MAXIM SERIES FUND, INC.
8515 EAST ORCHARD ROAD
ENGLEWOOD, COLORADO 80111
TO MAXIM SERIES FUND, INC. SHAREHOLDERS:
We are pleased to provide you with this Semi-Annual Report for the period ending
June 30, 1998.
Following is a brief economic overview for the six-month period ending June 30,
1998:
Low interest rates and subdued inflation provided support for stock and bond
markets in the U.S. during the first six months of 1998; however, concerns about
continuing economic and political difficulties in Asia affected their
performance. The stock market reached record highs due to stronger-than-expected
corporate earnings, but retreated at times when concerns surfaced about how the
Asian market volatility would impact business prospects. However, the stock
market proved resilient and shook off these concerns to end the period on a
positive note.
New reports of benign inflationary pressures recently prompted a strong rally in
the bond market where the yield on the 30-year U.S. Treasury bond fell to 5.6%.
This dramatic decline in long-term rates acted as a strong catalyst to help
stocks move forward.
In the international equity markets, investors' concerns about the Asian
currency crisis contributed to dramatic declines in many equity markets;
however, European markets generally performed well.
While it is impossible to predict the future direction of the markets with any
degree of certainty, there are certain basic principles that can help investors
plan for their future needs.
First, investors are encouraged to take a long-term view of their investment
selections. Those who can afford to leave money invested through the inevitable
up and down cycles of the financial markets, may reduce their vulnerability to
any single decline. For example, historically stock prices have gone up over
longer periods of time and have significantly out-performed other types of
investments and stayed ahead of inflation. Second, you can further manage your
investing risk through diversification.
Finally, no matter what your time horizon or portfolio diversity, it makes good
sense to follow a regular investment plan, investing a certain amount of money
at the same time each month or quarter and periodically reviewing your overall
investment allocations. While this strategy -- known as dollar cost averaging --
will not assure a profit or protect you from a loss in a declining market, it
should help you lower the average cost of your purchases.
Sincerely,
/s/ D.L. Wooden
D.L. Wooden
Chairman and President
<PAGE>
MAXIM SERIES FUND, INC.
Financial Statements and Financial Highlights for
the Six Months Ended June 30, 1998 and 1997
<PAGE>
<TABLE>
MAXIM SERIES FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 1998
- ---------------------------------------------------------------------------------------------------------------
U.S.
MONEY STOCK GOVERNMENT
BOND MARKET INDEX SECURITIES
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
------------- ------------- ------------- -------------
ASSETS:
Investments at value:
<S> <C> <C> <C> <C>
Short-term investments $ 1,781,000 $ 511,536,403 $ 1,171,000 $ 6,039,454
Bonds 68,656,318 62,388,684
Common stocks 961,745,363
------------- ------------- ------------- -------------
Total investments (cost $69,598,370; 70,437,318 511,536,403 962,916,363 68,428,138
$511,536,403; $500,566,573;
$66,501,907)
Cash 66,932 11,953 45,829
Dividends and interest receivable 1,288,066 1,006,780 1,268,459 525,695
Subscriptions receivable 547,172
Receivables for investments sold 1,774,000 15,159,000 3,415,084 1,610,331
------------- ------------- ------------- -------------
Total assets 73,566,316 527,714,136 968,147,078 70,609,993
------------- ------------- ------------- -------------
LIABILITIES:
Dividends payable 287,045
Due to GW Capital Management 37,610 205,413 496,286 33,961
Redemptions payable 40,113 521,065 140,157
Payables for investments purchased 1,780,697 18,488,732 1,400,295 6,031,781
------------- ------------- ------------- -------------
Total liabilities 1,858,420 19,502,255 1,896,581 6,205,899
------------- ------------- ------------- -------------
NET ASSETS $ 71,707,896 $ 508,211,881 $ 966,250,497 $ 64,404,094
============= ============= ============= =============
NET ASSETS REPRESENTED BY:
Capital stock, $.10 par value $ 5,883,069 $ 50,786,820 $ 28,381,253 $ 5,892,267
Additional paid-in capital 65,970,119 457,425,061 466,376,308 58,930,888
Net unrealized appreciation on investments 838,948 462,349,790 1,926,231
Undistributed net investment income 47,577 24,588 80,576
Accumulated net short-term realized gain (916,144) 1,418,231 (80,233)
(loss) on investments
Accumulated net long-term realized gain (115,673) 7,700,327 (2,345,635)
(loss) on investments
------------- ------------- ------------- -------------
NET ASSETS $ 71,707,896 $ 508,211,881 $ 966,250,497 $ 64,404,094
============= ============= ============= =============
NET ASSET VALUE PER OUTSTANDING SHARE $ 1.2189 $ 1.0007 $ 3.4045 $ 1.0930
============= ============= ============= =============
SHARES OF CAPITAL STOCK:
Authorized 200,000,000 600,000,000 500,000,000 200,000,000
Outstanding 58,830,693 507,868,202 283,812,532 58,922,664
See notes to financial statements.
<PAGE>
MAXIM SERIES FUND, INC.
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 1998
- ------------------------------------------------------------------------------------------------------------------
U.S.
MONEY STOCK TOTAL GOVERNMENT
BOND MARKET INDEX RETURN SECURITIES
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
------------ ------------ ------------ ---------- ------------
INVESTMENT INCOME:
Interest $ 2,324,670 $ 13,938,610 $ 132,012 $ 50,535 $2,051,599
Dividends 6,561,671 9,504
Less: Foreign withholding tax (5,691) (45)
------------ ------------ ------------ ---------- ------------
Total income 2,324,670 13,938,610 6,687,992 59,994 2,051,599
EXPENSES:
Management fee 213,844 1,141,365 2,690,757 12,540 188,432
------------ ------------ ------------ ---------- ------------
NET INVESTMENT INCOME 2,110,826 12,797,245 3,997,235 47,454 1,863,167
------------ ------------ ------------ ---------- ------------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS:
Net short-term realized gain (loss) on (29,513) 176,796 244,762 40,573
investments
Net long-term realized gain on investments 4,104 10,720,552 1,318,046 42,117
Change in net unrealized appreciation 488,783 119,716,178 (1,174,416) 2,089
(depreciation) on investments
------------ ------------ ------------ ---------- ------------
Net change in realized and unrealized 463,374 0 130,613,526 388,392 84,779
appreciation
------------ ------------ ------------ ---------- ------------
NET INCREASE IN NET ASSETS RESULTING FROM $ 2,574,200 $ 12,797,245 $134,610,761 $ 435,846 $1,947,946
OPERATIONS
============ ============ ============ ========== ============
See notes to financial statements.
<PAGE>
MAXIM SERIES FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
SIX MONTHS ENDED JUNE 30, 1998 AND 1997
- -------------------------------------------------------------------------------------------------------------------
BOND MONEY MARKET STOCK INDEX
PORTFOLIO PORTFOLIO PORTFOLIO
---------------------- ----------------------- -----------------------
1998 1997 1998 1997 1998 1997
----------- ---------- ----------- ----------- ---------- -----------
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income 2,110,826 2,353,621 $ 12,797,245 10,927,796 $ 3,997,235 $ 6,567,235
Net short-term realized gain (loss) on (29,513) (73,083) 176,796 312,084
investments
Net long-term realized gain on 4,104 144,990 10,720,552 10,048,020
investments
Change in net unrealized appreciation 488,783 (328,449) 119,716,178 170,933,910
(depreciation) on investments
----------- ---------- ----------- ----------- ---------- -----------
Net increase in net assets 2,574,200 2,097,079 12,797,245 10,927,796 134,610,761 187,861,249
resulting from operations
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income and net (2,138,659) (2,315,269) (12,797,245)(10,927,796) (4,050,974) (6,613,936)
short-term realized gain
From net long-term realized gain (3,020,225)
----------- ---------- ----------- ----------- ---------- -----------
Total distributions (2,138,659) (2,315,269) (12,797,245)(10,927,796) (7,071,199) (6,613,936)
SHARE TRANSACTIONS:
Net proceeds from sales of shares 4,045,312 1,594,788 199,627,165 167,100,582 40,917,983 76,836,819
Reinvestment of distributions 2,138,659 2,315,269 12,565,928 10,742,577 7,071,199 6,613,936
Cost of shares redeemed (5,195,319) (6,749,704) (157,136,422)(139,435,460)(26,664,815)(10,789,383)
----------- ---------- ----------- ----------- ---------- -----------
Net increase (decrease) in net 988,652 (2,839,647) 55,056,671 38,407,699 21,324,367 72,661,372
assets resulting from share transactions
----------- ---------- ----------- ----------- ---------- -----------
Total increase (decrease) in net 1,424,193 (3,057,837) 55,056,671 38,407,699 148,863,929 253,908,685
assets
NET ASSETS:
Beginning of period 70,283,703 78,093,109 453,155,210 396,453,188 817,386,568 936,806,358
=========== ========== =========== =========== ========== ===========
End of period 71,707,896 75,035,272$ 508,211,881 434,860,887$ 966,250,49$ 1,190,715,043
=========== ========== =========== =========== ========== ===========
OTHER INFORMATION:
SHARES:
Sold 3,310,225 1,323,894 199,492,167 166,987,580 12,727,495 30,230,857
Issued in reinvestment of distributions 1,763,996 1,940,188 12,557,430 10,735,313 2,145,283 2,351,803
Redeemed (4,236,499) (5,600,644) (157,030,158)(139,341,167)(8,386,174) (4,228,167)
-----------
=========== ========== =========== ========== ===========
Net increase (decrease) 837,722 (2,336,562) 55,019,439 38,381,726 6,486,604 28,354,493
=========== ========== =========== =========== ========== ===========
(Continued)
<PAGE>
MAXIM SERIES FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
SIX MONTHS ENDED JUNE 30, 1998 AND 1997
- ------------------------------------------------------------------------------------------------------------------
TOTAL RETURN U.S. GOVERNMENT
PORTFOLIO SECURITIES PORTFOLIO
------------------------ -----------------------
1998 1997 1998 1997
---------- ----------- ----------- ----------
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income $ 47,454 $ 863,818 $ 1,863,167 $ 1,974,122
Net short-term realized gain (loss) on 244,762 3,041,494 40,573 (27,405)
investments
Net long-term realized gain on investments 1,318,046 10,940,083 42,117 292,573
Change in net unrealized appreciation (1,174,416) (6,806,447) 2,089 (286,309)
(depreciation) on investments
---------- ----------- ----------- ----------
Net increase in net assets resulting from 435,846 8,038,948 1,947,946 1,952,981
operations
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income and net short-term (266,699) (850,951) (1,861,611) (1,882,180)
realized gain
From net long-term realized gain (1,421,021)
---------- ----------- ----------- ----------
Total distributions (1,687,720) (850,951) (1,861,611) (1,882,180)
SHARE TRANSACTIONS:
Net proceeds from sales of shares 191,148 4,105,634 9,853,333 3,777,663
Reinvestment of distributions 1,687,720 850,951 1,861,611 1,882,180
Cost of shares redeemed (6,849,785) (2,635,097) (5,709,102) (13,150,611)
---------- ----------- ----------- ----------
Net increase (decrease) in net assets (4,970,917) 2,321,488 6,005,842 (7,490,768)
resulting from share transactions
---------- ----------- ----------- ----------
Total increase (decrease) in net assets (6,222,791) 9,509,485 6,092,177 (7,419,967)
NET ASSETS:
Beginning of period 6,222,791 64,660,804 58,311,917 64,077,863
========== =========== =========== ==========
End of period $ 0 $ 74,170,289 $ 64,404,094 $ 56,657,896
========== =========== =========== ==========
OTHER INFORMATION:
SHARES:
Sold 77,587 2,935,393 8,993,566 3,523,172
Issued in reinvestment of distributions 53,090 571,254 1,709,436 1,768,315
Redeemed (4,084,246) (1,867,564) (5,190,873) (12,240,361)
========== =========== =========== ==========
Net increase (decrease) (3,953,569) 1,639,083 5,512,129 (6,948,874)
========== =========== =========== ==========
See notes to financial statements. (Concluded)
<PAGE>
MAXIM SERIES FUND, INC.
BOND PORTFOLIO
FINANCIAL HIGHLIGHTS
- ---------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the six months
ended June 30, 1998 and the years ended December 31, 1997, 1996, 1995 and 1994
is as follows:
Six
Months Year Ended December 31,
Ended
June 30,
-----------------------------------------------
1998 1997 1996 1995 1994
----------- ---------- ----------- ----------- -----------
Net Asset Value, $ 1.2119 $ 1.2059 $ 1.2301 1.1352 1.2274
Beginning of Year
Income From Investment
Operations
Net investment income 0.0377 0.0767 0.0745 0.0736 0.0634
Net short-term (0.0005) 0.0024
realized gain (loss)
Net long-term realized
and 0.0067 0.0036 (0.0242) 0.0949 (0.0922)
unrealized gain
(loss)
----------- ---------- ----------- ----------- -----------
Total Income (Loss)
From
Investment 0.0439 0.0827 0.0503 0.1685 (0.0288)
Operations
Less Distributions
From net investment (0.0369) (0.0767) (0.0745) (0.0736) (0.0634)
income
From net realized gains
----------- ---------- ----------- ----------- -----------
Total Distributions (0.0369) (0.0767) (0.0745) (0.0736) (0.0634)
----------- ---------- ----------- ----------- -----------
Net Asset Value, End $ 1.2189 $ 1.2119 $ 1.2059 1.2301 1.1352
of Period
=========== ========== =========== =========== ===========
Total Return 7.45%* 7.07% 4.26% 15.21% (2.36)%
Net Assets, End of $ 71,707,896 $ 70,283,703$ 78,093,109 80,025,099 68,965,299
Period
Ratio of Expenses
to Average Net Assets 0.60%* 0.60% 0.60% 0.60% 0.60%
Ratio of Net
Investment Income
to Average Net Assets 5.92%* 6.22% 6.10% 6.16% 5.33%
Portfolio Turnover Rate 28.38% 90.81% 117.39% 191.58% 60.85%
* Annualized
(Continued)
<PAGE>
MAXIM SERIES FUND, INC.
MONEY MARKET PORTFOLIO
FINANCIAL HIGHLIGHTS
- ---------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the six months
ended June 30, 1998 and the years ended December 31, 1997, 1996, 1995, and 1994
is as follows:
Six
Months Year Ended December 31,
Ended
June 30,
------------------------------------------------
1998 1997 1996 1995 1994
----------- ---------- ----------- ---------- -----------
Net Asset Value, $ 1.0007 $ 1.0007 $ 1.0007 $ 1.0007 $ 1.0007
Beginning of Year
Income From Investment
Operations
Net investment income 0.0251 0.0512 0.0493 0.0555 0.0394
----------- ---------- ----------- ---------- -----------
Total Income From
Investment
Operations 0.0251 0.0512 0.0493 0.0555 0.0394
Less Distributions
From net investment (0.0251) (0.0512) (0.0493) (0.0555) (0.0394)
income
----------- ---------- ----------- ---------- -----------
Net Asset Value, End $ 1.0007 $ 1.0007 $ 1.0007 $ 1.0007 $ 1.0007
of Period
=========== ========== =========== ========== ===========
Net Assets, End of $ 508,211,881 453,155,210 396,453,188 277,257,289 186,587,262
Period
Ratio of Expenses
to Average Net Assets 0.46%* 0.46% 0.46% 0.46% 0.46%
Ratio of Net
Investment Income
to Average Net Assets 5.15%* 5.14% 4.99% 5.55% 3.96%
* Annualized
(Continued)
<PAGE>
MAXIM SERIES FUND, INC.
STOCK INDEX PORTFOLIO
FINANCIAL HIGHLIGHTS
- ---------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the six months
ended June 30, 1998 and the years ended December 31, 1997, 1996, 1995, and 1994
is as follows:
Six Months
Ended June Year Ended December 31,
30,
------------------------------------------------
1998 1997 1996 1995 1994
------------ ---------- ---------- ---------- -----------
Net Asset Value, 2.9474 $ 2.3650 $ 1.9796 $ 1.4978 $ 1.5575
Beginning of Year
Income From Investment
Operations
Net investment income 0.0141 0.0364 0.0336 0.0334 0.0350
Net short-term 0.0006 0.0116 0.0009 0.0010
realized gain
Net long-term realized
and
unrealized gain 0.4676 0.7080 0.3951 0.4953 (0.0335)
(loss)
------------ ---------- ---------- ---------- -----------
Total Income From
Investment
Operations 0.4823 0.7560 0.4296 0.5297 0.0015
Less Distributions
From net investment
income and
net short-term (0.0144) (0.0437) (0.0345) (0.0344) (0.0350)
realized gains
From net long-term (0.0108) (0.1299) (0.0097) (0.0135) (0.0262)
realized gains
------------ ---------- ---------- ---------- -----------
Total Distributions (0.0252) (0.1736) (0.0442) (0.0479) (0.0612)
------------ ---------- ---------- ---------- -----------
Net Asset Value, End 3.4045 $ 2.9474 $ 2.3650 $ 1.9796 $ 1.4978
of Year
============ ========== ========== ========== ===========
Total Return 35.48%* 32.20% 21.81% 35.60% 0.14%
Net Assets, End of 966,250,497 $ 817,386,568 936,806,358 707,459,637 497,339,992
Period
Average Commission
Rate Paid
per Share Net Assets 0.0335 $ 0.0343 $ 0.0389
Ratio of Expenses to
Average Net Assets 0.60%* 0.60% 0.60% 0.60% 0.60%
Ratio of Net
Investment Income
to Average Net Assets 0.89%* 1.15% 1.58% 1.91% 2.23%
Portfolio Turnover Rate 4.15% 17.30% 3.31% 5.25% 11.98%
* Annualized
(Continued)
<PAGE>
MAXIM SERIES FUND, INC.
TOTAL RETURN PORTFOLIO
FINANCIAL HIGHLIGHTS
- ----------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the six months
ended June 30, 1998 and the years ended December 31, 1997, 1996, 1995, and 1994
is as follows:
Six
Months Year Ended December 31,
Ended
June 30,
------------------------------------------------
1998 1997 1996 1995 1994
----------- --------- ------------ ---------- ----------
(A)
Net Asset Value, 1.5740 $ 1.3412 $ 1.2969 $ 1.1238 $ 1.2065
Income From Investment
Operations
Net investment income 0.0024 0.0628 0.0366 0.0421 0.0382
Net short-term realized 0.0847 0.9370 0.0139
gain
Net long-term realized
and
unrealized gain (loss) (1.6388) (0.6875) 0.1146 0.1960 (0.0704)
----------- --------- ------------ ---------- ----------
Total Income (Loss) From
Investment Operations (1.5517) 0.3123 0.1512 0.2520 (0.0322)
Less Distributions
From net investment
income and
net short-term (0.0098) (0.0627) (0.0366) (0.0560) (0.0382)
realized gains
From net long-term (0.0125) (0.0168) (0.0703) (0.0229) (0.0123)
realized gains
----------- --------- ------------ ---------- ----------
Total Distributions (0.0223) (0.0795) (0.1069) (0.0789) (0.0505)
----------- --------- ------------ ---------- ----------
Net Asset Value, End of 0.0000 $ 1.5740 $ 1.3412 $ 1.2969 $ 1.1238
Period
=========== ========= ============ ========== ==========
Total Return 32.60%* 23.48% 11.75% 22.70% (2.68)%
Net Assets, End of 0 $ 6,222,791$ 64,660,804 $ 55,176,028 $ 41,348,517
Period
Average Commission Rate
Paid
per Share Bought or 0.0718 $ 0.0699 $ 0.0691
Sold
Ratio of Expenses
to Average Net Assets .60%* 0.60% 0.60% 0.60% 0.60%
Ratio of Net Investment
Income
to Average Net Assets 2.33%* 2.56% 2.78% 3.41% 3.30%
Portfolio Turnover Rate 55.22% 55.44% 74.52% 44.70% 74.85%
(A) Fund terminated on June 22, 1998 and assets were distributed to
shareholders. * Annualized
(Continued)
<PAGE>
MAXIM SERIES FUND, INC.
U.S. GOVERNMENT SECURITIES PORTFOLIO
FINANCIAL HIGHLIGHTS
- ---------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the six months
ended June 30, 1998 and the years ended December 31, 1997, 1996, 1995, and 1994
is as follows:
Six Months
Ended Year Ended December 31,
June 30,
-----------------------------------------------
1998 1997 1996 1995 1994
----------- --------- ---------- ----------- -----------
Net Asset Value, $ 1.0918 $ 1.0738 $ 1.1001$ 1.0138 1.1061
Beginning of Year
Income From Investment
Operations
Net investment income 0.0344 0.0707 0.0675 0.0723 0.0572
Net short-term 0.0007 0.0016
realized gain
Net long-term realized
and unrealized gain (0.0014) 0.0164 (0.0263) 0.0863 (0.0924)
(loss)
--------- ---------- ----------- -----------
-----------
Total Income (Loss)
From
Investment Operations 0.0337 0.0887 0.0412 0.1586 (0.0352)
Less Distributions
From net investment (0.0325) (0.0707) (0.0675) (0.0723) (0.0571)
income
From net realized gains
----------- --------- ---------- ----------- -----------
Total Distributions (0.0325) (0.0707) (0.0675) (0.0723) (0.0571)
----------- --------- ---------- ----------- -----------
Net Asset Value, End $ 1.0930 1.0918 $ 1.0738$ 1.1001 1.0138
of Period
=========== ========= ========== =========== ===========
Total Return 6.35%* 8.51% 3.92% 16.09% (3.20)%
Net Assets, End of $ 64,404,094 $ 58,311,917$ 64,077,863$ 62,473,959 56,338,235
Period
Ratio of Expenses
to Average Net Assets 0.60%* 0.60% 0.60% 0.60% 0.60%
Ratio of Net
Investment Income
to Average Net Assets 5.93%* 6.32% 6.22% 6.76% 5.47%
Portfolio Turnover Rate 7.11% 55.54% 145.02% 185.57% 308.47%
*Annualized
(Concluded)
</TABLE>
<PAGE>
MAXIM SERIES FUND, INC.
NOTES TO FINANCIAL STATEMENTS
SIX MONTHS ENDED JUNE 30, 1998 AND 1997
- ------------------------------------------------------------------------------
1. HISTORY OF THE FUND
Maxim Series Fund, Inc. (the Fund) is a Maryland corporation organized on
December 7, 1981 as an open-end management investment company. Interests
in the Bond, Money Market, Stock Index, Total Return, and U.S. Government
Securities portfolios (the Portfolios) are represented by separate classes
of beneficial interest of the Fund. Shares of the Fund are sold to Maxim
Series Account, Pinnacle Series Account, FutureFunds Series Account,
FutureFunds Series Account II, Qualified Series Account, and Retirement
Plan Series Account of Great-West Life & Annuity Insurance Company (the
Company), to fund benefits under variable annuity contracts and variable
life insurance policies issued by the Company and to the TNE Series (k)
Account of Metropolitan Life Insurance Company ("Met") to fund benefits
under variable annuity contracts issued by Met. Shares of the Fund are
also sold to the Profile Portfolios of the Fund which are sold only to
FutureFunds Series Account of the Company to fund benefits under variable
annuity contracts. The shares are sold at a price equal to the respective
net asset value per share of each class of shares.
2. SIGNIFICANT ACCOUNTING POLICIES
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the
financial statements and the reported amounts of revenue and expenses
during the reporting period. Actual results could differ from those
estimates.
The following is a summary of the significant accounting policies of the
Fund:
Dividends
Dividends from investment income of the Money Market Portfolio are
declared daily and reinvested monthly. Dividends from investment income of
the Bond and U.S. Government Securities Portfolios are declared and
reinvested quarterly, while dividends from investment income of the Stock
Index Portfolio, are declared and reinvested semi-annually. Dividends from
capital gains of all portfolios are declared in the fiscal year in which
they have been earned and are reinvested in additional shares at net asset
value. The Total Return Portfolio declared a consent dividend of
$1,602,376 as of June 22, 1998. The Total Return Portfolio was terminated
on June 22, 1998 and its net assets, including dividends, were distributed
to shareholders; therefore, its valuation at June 30, 1998 is zero.
Security Transactions
Security transactions are accounted for on the date the securities are
purchased or sold (trade date). The cost of investments sold is determined
on the basis of the first-in, first-out method (FIFO) for the Stock Index
Portfolio and Total Return Portfolio, and specific lot selection for all
other portfolios.
<PAGE>
The U.S. Government Securities Portfolio may enter into repurchase
agreements which settle at a specified future date. Amounts owing to
brokers under these agreements are included in Payables for Investments
Purchased in the accompanying financial statements. This liability was
$3,490,200 at June 30, 1998, and was collateralized by securities of
approximately the same value.
Security Valuation
Securities traded on national securities exchanges are valued daily at the
closing prices of the securities on these exchanges, and securities traded
on over-the-counter markets are valued daily at the average between the
quoted bid and asked prices. Short-term and money market securities are
valued at amortized cost, which approximates market value.
The portfolios may own certain investment securities which are restricted
as to resale under Rule 144A of the Securities Act of 1933. These
securities may be resold in transactions exempt from registration,
normally to qualified institutional buyers. These securities are valued
after giving due consideration to pertinent factors including recent
private sales, market conditions, and the issuer's financial performance.
Aggregate cost and fair value of these restricted securities held at June
30, 1998 were as follows:
Bond Portfolio
---------------
Aggregate Cost $ 15,177,240
Aggregate Fair Value $ 15,343,470
Percent of Net 21.40%
Assets
Dividend income for the Portfolios is accrued as of the ex-dividend date
and interest income is recorded daily.
Federal Income Taxes
For federal income tax purposes, each Portfolio indends to qualify as a
regulated investment company under the provisions of the Internal Revenue
Code by distributing substantially all of its taxable net income (both
ordinary and capital gain) to its shareholders and complying with other
requirements for regulated investment companies. Accordingly, no provision
for federal income taxes has been made. At June 30, 1998, the Bond and
U.S. Government Securities Portfolios had available for federal income tax
purposes unused capital loss carryovers of $1,006,409 and $2,508,558,
respectively, which expire between 2002 and 2004.
3. INVESTMENT ADVISORY AGREEMENT
The Fund had entered into an investment advisory agreement with The
Great-West Life Assurance Company through October 31, 1996. Effective
November 1, 1996, a wholly-owned subsidiary of the Company, GW Capital
Management, LLC, serves as investment advisor. As compensation for its
services to the Fund and to cover operating expenses of the Fund, the
investment advisor receives monthly compensation at the annual rate of
.46% of the average daily net assets of the Money Market Portfolio, .60%
of the average daily net assets of the Bond, Stock Index, Total Return,
and U.S. Government Securities Portfolios.
<PAGE>
4. UNREALIZED APPRECIATION (DEPRECIATION)
Gross unrealized appreciation (depreciation) of securities is as follows
as of June 30, 1998:
U.S.
STOCK GOVERNMENT
BOND INDEX SECURITIES
PORTFOLIO PORTFOLIO PORTFOLIO
----------- ------------ -------------
Gross appreciation $ 1,291,403 $ 471,490,905 $ 1,962,363
Gross depreciation 452,455 9,141,115 36,132
----------- ------------ -------------
Net unrealized $ 838,948 $ 462,349,790 $ 1,926,231
appreciation
=========== ============ =============
<PAGE>
MAXIM SERIES FUND, INC.
Financial Statements and Financial Highlights for
the Six Months Ended June 30, 1998 and 1997
<PAGE>
MAXIM SERIES FUND, INC.
<TABLE>
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 1998
- --------------------------------------------------------------------------------------------------------------------
CORPORATE SMALL-CAP SMALL-CAP
BOND INDEX VALUE
PORTFOLIO PORTFOLIO PORTFOLIO
---------------- ---------------- ---------------
ASSETS:
Investments at value:
Short-term investments
<S> <C> <C>
Bonds $ 191,701,365 $ $
Common stocks 614,055 137,878,751 32,639,359
Preferred stocks 3,600,912
---------------- ---------------- ---------------
Total investments (cost $193,518,451; $125,404,898; 195,916,332 137,878,751 32,639,359
$27,322,418)
Cash 2,550,871 515,289
Dividends and interest receivable 3,522,879 78,753 62,928
Subscriptions receivable 100,471 180,639
Receivables for securities sold
---------------- ---------------- ---------------
Total assets 201,990,082 138,057,975 33,398,215
---------------- ---------------- ---------------
LIABILITIES:
Due to GW Capital Management 155,779 70,630 35,664
Redemptions payable 238,516
Payable for investments purchased 2,394,861 146,933
---------------- ---------------- ---------------
Total liabilities 2,789,156 217,563 35,664
---------------- ---------------- ---------------
NET ASSETS $ 199,200,926 $ 137,840,412 $ 33,362,551
================ ================ ===============
NET ASSETS REPRESENTED BY:
Capital stock, $.10 par value $ 16,657,033 $ 10,419,569 $ 3,461,719
Additional paid-in capital 177,713,638 110,116,005 24,408,706
Net unrealized appreciation on investments 6,548,570 12,473,853 5,316,941
Undistributed net investment income 153,186 (6,064) 1,117
Accumulated net short-term realized gain on investments 799,325 2,513,291 149,082
Accumulated net long-term realized gain on investments 1,479,863 2,323,758 24,986
Net unrealized (depreciation) on translation of assets
and
liabilities denominated in foreign currencies (4,150,689)
---------------- ---------------- ---------------
NET ASSETS $ 199,200,926 137,840,412 $ 33,362,551
================ ================ ===============
NET ASSET VALUE PER OUTSTANDING SHARE $ 1.1959 1.3229 $ 0.9638
================ ================ ===============
SHARES OF CAPITAL STOCK:
Authorized 200,000,000 200,000,000 100,000,000
Outstanding 166,570,335 104,195,692 34,617,192
See notes to financial statements.
<PAGE>
MAXIM SERIES FUND, INC.
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 1998
- ----------------------------------------------------------------------------------------------------------------------
CORPORATE SMALL-CAP SMALL-CAP
BOND INDEX VALUE
PORTFOLIO PORTFOLIO PORTFOLIO
---------------- --------------- --------------
INVESTMENT INCOME:
Interest $ 7,076,345 $ 40,298 $ 51,731
Dividends 120,176 476,053 165,790
Less: Foreign withholding tax (76)
---------------- --------------- --------------
Total income 7,196,521 516,275 217,521
EXPENSES:
Salaries 4,457
Legal and SEC fees 304
Directors' fees 156
Audit fees 2,500
Investment administration 26,089
Bank and custodial fees 9,645
Other expenses 3,801
Management fee 808,806 391,046 140,619
---------------- --------------- --------------
Total expenses 808,806 391,046 187,571
Less amount reimbursed by GW Capital Management 1,447
---------------- --------------- --------------
Net expenses 808,806 391,046 186,124
---------------- --------------- --------------
NET INVESTMENT INCOME 6,387,715 125,229 31,397
---------------- --------------- --------------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net short-term realized gain on investments 926,066 2,591,463 28,195
Net long-term realized gain on investments 1,359,359 2,550,065 209,755
Change in net unrealized appreciation on investments 287,629 1,488,018 1,482,960
Change in net unrealized (depreciation) on translation of
assets and liabilities denominated in foreign (2,304,776)
currencies
---------------- --------------- --------------
Net change in realized and unrealized appreciation on 268,278 6,629,546 1,720,910
investments
---------------- --------------- --------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 6,655,993 $ 6,754,775 $ 1,752,307
================ =============== ==============
See notes to financial statements.
<PAGE>
MAXIM SERIES FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
SIX MONTHS ENDED JUNE 30, 1998 AND 1997
- --------------------------------------------------------------------------------------------------------------------------------
CORPORATE SMALL-CAP SMALL-CAP
BOND INDEX VALUE
PORTFOLIO PORTFOLIO PORTFOLIO
------------------------- --------------------------- --------------------------
1998 1997 1998 1997 1998 1997
----------- ----------- ------------ ------------ ------------ -----------
INCREASE IN NET ASSETS:
OPERATIONS:
Net investment income 6,387,715 $ 3,730,272 $ 125,229 $ 446,587 $ 31,397 $ 125,022
Net short-term realized gain (loss)
on investments 926,066 288,354 2,591,463 (1,756,733) 28,195 198,223
Net long-term realized gain (loss)
on investments 1,359,359 319,041 2,550,065 (726,088) 209,755 4,268,420
Change in net unrealized appreciation 287,629 2,313,264 1,488,018 11,345,182 1,482,960 (367,973)
(depreciation) on investments
Change in net unrealized appreciation
(depreciation) on translation of
assets and liabilities denominated
in foreign (2,304,776) (365,889)
currencies
----------- ----------- ------------ ------------ ------------ -----------
Net increase in net assets resulting
from 6,655,993 6,285,042 6,754,775 9,308,948 1,752,307 4,223,692
operations
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income and net
short-term (6,923,827) (3,657,605) (712,095) (446,636) (76,359) (120,371)
realized gains
From net long-term realized gains (830,216) (232,675) (295,304)
----------- ----------- ------------ ------------ ------------ -----------
Total distributions (7,754,043) (3,657,605) (944,770) (446,636) (371,663) (120,371)
SHARE TRANSACTIONS:
Net proceeds from sales of shares 41,159,092 37,804,826 16,550,849 17,529,898 10,619,876 12,001,295
Reinvestment of distributions 7,754,043 3,657,605 944,770 446,636 371,663 120,371
Cost of shares redeemed (7,498,548) (1,594,322) (6,920,017) (1,555,310) (1,535,874) (2,745,286)
----------- ----------- ------------ ------------ ------------ -----------
Net increase in net assets
resulting from 41,414,587 39,868,109 10,575,602 16,421,224 9,455,665 9,376,380
share transactions
----------- ----------- ------------ ------------ ------------ -----------
Total increase in net assets 40,316,537 42,495,546 16,385,607 25,283,536 10,836,309 13,479,701
NET ASSETS:
Beginning of period 158,884,389 83,645,029 121,454,805 80,783,692 22,526,242 36,599,651
=========== =========== ============ ============ ============ ===========
End of period 199,200,926$ 126,140,575 $137,840,412 $ 106,067,228 $ 33,362,551 $ 50,079,352
=========== =========== ============ ============ ============ ===========
OTHER INFORMATION:
SHARES:
Sold 33,626,459 31,717,124 12,399,327 7,054,757 11,263,219 9,484,119
Issued in reinvestment of distributions 6,488,759 3,044,091 706,988 395,688 88,579
Redeemed (6,158,350) (1,348,309) (5,395,408) (1,034,920) (1,650,116) (2,155,276)
------------
=========== =========== ============ ============ ===========
Net increase 33,956,868 33,412,906 7,710,907 6,019,837 10,008,791 7,417,422
=========== =========== ============ ============ ============ ===========
See notes to financial statements.
<PAGE>
MAXIM SERIES FUND, INC.
CORPORATE BOND PORTFOLIO
FINANCIAL HIGHLIGHTS
- -------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the six months
ended June 30, 1998 and the years ended December 31, 1997, 1996, 1995, and 1994
is as follows:
Six Months
Ended June Year Ended December 31,
30,
------------------------------------------------------
1998 1997 1996 1995 1994
-------------- ----------- ------------- ------------ -------------
(A)
Net Asset Value, Beginning of Period $ 1.1981 $ 1.1618$ 1.1521 0.9716 $ 1.0000
Income From Investment Operations
Net investment income 0.0395 0.0764 0.0825 0.0842 0.0137
Net short-term realized gain 0.0056 0.0081 0.0055 0.0159
Net long-term realized and
unrealized gain (loss) 0.0021 0.0608 0.0269 0.1835 (0.0284)
-------------- ----------- ------------- ---------------------------
Total Income (Loss) From Investment
Operations 0.0472 0.1453 0.1149 0.2836 (0.0147)
Less Distributions
From net investment income and net
short-term realized gains (0.0435) (0.0817) (0.0880) (0.1001) (0.0137)
From net long-term realized gains (0.0059) (0.0273) (0.0172) (0.0030)
-------------- ----------- ------------- ---------------------------
Total Distributions (0.0494) (0.1090) (0.1052) (0.1031) (0.0137)
-------------- ------------------------------------------------------
Net Asset Value, End of Period $ 1.1959 $ 1.1981$ 1.1618 1.1521 $ 0.9716
==============
=========== ============= ===========================
Total Return 8.09%* 12.70% 10.35% 30.19% (1.47%)
Net Assets, End of Period $ 199,200,926 $ 158,884,389$ 83,645,029 45,530,190 $ 13,713,195
Ratio of Expenses to Average Net 0.90%* 0.90% 0.90% 0.90% 1.08%*
Assets
Ratio of Net Investment Income to
Average Net Assets 7.10%* 7.14% 7.68% 7.89% 8.64%*
Portfolio Turnover Rate 21.95% 52.69% 40.02% 24.70% 9.45%
* Annualized
(A) The portfolio commenced operations on November 1, 1994. (Continued)
<PAGE>
MAXIM SERIES FUND, INC.
SMALL-CAP INDEX PORTFOLIO
FINANCIAL HIGHLIGHTS
- -------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the six months
ended June 30, 1998 and the years ended December 31, 1997, 1996, 1995, and 1994
is as follows:
Six Months
Ended June Year Ended December 31,
30,
------------------------------------------------------
1998 1997 1996 1995 1994
-------------- ------------ ------------- ------------- -----------
Net Asset Value, Beginning of Period $ 1.2588 1.2370$ 1.1680 0.9540 $ 1.0112
Income From Investment Operations
Net investment income 0.0012 0.0081 0.0124 0.0102 0.0097
Net short-term realized gain 0.0249 0.0285 0.0374 0.0095
Net long-term realized
and unrealized gain (loss) 0.0478 0.2134 0.1285 0.2298 (0.0572)
-------------- ------------ ------------- ------------- -----------
Total Income (Loss)
from Investment Operations 0.0739 0.2500 0.1783 0.2495 (0.0475)
Less Distributions
From net investment income and net
short-term realized gains (0.0074) (0.0352) (0.0498) (0.0197) (0.0097)
From net long-term realized gains (0.0024) (0.1930) (0.0595) (0.0158)
-------------- ------------ ------------- ------------- -----------
Total Distributions (0.0098) (0.2282) (0.1093) (0.0355) (0.0097)
-------------- ------------ ------------- ------------- -----------
Net Asset Value, End of Period $ 1.3229 1.2588$ 1.2370 1.1680 $ 0.9540
============== ============ ============= ============= ===========
Total Return 12.07%* 21.00% 15.30% 26.24% (4.69)%
Net Assets, End of Period $ 137,840,412 121,454,805 $ 80,783,692 51,610,284 $ 22,336,944
Average Commission Rate Paid
per Share Bought or Sold $ 0.0313 0.0350$ 0.0453
Ratio of Expenses to Average Net 0.60%* 0.60% 0.60% 0.60% 0.60%
Assets
Ratio of Net Investment Income
to Average Net Assets 0.19%* 0.66% 1.04% 1.00% 1.20%
Portfolio Turnover Rate 16.15% 102.45% 39.66% 30.17% 53.44%
* Annualized
(Continued)
<PAGE>
MAXIM SERIES FUND, INC.
SMALL-CAP VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the six months
ended June 30, 1998 and the years ended December 31, 1997, 1996, 1995, and 1994
is as follows:
Six Months
Ended June Year Ended December 31,
30,
---------------------------------------------------
1998 1997 1996 1995 1994
------------- ----------- ---------- ----------- ----------
Net Asset Value, Beginning of Period $ 0.9154 $ 1.2480 $ 1.0669 $ 0.9974 $ 1.0330
Income From Investment Operations
Net investment income 0.0009 0.0067 0.0095 0.0286 0.0068
Net short-term realized gain 0.0008 0.0594 0.0350
Net l ong-term realized and
unrealized gain (loss) 0.0599 0.2629 0.1811 0.0884 (0.0356)
------------- ----------- ---------- ----------- ----------
Total Income (Loss) From
Investment Operations 0.0616 0.3290 0.1906 0.1520 (0.0288)
Less Distributions
From net investment income and
net short-term realized gains (0.0026) (0.0771) (0.0095) (0.0636) (0.0068)
From net long-term realized gains (0.0106) (0.5845) (0.0189)
------------- ----------- ---------- ----------- ----------
Total Distributions (0.0132) (0.6616) (0.0095) (0.0825) (0.0068)
------------- ----------- ---------- ----------- ----------
Net Asset Value, End of Period $ 0.9638 $ 0.9154 $ 1.2480 $ 1.0669 $ 0.9974
============= =========== ========== =========== ==========
Total Return 13.96%* 27.86% 17.94% 15.51% (2.78)%
Net Assets, End of Period $ 33,362,551 $ 22,526,242 $ 36,599,651 $ 20,769,579 $ 9,721,848
Average Commission Rate Paid
per Share Bought or Sold $ 0.0574 $ 0.0573 $ 0.0521
Ratio of Expenses to Average Net 1.32%* 1.28% 1.31% 1.35% 1.33 %
Assets#
Ratio of Net Investment Income
to Average Net Assets 0.22%* 0.64% 0.90% 2.51% 0.80%
Portfolio Turnover Rate 4.46% 82.83% 30.61% 17.78% 16.81%
* Annualized
# Percentages are shown net of expenses reimbursed by The Great-West Life
Assurance Company or GW Capital Management, LLC.
</TABLE>
(Concluded)
<PAGE>
MAXIM SERIES FUND, INC.
NOTES TO FINANCIAL STATEMENTS
SIX MONTHS ENDED JUNE 30, 1998 AND 1997
- ------------------------------------------------------------------------------
1. HISTORY OF THE FUND
Maxim Series Fund, Inc. (the Fund) is a Maryland corporation organized
on December 7, 1981 as an open-end management investment company.
Interests in the Corporate Bond, Small-Cap Index, and Small-Cap Value
portfolios (the Portfolios) are represented by separate classes of
beneficial interest of the Fund. Shares of the Fund are sold to Maxim
Series Account, FutureFunds Series Account, FutureFunds Series Account
II, and Retirement Plan Series Account of Great-West Life & Annuity
Insurance Company (the Company) to fund benefits under variable annuity
contracts and variable life insurance policies issued by the Company and
to the TNE Series (k) Account of Metropolitan Life Insurance Company
("Met") to fund benefits under variable annuity contracts issued by Met.
Shares of the Fund are also sold to the Profile Portfolios of the Fund
which are sold only to FutureFunds Series Account of the Company to fund
benefits under variable annuity contracts. The shares are sold at a
price equal to the respective net asset value per share of each class of
shares.
2. SIGNIFICANT ACCOUNTING POLICIES
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities
and disclosure of contingent assets and liabilities at the date of the
financial statements and the reported amounts of revenue and expenses
during the reporting period. Actual results could differ from those
estimates.
The following is a summary of the significant accounting policies of the
Fund:
Dividends
Dividends from investment income of the Portfolios are declared and
reinvested semi-annually. Dividends from capital gains of the Portfolios
are declared in the fiscal year in which they have been earned and are
reinvested in additional shares at net asset value.
Security Transactions
Security transactions are accounted for on the date the security is
purchased or sold (trade date). The cost of investments sold is
determined on the basis of the first-in, first-out method (FIFO).
Security Valuation
Securities traded on national securities exchanges are valued daily at
the closing prices of the securities on these exchanges, and securities
traded on over-the-counter markets are valued daily at the average
between the quoted bid and asked prices. Short-term securities are
valued at amortized cost which approximates market value.
<PAGE>
The portfolios may own certain investment securities which are
restricted as to resale under Rule 144A of the Securities Act of 1933.
These securities may be resold in transactions exempt from registration,
normally to qualified institutional buyers. These securities are valued
after giving due consideration to pertinent factors including recent
private sales, market conditions, and the issuer's financial
performance. Aggregate cost and fair value of these restricted
securities held at June 30, 1998 were as follows:
Corporate Bond
Portfolio
---------------------
Aggregate Cost $ 23,882,362
Aggregate Fair $ 22,589,056
Value
Percent of Net 11.34%
Assets
Dividend income for the Portfolios is accrued as of the ex-dividend date
and interest income is recorded daily.
Federal Income Taxes
For federal income tax purposes, each Portfolio of the Fund intends to
qualify as a regulated investment company under the provisions of the
Internal Revenue Code by distributing substantially all of its taxable
net income (both ordinary and capital gain) to its shareholders and
complying with other requirements for regulated investment companies.
Accordingly, no provision for federal income taxes has been made.
Foreign Currency Translation
The accounting records of the Corporate Bond Portfolio are maintained
in U.S. dollars. Investment securities, and other assets and
liabilities denominated in a foreign currency are translated into U.S.
dollars at the current exchange rate. Purchases and sales of
securities, income receipts and expense payments are translated into
U.S. dollars at the exchange rate on the dates of the transactions.
The Corporate Bond Portfolio isolates that portion of the results of
operations resulting from changes in foreign exchange rates from the
fluctuations arising from changes in market prices of securities held.
Net realized foreign exchange gains or losses arise from sales of
portfolio securities, sales and maturities of short-term securities, and
currency gains or losses realized between the amounts of dividends,
interest, and foreign withholding taxes recorded by the Corporate Bond
Portfolio, and the U.S. dollar equivalent of the amounts actually
received or paid. Net unrealized foreign exchange gains and losses arise
from changes in the value of assets and liabilities including
investments in securities at fiscal year end, resulting from changes in
the exchange rate.
3. INVESTMENT ADVISORY AGREEMENT
The Fund had entered into an investment advisory agreement with
Great-West through October 31, 1996. Effective November 1, 1996, a
wholly-owned subsidiary of the Company, GW Capital Management, LLC
serves as investment advisor. As compensation for its services to the
Fund, the investment advisor receives monthly compensation at the annual
rate of .60% of the average daily net assets of the Small-Cap Index
Portfolio, .90% of the average daily net assets of the Corporate Bond
Portfolio, and 1.00% of the average net assets of the Small-Cap Value
Portfolio. However, the investment advisor pays any expenses of the
Small Cap Value Portfolio which exceed an annual rate of 1.35% of the
average daily net assets, including management fees.
<PAGE>
4. UNREALIZED APPRECIATION (DEPRECIATION)
Gross unrealized appreciation (depreciation) of securities is as follows
as of June 30, 1998:
<TABLE>
CORPORATE SMALL-CAP SMALL-CAP
BOND INDEX VALUE
PORTFOLIO PORTFOLIO PORTFOLIO
------------ ------------ ------------
<S> <C> <C> <C>
Gross appreciation $ 13,885,540 $ 24,942,305 $ 6,070,071
Gross depreciation 11,487,659 12,468,452 753,130
------------ ------------ ------------
Net unrealized appreciation $ 2,397,881 $ 12,473,853 $ 5,316,941
============ ============ ============
</TABLE>
<PAGE>
MAXIM SERIES FUND, INC.
Financial Statements and Financial Highlights for
the Six Months Ended June 30, 1998 and 1997
<PAGE>
MAXIM SERIES FUND, INC.
<TABLE>
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 1998
- -----------------------------------------------------------------------------------------------------------------------------
INVESCO
INTERNATIONAL INVESCO INVESCO SMALL-CAP T. ROWE
PRICE
EQUITY ADR BALANCED GROWTH MID-CAP EQUITY/INCOME
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------------- ---------- ------------ ---------- ------------ -------------
ASSETS:
Investments at value:
<S> <C> <C> <C> <C> <C>
Short-term investments $ 8,211,600 $ 918,000$ 6,415,076 $ 6,569,996 $ 7,828,000 $ 13,662,639
Bonds 56,024,225 2,101,457
Common stocks 129,289,480 26,436,578 97,242,491 70,490,940 268,115,182 196,241,624
Preferred stocks 3,598,359
--------------- ---------- ------------ ---------- ------------ -------------
Total investments
(cost $121,841,112;
$22,544,707; $145,868,531; 141,099,439 27,354,578 159,681,792 77,060,936 275,943,182 212,005,720
$69,407,947; $212,536,386;
$181,957,852)
Cash 11,189 11,793 11,208 12,368 13,200
Dividends and interest receivable 483,419 5,657 822,164 18,405 73,836 473,338
Subscriptions receivable 319,960 147,450 241,448 265,491 97,039
Receivables for securities sold 7,914,493 870,000 3,877,000 3,927,758 9,921,026 9,235,573
--------------- ---------- ------------ ---------- ------------ -------------
Total assets 149,817,311 28,388,874 164,634,197 81,018,307 286,215,903 221,824,870
--------------- ---------- ------------ ---------- ------------ -------------
LIABILITIES:
Due to GW Capital Management 148,319 30,219 138,190 69,626 227,444 158,546
Redemptions Payable 2,683
Payable for securities purchased 8,695,278 917,844 3,949,424 4,871,826 12,846,769 9,618,635
Unrealized depreciation on
forward foreign currency 221,306
contracts
--------------- ---------- ------------ ---------- ------------ -------------
Total liabilities 8,843,597 948,063 4,087,614 4,944,135 13,295,519 9,777,181
--------------- ---------- ------------ ---------- ------------ -------------
NET ASSETS $ 140,973,714 $ 27,440,811$ 160,546,583 $ 76,074,172$ 272,920,384 $ 212,047,689
=============== ========== ============ ========== ============ =============
NET ASSETS REPRESENTED BY:
Capital stock, $.10 par value $ 10,273,519 $ 1,614,503$ 11,645,718 $ 4,348,430 $ 15,295,869 $ 11,473,746
Additional paid-in capital 113,165,662 20,969,625 132,233,244 61,997,801 170,472,627 165,024,416
Net unrealized appreciation
on investments 27,720,003 4,809,871 13,850,641 7,650,094 62,841,798 30,023,712
Undistributed net investment
income (loss) 1,930,294 129,580 55,189 (92,066) (976,528) 3,508
Accumulated net short-term
realized gain (loss) (1,667,914) (68,764) 2,267,136 2,881,000 (1,227,292) 1,648,981
on investments
Accumulated net long-term
realized gain (loss) on (1,986,174) (14,004) 532,035 (713,982) 25,948,912 3,849,170
investments
Net unrealized appreciation
(depreciation) on
translation of assets
and liabilities
denominated
in foreign (8,461,676) (37,380) 2,895 564,998 24,156
currencies
------------- ---------- ------------ ---------- ------------ -------------
NET ASSETS $ 140,973,714 $ 27,440,811$ 160,546,583 $ 76,074,172$ 272,920,384 $ 212,047,689
=============== ========== ============ ========== ============ =============
NET ASSET VALUE PER
OUTSTANDING SHARE $ 1.3722 $ 1.6996$ 1.3786 $ 1.7495$ 1.7843 $ 1.8481
=============== ========== ============ ========== ============ =============
SHARES OF CAPITAL STOCK:
Authorized 200,000,000 100,000,000 200,000,000 100,000,000 200,000,000 200,000,000
Outstanding 102,735,195 16,145,025 116,457,177 43,484,296 152,958,685 114,737,455
See notes to financial statements.
<PAGE>
MAXIM SERIES FUND, INC.
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 1998
- ---------------------------------------------------------------------------------------------------------------------------
INVESCO
INTERNATIONAL INVESCO INVESCO SMALL-CAP T. ROWE
PRICE
EQUITY ADR BALANCED GROWTH MID-CAP EQUITY/INCOME
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
-------------- ----------- ------------ ----------- ------------ -------------
INVESTMENT INCOME:
Interest $ 238,454 $ 28,881 1,877,497 $ 266,727 $ 125,248 $ 480,052
Dividends 2,950,022 274,212 547,913 46,630 313,217 2,468,170
Less: Foreign withholding tax (428,856) (30,217) (5,654) (304) (15,695) (10,544)
-------------- ----------- ------------ ----------- ------------ -------------
Total income 2,759,620 272,876 2,419,756 313,053 422,770 2,937,678
EXPENSES:
Salaries 4,457 4,457 4,457 4,457 4,457
Legal and SEC fees 11,674 2,135 7,130 3,185 20,399
Directors' fees 743 120 381 1,339 1,062
Audit fees 5,250 2,000 2,000 8,125 4,000
Investment administration 58,972 29,809 31,921 41,977 31,921
Bank and custodial fees 38,145 3,269 9,686 29,072 22,490
Other expenses 15,987 1,942 5,880 20,507 18,047
Management fee 695,615 108,698 739,253 333,092 1,177,381 784,774
-------------- ----------- ------------ ----------- ------------ -------------
Total expenses 830,843 152,430 739,253 394,547 1,286,043 887,150
-------------- ----------- ------------ ----------- ------------ -------------
Less amount reimbursed by
GW Capital Management 1,517 11,123 8,861 1,894 1,592
-------------- ----------- ------------ ----------- ------------ -------------
Net expenses 829,326 141,307 739,253 385,686 1,284,149 885,558
-------------- ----------- ------------ ----------- ------------ -------------
NET INVESTMENT INCOME (LOSS) 1,930,294 131,569 1,680,503 (72,633) (861,379) 2,052,120
-------------- ----------- ------------ ----------- ------------ -------------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS:
Net short-term realized gain
(loss) on investments (792,199) (17,216) 3,240,666 2,888,270 10,230,660 1,651,094
Net long-term realized gain
(loss) on investments (2,417,535) 17,809 509,142 (703,414) 15,406,100 3,849,170
Change in net unrealized
appreciation on 9,630,922 2,563,089 9,209,767 4,972,034 15,244,314 3,620,459
investments
Change in net unrealized
appreciation
(depreciation) on translation
of
assets and liabilities
denominated in foreign 1,067,044 (12,421) (1,459) (541,977) 37,507
currencies
-------------- ----------- ------------ ----------- ------------ -------------
Net change in realized
and unrealized 7,488,232 2,563,682 12,947,154 7,155,431 40,339,097 9,158,230
appreciation on investments
-------------- ----------- ------------ ----------- ------------ -------------
NET INCREASE IN NET ASSETS
RESULTING FROM $ 9,418,526 $ 2,695,251 14,627,657 $ 7,082,798 $ 39,477,718 $ 11,210,350 $
OPERATIONS:
============== =========== ============ =========== ============ =============
See notes to financial statements.
<PAGE>
MAXIM SERIES FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
SIX MONTHS ENDED JUNE 30, 1998 AND 1997
- --------------------------------------------------------------------------------------------------------------------------------
INTERNATIONAL EQUITY INVESCO ADR INVESCO BALANCED
PORTFOLIO PORTFOLIO PORTFOLIO
------------------------- -------------------------- --------------------------
1998 1997 1998 1997 1998 1997
----------- ----------- ------------ ----------- ----------- -------------
INCREASE IN NET ASSETS:
OPERATIONS:
Net investment income (loss) $ 1,930,294 $ 1,535,286 $ 131,569 $ 50,157 $ 1,680,503 $ 308,307
Net short-term realized gain
(loss) on investments (792,199) 229,418 (17,216) 25,712 3,240,666 1,100,059
Net long-term realized gain
(loss) on investments (2,417,535) 1,334,480 17,809 204,837 509,142
Change in net unrealized
appreciation on 9,630,922 12,725,086 2,563,089 1,202,635 9,209,767 1,851,631
investments
Change in net unrealized
appreciation
(depreciation) on translation
of
assets and liabilities
denominated in foreign 1,067,044 (4,733,019) (12,421) (10,529)
currencies
----------- ----------- ------------ ----------- ----------- -------------
Net increase in net
assets resulting from 9,418,526 11,091,251 2,695,251 1,483,341 14,627,657 3,249,468
operations
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income
and net short-term (3,831) (1,624,597) (299,193)
realized gains
From net long-term realized
gains
----------- ----------- ------------ ----------- ----------- -------------
Total distributions (3,831) 0 0 0 (1,624,597) (299,193)
SHARE TRANSACTIONS:
Net proceeds from sales of
shares 11,406,775 22,106,054 8,911,492 4,951,019 22,070,378 35,375,652
Reinvestment of distributions 3,831 1,624,597 299,193
Cost of shares redeemed (12,626,098) (475,067) (747,289) (1,014,886) (3,224,038) (340,340)
----------- ----------- ------------ ----------- ----------- -------------
Net increase (decrease)
in net assets resulting (1,215,492) 21,630,987 8,164,203 3,936,133 20,470,937 35,334,505
from share transactions
----------- ----------- ------------ ----------- ----------- -------------
Total increase (decrease)
in net assets 8,199,203 32,722,238 10,859,454 5,419,474 33,473,997 38,284,780
NET ASSETS:
Beginning of period 132,774,511 96,172,049 16,581,357 7,694,858 127,072,586 15,987,166
=========== =========== ============ =========== =========== =============
End of period $ 140,973,714$ 128,894,287$ 27,440,811 $ 13,114,332 $ 160,546,583$ 54,271,946
=========== =========== ============ =========== =========== =============
OTHER INFORMATION:
SHARES:
Sold 8,435,408 16,297,966 5,416,543 3,574,045 16,746,103 29,426,208
Issued in reinvestment of
distributions 2,674 1,177,028 246,102
Redeemed (9,549,009) (344,043) (472,053) (721,269) (2,413,872) (297,272)
=========== =========== ============ =========== =========== =============
Net increase (decrease) (1,110,927) 15,953,923 4,944,490 2,852,776 15,509,259 29,375,038
=========== =========== ============ =========== =========== =============
See notes to financial statements.
(Continued)
<PAGE>
MAXIM SERIES FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
SIX MONTHS ENDED JUNE 30, 1998 AND 1997
- --------------------------------------------------------------------------------------------------------------------------
INVESCO T. ROWE PRICE
SMALL-CAP GROWTH MID-CAP EQUITY/INCOME
PORTFOLIO PORTFOLIO PORTFOLIO
------------------------- -------------------------- ------------------------
1998 1997 1998 1997 1998 1997
------------ ----------- ------------- ------------ ----------- -----------
INCREASE IN NET ASSETS:
OPERATIONS:
Net investment income (loss) (72,633) $ 22,325 $ (861,379) (487,786) $ 2,052,120 $ 1,263,652
(loss) on investments 2,888,270 (571,195) 10,230,660 (9,488,983) 1,651,094 1,885,638
Net long-term realized gain
(loss) on investments (703,414) (10,567) 15,406,100 1,842,079 3,849,170 1,194,894
Change in net unrealized
appreciation on investments 4,972,034 4,677,347 15,244,314 13,110,733 3,620,459 9,383,514
Change in net unrealized
appreciation (depreciation)
on translation
of assets and liabilities
denominated in foreign (1,459) (541,977) (1,000,095) 37,507 (38,065)
currencies
------------ ----------- ------------ ------------ ----------- -----------
Net increase in net
assets resulting from 7,082,798 4,117,910 39,477,718 3,975,948 11,210,350 13,689,633
operations
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income
and net short-term (964,751) (24,234) (2,252,236) (1,264,848)
realized gains
From net long-term realized
gains (11,170) (4,300,050) (273,760)
------------ ----------- ------------ ------------ ----------- -----------
Total distributions (975,921) (24,234) (4,300,050) 0 (2,525,996) (1,264,848)
SHARE TRANSACTIONS:
Net proceeds from sales
of shares 11,379,715 12,059,389 16,901,257 11,004,498 37,470,490 38,717,359
Reinvestment of distributions 975,921 24,234 4,300,050 2,525,996 1,264,848
Cost of shares redeemed (4,640,214) (3,469,592) (17,398,502) (19,458,037) (3,787,320) (592,939)
------------ ------------ ----------- -----------
------------ -----------
Net increase (decrease)
in net assets resulting 7,715,422 8,614,031 3,802,805 (8,453,539) 36,209,166 39,389,268
from share transactions ------------ ----------- ------------ ------------ ----------- -----------
Total increase (decrease)
in net assets 13,822,299 12,707,707 38,980,473 (4,477,591) 44,893,520 51,814,053
NET ASSETS:
Beginning of period 62,251,873 31,827,778 233,939,911 214,710,803 167,154,169 69,535,903
============ =========== ============ ============ =========== ===========
End of period $ 76,074,172 $ 44,535,485 $ 272,920,384 210,233,212 $ 212,047,689$ 121,349,956
============ =========== ============ ============ =========== ===========
OTHER INFORMATION:
SHARES:
Sold 6,673,236 8,445,338 10,292,373 8,099,570 20,394,693 25,403,171
Issued in reinvestment
of distributions 567,649 15,563 2,666,598 1,372,936 768,756
Redeemed (2,773,595) (2,423,276) (10,616,162) (14,558,948) (1,994,828) (394,662)
------------ =========== ============ ============ =========== ===========
Net increase (decrease) 4,467,290 6,037,625 2,342,809 (6,459,378) 19,772,801 25,777,265
============ =========== ============ ============ =========== ===========
See notes to financial statements.
(Concluded)
<PAGE>
MAXIM SERIES FUND, INC.
INTERNATIONAL EQUITY PORTFOLIO
FINANCIAL HIGHLIGHTS
- -------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the six months
ended June 30, 1998 and the years ended December 31, 1997, 1996, 1995, and 1994
is as follows:
Six Months
Ended June Year Ended December 31,
30,
-------------------------------------------------------
1998 1997 1996 1995 1994
-------------- ----------- ------------ ------------- ------------
Net Asset Value, Beginning of Period $ 1.2786 $ 1.3229$ 1.1395 $ 1.0673 $ 1.0110
Income From Investment Operations
Net investment income 0.0188 0.0205 0.0136 0.0190 0.0049
Net short-term realized gain (loss) (0.0077) (0.0060) 0.0045 0.0034
Net long-term realized and 0.0825 0.0113 0.2042 0.0722 0.0563
unrealized gain
-------------- ----------- ------------ ------------- ------------
Total Income From Investment 0.0936 0.0258 0.2223 0.0946 0.0612
Operations
Less Distributions
From net investment income and net
short-term realized gains (0.0270) (0.0181) (0.0224) (0.0049)
From net long-term realized gains (0.0431) (0.0208)
-------------- ----------- ------------ ------------- ------------
Total Distributions 0.0000 (0.0701) (0.0389) (0.0224) (0.0049)
-------------- ----------- ------------ ------------- ------------
Net Asset Value, End of Period $ 1.3722 $ 1.2786$ 1.3229 $ 1.1395 $ 1.0673
============== ===========
============ ============= ============
Total Return 15.19%* 1.99% 19.59% 8.93% 6.06%
Net Assets, End of Period $ 140,973,714 $ 132,774,511$ 96,172,049 $ 55,017,668 $ 32,180,949
Average Commission Rate Paid
per Share Bought or Sold $ 0.0064 $ 0.0159$ 0.0146
Ratio of Expenses to Average Net 1.19%* 1.20% 1.39% 1.50% 1.49%
Assets#
Ratio of Net Investment Income
to Average Net Assets 2.77%* 1.70% 1.24% 1.70% 1.25%
Portfolio Turnover Rate 13.60% 34.30% 22.21% 20.28% 11.49%
* Annualized
# Percentages are shown net of expenses reimbursed by The Great-West Life
Assurance Company or GW Capital Management, LLC.
(Continued)
<PAGE>
MAXIM SERIES FUND, INC.
INVESCO ADR PORTFOLIO
FINANCIAL HIGHLIGHTS
- ----------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the six months
ended June 30, 1998 and the years ended December 31, 1997, 1996, 1995, and 1994
is as follows:
Six Months
Ended June Year Ended December 31,
30,
-------------------------------------------------
-----------
1998 1997 1996 1995 1994
------------- ----------- ----------- ----------- -----------
(A)
Net Asset Value, Beginning of Period $ 1.4804 $ 1.3508 $ 1.1255 0.9859 $ 1.0000
Income From Investment Operations
Net investment income 0.0082 0.0114 0.0112 0.0120 0.0026
Net short-term realized (loss) (0.0011) (0.0025)
Net realized and unrealized gain (loss) 0.2121 0.1537 0.2266 0.1396 (0.0141)
------------- ----------- ----------- ----------- -----------
Total Income (Loss) From Investment 0.2192 0.1626 0.2378 0.1516 (0.0115)
Operations
Less Distributions
From net investment income and net
short-term (0.0140) (0.0112) (0.0120) (0.0026)
realized gains
From net long-term realized gains (0.0190) (0.0013)
------------- ----------- ----------- ----------- -----------
Total Distributions 0.0000 (0.0330) (0.0125) (0.0120) (0.0026)
------------- ----------- ----------- ----------- -----------
Net Asset Value, End of Period $ 1.6996 $ 1.4804 $ 1.3508 1.1255 $ 0.9859
============= =========== =========== ===========
===========
Total Return 31.81%* 12.08% 21.17% 15.48% (1.16)%
Net Assets, End of Period $ 27,440,811 $ 16,581,357 $ 7,694,858 2,681,969 $ 1,976,834
Average Commission Rate Paid
per Share Bought or Sold $ 0.0417 $ 0.0592 $ 0.0628
Ratio of Expenses to Average Net 1.30%* 1.30% 1.33% 1.50% 1.50%*
Assets#
Ratio of Net Investment Income to
Average Net Assets 1.21%* 1.02% 1.20% 1.17% 1.56% *
Portfolio Turnover Rate 4.03% 19.56% 15.25% 5.88% 2.42%
* Annualized
(A) The portfolio commenced operations on November 1, 1994.
# Percentages are shown net of expenses reimbursed by The Great-West Life
Assurance Company or GW Capital Management, LLC.
(Continued)
<PAGE>
MAXIM SERIES FUND, INC.
INVESCO BALANCED PORTFOLIO
FINANCIAL HIGHLIGHTS
- -------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the six months
ended June 30, 1998 and the years ended December 31, 1997 and 1996 is as
follows:
Six Months Ended
June 30, Year Ended December 31,
--------------------------------------
------------------
1998 1997 1996
----------------- ------------------ ----------------
(A)
Net Asset Value, Beginning of Period $ 1.2588 $ 1.0408 $ 1.0000
Income From Investment Operations
Net investment income 0.0146 0.0187 0.0052
Net short-term realized gain 0.0278 0.0232 0.0012
Net long-term realized and unrealized gain 0.0915 0.2286 0.0408
----------------- ------------------ ----------------
Total Income From Investment Operations 0.1339 0.2705 0.0472
Less Distributions
From net investment income and net
short-term (0.0141) (0.0525) (0.0064)
realized gains
----------------- ------------------ ----------------
Total Distributions (0.0141) (0.0525) (0.0064)
----------------- ------------------ ----------------
Net Asset Value, End of Period $ 1.3786 $ 1.2588 $ 1.0408
================= ================== ================
Total Return 22.41%* 26.10% 4.60%
Net Assets, End of Period $ 160,546,583 $ 127,072,586 $ 15,987,166
Average Commission Rate Paid Per Share
Bought or Sold $ 0.0651 $ 0.0590 $ 0.0617
Ratio of Expenses to Average Net Assets 1.00%* 1.00% 1.00%*
Ratio of Net Investment Income to Average 2.27%* 2.77% 2.84%*
Net Assets
Portfolio Turnover Rate 49.28% 150.57% 17.14%
* Annualized
(A) The portfolio commenced operations on October 1, 1996.
(Continued)
<PAGE>
MAXIM SERIES FUND, INC.
INVESCO SMALL-CAP GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS
- ----------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the six months
ended June 30, 1998 and the years ended December 31, 1997, 1996, 1995, and 1994
are as follows:
Six Months
Ended June Year Ended December 31,
30,
----------------------------------------------------
1998 1997 1996 1995 1994
-------------- ----------- ------------ ------------ -----------
(A)
Net Asset Value, Beginning of Period $ 1.5955 $ 1.4330 $ 1.2734 $ 1.0054 $ 1.0000
Income From Investment Operations
Net investment income (loss) (0.0016) 0.0009 0.0024 0.0069 0.0030
Net short-term realized gain 0.0664 0.1174 0.1530 0.0272
Net long-term realized and 0.1135 0.1438 0.1850 0.2846 0.0054
unrealized gain
-------------- ----------- ------------ ------------ -----------
Total Income From Investment 0.1783 0.2621 0.3404 0.3187 0.0084
Operations
Less Distributions
From net investment income and
net short-term realized gains (0.0240) (0.0996) (0.1554) (0.0341) (0.0030)
From net long-term realized gains (0.0003) (0.0254) (0.0166)
-------------- ----------- ------------ ------------ -----------
Total Distributions (0.0243) (0.0996) (0.1808) (0.0507) (0.0030)
-------------- ----------- ------------ ------------ -----------
Net Asset Value, End of Period $ 1.7495 $ 1.5955 $ 1.4330 $ 1.2734 $ 1.0054
============== =========== ============ ===========
============
Total Return 23.64%* 18.70% 26.73% 31.79% 0.84%
Net Assets, End of Period $ 76,074,172 62,251,873 $ 31,827,778 $ 6,385,180 $ 2,022,380
Average Commission Rate Paid
per Share Bought or Sold $ 0.0559 $ 0.0580 $ 0.0410
Ratio of Expenses to Average Net 1.10%* 1.10% 1.10% 1.10% 1.08%*
Assets#
Ratio of Net Investment Income
to Average Net Assets (0.21)%* 0.01% 0.25% 0.58% 1.86%*
Portfolio Turnover Rate 60.93% 174.65% 265.05% 266.64% 0.00%
* Annualized
(A) The portfolio commenced operations on November 1, 1994.
# Percentages are shown net of expenses reimbursed by The Great-West Life
Assurance Company or GW Capital Management, LLC.
(Continued)
<PAGE>
MAXIM SERIES FUND, INC.
MID-CAP PORTFOLIO
FINANCIAL HIGHLIGHTS
- -------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the six months
ended June 30, 1998 and the years ended December 31, 1997, 1996, 1995 and 1994
is as follows:
Six Months
Ended June Year Ended December 31,
30,
------------------------------------------------------
-----------
1998 1997 1996 1995 1994
-------------- ----------- ------------ ------------ ------------
(A)
Net Asset Value, Beginning of Period $ 1.5532 $ 1.4327 $ 1.3538 $ 1.1003 $ 1.0000
Income From Investment Operations
Net investment income (loss) (0.0056) (0.0083) 0.0018 0.0076
Net short-term realized gain (loss) 0.0669 (0.0437) 0.0299
Net long-term realized and 0.1986 0.2257 0.0890 0.2594 0.1003
unrealized gain
-------------- ----------- ------------ ------------ ------------
Total Income From Investment 0.2599 0.1820 0.0807 0.2911 0.1079
Operations
Less Distributions
From net investment income and net
short-term realized gains (0.0317) (0.0076)
From net long-term realized gains (0.0288) (0.0615) (0.0018) (0.0059)
-------------- ----------- ------------ ------------ ------------
Total Distributions (0.0288) (0.0615) (0.0018) (0.0376) (0.0076)
-------------- ----------- ------------ ------------ ------------
Net Asset Value, End of Period $ 1.7843 $ 1.5532 $ 1.4327 $ 1.3538 $ 1.1003
============== =========== ============ ============ ============
Total Return 36.72%* 12.95% 5.96% 26.50% 10.86%
Net Assets, End of Period $ 272,920,384 $ 233,939,911$ 214,710,803 $ 148,264,194 $ 81,088,654
Average Commission Rate Paid
per Share Bought or Sold $ 0.0375 $ 0.0413 $ 0.0461
Ratio of Expenses to Average Net 1.04%* 1.06% 1.07% 1.10% 1.07%
Assets#
Ratio of Net Investment Income
to Average Net Assets (0.69)%* (0.51)% (0.66)% 0.13% 1.26%
Portfolio Turnover Rate 19.73% 139.74% 80.31% 167.21% 166.12%
(A) The portfolio commenced operations January 3, 1994.
* Annualized
# Percentages are shown net of expenses reimbursed by The Great-West Life
Assurance Company or GW Capital Management, LLC.
(Continued)
<PAGE>
MAXIM SERIES FUND, INC.
T. ROWE PRICE EQUITY/INCOME PORTFOLIO
FINANCIAL HIGHLIGHTS
- ------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the six months
ended June 30, 1998 and the years ended December 31, 1997, 1996, 1995, and 1994
is as follows:
Six Months
Ended June Year Ended December 31,
30,
--------------------------------------------------------
------------
1998 1997 1996 1995 1994
------------- ------------ ------------ ------------ -------------
(A)
Net Asset Value, Beginning of $ 1.7602 $ 1.4492 $ 1.2633 $ 0.9805 $ 1.0000
Period
Income From Investment Operations
Net investment income 0.0180 0.0357 0.0299 0.0345 0.0061
Net short-term realized gain 0.0144 0.0357 0.0121 0.0051
Net long-term realized and
Unrealized gain (loss) 0.0781 0.3426 0.2009 0.2841 (0.0195)
------------- ------------ ------------ ------------ -------------
Total Income (Loss) From
Investment Operations 0.1105 0.4140 0.2429 0.3237 (0.0134)
Less Distributions
From net investment income and
net (0.0200) (0.0713) (0.0420) (0.0396) (0.0061)
Short-term realized gains
From net long-term realized gains (0.0026) (0.0317) (0.0150) (0.0013)
------------- ------------ ------------ ------------ -------------
Total Distributions (0.0226) (0.1030) (0.0570) (0.0409) (0.0061)
------------- ------------ ------------ ------------ -------------
Net Asset Value, End of Period $ 1.8481 $ 1.7602 $ 1.4492 $ 1.2633 $ 0.9805
============= ============ ============ =============
============
Total Return 12.97%* 28.82% 19.39% 33.42% (1.34)%
Net Assets, End of Period $ 212,047,689 $ 167,154,169 $ 69,535,903 $ 10,950,195 $ 2,110,302
Average Commission Rate Paid
per Share Bought or Sold $ 0.0402 $ 0.0380 $ 0.0368
Ratio of Expenses to Average Net 0.90%* 0.91% 0.95% 0.95% 0.95%*
Assets#
Ratio of Net Investment Income to
Average 2.09%* 2.48% 2.85% 3.46% 3.90%*
Net Assets
Portfolio Turnover Rate 11.13% 25.35% 26.15% 14.00% 2.74%
</TABLE>
* Annualized
(A) The portfolio commenced operations on November 1, 1994.
# Percentages are shown net of expenses reimbursed by The Great-West Life
Assurance Company or GW Capital Management, LLC.
MAXIM SERIES FUND, INC.
NOTES TO FINANCIAL STATEMENTS
SIX MONTHS ENDED JUNE 30, 1998 AND 1997
- --------------------------------------------------------------------------------
1. HISTORY OF THE FUND
Maxim Series Fund, Inc. (the Fund) is a Maryland corporation organized
on December 7, 1981 as an open-end management investment company.
Interests in the International Equity, INVESCO ADR, INVESCO Balanced,
INVESCO Small-Cap Growth, Mid-Cap, and T. Rowe Price Equity/Income
portfolios (the Portfolios) are represented by separate classes of
beneficial interest of the Fund. Shares of the Fund are sold only to
Maxim Series Account, FutureFunds Series Account, and FutureFunds Series
Account II of Great-West Life & Annuity Insurance Company (the Company),
to fund benefits under variable annuity contracts and variable life
insurance policies issued by the Company. Shares of the Fund are also
sold to the Profile Portfolios of the Fund which are sold only to
FutureFund Series Account of the Company to fund benefits under variable
annuity contracts. The shares are sold at a price equal to the
respective net asset value per share of each class of shares.
Initial capitalization of $100,000 for the Fund was received on February
25, 1982 from the parent of the Company, The Great-West Life Assurance
Company (Great-West). In conjunction with the addition of the INVESCO
ADR Portfolio, additional capitalization of $2,000,000 was received on
November 1, 1994. At June 30, 1998, Great-West's investment in the
Portfolio totaled $3,559,362.
2. SIGNIFICANT ACCOUNTING POLICIES
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities
and disclosure of contingent assets and liabilities at the date of the
financial statements and the reported amounts of revenue and expenses
during the reporting period. Actual results could differ from those
estimates.
The following is a summary of the significant accounting policies of the
Fund:
Dividends
Dividends from investment income of the Mid-Cap, INVESCO Balanced,
INVESCO Small-Cap Growth, and T. Rowe Price Equity/Income portfolios are
declared and reinvested semi-annually. Dividends from investment income
of the International Equity and INVESCO ADR portfolios are declared and
reinvested annually. Dividends from capital gains of all portfolios are
declared in the fiscal year in which they have been earned and are
reinvested in additional shares at net asset value.
Security Transactions
Security transactions are accounted for on the date investments are
purchased or sold (trade date). The cost of investments sold is
determined on the basis of the first-in, first-out method (FIFO).
<PAGE>
Security Valuation
Securities traded on national securities exchanges are valued daily at
the closing prices of the securities on these exchanges, and securities
traded on over-the-counter markets are valued daily at the average
between the quoted bid and asked prices. Short-term securities are
valued at amortized cost which approximates market value.
The Portfolios may own certain investment securities which are
restricted as to resale under Rule 144A of the Securities Act of 1933.
These securities may be resold in transactions exempt from registration,
normally to qualified institutional buyers. These securities are valued
after giving due consideration to pertinent factors including recent
private sales, market conditions, and the issuer's financial
performance. Aggregate cost and fair value of these restricted
securities held at June 30, 1998 were as follows:
International INVESCO
Equity Balanced Portfolio
Portfolio
------------------- --------------------
Aggregate Cost $ 277,850 1,015,749
Aggregate Fair Value $ 238,400 1,025,000
Percent of Net Assets 0.17% 0.64%
Dividend income for the Portfolios is accrued as of the ex-dividend date
and interest income is recorded daily.
Foreign Currency Translation
The accounting records of the International Equity, Mid-Cap, and T.
Rowe Price Equity/Income Portfolios are maintained in U.S. dollars.
Investment securities, and other assets and liabilities denominated in
a foreign currency are translated into U.S. dollars at the current
exchange rate. Purchases and sales of securities, income receipts and
expense payments are translated into U.S. dollars at the exchange rate
on the dates of the transactions.
The International Equity, Mid-Cap, and T. Rowe Price Equity/Income
Portfolios isolate that portion of the results of operations resulting
from changes in foreign exchange rates from the fluctuations arising
from changes in market prices of securities held.
Net realized foreign exchange gains or losses arise from sales of
portfolio securities, sales and maturities of short-term securities, and
currency gains or losses realized between the amounts of dividends,
interest, and foreign withholding taxes recorded by the International
Equity, Mid-Cap, and T. Rowe Price Equity/Income Portfolios, and the
U.S. dollar equivalent of the amounts actually received or paid. Net
unrealized foreign exchange gains and losses arise from changes in the
value of assets and liabilities including investments in securities at
fiscal year end, resulting from changes in the exchange rate.
Federal Income Taxes
For federal income tax purposes, each Portfolio of the Fund intends to
qualify as a regulated investment company under the provisions of the
Internal Revenue Code by distributing substantially all of its taxable
net income (both ordinary and capital gain) to its shareholders and
complying with other requirements for regulated investment companies.
Accordingly, no provision for federal income taxes has been made.
<PAGE>
3. INVESTMENT ADVISORY AGREEMENT
The Fund had entered into an investment advisory agreement with
Great-West through October 31, 1996. Effective November 1, 1996, a
wholly-owned subsidiary of the Company, GW Capital Management, LLC,
serves as investment advisor. As compensation for its services to the
Fund, the investment advisor receives monthly compensation at the annual
rate of .80% of the average daily net assets of the T. Rowe Price
Equity/Income Portfolio, .95% of the average daily net assets of the
INVESCO Small-Cap Growth and Mid-Cap Portfolios, and 1.00% of the
average net assets of the International Equity, INVESCO ADR, and INVESCO
Balanced Portfolios. However, Great-West pays any expenses which exceed
an annual rate, including management fees, of 1.50%, 1.10%, 1.10%, and
.95% of the average daily net assets of the International Equity,
INVESCO Small-Cap Growth, Mid-Cap, and T. Rowe Price Equity/Income
Portfolios, respectively. Effective March 1, 1996, the investment
advisor agreed to pay any expenses which exceed an annual rate,
including management fees of 1.30% of the average net assets of the
INVESCO ADR Portfolio, which changed from the 1.50% rate which was
effective for the first two months of 1996.
4. UNREALIZED APPRECIATION (DEPRECIATION)
Gross unrealized appreciation (depreciation) of securities is as follows
as of June 30, 1998:
<TABLE>
INVESCO
InternationalINVESCO INVESCO Small-Cap T. Rowe
Price
Equity ADR Balanced Growth Mid-Cap Equity/Income
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
---------- ---------- ----------- ---------- ----------- ------------
<S> <C> <C> <C> <C>
Gross $ 38,145,890$ 5,873,280 $ 15,524,722 $ 12,474,200$ 65,981,166 $ 34,290,712
appreciation
Gross 18,887,563 1,063,409 1,711,461 4,821,211 2,574,370 4,242,844
depreciation
---------- ---------- ----------- ---------- ----------- ------------
Net unrealized
appreciation $ 19,258,327$ 4,809,871 $ 13,813,261 $ 7,652,989 $ 63,406,796 $ 30,047,868
========== ========== =========== ========== =========== ============
5. FORWARD FOREIGN CURRENCY CONTRACTS
The following forward foreign currency contracts were held at June 30,
1998:
MID-CAP PORTFOLIO
Net
Unrealized
Delivery Settlement Gain
Value (Loss)
Contracts Sold (Local Date (USD)
Currency)
--------------------- -------------- ------------------- -----------
British Pound 3,090,000 July 10, 1998 $ (138,171)
British Pound 1,500,000 August 14, 1998 (48,610)
British Pound 4,800,000 October 7, 1998 (12,326)
British Pound 1,500,000 November 11, 1998 (22,199)
-----------
$ (221,306)
===========
</TABLE>
<PAGE>
MAXIM SERIES FUND, INC.
Financial Statements and Financial Highlights for
The Six Months Ended June 30, 1998 and 1997
<PAGE>
MAXIM SERIES FUND, INC.
<TABLE>
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 1998
- -------------------------------------------------------------------------------------------------------------------------------
INVESTMENT
GRADE SHORT-TERM SMALL-CAP
FOREIGN GROWTH CORPORATE MIDCAP MATURITY AGGRESSIVE
BLUE EQUITY INDEX BOND GROWTH BOND GROWTH
CHIP
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------- ----------- ----------- ------------ ---------- ------------ -----------
ASSETS:
Investments at value:
<S> <C> <C> <C> <C> <C>
Short-term investments $ 10,263,30$ 933,000 $ 699,000 $ 9,124,626 $ 2,487,000 $ 12,554,835
Bonds 5,248,647 6,419,944 116,056,871 95,320,867
Common stocks 92,485,848 65,803,519 $ 218,397,415 96,131,012 132,009,343
Preferred stocks 1,091,137
--------- ----------- ----------- ------------ ---------- ------------ -----------
Total investments
(cost$101,819,318; $72,998,639;
$156,018,349; 107,997,799 74,247,600 218,397,415 116,755,871 105,255,638 97,807,867 144,564,178
$115,709,620; $93,248,585;
$97,216,416; $136,438,102)
Cash 579,911 335,149 14,101 11,423 404,266
Dividends and interest receivable 345,117 371,912 191,597 1,962,925 27,520 1,555,192 237,738
Subscriptions receivable 193,952 24,671 438,509 586,359 567,261
Receivables for securities sold 11,506,073 2,616,616 3,499,546 6,795,814 1,872,000 7,821,495
--------- ----------- ----------- ------------ ---------- ------------ -----------
Total assets 120,042,941 77,840,710 219,362,670 122,218,342 112,679,432 101,813,743 153,027,677
LIABILITIES:
Due to GW Capital Management 108,039 92,904 110,269 62,311 90,532 51,543 135,946
Redemptions payable 54,564 134,271
Payables for securities purchased 10,862,495 4,620,487 3,419 3,511,247 6,833,537 2,486,577 8,770,195
--------- ----------- ----------- ------------ ---------- ------------ -----------
Total liabilities 10,970,534 4,713,391 113,688 3,628,122 6,924,069 2,538,120 9,040,412
--------- ----------- ----------- ------------ ---------- ------------ -----------
NET ASSETS $ 109,072,407 $773,127,319 $ 219,248,982 $118,590,220 $105,755,363 $99,275,623 $143,987,265
========= =========== =========== ============ ========== ============ ===========
NET ASSETS REPRESENTED BY:
Capital stock, $.10 par value $ 9,511,504 $ 7,281,817 $ 9,913,966 $ 9,208,893 $ 8,248,851 $ 9,758,767 $ 9,258,385
Additional paid-in capital 86,103,952 61,928,747 139,308,057 108,946,770 83,373,191 88,804,547 113,714,107
Net unrealized appreciation
on 6,202,611 2,794,845 62,379,066 1,046,251 12,007,053 591,451 8,126,076
investments
Undistributed (overdistributed)
net (5,246) 17,582 5,661 97,278 (103,340) 61,507 695,178
investment income
Accumulated net short-term
realized 7,283,716 3,653,465 (62,306) (1,619,842) 2,229,608 50,134 2,946,129
gain (loss) on investments
Accumulated net long-term
realized gain (1,003,253) 7,704,538 910,870 9,217 9,247,390
(loss) on investments
Net unrealized (depreciation)
on translation of
assets and liabilities
denominated in (24,130) (1,545,884)
foreign currencies
--------- ----------- ----------- ------------ ---------- ------------ -----------
NET ASSETS $ 109,072,407 $773,127,319 $ 219,248,982 $118,590,220 $105,755,363 $99,275,623 $143,987,265
========= =========== =========== ============ ========== ============ ===========
NET ASSET VALUE PER OUTSTANDING SHARE $ 1.146$ 1.0042 $ 2.2115 $ 1.2878 $ 1.2821$ 1.0173 $1.5552
========= =========== =========== ============ ========== ============ ========
SHARES OF CAPITAL STOCK:
Authorized 200,000,000 200,000,000 200,000,000 200,000,000 100,000,000 200,000,000 200,000,000
Outstanding 95,115,035 72,818,167 99,139,666 92,088,928 82,488,506 97,587,670 92,583,854
See notes to financial statements.
(Continued)
<PAGE>
MAXIM SERIES FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 1998
- -------------------------------------------------------------------------------------------------------------------------------
U.S.
GOVERNMENT
MORTGAGE VALUE
SECURITIES INDEX
PORTFOLIO PORTFOLIO
------------- ------------
ASSETS:
Investments at value:
Short-term investments $ 15,760,668
Bonds 160,393,374
Common stocks $ 289,465,359
Preferred stocks
------------- ------------
Total investments (cost 176,154,042 289,465,359
$171,752,524; $214,726,703)
Cash 48,627
Dividends and interest receivable 972,806 434,798
Subscriptions receivable 269,991 226,955
Receivables for securities sold 5,467,676
------------- ------------
Total assets 182,864,515 290,175,739
LIABILITIES:
Due to GW Capital Management 87,096 150,350
Redemptions payable
Payables for securities purchased 15,896,975
------------- ------------
Total liabilities 15,984,071 150,350
------------- ------------
NET ASSETS $ 166,880,444 $ 290,025,389
============= ============
NET ASSETS REPRESENTED BY:
Capital stock, $.10 par value $ 14,164,240 $ 14,459,104
Additional paid-in capital 150,610,513 189,627,924
Net unrealized appreciation on investments 4,401,518 74,738,656
Undistributed net investment income 303,986 9,681
Accumulated net short-term realized gain 594,496 341,358
on investments
Accumulated net long-term realized gain (3,194,309) 10,848,666
(loss) on investments
Net unrealized (depreciation) on
translation of
assets and liabilities denominated in
foreign currencies
------------- ------------
NET ASSETS $ 166,880,444 $ 290,025,389
============= ============
NET ASSET VALUE PER OUTSTANDING SHARE $ 1.1782 $ 2.0058
============= ============
SHARES OF CAPITAL STOCK:
Authorized 200,000,000 200,000,000
Outstanding 141,642,398 144,591,041
See notes to financial statements. (Concluded)
<PAGE>
MAXIM SERIES FUND, INC.
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 1998
- ------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT
GRADE SHORT-TERM SMALL-CAP
FOREIGN GROWTH CORPORATE MIDCAP MATURITY AGGRESSIVE
BLUE CHIP EQUITY INDEX BOND GROWTH BOND GROWTH
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
---------- --------- ----------- ----------- ------------ ------------- -------------
INVESTMENT INCOME:
Interest $ 594,918 $ 371,999$ 60,282 $ 3,611,502 $ 237,572 2,606,422 682,347
Dividends 868,917 567,777 823,495 110,631 1,034,994
Less: Foreign
withholding tax (21,863) (199,724) (427) (187)
---------- --------- ----------- ----------- ------------ ------------- -------------
Total income 1,441,972 740,052 883,777 3,611,502 347,776 2,606,422 1,717,154
EXPENSES:
Salaries 4,457 4,457 4,457 4,457
Legal and SEC fees 23,174 729 13,599 24,819
Directors' fees 547 374 445 933
Auditing fees 2,500 9,250 2,500 2,500
Investment
administration 33,530 58,972 31,921 30,413
Bank and custodial
fees 18,840 50,639 27,588 20,568
Other expenses 8,776 12,423 6,659 13,601
Management fee 506,701 344,556 569,697 340,714 396,248 256,895 906,620
---------- --------- ----------- ----------- ------------
------------- -------------
Total expenses 598,525 481,400 569,697 340,714 483,417 256,895 1,003,911
---------- --------- ----------- ----------- ------------ ------------- -------------
Less amount reimbursed
by GW Capital 15,819 1,729 67,357 3,600
Management
---------- --------- ----------- ----------- ------------ ------------- -------------
Net expenses 582,706 479,671 569,697 340,714 416,060 256,895 1,000,311
---------- --------- ----------- ----------- ------------ ------------- -------------
NET INVESTMENT
INCOME (LOSS) 859,266 260,381 314,080 3,270,788 (68,284) 2,349,527 716,843
---------- --------- ----------- ----------- ------------ ------------- -------------
REALIZED AND UNREALIZED
GAIN (LOSS)
ON INVESTMENTS:
Net short-term realized gain on investments 7,753,173 2,968,982 79,019 307,521 2,290,213 57,703 2,986,316
Net long-term realized gain on investments 3,619 7,794,118 169,001 1,647 9,249,003
Change in net unrealized appreciation 3,628,323 701,523 25,449,152 (228,867) 8,568,359 146,563 (7,887,916)
(depreciation) on investments
Change in net unrealized appreciation on
translation of assets and
liabilities denominated in foreign 24,407 1,190,689
currencies
---------- --------- ----------- ----------- ------------ ------------- -------
Net change in realized and unrealized 11,405,903 4,864,813 33,322,289 247,655 10,858,572 205,913 4,347,403
appreciation on investments
---------- --------- ----------- ----------- ------------ ------------- --------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $ 12,265,169$ 5,125,194$ 33,636,369 $ 3,518,443 $ 10,790,288 2,555,440 5,064,246
========== ========= =========== =========== ============ ============= =============
See notes to financial statements.
(Continued)
<PAGE>
MAXIM SERIES FUND, INC.
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 1998
- ------------------------------------------------------------------------------------------------------------------------------------
U.S.
GOVERNMENT
MORTGAGE VALUE
SECURITIES INDEX
PORTFOLIO PORTFOLIO
------------ ------------
INVESTMENT INCOME:
Interest $ 5,358,998 $ 74,638
Dividends 2,802,367
Less: Foreign withholding tax (279)
------------ ------------
Total income 5,358,998 2,876,726
EXPENSES:
Salaries
Legal and SEC fees
Directors' fees
Auditing fees
Investment administration
Bank and custodial fees
Other expenses
Management fee 479,240 812,068
------------ ------------
Total expenses 479,240 812,068
------------ ------------
Less amount reimbursed by GW Capital Management
------------ ------------
Net expenses 479,240 812,068
------------ ------------
NET INVESTMENT INCOME 4,879,758 2,064,658
------------ ------------
REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Net short-term realized gain on investments 445,074 360,072
Net long-term realized gain on investments 115,307 10,997,426
Change in net unrealized appreciation (221,843) 15,578,983
(depreciation) on investments
Change in net unrealized appreciation on
translation of
assets and liabilities denominated in foreign
currencies
------------ ------------
Net change in realized and unrealized 338,538 26,936,481
appreciation on investments
------------ ------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $ 5,218,296 $ 29,001,139
============ ============
See notes to financial statements. (Concluded)
<PAGE>
MAXIM SERIES FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
SIX MONTHS ENDED JUNE 30, 1998 AND 1997
- ----------------------------------------------------------------------------------------------------------------------------------
FOREIGN INVESTMENT GRADE
BLUE CHIP EQUITY GROWTH INDEX CORPORATE BOND
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
---------- ------------------------ ------------------------ -------------------------
1998 1998 1997 1998 1997 1998 1997
---------- ----------- ------------ ------------ ----------- ------------ -----------
INCREASE (DECREASE) IN NET
ASSETS: (A)
OPERATIONS:
Net investment income (loss) $ 859,266 $ 260,381 105,522 $ 314,080 305,231 $ 3,270,788 $ 3,154,791
Net short-term realized
gain (loss) on 7,753,173 2,968,982 (4,833) 79,019 85,578 307,521 (222,378)
investments
Net long-term realized
gain on 3,619 2,556,736 7,794,118 3,029,357 169,001 139,190
investments Change in net
unrealized appreciation
(depreciation)
on investments 3,628,323 701,523 (776,986) 25,449,152 15,672,782 (228,867) (397,178)
Change in net unrealized
appreciation on
translation of assets
and liabilities
denominated in 24,407 1,190,689 1,648,668
foreign currencies
---------- ----------- ------------ ------------ ----------- ------------ -----------
Net increase in net
assets 12,265,169 5,125,194 3,529,107 33,636,369 19,092,948 3,518,443 2,674,425
resulting from operations
---------- ----------- ------------ ------------ ----------- ------------ -----------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment
income and net (868,731) (242,799) (308,054) (311,284) (3,317,287) (3,099,830)
short-term realized gains
From net long-term realized
gains (118,459)
---------- ----------- ------------ ------------ ----------- ------------ -----------
Total distributions (868,731) (242,799) 0 (426,513) (311,284) (3,317,287) (3,099,830)
---------- ----------- ------------ ------------ ----------- ------------ -----------
SHARE TRANSACTIONS:
Net proceeds from sales of
shares 9,613,946 10,828,590 14,463,269 39,703,840 31,145,525 9,933,447 9,166,284
Reinvestment of distributions 868,731 242,799 426,513 311,284 3,317,287 3,099,830
Cost of shares redeemed (7,013,600) (7,501,237) (2,374,597) (17,066,987) (603,641) (9,737,630) (5,787,957)
---------- ----------- ------------ ------------ ----------- ------------ -----------
Net increase in net assets
resulting 3,469,077 3,570,152 12,088,672 23,063,366 30,853,168 3,513,104 6,478,157
from share transactions
---------- ----------- ------------ ------------ ----------- ------------ -----------
Total increase in net assets 14,865,515 8,452,547 15,617,779 56,273,222 49,634,832 3,714,260 6,052,752
NET ASSETS:
Beginning of period 94,206,892 64,674,772 80,106,459 162,975,760 83,743,210 114,875,960 100,722,152
========== =========== ============ ============ =========== ============ ===========
End of period $ 109,072,40$ 73,127,319 95,724,238 $ 219,248,982 133,378,042$ 118,590,220 $ 106,774,904
========== =========== ============ ============ =========== ============ ===========
OTHER INFORMATION:
SHARES:
Sold 8,707,790 10,431,918 13,987,223 19,313,501 19,439,134 7,649,199 7,182,635
Issued in reinvestment
of distributions 759,797 244,654 197,298 175,993 2,584,555 2,456,165
Redeemed (6,462,389) (7,572,958) (2,293,725) (8,433,041) (381,117) (7,499,074) (4,530,091)
-----------
========== =========== ============ ============ ============ ===========
Net increase 3,005,198 3,103,614 11,693,498 11,077,758 19,234,010 2,734,680 5,108,709
========== =========== ============ ============ =========== ============ ===========
(A) The portfolio commenced operations on July 1, 1997
See notes to financial statements. (Continued)
MAXIM SERIES FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
SIX MONTHS ENDED JUNE 30, 1998 AND 1997
- ------------------------------------------------------------------------------------------------------------------------------------
-----------------------
--
MIDCAP U.S. GOVERNMENT
--
GROWTH SHORT-TERM MATURITY SMALL-CAP AGGRESSIVE MORTGAGE SECURITIES VALUE INDEX
--
PORTFOLIO BOND PORTFOLIO GROWTH PORTFOLIO PORTFOLIO PORTFOLIO
----------- ----------------------- -----------------------
---------------------- ---------- ---------------
1998 1998 1997 1998 1997 1998 1997 1998 1997
----------- ---------- ---------- ----------- ---------- ---------- ---------- ---------- ----------
INCREASE (DECREASE) IN (A)
ASSETS:
OPERATIONS:
Net investment
income (68,284) $ 2,349,527 $ 1,213,929 $ 716,843 $ 467,876 4,879,758 $ 4,674,004 $ 2,064,658 $1,493,277
(loss)
Net short-term
realized 2,290,213 57,703 (3,475) 2,986,316 4,836,900 445,074 7,881 360,072 202,822
gain (loss) on
investments
Net long-term
realized 1,647 (941) 9,249,003 1,903,520 115,307 27,952 10,997,426 4,404,934
gain (loss) on
investments
Change in net
unrealized
appreciation
(depreciation) on 8,568,359 146,563 10,222 (7,887,916) 6,954,511 (221,843) 215,677 15,578,983 18,681,505
investments
Change in net
unrealized
appreciation
on translation of
assets and
liabilities
enominated in foreign
currencies
----------- ---------- ---------- ----------- ---------- ---------- ---------- ---------- ----------
Net increase in net
assets
resulting from 10,790,288 2,555,440 1,219,735 5,064,246 14,162,807 5,218,296 4,925,514 29,001,139 24,782,538
operations
----------- ---------- ---------- ----------- ---------- ---------- ---------- ---------- ----------
DISTRIBUTIONS TO
SHAREHOLDERS:
From net investment
income and net
short-term realized (294,457) (2,317,675) (1,190,958) (1,050,891) (4,656,718) (4,322,743) (2,172,435)(1,500,197)
gains
From net long-term (983,021) (419,816)
realized gains ----------
----------- ---------- ---------- ----------- ---------- ---------- ---------- ----------
Total distributions (294,457) (2,317,675) (1,190,958) (2,033,912) 0 (4,656,718) (4,322,743) (2,592,251)(1,500,197
----------- ---------- ---------- ----------- ---------- ---------- ---------- ---------- ----------
SHARE TRANSACTIONS:
Net proceeds from
sales 42,251,387 25,427,092 12,725,524 17,149,858 45,623,600 14,682,459 11,386,565 51,569,767 40,603,553
of shares
Reinvestment of 294,457 2,317,675 1,190,958 2,033,912 4,656,718 4,322,743 2,592,251 1,500,197
distributions
Cost of shares
redeemed (3,990,609) (7,074,454) (3,797,141) (61,549,474) (919,275) (15,204,697) (5,892,468) (27,967,321)(875,765)
----------- ---------- ---------- ----------- ---------- ---------- ---------- ---------- ----------
Net increase
(decrease) in net
assets
resulting
from share 38,555,235 20,670,313 10,119,341 (42,365,704) 44,704,325 4,134,480 9,816,840 26,194,697 41,227,985
transactions
----------- ---------- ---------- ----------- ---------- ---------- ---------- ---------- ----------
Total increase 49,051,066 20,908,078 10,148,118 (39,335,370) 58,867,132 4,696,058 10,419,611 52,603,585 64,510,326
(decrease) in net
assets
NET ASSETS:
Beginning of period 56,704,297 78,367,545 39,503,114 183,322,635 79,944,926 162,184,386 138,465,908 237,421,804122,283,026
-----------
========== ========== =========== ========== ========== ========== ========== ==========
End of period $ 105,755,363$ 99,275,623$ 49,651,232$ 143,987,265$ 138,812,058 166,880,444 148,885,519 290,025,389 186,793,352
=========== ========== ========== =========== ========== ========== ========== ========== ==========
OTHER INFORMATION:
SHARES:
Sold 34,394,759 24,885,220 12,611,195 10,795,410 32,013,629 12,383,619 9,869,162 26,851,189 26,092,360
Issued in
reinvestment 244,194 2,282,884 1,187,018 1,276,497 3,966,185 3,772,016 1,310,247 884,510
of distributions
Redeemed (3,380,666) (6,910,969) (3,752,801) (39,184,001) (652,745) (12,823,178) (5,093,372) (14,481,671)(562,591)
----------- ----------
========== =========== ========== ========== ========== ========== ==========
Net increase 31,258,287 20,257,135 10,045,412 (27,112,094) 31,360,884 3,526,626 8,547,806 13,679,765 26,414,279
(decrease)
=========== ========== ========== =========== ========== ========== ========== ========== ==========
(A) The portfolio commenced operations on July 1, 1997. See notes to financial
statements.
(Concluded)
<PAGE>
MAXIM SERIES FUND, INC.
BLUE CHIP PORTFOLIO
FINANCIAL HIGHLIGHTS
- -------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the six months
ended June 30, 1998 and December 31, 1997 is as follows:
Six Months Ended Period Ended
June 30, December 31,
1998 1997
------------------ ------------------
(A)
Net Asset Value, Beginning of Period $ 1.0228 $ 1.0000
Income From Investment Operations
Net investment income 0.0091 0.0089
Net short-term realized gain 0.0815 (0.0051)
Net long-term realized and unrealized gain 0.0425 0.0279
------------------ ------------------
Total Income (Loss) From Investment Operations 0.1331 0.0317
Less Distributions
From net investment income and net short-term realized gains (0.0092) (0.0089)
From net long-term realized gains
------------------ ------------------
Total Distributions (0.0092) (0.0089)
------------------ ------------------
Net Asset Value, End of Period $ 1.1467 $ 1.0228
================== ==================
Total Return 27.74%* 3.17%
Net Assets, End of Period $ 109,072,407 $ 94,206,892
Average Commission Rate Paid Per Share Bought or Sold $ 0.0695 $ 0.0598
Ratio of Expenses to Average Net Assets# 1.15%* 1.14%*
Ratio of Net Investment Income to Average Net Assets 1.70%* 1.78% *
Portfolio Turnover Rate 148.68% 111.45%
(A) The portfolio commenced operations on July 1, 1997.
* Annualized
# Percentage is shown net of expenses reimbursed by The Great-West Life
Assurance Company or GW Capital Management, LLC.
(Continued)
<PAGE>
MAXIM SERIES FUND, INC.
FOREIGN EQUITY PORTFOLIO
FINANCIAL HIGHLIGHTS
- -------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the six months
ended June 30, 1998 and the years ended December 31, 1997, 1996, 1995, and 1994
is as follows:
Six Months
Ended June Year Ended December 31,
30,
----------------------------------------------------
1998 1997 1996 1995 1994
------------- ----------- ------------ ------------ ------------
(A)
Net Asset Value, Beginning of Period $ 0.9277 $ 1.0580 $ 0.9871 0.9515 $ 1.0000
Income From Investment Operations
Net investment income (loss) 0.0035 (0.0017) 0.0041 0.0073 (0.0019)
Net short-term realized gain 0.0408 0.0078
Net long-term realized and unrealized
gain (loss) 0.0355 (0.0671) 0.0709 0.0398 (0.0466)
------------- ----------- ------------ ------------ ------------
Total Income (Loss) From Investment
Operations 0.0798 (0.0610) 0.0750 0.0471 (0.0485)
Less Distributions
From net short-term realized gains (0.0033) (0.0208)
From net long-term realized gains (0.0485) (0.0041) (0.0115)
------------- ----------- ------------ ------------ ------------
Total Distributions (0.0033) (0.0693) (0.0041) (0.0115) 0.0000
------------- ----------- ------------ ------------ ------------
Net Asset Value, End of Period $ 1.0042 $ 0.9277 $ 1.0580 0.9871 $ 0.9515
============= =========== ============ ============ ============
Total Return 17.96%* (5.69)% 7.61% 5.02% (4.85)%
Net Assets, End of Period $ 73,127,319 $ 64,674,772 $ 80,106,459 64,403,868 $ 42,760,613
Average Commission Rate Paid
per Share Bought or Sold $ 0.0327 $ 0.0026$ 0.0252
Ratio of Expenses to Average Net 1.39%* 1.33% 1.45% 1.50% 1.50%*
Assets#
Ratio of Net Investment Income to
Average Net Assets 0.76%* (0.23)% 0.41% 0.69% (1.26)%*
Portfolio Turnover Rate 72.84% 200.82% 75.65% 119.98% 19.85%
(A) The portfolio commenced operations on November 1, 1994.
* Annualized
# Percentage is shown net of expenses reimbursed by The Great-West Life
Assurance Company or GW Capital Management, LLC.
(Continued)
<PAGE>
MAXIM SERIES FUND, INC.
GROWTH INDEX PORTFOLIO
FINANCIAL HIGHLIGHTS
- -------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the six months
ended June 30, 1998 and the years ended December 31, 1997, 1996, 1995, and 1994
is as follows:
Six Months
Ended June Year Ended December 31,
30,
-------------------------------------------------------
1998 1997 1996 1995 1994
-------------- ------------ ------------ ------------ ------------
Net Asset Value, Beginning of Period 1.8507 $ 1.4852 $ 1.3459 $ 1.0120 $ 1.0064
Income From Investment Operations
Net investment income 0.0032 0.0085 0.0114 0.0127 0.0133
Net short-term realized gain 0.0008 0.0044 0.0084 0.0038
Net long-term realized and 0.3612 0.4197 0.2767 0.3394 0.0056
unrealized gain
-------------- ------------ ------------ ------------ ------------
Total Income From Investment 0.3652 0.4326 0.2965 0.3559 0.0189
Operations
Less Distributions
From net investment income and
net short-term realized gains (0.0031) (0.0137) (0.0198) (0.0165) (0.0133)
From net long-term realized gains (0.0013) (0.0534) (0.1374) (0.0055)
-------------- ------------ ------------ ------------ ------------
Total Distributions (0.0044) (0.0671) (0.1572) (0.0220) (0.0133)
-------------- ------------ ------------ ------------ ------------
Net Asset Value, End of Period 2.2115 $ 1.8507 $ 1.4852 $ 1.3459 $ 1.0120
============== ============ ============ ============ ============
Total Return 43.38%* 29.26% 22.10% 35.29% 1.93%
Net Assets, End of Period 219,248,982 $ 162,975,760 $ 83,743,210 $ 43,515,299 $ 14,171,307
Average Commission Rate Paid
Per Share Bought or Sold 0.0332 $ 0.0264 $ 0.0358
Ratio of Expenses to Average Net 0.60%* 0.60% 0.60% 0.60% 0.60%
Assets
Ratio of Net Investment Income
to Average Net Assets 0.33%* 0.54% 0.83% 1.15% 1.57%
Portfolio Turnover Rate 9.69% 21.52% 41.55% 17.90% 18.50%
*Annualized
(Continued)
<PAGE>
MAXIM SERIES FUND, INC.
INVESTMENT GRADE CORPORATE BOND PORTFOLIO
FINANCIAL HIGHLIGHTS
- ------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the six months
ended June 30, 1998 and the years ended December 31, 1997, 1996, 1995, and 1994
is as follows:
Six Months
Ended June 30, Year Ended December 31,
-------------------------------------------------------
1998 1997 1996 1995 1994
--------------- ------------- ----------- ------------ -------------
Net Asset Value, $ 1.2856 1.2774 $ 1.3161 $ 1.2019 $ 1.3090
Beginning of Period
Income From Investment
Operations
Net investment income 0.0384 0.0769 0.0777 0.0794 0.0665
Net short-term realized 0.0033 (0.0071) 0.0022
gain (loss)
Net long-term realized and
unrealized gain (loss) (0.0021) 0.0152 (0.0387) 0.1142 (0.1071)
--------------- ------------- ----------- ------------ -------------
Total Income (Loss) From
Investment Operations 0.0396 0.0850 0.0390 0.1958 (0.0406)
Less Distributions
From net investment income
and
net short-term realized (0.0374) (0.0768) (0.0777) (0.0816) (0.0665)
gains
From net long-term
realized gains
--------------- ------------- ----------- ------------ -------------
Total Distributions (0.0374) (0.0768) (0.0777) (0.0816) (0.0665)
--------------- ------------- ----------- ------------ -------------
Net Asset Value, End of $ 1.2878 1.2856 $ 1.2774 $ 1.3161 $ 1.2019
Period
=============== ============= =========== ============ =============
Total Return 6.31%* 6.85% 3.14% 16.71% (3.15)%
Net Assets, End of Period $ 118,590,220 $114,875,960 $ 100,722,152$ 95,210,404 $ 71,276,294
Ratio of Expenses
to Average Net Assets 0.60%* 0.60% 0.60% 0.60% 0.60%
Ratio of Net Investment
Income
to Average Net Assets 5.76%* 6.02% 6.08% 6.30% 5.37%
Portfolio Turnover Rate 33.28% 140.35% 118.50% 159.21% 51.66%
*Annualized
(Continued)
<PAGE>
MAXIM SERIES FUND, INC.
MIDCAP GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS
- -------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the six months
ended June 30, 1998 and the period ended December 31, 1997 is as follows:
Six Months Period Ended
Ended December 31,
June 30,
1998 1997
---------------- -----------------
(A)
Net Asset Value, Beginning of Period $ 1.1069 $ 1.0000
Income From Investment Operations
Net investment income (loss) (0.0006)
Net short-term realized gain 0.0278 0.0062
Net long-term realized and unrealized gain 0.1532 0.1024
---------------- -----------------
Total Income (Loss) From Investment Operations 0.1804 0.1086
Less Distributions
From net investment income and net short-term realized gains (0.0052) (0.0017)
From net long-term realized gains
---------------- -----------------
Total Distributions (0.0052) (0.0017)
---------------- -----------------
Net Asset Value, End of Period $ 1.2821 $ 1.1069
================ =================
Total Return 35.32%* 10.86%
Net Assets, End of Period $ 105,755,363 $ 56,704,297
Average Commission Rate Paid Per Share Bought or Sold $ 0.0501 $ 0.0517
Ratio of Expenses to Average Net Assets# 1.05%* 1.05%*
Ratio of Net Investment Income to Average Net Assets (0.17)%* (0.16)%*
Portfolio Turnover Rate 27.02% 24.28%
(A) The portfolio commenced operations on July 1, 1997.
* Annualized
# Percentage is shown net of expenses reimbursed by GW Capital Management, LLC.
(Continued)
<PAGE>
MAXIM SERIES FUND, INC.
SHORT-TERM MATURITY BOND PORTFOLIO
FINANCIAL HIGHLIGHTS
- -------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the six months
ended June 30, 1998 and the years ended December 31, 1997, 1996 and 1995 is as
follows:
Six Months
Ended June Year Ended December 31,
30,
------------------------------------------
1998 1997 1996 1995
------------- ------------- ------------- -------------
(A)
Net Asset Value, Beginning of Period $ 1.0134 $ 1.0065 1.0092 $ 1.0000
Income From Investment Operations
Net investment income 0.0270 0.0534 0.0489 0.0194
Net short-term realized gain 0.0006 0.0009 0.0013
Net long-term realized and unrealized gain 0.0028 0.0061 (0.0027) 0.0092
(loss)
------------- ------------- ------------- -------------
Total Income From Investment Operations 0.0304 0.0604 0.0462 0.0299
Less Distributions
From net investment income and net
short-term realized gains (0.0265) (0.0534) (0.0489) (0.0207)
From net long-term realized gains (0.0001)
------------- ------------- ------------- -------------
Total Distributions (0.0265) (0.0535) (0.0489) (0.0207)
------------- ------------- ------------- -------------
Net Asset Value, End of Period $ 1.0173 $ 1.0134 1.0065 $ 1.0092
============= ============= ============= =============
Total Return 6.13%* 6.14% 4.70% 3.02%
Net Assets, End of Period $ 99,275,623 $ 78,367,545 39,503,114 $ 15,618,670
Ratio of Expenses to Average Net Assets 0.60%* 0.60% 0.60% 0.53% *
Ratio of Net Investment Income to Average Net 5.48%* 5.47% 5.15% 4.61% *
Assets
Portfolio Turnover Rate 15.00% 84.59% 51.71% 97.87%
(A) The portfolio commenced operations on August 1, 1995.
* Annualized
(Continued)
<PAGE>
MAXIM SERIES FUND, INC.
SMALL-CAP AGGRESSIVE GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the six months
ended June 30, 1998 and the years ended December 31, 1997, 1996, 1995, and 1994
is as follows:
Six Months
Ended June Year Ended December 31,
30,
---------------------------------------------------------
--------------
1998 1997 1996 1995 1994
---------------------------- ------------- ------------ ---------------
(A)
Net Asset Value, Beginning of Period $ 1.5316 1.4028 $ 1.1605 $ 0.9755 $ 1.0000
Income From Investment Operations
Net investment income (loss) 0.0077 0.0103 0.0091 0.0075 (0.0016)
Net short-term realized gain 0.0323 0.1307 0.0597 0.0878
Net long-term realized and
unrealized gain (loss) 0.0009 0.1966 0.2779 0.1962 (0.0229)
---------------------------- ------------- ------------ ---------------
Total Income (Loss) From Investment
Operations 0.0409 0.3376 0.3467 0.2915 (0.0245)
Less Distributions
From net investment income and net
short-term realized gains (0.0089) (0.1524) (0.0688) (0.0945)
From net long-term realized gains (0.0084) (0.0564) (0.0356) (0.0120)
---------------------------- ------------- ------------ ---------------
Total Distributions (0.0173) (0.2088) (0.1044) (0.1065)
---------------------------- ------------- ------------ ---------------
Net Asset Value, End of Period $ 1.5552 $ 1.5316 $ 1.4028 $ 1.1605 $ 0.9755
============================ ============= ============ ===============
Total Return 5.37% 24.50% 30.09% 29.96% (2.46)%
Net Assets, End of Period $ 143,987,265 $ 183,322,635 $ 79,944,926 $ 28,594,611 $ 12,963,409
Average Commission Rate Paid
Per Share Bought or Sold $ 0.0527 $ 0.0539 $ 0.0573
Ratio of Expenses to Average Net 1.11%* 1.11% 1.26% 1.30% 1.26%*
Assets#
Ratio of Net Investment Income to
Average Net Assets 0.79%* 0.89% 0.98% 0.65% (1.08)%*
Portfolio Turnover Rate 60.50% 93.28% 62.63% 99.48% 8.84%
(A) The portfolio commenced operations on November 1, 1994.
* Annualized
# Percentage is shown net of expenses reimbursed by The Great-West Life
Assurance Company or GW Capital Management, LLC.
(Continued)
<PAGE>
MAXIM SERIES FUND, INC.
U.S. GOVERNMENT MORTGAGE SECURITIES PORTFOLIO
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the six months
ended June 30, 1998 and the years ended December 31, 1997, 1996, 1995, and 1994
is as follows:
Six Months
Ended June 30, Year Ended December 31,
-------------------------------------------------------
1998 1997 1996 1995 1994
--------------- ------------ ------------ ------------ ----------
Net Asset Value, Beginning of $ 1.1743 $ 1.1519 $ 1.1786 $ 1.0917 $ 1.1813
Period
Income From Investment Operations
Net investment income 0.0364 0.0745 0.0751 0.0781 0.0620
Net short-term realized gain 0.0031 0.0036
Net long-term realized and
unrealized gain (loss) (0.0013) 0.0188 (0.0267) 0.0869 (0.0896)
--------------- ------------ ------------ ------------ ----------
Total Income (Loss) From
Investment Operations 0.0382 0.0969 0.0484 0.1650 (0.0276)
Less Distributions
From net long-term investment (0.0343) (0.0745) (0.0751) (0.0781) (0.0620)
income
From net realized gains
--------------- ------------ ------------ ------------ ----------
Total Distributions (0.0343) (0.0745) (0.0751) (0.0781) (0.0620)
--------------- ------------ ------------ ------------ ----------
Net Asset Value, End of Period $ 1.1782 $ 1.1743 $ 1.1519 $ 1.1786 $ 1.0917
=============== ============ ============ ============ ==========
Total Return 6.67%* 8.64% 4.29% 15.55% (2.34)%
Net Assets, End of Period $ 166,880,444 $ 162,184,386 $ 138,465,908 $ 129,549,680 $ 93,386,366
Ratio of Expenses to Average Net 0.60%* 0.60% 0.60% 0.60% 0.60%
Assets
Ratio of Net Investment Income
to Average Net Assets 6.11%* 6.44% 6.51% 6.84% 5.67%
Portfolio Turnover Rate 20.17% 34.01% 94.63% 188.04% 331.42%
*Annualized
(Continued)
<PAGE>
MAXIM SERIES FUND, INC.
VALUE INDEX PORTFOLIO
FINANCIAL HIGHLIGHTS
- -------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the six months
ended June 30, 1998 and the years ended December 31, 1997, 1996, 1995 and 1994
is as follows:
Six Months
Ended June 30, Year Ended December 31,
------------------------------------------------------
1998 1997 1996 1995 1994
--------------- ------------ ------------- ------------ ------------
Net Asset Value, Beginning of Period 1.8136 1.4538 $ 1.2623 0.9614 $ 1.0118
Income From Investment Operations
Net investment income 0.0144 0.0278 0.0298 0.0305 0.0253
Net short-term realized gain 0.0025 0.0111 0.0101 0.0054
Net long-term realized and
unrealized gain (loss) 0.1936 0.4520 0.2186 0.3144 (0.0504)
--------------- ------------ ------------- ------------ ------------
Total Income (Loss) From Investment
Operations 0.2105 0.4909 0.2585 0.3503 (0.0251)
Less Distributions
From net investment income and
net short-term realized gains (0.0152) (0.0389) (0.0399) (0.0359) (0.0253)
From net long-term realized gains (0.0031) (0.0922) (0.0271) (0.0135)
--------------- ------------ ------------- ------------ ------------
Total Distributions (0.0183) (0.1311) (0.0670) (0.0494) (0.0253)
--------------- ------------ ------------- ------------ ------------
Net Asset Value, End of Period 2.0058 $ 1.8136 $ 1.4538 1.2623 $ 0.9614
=============== ============ ============= ============ ============
Total Return 24.60% 34.08% 20.63% 36.80% (2.49)%
Net Assets, End of Period 290,025,389 $ 237,421,804 $ 122,283,026 65,183,898 $ 25,610,474
Average Commission Rate Paid
per Share Bought or Sold 0.0319 $ 0.0295 $ 0.0377 $
Ratio of Expenses to Average Net 0.60%* 0.60% 0.60% 0.60% 0.60%
Assets
Ratio of Net Investment Income
to Average Net Assets 1.52%* 1.83% 2.38% 2.87% 3.18%
Portfolio Turnover Rate 13.35% 26.03% 16.31% 18.11% 16.88%
* Annualized
(Concluded)
</TABLE>
<PAGE>
MAXIM SERIES FUND, INC.
NOTES TO FINANCIAL STATEMENTS
SIX MONTHS ENDED JUNE 30, 1998 AND 1997
- -------------------------------------------------------------------------------
1. HISTORY OF THE FUND
Maxim Series Fund, Inc. (the Fund) is a Maryland corporation organized
on December 7, 1981 as an open-end management investment company.
Interests in the Blue Chip, Foreign Equity, Growth Index, Investment
Grade Corporate Bond, MidCap Growth, Short-Term Maturity Bond, Small-Cap
Aggressive Growth, U.S. Government Mortgage Securities, and Value Index
portfolios (the Portfolios) are represented by separate classes of
beneficial interest of the Fund. Shares of the Fund are sold only to
FutureFunds Series Account II, Qualified Series Account, and Retirement
Plan Series Account of Great-West Life & Annuity Insurance Company (the
Company), to fund benefits under variable annuity contracts issued by
the Company and to the TNE Series (k) Account of Metropolitan Life
Insurance Company ("Met") to fund benefits under variable annuity
contracts issued by Met. Shares of the Fund are also sold to the Profile
Portfolios of the Fund which are sold only to FutureFunds Series Account
of the Company to fund benefits under variable annuity contracts. The
shares are sold at a price equal to the respective net asset value per
share of each class of shares.
2. SIGNIFICANT ACCOUNTING POLICIES
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities
and disclosure of contingent assets and liabilities at the date of the
financial statements and the reported amounts of revenue and expenses
during the reporting period. Actual results could differ from those
estimates.
The following is a summary of the significant accounting policies of the
Fund:
Dividends
Dividends from investment income of the Investment Grade Corporate Bond,
Short-Term Maturity Bond, and the U.S. Government Mortgage Securities
Portfolios are declared and reinvested quarterly. Dividends from
investment income of the Blue Chip, Growth Index, MidCap Growth, and the
Value Index Portfolios are declared and reinvested semi-annually.
Dividends from investment income of the Foreign Equity and Small-Cap
Aggressive Growth are declared and reinvested annually. Dividends from
capital gains of all portfolios are declared in the fiscal year in which
they have been earned and are reinvested in additional shares at net
asset value.
Security Transactions
Security transactions are accounted for on the date the securities are
purchased or sold (trade date). The cost of investments sold is
determined on the basis of the first-in, first-out method (FIFO) for the
Blue Chip, Foreign Equity, Growth Index, MidCap Growth, Small-Cap
Aggressive Growth, and Value Index Portfolios and specific lot selection
for all other portfolios.
<PAGE>
The U.S. Government Mortgage Securities Portfolio may enter into
repurchase agreements which settle at a specified future date. Amounts
owing to brokers under these agreements are included in Payables for
Investments Purchased in the accompanying financial statements. This
liability was $8,018,110 at June 30. 1998, and was collateralized by
securities of approximately the same value.
Security Valuation
Securities traded on national securities exchanges are valued daily at
the closing prices of the securities on these exchanges, and securities
traded on over-the-counter markets are valued daily at the average
between the quoted bid and asked prices. Short-term securities are
valued at amortized cost which approximates market value.
The portfolios may own certain investment securities which are
restricted as to resale under Rule 144A of the Securities Act of 1933.
These securities may be resold in transactions exempt from registration,
normally to qualified institutional buyers. These securities are valued
after giving due consideration to pertinent factors including recent
private sales, market conditions, and the issuer's financial
performance. Aggregate cost and fair value of these restricted
securities held at June 30, 1998 were as follows:
<TABLE>
Investment Grade Short-Term
Foreign Corporate Maturity
Equity
Portfolio Bond Portfolio Bond Portfolio
---------------- ------------------- ----------------
<S> <C> <C> <C>
Aggregate Cost $ 2,490,528 $ 12,536,801 $ 3,993,960
Aggregate Fair Value $ 2,200,073 $ 12,207,427 $ 4,001,900
Percent of Net Assets 3.01% 10.29% 4.03%
</TABLE>
Dividend income for the Portfolios is accrued as of the ex-dividend date
and interest income is recorded daily.
Foreign Currency Translations
The accounting records of the Blue Chip and Foreign Equity Portfolios
are maintained in U.S. dollars. Investment securities, and other assets
and liabilities denominated in a foreign currency are translated into
U.S. dollars at the current exchange rate. Purchases and sales of
securities, income receipts and expense payments are translated into
U.S.
dollars at the exchange rate on the dates of the transactions.
The Blue Chip and Foreign Equity Portfolios isolate that portion of the
results of operations resulting from changes in foreign exchange rates
from the fluctuations arising from changes in market prices of
securities held.
Net realized foreign exchange gains or losses arise from sales of
portfolio securities, sales and maturities of short-term securities, and
currency gains or losses realized between the amounts of dividends,
interest, and foreign withholding taxes recorded by the Blue Chip and
Foreign Equity Portfolios, and the U.S. dollar equivalent of the amounts
actually received or paid. Net unrealized foreign exchange gains and
losses arise from changes in the value of assets and liabilities
including investments in securities at fiscal year end, resulting from
changes in the exchange rate.
Federal Income Taxes
For federal income tax purposes, each Portfolio of the Fund intends to
qualify as a regulated investment company under the provisions of the
Internal Revenue Code by distributing substantially all of its taxable
net income (both ordinary income and capital gains) to its shareholders
and complying with other requirements for regulated investment
companies. Accordingly, no provision for federal income taxes has been
made. At June 30, 1998, the Investment Grade Corporate Bond, Maxim Blue
Chip and U.S. Government Mortgage Securities Portfolios had available
for federal income tax purposes unused capital loss carryovers of
$1,185,494, $289,905 and $3,160,465, respectively, which expire between
2002 and 2004.
3. INVESTMENT ADVISORY AGREEMENT
The Fund had entered into an investment advisory agreement with
Great-West through October 31, 1996. Effective November 1, 1996, a
wholly-owned subsidiary of the Company, GW Capital Management, LLC.,
serves as investment advisor. As compensation for its services to the
Fund, the investment advisor receives monthly compensation at the annual
rate of .60% of the average daily net assets of the Growth Index
Portfolio, Investment Grade Corporate Bond Portfolio, Short-Term
Maturity Bond Portfolio, U.S. Government Mortgage Securities Portfolio,
and Value Index Portfolio and 1.00% of the average daily net assets of
the Blue Chip Portfolio, Foreign Equity Portfolio, MidCap Growth
Portfolio, and Small-Cap Aggressive Growth Portfolio. However, the
investment advisor shall pay any expenses of the Fund which exceed an
annual rate, including management fees, of 1.15%, 1.50%, 1.10% and 1.30%
of the average daily net assets of the Blue Chip, Foreign Equity, MidCap
Growth and Small-Cap Aggressive Growth Portfolios, respectively.
4. UNREALIZED APPRECIATION (DEPRECIATION)
Gross unrealized appreciation (depreciation) of securities is as follows
as of June 30, 1998:
<TABLE>
Net
Gross Gross Unrealized
Appreciation Depreciation Appreciation
<S> <C> <C> <C>
Blue Chip Portfolio $ 7,519,850 $ 1,341,369 $ 6,178,481
Foreign Equity Portfolio 6,026,897 4,777,936 1,248,961
Growth Index Portfolio 66,963,914 4,584,848 62,379,066
Investment Grade Corporate Bond 1,514,683 468,432 1,046,251
Portfolio
MidCap Growth Portfolio 15,689,169 3,682,116 12,007,053
Short-Term Maturity Bond Portfolio 616,598 25,147 591,451
Small-Cap Aggressive Growth Portfolio 16,353,287 8,227,211 8,126,076
U.S. Government Mortgage Securities 4,637,407 235,889 4,401,518
Portfolio
Value Index Portfolio 77,774,464 3,035,808 74,738,656
</TABLE>
<PAGE>
MAXIM SERIES FUND, INC.
Financial Statements and Financial Highlights
For the Six Months Ended June 30, 1998
<PAGE>
MAXIM SERIES FUND, INC.
<TABLE>
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 1998
- ------------------------------------------------------------------------------------------------------------------------------------
MODERATELY MODERATELY
AGGRESSIVE CONSERVATIVE MODERATE AGGRESSIVE CONSERVATIVE
PROFILE PROFILE PROFILE PROFILE PROFILE
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
------------ --------------- ------------- --------------- --------------
ASSETS:
Investment in shares of Maxim Series Fund, Inc.
at value:
Bond Portfolio $ 1,531,600 $
Corporate Bond Portfolio 2,274,608 1,385,409 1,440,715 1,231,961
<S> <C> <C>
International Equity Portfolio $ 409,965 918,480
INVESCO ADR Portfolio 645,581 1,391,437 964,461 1,235,482
MidCap Portfolio 679,090 1,013,834
MidCap Growth Portfolio 651,946 1,405,262 973,298 833,075
Short-Term Maturity Bond Portfolio 5,326,931 1,390,165 2,060,657
Small-Cap Index Portfolio 415,062
Small-Cap Value Portfolio 431,091 928,705 965,460
Stock Index Portfolio 648,738 2,288,474 932,208 1,453,361 1,242,959
T. Rowe Price Equity/Income Portfolio 418,645 1,474,746 902,268 937,865 801,916
U.S. Government Securities Portfolio 2,288,187 825,889
Value Index Portfolio 915,132 951,187
------------ --------------- ------------- --------------- --------------
Total assets (cost $4,223,069; 4,300,118 15,184,546 9,250,586 9,618,661 8,231,939
$15,269,616; $9,137,668;
$9,437,438; $8,182,734)
LIABILITIES:
Due to GW Capital Management 3,060 11,014 6,638 7,617 5,661
------------ --------------- ------------- --------------- --------------
NET ASSETS $ 4,297,058 $ 15,173,532 $ 9,243,948 $ 9,611,044 $ 8,226,278
============ =============== ============= =============== ==============
NET ASSETS REPRESENTED BY:
Capital stock, $.10 par value $ 404,320 $ 1,449,722 $ 880,546 $ 899,652 $ 778,410
Additional paid-in capital 3,816,836 13,703,788 8,210,144 8,447,543 7,349,682
Net unrealized appreciation (depreciation) on 77,049 (85,070) 112,918 181,223 49,205
investments
Overdistributed net investment income (121) (419) (259) (272) (226)
Accumulated net short-term realized gain (5,955) 100,072 33,467 66,879 45,852
(loss) on investments
Accumulated net long-term realized gain on 4,929 5,439 7,132 16,019 3,355
investments
------------ --------------- ------------- --------------- --------------
NET ASSETS $ 4,297,058 $ 15,173,532 $ 9,243,948 $ 9,611,044 $ 8,226,278
============ =============== ============= =============== ==============
NET ASSET VALUE PER OUTSTANDING SHARE $ 1.0628 $ 1.0467 $ 1.0498 $ 1.0683 $ 1.0568
============ =============== ============= =============== ==============
SHARES OF CAPITAL STOCK:
Authorized 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000
Outstanding 4,043,202 14,497,220 8,805,459 8,996,524 7,784,098
See notes to financial statements.
<PAGE>
MAXIM SERIES FUND, INC.
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 1998
- ------------------------------------------------------------------------------------------------------------------------------------
MODERATELY MODERATELY
AGGRESSIVE CONSERVATIVE MODERATE AGGRESSIVE CONSERVATIVE
PROFILE PROFILE PROFILE PROFILE PROFILE
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
------------- --------------- ------------- --------------- ------------
INVESTMENT INCOME:
Income distributions received $ 7,487 $ 253,852 $ 87,155 $ 67,634 $ 101,730
------------- --------------- ------------- --------------- ------------
Total income 7,487 253,852 87,155 67,634 101,730
EXPENSES:
Management fee 2,767 10,934 6,313 7,034 5,424
------------- --------------- ------------- --------------- ------------
NET INVESTMENT INCOME: 4,720 242,918 80,842 60,600 96,306
------------- --------------- ------------- --------------- ------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net short-term realized gain (loss) on investments (1,731) 96,764 30,810 62,261 42,713
Short-term capital gain distributions received 1,580 3,298 4,485 5,144 3,141
Long-term capital gain distributions received 4,929 5,439 7,132 16,019 3,355
Change in net unrealized appreciation (depreciation)
on investments 127,630 (80,268) 167,526 267,182 66,426
------------- --------------- ------------- --------------- ------------
Net change in realized and unrealized 132,408 25,233 209,953 350,606 115,635
appreciation
------------- --------------- ------------- --------------- ------------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS $ 137,128 $ 268,151 $ 290,795 $ 411,206 $ 211,941
============= =============== ============= =============== ============
See notes to financial statements.
<PAGE>
MAXIM SERIES FUND, INC.
STATEMENT OF CHANGES IN NET ASSETS
SIX MONTHS ENDED JUNE 30, 1998
- ------------------------------------------------------------------------------------------------------------------------------------
MODERATELY MODERATELY
AGGRESSIVE CONSERVATIVE MODERATE AGGRESSIVE CONSERVATIVE
PROFILE PROFILE PROFILE PROFILE PROFILE
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------------
--------------- -------------- ---------------- ------------
1998 1998 1998 1998 1998
-------------- --------------- -------------- ---------------- ------------
(A) (A) (A) (A) (A)
INCREASE IN NET ASSETS:
OPERATIONS:
Net investment income $ 4,720 $ 242,918 $ 80,842 $ 60,600 $ 96,306
Net short-term realized gain (loss) on (1,731) 96,764 30,810 62,261 42,713
investments
Short-term capital gain distributions 1,580 3,298 4,485 5,144 3,141
received
Long-term capital gain distributions received 4,929 5,439 7,132 16,019 3,355
Change in net unrealized appreciation 127,630 (80,268) 167,526 267,182 66,426
(depreciation) on investments
-------------- --------------- -------------- ---------------- ------------
Net increase in net assets resulting 137,128 268,151 290,795 411,206 211,941
from operations
DISTRIBUTIONS:
From net investment income and net (5,589) (243,759) (81,094) (61,056) (97,589)
short-term realized gains
From net long-term realized gains
-------------- --------------- -------------- ---------------- ------------
Total distributions (5,589) (243,759) (81,094) (61,056) (97,589)
SHARE TRANSACTIONS:
Net proceeds from sales of shares 3,537,752 15,483,962 8,018,635 7,610,503 7,568,961
Reinvestment of distributions 5,589 243,759 81,094 61,056 97,589
Cost of shares redeemed (75,256) (846,997) (109,563) (41,634) (89,599)
-------------- --------------- -------------- ---------------- ------------
Net increase in net assets resulting from 3,468,085 14,880,724 7,990,166 7,629,925 7,576,951
share transactions
-------------- --------------- -------------- ---------------- ------------
Total increase in net assets 3,599,624 14,905,116 8,199,867 7,980,075 7,691,303
NET ASSETS:
Beginning of period 697,434 268,416 1,044,081 1,630,969 534,975
-------------- --------------- -------------- ---------------- ------------
End of period $ 4,297,058 $ 15,173,532 $ 9,243,948 $ 9,611,044 $ 8,226,278
============== =============== ============== ================ ============
OTHER INFORMATION:
SHARES:
Sold 3,376,924 14,811,541 7,752,736 7,292,879 7,236,287
Issued in reinvestment of distributions 5,306 232,959 77,329 57,238 92,426
Redeemed (72,796) (813,360) (105,275) (39,177) (84,521)
-------------- --------------- -------------- ---------------- ------------
Net increase 3,309,434 14,231,140 7,724,790 7,310,940 7,244,192
============== =============== ============== ================ ============
See notes to financial statements.
(A) The portfolios commenced operations on September 9, 1997.
<PAGE>
MAXIM SERIES FUND, INC.
AGGRESSIVE PROFILE PORTFOLIO
FINANCIAL HIGHLIGHTS
- ----------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the six months
ended June 30, 1998 and the period ended December 31, 1997 is as follows:
Six Months Ended Period Ended
June 30, 1998 December 31,
1997
----------------- -----------------
(A)
Net Asset Value, Beginning of Period $ 0.9505 $ 1.0000
Income From Investment Operations
Net investment income 0.0093 0.0047
Capital gain distributions received 0.0016 0.0712
----------------- -----------------
Total distributions received 0.0109 0.0759
Net realized and unrealized (loss) on investments 0.1033 (0.0432)
----------------- -----------------
Total from Investment Operations 0.1142 0.0327
----------------- -----------------
Less Distributions
From net investment income and net short-term (0.0019) (0.0127)
realized gains
From net realized long-term gains (0.0695)
----------------- -----------------
Total Distributions (0.0019) (0.0822)
----------------- -----------------
Net Asset Value, End of Period $ 1.0628 $ 0.9505
================= =================
Total Return 25.48%* 3.31%
Net Assets, End of Period $ 4,297,058 $ 697,434
Ratio of Expenses to Average Net Assets 0.25% * 0.25% *
Ratio of Net Investment Income to Average Net Assets 0.43% * 2.38% *
Portfolio Turnover Rate 26.94% 59.90%
(A) The portfolio commenced operations on September 9, 1997. * Annualized
(Continued)
<PAGE>
MAXIM SERIES FUND, INC.
CONSERVATIVE PROFILE PORTFOLIO
FINANCIAL HIGHLIGHTS
Selected data for a share of capital stock of the portfolio for the six months
ended June 30, 1998 and the period ended December 31, 1997 is as follows:
Six Months Ended Period Ended
June 30, 1998 December 31,
1997
(A)
Net Asset Value, Beginning of Period $ 1.0088 $ 1.0000
Income From Investment Operations
Net investment income 0.0169 0.0145
Capital gain distributions received 0.0006 0.0121
----------------- -----------------
Total distributions received 0.0175 0.0266
Net realized and unrealized gain on investments 0.0374 0.0094
----------------- -----------------
Total from Investment Operations 0.0549 0.0360
----------------- -----------------
Less Distributions
From net investment income and net short-term (0.0170) (0.0159)
realized gains
From net long-term realized gains (0.0113)
----------------- -----------------
Total Distributions (0.0170) (0.0272)
----------------- -----------------
Net Asset Value, End of Period $ 1.0467 $ 1.0088
================= =================
Total Return 11.18%* 3.60%
Net Assets, End of Period $ 15,173,532 $ 268,416
Ratio of Expenses to Average Net Assets 0.25% * 0.25% *
Ratio of Net Investment Income to Average Net Assets 5.85% * 8.83% *
Portfolio Turnover Rate 37.48% 25.56%
(A) The portfolio commenced operations on September 9,
1997.
* Annualized
(Continued)
<PAGE>
MAXIM SERIES FUND, INC.
MODERATE PROFILE PORTFOLIO
FINANCIAL HIGHLIGHTS
Selected data for a share of capital stock of the portfolio for the six months
ended June 30, 1998 and the period ended December 31, 1997 is as follows:
Six Months Ended Period Ended
June 30, 1998 December 31,
1997
(A)
Net Asset Value, Beginning of Period $ 0.9661 $ 1.0000
Income From Investment Operations
Net investment income 0.0093 0.0090
Capital gain distributions received 0.0013 0.0477
----------------- -----------------
Total distributions received 0.0106 0.0567
Net realized and unrealized (loss) on investments 0.0824 (0.0308)
----------------- -----------------
Total from Investment Operations 0.0930 0.0259
----------------- -----------------
Less Distributions
From net investment income and net short-term (0.0093) (0.0144)
realized gains
From net long-term realized gains (0.0454)
----------------- -----------------
Total Distributions (0.0093) (0.0598)
----------------- -----------------
Net Asset Value, End of Period $ 1.0498 $ 0.9661
================= =================
Total Return 20.18%* 2.60%
Net Assets, End of Period $ 9,243,948 $ 1,044,081
Ratio of Expenses to Average Net Assets 0.25% * 0.25% *
Ratio of Net Investment Income to Average Net Assets 3.20% * 5.51% *
Portfolio Turnover Rate 30.34% 31.39%
(A) The portfolio commenced operations on September 9, 1997. * Annualized
(Continued)
<PAGE>
MAXIM SERIES FUND, INC.
MODERATELY AGGRESSIVE PROFILE PORTFOLIO
FINANCIAL HIGHLIGHTS
- ----------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the six months
ended June 30, 1998 and the period ended December 31, 1997 is as follows:
Six Months Ended Period Ended
June 30, 1998 December 31,
1997
-----------------
-----------------
(A)
Net Asset Value, Beginning of Period $ 0.9676 $ 1.0000
Income From Investment Operations
Net investment income 0.0093 0.0075
Capital gain distributions received 0.0024 0.0568
----------------- -----------------
Total distributions received 0.0117 0.0643
Net realized and unrealized (loss) on investments 0.0959 (0.0279)
----------------- -----------------
Total from Investment Operations 0.1076 0.0364
----------------- -----------------
Less Distributions
From net investment income and net short-term (0.0069) (0.0141)
realized gains
From net long-term realized gains (0.0547)
----------------- -----------------
Total Distributions (0.0069) (0.0688)
----------------- -----------------
Net Asset Value, End of Period $ 1.0683 $ 0.9676
================= =================
Total Return 23.48%* 3.66%
Net Assets, End of Period $ 9,611,044 $ 1,630,969
Ratio of Expenses to Average Net Assets 0.25% * 0.25% *
Ratio of Net Investment Income to Average Net Assets 2.15% * 4.19% *
Portfolio Turnover Rate 35.17% 41.30%
(A) The portfolio commenced operations on September 9, 1997. * Annualized
(Continued)
<PAGE>
MAXIM SERIES FUND, INC.
MODERATELY CONSERVATIVE PROFILE PORTFOLIO
FINANCIAL HIGHLIGHTS
- ------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the six months
ended June 30, 1998 and the period ended December 31, 1997 is as follows:
Six Months Ended Period Ended
June 30, 1998 December 31,
1997
-----------------
-----------------
(A)
Net Asset Value, Beginning of Period $ 0.9909 $ 1.0000
Income from Investment Operations
Net investment income 0.0127 0.0132
Capital gain distributions received 0.0008 0.0182
----------------- -----------------
Total distributions received 0.0135 0.0314
Net realized and unrealized (loss) on investments 0.0655 (0.0085)
----------------- -----------------
Total from Investment Operations 0.0790 0.0229
----------------- -----------------
Less Distributions
From net investment income and net short-term (0.0131) (0.0151)
realized gains
From net long-term realized gains (0.0169)
----------------- -----------------
Total Distributions (0.0131) (0.0320)
----------------- -----------------
Net Asset Value, End of Period $ 1.0568 $ 0.9909
================= =================
Total Return 16.59%* 2.29%
Net Assets, End of Period $ 8,226,278 $ 534,975
Ratio of Expenses to Average Net Assets 0.25% * 0.25% *
Ratio of Net Investment Income to Average Net Assets 4.46% * 6.02% *
Portfolio Turnover Rate 40.50% 32.97%
(A) The portfolio commenced operations on September 9, 1997. * Annualized
(Concluded)
</TABLE>
<PAGE>
MAXIM SERIES FUND, INC.
NOTES TO FINANCIAL STATEMENTS
SIX MONTHS ENDED JUNE 30, 1998
- -----------------------------------------------------------------------------
1. HISTORY OF THE FUND
Maxim Series Fund, Inc. (the Fund) is a Maryland corporation organized
on December 7, 1981, as an open-end management investment company.
Interests in the Aggressive Profile, Conservative Profile, Moderate
Profile, Moderately Aggressive Profile, and Moderately Conservative
Profile portfolios (the Portfolios) are represented by separate classes
of beneficial interest of the Fund. Shares of the Fund are sold only to
FutureFunds Series Account of Great-West Life & Annuity Insurance
Company (GWL&A) to fund benefits under certain individual and group
variable annuity contracts and variable life insurance policies issued
by GWL&A. The shares are sold at a price equal to the respective net
asset value per share of each class of shares.
2. SIGNIFICANT ACCOUNTING POLICIES
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities
and disclosure of contingent assets and liabilities at the date of the
financial statements and the reported amounts of revenue and expenses
during the reporting period. Actual results could differ from those
estimates.
The following is a summary of the significant accounting policies of the
Fund:
Dividends
Dividends from investment income of the Portfolios shall be declared and
reinvested semi-annually. Distributions of net realized capital gains,
if any, are declared in the fiscal year in which they have been earned
and are reinvested in additional shares of the respective Portfolio at
net asset value.
Security Transactions
Security transactions are accounted for on the date the securities are
purchased or sold (trade date). The cost of investments sold is
determined on the basis of the first-in, first-out method (FIFO).
Security Valuation
Investments in shares of Maxim Series Fund, Inc. are carried at fair
value (i.e., net asset value).
Dividend income for the Portfolios is accrued as of the ex-dividend date
and interest income is recorded daily.
Federal Income Taxes
For federal income tax purposes, each Portfolio intends to qualify as a
regulated investment company under the provisions of the Internal
Revenue Code by distributing substantially all of its taxable net income
(both ordinary and capital gain) to its shareholders and complying with
other requirements for regulated investment companies. Accordingly, no
provision for federal income taxes has been made.
<PAGE>
3. INVESTMENT ADVISORY AGREEMENT
GW Capital Management, Inc. serves as investment advisor. As
compensation for its services to the Fund for the Portfolios, the
Investment Adviser will receive monthly compensation at the annual rate
of 0.25% of the average daily net assets of each Portfolio. The
Portfolios will also bear the indirect expense of the underlying
investments. The total expenses for each of the underlying investments
were: 0.60% of the average daily net assets of the Short-Term Maturity
Bond, Bond, Small-Cap Index, Stock Index, U.S. Government Securities,
and Value Index Portfolios; 0.90% of the average daily net assets of the
Corporate Bond Portfolio; 1.05% of the average daily net assets of the
MidCap Growth Portfolio; 1.10% of the average daily net assets of the
MidCap Portfolio; 0.95% of the average daily net assets of the T. Rowe
Price Equity/Income Portfolio; 1.30% of the average daily net assets of
the Maxim INVESCO ADR Portfolio; 1.35% of the average daily net assets
of the Small-Cap Value Portfolio and 1.50% of the average daily net
assets of the International Equity Portfolio.
4. UNREALIZED APPRECIATION (DEPRECIATION)
Gross unrealized appreciation (depreciation) of securities is as follows
as of June 30, 1998:
<TABLE>
MODERATELY MODERATELY
AGGRESSIVE CONSERVATIVE MODERATE AGGRESSIVE CONSERVATIVE
PROFILE PROFILE PROFILE PROFILE PROFILE
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
------------ --------------- ----------- ------------- ---------------
<S> <C> <C> <C> <C> <C>
Gross 119,096 52,868 180,362 $ 280,836 $ 113,445
appreciation
Gross 42,047 $ 137,938 67,444 99,613 64,240
depreciation
------------ --------------- ----------- ------------- ---------------
Net
unrealized
appreciation 77,049 $ (85,070) 112,918 $ 181,223 $ 49,205
(depreciation)
============ =============== =========== ============= ===============
5. INVESTMENT IN SHARES OF MAXIM SERIES FUND, INC.
Shares owned and related values at June 30, 1998 are as follows:
Shares Value
Aggressive Profile Portfolio
International Equity Portfolio 298,763 $ 409,965
INVESCO ADR Portfolio 379,833 645,581
MidCap Portfolio 380,597 679,090
MidCap Growth Portfolio 508,514 651,946
Small-Cap Index Portfolio 313,751 415,062
Small-Cap Value Portfolio 447,303 431,091
Stock Index Portfolio 190,551 648,738
T. Rowe Price Equity/Income Portfolio 226,526 418,645
============
$4,300,118
============
<PAGE>
Shares Value
Conservative Profile Portfolio
Bond Portfolio 1,256,557 $ 1,531,600
Corporate Bond Portfolio 1,902,011 2,274,608
Short-Term Maturity Bond Portfolio 5,236,359 5,326,931
Stock Index Portfolio 672,183 2,288,474
T. Rowe Price Equity/Income Portfolio 797,974 1,474,746
U.S. Government Securities Portfolio 2,093,439 2,288,187
=============
$ 15,184,546
=============
Shares Value
Moderate Profile Portfolio
Corporate Bond Portfolio 1,158,469 $ 1,385,409
INVESCO ADR Portfolio 818,663 1,391,437
MidCap Growth Portfolio 1,096,095 1,405,262
Short-Term Maturity Bond Portfolio 1,366,529 1,390,165
Small-Cap Value Portfolio 963,630 928,705
Stock Index Portfolio 273,813 932,208
T. Rowe Price Equity/Income Portfolio 488,211 902,268
Value Index Portfolio 456,235 915,132
============
$ 9,250,586
============
Shares Value
Moderately Aggressive Profile Portfolio
Corporate Bond Portfolio 1,204,716 $ 1,440,715
International Equity Portfolio 669,346 918,480
INVESCO ADR Portfolio 567,448 964,461
MidCap Portfolio 568,205 1,013,834
MidCap Growth Portfolio 759,166 973,298
Small Cap Value Portfolio 1,001,767 965,460
Stock Index Portfolio 426,889 1,453,361
T. Rowe Price Equity/Income Portfolio 507,472 937,865
Value Index Portfolio 474,211 951,187
============
$ 9,618,661
============
Shares Value
Moderately Conservative Portfolio
Corporate Bond Portfolio 1,030,156 $ 1,231,961
INVESCO ADR Portfolio 726,906 1,235,482
MidCap Growth Portfolio 649,793 833,075
Short-Term Maturity Bond Portfolio 2,025,621 2,060,657
Stock Index Portfolio 365,089 1,242,959
T. Rowe Price Equity/Income Portfolio 433,911 801,916
U.S. Government Securities Portfolio 755,598 825,889
------------
$ 8,231,939
============
</TABLE>
<PAGE>
The Maxim Series Fund
Foreign Equity Portfolio
BONDS
ARGENTINA --- 1.4%
MFTG - INDUSTRIAL PRODS
300,000 Multicanal SA# 279,000
10.500% April 15, 2018
760,000 Perez Companc SA# 773,832
8.125% July 15, 2007
$1,052,832
TOTAL ARGENTINA --- 1.4% $1,052,832
BRAZIL --- 0.7%
FINANCIAL SERVICES
798,182 Brazil - C Bond 503,134
4.500% April 15, 2014
$503,134
TOTAL BRAZIL --- 0.7% $503,134
EUROPEAN COMMUNITY --- 1.4%
FINANCIAL SERVICES
75,000 Pindo Deli Fin Mauritius 44,250
Yankee Notes
10.875% October 1, 2027
75,000 Pindo Deli Fin Mauritius# 50,156
Bond
11.750% October 1, 2017
$94,406
MFTG - INDUSTRIAL PRODS
1,200,000 Samsung Electronics 960,000
2.469% December 31, 2007
$960,000
TOTAL EUROPEAN COMMUNITY --- 1.4% $1,054,406
GLOBAL --- 1.1%
FOREIGN GOVERNMENTS
500,000 Republic of Korea 452,225
8.875% April 15, 2008
425,000 Venezuela 328,313
Debentures
9.250% September 15, 2027
$780,538
TOTAL GLOBAL --- 1.1% $780,538
HONG KONG --- 1.5%
FOREIGN BANKS
1,500,000 Bangkok Bank Public Co Ltd# 1,097,085
Subordinated Notes
8.375% January 15, 2027
$1,097,085
TOTAL HONG KONG --- 1.5% $1,097,085
MEXICO --- 1.3%
INDUSTRIAL PRODS & SVCS
1,020,000 Petroleos Mexicanos 948,600
9.500% September 15, 2027
$948,600
TOTAL MEXICO --- 1.3% $948,600
THAILAND --- 0.4%
ELECTRONICS - HIGH TECH
360,000 Total Access Communication 273,600
Convertible
2.000% May 31, 2006
$273,600
TOTAL THAILAND --- 0.4% $273,600
UNITED STATES --- 1.0%
MFTG - CONSUMER PRODS
400,000 Pohang Iron & Steel Co 323,804
6.625% July 1, 2003
500,000 Pohang Iron & Steel Co 385,945
7.125% November 1, 2006
$709,749
TOTAL UNITED STATES --- 1.0% $709,749
TOTAL BONDS --- 8.6% $6,419,944
(Cost $7,005,063)
COMMON STOCK
AUSTRALIA --- 2.5%
CONSTRUCTION
111,000 Leighton Holdings Ltd 389,491
$389,491
HOLDING & INVEST OFFICES
269,000 Southcorp Holdings Ltd 782,829
$782,829
OTHER TRANS SERVICES
34,500 Brambles Industries Ltd 678,396
$678,396
TOTAL AUSTRALIA --- 2.5% $1,850,716
BRAZIL --- 0.3%
TELEPHONE
28,435 Telec de Minas Gerais* 1,967
$1,967
WATER
1,985,000 Saneamento Basico de Sao Paulo 236,866
$236,866
TOTAL BRAZIL --- 0.3% $238,833
CANADA --- 8.1%
CANADIAN - FEDERAL
10,900 Canadian National Railway Co 579,259
$579,259
ELECTRONICS - HIGH TECH
18,200 Northern Telecom Ltd 1,031,519
$1,031,519
FOREIGN BANKS
11,500 Royal Bank of Canada 691,641
$691,641
MFTG - CONSUMER PRODS
53,000 Donohue Inc 1,197,587
$1,197,587
MINING
4,500 Potash Corporation of Saskatchewan Inc 338,838
$338,838
RETAIL TRADE
64,000 Petro-Canada 1,026,436
$1,026,436
TRANSPORTATION EQUIPMENT
42,000 Bombardier Inc Series B 1,141,692
$1,141,692
TOTAL CANADA --- 8.1% $6,006,972
DENMARK --- 6.8%
CONSUMER SERVICES
20,000 Sophus Berendsen Series B 829,948
$829,948
FINANCIAL SERVICES
12,850 Unidanmark A/S 1,156,292
$1,156,292
INSURANCE
3,960 Codan Forsikring 547,766
54,125 Tryg Baltica Forsikring 1,473,722
$2,021,488
MFTG - CONSUMER PRODS
14,000 Carlsberg Series B* 1,019,234
$1,019,234
TOTAL DENMARK --- 6.8% $5,026,962
FRANCE --- 11.5%
CONSUMER SERVICES
2,000 Comptoirs Modernes* 1,042,425
$1,042,425
FOREIGN BANKS
15,000 Banque Nationale de Paris 1,226,090
$1,226,090
INSURANCE
5,000 Axa UAP 562,579
$562,579
MFTG - CONSUMER PRODS
18,600 Michelin (CGDE)* 1,074,095
$1,074,095
MFTG - INDUSTRIAL PRODS
6,412 L'Air Liquide 1,060,957
10,000 Valeo SA* 1,022,569
$2,083,526
OIL & GAS
9,500 Elf Aquitaine SA 1,336,124
$1,336,124
RETAIL TRADE
6,400 Compagnie de Saint Gobain 1,187,107
$1,187,107
TOTAL FRANCE --- 11.5% $8,511,946
GERMANY --- 9.0%
CONSUMER SERVICES
46,000 Deutsche Lufthansa* 1,155,740
$1,155,740
ELECTRIC
21,500 Veba AG 1,447,047
$1,447,047
INSURANCE
3,000 Allianz AG Holdings* 990,017
$990,017
MFTG - CONSUMER PRODS
3,600 Man AG Vorzugsaktien* 976,373
$976,373
RETAIL TRADE
1,225 Volkswagen AG 1,178,799
$1,178,799
TRANSPORTATION EQUIPMENT
9,800 Daimler-Benz AG* 964,781
$964,781
TOTAL GERMANY --- 9.0% $6,712,757
ITALY --- 7.4%
CREDIT INSTITUTIONS
287,000 Credito Italiano 1,503,679
$1,503,679
HOLDING & INVEST OFFICES
280,000 Telecom Italia SpA RNC 1,356,644
$1,356,644
INDUSTRIAL PRODS & SVCS
3,890 Ericsson SpA* 230,640
$230,640
OIL & GAS
215,000 ENI 1,410,332
120,000 Edison SpA 963,851
$2,374,183
TOTAL ITALY --- 7.4% $5,465,146
JAPAN --- 8.4%
CONSUMER SERVICES
74,000 Uny Co Ltd 1,204,601
$1,204,601
ELECTRONICS - HIGH TECH
40,000 Canon Inc* 911,590
7,000 Nintendo Corp Ltd* 650,774
$1,562,364
RETAIL TRADE
20,000 FamilyMart 763,999
$763,999
SECURITIES & COMMODITIES
80,000 Nomura Securities Co Ltd 934,742
$934,742
TELEPHONE
110 Nippon Telegraph & Telephone Corp* 915,208
$915,208
WHOLESALE TRADE -CONSUMER
25,000 Fuji Photo Film 873,607
$873,607
TOTAL JAPAN --- 8.4% $6,254,521
NETHERLANDS --- 7.5%
CONSUMER SERVICES
36,300 Grolsch NV 964,618
10,500 Philips Electronics 883,569
$1,848,187
FOREIGN BANKS
25,000 ABN Amro Holding NV 585,601
$585,601
HOLDING & INVEST OFFICES
12,000 Fortis Amev NV* 703,312
$703,312
MFTG - CONSUMER PRODS
29,000 Hollandsche Beton Groep NV 605,088
$605,088
TELEPHONE
21,000 Kon Ptt Nederland 798,622
$798,622
TRANSPORTATION
21,000 TNT Post Group NV* 537,375
$537,375
TRANSPORTATION EQUIPMENT
15,000 Koninklijke Pakhoed NV 487,181
$487,181
TOTAL NETHERLANDS --- 7.5% $5,565,366
NEW ZEALAND --- 1.6%
AIR
410,000 Air New Zealand Ltd 441,324
$441,324
MFTG - CONSUMER PRODS
924,550 Corporate Investments Ltd 374,997
$374,997
MFTG - INDUSTRIAL PRODS
297,800 Nuplex Industries Ltd 356,169
$356,169
TOTAL NEW ZEALAND --- 1.6% $1,172,490
PORTUGAL --- 3.5%
CONSTRUCTION
70,000 Engil-SGPS 796,239
$796,239
ELECTRIC
28,000 Electricidade de Portugal SA* 651,558
$651,558
TELEPHONE
21,000 Portugal Telecom SA 1,114,128
$1,114,128
TOTAL PORTUGAL --- 3.5% $2,561,925
SPAIN --- 9.7%
CONSTRUCTION
30,000 Fomento de Construcciones y Contraras SA* 1,550,575
$1,550,575
ELECTRIC
75,000 Iberdrola SA 1,220,269
$1,220,269
FOREIGN BANKS
14,000 Banco Bilbao Vizcaya 719,942
34,000 Banco Santander SA 871,994
$1,591,936
MFTG - CONSUMER PRODS
8,554 Azucarera Ebro Agricolas SA* 254,876
$254,876
MFTG - INDUSTRIAL PRODS
7,200 Acerinox SA 960,690
$960,690
OIL & GAS
18,750 Repsol SA* 1,035,268
$1,035,268
RETAIL TRADE
21,820 Ebro Agricolas 556,051
$556,051
TOTAL SPAIN --- 9.7% $7,169,665
THAILAND --- 0.5%
ELECTRIC
139,000 Electricity General Publishing Co* 215,491
$215,491
FINANCIAL SERVICES
45,000 Industrial Finance Corporation of Thailand 9,266
350,000 Phatra Thanakit PLC* 31,479
$40,745
FOREIGN BANKS
160,000 Thai Farmers Bank PLC* 141,065
$141,065
TOTAL THAILAND --- 0.5% $397,301
UNITED KINGDOM --- 11.9%
FOREIGN BANKS
40,000 Lloyds TSB Group 560,017
$560,017
INSURANCE
50,000 Commercial Union 933,362
$933,362
MFTG - CONSUMER PRODS
358,334 FKI PLC* 1,035,077
$1,035,077
MFTG - INDUSTRIAL PRODS
162,000 British Aerospace PLC* 1,241,556
260,000 Rolls-Royce PLC* 1,074,452
$2,316,008
RETAIL TRADE
88,000 Anglian Water PLC 1,234,242
92,000 Boots Co* 1,525,371
89,000 Scot & Newcastle 1,260,156
$4,019,769
TOTAL UNITED KINGDOM --- 11.9% $8,864,233
UNITED STATES --- 0.0%
COMMUNICATIONS
1,100 Advanced Info Service 4,686
$4,686
TOTAL UNITED STATES --- 0.0% $4,686
TOTAL COMMON STOCK --- 88.6% $65,803,519
(Cost $64,413,406)
PREFERRED STOCK
GERMANY --- 1.5%
MFTG - INDUSTRIAL PRODS
10,960 Henkel KGAA 1,091,137
$1,091,137
TOTAL GERMANY --- 1.5% $1,091,137
TOTAL PREFERRED STOCK --- 1.5% $1,091,137
(Cost $647,170)
SHORT-TERM INVESTMENTS
UNITED STATES --- 1.3%
SECURITIES & COMMODITIES
933,000 Merrill Lynch & Co Inc 933,000
$933,000
TOTAL UNITED STATES --- 1.3% $933,000
TOTAL SHORT-TERM INVESTMENTS --- 1.3% $933,000
(Cost $933,000)
TOTAL FOREIGN EQUITY PORTFOLIO --- 100.0% $74,247,600
(Cost $72,998,639)
The Maxim Series Fund
INVESCO ADR Portfolio
COMMON STOCK
ARGENTINA --- 1.2%
OIL & GAS
11,000 YPF SA Sponsored ADR 330,682
$330,682
TOTAL ARGENTINA --- 1.2% $330,682
AUSTRALIA --- 7.4%
COMMUNICATIONS
20,000 News Corporation Ltd ADR 642,500
$642,500
FOREIGN BANKS
10,000 National Australia Bank Ltd ADR 660,620
$660,620
MFTG - INDUSTRIAL PRODS
20,000 Amcor Ltd ADR 345,000
$345,000
MINING
8,000 Rio Tinto Ltd ADR 374,000
$374,000
TOTAL AUSTRALIA --- 7.4% $2,022,120
DENMARK --- 4.1%
FOREIGN BANKS
6,000 Den Danske Bank Unsponsored ADR 714,000
$714,000
MFTG - INDUSTRIAL PRODS
6,000 Novo-Nordisk AS ADR 412,872
$412,872
TOTAL DENMARK --- 4.1% $1,126,872
FRANCE --- 5.7%
MFTG - CONSUMER PRODS
12,000 Groupe Danone ADR 660,000
$660,000
OIL & GAS
5,000 Total SA ADR 326,875
$326,875
SECURITIES & COMMODITIES
14,000 Societe Generale Paris ADR 581,000
$581,000
TOTAL FRANCE --- 5.7% $1,567,875
GERMANY --- 8.0%
FOREIGN BANKS
7,000 Deutsche Bank Sponsored ADR 588,000
$588,000
MFTG - INDUSTRIAL PRODS
12,000 BASF AG ADR 565,500
10,000 Bayer AG ADR 512,500
$1,078,000
OIL & GAS
9,000 RWE AG ADR 518,625
$518,625
TOTAL GERMANY --- 8.0% $2,184,625
HONG KONG --- 2.2%
HOLDING & INVEST OFFICES
65,000 CLP Holdings Ltd - Sponsored ADR 284,375
$284,375
REAL ESTATE
75,000 Sun Hung Kai Properties Ltd ADR 328,125
$328,125
TOTAL HONG KONG --- 2.2% $612,500
ITALY --- 4.5%
COMMUNICATIONS
8,000 Telecom Italia SpA ADR* 588,000
$588,000
FOREIGN BANKS
10,000 Istituto Mobiliare Italiano SpA Sponsored ADR 476,875
$476,875
OIL & GAS
2,500 ENI SPA Sponsored ADR* 162,500
$162,500
TOTAL ITALY --- 4.5% $1,227,375
JAPAN --- 10.8%
CONSUMER SERVICES
40,000 Nintendo of America Inc ADR* 475,000
$475,000
ELECTRONICS - HIGH TECH
15,000 Canon Inc Sponsored ADR* 343,125
17,000 Fuji Photo Film Company Ltd ADR 587,554
5,000 Hitachi Ltd ADR 322,500
3,000 Kyocera Corp ADR 291,561
2,000 Matsushita Electric Industries Co Ltd ADR 321,500
$1,866,240
MFTG - CONSUMER PRODS
1,500 Dai Nippon Printing ADR 238,500
4,000 Kirin Brewery Co Ltd ADR 382,000
$620,500
TOTAL JAPAN --- 10.8% $2,961,740
MEXICO --- 1.3%
MFTG - INDUSTRIAL PRODS
40,000 Cemex SA de CV ADR 345,000
$345,000
TOTAL MEXICO --- 1.3% $345,000
NETHERLANDS --- 8.0%
FOREIGN BANKS
16,000 ABN Amro Holding NV ADR 374,992
9,000 ING Groep NV ADR 588,375
$963,367
MFTG - CONSUMER PRODS
7,000 Unilever NV ADR 552,559
$552,559
MFTG - INDUSTRIAL PRODS
6,000 Akzo Nobel NV ADR 665,250
$665,250
TOTAL NETHERLANDS --- 8.0% $2,181,176
NORWAY --- 1.9%
MFTG - INDUSTRIAL PRODS
12,000 Norsk Hydro ASA ADR 529,500
$529,500
TOTAL NORWAY --- 1.9% $529,500
SINGAPORE --- 1.6%
FOREIGN BANKS
20,000 Development Bank of Singapore Ltd ADR 440,000
$440,000
TOTAL SINGAPORE --- 1.6% $440,000
SPAIN --- 10.7%
ELECTRIC
25,000 Endesa Sponsored ADR 540,625
$540,625
FOREIGN BANKS
10,000 Banco Santander SA ADR 506,870
$506,870
OIL & GAS
10,000 Repsol SA Sponsored ADR 550,000
$550,000
TELEPHONE
12,000 Portugal Telecom SA ADR 635,244
5,000 Telefonica de Espana SA ADR 695,310
$1,330,554
TOTAL SPAIN --- 10.7% $2,928,049
SWEDEN --- 3.8%
MFTG - INDUSTRIAL PRODS
35,000 Astra AB ADR 717,500
$717,500
TRANSPORTATION
11,000 Volvo AB Sponsored ADR-Rights 325,182
$325,182
TOTAL SWEDEN --- 3.8% $1,042,682
SWITZERLAND --- 5.1%
CONSUMER SERVICES
9,000 Novartis AG ADR 745,875
$745,875
MFTG - CONSUMER PRODS
6,000 Nestle SA ADR 639,000
$639,000
TOTAL SWITZERLAND --- 5.1% $1,384,875
UNITED KINGDOM --- 20.3%
AIR
5,000 British Airways PLC ADR 537,810
$537,810
COMMUNICATIONS
15,000 Carlton Communications PLC Sponsored ADR 675,000
$675,000
ELECTRIC
10,000 PowerGen Sponsored PLC 563,750
$563,750
FOREIGN BANKS
3,000 HSBC Holdings PLC ADR 716,265
$716,265
MFTG - CONSUMER PRODS
60,000 Associated British Foods Ltd ADR 570,000
50,000 UniGate PLC ADR* 581,250
$1,151,250
MFTG - INDUSTRIAL PRODS
11,000 Glaxo Wellcome PLC ADR 657,932
$657,932
OIL & GAS
12,000 Shell Transport and Trading Co ADR 508,500
$508,500
TELEPHONE
6,000 British Telecommunications PLC ADR 741,000
$741,000
TOTAL UNITED KINGDOM --- 20.3% $5,551,507
TOTAL COMMON STOCK --- 96.6% $26,436,578
(Cost $21,626,707)
SHORT-TERM INVESTMENTS
UNITED STATES --- 3.4%
SECURITIES & COMMODITIES
918,000 Merrill Lynch & Co Inc 918,000
$918,000
TOTAL UNITED STATES --- 3.4% $918,000
TOTAL SHORT-TERM INVESTMENTS --- 3.4% $918,000
(Cost $918,000)
TOTAL INVESCO ADR PORTFOLIO --- 100.0% $27,354,578
(Cost $22,544,707)
The Maxim Series Fund
International Equity Portfolio
COMMON STOCK
ARGENTINA --- 2.9%
OIL & GAS
52,600 Perez Companc SA* 263,526
47,700 Transportadora de Gas del Sur SA 548,550
36,600 YPF SA sponsored ADR 1,100,269
$1,912,345
TELEPHONE
44,400 Nortel Inversora* 1,104,450
34,900 Telefonica De Argentina SA 1,132,051
$2,236,501
TOTAL ARGENTINA --- 2.9% $4,148,846
AUSTRALIA --- 3.1%
INSURANCE
423,016 Gio Australia Holdings Ltd 1,087,723
685,583 HIH Winterthur International Holdings Ltd 1,212,402
$2,300,125
MFTG - INDUSTRIAL PRODS
339,300 Pioneer International Ltd 810,562
$810,562
OIL & GAS
404,681 WMC Ltd 1,220,368
$1,220,368
TOTAL AUSTRALIA --- 3.1% $4,331,055
AUSTRIA --- 1.3%
ELECTRIC
6,720 EVN-Energie Versorgung AG 1,006,729
$1,006,729
MFTG - INDUSTRIAL PRODS
13,300 Boehler-Uddeholm AG 879,677
$879,677
TOTAL AUSTRIA --- 1.3% $1,886,406
BERMUDA --- 1.5%
INSURANCE
42,600 Partnerre Ltd 2,172,600
$2,172,600
TOTAL BERMUDA --- 1.5% $2,172,600
BRAZIL --- 3.1%
ELECTRIC
53,100 Centrais Eletricas Brasileiras SA* 769,950
5,310 Centrais Geradoras ADR* 33,851
$803,801
FOREIGN BANKS
204,900 Banco Bradesco SA 1,690,425
$1,690,425
MFTG - INDUSTRIAL PRODS
183,300 Usinas Sideer Minas Gerais SA 916,500
$916,500
OIL & GAS
5,217,400 Petroleo Brasileiro SA 969,945
$969,945
TOTAL BRAZIL --- 3.1% $4,380,671
CANADA --- 2.3%
ELECTRONICS - HIGH TECH
40,300 Newbridge Networks Corp* 964,661
$964,661
OIL & GAS
52,000 Renaissance Energy Ltd* 779,205
$779,205
RETAIL TRADE
84,900 Oshawa Group Ltd 1,528,950
$1,528,950
TOTAL CANADA --- 2.3% $3,272,816
CHILE --- 0.3%
CONSUMER SERVICES
12,100 Embotelladora Andina SA* 189,063
$189,063
MFTG - INDUSTRIAL PRODS
32,600 Madeco SA 287,271
$287,271
TOTAL CHILE --- 0.3% $476,334
DENMARK --- 2.8%
COMMUNICATIONS
17,960 Tele Danmark A/S 1,725,942
6,400 Tele Danmark A/S ADR 301,600
$2,027,542
FINANCIAL SERVICES
21,400 Unidanmark 1,925,654
$1,925,654
TOTAL DENMARK --- 2.8% $3,953,196
ECUADOR --- 0.2%
MFTG - INDUSTRIAL PRODS
200 La Cemento Nacional CA 32,000
1,490 La Cemento Nacional GDR# 238,400
$270,400
TOTAL ECUADOR --- 0.2% $270,400
FINLAND --- 3.0%
COMMUNICATIONS
31,000 Nokia Oyj Series A* 2,283,740
$2,283,740
MFTG - INDUSTRIAL PRODS
148,900 Enso OY Class A 1,603,940
38,500 Metsa-Serla OY Class B 372,544
$1,976,484
TOTAL FINLAND --- 3.0% $4,260,224
FRANCE --- 10.4%
ELECTRONICS - HIGH TECH
10,800 Alcatel Alsthom* 2,199,815
$2,199,815
FOREIGN BANKS
28,738 Banque Nationale de Paris 2,349,026
$2,349,026
INSURANCE
23,682 Axa UAP 2,664,597
$2,664,597
MFTG - INDUSTRIAL PRODS
12,055 Pechiney International SA Class A 485,703
30,803 Rhone-Poulenc SA 1,738,008
$2,223,711
MINING
24,100 Eramet SLN 955,450
$955,450
OIL & GAS
9,249 Elf Aquitaine SA 1,300,822
11,316 Total SA Series B 1,471,702
$2,772,524
RETAIL TRADE
8,000 Compagnie de Saint Gobain 1,483,884
$1,483,884
TOTAL FRANCE --- 10.4% $14,649,007
GERMANY --- 2.6%
ELECTRIC
17,000 Veba AG 1,144,176
$1,144,176
FOREIGN BANKS
20,800 Deutsche Bank AG 1,763,328
$1,763,328
INSURANCE
2,235 Muenchener Rueckversicherung* 798,303
$798,303
TOTAL GERMANY --- 2.6% $3,705,807
HONG KONG --- 5.9%
COMMUNICATIONS
544,500 Asia Satellite Telecom 899,535
48,000 Television Broadcasts Ltd* 127,001
$1,026,536
CONSUMER SERVICES
851,000 Swire Pacific Ltd Series B 510,732
$510,732
ELECTRIC
360,000 Hong Kong Electric Holdings Ltd 1,115,126
124,000 Shandong Huaneng Power 666,500
$1,781,626
HOLDING & INVEST OFFICES
35,387 HSBC Holdings PLC 865,493
120,000 Hutchison Whampoa Ltd 633,454
233,474 Jardine Matheson Holdings Ltd 630,380
15,200 Jardine Matheson Holdings Ltd* 41,021
1,348,000 National Mutual Asia Ltd* 861,203
932,000 Peregrine Investments Holdings Ltd 517,243
223,200 Yue Yuen Industrial Holdings 398,983
$3,947,777
MFTG - INDUSTRIAL PRODS
3,159,000 Chongqing Iron & Steel 293,557
$293,557
REAL ESTATE
155,900 Cheung Kong Holdings Ltd 766,622
$766,622
TOTAL HONG KONG --- 5.9% $8,326,850
ISRAEL --- 0.7%
CONSUMER SERVICES
27,500 Teva Pharmaceutical Industries Ltd 967,643
$967,643
TOTAL ISRAEL --- 0.7% $967,643
ITALY --- 3.0%
COMMUNICATIONS
159,144 Telecom Italia SpA 1,172,522
400,000 Telecom Italia SpA RNC 1,938,063
$3,110,585
MFTG - INDUSTRIAL PRODS
255,380 Fiat SpA 1,118,725
$1,118,725
TOTAL ITALY --- 3.0% $4,229,310
JAPAN --- 3.1%
CONSTRUCTION
122,400 Daito Trust Construction Co Ltd 929,822
$929,822
CONSUMER SERVICES
222,000 Toei Co Ltd* 701,881
$701,881
ELECTRONICS - HIGH TECH
64,000 Hitachi Ltd 419,042
14,200 Sony Corp 1,227,681
$1,646,723
MFTG - INDUSTRIAL PRODS
144,000 Yamato Kogyo Co Ltd 1,062,654
$1,062,654
TOTAL JAPAN --- 3.1% $4,341,080
MEXICO --- 2.2%
MFTG - CONSUMER PRODS
176,100 Alfa SA de CV Series A 721,898
74,200 Industrias Penoles 235,569
$957,467
MFTG - INDUSTRIAL PRODS
184,200 Desc SA de CV Series B 944,905
1,842 Desc SA de CV Series C 9,131
$954,036
TELEPHONE
25,700 Telefonos de Mexico SA Sponsored ADR 1,235,193
$1,235,193
TOTAL MEXICO --- 2.2% $3,146,696
NETHERLANDS --- 7.7%
CONSUMER SERVICES
72,100 New Holland NV 1,414,963
26,000 Philips Electronics 2,187,884
$3,602,847
FOREIGN BANKS
28,430 ING Groep NV* 1,009
28,430 ING Groep NV 1,863,528
$1,864,537
MFTG - INDUSTRIAL PRODS
6,600 Akzo Nobel NV 1,468,688
24,500 Ipsat International NV* 459,375
$1,928,063
RETAIL TRADE
17,681 Macintosh NV 519,441
$519,441
TELEPHONE
34,723 Kon Ptt Nederland 1,320,503
$1,320,503
TRANSPORTATION
34,723 TNT Post Group NV* 888,537
$888,537
TRANSPORTATION EQUIPMENT
39,800 Koninklijke Nedlloyd NV 808,887
$808,887
TOTAL NETHERLANDS --- 7.7% $10,932,815
NEW ZEALAND --- 0.9%
AIR
323,900 Air New Zealand Ltd 348,646
$348,646
MFTG - INDUSTRIAL PRODS
603,800 Carter Holt Harvey Ltd 527,480
823,191 Fletcher Challenge Ltd 462,304
$989,784
TOTAL NEW ZEALAND --- 0.9% $1,338,430
NORWAY --- 1.2%
AIR
72,900 Helikopter Service ASA 742,615
$742,615
MFTG - INDUSTRIAL PRODS
22,400 Norske Hydro AS 987,332
$987,332
TOTAL NORWAY --- 1.2% $1,729,947
PHILIPPINES --- 0.4%
FOREIGN BANKS
329,262 Philippine National Bank* 389,916
$389,916
HOLDING & INVEST OFFICES
6,076,770 Metro Pacific Corp* 138,108
$138,108
TOTAL PHILIPPINES --- 0.4% $528,024
SINGAPORE --- 0.1%
WHOLESALE TRADE -CONSUMER
241,000 Inchcape Berhad 166,504
$166,504
TOTAL SINGAPORE --- 0.1% $166,504
SPAIN --- 4.1%
ELECTRIC
35,480 Compania Sevillana de Electricidad 391,801
44,000 Endesa 964,584
78,200 Iberdrola SA 1,272,334
$2,628,719
FOREIGN BANKS
8,000 Banco Popular Espanol SA 683,743
$683,743
OIL & GAS
23,000 Repsol SA* 1,269,929
$1,269,929
TELEPHONE
27,400 Telefonica de Espana 1,269,380
$1,269,380
TOTAL SPAIN --- 4.1% $5,851,771
SWEDEN --- 6.3%
CONSUMER SERVICES
25,066 Astra AB Series B 500,187
$500,187
ELECTRIC
80,800 ABB AB Series B 1,125,602
$1,125,602
FOREIGN BANKS
25,000 Svenska Handelsbanken Series A 1,160,894
$1,160,894
MFTG - INDUSTRIAL PRODS
45,700 Assidomaen AB 1,330,623
74,993 Granges AB 1,374,119
45,500 Sandvik AB 1,250,565
77,000 Stora Kopparbergs Series A 1,212,789
$5,168,096
REAL ESTATE
25,000 Fastighets AB Balder* 25,100
$25,100
TRANSPORTATION
30,400 Volvo Series B 906,124
$906,124
TOTAL SWEDEN --- 6.3% $8,886,003
SWITZERLAND --- 7.9%
CONSUMER SERVICES
400 Kuoni Reisenburo Holdings AG Class B 1,989,695
960 Novartis AG 1,600,634
1,390 SGS Societe Generale de Surveillance Holding SA 2,360,741
$5,951,070
ELECTRONICS - HIGH TECH
830 SMH AG 642,595
$642,595
HOLDING & INVEST OFFICES
5,500 CS Holding 1,226,219
$1,226,219
INSURANCE
5,300 Zurich Versicherungs 3,389,087
$3,389,087
TOTAL SWITZERLAND --- 7.9% $11,208,971
UNITED KINGDOM --- 12.4%
CONSUMER SERVICES
642,200 Medeva PLC 1,822,878
$1,822,878
ELECTRIC
153,510 National Power PLC 1,445,620
$1,445,620
MFTG - CONSUMER PRODS
79,300 Safeway* 519,698
383,000 Storehouse PLC 1,592,343
$2,112,041
MFTG - INDUSTRIAL PRODS
289,400 BICC Group 618,510
319,555 BTR PLC 997,943
263,000 BTR PLC - Series B* 151,500
483,400 British Steel 1,063,398
274,570 Nycomed Amersham PLC* 2,043,945
362,100 The Weir Group PLC 1,342,208
$6,217,504
RETAIL TRADE
270,000 Inchcape PLC 852,048
244,500 Lex Service PLC 2,020,796
$2,872,844
TRANSPORTATION
121,000 Peninsular & Oriental Steam Navigation Co 1,743,551
$1,743,551
TRANSPORTATION EQUIPMENT
252,313 Transport Development Grp PLC* 1,247,010
$1,247,010
TOTAL UNITED KINGDOM --- 12.4% $17,461,448
UNITED STATES --- 1.9%
INSURANCE
55,800 Ace Ltd 2,176,200
$2,176,200
MFTG - INDUSTRIAL PRODS
53,700 Industrial Credit & Inv Corp* 490,426
$490,426
TOTAL UNITED STATES --- 1.9% $2,666,626
TOTAL COMMON STOCK --- 91.6% $129,289,480
(Cost $111,313,670)
PREFERRED STOCK
AUSTRALIA --- 1.4%
MFTG - CONSUMER PRODS
276,961 News Corp Ltd (vtg) 1,966,013
$1,966,013
TOTAL AUSTRALIA --- 1.4% $1,966,013
BRAZIL --- 1.2%
TELEPHONE
14,950 Telecomunicacoes Brasileiras SA 1,632,346
$1,632,346
TOTAL BRAZIL --- 1.2% $1,632,346
TOTAL PREFERRED STOCK --- 2.6% $3,598,359
(Cost $2,315,842)
SHORT-TERM INVESTMENTS
UNITED STATES --- 5.8%
ELECTRONICS - HIGH TECH
1,000,000 General Electric Co 998,600
$998,600
SECURITIES & COMMODITIES
7,213,000 Merrill Lynch & Co Inc 7,213,000
$7,213,000
TOTAL UNITED STATES --- 5.8% $8,211,600
TOTAL SHORT-TERM INVESTMENTS --- 5.8% $8,211,600
(Cost $8,211,600)
TOTAL INTERNATIONAL EQUITY PORTFOLIO --- 100.0% $141,099,439
(Cost $121,841,112)
The Maxim Series Fund
Blue Chip Portfolio
BONDS
ELECTRIC --- 0.2%
247,000 Commonwealth Edison Co 262,568
Notes
7.625% January 15, 2007
$262,568
GAS --- 0.2%
247,000 Sonat Inc 248,092
6.625% February 1, 2008
$248,092
U.S. GOVERNMENTS --- 4.4%
3,900,000 United States of America 4,175,418
Treasury Bonds
6.250% August 15, 2023
525,000 United States of America 562,569
6.125% November 15, 2027
$4,737,987
TOTAL BONDS --- 4.9% $5,248,647
(Cost $5,102,529)
COMMON STOCK
AGRICULTURE --- 2.2%
48,100 Dole Food Company Inc 2,389,945
$2,389,945
COMMUNICATIONS --- 3.4%
20,500 AT&T Corp 1,171,062
16,800 Tele-Communications Inc* 645,742
50,300 Univision Communications Inc* 1,873,675
$3,690,479
CONSUMER SERVICES --- 15.5%
24,500 Allegiance Corp 1,255,625
14,700 Becton Dickinson & Co 1,141,088
22,375 Eli Lilly & Co 1,478,137
51,200 Hilton Hotels Corp 1,459,200
12,400 Johnson & Johnson 914,500
10,400 Merck & Company Inc 1,391,000
1,000 Novartis AG 1,667,327
16,325 Schering AG 1,925,861
9,025 Service Corporation International 386,947
132,275 Smithkline Beecham PLC 4,131,296
6,200 Sony Corp* 533,584
13,800 St Jude Medical Inc* 508,006
$16,792,571
CREDIT INSTITUTIONS --- 1.4%
27,000 Firstar Corp 1,026,000
9,000 Mercantile Bancorporation Inc 453,375
$1,479,375
ELECTRIC --- 4.1%
35,725 Allegheny Energy Inc 1,076,216
35,200 Baltimore Gas & Electric Co 1,093,382
65,400 Cinergy Corp 2,289,000
$4,458,598
ELECTRONICS - HIGH TECH --- 4.4%
17,800 General Electric Co 1,619,800
10,100 Intel Corp 748,662
11,800 International Business Machines Corp 1,354,782
10,500 Sun Microsystems Inc* 456,088
15,400 Thermo Electron Corp* 526,480
$4,705,812
FORESTRY --- 0.4%
11,000 International Paper Co 473,000
$473,000
GAS --- 0.3%
7,600 New Century Energies Inc 345,321
$345,321
HOLDING & INVEST OFFICES --- 1.4%
11,300 Chase Manhattan Corp 853,150
300 Nestle SA 643,282
$1,496,432
INDUSTRIAL SERVICES --- 0.5%
9,100 Computer Associates International Inc 505,614
$505,614
INSURANCE --- 9.3%
11,625 Allstate Corp 1,064,408
12,600 Chubb Capital Corp 1,012,725
44,212 Marsh & McLennan Companies Inc 2,672,041
24,500 Travelers Group Inc 1,485,313
67,100 Travelers Property Casualty Corp 2,876,913
22,850 WR Berkley Corp 915,417
$10,026,817
MFTG - CONSUMER PRODS --- 8.2%
9,100 Campbell Soup Co 483,438
21,400 Coca-Cola Co 1,829,700
12,400 Colgate-Palmolive Co 1,091,200
10,600 Dean Foods Co 582,332
43,700 Dial Corp 1,133,447
2,200 Hershey Foods Corp 151,800
3,600 New York Times Co Class A 285,300
20,175 Philip Morris Companies Inc 794,390
6,100 Synthelabo 1,029,519
3,500 Time Warner Inc 299,029
1,375 Tribune Co 94,617
6,200 Unilever NV ADR 489,409
1,000 Washington Post Co Class B 576,000
$8,840,181
MFTG - INDUSTRIAL PRODS --- 16.4%
4,000 ARCO Chemical Co 229,500
24,400 Abbott Laboratories 997,350
41,400 Alza Corp 1,790,550
36,100 Bayer Ag 1,870,072
10,700 Dow Chemical Co 1,034,551
12,000 EI DuPont De Nemours & Co 895,500
35,950 Fort James Corp 1,599,775
74,975 Glaxo Wellcome PLC 3,940,283
6,900 Kimberly-Clark Corp 316,537
14,600 Pfizer Inc 1,586,830
12,900 Warner-Lambert Co 894,938
50,200 Westvaco Corp 1,418,150
25,400 Zeneca Group* 1,090,795
$17,664,831
MINING --- 2.3%
7,300 DeBeers Centenary AG 127,750
25,700 Homestake Mining Co 266,637
21,700 Placer Dome Inc 254,975
24,700 Potash Corporation of Saskatchewan Inc 1,866,381
$2,515,743
OIL & GAS --- 10.5%
14,000 Amoco Corp 582,750
51,400 Atlantic Richfield Co 4,015,625
3,800 Chevron Corp 315,636
35,100 Elf Aquitaine SA* 2,492,100
9,200 Mobil Corp 704,950
30,800 Phillips Petroleum Co 1,484,159
8,700 Texaco Inc 519,277
35,600 UnoCal Corp 1,272,700
$11,387,197
RETAIL TRADE --- 0.5%
11,400 Hannaford Brothers Co 501,600
$501,600
TELEPHONE --- 2.3%
11,700 Ameritech Corp 525,038
9,800 Bell Atlantic Corp 447,125
17,500 SBC Communications Inc 700,000
18,200 US West Inc 855,400
$2,527,563
TRANSPORTATION EQUIPMENT --- 0.5%
4,700 Lockheed Martin Corp 497,612
$497,612
WHOLESALE TRADE -CONSUMER --- 2.0%
20,700 Avery Dennison Corp 1,112,625
11,800 Procter & Gamble Co 1,074,532
$2,187,157
TOTAL COMMON STOCK --- 85.6% $92,485,848
(Cost $86,453,485)
SHORT-TERM INVESTMENTS
MFTG - INDUSTRIAL PRODS --- 0.9%
1,000,000 EI DuPont De Nemours & Co 990,304
$990,304
SECURITIES & COMMODITIES --- 8.6%
5,273,000 Merrill Lynch & Co Inc 5,273,000
4,000,000 Morgan Stanley Group 4,000,000
$9,273,000
TOTAL SHORT-TERM INVESTMENTS --- 9.5% $10,263,304
(Cost $10,263,304)
TOTAL BLUE CHIP PORTFOLIO --- 100.0% $107,997,799
(Cost $101,819,318)
The Maxim Series Fund
Bond Portfolio
BONDS
AIR --- 4.3%
2,909,834 American Trans Air 3,004,695
Pass Thru Certs 1996-1C
7.820% March 26, 2004
$3,004,695
CANADIAN - PROVINCIAL --- 4.4%
3,000,000 Manitoba 3,091,710
Global Notes
6.750% March 1, 2003
$3,091,710
COMMUNICATIONS --- 5.0%
1,500,000 Cable & Wireless Communications PLC 1,501,260
Yankee Notes
6.375% March 6, 2003
2,000,000 Tele-Communications Inc 2,014,700
Global Notes
6.375% May 1, 2003
$3,515,960
CREDIT INSTITUTIONS --- 24.2%
3,000,000 Associates Corp North America 3,216,000
Medium Term Notes
7.240% August 15, 2006
3,000,000 Countrywide Funding Corp 3,009,264
Medium Term Notes
6.280% January 15, 2003
3,000,000 General Electric Capital Corp 3,190,339
Eurodollar Medium Term Notes
8.100% February 15, 2002
1,500,000 Greenpoint Bank 1,525,635
Bank Notes
6.700% July 15, 2002
3,000,000 NationsBank Corp 3,036,660
Senior Notes
6.375% May 15, 2005
3,000,000 Takefuji Corp# 3,069,300
Senior Notes
7.300% November 1, 2004
$17,047,198
ELECTRIC --- 8.7%
3,000,000 Gulf States Utilities Co 3,003,510
First Mortgage Med Term Notes
6.410% August 1, 2001
3,000,000 Iberdrola International# 3,121,320
Notes
7.125% June 1, 2003
$6,124,830
FOREIGN BANKS --- 8.2%
3,000,000 Bayerische Landesbanken NY 3,037,922
Medium Term Notes
6.375% August 31, 2000
3,000,000 Export-Import Bank of Korea 2,748,000
Eurodollar Notes
7.250% June 25, 2001
$5,785,922
HIGHWAYS --- 4.2%
3,000,000 Zhuhai Highway Company Ltd# 2,954,250
Senior Notes
9.125% July 1, 2006
$2,954,250
HOLDING & INVEST OFFICES --- 4.3%
3,000,000 Credit Suisse First Boston# 3,044,700
Notes
6.500% May 1, 2008
$3,044,700
OIL & GAS --- 4.3%
3,000,000 Occidental Petroleum Corp 3,003,000
Mopprs Notes
6.400% April 1, 2003
$3,003,000
RAILROADS --- 4.5%
3,000,000 National Rail Corp# 3,153,900
Yankee Debentures
7.470% August 8, 2010
$3,153,900
REAL ESTATE --- 4.3%
3,000,000 Highwoods/Forsyth LP 3,001,770
Notes
6.750% December 1, 2003
$3,001,770
RETAIL TRADE --- 4.3%
3,000,000 Shopko Stores Inc 2,998,770
Senior Notes
6.500% August 15, 2003
$2,998,770
SECURITIES & COMMODITIES --- 4.5%
1,000,000 Lehman Brothers Inc 1,051,050
Notes
7.360% December 15, 2003
2,000,000 World Financial Network Credit Card Master Trust 2,114,947
Credit Card Mst Tr 1996-B
6.950% April 15, 2006
$3,165,997
SUPRANATIONALS --- 4.6%
3,000,000 Inter-American Development Bank 3,256,026
Eurodollar Notes
8.875% August 22, 2001
$3,256,026
TELEPHONE --- 4.2%
3,000,000 MCI Communications Corp 2,988,840
Remarketable Notes
6.125% April 15, 2002
$2,988,840
WHOLE LOAN --- 3.6%
2,500,000 GE Capital Mortgage Services Inc 2,518,750
CMO Series 1994-13 Class A2
6.500% April 25, 2024
$2,518,750
TOTAL BONDS --- 97.5% $68,656,318
(Cost $67,817,370)
SHORT-TERM INVESTMENTS
SECURITIES & COMMODITIES --- 2.5%
1,781,000 Merrill Lynch & Co Inc 1,781,000
$1,781,000
TOTAL SHORT-TERM INVESTMENTS --- 2.5% $1,781,000
(Cost $1,781,000)
TOTAL BOND PORTFOLIO --- 100.0% $70,437,318
(Cost $69,598,370)
The Maxim Series Fund
Corporate Bond Portfolio
BONDS
AGENCY --- 0.3%
634,849 Federal National Mortgage Association 614,807
CMO Series 1993-212 Class Z
6.000% November 25, 2008
$614,807
AIR --- 0.4%
1,000,000 Military Air 680,462
5.750% June 30, 2019
83,200 NWA Trust 93,300
Notes
9.360% March 10, 2006
$773,762
CANADIAN - FEDERAL --- 4.7%
5,000,000 BC Generic Residual 592,253
6.030% November 19, 2027
30,300,000 Canadian Residual 4,738,043
Debentures
6.723% June 1, 2025
4,650,000 Canadian Residual 834,883
Debentures
6.905% June 1, 2022
16,500,000 Canadian Residual 3,138,532
Debentures
7.449% June 1, 2021
$9,303,711
CANADIAN - PROVINCIAL --- 13.1%
5,000,000 British Columbia 727,150
Principal Strips
8.251% August 23, 2024
275,000 British Columbia 232,788
Debentures
7.875% November 30, 2023
2,500,000 British Columbia 459,225
Principal Strips
7.900% September 5, 2020
6,500,000 British Columbia 1,844,648
Principal Strips
8.920% August 23, 2013
1,400,000 British Columbia 378,566
Principal Strips
9.563% June 9, 2014
11,415,000 British Columbia 1,868,755
Principal Strips
7.102% August 19, 2022
9,815,000 British Columbia 1,667,516
Principal Strips
7.434% June 9, 2022
1,350,000 British Columbia 1,177,064
Debentures
8.000% September 8, 2023
5,000,000 Hydro-Quebec 897,520
6.610% August 15, 2020
5,373,000 Manitoba 4,653,788
Bonds
7.750% December 22, 2025
5,000,000 Manitoba 504,247
Zero Coupon Bonds
7.882% March 5, 2031
3,800,000 Manitoba Province 2,822,562
Debentures
6.500% September 22, 2017
1,150,000 Ontario Hydro 1,088,807
Bonds
8.900% August 18, 2022
4,800,000 Ontario Residual 799,185
Zero Coupon Bonds
5,171,457 Province of Alberta 3,623,007
5.930% September 16, 2016
3,165,000 Saskatchewan 3,002,610
Debentures
8.750% May 30, 2025
$25,747,438
COMMUNICATIONS --- 8.5%
2,500,000 Arch Communications Group Inc 1,425,000
Senior Discount Notes
13.460% March 15, 2008
250,000 CBS Inc 238,753
Senior Notes
7.125% November 1, 2023
500,000 Century Communications Corp Class A 478,750
Debentures
8.375% November 15, 2017
2,000,000 Clearnet Communications 897,044
11.743% August 13, 2007
2,325,000 Nextel Communications Inc 1,517,063
8.555% October 31, 2007
125,000 Piltel International Holdings 97,188
1.750% July 17, 2006
200,000 Rogers Cablesystems of America 156,753
Debentures
9.650% January 15, 2014
300,000 Rogers Communications Inc 186,000
Convertible Debentures
2.000% November 26, 2005
5,375,000 Tele-Communications Inc 6,110,085
Debentures
7.875% February 15, 2026
2,075,000 Tele-Communications Inc 2,166,300
7.125% February 15, 2028
1,400,000 Tele-Communications Inc 1,562,442
Debentures
7.875% August 1, 2013
1,850,000 Westinghouse Electric Corp 1,901,375
Debentures
7.875% September 1, 2023
$16,736,753
CONSTRUCTION --- 0.5%
500,000 Pulte Corp 509,670
Senior Notes
7.300% October 24, 2005
450,000 Schuler Homes Inc 405,000
Convertible Sub Debentures
6.500% January 15, 2003
$914,670
CONSUMER SERVICES --- 0.6%
1,000,000 Columbia/HCA Healthcare Corp 895,770
7.050% December 1, 2027
250,000 Envirotest Systems Corp 245,000
Senior Subordinated Notes
9.625% April 1, 2003
$1,140,770
CREDIT INSTITUTIONS --- 0.8%
350,000 DR Structured Finance Corp 325,938
7.430% August 15, 2018
150,000 DR Structured Finance Corp 149,813
Pass Through Certificates
8.375% August 15, 2015
200,000 DR Structured Finance Corp 200,250
Pass Through Certificates
8.550% August 15, 2019
500,000 First Union Capital 537,265
Bonds
8.040% December 1, 2026
450,000 Sappi BVI Finance Ltd 419,625
Convertible Bonds
7.500% August 1, 2002
$1,632,891
ELECTRIC --- 4.1%
500,000 AES Corp 493,750
8.875% November 1, 2027
500,000 Boston Edison Co 535,780
Debentures
7.800% March 15, 2023
226,000 Commonwealth Edison Co 190,127
Debentures
4.750% December 1, 2011
1,000,000 Commonwealth Edison Co 1,070,580
8.500% January 15, 2027
250,000 Empresa Nacional de Electridad SA 178,438
Convertible Sub Debentures
5.000% March 15, 2004
1,000,000 Korea Electric Power 739,320
7.750% April 1, 2013
1,028,452 Korea Electric Power 824,602
Debentures
7.400% April 1, 2016
500,000 Korea Electric Power 380,590
7.000% February 1, 2027
933,075 Mobil Energy Services LLC 475,868
First Mortgage Bonds
8.665% January 1, 2017
250,000 National Power Corp 237,038
Yankee Bond
9.625% May 15, 2028
500,000 Niagara Mohawk Power Corp 345,625
Series H Bond
8.539% July 1, 2010
500,000 Quezon Power Ltd 430,100
8.860% June 15, 2017
1,300,000 Tata Electric Co# 1,092,000
8.500% August 19, 2017
1,500,000 Tenaga Nasional Berhad# 1,120,590
7.500% November 1, 2025
$8,114,408
ELECTRONICS - HIGH TECH --- 6.1%
500,000 Apple Computer Inc 565,935
Convertible Subordinated Notes
6.000% June 1, 2001
1,300,000 Apple Computer Inc 1,196,000
Notes
6.500% February 15, 2004
1,000,000 Broadband Technologies Inc 660,000
Convertible Subordinated Notes
5.000% May 15, 2001
650,000 Cirrus Logic Inc 514,313
6.000% December 15, 2003
150,000 EDO Corp 120,000
Convertible Bonds
7.000% December 15, 2011
200,000 Intevac Inc 171,500
6.500% March 1, 2004
500,000 Korea Electric Power 397,755
6.750% August 1, 2027
450,000 Lam Research Corp 369,000
5.000% September 1, 2002
250,000 Maxtor Corp 162,500
Convertible Debentures
5.750% March 1, 2012
700,000 Read-Rite Corp 441,000
6.500% September 1, 2004
50,000 Richardson Electronics Ltd 48,000
Convertible Debentures
7.250% December 15, 2006
250,000 Samsung Corp 231,875
Convertible Bonds
0.250% June 26, 2006
1,000,000 Seagate Technology Inc 966,850
Debentures
7.875% March 1, 2017
1,500,000 Seagate Technology Inc 1,473,465
7.450% March 1, 2037
2,500,000 Seagate Technology Inc 2,472,325
7.370% March 1, 2007
100,000 Silicon Graphics Inc 85,312
5.250% September 1, 2004
62,332 Streamlogic Corp 3,117
Notes
14.000% October 7, 1998
1,300,000 The Learning Company Inc 1,243,125
Convertible Senior Notes
5.500% November 1, 2000
850,000 Total Access Communication 646,000
Convertible
2.000% May 31, 2006
515,000 Zenith Electronics Corp 130,681
Convertible Sub Debentures
6.250% April 1, 2011
$11,898,753
ENVIRONMENTAL SERVICES --- 0.5%
350,000 Air & Water Technologies Corp 290,500
Convertible Debentures
8.000% May 15, 2015
575,000 Molten Metal Technology Inc 28,750
Convertible Subordinated Notes
5.500% May 1, 2006
725,000 Molten Metal Technology Inc# 29,000
5.500% May 1, 2006
105,000 Ogden Corp 96,075
Eurodollar Convert Sub Bonds
6.000% June 1, 2002
495,000 Ogden Corp 486,338
Eurodollar Convert Sub Bonds
5.750% October 20, 2002
$930,663
FINANCIAL SERVICES --- 3.8%
1,000,000 AMP Property LP 1,004,820
7.500% June 30, 2018
625,000 APP Finance VII Mauritius# 565,625
3.500% April 30, 2003
2,000,000 KN Capital Trust III 2,049,160
250,000 PT Hanjaya Mandala Sampoerna# 235,938
10.280% December 15, 2012
900,000 Pan Pacific Ind# 346,266
10.118% April 28, 2007
600,000 Pindo Deli Fin Mauritius 420,000
10.750% October 1, 2007
2,900,000 Pindo Deli Fin Mauritius 1,711,000
Yankee Notes
10.875% October 1, 2027
500,000 Siam Commercial Bank# 410,690
7.500% March 15, 2006
875,000 Tjiwi Kimia FN Mauritius 621,250
10.000% August 1, 2004
$7,364,749
FOREIGN BANKS --- 4.7%
300,000 Banco Central Costa Rica 267,000
Brady Bonds
6.250% May 21, 2010
1,600,000 Bangkok Bank Public Co 520,000
Convertible Bonds
3.250% March 3, 2004
100,000 Bangkok Bank Public Co Ltd 74,862
8.250% March 15, 2016
3,250,000 Bangkok Bank Public Co Ltd# 2,377,017
Subordinated Notes
8.375% January 15, 2027
19,425,000 International Bank for Reconstruction & Development 5,424,237
9.645% August 20, 2007
400,000 Siam Commercial Bank 124,000
Convertible Bonds
3.250% January 24, 2004
575,000 Thai Farmers Bank# 404,950
Bond
8.250% August 21, 2016
$9,192,066
FOREIGN GOVERNMENTS --- 9.6%
1,000,000 Bangko Sentral Pilipinas 860,000
8.600% June 15, 2027
834,503 Equador-Global Bearer 499,116
6.508% February 27, 2015
14,150,000 Federal National Mortgage Association 3,982,150
6.743% October 29, 2007
200,000 Petro Mexicanos# 172,250
Debentures
8.625% December 1, 2023
500,000 Province of Newfoundland 348,114
6.150% April 17, 2028
2,500,000 Republic Of South Africa 368,083
Bonds
12.000% February 28, 2005
2,000,000 Republic Of South Africa 294,467
Bonds
12.000% February 28, 2005
3,000,000 Republic Of South Africa 441,700
Bonds
12.000% February 28, 2005
6,550,000 Republic of Brazil 5,639,550
Debentures
10.125% May 15, 2027
3,770,694 Republic of Brazil 2,780,887
Capitalization Bonds
8.000% April 15, 2014
4,500,000 Republic of South Africa 679,637
Bonds
12.500% December 21, 2006
2,500,000 Republic of South Africa 367,356
Bonds
13.500% September 15, 2015
3,450,000 SCDA Generic Residual 487,197
Debentures
25.931% May 30, 2005
2,500,000 Venezuela 1,931,250
Debentures
9.250% September 15, 2027
$18,851,757
FORESTRY --- 0.1%
125,000 Advance Argo Public Company Ltd 116,250
Convertible Unsubord Notes
3.500% June 17, 2001
$116,250
GAS --- 0.1%
132,500 NorAm Energy Corp 125,875
Convertible Sub Debentures
6.000% March 15, 2012
$125,875
HIGHWAYS --- 0.0%
175,000 Builders Transport Inc 17,500
Convertible Sub Debentures
8.000% August 15, 2005
$17,500
HOLDING & INVEST OFFICES --- 0.5%
750,000 Federal Realty Investment Trust 701,250
Convertible Bonds
5.250% October 28, 2003
250,000 Sizeler Property Investors Inc 248,750
Convertible Sub Debentures
8.000% July 15, 2003
$950,000
INDUSTRIAL PRODS & SVCS --- 1.7%
1,260,000 Hyundai Motor Co# 980,431
7.600% July 15, 2007
250,000 Samsung Electronics Co# 226,705
Bond
8.500% November 1, 2002
125,000 Samsung Electronics Co# 102,476
Bond
7.450% October 1, 2002
1,750,000 Samsung Electronics Co# 1,137,500
Bond
7.700% October 1, 2027
265,000 Telekom Malaysia Berhad 193,583
4.000% October 3, 2004
250,000 Total Access Communication# 190,000
7.625% November 4, 2001
700,000 Total Access Communication# 504,000
8.375% November 4, 2006
$3,334,695
INSURANCE --- 0.1%
250,000 Loews Corp 242,098
Senior Notes
7.000% October 15, 2023
$242,098
MFTG - CONSUMER PRODS --- 14.5%
750,000 Borden Inc 737,835
Debentures
7.875% February 15, 2023
1,000,000 Burlington Industries Inc 1,031,640
Bonds
7.250% August 1, 2027
450,000 Burns Philp Treasury 247,500
Convertible Notes
5.500% April 30, 2004
125,000 Fieldcrest Cannon Inc 109,375
Convertible Debentures
6.000% March 15, 2012
550,000 Fruit of the Loom Inc Class A 497,816
Debentures
7.375% November 15, 2023
250,000 Kellwood Co 264,883
Debentures
7.625% October 15, 2017
6,685,000 Philip Morris Companies Inc 7,150,677
Debentures
7.750% January 15, 2027
250,000 Phillips Van-Heusen Corp 232,140
Debentures
7.750% November 15, 2023
750,000 Pohang Iron & Steel Co 578,918
7.125% November 1, 2006
2,100,000 RCN Corp 1,249,500
5.437% July 1, 2008
475,000 RCN Corp 305,188
10.775% October 15, 2007
250,000 RCN Corp 150,000
Class B Shares
9.775% February 15, 2008
2,250,000 RJR Nabisco Inc 2,426,985
Notes
9.250% August 15, 2013
700,000 RJR Nabisco Inc 726,817
Debentures
8.500% July 1, 2007
1,150,000 RJR Nabisco Inc 1,143,388
Notes
7.625% September 15, 2003
1,200,000 RJR Nabisco Inc 1,251,444
Notes
8.750% August 15, 2005
600,000 Scholastic Corp# 546,750
Bond
5.000% August 15, 2005
90,000 The Dixie Group Inc 77,400
Convertible Debentures
7.000% May 15, 2012
1,600,000 The Penn Traffic Co 576,000
Senior Subordinated Notes
9.625% April 15, 2005
3,250,000 Time Warner Inc 3,495,765
Debentures
7.570% February 1, 2024
4,725,000 Time Warner Inc 4,738,514
6.950% January 15, 2028
830,000 Time Warner Inc 833,237
6.875% June 15, 2018
$28,371,772
MFTG - INDUSTRIAL PRODS --- 2.8%
125,000 Bell Sports Corp 106,250
Convertible Sub Debentures
4.250% November 15, 2000
50,000 Exide Corp# 30,875
2.900% December 15, 2005
1,750,000 Fox Family Worldwide Inc 1,137,500
10.265% November 1, 2007
75,000 Hexcel Corp 77,250
Convertible Debentures
7.000% August 1, 2011
500,000 Hyundai Semiconductor# 365,000
8.625% May 15, 2007
1,000,000 Multicanal SA# 930,000
10.500% April 15, 2018
525,000 NABI Inc 383,250
Convertible Bonds
6.500% February 1, 2003
1,500,000 New Brunswick FM Project# 788,379
1.220% November 30, 2027
750,000 Perez Companc SA# 763,650
8.125% July 15, 2007
250,000 Samsung Electronics 200,000
3.248% December 31, 2007
100,000 Telxon Corp 118,625
Convertible Subordinated Notes
5.750% January 1, 2003
100,000 Thermedics Inc 75,000
Zero Coupon
5.524% June 1, 2003
600,000 Thermo TerraTech Inc# 537,750
4.625% May 1, 2003
$5,513,529
MINING --- 0.3%
1,000,000 Banpu Public Company Ltd 685,000
Convertible Bonds
2.750% April 10, 2003
$685,000
OIL & GAS --- 2.0%
250,000 Key Energy Group Inc 190,625
5.000% September 15, 2004
3,500,000 R&B Falcon Corp# 3,564,645
7.375% April 15, 2018
350,000 Ssangyong Oil Refining Co 164,500
Unsubordinated Convertible
3.000% December 31, 2004
$3,919,770
OTHER TRANS SERVICES --- 0.1%
100,000 Preston Corp 81,500
Convertible Bonds
7.000% May 1, 2011
250,000 Worldway Corp 207,500
Convertible Sub Debentures
6.250% April 15, 2011
$289,000
REAL ESTATE --- 4.1%
2,500,000 First Industrial Realty Trust 2,550,915
7.500% December 1, 2017
1,000,000 Highwoods/Forsyth LP 1,019,760
7.500% April 15, 2018
1,100,000 Rockefeller Center Properties Inc 855,250
Convertible Debentures
14.652% December 31, 2000
2,500,000 Security Capital Group Class B# 2,529,250
7.700% June 15, 2028
1,000,000 Trinet Corporate Realty Trust Inc 1,039,310
Senior Notes
7.700% July 15, 2017
$7,994,485
RETAIL TRADE --- 1.5%
450,000 Boston Chicken Inc 69,750
Convertible Bonds
4.500% February 1, 2004
500,000 Boston Chicken Inc 25,000
Convertible Bonds
10.383% June 1, 2015
275,000 CML Group Inc 203,500
Convertible Jr Subordinated
5.500% January 15, 2003
100,000 Jacobson Stores Inc 86,125
Convertible Debentures
6.750% December 15, 2011
750,000 K Mart Corp 755,625
Debentures
7.950% February 1, 2023
2,350,000 Shoney's Inc 987,000
Convertible Subordinated Notes
11.605% April 11, 2004
100,000 TPI Enterprises Inc 74,000
Debentures
8.250% July 15, 2002
750,000 Woolworth Corp 827,228
Debentures
8.500% January 15, 2022
$3,028,228
SUPRANATIONALS --- 0.3%
1,000,000 International Bank for Reconstruction and Development 552,240
Debentures
8.000% May 23, 2007
$552,240
TELEPHONE --- 0.7%
1,400,000 Nextel International Inc# 805,000
12.125% April 15, 2008
1,000,000 Teligent Inc# 552,500
Bond
8.443% March 1, 2008
$1,357,500
TRANSPORTATION --- 0.0%
100,000 American Presidents Company Ltd 70,562
Debentures
8.000% January 15, 2024
$70,562
U.S. GOVERNMENTS --- 9.8%
2,600,000 United States of America 630,370
Principal Strips
7.975% August 15, 2023
1,000,000 United States of America 1,110,470
Treasury Notes
6.500% November 15, 2026
1,350,000 United States of America 1,445,337
Treasury Bonds
6.250% August 15, 2023
15,100,000 United States of America 15,713,637
Treasury Notes
6.000% February 15, 2026
300,000 United States of America 347,436
Treasury Bonds
6.875% August 15, 2025
$19,247,250
U.S. MUNICIPAL --- 0.3%
2,000,000 Orange County California Pension 608,216
General Obligation Bonds
8.260% September 1, 2016
$608,216
WHOLESALE TRADE - INDL --- 0.7%
250,000 Einstein/Noah Bagel Corp 162,500
Convertible Bonds
7.250% June 1, 2004
1,050,000 Loxley Public Company Ltd 315,000
Convertible Bonds
2.500% April 4, 2001
750,000 Pioneer Standard Electronics Inc 806,697
Senior Notes
8.500% August 1, 2006
$1,284,197
WHOLESALE TRADE -CONSUMER --- 0.4%
50,000 Glycomed Inc 47,000
Convertible Sub Debentures
7.500% January 1, 2003
250,000 International Semi-Tech Microelectric 75,000
Senior Discount Notes
14.396% August 15, 2003
800,000 Kent Electronics Corp 654,000
4.500% September 1, 2004
$776,000
TOTAL BONDS --- 97.8% $191,701,365
(Cost $189,618,367)
COMMON STOCK
RETAIL TRADE --- 0.3%
62,980 Advantica Restaurant Group* 614,055
$614,055
TOTAL COMMON STOCK --- 0.3% $614,055
(Cost $809,134)
PREFERRED STOCK
ELECTRIC --- 0.5%
909 Central Louisiana Electric Company Inc 77,379
930 Commonwealth Energy System Co 75,795
1,304 Entergy Louisiana Inc 86,553
1,120 MDU Resources Group Inc 103,600
8,388 Nevada Power Co 162,518
2,255 New York State Electric & Gas Corp 137,837
2,850 Niagara Mohawk Power Corp 225,150
300 Northern States Power Co 18,000
$886,832
ELECTRONICS - HIGH TECH --- 0.3%
10,000 Unisys Corp 522,500
$522,500
FINANCIAL SERVICES --- 0.3%
9,000 Hvide Capital Trust* 384,750
2,500 Owens Corning Capital 132,813
$517,563
MFTG - INDUSTRIAL PRODS --- 0.8%
950 Aluminum Company of America 70,775
25,850 Bethlehem Steel Corp# 1,172,944
1,000 EI DuPont De Nemours & Co 69,000
215 Hyperion Telecommunication* 213,923
2,000 Stone Container Corp Series E* 40,500
$1,567,142
OIL & GAS --- 0.1%
2,500 Chesapeake Energy Corp#* 106,875
$106,875
TOTAL PREFERRED STOCK --- 1.8% $3,600,912
(Cost $3,090,950)
TOTAL CORPORATE BOND PORTFOLIO --- 100.0% $195,916,332
(Cost $193,518,451)
The Maxim Series Fund
Government Guaranteed Fund I
BONDS
AGENCY --- 78.7%
66,393 Federal Home Loan Mortgage Corp 67,409
Pool #D70268
7.000% April 1, 2026
1,000,000 Federal Home Loan Mortgage Corp 1,011,560
CMO SER.1499 CL.C
6.750% September 15, 2021
5,000,000 Federal Home Loan Mortgage Corp 4,989,050
CMO Series 1624 Class E
5.700% January 15, 2007
78,147 Federal Home Loan Mortgage Corp 79,343
Pool #D70253
7.000% April 1, 2026
44,339 Federal Home Loan Mortgage Corp 45,017
Pool #D69852
7.000% April 1, 2026
5,904,707 Federal Home Loan Mortgage Corp 5,995,108
Pool #C80391
7.000% March 1, 2026
630,868 Federal Home Loan Mortgage Corp 640,527
Pool #D70245
7.000% April 1, 2026
964,659 Federal Home Loan Mortgage Corp 967,968
CMO SER.1544 CL.E
6.250% June 15, 2008
2,000,000 Federal Home Loan Mortgage Corp 1,996,240
CMO Series 1606 Class EA
5.750% March 15, 2007
1,500,000 US Department of Veterans Affairs 1,526,250
VENDEE SER.1998-2 CL.1B
6.750% September 15, 2014
1,000,000 US Department of Veterans Affairs 1,027,500
VENDEE TRUST SER.1997-2 CL.B
7.500% January 15, 2013
2,000,000 US Department of Veterans Affairs 2,038,740
VENDEE TRUST SER.1997-1 CL.2C
7.500% September 15, 2017
$20,384,712
U.S. GOVERNMENTS --- 11.6%
500,000 United States of America 506,170
Treasury Notes
6.125% September 30, 2000
500,000 United States of America 501,095
Treasury Notes
5.625% November 30, 2000
2,000,000 United States of America 1,999,060
Treasury Notes
5.500% December 31, 2000
$3,006,325
TOTAL BONDS --- 90.3% $23,391,037
(Cost $0)
SHORT-TERM INVESTMENTS
SECURITIES & COMMODITIES --- 9.7%
2,500,000 Morgan Stanley Group 2,500,000
$2,500,000
TOTAL SHORT-TERM INVESTMENTS --- 9.7% $2,500,000
(Cost $0)
TOTAL GOVERNMENT GUARANTEED FUND I --- 100.0% $25,891,037
(Cost $0)
The Maxim Series Fund
Government Guaranteed Fund II
BONDS
AGENCY --- 87.0%
2,000,000 FNMA 2,010,000
CMO 1998 SER.W2 CL.A2
6.500% September 1, 2000
24,000,000 Federal Home Loan Mortgage Corp 23,902,320
CMO Series 1602 Class PE
5.550% September 15, 2018
3,374,118 Federal Home Loan Mortgage Corp 3,425,776
Pool #C80391
7.000% March 1, 2026
964,659 Federal Home Loan Mortgage Corp 967,968
CMO SER.1544 CL.E
6.250% June 15, 2008
78,147 Federal Home Loan Mortgage Corp 79,343
Pool #D70253
7.000% April 1, 2026
10,000,000 Federal Home Loan Mortgage Corp 9,987,500
CMO Series 1596 Class B
5.900% January 15, 2012
623,187 Federal National Mortgage Association 632,336
Pool #290406
7.000% August 1, 2024
297,031 Federal National Mortgage Association 301,392
Pool #303020
7.000% October 1, 2024
1,947,727 Federal National Mortgage Association 1,961,107
Pool #343349
6.500% April 1, 2011
864,844 Federal National Mortgage Association 887,589
Pool #377121
7.500% June 1, 2027
662,689 Federal National Mortgage Association 680,118
Pool #390405
7.500% June 1, 2027
286,809 Federal National Mortgage Association 294,352
Pool #378176
7.500% June 1, 2027
58,877 Federal National Mortgage Association 59,741
Pool #283036
7.000% May 1, 2024
69,365 Federal National Mortgage Association 70,384
Pool #282976
7.000% May 1, 2024
406,268 Federal National Mortgage Association 412,232
Pool #282802
7.000% May 1, 2024
299,874 Federal National Mortgage Association 304,276
Pool #282105
7.000% May 1, 2024
441,556 Federal National Mortgage Association 448,038
Pool #281864
7.000% June 1, 2024
322,642 Federal National Mortgage Association 327,379
Pool #281711
7.000% May 1, 2024
357,827 Federal National Mortgage Association 363,080
Pool #280752
7.000% May 1, 2024
657,454 Federal National Mortgage Association 667,105
Pool #280025
7.000% May 1, 2024
160,599 Federal National Mortgage Association 162,957
Pool #279420
7.000% May 1, 2024
250,370 Federal National Mortgage Association 254,045
Pool #279963
7.000% May 1, 2024
43,953 Federal National Mortgage Association 44,599
Pool #276235
7.000% May 1, 2024
295,403 Federal National Mortgage Association 299,739
Pool #275955
7.000% May 1, 2024
97,502 Federal National Mortgage Association 98,933
Pool #274999
7.000% June 1, 2024
143,080 Federal National Mortgage Association 145,180
Pool #275009
7.000% March 1, 2024
67,465 Federal National Mortgage Association 68,455
Pool #275375
7.000% May 1, 2024
222,672 Federal National Mortgage Association 225,941
Pool #269593
7.000% May 1, 2024
375,962 Federal National Mortgage Association 381,481
Pool #245442
7.000% November 1, 2023
70,956 Federal National Mortgage Association 71,997
Pool #238282
7.000% October 1, 2023
681,161 Federal National Mortgage Association 691,161
Pool #237167
7.000% March 1, 2024
277,290 Federal National Mortgage Association 281,360
Pool #214116
7.000% January 1, 2024
227,212 Federal National Mortgage Association 230,548
Pool #214046
7.000% December 1, 2023
353,956 Federal National Mortgage Association 359,152
Pool #280800
7.000% May 1, 2024
221,985 Federal National Mortgage Association 225,243
Pool #279430
7.000% June 1, 2024
60,082 Federal National Mortgage Association 60,964
Pool #279408
7.000% May 1, 2024
368,434 Federal National Mortgage Association 373,843
Pool #269301
7.000% January 1, 2024
34,687 Federal National Mortgage Association 35,197
Pool #268552
7.000% January 1, 2024
249,654 Federal National Mortgage Association 253,319
Pool #267885
7.000% April 1, 2024
163,640 Federal National Mortgage Association 166,042
Pool #267907
7.000% January 1, 2024
43,806 Federal National Mortgage Association 44,449
Pool #266624
7.000% January 1, 2024
134,304 Federal National Mortgage Association 136,275
Pool #266086
7.000% January 1, 2024
42,721 Federal National Mortgage Association 43,348
Pool #265172
7.000% January 1, 2024
640,744 Federal National Mortgage Association 650,150
Pool #289167
7.000% July 1, 2024
281,364 Federal National Mortgage Association 285,494
Pool #286839
7.000% June 1, 2024
397,701 Federal National Mortgage Association 403,539
Pool #286120
7.000% May 1, 2024
491,588 Federal National Mortgage Association 498,804
Pool #285161
7.000% June 1, 2024
399,989 Federal National Mortgage Association 405,861
Pool #284346
7.000% May 1, 2024
119,720 Federal National Mortgage Association 121,477
Pool #284342
7.000% May 1, 2024
305,740 Federal National Mortgage Association 310,229
Pool #283679
7.000% May 1, 2024
123,841 Federal National Mortgage Association 125,659
Pool #283412
7.000% May 1, 2024
46,001 Federal National Mortgage Association 46,677
Pool #283196
7.000% May 1, 2024
257,927 Federal National Mortgage Association 261,714
Pool #262337
7.000% December 1, 2023
205,619 Federal National Mortgage Association 208,638
Pool #262067
7.000% January 1, 2024
118,323 Federal National Mortgage Association 120,060
Pool #261954
7.000% December 1, 2023
101,773 Federal National Mortgage Association 103,267
Pool #260679
7.000% January 1, 2024
142,530 Federal National Mortgage Association 144,622
Pool #264781
7.000% January 1, 2024
348,822 Federal National Mortgage Association 353,943
Pool #264068
7.000% January 1, 2024
276,309 Federal National Mortgage Association 280,365
Pool #280825
7.000% July 1, 2024
304,161 Federal National Mortgage Association 308,626
Pool #262691
7.000% December 1, 2023
35,815 Federal National Mortgage Association 36,341
Pool #304451
7.000% December 1, 2024
47,567 Federal National Mortgage Association 48,818
Pool #366998
7.500% May 1, 2027
304,862 Federal National Mortgage Association 312,880
Pool #392289
7.500% June 1, 2027
294,577 Federal National Mortgage Association 298,901
Pool #289406
7.000% July 1, 2024
50,449 Federal National Mortgage Association 51,189
Pool #264709
7.000% May 1, 2024
196,906 Federal National Mortgage Association 199,797
Pool #265097
7.000% January 1, 2024
309,706 Federal National Mortgage Association 314,253
Pool #260502
7.000% January 1, 2024
498,714 Federal National Mortgage Association 506,036
Pool #250005
7.000% April 1, 2024
217,836 Federal National Mortgage Association 221,033
Pool #249703
7.000% November 1, 2023
236,073 Federal National Mortgage Association 239,539
Pool #248363
7.000% May 1, 2024
2,500,000 US Department of Veterans Affairs 2,568,750
VENDEE TRUST SER.1997-2 CL.B
7.500% January 15, 2013
$61,862,926
U.S. GOVERNMENTS --- 5.8%
1,400,000 Federal National Mortgage Association 1,395,184
Callable Notes
1,200,000 United States of America 1,192,500
Treasury Notes
5.250% January 31, 2001
500,000 United States of America 503,595
Treasury Notes
6.375% May 15, 1999
1,000,000 United States of America 1,012,340
Treasury Notes
6.125% September 30, 2000
$4,103,619
TOTAL BONDS --- 92.8% $65,966,545
(Cost $0)
SHORT-TERM INVESTMENTS
SECURITIES & COMMODITIES --- 7.2%
5,100,000 Morgan Stanley Group 5,100,000
$5,100,000
TOTAL SHORT-TERM INVESTMENTS --- 7.2% $5,100,000
(Cost $0)
TOTAL GOVERNMENT GUARANTEED FUND II --- 100.0% $71,066,545
(Cost $0)
The Maxim Series Fund
Government Guaranteed Fund V
BONDS
AGENCY --- 89.5%
5,000,000 Federal Home Loan Mortgage Corp 5,021,850
CMO Series 1423 Class DD
6.375% January 15, 2006
3,000,000 Federal Home Loan Mortgage Corp 2,995,290
CMO Series 1626 Class PN
5.800% January 15, 2006
1,730,000 Federal National Mortgage Association 1,724,049
CMO Series 1993-167 Class G
6.000% August 25, 2019
3,000,000 Federal National Mortgage Association 3,009,360
CMO Series 1993-42 Class C
6.550% December 25, 2017
2,500,000 US Department of Veterans Affairs 2,568,750
VENDEE TRUST SER.1997-2 CL.B
7.500% January 15, 2013
$15,319,299
TOTAL BONDS --- 89.5% $15,319,299
(Cost $0)
SHORT-TERM INVESTMENTS
SECURITIES & COMMODITIES --- 10.5%
1,800,000 Morgan Stanley Group 1,800,000
$1,800,000
TOTAL SHORT-TERM INVESTMENTS --- 10.5% $1,800,000
(Cost $0)
TOTAL GOVERNMENT GUARANTEED FUND V --- 100.0% $17,119,299
(Cost $0)
The Maxim Series Fund
Government Securities Fund IV
BONDS
AGENCY --- 75.8%
2,488,352 ********** (blank) ********** 3128G2DN1 2,524,184
Fhlmc Pool#D89109
7.000% April 1, 2028
2,100,000 ********** (blank) ********** GN0600$30 2,054,010
TBA
6.000% February 1, 2028
5,000,000 Federal Home Loan Bank 4,990,000
Global Notes
5.625% March 19, 2001
953,302 Federal Home Loan Mortgage Corp 998,584
Pool #A01615
8.500% January 1, 2017
3,555,000 Federal National Morgage Association 3,643,875
CMO SER.1992-170 CL.J
7.000% July 25, 2007
2,999,656 Federal National Mortgage Association 3,133,440
Pool #396905
8.500% December 1, 2025
3,000,000 Federal National Mortgage Association 2,979,300
CMO SER.1992-196 CL.J
6.000% November 25, 2007
1,000,000 Federal National Mortgage Association 1,045,200
CMO SER.97-28 CL.PD
7.500% July 18, 2023
701,754 Federal National Mortgage Association 709,403
Pool #124817
6.500% April 1, 2008
767,563 Federal National Mortgage Association 796,346
Pool #365861
8.000% December 1, 2016
184,377 Federal National Mortgage Association 186,387
Pool #228692
6.500% July 1, 2008
315,386 Federal National Mortgage Association 318,823
Pool #229174
6.500% July 1, 2008
47,316 Federal National Mortgage Association 47,832
Pool #229176
6.500% July 1, 2008
266,187 Federal National Mortgage Association 269,088
Pool #232655
6.500% August 1, 2008
280,384 Federal National Mortgage Association 283,440
Pool #232920
6.500% August 1, 2008
675,168 Federal National Mortgage Association 694,140
Pool #339708
7.500% October 1, 2018
811,749 Federal National Mortgage Association 852,337
Pool #341411
8.500% February 1, 2021
816,402 Federal National Mortgage Association 855,671
Pool #349962
8.500% May 1, 2025
2,000,000 Federal National Mortgage Association 2,010,000
CMO SER.1998-36 CL.A
6.500% January 18, 2027
2,000,000 Federal National Mortgage Association 2,034,000
CMO Series 1996-12 Class E
6.500% August 25, 2003
51,336 Federal National Mortgage Association 51,896
Pool #050750
6.500% June 1, 2008
747,141 Federal National Mortgage Association 755,285
Pool #050777
6.500% August 1, 2008
661,443 Federal National Mortgage Association 668,653
Pool #050927
6.500% November 1, 2008
3,000,000 Federal National Mortgage Association 2,991,600
TBA
6.500% September 1, 2024
1,359,949 Government National Mortgage Association II 1,407,683
Pool #000940
8.000% March 20, 2023
1,976,613 Government National Mortgage Association II 2,004,286
Pool #002591
7.000% May 20, 2028
3,000,000 US Department of Veterans Affairs 3,159,900
VENDEE TRUST SER.1997-3 CL.2B
7.500% August 15, 2018
1,000,000 US Department of Veterans Affairs 1,027,500
VENDEE TRUST SER.1997-2 CL.B
7.500% January 15, 2013
$42,492,863
U.S. GOVERNMENTS --- 14.2%
4,500,000 United States of America 4,505,625
Treasury Notes
5.625% November 30, 1999
3,500,000 United States of America 3,478,125
Treasury Notes
5.250% January 31, 2001
$7,983,750
TOTAL BONDS --- 90.0% $50,476,613
(Cost $0)
SHORT-TERM INVESTMENTS
SECURITIES & COMMODITIES --- 10.0%
5,600,000 Morgan Stanley Group 5,600,000
$5,600,000
TOTAL SHORT-TERM INVESTMENTS --- 10.0% $5,600,000
(Cost $0)
TOTAL GOVERNMENT SECURITIES FUND IV --- 100.0% $56,076,613
(Cost $0)
The Maxim Series Fund
Growth Index Portfolio
COMMON STOCK
AGENCY --- 1.2%
43,000 Federal National Mortgage Association (nonvtg) 2,612,250
$2,612,250
AGRICULTURE --- 0.0%
920 Agribrands International Inc* 27,830
100 Dekalb Genetics Corp Class B 9,463
100 Delta & Pine Land Co 4,450
900 Dole Food Company Inc 44,718
$86,461
AIR --- 0.2%
2,450 Comair Holdings Inc 75,644
700 FDX Corp* 43,925
3,300 Gulfstream Aerospace Corp* 153,450
1,600 Northwest Airlines Corp* 61,699
1,500 Pittston Burlington Group 55,313
100 US Air Group Inc* 7,925
$397,956
COMMUNICATIONS --- 3.1%
5,533 360 Communications Co* 177,056
3,600 AH Belo Corp Class A 87,750
3,400 Advanced Fibre Communications* 136,211
23,600 Airtouch Communications Inc* 1,379,113
1,000 CBS Corp 31,750
4,600 CIENA Corp* 320,275
5,200 Cabletron Systems Inc* 69,872
1,300 Chancelor Media Corp* 64,553
2,900 Clear Channel Communications Inc* 316,462
16,423 Comcast Corp Class A 666,659
1,000 CommScope Inc* 16,187
100 Cox Communications Inc* 4,844
1,900 Excel Communications Inc* 43,580
11,000 Gannett Company Inc 781,682
699 Gaylord Entertainment 22,543
4,500 General Instrument Corp* 122,342
200 Hearst-Argyle Television Inc* 8,000
100 Heftel Broadcasting Corp Class A* 4,475
100 Intermedia Communications Inc* 4,194
3,005 Liberty Media Group* 116,630
500 Mediaone Group Inc* 21,969
200 Nextlink Communications Inc* 7,575
300 Paging Network Inc* 4,200
1,100 PanAmStat Corp* 62,563
2,800 Qualcomm Inc* 157,324
5,230 Qwest Communications International Inc* 182,396
200 RELTEC Corp* 9,000
320 Scripps Howard Broadcasting Co Class A 17,540
12,795 Tele-Communications Inc* 491,801
600 Tele-Communications TCI Venture Group* 12,037
1,100 Telephone & Data Systems Inc 43,313
1,600 Teleport Communications Group Inc* 86,800
1,900 USA Networks Inc* 47,738
400 United States Cellular Corp* 12,300
1,000 Univision Communications Inc* 37,250
6,900 Viacom Inc Class B* 401,925
18,519 Worldcom Inc* 897,005
$6,866,914
CONSTRUCTION --- 0.0%
2,641 Clayton Homes Inc 50,179
600 Johns Manville Corp 9,037
100 Lennar Corp 2,950
$62,166
CONSUMER SERVICES --- 14.5%
4,100 Accustaff Inc* 128,125
11,700 Amgen Inc* 764,887
1,800 Apollo Group Inc Class A* 59,512
100 Arterial Vascular Engineering Inc* 3,575
12,900 Baxter International Inc 694,175
100 Beckman Coulter Inc 5,825
4,900 Becton Dickinson & Co 380,362
500 Beverly Enterprises Inc 6,906
3,100 Biogen Inc* 151,900
4,500 Biomet Inc 148,779
30,800 Bristol-Myers Squibb Co 3,540,060
15,914 CVS Corp 619,643
100 Capstar Broadcasting Corp* 2,512
35,003 Cendant Corp* 730,688
2,700 Circus Circus Enterprises Inc* 45,730
13,502 Columbia/HCA Healthcare Corp 393,246
200 DePuy Inc 5,650
42,200 Eli Lilly & Co 2,787,816
3,000 First Health Group Corp* 85,500
1,900 Forest Laboratories Inc* 67,925
5,110 Foundation Health Systems* 134,776
200 Galileo International Inc 9,012
800 Genesis Health Ventures Inc* 20,000
2,100 Genzyme Corp 53,680
2,800 H&R Block Inc 117,950
1,350 Harrah's Entertainment Inc* 31,388
1,800 Health Care & Retirement Corp* 70,987
6,662 Health Management Associates Inc* 222,757
18,272 Healthsouth Corp* 487,625
100 Hertz Corp 4,431
4,400 Hilton Hotels Corp 125,400
700 Host Marriott Corp* 12,468
4,900 Humana Inc* 152,816
100 International Home Foods Inc* 2,275
2,200 Ivax Corp* 20,350
61,676 Johnson & Johnson 4,548,605
100 Keebler Foods Co* 2,750
2,725 La Quinta Inns Inc 57,566
2,600 Lincare Holdings Inc* 109,361
448 MGM Grand Inc* 14,140
800 Manor Care Inc 30,750
6,400 Marriott International Inc 207,200
7,499 MedPartners Inc* 59,992
21,500 Medtronic Inc 1,370,625
54,800 Merck & Company Inc 7,329,500
632 Midas Inc 12,719
7,800 Mirage Resorts Inc* 166,234
3,800 Omnicare Inc 144,875
1,652 Pacific Health Systems* 145,996
2,900 Phycor Inc* 48,030
3,173 Promus Hotel Corp* 122,161
3,450 Quorum Health Group Inc* 91,425
14,300 Republic Industries Inc* 357,500
400 Revlon Inc* 20,550
200 Sabre Group Holdings Inc* 7,600
11,700 Service Corporation International 501,638
500 Servicemaster Co 19,031
3,419 St Jude Medical Inc* 125,860
2,900 Stewart Enterprises Inc Class A 77,213
3,400 Stryker Corp 130,475
100 Suiza Foods Corp* 5,969
3,990 Tenet Healthcare Corp* 124,688
29,308 The Walt Disney Co 3,079,157
200 Total Renal Care Holdings Inc* 6,900
6,100 United Healthcare Corp 387,350
1,400 United States Surgical Corp 63,875
1,100 Universal Health Services Inc Class B* 64,213
2,080 Vencor Inc* 15,080
2,680 Ventas Inc* 37,016
500 Wellpoint Health Networks* 37,000
1,500 Whitman Corp 34,406
$31,646,181
CREDIT INSTITUTIONS --- 2.7%
688 Advanta Corp Class A 15,093
16,300 American Express Co 1,858,200
13,200 Associates First Capital Corp 1,014,750
200 Banc One Corp 11,162
200 Bank of New York Company Inc 12,137
500 Capital One Financial Corp 62,093
4,200 Concord EFS Inc* 109,725
300 Countrywide Credit Industries Inc 15,225
7,837 Fifth Third Bancorp 493,731
100 Firstplus Financial Group Inc* 3,600
13,200 Household International Inc 656,700
20,012 MBNA Corp 660,396
100 Mellon Bank Corp 6,963
900 Northern Trust Corp 68,625
3,300 Norwest Corp 123,338
400 Paymentech Inc* 8,225
3,300 Star Banc Corp 210,788
800 State Street Boston Corp 55,600
10,500 Synovus Financial Corp 249,375
900 TCF Financial Corp 26,550
1,600 The Money Store Inc 54,299
2,450 Washington Mutual Inc 106,421
100 Wilmington Trust Co 6,088
1,900 Zions Bancorp 100,938
$5,930,022
ELECTRIC --- 0.2%
6,606 AES Corp* 347,224
580 Texas Utilities Co 24,143
$371,367
ELECTRONICS - HIGH TECH --- 19.0%
2,500 AMP Inc 85,937
1,000 AVX Corp 16,062
5,200 Adaptec Inc* 74,422
3,200 Adobe Systems Inc 135,798
3,300 Advanced Micro Devices Inc* 56,305
3,600 American Power Conversion Corp* 108,000
7,500 Analog Devices Inc* 184,215
4,075 Andrew Corp* 73,603
16,800 Applied Materials Inc* 495,600
7,920 Ascend Communications Inc* 392,531
100 At Home Corp* 4,731
4,500 Atmel Corp* 61,312
100 Avnet Inc 5,469
5,600 Boston Scientific Corp* 401,100
46,400 Cisco Systems Inc* 4,271,677
100 Citrix Systems Inc* 6,837
2,200 Coltec Industries Inc* 43,725
60,100 Compaq Computer Corp 1,705,338
100 Comverse Technology Inc* 5,188
2,000 Cypress Semiconductor Corp* 16,624
3,800 DSC Communications Corp* 114,000
700 DST Systems Inc* 39,200
1,000 Dallas Semiconductor Corp 31,000
24,200 Dell Computer Corp* 2,246,050
1,900 Dentsply International Inc 47,500
3,175 Diebold Inc 91,678
2,600 Eastman Kodak Co 189,961
14,400 Electronic Data Systems Corp 576,000
5,500 Emerson Electric Co 332,063
3,500 FORE Systems Inc* 92,750
2,133 Federal Signal Corp 51,857
3,020 Gateway 2000 Inc* 152,888
137,200 General Electric Co 12,485,200
775 General Semiconductor Inc 7,653
36,900 Hewlett-Packard Co 2,209,388
4,600 Honeywell Inc 384,385
720 Hubbell Inc Class B 29,970
74,500 Intel Corp 5,522,313
300 International Business Machines Corp 34,444
4,300 International Game Technology 104,275
100 J D Edwards & Co* 4,294
500 Jabil Circuit Inc* 16,531
3,800 KLA-Tencor Corp* 105,211
6,400 LSI Logic Corp* 147,597
1,700 Lam Research Corp* 32,513
100 Learning Company Inc* 2,963
2,900 Lexmark International Group Inc Class A* 176,900
3,500 Linear Technology Corp 211,092
1,400 MSC Industrial Direct Company Inc Class A* 39,900
5,600 Maxim Integrated Products Inc* 177,447
200 Maytag Corp 9,875
400 Memc Electronic Materials Inc* 4,150
900 Micron Electronics Inc* 10,856
7,400 Micron Technology Inc* 183,609
1,915 Molex Inc 47,875
25,600 Motorola Inc 1,345,587
900 National Semiconductor Corp* 11,868
2,625 Netscape Communications Corp* 71,038
4,800 Network Associates Inc* 229,800
2,500 Novell Inc* 31,875
3,200 Pairgain Technologies Inc* 55,798
2,200 Perkin-Elmer Corp 136,811
400 Pittway Corp Class A 29,550
1,200 Presstek Inc* 13,424
5,300 Quantum Corp* 109,975
2,700 SCI Systems Inc* 101,588
100 Safeskin Corp* 4,113
100 Sanmina Corp* 4,338
2,700 Scientific-Atlanta Inc 68,513
11,100 Seagate Technology Inc* 264,313
1,600 Security Dynamics Technologies Inc* 29,600
1,600 Sensormatic Electronics Corp* 22,400
200 Siebel Systems Inc* 6,450
4,300 Silicon Graphics Inc* 52,138
1,000 Sofamor Danek Group Inc* 86,562
4,900 Solectron Corp* 206,104
1,600 Steris Corp* 101,749
4,114 Sterling Commerce Inc* 199,529
200 Storage Technology Corp* 8,675
17,300 Sun Microsystems Inc* 751,460
2,025 Symbol Technologies Inc 76,444
150 Tektronix Inc 5,306
500 Teleflex Inc 19,000
7,400 Tellabs Inc* 530,025
3,800 Teradyne Inc* 101,650
17,900 Texas Instruments Inc 1,043,785
6,100 Thermo Electron Corp* 208,541
812 Thermo Instrument Systems Inc* 21,315
340 Thomas & Betts Corp 16,745
100 Uniphase Corp* 6,278
5,400 Unisys Corp* 152,550
1,000 VLSI Technology Inc* 16,781
1,400 Varian Associates Inc 54,600
100 Veritas Software Corp* 4,138
744 Vishay Intertechnology Inc* 13,345
3,200 Vitesse Semiconductor Corp* 98,800
100 Waters Corp* 5,894
9,420 Xerox Corp 957,308
3,200 Xilinx Inc* 108,800
100 Yahoo! Inc* 15,750
500 York International Corp 21,781
$41,479,956
ENVIRONMENTAL SERVICES --- 0.2%
200 Allied Waste Industries Inc* 4,800
700 Browning-Ferris Industries Inc 24,325
8,662 USA Waste Services Inc* 427,686
700 Waste Management Inc 24,500
$481,311
FINANCIAL SERVICES --- 0.0%
400 ContiFinancial Corp* 9,250
100 Ocwen Financial Corp* 2,688
100 Starwood Financial Trust* 5,600
$17,538
GAS --- 0.2%
4,600 Enron Corp 248,685
600 Marketspan Corp 17,962
2,700 NGC Corp 33,750
1,700 Pogo Producing Co 42,713
500 Seagull Energy Corp* 8,281
2,200 Sonat Inc 84,975
100 Williams Companies Inc 3,375
$439,741
HOLDING & INVEST OFFICES --- 0.8%
7,400 Cognizant Corp 466,200
600 Finova Group Inc 33,975
600 Green Point Financial Corp 22,575
6,100 Green Tree Financial Corp 261,153
5,200 MGIC Investment Corp 296,722
300 Meditrust Corp 8,381
500 National Commerce Bancorp 20,938
1,100 Provident Financial Group Inc 50,188
8,000 SLM Holding Corp 392,000
4,000 U S Bancorp 172,000
2,200 US Industries Inc 54,450
$1,778,582
INDEPENDENT POWER PROD --- 0.0%
2,000 Calenergy Inc* 60,124
$60,124
INDUSTRIAL SERVICES --- 11.2%
100 Affiliated Computer Services Inc* 3,850
4,100 Altera Corp* 121,204
9,600 America Online Inc 1,017,600
600 Arrow Electronics Inc* 13,050
2,000 Autodesk Inc 77,250
13,700 Automatic Data Processing Inc 998,387
9,400 BMC Software Inc* 488,208
9,700 Cadence Design Systems Inc* 303,125
1,900 Cambridge Technology Partners Inc* 103,787
3,400 Ceridian Corp* 199,750
530 Choisepoint Inc* 26,831
100 Ciber Inc* 3,800
2,900 Cintas Corp 147,900
100 Comdisco Inc 1,900
19,125 Computer Associates International Inc 1,062,593
6,732 Computer Sciences Corp 430,848
6,900 Compuware Corp* 352,763
3,700 Corrections Corporation of America* 86,950
3,200 Deluxe Corp 114,598
2,700 Electronic Arts Inc* 145,800
6,800 Equifax Inc 246,922
18,070 First Data Corp 601,948
3,750 Fiserv Inc* 159,255
900 Fluor Corp 45,900
500 Foster Wheeler Corp 10,719
1,900 Gtech Holdings Corp* 64,005
19,600 HBO & Co 690,900
100 I2 Technologies Inc* 3,513
4,100 Informix Corp* 32,415
6,000 Interpublic Group of Companies Inc 364,122
1,800 Intuit Inc* 110,250
3,100 Keane Inc* 173,600
100 Lamar Advertising Co* 3,588
59,606 Lucent Technologies Inc 4,958,444
3,500 Manpower Inc 100,405
69,100 Microsoft Corp* 7,488,713
1,500 National Data Corp 65,625
900 Olsten Corp 10,068
7,800 Omnicom Group Inc 389,025
34,750 Oracle Systems Corp* 853,530
200 Outdoor Systems Inc* 5,600
11,800 Parametric Technology Corp* 320,075
6,205 Paychex Inc 252,463
7,100 Peoplesoft Inc* 333,700
9,100 Pitney Bowes Inc 437,938
200 Platinum Technology Inc* 5,712
100 Policy Management Systems Corp* 3,925
2,400 Quintiles Transnational Corp* 118,049
2,800 Reynolds & Reynolds Co Class A 50,924
4,200 Robert Half International Inc* 234,675
1,200 Shared Medical Systems Corp 88,124
100 Snyder Communications Inc* 4,400
1,300 Sterling Software Inc* 38,431
4,300 Sungard Data System Inc* 165,013
2,700 Synopsys Inc* 123,525
700 TeleTech Holdings Inc* 8,575
1,662 Total System Services Inc 34,902
200 TransTexas Gas Corp* 1,775
1,200 Transaction Systems Inc Class A* 46,200
100 True North Communications Inc 2,925
760 Wallace Computer Services Inc 18,050
1,000 Western Atlas Inc 84,875
$24,452,997
INSURANCE --- 1.7%
1,300 20th Century Industries 37,293
100 AON Corp 7,025
1,874 Aetna Inc 142,658
9,100 Aflac Inc 275,839
100 American Bankers Insurance Group Inc 6,012
5,800 American International Group Inc 846,800
3,200 Conseco Inc 149,600
3,100 Erie Indemnity Co Class A 89,513
600 Everest Reinsurance Holdings Inc 23,062
3,900 Marsh & McLennan Companies Inc 235,704
100 Mercury General Corp 6,444
3,600 Oxford Health Plans Inc* 55,123
2,000 Progressive Corp 282,000
300 Protective Life Corp 11,006
246 Provident Companies Inc 8,487
200 Providian Financial Corp 15,712
100 Reliance Group Holdings Inc 1,750
7,950 SunAmerica Inc 456,624
200 The PMI Group Inc 14,675
14,949 Travelers Group Inc 906,283
3,000 Unum Corp 166,500
$3,738,110
MFTG - CONSUMER PRODS --- 14.6%
7,300 Anheuser-Busch Companies Inc 344,465
5,700 Avon Products Inc 441,750
2,100 Bed Bath & Beyond Inc* 108,805
10,300 Bestfoods 598,039
400 Brown-Forman Corp Class B 25,700
800 Brunswick Corp 19,800
10,800 Campbell Soup Co 573,750
400 Central Newspapers Inc 27,900
100,200 Coca-Cola Co 8,567,100
9,800 Coca-Cola Enterprises Inc 384,650
13,500 Colgate-Palmolive Co 1,188,000
4,200 CompUSA Inc* 75,860
22,000 ConAgra Inc 697,114
850 Corn Products International Inc* 28,794
4,700 Dial Corp 121,904
2,100 Dura Pharmaceuticals Inc* 46,988
100 Ethan Allen Interiors Inc 4,994
3,100 Flowers Industries Inc 63,355
700 Fruit of the Loom Inc Class A* 23,231
2,100 Gartner Group Inc Class A* 73,500
5,200 General Mills Inc 355,550
51,365 Gillette Co 2,911,728
5,750 HJ Heinz Co 322,719
2,600 HON Industries Inc 88,400
2,000 Harcourt General Inc 119,000
1,800 Harte-Hanks Communications Inc 46,462
400 Hasbro Inc 15,725
4,100 Herman Miller Inc 99,679
2,700 Hershey Foods Corp 186,300
2,200 Hillenbrand Industries Inc 132,000
200 Hollinger International Inc 3,400
2,900 Ikon Office Solutions Inc 42,230
1,700 International Flavors & Fragrances Inc 73,843
1,800 Interstate Bakeries Co 59,737
3,000 Jones Apparel Group Inc* 109,686
6,700 Kellogg Co 251,665
200 Knight-Ridder Inc 11,012
1,349 Lancaster Colony Corp 51,093
1,100 Lee Enterprises Inc 33,688
8,600 Leggett & Platt Inc 215,000
1,400 Liz Claiborne Inc 73,150
5,600 Masco Corp 338,800
13,483 Mattel Inc 570,493
500 McCormick & Company Inc (nonvtg) 17,859
1,000 McGraw-Hill Companies Inc 81,562
1,800 Meredith Corp 84,487
800 Nabisco Holdings Corp Class A 28,850
900 New York Times Co Class A 71,325
7,300 Newell Co 363,628
1,200 Nine West Group Inc* 32,174
68,200 Pepsico Inc 2,808,953
111,200 Philip Morris Companies Inc 4,378,500
9,000 Pioneer Hi-Bred International Inc 372,375
5,900 Primedia Inc* 80,016
1,300 Quaker Oats Co 71,418
200 RR Donnelley & Sons Co 9,150
4,500 Ralston-Ralston Purina Group 525,654
1,200 Readers Digest Association Inc Class A 32,550
5,900 Rubbermaid Inc 195,803
13,400 Sara Lee Corp 749,556
500 Shaw Industries Inc 8,813
1,100 Sodexho Marriott Services 31,900
4,000 Starbucks Corp* 213,748
3,200 The Times Mirror Co Class A 201,200
1,400 Tiffany & Co 67,200
4,925 Time Warner Inc 420,777
412 Tootsie Roll Industries Inc 31,621
3,700 Tribune Co 254,604
2,300 Tupperware Corp 64,688
1,000 Tyson Foods Inc Class A 21,687
100 US Foodservice Inc* 3,506
7,700 UST Inc 207,900
2,300 Unifi Inc 78,775
900 Valassis Communications Inc* 34,706
700 Viad Corp 19,425
720 Vlasic Foods International Inc* 14,490
2,900 Warnaco Group Inc Class A 123,067
1,900 Westpoint Stevens Inc* 62,700
4,700 Wm Wrigley Jr Co 460,600
1,700 Wolverine World Wide Inc 36,868
$31,789,194
MFTG - INDUSTRIAL PRODS --- 13.8%
16,330 3Com Corp* 501,119
65,800 Abbott Laboratories 2,689,575
800 Air Products & Chemicals Inc 32,000
2,600 Airgas Inc* 37,375
5,417 Allegheny Teledyne Inc 123,914
3,600 Alza Corp 155,700
60,000 American Home Products Corp 3,105,000
3,300 American Standard Companies Inc* 147,467
100 Armstrong World Industries Inc 6,737
10,135 Bay Networks Inc* 326,854
2,100 Bemis Company Inc 85,837
400 Betz Laboratories Inc 16,550
1,450 Blyth Industries Inc* 48,212
800 Cabot Corp 25,850
3,400 Callaway Golf Co 66,936
1,200 Camco International Inc 93,450
3,200 Centocor Inc* 116,000
8,100 Chiron Corp* 127,065
3,100 Clorox Co 295,662
10,600 Corning Inc 368,350
1,500 Crane Co 72,843
3,200 Crompton & Knowles Corp 80,598
1,300 Crown Cork & Seal Company Inc 61,750
2,100 Cytec Industries Inc* 92,925
3,000 Danaher Corp 110,061
1,500 Dover Corp 51,375
7,800 EI DuPont De Nemours & Co 582,075
22,800 EMC Corp* 1,021,714
2,150 EVI Weatherford Inc* 79,819
5,200 Ecolab Inc 161,200
2,400 Electronics for Imaging Inc* 50,700
4,500 Engelhard Corp 91,125
3,025 Fort James Corp 134,613
6,900 Guidant Corp 492,053
230 Harnischfeger Industries Inc 6,512
200 Harsco Corp 9,162
4,500 Hercules Inc 185,063
100 Howmet International Inc* 1,500
1,500 Hussmann International Inc 27,843
1,700 Illinois Tool Works Inc 113,368
800 Immunex Corp* 53,000
23,760 Kimberly-Clark Corp 1,089,990
1,800 Lear Corp* 92,362
100 Lyondell Petrochemical Co 3,044
500 Meritor Automotive Inc 12,000
2,400 Microchip Technology Inc* 62,700
2,000 Millipore Corp 54,500
9,300 Minnesota Mining & Manufacturing Co 764,339
27,300 Monsanto Co 1,525,388
1,000 Morton International Inc 25,000
4,800 Mylan Laboratories Inc 144,298
1,500 Novellus Systems Inc* 53,531
3,200 Nucor Corp 147,200
500 Octel Corp* 9,938
4,500 Owens-Illinois Inc* 201,375
600 PPG Industries Inc 41,737
5,700 Pall Corp 116,850
59,500 Pfizer Inc 6,466,877
7,200 Praxair Inc 337,046
1,100 Precision Castparts Corp 58,713
1,100 RP Scherer Corp* 97,488
1,356 RPM Inc 23,052
3,900 Raychem Corp 115,292
33,600 Schering-Plough Corp 3,078,600
3,515 Sealed Air Corp* 129,176
1,600 Sherwin-Williams Co 53,000
1,300 Sigma Aldrich Corp 45,663
300 Snap-On Inc 10,875
2,060 Solutia Inc 59,095
1,265 Sonoco Products Co 38,266
100 Stone Container Corp Series E* 1,563
900 The BF Goodrich Co 44,663
1,000 The Stanley Works 41,562
1,600 UCAR International Inc* 46,699
1,200 USG Corp 64,950
4,400 United States Filter Co* 123,473
1,300 Unova Inc* 27,950
1,800 Valspar Corp 71,325
200 Varco International Inc* 3,962
3,500 WR Grace & Co 59,717
37,500 Warner-Lambert Co 2,601,563
4,000 Watson Pharmaceuticals Inc* 186,748
4,000 Western Digital Corp* 47,248
900 Witco Corp 26,325
1,500 Worthington Industries Inc 22,593
$30,076,688
MINING --- 0.1%
7,400 Freeport-McMoran Copper & Gold Inc Class B 112,384
500 Newmont Gold Co 12,344
7,216 Newmont Mining Corp 170,478
400 Southern Peru Copper Corp 5,200
$300,406
OIL & GAS --- 1.4%
2,600 Anadarko Petroleum Corp 174,686
700 Apache Corp 22,050
2,000 BJ Services Company USA* 58,124
6,800 Baker Hughes Inc 235,022
1,515 Burlington Resources Inc 65,239
2,100 Cooper Cameron Corp* 107,100
3,100 Diamond Offshore Drilling Inc 124,000
3,400 Dresser Industries Inc 149,811
1,300 Enron Oil & Gas Co 26,325
6,500 Ensco International Inc 112,938
200 Global Industries Ltd* 3,375
6,700 Global Marine Inc* 125,203
12,000 Halliburton Co 534,744
4,600 Nabors Industries Inc* 91,135
100 National-Oilwell Inc* 2,681
1,100 Noble Affiliates Inc 41,800
5,100 Noble Drilling Corp* 122,716
2,090 Ocean Energy Inc* 40,885
300 Oryx Energy Co* 6,638
500 Pennzoil Co 25,313
1,200 Pioneer Natural Resources Co 28,650
7,522 R&B Falcon Corp* 170,185
3,500 Rowan Companies Inc* 68,030
1,800 Smith International Inc* 62,662
6,400 Tosco Corp 188,000
2,450 Transocean Offshore Inc 109,025
8,000 Union Pacific Resources Group Inc 140,496
2,400 UnoCal Corp 85,800
900 Valero Energy Corp 29,925
800 Vastar Resources Inc 34,950
$2,987,508
OTHER TRANS SERVICES --- 0.0%
2,400 Tidewater Inc 79,200
$79,200
RAILROADS --- 0.1%
2,100 Kansas City Southern Industries Inc 104,213
2,300 Wisconsin Central Transportation Corp* 50,313
$154,526
REAL ESTATE --- 0.1%
100 Amresco Inc* 2,912
100 Boston Properties Inc 3,450
100 CCB Financial Corp 10,625
2,900 Catellus Development Corp* 51,292
2,800 The Rouse Co 88,024
3,500 Vornado Realty Trust 138,905
100 Westfield America Inc 1,838
$297,046
RETAIL TRADE --- 7.8%
100 Abercrombie & Fitch Co* 4,400
4,000 Albertson's Inc 207,248
100 Amazon Communications Inc* 9,975
598 Autoliv Inc 18,912
7,000 Autozone Inc* 223,559
100 BJ Wholesale Club Inc* 4,062
1,900 Barnes & Noble Inc* 71,130
100 Best Buy Inc* 3,612
500 Boise Cascade Office Products Corp* 7,750
3,300 Borders Group Inc* 122,100
100 CKE Restaurants Inc 4,125
4,500 Circuit City Stores Inc 210,937
4,893 Consolidated Stores Corp* 177,371
3,664 Corporate Express Inc* 46,485
2,400 Cracker Barrel Old Country Store Inc 76,200
6,800 Dayton Hudson Corp 329,800
4,891 Dollar General Corp 193,498
1,950 Dollar Tree Stores Inc* 79,219
5,100 Family Dollar Stores Inc 94,350
1,300 Fastenal Co 60,368
2,700 Federated Department Stores Inc* 145,292
100 Food Lion Inc Class A 1,006
900 Fred Meyer Inc* 38,250
100 Furniture Brands International Inc* 2,806
13,800 Gap Inc 850,425
3,800 General Nutrition Companies Inc* 118,275
300 Hannaford Brothers Co 13,200
33,600 Home Depot Inc 2,790,883
2,000 Intimate Brands Inc Class A 55,124
6,100 Kohls Corp* 316,438
9,200 Kroger Co* 394,450
1,700 Limited Inc 56,313
12,200 Lowe's Companies Inc 494,856
28,900 McDonald's Corp 1,994,100
900 Neiman Marcus Group Inc* 39,093
200 Nordstrom Inc 15,450
100 Nu Skin Asia Pacific Inc* 1,950
4,350 Office Depot Inc* 137,295
2,750 Officemax Inc* 45,375
2,100 Outback Steakhouse Inc* 81,900
1,100 Owens Corning 44,893
1,700 Pep Boys - Manny Moe & Jack 32,193
5,300 Petsmart Inc* 53,000
200 Pier 1 Imports Inc 4,775
1,300 Planet Hollywood International Inc* 9,100
200 Polo Ralph Lauren Corp* 5,600
200 Proffitts Inc* 8,075
100 Rexall Sundown Inc* 3,525
7,400 Rite Aid Corp 277,959
2,200 Ross Stores Inc 94,600
21,954 Safeway Inc* 893,242
2,500 Saks Holdings Inc* 69,063
10,500 Sears Roebuck & Co 641,151
11,537 Staples Inc* 333,846
14,600 TJX Companies Inc 352,225
2,300 Tandy Corp 122,043
4,430 Tricon Global Restaurants* 140,373
2,700 Venator Group Inc* 51,638
3,900 Viking Office Products Inc* 122,363
51,700 Wal-Mart Stores Inc 3,140,775
22,700 Walgreen Co 937,782
2,400 Wendy's International Inc 56,400
100 Whole Foods Market Inc* 6,050
100 Williams-Sonoma Inc* 3,181
500 Winn-Dixie Stores Inc 25,594
$16,967,028
SECURITIES & COMMODITIES --- 0.5%
8,500 Charles Schwab & Company Inc 276,250
7,600 Franklin Resources Inc 410,400
300 Lehman Brothers Holdings Inc 23,269
1,100 Morgan Stanley Group 100,513
4,400 T Rowe Price & Associates Inc 165,273
2,900 United Asset Management Corp 75,580
$1,051,285
TELEPHONE --- 0.7%
6,100 ADC Telecommunications Inc* 222,839
2,900 Ameritech Corp 130,137
200 Bell Atlantic Corp 9,125
700 Century Telephone Enterprises Inc 32,112
6,200 Cincinnati Bell Inc 177,475
400 Frontier Corp 12,600
6,700 GTE Corp 372,688
200 Global Telesystems Group Inc* 9,750
13,700 SBC Communications Inc 548,000
100 Southern New England Telecommunications Corp 6,550
100 Sprint Corp 7,050
$1,528,326
TRANSPORTATION --- 0.0%
100 CNF Transportation Inc 4,250
$4,250
TRANSPORTATION EQUIPMENT --- 1.6%
21,900 Allied-Signal Inc 971,812
200 Echlin Inc 9,812
100 Federal-Mogul Corp 6,750
100 General Motors Corp Series D 4,713
7,000 Harley-Davidson Inc 271,250
100 Orbital Sciences Corp* 3,738
1,750 Sundstrand Corp 100,188
400 Textron Inc 28,675
30,300 The Boeing Co 1,350,229
9,100 United Technologies Corp 841,750
$3,588,917
U.S. GOVERNMENTS --- 0.6%
26,300 Federal Home Loan Mortgage Corp 1,237,731
$1,237,731
WHOLESALE TRADE - INDL --- 0.1%
400 Jefferson Smurfit Corp* 6,287
1,300 McKesson Corp 105,625
4,400 Sybron International Corp* 111,100
$223,012
WHOLESALE TRADE -CONSUMER --- 3.5%
4,800 Avery Dennison Corp 258,000
1,025 Bergen Brunswig Corp Class A 47,534
5,013 Cardinal Health Inc 469,969
8,500 Costco Companies Inc* 536,027
1,600 Estee Lauder Companies 111,499
2,000 Ingram Micro Inc* 88,500
5,800 Nike Inc Class B 282,385
59,000 Procter & Gamble Co 5,372,658
1,000 Reebok International Ltd* 27,687
2,700 Sunbeam-Oster Co 28,013
15,600 Sysco Corp 399,750
1,600 Tech Data Corp* 68,600
$7,690,622
TOTAL COMMON STOCK --- 100.0% $218,397,415
(Cost $156,018,349)
TOTAL GROWTH INDEX PORTFOLIO --- 100.0% $218,397,415
(Cost $156,018,349)
The Maxim Series Fund
INVESCO Balanced Portfolio
BONDS
AGENCY --- 5.0%
1,362,953 Federal Home Loan Mortgage Corp 1,374,020
Pool #E66283
6.500% February 1, 2012
1,860,626 Federal Home Loan Mortgage Corp 1,875,734
Gold Pool #E00501
6.500% July 1, 2012
4,668,282 Federal Home Loan Mortgage Corp 4,700,353
6.500% November 1, 2012
$7,950,107
COMMUNICATIONS --- 1.4%
750,000 360 Communications Co 759,983
6.650% January 15, 2008
500,000 Clear Channel Communications Inc 499,210
6.625% June 15, 2008
1,000,000 Time Warner Entertainment LP 1,052,990
Notes
7.250% September 1, 2008
$2,312,183
CONSUMER SERVICES --- 1.5%
845,000 FHP International Corp 868,576
Debentures
7.000% September 15, 2003
500,000 Hilton Hotels Corp 494,370
7.200% December 15, 2009
1,072,000 McKesson Corp 986,240
Convertible Notes
4.500% March 1, 2004
$2,349,186
ELECTRIC --- 6.3%
250,000 Boston Edison Co 267,890
Debentures
7.800% March 15, 2023
500,000 Boston Edison Co 546,845
Debentures
7.800% May 15, 2010
500,000 Carolina Power & Light Co 511,510
Debentures
6.875% August 15, 2023
500,000 Carolina Power & Light Co 636,600
Debentures
8.625% September 15, 2021
1,250,000 Consumers Energy Co 1,235,875
7.375% September 15, 2023
300,000 DQU II Funding Corp 331,377
Debentures
8.700% June 1, 2016
1,000,000 Jersey Central Power & Light 1,040,730
Debentures
7.500% May 1, 2023
500,000 Metropolitan Edison Co 540,925
8.150% January 30, 2023
1,600,000 New York State Electric & Gas Corp 1,723,280
8.300% December 15, 2022
1,250,000 Pacific Gas & Electric Co 1,629,400
Debentures
8.800% May 1, 2024
250,000 Pennsylvania Power & Light Co 273,100
First Mortgage
7.875% February 1, 2023
200,000 Philadelphia Electric Co 208,820
First Ref Mortgage
7.250% November 1, 2024
150,000 Philadelphia Electric Co 158,842
First Ref Mortgage
8.750% April 1, 2022
500,000 Potomac Electric Power Co 508,515
Putable Bond
6.250% October 15, 2007
250,000 Public Service Company of Indiana 250,307
Debentures
6.350% November 15, 2006
250,000 South Carolina Electric & Gas 272,285
Bonds
8.875% August 15, 2021
$10,136,301
INDUSTRIAL PRODS & SVCS --- 0.8%
750,000 Auburn Hills Trust 1,236,758
12.000% May 1, 2020
$1,236,758
INSURANCE --- 1.3%
1,785,000 Equitable Companies Inc 2,039,255
9.000% December 15, 2004
$2,039,255
MFTG - INDUSTRIAL PRODS --- 2.0%
500,000 Quno Corp 535,000
Debentures
9.125% May 15, 2005
1,000,000 Seacor Smit Inc# 1,025,000
7.200% September 15, 2009
1,500,000 USG Corp 1,668,285
8.500% August 1, 2005
$3,228,285
OIL & GAS --- 2.6%
1,205,000 Atlantic Richfield Co 1,522,168
Debentures
10.875% July 15, 2005
1,500,000 Atlantic Richfield Co 2,047,170
9.875% March 1, 2016
500,000 Sun Company Inc 587,250
Debentures
9.375% June 1, 2016
$4,156,588
RETAIL TRADE --- 1.0%
1,500,000 Federated Department Stores Inc 1,534,575
6.790% July 15, 2027
$1,534,575
SECURITIES & COMMODITIES --- 0.2%
250,000 Lehman Brothers Holdings Inc 300,052
Senior Notes
8.800% March 1, 2015
$300,052
TELEPHONE --- 2.2%
2,000,000 Cental Capital 2,497,060
9.000% October 15, 2019
1,000,000 Frontier Corp 1,045,330
Callable Bond
7.250% May 15, 2004
$3,542,390
U.S. GOVERNMENTS --- 10.8%
10,000,000 United States of America 10,332,800
Treasury Notes
6.500% May 31, 2002
1,500,000 United States of America 1,592,805
Treasury Notes
6.500% October 15, 2006
2,250,000 United States of America 2,250,360
Treasury Notes
5.500% May 31, 2003
1,500,000 United States of America 1,560,705
Treasury Notes
6.125% August 15, 2007
1,500,000 United States of America 1,501,875
Treasury Notes
5.625% November 30, 1999
$17,238,545
TOTAL BONDS --- 35.1% $56,024,225
(Cost $55,074,233)
COMMON STOCK
COMMUNICATIONS --- 1.0%
54,450 General Cable Corp 1,572,244
$1,572,244
CONSUMER SERVICES --- 8.3%
28,500 America Online Inc 3,021,000
18,900 Bristol-Myers Squibb Co 2,172,309
1,400 Compagnie Financiere Richemont AG* 1,835,778
58,300 Hilton Hotels Corp 1,661,550
21,000 Merck & Company Inc 2,808,750
28,700 Smithkline Beecham PLC 1,736,350
$13,235,737
CREDIT INSTITUTIONS --- 7.2%
32,200 Bank of New York Company Inc 1,954,121
11,000 Citicorp 1,641,750
25,300 Fleet Financial Group Inc 2,112,550
21,400 HF Ahmanson & Co 1,519,400
29,000 Mellon Bank Corp 2,019,125
30,400 NationsBank Corp 2,325,600
$11,572,546
ELECTRIC --- 0.9%
40,000 Unicom Corp 1,402,480
$1,402,480
ELECTRONICS - HIGH TECH --- 5.7%
45,200 Applied Materials Inc* 1,333,400
25,300 General Electric Co 2,302,300
22,000 International Business Machines Corp 2,525,864
24,000 Texas Instruments Inc 1,399,488
15,300 Xerox Corp 1,554,862
$9,115,914
HOLDING & INVEST OFFICES --- 1.0%
66,700 Waddell & Reed Financial 1,596,598
$1,596,598
INDUSTRIAL SERVICES --- 2.8%
39,400 AC Nielsen Corp* 994,850
34,000 Ceridian Corp* 1,997,500
42,000 First Data Corp 1,399,104
$4,391,454
INSURANCE --- 2.3%
30,000 Cigna Corp 2,070,000
38,000 Travelers Property Casualty Corp 1,629,250
$3,699,250
MFTG - CONSUMER PRODS --- 4.6%
32,400 Anheuser-Busch Companies Inc 1,528,859
21,000 Colgate-Palmolive Co 1,848,000
36,000 Gillette Co 2,040,732
17,000 Ralston-Ralston Purina Group 1,985,804
$7,403,395
MFTG - INDUSTRIAL PRODS --- 4.9%
38,000 Fort James Corp 1,691,000
28,500 Monsanto Co 1,592,437
39,700 Owens-Illinois Inc* 1,776,575
22,700 Reynolds Metals Co 1,269,770
21,600 Warner-Lambert Co 1,498,500
$7,828,282
OIL & GAS --- 6.2%
21,000 Chevron Corp 1,744,302
18,500 Coastal Corp 1,291,522
120,600 EEX Corp* 1,130,625
31,300 Exxon Corp 2,232,066
28,000 Schlumberger Ltd 1,912,736
42,600 UnoCal Corp 1,522,950
$9,834,201
RETAIL TRADE --- 9.3%
54,500 Consolidated Stores Corp* 1,975,625
52,400 Dayton Hudson Corp 2,541,400
54,968 Dollar General Corp 2,174,644
37,300 Federated Department Stores Inc* 2,007,188
41,700 Proffitts Inc* 1,683,637
49,900 Tandy Corp 2,647,794
55,800 Williams-Sonoma Inc* 1,775,110
$14,805,398
TELEPHONE --- 2.5%
39,200 Bell Atlantic Corp 1,788,500
40,000 GTE Corp 2,225,000
$4,013,500
TRANSPORTATION --- 1.3%
47,600 CNF Transportation Inc 2,023,000
$2,023,000
TRANSPORTATION EQUIPMENT --- 1.2%
4,000 Northrop Grumman Corp 412,500
21,100 Textron Inc 1,512,596
$1,925,096
WHOLESALE TRADE -CONSUMER --- 1.8%
18,500 Procter & Gamble Co 1,684,647
73,175 Tasty Baking Co 1,138,749
$2,823,396
TOTAL COMMON STOCK --- 60.9% $97,242,491
(Cost $84,379,222)
SHORT-TERM INVESTMENTS
CREDIT INSTITUTIONS --- 1.3%
2,000,000 Ford Motor Credit Co 1,997,850
$1,997,850
ELECTRONICS - HIGH TECH --- 0.6%
1,000,000 General Electric Co 999,226
$999,226
SECURITIES & COMMODITIES --- 2.1%
3,418,000 Merrill Lynch & Co Inc 3,418,000
$3,418,000
TOTAL SHORT-TERM INVESTMENTS --- 4.0% $6,415,076
(Cost $6,415,076)
TOTAL INVESCO BALANCED PORTFOLIO --- 100.0% $159,681,792
(Cost $145,868,531)
The Maxim Series Fund
INVESCO Small-Cap Growth Portfolio
COMMON STOCK
AIR --- 0.7%
15,200 Eagle USA Airfreight Inc* 527,242
$527,242
COMMUNICATIONS --- 3.9%
32,000 Concord Communications Inc* 818,209
9,000 Geotel Communications Corp* 366,750
27,000 ICG Communications Inc* 987,174
40,000 Microcell Telecommunications* 360,000
20,000 Premisys Communications Inc* 497,500
$3,029,633
CONSTRUCTION --- 0.2%
9,000 Stolt Comex Seaway SA* 157,500
$157,500
CONSUMER SERVICES --- 15.0%
12,900 AHL Services Inc* 507,938
87,200 Aeroflex Inc* 904,700
41,500 BEBE Stores Inc* 544,688
11,000 Bally Total Fitness* 396,000
11,500 Boron Lepore & Associates* 437,000
20,300 CSK Auto Corp* 512,575
47,200 Capital Senior Living Corp* 566,400
20,000 Duane Reade Inc* 600,000
12,000 Healthcare Financial Partners Inc* 735,744
24,400 Interim Services Inc* 783,850
20,150 Labor Ready Inc* 608,268
21,900 NCS HealthCare Inc Class A* 624,150
23,400 Ocular Sciences Inc* 760,500
45,000 Osteotech Inc* 798,750
27,500 Petersen Companies Inc* 704,688
31,000 Prime Hospitality Corp* 540,547
10,000 SFX Entertainment* 458,750
31,000 Sunrise Assisted Living Inc* 1,065,850
$11,550,398
CREDIT INSTITUTIONS --- 1.6%
24,000 Concord EFS Inc* 627,000
12,200 FirstFed Financial Corp* 634,400
$1,261,400
ELECTRONICS - HIGH TECH --- 28.0%
34,000 Aehr Test Systems* 202,912
12,500 Applied Micro Circuits Corp* 323,438
19,300 Aspect Telecommunications Corp* 528,338
16,000 Aspen Technology Inc* 808,000
39,100 Atlantic Data Services Inc* 750,212
35,000 Bea Systems Inc* 802,795
28,200 Brightstar Information Tech* 391,275
9,800 CBT Group PLC Sponsored ADR* 524,300
38,300 Cerprobe Corp* 502,688
11,200 Citrix Systems Inc* 765,800
14,000 Comverse Technology Inc* 726,250
37,200 Cotelligent Group* 869,550
27,400 Datastream Systems Inc* 522,299
18,000 Flextronics International Ltd* 783,000
37,300 Gilat Satellite Networks Ltd* 1,247,425
21,000 Harbinger Corp* 507,927
20,000 IDT Corp* 601,240
16,000 Integrated Electrical Services* 322,000
30,000 Level One Communications Inc* 705,000
20,000 Metro Information Services Inc* 782,500
48,000 Mobius Management Systems* 720,000
15,200 Natural Microsystems Corp* 243,200
18,000 Nice Systems Ltd Sponsored ADR* 675,000
30,000 Peerless Systems Corp* 622,500
38,200 Peregrine Systems Inc* 1,088,700
12,000 Qlogic Corp* 428,244
29,000 Quadramed Corp* 792,048
18,500 Saville Systems Ireland PLC ADR* 927,313
6,000 Simak Techniek NV 1,260,765
39,000 Sipex Corp* 838,500
27,000 VLSI Technology Inc* 453,087
23,075 Wind River Systems* 827,816
$21,544,122
ENVIRONMENTAL SERVICES --- 1.6%
30,000 Allied Waste Industries Inc* 720,000
30,000 Tetra Technologies Inc* 495,000
$1,215,000
FINANCIAL SERVICES --- 1.9%
31,900 Diamond Technology Partners Inc* 964,975
8,000 Metris Companies Inc* 510,000
$1,474,975
HOLDING & INVEST OFFICES --- 0.5%
25,000 Criimi Mae Inc 346,875
$346,875
INDUSTRIAL PRODS & SVCS --- 2.0%
20,400 Moog Inc* 779,015
34,000 TSI International Software Inc* 777,750
$1,556,765
INDUSTRIAL SERVICES --- 6.7%
20,000 AC Nielsen Corp* 505,000
31,000 AXENT Technologies Inc* 949,375
45,000 Alternative Resources Corp* 556,875
8,000 Lycos Inc* 603,000
31,650 NCO Group Inc* 696,300
22,100 Profit Recovery Group International Inc* 617,408
40,000 Renaissance Worldwide Inc* 870,000
24,200 Willbros Group Inc* 378,125
$5,176,083
INSURANCE --- 3.5%
35,300 HCC Insurance Holdings Inc 776,600
16,000 Inspire Insurance Solutions* 532,000
10,600 Mercury General Corp 683,032
12,000 Orion Capital Corp 670,500
$2,662,132
MFTG - CONSUMER PRODS --- 8.1%
30,000 Advanced Lighting Technologies* 697,500
30,000 Helen of Troy Ltd* 660,000
36,770 Ivex Packaging Corp* 854,903
52,000 Playtex Products Inc* 828,724
23,000 Quicksilver Inc* 458,551
40,000 Weider Nutrition International Inc 680,000
26,000 Westpoint Stevens Inc* 858,225
20,000 Wild Oats Markets Inc* 607,500
36,650 Zomax Optical Media Inc* 563,494
$6,208,897
MFTG - INDUSTRIAL PRODS --- 0.2%
20,000 General Scanning Inc* 178,740
$178,740
MINING --- 1.0%
48,000 Petsec Energy Ltd* 776,976
$776,976
OIL & GAS --- 3.0%
30,500 Key Energy Group Inc* 400,313
34,950 Newfield Exploration Co* 869,381
30,000 Patterson Energy Inc* 293,430
20,400 Precision Drilling Corp* 400,350
18,000 Stolt Comex Seaway* 348,750
$2,312,224
OTHER TRANS SERVICES --- 1.4%
43,000 Brightpoint Inc* 623,500
40,000 Remec Inc* 455,000
$1,078,500
REAL ESTATE --- 1.7%
21,000 Amresco Inc* 611,625
33,500 Intrawest Corp 667,890
$1,279,515
RETAIL TRADE --- 7.4%
22,000 Cost Plus Inc* 654,500
42,000 Family Dollar Stores Inc 777,000
19,000 O'Reilly Automotive Inc* 684,000
64,000 Petsmart Inc* 640,000
27,800 Proffitts Inc* 1,122,650
15,300 Stage Stores Inc* 692,325
16,800 The Men's Wearhouse Inc* 554,400
12,700 Transworld Entertainment Corp* 547,688
$5,672,563
TELEPHONE --- 0.9%
17,000 Pacific Gateway Exchange Inc* 681,054
$681,054
WHOLESALE TRADE -CONSUMER --- 2.3%
38,000 Daisytek International Corp* 966,606
20,000 Safeguard Scientifics Inc* 833,740
$1,800,346
TOTAL COMMON STOCK --- 91.5% $70,490,940
(Cost $62,837,951)
SHORT-TERM INVESTMENTS
CREDIT INSTITUTIONS --- 3.1%
1,400,000 American Express Co 1,398,085
1,000,000 Ford Motor Credit Co 999,844
$2,397,929
HOLDING & INVEST OFFICES --- 0.6%
500,000 American General Finance Corp 499,067
$499,067
SECURITIES & COMMODITIES --- 4.8%
3,673,000 Merrill Lynch & Co Inc 3,673,000
$3,673,000
TOTAL SHORT-TERM INVESTMENTS --- 8.5% $6,569,996
(Cost $6,569,996)
TOTAL INVESCO SMALL-CAP GROWTH PORTFOLIO --- 100.0% $77,060,936
(Cost $69,407,947)
The Maxim Series Fund
Investment Grade Corporate Bond Portfolio
BONDS
AGENCY --- 2.0%
2,245,000 US Department of Veterans Affairs 2,325,663
Vendee Trust 1995-3 1H
7.250% December 15, 2002
$2,325,663
AIR --- 2.5%
3,000,000 Swire Pacific Ltd# 2,870,520
Notes
8.500% September 29, 2004
$2,870,520
CANADIAN - PROVINCIAL --- 7.4%
5,000,000 Ontario Province 5,309,550
Global Notes
7.750% June 4, 2002
3,000,000 Saskatchewan 3,304,800
Yankee Notes - FSA Wrapped
8.000% July 15, 2004
$8,614,350
CREDIT INSTITUTIONS --- 17.2%
3,000,000 Aristar Inc 3,007,590
Notes
6.125% December 1, 2000
4,000,000 Associates Corp North America 4,139,520
Medium Term Notes
6.870% August 12, 2002
5,000,000 Banc One Corp 5,049,800
Senior Notes
6.250% September 1, 2000
4,500,000 General Electric Capital Corp 4,785,508
Eurodollar Medium Term Notes
8.100% February 15, 2002
3,000,000 Heller Financial Inc 3,085,569
Medium Term Notes
7.210% September 13, 2001
$20,067,987
ELECTRIC --- 8.9%
3,000,000 Iberdrola International# 3,121,320
Notes
7.125% June 1, 2003
3,000,000 PP&L Resources Inc 3,007,200
Remarketable Putable First Mortgage
6.125% May 1, 2001
4,000,000 Union Electric Co 4,284,840
First Mortgage Bonds
7.650% July 15, 2003
$10,413,360
FOREIGN BANKS --- 14.0%
5,000,000 Asian Development Bank 5,005,905
Global Notes
5.750% May 19, 2003
3,000,000 Bayerische Landesbanken NY 3,037,922
Medium Term Notes
6.375% August 31, 2000
5,000,000 Canadian Imperial Bank of Commerce 5,043,150
Deposit Notes
6.200% August 1, 2000
3,000,000 KFW International Finance 3,223,380
Notes
7.625% February 15, 2004
$16,310,357
FOREIGN GOVERNMENTS --- 3.6%
4,000,000 Yokohama City 4,230,400
Eurodollar Notes
8.000% November 20, 2001
$4,230,400
LEASING --- 2.8%
3,000,000 US Leasing International 3,244,800
Senior Notes
8.750% December 1, 2001
$3,244,800
MFTG - INDUSTRIAL PRODS --- 9.3%
5,000,000 Illinois Tool Works Inc 4,999,350
Notes
5.875% March 1, 2000
3,000,000 Imperial Chemical Industries PLC 3,059,700
Euro Medium Term Note
6.750% August 7, 2002
2,746,000 Ingersoll-Rand Co 2,757,478
Senior Notes
6.255% February 15, 2001
$10,816,528
OIL & GAS --- 5.4%
2,000,000 BP America Inc 2,046,250
Guaranteed Eurodollar Notes
9.750% March 1, 1999
4,550,000 Petroleum Nasional Bhd 4,209,387
Notes
6.625% October 18, 2001
$6,255,637
RETAIL TRADE --- 4.1%
4,700,000 Wal-Mart Stores Inc 4,793,013
Notes
6.500% June 1, 2003
$4,793,013
SECURITIES & COMMODITIES --- 9.3%
1,250,000 Lehman Brothers Inc 1,313,813
Notes
7.360% December 15, 2003
5,000,000 Merrill Lynch & Co 5,060,050
Medium Term Notes
6.375% October 1, 2001
4,270,000 World Financial Network Credit Card Master Trust 4,515,413
Credit Card Mst Tr 1996-B Cl A
6.950% April 15, 2006
$10,889,276
TELEPHONE --- 10.5%
2,000,000 Frontier Corp# 2,006,200
Pats
6.250% December 15, 1999
5,000,000 New England Telephone & Telegraph 5,084,500
Bonds Mopprs
6.300% December 16, 2002
5,000,000 Southwestern Bell Telephone Co 5,137,550
Medium Term Notes
6.580% August 26, 2003
$12,228,250
U.S. GOVERNMENTS --- 2.6%
3,000,000 Federal National Mortgage Association 2,996,730
Global Notes
5.750% June 15, 2005
$2,996,730
TOTAL BONDS --- 99.4% $116,056,871
(Cost $115,010,620)
SHORT-TERM INVESTMENTS
SECURITIES & COMMODITIES --- 0.6%
699,000 Merrill Lynch & Co Inc 699,000
$699,000
TOTAL SHORT-TERM INVESTMENTS --- 0.6% $699,000
(Cost $699,000)
TOTAL INVESTMENT GRADE CORPORATE BOND PORTFOLIO --- 100.0% $116,755,871
(Cost $115,709,620)
The Maxim Series Fund
Mid-Cap Growth Portfolio
COMMON STOCK
COMMUNICATIONS --- 8.4%
27,000 Comcast Corp Class A 1,096,011
21,500 Cox Communications Inc* 1,041,395
17,000 Jacor Communications Inc Class A* 1,003,000
27,100 Nova Corp / Georgia* 968,825
48,500 OmniPoint Corp* 1,112,444
83,000 Paging Network Inc* 1,162,000
22,000 Univision Communications Inc* 819,500
13,500 Vanguard Cellular Systems Inc Class A* 254,813
68,500 Western Wireless Corp* 1,365,685
$8,823,673
CONSUMER SERVICES --- 17.8%
3,300 Accustaff Inc* 103,125
35,000 Biogen Inc* 1,715,000
14,000 Cendant Corp* 292,250
25,000 Checkfree Holdings Corp* 735,925
55,000 Covance Inc* 1,237,500
41,500 Galileo International Inc 1,870,073
25,000 Henry Schein Inc* 1,153,125
42,000 Interim Services Inc* 1,349,250
30,000 Omnicare Inc 1,143,750
22,000 Premier Parks Inc* 1,465,750
42,500 Quorum Health Group Inc* 1,126,250
16,600 Romac International Inc* 504,225
21,500 Royal Caribbean Cruises Ltd 1,709,250
23,000 Suiza Foods Corp* 1,372,801
27,000 Teva Pharmaceutical Industries Ltd 950,049
33,500 Total Renal Care Holdings Inc* 1,155,750
19,500 United States Surgical Corp 889,688
$18,773,761
CREDIT INSTITUTIONS --- 1.7%
14,500 Capital One Financial Corp 1,800,711
$1,800,711
ELECTRONICS - HIGH TECH --- 10.5%
40,500 Analog Devices Inc* 994,761
26,000 Anixter International Inc* 495,612
44,500 Berg Electronics Corp* 870,509
23,000 DST Systems Inc* 1,288,000
5,700 Learning Company Inc* 168,862
36,000 MSC Industrial Direct Company Inc* 1,026,000
31,000 Maxim Integrated Products Inc* 982,297
20,500 Network Associates Inc* 981,437
16,500 PMC Sierra Inc* 773,437
25,000 Security Dynamics Technologies Inc* 462,500
25,000 Sterling Commerce Inc* 1,212,500
27,000 Teleflex Inc 1,026,000
23,000 Xilinx Inc* 782,000
$11,063,915
ENVIRONMENTAL SERVICES --- 0.9%
18,500 USA Waste Services Inc* 913,438
$913,438
FINANCIAL SERVICES --- 1.1%
5,000 Heller Financial Inc* 150,000
42,500 Waddell & Reed Financial 1,017,323
$1,167,323
HOLDING & INVEST OFFICES --- 2.2%
3,000 Fairfax Financial Holdings* 1,170,210
21,000 Finova Group Inc 1,189,125
$2,359,335
INDUSTRIAL SERVICES --- 9.8%
7,800 Acxiom Corp* 194,509
7,000 Advo Inc* 197,309
51,000 Affiliated Computer Services Inc Class A* 1,963,500
17,500 BMC Software Inc* 908,898
31,000 Corrections Corporation of America* 728,500
26,000 National Data Corp 1,137,500
61,000 Outdoor Systems Inc* 1,708,000
42,500 Renaissance Worldwide Inc* 924,375
35,000 Sungard Data System Inc* 1,343,125
26,000 Synopsys Inc* 1,189,500
$10,295,216
INSURANCE --- 3.1%
25,000 Ace Ltd 975,000
24,000 Partnerre Ltd 1,224,000
30,000 Protective Life Corp 1,100,610
$3,299,610
MFTG - CONSUMER PRODS --- 6.5%
15,500 Catalina Marketing Corp* 805,023
42,500 Dura Pharmaceuticals Inc* 950,937
27,500 Gymboree Corp* 416,790
200 Ikon Office Solutions Inc 2,912
21,000 Sodexho Marriott Services 609,000
49,000 US Foodservice Inc* 1,718,038
56,000 Warnaco Group Inc Class A 2,376,472
$6,879,172
MFTG - INDUSTRIAL PRODS --- 8.6%
11,500 Agouron Pharmaceutical Inc* 348,588
24,000 Alza Corp 1,038,000
17,500 Camco International Inc 1,362,813
27,000 Centocor Inc* 978,750
37,000 Danaher Corp 1,357,419
30,000 Gilead Sciences Inc* 961,860
21,500 Great Lakes Chemical Corp 847,895
10,000 Medimmune Inc* 623,750
25,000 Microchip Technology Inc* 653,125
8,400 RP Scherer Corp* 744,450
3,737 United States Filter Co* 104,868
$9,021,518
MINING --- 1.1%
102,000 Battle Mountain Gold Co 605,574
42,500 Cambior Inc 249,688
104,000 TVX Gold Inc* 318,448
$1,173,710
OIL & GAS --- 2.1%
11,500 Cooper Cameron Corp* 586,500
43,500 Ocean Energy Inc* 850,947
23,000 Smith International Inc* 800,676
$2,238,123
REAL ESTATE --- 2.7%
33,000 Amresco Inc* 961,125
36,500 Indymac Mortgage Holdings Inc 830,375
40,500 Security Capital Group Class B* 1,078,313
$2,869,813
RETAIL TRADE --- 10.0%
42,500 Autozone Inc* 1,357,323
30,000 BJ Wholesale Club Inc* 1,218,750
33,000 Circuit City Stores Inc 1,546,875
99,000 Corporate Express Inc* 1,256,013
25,000 Fred Meyer Inc* 1,062,500
32,000 General Nutrition Companies Inc* 996,000
19,500 Kohls Corp* 1,011,562
29,000 Outback Steakhouse Inc* 1,131,000
29,000 Shopko Stores Inc* 986,000
$10,566,023
SECURITIES & COMMODITIES --- 0.9%
17,800 Franklin Resources Inc 961,200
$961,200
TRANSPORTATION EQUIPMENT --- 1.3%
45,500 BE Aerospace Inc* 1,325,188
$1,325,188
WHOLESALE TRADE - INDL --- 1.0%
43,500 Sybron International Corp* 1,098,375
$1,098,375
WHOLESALE TRADE -CONSUMER --- 1.4%
19,700 Costco Companies Inc* 1,242,321
12,500 Richfood Holdings Inc 258,587
$1,500,908
TOTAL COMMON STOCK --- 91.3% $96,131,012
(Cost $84,123,959)
SHORT-TERM INVESTMENTS
CREDIT INSTITUTIONS --- 2.4%
1,000,000 Associates Corporation of North America 999,080
1,500,000 Ford Motor Credit Co 1,496,551
$2,495,631
ELECTRONICS - HIGH TECH --- 0.8%
800,000 Sharp Electronics Corp 799,138
$799,138
HOLDING & INVEST OFFICES --- 0.9%
1,000,000 American General Finance Corp 997,857
$997,857
SECURITIES & COMMODITIES --- 4.6%
4,832,000 Merrill Lynch & Co Inc 4,832,000
$4,832,000
TOTAL SHORT-TERM INVESTMENTS --- 8.7% $9,124,626
(Cost $9,124,626)
TOTAL MID-CAP GROWTH PORTFOLIO --- 100.0% $105,255,638
(Cost $93,248,585)
The Maxim Series Fund
Mid-Cap Portfolio
COMMON STOCK
COMMUNICATIONS --- 17.9%
216,910 Chancelor Media Corp* 10,770,883
46,530 Clear Channel Communications Inc* 5,077,586
74,180 Comcast Corp Class A 3,011,189
44,250 HA-LO Industries Inc* 1,377,281
265,295 Heftel Broadcasting Corp Class A* 11,871,951
67,095 Jacor Communications Inc Class A* 3,958,605
70,705 Mediaone Group Inc* 3,106,565
109,475 Metromedia International Group Inc* 1,306,803
174,520 Univision Communications Inc* 6,500,870
125,245 Western Wireless Corp* 2,497,010
$49,478,743
CONSUMER SERVICES --- 23.5%
454,607 Apollo Group Inc Class A* 15,030,217
31,330 CVS Corp 1,219,896
193,410 Capstar Broadcasting Corp* 4,859,426
22,370 Cyberonics Inc* 237,681
51,262 Family Golf Centers Inc* 1,297,544
82,179 Healthcare Financial Partners Inc* 5,038,559
214,555 ITT Educational Services Inc* 6,919,399
29,025 Incyte Pharmaceuticals Inc* 990,478
334,810 Omnicare Inc 12,764,631
72,325 Premier Parks Inc* 4,818,653
43,955 Royal Caribbean Cruises Ltd 3,494,423
89,955 Ryanair Holdings PLC* 3,204,647
110,525 SFX Entertainment* 5,070,334
$64,945,888
CREDIT INSTITUTIONS --- 6.1%
14,435 Capital One Financial Corp 1,792,639
99,960 Medallion Financial Corp 2,748,900
54,895 Northern Trust Corp 4,185,744
105,820 Star Banc Corp 6,759,253
17,680 US Trust Corp 1,348,100
$16,834,636
ELECTRIC --- 1.9%
101,940 AES Corp* 5,358,170
$5,358,170
ELECTRONICS - HIGH TECH --- 11.9%
28,570 At Home Corp* 1,351,704
115,696 MSC Industrial Direct Company Inc Class A* 3,297,336
103,225 Maxim Integrated Products Inc* 3,270,890
14,840 Sepracor Inc* 615,860
117,700 Sipex Corp* 2,530,550
117,215 Sofamor Danek Group Inc* 10,146,365
373,490 Vitesse Semiconductor Corp* 11,531,504
$32,744,209
FINANCIAL SERVICES --- 1.5%
61,955 American Capital Strategies 1,417,221
139,190 Capital Trust Class A* 1,339,704
26,870 Newcourt Credit Group Inc 1,321,655
$4,078,580
HOLDING & INVEST OFFICES --- 1.1%
5,240 M & T Bank Corp 2,902,960
$2,902,960
INDUSTRIAL PRODS & SVCS --- 1.7%
538,877 Capita Group PLC 4,654,024
$4,654,024
INDUSTRIAL SERVICES --- 13.9%
77,035 America Online Inc 8,165,710
250,895 Cadence Design Systems Inc* 7,840,469
257,422 Outdoor Systems Inc* 7,207,816
71,205 Parametric Technology Corp* 1,931,436
267,383 Paychex Inc 10,879,012
24,545 Robert Half International Inc* 1,371,452
20,075 Snyder Communications Inc* 883,300
$38,279,195
INSURANCE --- 3.7%
73,070 Progressive Corp 10,302,870
$10,302,870
MFTG - CONSUMER PRODS --- 0.3%
24,670 Gartner Group Inc Class A* 863,450
$863,450
MFTG - INDUSTRIAL PRODS --- 4.1%
56,605 Alza Corp 2,448,166
98,450 Medimmune Inc* 6,140,819
56,785 Watson Pharmaceuticals Inc* 2,651,121
$11,240,106
RETAIL TRADE --- 8.6%
56,465 Fastenal Co 2,622,065
2,007,898 JD Wetherspoon PLC 9,655,451
796,052 PizzaExpress PLC 11,390,970
$23,668,486
SECURITIES & COMMODITIES --- 1.0%
85,042 Charles Schwab & Company Inc 2,763,865
$2,763,865
TOTAL COMMON STOCK --- 97.2% $268,115,182
(Cost $204,708,386)
SHORT-TERM INVESTMENTS
SECURITIES & COMMODITIES --- 2.8%
7,828,000 Merrill Lynch & Co Inc 7,828,000
$7,828,000
TOTAL SHORT-TERM INVESTMENTS --- 2.8% $7,828,000
(Cost $7,828,000)
TOTAL MID-CAP PORTFOLIO --- 100.0% $275,943,182
(Cost $212,536,386)
The Maxim Series Fund
Money Market Portfolio
SHORT-TERM INVESTMENTS
AGENCY --- 2.0%
5,000,000 Federal Home Loan Mortgage Corp 5,000,000
5,000,000 Federal National Mortgage Association 5,000,460
$10,000,460
CANADIAN - PROVINCIAL --- 0.2%
1,000,000 Manitoba 1,007,049
$1,007,049
CONSUMER SERVICES --- 4.8%
25,000,000 Walt Disney Co 24,458,547
$24,458,547
CREDIT INSTITUTIONS --- 20.0%
20,700,000 American Express Co 20,463,439
5,000,000 Associates Corporation of North America 5,000,000
8,400,000 Associates Corporation of North America 8,376,060
1,000,000 Associates Corporation of North America 1,014,604
1,050,000 Chrysler Financial Corp 1,049,022
1,800,000 Ford Motor Credit Co 1,795,635
18,900,000 Ford Motor Credit Co 18,717,070
1,000,000 Household Finance Corp 1,003,189
14,000,000 Paccar Financial Corp 13,848,019
5,000,000 Student Loan Marketing Association 4,998,030
3,000,000 Student Loan Marketing Association 3,000,000
18,000,000 Toyota Motor Credit Corp 17,838,772
5,000,000 TransAmerica Financial Corp 4,958,750
$102,062,590
ELECTRIC --- 6.9%
15,000,000 Duke Power Co 14,922,367
18,000,000 Electricity de France 17,704,887
2,450,000 New England Power Co 2,442,068
$35,069,322
ELECTRONICS - HIGH TECH --- 13.6%
5,840,000 Emerson Electric Co 5,759,398
22,800,000 General Electric Co 22,447,754
10,000,000 Motorola Inc 9,882,789
22,150,000 Sharp Electronics Corp 22,041,022
9,500,000 Xerox Corp 9,442,374
$69,573,337
FINANCIAL SERVICES --- 7.5%
12,000,000 KFW International Finance 11,978,080
10,500,000 Novartis Finance Corp 10,474,174
2,000,000 Salomon Inc 2,040,949
1,000,000 Salomon Inc 998,590
13,000,000 Salomon Smith Barney Holdings 12,986,047
$38,477,840
FOREIGN BANKS --- 4.6%
19,075,000 Bank of Nova Scotia 18,818,400
5,000,000 Bank of Nova Scotia 4,920,989
$23,739,389
FOREIGN GOVERNMENTS --- 0.5%
2,500,000 Hydro-Quebec 2,532,441
$2,532,441
HOLDING & INVEST OFFICES --- 3.7%
19,000,000 American General Finance Corp 18,776,028
$18,776,028
INSURANCE --- 0.8%
4,300,000 Metlife Funding Inc 4,264,267
$4,264,267
LEASING --- 4.1%
21,000,000 International Lease Finance Co 20,775,322
$20,775,322
MFTG - CONSUMER PRODS --- 4.9%
4,138,000 Cadbury Schweppes 4,128,483
21,000,000 Campbell Soup Co 20,824,742
$24,953,225
MFTG - INDUSTRIAL PRODS --- 1.5%
7,700,000 EI DuPont De Nemours & Co 7,622,923
$7,622,923
SECURITIES & COMMODITIES --- 10.1%
5,000,000 Bear Stearns Companies Inc 5,000,000
3,000,000 Bear Stearns Companies Inc 3,000,000
5,000,000 Bear Stearns Companies Inc 5,000,000
1,000,000 Bear Stearns Companies Inc 998,523
5,000,000 Bear Stearns Companies Inc 5,000,000
2,500,000 Bear Stearns Companies Inc 2,500,000
3,000,000 Bear Stearns Companies Inc 3,000,000
7,000,000 Merrill Lynch & Co Inc 6,936,543
5,000,000 Merrill Lynch & Co Inc 5,000,000
15,400,000 Morgan Stanley Group 15,235,617
$51,670,683
TRANSPORTATION EQUIPMENT --- 9.1%
21,800,000 Daimler-Benz 21,645,340
25,000,000 Mitsubishi International Corp 24,883,800
$46,529,140
U.S. GOVERNMENTS --- 1.0%
5,000,000 Student Loan Marketing Association 4,992,188
$4,992,188
Unassigned --- 4.9%
25,200,000 Ciesco LP 25,031,652
$25,031,652
TOTAL SHORT-TERM INVESTMENTS --- 100.0% $511,536,403
(Cost $511,536,403)
TOTAL MONEY MARKET PORTFOLIO --- 100.0% $511,536,403
(Cost $511,536,403)
The Maxim Series Fund
Short-Term Maturity Bond Portfolio
BONDS
AGENCY --- 6.7%
5,500,000 Federal Home Loan Bank 5,489,000
Global Notes
5.625% March 19, 2001
1,022,617 Federal Home Loan Mortgage Corp 1,020,337
Pool #L90105
6.000% April 1, 1999
$6,509,337
CREDIT INSTITUTIONS --- 20.6%
1,000,000 American General Financial 1,016,150
Notes
7.125% December 1, 1999
3,000,000 Associates Corporation of North America 2,990,790
Notes
5.875% May 16, 2001
2,000,000 Banc One Corp 2,022,800
Senior Medium Term Notes
6.700% March 24, 2000
1,000,000 CIT Group Holdings Inc 1,003,571
Notes
6.250% October 25, 1999
2,000,000 Countrywide Funding Corp 2,013,040
Medium Term Notes
6.430% October 23, 2000
1,000,000 First National Bank Commerce 1,005,840
Bank Notes
6.500% January 14, 2000
1,000,000 Ford Motor Credit Co 1,000,100
Notes
5.625% December 15, 1998
2,000,000 General Electric Capital Corp 2,010,200
Medium Term Notes
6.040% August 16, 2000
3,000,000 General Electric Capital Corp 3,006,420
Medium Term Notes
6.050% October 4, 1999
2,000,000 Household Finance Corp 2,044,120
Medium Term Notes
7.150% June 15, 2000
2,000,000 Sanwa Business Credit# 1,995,700
Medium Term Notes
6.540% June 20, 2000
$20,108,731
ELECTRIC --- 20.1%
1,000,000 Carolina Power & Light Co 999,840
First Mortgage Bonds
5.375% July 1, 1998
2,000,000 Houston Lighting & Power Co 2,010,200
Secured Medium Term Notes
6.100% March 1, 2000
1,500,000 Idaho Power Co 1,557,735
First Mortgage Bonds
8.650% January 1, 2000
2,000,000 Monogahela Power 1,986,460
First Mortgage Bonds
5.625% April 1, 2000
2,000,000 National Rural Utilities Corp 2,018,000
Medium Term Notes
6.260% July 10, 2000
3,000,000 PP&L Resources Inc 3,007,200
Remarketable Putable First Mortgage
6.125% May 1, 2001
1,000,000 Pacific Gas & Electric Co 999,660
First Mortgage Bonds
5.375% August 1, 1998
2,000,000 Southwestern Electric Power Co 2,007,280
First Mortgage Bond
6.125% September 1, 1999
3,000,000 Washington Water Power Co 3,023,549
First Mortgage Medium Term Notes
6.240% October 2, 2000
2,000,000 Western Resources Inc 2,021,800
First Mortgage Bonds
7.250% July 1, 1999
$19,631,724
ELECTRONICS - HIGH TECH --- 2.1%
2,000,000 Texas Instruments Inc 2,037,100
Notes
6.875% July 15, 2000
$2,037,100
FOREIGN BANKS --- 1.0%
1,000,000 Korea Development Bank 980,060
Yankee Notes
5.875% December 1, 1998
$980,060
FOREIGN GOVERNMENTS --- 1.0%
1,000,000 Swedish Government 991,200
Eurodollar Medium Term Notes
4.500% March 24, 1999
$991,200
INDUSTRIAL SERVICES --- 2.1%
2,000,000 Comdisco Inc 2,033,040
Medium Term Notes
6.930% May 2, 2000
$2,033,040
LEASING --- 2.1%
2,000,000 International Lease Finance Corp 2,021,500
Medium Term Notes
6.510% July 10, 2000
$2,021,500
MFTG - CONSUMER PRODS --- 2.1%
1,000,000 Donnelley & Sons 1,029,690
Medium Term Notes
7.960% November 8, 1999
1,000,000 Sara Lee Corp 1,008,154
Medium Term Notes
6.500% September 20, 1999
$2,037,844
MFTG - INDUSTRIAL PRODS --- 12.3%
2,000,000 Air Products & Chemicals Inc 2,007,460
Medium Term Notes
6.010% December 15, 1999
2,000,000 Alcan Aluminium Ltd 1,996,220
Notes
5.875% April 1, 2000
1,000,000 Caterpillar Inc 1,011,850
Medium Term Notes
6.800% August 24, 1999
3,000,000 Cooper Industries Inc 2,983,170
Medium Term Notes
5.640% February 15, 2001
1,000,000 Ingersoll-Rand Co 1,006,740
Medium Term Notes
6.540% August 10, 1999
3,000,000 Tyco International Group SA 3,002,460
Yankee Notes
6.125% June 15, 2001
$12,007,900
RAILROADS --- 2.1%
2,000,000 SNCB Belgium Rail 2,066,250
Euro Medium Term Note
8.250% February 2, 2000
$2,066,250
RETAIL TRADE --- 6.3%
3,150,000 J Sainsbury PLC 3,175,594
Eurodollar Medium Term Notes
6.625% December 31, 1999
1,000,000 JC Penney & Company Inc 1,008,770
Notes
6.875% June 15, 1999
1,000,000 Nordstrom Credit Inc 1,011,730
Medium Term Notes
6.875% September 15, 1999
1,000,000 Sears Roebuck Acceptance Corp 1,002,160
Medium Term Notes
6.380% February 16, 1999
$6,198,254
SECURITIES & COMMODITIES --- 3.1%
3,000,000 Merrill Lynch & Co 3,006,240
Medium Term Notes
6.020% May 11, 2001
$3,006,240
TELEPHONE --- 5.8%
1,635,000 Ameritech Capital Funding 1,626,907
Notes
5.650% January 15, 2001
2,000,000 Frontier Corp# 2,006,200
Pats
6.250% December 15, 1999
1,000,000 MCI Communications Corp 1,003,330
Senior Notes
6.250% March 23, 1999
1,000,000 Nippon Telegraph & Telephone Co 1,002,080
Yankee Notes
9.500% July 27, 1998
$5,638,517
U.S. GOVERNMENTS --- 7.2%
2,000,000 Federal National Mortgage Association 2,017,820
Medium Term Notes
6.420% October 1, 1999
5,000,000 United States of America 5,017,950
Treasury Notes
5.625% May 15, 2001
$7,035,770
WHOLESALE TRADE -CONSUMER --- 3.1%
3,000,000 Cargill Inc 3,017,400
Eurodollar Medium Term Notes
6.250% March 13, 2000
$3,017,400
TOTAL BONDS --- 97.5% $95,320,867
(Cost $94,729,416)
SHORT-TERM INVESTMENTS
SECURITIES & COMMODITIES --- 2.5%
2,487,000 Merrill Lynch & Co Inc 2,487,000
$2,487,000
TOTAL SHORT-TERM INVESTMENTS --- 2.5% $2,487,000
(Cost $2,487,000)
TOTAL SHORT-TERM MATURITY BOND PORTFOLIO --- 100.0% $97,807,867
(Cost $97,216,416)
The Maxim Series Fund
Small-Cap Aggressive Growth Portfolio
COMMON STOCK
AIR --- 0.5%
37,100 Offshore Logistics Inc* 658,525
$658,525
CONSUMER SERVICES --- 8.1%
26,600 Allegiance Corp 1,363,250
22,800 Alternative Living Services* 615,600
65,500 American General Hospitality Corp 1,391,875
23,400 Biovail Corporation International* 748,800
33,300 Genesis Health Ventures Inc* 832,500
22,600 Health Care & Retirement Corp* 891,276
45,600 Healthplan Services Corp 798,000
41,100 Pharmerica Inc* 495,748
74,000 Phycor Inc* 1,225,588
43,950 Sierra Health Services Inc* 1,106,969
12,900 Trigon Healthcare Inc* 466,812
38,901 Vitalink Pharmacy Services Inc* 858,234
40,000 Whitman Corp 917,480
$11,712,132
CREDIT INSTITUTIONS --- 4.0%
26,300 Bank United Corp Class A 1,259,112
20,600 City National Corp 760,902
36,350 Commercial Federal Corp 1,149,569
27,800 DVI Inc* 708,900
42,300 Imperial Bancorp* 1,269,000
22,400 UST Corp 593,600
$5,741,083
ELECTRIC --- 3.4%
27,000 BEC Energy 1,120,500
14,800 Commonwealth Energy System Co 558,700
57,300 Rochester Gas & Electric Corp 1,829,990
42,700 WPS Resources Corp 1,401,072
$4,910,262
ELECTRONICS - HIGH TECH --- 11.5%
20,000 AVX Corp 321,240
22,300 Alliant Techsystems Inc* 1,410,475
28,800 Alpha Industries Inc* 430,186
37,100 Bell & Howell Co* 957,625
24,000 Berg Electronics Corp* 469,488
28,700 California Microwave Inc* 502,250
27,000 Cirrus Logic Inc* 300,375
34,800 Cognex Corp* 643,800
52,625 Conmed Corp* 1,210,375
32,000 DSP Group Inc* 632,000
45,600 Dentsply International Inc 1,140,000
53,000 Digi International Inc* 1,073,250
27,900 Exar Corp* 585,900
17,500 FORE Systems Inc* 463,750
31,700 Federal Signal Corp 770,690
54,600 Inprise Corp* 402,675
59,800 Integrated Device Technology Inc* 427,929
36,300 Invacare Corp 930,188
37,300 Komag Inc* 199,294
21,100 Micron Electronics Inc* 254,508
44,300 National Computer Systems Inc 1,063,200
65,500 Rational Software Corp* 998,875
69,900 Sensormatic Electronics Corp* 978,600
25,105 Vishay Intertechnology Inc* 450,308
$16,616,981
FINANCIAL SERVICES --- 1.4%
57,200 Anthracite Capital Inc* 793,650
48,400 Franchise Mortgage Acceptance Company LLC* 1,261,401
$2,055,051
FORESTRY --- 0.5%
16,900 Chesapeake Corp 658,035
$658,035
GAS --- 1.5%
42,500 Eastern Enterprises 1,822,187
18,800 Public Service Company of North Carolina Inc 408,900
$2,231,087
HOLDING & INVEST OFFICES --- 4.2%
18,500 CNB Bancshares Inc 888,000
70,900 Koger Equity Inc 1,431,258
43,600 Liberty Property Trust 1,114,503
32,800 Local Financial Corp* 426,400
38,500 Sun Communities Inc 1,275,313
29,200 Webster Financial Corp 970,900
$6,106,374
INDUSTRIAL SERVICES --- 4.3%
32,500 AC Nielsen Corp* 820,625
29,000 APAC Teleservices Inc* 169,447
21,000 American Management Systems Inc* 628,677
6,100 CDI Corp* 163,175
9,600 Choisepoint Inc* 486,000
9,300 EG&G Inc 279,000
45,200 Information Resources Inc* 836,200
24,450 Nichols Research Corp* 667,778
47,200 Platinum Technology Inc* 1,348,126
16,900 Wallace Computer Services Inc 401,375
15,400 Xylan Corp* 459,105
$6,259,508
INSURANCE --- 6.0%
27,400 Capital RE Corp 1,962,525
41,100 Everest Reinsurance Holdings Inc 1,579,761
9,100 Horace Mann Educators Corp 313,950
47,400 Protective Life Corp 1,738,964
30,450 Reinsurance Group America Co 1,800,356
73,200 Reliance Group Holdings Inc 1,281,000
$8,676,556
LEASING --- 1.4%
27,650 Financial Federal Corp* 741,352
66,200 Unicapital Corp* 1,266,075
$2,007,427
MFTG - CONSUMER PRODS --- 11.6%
46,750 Banta Corp 1,443,406
30,400 Burlington Industries Inc* 427,485
37,300 Cadmus Communications Corp 904,525
55,400 Champion Enterprises Inc* 1,627,375
17,500 Dean Foods Co 961,397
43,900 Dial Corp 1,138,634
12,200 Earthgrains Co 681,675
19,700 HON Industries Inc 669,800
33,800 International Multifoods Corp 929,500
27,700 Jostens Inc 661,338
7,300 Oshkosh B'Gosh Inc Class A 324,850
47,400 Premark International Inc 1,528,650
71,100 Shaw Industries Inc 1,253,138
15,500 Sola International Inc* 506,649
40,400 Stride Rite Corp 608,505
1,900 The Timberland Co Class A* 136,680
60,000 Viad Corp 1,665,000
25,800 Vlasic Foods International Inc* 519,225
50,200 Weider Nutrition International Inc 853,400
$16,841,232
MFTG - INDUSTRIAL PRODS --- 9.9%
26,300 Chart Industries Inc 627,912
46,000 Cuno Inc* 994,750
26,700 General Chemical Group Inc 740,925
37,000 Giant Cement Holding Inc* 1,059,125
34,600 Hussmann International Inc 642,245
43,600 IMCO Recycling Inc 806,600
46,900 IRI International Corp* 504,175
47,400 Intermet Corp 859,125
26,300 Lone Star Technologies Inc* 401,075
23,100 MA Hanna Co 423,007
12,600 Millipore Corp 343,350
16,300 Mississippi Chemical Corp 267,923
28,700 Pentair Inc 1,219,750
52,300 Regal-Beloit Corp 1,490,550
15,200 Scotts Co Class A* 566,200
40,600 Solutia Inc 1,164,692
29,100 Telxon Corp 942,113
41,400 Worthington Industries Inc 623,567
36,400 Xircom Inc* 566,457
$14,243,541
MINING --- 0.2%
58,100 Agnico-Eagle Mines Ltd 319,550
$319,550
OIL & GAS --- 3.5%
11,600 Atwood Oceanics Inc* 461,819
51,800 Forcenergy Inc* 922,662
25,200 Key Energy Group Inc* 330,750
47,100 Lomak Petroleum Inc 491,583
17,000 National-Oilwell Inc* 455,804
38,700 Plains Resources Inc* 691,763
7,900 Veritas Software Corp* 394,502
68,800 Vintage Petroleum Inc 1,298,600
$5,047,483
OTHER TRANS SERVICES --- 0.5%
20,400 USFreightways Corp 669,997
$669,997
REAL ESTATE --- 5.1%
39,000 Amresco Inc* 1,135,875
50,700 Brandywine Realty Trust 1,134,412
79,600 Capital Automotive REIT 1,129,285
48,900 Capstone Capital Trust Inc 1,124,700
107,400 Imperial Credit Commerical 1,402,859
41,900 Mack-Cali Realty Corp 1,440,313
$7,367,444
RETAIL TRADE --- 9.4%
16,700 BJ Wholesale Club Inc* 678,437
45,900 Burlington Coat Factory Warehouse Corp* 1,032,750
40,500 Claire's Stores Inc 830,250
1,800 Cooker Restaurant Corp 17,550
18,600 Cracker Barrel Old Country Store Inc 590,550
17,400 Dura Automotive Systems Inc* 558,975
18,700 Family Dollar Stores Inc 345,950
36,500 Furniture Brands International Inc* 1,024,263
45,400 Gencorp Inc 1,146,350
25,000 Hannaford Brothers Co 1,100,000
80,800 Heilig-Meyers Co 994,810
15,600 Keebler Foods Co* 429,000
53,200 Midway Games Inc* 831,250
51,300 Officemax Inc* 846,450
35,100 Petco Animal Supplies Inc* 699,789
23,500 Saks Holdings Inc* 649,188
29,700 United Auto Group Inc* 649,688
18,100 Wet Seal Inc Class A* 579,200
17,600 Zale Corp* 559,891
$13,564,341
SECURITIES & COMMODITIES --- 1.0%
42,835 Downey Financial Corp 1,400,148
$1,400,148
TELEPHONE --- 0.7%
37,300 Aliant Communications Inc 1,023,400
$1,023,400
TRANSPORTATION EQUIPMENT --- 1.1%
11,900 AO Smith Corp 615,075
42,400 Mascotech Inc 1,017,600
$1,632,675
WATER --- 0.4%
18,900 Southern California Water Co 512,663
$512,663
WHOLESALE TRADE - INDL --- 0.6%
26,000 Cort Business Services Corp* 819,000
$819,000
WHOLESALE TRADE -CONSUMER --- 0.6%
54,000 World Fuel Services Corp 934,848
$934,848
TOTAL COMMON STOCK --- 91.3% $132,009,343
(Cost $123,883,267)
SHORT-TERM INVESTMENTS
CREDIT INSTITUTIONS --- 1.4%
2,000,000 Ford Motor Credit Co 1,998,932
$1,998,932
ELECTRONICS - HIGH TECH --- 0.3%
500,000 General Electric Co 496,608
$496,608
HOLDING & INVEST OFFICES --- 2.1%
3,000,000 American General Finance Corp 2,987,295
$2,987,295
SECURITIES & COMMODITIES --- 4.9%
7,072,000 Merrill Lynch & Co Inc 7,072,000
$7,072,000
TOTAL SHORT-TERM INVESTMENTS --- 8.7% $12,554,835
(Cost $12,554,835)
TOTAL SMALL-CAP AGGRESSIVE GROWTH PORTFOLIO --- 100.0% $144,564,178
(Cost $136,438,102)
The Maxim Series Fund
Small-Cap Index Portfolio
COMMON STOCK
AGRICULTURE --- 1.3%
12,400 Dekalb Genetics Corp Class B 1,173,350
13,666 Delta & Pine Land Co 608,137
$1,781,487
AIR --- 1.2%
12,475 Air Express International Corp 333,706
23,850 Comair Holdings Inc 736,369
10,200 Mesa Air Group Inc* 82,875
7,900 Offshore Logistics Inc* 140,225
7,300 Pittston Burlington Group 113,603
8,400 Skywest Inc 235,200
$1,641,978
COMMUNICATIONS --- 0.9%
9,800 Allen Group Inc* 113,925
17,700 CommScope Inc* 286,510
17,600 General Communication Inc Class A* 106,691
9,000 HA-LO Industries Inc* 280,125
6,000 Metro Networks Inc* 258,750
13,700 Picturetel Corp* 126,725
7,800 TCSI Corp* 45,825
$1,218,551
CONSTRUCTION --- 1.6%
4,200 Acme Metals Inc* 21,000
10,000 Apogee Enterprises Inc 153,120
19,000 DR Horton Inc 396,595
8,300 Geon Co 190,377
9,700 Insituform Technologies Inc Class A* 134,277
6,500 MDC Holdings Inc 128,375
19,500 Morrison Knudsen Corp* 274,209
4,900 Southern Energy Homes Inc* 48,079
10,600 Standard Pacific Corp 218,625
5,300 The Ryland Group Inc 139,125
13,300 Toll Brothers Inc* 381,537
4,300 US Home Corp* 177,375
$2,262,694
CONSUMER SERVICES --- 8.9%
6,800 Access Health Inc* 173,400
11,600 American Oncology Resources* 141,729
3,300 Angelica Corp 69,300
16,300 Aztar Corp* 111,036
3,600 CPI Corp 85,723
9,000 CapStar Hotel Co* 252,000
4,100 Carmike Cinemas Inc Class A* 110,442
10,550 Central Parking Corp 490,575
5,300 Cooper Companies Inc* 193,116
20,900 Coventry Health Care Inc* 310,887
4,500 Curative Technologies Inc* 128,250
5,700 Datascope Corp* 151,403
24,800 DeVry Inc* 544,038
5,000 Diagnostic Products Corp 144,060
8,856 Enzo Biochem Inc* 118,449
8,700 Franklin Covey Co* 167,475
7,300 G&K Services Inc Class A 318,463
2,800 GC Companies Inc* 145,250
12,600 Genesis Health Ventures Inc* 315,000
1,800 Global Motorsport Group Inc* 37,687
15,100 Grand Casinos Inc* 252,925
9,400 Hollywood Park Inc* 118,675
9,500 Incyte Pharmaceuticals Inc* 324,188
4,100 Insurance Auto Actions Inc* 57,913
15,977 Integrated Health Services Inc 599,138
16,800 Interim Services Inc* 539,700
10,300 Jones Pharmaceuticals Inc 341,188
20,700 Lincare Holdings Inc* 870,683
11,300 Magellan Health Services Inc* 286,738
10,600 Mariner Health Group Inc* 176,225
7,000 NCS HealthCare Inc Class A* 199,500
7,625 NFO Worldwide Inc* 135,817
11,400 North American Vaccine Inc* 176,700
17,000 Orthodontic Centers of America Inc* 355,929
14,766 Paragon Health Network Inc* 238,102
5,400 Pediatrix Medical Group* 200,810
23,900 Phycor Inc* 395,832
11,400 Players International Inc* 56,635
10,400 Primadonna Resorts Inc* 149,167
19,300 Prime Hospitality Corp* 336,534
8,500 Regis Corp 251,277
9,500 Renal Care Group Inc* 418,589
21,550 Rollins Truck Leasing Corp 266,681
11,300 Sequus Pharmaceuticals Inc* 128,538
9,850 Sierra Health Services Inc* 248,092
10,850 The Marcus Corp 193,944
11,700 Universal Health Services Inc Class B* 682,988
11,300 Westwood One Inc* 284,963
$12,295,754
CREDIT INSTITUTIONS --- 5.6%
9,500 Astoria Financial Corp 508,250
6,400 Commerce Bancorp Inc 374,400
14,525 Commercial Federal Corp 459,353
8,000 Cullen/Frost Bankers Inc 434,000
13,390 First Commercial Corp 929,761
7,200 First Midwest Bancorp Inc 316,570
10,900 FirstBank Puerto Rico 283,400
23,300 FirstMerit Corp 678,613
10,700 Hubco Inc 383,188
12,995 Magna Group Inc 734,218
11,000 Riggs National Corp 321,398
12,280 St Paul Bancorp Inc 277,442
8,100 Susquehanna Bancshares Inc 302,738
6,700 US Trust Corp 510,875
10,700 UST Corp 283,550
14,100 United Bankshares Inc 481,163
7,450 Whitney Holding Corp 378,088
$7,657,007
ELECTRIC --- 1.6%
2,600 Bangor Hydro Electric Co* 23,400
6,200 Central Hudson Gas & Electric Corp 283,650
4,100 Central Vermont Public Service Corp 61,242
7,800 Commonwealth Energy System Co 294,450
7,400 Eastern Utilities Associates 194,250
10,400 Energen Corp 209,300
1,900 Green Mountain Power Corp 27,193
4,900 Orange & Rockland Utilities Inc 263,066
3,500 Pennsylvania Enterprises Inc 94,280
11,100 Sierra Pacific Resources 403,063
4,700 TNP Enterprises Inc 145,113
5,100 United Illuminating Co 258,188
$2,257,195
ELECTRONICS - HIGH TECH --- 12.4%
7,000 ADAC Laboratories* 157,500
4,700 Alliant Techsystems Inc* 297,275
6,000 Amtech Corp* 28,500
4,500 Analogic Corp 201,375
16,900 Anixter International Inc* 322,148
8,600 Applied Magnetics Corp* 65,575
18,000 Aspect Telecommunications Corp* 492,750
9,000 Auspex Systems Inc* 48,933
13,220 Baldor Electric Co 322,237
10,900 Ballard Medical Products Co 196,200
4,200 Benchmark Electronics Inc* 84,000
4,800 Broadband Technologies Inc* 19,800
13,100 Burr Brown Corp* 275,100
3,400 C COR Electronics Inc* 64,600
13,300 C-Cube Microsystems Inc* 246,875
5,000 CTS Corp 147,500
10,350 Cable Design Technologies Co* 213,469
5,800 California Microwave Inc* 101,500
2,600 Centigram Communications Corp* 29,250
11,900 Checkpoint Systems Inc* 168,087
4,800 Circon Corp* 74,400
15,000 Cognex Corp* 277,500
8,400 Coherent Inc* 144,110
3,200 Collagen Corp 58,000
10,000 Dallas Semiconductor Corp 310,000
6,200 Daniel Industries Inc 117,800
4,900 Digi International Inc* 99,225
16,400 Digital Microwave Corp* 118,900
8,000 Dionex Corp* 211,000
4,100 Electro Scientific Industries Inc* 129,404
7,000 Electroglas Inc* 91,434
7,600 Envoy Corp* 360,050
7,900 Etec Systems Inc* 277,977
8,000 Exabyte Corp* 66,744
6,600 Fluke Corp 216,975
13,200 General Semiconductor Inc 130,350
4,700 Hadco Corp* 109,566
14,900 Harbinger Corp* 360,386
6,700 Harman International Industries Inc 257,950
3,800 Harmon Industries Inc 90,250
4,800 Hologic Inc* 87,298
7,100 Hutchinson Technology Inc* 193,475
15,900 Input/Output Inc* 283,211
4,400 Integrated Circuit Systems Inc* 73,150
9,600 Inter-Tel Inc 153,600
18,300 International Rectifier Corp* 155,550
5,200 Intervoice Inc* 92,300
10,700 Invacare Corp 274,188
6,700 Juno Lighting Inc 158,288
14,500 Kemet Corp* 190,762
18,900 Komag Inc* 100,983
5,900 Kuhlman Corp 233,416
8,400 Lattice Semiconductor Corp* 238,610
6,000 Marshall Industries* 163,500
9,000 Mentor Corp 218,250
12,800 Methode Electronics Inc Class A 198,400
11,100 National Computer Systems Inc 266,400
7,700 Network Equipment Technologies Inc* 120,790
6,400 Oak Industries Inc* 226,400
15,400 P-Com Inc* 141,002
4,100 Park Electrochemical Corp 86,613
5,300 Plexus Corp* 105,338
17,400 Read-Rite Corp* 157,679
7,200 Resound Corp* 47,246
11,600 Respironics Inc* 180,519
3,400 Rival Co 45,900
7,900 Royal Appliance Manufacturing Co* 49,375
19,200 Safeskin Corp* 789,600
14,900 Sanmina Corp* 646,288
3,400 Spacelabs Inc* 56,950
5,700 Speedfam International Inc* 105,091
5,700 Standard Microsystems Corp* 50,228
12,300 Steris Corp* 782,194
11,150 Summit Technology Inc 60,623
7,300 Sunrise Medical Inc* 109,500
5,600 Symmetricom Inc* 33,600
5,800 Technitrol Inc 231,635
5,700 Thomas Industries Inc 139,291
2,800 Three Five Systems Inc* 48,824
8,100 Trimble Navigation Ltd* 131,115
8,700 Unitrode Corp* 100,050
16,300 VLSI Technology Inc* 273,530
8,600 Valence Technology Inc* 48,908
15,600 Vanstar Corp* 227,167
15,400 Vicor Corp* 213,675
5,400 Visx Inc* 321,300
4,600 Vital Signs Inc 83,950
25,900 Vitesse Semiconductor Corp* 799,663
3,000 Watkins Johnson Co 78,000
7,600 X-Rite Inc 104,021
8,700 Zebra Technologies Corp Class A* 371,925
$17,034,066
ENVIRONMENTAL SERVICES --- 0.1%
4,900 Tetra Technologies Inc* 80,850
$80,850
GAS --- 2.5%
10,750 Atmos Energy Corp 327,875
4,000 Cascade Natural Gas Corp 62,748
3,700 Connecticut Energy Corp 103,137
10,600 KCS Energy Inc 121,232
16,000 KN Energy Inc 866,992
6,400 New Jersey Resources Corp 228,397
8,850 Northwest Natural Gas Co 247,517
10,900 Piedmont Natural Gas Company Inc 366,513
13,500 Pogo Producing Co 339,188
7,200 Public Service Company of North Carolina Inc 156,600
9,800 Southwest Gas Corp 239,483
8,900 Southwestern Energy Co 81,764
13,400 Wicor Inc 309,875
$3,451,321
HOLDING & INVEST OFFICES --- 3.6%
9,500 Centura Banks Inc 593,750
4,900 Cilcorp Inc 235,200
4,450 Dain Rauscher Corp 243,638
14,100 E Trade Group Inc* 323,412
6,500 Eaton Vance Corp 301,028
3,600 JSB Financial Inc 210,823
18,398 Keystone Financial Inc 680,726
9,100 Pioneer Group Inc 239,439
15,400 Provident Financial Group Inc 702,625
5,400 Queens County Bancorp Inc 235,575
7,400 Silicon Valley Bancshares* 263,388
47,771 Sovereign Bancorp Inc 780,721
6,800 WHX Corp* 87,550
$4,897,875
INDUSTRIAL SERVICES --- 7.9%
18,800 Acxiom Corp* 468,816
14,000 Advanced Tissue Sciences Inc* 62,118
8,100 Advo Inc* 228,315
15,100 American Management Systems Inc* 452,049
8,000 Analysts International Corp 227,000
8,300 Avid Technology Inc* 278,050
12,000 Billing Information Concepts* 186,000
9,500 Bisys Group Inc* 389,500
10,050 Boole & Babbage Inc* 239,944
7,500 Broderbund Software Inc* 171,090
7,200 CDI Corp* 192,600
11,700 Cerner Corp* 331,250
16,600 Ciber Inc* 630,800
7,500 Computer Task Group Inc 251,250
6,500 Dames & Moore Inc 83,688
5,800 Dialogic Corp* 172,550
5,000 Fair Isaac & Co Inc 190,000
11,000 Filenet Corp* 317,625
6,800 Hyperion Software Corp* 193,800
5,300 Itron Inc* 67,575
6,799 Jack Henry & Associates Inc 233,716
12,100 National Data Corp 529,375
9,800 Norrell Corp 195,383
17,100 PMT Services Inc* 434,973
9,300 Platinum Software Corp* 226,688
28,932 Platinum Technology Inc* 826,356
9,300 Primark Corp* 291,202
4,100 Progress Software Corp* 168,100
18,100 S3 Inc* 91,622
6,500 SEI Investments Companies 403,000
4,600 Stone & Webster Inc 182,275
17,050 System Software Associates Inc* 121,481
9,400 Technology Solutions Co* 297,858
15,900 True North Communications Inc 465,075
8,650 United States Bioscience Inc* 70,818
9,100 Vantive Corp* 186,550
5,400 Volt Information Sciences Inc* 146,475
3,500 Wall Data Inc* 56,000
8,400 Whittman Hart Inc* 406,350
15,400 Xylan Corp* 459,105
$10,926,422
INSURANCE --- 6.6%
11,000 Allied Group Inc 514,932
15,300 American Bankers Insurance Group Inc 919,912
6,100 Arthur J Gallagher & Co 272,975
8,100 CMAC Investment Corp 498,150
5,700 Capital RE Corp 408,262
3,600 Compdent Corp* 56,250
6,798 Delphi Financial Group Inc Class A* 382,809
13,400 Enhance Financial Services Group Inc 452,250
3,900 Executive Risk Inc 287,625
8,240 Fidelity National Financial Inc 328,051
6,450 First American Financial Corp 580,500
12,420 Fremont General Corp 673,003
13,420 Frontier Insurance Group Inc 302,782
4,600 Hilb Rogal & Hamilton Co 71,875
6,300 Life Re Corp 516,600
13,900 Mutual Risk Management Ltd 506,474
6,600 NAC re Corp 352,275
9,900 Orion Capital Corp 553,163
22,200 Protective Life Corp 814,451
10,600 Selective Insurance Group Inc 237,504
4,300 Trenwick Group Inc 167,025
6,100 Zenith National Insurance Corp 171,941
$9,068,809
MFTG - CONSUMER PRODS --- 9.6%
5,000 Ashworth Inc* 69,375
8,000 Authentic Fitness Corp 126,496
4,700 Bassett Furniture Industries Inc 132,479
6,600 Bowne & Company Inc 297,000
6,500 Brown Group Inc 129,187
6,700 Canandaigua Wine Co Inc Class B* 329,553
6,700 Catalina Marketing Corp* 347,978
17,060 Champion Enterprises Inc* 501,137
23,000 Chiquita Brands International Inc 323,426
3,000 Coca-Cola Bottling Co 198,375
9,400 Cone Mills Corp* 81,075
4,600 Consolidated Graphics Inc* 271,400
12,800 Corn Products International Inc* 433,600
5,300 Cyrk Inc* 58,300
8,800 Delta Woodside Industries Inc 45,646
16,050 Dimon Inc 180,563
7,700 Earthgrains Co 430,238
10,300 Ethan Allen Interiors Inc 514,351
4,200 Galey & Lord Inc* 62,475
6,500 Galoob Toys Inc* 65,000
5,900 Gibson Greetings Inc* 147,500
2,500 GoodMark Foods Inc 74,063
9,250 Guilford Mills Inc 185,000
8,900 Gymboree Corp* 134,888
3,100 Haggar Corp 39,525
12,200 Hartmarx Corp* 92,256
5,300 Innovex Inc 69,229
18,600 Interface Inc Class A 375,478
3,200 J&J Snack Foods Corp* 66,800
11,200 John H Harland Co 189,694
3,800 Johnston Industries Inc* 17,575
10,800 Just For Feet Inc* 307,800
9,500 Justin Industries Inc 153,188
2,000 K-Swiss Inc 39,250
5,915 K2 Inc 104,252
7,750 Kellwood Co 277,063
6,400 La-Z-Boy Inc 361,600
5,700 Lydall Inc* 83,003
5,900 Merrill Corp 130,166
18,750 Mohawk Industries Inc* 594,131
2,606 National Presto Industries Inc 101,470
6,575 Nature's Sunshine Products Inc 148,345
5,000 New England Business Service Inc 161,250
16,700 Oakwood Homes Corp 501,000
3,600 Oshkosh B'Gosh Inc Class A 160,200
3,200 Oxford Industries Inc 111,798
8,800 ParExel International Corp* 320,100
4,500 Pharmaceutical Marketing Services Inc* 64,125
9,800 Phillips Van-Heusen Corp 144,550
5,060 Pillowtex Corp 203,033
1,300 Plenum Publishing Corp 95,225
5,800 Schweitzer-Mauduit International Inc 168,200
13,500 Smithfield Foods Inc* 411,750
8,800 Sola International Inc* 287,646
16,900 Stride Rite Corp 254,548
2,900 Swiss Army Brands Inc* 33,350
4,100 The Dixie Group Inc 38,950
4,100 The Timberland Co Class A* 294,942
7,750 Titan International Inc 131,750
10,800 Tultex Corp* 26,320
5,000 USA Detergents Inc* 82,810
7,400 Universal Forest Products Inc 121,175
14,000 Valassis Communications Inc* 539,868
15,300 Wolverine World Wide Inc 331,811
13,800 World Color Press Inc* 483,000
$13,257,331
MFTG - INDUSTRIAL PRODS --- 13.7%
5,900 AT Cross Co Class A 87,763
11,400 Alliance Pharmaceutical Corp* 47,732
9,184 Alpharma Inc Class A 202,048
3,300 Amcast Industrial Corp 61,462
10,000 Applied Power Inc Class A 343,750
6,500 Aptargroup Inc 404,215
3,400 Astec Industries Inc* 117,300
9,600 BMC Industries Inc 84,000
7,849 Banctec Inc* 181,508
9,400 Belden Inc 287,875
5,000 Bell Sports Corp* 47,965
17,200 Bio-Technology General Corp* 122,000
10,700 Birmingham Steel Corp 132,412
13,500 Blount International Inc Class A 384,750
13,200 Buckeye Technologies Inc* 311,018
2,750 Butler Manufacturing Co 93,670
8,600 COR Therapeutics Inc* 119,325
8,600 Cambrex Corp 225,750
9,100 Caraustar Industries Inc 262,762
10,200 Cephalon Inc* 80,325
3,600 Chemed Corp 122,623
7,100 Chemfirst Inc 179,275
8,750 Clarcor Inc 183,750
5,700 Commonwealth Industries Inc 57,000
7,200 Cygnus Inc* 75,146
15,200 Fedders Corp 101,642
5,400 Flow International Corp* 62,775
8,100 Gerber Scientific Inc 184,275
7,800 Global Industries Technologies Inc* 112,125
9,300 Graco Inc 324,338
11,000 Griffon Corp* 140,932
3,700 Hauser Inc* 21,504
8,000 Helix Technology Corp 120,000
13,700 IDEXX Laboratories Inc* 340,788
6,000 IMCO Recycling Inc 111,000
8,200 Immune Response Corp* 123,000
3,000 Insteel Industries Inc 18,936
4,444 Intermagnetics General Corp* 40,552
9,100 Intermet Corp 164,938
5,800 Ionics Inc* 213,875
15,700 JLG Industries Inc 317,925
3,000 Kronos Inc* 108,750
8,400 Kulicke & Soffa Industries Inc* 142,800
4,600 LSB Industries Inc 17,535
8,350 Lilly Industries Inc Class A 180,569
5,100 Lindsay Manufacturing Co 138,338
13,500 Liposome Company Inc* 72,981
3,800 Lone Star Industries Inc 292,836
9,000 MacDermid Inc 254,250
6,400 Marquette Medical Systems Class A* 164,198
5,550 Material Sciences Corp* 64,519
3,700 McWhorter Technologies Inc* 97,817
9,500 Medimmune Inc* 592,563
6,100 Medusa Corp 382,775
18,900 Microchip Technology Inc* 493,763
9,801 Mississippi Chemical Corp 161,099
6,400 Molecular Biosystems Inc* 45,997
12,600 Mueller Industries Inc* 467,775
13,000 Mycogen Corp* 312,403
6,548 Myers Industries Inc 157,152
20,100 NBTY Inc* 369,338
2,400 Nashua Corp* 37,500
8,700 Northwestern Steel and Wire Co* 30,450
12,100 Novellus Systems Inc* 431,813
7,300 Noven Pharmaceuticals Inc* 43,340
5,700 O'Sullivan Corp 55,575
8,000 OM Group Inc 330,000
17,341 Paxar Corp* 199,422
2,600 Penford Corp 78,650
8,700 Photronics Inc* 191,939
9,400 Polaris Industries Inc 353,675
4,900 Pope & Talbot Inc 57,266
6,600 Protein Design Labs Inc* 159,014
3,100 Quaker Chemical Corp 58,705
5,000 Quanex Corp 151,560
3,300 RailTex Inc* 43,725
7,500 Regal-Beloit Corp 213,750
11,100 Regeneron Pharmaceuticals Inc* 102,320
4,200 Republic Group Inc 88,200
3,900 Robbins & Myers Inc 113,342
10,900 Roberts Pharmaceutical Corp* 250,700
11,100 Roper Industries Inc 289,988
8,000 Russ Berrie & Company Inc 200,000
4,400 SPS Technologies Inc* 257,400
6,600 Scott Technologies Inc* 96,525
6,700 Scotts Co Class A* 249,575
9,650 Shorewood Packaging Corp* 153,194
4,700 Standex International Corp 139,238
4,300 Steel Technologies Inc 44,075
9,700 Sturm Ruger Company Inc 162,475
5,700 Telxon Corp 184,538
7,600 Texas Industries Inc 402,800
6,250 The Manitowoc Company Inc 251,950
7,550 TheraTech Inc* 76,444
6,175 Thomas Nelson Inc 82,591
4,600 Toro Co 157,550
4,250 Tredegar Industries Inc 360,719
7,500 Ultratech Stepper Inc* 148,125
9,900 Valmont Industries Inc 197,683
9,100 Vertex Pharmaceuticals Inc* 204,750
5,600 WD-40 Co 151,900
8,100 WH Brady Co Class A 225,277
3,100 Walbro Corp 43,788
4,000 Whittaker Corp* 53,000
5,100 Wolverine Tube Inc* 193,800
6,875 Wynn's International Inc 132,344
8,200 Xircom Inc* 127,608
4,500 Zero Corp 127,688
$18,837,458
MINING --- 0.5%
10,200 AMCOL International Corp 123,032
7,900 Coeur D'Alene Mines Co* 53,325
5,300 Dravo Corp* 48,691
11,104 Getchell Gold Corp* 170,724
11,100 Glamis Gold Ltd* 38,850
19,800 Helca Mining Co* 105,178
7,300 Stillwater Mining Co* 198,013
$737,813
OIL & GAS --- 2.7%
10,600 Benton Oil & Gas Co* 112,625
8,900 Cabot Oil & Gas Corp 178,000
16,550 Cross Timbers Oil Co 315,476
11,600 Devon Energy Corp 405,269
6,700 HS Resources Inc* 97,565
12,900 Newfield Exploration Co* 320,888
8,200 Oceaneering International Inc* 145,550
6,000 Plains Resources Inc* 107,250
7,500 Pool Energy Services Co* 110,625
18,000 Pride International Inc* 304,866
7,300 Remington Oil & Gas Corp* 39,238
36,700 Santa Fe Energy Resources Inc 394,525
8,000 Seitel Inc* 129,496
12,000 Snyder Oil Corp 239,244
4,000 St Mary Land & Exploration Co 96,500
15,900 Tuboscope Vetco International Corp* 314,025
18,400 Vintage Petroleum Inc 347,300
3,200 Wiser Oil Co 35,398
$3,693,840
OTHER ASSET-BACKED --- 0.1%
7,400 ABM Industries Inc 206,275
$206,275
OTHER TRANS SERVICES --- 1.6%
11,300 American Freightways Corp* 113,000
7,000 Arkansas Best Corp* 65,625
18,500 Brightpoint Inc* 268,250
8,800 Expeditors International of Washington Inc 387,200
12,800 Fritz Companies Inc* 171,200
6,000 Frozen Food Express Industries Inc 59,250
10,784 Heartland Express Inc* 218,376
4,000 Landstar System Inc* 139,748
4,400 MS Carriers Inc* 119,350
5,100 Rural/Metro Corp* 66,300
9,400 USFreightways Corp 308,724
17,062 Werner Enterprises Inc 325,236
$2,242,259
REAL ESTATE --- 0.9%
15,300 Amresco Inc* 445,612
7,467 CCB Financial Corp 793,369
$1,238,981
RETAIL TRADE --- 8.9%
9,200 AnnTaylor Stores Corp* 194,920
10,800 Applebees International Inc 241,650
4,200 Au Bon Pain Inc* 46,200
3,200 Bertuccis Inc* 32,800
13,600 Bombay Company Inc* 64,600
6,200 Books-A-Million Inc* 28,675
4,400 Builders Material Holding Corp* 60,773
16,600 CKE Restaurants Inc 684,750
18,900 Caseys General Stores Inc 313,022
8,776 Cash America International Inc 133,834
9,800 Cato Corp Class A 170,579
7,150 Cheesecake Factory Inc* 161,769
7,475 Consolidated Products Inc* 157,909
2,700 Danmark International Inc* 22,950
6,000 Discount Auto Parts Inc* 156,000
10,500 Eagle Hardware & Garden Inc* 242,813
6,000 Express Scripts Inc* 483,750
6,700 Fabri-Centers of America Inc Class A* 183,413
7,500 Filenes Basement Corp* 40,898
14,100 Foodmaker Inc* 237,938
10,000 Footstar Inc* 480,000
3,700 Gottschalks Inc* 32,838
7,600 Hancock Fabrics Inc 95,000
3,500 IHOP Corp* 144,813
5,000 J Baker Inc 57,810
9,300 Jan Bell Marketing Inc* 60,450
10,800 Landrys Seafood Restaurant Co* 195,404
6,100 Lechters Corp* 29,927
3,400 Lillian Vernon Corp 56,525
13,900 Linens 'N Things Inc* 424,812
8,400 Luby's Cafeterias Inc 147,521
10,400 Michaels Stores Inc* 366,922
13,818 Midway Games Inc* 215,906
7,600 O'Reilly Automotive Inc* 273,600
24,045 Pier 1 Imports Inc 574,074
17,100 Ross Stores Inc 735,300
11,900 Ruby Tuesday Inc 184,450
15,900 Ryan's Family Steak Houses Inc* 162,975
4,500 SPX Corp* 289,688
17,500 Shoney's Inc* 61,250
9,300 Shopko Stores Inc* 316,200
6,500 Showbiz Pizza Time Inc* 262,028
6,850 Sonic Corp* 153,269
6,000 St John Knits Inc 231,750
16,500 Stein Mart Inc* 222,750
8,300 TCBY Enterprises Inc 76,252
6,100 TJ International Inc 183,763
5,300 Taco Cabana Inc* 33,454
8,300 The Dress Barn Inc* 206,463
11,925 The Men's Wearhouse Inc* 393,525
11,350 The Sports Authority Inc* 169,535
10,980 Triarc Companies Inc Class A* 240,868
9,400 Whole Foods Market Inc* 568,700
18,550 Williams-Sonoma Inc* 590,113
12,800 Zale Corp* 407,194
$12,304,372
SECURITIES & COMMODITIES --- 1.0%
10,141 Downey Financial Corp 331,479
9,900 Legg Mason Inc 569,864
17,350 Raymond James Financial Inc 519,407
$1,420,750
TELEPHONE --- 0.2%
23,100 Tel-Save Holdings Inc* 340,725
$340,725
TRANSPORTATION EQUIPMENT --- 2.4%
9,950 AAR Corp 294,142
5,600 AO Smith Corp 289,447
10,300 Arctic Cat Inc 101,712
8,200 BE Aerospace Inc* 238,825
13,100 Breed Technologies Inc 200,587
25,500 Gentex Corp* 462,188
4,400 Huffy Corp 79,750
13,100 Orbital Sciences Corp* 489,613
6,600 Simpson Industries Inc 90,334
3,400 Skyline Corp 110,925
4,500 Spartan Motors Inc 32,063
4,700 Standard Motor Products Inc 104,575
6,100 Standard Products Co 171,563
4,400 Thor Industries Inc 121,823
8,250 Wabash National Corp 212,438
8,500 Winnebago Industries Inc 108,375
9,800 Yellow Corp* 181,908
$3,290,268
WATER --- 0.8%
2,600 Aquarion Co 88,886
3,200 Consumers Water Co 88,400
10,250 Halter Marine Group Inc* 154,386
7,700 Kirby Corp* 194,425
9,933 Philadelphia Suburban Corp 217,284
3,200 Southern California Water Co 86,800
13,200 United Water Resources Inc 237,600
$1,067,781
WHOLESALE TRADE - INDL --- 1.4%
5,075 AM Castle & Co 111,650
7,900 Applied Industrial Technology Inc 162,440
11,310 Barrett Resources Corp* 423,412
3,300 Bell Industries Inc* 37,537
4,000 Lawson Products Inc 103,000
7,050 MicroAge Inc* 100,018
14,100 Nautica Enterprises Inc* 378,049
11,950 Patterson Dental Co* 437,669
9,425 Pioneer Standard Electronics Inc 90,716
8,200 TBC Corp* 54,325
$1,898,816
WHOLESALE TRADE -CONSUMER --- 2.0%
7,300 Barnes Group Inc 197,553
5,333 Commercial Metals Co 163,990
13,700 Fleming Companies Inc 240,599
8,200 Hughes Supply Inc 300,325
8,200 Kaman Corp Class A 156,054
9,800 Kent Electronics Corp* 179,458
4,100 Nash Finch Co 61,754
11,550 Owens & Minor Inc 115,500
17,100 Richfood Holdings Inc 353,748
3,700 Syncor International Corp* 63,825
17,300 Tech Data Corp* 741,738
5,500 Watsco Inc 193,529
$2,768,073
TOTAL COMMON STOCK --- 100.0% $137,878,751
(Cost $125,404,898)
TOTAL SMALL-CAP INDEX PORTFOLIO --- 100.0% $137,878,751
(Cost $125,404,898)
The Maxim Series Fund
Small-Cap Value Portfolio
COMMON STOCK
CONSUMER SERVICES --- 8.2%
19,800 Allergan Inc 918,225
16,900 Berlitz International Inc* 456,300
56,200 Whitman Corp 1,289,059
$2,663,584
CREDIT INSTITUTIONS --- 3.3%
14,300 Northern Trust Corp 1,090,375
$1,090,375
ELECTRONICS - HIGH TECH --- 3.8%
49,600 Littelfuse Inc* 1,252,400
$1,252,400
INDUSTRIAL SERVICES --- 3.4%
19,800 Omnicom Group Inc 987,525
4,300 True North Communications Inc 125,775
$1,113,300
INSURANCE --- 6.4%
7,800 Arthur J Gallagher & Co 349,050
23,200 MBIA Inc 1,737,100
$2,086,150
MFTG - CONSUMER PRODS --- 30.5%
141,100 American Media Inc Class A* 934,787
24,200 Central Newspapers Inc 1,687,950
93,900 Golden Books Family Entertainment* 360,858
50,400 Hasbro Inc 1,981,325
94,300 Interface Inc Class A 1,903,634
30,800 Lee Enterprises Inc 943,250
33,200 Leggett & Platt Inc 830,000
36,800 McCormick & Company Inc (nonvtg) 1,314,422
$9,956,226
MFTG - INDUSTRIAL PRODS --- 30.5%
44,500 Ecolab Inc 1,379,500
67,700 First Brands Corp 1,734,813
28,786 General Binding Corp 1,059,670
23,100 Hunt Corp 547,170
17,700 Hussmann International Inc 328,547
32,200 Libbey Inc 1,233,646
56,550 Shorewood Packaging Corp* 897,731
73,700 Specialty Equipment Companies Inc* 1,667,463
39,300 WH Brady Co Class A 1,093,012
$9,941,552
REAL ESTATE --- 4.8%
49,700 The Rouse Co 1,562,419
$1,562,419
RETAIL TRADE --- 6.2%
40,000 Bob Evans Farms Inc 847,480
3,300 Enesco Group Inc 101,475
36,900 Longs Drug Stores Corp 1,065,488
$2,014,443
SECURITIES & COMMODITIES --- 0.5%
4,400 T Rowe Price & Associates Inc 165,273
$165,273
TELEPHONE --- 2.4%
17,300 Century Telephone Enterprises Inc 793,637
$793,637
TOTAL COMMON STOCK --- 100.0% $32,639,359
(Cost $27,322,418)
TOTAL SMALL-CAP VALUE PORTFOLIO --- 100.0% $32,639,359
(Cost $27,322,418)
The Maxim Series Fund
Stable Asset Fund I
BONDS
AGENCY --- 67.7%
1,000,000 Federal Home Loan Mortgage Corp 994,680
CMO SER.1637 CL.EB
5.500% February 15, 2019
964,659 Federal Home Loan Mortgage Corp 967,968
CMO SER.1544 CL.E
6.250% June 15, 2008
5,286,374 Federal Home Loan Mortgage Corp 5,633,266
CMO Series 42 Class F
8.000% June 17, 2022
6,512,000 Federal National Mortgage Association 6,546,579
CMO Series 1994-62 Class PE
6.400% September 25, 2019
15,002,296 Federal National Mortgage Association 15,213,228
Pool #331338
7.000% February 1, 2028
5,000,000 Federal National Mortgage Association 4,992,150
CMO Series 1994-86 Class PE
6.000% September 25, 2006
4,058,182 Federal National Mortgage Association 4,086,061
Pool #343349
6.500% April 1, 2011
4,890,779 Government National Mortgage Association 4,970,499
Pool #423800
7.000% May 15, 2026
3,343,689 Government National Mortgage Association 3,398,191
Pool #423869
7.000% June 15, 2026
1,057,113 Government National Mortgage Association 1,074,344
Pool #422877
7.000% May 15, 2026
1,000,000 US Department of Veterans Affairs 1,027,500
VENDEE TRUST SER.1997-2 CL.B
7.500% January 15, 2013
$48,904,466
CREDIT INSTITUTIONS --- 4.9%
1,500,000 Ford Motor Credit Co 1,511,070
Notes
6.375% April 15, 2000
2,000,000 General Motors Acceptance Corp 2,025,580
Medium Term Notes
7.375% May 28, 1999
$3,536,650
OTHER ASSET-BACKED --- 16.8%
2,000,000 ********** (blank) ********** 743844$Z1 1,994,146
ABS HEL SER.1998-1 CL.A-2
6.450% February 25, 2013
3,260,000 Aames Mortgage Trust 3,261,077
ABS Certs Ser.1995-D Cl.A1-C
6.500% December 15, 2021
5,000,000 Contimortgage Home Equity Loan 5,026,219
Senior Certs Ser.1995-4 Cl.A6
6.730% December 15, 2010
1,856,625 Oakwood Mortgage Investors Inc 1,871,024
Senior Certs Ser.1995-B Cl.A2
6.450% January 15, 2021
$12,152,466
U.S. GOVERNMENTS --- 6.0%
3,800,000 United States of America 3,857,000
Treasury Notes
6.875% August 31, 1999
500,000 United States of America 501,095
Treasury Notes
5.625% November 30, 2000
$4,358,095
TOTAL BONDS --- 95.4% $68,951,677
(Cost $0)
SHORT-TERM INVESTMENTS
SECURITIES & COMMODITIES --- 4.6%
3,300,000 Merrill Lynch & Co Inc 3,297,351
$3,297,351
TOTAL SHORT-TERM INVESTMENTS --- 4.6% $3,297,351
(Cost $0)
TOTAL STABLE ASSET FUND I --- 100.0% $72,249,028
(Cost $0)
The Maxim Series Fund
Stable Asset Fund II
BONDS
AGENCY --- 70.5%
1,000,000 Federal Home Loan Bank 998,000
Global Notes
5.625% March 19, 2001
1,000,000 Federal Home Loan Mortgage Corp 994,680
CMO SER.1637 CL.EB
5.500% February 15, 2019
10,000,000 Federal Home Loan Mortgage Corp 10,465,600
CMO Series 1733 Class PG
7.500% March 15, 2022
1,000,000 Federal National Mortgage Association 1,005,000
CMO SER.1998-36 CL.A
6.500% January 18, 2027
95,949 Federal National Mortgage Association 95,559
CMO Series 1993-119 Class CA
5.500% September 25, 1998
5,000,000 Federal National Mortgage Association 5,210,900
CMO Series 1994-88 Class PG
7.500% October 25, 2021
12,459,667 Federal National Mortgage Association 12,634,850
Pool #412609
7.000% January 1, 2028
5,087,018 Federal National Mortgage Association 5,228,945
Pool #303848
7.500% January 1, 2011
838,304 Government National Mortgage Association II 865,548
Pool #002141
8.000% December 20, 2025
1,000,000 US Department of Veterans Affairs 1,027,500
VENDEE TRUST SER.1997-2 CL.B
7.500% January 15, 2013
$38,526,582
OTHER ASSET-BACKED --- 16.8%
3,500,000 Aames Mortgage Trust 3,501,157
ABS Certs Ser.1995-D Cl.A1-C
6.500% December 15, 2021
5,000,000 Contimortgage Home Equity Loan 5,026,219
Senior Certs Ser.1995-4 Cl.A6
6.730% December 15, 2010
664,642 First Merchants Auto Rec Corp 664,642
Auto Rec Bkd Certs Ser.1995-A
6.200% January 15, 2001
$9,192,018
U.S. GOVERNMENTS --- 5.5%
1,000,000 United States of America 1,012,500
Treasury Notes
5.875% September 30, 2002
2,000,000 United States of America 2,019,680
Treasury Notes
5.750% April 30, 2003
$3,032,180
TOTAL BONDS --- 92.9% $50,750,780
(Cost $0)
SHORT-TERM INVESTMENTS
SECURITIES & COMMODITIES --- 7.1%
3,900,000 Merrill Lynch & Co Inc 3,896,869
$3,896,869
TOTAL SHORT-TERM INVESTMENTS --- 7.1% $3,896,869
(Cost $0)
TOTAL STABLE ASSET FUND II --- 100.0% $54,647,649
(Cost $0)
The Maxim Series Fund
Stable Asset Fund III
BONDS
AGENCY --- 59.7%
2,000,000 FNMA 2,010,000
CMO 1998 SER.W2 CL.A2
6.500% September 1, 2000
5,000,000 Federal Home Loan Mortgage Corp 5,257,800
CMO Series 1770 Class PG
8.000% April 15, 2022
2,140,088 Federal Home Loan Mortgage Corp 2,164,250
Pool #M80429
7.000% June 1, 2003
2,765,796 Federal National Mortgage Association 2,773,568
CMO SER.1997-63 CL.E
6.400% January 18, 2024
196,268 Federal National Mortgage Association 197,616
Pool #340679
6.500% March 1, 2011
327,007 Federal National Mortgage Association 329,253
Pool #338373
6.500% April 1, 2011
283,054 Federal National Mortgage Association 284,999
Pool #347082
6.500% June 1, 2011
1,645,962 Federal National Mortgage Association 1,649,040
CMO SER.X-10B CL.VC
6.500% May 25, 2000
2,000,000 Federal National Mortgage Association 2,010,000
CMO SER.1998-36 CL.A
6.500% January 18, 2027
170,882 Federal National Mortgage Association 172,056
Pool #347081
6.500% June 1, 2011
8,767,914 Federal National Mortgage Association 8,891,190
Pool #412609
7.000% January 1, 2028
206,219 Federal National Mortgage Association 205,379
CMO Series 1993-119 Class CA
5.500% September 25, 1998
1,100,000 US Department of Veterans Affairs 1,119,250
VENDEE SER.1998-2 CL.1B
6.750% September 15, 2014
5,300,000 US Department of Veterans Affairs 5,381,143
Vendee Trust Ser. 1996-2 Cl.1C
6.750% August 15, 2014
1,000,000 US Department of Veterans Affairs 1,019,370
VENDEE TRUST SER.1997-1 CL.2C
7.500% September 15, 2017
4,559,000 US Department of Veterans Affairs 4,607,417
VENDEE TRUST SER.1995-2B CL.2C
7.500% October 15, 2015
$38,072,331
CREDIT INSTITUTIONS --- 4.8%
1,000,000 Ford Motor Credit Co 988,180
Notes
5.250% April 15, 2000
2,000,000 General Motors Acceptance Corp 2,084,480
Medium Term Notes
7.750% March 15, 2001
$3,072,660
OTHER ASSET-BACKED --- 25.7%
1,569,641 ********** (blank) ********** 166782AB8 1,590,739
HOME LOAN ABS CERTS SER.1997-1
6.550% May 20, 2018
370,872 CTS Home Equity Loan Trust 370,872
Senior Certs Ser.1996-1 Cl.A1
6.900% April 25, 2026
4,000,000 Contimortgage Home Equity Loan 4,020,975
Senior Certs Ser.1995-4 Cl.A6
6.730% December 15, 2010
5,002,432 Equicon Home Equity Loan Trust 5,730,935
Senior Certs Ser.1994-2 Cl.A5
8.750% November 18, 2025
4,641,562 Oakwood Mortgage Investors Inc 4,677,559
Senior Certs Ser.1995-B Cl.A2
6.450% January 15, 2021
$16,391,080
U.S. GOVERNMENTS --- 2.3%
1,500,000 United States of America 1,495,545
Treasury Notes
5.000% February 15, 1999
$1,495,545
TOTAL BONDS --- 92.6% $59,031,616
(Cost $0)
SHORT-TERM INVESTMENTS
CREDIT INSTITUTIONS --- 3.1%
2,000,000 Prudential Funding Corp 1,990,817
$1,990,817
SECURITIES & COMMODITIES --- 4.2%
2,700,000 Merrill Lynch & Co Inc 2,697,833
$2,697,833
TOTAL SHORT-TERM INVESTMENTS --- 7.4% $4,688,650
(Cost $0)
TOTAL STABLE ASSET FUND III --- 100.0% $63,720,266
(Cost $0)
The Maxim Series Fund
Stable Asset Fund IV
BONDS
AGENCY --- 72.7%
2,000,000 Federal Home Loan Bank 1,996,000
Global Notes
5.625% March 19, 2001
1,618,364 Federal Home Loan Mortgage Corp 1,637,558
Balloon Pool #M90492
7.000% April 1, 2002
3,922,000 Federal Home Loan Mortgage Corp 3,980,830
CMO SER.1938 CL.C
7.500% October 15, 2005
2,074,761 Federal Home Loan Mortgage Corp 2,122,729
Pool #G10430
7.000% December 1, 2010
1,504,799 Federal Home Loan Mortgage Corp 1,551,056
Pool #E20003
7.500% November 1, 2007
2,313,078 Federal Home Loan Mortgage Corp 2,379,001
Pool #E00492
7.500% June 1, 2012
1,000,000 Federal National Mortgage Association 1,005,000
CMO SER.1998-36 CL.A
6.500% January 18, 2027
3,696,037 Federal National Mortgage Association 3,753,695
Pool #313017
7.000% July 1, 2003
2,500,000 Federal National Mortgage Association 2,558,575
CMO SER.1997-28 CL.PC
7.375% March 18, 2022
2,175,000 Federal National Mortgage Association 2,155,273
CMO SER.G1993-27 CL.B
6.000% December 25, 2020
1,614,170 Federal National Mortgage Association 1,637,866
Pool #50930
7.000% November 1, 2023
3,336,032 Federal National Mortgage Association 3,385,005
Pool #303450
7.000% August 1, 2025
3,000,000 Government National Mortgage Association 3,055,290
CMO SER.1996-5 CL.DB
7.000% November 16, 2020
212,126 Government National Mortgage Association 211,728
CMO SER.1994-7 CL.PC
6.500% October 16, 2009
2,000,000 Government National Mortgage Association 2,095,620
CMO SER.1994-3 CL.PH
7.488% March 16, 2022
871,408 Government National Mortgage Association II 916,067
Pool #001849
8.500% August 20, 2024
2,200,000 US Department of Veterans Affairs 2,269,300
VENDEE TRUST SER.1995-3 CL.1C
7.250% July 15, 2014
4,000,000 US Department of Veterans Affairs 4,077,480
VENDEE TRUST SER.1997-1 CL.2C
7.500% September 15, 2017
1,171,000 US Department of Veterans Affairs 1,191,493
VENDEE SER.1998-2 CL.1B
6.750% September 15, 2014
$41,979,566
OTHER ASSET-BACKED --- 24.0%
4,500,000 Advanta Mortgage Loan Trust 4,476,460
HOME EQUITY LOAN CERTS 1996-1
6.350% October 25, 2021
3,000,000 Contimortgage Home Equity Loan 3,122,842
HEL P-T CERTS SER.1997-2
7.340% March 15, 2023
3,000,000 Delta Funding Home Equity Loan Trust 3,102,013
SER.1995-2 CL.A4
7.210% March 25, 2020
3,000,000 IMC Home Equity Loan Trust 3,146,543
SENIOR CERTS SER.1997-2 CL.A5
7.480% March 20, 2021
$13,847,858
TOTAL BONDS --- 96.7% $55,827,424
(Cost $0)
SHORT-TERM INVESTMENTS
SECURITIES & COMMODITIES --- 3.3%
1,900,000 Merrill Lynch & Co Inc 1,898,475
$1,898,475
TOTAL SHORT-TERM INVESTMENTS --- 3.3% $1,898,475
(Cost $0)
TOTAL STABLE ASSET FUND IV --- 100.0% $57,725,899
(Cost $0)
The Maxim Series Fund
Stable Asset Fund V
BONDS
AGENCY --- 86.9%
2,157,568 ********** (blank) ********** 31378QXA4 2,133,834
Pool 405773
6.000% November 1, 2012
2,573,326 ********** (blank) ********** 31378RR50 2,545,019
Pool #406508
6.000% December 1, 2012
1,989,297 ********** (blank) ********** 31378ULY6 1,985,318
Pool #409043
6.500% December 1, 2027
2,496,972 ********** (blank) ********** 36224RLF9 2,596,101
Pool #336126
8.000% January 15, 2023
2,894,794 Federal Home Loan Mortgage Corp 2,970,059
Pool #C90185
7.500% September 1, 2017
2,801,653 Federal Home Loan Mortgage Corp 2,854,884
Pool #C90192
7.000% November 1, 2017
2,000,000 Federal National Mortgage Association 2,010,000
CMO SER.1998-36 CL.A
6.500% January 18, 2027
4,219,000 Government National Mortgage Association 4,303,380
CMO SER.1997-6 CL.P
7.500% August 20, 2021
1,901,855 Government National Mortgage Association 1,934,567
Pool #326915
7.000% January 15, 2023
1,900,733 Government National Mortgage Association 1,899,783
Pool #780560
6.500% May 15, 2024
3,459,073 Government National Mortgage Association II 3,507,500
Pool #002591
7.000% May 20, 2028
2,326,585 Government National Mortgage Association II 2,314,952
Pool #001619
6.500% March 20, 2024
3,000,000 US Department of Veterans Affairs 3,094,500
VENDEE TRUST SER.1995-3 CL.1C
7.250% July 15, 2014
1,000,000 US Department of Veterans Affairs 1,027,500
VENDEE TRUST SER.1997-2 CL.B
7.500% January 15, 2013
$35,177,397
OTHER ASSET-BACKED --- 9.9%
4,000,000 ********** (blank) ********** 743844AN2 4,010,499
PBHET SER.1997-3 CL.A2
6.740% May 25, 2012
$4,010,499
TOTAL BONDS --- 96.8% $39,187,896
(Cost $0)
SHORT-TERM INVESTMENTS
SECURITIES & COMMODITIES --- 3.2%
1,300,000 Merrill Lynch & Co Inc 1,298,956
$1,298,956
TOTAL SHORT-TERM INVESTMENTS --- 3.2% $1,298,956
(Cost $0)
TOTAL STABLE ASSET FUND V --- 100.0% $40,486,852
(Cost $0)
The Maxim Series Fund
Stock Index Portfolio
COMMON STOCK
AGENCY --- 0.6%
100,300 Federal National Mortgage Association (nonvtg) 6,093,225
$6,093,225
AGRICULTURE --- 0.0%
6,100 Agco Corp 125,428
5,900 Dole Food Company Inc 293,153
$418,581
AIR --- 0.6%
17,600 AMR Corp* 1,465,200
2,900 ASA Holdings Inc 143,913
4,900 Airborne Freight Corp 171,191
2,500 Alaska Air Group Inc* 136,405
7,300 Delta Air Lines Inc 943,525
14,240 FDX Corp* 893,560
4,000 Pittston Burlington Group 147,500
21,625 Southwest Airlines Co 640,641
9,800 US Air Group Inc* 776,650
$5,318,585
COMMUNICATIONS --- 3.5%
11,750 360 Communications Co* 376,000
12,100 AH Belo Corp Class A 294,938
157,200 AT&T Corp 8,980,050
55,400 Airtouch Communications Inc* 3,237,410
69,600 CBS Corp 2,209,800
15,400 Cabletron Systems Inc* 206,930
3,185 Chris-Craft Industries Inc* 174,178
12,000 Clear Channel Communications Inc* 1,309,500
35,600 Comcast Corp Class A 1,445,111
5,000 Comsat Corp 141,560
27,500 Gannett Company Inc 1,954,205
14,600 General Instrument Corp* 396,930
59,000 Mediaone Group Inc* 2,592,283
26,450 Nextel Communications Inc* 657,944
6,700 Qualcomm Inc* 376,453
2,400 TCA Cable TV Inc 144,000
49,100 Tele-Communications Inc* 1,887,257
5,900 Telephone & Data Systems Inc 232,313
3,600 Vanguard Cellular Systems Inc Class A* 67,950
34,503 Viacom Inc Class B* 2,009,800
99,840 Worldcom Inc* 4,835,950
$33,530,562
CONSTRUCTION --- 0.1%
5,800 Centex Corp 218,950
11,516 Clayton Homes Inc 218,804
1,750 Granite Construction Inc 53,594
3,800 Kaufman & Broad Home Corp 120,650
4,200 Pulte Corp 125,475
$737,473
CONSUMER SERVICES --- 8.0%
10,700 Accustaff Inc* 334,375
2,800 Acuson Corp* 50,924
5,500 Allegiance Corp 281,875
6,400 Allergan Inc 296,800
24,600 Amgen Inc* 1,608,225
5,000 Apria Healthcare Group Inc* 33,435
5,400 Bausch & Lomb Inc 270,675
27,200 Baxter International Inc 1,463,686
2,800 Beckman Coulter Inc 163,100
11,900 Becton Dickinson & Co 923,738
10,000 Beverly Enterprises Inc 138,120
7,100 Biogen Inc* 347,900
10,900 Biomet Inc 360,376
96,300 Bristol-Myers Squibb Co 11,068,433
5,500 CR Bard Inc 209,341
37,120 CVS Corp 1,445,341
4,500 Carter-Wallace Inc 81,279
82,371 Cendant Corp* 1,719,495
9,200 Circus Circus Enterprises Inc* 155,820
62,363 Columbia/HCA Healthcare Corp 1,816,322
4,500 Concentra Managed Care Inc* 117,000
5,575 Covance Inc* 125,438
107,100 Eli Lilly & Co 7,075,240
6,200 First Health Group Corp* 176,700
7,800 Forest Laboratories Inc* 278,850
11,870 Foundation Health Systems* 313,071
7,600 Genzyme Corp 194,271
10,200 H&R Block Inc 429,675
9,850 Harrah's Entertainment Inc* 229,013
4,350 Health Care & Retirement Corp* 171,551
16,200 Health Management Associates Inc* 541,679
38,804 Healthsouth Corp* 1,035,562
23,900 Hilton Hotels Corp 681,150
16,100 Humana Inc* 502,111
11,650 Ivax Corp* 107,763
130,094 Johnson & Johnson 9,594,433
7,200 King World Productions Inc* 183,600
6,200 Manor Care Inc 238,309
24,650 Marriott International Inc 798,044
45,400 Medtronic Inc 2,894,250
115,628 Merck & Company Inc 15,465,245
17,450 Mirage Resorts Inc* 371,894
5,950 Novacare Inc* 69,913
8,000 Omnicare Inc 305,000
6,800 PSS World Medical Inc* 99,450
3,991 Pacific Health Systems* 352,705
8,409 Promus Hotel Corp* 323,747
7,300 Quorum Health Group Inc* 193,450
24,800 Service Corporation International 1,063,300
8,111 St Jude Medical Inc* 298,582
9,500 Stewart Enterprises Inc Class A 252,938
9,300 Stryker Corp 356,888
29,900 Tenet Healthcare Corp* 934,375
65,930 The Walt Disney Co 6,926,738
7,800 Total Renal Care Holdings Inc* 269,100
18,650 United Healthcare Corp 1,184,275
7,400 United States Surgical Corp 337,625
9,900 Whitman Corp 227,076
$77,489,271
CREDIT INSTITUTIONS --- 9.6%
44,600 American Express Co 5,084,400
6,150 Associated Banc-Corp 231,394
33,544 Associates First Capital Corp 2,578,695
13,700 BB&T Corp 926,463
67,905 Banc One Corp 3,789,914
36,400 Bank of New York Company Inc 2,209,007
66,048 BankAmerica Corp 5,708,991
28,400 BankBoston Corp 1,579,750
9,500 Bankers Trust New York Corp 1,102,589
5,300 Beneficial Corp 811,891
6,300 Capital One Financial Corp 782,378
12,440 Charter One Financial Inc 419,066
82,592 Chase Manhattan Corp 6,235,696
43,700 Citicorp 6,522,225
4,500 City National Corp 166,217
15,150 Comerica Inc 1,003,688
10,500 Countrywide Credit Industries Inc 532,875
10,900 Crestar Financial Corp 594,726
24,225 Fifth Third Bancorp 1,526,175
27,810 First Chicago NBD Corp 2,464,661
18,112 First Security Corp 387,705
12,400 First Tennessee National Corp 391,369
93,800 First Union Corp 5,463,850
5,050 First Virginia Banks Inc 258,181
14,100 Firstar Corp 535,800
27,485 Fleet Financial Group Inc 2,294,998
5,500 Golden West Financial Corp 584,716
10,600 HF Ahmanson & Co 752,600
31,200 Household International Inc 1,552,200
18,600 Huntington Bancshares Inc 623,100
17,200 JP Morgan & Company Inc 2,014,550
42,504 Keycorp 1,514,205
48,518 MBNA Corp 1,601,094
10,300 Marshall & Ilsley Corp 525,939
25,206 Mellon Bank Corp 1,754,968
12,862 Mercantile Bancorporation Inc 647,923
7,000 Mercantile Bankshares Corp 243,684
31,720 National City Corp 2,252,120
92,650 NationsBank Corp 7,087,725
13,850 North Fork Bancorporation Inc 338,452
10,800 Northern Trust Corp 823,500
73,200 Norwest Corp 2,735,850
9,240 Old Kent Financial Corp 332,344
29,100 PNC Bank Corp 1,565,929
7,800 Pacific Century Financial Corp 187,200
14,500 Regions Financial Corp 595,399
15,600 State Street Boston Corp 1,084,200
20,400 Suntrust Banks Inc 1,658,765
25,500 Synovus Financial Corp 605,625
8,800 TCF Financial Corp 259,600
8,200 Union Planters Corp 482,258
19,933 Wachovia Corp 1,684,339
37,470 Washington Mutual Inc 1,627,584
8,200 Wells Fargo & Co 3,025,800
3,200 Wilmington Trust Co 194,800
6,900 Zions Bancorp 366,563
$92,325,736
ELECTRIC --- 2.9%
16,978 AES Corp* 892,398
11,900 Allegheny Energy Inc 358,487
13,300 Ameren Corp 528,675
18,500 American Electric Power Company Inc 839,438
14,400 Baltimore Gas & Electric Co 447,293
2,100 Black Hills Corp 48,300
9,800 CMS Energy Corp 431,200
14,700 Carolina Power & Light Co 637,613
20,600 Central & South West Corp 553,625
3,200 Central Maine Power Co 62,400
15,293 Cinergy Corp 535,255
2,200 Cleco Corp 65,450
10,425 Conectiv Inc 213,713
22,800 Consolidated Edison Inc 1,050,214
14,100 DTE Energy Co 569,288
19,000 Dominion Resources Inc 774,250
34,838 Duke Power Co 2,064,152
35,100 Edison International 1,037,626
6,300 Energy East Corp 262,238
23,900 Entergy Corp 687,125
17,600 FPL Group Inc 1,108,800
22,399 Firstenergy Corp 688,769
9,400 Florida Progress Corp 386,575
12,400 GPU Inc 468,869
3,100 Hawaiian Electric Industries Inc 123,030
7,300 Hormel Foods Corp 252,303
28,667 Houston Industries Inc 885,094
3,600 Idaho Power Co 124,650
7,000 Illinova Corp 210,000
7,446 Interstate Energy Corp 241,995
4,350 Ipalco Enterprises Inc 193,301
6,000 Kansas City Power & Light Co 174,000
12,600 LG&E Energy Corp 340,981
9,133 MidAmerican Energy Holdings Co 197,501
3,300 Minnesota Power & Light Co 131,175
5,300 Montana Power Co 184,175
4,900 Nevada Power Co 126,175
6,200 New England Electric System 268,150
16,200 Niagara Mohawk Power Corp* 241,979
11,800 Nipsco Industries Inc 330,400
12,600 Northeast Utilities* 213,406
14,600 Northern States Power Co 417,925
16,200 PP&L Resources Inc 367,529
28,800 PacifiCorp 651,600
21,600 Peco Energy Co 630,439
8,200 Pinnacle West Capital Corp 369,000
11,500 Potomac Electric Power Co 288,213
4,100 Public Service Company of New Mexico 93,017
22,500 Public Service Enterprise Group Inc 774,833
8,200 Puget Sound Power & Light Co 219,858
10,350 Scana Corp 308,554
67,600 Southern Co 1,871,641
12,800 Teco Energy Inc 343,194
23,775 Texas Utilities Co 989,634
21,000 Unicom Corp 736,302
5,200 Utilicorp United Inc 195,972
10,900 Wisconsin Energy Corp 331,088
$27,538,867
ELECTRONICS - HIGH TECH --- 12.8%
21,180 AMP Inc 728,063
1,400 ATL Ultrasound Inc 63,875
6,500 Adobe Systems Inc 275,840
13,900 Advanced Micro Devices Inc* 237,162
2,700 Aeroquip-Vickers Inc 157,612
9,300 American Power Conversion Corp* 279,000
15,766 Analog Devices Inc* 387,244
8,637 Andrew Corp* 156,001
12,900 Apple Computer Inc* 370,062
35,400 Applied Materials Inc* 1,044,300
18,700 Ascend Communications Inc* 926,809
9,700 Atmel Corp* 132,163
3,700 Avnet Inc 202,342
9,200 Black & Decker Corp 561,200
18,830 Boston Scientific Corp* 1,348,699
2,400 Briggs & Stratton Corp 89,849
6,600 Cirrus Logic Inc* 73,425
99,000 Cisco Systems Inc* 9,114,138
159,917 Compaq Computer Corp 4,537,645
4,200 Comverse Technology Inc* 217,875
8,800 Cypress Semiconductor Corp* 73,146
11,500 DSC Communications Corp* 345,000
4,800 Data General Corp* 71,698
62,300 Dell Computer Corp* 5,782,188
5,300 Dentsply International Inc 132,500
6,712 Diebold Inc 193,809
31,200 Eastman Kodak Co 2,279,534
42,800 Emerson Electric Co 2,584,050
4,433 Federal Signal Corp 107,775
4,000 Flowserve Corp 98,500
15,100 Gateway 2000 Inc* 764,438
315,300 General Electric Co 28,692,300
4,300 General Signal Corp 154,800
7,800 Harris Corp 348,559
100,226 Hewlett-Packard Co 6,001,032
12,200 Honeywell Inc 1,019,456
6,400 Hubbell Inc Class B 266,400
3,990 Imation Corp* 66,082
7,900 Integrated Device Technology Inc* 56,532
164,100 Intel Corp 12,163,913
91,200 International Business Machines Corp 10,470,854
10,900 International Game Technology 264,325
8,200 Johnson Controls Inc 468,933
8,400 KLA-Tencor Corp* 232,571
13,600 LSI Logic Corp* 313,643
6,400 Lexmark International Group Inc Class A* 390,400
7,400 Linear Technology Corp 446,309
4,500 Litton Industries Inc* 265,500
3,100 Magnetek Inc* 48,825
6,211 Mark IV Industries Inc 134,313
12,700 Maxim Integrated Products Inc* 402,425
9,100 Maytag Corp 449,313
6,300 Mentor Graphics Corp* 66,541
20,600 Micron Technology Inc* 511,127
15,208 Molex Inc 380,200
57,800 Motorola Inc 3,038,084
10,031 NCR Corp* 326,008
16,000 National Semiconductor Corp* 210,992
11,099 Network Associates Inc* 531,365
50,300 Northern Telecom Ltd 2,854,525
34,100 Novell Inc* 434,775
2,000 OEA Inc 32,000
36,953 PG&E Corp 1,166,311
4,800 Perkin-Elmer Corp 298,498
4,200 Polaroid Corp 149,360
13,300 Quantum Corp* 275,975
32,700 Raytheon Co 1,933,388
5,800 SCI Systems Inc* 218,225
7,700 Scientific-Atlanta Inc 195,388
23,540 Seagate Technology Inc* 560,534
7,250 Sensormatic Electronics Corp* 101,500
4,250 Sequent Computer Systems Inc* 51,264
18,300 Silicon Graphics Inc* 221,888
11,200 Solectron Corp* 471,094
8,900 Sterling Commerce Inc* 431,650
10,400 Storage Technology Corp* 451,100
2,300 Stratus Computer Inc* 58,218
36,700 Sun Microsystems Inc* 1,594,138
5,675 Symbol Technologies Inc 214,231
4,900 Tektronix Inc 173,338
3,600 Teleflex Inc 136,800
17,600 Tellabs Inc* 1,260,600
8,100 Teradyne Inc* 216,675
37,800 Texas Instruments Inc 2,204,194
15,425 Thermo Electron Corp* 527,334
5,400 Thomas & Betts Corp 265,950
24,400 Unisys Corp* 689,300
2,900 Varian Associates Inc 113,100
6,294 Vishay Intertechnology Inc* 112,895
9,500 WW Grainger Inc 473,214
7,300 Whirlpool Corp 501,875
31,700 Xerox Corp 3,221,513
7,200 Xilinx Inc* 244,800
3,900 York International Corp 169,892
$123,082,286
ENVIRONMENTAL SERVICES --- 0.4%
17,887 Browning-Ferris Industries Inc 621,573
32,000 Laidlaw Inc Class B 389,984
4,900 Ogden Corp 135,666
3,300 Rollins Inc 67,650
21,300 USA Waste Services Inc* 1,051,688
46,100 Waste Management Inc 1,613,500
$3,880,061
FINANCIAL SERVICES --- 0.1%
13,000 Green Tree Financial Corp 556,556
$556,556
FORESTRY --- 0.4%
5,500 Boise Cascade Corp 180,125
2,100 Chesapeake Corp 81,768
8,900 Georgia-Pacific Corp Class A 524,539
9,000 Georgia-Pacific Corp Class B 207,558
29,784 International Paper Co 1,280,712
5,000 Longview Fibre Co 71,250
10,600 Louisiana-Pacific Corp 193,450
19,200 Weyerhaeuser Co 886,790
$3,426,192
GAS --- 0.8%
5,500 AGL Resources Inc 109,312
8,100 Columbia Gas System Inc 450,563
9,300 Consolidated Natural Gas Co 547,538
2,000 Eastern Enterprises 85,750
11,668 El Paso Energy Corp 446,301
31,760 Enron Corp 1,717,009
2,200 Indiana Energy Inc 65,725
7,600 MCN Corp 189,050
15,300 Marketspan Corp 458,036
3,700 National Fuel Gas Co 161,179
10,780 New Century Energies Inc 489,811
4,700 Nicor Inc 188,588
3,100 Oneok Inc 123,613
3,400 Peoples Energy Corp 131,325
8,000 Questar Corp 157,000
6,100 Seagull Energy Corp* 101,028
10,700 Sonat Inc 413,288
16,500 Tenneco Inc 628,023
4,200 Washington Gas Light Co 112,350
41,124 Williams Companies Inc 1,387,935
$7,963,424
HIGHWAYS --- 0.0%
2,500 Arnold Industries Inc 36,875
7,200 Ryder System Inc 227,246
$264,121
HOLDING & INVEST OFFICES --- 0.7%
16,200 Cincinnati Financial Corp 621,675
15,800 Cognizant Corp 995,400
11,100 Dime Bancorp Inc 332,301
5,500 Finova Group Inc 311,438
14,800 Hibernia Corp 298,768
11,000 MGIC Investment Corp 627,682
17,150 Summit Bancorp 814,625
71,873 U S Bancorp 3,090,539
$7,092,428
INDEPENDENT POWER PROD --- 0.0%
5,900 Calenergy Inc* 177,366
7,800 OGE Energy Corp 210,600
$387,966
INDUSTRIAL SERVICES --- 6.9%
5,566 AC Nielsen Corp* 140,541
8,700 Altera Corp* 257,189
20,900 America Online Inc 2,215,400
9,500 Arrow Electronics Inc* 206,625
4,500 Autodesk Inc 173,813
29,100 Automatic Data Processing Inc 2,120,663
19,700 BMC Software Inc* 1,023,159
20,550 Cadence Design Systems Inc* 642,188
7,000 Ceridian Corp* 411,250
9,500 Cintas Corp 484,500
14,850 Comdisco Inc 282,150
52,825 Computer Associates International Inc 2,935,063
15,100 Computer Sciences Corp 966,400
17,400 Compuware Corp* 889,575
7,800 Corrections Corporation of America* 183,300
7,900 Deluxe Corp 282,915
16,600 Dun & Bradstreet Corp 597,600
4,400 EG&G Inc 132,000
5,700 Electronic Arts Inc* 307,800
14,300 Equifax Inc 519,262
43,294 First Data Corp 1,442,210
7,775 Fiserv Inc* 330,189
8,000 Fluor Corp 408,000
4,000 Foster Wheeler Corp 85,748
4,000 Gtech Holdings Corp* 134,748
41,500 HBO & Co 1,462,875
2,800 Information Resources Inc* 51,800
16,200 Informix Corp* 128,077
13,200 Interpublic Group of Companies Inc 801,068
2,500 Jacobs Engineering Group Inc* 80,313
6,500 Keane Inc* 364,000
3,750 Kelly Services Inc Class A 132,656
126,946 Lucent Technologies Inc 10,560,257
7,800 Manpower Inc 223,759
7,600 Medaphis Corp* 45,600
238,500 Microsoft Corp* 25,847,438
4,100 National Service Industries Inc 208,588
7,950 Olsten Corp 88,937
16,500 Omnicom Group Inc 822,938
94,225 Oracle Systems Corp* 2,314,354
26,200 Parametric Technology Corp* 710,675
15,843 Paychex Inc 644,604
26,500 Pitney Bowes Inc 1,275,313
3,600 Policy Management Systems Corp* 141,300
7,300 Quintiles Transnational Corp* 359,065
7,700 Reynolds & Reynolds Co Class A 140,040
8,900 Robert Half International Inc* 497,288
2,500 Shared Medical Systems Corp 183,593
5,500 Sotheby's Holdings Inc Class A 123,063
2,800 Standard Register Co 99,050
7,500 Sterling Software Inc* 221,715
3,500 Structural Dynamics Research Corp* 80,938
10,000 Sungard Data System Inc* 383,750
5,450 Symantec Corp* 142,381
6,400 Synopsys Inc* 292,800
4,200 Wallace Computer Services Inc 99,750
5,300 Western Atlas Inc 449,838
$66,150,111
INSURANCE --- 4.7%
16,350 AON Corp 1,148,588
14,052 Aetna Inc 1,069,708
25,924 Aflac Inc 785,808
40,620 Allstate Corp 3,719,248
6,800 Ambac Inc 397,800
5,900 American Financial Group Inc 255,541
24,521 American General Corp 1,745,526
67,625 American International Group Inc 9,873,250
16,300 Chubb Capital Corp 1,310,113
20,800 Cigna Corp 1,435,200
18,100 Conseco Inc 846,175
7,400 General Re Corp 1,875,900
2,850 HSB Group Inc 152,475
11,400 Hartford Financial Services Group Inc 1,303,875
10,300 Jefferson-Pilot Corp 596,751
9,700 Lincoln National Corp 886,338
11,100 Loews Corp 967,088
9,400 MBIA Inc 703,825
24,800 Marsh & McLennan Companies Inc 1,498,838
13,300 Old Republic International Corp 389,850
7,800 Oxford Health Plans Inc* 119,434
6,950 Progressive Corp 979,950
13,100 Provident Companies Inc 451,950
9,200 Providian Financial Corp 722,770
8,800 Reliastar Financial Corp 422,400
13,700 SafeCo Corp 622,487
22,748 St Paul Companies Inc 956,826
18,900 SunAmerica Inc 1,085,559
3,100 The PMI Group Inc 227,463
13,600 Torchmark Corp 622,200
6,050 TransAmerica Corp 696,506
3,300 Transatlantic Holdings Inc 255,130
111,225 Travelers Group Inc 6,743,016
13,400 Unum Corp 743,700
$45,611,288
MFTG - CONSUMER PRODS --- 10.4%
3,500 Adolph Coors Co Class B 119,000
5,500 Alberto-Culver Co Class B 159,500
7,100 American Greetings Corp Class A 361,653
47,000 Anheuser-Busch Companies Inc 2,217,789
55,352 Archer-Daniels-Midland Co 1,072,445
12,700 Avon Products Inc 984,250
2,900 Banta Corp 89,538
28,000 Bestfoods 1,625,736
6,700 Brown-Forman Corp Class B 430,475
9,700 Brunswick Corp 240,075
5,900 Burlington Industries Inc* 82,966
44,000 Campbell Soup Co 2,337,500
1,900 Church & Dwight Inc 61,513
239,000 Coca-Cola Co 20,434,500
39,200 Coca-Cola Enterprises Inc 1,538,600
28,600 Colgate-Palmolive Co 2,516,800
8,900 CompUSA Inc* 160,752
46,500 ConAgra Inc 1,473,446
3,900 Dean Foods Co 214,254
9,900 Dial Corp 256,776
9,000 Dow Jones & Company Inc 501,750
2,600 Dreyer's Grand Ice Cream Inc 52,325
9,675 Flowers Industries Inc 197,728
6,900 Fruit of the Loom Inc Class A* 228,990
15,300 General Mills Inc 1,046,138
108,700 Gillette Co 6,161,877
35,300 HJ Heinz Co 1,981,213
6,000 HON Industries Inc 204,000
6,900 Harcourt General Inc 410,550
12,850 Hasbro Inc 505,159
8,700 Herman Miller Inc 211,514
13,800 Hershey Foods Corp 952,200
6,500 Hillenbrand Industries Inc 390,000
2,900 Houghton Mifflin Co 92,075
9,000 IBP Inc 163,125
13,100 Ikon Office Solutions Inc 190,762
10,400 International Flavors & Fragrances Inc 451,745
1,800 International Multifoods Corp 49,500
7,100 Interstate Bakeries Co 235,628
2,800 JM Smucker Co Class A 69,474
9,800 Jones Apparel Group Inc* 358,308
3,600 Jostens Inc 85,950
39,600 Kellogg Co 1,487,455
7,600 Knight-Ridder Inc 418,471
4,198 Lancaster Colony Corp 158,999
2,900 Lance Inc 64,888
3,000 Land's End Inc* 94,875
4,400 Lee Enterprises Inc 134,750
19,000 Leggett & Platt Inc 475,000
6,400 Liz Claiborne Inc 334,400
16,500 Masco Corp 998,250
28,441 Mattel Inc 1,203,396
7,100 McCormick & Company Inc 253,598
9,600 McGraw-Hill Companies Inc 782,995
2,600 Media General Inc Class A 128,050
5,100 Meredith Corp 239,379
9,270 New York Times Co Class A 734,648
15,400 Newell Co 767,105
3,500 Nine West Group Inc* 93,842
144,300 Pepsico Inc 5,943,284
235,100 Philip Morris Companies Inc 9,257,063
23,700 Pioneer Hi-Bred International Inc 980,588
6,000 Premark International Inc 193,500
13,400 Quaker Oats Co 736,156
13,800 RR Donnelley & Sons Co 631,350
10,200 Ralston-Ralston Purina Group 1,191,482
14,500 Rubbermaid Inc 481,212
3,500 Russell Corp 105,655
45,200 Sara Lee Corp 2,528,352
1,600 Scholastic Corp* 63,800
33,500 Seagram Company Ltd 1,371,390
11,700 Shaw Industries Inc 206,213
1,800 Springs Industries Inc Class A 83,025
8,500 Starbucks Corp* 454,215
8,600 The Times Mirror Co Class A 540,725
3,400 Tiffany & Co 163,200
57,100 Time Warner Inc 4,878,453
11,800 Tribune Co 811,982
6,000 Tupperware Corp 168,750
22,350 Tyson Foods Inc Class A 484,704
4,500 US Foodservice Inc* 157,779
18,000 UST Inc 486,000
6,000 Unifi Inc 205,500
61,900 Unilever NV ADR 4,886,200
3,400 Universal Corp 127,075
5,000 Universal Foods Corp 110,935
11,800 VF Corp 607,700
9,600 Viad Corp 266,400
4,390 Vlasic Foods International Inc* 88,349
6,100 Warnaco Group Inc Class A 258,866
900 Washington Post Co Class B 518,400
5,591 Wausau-Mosinee Paper Corp 127,894
10,800 Willamette Industries Inc 345,600
11,200 Wm Wrigley Jr Co 1,097,600
$99,847,077
MFTG - INDUSTRIAL PRODS --- 11.5%
34,450 3Com Corp* 1,057,167
3,475 A Schulman Inc 67,978
5,900 AK Steel Holding Corp 105,462
149,400 Abbott Laboratories 6,106,725
22,600 Air Products & Chemicals Inc 904,000
6,900 Airgas Inc* 99,187
2,950 Albany International Corp Class A 70,614
5,150 Albemarle Corp 113,619
22,100 Alcan Aluminium Ltd 610,512
19,050 Allegheny Teledyne Inc 435,769
16,300 Aluminum Company of America 1,074,773
8,400 Alza Corp 363,300
127,000 American Home Products Corp 6,572,250
3,150 Ametek Inc 92,333
10,500 Armco Inc* 66,938
3,900 Armstrong World Industries Inc 262,763
2,400 Arvin Industries Inc 87,149
2,900 Ball Corp 116,542
2,200 Bandag Inc 85,800
21,563 Bay Networks Inc* 695,407
5,200 Bemis Company Inc 212,550
12,450 Bethlehem Steel Corp* 154,841
2,900 Betz Laboratories Inc 119,988
3,900 Bowater Inc 184,275
1,600 Brush Wellman Inc 32,899
6,600 Cabot Corp 213,259
3,900 Calgon Carbon Corp 38,754
7,300 Callaway Golf Co 143,715
3,700 Camco International Inc 288,138
2,900 Carlisle Companies Inc 124,880
2,200 Carpenter Technology Corp 110,550
7,200 Case Corp 347,400
35,500 Caterpillar Inc 1,877,063
6,800 Centocor Inc* 246,500
9,300 Champion International Corp 457,439
17,200 Chiron Corp* 269,816
3,850 Cincinnati Milacron Inc 93,601
10,000 Clorox Co 953,750
8,800 Consolidated Papers Inc 239,800
11,700 Cooper Industries Inc 642,763
7,700 Cooper Tire & Rubber Co 158,813
3,500 Cordant Technologies Inc 161,438
22,500 Corning Inc 781,875
4,400 Crane Co 213,673
7,200 Crompton & Knowles Corp 181,346
12,100 Crown Cork & Seal Company Inc 574,750
4,400 Cytec Industries Inc* 194,700
11,400 Danaher Corp 418,232
24,000 Deere & Co 1,269,000
2,300 Dexter Corp 73,168
21,600 Dover Corp 739,800
21,800 Dow Chemical Co 2,107,777
109,200 EI DuPont De Nemours & Co 8,149,050
48,100 EMC Corp* 2,155,457
9,369 EVI Weatherford Inc* 347,824
7,700 Eastman Chemical Co 479,325
12,500 Ecolab Inc 387,500
14,000 Engelhard Corp 283,500
8,100 Ethyl Corp 49,613
3,700 Ferro Corp 93,654
3,900 First Brands Corp 99,938
21,400 Fort James Corp 952,300
3,200 Georgia Gulf Corp 72,998
15,200 Goodyear Tire & Rubber Co 979,442
5,700 Great Lakes Chemical Corp 224,791
14,600 Guidant Corp 1,041,155
1,300 HB Fuller Co 72,068
4,650 Harnischfeger Industries Inc 131,651
4,500 Harsco Corp 206,154
9,200 Hercules Inc 378,350
7,100 ICN Pharmaceuticals Inc 324,378
11,100 IMC Global Inc 334,388
11,500 ITT Industries Inc 429,813
24,200 Illinois Tool Works Inc 1,613,825
16,050 Ingersoll-Rand Co 707,195
4,800 Inland Steel Industries Inc 135,298
3,200 Kaydon Corp 112,998
2,900 Kennametal Inc 121,075
53,980 Kimberly-Clark Corp 2,476,333
3,400 Lawter International Inc 36,975
5,500 Lubrizol Corp 166,375
7,600 Lyondell Petrochemical Co 231,321
4,900 MA Hanna Co 89,729
7,100 Mallinckrodt Inc 210,778
4,500 Martin Marietta Materials Inc 202,500
10,000 Mead Corp 317,500
6,700 Meritor Automotive Inc 160,800
4,200 Millipore Corp 114,450
2,200 Minerals Technologies Inc 111,925
39,100 Minnesota Mining & Manufacturing Co 3,213,512
2,900 Modine Manufacturing Co 100,413
57,900 Monsanto Co 3,235,163
8,615 Moore Corporation Ltd 114,149
12,700 Morton International Inc 317,500
11,800 Mylan Laboratories Inc 354,732
700 NCH Corp 44,843
800 Nacco Industries Inc Class A 103,400
6,400 Nalco Chemical Co 224,800
1,600 Nordson Corp 75,200
8,500 Nucor Corp 391,000
4,700 Olin Corp 195,929
2,500 Oregon Steel Mills Inc 46,563
15,000 Owens-Illinois Inc* 671,250
4,100 PH Glatfelter Co 64,829
17,200 PPG Industries Inc 1,196,466
12,100 Pall Corp 248,050
10,775 Parker Hannifin Corp 410,797
3,700 Pentair Inc 157,250
7,200 Perrigo Co* 72,446
126,300 Pfizer Inc 13,727,168
49,160 Pharmacia & Upjohn Inc 2,267,505
2,800 Potlatch Corp 117,600
15,300 Praxair Inc 716,224
2,350 Precision Castparts Corp 125,431
2,300 RP Scherer Corp* 203,838
9,681 RPM Inc 164,577
8,200 Raychem Corp 242,408
7,000 Reynolds Metals Co 391,559
19,000 Rockwell International Corp 913,178
5,900 Rohm & Haas Co 613,228
71,000 Schering-Plough Corp 6,505,375
8,105 Sealed Air Corp* 297,859
1,000 Sequa Corp Class A* 66,750
16,800 Sherwin-Williams Co 556,500
9,800 Sigma Aldrich Corp 344,225
5,700 Snap-On Inc 206,625
11,780 Solutia Inc 337,933
10,197 Sonoco Products Co 308,459
2,300 Southdown Inc 164,163
3,200 Stewart & Stevenson Services Inc 57,600
9,700 Stone Container Corp Series E* 151,563
2,100 Tecumseh Products Co Class A 110,905
5,400 Temple-Inland Inc 290,925
7,080 The BF Goodrich Co 351,345
8,500 The Stanley Works 353,277
6,100 The Timken Co 187,953
4,200 Trinity Industries Inc 174,300
56,356 Tyco International Ltd 3,550,428
4,400 UCAR International Inc* 128,423
28,000 USX-Marathon Group 960,736
8,400 USX-US Steel Group 277,200
6,700 Union Camp Corp 332,488
13,200 Union Carbide Corp 704,550
6,700 Unisource Worlwide Inc 72,440
14,900 United States Filter Co* 418,124
6,200 Varco International Inc* 122,834
7,400 WR Grace & Co 126,259
79,300 Warner-Lambert Co 5,501,438
8,600 Watson Pharmaceuticals Inc* 401,508
2,600 Watts Industries Inc Class A 54,275
3,000 Wellman Inc 68,061
9,750 Westvaco Corp 275,438
5,600 Witco Corp 163,800
9,450 Worthington Industries Inc 142,336
$111,104,370
MINING --- 0.3%
3,659 Alumax Inc 169,686
3,900 Asarco Inc 86,775
36,216 Barrick Gold Corp 694,876
22,300 Battle Mountain Gold Co 132,395
2,300 Calmat Co 50,600
1,100 Cleveland-Cliffs Inc 58,988
9,100 Cyprus Amax Minerals Co 120,575
17,494 Freeport-McMoran Copper & Gold Inc Class B 265,681
20,500 Homestake Mining Co 212,688
16,050 Inco Ltd 218,681
700 Maxxam Inc* 39,725
15,224 Newmont Mining Corp 359,667
5,700 Phelps Dodge Corp 325,966
24,200 Placer Dome Inc 284,350
3,200 Vulcan Materials Co 341,398
$3,362,051
OIL & GAS --- 6.9%
8,900 Amerada Hess Corp 483,377
92,800 Amoco Corp 3,862,800
5,800 Anadarko Petroleum Corp 389,685
9,550 Apache Corp 300,825
7,400 Ashland Inc 382,025
31,000 Atlantic Richfield Co 2,421,875
7,500 BJ Services Company USA* 217,965
16,500 Baker Hughes Inc 570,273
17,158 Burlington Resources Inc 738,858
63,300 Chevron Corp 5,257,825
10,300 Coastal Corp 719,064
17,050 Dresser Industries Inc 751,257
13,800 Ensco International Inc 239,775
236,800 Exxon Corp 16,886,682
16,800 Global Marine Inc* 313,942
25,500 Halliburton Co 1,136,331
4,900 Helmerich & Payne Inc 109,025
4,600 Kerr-McGee Corp 266,225
5,900 McDermott International Inc 203,178
75,600 Mobil Corp 5,792,850
4,400 Murphy Oil Corp 223,023
9,850 Nabors Industries Inc* 195,148
5,500 Noble Affiliates Inc 209,000
12,800 Noble Drilling Corp* 307,994
35,600 Occidental Petroleum Corp 961,200
9,798 Ocean Energy Inc* 191,668
10,300 Oryx Energy Co* 227,888
7,500 Parker Drilling Co* 52,965
4,600 Pennzoil Co 232,875
25,300 Phillips Petroleum Co 1,219,131
9,700 Pioneer Natural Resources Co 231,588
3,550 Quaker State Corp 58,131
12,200 Ranger Oil Ltd* 89,206
8,400 Rowan Companies Inc* 163,271
207,500 Royal Dutch Petroleum Co ADR 11,373,490
48,200 Schlumberger Ltd 3,292,638
14,180 Sempra Energy* 393,495
4,700 Smith International Inc* 163,616
9,000 Sun Company Inc 349,308
52,300 Texaco Inc 3,121,630
15,200 Tosco Corp 446,500
9,700 Transocean Offshore Inc 431,650
8,786 Ultramar Diamond Shamrock Corp 277,304
24,366 Union Pacific Resources Group Inc 427,916
23,400 UnoCal Corp 836,550
5,400 Valero Energy Corp 179,550
$66,700,572
OTHER ASSET-BACKED --- 0.1%
10,500 Republic New York Corp 660,839
15,512 Southtrust Corp 674,772
$1,335,611
OTHER TRANS SERVICES --- 0.1%
4,400 Alexander & Baldwin Inc 128,150
3,400 FMC Corp* 231,836
4,800 GATX Corp 210,600
3,500 JB Hunt Transport Services Inc 124,688
3,600 Overseas Shipholding Group Inc 73,350
5,900 Tidewater Inc 194,700
$963,324
RAILROADS --- 0.5%
15,200 Burlington Northern Santa Fe Corp 1,492,442
21,200 CSX Corp 964,600
10,600 Kansas City Southern Industries Inc 526,025
36,700 Norfolk Southern Corp 1,094,100
24,000 Union Pacific Corp 1,059,000
5,000 Wisconsin Central Transportation Corp* 109,375
$5,245,542
RETAIL TRADE --- 6.3%
23,800 Albertson's Inc 1,233,126
26,400 American Stores Co 638,537
14,800 Autozone Inc* 472,668
3,600 BJ Wholesale Club Inc* 146,250
6,600 Barnes & Noble Inc* 247,084
6,700 Bed Bath & Beyond Inc* 347,140
9,700 Best Buy Inc* 350,413
4,100 Bob Evans Farms Inc 86,867
7,500 Borders Group Inc* 277,500
6,400 Brinker International Inc* 123,200
4,400 Buffets Inc* 69,023
9,600 Circuit City Stores Inc 450,000
4,725 Claire's Stores Inc 96,863
10,424 Consolidated Stores Corp* 377,870
6,000 Cracker Barrel Old Country Store Inc 190,500
13,800 Darden Restaurants Inc 219,075
42,300 Dayton Hudson Corp 2,051,550
10,400 Dillards Inc Class A 430,945
13,971 Dollar General Corp 552,721
4,800 Donaldson Company Inc 113,400
1,600 Enesco Group Inc 49,200
16,700 Family Dollar Stores Inc 308,950
3,700 Fastenal Co 171,817
20,400 Federated Department Stores Inc* 1,097,765
4,500 Fingerhut Companies Inc 148,500
16,800 Fortune Brands Inc 645,742
14,800 Fred Meyer Inc* 629,000
38,100 Gap Inc 2,347,913
4,000 Gencorp Inc 101,000
8,000 General Nutrition Companies Inc* 249,000
17,375 Genuine Parts Co 600,515
5,800 Giant Food Inc Class A 249,760
3,700 Great Atlantic & Pacific Tea Co Inc 122,329
4,100 Hannaford Brothers Co 180,400
5,725 Heilig-Meyers Co 70,486
71,050 Home Depot Inc 5,901,555
24,300 JC Penney & Company Inc 1,757,182
47,200 K Mart Corp* 908,600
15,300 Kohls Corp* 793,688
24,800 Kroger Co* 1,063,300
21,900 Limited Inc 725,438
4,000 Lone Star Steakhouse & Saloon Inc* 55,248
3,800 Longs Drug Stores Corp 109,725
33,900 Lowe's Companies Inc 1,375,052
22,300 May Department Stores Co 1,460,650
66,500 McDonald's Corp 4,588,500
3,600 Mercantile Stores Co Inc 284,173
3,400 Micro Warehouse Inc* 52,700
7,400 Nordstrom Inc 571,650
15,425 Office Depot Inc* 486,844
12,050 Officemax Inc* 198,825
4,800 Outback Steakhouse Inc* 187,200
5,200 Owens Corning 212,222
3,616 Payless Shoesource Inc* 266,452
6,200 Pep Boys - Manny Moe & Jack 117,409
8,700 Proffitts Inc* 351,263
24,900 Rite Aid Corp 935,294
4,500 Ruddick Corp 81,563
6,200 Saks Holdings Inc* 171,275
1,950 Sbarro Inc 52,894
37,800 Sears Roebuck & Co 2,308,144
27,455 Staples Inc* 794,465
31,000 TJX Companies Inc 747,875
9,800 Tandy Corp 520,008
27,100 Toys R Us Inc* 638,530
14,780 Tricon Global Restaurants* 468,334
3,002 US Office Products Co 58,539
13,100 Venator Group Inc* 250,538
8,200 Viking Office Products Inc* 257,275
217,300 Wal-Mart Stores Inc 13,200,975
48,000 Walgreen Co 1,982,976
12,800 Wendy's International Inc 300,800
14,300 Winn-Dixie Stores Inc 731,974
$60,416,244
SECURITIES & COMMODITIES --- 1.4%
9,325 AG Edwards Inc 398,056
11,053 Bear Stearns Companies Inc 628,639
25,925 Charles Schwab & Company Inc 842,563
24,450 Franklin Resources Inc 1,320,300
11,500 Lehman Brothers Holdings Inc 891,963
33,500 Merrill Lynch & Co Inc 3,090,375
57,981 Morgan Stanley Group 5,298,014
13,550 Paine Webber Group Inc 582,650
11,500 T Rowe Price & Associates Inc 431,963
$13,484,523
TELEPHONE --- 4.4%
13,000 ADC Telecommunications Inc* 474,903
3,500 Aliant Communications Inc 96,029
17,900 Alltel Corp 832,350
106,500 Ameritech Corp 4,779,188
150,076 Bell Atlantic Corp 6,847,218
95,800 Bellsouth Corp 6,430,575
8,900 Century Telephone Enterprises Inc 408,288
13,200 Cincinnati Bell Inc 377,850
16,600 Frontier Corp 522,900
93,100 GTE Corp 5,178,688
70,100 MCI Communications Corp 4,074,563
177,934 SBC Communications Inc 7,117,360
6,600 Southern New England Telecommunications Corp 432,300
41,650 Sprint Corp 2,936,325
48,611 US West Inc 2,284,717
$42,793,254
TRANSPORTATION --- 0.0%
4,600 CNF Transportation Inc 195,500
$195,500
TRANSPORTATION EQUIPMENT --- 3.4%
54,700 Allied-Signal Inc 2,427,313
2,300 Borg-Warner Automotive Inc 110,543
62,400 Chrysler Corp 3,517,800
3,700 Cummins Engine Company Inc 189,625
10,300 Dana Corp 551,050
6,900 Eaton Corp 536,475
6,200 Echlin Inc 304,184
5,000 Federal-Mogul Corp 337,500
3,500 Fleetwood Enterprises Inc 140,000
117,400 Ford Motor Co 6,926,600
12,300 General Dynamics Corp 571,950
64,600 General Motors Corp Series D 4,316,055
14,700 Harley-Davidson Inc 569,625
18,941 Lockheed Martin Corp 2,005,378
6,690 Navistar International Corp* 193,174
3,420 Newport News Shipbuilding Inc 91,485
6,500 Northrop Grumman Corp 670,313
7,540 Paccar Inc 393,965
5,500 Sundstrand Corp 314,875
2,700 Superior Industries International Inc 76,105
11,900 TRW Inc 650,038
15,800 Textron Inc 1,132,655
97,776 The Boeing Co 4,357,094
22,200 United Technologies Corp 2,053,500
$32,437,302
U.S. GOVERNMENTS --- 0.3%
65,600 Federal Home Loan Mortgage Corp 3,087,267
$3,087,267
WATER --- 0.0%
7,800 American Water Works Company Inc 241,800
$241,800
WHOLESALE TRADE - INDL --- 0.1%
8,900 McKesson Corp 723,125
9,800 Sybron International Corp* 247,450
$970,575
WHOLESALE TRADE -CONSUMER --- 1.8%
11,400 Avery Dennison Corp 612,750
4,900 Bergen Brunswig Corp Class A 227,238
10,630 Cardinal Health Inc 996,563
20,871 Costco Companies Inc* 1,316,167
27,900 Nike Inc Class B 1,358,367
129,700 Procter & Gamble Co 11,810,741
2,700 Rayonier Inc 124,200
5,500 Reebok International Ltd* 152,279
5,800 SuperValu Inc 257,375
32,700 Sysco Corp 837,938
$17,693,618
TOTAL COMMON STOCK --- 99.9% $961,745,363
(Cost $499,395,573)
SHORT-TERM INVESTMENTS
SECURITIES & COMMODITIES --- 0.1%
1,171,000 Merrill Lynch & Co Inc 1,171,000
$1,171,000
TOTAL SHORT-TERM INVESTMENTS --- 0.1% $1,171,000
(Cost $1,171,000)
TOTAL STOCK INDEX PORTFOLIO --- 100.0% $962,916,363
(Cost $500,566,573)
The Maxim Series Fund
T.Rowe Price Equity/Income Portfolio
BONDS
U.S. GOVERNMENTS --- 1.0%
80,000 United States of America 80,325
Treasury Notes
5.625% February 15, 2006
200,000 United States of America 205,124
Treasury Notes
6.500% May 31, 2001
200,000 United States of America 202,124
Treasury Notes
5.750% August 15, 2003
50,000 United States of America 51,656
Treasury Notes
7.750% January 31, 2000
25,000 United States of America 27,199
Treasury Notes
7.250% August 15, 2004
300,000 United States of America 312,093
Treasury Notes
6.000% February 15, 2026
200,000 United States of America 218,406
Treasury Notes
7.000% July 15, 2006
1,000,000 United States of America 1,004,530
Treasury Notes
5.875% November 15, 1999
$2,101,457
TOTAL BONDS --- 1.0% $2,101,457
(Cost $2,009,682)
COMMON STOCK
AGENCY --- 0.9%
31,600 Federal National Mortgage Association (nonvtg) 1,919,700
$1,919,700
COMMUNICATIONS --- 0.9%
34,300 AT&T Corp 1,959,387
$1,959,387
CONSUMER SERVICES --- 4.7%
8,800 Amgen Inc* 575,300
23,800 Bausch & Lomb Inc 1,192,975
13,700 Baxter International Inc 737,224
29,200 H&R Block Inc 1,230,050
26,200 Hilton Hotels Corp 746,700
7,000 Johnson & Johnson 516,250
25,475 Lonrho Africa PLC* 30,626
233,100 Smith & Nephew PLC 581,864
48,652 Starwood Hotels & Resorts 2,350,475
45,900 United States Surgical Corp 2,094,188
$10,055,652
CREDIT INSTITUTIONS --- 8.2%
32,010 Banc One Corp 1,786,542
21,200 BankBoston Corp 1,179,250
12,900 Bankers Trust New York Corp 1,497,200
26,530 First Union Corp 1,545,372
17,800 Fleet Financial Group Inc 1,486,300
19,000 JP Morgan & Company Inc 2,225,375
54,600 Mellon Bank Corp 3,801,525
24,300 Mercantile Bankshares Corp 845,932
14,800 National City Corp 1,050,800
15,200 PNC Bank Corp 817,942
3,300 Wells Fargo & Co 1,217,700
$17,453,938
ELECTRIC --- 6.9%
20,600 Baltimore Gas & Electric Co 639,877
19,600 Central & South West Corp 526,750
32,487 DQE Inc 1,169,532
24,600 Dominion Resources Inc 1,002,450
31,100 Duke Power Co 1,842,675
26,500 Entergy Corp 761,875
48,010 Firstenergy Corp 1,476,307
13,500 GPU Inc 510,462
40,000 Houston Industries Inc 1,235,000
35,800 PacifiCorp 809,975
33,400 Peco Energy Co 974,846
58,700 Southern Co 1,625,227
27,200 Teco Energy Inc 729,286
40,300 Unicom Corp 1,412,999
$14,717,261
ELECTRONICS - HIGH TECH --- 4.2%
39,600 AMP Inc 1,361,250
27,300 Eastman Kodak Co 1,994,593
23,900 General Electric Co 2,174,900
15,300 Hewlett-Packard Co 916,088
18,400 Hubbell Inc Class B 765,900
23,500 Whirlpool Corp 1,615,625
$8,828,356
ENVIRONMENTAL SERVICES --- 1.4%
37,700 Browning-Ferris Industries Inc 1,310,075
46,800 Waste Management Inc 1,638,000
$2,948,075
FORESTRY --- 0.9%
12,300 Georgia-Pacific Corp Series A 724,925
7,700 Georgia-Pacific Corp Series B 177,577
22,300 International Paper Co 958,900
$1,861,402
HOLDING & INVEST OFFICES --- 2.0%
20,792 Chase Manhattan Corp 1,569,796
38,175 Lonrho PLC* 179,112
22,000 Security Capital Pacific Trust 495,000
269,500 Tomkins PLC 1,463,573
11,300 Weingarten Realty Investors 472,476
$4,179,957
INDUSTRIAL SERVICES --- 0.6%
33,600 Dun & Bradstreet Corp 1,209,600
$1,209,600
INSURANCE --- 5.8%
29,900 American General Corp 2,128,491
17,800 Exel Ltd 1,385,054
2,100 Hilb Rogal & Hamilton Co 32,813
12,600 Lincoln National Corp 1,151,325
39,800 SafeCo Corp 1,808,393
60,372 St Paul Companies Inc 2,539,367
9,700 TransAmerica Corp 1,116,713
23,950 Travelers Group Inc 1,451,969
50,700 Willis Corroon Group PLC 636,893
$12,251,018
MFTG - CONSUMER PRODS --- 11.8%
45,100 Anheuser-Busch Companies Inc 2,128,134
20,700 Brown-Forman Corp Class B 1,329,975
24,300 Dow Jones & Company Inc 1,354,725
31,800 General Mills Inc 2,174,325
23,300 HJ Heinz Co 1,307,713
45,300 International Flavors & Fragrances Inc 1,967,696
25,500 Kellogg Co 957,831
33,300 Knight-Ridder Inc 1,833,565
45,100 McCormick & Company Inc (nonvtg) 1,610,882
63,450 Philip Morris Companies Inc 2,498,344
29,300 Quaker Oats Co 1,609,654
42,200 RJR Nabisco Holdings Corp 1,002,250
32,800 RR Donnelley & Sons Co 1,500,600
32,200 Readers Digest Association Inc Class A 873,425
7,600 Sara Lee Corp 425,121
26,200 Tupperware Corp 736,875
55,300 UST Inc 1,493,100
5,300 Unifi Inc 181,525
$24,985,740
MFTG - INDUSTRIAL PRODS --- 15.9%
30,200 Abbott Laboratories 1,234,425
60,200 American Home Products Corp 3,115,350
12,300 Armstrong World Industries Inc 828,712
38,800 Consolidated Papers Inc 1,057,300
17,511 Cooper Industries Inc 962,002
29,500 Dow Chemical Co 2,852,266
27,700 EI DuPont De Nemours & Co 2,067,112
7,600 Eastman Chemical Co 473,100
32,000 Great Lakes Chemical Corp 1,261,984
39,500 Hercules Inc 1,624,438
15,100 Imperial Chemical Industries PLC 973,950
38,000 Kimberly-Clark Corp 1,743,250
19,500 Lubrizol Corp 589,875
21,350 Minnesota Mining & Manufacturing Co 1,754,692
32,000 Nalco Chemical Co 1,124,000
8,000 Octel Corp* 159,000
30,600 Olin Corp 1,275,622
22,900 PPG Industries Inc 1,592,970
56,500 Pall Corp 1,158,250
56,812 Pharmacia & Upjohn Inc 2,620,454
15,000 Reynolds Metals Co 839,055
28,950 USX-Marathon Group 993,332
23,200 USX-US Steel Group 765,600
29,700 Union Camp Corp 1,473,863
39,500 Witco Corp 1,155,375
$33,695,977
MINING --- 1.1%
34,600 Inco Ltd 471,425
41,186 Newmont Mining Corp 973,019
15,200 Phelps Dodge Corp 869,242
$2,313,686
OIL & GAS --- 10.8%
31,400 Amerada Hess Corp 1,705,397
68,800 Amoco Corp 2,863,800
35,000 Atlantic Richfield Co 2,734,375
15,800 British Petroleum PLC ADR 1,394,350
31,950 Chevron Corp 2,653,831
42,600 Exxon Corp 3,037,891
28,200 Mobil Corp 2,160,825
40,500 Occidental Petroleum Corp 1,093,500
19,800 Phillips Petroleum Co 954,103
26,100 Royal Dutch Petroleum Co ADR 1,430,593
39,600 Texaco Inc 2,363,605
16,800 UnoCal Corp 600,600
$22,992,870
OTHER TRANS SERVICES --- 0.5%
14,700 Alexander & Baldwin Inc 428,137
16,000 GATX Corp 702,000
$1,130,137
RAILROADS --- 2.6%
11,400 Burlington Northern Santa Fe Corp 1,119,332
80,400 Norfolk Southern Corp 2,396,885
47,250 Union Pacific Corp 2,084,906
$5,601,123
REAL ESTATE --- 1.5%
33,600 Crescent Real Estate Equities Inc 1,129,800
52,396 Simon Debartolo Group Inc 1,702,870
11,100 The Rouse Co 348,951
$3,181,621
RETAIL TRADE --- 2.7%
36,400 Fortune Brands Inc 1,399,107
45,650 Genuine Parts Co 1,577,755
22,900 JC Penney & Company Inc 1,655,945
16,500 May Department Stores Co 1,080,750
$5,713,557
TELEPHONE --- 7.1%
65,000 Alltel Corp 3,022,500
30,300 BCE Inc 1,293,416
36,000 Bell Atlantic Corp 1,642,500
21,300 Bellsouth Corp 1,429,762
33,600 Frontier Corp 1,058,400
39,600 GTE Corp 2,202,750
57,718 SBC Communications Inc 2,308,720
17,700 Southern New England Telecommunications Corp 1,159,350
19,600 US West Inc 921,200
$15,038,598
TRANSPORTATION EQUIPMENT --- 2.0%
25,200 Allied-Signal Inc 1,118,250
25,500 General Motors Corp Series D 1,703,706
25,300 TRW Inc 1,382,013
$4,203,969
TOTAL COMMON STOCK --- 92.6% $196,241,624
(Cost $166,285,531)
SHORT-TERM INVESTMENTS
CREDIT INSTITUTIONS --- 1.6%
500,000 American Express Co 499,620
2,500,000 Bellsouth Capital Funding Corp 2,498,094
500,000 Ford Motor Credit Co 499,923
$3,497,637
ELECTRONICS - HIGH TECH --- 0.2%
500,000 Sharp Electronics Corp 499,461
$499,461
HOLDING & INVEST OFFICES --- 0.2%
500,000 American General Finance Corp 498,541
$498,541
SECURITIES & COMMODITIES --- 4.3%
9,167,000 Merrill Lynch & Co Inc 9,167,000
$9,167,000
TOTAL SHORT-TERM INVESTMENTS --- 6.4% $13,662,639
(Cost $13,662,639)
TOTAL T.ROWE PRICE EQUITY/INCOME PORTFOLIO --- 100.0% $212,005,720
(Cost $181,957,852)
The Maxim Series Fund
U.S. Government Mortgage Securities Portfolio
BONDS
AGENCY --- 83.0%
2,000,000 FNMA 2,025,000
CMO 1998-W2 A6
6.500% May 25, 2007
2,792,129 FNMA 2,854,952
Mf Pool #73232
6.720% November 1, 2002
808,835 Federal Home Loan Mortgage Corp 834,152
Pool #D91201
7.500% October 1, 2015
740,511 Federal Home Loan Mortgage Corp 746,273
Pool #E00177
6.500% December 1, 2007
2,145,669 Federal Home Loan Mortgage Corp 2,164,229
Pool #E00219
6.500% June 1, 2008
739,075 Federal Home Loan Mortgage Corp 785,267
Pool #C90085
9.000% December 1, 2014
59,655 Federal Home Loan Mortgage Corp 62,035
Pool #730326
8.500% November 1, 2006
1,104,603 Federal Home Loan Mortgage Corp 1,206,890
Pool #884002
9.500% June 1, 2020
291,470 Federal Home Loan Mortgage Corp 318,489
Pool #884018
9.500% September 1, 2020
6,000,000 Federal Home Loan Mortgage Corp 6,097,800
Gold Tba
7.000% December 1, 2026
789,898 Federal Home Loan Mortgage Corp 799,930
Pool #N30345
6.500% July 1, 2026
333,415 Federal Home Loan Mortgage Corp 350,085
Pool #N70005
9.500% November 1, 2020
624,215 Federal Home Loan Mortgage Corp 655,613
Pool #D91202
8.500% February 1, 2013
2,028,796 Federal Home Loan Mortgage Corp 2,111,165
Pool #D64588
8.000% August 1, 2024
918,533 Federal Home Loan Mortgage Corp 960,878
Pool #G10289
8.500% February 1, 2008
1,310,372 Federal Home Loan Mortgage Corp 1,416,381
Pool #G10006
10.000% January 1, 2006
2,713,480 Federal Home Loan Mortgage Corp 2,932,187
Pool #G00300
9.500% April 1, 2025
1,044,984 Federal Home Loan Mortgage Corp 1,128,270
10.500% October 1, 2005
1,895,666 Federal Home Loan Mortgage Corp 1,995,189
Pool #G00256
8.000% November 1, 2023
5,403,427 Federal Home Loan Mortgage Corp 5,452,382
Pool #O20005
6.500% January 1, 2018
1,155,765 Federal Home Loan Mortgage Corp 1,157,210
Pool #O30006
6.000% February 1, 2009
5,000,000 Federal National Mortgage Association 5,098,500
TBA
7.000% December 1, 2011
85,145 Federal National Mortgage Association 87,352
Pool #291511
7.500% August 1, 2024
130,412 Federal National Mortgage Association 133,793
Pool #294255
7.500% October 1, 2024
436,837 Federal National Mortgage Association 454,572
Pool #302587
8.000% December 1, 2024
1,881,431 Federal National Mortgage Association 1,930,217
Pool #250060
7.500% June 1, 2024
2,034,028 Federal National Mortgage Association 2,136,950
Pool #250111
8.500% August 1, 2024
3,564,951 Federal National Mortgage Association 3,569,407
Pool #261017
6.500% December 1, 2023
687,124 Federal National Mortgage Association 687,983
Pool #266412
6.500% January 1, 2024
1,200,333 Federal National Mortgage Association 1,231,458
Pool #278839
7.500% December 1, 2024
726,625 Federal National Mortgage Association 745,466
Pool #281429
7.500% May 1, 2024
150,557 Federal National Mortgage Association 154,461
Pool #287606
7.500% September 1, 2024
2,206,837 Federal National Mortgage Association 2,239,233
Pool #303450
7.000% August 1, 2025
1,651,876 Federal National Mortgage Association 1,744,877
Pool #303583
8.500% April 1, 2025
4,463,139 Federal National Mortgage Association 4,532,763
Pool #313017
7.000% July 1, 2003
3,022,579 Federal National Mortgage Association 3,067,616
CMO SER.G92-39 CL.ZA
7.000% January 25, 2018
928,088 Federal National Mortgage Association 932,357
CMO SER.1993-63 CL.D
6.500% January 25, 2003
1,250,000 Federal National Mortgage Association 1,306,500
CMO SER.97-28 CL.PD
7.500% July 18, 2023
4,033,364 Federal National Mortgage Association 4,091,323
Pool #330420
7.000% November 1, 2025
707,439 Federal National Mortgage Association 745,003
Pool #335658
8.500% August 1, 2021
372,109 Federal National Mortgage Association 387,105
Pool #339260
8.000% April 1, 2021
1,989,219 Federal National Mortgage Association 1,989,815
Pool #347434
6.500% June 1, 2026
3,443,291 Federal National Mortgage Association 3,492,771
Pool #346907
7.000% June 1, 2026
897,780 Federal National Mortgage Association 904,513
Pool #288916
6.500% May 1, 2011
1,764,277 Federal National Mortgage Association 1,819,576
Pool #288769
7.500% November 1, 2024
781,783 Federal National Mortgage Association 784,378
Pool #291650
6.500% December 1, 2017
504,406 Federal National Mortgage Association 538,755
Pool #316711
9.000% September 1, 2019
1,113,862 Federal National Mortgage Association 1,130,570
Fnma Pool#374210
6.555% March 1, 2027
1,603,963 Federal National Mortgage Association 1,660,599
Pool #367215
8.000% September 1, 2026
930,944 Federal National Mortgage Association 961,665
Pool #367209
7.500% June 1, 2016
563,137 Federal National Mortgage Association 578,268
Pool #050796
7.500% September 1, 2023
177,628 Federal National Mortgage Association 199,619
Pool #091122
9.500% March 1, 2020
9,040,000 Federal National Mortgage Association 8,952,312
TBA
6.000% November 1, 2009
5,000,000 Federal National Mortgage Association 4,986,000
TBA
6.500% September 1, 2024
963,835 Government National Mortgage Association 991,535
Pool #197968
7.500% May 15, 2023
3,100,000 Government National Mortgage Association 3,032,110
TBA
6.000% February 1, 2028
817,840 Government National Mortgage Association 873,290
Pool #380118
8.500% July 15, 2024
1,063,662 Government National Mortgage Association 1,094,231
Pool #351163
7.500% August 15, 2023
66,354 Government National Mortgage Association 68,389
Pool #355360
7.500% October 15, 2021
591,901 Government National Mortgage Association 602,259
Pool #358062
7.000% August 15, 2023
51,377 Government National Mortgage Association 52,853
Pool #360300
7.500% June 15, 2023
139,673 Government National Mortgage Association 143,687
Pool #360618
7.500% July 15, 2023
252,398 Government National Mortgage Association 256,814
Pool #361826
7.000% September 15, 2023
1,117,062 Government National Mortgage Association 1,148,474
Pool #362184
7.500% January 15, 2024
425,061 Government National Mortgage Association 432,631
Pool #332076
7.000% November 15, 2022
289,283 Government National Mortgage Association 297,597
Pool #339079
7.500% February 15, 2023
1,387,539 Government National Mortgage Association 1,444,290
Pool #365382
8.000% June 15, 2025
260,137 Government National Mortgage Association 264,528
Pool #368293
7.000% January 15, 2024
292,107 Government National Mortgage Association 297,037
Pool #346023
7.000% February 15, 2024
5,541,899 Government National Mortgage Association 5,735,104
Pool #348622
7.500% April 15, 2023
391,798 Government National Mortgage Association 398,655
Pool #343630
7.000% July 15, 2023
336,575 Government National Mortgage Association 342,465
Pool #345116
7.000% December 15, 2023
385,829 Government National Mortgage Association 396,679
Pool #404064
7.500% March 15, 2025
3,261,999 Government National Mortgage Association 3,317,061
Pool #371006
7.000% January 15, 2024
976,913 Government National Mortgage Association 1,004,384
Pool #376514
7.500% May 15, 2024
1,272,970 Government National Mortgage Association 1,308,767
Pool #376533
7.500% June 15, 2024
1,073,420 Government National Mortgage Association 1,091,540
Pool #377983
7.000% April 15, 2024
112,406 Government National Mortgage Association 114,304
Pool #379840
7.000% March 15, 2024
4,000,000 Government National Mortgage Association 4,066,400
TBA
7.000% November 15, 2024
117,752 Government National Mortgage Association 121,063
Pool #335265
7.500% February 15, 2024
5,330,670 Government National Mortgage Association 5,572,149
Pool #780077
8.000% March 15, 2025
770,556 Government National Mortgage Association II 809,719
Pool #002250
8.500% July 20, 2026
288,708 Government National Mortgage Association II 300,805
Pool #001477
8.000% November 20, 2023
796,072 Government National Mortgage Association II 827,198
Pool #002345
8.500% December 20, 2026
146,055 Government National Mortgage Association II 153,495
Pool #002158
8.500% January 20, 2026
180,618 Government National Mortgage Association II 187,174
Pool #002059
8.000% August 20, 2025
68,523 Government National Mortgage Association II 72,014
Pool #002142
8.500% December 20, 2025
237,302 Government National Mortgage Association II 249,390
Pool #002220
8.500% May 20, 2026
3,000,000 US Department of Veterans Affairs 3,013,500
VENDEE SER.94-1 CL.2G
6.150% January 15, 2001
3,000,000 US Department of Veterans Affairs 3,127,500
VENDEE TRUST SER.1998-1 CL.2D
7.000% July 15, 2025
1,354,000 US Department of Veterans Affairs 1,395,839
VENDEE TRUST SER.1996-3 CL.1E
6.750% August 15, 2020
2,000,000 US Department of Veterans Affairs 2,185,000
VENDEE TRUST SER.1997-3 CL.2D
7.500% January 15, 2025
$146,120,084
U.S. GOVERNMENTS --- 8.1%
2,000,000 Tennessee Valley Authority 2,069,380
Notes
6.375% June 15, 2005
1,000,000 United States of America 1,061,870
Treasury Notes
6.500% October 15, 2006
1,000,000 United States of America 1,036,720
Treasury Notes
6.625% April 30, 2002
2,000,000 United States of America 2,025,000
Treasury Notes
5.875% September 30, 2002
3,000,000 United States of America 3,029,520
Treasury Notes
5.750% April 30, 2003
3,000,000 United States of America 3,000,480
Treasury Notes
5.500% May 31, 2003
2,000,000 United States of America 2,050,320
Treasury Notes
6.250% June 30, 2002
$14,273,290
TOTAL BONDS --- 91.1% $160,393,374
(Cost $155,991,856)
SHORT-TERM INVESTMENTS
CREDIT INSTITUTIONS --- 2.8%
2,000,000 Associates Corporation of North America 1,990,817
3,000,000 Ford Motor Credit Co 2,990,800
$4,981,617
HOLDING & INVEST OFFICES --- 2.8%
5,000,000 American General Finance Corp 4,990,051
$4,990,051
SECURITIES & COMMODITIES --- 3.3%
5,789,000 Merrill Lynch & Co Inc 5,789,000
$5,789,000
TOTAL SHORT-TERM INVESTMENTS --- 8.9% $15,760,668
(Cost $15,760,668)
TOTAL U.S. GOVERNMENT MORTGAGE SECURITIES PORTFOLIO --- 100.0% $176,154,042
(Cost $171,752,524)
The Maxim Series Fund
U.S. Government Securities Portfolio
BONDS
AGENCY --- 69.9%
628,971 Federal Home Loan Mortgage Corp 628,003
Pool #E58713
6.000% May 1, 2009
561,146 Federal Home Loan Mortgage Corp 629,437
Pool #260025
10.250% October 1, 2010
348,552 Federal Home Loan Mortgage Corp 360,055
Pool #220010
8.750% August 1, 2001
88,763 Federal Home Loan Mortgage Corp 94,037
Pool #730096
10.000% July 1, 2005
176,401 Federal Home Loan Mortgage Corp 176,130
Pool #E55428
6.000% January 1, 2009
1,006,004 Federal Home Loan Mortgage Corp 1,014,153
Gold TBA
6.500% May 1, 2009
1,148,161 Federal Home Loan Mortgage Corp 1,157,093
Pool #E00177
6.500% December 1, 2007
96,296 Federal Home Loan Mortgage Corp 96,152
Pool #E00241
6.000% October 1, 2008
1,101,630 Federal Home Loan Mortgage Corp 1,118,816
Pool #30148
6.500% August 1, 2023
736,375 Federal Home Loan Mortgage Corp 883,650
Pool #N70016
11.000% July 1, 2020
637,015 Federal Home Loan Mortgage Corp 638,416
Pool #M70044
6.000% March 1, 2009
1,455,760 Federal Home Loan Mortgage Corp 1,532,188
Pool #G00256
8.000% November 1, 2023
590,690 Federal Home Loan Mortgage Corp 638,299
Pool #G00300
9.500% April 1, 2025
2,001,244 Federal Home Loan Mortgage Corp 2,070,647
Pool #G00411
8.000% November 1, 2025
328,627 Federal Home Loan Mortgage Corp 328,121
Pool #G10257
6.000% July 1, 2009
1,334,962 Federal Home Loan Mortgage Corp 1,332,906
Pool #G10331
6.000% September 1, 2009
753,764 Federal Home Loan Mortgage Corp 752,607
Pool #E00291
6.000% April 1, 2009
1,000,000 Federal National Mortgage Association 1,012,500
CMO 1998-W2 A6
6.500% May 25, 2007
2,224,227 Federal National Mortgage Association 2,349,451
Pool #303583
8.500% April 1, 2025
597,447 Federal National Mortgage Association 617,162
Pool #288761
7.500% October 1, 2024
993,272 Federal National Mortgage Association 1,026,050
Pool #288735
7.500% August 1, 2024
666,789 Federal National Mortgage Association 695,281
Pool #124652
8.500% July 1, 2022
796,710 Federal National Mortgage Association 784,759
CMO Series 1993-68 Class Z
6.000% May 25, 2008
326,290 Federal National Mortgage Association 348,934
Pool #039271
8.950% December 1, 2016
846,840 Federal National Mortgage Association 853,191
Pool #288916
6.500% May 1, 2011
1,403,737 Federal National Mortgage Association 1,450,061
Pool #288748
7.500% September 1, 2024
1,530,509 Federal National Mortgage Association 1,552,977
Pool #303450
7.000% August 1, 2025
3,500,000 Federal National Mortgage Association 3,490,200
TBA
6.500% September 1, 2024
1,255,240 Federal National Mortgage Association 1,252,880
Pool #331689
6.500% February 1, 2026
6,029,210 Government National Mortgage Association 6,129,295
Pool #417239
7.000% February 15, 2026
1,053,559 Government National Mortgage Association 1,146,377
Pool #248357
9.000% July 15, 2018
1,611,445 Government National Mortgage Association 1,661,238
Pool #399917
7.500% April 15, 2026
99,925 Government National Mortgage Association II 107,549
Pool #001831
9.500% May 20, 2022
914,676 Government National Mortgage Association II 947,879
Pool #002059
8.000% August 20, 2025
1,185,129 Government National Mortgage Association II 1,231,468
Pool #002345
8.500% December 20, 2026
2,000,000 US Department of Veterans Affairs 2,009,000
Vendee Series 94-1 CL.2G
6.150% January 15, 2001
2,492,000 US Department of Veterans Affairs 2,566,511
Vendee Trust Ser 1996-1 CL.1D
6.750% October 15, 2016
1,000,000 US Department of Veterans Affairs 1,030,900
Vendee Trust Ser 1996-3 CL.1E
6.750% August 15, 2020
1,000,000 US Department of Veterans Affairs 1,053,300
Vendee Trust Ser 1997-3 CL.2B
7.500% August 15, 2018
1,000,000 US Department of Veterans Affairs 1,031,500
Vendee Trust Ser 1995-3 CL.1C
7.250% July 15, 2014
$47,799,173
U.S. GOVERNMENTS --- 21.3%
3,000,000 United States of America 3,075,480
Treasury Notes
6.250% June 30, 2002
3,300,000 United States of America 3,504,171
Treasury Notes
6.500% October 15, 2006
3,000,000 United States of America 3,000,480
Treasury Notes
5.500% May 31, 2003
1,000,000 United States of America 1,012,500
Treasury Notes
5.875% September 30, 2002
4,000,000 United States of America 3,996,880
Treasury Notes
5.500% January 31, 2003
$14,589,511
TOTAL BONDS --- 91.2% $62,388,684
(Cost $60,462,453)
SHORT-TERM INVESTMENTS
CREDIT INSTITUTIONS --- 1.9%
1,300,000 Ford Motor Credit Co 1,294,821
$1,294,821
HOLDING & INVEST OFFICES --- 4.7%
3,200,000 American General Finance Corp 3,193,633
$3,193,633
SECURITIES & COMMODITIES --- 2.3%
1,551,000 Merrill Lynch & Co Inc 1,551,000
$1,551,000
TOTAL SHORT-TERM INVESTMENTS --- 8.8% $6,039,454
(Cost $6,039,454)
TOTAL U.S. GOVERNMENT SECURITIES PORTFOLIO --- 100.0% $68,428,138
(Cost $66,501,907)
The Maxim Series Fund
Value Index Portfolio
COMMON STOCK
AGENCY --- 0.2%
9,600 Federal National Mortgage Association (nonvtg) 583,200
$583,200
AGRICULTURE --- 0.1%
4,100 Agco Corp 84,304
1,700 Dole Food Company Inc 84,468
$168,772
AIR --- 1.2%
11,400 AMR Corp* 949,050
500 Airborne Freight Corp 17,468
3,300 Continental Airlines Inc Class B* 200,888
4,600 Delta Air Lines Inc 594,550
8,420 FDX Corp* 528,355
2,500 Northwest Airlines Corp* 96,405
700 Pittston Burlington Group 25,813
13,900 Southwest Airlines Co 411,788
3,600 UAL Corp* 280,800
5,600 US Air Group Inc* 443,800
$3,548,917
COMMUNICATIONS --- 4.8%
1,200 AH Belo Corp Class A 29,250
101,600 AT&T Corp 5,803,900
300 BHC Communications Inc 42,094
44,824 CBS Corp 1,423,162
700 Cabletron Systems Inc* 9,406
400 Cablevision Systems Corp* 33,400
7,200 Chancelor Media Corp* 357,523
1,176 Chris-Craft Industries Inc* 64,312
900 Comcast Corp Class A 36,534
833 CommScope Inc* 13,484
500 Comsat Corp 14,156
3,900 Cox Communications Inc* 188,904
200 Excel Communications Inc* 4,587
3,800 Gannett Company Inc 270,036
333 Gaylord Entertainment 10,739
1,000 General Instrument Corp* 27,187
200 Jacor Communications Inc Class A* 11,800
1,200 Level 3 Communications Inc* 88,800
17,300 Liberty Media Group* 671,448
38,100 Mediaone Group Inc* 1,674,000
14,100 Nextel Communications Inc* 350,738
100 PanAmStat Corp* 5,688
100 Qualcomm Inc* 5,619
1,600 Scripps Howard Broadcasting Co Class A 87,699
200 Sinclair Broadcast Group Inc Class A* 5,750
1,300 Tele Communications International Inc Class A* 26,121
19,800 Tele-Communications Inc* 761,053
1,600 Tele-Communications TCI Venture Group* 32,099
1,600 Telephone & Data Systems Inc 63,000
3,200 USA Networks Inc* 80,400
620 United States Cellular Corp* 19,065
10,100 Viacom Inc Class B* 588,325
23,300 Worldcom Inc* 1,128,582
$13,928,861
CONSTRUCTION --- 0.1%
3,900 Centex Corp 147,225
2,200 Clayton Homes Inc 41,800
1,300 Johns Manville Corp 19,581
200 Lennar Corp 5,900
$214,506
CONSUMER SERVICES --- 2.5%
500 AMF Bowling Inc* 14,500
3,580 Allegiance Corp 183,475
4,000 Allergan Inc 185,500
3,300 Bausch & Lomb Inc 165,412
300 Baxter International Inc 16,144
1,900 Beckman Coulter Inc 110,675
600 Becton Dickinson & Co 46,575
6,300 Beverly Enterprises Inc 87,016
21,400 Bristol-Myers Squibb Co 2,459,652
3,700 CR Bard Inc 140,829
100 Capstar Broadcasting Corp* 2,513
5,365 Cendant Corp* 111,994
2,500 Circus Circus Enterprises Inc* 42,343
22,900 Columbia/HCA Healthcare Corp 666,963
700 DePuy Inc 19,775
4,200 Extended Stay America Inc* 47,250
2,100 Forest Laboratories Inc* 75,075
700 Foundation Health Systems* 18,462
1,100 Genesis Health Ventures Inc* 27,500
2,100 Genzyme Corp 53,680
3,000 H&R Block Inc 126,375
4,900 Harrah's Entertainment Inc* 113,925
500 Healthsouth Corp* 13,343
1,300 Hertz Corp 57,606
5,800 Hilton Hotels Corp 165,300
10,100 Host Marriott Corp* 179,901
3,100 Humana Inc* 96,680
300 Integrated Health Services Inc 11,250
3,800 Ivax Corp* 35,150
3,300 King World Productions Inc* 84,150
700 MGM Grand Inc* 22,093
1,800 Manor Care Inc 69,187
4,400 Marriott International Inc 142,450
282 Midas Inc 5,675
1,500 Mirage Resorts Inc* 31,968
646 Pacific Health Systems* 57,090
900 Patriot American Hospitality 21,543
1,200 Promus Hotel Corp* 46,200
1,200 Republic Industries Inc* 30,000
500 Sabre Group Holdings Inc* 19,000
300 Service Corporation International 12,863
800 St Jude Medical Inc* 29,450
1,700 Starwood Hotels & Resorts 82,130
100 Steelcase Inc 2,600
2,100 Stewart Enterprises Inc Class A 55,913
14,087 Tenet Healthcare Corp* 440,219
2,300 The Walt Disney Co 241,643
400 Trigon Healthcare Inc* 14,475
3,300 United Healthcare Corp 209,550
3,200 United States Surgical Corp 146,000
400 Universal Health Services Inc Class B* 23,350
1,100 Vencor Inc* 7,975
600 Wellpoint Health Networks* 44,400
4,500 Whitman Corp 103,217
$7,218,004
CREDIT INSTITUTIONS --- 16.8%
1,531 Advanta Corp Class A 33,585
6,925 AmSouth Bancorp 272,236
6,800 American Express Co 775,200
500 Associated Banc-Corp 18,813
3,603 Associates First Capital Corp 276,981
200 Astoria Financial Corp 10,700
8,870 BB&T Corp 599,834
43,645 Banc One Corp 2,435,915
200 Bank United Corp Class A 9,575
23,200 Bank of New York Company Inc 1,407,938
42,798 BankAmerica Corp 3,699,331
18,280 BankBoston Corp 1,016,825
6,096 Bankers Trust New York Corp 707,514
3,400 Beneficial Corp 520,836
100 Capital One Financial Corp 12,419
8,008 Charter One Financial Inc 269,765
28,300 Citicorp 4,223,775
2,600 City National Corp 96,036
400 Colonial Bancgroup Inc 12,900
9,850 Comerica Inc 652,563
3,745 Commerce Bancshares Inc 182,801
4,400 Compass Bancshares Inc 198,550
6,400 Countrywide Credit Industries Inc 324,800
7,000 Crestar Financial Corp 381,934
937 Fifth Third Bancorp 59,031
6,842 First American Corp 329,271
17,982 First Chicago NBD Corp 1,593,655
1,675 First Commercial Corp 116,307
1,400 First Hawaiian Inc 50,925
11,025 First Security Corp 236,001
8,000 First Tennessee National Corp 252,496
56,630 First Union Corp 3,298,697
3,200 First Virginia Banks Inc 163,600
3,700 FirstMerit Corp 107,762
7,500 Firstar Corp 285,000
17,765 Fleet Financial Group Inc 1,483,377
3,000 Golden West Financial Corp 318,936
6,800 HF Ahmanson & Co 482,800
3,000 Household International Inc 149,250
12,042 Huntington Bancshares Inc 403,407
11,000 JP Morgan & Company Inc 1,288,375
27,464 Keycorp 978,405
200 Long Island Bancorp Inc 12,150
300 Magna Group Inc 16,950
6,300 Marshall & Ilsley Corp 321,691
16,292 Mellon Bank Corp 1,134,331
8,350 Mercantile Bancorporation Inc 420,631
4,650 Mercantile Bankshares Corp 161,876
20,540 National City Corp 1,458,340
60,286 NationsBank Corp 4,611,879
6,600 North Fork Bancorporation Inc 161,284
5,800 Northern Trust Corp 442,250
43,200 Norwest Corp 1,614,600
5,936 Old Kent Financial Corp 213,506
18,865 PNC Bank Corp 1,015,163
5,200 Pacific Century Financial Corp 124,800
1,500 Peoples Bank of Bridgeport 51,938
4,200 Popular Inc 279,300
8,900 Regions Financial Corp 365,452
1,300 Star Banc Corp 83,038
9,500 State Street Boston Corp 660,250
13,200 Suntrust Banks Inc 1,073,318
700 Synovus Financial Corp 16,625
4,500 TCF Financial Corp 132,750
100 The Money Store Inc 3,394
5,200 Union Planters Corp 305,822
700 Unionbancal Corp 67,550
3,481 Valley National Bancorp 100,949
12,842 Wachovia Corp 1,085,149
3,380 Washington Federal Inc 93,373
21,045 Washington Mutual Inc 914,132
4,533 Wells Fargo & Co 1,672,677
1,900 Wilmington Trust Co 115,663
1,900 Zions Bancorp 100,938
$48,569,890
ELECTRIC --- 5.9%
7,600 Allegheny Energy Inc 228,950
8,557 Ameren Corp 340,141
11,900 American Electric Power Company Inc 539,962
3,200 BEC Energy 132,800
9,200 Baltimore Gas & Electric Co 285,770
6,300 CMS Energy Corp 277,200
9,400 Carolina Power & Light Co 407,725
13,300 Central & South West Corp 357,437
9,216 Cinergy Corp 322,560
15,788 Citizens Utilities Class A* 151,960
900 Conectiv Inc 18,450
14,700 Consolidated Edison Inc 677,111
9,950 DPL Inc 180,344
4,800 DQE Inc 172,800
9,100 DTE Energy Co 367,413
12,200 Dominion Resources Inc 497,150
22,545 Duke Power Co 1,335,772
23,100 Edison International 682,882
4,200 Energy East Corp 174,825
15,379 Entergy Corp 442,146
10,100 FPL Group Inc 636,300
14,352 Firstenergy Corp 441,324
5,700 Florida Progress Corp 234,412
8,000 GPU Inc 302,496
2,900 Hormel Foods Corp 100,230
18,519 Houston Industries Inc 571,774
2,500 Idaho Power Co 86,562
4,700 Illinova Corp 141,000
700 Interstate Energy Corp 22,750
2,950 Ipalco Enterprises Inc 131,089
4,000 Kansas City Power & Light Co 116,000
8,108 LG&E Energy Corp 219,419
6,200 MidAmerican Energy Holdings Co 134,075
3,600 Montana Power Co 125,100
4,000 New England Electric System 173,000
9,400 Niagara Mohawk Power Corp* 140,408
7,700 Nipsco Industries Inc 215,600
8,900 Northeast Utilities* 150,739
9,200 Northern States Power Co 263,350
10,400 PP&L Resources Inc 235,945
18,600 PacifiCorp 420,825
13,900 Peco Energy Co 405,699
5,300 Pinnacle West Capital Corp 238,500
7,700 Potomac Electric Power Co 192,977
14,500 Public Service Enterprise Group Inc 499,337
5,500 Puget Sound Power & Light Co 147,466
6,700 Scana Corp 199,740
43,700 Southern Co 1,209,922
8,200 Teco Energy Inc 219,858
14,517 Texas Utilities Co 604,270
13,500 Unicom Corp 473,337
3,500 Utilicorp United Inc 131,905
4,100 Western Resources Inc 159,129
7,000 Wisconsin Energy Corp 212,625
$17,150,561
ELECTRONICS - HIGH TECH --- 7.0%
10,700 AMP Inc 367,812
200 AVX Corp 3,213
500 Adaptec Inc* 7,156
400 Adobe Systems Inc 16,975
5,000 Advanced Micro Devices Inc* 85,310
1,700 Aeroquip-Vickers Inc 99,237
200 Analog Devices Inc* 4,912
100 Andrew Corp* 1,806
8,300 Apple Computer Inc* 238,102
200 Applied Materials Inc* 5,900
500 Atmel Corp* 6,813
2,400 Avnet Inc 131,249
5,400 Black & Decker Corp 329,400
1,600 Briggs & Stratton Corp 59,899
16,404 Compaq Computer Corp 465,464
3,100 Cypress Semiconductor Corp* 25,767
2,600 DSC Communications Corp* 78,000
900 DST Systems Inc* 50,400
400 Dallas Semiconductor Corp 12,400
500 Diebold Inc 14,437
16,900 Eastman Kodak Co 1,234,748
4,200 Electronic Data Systems Corp 168,000
20,700 Emerson Electric Co 1,249,762
17,100 General Electric Co 1,556,100
650 General Semiconductor Inc 6,419
2,700 General Signal Corp 97,200
5,000 Harris Corp 223,435
3,300 Hewlett-Packard Co 197,587
2,200 Honeywell Inc 183,836
3,200 Hubbell Inc Class B 133,200
59,300 International Business Machines Corp 6,808,352
500 International Game Technology 12,125
200 Jabil Circuit Inc* 6,612
5,200 Johnson Controls Inc 297,372
400 KLA-Tencor Corp* 11,075
700 LSI Logic Corp* 16,143
2,200 Litton Industries Inc* 129,800
700 MEMC Electronic Materials Inc* 7,263
100 MSC Industrial Direct Company Inc Class A* 2,850
4,168 Mark IV Industries Inc 90,133
5,900 Maytag Corp 291,313
1,800 Micron Technology Inc* 44,662
400 Molex Inc 10,000
5,600 Motorola Inc 294,347
6,431 NCR Corp* 209,008
9,500 National Semiconductor Corp* 125,277
18,700 Novell Inc* 238,425
23,852 PG&E Corp 752,817
400 Pittway Corp Class A 29,550
2,300 Polaroid Corp 81,793
500 Quantum Corp* 10,375
15,500 Raytheon Co 916,438
100 SCI Systems Inc* 3,763
900 Scientific-Atlanta Inc 22,838
1,400 Seagate Technology Inc* 33,337
2,600 Sensormatic Electronics Corp* 36,400
6,800 Silicon Graphics Inc* 82,450
6,600 Storage Technology Corp* 286,275
400 Symbol Technologies Inc 15,100
3,000 Tektronix Inc 106,125
1,800 Teleflex Inc 68,400
400 Teradyne Inc* 10,700
900 Texas Instruments Inc 52,481
2,200 Thermo Electron Corp* 75,211
3,000 Thomas & Betts Corp 147,750
9,300 Unisys Corp* 262,725
1,300 VLSI Technology Inc* 21,815
200 Varian Associates Inc 7,800
2,388 Vishay Intertechnology Inc* 42,834
100 Vitesse Semiconductor Corp* 3,088
5,000 WW Grainger Inc 249,060
4,200 Whirlpool Corp 288,750
8,000 Xerox Corp 813,000
1,950 York International Corp 84,946
$20,155,117
ENVIRONMENTAL SERVICES --- 0.5%
11,159 Browning-Ferris Industries Inc 387,775
500 Ogden Corp 13,844
200 USA Waste Services Inc* 9,875
28,500 Waste Management Inc 997,500
$1,408,994
FINANCIAL SERVICES --- 0.1%
500 Fulton Financial Corp 12,688
3,800 Green Point Financial Corp 142,975
400 Heller Financial Inc* 12,000
$167,663
FORESTRY --- 0.7%
3,500 Boise Cascade Corp 114,625
5,700 Georgia-Pacific Corp 335,941
5,800 Georgia-Pacific Corp 133,760
18,918 International Paper Co 813,474
7,200 Louisiana-Pacific Corp 131,400
12,400 Weyerhaeuser Co 572,719
$2,101,919
GAS --- 1.5%
5,100 Columbia Gas System Inc 283,688
5,700 Consolidated Natural Gas Co 335,588
7,526 El Paso Energy Corp 287,870
14,258 Enron Corp 770,816
2,400 KN Energy Inc 130,049
4,900 MCN Corp 121,888
9,288 Marketspan Corp 278,055
2,600 NGC Corp 32,500
2,500 National Fuel Gas Co 108,905
6,900 New Century Energies Inc 313,515
3,100 Nicor Inc 124,388
2,300 Peoples Energy Corp 88,838
4,800 Questar Corp 94,200
3,400 Seagull Energy Corp* 56,311
4,200 Sonat Inc 162,225
10,600 Tenneco Inc 403,457
25,761 Williams Companies Inc 869,434
$4,461,727
HIGHWAYS --- 0.1%
4,800 Ryder System Inc 151,498
$151,498
HOLDING & INVEST OFFICES --- 3.2%
300 CIT Group Inc 11,250
4,500 Carramerica Realty Corp 127,687
1,700 Centura Banks Inc 106,250
52,832 Chase Manhattan Corp 3,988,816
10,451 Cincinnati Financial Corp 401,057
7,100 Dime Bancorp Inc 212,553
5,000 Duke Realty Investments Inc 118,125
6,000 Equity Residential Properties Trust 284,622
100 Federated Investors Inc* 1,850
2,800 Finova Group Inc 158,550
3,300 Golden State Bancorp 98,175
6,800 Health & Retirement Property Trust 127,922
9,300 Hibernia Corp 187,739
500 Keystone Financial Inc 18,500
2,100 Kimco Realty Corp 86,100
450 Liberty Financial Companies Inc 15,525
500 Liberty Property Trust 12,781
293 M & T Bank Corp 162,322
2,200 National Commerce Bancorp 92,125
3,900 New Plan Realty Trust 95,550
800 Peoples Heritage Financial Group Inc 18,900
1,300 Provident Financial Group Inc 59,313
3,600 Public Storage Inc 100,800
3,933 Security Capital Industrial Trust 98,325
3,800 Security Capital Pacific Trust 85,500
1,100 Sovereign Bancorp Inc 17,977
11,100 Summit Bancorp 527,250
2,800 TIG Holdings Inc 64,400
42,884 U S Bancorp 1,844,012
2,250 US Industries Inc 55,688
6,000 United Dominion Realty Trust Inc 83,250
200 Waddell & Reed Financial 4,787
1,500 Weingarten Realty Investors 62,718
62 Wesco Financial Corp 24,242
$9,354,661
INDEPENDENT POWER PROD --- 0.1%
1,000 Calenergy Inc* 30,062
5,200 OGE Energy Corp 140,400
$170,462
INDUSTRIAL SERVICES --- 0.6%
500 AC Nielsen Corp* 12,625
5,300 Arrow Electronics Inc* 115,275
200 Choisepoint Inc* 10,125
7,200 Comdisco Inc 136,800
600 Computer Sciences Corp 38,400
1,400 Deluxe Corp 50,137
10,700 Dun & Bradstreet Corp 385,200
400 EG&G Inc 12,000
700 First Data Corp 23,318
4,200 Fluor Corp 214,200
1,900 Foster Wheeler Corp 40,730
3,900 Informix Corp* 30,833
2,600 National Service Industries Inc 132,275
3,100 Olsten Corp 34,680
5,100 Pitney Bowes Inc 245,438
400 Reynolds & Reynolds Co Class A 7,275
2,500 Sterling Software Inc* 73,905
400 TransTexas Gas Corp* 3,550
1,700 Wallace Computer Services Inc 40,375
1,000 Western Atlas Inc 84,875
$1,692,016
INSURANCE --- 8.5%
1,100 20th Century Industries 31,556
9,200 AON Corp 646,300
6,700 Aetna Inc 510,037
5,600 Aflac Inc 169,747
291 Allegheny Generating Co 67,876
3,699 Allmerica Financial Corp 240,435
23,603 Allstate Corp 2,161,138
3,800 Ambac Inc 222,300
2,100 American Bankers Insurance Group Inc 126,262
2,200 American Financial Group Inc 95,286
15,825 American General Corp 1,126,534
30,050 American International Group Inc 4,387,300
700 American National Insurance Co 73,675
1,200 CNA Financial Corp* 55,874
10,500 Chubb Capital Corp 843,937
13,500 Cigna Corp 931,500
7,600 Conseco Inc 355,300
5,400 Equitable Companies Inc 404,660
600 Erie Indemnity Co Class A 17,325
2,500 Everest Reinsurance Holdings Inc 96,092
300 Financial Security Assurance Holdings Ltd 17,625
200 Fremont General Corp 10,837
4,740 General Re Corp 1,201,590
6,900 Hartford Financial Services Group Inc 789,187
200 Hartford Life Class A 11,387
2,900 Horace Mann Educators Corp 100,050
6,600 Jefferson-Pilot Corp 382,384
2,800 Leucadia National Corp 92,574
6,200 Lincoln National Corp 566,525
4,400 Loews Corp 383,350
6,100 MBIA Inc 456,738
11,400 Marsh & McLennan Companies Inc 688,982
1,700 Mercury General Corp 109,543
200 Nationwide Financial Services Inc 10,200
2,200 Ohio Casualty Corp 97,350
8,625 Old Republic International Corp 252,816
200 Orion Capital Corp 11,175
600 Progressive Corp 84,600
3,600 Protective Life Corp 132,073
4,006 Provident Companies Inc 138,207
5,300 Providian Financial Corp 416,379
3,900 Reliance Group Holdings Inc 68,250
5,700 Reliastar Financial Corp 273,600
8,800 SafeCo Corp 399,846
14,462 St Paul Companies Inc 608,301
400 SunAmerica Inc 22,975
1,200 The PMI Group Inc 88,050
8,700 Torchmark Corp 398,025
3,900 TransAmerica Corp 448,988
1,200 Transatlantic Holdings Inc 92,774
51,750 Travelers Group Inc 3,137,344
3,600 Travelers Property Casualty Corp 154,350
2,400 UICI* 65,400
1,800 Unitrin Inc 125,100
5,000 Unum Corp 277,500
$24,677,209
MFTG - CONSUMER PRODS --- 4.3%
300 Alberto-Culver Co Class B 8,700
4,200 American Greetings Corp Class A 213,935
19,500 Anheuser-Busch Companies Inc 920,147
35,801 Archer-Daniels-Midland Co 693,644
4,000 Bestfoods 232,248
1,900 Brown-Forman Corp Class B 122,075
5,300 Brunswick Corp 131,175
1,200 Campbell Soup Co 63,750
300 Central Newspapers Inc 20,925
2,300 Chiquita Brands International Inc 32,343
200 CompUSA Inc* 3,612
1,400 ConAgra Inc 44,362
1,150 Corn Products International Inc* 38,956
2,600 Dean Foods Co 142,836
3,400 Dow Jones & Company Inc 189,550
2,200 Flowers Industries Inc 44,961
2,900 Fruit of the Loom Inc Class A* 96,242
3,100 General Mills Inc 211,962
15,100 HJ Heinz Co 847,487
700 Harcourt General Inc 41,650
200 Harte-Hanks Communications Inc 5,162
6,600 Hasbro Inc 259,459
2,000 Hershey Foods Corp 138,000
500 Hollinger International Inc 8,500
5,700 IBP Inc 103,312
4,900 Ikon Office Solutions Inc 71,354
4,300 International Flavors & Fragrances Inc 186,779
200 Interstate Bakeries Co 6,637
5,100 Kellogg Co 191,566
4,700 Knight-Ridder Inc 258,791
150 Lancaster Colony Corp 5,681
1,400 Lee Enterprises Inc 42,875
1,000 Leggett & Platt Inc 25,000
2,500 Liz Claiborne Inc 130,625
3,200 Masco Corp 193,600
3,500 McCormick & Company Inc (nonvtg) 125,013
4,800 McGraw-Hill Companies Inc 391,498
200 Mohawk Industries Inc* 6,337
2,400 Nabisco Holdings Corp Class A 86,549
3,500 New York Times Co Class A 277,375
300 Newell Co 14,944
3,700 Premark International Inc 119,325
500 Primedia Inc* 6,781
7,100 Quaker Oats Co 390,053
20,374 RJR Nabisco Holdings Corp 483,883
5,800 RR Donnelley & Sons Co 265,350
600 Ralston-Ralston Purina Group 70,087
4,300 Readers Digest Association Inc Class A 116,638
2,100 Rubbermaid Inc 69,693
2,000 Russell Corp 60,374
11,900 Sara Lee Corp 665,650
6,000 Shaw Industries Inc 105,750
22,300 Time Warner Inc 1,905,245
515 Tootsie Roll Industries Inc 39,526
1,400 Tribune Co 96,337
500 Tupperware Corp 14,063
8,200 Tyson Foods Inc Class A 177,833
200 US Foodservice Inc* 7,012
1,900 UST Inc 51,300
300 Unifi Inc 10,275
2,300 Universal Corp 85,963
6,200 VF Corp 319,300
100 Valassis Communications Inc* 3,856
5,800 Viad Corp 160,950
810 Vlasic Foods International Inc* 16,301
200 Warnaco Group Inc Class A 8,487
425 Washington Post Co Class B 244,800
6,900 Willamette Industries Inc 220,800
400 Wolverine World Wide Inc 8,675
$12,353,924
MFTG - INDUSTRIAL PRODS --- 9.0%
1,200 3Com Corp* 36,824
1,100 ARCO Chemical Co 63,112
5,900 Abbott Laboratories 241,162
11,900 Air Products & Chemicals Inc 476,000
1,200 Allegheny Teledyne Inc 27,450
10,000 Aluminum Company of America 659,370
800 American Home Products Corp 41,400
2,300 Armstrong World Industries Inc 154,963
900 Bandag Inc 35,100
800 Bemis Company Inc 32,700
7,400 Bethlehem Steel Corp* 92,034
1,330 Betz Laboratories Inc 55,029
2,600 Bowater Inc 122,850
3,300 Cabot Corp 106,630
500 Callaway Golf Co 9,843
700 Camco International Inc 54,512
200 Carlisle Companies Inc 8,612
4,600 Case Corp 221,950
23,000 Caterpillar Inc 1,216,125
6,000 Champion International Corp 295,122
100 Chiron Corp* 1,569
300 Clorox Co 28,613
3,600 Consolidated Papers Inc 98,100
6,800 Cooper Industries Inc 373,572
4,800 Cooper Tire & Rubber Co 99,000
2,400 Cordant Technologies Inc 110,700
717 Crane Co 34,819
300 Crompton & Knowles Corp 7,556
5,500 Crown Cork & Seal Company Inc 261,250
15,500 Deere & Co 819,562
11,800 Dover Corp 404,150
14,100 Dow Chemical Co 1,363,287
60,500 EI DuPont De Nemours & Co 4,514,812
2,505 EVI Weatherford Inc* 92,998
4,900 Eastman Chemical Co 305,025
900 Engelhard Corp 18,225
5,700 Fort James Corp 253,650
9,800 Goodyear Tire & Rubber Co 631,483
3,700 Great Lakes Chemical Corp 145,917
2,800 Harnischfeger Industries Inc 79,274
2,700 Harsco Corp 123,692
500 Hercules Inc 20,562
1,250 Hussmann International Inc 23,202
700 ICN Pharmaceuticals Inc 31,981
7,120 IMC Global Inc 214,490
7,400 ITT Industries Inc 276,575
11,000 Illinois Tool Works Inc 733,557
10,300 Ingersoll-Rand Co 453,839
3,200 Inland Steel Industries Inc 90,198
1,100 International Specialty Products Inc* 20,487
1,100 Iomega Corp* 6,463
200 Kennametal Inc 8,350
2,732 Kimberly-Clark Corp 125,331
6,500 LTV Corp 62,153
2,000 Lafarge Corp 78,624
2,000 Lear Corp* 102,624
3,700 Lubrizol Corp 111,925
2,400 Lyondell Petrochemical Co 73,049
4,500 Mallinckrodt Inc 133,592
2,865 Martin Marietta Materials Inc 128,925
6,500 Mead Corp 206,375
3,033 Meritor Automotive Inc 72,792
4,800 Millennium Chemicals Inc 162,600
12,600 Minnesota Mining & Manufacturing Co 1,035,556
6,900 Morton International Inc 172,500
1,100 Mylan Laboratories Inc 33,068
4,100 Nalco Chemical Co 144,013
1,600 Nucor Corp 73,600
575 Octel Corp* 11,428
3,000 Olin Corp 125,061
2,000 Owens-Illinois Inc* 89,500
10,200 PPG Industries Inc 709,532
1,000 Pall Corp 20,500
6,950 Parker Hannifin Corp 264,969
2,500 Pentair Inc 106,250
31,800 Pharmacia & Upjohn Inc 1,466,775
1,700 Potlatch Corp 71,400
1,100 Praxair Inc 51,493
4,425 RPM Inc 75,225
400 Raychem Corp 11,825
4,500 Reynolds Metals Co 251,717
9,900 Rockwell International Corp 475,814
2,500 Rohm & Haas Co 259,843
7,100 Sherwin-Williams Co 235,188
4,700 Sigma Aldrich Corp 165,088
3,500 Snap-On Inc 126,875
5,100 Solutia Inc 146,304
4,840 Sonoco Products Co 146,410
200 Southdown Inc 14,275
1,800 St Joe Corp 49,275
5,700 Stone Container Corp Series E* 89,063
1,300 Tecumseh Products Co Class A 68,656
3,500 Temple-Inland Inc 188,563
3,400 The BF Goodrich Co 168,725
2,900 The Stanley Works 120,530
3,300 The Timken Co 101,680
2,800 Trinity Industries Inc 116,200
1,400 USG Corp 75,775
18,000 USX-Marathon Group 617,616
5,400 USX-US Steel Group 178,200
4,300 Union Camp Corp 213,388
8,000 Union Carbide Corp 427,000
4,500 Unisource Worlwide Inc 48,654
500 United States Filter Co* 14,031
600 Unova Inc* 12,900
300 WR Grace & Co 5,119
500 Western Digital Corp* 5,906
5,750 Westvaco Corp 162,438
2,400 Witco Corp 70,200
3,500 Worthington Industries Inc 52,717
$25,926,581
MINING --- 0.3%
2,009 Alumax Inc 93,167
2,600 Asarco Inc 57,850
6,100 Cyprus Amax Minerals Co 80,825
9,600 Homestake Mining Co 99,600
300 Newmont Gold Co 7,406
1,400 Newmont Mining Corp 33,075
3,600 Phelps Dodge Corp 205,873
900 Southern Peru Copper Corp 11,700
1,800 Vulcan Materials Co 192,037
$781,533
OIL & GAS --- 10.4%
4,900 Amerada Hess Corp 266,129
60,400 Amoco Corp 2,514,150
4,800 Apache Corp 151,200
4,000 Ashland Inc 206,500
20,000 Atlantic Richfield Co 1,562,500
1,800 BJ Services Company USA* 52,312
2,200 Baker Hughes Inc 76,036
8,872 Burlington Resources Inc 382,046
40,900 Chevron Corp 3,397,236
5,700 Coastal Corp 397,928
400 Cooper Cameron Corp* 20,400
6,300 Dresser Industries Inc 277,591
8,348 EEX Corp* 78,262
2,300 Enron Oil & Gas Co 46,575
300 Ensco International Inc 5,213
153,600 Exxon Corp 10,953,523
238 Fina Inc 15,470
3,300 Helmerich & Payne Inc 73,425
2,900 Kerr-McGee Corp 167,838
2,300 Mitchell Energy & Development Corp Class A 46,000
49,000 Mobil Corp 3,754,625
2,600 Murphy Oil Corp 131,786
200 Nabors Industries Inc* 3,962
1,800 Noble Affiliates Inc 68,400
900 Noble Drilling Corp* 21,656
21,800 Occidental Petroleum Corp 588,600
2,790 Ocean Energy Inc* 54,578
6,900 Oryx Energy Co* 152,663
2,400 Pennzoil Co 121,500
13,700 Phillips Petroleum Co 660,162
5,100 Pioneer Natural Resources Co 121,763
200 Rowan Companies Inc* 3,887
6,000 Santa Fe Energy Resources Inc 64,500
14,419 Sempra Energy* 400,127
4,300 Sun Company Inc 166,892
33,900 Texaco Inc 2,023,389
2,300 Tosco Corp 67,563
3,000 Transocean Offshore Inc 133,500
5,400 Ultramar Diamond Shamrock Corp 170,435
6,500 Union Pacific Resources Group Inc 114,153
12,200 UnoCal Corp 436,150
1,800 Valero Energy Corp 59,850
$30,010,475
OTHER ASSET-BACKED --- 0.3%
200 Green Tree Financial Corp 8,562
6,600 Republic New York Corp 415,384
10,050 Southtrust Corp 437,175
$861,121
OTHER TRANS SERVICES --- 0.1%
2,600 Alexander & Baldwin Inc 75,725
1,800 FMC Corp* 122,737
3,200 GATX Corp 140,400
500 Tidewater Inc 16,500
$355,362
RAILROADS --- 1.1%
9,782 Burlington Northern Santa Fe Corp 960,465
13,700 CSX Corp 623,350
4,300 Kansas City Southern Industries Inc 213,388
23,700 Norfolk Southern Corp 706,544
13,956 Union Pacific Corp 615,809
$3,119,556
REAL ESTATE --- 0.3%
700 AMB Property Corp 17,150
200 Amresco Inc* 5,825
400 Apartment Investment & Management Co Class A 15,800
500 Arden Realty Inc 12,938
500 Avalon Bay Communities Inc 19,000
1,200 CCB Financial Corp 127,500
873 Chicago Title Corp* 40,321
900 Cornerstone Properties Inc 15,863
6,500 Crescent Real Estate Equities Inc 218,563
2,300 Equity Office Properties 65,262
500 Highwood Properties Inc 16,156
600 Indymac Mortgage Holdings Inc 13,650
500 Mack-Cali Realty Corp 17,188
100 Post Properties Inc 3,850
6,600 Simon Debartolo Group Inc 214,500
3,400 Spieker Properties Inc 131,750
500 The Rouse Co 15,719
600 Trustmark Corp 13,162
500 Vornado Realty Trust 19,844
900 Westfield America Inc 16,538
$1,000,579
RETAIL TRADE --- 4.0%
8,400 Albertson's Inc 435,221
14,500 American Stores Co 350,711
5,741 Autoliv Inc 181,559
200 BJ Wholesale Club Inc* 8,125
360 Barnes & Noble Inc* 13,477
200 Best Buy Inc* 7,225
100 Boise Cascade Office Products Corp* 1,550
300 Borders Group Inc* 11,100
500 Brinker International Inc* 9,625
200 CKE Restaurants Inc 8,250
600 Circuit City Stores Inc 28,125
1,222 Corporate Express Inc* 15,504
700 Cracker Barrel Old Country Store Inc 22,225
9,300 Darden Restaurants Inc 147,637
19,300 Dayton Hudson Corp 936,050
6,500 Dillards Inc Class A 269,340
1,100 Family Dollar Stores Inc 20,350
9,900 Federated Department Stores Inc* 532,739
21,800 Food Lion Inc Class A 219,352
10,800 Fortune Brands Inc 415,120
7,300 Fred Meyer Inc* 310,250
10,500 Genuine Parts Co 362,901
3,900 Giant Food Inc Class A 167,942
1,600 Hannaford Brothers Co 70,400
14,100 JC Penney & Company Inc 1,019,599
30,700 K Mart Corp* 590,955
1,800 Kroger Co* 77,175
5,400 Limited Inc 178,875
1,800 Lowe's Companies Inc 73,012
14,400 May Department Stores Co 943,200
5,000 McDonald's Corp 345,000
1,400 Mercantile Stores Co Inc 110,512
400 Neiman Marcus Group Inc* 17,375
2,700 Nordstrom Inc 208,575
4,300 Office Depot Inc* 135,717
4,200 Officemax Inc* 69,300
200 Outback Steakhouse Inc* 7,800
1,900 Owens Corning 77,543
2,396 Payless Shoesource Inc* 176,554
1,900 Pep Boys - Manny Moe & Jack 35,980
300 Proffitts Inc* 12,113
6,600 Rite Aid Corp 247,909
800 Saks Holdings Inc* 22,100
10,200 Sears Roebuck & Co 622,832
3,500 Tandy Corp 185,717
17,500 Toys R Us Inc* 412,335
4,100 Tricon Global Restaurants* 129,917
4,700 Venator Group Inc* 89,888
16,500 Wal-Mart Stores Inc 1,002,375
800 Weis Markets Inc 29,400
3,900 Wendy's International Inc 91,650
4,800 Winn-Dixie Stores Inc 245,698
$11,703,884
SECURITIES & COMMODITIES --- 2.2%
5,987 AG Edwards Inc 255,567
8,978 Bear Stearns Companies Inc 510,624
1,500 Donaldson, Lufkin & Jenrette Inc 76,218
200 Legg Mason Inc 11,512
7,000 Lehman Brothers Holdings Inc 542,934
21,400 Merrill Lynch & Co Inc 1,974,150
28,120 Morgan Stanley Group 2,569,465
6,750 Paine Webber Group Inc 290,250
300 Raymond James Financial Inc 8,981
800 United Asset Management Corp 20,850
$6,260,551
TELEPHONE --- 8.7%
11,500 Alltel Corp 534,750
65,100 Ameritech Corp 2,921,362
98,758 Bell Atlantic Corp 4,505,834
62,100 Bellsouth Corp 4,168,462
4,350 Century Telephone Enterprises Inc 199,556
10,700 Frontier Corp 337,050
50,900 GTE Corp 2,831,312
35,800 MCI Communications Corp 2,080,875
200 McLeod Inc* 7,775
97,193 SBC Communications Inc 3,887,720
3,700 Southern New England Telecommunications Corp 242,350
26,900 Sprint Corp 1,896,450
32,440 US West Inc 1,524,680
$25,138,176
TRANSPORTATION --- 0.0%
2,900 CNF Transportation Inc 123,250
$123,250
TRANSPORTATION EQUIPMENT --- 5.1%
3,500 Allied-Signal Inc 155,312
800 Borg-Warner Automotive Inc 38,450
34,900 Chrysler Corp 1,967,487
2,200 Cummins Engine Company Inc 112,750
6,600 Dana Corp 353,100
4,400 Eaton Corp 342,100
3,700 Echlin Inc 181,529
200 Fleetwood Enterprises Inc 8,000
71,600 Ford Motor Co 4,224,400
6,800 General Dynamics Corp 316,200
6,500 General Motors Corp Series D 306,312
41,900 General Motors Corp Series H 2,799,423
10,669 Lockheed Martin Corp 1,129,580
4,500 Navistar International Corp* 129,938
3,700 Northrop Grumman Corp 381,563
4,330 Paccar Inc 226,243
1,200 Sundstrand Corp 68,700
7,600 TRW Inc 415,150
7,800 Textron Inc 559,159
20,248 The Boeing Co 902,291
2,100 United Technologies Corp 194,250
$14,811,937
U.S. GOVERNMENTS --- 0.1%
7,900 Federal Home Loan Mortgage Corp 371,790
$371,790
WATER --- 0.0%
4,300 American Water Works Company Inc 133,300
$133,300
WHOLESALE TRADE - INDL --- 0.1%
800 Jefferson Smurfit Corp* 12,574
2,800 McKesson Corp 227,500
$240,074
WHOLESALE TRADE -CONSUMER --- 0.2%
1,775 Bergen Brunswig Corp Class A 82,316
1,900 Costco Companies Inc* 119,818
200 Nike Inc Class B 9,737
1,825 Rayonier Inc 83,950
1,900 Reebok International Ltd* 52,605
200 Sunbeam-Oster Co 2,075
3,900 SuperValu Inc 173,063
600 Tech Data Corp* 25,725
$549,289
TOTAL COMMON STOCK --- 100.0% $289,465,359
(Cost $214,726,703)
TOTAL VALUE INDEX PORTFOLIO --- 100.0% $289,465,359
(Cost $214,726,703)
The Maxim Series Fund
Variable Annuity Account
COMMON STOCK
COMMUNICATIONS --- 1.8%
2,800 AT&T Corp 159,950
$159,950
CONSUMER SERVICES --- 12.6%
2,600 Bausch & Lomb Inc 130,325
2,000 Becton Dickinson & Co 155,250
1,300 Bristol-Myers Squibb Co 149,418
3,500 CR Bard Inc 133,217
2,700 H&R Block Inc 113,737
1,900 Johnson & Johnson 140,125
5,400 King World Productions Inc* 137,700
1,200 Merck & Company Inc 160,500
$1,120,272
CREDIT INSTITUTIONS --- 8.4%
1,500 American Express Co 171,000
2,640 Banc One Corp 147,344
3,100 First Hawaiian Inc 112,762
2,200 Mellon Bank Corp 153,175
2,100 NationsBank Corp 160,650
$744,931
ELECTRIC --- 3.0%
3,800 Baltimore Gas & Electric Co 118,036
3,300 Consolidated Edison Inc 152,005
$270,041
ELECTRONICS - HIGH TECH --- 19.6%
2,900 Adobe Systems Inc 123,067
2,000 Eastman Kodak Co 146,124
3,000 Electronic Data Systems Corp 120,000
1,700 Emerson Electric Co 102,637
2,000 General Electric Co 182,000
2,300 Hewlett-Packard Co 137,712
1,300 Honeywell Inc 108,631
2,700 Johnson Controls Inc 154,405
2,100 Maytag Corp 103,688
1,700 Motorola Inc 89,355
8,000 Scientific-Atlanta Inc 203,000
4,000 Sun Microsystems Inc* 173,748
2,100 Thomas & Betts Corp 103,425
$1,747,792
HIGHWAYS --- 1.1%
3,000 Ryder System Inc 94,686
$94,686
HOLDING & INVEST OFFICES --- 8.1%
2,000 Equity Residential Properties Trust 94,874
2,200 MGIC Investment Corp 125,536
4,400 S & P 500 Depositary Receipt 498,573
$718,983
INDUSTRIAL SERVICES --- 2.4%
4,200 Kelly Services Inc Class A 148,575
3,400 Reynolds & Reynolds Co Class A 61,836
$210,411
INSURANCE --- 5.1%
1,600 Allstate Corp 146,499
1,200 American International Group Inc 175,200
3,000 Arthur J Gallagher & Co 134,250
$455,949
MFTG - CONSUMER PRODS --- 4.1%
2,300 Anheuser-Busch Companies Inc 108,530
2,800 Leggett & Platt Inc 70,000
4,100 Rubbermaid Inc 136,067
1,000 Springs Industries Inc Class A 46,125
$360,722
MFTG - INDUSTRIAL PRODS --- 9.3%
3,100 3Com Corp* 95,130
1,400 Armstrong World Industries Inc 94,325
2,000 Kennametal Inc 83,500
2,000 Kimberly-Clark Corp 91,750
1,700 PPG Industries Inc 118,255
2,900 Pharmacia & Upjohn Inc 133,763
2,000 Rockwell International Corp 96,124
3,400 USX-US Steel Group 112,200
$825,047
MINING --- 0.9%
3,400 Newmont Mining Corp 80,325
$80,325
OIL & GAS --- 7.7%
2,200 Amoco Corp 91,575
1,400 Atlantic Richfield Co 109,375
2,100 Coastal Corp 146,605
2,400 Halliburton Co 106,949
1,600 Mobil Corp 122,600
3,000 UnoCal Corp 107,250
$684,354
RETAIL TRADE --- 4.0%
3,300 Albertson's Inc 170,980
5,000 Brinker International Inc* 96,250
2,700 Limited Inc 89,437
$356,667
TELEPHONE --- 3.3%
3,400 Bell Atlantic Corp 155,125
3,400 SBC Communications Inc 136,000
$291,125
TRANSPORTATION EQUIPMENT --- 3.5%
3,400 Chrysler Corp 191,675
2,200 TRW Inc 120,175
$311,850
WHOLESALE TRADE -CONSUMER --- 1.2%
2,200 Nike Inc Class B 107,111
$107,111
TOTAL COMMON STOCK --- 96.0% $8,540,216
(Cost $6,904,176)
SHORT-TERM INVESTMENTS
INSURANCE --- 2.0%
175,000 Metlife Funding Inc 174,034
$174,034
SECURITIES & COMMODITIES --- 2.1%
185,000 Merrill Lynch & Co Inc 184,596
$184,596
TOTAL SHORT-TERM INVESTMENTS --- 4.0% $358,630
(Cost $358,630)
TOTAL VARIABLE ANNUITY ACCOUNT --- 100.0% $8,898,846
(Cost $7,262,806)
The Maxim Series Fund
Vista Growth & Income Portfolio
COMMON STOCK
HOLDING & INVEST OFFICES --- 100.0%
99,682,892 Maxim Series Fund Inc 170,883,490
$170,883,490
TOTAL COMMON STOCK --- 100.0% $170,883,490
(Cost $0)
TOTAL VISTA GROWTH & INCOME PORTFOLIO --- 100.0% $170,883,490
(Cost $0)
