx Inc* 40,950
700 Vital Signs Inc 14,350
1,500 Vitesse Semiconductor Corp* 36,000
900 Watkins Johnson Co 24,638
700 Wavephore Inc* 5,688
1,200 Wireless Telecom Group Inc 14,100
1,500 X-Rite Inc 22,875
500 Xcellenet Inc* 5,375
2,100 Zebra Technologies Corp* 37,275
2,300 Zilog Inc* 55,200
$7,920,544
ENVIRONMENTAL SERVICES --- 0.8%
2,200 Air & Water Technologies Corp* 13,200
5,800 Allied Waste Industries Inc* 51,475
2,400 ICC Technologies Inc* 14,100
3,800 International Technology Corp* 10,450
2,900 Mid-American Waste Systems Inc* 2,717
1,300 Molten Metal Technology Inc* 38,350
2,300 OHM Corp* 16,100
600 Prins Recycling Corp* 862
7,200 Rollins Environmental Services Inc* 27,900
200 Sevenson Environmental Services Inc 3,475
1,500 Tetra Technologies Inc* 26,063
472 Thermo Remediation Inc 5,900
7,732 USA Waste Services Inc* 229,061
3,400 United Waste Systems Inc* 109,650
1,400 Zurn Industries Inc 29,050
$578,353
FORESTRY --- 0.1%
2,800 Chesapeake Corp 73,500
$73,500
GAS --- 2.1%
600 Aquila Gas Pipeline Co 7,800
1,850 Atmos Energy Corp 56,656
1,600 Bay State Gas Co 44,600
1,100 Cascade Natural Gas Corp 15,813
1,000 Colonial Gas Co 21,000
1,100 Connecticut Energy Corp 20,900
1,200 Connecticut Natural Gas Corp 26,850
2,400 Eastern Enterprises 79,800
2,300 Indiana Energy Inc 65,838
1,100 KCS Energy Inc 31,625
2,335 KN Energy Inc 78,223
2,100 Laclede Gas Co 46,988
1,100 NUI Corp 19,663
2,100 New Jersey Resources Corp 60,375
800 North Carolina Natural Gas Corp 22,000
1,700 Northwest Natural Gas Co 59,500
3,200 OneOk Inc 80,000
3,400 Piedmont Natural Gas Company Inc 78,625
2,800 Pride Petroleum Services Inc* 39,900
2,200 Public Service Company of North Carolina Inc 37,400
4,000 Seagull Energy Corp* 100,000
1,300 South Jersey Industries Inc 27,625
1,422 Southeastern Michigan Gas Enterprises Inc 24,885
980 Southern Union Co* 21,560
2,900 Southwest Gas Corp 46,400
2,900 Southwestern Energy Co 40,963
1,705 Tejas Gas Corp* 59,249
1,100 USX-Delhi Group 13,475
1,500 United Cities Gas Corp 22,688
2,900 Washington Energy Co 57,275
1,900 Western Gas Resources Inc 30,875
2,200 Wicor Inc 83,050
1,200 Yankee Energy Systems Inc 26,100
$1,447,701
HIGHWAYS --- 0.1%
2,300 Arnold Industries Inc 32,775
1,300 Swift Transportation Company Inc* 24,863
2,500 Yellow Corp* 33,125
$90,763
HOLDING & INVEST. OFFICES --- 7.3%
500 AMLI Residential Properties Trust 10,313
1,400 Alexander Haagen Properties Inc 17,850
1,600 Allied Capital Commercial Corp 31,600
1,200 Amcore Financial Inc 23,700
200 Amerco Inc* 5,650
2,500 American Health Properties Inc 55,313
1,500 Amvestors Financial Corp 23,625
1,200 Associated Estates Realty Corp 25,200
3,600 Avalon Properties Inc 78,300
412 BOK Financial Corp* 9,167
3,940 BRE Properties Inc 76,830
2,500 Bancorpsouth Inc 53,750
1,160 Bankers Corp 20,300
800 Banknorth Group Inc 27,400
1,400 Bay Apartment Communities Inc 36,225
3,000 Berkshire Realty Inc 32,625
2,204 Bradley Real Estate Inc 31,958
650 Brenton Banks Inc 15,763
2,500 CBL & Associated Properties Inc 55,938
2,117 CNB Bancshares Inc 60,599
600 CPB Inc 19,500
1,500 CRI Liquidating Real Estate Investment Trust Inc 2,813
1,700 Camden Property Trust 40,375
2,750 Capstead Mortgage Corp 76,656
1,600 Carr Realty Corp 38,400
1,300 Centerpoint Properties Corp 31,525
2,800 Centura Banks Inc 102,900
1,100 Chelsea GCA Realty Inc 34,925
1,050 Chemical Financial Corp 40,163
1,250 Chittenden Corp 28,125
300 Christiana Companies Inc* 6,375
1,600 Cilcorp Inc 68,400
1,300 Citizens Banking Corp 37,700
1,300 Citizens Inc* 7,475
2,200 Coast Savings Financial Inc* 72,050
2,100 Colonial Properties Trust 50,925
1,400 Columbus Realty Trust 27,125
1,900 Commercial Net Lease Realty Inc 26,363
1,200 Community First Bancshares Inc 28,200
2,700 Cousins Properties Inc 52,988
3,600 Criimi Mae Inc 39,600
2,600 Crown American Realty Trust 20,150
2,200 Developers Diversified Realty Corp 70,125
3,300 Duke Realty Investments Inc 99,825
900 Eaton Vance Corp 32,625
1,600 Excel Realty Trust Inc 32,800
520 F&M Bancorp 11,700
2,210 F&M National Corp 40,333
1,071 FNB Corp 25,972
1,400 Factory Stores of America Inc 12,775
3,800 Federal Realty Investment Trust 85,500
842 Financial Trust Corp 24,418
1,400 First Commerce Bancshares Inc 41,300
750 First Financial Bankshares Inc 27,750
600 First Financial Holdings Inc 10,800
639 First Industrial Corp 15,336
550 First Merchants Corp 13,613
805 First Source Corp 17,509
2,000 First Union Real Estate Equity & Mortgage Investments 13,000
400 First United Bancshares Inc 16,800
950 First Western Bancorp 23,513
900 Fund American Enterprises Holdings Inc 72,900
2,600 Glimcher Realty Trust 43,875
800 Hancock Holding Co 32,400
700 Harleysville Group Inc 20,650
750 Harleysville National Corp 19,875
1,600 Health Care Real Estate Investment Trust Inc 34,400
1,500 Healthcare Realty Trust Co 35,625
3,000 IRT Property Co 28,500
900 ISB Financial Corp 13,275
1,200 Inacom Corp* 22,500
400 Irwin Financial Corp 15,700
1,500 JP Realty Inc 32,063
1,000 JSB Financial Inc 33,125
1,800 Jefferson Bankshares Inc 39,825
3,033 Keystone Financial Inc 101,606
2,100 Koger Equity Inc* 28,088
2,200 LTC Properties Inc 36,300
300 Liberty Financial Companies Inc 10,163
3,400 Liberty Property Trust 67,575
1,800 Life USA Holding Inc* 15,975
1,237 MAF Bancorp Inc 30,307
1,400 MGI Properties Inc 23,975
800 Magna Bancorp Inc 29,800
800 Mark Centers Trust 8,300
400 Maryland Federal Bancorp Inc 11,800
3,500 Merry Land & Investment Company Inc 73,500
2,266 Mid-Am Inc 41,638
100 Midland Co 4,200
500 National Bancorp of Alaska Inc 31,500
2,200 National Commerce Bancorp 69,300
1,200 National Golf Properties Inc 29,100
2,200 National Health Investors Inc 72,050
735 National Penn Bancshares Inc 19,294
4,600 Nationwide Health Properties Inc 97,175
700 Omega Financial Corp 23,100
1,935 Omega Healthcare Investors Inc 53,454
1,700 Onbancorp Inc 55,675
1,900 One Valley Bancorp Inc. 65,550
900 Pennsylvania Real Estate Investment Trust 17,438
961 Peoples First Corp 21,863
3,000 Peoples Heritage Financial Group Inc 61,125
2,500 Pioneer Group Inc 66,875
1,700 Provident Bancorp Inc 59,925
761 Provident Bankshares Corp 25,113
3,700 Public Storage Inc 76,313
600 Queens County Bancorp Inc 29,400
2,900 RFS Hotel Investments Inc 44,950
3,600 Ralcorp Holdings Inc* 74,250
1,000 Regency Realty Corp 21,000
1,100 Reliance Bancorp Inc 17,188
1,985 Republic Bancorp Inc 21,835
4,302 Roosevelt Financial Group Inc 82,814
1,300 S&T Bancorp Inc 39,975
300 SJW Corp 9,975
1,100 Security Capital Corp* 65,450
1,000 Security-Connecticut Life Insurance Co 27,250
1,400 Shurgard Storage Centers Inc 35,350
1,100 Silicon Valley Bancshares* 28,325
2,400 South West Property Trust Inc 32,100
5,114 Sovereign Bancorp Inc 51,140
2,000 Summit Properties Inc 39,250
1,700 Sun Communities Inc 45,688
1,000 TR Financial Corp 27,500
3,600 Taubman Centers Inc 40,050
700 The Boston Bancorp 30,275
1,800 Thornburg Mortgage Asset Co 29,250
1,800 Town & Country Trust 23,625
2,800 United Companies Financial Corp 95,200
6,700 United Dominion Realty Trust Inc 96,313
2,800 WHX Corp* 25,550
3,800 Washington Real Estate Investment Trust 63,650
2,000 Wellsford Residential Property Trust 45,000
2,000 Western Investment Real Estate Trust 26,000
600 White River Corp* 28,125
$5,129,801
INDEPENDENT POWER PROD --- 0.0%
400 Trigen Energy Corp 7,550
$7,550
INDUSTRIAL SERVICES --- 8.4%
800 ABM Industries Inc 31,300
1,150 ABR Information Services Inc* 57,788
800 Aaron Rents Inc 12,300
1,200 Ackerley Communications Inc 32,700
400 Active Voice Corp* 4,800
2,300 Acxiom Corp* 78,488
4,400 Advanced Tissue Sciences Inc* 70,950
2,600 Advo Inc 26,975
1,100 Affiliated Computer Services Inc* 51,700
4,700 Allwaste Inc* 21,738
500 Alternative Resources Corp* 18,375
1,150 American Business Information Inc* 20,988
4,725 American Management Systems Inc* 138,206
1,100 American Superconductor Corp* 15,675
900 Analysts International Corp 37,800
3,600 Applied Bioscience International Inc* 37,800
1,700 Artisoft Inc* 14,875
1,400 Atria Software Inc* 70,000
7,100 Aura Systems Inc* 25,290
2,500 Avid Technology Inc* 46,250
2,100 BBN Corp* 45,675
2,000 Bisys Group Inc* 75,500
1,300 Boole & Babbage Inc* 31,200
3,600 Borland International Inc* 32,850
900 Broadway & Seymour Inc* 10,800
1,300 CDI Corp* 43,875
300 CDW Computer Centers Inc* 20,850
1,600 Caere Corp* 18,600
3,300 Cambridge Technology Partners Inc* 100,650
1,800 Career Horizons Inc* 63,000
2,262 Cellular Technical Services Co* 39,868
4,400 Cheyenne Software Inc* 84,700
1,500 Chronimed Inc* 27,563
600 ClinTrials Research Inc* 24,900
3,300 Columbia Laboratories Inc* 49,088
1,500 Computer Horizons Corp* 59,250
500 Computer Language Research Inc 6,250
1,100 Computer Task Group Inc 31,075
7,400 Computervision Corp* 74,000
2,809 Continuum Inc* 162,922
1,400 Control Data Systems Inc* 29,925
4,000 Corrections Corporation of America* 280,000
800 Corrpro Companies Inc* 7,100
500 Cycare Systems Inc* 26,063
1,900 Dames & Moore Inc 23,038
1,000 Davidson & Associates Inc* 30,000
700 Dialogic Corp* 41,738
900 EPIC Design Technology Inc* 22,725
900 Electro Rent Corp* 22,275
1,900 Ennis Business Forms Inc 21,613
900 Excalibur Technologies Corp* 20,250
2,400 FTP Software Inc* 19,800
900 Fair Isaac & Co Inc 39,825
2,200 Figgie International Inc* 33,275
1,800 Filenet Corp* 65,700
1,000 GMIS Inc* 12,000
1,000 GRC International Inc* 38,375
65 Grey Advertising Inc 14,365
900 Gupta Corp* 4,218
2,000 Heritage Media Corp* 79,750
2,000 Hyperion Software Corp* 24,750
3,300 Ideon Group Inc 44,550
2,000 ImmuLogic Pharmaceutical Corp* 18,250
3,300 Information Resources Inc* 40,425
1,600 Integrated Systems Inc* 64,099
2,100 Intersolv Inc* 19,425
1,200 Itron Inc* 34,050
833 Jack Henry & Associates Inc 28,322
2,500 Jacobs Engineering Group Inc* 65,938
1,950 Keane Inc* 71,906
1,000 Landauer Inc 21,125
1,800 Landmark Graphics Corp* 34,650
1,400 Logicon Inc 41,825
1,200 MacErich Co 25,200
1,600 MacNeal Schwendler Corp 12,000
400 MapInfo Corp* 4,200
2,975 McAfee Associates Inc* 145,775
900 Medic Computer Systems Inc* 73,013
1,500 Mercury Interactive Corp* 20,625
1,800 Microcom Inc* 22,725
950 NFO Research Inc* 22,444
2,700 National Data Corp 92,475
400 National Instruments Corp* 9,000
1,000 Neopath Inc* 25,250
900 NetCom On-Line Communication Services Inc* 24,300
3,600 NetManage Inc* 39,600
1,200 Network Peripherals Inc* 20,550
800 Neurogen Corp* 20,600
700 Norrell Corp 34,388
7,100 OIS Optical Imaging Systems Inc* 21,740
2,000 PHH Corp 114,000
2,600 PairGain Technologies Inc* 161,200
1,500 Phoenix Technologies Ltd* 25,125
700 Pinkertons Inc* 16,188
800 Planar Systems Inc* 11,400
1,600 Platinum Software Corp* 11,600
5,332 Platinum Technology Inc* 80,647
2,500 Prepaid Legal Services Inc* 46,250
2,800 Primark Corp* 91,350
1,300 Progress Software Corp* 21,288
3,500 Quarterdeck Corp* 32,813
1,400 Quickturn Design Systems Inc* 20,300
1,500 Quintiles Transnational Corp* 98,625
1,700 Racotek Inc* 7,968
5,200 Robert Half International Inc* 144,950
5,500 S3 Inc* 67,716
1,500 SEI Corp 31,688
2,200 Santa Cruz Operation Inc* 15,950
2,600 Shiva Corp* 208,000
2,100 Sierra On-Line Inc* 92,138
800 Software Artistry Inc* 5,500
5,100 Sotheby's Holdings Inc 73,950
2,400 Spectrum Holobyte Inc* 13,800
1,500 Standard Register Co 36,938
1,000 Stone & Webster Inc 34,125
3,600 Structural Dynamics Research Corp* 79,200
3,350 System Software Associates Inc 56,950
400 Systemix Inc* 7,200
1,700 Systems & Computer Technology Corp* 24,650
1,483 Tetra Tech Inc* 29,660
1,700 The 3DO Co* 18,063
1,400 Thermolase Corp* 38,150
1,100 Thermotrex Corp* 54,175
1,000 Transmedia Network Inc 8,750
110 Trex Medical Corp* 0
2,000 Triad Systems Corp* 12,750
2,200 True North Communications Inc 48,950
2,150 United States Bioscience Inc* 29,294
700 Veritas Software Corp* 30,100
1,900 Viewlogic Systems Inc* 26,363
600 Volt Information Sciences Inc* 26,700
1,100 Wackenhut Corp 27,088
600 Wackenhut Corrections Corp* 20,025
900 Wall Data Inc* 19,800
1,000 Wind River Systems* 34,500
1,000 Wonderware Corp* 18,875
3,100 Zenith Electronics Corp* 37,588
$5,884,189
INSURANCE --- 4.4%
4,500 20th Century Industries* 74,813
1,500 Acceptance Insurance Companies Inc* 25,688
1,600 Acordia Inc 54,000
2,400 Alfa Corp 26,400
1,000 Allied Group Inc 43,500
2,300 American Bankers Insurance Group Inc 100,338
1,000 American Heritage Life Investment Corp 21,875
1,450 American Travellers Corp* 33,350
2,100 Argonaut Group Inc 65,625
1,700 Arthur J Gallagher & Co 54,400
900 Avemco Corp 12,150
800 BRC Holdings Inc* 28,800
1,400 Baldwin & Lyons Inc 28,875
1,300 CMAC Investment Corp 74,750
1,500 Capital RE Corp 55,125
800 Citizens Corp 15,000
4,400 Commerce Group Inc 91,850
2,700 Crawford & Co 46,913
600 Crop Growers Corp* 5,700
1,800 Danielson Holding Corp* 12,037
900 Delphi Financial Group Inc* 24,300
1,200 EW Blanch Holdings Inc 23,850
1,500 Enhance Financial Services Group Inc 42,000
1,400 Executive Risk Inc 53,550
1,000 Foremost Corporation of America 56,750
2,220 Fremont General Corp 51,060
1,100 Frontier Insurance Group Inc 37,950
2,271 Gainsco Inc 22,426
1,800 Guaranty National Corp 32,400
2,450 HCC Insurance Holdings Inc* 55,125
1,600 Hilb Rogal & Hamilton Co 22,200
1,400 Home Beneficial Corp 36,750
2,800 Horace Mann Educators Corp 88,900
1,500 Inphynet Medical Management Inc* 28,125
1,700 Integon Corp 34,213
3,000 John Alden Financial Corp 66,375
400 Kansas City Life Insurance Co 21,800
1,800 Liberty Corp 57,150
2,200 Life Partners Group Inc 50,050
1,000 Life Re Corp 30,875
968 MAIC Holdings Inc* 36,058
1,000 MMI Companies Inc 30,875
400 Markel Corp* 37,200
2,100 Maxicare Health Plans Inc* 39,638
2,300 NAC RE Corp 77,050
2,000 National RE Corp 75,500
200 National Western Life Insurance Co* 13,350
600 Nymagic Inc 11,325
1,600 Orion Capital Corp 81,600
1,000 PXRE Corp 24,250
3,000 Penncorp Financial Group Inc 95,250
800 Physicians Health Services Inc* 18,200
600 Poe & Brown Inc 14,850
2,700 Presidential Life Corp 28,013
3,400 Protective Life Corp 119,425
775 RLI Corp 18,891
2,000 Reinsurance Group America Co 75,500
4,900 Reliance Group Holdings Inc 36,750
900 RightChoice Managed Care Inc* 11,138
1,700 Selective Insurance Group Inc 55,250
500 State Auto Financial Corp 12,125
650 Stewart Information Services Corp 13,081
2,700 Systemed Inc* 7,846
1,100 The First American Financial Corp 37,125
700 The Navigators Group Inc* 12,425
800 Transnational Re Corp 19,700
700 Trenwick Group Inc 35,000
875 United Fire & Casualty Co 26,688
3,900 United Insurance Companies Inc* 88,725
300 United Wisconsin Services Inc 7,800
1,950 Vesta Insurance Group Inc 65,081
1,500 WR Berkley Corp 62,625
1,200 Washington National Corp 30,900
600 Wellcare Management Group Inc* 5,625
1,200 Zenith National Insurance Corp 32,850
$3,064,747
LEASING --- 0.1%
600 Oxford Resources Corp* 13,950
1,200 Renters Choice Inc* 30,600
300 US Xpress Enterprises Inc* 2,250
$46,800
MFTG - CONSUMER PRODS. --- 7.1%
400 AEP Industries Inc 17,400
4,500 Adolph Coors Co 80,438
1,400 American Business Products Inc 30,625
300 American Eagle Outfitters Inc* 5,363
4,900 American Media Inc* 25,725
2,200 Authentic Fitness Corp 40,975
3,550 Banta Corp 89,638
1,600 Bassett Furniture Industries Inc 42,800
1,700 Bowne & Company Inc 35,063
400 Bridgford Foods Corp 2,900
2,000 Brown Group Inc 34,750
7,400 Burlington Industries Inc* 104,525
900 CSS Industries Inc* 21,150
800 Cadmus Communications Corp 12,300
3,600 Calgene Inc* 23,850
1,600 Canandaigua Wine Company Inc* 46,499
1,100 Catalina Marketing Corp* 100,650
3,600 Champion Enterprises Inc* 75,150
291 Champion Industries Inc 5,165
900 Chic by HIS Inc* 4,725
3,500 Chiquita Brands International Inc 45,500
700 Chromcraft Revington Inc* 16,363
2,100 Church & Dwight Inc 43,838
500 Coca-Cola Bottling Co 17,625
8,200 Collins & Aikman Corp* 49,200
4,900 CompUSA Inc* 167,213
2,900 Cone Mills Corp* 32,625
2,000 Converse Inc* 8,500
700 Crown Crafts Inc 7,175
300 Culbro Corp* 17,888
1,900 Delta Woodside Industries Inc 9,738
1,800 Designs Inc* 10,800
700 Devon Group Inc* 22,750
4,050 Dimon Inc 74,925
1,200 Donnkenny Inc* 23,400
1,200 Dreyer's Grand Ice Cream Inc 37,800
1,600 Dura Pharmaceuticals Inc* 89,600
1,000 Duramed Pharmaceuticals Inc* 15,250
700 Edmark Corp* 14,000
1,000 Elcor Corp 18,250
1,700 Ethan Allen Interiors Inc* 42,075
500 Fab Industries Inc 13,625
68 Farmer Brothers Co 9,384
1,000 Fibreboard Corp* 27,625
1,100 Fieldcrest Cannon Inc* 21,588
6,900 Flowers Industries Inc 111,263
1,500 FoodBrands America Inc* 19,313
2,200 Franklin Quest Co* 45,650
1,400 Galey & Lord Inc* 12,775
1,900 Gibson Greetings Inc* 26,125
2,000 Golden Books Family Entertainment Inc* 24,000
500 GoodMark Foods Inc 7,125
800 Graphic Industries Inc 7,600
1,300 Guilford Mills Inc 32,500
2,900 Gymboree Corp* 88,450
800 Haggar Corp 10,800
1,810 Harte-Hanks Communications Inc 50,228
2,900 Hartmarx Corp* 18,125
3,000 Herman Miller Inc 91,875
1,700 Houghton Mifflin Co 84,575
2,850 Hudson Foods Inc 39,900
1,100 Insilco Corp* 36,850
2,200 Interface Inc 34,100
900 International Imaging Materials Inc* 21,375
1,900 International Multifoods Corp 34,675
2,300 Interstate Bakeries Co 61,525
800 J&J Snack Foods Corp* 9,200
3,500 JM Smucker Co 68,688
1,200 JP Foodservice Inc* 30,000
3,600 John H Harland Co 88,650
1,600 John Wiley & Sons Inc 46,400
2,200 Justin Industries Inc 28,875
1,315 K2 Inc* 35,669
2,550 Kellwood Co 46,856
800 Kenneth Cole Productions Inc* 15,800
2,000 Kimball International Inc 55,250
1,800 Kinetic Concepts Inc 27,900
1,500 La-Z-Boy Chair Co 45,188
800 Ladd Furniture Inc 8,000
1,900 Lance Inc 31,350
1,859 Land's End Inc* 46,010
3,500 Levitz Furniture Inc* 16,188
2,000 Lydall Inc* 44,000
1,700 Matrix Pharmaceuticals Inc* 30,600
1,800 McClatchy Newspapers Inc 49,725
3,100 Meredith Corp 129,425
1,400 Michael Foods Inc 16,275
1,000 Midwest Grain Products Inc 13,000
2,400 Mohawk Industries Inc* 42,600
700 National Presto Industries Inc 26,600
1,775 Nature's Sunshine Products Inc 45,263
2,600 NeXstar Pharmaceuticals Inc* 57,850
1,400 New England Business Service Inc 27,300
600 Norton McNaughton Inc* 4,350
2,000 O'Sullivan Industries Holdings Inc* 14,750
5,100 Oakwood Homes Corp 105,188
1,300 Oshkosh B'Gosh Inc 23,400
900 Oxford Industries Inc 14,513
700 Penwest Ltd 12,600
600 Performance Food Group Co* 15,600
2,800 Phillips Van-Heusen Corp 35,700
500 Pilgrims Pride Corp 4,500
1,800 Playboy Enterprises Inc* 26,550
2,800 Playtex Products Inc* 26,250
500 Plenum Publishing Corp 17,500
1,400 Ply-Gem Industries Inc 19,075
550 Pulitzer Publishing Co 32,588
700 Quicksilver Inc* 21,000
1,900 Riviana Foods Inc 28,738
600 Robert Mondavi Corp* 18,900
2,900 Ross Stores Inc 100,775
3,000 SEQUUS Pharmaceuticals Inc* 59,670
1,500 Samsonite Corp* 31,125
2,600 Savannah Foods & Industries Inc 33,475
1,500 Scientific Games Holdings Corp* 43,500
32 Seaboard Corp 6,352
1,600 Smithfield Foods Inc* 40,400
2,600 Sola International Inc* 74,750
1,000 Starter Corp* 8,625
5,900 Stride Rite Corp 48,675
900 The Timberland Co* 20,925
400 Thorn Apple Valley Inc 4,400
1,600 Tiffany & Co 116,800
2,081 Tootsie Roll Industries Inc 74,136
4,900 Topps Company Inc* 27,563
1,700 Triangle Pacific Corp* 33,575
900 Unitog Co 25,425
1,300 Universal Forest Products Inc 13,488
2,600 Valassis Communications Inc* 48,100
1,850 WLR Foods Inc 25,900
400 Waverly Inc 9,000
2,100 Westpoint Stevens Inc* 50,138
2,150 Wolverine World Wide Inc 69,875
$4,965,793
MFTG - INDUSTRIAL PRODS --- 14.9%
1,200 ABT Building Products Corp* 27,000
2,400 AK Steel Holding Corp 93,900
1,500 AT Cross Co 26,625
800 Acme-Cleveland Corp 24,000
600 Advanced Magnetics Inc* 10,950
500 Ag-Chem Equipment Company Inc* 10,625
1,100 Agouron Pharmaceutical Inc* 42,900
900 Alamo Group Inc 16,425
3,000 Albany International Corp 67,875
3,200 Alliance Pharmaceutical Corp* 52,800
1,100 Allied Products Corp 31,213
900 Alltrista Corp* 21,375
1,600 Alpharma Inc 31,800
1,000 Amcast Industrial Corp 20,250
300 American Filtrona Corp 9,600
300 American Financial Enterprises Inc 7,350
1,400 American Safety Razor Co* 14,175
2,500 Amylin Pharmaceuticals Inc* 26,875
700 Aphton Corp* 13,038
1,300 Applied Power Inc 36,400
2,100 Aptargroup Inc 63,525
9,700 Armco Inc* 48,500
1,100 Armor All Products Corp 16,363
2,600 Arvin Industries Inc 57,850
900 Astec Industries Inc* 8,325
2,900 Athena Neurosciences Inc* 49,663
3,000 Autotote Corp* 6,186
2,200 Aviall Inc 20,350
3,000 BMC Industries Inc 86,250
2,900 BWIP Holding Inc 55,100
2,449 Banctec Inc* 49,592
550 Barr Labs Inc* 14,163
2,800 Belden Inc 84,000
5,200 Bio-Technology General Corp* 43,222
3,400 Birmingham Steel Corp 55,675
500 Blessings Corp 5,125
1,451 Block Drug Inc 60,942
800 Blount International Inc 25,200
2,100 Blyth Industries Inc* 95,288
900 Brenco Inc 14,513
1,900 Brush Wellman Inc 36,100
700 Bush Boake Allen Inc* 15,225
750 Butler Manufacturing Co 25,313
2,000 CMI Corp* 10,750
2,300 COR Therapeutics Inc* 26,163
3,300 Calgon Carbon Corp 44,550
2,300 Calmat Co 41,688
800 Cambrex Corp 40,900
2,900 Camco International Inc 98,238
2,500 Caraustar Industries Inc 66,250
1,600 Carlisle Companies Inc 85,000
2,000 Carpenter Technology Corp 64,000
900 Carrington Laboratories Inc* 23,400
1,200 Cascade Corp 16,050
1,500 Centex Construction Products Inc 21,188
2,800 Cephalon Inc* 55,300
600 Chaparral Steel Co 7,875
1,200 Chase Brass Industries Inc* 22,350
1,000 Chemed Corp 37,375
700 Citation Corp* 8,400
1,700 Clarcor Inc 42,075
1,800 Commercial Intertech Corp 46,350
900 Copley Pharmaceutical Inc* 11,925
4,900 Copytele Inc* 42,875
900 Crosscomm Corp* 9,225
300 Curtiss Wright Corp 16,200
1,900 Cygnus Inc* 28,975
2,000 Cytec Industries Inc* 171,000
5,200 Cytogen Corp* 47,122
600 DT Industries Inc 10,950
500 Day Runner Inc* 12,938
2,900 Dexter Corp 86,275
500 Donnelly Corp 8,000
2,850 Duriron Company Inc 68,400
2,200 Dynatech Corp* 71,500
1,900 EKCO Group Inc 9,975
600 Easco Inc 4,950
2,800 Electronics for Imaging Inc* 194,250
100 Embrace Systems Corp* 75
700 Emulex Corp* 10,238
1,500 Energy Ventures Inc* 48,750
1,500 Epitope Inc* 23,438
2,100 Exide Corp 50,925
2,300 FSI International Inc* 29,038
700 Faulding Inc* 3,063
4,800 Fedders Corp 34,200
2,400 First Mississippi Corp 53,400
900 Florida Rock Industries Inc 23,288
1,700 Flow International Corp* 13,600
1,700 Foamex International Inc* 20,825
400 Fossil Inc* 5,800
800 Franklin Electronic Publishers Inc* 16,000
3,916 Fulton Financial Corp 73,915
1,000 Furon Co 24,750
650 GaSonics International Corp* 6,825
6,400 Gaylord Container Corp* 49,997
700 General Binding Corp 14,175
1,400 Geneva Steel Co* 7,875
2,100 Gerber Scientific Inc 33,863
300 Gibraltar Steel Corp* 6,075
3,400 Gilead Sciences Inc* 85,850
400 Gleason Corp 15,600
2,700 Global Industries Technologies Inc* 43,200
850 Gorman Rupp Co 11,263
2,500 Goulds Pumps Inc 64,063
1,475 Graco Inc 29,869
1,900 Greenfield Industries Inc 62,700
1,700 Greif Brothers Corp 54,400
3,400 Griffon Corp* 27,625
1,700 HB Fuller Co 61,625
1,700 Handy & Harman 28,900
900 Helix Technology Corp 34,875
3,702 ICN Pharmaceuticals Inc 86,072
3,400 ICOS Corp* 29,750
2,250 IDEX Corp 85,500
4,300 IDEXX Laboratories Inc* 168,775
900 IGI Inc* 7,088
1,200 IMCO Recycling Inc 21,600
2,100 Immunex Corp* 28,613
800 In Focus Systems Inc* 19,400
650 Inbrand Corp* 18,200
1,398 Intermagnetics General Corp* 25,164
2,200 Intermet Corp* 30,661
300 International Aluminum Corp 7,575
3,600 Interneuron Pharmaceutical Inc* 108,000
13,800 Iomega Corp* 400,200
1,800 Ionics Inc* 84,600
2,900 Isis Pharmaceuticals Inc* 54,375
2,100 J&L Specialty Steel Inc 31,238
1,500 JLG Industries Inc 111,375
1,200 Kaiser Aluminum Corp* 13,200
1,900 Kaydon Corp 81,700
1,000 Key Tronics Corp* 6,500
900 Kronos Inc* 31,950
2,300 Kulicke & Soffa Industries Inc* 33,638
500 Kysor Industrial Corp 12,125
4,000 Lawter International Inc 50,000
800 Learonal Inc 20,000
700 Lesco Inc 12,600
1,500 Libbey Inc 41,625
800 Life Technologies Inc 25,200
673 Lifetime Hoan Corp* 7,235
2,298 Ligand Pharmaceuticals Inc* 38,204
2,250 Lilly Industries Inc 38,250
800 Lindsay Manufacturing Co 32,200
3,600 Liposome Company Inc* 67,500
500 Liqui-Box Corp 15,000
1,400 Lone Star Industries Inc 47,075
2,100 Lone Star Technologies Inc* 23,625
1,700 Lukens Inc 40,588
700 MK Rail Corp* 4,200
300 MacDermid Inc 21,000
1,850 Material Sciences Corp* 31,913
1,000 Matthews International Corp 27,500
700 McGrath Rentcorp 15,750
1,100 McWhorter Technologies Inc* 19,525
1,300 Medco Research Inc* 12,838
1,400 Medimmune Inc* 23,800
1,900 Medusa Corp 58,900
1,100 Mercer International Inc* 14,850
300 Micros Systems Inc* 8,363
900 Mikasa Inc* 9,900
2,700 Minerals Technologies Inc 92,475
2,300 Mississippi Chemical Corp 46,000
1,086 Mosinee Paper Corp 29,051
2,100 Mueller Industries Inc* 87,150
2,000 Mycogen Corp* 30,000
1,462 Myers Industries Inc 27,230
3,400 NABI Inc* 32,300
500 NCH Corp 32,125
700 NCI Building Systems Inc* 23,625
1,175 NN Ball & Roller Inc 24,381
900 Nacco Industries Inc 49,838
800 Nashua Corp 10,200
2,500 National Steel Corp* 27,188
1,300 Network Computing Devices Inc* 6,663
4,400 Network General Corp* 94,600
1,400 Nortek Inc* 16,275
1,800 Noven Pharmaceuticals Inc* 28,800
2,500 Nu-Kote Holding Inc* 41,563
1,300 O'Sullivan Corp 15,438
700 Oil-Dri Corporation of America 10,413
3,400 Omega Environmental Inc* 7,436
1,100 Oneida Ltd 20,625
1,000 Optical Data Systems Inc* 22,000
2,000 Oregon Steel Mills Inc 27,500
1,575 Organogenesis Inc* 31,894
1,150 Osmonics Inc* 25,875
2,400 Outboard Marine Corp 43,500
1,300 Paragon Trade Brands Inc* 27,950
1,000 Park-Ohio Industries Inc* 19,375
2,075 Paxar Corp* 36,313
300 Penn Engineering & Manufacturing Corp 7,088
600 Petrolite Corp 18,862
2,100 Pharmaceutical Resources Inc* 10,500
850 Photronics Inc* 22,313
1,600 Pope & Talbot Inc 24,200
2,450 Precision Castparts Corp 105,350
1,500 Protein Design Labs Inc* 33,750
500 Puerto Rican Cement Company Inc 15,563
1,000 Quaker Chemical Corp 12,750
1,600 Quanex Corp 37,800
800 RailTex Inc* 20,600
2,000 Regal-Beloit Corp 39,500
2,000 Regeneron Pharmaceuticals Inc* 34,750
800 Reliance Steel & Aluminum Co 29,200
2,200 Rexene Corp 21,725
400 Robbins & Myers Inc 17,800
1,300 Roberts Pharmaceutical Corp* 26,163
1,500 Robotic Vision Systems Inc* 26,813
3,600 Rock-Tenn Co 71,100
1,800 Roper Industries Inc 87,750
1,200 Rouge Steel Co 25,800
1,100 Russ Berrie & Company Inc 20,213
600 SPS Technologies Inc* 42,300
600 Schnitzer Steel Industries Inc 16,050
1,600 SciClone Pharmaceuticals Inc* 22,200
4,200 Scios Nova Inc* 27,825
1,100 Scotsman Industries Inc 22,138
2,200 Scotts Co* 38,500
900 Sequa Corp* 38,813
600 Shiloh Corp* 9,675
1,700 Shorewood Packaging Corp* 26,138
250 Simula Inc* 4,406
2,200 Somatogen Inc* 31,075
2,000 Southdown Inc 47,000
2,800 Spartech Corp 29,750
400 Special Devices Inc* 6,400
2,000 Specialty Equipment Companies Inc* 27,124
2,800 Stac Inc* 31,500
1,400 Standex International Corp 39,900
800 Steel Technologies Inc 12,300
800 Stepan Co 14,500
4,600 Sterling Chemicals Inc* 53,475
1,000 Stimsonite Corp* 8,375
1,100 Sturm Ruger Company Inc 51,150
800 Synalloy Corp 13,000
800 Synetic Inc* 29,600
700 Syratech Corp* 15,750
1,100 Techne Corp* 32,175
1,900 Telxon Corp 22,325
1,000 Tennant Co 26,000
1,200 Texas Industries Inc 82,350
900 The Manitowoc Company Inc 32,288
1,100 TheraTech Inc* 21,175
1,500 Thermo Fibertech Inc* 25,313
600 Thermo Power Corp* 7,500
500 Thermo TerraTech Inc* 6,000
1,975 Thomas Nelson Inc 26,416
1,650 Titan Wheel International Inc 26,400
1,400 Toro Co 46,375
950 Tredegar Industries Inc 28,738
500 Tremont Corp* 18,063
1,600 Tseng Labs Inc* 15,400
4,100 Tyco Toys Inc* 21,013
2,600 UNR Industries Inc 25,025
800 Ultralife Batteries Inc* 11,400
1,200 Ultratech Stepper Inc* 22,500
2,900 Uniroyal Chemical Corp* 43,138
1,300 United States Can Corp* 21,125
2,750 United States Filter Co* 95,563
1,900 Uromed Corp* 26,125
1,000 Valmont Industries Inc 34,000
2,000 Varco International Inc* 36,250
2,800 Verifone Inc* 118,300
1,800 Vertex Pharmaceuticals Inc* 54,675
1,400 Vivus Inc* 45,850
700 WCI Steel Inc 3,675
800 WD-40 Co 37,600
1,900 WH Brady Co 42,275
1,000 Walbro Corp 20,250
4,000 Wang Laboratories Inc* 75,500
3,576 Watson Pharmaceuticals Inc* 135,441
2,400 Watts Industries Inc 44,700
3,362 Wausau Paper Mills Co 66,400
4,400 Weirton Steel Corp* 13,200
1,500 West Inc 45,000
1,100 Whittaker Corp* 20,350
2,100 Williams Industries Inc* 51,713
1,600 Wolverine Tube Inc* 56,000
3,400 Wyman Gordon Co* 60,350
1,100 Wynn's International Inc 31,075
1,600 Xircom Inc* 23,600
1,700 Zero Corp 36,338
$10,440,399
MINING --- 0.7%
2,000 AMCOL International Corp 30,250
1,000 Addington Resources Inc* 25,000
6,900 Amax Gold Inc* 37,950
800 Ashland Coal Inc 20,800
1,400 Cleveland-Cliffs Inc 54,775
2,400 Coeur D'Alene Mines Co 44,100
1,500 Dravo Corp* 22,313
800 FMC Gold Co 3,600
2,804 Getchell Gold Corp* 92,532
6,000 Helca Mining Co* 42,000
700 Maxxam Inc* 27,475
1,500 Royal Gold Inc* 19,500
1,700 Stillwater Mining Co* 40,163
22,900 Sunshine Mining Co* 28,625
200 Thermo Ecotek Corp* 4,850
1,800 Zeigler Coal Holding Co 28,800
$522,733
OIL & GAS --- 3.9%
3,318 BJ Services Company USA* 116,545
1,100 Belden & Blake Corp* 22,825
3,100 Benton Oil & Gas Co* 68,200
1,900 Berry Petroleum Co 21,613
2,100 Box Energy Corp* 19,163
2,700 Cabot Oil & Gas Corp 46,913
800 Cairn Energy USA Inc* 11,500
1,050 Chesapeake Energy Corp* 94,369
1,800 Cross Timbers Oil Co 44,550
800 Crown Central Petroleum Corp* 12,100
2,600 Devon Energy Corp 63,700
900 Flores & Rucks Inc* 31,050
4,100 Giddings & Lewis Inc 66,625
900 Global Industries Ltd* 26,775
3,500 Global Natural Resources Inc* 57,313
7,400 Harken Energy Corp* 20,809
2,900 Helmerich & Payne Inc 106,213
300 Holly Corp 7,500
300 Hondo Oil & Gas Co* 3,338
3,000 Kelley Oil & Gas Corp* 12,000
900 Louis Dreyfus Natural Gas Corp* 13,500
3,900 Marine Drilling Companies Inc* 39,488
7,600 Mesa Inc* 41,800
9,900 Nabors Industries Inc* 160,875
2,000 Newfield Exploration Co* 77,750
1,245 Newpark Resources Inc* 45,754
8,275 Noble Drilling Corp* 114,816
1,600 Nuevo Energy Co* 51,600
2,700 Oceaneering International Inc* 40,838
4,200 Parker & Parsley Petroleum Co 116,550
6,700 Parker Drilling Co* 38,525
1,900 Plains Resources Inc* 24,700
1,700 Pool Energy Services Co* 20,188
1,000 Production Operators Corp 33,750
3,900 Quaker State Corp 58,500
7,300 Reading & Bates Corp* 161,513
10,000 Rowan Companies Inc* 147,500
1,100 Seitel Inc* 30,113
4,300 Smith International Inc* 129,538
3,300 Snyder Oil Corp 33,413
1,000 Stone Energy Corp* 20,000
1,100 Tatham Offshore Inc* 963
3,000 Tesoro Petroleum Corp* 34,500
2,100 Tom Brown Inc* 35,963
2,200 Tuboscope Vetco International Corp* 24,475
3,220 United Meridian Corp* 115,920
1,600 Vintage Petroleum Inc 40,800
3,200 Wainoco Oil Corp* 10,000
5,993 Weatherford Enterra Inc* 179,790
1,000 Wiser Oil Co 12,625
$2,708,848
OTHER ASSET-BACKED --- 0.1%
3,737 Financial Security Assurance Holdings Ltd 102,300
$102,300
OTHER TRANS. SERVICES --- 0.8%
2,400 American Freightways Corp* 26,700
400 Celadon Group Inc* 3,100
1,400 Expeditors International of Washington Inc 43,400
1,784 Fritz Companies Inc* 57,534
900 Frozen Food Express Industries Inc 10,125
6,500 Greyhound Lines Inc* 26,813
1,400 Harper Group Inc 27,300
1,223 Heartland Express Inc* 32,715
2,700 JB Hunt Transport Services Inc 56,363
200 Knight Transportation Inc* 4,100
1,500 Landstar System Inc* 43,500
1,000 MS Carriers Inc* 20,500
550 Miller Industries Inc* 15,744
500 Old Dominion Freight Line Inc* 4,750
3,400 Overseas Shipholding Group Inc 61,625
1,000 Rural/Metro Corp* 34,250
500 USA Truck Inc* 5,250
2,600 USFreightways Corp 50,700
1,700 Werner Enterprises Inc 44,200
$568,669
OTHER UTILITIES --- 0.2%
2,400 Sanifill Inc* 118,200
$118,200
RAILROADS --- 0.1%
900 ABC Rail Products Corp* 19,463
400 Florida East Coast Industries Inc 33,200
$52,663
REAL ESTATE --- 3.1%
400 Alexanders Inc* 29,050
1,500 Apartment Investment & Management Co 28,125
800 Avatar Holdings Inc* 27,500
3,100 Beacon Properties Corp 79,438
2,000 Burnham Pacific Properties Inc 23,250
1,800 CCB Financial Corp 92,250
5,100 CWM Mortgage Holdings Inc 86,700
1,800 Cali Realty Corp 43,650
8,800 Catellus Development Corp* 80,300
1,100 Charles E Smith Residential Realty Inc 26,400
700 Chateau Properties Inc 15,575
2,400 Crescent Real Estate Equities Inc 88,200
5,300 DeBartolo Realty Corp 85,463
2,100 Del Webb Corp 42,000
700 Essex Property Trust Inc 15,050
2,100 Evans Withycombe Residential Inc 43,838
2,700 Felcor Suite Hotels Inc 82,350
2,500 First Industrial Realty Trust Inc 58,750
500 Forest City Enterprises Inc 20,500
1,800 Gables Residential Trust 42,300
2,900 General Growth Properties Inc 69,963
2,300 Highwood Properties Inc 63,538
2,176 Horizon Group Inc 44,608
3,100 Insignia Financial Group Inc* 84,088
1,700 Irvine Apartment Communities Inc 34,213
1,300 JDN Realty Corp 29,088
2,100 Mego Financial Corp* 16,275
1,300 Mid-America Apartment Communities Inc 32,988
1,700 Mills Corp 29,750
1,700 Paragon Group Inc 27,838
2,600 Post Properties Inc 91,975
3,200 Price Enterprises Inc 48,800
1,500 ROC Communities Inc 35,813
2,700 Realty Income Corp 56,025
2,400 Resource Mortgage Capital Inc 54,000
4,500 Rockefeller Center Properties Inc* 35,438
4,000 Spieker Properties Inc 109,000
1,000 Storage Trust Realty 20,500
1,000 The Price Real Estate Investment Trust Inc 32,375
1,600 Trinet Corporate Realty Trust Inc 46,400
3,200 Trustmark Corp 67,200
1,100 Universal Health Realty Income Trust 20,350
900 Urban Outfitters Inc* 22,725
1,600 Urban Shopping Centers Inc 38,000
1,700 Walden Residential Properties Inc 34,638
1,300 Weeks Corp 33,800
$2,190,077
RETAIL TRADE --- 6.1%
3,400 Americredit Corp* 53,125
2,700 AnnTaylor Stores Corp* 54,675
3,000 Apple South Inc 80,250
3,700 Applebees International Inc 119,788
1,750 Arbor Drugs Inc 36,531
700 Au Bon Pain Inc* 5,250
1,150 BMC West Corp* 19,694
1,000 Baby Superstore Inc* 16,500
3,700 Best Products Corp Inc* 6,127
1,900 Big B Inc 18,050
900 Blair Corp 21,263
1,100 Boise Cascade Office Products Corp* 38,088
4,400 Bombay Company Inc* 27,500
700 Bon-Ton Stores Inc* 3,588
1,200 Books-A-Million Inc* 10,050
3,800 Borders Group Inc* 122,550
200 Buckle Inc* 6,850
3,200 Buffets Inc* 39,200
1,900 Burlington Coat Factory Warehouse Corp* 19,950
2,200 CKE Restaurants Inc 56,100
5,500 CML Group Inc 23,375
2,000 Caldor Corp* 5,250
1,900 Carson Pirie Scott & Co* 50,825
2,700 Caseys General Stores Inc 53,663
3,400 Cash America International Inc 22,100
2,800 Cato Corp 16,800
11,100 Charming Shoppes Inc* 78,388
5,300 Checkers Drive-in Restaurants Inc* 5,300
1,000 Cheesecake Factory Inc* 27,500
2,200 Claire's Stores Inc 60,775
1,390 Consolidated Products Inc* 22,935
800 Copart Inc* 13,200
248 Dart Group Corp 22,072
700 Discount Auto Parts Inc* 17,763
750 Dollar Tree Stores Inc* 23,813
2,600 Donaldson Company Inc 66,950
2,300 Duty Free International Inc 35,075
2,300 Eagle Hardware & Garden Inc* 35,075
2,100 Egghead Inc* 23,363
1,300 Encad Inc* 22,100
1,900 Express Scripts Inc* 87,400
1,700 Fabri-Centers of America Inc* 28,050
4,600 Family Dollar Stores Inc 79,925
5,400 Fingerhut Companies Inc 84,375
700 First Team Sports Inc* 7,525
4,600 Foodmaker Inc* 39,675
3,200 Fred Meyer Inc* 94,000
1,400 Friedmans Inc* 35,700
7,000 Furniture Brands International Inc* 77,000
3,100 Gencorp Inc 46,888
2,486 General Host Corp* 6,837
993 Genovese Drug Stores Inc 8,441
800 Getty Petroleum Corp 12,000
1,600 Good Guys Inc* 14,000
700 Goody's Family Clothing Inc* 7,175
2,500 Hancock Fabrics Inc 27,500
5,300 Hanover Direct Inc* 7,288
3,800 Hechinger Co 16,625
1,100 Hills Stores Co* 9,763
2,500 Hollywood Entertainment Corp* 38,750
6,400 Home Shopping Network Inc* 76,800
1,100 IHOP Corp* 29,700
800 Ingles Markets Inc 9,400
3,700 Intelligent Electronics Inc 31,450
1,400 International Dairy Queen Inc* 30,800
1,300 J Baker Inc 9,750
1,000 Just For Feet Inc* 52,875
800 Landrys Seafood Restaurant Co* 19,800
1,300 Lechters Corp* 8,450
600 Lillian Vernon Corp 7,650
1,800 Longs Drug Stores Corp 80,325
2,800 Luby's Cafeterias Inc 65,800
3,000 MacFrugal's Bargains-Close-Outs Inc* 53,250
2,000 Michaels Stores Inc* 34,000
4,100 Musicland Stores Corp* 13,325
2,000 NPC International Inc 20,250
1,500 National Media Corp* 26,438
1,900 Neiman Marcus Group Inc* 51,300
400 O'Reilly Automotive Inc* 14,500
600 Papa John's International Inc* 29,250
4,700 Payless Cashways Inc* 21,150
1,550 Petco Animal Supplies Inc* 44,563
3,000 Petroleum Heat & Power Co 23,250
4,730 Pier 1 Imports Inc 70,359
1,800 Proffitts Inc* 63,900
400 Quality Food Centers Inc* 10,300
1,150 Rexall Sundown Inc* 31,050
500 Rock Bottom Restaurants Inc* 6,000
1,650 Ruby Tuesday Inc 37,331
2,900 Ruddick Corp 35,525
6,300 Ryan's Family Steak Houses Inc* 58,275
1,300 SPX Corp 31,850
1,350 Sbarro Inc 33,919
11,800 Service Merchandise Co* 66,375
4,000 Shoney's Inc* 43,500
2,000 Shopko Stores Inc 32,250
1,900 Showbiz Pizza Time Inc* 29,925
1,119 Smiths Food & Drug Centers Inc 26,716
1,600 Sonic Corp* 38,800
1,050 Sportmart Inc* 3,938
2,350 Sports & Recreation Inc* 21,444
1,600 St John Knits Inc 71,400
1,900 Stant Corp 21,850
1,000 Stein Mart Inc* 18,250
900 Strawbridge & Clothier 14,625
1,600 Sun Television Appliances Inc 5,800
6,300 Sunglass Hut International Inc* 153,563
500 Syms Corp* 3,688
1,900 TCBY Enterprises Inc 8,075
1,800 TJ International Inc 32,400
1,900 The Dress Barn Inc* 19,950
950 The Men's Wearhouse Inc* 30,638
1,700 The Sports Authority Inc* 55,675
200 Track Auto Corp* 3,200
2,880 Triarc Companies Inc* 33,120
775 Uno Restaurant Corp* 5,813
1,300 Value City Department Stores Inc* 14,300
3,500 Valuevision International Inc* 24,280
2,000 Venture Stores Inc* 13,000
1,100 Vicorp Restaurants Inc* 13,475
3,900 Waban Inc* 93,113
1,700 Whole Foods Market Inc* 45,050
2,175 Williams-Sonoma Inc* 51,384
3,700 Zale Corp* 62,438
$4,300,988
SECURITIES & COMMODITIES --- 0.9%
1,500 Alex Brown Inc 84,750
800 BHC Financial Inc 11,200
500 Capital American Financial Corp 12,563
1,140 Downey Financial Corp 24,938
1,800 Great Financial Corp 46,575
1,450 Inter-Regional Financial Group Inc 37,700
1,200 Jefferies Group Inc 37,200
1,200 Leader Financial Corp 53,700
1,800 Legg Mason Inc 58,050
1,000 McDonald & Co Investments Inc 19,750
1,800 Morgan Keegan Inc 23,850
5,200 Phoenix Duff & Phelps Corp 39,000
2,100 Piper Jaffray Companies Inc 26,250
1,725 Quick & Reilly Group Inc 56,063
1,600 Raymond James Financial Inc 36,200
200 Value Line Inc 6,800
800 Waterhouse Investors Services Inc 29,700
$604,289
TELEPHONE --- 0.2%
1,500 CFW Communications Co 36,000
3,600 Lincoln Telecommunications Co 58,950
600 T-Netix Inc* 6,750
700 Tekelec* 9,188
750 Transaction Network Services Inc* 16,125
$127,013
TRANSPORTATION EQUIPMENT --- 1.6%
1,900 AAR Corp 38,713
1,000 AO Smith Corp 25,000
3,500 Arctco Inc 43,750
800 Avondale Industries Inc* 14,400
1,900 BE Aerospace Inc* 24,700
2,700 Borg-Warner Automotive Inc 106,650
1,500 Borg-Warner Security Corp* 14,625
1,500 Breed Technologies Inc 33,563
600 Cannondale Corp* 12,150
400 Covenant Transport Inc* 6,800
1,100 Detroit Diesel Corp* 21,313
500 Durakon Industries Inc* 7,313
4,200 Federal-Mogul Corp 77,175
1,900 Fruehauf Trailer Corp* 1,188
3,400 Gentex Corp* 66,300
600 Greenbrier Companies Inc 8,325
1,100 Hayes Wheels International Inc 34,925
1,600 Huffy Corp 20,600
1,100 Johnstown American Industries Inc* 3,575
3,700 Mascotech Inc 54,575
3,000 Orbital Sciences Corp* 48,750
900 Oshkosh Truck Corp 12,713
1,300 Premisys Communications Inc* 79,300
700 RPC Inc* 8,050
4,900 Roadmaster Industries Inc* 7,350
2,500 Rohr Inc* 52,188
1,900 Simpson Industries Inc 17,575
1,100 Skyline Corp 27,500
1,200 Spartan Motors Inc 9,000
900 Standard Motor Products Inc 16,088
2,000 Standard Products Co 46,500
2,000 Thiokol Corp 79,000
600 Thor Industries Inc 12,300
682 Varlen Corp 14,322
2,250 Wabash National Corp 39,938
300 West Marine Inc* 21,450
1,600 Winnebago Industries Inc 13,200
$1,120,864
WATER --- 0.5%
2,600 APL Ltd* 67,925
1,600 American Classic Voyager Co* 11,800
800 Aquarion Co 19,800
700 California Water Service Co 24,500
800 E'Town Corp 22,200
800 IWC Resources Corp 14,300
575 International Shipholding Corp 10,134
3,100 Kirby Corp* 52,313
3,300 OMI Corp* 28,463
1,300 Philadelphia Suburban Corp 32,175
600 Seacor Holdings Inc* 26,850
2,900 United Water Resources Inc 37,338
$347,798
WHOLESALE TRADE - INDL --- 1.0%
1,375 AM Castle & Co 32,484
1,800 Alliance Entertainment Corp* 12,375
3,510 Barrett Resources Corp* 104,423
1,350 Bearings Inc 36,450
900 Bindley Western Industries Inc 15,075
1,500 Castech Aluminum Group* 22,125
1,980 Foxmeyer Health Corp* 29,453
283 Healthdyne Technologies Inc* 3,679
1,100 Hunt Manufacturing Co 16,363
2,700 Isolyser Company Inc* 32,400
800 Lawson Products Inc 20,200
1,650 Microage Inc* 22,481
4,100 Nautica Enterprises Inc* 117,875
1,500 OM Group Inc 58,875
1,300 Patterson Dental Co* 47,125
2,625 Pioneer Standard Electronics Inc 34,781
500 Sodak Gaming Inc* 15,250
2,800 TBC Corp* 24,150
600 TFC Enterprises Inc* 1,425
3,300 Top Source Technologies Inc* 22,892
500 Tractor Supply Co* 11,375
1,500 Wyle Electronics 49,688
$730,944
WHOLESALE TRADE -CONSUMER --- 1.7%
1,400 ACX Technologies Inc* 27,825
1,600 APS Holding Corp* 35,200
2,800 Amerisource Health Corp* 93,100
400 Barnes Group Inc 20,450
400 Central Sprinkler Corp* 9,200
1,333 Commercial Metals Co 44,322
1,800 Compucom Systems Inc* 19,575
500 Congoleum Corp* 5,750
400 Daisytek International Corp* 16,800
1,900 Fisher Scientific International Inc 71,250
1,300 Fort Wayne National Corp 41,600
3,800 Handleman Co 26,125
1,438 Herbalife International Inc 21,211
600 Hughes Supply Inc 20,850
2,200 Kaman Corp 22,275
2,800 Kent Electronics Corp* 87,500
1,300 Nash Finch Co 20,800
3,250 Owens & Minor Inc 37,781
700 Pec Israel Economic Corp* 12,688
1,600 Rexel Inc* 22,600
3,310 Richfood Holdings Inc 107,575
2,850 Rykoff-Sexton Inc 40,969
1,550 Safeguard Scientifics Inc* 120,900
400 Simpson Manufacturing Company Inc* 8,000
1,200 Smart & Final Inc 30,750
731 Standard Commercial Corp* 8,772
2,200 Stanhome Inc 58,300
1,300 Super Food Services Inc 12,350
4,000 Tech Data Corp* 87,000
500 Thompson PBE Inc* 6,000
1,400 Univar Corp 27,125
2,100 VWR Scientific Products Corp 33,450
$1,198,093
TOTAL COMMON STOCK --- 98.5% $69,248,269
(Cost $58,025,250)
SHORT-TERM INVESTMENTS
FOREIGN BANKS --- 1.5%
1,044,000 Canadian Imperial Bank of Commerce 1,044,000
$1,044,000
TOTAL SHORT-TERM INVESTMENTS --- 1.5% $1,044,000
(Cost $1,044,000)
TOTAL SMALL-CAP INDEX PORTFOLIO --- 100.0% $70,292,269
(Cost $59,069,250)
Maxim Series Fund, Inc.
Small-Cap Value Portfolio
COMMON STOCK
COMMUNICATIONS --- 1.2%
13,700 BET Holdings Inc* 361,338
$361,338
CONSUMER SERVICES --- 3.3%
42,200 Angelica Corp 996,975
$996,975
ELECTRONICS - HIGH TECH --- 1.6%
18,400 DII Group Inc* 469,200
$469,200
ENVIRONMENTAL SERVICES --- 6.5%
27,600 Rollins Inc 648,600
74,500 Safety-Kleen Corp 1,303,750
$1,952,350
HOLDING & INVEST. OFFICES --- 2.4%
34,100 Merry Land & Investment Company Inc 716,100
$716,100
INDUSTRIAL SERVICES --- 3.9%
3,800 Omnicom Group Inc 176,700
27,300 Sotheby's Holdings Inc 395,850
27,500 True North Communications Inc 611,875
$1,184,425
MFTG - CONSUMER PRODS. --- 22.4%
174,700 American Media Inc* 917,175
36,600 Central Newspapers Inc 1,372,500
52,800 Harte-Hanks Communications Inc 1,465,200
40,350 Herman Miller Inc 1,235,719
89,000 Interface Inc 1,379,500
13,100 Leggett & Platt Inc 363,525
$6,733,619
MFTG - INDUSTRIAL PRODS --- 24.5%
30,000 Armor All Products Corp 446,250
18,850 Ecolab Inc 622,050
61,170 First Brands Corp 1,651,590
35,586 General Binding Corp 720,617
23,300 Oil-Dri Corporation of America 346,588
70,700 Shorewood Packaging Corp* 1,087,013
88,900 Specialty Equipment Companies Inc* 1,205,662
53,000 Thomas Nelson Inc 708,875
24,700 WH Brady Co 549,575
$7,338,220
REAL ESTATE --- 5.4%
62,400 The Rouse Co 1,614,600
$1,614,600
RETAIL TRADE --- 9.3%
56,600 Bob Evans Farms Inc 962,200
31,319 Longs Drug Stores Corp 1,397,610
94,500 Payless Cashways Inc* 425,250
$2,785,060
SECURITIES & COMMODITIES --- 5.7%
97,700 Phoenix Duff & Phelps Corp 732,750
31,700 T Rowe Price & Associates Inc 974,775
$1,707,525
WHOLESALE TRADE - INDL --- 1.5%
31,150 Hunt Manufacturing Co 463,356
$463,356
WHOLESALE TRADE -CONSUMER --- 4.2%
30,999 Bergen Brunswig Corp 860,222
15,300 Stanhome Inc 405,448
$1,265,670
TOTAL COMMON STOCK --- 92.0% $27,588,438
(Cost $25,278,540)
SHORT-TERM INVESTMENTS
CREDIT INSTITUTIONS --- 5.8%
1,750,000 Ford Motor Credit Co 1,743,474
$1,743,474
FOREIGN BANKS --- 2.2%
668,000 Canadian Imperial Bank of Commerce 668,000
$668,000
TOTAL SHORT-TERM INVESTMENTS --- 8.0% $2,411,474
(Cost $2,411,474)
TOTAL SMALL-CAP VALUE PORTFOLIO --- 100.0% $29,999,912
(Cost $27,690,014)
Maxim Series Fund, Inc.
International Equity Portfolio
BONDS
THAILAND --- 0.2%
REAL ESTATE
274,000 MDX Public Company Ltd 128,438
Eurodollar Convertible Bonds
4.750% September 17, 2003
$128,438
TOTAL THAILAND --- 0.2% $128,438
UNITED KINGDOM --- 0.7%
ELECTRIC
275,000 National Power PLC 508,467
Convertible Bonds
6.250% September 23, 2008
$508,467
TOTAL UNITED KINGDOM --- 0.7% $508,467
TOTAL BONDS --- 0.8% $636,905
(Cost $577,343)
COMMON STOCK
ARGENTINA --- 2.5%
CONSUMER SERVICES
7,970 Central Costanera 278,950
$278,950
OIL & GAS
47,700 Transportadora de Gas del Sur SA 584,325
22,700 YPF SA 510,750
$1,095,075
TELEPHONE
16,600 Telefonica de Argentina SA 491,775
$491,775
TOTAL ARGENTINA --- 2.5% $1,865,800
AUSTRALIA --- 4.9%
FOREIGN BANKS
135,923 Australia & New Zealand Banking Group Ltd 643,992
$643,992
INSURANCE
347,614 Gio Australia Holdings Ltd 856,313
453,308 HIH Winterthur International Holdings Ltd 856,241
$1,712,554
MFTG - CONSUMER PRODS.
367,413 Burns Philp & Company Ltd 693,996
$693,996
MFTG - INDUSTRIAL PRODS
236,000 Capral Aluminum Ltd 683,520
$683,520
TOTAL AUSTRALIA --- 4.9% $3,734,062
AUSTRIA --- 3.0%
ELECTRIC
6,720 EVN-Energie Versorgung AG 928,428
$928,428
INDUSTRIAL SERVICES
4,200 VA Technologie AG 514,399
$514,399
RETAIL TRADE
26,600 Baumax AG 846,746
$846,746
TOTAL AUSTRIA --- 3.0% $2,289,573
BELGIUM --- 1.7%
MFTG - INDUSTRIAL PRODS
1,120 Solvay SA 687,287
$687,287
MINING
7,500 NV Union Miniere SA* 574,548
$574,548
TOTAL BELGIUM --- 1.7% $1,261,835
BERMUDA --- 1.3%
INSURANCE
33,300 Partnerre Ltd 994,838
$994,838
TOTAL BERMUDA --- 1.3% $994,838
CANADA --- 2.8%
ELECTRONICS - HIGH TECH
13,300 Newbridge Networks Corp* 871,150
$871,150
FOREIGN BANKS
21,500 Canadian Imperial Bank of Commerce 693,523
$693,523
INSURANCE
11,000 London Insurance Group Inc 230,375
$230,375
MFTG - INDUSTRIAL PRODS
70,000 Primex Forest Products Ltd 371,632
$371,632
TOTAL CANADA --- 2.8% $2,166,680
CHILE --- 1.3%
MFTG - INDUSTRIAL PRODS
34,100 Madeco SA 959,063
$959,063
TOTAL CHILE --- 1.3% $959,063
CZECH REPUBLIC --- 2.2%
COMMUNICATIONS
7,400 SPT Telekom AS* 903,817
$903,817
ELECTRIC
20,100 Ceske Energeticke Zavody AS* 800,055
$800,055
TOTAL CZECH REPUBLIC --- 2.2% $1,703,872
DENMARK --- 2.0%
CREDIT INSTITUTIONS
13,600 Unidanmark AS 630,692
$630,692
TELEPHONE
6,400 Tele Danmark A/S ADR 162,400
13,960 Tele Danmark A/S Class B 698,845
$861,245
TOTAL DENMARK --- 2.0% $1,491,937
ECUADOR --- 0.0%
MFTG - INDUSTRIAL PRODS
200 La Cemento Nacional 36,200
$36,200
TOTAL ECUADOR --- 0.0% $36,200
FINLAND --- 1.9%
HOLDING & INVEST. OFFICES
20,050 Amer Group Ltd 336,619
$336,619
MFTG - INDUSTRIAL PRODS
46,000 Enso OY* 356,443
38,500 Metsa-Serla OY 273,467
27,800 Outokumpu OY 466,734
$1,096,644
TOTAL FINLAND --- 1.9% $1,433,263
FRANCE --- 7.8%
ELECTRONICS - HIGH TECH
4,800 Alcatel Alsthom (Cie Gen El)* 418,640
11,000 Alcatel Cable SA 959,383
$1,378,023
FOREIGN BANKS
22,592 Banque Nationale de Paris 792,987
$792,987
INSURANCE
18,182 AXA 994,552
$994,552
MFTG - INDUSTRIAL PRODS
12,055 Pechiney International SA* 486,827
30,000 Rhone-Poulenc 788,446
$1,275,273
OIL & GAS
11,025 Compagnie Francaise de Petroleum Total SA* 817,650
9,249 Societe Nationale Elf Aquitaine 680,187
$1,497,837
TOTAL FRANCE --- 7.8% $5,938,672
GERMANY --- 1.2%
ELECTRIC
17,000 Veba AG 903,554
$903,554
TOTAL GERMANY --- 1.2% $903,554
HONG KONG --- 3.9%
ELECTRIC
337,600 Consolidated Electric Power Asia Ltd* 558,269
33,000 Shandong Huaneng Power 272,250
$830,519
HOLDING & INVEST. OFFICES
34,354 HSBC Holdings PLC 519,271
93,808 Jardine Matheson Holdings Ltd 689,484
100,000 Jardine Strategic Holdings Ltd 320,000
$1,528,755
MFTG - CONSUMER PRODS.
1,116,000 Yue Yuen Industrial Holdings 317,189
$317,189
REAL ESTATE
47,000 Hutchison Whampoa Ltd 295,704
$295,704
TOTAL HONG KONG --- 3.9% $2,972,167
INDONESIA --- 0.5%
MFTG - CONSUMER PRODS.
153,000 PT Indo-Rama Synthetics* 387,853
$387,853
TOTAL INDONESIA --- 0.5% $387,853
ISRAEL --- 1.0%
ELECTRONICS - HIGH TECH
45,500 Scitex Corp 784,875
$784,875
TOTAL ISRAEL --- 1.0% $784,875
ITALY --- 2.2%
COMMUNICATIONS
324,000 Stet Societa Finanziaria Telefonica SPA 850,713
374,000 Telecom Italia SPA 803,894
$1,654,607
TOTAL ITALY --- 2.2% $1,654,607
JAPAN --- 4.0%
ELECTRONICS - HIGH TECH
66,000 Hitachi Koki 649,882
64,000 Hitachi Ltd 595,178
14,200 Sony Corp 933,448
$2,178,508
INDUSTRIAL SERVICES
55,500 Daito Trust Construction Company Ltd 829,857
$829,857
TOTAL JAPAN --- 4.0% $3,008,365
MEXICO --- 1.7%
MFTG - CONSUMER PRODS.
1,549,100 Grupo Herdez SA 480,281
$480,281
MFTG - INDUSTRIAL PRODS
27,000 Cementos Paz Del Rio SA* 361,125
$361,125
TELEPHONE
13,800 Telefonos de Mexico SA 462,300
$462,300
TOTAL MEXICO --- 1.7% $1,303,706
NETHERLANDS --- 7.5%
CREDIT INSTITUTIONS
28,000 International Nederlanden Group 834,915
$834,915
FOREIGN BANKS
15,874 ABN Amro Holding NV 851,821
$851,821
INDUSTRIAL SERVICES
25,414 Koninklijke PTT Nederland NV 961,772
$961,772
MFTG - INDUSTRIAL PRODS
6,600 Akzo Nobel NV 790,685
11,525 European Vinyls Corporation International NV 357,835
$1,148,520
TRANSPORTATION EQUIPMENT
39,800 Koninklijke Nedlloyd NV 916,309
38,040 Koninklijke Pakhoed NV* 991,670
$1,907,979
TOTAL NETHERLANDS --- 7.5% $5,705,007
NEW ZEALAND --- 3.0%
HOLDING & INVEST. OFFICES
645,000 Brierley Investments Ltd 609,783
$609,783
MFTG - INDUSTRIAL PRODS
345,000 Carter Holt Harvey Ltd 787,045
698,000 Fletcher Challenge Ltd 865,507
$1,652,552
TOTAL NEW ZEALAND --- 3.0% $2,262,335
NORWAY --- 2.5%
AIR
72,900 Helikopter Service A/S 841,633
$841,633
CONSUMER SERVICES
28,777 Nycomed ASA* 398,678
$398,678
MFTG - INDUSTRIAL PRODS
36,000 Elkem A/S 495,975
28,777 Hafslund Nycomed A/S 181,620
$677,595
TOTAL NORWAY --- 2.5% $1,917,906
PHILLIPPINES --- 0.6%
HOLDING & INVEST. OFFICES
1,569,000 Metro Pacific Corp 467,121
$467,121
TOTAL PHILLIPPINES --- 0.6% $467,121
SINGAPORE --- 0.7%
MFTG - CONSUMER PRODS.
76,000 Asia Pacific Resource International Holdings Ltd* 570,000
$570,000
TOTAL SINGAPORE --- 0.7% $570,000
SPAIN --- 6.3%
ELECTRIC
106,000 Compania Sevillana de Electricidad* 975,580
11,000 Empresa Nacional de Electridad SA 685,511
78,200 Iberdrola SA 802,061
$2,463,152
FOREIGN BANKS
5,010 Banco Intercontinental Espanol SA 559,963
2,000 Banco Popular Espanol SA 356,288
$916,251
MINING
78,400 Asturiana de Zinc SA* 586,421
$586,421
TELEPHONE
46,200 Telefonica de Espana SA 850,411
$850,411
TOTAL SPAIN --- 6.3% $4,816,235
SWEDEN --- 4.2%
ELECTRONICS - HIGH TECH
15,300 Enator AB* 351,631
$351,631
FOREIGN BANKS
20,000 Stadshypotek AB 446,085
25,000 Svenska Handelsbanken Inc 521,814
$967,899
MFTG - INDUSTRIAL PRODS
12,500 Assidomaen AB 291,048
9,400 Astra AB 409,404
$700,452
TRANSPORTATION EQUIPMENT
30,400 Volvo AB 691,794
$691,794
WHOLESALE TRADE -CONSUMER
9,300 Electrolux AB 467,418
$467,418
TOTAL SWEDEN --- 4.2% $3,179,194
SWITZERLAND --- 5.1%
CONSUMER SERVICES
400 Kuoni Reisenburo Holdings AG 917,226
$917,226
ELECTRONICS - HIGH TECH
570 ABB AG 704,986
200 ABB AG - Registered 48,738
830 SMH AG* 576,942
$1,330,666
HOLDING & INVEST. OFFICES
5,500 CS Holding AG 522,931
$522,931
MFTG - INDUSTRIAL PRODS
900 Ciba-Geigy AG 1,096,596
$1,096,596
TOTAL SWITZERLAND --- 5.1% $3,867,419
THAILAND --- 1.2%
AGRICULTURE
132,000 Charoen Pokphand Feedmill Public Company Ltd 753,567
$753,567
REAL ESTATE
87,700 MDX Public Company Ltd* 150,200
$150,200
TOTAL THAILAND --- 1.2% $903,767
UNITED KINGDOM --- 5.9%
CONSUMER SERVICES
10,000 SmithKline Beecham PLC* 543,750
$543,750
ELECTRONICS - HIGH TECH
155,500 BICC Group 753,822
$753,822
GAS
96,700 British Gas PLC 270,447
$270,447
INDUSTRIAL SERVICES
348,000 Meggitt Holdings PLC 519,080
237,400 Transport Development Group PLC 726,659
$1,245,739
MFTG - CONSUMER PRODS.
540,000 Albert Fisher Group PLC 394,344
60,000 News International PLC 388,751
$783,095
RETAIL TRADE
131,500 Kwik Save Group PLC 925,567
$925,567
TOTAL UNITED KINGDOM --- 5.9% $4,522,420
UNITED STATES --- 1.1%
INSURANCE
18,600 Ace Ltd 874,199
$874,199
TOTAL UNITED STATES --- 1.1% $874,199
TOTAL COMMON STOCK --- 84.1% $63,976,525
(Cost $56,735,328)
PREFERRED STOCK
BRAZIL --- 0.4%
TELEPHONE
4,350 Telecomunicacoes Brasileiras SA* 302,869
$302,869
TOTAL BRAZIL --- 0.4% $302,869
TOTAL PREFERRED STOCK --- 0.4% $302,869
(Cost $145,403)
SHORT-TERM INVESTMENTS
CANADA --- 4.8%
FOREIGN BANKS
3,683,000 Canadian Imperial Bank of Commerce 3,683,000
$3,683,000
TOTAL CANADA --- 4.8% $3,683,000
UNITED STATES --- 9.8%
CREDIT INSTITUTIONS
1,700,000 American Express Credit Corp 1,696,728
2,900,000 Ford Motor Credit Co 2,889,454
2,900,000 TransAmerica Financial Corp 2,888,321
$7,474,503
TOTAL UNITED STATES --- 9.8% $7,474,503
TOTAL SHORT-TERM INVESTMENTS --- 14.7% $11,157,503
(Cost $11,157,503)
TOTAL INTERNATIONAL EQUITY PORTFOLIO --- 100.0% $76,073,802
(Cost $68,615,577)
Maxim Series Fund, Inc.
INVESCO ADR Portfolio
COMMON STOCK
AUSTRALIA --- 6.6%
FOREIGN BANKS
2,000 National Australia Bank Ltd 92,750
$92,750
MFTG - INDUSTRIAL PRODS
2,400 Amcor Ltd 66,300
$66,300
MINING
2,000 CRA Ltd 123,062
$123,062
TOTAL AUSTRALIA --- 6.6% $282,112
BELGIUM --- 0.6%
OIL & GAS
800 Petrofina SA 25,135
$25,135
TOTAL BELGIUM --- 0.6% $25,135
CHILE --- 0.8%
MFTG - CONSUMER PRODS.
1,500 Compania Cervecerias Unidas SA 35,250
$35,250
TOTAL CHILE --- 0.8% $35,250
DENMARK --- 2.1%
MFTG - INDUSTRIAL PRODS
2,500 Novo-Nordisk AS 89,375
$89,375
TOTAL DENMARK --- 2.1% $89,375
FRANCE --- 6.9%
MFTG - CONSUMER PRODS.
1,500 Groupe Danone 45,563
1,500 LVMH Moet Hennessy Louis Vuitton Inc 71,063
$116,626
OIL & GAS
3,000 Total SA 111,375
$111,375
SECURITIES & COMMODITIES
3,000 Societe Generale Paris 64,500
$64,500
TOTAL FRANCE --- 6.9% $292,501
GERMANY --- 5.4%
MFTG - INDUSTRIAL PRODS
1,500 BASF AG 85,125
2,500 Bayer AG 87,500
$172,625
OIL & GAS
1,500 RWE AG 57,938
$57,938
TOTAL GERMANY --- 5.4% $230,563
HONG KONG --- 4.9%
AIR
10,000 Swire Pacific Ltd 84,500
$84,500
CONSUMER SERVICES
8,000 South China Morning Post Holdings Ltd 26,800
$26,800
REAL ESTATE
5,000 Hang Lung Development Company Ltd 46,250
3,000 Wharf Holdings Ltd 53,250
$99,500
TOTAL HONG KONG --- 4.9% $210,800
ITALY --- 1.6%
COMMUNICATIONS
2,000 Stet Societa Finanziaria Telefonica SPA 67,750
$67,750
TOTAL ITALY --- 1.6% $67,750
JAPAN --- 19.2%
CONSTRUCTION
600 Sekisui House Ltd 69,173
$69,173
CREDIT INSTITUTIONS
2,200 Toyota Motor Credit Corp 110,275
$110,275
ELECTRONICS - HIGH TECH
2,400 Fuji Photo Film Company Ltd 76,500
1,000 Hitachi Ltd 93,750
1,500 Konica Corp 113,504
700 Matsushita Electric Industrial Company Ltd 130,200
1,200 TDK Corp 72,750
$486,704
MFTG - CONSUMER PRODS.
700 Kirin Brewery Company Ltd 86,800
$86,800
RETAIL TRADE
1,500 Marui Ltd 66,428
$66,428
TOTAL JAPAN --- 19.2% $819,380
MEXICO --- 1.2%
TELEPHONE
1,500 Telefonos de Mexico SA 50,250
$50,250
TOTAL MEXICO --- 1.2% $50,250
NETHERLANDS --- 11.0%
FOREIGN BANKS
2,057 ABN Amro Holding NV 107,993
$107,993
INSURANCE
2,000 Aegon NV 92,250
$92,250
MFTG - CONSUMER PRODS.
3,000 Elsevier NV 91,125
600 Unilever NV 87,075
$178,200
MFTG - INDUSTRIAL PRODS
1,500 Akzo Nobel NV 89,625
$89,625
TOTAL NETHERLANDS --- 11.0% $468,068
SINGAPORE --- 0.9%
WHOLESALE TRADE - INDL
12,000 Inchcape Berhad 38,460
$38,460
TOTAL SINGAPORE --- 0.9% $38,460
SPAIN --- 8.0%
ELECTRIC
1,000 Empresa Nacional de Electridad SA 62,625
$62,625
FOREIGN BANKS
1,600 Banco Santander SA 74,200
$74,200
OIL & GAS
3,000 Repsol SA 104,250
$104,250
TELEPHONE
1,800 Telefonica de Espana SA 99,225
$99,225
TOTAL SPAIN --- 8.0% $340,300
SWEDEN --- 2.1%
MFTG - INDUSTRIAL PRODS
2,000 Astra AB 87,500
$87,500
TOTAL SWEDEN --- 2.1% $87,500
SWITZERLAND --- 7.2%
INDUSTRIAL SERVICES
1,600 Sandoz AG 91,400
$91,400
MFTG - CONSUMER PRODS.
1,700 Nestle SA 96,475
$96,475
MFTG - INDUSTRIAL PRODS
2,000 Ciba-Geigy AG 121,250
$121,250
TOTAL SWITZERLAND --- 7.2% $309,125
UNITED KINGDOM --- 17.7%
AIR
1,000 British Airways PLC 85,750
$85,750
ELECTRIC
2,500 National Power PLC 78,750
2,232 Southern Electric PLC 24,465
$103,215
FOREIGN BANKS
600 HSBC Holdings PLC 89,913
$89,913
MFTG - CONSUMER PRODS.
17,000 Associated British Foods Ltd 101,184
9,000 Unigate PLC 55,656
$156,840
MFTG - INDUSTRIAL PRODS
3,000 Glaxo Wellcome PLC 80,250
$80,250
OIL & GAS
800 Burmah Castrol PLC 25,100
1,500 Shell Transport and Trading Co 132,000
$157,100
TELEPHONE
1,500 British Telecommunications PLC 80,622
$80,622
TOTAL UNITED KINGDOM --- 17.7% $753,690
TOTAL COMMON STOCK --- 96.1% $4,100,259
(Cost $3,555,133)
SHORT-TERM INVESTMENTS
CANADA --- 3.9%
FOREIGN BANKS
165,000 Canadian Imperial Bank of Commerce 165,000
$165,000
TOTAL CANADA --- 3.9% $165,000
TOTAL SHORT-TERM INVESTMENTS --- 3.9% $165,000
(Cost $165,000)
TOTAL INVESCO ADR PORTFOLIO --- 100.0% $4,265,259
(Cost $3,720,133)
Maxim Series Fund, Inc.
INVESCO Small-Cap Growth Portfolio
COMMON STOCK
COMMUNICATIONS --- 3.1%
1,000 Excel Communications Inc* 27,000
7,600 IPC Information Systems Inc* 133,000
9,800 Sitel Corp* 411,600
$571,600
CONSUMER SERVICES --- 10.5%
3,500 Arterial Vascular Engineering Inc* 126,875
2,600 Elan Corporation PLC* 148,525
5,000 Henry Schein Inc* 191,250
7,500 Lincare Holdings Inc* 294,375
13,400 Omnicare Inc 355,100
6,800 Physician Reliance Network Inc* 151,300
11,000 Prime Hospitality Corp* 181,500
12,000 Suburban Lodges of America Inc* 277,500
5,600 Total Renal Care Holdings Inc* 236,600
$1,963,025
CREDIT INSTITUTIONS --- 1.5%
7,400 Amresco Inc 126,725
6,300 Olympic Financial Ltd* 144,900
$271,625
ELECTRONICS - HIGH TECH --- 15.3%
16,500 Affinity Technology Group* 140,250
4,150 Ascend Communications Inc* 233,438
5,500 Aspect Telecommunications Corp* 272,250
9,600 CBT Group PLC* 444,000
13,200 Cognos Inc* 303,600
5,500 DSP Communications Inc* 282,563
5,600 Davok Corp* 165,200
5,100 Digital Systems International Inc* 77,138
11,200 FORE Systems Inc* 404,600
11,900 Integrated Device Technology Inc* 126,438
6,000 Saville Systems Ireland PLC* 165,750
5,200 Summit Medical Systems Inc* 101,400
6,300 Triquint Semiconductor Inc* 130,725
$2,847,352
INDUSTRIAL SERVICES --- 29.9%
3,100 ABR Information Services Inc* 155,775
7,400 APAC Teleservices Inc* 266,400
6,000 AXENT Technologies Inc* 99,000
4,900 Avant! Corp* 113,925
5,300 ClinTrials Research Inc* 219,950
6,400 EPIC Design Technology Inc* 161,600
5,000 General Surgical Innovations Inc* 76,250
16,200 HA-LO Industries Inc* 421,200
7,560 HBO & Co 512,190
7,100 I2 Technologies Inc* 303,525
4,200 Learning Tree International Inc* 129,150
2,700 Medic Computer Systems Inc* 219,038
5,800 Meridian Data Inc* 51,475
11,550 PMT Services Inc* 330,619
3,200 PairGain Technologies Inc* 198,400
4,000 Pharmaceutical Product Development Inc* 134,000
9,900 Quickturn Design Systems Inc* 143,550
4,300 Quintiles Transnational Corp* 282,725
2,050 Remedy Corp* 149,650
8,000 Sunquest Information Systems Inc* 120,000
2,500 The Registry Inc* 73,125
9,400 The Vincam Group Inc* 244,400
9,000 Transition Systems Inc* 256,500
3,700 Vantive Corp* 123,950
1,300 Verilink Corp* 33,150
4,400 Veritas Software Corp* 189,200
9,250 Wind River Systems* 319,125
9,800 Workgroup Technology Corp* 246,225
$5,574,097
INSURANCE --- 4.9%
3,100 Mercury General Corp 135,625
3,900 Orion Capital Corp 198,900
7,000 Oxford Health Plans Inc* 287,875
5,500 RISCORP Inc* 100,375
8,000 United Insurance Companies Inc* 182,000
$904,775
LEASING --- 1.1%
4,400 Rent-Way Inc* 59,950
5,600 Renters Choice Inc* 142,800
$202,750
MFTG - CONSUMER PRODS. --- 5.5%
5,900 Arris Pharmaceutical Corp* 69,325
1,300 Bone Care International Inc* 8,450
1,900 Culbro Corp* 113,288
9,100 NeXstar Pharmaceuticals Inc* 202,475
7,800 ParExel International Corp* 376,350
8,400 SEQUUS Pharmaceuticals Inc* 167,076
2,600 Talbots Inc 84,175
$1,021,139
MFTG - INDUSTRIAL PRODS --- 3.2%
8,500 Fuisz Technologies Ltd* 161,500
3,800 ResMed Inc* 58,900
13,300 Uromed Corp* 182,875
4,400 Verifone Inc* 185,900
$589,175
OIL & GAS --- 3.0%
4,800 Belco Oil & Gas Corp* 170,400
7,900 Flores & Rucks Inc* 272,550
5,000 Trico Marine Services Inc* 111,250
$554,200
RETAIL TRADE --- 5.8%
4,900 Garden Ridge Corp* 247,450
3,100 Just For Feet Inc* 163,913
5,500 Marks Bros Jewelers Inc* 125,125
3,900 Proffitts Inc* 138,450
5,700 US Office Products Co* 239,400
6,700 Williams-Sonoma Inc* 158,284
$1,072,622
TOTAL COMMON STOCK --- 83.6% $15,572,360
(Cost $12,937,414)
SHORT-TERM INVESTMENTS
CREDIT INSTITUTIONS --- 11.6%
928,000 Ford Motor Credit Co 924,539
310,000 Paccar Financial Corp 308,754
928,000 TransAmerica Financial Corp 924,263
$2,157,556
FOREIGN BANKS --- 4.9%
908,000 Canadian Imperial Bank of Commerce 908,000
$908,000
TOTAL SHORT-TERM INVESTMENTS --- 16.4% $3,065,556
(Cost $3,065,556)
TOTAL INVESCO SMALL-CAP GROWTH PORTFOLIO --- 100.0% $18,637,916
(Cost $16,002,970)
Maxim Series Fund, Inc.
Mid-Cap Portfolio
COMMON STOCK
COMMUNICATIONS --- 18.8%
227,875 360 Communications Co* 5,469,000
58,925 Arch Communications Group Inc* 1,097,478
172,425 Commnet Cellular Inc* 5,172,750
89,325 Millicom International Cellular SA* 4,254,103
81,225 OmniPoint Corp* 2,116,886
622,850 Paging Network Inc* 14,948,400
210,218 PriCellular Corp* 2,548,893
79,775 Western Wireless Corp* 1,705,191
$37,312,701
CONSUMER SERVICES --- 14.7%
186,700 CUC International Inc* 6,627,850
151,925 Family Golf Centers Inc* 3,817,116
212,950 HFS Inc* 14,906,500
28,300 Healthsouth Corp* 1,018,800
22,700 Omnicare Inc 601,550
89,850 Sunrise Assisted Living Inc* 2,156,400
$29,128,216
CREDIT INSTITUTIONS --- 0.5%
145,500 World Acceptance Corp* 1,054,875
$1,054,875
ELECTRONICS - HIGH TECH --- 3.4%
91,125 Black Box Corp* 2,164,219
100,000 Exogen Inc* 850,000
22,875 Gulf South Medical Supply Inc* 892,125
48,700 Littelfuse Inc* 1,826,250
34,350 Littelfuse Inc - Warrants* 1,000,444
$6,733,038
INDEPENDENT POWER PROD --- 2.3%
237,725 Trigen Energy Corp 4,487,059
$4,487,059
INDUSTRIAL SERVICES --- 11.0%
71,575 American Business Information Inc* 1,306,244
50,325 First Data Corp 4,007,128
120,150 Medaphis Corp* 4,775,963
1,525,835 Rentokil Group PLC 9,696,497
105,125 The Profit Recovery Group International Inc* 2,128,781
$21,914,613
INSURANCE --- 1.9%
42,100 Oxford Health Plans Inc* 1,731,363
59,500 Protective Life Corp 2,089,938
$3,821,301
MFTG - CONSUMER PRODS. --- 4.9%
109,900 DepoTech Corp* 2,774,975
7,861 Fotolabo SA 3,259,715
199,825 Matrix Pharmaceuticals Inc* 3,596,850
$9,631,540
MFTG - INDUSTRIAL PRODS --- 6.8%
170,225 Dayton Superior Corp* 2,234,203
102,375 Minerals Technologies Inc 3,506,344
116,200 Sealed Air Corp* 3,907,225
199,700 TheraTech Inc* 3,844,225
$13,491,997
RAILROADS --- 4.2%
257,900 Wisconsin Central Transportation Corp* 8,381,750
$8,381,750
REAL ESTATE --- 5.6%
410,250 Insignia Financial Group Inc* 11,128,031
$11,128,031
RETAIL TRADE --- 20.6%
28,275 AutoZone Inc* 982,556
111,875 Fastenal Co 4,866,563
106,525 Global DirectMail Corp* 4,207,738
16,039 Grand Optical-Photoservice 2,065,589
524,718 JD Wetherspoon PLC 8,193,623
34,970 JD Wetherspoon PLC # 546,067
10,425 MSC Industrial Direct Company Inc* 336,206
23,025 O'Reilly Automotive Inc* 834,656
94,125 Papa John's International Inc* 4,588,594
300,000 Petco Animal Supplies Inc* 8,625,000
606,873 PizzaExpress PLC 3,470,001
56,775 Sunglass Hut International Inc* 1,383,891
24,850 Viking Office Products Inc* 779,669
$40,880,153
WATER --- 1.1%
56,800 Culligan Water Technologies Inc* 2,158,400
$2,158,400
WHOLESALE TRADE - INDL --- 0.8%
57,450 Barnett Inc* 1,651,688
$1,651,688
WHOLESALE TRADE -CONSUMER --- 2.3%
206,200 APS Holding Corp* 4,536,396
$4,536,396
TOTAL COMMON STOCK --- 99.0% $196,311,758
(Cost )
SHORT-TERM INVESTMENTS
FOREIGN BANKS --- 1.0%
2,057,000 Canadian Imperial Bank of Commerce 2,057,000
$2,057,000
TOTAL SHORT-TERM INVESTMENTS --- 1.0% $2,057,000
(Cost $2,057,000)
TOTAL MID-CAP PORTFOLIO --- 100.0% $198,368,758
(Cost )
Maxim Series Fund, Inc.
T.Rowe Price Equity/Income Portfolio
BONDS
ELECTRIC --- 0.7%
200,000 El Paso Electric Co 196,500
First Mortgage Notes
8.900% February 1, 2006
$196,500
INDUSTRIAL SERVICES --- 0.4%
100,000 Liberty Property Trust 102,500
Convertible Bonds
8.000% July 1, 2001
$102,500
MFTG - INDUSTRIAL PRODS --- 0.1%
25,000 Coca-Cola Bottling Company of the Southwest 24,500
Senior Subordinated Notes
9.000% November 15, 2003
$24,500
REAL ESTATE --- 0.4%
100,000 BF Saul Real Estate Investment Trust 102,500
Senior Notes
11.625% April 1, 2002
$102,500
RETAIL TRADE --- 0.5%
150,000 Hills Stores Co # 147,000
Senior Notes
12.500% July 1, 2003
$147,000
U.S. GOVERNMENTS --- 3.3%
300,000 United States of America 266,016
Treasury Notes
6.000% February 15, 2026
200,000 United States of America 190,468
Treasury Notes
5.750% August 15, 2003
25,000 United States of America 25,895
Treasury Notes
7.250% August 15, 2004
20,000 United States of America 20,356
Treasury Notes
7.375% November 15, 1997
50,000 United States of America 52,117
Treasury Notes
7.750% January 31, 2000
75,000 United States of America 75,504
Treasury Notes
6.625% March 31, 1997
80,000 United States of America 74,125
Treasury Notes
5.625% February 15, 2006
200,000 United States of America 200,093
Treasury Notes
6.500% May 31, 2001
$904,574
TOTAL BONDS --- 5.3% $1,477,574
(Cost $1,481,077)
COMMON STOCK
AGENCY --- 1.6%
6,300 Federal National Mortgage Association 211,050
3,000 Student Loan Marketing Association 222,000
$433,050
COMMUNICATIONS --- 2.0%
2,300 Gannett Company Inc 162,725
2,600 Pacific Telesis Group 87,750
3,800 US West Communications Group 121,125
5,500 US West Media Group* 100,375
2,200 Vodafone Group PLC 81,125
$553,100
CONSUMER SERVICES --- 3.6%
1,500 Bausch & Lomb Inc 63,750
4,200 Baxter International Inc 198,450
4,400 Eli Lilly & Co 286,000
3,900 H&R Block Inc 127,238
6,100 SmithKline Beecham PLC 331,688
$1,007,126
CREDIT INSTITUTIONS --- 8.7%
6,000 American Express Co 267,750
3,700 Banc One Corp 125,800
3,300 Bank of Boston Corp 163,350
2,200 Bankers Trust New York Corp 162,525
5,300 Fleet Financial Group Inc 230,550
3,100 JP Morgan & Company Inc 262,338
6,900 Mellon Bank Corp 393,300
2,600 Mercantile Bankshares Corp 66,300
3,700 National City Corp 129,963
4,200 PNC Bank Corp 124,950
4,500 US Bancorp 162,563
1,300 Wells Fargo & Co 310,538
$2,399,927
ELECTRIC --- 6.2%
2,700 Baltimore Gas & Electric Co 76,613
11,400 Centerior Energy Corp 84,075
1,787 DQE Inc 49,143
3,700 Dominion Resources Inc 148,000
4,000 Edison International 70,500
8,000 Entergy Corp 227,000
2,700 Florida Progress Corp 93,825
1,500 General Public Utilities Corp 52,875
8,800 PacifiCorp 195,800
6,200 Pacific Gas & Electric Co 144,150
8,000 Peco Energy Co 208,000
5,200 Public Service Enterprise Group Inc 142,350
4,000 Southern Co 98,500
4,800 Unicom Corp 133,800
$1,724,631
ELECTRONICS - HIGH TECH --- 4.3%
3,000 Eastman Kodak Co 233,250
6,000 General Electric Co 519,000
1,200 General Signal Corp 45,450
3,800 Honeywell Inc 207,100
2,800 Hubbell Inc 185,500
$1,190,300
FOREIGN BANKS --- 0.2%
8,000 Skandinaviska Enskilda Banken 63,899
$63,899
FORESTRY --- 1.7%
4,100 Georgia-Pacific Corp 291,100
4,900 International Paper Co 180,688
$471,788
GAS --- 0.1%
1,200 TransCanada Pipelines Ltd 17,700
$17,700
HOLDING & INVEST. OFFICES --- 2.3%
5,596 Chase Manhattan Corp 395,218
42,700 Lonrho PLC 122,739
2,900 Weingarten Realty Investors 112,375
$630,332
INDUSTRIAL SERVICES --- 1.5%
2,100 Deluxe Corp 74,550
3,400 Dun & Bradstreet Corp 212,500
1,300 PHH Corp 74,100
1,300 Pitney Bowes Inc 62,075
$423,225
INSURANCE --- 4.1%
8,000 American General Corp 291,000
1,500 Hilb Rogal & Hamilton Co 20,813
3,400 Provident Companies Inc 125,800
1,700 Safeco Corp 60,138
2,600 St Paul Companies Inc 139,100
4,650 Travelers Group Inc 212,156
800 Travelers/Aetna Property Casualty Corp #* 22,700
6,200 USF&G Corp 101,525
1,100 Unum Corp 68,475
7,500 Willis Corroon Group PLC # 89,063
$1,130,770
MFTG - CONSUMER PRODS. --- 10.8%
7,000 American Brands Inc 317,625
3,100 Anheuser-Busch Companies Inc 232,500
3,700 Brown-Forman Corp 148,000
5,900 General Mills Inc 321,550
4,900 Grand Metropolitan PLC 131,075
7,600 HJ Heinz Co 230,850
7,700 McCormick & Company Inc 170,363
3,600 McGraw-Hill Companies Inc 164,700
2,650 Philip Morris Companies Inc 275,600
8,200 Quaker Oats Co 279,825
1,900 RJR Nabisco Holdings Corp 58,900
2,100 Readers Digest Association Inc Class A 89,250
500 Readers Digest Association Inc Class B 19,688
4,400 Sara Lee Corp 142,450
4,500 UST Inc 154,125
1,700 Unilever NV 246,713
$2,983,214
MFTG - INDUSTRIAL PRODS --- 17.5%
5,600 Abbott Laboratories 243,600
5,600 American Home Products Corp 336,700
1,300 Armstrong World Industries Inc 74,913
4,300 Betz Laboratories Inc 188,663
225 Ciba-Geigy AG 274,149
2,000 Consolidated Papers Inc 104,000
4,611 Cooper Industries Inc 191,357
6,300 Corning Inc 241,763
1,300 Crompton & Knowles Corp 21,775
1,800 Dow Chemical Co 136,800
4,100 EI DuPont De Nemours & Co 324,413
3,300 Great Lakes Chemical Corp 205,425
4,300 James River Corporation of Virginia 113,413
2,400 Kimberly-Clark Corp 185,400
4,400 Lubrizol Corp 133,650
3,550 Minnesota Mining & Manufacturing Co 244,950
4,400 Nalco Chemical Co 138,600
9,012 Pharmacia & Upjohn Inc 399,908
3,800 Reynolds Metals Co 198,075
4,300 Tambrands Inc 175,763
8,850 USX-Marathon Group 178,106
5,900 Union Camp Corp 287,625
5,800 Warner-Lambert Co 319,000
3,500 Witco Corp 120,313
$4,838,361
MINING --- 0.6%
3,186 Newmont Mining Corp 157,309
$157,309
OIL & GAS --- 9.7%
4,000 Atlantic Richfield Co 474,000
2,200 British Petroleum PLC 235,125
4,750 Chevron Corp 280,250
1,737 Cooper Cameron Corp* 75,994
5,400 Exxon Corp 469,125
2,700 McDermott International Inc 56,363
1,700 Mobil Corp 190,613
1,600 Pennzoil Co 74,000
3,000 Repsol SA 104,250
2,000 Royal Dutch Petroleum Co 307,500
1,391 Sun Company Inc 42,252
4,400 Texaco Inc 369,050
$2,678,522
OTHER TRANS. SERVICES --- 0.8%
3,300 Alexander & Baldwin Inc 79,613
900 FMC Corp* 58,725
1,800 GATX Corp 86,850
$225,188
RAILROADS --- 1.1%
1,900 Conrail Inc 126,113
2,450 Union Pacific Corp 171,194
$297,307
REAL ESTATE --- 1.8%
9,700 DeBartolo Realty Corp 156,413
2,700 General Growth Properties Inc 65,138
8,800 Simon Property Group Inc 215,600
1,800 The Rouse Co 46,575
$483,726
RETAIL TRADE --- 1.5%
1,300 Genuine Parts Co 59,475
250 Hancock Fabrics Inc 2,750
4,300 JC Penney & Company Inc 225,750
2,900 May Department Stores Co 126,875
$414,850
SECURITIES & COMMODITIES --- 0.8%
4,800 Salomon Inc 211,200
$211,200
TELEPHONE --- 4.4%
5,500 Alltel Corp 169,125
4,900 BCE Inc 193,550
2,100 Bell Atlantic Corp 133,875
5,100 Bellsouth Corp 216,113
6,100 GTE Corp 272,975
2,100 SBC Communications Inc 103,425
2,800 Southern New England Telecommunications Corp 117,600
$1,206,663
TRANSPORTATION EQUIPMENT --- 1.0%
1,700 Eaton Corp 99,663
2,300 Ford Motor Co 74,463
1,200 TRW Inc 107,850
$281,976
WHOLESALE TRADE -CONSUMER --- 0.1%
2,700 Fleming Companies Inc 38,796
$38,796
TOTAL COMMON STOCK --- 86.4% $23,862,960
(Cost $21,750,403)
SHORT-TERM INVESTMENTS
CREDIT INSTITUTIONS --- 4.0%
1,100,000 American Express Credit Corp 1,097,883
$1,097,883
FOREIGN BANKS --- 3.1%
845,000 Canadian Imperial Bank of Commerce 845,000
$845,000
INDUSTRIAL SERVICES --- 1.2%
340,000 Fluor Corp 338,681
$338,681
TOTAL SHORT-TERM INVESTMENTS --- 8.3% $2,281,564
(Cost $2,281,564)
TOTAL T.ROWE PRICE EQUITY/INCOME PORTFOLIO --- 100.0% $27,622,098
(Cost $25,513,044)
Maxim Series Fund, Inc.
Foreign Equity Portfolio
COMMON STOCK
AUSTRALIA --- 5.0%
FOREIGN BANKS
56,250 Australia & New Zealand Banking Group Ltd 266,508
61,500 Westpac Banking Corporation Ltd 272,505
$539,013
HOLDING & INVEST. OFFICES
39,900 Southcorp Holdings Ltd 98,918
$98,918
INSURANCE
16,850 Lend Lease Corporation Ltd 258,598
$258,598
MFTG - CONSUMER PRODS.
79,800 John Fairfax Holdings Ltd 166,433
61,000 News Corporation Ltd 346,144
$512,577
MFTG - INDUSTRIAL PRODS
35,900 Amcor Ltd 244,400
85,900 CSR Ltd 303,550
28,000 Capral Aluminum Ltd 81,096
$629,046
MINING
14,360 Broken Hill Proprietary Company Ltd 198,572
11,250 CRA Ltd 173,186
58,320 Normandy Mining Ltd 26,622
181,900 Normandy Mining Ltd - Warrants* 287,753
85,700 North Ltd 246,187
78,500 QNI Ltd 175,460
58,850 WMC Ltd 421,482
$1,529,262
TOTAL AUSTRALIA --- 5.0% $3,567,414
BELGIUM --- 1.2%
ELECTRIC
1,350 Powerfin NPV* 184,861
$184,861
MFTG - INDUSTRIAL PRODS
2,580 Glaverbel SA 279,996
$279,996
RETAIL TRADE
7,500 Delhaize-Le Lion SA 374,653
$374,653
TOTAL BELGIUM --- 1.2% $839,510
DENMARK --- 1.1%
MFTG - CONSUMER PRODS.
8,500 Carli Gry International A/S* 278,247
$278,247
MFTG - INDUSTRIAL PRODS
2,000 Crisplant Industries A/S* 129,576
18,140 ISS International Service System A/S 405,152
$534,728
TOTAL DENMARK --- 1.1% $812,975
FINLAND --- 1.9%
MFTG - CONSUMER PRODS.
5,930 Cultor OY 289,741
5,310 Huhtamaki Group 177,156
4,000 Raision Tehtaat OY 238,490
4,000 Raision Tehtaat OY - Rights* 32,717
$738,104
MFTG - INDUSTRIAL PRODS
1,760 Kone Corp 195,854
11,660 UPM-Kymmene Corp* 241,186
$437,040
RETAIL TRADE
14,200 Kesko 209,367
$209,367
TOTAL FINLAND --- 1.9% $1,384,511
GERMANY --- 5.9%
ELECTRIC
17,610 Veba AG 935,976
$935,976
MFTG - CONSUMER PRODS.
7,510 Adidas AG 625,381
$625,381
MFTG - INDUSTRIAL PRODS
940 Henkel KGaA 406,360
23,500 Hoechst AG 793,575
2,360 Mannesmann AG 815,557
3,290 SGL Carbon AG 386,906
$2,402,398
RETAIL TRADE
12,790 Tarkett AG 270,992
$270,992
TOTAL GERMANY --- 5.9% $4,234,747
ITALY --- 3.6%
COMMUNICATIONS
187,800 Stet Societa Finanziaria Telefonica SPA 493,098
$493,098
CREDIT INSTITUTIONS
410,800 Credito Italiano 481,292
$481,292
FOREIGN BANKS
151,700 Banca Fideuram SPA 328,546
$328,546
INSURANCE
20,200 Mediolanum SPA* 200,952
$200,952
OIL & GAS
59,600 Edison SPA 359,633
108,350 Saipem SPA 455,891
$815,524
RETAIL TRADE
70,350 Unicem SPA 229,001
$229,001
TOTAL ITALY --- 3.6% $2,548,413
JAPAN --- 32.9%
CONSTRUCTION
64,000 Sato Kogyo* 392,117
69,000 Taisei Corp 489,435
$881,552
ELECTRONICS - HIGH TECH
31,000 Canon Inc 644,411
47,000 Matsushita Electric Industrial Company Ltd 874,167
28,000 Nippondenso Company Ltd 607,577
16,000 Sony Corp 1,051,773
$3,177,928
FOREIGN BANKS
40,100 Bank of Tokyo-Mitsubishi 932,290
46,000 Fuji Bank Ltd 989,775
269,000 Hokkaido Takushoku Bank 814,249
124,000 Nippon Credit Bank* 460,132
37,000 Sakura Bank Ltd 411,555
37,000 Sanwa Bank Ltd 684,801
21,000 Sumitomo Bank 405,903
61,000 Tokai Bank 789,741
116,000 Yasuda Trust & Banking 732,922
$6,221,368
GAS
171,000 Osaka Gas Co 625,183
$625,183
MFTG - CONSUMER PRODS.
40,000 Dai Nippon Printing Company Ltd 773,148
31,000 Kirin Brewery Company Ltd 378,733
33,000 Onward Kashiyama Company Ltd 538,559
$1,690,440
MFTG - INDUSTRIAL PRODS
43,000 Asahi Glass Company Ltd 513,578
119,000 Ishikawajima-Harima Heavy Industries 580,453
1,000 Kawasaki Steel Corp 3,601
72,000 Mitsubishi Chemical Corp 332,162
42,000 Mitsubishi Heavy Industries Ltd 364,929
165,000 Nippon Steel Co 565,638
42,000 Ricoh Corporation Ltd 444,195
52,410 Sumitomo Rubber Industries Ltd 453,468
42,000 Toto Ltd 631,829
46,000 Yakult Honsha 650,064
$4,539,917
OTHER TRANS. SERVICES
37,000 Mitsubishi Warehouse & Transportation Company Ltd 661,187
$661,187
RAILROADS
108 East Japan Railway Co 566,185
78,250 Odakyu Electric Railway 526,511
$1,092,696
REAL ESTATE
37,000 Mitsui Fudosan 499,264
$499,264
RETAIL TRADE
77,000 Mitsukoshi Ltd 821,378
30,000 Takashimaya Co 464,983
$1,286,361
SECURITIES & COMMODITIES
17,000 Daiwa Securities Company Ltd 218,542
28,000 Nomura Securities Company Ltd 546,309
$764,851
TELEPHONE
1 Nippon Telegraph & Telephone Corp 2,961
$2,961
TRANSPORTATION EQUIPMENT
31,000 Honda Motor Co 802,688
13,000 Toyota Motor Corp 324,759
$1,127,447
WHOLESALE TRADE - INDL
38,000 Mitsubishi Corp 498,899
42,000 Mitsui & Co 380,246
$879,145
TOTAL JAPAN --- 32.9% $23,450,300
NETHERLANDS --- 3.7%
AIR
5,000 KLM Royal Dutch Air Lines NV* 159,930
$159,930
HOLDING & INVEST. OFFICES
29,125 Fortis Amev NV 834,337
$834,337
INDUSTRIAL SERVICES
11,300 Koninklijke PTT Nederland NV 427,639
$427,639
MFTG - CONSUMER PRODS.
4,000 Ahrend Groep NV 179,262
2,850 Wolters Kluwer NV 323,735
$502,997
RETAIL TRADE
19,700 Vendex International NV 686,673
$686,673
TOTAL NETHERLANDS --- 3.7% $2,611,576
NORWAY --- 2.1%
FORESTRY
7,100 Norske Skogindustrier AS 197,820
$197,820
INSURANCE
8,300 Protector Forsikring AS 215,923
$215,923
MFTG - CONSUMER PRODS.
41,300 Schibsted AS 534,027
$534,027
MFTG - INDUSTRIAL PRODS
3,800 Orkla AS* 200,052
$200,052
RETAIL TRADE
8,000 Narvesen ASA* 182,258
$182,258
TRANSPORTATION
23,100 Benor Tankers Ltd* 138,679
$138,679
TOTAL NORWAY --- 2.1% $1,468,759
SPAIN --- 4.0%
ELECTRIC
105,400 Compania Sevillana de Electricidad 970,058
$970,058
FOREIGN BANKS
15,500 Banco Santander SA 722,949
$722,949
MFTG - CONSUMER PRODS.
14,100 Viscofan Industria Navarra De Envolturas Celulosicas SA 222,699
$222,699
OTHER UTILITIES
4,300 Gas Natural SDG 902,185
$902,185
TOTAL SPAIN --- 4.0% $2,817,891
SWITZERLAND --- 6.1%
AIR
469 Swissair AG* 453,786
$453,786
CONSTRUCTION
376 Schindler Holding AG 399,553
$399,553
INDUSTRIAL SERVICES
1,700 Adia SA 426,494
469 Sandoz AG 536,225
$962,719
INSURANCE
164 Baloise Holding Ltd 356,408
$356,408
MFTG - CONSUMER PRODS.
505 Nestle SA 576,578
$576,578
MFTG - INDUSTRIAL PRODS
900 Alusuisse-Lonza Holding AG 742,809
110 Roche Holding AG 838,886
$1,581,695
TOTAL SWITZERLAND --- 6.1% $4,330,739
UNITED KINGDOM --- 20.9%
AIR
79,250 BAA PLC* 576,274
$576,274
COMMUNICATIONS
56,000 British Sky Broadcasting Group PLC 382,846
48,600 Carlton Communications PLC 392,666
113,300 Orange PLC* 397,853
121,800 TeleWest Communications PLC* 306,582
$1,479,947
CONSUMER SERVICES
55,350 Greenalls Group PLC 492,784
219,450 Ladbroke Group PLC 613,751
37,150 Rank Organisation PLC* 288,034
35,000 SmithKline Beecham PLC* 374,689
16,340 Thorn EMI PLC 455,469
$2,224,727
ELECTRIC
152,050 National Grid Group PLC* 403,986
$403,986
ELECTRONICS - HIGH TECH
67,450 General Electric Company PLC 363,660
$363,660
FOREIGN BANKS
81,600 Barclays PLC 980,062
38,000 National Westminster Bank PLC 362,523
$1,342,585
HOLDING & INVEST. OFFICES
110,100 BTR PLC 432,805
137,600 Hanson PLC 384,835
127,050 Tomkins PLC 479,695
$1,297,335
MFTG - CONSUMER PRODS.
58,050 Cadbury Schweppes PLC 459,096
29,700 Pearson PLC 306,414
51,550 Reed International PLC 862,638
67,800 Storehouse PLC 341,318
$1,969,466
MFTG - INDUSTRIAL PRODS
55,500 British Aerospace PLC 842,503
127,250 Cookson Group PLC 561,513
52,100 Glaxo Wellcome PLC 701,844
83,150 TI Group PLC 695,070
$2,800,930
OIL & GAS
36,500 British Petroleum Company PLC 320,424
$320,424
REAL ESTATE
139,250 Pillar Property Investments PLC 350,505
$350,505
RETAIL TRADE
52,100 Bass PLC 654,893
94,000 Williams Holdings PLC 495,121
$1,150,014
TELEPHONE
109,950 British Telecommunications PLC 591,095
$591,095
TOTAL UNITED KINGDOM --- 20.9% $14,870,948
TOTAL COMMON STOCK --- 88.3% $62,937,783
(Cost $56,889,653)
PREFERRED STOCK
GERMANY --- 0.6%
MFTG - CONSUMER PRODS.
390 Hugo Boss AG 448,394
$448,394
TOTAL GERMANY --- 0.6% $448,394
TOTAL PREFERRED STOCK --- 0.6% $448,394
(Cost $322,776)
SHORT-TERM INVESTMENTS
CANADA --- 4.9%
FOREIGN BANKS
3,487,000 Canadian Imperial Bank of Commerce 3,487,000
$3,487,000
TOTAL CANADA --- 4.9% $3,487,000
UNITED STATES --- 6.2%
CREDIT INSTITUTIONS
2,400,000 Ford Motor Credit Co 2,391,589
$2,391,589
TELEPHONE
2,000,000 Ameritech Corp 1,992,272
$1,992,272
TOTAL UNITED STATES --- 6.2% $4,383,861
TOTAL SHORT-TERM INVESTMENTS --- 11.0% $7,870,861
(Cost $7,870,861)
TOTAL FOREIGN EQUITY PORTFOLIO --- 100.0% $71,257,038
(Cost $65,083,290)
Maxim Series Fund, Inc.
Growth Index Portfolio
COMMON STOCK
AGENCY --- 1.4%
3,000 Federal Home Loan Mortgage Corp 256,500
18,600 Federal National Mortgage Association 623,100
100 Student Loan Marketing Association 7,400
$887,000
AGRICULTURE --- 0.0%
300 Agco Corp 8,325
$8,325
AIR --- 0.2%
500 Atlantic Southeast Airlines Inc 14,125
100 Pittston Burlington Group 2,163
2,800 Southwest Airlines Co 81,550
100 UAL Corp* 5,375
$103,213
COMMUNICATIONS --- 6.3%
1,233 360 Communications Co* 29,592
800 AH Belo Corp 29,800
27,000 AT&T Corp 1,674,000
10,700 Airtouch Communications Inc* 302,275
1,050 Cabletron Systems Inc* 72,056
200 Cablevision Systems Corp* 9,250
1,700 Cascade Communications Corp* 115,600
500 Clear Channel Communications Inc* 41,188
5,100 Comcast Corp 94,350
800 Cox Communications Inc* 17,300
3,000 Gannett Company Inc 212,250
1,197 Gaylord Entertainment Co 33,815
2,075 Infinity Broadcasting Corp* 62,250
300 LIN Television Corp* 10,800
50 MFS Communications Company Inc* 1,881
1,200 Mobile Telecommunications Technologies Corp* 17,550
1,500 New World Communications Group Inc* 21,938
2,200 Paging Network Inc* 52,800
900 Qualcomm Inc* 47,813
2,547 Tele-Communications Inc* 67,496
13,990 Tele-Communications Inc Liberty Media Group* 253,569
500 Telephone & Data Systems Inc 22,500
7,300 Time Warner Inc 286,525
2,300 Turner Broadcasting Systems Inc 63,250
8,400 US West Media Group* 153,300
750 Vanguard Cellular Systems Inc* 16,313
3,490 Worldcom Inc* 193,259
$3,902,720
CONSTRUCTION --- 0.0%
1,393 Clayton Homes Inc 27,860
$27,860
CONSUMER SERVICES --- 13.6%
500 Allergan Inc 19,625
5,600 Amgen Inc* 302,400
200 Bausch & Lomb Inc 8,500
200 Becton Dickinson & Co 16,050
900 Beverly Enterprises Inc* 10,800
800 Biogen Inc* 43,900
2,500 Biomet Inc* 35,938
700 Boyd Gaming Corp* 10,500
4,900 Bristol-Myers Squibb Co 441,000
1,200 CR Bard Inc 40,800
4,100 CUC International Inc* 145,550
1,700 Caremark International Inc 42,925
2,200 Circus Circus Enterprises Inc* 90,200
9,568 Columbia/HCA Healthcare Corp 510,692
1,500 Eckerd Corp* 33,938
4,700 Eli Lilly & Co 305,500
400 FHP International Corp* 10,950
1,000 Forest Laboratories Inc* 38,625
700 Genzyme Corp* 35,175
2,200 H&R Block Inc 71,775
2,600 HFS Inc* 182,000
2,250 Harrah's Entertainment Inc* 63,563
900 Health Care & Retirement Corp* 21,375
2,275 Health Management Associates Inc* 46,069
800 Health Systems International Inc* 21,700
700 HealthCare Compare Corp* 34,125
2,986 Healthsouth Corp* 107,496
400 Hilton Hotels Corp 45,000
600 Host Marriott Corp* 4,350
3,500 Humana Inc* 62,563
2,100 ITT Corp* 139,125
2,300 Ivax Corp 36,513
28,576 Johnson & Johnson 1,414,512
500 King World Productions Inc* 18,188
850 La Quinta Inns Inc 28,475
1,800 Laboratory Corp of America* 13,500
248 MGM Grand Inc* 9,889
1,000 Manor Care Inc 39,375
2,700 Marriott International Inc 145,125
5,000 Medtronic Inc 280,000
26,300 Merck & Company Inc 1,699,638
1,000 Mid Atlantic Medical Services Inc* 14,250
1,900 Mirage Resorts Inc* 102,600
500 Pacificare Health Systems Inc* 33,875
925 Promus Hotel Corp* 27,403
1,000 Quorum Health Group Inc* 26,375
2,000 Service Corporation International 115,000
1,450 St Jude Medical Inc* 48,575
1,600 Stryker Corp 36,400
400 Tenet Healthcare Corp* 8,550
14,508 The Walt Disney Co 912,191
3,350 US Healthcare Inc 184,250
3,000 United Healthcare Corp 151,500
600 United States Surgical Corp 18,600
980 Vencor Inc* 29,890
133 Wellpoint Health Networks Inc* 4,156
2,300 Whitman Corp 55,488
$8,396,527
CREDIT INSTITUTIONS --- 1.8%
800 Advanta Corp 40,800
8,200 American Express Co 365,925
540 Banc One Corp 18,360
45 Beneficial Corp 2,526
200 Capital One Financial Corp 5,700
300 Credit Acceptance Corp* 6,300
200 Equitable of Iowa Cos 7,100
1,350 Fifth Third Bancorp 72,900
1,200 First USA Inc 66,000
2,900 Green Tree Financial Corp 90,625
1,000 Household International Inc 76,000
4,150 MBNA Corp 118,275
3,050 Mercury Finance Co 38,888
2,900 Norwest Corp 101,138
500 State Street Boston Corp 25,500
2,200 Synovus Financial Corp 47,575
$1,083,612
ELECTRIC --- 0.1%
1,103 AES Corp* 31,160
$31,160
ELECTRONICS - HIGH TECH --- 19.3%
4,700 AMP Inc 188,588
1,100 Adaptec Inc* 52,113
1,400 Adobe Systems Inc 50,225
200 Adtran Inc* 14,175
1,500 Advanced Micro Devices Inc* 20,438
1,700 American Power Conversion Corp* 17,425
600 Amphenol Corp* 13,800
2,450 Analog Devices Inc* 62,475
1,250 Andrew Corp* 67,188
700 Apple Computer Inc 14,700
3,800 Applied Materials Inc* 115,900
100 Arrow International Inc 2,700
1,800 Ascend Communications Inc* 101,250
1,700 Atmel Corp* 51,213
200 Avnet Inc 8,425
100 Beckman Instruments Inc 3,800
1,000 Black & Decker Corp 38,625
2,100 Boston Scientific Corp* 94,500
1,400 Cirrus Logic Inc* 24,500
12,200 Cisco Systems Inc* 690,825
1,000 Coltec Industries Inc* 14,250
5,700 Compaq Computer Corp* 280,725
1,700 Cypress Semiconductor Corp* 20,400
2,500 DSC Communications Corp* 75,313
1,400 Dell Computer Corp* 71,225
400 Dentsply International Inc 17,000
850 Diebold Inc 41,013
2,500 Duracell International Inc 107,813
6,700 Eastman Kodak Co 520,925
7,200 Electronic Data System 387,000
2,700 Emerson Electric Co 244,013
933 Federal Signal Corp 21,926
260 Gateway 2000 Inc* 8,840
35,600 General Electric Co 3,079,400
2,700 General Instrument Corp* 77,963
500 General Signal Corp 18,938
1,337 Glenayre Technologies Inc* 66,850
8,400 Hewlett-Packard Co 836,850
300 Honeywell Inc 16,350
210 Hubbell Inc 13,913
1,700 Integrated Device Technology Inc* 18,063
17,600 Intel Corp 1,292,491
2,700 International Game Technology 45,563
100 Johnson Controls Inc 6,950
1,100 KLA Instruments Corp* 25,575
800 Kemet Corp* 16,000
500 Keystone International Inc 10,375
1,000 Komag Inc* 26,375
1,900 LCI International Inc* 59,613
2,800 LSI Logic Corp* 72,800
600 Lam Research Corp* 15,600
1,600 Linear Technology Corp 48,000
105 Mark IV Industries Inc 2,376
1,300 Maxim Integrated Products Inc* 35,506
1,300 Mentor Graphics Corp* 21,125
3,500 Micron Technology Inc 90,563
1,718 Molex Inc 54,547
12,700 Motorola Inc 798,513
2,500 National Semiconductor Corp* 38,750
6,800 Novell Inc* 94,350
900 Perkin-Elmer Corp 43,425
200 Presstek Inc* 12,900
1,000 Quantum Corp* 14,625
800 Read-Rite Corp* 11,300
1,600 Scientific-Atlanta Inc 24,800
1,000 Seagate Technology Inc* 45,000
1,600 Sensormatic Electronics Corp 26,200
3,500 Silicon Graphics Inc* 84,000
900 Solectron Corp* 34,088
1,400 Stratacom Inc* 78,750
3,700 Sun Microsystems Inc* 217,838
500 Symbol Technologies Inc* 22,250
200 Tektronix Inc 8,950
900 Teledyne Inc 32,513
1,700 Tellabs Inc* 113,688
500 Tencor Instruments* 9,438
1,600 Teradyne Inc* 27,600
4,100 Texas Instruments Inc 204,488
2,800 Thermo Electron Corp* 116,550
370 Thermo Instrument Systems Inc* 11,933
40 Thomas & Betts Corp 1,500
1,460 US Robotics Corp* 124,830
800 VLSI Technology Inc* 11,100
700 Varian Associates Inc 36,225
700 Vicor Corp* 16,275
1,071 Vishay Intertechnology Inc* 25,302
700 WW Grainger Inc 54,250
1,720 Xerox Corp 92,020
1,500 Xilinx Inc* 47,625
900 York International Corp 46,575
$11,922,745
ENVIRONMENTAL SERVICES --- 0.8%
4,600 Browning-Ferris Industries Inc 133,400
500 Rollins Inc 11,750
700 Safety-Kleen Corp 12,250
9,800 WMX Technologies Inc 320,950
$478,350
FORESTRY --- 0.0%
300 International Paper Co 11,063
$11,063
GAS --- 0.4%
4,700 Enron Corp 192,113
700 Pogo Producing Co 26,688
100 Sonat Inc 4,500
400 Tenneco Inc 20,450
400 Valero Energy Corp 10,000
100 Williams Companies Inc 4,950
$258,701
HOLDING & INVEST. OFFICES --- 0.2%
200 Finova Group Inc 9,750
600 Health Care Property Investors Inc 20,250
400 Hibernia Corp 4,350
22 Kimco Realty Corp 622
1,200 MGIC Investment Corp 67,350
500 TIG Holdings Inc 14,500
$116,822
INDEPENDENT POWER PROD --- 0.1%
800 Calenergy Inc* 20,400
1,100 Wheelabrator Technologies Inc 16,775
$37,175
INDUSTRIAL SERVICES --- 7.0%
700 Acclaim Entertainment Inc* 6,738
250 Alliance Semiconductor Corp* 2,094
900 Altera Corp* 34,200
1,100 America Online Inc* 48,125
1,000 Arrow Electronics Inc* 43,125
1,000 Autodesk Inc 29,875
6,200 Automatic Data Processing Inc 239,475
1,100 BMC Software Inc* 65,725
300 Broderbund Software Inc* 9,675
1,650 Cadence Design Systems Inc* 55,688
1,400 Ceridian Corp* 70,700
500 Cerner Corp* 10,688
600 Cintas Corp 32,100
4,000 Computer Associates International Inc 285,000
1,200 Computer Sciences Corp* 89,700
600 Compuware Corp* 23,700
400 Deluxe Corp 14,200
1,900 Dun & Bradstreet Corp 118,750
1,000 Electronic Arts Inc* 26,750
3,400 Equifax Inc 89,250
4,185 First Data Corp 333,231
900 Fiserv Inc* 27,000
400 FlightSafety International Inc 21,700
1,800 Fluor Corp 117,675
900 Foster Wheeler Corp 40,388
700 Gtech Holdings Corp* 20,738
1,700 HBO & Co 115,175
3,200 Informix Corp* 72,000
1,700 Interpublic Group of Companies Inc 79,688
700 Intuit Inc* 33,075
700 Kelly Services Inc 20,475
1,400 Manpower Inc 54,950
1,300 Medaphis Corp* 51,675
7,700 Microsoft Corp* 924,963
1,000 Olsten Corp 29,375
1,600 Omnicom Group Inc 74,400
10,800 Oracle Systems Corp* 425,920
2,700 Parametric Technology Corp* 117,113
1,125 Paychex Inc 54,141
600 Peoplesoft Inc* 42,750
1,600 Pitney Bowes Inc 76,400
300 Policy Management Systems Corp* 15,000
900 Reynolds & Reynolds Co 47,925
132 SPS Transaction Services Inc* 2,376
500 Shared Medical Systems Corp 32,125
600 Sterling Software Inc* 46,200
800 Sungard Data System Inc* 32,100
1,500 Sybase Inc* 35,438
1,100 Symantec Corp* 13,750
800 Synopsys Inc* 31,800
400 Thermo Cardiosystems Inc* 17,900
508 Total System Services Inc 11,621
35 TransTexas Gas Corp* 333
30 Wallace Computer Services Inc 1,793
400 Western Atlas Inc* 23,300
$4,340,051
INSURANCE --- 2.2%
2,450 Aflac Inc 73,194
900 Alexander & Alexander Services Inc 17,775
35 Ambac Inc 1,824
100 American Financial Group Inc 3,013
4,600 American International Group Inc 453,675
700 American RE Corp 31,413
50 Bankers Life Holding Corp 1,106
400 Equitable Companies Inc 9,950
35 First Colony Corp 1,085
600 Foundation Health Corp* 21,525
1,000 General Re Corp 152,250
300 Hartford Steam Boiler Inspection & Insurance Co 14,738
1,400 Healthsource Inc* 24,500
120 Highlands Insurance Group* 2,250
700 ITT Hartford Group Inc 37,275
40 MBIA Inc 3,115
1,600 Marsh & McLennan Companies Inc 154,400
52 Old Republic International Corp 1,118
1,600 Oxford Health Plans Inc* 65,800
30 Paul Revere Corp 825
800 Physician Corporation of America* 10,600
1,200 Progressive Corp 55,500
40 Reliastar Financial Corp 1,725
1,050 SunAmerica Inc 59,325
100 The PMI Group Inc 4,250
200 Torchmark Corp 8,750
40 Transatlantic Holdings Inc 2,805
1,650 Travelers Group Inc 75,281
100 USF&G Corp 1,638
200 Unum Corp 12,450
1,100 Value Health Inc* 25,988
$1,329,143
MFTG - CONSUMER PRODS. --- 17.2%
200 Alberto-Culver Co 9,275
200 American Greetings Corp 5,475
2,600 Anheuser-Busch Companies Inc 195,000
825 Archer-Daniels-Midland Co 15,778
2,900 Avon Products Inc 130,863
900 Bed Bath & Beyond Inc* 24,075
1,000 Brown-Forman Corp 40,000
1,200 Brunswick Corp 24,000
2,700 CPC International Inc 194,400
2,800 Campbell Soup Co 197,400
53,600 Coca-Cola Co 2,619,700
900 Coca-Cola Enterprises Inc 31,163
3,100 Colgate-Palmolive Co 262,725
5,200 ConAgra Inc 235,950
20 Crown Vantage Inc* 290
1,100 Dial Corp 31,488
800 Dow Jones & Company Inc 33,400
600 Eastman Chemical Co 36,525
200 Fort Howard Corp* 3,975
300 Fruit of the Loom Inc* 7,650
900 Gartner Group Inc* 32,963
3,000 General Mills Inc 163,500
9,500 Gillette Co 592,563
3,450 HJ Heinz Co 104,794
500 HON Industries Inc 14,250
1,100 Harcourt General Inc 55,000
500 Hasbro Inc 17,875
100 Hershey Foods Corp 7,338
500 Hillenbrand Industries Inc 18,625
100 Hormel Foods Corp 2,675
300 IBP Inc 8,288
2,100 International Flavors & Fragrances Inc 100,013
400 Jones Apparel Group Inc* 19,650
600 Jostens Inc 11,850
2,300 Kellogg Co 168,475
433 Lancaster Colony Corp 16,183
1,000 Lee Enterprises Inc 23,625
1,900 Leggett & Platt Inc 52,725
500 Marvel Entertainment Group Inc* 4,688
800 Masco Corp 24,200
5,983 Mattel Inc 171,263
1,500 McCormick & Company Inc 33,188
1,700 McGraw-Hill Companies Inc 77,775
400 Media General Inc 14,900
1,500 Nabisco Holdings Corp 53,063
200 New York Times Co 6,525
3,400 Newell Co 104,125
400 Nine West Group Inc* 20,450
33,600 Pepsico Inc 1,188,600
17,800 Philip Morris Companies Inc 1,851,200
1,600 Pioneer Hi-Bred International Inc 84,600
1,300 Premark International Inc 24,050
1,900 Quaker Oats Co 64,838
3,000 RJR Nabisco Holdings Corp 93,000
1,500 RR Donnelley & Sons Co 52,313
1,600 Ralston-Ralston Purina Group 102,600
2,000 Readers Digest Association Inc 85,000
3,200 Rubbermaid Inc 87,200
300 Russell Corp 8,288
10,400 Sara Lee Corp 336,700
300 Scholastic Corp* 18,600
140 Schweitzer-Mauduit International Inc 3,938
2,600 Shaw Industries Inc 34,125
1,500 Starbucks Corp* 42,375
300 Talbots Inc 9,713
320 The EW Scripps Co 14,920
1,100 Tribune Co 79,888
1,200 Tupperware Corp* 50,700
1,100 Tyson Foods Inc 30,113
4,300 UST Inc 147,275
1,200 Unifi Inc 33,750
30 Universal Foods Corp 1,106
100 VF Corp 5,963
300 Valhi Inc 2,138
1,100 Warnaco Group Inc 28,325
10 Washington Post Co 3,240
2,200 Wm Wrigley Jr Co 111,100
$10,615,359
MFTG - INDUSTRIAL PRODS --- 12.9%
3,600 3Com Corp* 164,700
825 A Schulman Inc 20,213
51 ARCO Chemical Co 2,652
16,900 Abbott Laboratories 735,150
1,800 Air Products & Chemicals Inc 103,950
1,200 Airgas Inc* 22,800
600 Albemarle Corp 10,950
900 Allegheny Ludlum Corp 16,988
1,600 Alza Corp* 43,800
6,700 American Home Products Corp 402,838
1,600 American Standard Companies Inc* 52,800
25 Ball Corp 719
500 Bandag Inc 24,000
4,035 Bay Networks Inc* 103,901
1,100 Bemis Company Inc 38,500
600 Betz Laboratories Inc 26,325
900 Cabot Corp 22,050
1,400 Callaway Golf Co 46,550
25 Case Corp 1,200
1,000 Caterpillar Inc 67,750
1,400 Centocor Inc* 41,825
400 Chiron Corp* 39,200
900 Cincinnati Milacron Inc 21,600
700 Clorox Co 62,038
40 Consolidated Papers Inc 2,080
1,500 Cooper Tire & Rubber Co 33,375
4,900 Corning Inc 188,038
500 Crane Co 20,500
1,000 Crompton & Knowles Corp 16,750
2,100 Crown Cork & Seal Company Inc 94,500
600 Danaher Corp 26,100
1,800 Dover Corp 83,025
3,700 Dow Chemical Co 281,200
4,300 EMC Corp* 80,088
1,200 Ecolab Inc 39,600
2,100 Engelhard Corp 48,300
1,900 Ethyl Corp 18,288
600 First Brands Corp 16,200
500 Georgia Gulf Corp 14,625
1,400 Great Lakes Chemical Corp 87,150
1,500 Guidant Corp 73,875
30 Harnischfeger Industries Inc 998
2,300 Hercules Inc 127,075
160 IMC Global Inc 6,020
1,300 ITT Industries Inc 32,663
2,000 Illinois Tool Works Inc 135,250
300 Kennametal Inc 10,200
2,980 Kimberly-Clark Corp 230,205
200 LTV Corp 2,275
1,100 Lear Corp* 38,775
500 Loctite Corp 23,250
400 Lyondell Petrochemical Co 9,650
550 MA Hanna Co 11,481
1,400 Mallinckrodt Group Inc 54,425
140 Marquette Electronics Inc* 2,415
50 Martin Marietta Materials Inc 1,213
700 Microchip Technology Inc* 17,325
900 Millipore Corp 37,688
5,600 Minnesota Mining & Manufacturing Co 386,400
500 Modine Manufacturing Co 13,250
6,300 Monsanto Co 204,750
3,200 Morton International Inc 119,200
2,600 Mylan Laboratories Inc 44,850
200 NL Industries Inc 2,450
1,400 Nalco Chemical Co 44,100
300 Nordson Corp 16,950
300 Novellus Systems Inc* 10,800
1,900 Nucor Corp 96,188
2,200 Owens-Illinois Inc* 35,200
400 PH Glatfelter Co 7,350
2,500 PPG Industries Inc 121,875
2,500 Pall Corp 60,313
900 Parker Hannifin Corp 38,138
60 Pentair Inc 1,800
1,400 Perrigo Co* 15,750
13,700 Pfizer Inc 977,838
7,000 Pharmacia & Upjohn Inc 310,625
550 Polaris Industries Inc 18,769
3,300 Praxair Inc 139,425
500 RP Scherer Corp* 22,688
1,525 RPM Inc (Ohio) 23,828
700 Raychem Corp 50,313
300 Rhone-Poulenc 20,138
7,900 Schering-Plough Corp 495,725
800 Sealed Air Corp* 26,900
600 Sherwin-Williams Co 27,900
1,100 Sigma Aldrich Corp 58,850
600 Silicon Valley Group Inc* 11,250
1,950 Sonoco Products Co 55,331
600 Stewart & Stevenson Services Inc 13,650
500 Tambrands Inc 20,438
400 Trimas Corp 9,350
700 Trinity Industries Inc 23,800
500 Trinova Corp 16,688
2,658 Tyco International Ltd 108,314
1,000 USG Corp* 27,875
400 Union Carbide Corp 15,900
400 Valspar Corp 18,400
900 WR Grace & Co 63,788
2,800 Warner-Lambert Co 154,000
100 Wellman Inc* 2,338
1,000 Western Digital Corp* 26,125
1,700 Worthington Industries Inc 35,488
$7,932,199
MINING --- 0.4%
200 Battle Mountain Gold Co 1,450
3,438 Freeport-McMoRan Copper & Gold Inc 102,710
1,100 Homestake Mining Co 18,838
200 Newmont Gold Co 10,075
1,224 Newmont Mining Corp 60,435
400 Santa Fe Pacific Gold Corp 5,650
600 Vulcan Materials Co 35,625
$234,783
OIL & GAS --- 1.7%
1,100 Anadarko Petroleum Corp 63,800
1,200 Apache Corp 39,450
440 Atlantic Richfield Co 52,140
1,800 Baker Hughes Inc 59,175
1,600 Burlington Resources Inc 68,800
300 Coastal Corp 12,525
900 Dresser Industries Inc 26,550
700 Enron Oil & Gas Co 19,513
200 Enserch Corp 4,350
316 Freeport-McMoRan Inc 11,218
3,600 Global Marine Inc* 49,950
1,500 Halliburton Co 83,250
100 Kerr-McGee Corp 6,088
600 Lousiana Land & Exploration Co 34,575
400 Mapco Inc 22,550
300 Mitchell Energy & Development Corp 5,775
900 Noble Affiliates Inc 33,975
4,400 Phillips Petroleum Co 184,250
100 Santa Fe Energy Resources Inc* 1,188
25 Sonat Offshore Drilling Inc 1,263
700 Tosco Corp 35,175
100 Ultramar Corp 2,900
1,900 Union Texas Petroleum Holdings Inc 37,050
5,300 Unocal Corp 178,875
400 Vastar Resources Inc 14,950
$1,049,335
OTHER TRANS. SERVICES --- 0.2%
140 Caliber System Inc 4,760
300 FMC Corp* 19,575
400 Federal Express Corp* 32,800
220 Roadway Express Inc 3,108
1,100 Tidewater Inc 48,263
$108,506
RAILROADS --- 0.4%
2,193 Burlington Northern Santa Fe 177,359
1,100 Illinois Central Corp 31,213
600 Kansas City Southern Industries Inc 25,725
1,100 Wisconsin Central Transportation Corp* 35,750
$270,047
REAL ESTATE --- 0.1%
1,200 Simon Property Group Inc 29,400
1,000 The Rouse Co 25,875
500 Vornado Realty Trust 20,438
$75,713
RETAIL TRADE --- 7.6%
4,800 Albertson's Inc 198,600
300 American Stores Co 12,375
2,800 AutoZone Inc* 97,300
300 Barnes & Noble Inc* 10,763
700 Best Buy Inc* 16,013
700 Bob Evans Farms Inc 11,900
1,300 Boston Chicken Inc* 42,250
1,650 Brinker International Inc* 24,750
300 Castle & Cooke Inc* 4,800
1,900 Circuit City Stores Inc 68,638
1,100 Consolidated Stores Corp* 40,425
1,500 Corporate Express Inc* 60,000
1,300 Cracker Barrel Old Country Store Inc 31,525
3,400 Darden Restaurants Inc 36,550
200 Dayton Hudson Corp 20,625
300 Dillard Department Stores Inc 10,950
1,888 Dollar General Corp 55,224
92 Earthgrains Co* 3,013
700 Fastenal Co 30,450
1,300 Federated Department Stores Inc* 44,363
7,600 Food Lion Inc 58,900
4,800 Gap Inc 154,200
1,900 General Nutrition Companies Inc* 33,250
1,200 Genuine Parts Co 54,900
200 Giant Food Inc 7,175
100 Great Atlantic & Pacific Tea Company Inc 3,288
600 Hannaford Brothers Co 19,575
900 Heilig-Meyers Co 21,600
10,200 Home Depot Inc 550,800
1,300 Kohls Corp* 47,613
2,300 Kroger Co* 90,850
4,300 Limited Inc 92,450
600 Lone Star Steakhouse & Saloon Inc* 22,650
2,800 Lowe's Companies Inc 101,150
1,600 May Department Stores Co 70,000
15,000 McDonald's Corp 701,250
600 Micro Warehouse Inc* 12,000
900 Nordstrom Inc 40,050
2,850 Office Depot Inc* 58,069
900 Officemax Inc* 21,488
700 Outback Steakhouse Inc* 24,139
640 Payless ShoeSource Inc* 20,320
1,150 Petsmart Inc* 54,913
800 Revco DS Inc* 19,100
4,700 Safeway Inc* 155,100
800 Sears Roebuck & Co 38,900
2,200 Southland Corp* 6,668
300 Spiegel Inc 3,563
3,025 Staples Inc* 58,988
1,100 Stop & Shop Companies Inc* 36,713
500 TJX Companies Inc 16,875
700 Tandy Corp 33,163
1,300 The Pep Boys - Manny Moe & Jack 44,200
3,300 Toys R Us Inc* 94,050
1,800 Viking Office Products Inc* 56,475
29,200 Wal-Mart Stores Inc 740,950
5,300 Walgreen Co 177,550
2,400 Wendy's International Inc 44,700
1,500 Winn-Dixie Stores Inc 53,063
$4,661,202
SECURITIES & COMMODITIES --- 0.3%
2,300 Charles Schwab & Company Inc 56,350
800 Dean Witter Discover & Co 45,800
1,100 Franklin Resources Inc 67,100
147 John Nuveen Co 3,657
1,100 T Rowe Price & Associates Inc 33,825
200 United Asset Management Corp 4,900
$211,632
TELEPHONE --- 1.0%
1,400 ADC Telecommunications Inc* 63,000
2,200 Alltel Corp 67,650
2,100 Ameritech Corp 124,688
1,900 Bell Atlantic Corp 121,125
600 Century Telephone Enterprises Inc 19,125
1,400 Cincinnati Bell Inc 72,975
2,300 Frontier Corp 70,438
1,800 MCI Communications Corp 46,125
1,300 Sprint Corp 54,600
$639,726
TRANSPORTATION EQUIPMENT --- 0.4%
1,400 Allied-Signal Inc 79,975
400 Eaton Corp 23,450
1,200 Echlin Inc 45,450
300 Fleetwood Enterprises Inc 9,300
1,600 Harley-Davidson Inc 65,800
50 Sundstrand Corp 1,831
400 Superior Industries International Inc 10,600
25 Xtra Corp 1,106
$237,512
WHOLESALE TRADE - INDL --- 0.3%
2,700 Alco Standard Corp 122,175
500 Jefferson Smurfit Corp* 5,438
300 McKesson Corp 14,288
1,000 Sybron International Corp* 25,000
$166,901
WHOLESALE TRADE -CONSUMER --- 3.0%
1,000 Avery Dennison Corp 54,875
1,309 Cardinal Health Inc 94,412
120 Coleman Company Inc* 5,085
500 Department 56 Inc* 11,313
1,300 Nike Inc 133,575
1,300 Price/Costco Inc* 28,113
14,700 Procter & Gamble Co 1,332,188
1,100 Reebok International Ltd 36,988
1,600 Sunbeam-Oster Co 23,531
3,900 Sysco Corp 133,575
$1,853,655
TOTAL COMMON STOCK --- 99.0% $60,991,037
(Cost $47,904,150)
SHORT-TERM INVESTMENTS
FOREIGN BANKS --- 1.0%
630,000 Canadian Imperial Bank of Commerce 630,000
$630,000
TOTAL SHORT-TERM INVESTMENTS --- 1.0% $630,000
(Cost $630,000)
TOTAL GROWTH INDEX PORTFOLIO --- 100.0% $61,621,037
(Cost $48,534,150)
Maxim Series Fund, Inc.
Investment Grade Corporate Bond Portfolio
BONDS
CANADIAN - PROVINCIAL --- 3.3%
3,000,000 Alberta 2,998,200
Eurodollar Notes
7.000% February 18, 2003
$2,998,200
CONSUMER SERVICES --- 7.5%
3,000,000 Service Corporation International 2,979,450
Notes
6.750% June 1, 2001
4,000,000 The Walt Disney Co 3,928,640
Notes
6.375% March 30, 2001
$6,908,090
CREDIT INSTITUTIONS --- 28.1%
4,000,000 Associates Corporation of North America 3,991,880
Medium Term Notes
6.870% August 12, 2002
3,000,000 BHP Finance USA Ltd 2,900,310
Guaranteed Yankee Notes
6.420% March 1, 2026
3,000,000 Capital One Bank 3,016,950
Medium Term Notes
7.350% June 20, 2000
3,000,000 Commercial Credit Corporation Ltd 3,045,450
Notes
7.375% March 15, 2002
3,000,000 Countrywide Funding Corp 2,849,524
Medium Term Notes
6.280% January 15, 2003
3,000,000 Ford Motor Credit Co 2,961,270
Medium Term Notes
6.600% March 26, 2001
3,000,000 General Electric Capital Corp 3,128,709
Eurodollar Medium Term Notes
8.100% February 15, 2002
2,000,000 General Motors Acceptance Corp 2,050,000
Medium Term Notes
7.625% May 5, 2003
2,000,000 Household International BV 1,960,060
Senior Notes
6.000% March 15, 1999
$25,904,153
ELECTRIC --- 7.7%
3,000,000 Commonwealth Edison Co 3,018,908
First Mortgage Bonds
7.500% January 1, 2001
2,000,000 Florida Power & Light Co 1,941,580
First Mortgage Bonds
5.500% July 1, 1999
2,000,000 Metropolitan Edison Co 2,093,880
Secured Medium Term Notes
8.050% March 1, 2002
$7,054,368
ELECTRONICS - HIGH TECH --- 5.5%
3,000,000 Matsushita Electric Industrial Company Ltd 3,046,260
Notes
7.250% August 1, 2002
2,000,000 Xerox Corp 1,994,980
Notes
7.150% August 1, 2004
$5,041,240
FOREIGN BANKS --- 13.3%
3,000,000 Abbey National PLC 2,885,100
Notes
6.690% October 17, 2005
3,000,000 Bayerische Landesbanken NY 2,966,945
Medium Term Notes
6.375% August 31, 2000
3,000,000 Credit Suisse 3,198,158
Eurodollar Medium Term Notes
8.500% November 18, 2004
3,000,000 Midland Bank PLC 3,228,060
Yankee Subordinated Notes
8.625% December 15, 2004
$12,278,263
FOREIGN GOVERNMENTS --- 2.3%
2,050,000 Kingdom of Thailand 2,141,553
Yankee Notes
8.700% August 1, 1999
$2,141,553
HOLDING & INVEST. OFFICES --- 2.3%
2,000,000 Grand Metropolitan Investment Corp 2,150,420
Debentures
8.625% August 15, 2001
$2,150,420
INSURANCE --- 3.2%
3,000,000 Prudential Insurance Company of America # 2,911,860
Capital Notes
6.875% April 15, 2003
$2,911,860
LEASING --- 3.5%
3,000,000 US Leasing International 3,214,890
Senior Notes
8.750% December 1, 2001
$3,214,890
MFTG - CONSUMER PRODS. --- 6.6%
3,000,000 Anheuser-Busch Companies Inc 3,012,000
Medium Term Notes
7.430% May 4, 2000
3,000,000 Fruit of the Loom Inc 3,056,370
Senior Notes
7.875% October 15, 1999
$6,068,370
MFTG - INDUSTRIAL PRODS --- 7.9%
3,000,000 Hanson Overseas BV 3,036,420
Guaranteed Yankee Senior Notes
7.375% January 15, 2003
4,000,000 Kimberly-Clark Corp 4,283,280
Debentures
8.625% May 1, 2001
$7,319,700
OIL & GAS --- 2.3%
2,000,000 BP America Inc 2,146,250
Guaranteed Eurodollar Notes
9.750% March 1, 1999
$2,146,250
RETAIL TRADE --- 2.4%
2,000,000 May Department Stores Co 2,193,320
Debentures
9.875% June 15, 2000
$2,193,320
TRANSPORTATION EQUIPMENT --- 3.2%
3,000,000 Lockheed Martin Corp 2,992,590
Notes
6.850% May 15, 2001
$2,992,590
TOTAL BONDS --- 99.1% $91,323,267
(Cost $92,066,904)
SHORT-TERM INVESTMENTS
FOREIGN BANKS --- 0.9%
849,000 Canadian Imperial Bank of Commerce 849,000
$849,000
TOTAL SHORT-TERM INVESTMENTS --- 0.9% $849,000
(Cost $849,000)
TOTAL INVESTMENT GRADE CORPORATE BOND PORTFOLIO --- 100.0%
$92,172,267
(Cost $92,915,904)
Maxim Series Fund, Inc.
Short-Term Maturity Bond Portfolio
BONDS
AGENCY --- 11.5%
2,000,000 Federal Home Loan Bank 2,035,000
Notes
7.280% February 24, 1998
1,641,471 Federal Home Loan Mortgage Corp 1,606,590
Pool #L90105
6.000% April 1, 1999
$3,641,590
CANADIAN - PROVINCIAL --- 3.1%
1,000,000 Ontario Hydro 993,000
Guaranteed Yankee Notes
5.800% March 31, 1998
$993,000
COMMUNICATIONS --- 3.1%
1,000,000 Gannett Company Inc 982,640
Notes
5.250% March 1, 1998
$982,640
CONSUMER SERVICES --- 3.2%
1,000,000 Baxter International Inc 1,011,330
Notes
7.500% May 1, 1997
$1,011,330
CREDIT INSTITUTIONS --- 15.6%
1,000,000 Avco Financial Services Inc 984,520
Senior Notes
5.500% May 1, 1998
1,000,000 Beneficial Corp 998,850
Medium Term Notes
6.060% September 23, 1997
1,000,000 Chrysler Financial Corp 976,770
Notes
5.625% January 15, 1999
1,000,000 Ford Motor Credit Co 978,780
Notes
5.625% December 15, 1998
1,000,000 General Electric Capital Corp 1,002,396
Medium Term Notes
6.650% April 14, 1998
$4,941,316
ELECTRIC --- 12.8%
1,100,000 Baltimore Gas & Electric Co 1,109,120
Medium Term Notes
6.900% July 8, 1997
1,000,000 Carolina Power & Light Co 979,660
First Mortgage Bonds
5.375% July 1, 1998
1,000,000 Pacific Gas & Electric Co 974,020
First Mortgage Bonds
5.375% August 1, 1998
1,000,000 Public Service Electric & Gas Co 994,380
First Mortgage Bonds
6.000% January 1, 1998
$4,057,180
ELECTRONICS - HIGH TECH --- 3.2%
1,000,000 International Business Machines Corp 1,001,660
Global Notes
6.375% November 1, 1997
$1,001,660
FOREIGN BANKS --- 3.1%
1,000,000 Korea Development Bank 982,380
Yankee Notes
5.875% December 1, 1998
$982,380
FOREIGN GOVERNMENTS --- 3.0%
1,000,000 Swedish Government 952,400
Eurodollar Medium Term Notes
4.500% March 24, 1999
$952,400
GAS --- 3.2%
1,000,000 Indiana Gas Co 1,003,130
Debentures
6.625% December 1, 1997
$1,003,130
LEASING --- 3.1%
1,000,000 International Lease Finance Corp 996,080
Notes
6.625% April 1, 1999
$996,080
MFTG - CONSUMER PRODS. --- 3.2%
1,000,000 Pepsico Inc 1,005,930
Notes
6.875% May 15, 1997
$1,005,930
MFTG - INDUSTRIAL PRODS --- 3.8%
1,200,000 Alcan Aluminum Corp 1,201,896
Guaranteed Debentures
6.375% September 1, 1997
$1,201,896
RETAIL TRADE --- 3.2%
1,000,000 Sears Roebuck & Co 1,016,470
Medium Term Notes
7.320% March 20, 1998
$1,016,470
SECURITIES & COMMODITIES --- 3.3%
1,000,000 Bear Stearns Companies Inc 1,043,380
Senior Notes
9.125% April 15, 1998
$1,043,380
SUPRANATIONALS --- 3.3%
1,000,000 Inter-American Development Bank 1,039,270
Yankee Notes
9.500% October 15, 1997
$1,039,270
TELEPHONE --- 6.5%
1,000,000 MCI Communications Corp 990,940
Senior Notes
6.250% March 23, 1999
1,000,000 Nippon Telegraph & Telephone Co 1,056,250
Yankee Notes
9.500% July 27, 1998
$2,047,190
TRANSPORTATION EQUIPMENT --- 3.2%
1,000,000 Lockheed Martin Corp 1,003,590
Notes
6.625% June 15, 1998
$1,003,590
U.S. GOVERNMENTS --- 8.7%
1,300,000 United States of America 1,292,082
Treasury Notes
5.625% January 31, 1998
1,500,000 United States of America 1,463,670
Treasury Notes
5.125% November 30, 1998
$2,755,752
TOTAL BONDS --- 100.0% $31,676,184
(Cost $31,853,174)
TOTAL SHORT-TERM MATURITY BOND PORTFOLIO --- 100.0% $31,676,184
(Cost $31,853,174)
Maxim Series Fund, Inc.
Small-Cap Aggressive Growth Portfolio
COMMON STOCK
AIR --- 1.1%
23,400 Pittston Burlington Group 506,025
$506,025
COMMUNICATIONS --- 0.5%
11,200 Vertex Communications Corp* 208,600
$208,600
CONSUMER SERVICES --- 5.1%
28,857 Grancare Inc* 573,533
24,100 Health Images Inc 280,163
16,500 Healthplan Services Corp* 379,500
21,200 Patriot American Hospitality Inc 628,050
32,400 Regency Health Services Inc* 368,550
$2,229,796
CREDIT INSTITUTIONS --- 6.7%
9,500 Charter One Financial Inc 331,313
8,300 Commercial Federal Corp 317,475
23,200 DVI Inc* 365,400
19,300 Dignity Partners Inc* 178,525
23,200 Financial Federal Corp* 362,493
11,500 First Financial Corp 258,750
12,480 Imperial Credit Industries Inc 377,520
13,700 Southern Pacific Funding Corp* 239,750
24,200 WFS Financial Inc* 544,500
$2,975,726
ELECTRONICS - HIGH TECH --- 12.4%
25,500 Amphenol Corp* 586,500
9,700 Burr Brown Corp* 172,175
17,025 Conmed Corp* 453,291
17,250 Gelman Sciences Inc* 390,281
6,175 Harman International Industries Inc 304,119
13,800 Inter-Tel Inc* 361,381
13,000 Keystone International Inc 269,750
7,400 MDL Information Systems Inc* 220,150
23,200 Mentor Graphics Corp* 377,000
9,100 Merix Corp* 182,000
11,700 Minntech Corp 127,238
14,000 National Computer Systems Inc 299,250
15,000 Read-Rite Corp* 211,875
13,200 SPSS Inc* 330,000
15,600 Sofamor Danek Group Inc* 432,900
8,900 Strattec Security Corp* 157,975
5,500 Technitrol Inc 217,938
10,600 Unitrode Corp* 205,375
15,000 Woodhead Industries Inc 176,250
$5,475,448
ENVIRONMENTAL SERVICES --- 0.6%
8,600 United Waste Systems Inc* 277,350
$277,350
GAS --- 1.0%
31,700 Pride Petroleum Services Inc* 451,729
$451,729
HOLDING & INVEST. OFFICES --- 1.1%
25,000 Liberty Property Trust 496,875
$496,875
INDUSTRIAL SERVICES --- 3.3%
6,000 Analysts International Corp 252,000
10,500 Applied Bioscience International Inc* 110,250
11,700 Boole & Babbage Inc* 280,800
15,300 CDI Corp* 516,375
25,100 S3 Inc* 309,031
$1,468,456
INSURANCE --- 5.9%
15,900 Allied Group Inc 691,650
11,500 Capital RE Corp 422,625
9,400 Meadowbrook Insurance Group 289,050
12,500 Protective Life Corp 439,063
12,300 Reinsurance Group America Co 464,325
8,650 Triad Guaranty Inc* 317,888
$2,624,601
MFTG - CONSUMER PRODS. --- 6.5%
21,550 Banta Corp 544,138
33,000 Flowers Industries Inc 532,125
12,000 Houghton Mifflin Co 597,000
8,400 Insilco Corp* 281,400
4,900 Jones Apparel Group Inc* 240,713
10,300 Kenneth Cole Productions Inc* 203,425
28,700 Unimark Group Inc* 477,138
$2,875,939
MFTG - INDUSTRIAL PRODS --- 20.5%
6,300 Aptargroup Inc 190,575
8,900 Belden Inc 267,000
7,500 Bush Boake Allen Inc* 163,125
8,000 Cambrex Corp 409,000
18,600 Caraustar Industries Inc 492,900
23,000 Citation Corp* 276,000
3,300 Cytec Industries Inc* 282,150
19,600 Dayton Superior Corp* 257,250
18,000 Dexter Corp 535,500
9,100 GaSonics International Corp* 95,550
27,600 Giant Cement Holding Inc* 348,450
8,900 Greenfield Industries Inc 293,700
44,850 Griffon Corp* 364,406
8,200 Inbrand Corp* 229,600
22,000 Intertape Polymer Group Inc 445,500
6,100 J&L Specialty Steel Inc 90,738
7,300 Learonal Inc 182,500
43,200 Oregon Steel Mills Inc 594,000
14,900 Paragon Trade Brands Inc* 320,350
18,200 Quanex Corp 429,975
10,100 RMI Titanium Co* 237,350
24,900 Republic Engineered Steels Inc* 87,150
9,000 Toro Co 298,125
23,600 Tower Automotive Inc* 578,200
41,700 UNR Industries Inc 401,363
24,900 United States Can Corp* 404,625
7,600 Whittaker Corp* 140,600
25,900 Williams Industries Inc* 637,788
$9,053,470
MINING --- 0.8%
9,300 Cleveland-Cliffs Inc 363,863
$363,863
OIL & GAS --- 6.0%
21,900 Belden & Blake Corp* 454,425
16,000 Cross Timbers Oil Co 396,000
15,500 Global Industries Ltd* 461,125
19,800 Lomak Petroleum Inc 282,150
18,000 Seitel Inc* 492,750
22,400 Vintage Petroleum Inc 571,200
$2,657,650
OTHER TRANS. SERVICES --- 1.1%
25,200 Harper Group Inc 491,400
$491,400
RAILROADS --- 0.3%
6,400 ABC Rail Products Corp* 138,400
$138,400
REAL ESTATE --- 3.1%
27,600 Capstone Capital Trust Inc 565,800
25,900 Chateau Properties Inc 576,275
11,900 Horizon Group Inc 243,950
$1,386,025
RETAIL TRADE --- 5.5%
16,300 99 Cents Only Stores Inc* 228,200
16,300 Carson Pirie Scott & Co* 436,025
27,750 Cato Corp 166,500
30,600 Cole National Corp* 612,000
11,100 Crossmann Communities Inc* 216,450
9,600 Hardinge Inc 304,800
17,000 Haverty Furniture Inc 174,250
17,800 Zale Corp* 300,375
$2,438,600
WHOLESALE TRADE - INDL --- 0.7%
15,500 Cort Business Services Corp* 302,250
$302,250
WHOLESALE TRADE -CONSUMER --- 1.7%
21,000 Congoleum Corp* 241,500
27,200 World Fuel Services Corp 492,996
$734,496
TOTAL COMMON STOCK --- 84.2% $37,156,699
(Cost $32,464,539)
SHORT-TERM INVESTMENTS
CREDIT INSTITUTIONS --- 10.3%
2,500,000 American Express Credit Corp 2,494,916
2,040,000 Ford Motor Credit Co 2,032,393
$4,527,309
FOREIGN BANKS --- 4.8%
2,126,000 Canadian Imperial Bank of Commerce 2,126,000
$2,126,000
INDUSTRIAL SERVICES --- 0.7%
328,000 Fluor Corp 326,728
$326,728
TOTAL SHORT-TERM INVESTMENTS --- 15.8% $6,980,037
(Cost $6,980,037)
TOTAL SMALL-CAP AGGRESSIVE GROWTH PORTFOLIO --- 100.0%
$44,136,736
(Cost $39,444,576)
Maxim Series Fund, Inc.
Government Mortgage Securities Portfolio
BONDS
AGENCY --- 80.2%
642,494 Federal Home Loan Mortgage Corp 703,724
Pool #N70005
9.500% November 1, 2020
2,972,996 Federal Home Loan Mortgage Corp 3,036,321
Pool #G00256
8.000% November 1, 2023
2,392,961 Federal Home Loan Mortgage Corp 2,565,733
Pool #G10006
10.000% January 1, 2006
5,112,844 Federal Home Loan Mortgage Corp 5,470,744
Pool #G00300
9.500% April 1, 2025
1,415,651 Federal Home Loan Mortgage Corp 1,373,620
Pool #O30006
6.000% February 1, 2009
1,265,687 Federal Home Loan Mortgage Corp 1,309,227
Pool #D91202
8.500% February 1, 2013
3,000,000 Federal Home Loan Mortgage Corp 2,971,800
CMO Series 1544 Class E
6.250% June 15, 2008
3,066,512 Federal Home Loan Mortgage Corp 2,988,868
Pool #E00219
6.500% June 1, 2008
5,000,000 Federal Home Loan Mortgage Corp 5,033,000
Gold TBA
7.500% January 1, 2009
5,000,000 Federal Home Loan Mortgage Corp 4,942,000
Gold TBA
7.500% March 1, 2026
1,654,889 Federal Home Loan Mortgage Corp 1,713,307
Pool #G10289
8.500% February 1, 2008
5,876,917 Federal Home Loan Mortgage Corp 5,794,228
Pool #O20005
6.500% January 1, 2018
1,444,577 Federal Home Loan Mortgage Corp 1,439,666
Pool #D91201
7.500% October 1, 2015
2,988,968 Federal Home Loan Mortgage Corp 3,022,744
Pool #D64588
8.000% August 1, 2024
1,028,667 Federal Home Loan Mortgage Corp 1,002,621
Pool #E00177
6.500% December 1, 2007
396,330 Federal Home Loan Mortgage Corp 409,448
Pool #730326
8.500% November 1, 2006
5,000,000 Federal Home Loan Mortgage Corp 5,047,000
Gold TBA
8.000% February 1, 2023
1,598,422 Federal Home Loan Mortgage Corp 1,740,841
Pool #884002
9.500% June 1, 2020
784,521 Federal Home Loan Mortgage Corp 858,580
Pool #884018
9.500% September 1, 2020
1,000,000 Federal Home Loan Mortgage Corp 983,750
CMO Series 1714 Class E
6.250% September 15, 2018
1,249,277 Federal Home Loan Mortgage Corp 1,309,117
Pool #C90085
9.000% December 1, 2014
3,291,863 Federal National Mortgage Association 3,385,352
Pool #250111
8.500% August 1, 2024
79,803 Federal National Mortgage Association 78,931
Pool #294255
7.500% October 1, 2024
40,652 Federal National Mortgage Association 40,208
Pool #291511
7.500% August 1, 2024
60,362 Federal National Mortgage Association 59,702
Pool #289190
7.500% August 1, 2024
1,203,090 Federal National Mortgage Association 1,143,609
Pool #291650
6.500% December 1, 2017
44,747 Federal National Mortgage Association 44,146
Pool #278839
7.500% December 1, 2024
841,969 Federal National Mortgage Association 832,766
Pool #281429
7.500% May 1, 2024
480,421 Federal National Mortgage Association 475,170
Pool #285019
7.500% December 1, 2024
74,451 Federal National Mortgage Association 73,637
Pool #286136
7.500% June 1, 2024
1,609,698 Federal National Mortgage Association 1,592,104
Pool #286579
7.500% June 1, 2024
70,435 Federal National Mortgage Association 69,666
Pool #286640
7.500% June 1, 2024
83,034 Federal National Mortgage Association 82,127
Pool #287606
7.500% September 1, 2024
1,052,097 Federal National Mortgage Association 1,008,835
Pool #288916
6.500% May 1, 2011
478,260 Federal National Mortgage Association 483,473
Pool #339260
8.000% April 1, 2021
4,000,000 Federal National Mortgage Association 3,851,200
TBA
7.000% May 1, 2024
3,000,000 Federal National Mortgage Association 2,962,500
TBA
7.500% November 1, 2024
84,247 Federal National Mortgage Association 83,326
Pool #296964
7.500% December 1, 2024
58,375 Federal National Mortgage Association 57,590
Pool #297124
7.500% October 1, 2024
750,163 Federal National Mortgage Association 741,964
Pool #298452
7.500% November 1, 2024
766,343 Federal National Mortgage Association 774,467
Pool #302587
8.000% December 1, 2024
84,770 Federal National Mortgage Association 83,843
Pool #303031
7.500% October 1, 2024
2,676,293 Federal National Mortgage Association 2,627,049
Pool #303528
6.000% August 1, 2001
2,723,297 Federal National Mortgage Association 2,832,229
Pool #303583
8.500% April 1, 2025
1,659,592 Federal National Mortgage Association 1,708,384
Pool #335658
8.500% August 1, 2021
939,529 Federal National Mortgage Association 980,962
Pool #316711
9.000% September 1, 2019
1,993,246 Federal National Mortgage Association 1,983,280
Pool #288769
7.500% November 1, 2024
811,348 Federal National Mortgage Association 802,480
Pool #293638
7.500% December 1, 2024
67,473 Federal National Mortgage Association 66,736
Pool #294674
7.500% September 1, 2024
758,580 Federal National Mortgage Association 750,288
Pool #250060
7.500% June 1, 2024
258,452 Federal National Mortgage Association 279,516
Pool #091122
9.500% March 1, 2020
52,491 Federal National Mortgage Association 51,917
Pool #295529
7.500% September 1, 2024
742,034 Federal National Mortgage Association 734,153
Pool #050796
7.500% September 1, 2023
496,795 Government National Mortgage Association 491,827
Pool #348622
7.500% April 15, 2023
445,885 Government National Mortgage Association 441,426
Pool #357837
7.500% August 15, 2023
732,826 Government National Mortgage Association 706,261
Pool #358062
7.000% August 15, 2023
342,074 Government National Mortgage Association 338,653
Pool #358452
7.500% August 15, 2023
86,522 Government National Mortgage Association 83,304
Pool #370412
7.000% April 15, 2024
4,114,000 Government National Mortgage Association 3,964,868
Pool #371006
7.000% January 15, 2024
419,190 Government National Mortgage Association 403,994
Pool #371136
7.000% April 15, 2024
104,567 Government National Mortgage Association 103,390
Pool #372858
7.500% January 15, 2024
86,520 Government National Mortgage Association 85,546
Pool #374270
7.500% January 15, 2024
73,953 Government National Mortgage Association 73,214
Pool #351163
7.500% August 15, 2023
60,104 Government National Mortgage Association 59,503
Pool #352835
7.500% February 15, 2024
91,133 Government National Mortgage Association 90,461
Pool #355360
7.500% October 15, 2021
467,450 Government National Mortgage Association 462,776
Pool #355753
7.500% August 15, 2023
319,824 Government National Mortgage Association 316,626
Pool #357659
7.500% May 15, 2023
423,553 Government National Mortgage Association 418,788
Pool #376514
7.500% May 15, 2024
524,286 Government National Mortgage Association 518,388
Pool #376533
7.500% June 15, 2024
396,767 Government National Mortgage Association 382,385
Pool #377983
7.000% April 15, 2024
309,832 Government National Mortgage Association 306,346
Pool #397435
7.500% May 15, 2024
482,881 Government National Mortgage Association 477,449
Pool #404064
7.500% March 15, 2025
314,696 Government National Mortgage Association 311,549
Pool #197968
7.500% May 15, 2023
3,975,675 Government National Mortgage Association 4,122,377
Pool #315149
8.500% March 15, 2022
345,628 Government National Mortgage Association 342,172
Pool #326977
7.500% May 15, 2023
510,152 Government National Mortgage Association 504,412
Pool #385761
7.500% June 15, 2024
462,918 Government National Mortgage Association 457,710
Pool #388198
7.500% May 15, 2024
362,665 Government National Mortgage Association 349,177
Pool #395145
7.000% April 15, 2024
68,323 Government National Mortgage Association 67,639
Pool #360300
7.500% June 15, 2023
276,018 Government National Mortgage Association 273,431
Pool #360618
7.500% July 15, 2023
324,115 Government National Mortgage Association 312,365
Pool #361826
7.000% September 15, 2023
321,418 Government National Mortgage Association 318,204
Pool #362184
7.500% January 15, 2024
484,902 Government National Mortgage Association 480,053
Pool #362176
7.500% January 15, 2024
145,144 Government National Mortgage Association 139,973
Pool #332076
7.000% November 15, 2022
386,456 Government National Mortgage Association 372,687
Pool #334996
7.000% November 15, 2022
97,660 Government National Mortgage Association 96,684
Pool #335265
7.500% February 15, 2024
329,583 Government National Mortgage Association 326,287
Pool #338752
7.500% May 15, 2023
90,374 Government National Mortgage Association 89,470
Pool #338887
7.500% May 15, 2023
340,842 Government National Mortgage Association 337,434
Pool #339079
7.500% February 15, 2023
6,875,900 Government National Mortgage Association 6,816,080
Pool #340729
7.500% April 15, 2023
2,500,000 Government National Mortgage Association 2,553,125
TBA
8.500% June 15, 2024
1,208,230 Government National Mortgage Association 1,255,835
Pool #380118
8.500% July 15, 2024
76,582 Government National Mortgage Association 75,816
Pool #378750
7.500% January 15, 2024
133,393 Government National Mortgage Association 128,432
Pool #379840
7.000% March 15, 2024
547,873 Government National Mortgage Association 542,394
Pool #379462
7.500% June 15, 2024
48,998 Government National Mortgage Association 47,176
Pool #382973
7.000% April 15, 2024
58,779 Government National Mortgage Association 58,118
Pool #385740
7.500% June 15, 2024
364,531 Government National Mortgage Association 351,317
Pool #346023
7.000% February 15, 2024
422,482 Government National Mortgage Association 407,167
Pool #345116
7.000% December 15, 2023
345,616 Government National Mortgage Association 341,728
Pool #369426
7.500% January 15, 2024
1,719,001 Government National Mortgage Association 1,737,222
Pool #365382
8.000% June 15, 2025
299,701 Government National Mortgage Association 288,837
Pool #368293
7.000% January 15, 2024
224,628 Government National Mortgage Association 216,486
Pool #344968
7.000% July 15, 2023
260,505 Government National Mortgage Association 251,062
Pool #343630
7.000% July 15, 2023
1,290,600 Government National Mortgage Association II 1,322,865
Pool #022038
8.500% July 20, 2025
419,782 Government National Mortgage Association II 423,476
Pool #001477
8.000% November 20, 2023
2,000,000 Tennessee Valley Authority 1,922,180
Notes
6.375% June 15, 2005
2,000,000 US Department of Veterans Affairs 2,001,800
Vendee Trust 1995-3 1C
7.250% July 15, 2014
$123,825,894
U.S. GOVERNMENTS --- 2.6%
4,000,000 United States of America 3,953,120
Treasury Notes
6.125% September 30, 2000
$3,953,120
TOTAL BONDS --- 82.8% $127,779,014
(Cost $126,326,360)
SHORT-TERM INVESTMENTS
CREDIT INSTITUTIONS --- 7.1%
5,000,000 American Express Credit Corp 4,988,133
6,000,000 Ford Motor Credit Co 5,983,940
$10,972,073
FOREIGN BANKS --- 3.0%
4,587,000 Canadian Imperial Bank of Commerce 4,587,000
$4,587,000
SECURITIES & COMMODITIES --- 7.1%
3,000,000 CS First Boston Inc 2,992,867
3,000,000 Merrill Lynch & Company Inc 2,991,960
5,000,000 Morgan Stanley Group Inc 4,988,111
$10,972,938
TOTAL SHORT-TERM INVESTMENTS --- 17.2% $26,532,011
(Cost $26,532,011)
TOTAL GOVERNMENT MORTGAGE SECURITIES PORTFOLIO --- 100.0%
$154,311,025
(Cost $152,858,371)
Maxim Series Fund, Inc.
Value Index Portfolio
COMMON STOCK
AGENCY --- 0.6%
1,300 Federal Home Loan Mortgage Corp 111,150
7,700 Federal National Mortgage Association 257,950
1,900 Student Loan Marketing Association 140,600
$509,700
AGRICULTURE --- 0.1%
1,200 Agco Corp 33,300
1,600 Dole Food Company Inc 68,800
1,300 Terra Industries Inc 16,088
$118,188
AIR --- 0.7%
2,700 AMR Corp* 245,700
1,800 Delta Air Lines Inc 149,400
2,400 Northwest Airlines Corp* 94,800
650 Pittston Burlington Group 14,056
1,400 Pittston Services Group 40,775
500 Southwest Airlines Co 14,563
1,500 UAL Corp* 80,625
$639,919
COMMUNICATIONS --- 3.2%
2,033 360 Communications Co* 48,792
11,800 AT&T Corp 731,600
200 BHC Communications Inc* 19,550
200 Cablevision Systems Corp* 9,250
524 Chris-Craft Industries Inc* 23,056
1,700 ComSat Corp 44,200
700 Cox Communications Inc* 15,138
1,200 MFS Communications Company Inc* 45,150
4,900 Nextel Communications Inc* 93,404
14,800 Pacific Telesis Group 499,500
1,600 Tele-Communications Inc* 42,400
1,000 Telephone & Data Systems Inc 45,000
16,400 US West Communications Group 522,750
2,800 US West Media Group* 51,100
1,620 United States Cellular Corp* 50,220
9,500 Viacom Inc* 369,313
14,400 Westinghouse Electric Corp 270,000
1,100 Worldcom Inc* 60,913
$2,941,336
CONSTRUCTION --- 0.0%
1,000 Centex Corp 31,125
$31,125
CONSUMER SERVICES --- 2.9%
1,300 Allergan Inc 51,025
1,400 Bausch & Lomb Inc 59,500
9,500 Baxter International Inc 448,875
1,800 Becton Dickinson & Co 144,450
2,000 Beverly Enterprises Inc* 24,000
9,500 Bristol-Myers Squibb Co 855,000
8,300 Eli Lilly & Co 539,500
800 FHP International Corp* 21,900
500 Hilton Hotels Corp 56,250
5,500 Host Marriott Corp 72,188
700 ITT Corp* 46,375
200 King World Productions Inc* 7,275
300 Promus Hotel Corp* 8,888
800 Service Corporation International 46,000
500 Spelling Entertainment Group Inc* 3,813
1,450 Stewart Enterprises Inc 45,313
6,752 Tenet Healthcare Corp* 144,324
800 United Healthcare Corp 40,400
1,000 United States Surgical Corp 31,000
193 Vencor Inc* 5,887
200 Wellpoint Health Networks Inc* 6,250
$2,658,213
CREDIT INSTITUTIONS --- 15.1%
200 AT&T Capital Corp 8,750
1,700 AmSouth Bancorp 61,413
3,500 American Express Co 156,188
14,742 Banc One Corp 501,228
1,450 Bancorp Hawaii Inc 52,200
3,900 Bank of Boston Corp 193,050
6,800 Bank of New York Company Inc 348,500
12,599 BankAmerica Corp 954,374
2,700 Bankers Trust New York Corp 199,463
1,100 Banponce Corp 49,500
3,300 Barnett Banks Inc 201,300
700 Baybanks Inc 75,425
1,700 Beneficial Corp 95,413
5,500 Boatmen's Bancshares Inc 220,688
2,100 Central Fidelity Banks Inc 47,775
16,800 Citicorp 1,388,100
4,100 Comerica Inc 182,963
1,261 Commerce Bancshares Inc 43,032
1,300 Compass Bancshares Inc 42,575
7,605 Corestates Financial Corp 292,793
3,500 Countrywide Credit Industries Inc 86,625
1,500 Crestar Financial Corp 80,063
1,100 Dauphin Deposit Corp 31,350
500 Equitable of Iowa Cos 17,750
550 Fifth Third Bancorp 29,700
1,000 First American Corp 42,125
4,800 First Bank System Inc 278,400
10,882 First Chicago NBD Corp 425,758
1,300 First Commerce Corp 45,988
143 First Empire State Corp 34,463
800 First Hawaiian Inc 22,800
2,600 First Security Corp 62,400
2,300 First Tennessee National Corp 70,438
9,835 First Union Corp 598,706
1,200 First Virginia Banks Inc 48,000
2,200 First of America Bank Corp 98,450
2,100 Firstar Corp 96,863
9,065 Fleet Financial Group Inc 394,328
1,800 Golden West Financial Corp 100,800
4,700 Great Western Financial Corp 112,213
4,000 HF Ahmanson & Co 108,000
1,700 Household International Inc 129,200
4,756 Huntington Bancshares Inc 113,550
6,500 JP Morgan & Company Inc 550,063
8,182 KeyCorp 317,053
3,200 Marshall & Ilsley Corp 88,800
4,746 Mellon Bank Corp 270,522
1,900 Mercantile Bancorporation Inc 84,550
1,600 Mercantile Bankshares Corp 40,800
7,600 National City Corp 266,950
10,404 NationsBank Corp 859,631
2,000 Northern Trust Corp 115,500
7,500 Norwest Corp 261,563
1,412 Old Kent Financial Corp 55,245
845 Old National Bancorp 31,265
11,765 PNC Bank Corp 350,009
2,200 Regions Financial Corp 102,850
2,000 Signet Banking Corp 46,500
3,470 Southern National Corp 110,173
3,200 Southtrust Corp 90,000
1,100 Standard Federal Bancorporation Inc 42,350
1,000 Star Banc Corp 67,375
2,100 State Street Boston Corp 107,100
7,800 Suntrust Banks Inc 288,600
400 Synovus Financial Corp 8,650
1,200 TCF Financial Corp 39,900
5,223 US Bancorp 188,681
1,600 Union Planters Corp 48,600
400 UnionBanCal Corp 21,150
5,900 Wachovia Corp 258,125
1,521 Washington Federal Inc 31,181
2,500 Washington Mutual Inc 74,688
3,333 Wells Fargo & Co 796,170
1,200 Wilmington Trust Co 38,924
$13,795,668
ELECTRIC --- 9.2%
3,900 Allegheny Power System Inc 120,413
6,400 American Electric Power Company Inc 272,800
1,800 Atlantic Energy Inc 32,850
5,100 Baltimore Gas & Electric Co 144,713
1,700 Boston Edison Co 43,350
3,200 CMS Energy Corp 98,800
5,300 Carolina Power & Light Co 201,400
5,100 Centerior Energy Corp 37,613
7,100 Central & South West Corp 205,900
5,416 Cinergy Corp 173,312
1,200 Cipsco Inc 46,350
8,100 Consolidated Edison Company of New York Inc 236,925
3,700 DPL Inc 90,188
2,500 DQE Inc 68,750
5,000 DTE Energy Co 154,375
2,100 Delmarva Power & Light Co 44,100
6,100 Dominion Resources Inc 244,000
7,100 Duke Power Co 363,875
15,400 Edison International 271,425
3,200 Enova Corp 74,000
7,879 Entergy Corp 223,567
6,400 FPL Group Inc 294,400
3,300 Florida Progress Corp 114,675
4,200 General Public Utilities Corp 148,050
1,000 Hawaiian Electric Industries Inc 35,500
8,000 Houston Industries Inc 197,000
1,300 Idaho Power Co 40,463
2,600 Illinova Corp 74,750
1,950 Ipalco Enterprises Inc 51,188
1,300 KU Energy Corp 38,838
2,100 Kansas City Power & Light Co 57,750
2,300 LG&E Energy Corp 52,613
4,100 Long Island Lighting Co 68,675
3,500 MidAmerican Energy Co 60,375
1,100 Minnesota Power & Light Co 31,900
1,900 Montana Power Co 42,275
1,600 Nevada Power Co 35,200
2,200 New England Electric System 80,025
2,500 New York State Electric & Gas Corp 60,938
5,000 Niagara Mohawk Power Corp 38,750
2,200 Nipsco Industries Inc 88,550
3,900 Northeast Utilities 52,163
2,400 Northern States Power Co 118,500
5,300 Ohio Edison Co 115,938
1,400 Oklahoma Gas & Electric Co 55,475
5,500 PP&L Resources Inc 129,938
10,100 PacifiCorp 224,725
14,300 Pacific Gas & Electric Co 332,475
7,700 Peco Energy Co 200,200
2,800 Pinnacle West Capital Corp 85,050
1,800 Portland General Corp 55,575
4,100 Potomac Electric Power Co 108,650
2,200 Public Service Company of Colorado 80,850
8,500 Public Service Enterprise Group Inc 232,688
2,200 Puget Sound Power & Light Co 53,350
1,300 Rochester Gas & Electric Corp 27,950
3,600 Scana Corp 101,250
23,100 Southern Co 568,838
1,400 Southwestern Public Service Co 45,675
4,000 Teco Energy Inc 101,000
7,800 Texas Utilities Co 333,450
7,400 Unicom Corp 206,275
3,500 Union Electric Co 140,875
1,600 Utilicorp United Inc 44,200
1,100 WPL Holdings Inc 36,163
1,900 Washington Water Power Co 35,388
2,200 Western Resources Inc 65,725
3,800 Wisconsin Energy Corp 109,725
$8,422,712
ELECTRONICS - HIGH TECH --- 5.6%
2,200 Advanced Micro Devices Inc* 29,975
2,300 Amdahl Corp* 24,725
1,400 Anixter International Inc* 20,825
3,100 Apple Computer Inc 65,100
1,000 Avnet Inc 42,125
800 Beckman Instruments Inc 30,400
1,400 Black & Decker Corp 54,075
1,000 Briggs & Stratton Corp 41,125
300 Diebold Inc 14,475
5,300 Digital Equipment Corp* 238,500
1,100 Eastman Kodak Co 85,525
3,300 Emerson Electric Co 298,238
3,400 General Motors Corp 204,425
700 General Signal Corp 26,513
1,300 Harris Corp 79,300
3,900 Honeywell Inc 212,550
700 Hubbell Inc 46,375
18,800 International Business Machines Corp 1,861,200
1,200 Johnson Controls Inc 83,400
200 Keystone International Inc 4,150
1,200 Litton Industries Inc* 52,200
1,722 Mark IV Industries Inc 38,960
3,600 Maytag Corp 75,150
600 National Semiconductor Corp* 9,300
1,200 Polaroid Corp 54,750
300 Quantum Corp* 4,388
8,300 Raytheon Co 428,488
50 Read-Rite Corp* 706
2,100 Seagate Technology Inc* 94,500
1,800 Storage Technology Corp* 68,850
400 Sun Microsystems Inc* 23,550
4,100 Tandem Computers Inc* 50,738
700 Tektronix Inc 31,325
1,300 Thomas & Betts Corp 48,750
5,900 Unisys Corp* 42,038
200 WW Grainger Inc 15,500
2,600 Whirlpool Corp 129,025
8,300 Xerox Corp 444,050
50 York International Corp 2,588
$5,077,857
ENVIRONMENTAL SERVICES --- 0.1%
1,700 Ogden Corp 30,813
800 Safety-Kleen Corp 14,000
1,300 WMX Technologies Inc 42,575
$87,388
FORESTRY --- 1.1%
1,600 Boise Cascade Corp 58,600
3,200 Georgia-Pacific Corp 227,200
9,718 International Paper Co 358,351
1,600 Longview Fibre Co 27,200
3,700 Louisiana-Pacific Corp 81,863
6,900 Weyerhaeuser Co 293,250
$1,046,464
GAS --- 1.8%
1,900 AGL Resources Inc 35,863
1,700 Brooklyn Union Gas Co 46,325
1,900 Columbia Gas System Inc 99,038
3,200 Consolidated Natural Gas Co 167,200
1,200 El Paso Energy Corp 46,200
1,200 Equitable Resources Inc 33,900
2,300 MCN Corp 56,063
3,800 NGC Corp 57,000
1,300 National Fuel Gas Co 46,800
1,700 Nicor Inc 48,238
4,300 NorAm Energy Corp 46,763
2,800 Pacific Enterprises 82,950
5,200 Panenergy Corp 170,950
1,200 Peoples Energy Corp 40,200
1,200 Questar Corp 40,800
2,800 Sonat Inc 126,000
5,400 Tenneco Inc 276,075
800 Valero Energy Corp 20,000
1,500 Washington Gas Light Co 33,000
3,400 Williams Companies Inc 168,300
$1,641,665
HIGHWAYS --- 0.1%
1,400 Consolidated Freightways Inc 29,575
2,700 Ryder System Inc 75,938
$105,513
HOLDING & INVEST. OFFICES --- 2.1%
15,116 Chase Manhattan Corp 1,067,568
1,917 Cincinnati Financial Corp 109,988
3,700 Dime Bancorp Inc* 48,100
1,100 Equity Residential Properties Trust 36,163
600 Finova Group Inc 29,250
1,400 Franchise Finance Corporation of America 32,200
1,500 Green Point Financial Corp 42,375
2,300 Health & Retirement Property Trust 39,675
3,600 Hibernia Corp 39,150
800 Kimco Realty Corp 22,600
2,000 Meditrust Corp 66,750
2,000 New Plan Realty Trust 42,250
1,300 Republic New York Corp 80,925
1,433 Security Capital Industrial Trust 25,257
1,800 Security Capital Pacific Trust 39,150
3,100 Summit Bankcorp 108,888
900 TIG Holdings Inc 26,100
700 Weingarten Realty Investors 27,125
12 Wesco Financial Corp 1,923
$1,885,437
INDEPENDENT POWER PROD --- 0.0%
100 Calenergy Inc* 2,550
1,000 Wheelabrator Technologies Inc 15,250
$17,800
INDUSTRIAL SERVICES --- 0.6%
100 Arrow Electronics Inc* 4,313
1,300 Comdisco Inc 34,613
2,100 Deluxe Corp 74,550
2,700 Dun & Bradstreet Corp 168,750
1,600 EG&G Inc 34,200
100 FlightSafety International Inc 5,425
100 Kelly Services Inc 2,925
1,700 National Service Industries Inc 66,513
2,600 Pitney Bowes Inc 124,150
45 Policy Management Systems Corp* 2,250
30 Shared Medical Systems Corp 1,928
50 Sungard Data System Inc* 2,006
241 TransTexas Gas Corp* 2,290
500 Wallace Computer Services Inc 29,875
700 Western Atlas Inc* 40,775
$594,563
INSURANCE --- 6.5%
3,300 AON Corp 167,475
4,000 Aetna Life and Casualty Co 286,000
850 Aflac Inc 25,394
138 Alleghany Corp 26,496
2,100 Allmerica Property & Casualty Companies Inc 56,700
14,403 Allstate Corp 657,137
1,100 Ambac Inc 57,338
800 American Financial Group Inc 24,100
7,200 American General Corp 261,900
6,400 American International Group Inc 631,200
300 American National Insurance Co 19,500
300 American RE Corp 13,463
600 Bankers Life Holding Corp 13,275
400 CNA Financial Corp* 41,200
6,100 Chubb Capital Corp 304,238
2,600 Cigna Corp 306,475
1,400 Conseco Inc 56,000
1,800 Equitable Companies Inc 44,775
1,200 First Colony Corp 37,200
400 Foundation Health Corp* 14,350
1,140 General Re Corp 173,565
200 Hartford Steam Boiler Inspection & Insurance Co 9,825
320 Highlands Insurance Group* 6,000
2,900 ITT Hartford Group Inc 154,425
2,500 Jefferson-Pilot Corp 129,063
1,400 Leucadia National Corp 34,300
3,600 Lincoln National Corp 166,500
2,800 Loews Corp 220,850
1,400 MBIA Inc 109,025
300 Mercury General Corp 13,125
1,200 Ohio Casualty Corp 41,700
2,550 Old Republic International Corp 54,825
200 Paul Revere Corp 5,500
200 Progressive Corp 9,250
800 Provident Companies Inc 29,600
3,200 Providian Corp 137,200
1,200 Reliastar Financial Corp 51,750
4,400 Safeco Corp 155,650
2,600 St Paul Companies Inc 139,100
500 The PMI Group Inc 21,250
2,200 Torchmark Corp 96,250
2,300 TransAmerica Corp 186,300
300 Transatlantic Holdings Inc 21,038
13,740 Travelers Group Inc 626,888
3,900 USF&G Corp 63,863
1,000 USLife Corp 32,875
1,000 Unitrin Inc 47,000
2,300 Unum Corp 143,175
400 Zurich Reinsurance Centre Holdings Inc 12,600
$5,936,708
MFTG - CONSUMER PRODS. --- 3.7%
400 Alberto-Culver Co 18,550
6,100 American Brands Inc 276,788
2,000 American Greetings Corp 54,750
4,000 Anheuser-Busch Companies Inc 300,000
16,643 Archer-Daniels-Midland Co 318,297
100 Brown-Forman Corp 4,000
1,400 Brunswick Corp 28,000
800 CPC International Inc 57,600
300 Campbell Soup Co 21,150
1,200 Central Newspapers Inc 45,000
1,000 Coca-Cola Enterprises Inc 34,625
240 Crown Vantage Inc* 3,480
1,400 Dean Foods Co 34,650
1,400 Dial Corp 40,075
500 Dow Jones & Company Inc 20,875
1,800 Eastman Chemical Co 109,575
1,000 Fort Howard Corp* 19,875
2,100 Fruit of the Loom Inc* 53,550
700 General Mills Inc 38,150
5,600 HJ Heinz Co 170,100
1,800 Hasbro Inc 64,350
1,500 Hershey Foods Corp 110,063
50 Hillenbrand Industries Inc 1,863
1,300 Hormel Foods Corp 34,775
2,800 IBP Inc 77,350
400 Jostens Inc 7,900
500 Kellogg Co 36,625
1,500 Knight-Ridder Inc 108,750
2,500 Liz Claiborne Inc 86,563
4,300 Masco Corp 130,075
300 McCormick & Company Inc 6,638
700 McGraw-Hill Companies Inc 32,025
25 Media General Inc 931
3,000 New York Times Co 97,875
1,600 Quaker Oats Co 54,600
5,774 RJR Nabisco Holdings Corp 178,994
1,900 RR Donnelley & Sons Co 66,263
1,200 Ralston-Ralston Purina Group 76,950
700 Russell Corp 19,338
280 Schweitzer-Mauduit International Inc 7,875
400 Springs Industries Inc 20,200
500 The EW Scripps Co 23,313
3,000 The Times Mirror Co 130,500
600 Tupperware Corp* 25,350
800 Tyson Foods Inc 21,900
1,200 Universal Corp 31,800
800 Universal Foods Corp 29,500
1,700 VF Corp 101,363
175 Washington Post Co 56,700
1,900 Willamette Industries Inc 113,050
$3,402,569
MFTG - INDUSTRIAL PRODS --- 9.8%
200 ARCO Chemical Co 10,400
900 Air Products & Chemicals Inc 51,975
700 Albemarle Corp 12,775
100 Allegheny Ludlum Corp 1,888
5,700 Aluminum Company of America 327,038
11,000 American Home Products Corp 661,375
1,300 Armstrong World Industries Inc 74,913
1,000 Ball Corp 28,750
3,800 Bethlehem Steel Corp* 45,125
30 Betz Laboratories Inc 1,316
1,300 Bowater Inc 48,913
1,000 Cabot Corp 24,500
600 Case Corp 28,800
5,100 Caterpillar Inc 345,525
2,700 Champion International Corp 112,725
200 Clorox Co 17,725
900 Consolidated Papers Inc 46,800
3,700 Cooper Industries Inc 153,550
45 Crane Co 1,845
9,100 Deere & Co 364,000
1,000 Dover Corp 46,125
2,600 Dow Chemical Co 197,600
19,400 EI DuPont De Nemours & Co 1,535,025
900 Ferro Corp 23,850
400 First Brands Corp 10,800
400 Georgia Gulf Corp 11,700
5,300 Goodyear Tire & Rubber Co 255,725
1,300 Harnischfeger Industries Inc 43,225
900 Harsco Corp 60,525
2,220 IMC Global Inc 83,528
1,900 ITT Industries Inc 47,738
3,800 Ingersoll-Rand Co 166,250
1,500 Inland Steel Industries Inc 29,438
700 International Specialty Products Inc* 7,700
2,400 James River Corporation of Virginia 63,300
500 Kennametal Inc 17,000
4,916 Kimberly-Clark Corp 379,761
3,400 LTV Corp 38,675
1,800 Lafarge Corp 36,450
2,200 Lubrizol Corp 66,825
700 Lyondell Petrochemical Co 16,888
750 MA Hanna Co 15,656
300 Mallinckrodt Group Inc 11,663
200 Marquette Electronics Inc* 3,450
300 Martin Marietta Materials Inc 7,275
1,800 Mead Corp 93,375
5,400 Minnesota Mining & Manufacturing Co 372,600
10,200 Monsanto Co 331,500
200 NL Industries Inc 2,450
100 Nalco Chemical Co 3,150
900 Olin Corp 80,325
1,800 Owens Corning* 77,400
300 PH Glatfelter Co 5,513
2,500 PPG Industries Inc 121,875
1,100 Parker Hannifin Corp 46,613
900 Pentair Inc 27,000
3,900 Pharmacia & Upjohn Inc 173,063
900 Potlatch Corp 35,213
400 Raychem Corp 28,750
2,200 Reynolds Metals Co 114,675
900 Rhone-Poulenc 60,413
1,600 Rohm & Haas Co 100,400
1,600 Sherwin-Williams Co 74,400
1,400 Snap-On Inc 66,325
300 St Joe Paper Co 19,350
45 Stewart & Stevenson Services Inc 1,024
2,900 Stone Container Corp 39,875
500 Tambrands Inc 20,438
800 Tecumseh Products Co 43,000
1,900 Temple-Inland Inc 88,825
1,800 The BF Goodrich Co 67,275
2,300 The Stanley Works 68,425
900 The Timken Co 34,875
300 Trinity Industries Inc 10,200
40 Trinova Corp 1,335
1,000 Tyco International Ltd 40,750
9,900 USX-Marathon Group 199,238
2,900 USX-US Steel Group 82,288
2,400 Union Camp Corp 117,000
3,800 Union Carbide Corp 151,050
1,400 Varity Corp* 67,375
2,000 WR Grace & Co 141,750
4,900 Warner-Lambert Co 269,500
800 Wellman Inc 18,700
3,050 Westvaco Corp 91,119
1,900 Witco Corp 65,313
$8,989,855
MINING --- 0.5%
1,300 Alumax Inc* 39,488
1,500 Asarco Inc 41,438
2,400 Battle Mountain Gold Co 17,400
3,200 Cyprus Amax Minerals Co 72,400
3,200 Homestake Mining Co 54,800
25 Newmont Gold Co 1,259
1,400 Newmont Mining Corp 69,125
2,200 Phelps Dodge Corp 137,225
100 Vulcan Materials Co 5,938
$439,073
OIL & GAS --- 11.8%
2,800 Amerada Hess Corp 150,150
17,200 Amoco Corp 1,244,850
700 Apache Corp 23,013
2,200 Ashland Inc 87,175
4,800 Atlantic Richfield Co 568,800
2,000 Baker Hughes Inc 65,750
1,800 Burlington Resources Inc 77,400
22,500 Chevron Corp 1,327,500
1,400 Coastal Corp 58,450
700 Cooper Cameron Corp* 30,625
900 Diamond Shamrock Inc 25,988
4,900 Dresser Industries Inc 144,550
2,100 Ensco International Inc* 68,250
2,000 Enserch Corp 43,500
42,900 Exxon Corp 3,726,938
138 Fina Inc 7,625
432 Freeport-McMoRan Inc 15,336
1,600 Halliburton Co 88,800
1,600 Kerr-McGee Corp 97,400
300 Mapco Inc 16,913
800 Mitchell Energy & Development Corp 15,400
13,600 Mobil Corp 1,524,900
1,500 Murphy Oil Corp 68,063
11,000 Occidental Petroleum Corp 272,250
3,600 Oryx Energy Co* 58,500
1,600 Pennzoil Co 74,000
2,300 Santa Fe Energy Resources Inc* 27,313
500 Sonat Offshore Drilling Inc 25,250
2,500 Sun Company Inc 75,938
9,100 Texaco Inc 763,263
200 Tosco Corp 10,050
1,300 Ultramar Corp 37,700
$10,821,640
OTHER TRANS. SERVICES --- 0.3%
1,600 Alexander & Baldwin Inc 38,600
800 Caliber System Inc 27,200
500 FMC Corp* 32,625
1,400 Federal Express Corp* 114,800
700 GATX Corp 33,775
300 Roadway Express Inc 4,238
2,100 Southern Pacific Rail Corp* 52,500
200 Tidewater Inc 8,775
$312,513
RAILROADS --- 1.7%
1,682 Burlington Northern Santa Fe 136,032
7,300 CSX Corp 352,225
2,800 Conrail Inc 185,850
150 Illinois Central Corp 4,256
300 Kansas City Southern Industries Inc 12,863
4,400 Norfolk Southern Corp 372,900
7,100 Union Pacific Corp 496,113
$1,560,239
RETAIL TRADE --- 3.3%
3,900 American Stores Co 160,875
30 Barnes & Noble Inc* 1,076
400 Bob Evans Farms Inc 6,800
800 Castle & Cooke Inc* 12,800
2,100 Dayton Hudson Corp 216,563
3,500 Dillard Department Stores Inc 127,750
140 Earthgrains Co 4,585
5,000 Federated Department Stores Inc* 170,625
1,900 Genuine Parts Co 86,925
1,800 Giant Food Inc 64,575
400 Great Atlantic & Pacific Tea Company Inc 13,150
100 Hannaford Brothers Co 3,263
200 Heilig-Meyers Co 4,800
6,600 JC Penney & Company Inc 346,500
16,600 K Mart Corp 205,425
6,000 May Department Stores Co 262,500
3,400 Melville Corp 137,700
800 Mercantile Stores Company Inc 46,900
300 Nordstrom Inc 13,350
1,400 Officemax Inc* 33,425
396 Payless ShoeSource Inc* 12,573
400 Revco DS Inc* 9,550
2,900 Rite Aid Corp 86,275
800 Schuller Corp 8,300
11,500 Sears Roebuck & Co 559,188
1,600 Southland Corp* 4,850
200 Spiegel Inc 2,375
1,700 TJX Companies Inc 57,375
1,000 Tandy Corp 47,375
3,200 Toys R Us Inc* 91,200
1,000 Vons Companies Inc* 37,375
500 Weis Markets Inc 16,313
200 Wendy's International Inc 3,725
700 Winn-Dixie Stores Inc 24,763
4,600 Woolworth Corp* 103,500
$2,984,324
SECURITIES & COMMODITIES --- 1.4%
2,025 AG Edwards Inc 54,928
3,708 Bear Stearns Companies Inc 87,602
3,800 Dean Witter Discover & Co 217,550
20 John Nuveen Co 498
3,500 Lehman Brothers Holdings Inc 86,625
5,900 Merrill Lynch & Company Inc 384,238
3,300 Morgan Stanley Group Inc 162,113
3,400 Paine Webber Group Inc 80,750
3,600 Salomon Inc 158,400
1,600 United Asset Management Corp 39,200
$1,271,904
TELEPHONE --- 8.4%
3,000 Alltel Corp 92,250
15,800 Ameritech Corp 938,125
12,100 Bell Atlantic Corp 771,375
34,300 Bellsouth Corp 1,453,463
200 Century Telephone Enterprises Inc 6,375
1,700 Frontier Corp 52,063
33,700 GTE Corp 1,508,075
20,900 MCI Communications Corp 535,563
15,100 Nynex Corp 717,250
21,008 SBC Communications Inc 1,034,644
2,100 Southern New England Telecommunications Corp 88,200
11,700 Sprint Corp 491,400
$7,688,783
TRANSPORTATION EQUIPMENT --- 8.2%
7,400 Allied-Signal Inc 422,725
11,200 Chrysler Corp 694,400
1,200 Cummins Engine Company Inc 48,450
3,500 Dana Corp 108,500
2,000 Eaton Corp 117,250
100 Echlin Inc 3,788
800 Fleetwood Enterprises Inc 24,800
40,600 Ford Motor Co 1,314,425
1,600 General Dynamics Corp 99,200
26,100 General Motors Corp 1,366,988
6,004 Lockheed Martin Corp 504,336
6,500 McDonnell Douglas Corp 315,250
2,600 Navistar International Corp* 25,675
1,200 Northrop Grumman Corp 81,750
1,015 Paccar Inc 49,735
5,500 Rockwell International Corp 314,875
2,000 Sundstrand Corp 73,250
2,300 TRW Inc 206,713
2,400 Textron Inc 191,700
11,900 The Boeing Co 1,036,788
4,200 United Technologies Corp 483,000
500 Xtra Corp 22,125
$7,505,723
WATER --- 0.0%
1,000 American Water Works Company Inc 40,250
$40,250
WHOLESALE TRADE - INDL --- 0.1%
1,200 Jefferson Smurfit Corp* 13,050
700 McKesson Corp 33,338
$46,388
WHOLESALE TRADE -CONSUMER --- 0.3%
1,400 Bergen Brunswig Corp 38,850
1,300 Fleming Companies Inc 18,688
4,600 Price/Costco Inc* 99,475
1,025 Rayonier Inc 38,950
500 Reebok International Ltd 16,813
200 Sunbeam-Oster Co 2,950
2,300 Supervalu Inc 72,381
$288,107
TOTAL COMMON STOCK --- 99.3% $90,861,624
(Cost )
SHORT-TERM INVESTMENTS
FOREIGN BANKS --- 0.7%
615,000 Canadian Imperial Bank of Commerce 615,000
$615,000
TOTAL SHORT-TERM INVESTMENTS --- 0.7% $615,000
(Cost $615,000)
TOTAL VALUE INDEX PORTFOLIO --- 100.0% $91,476,624
(Cost )
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