TO THE SHAREHOLDERS OF MAXIM SERIES FUND, INC.
The bull market in stocks raged on Wall Street again during 1997. The total
return on the Standard & Poor's 500 (S&P 500) stock index was approximately 33%,
bringing the three year total return to an unprecedented 123% gain for the
index. As has been the case over the past several years, the large
capitalization sector of the market outperformed the small cap sector. The
return on the Standard & Poor's Small Cap 600 (S&P 600) stock index trailed that
of the S&P 500 by 725 basis points (7 1/4 percentage points) during the year.
Stocks climbed steadily through the first eight months of the year, while moving
in a sideways pattern for the remainder of the year. The market began to
re-evaluate the "best-of-all-worlds" scenario for the U.S. economy in light of
the development of economic and currency crises in most of Asia.
Continued strong economic growth in the U.S., accompanied by low and declining
inflation spurred continued declines in interest rates over the course of the
year. The only sector of the yield curve not participating in the rate rally was
the short end. Here, the Federal Reserve kept rates steady for most of the year,
after a small 25 basis point (1/4 percentage point) hike in the fed funds rate
early in the year.
The most potent challenge to the case for economic and market nirvana in the
United States arose with the previously mentioned Asian economic situation.
Massive currency devaluation across most of Asia is putting downward pressure on
prices around the globe. While this is positive from an interest rate
perspective, it is likely to slow growth in the U.S. and place pressure on
corporate earnings. If this occurs, the stock market's three-year string of
unprecedented returns may be at risk of being broken in 1998.
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.
The longer your investment time frame, the less likely it is that you will be
affected by short-term market volatility. For intermediate investment time
frames, short-term market volatility may have more of an impact on investments
and if your time horizon is less than a year, you may wish to consider options
which seek income and maintain a relatively stable share price.
But, 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
in a fund at the same time each month or quarter and periodically reviewing your
overall portfolio. While this strategy - known as dollar cost averaging - won't
assure a profit or protect you form loss in a declining market, it should help
you lower the average cost of your purchases.
Maxim Series Fund offers a wide variety of investment options. Following is a
review of the Portfolios.
GW Capital Management, LLC is the investment adviser for Maxim Series Fund with
the following sub-advisers providing services on certain of the portfolios:
Ariel Capital Management, Inc., Founders Asset Management, Inc., INVESCO Trust
Company, Janus Capital Corporation, Loomis, Sayles & Company, L.P., Templeton
Investment Counsel, Inc. and T. Rowe Price Associates, Inc.
If you have any questions, please call us so we may provide you the information
you need to make the investments that are right for you.
Sincerely,
/s/ J.D. Motz
J.D. Motz
President and Chairman
Maxim Series Fund, Inc.
This report and the financial statements contained herein are submitted for the
general information of the shareholders of Maxim Series Fund, Inc. This report
is not authorized for distribution to prospective investors unless preceded or
accompanied by an effective prospectus.
For more information on Maxim Series Fund, including charges and expenses,
please contact your registered representative to obtain a prospectus. Read it
carefully before investing.
<PAGE>
Maxim INVESCO ADR Portfolio
International equities delivered mixed results in 1997 on the heels of a
particularly volatile fourth quarter in the world's financial markets.
Throughout the twelve month period European stocks fared best, delivering an
impressive gain for the year of close to 25%. Asian markets performed poorly in
1997 more or less across the board, dragging down the overall performance in the
benchmark. The MSCI EAFE declined 7.8% in the fourth quarter of 1997 leaving its
gain for the full year at 1.8%. Activity in the Pacific Rim dominated events
during the past year, with the severe currency devaluations in the smaller Asian
countries and continued troubles in Japan's financial system resulting in poor
performance across the region. The larger markets of Japan, Hong Kong and
Singapore all declined by roughly 25% in 1997, while many of the emerging
markets in the region fell by as much as 80% in U.S. dollar terms in the period.
European equities dramatically outperformed other regions of the world owing to
the prospect of a single European currency, a benign interest rate and inflation
environment, accelerating economic growth, and significant corporate
developments, including both mergers and restructuring activity.
In the Maxim INVESCO ADR portfolio, we adopt a bottom-up approach placing our
primary emphasis on finding attractively priced stocks in the foreign markets,
rather than using country selection as our starting point. The portfolio
substantially outperformed the benchmark index over the year as we concentrated
the portfolio holdings in Europe and limited exposure to the Asian Markets. We
were also significantly underweight in Japanese equities. The portfolio was
invested in 17 markets at the year-end and the best performing holdings were in
the financial, pharmaceutical, utility and food sectors. In 1998, we will
continue to target the developed countries represented in the EAFE Index and
will invest in a broadly diversified list of well established, high-quality
companies that are attractively valued on a global basis.
{Graph}
Investment Value in thousands (assuming a beginning balance of $10,000) 1994 -
1997:
Maxim INVESCO ADR Portfolio $15,501.11
MSCI EAFE Index $11,572.61
As of 12/31/97
Maxim INVESCO ADR Total Return -
One Year 12.08%
Since Inception 14.85%
Portfolio inception 11/1/94.
Past performance is not predictive of future results.
Small-Cap Value Portfolio
Even with a strong economy, record corporate earnings, the lowest unemployment
rate in 25 years and anemic inflation, by the fourth quarter, U.S. investors
became concerned Asia's flu might be catching and our aging bull might be
displaying some of its symptoms. Some fears were realized in October when the
longest uninterrupted bull run in stock market history finally paused after
commemorating its seventh birthday. As a result, the 10 year anniversary of the
Crash of 1987 was upstaged by a record one-day drop in the Dow Jones Industrial
Average--a 554 point decline on October 27.
Despite significant volatility, the large cap stocks of the Standard & Poor's
500 Index managed to weather the storm with an astonishing +33.4% gain for the
year ending December 31, 1997. However, a downward spiral in the prices of the
riskiest and most expensive securities whipsawed smaller issues--ultimately
leaving the Russell 2500 with a +24.4% return. As a result of our low risk
approach, the undervalued, franchise businesses of the Maxim Small-Cap Value
Portfolio withstood the stock market's mood swings and outpaced the smaller
company benchmarks.
The S&P 500's third consecutive year of 20+% gains is an anomaly. The facts
prove it. Looking back to 1926, this is the first time in history such
exceptional market strength has persisted over a 36 month period.
This reality check does not lead us to advocate divestiture from the stock
market. Instead we emphasize patience when confronted with the inevitable tough
periods. Similarly, we continue to underscore that an investor's return
expectations should not be skewed by recent events but should instead reflect
historical norms. With this said, given recent events, we believe large-cap
stocks are more vulnerable to a near-term correction. Conversely, we expect
small and medium-sized companies to rebound after an arduous period.
{Graph}
Investment Value in thousands (assuming a beginning balance of $10,000)
1993 - 1997:
Small-Cap Value Portfolio $17,513.61
S&P 500 Index $23,134.67
As of 12/31/97
Maxim Small-Cap Value Total Return -
One Year 27.86%
Since Inception 14.71%
Portfolio inception 12/1/93.
Past performance is not predictive of future results.
Blue Chip Portfolio
Large capitalization blue chip stocks have effectively weathered much of the
market volatility of recent months and their earnings have remained strong. The
concern about Southeast Asia's continuing currency crisis has only served to
support the popularity of large-cap stocks in the hope they will offer better
stability, liquidity and earnings potential than smaller cap companies.
At this point, the Blue Chip Portfolio is invested conservatively with large,
secure companies as we evaluate the impact of the Southeast Asian currency
crisis. In fact, just under 3/4 of the stocks in the Blue Chip Portfolio are
also found in the S&P 500 Index. We are also monitoring signs that the domestic
economy may be slowing as some corporate earnings are being revised downward. At
the same time valuations seem to be at the upper end of their range. In this
environment, we continue to look for appropriate buying opportunities on a
bottom-up, company-by-company basis. We will also continue to take advantage of
buying stocks on sell-offs.
We are market-weighted in oil and gas stocks and overweighted in chemicals. We
are reviewing the Portfolio's weighting in financial and technology stocks after
we determined fourth quarter 1997 performance lagged in part because we were
underweighted in these sectors. We have reduced the number of holdings in the
portfolio in order to maintain a certain amount of liquidity in the Portfolio
while staying focused on a smaller group of companies.
Our outlook for the market is cautious. We will continue to maintain a
conservative posture by searching for companies that meet our strict criteria
for investment.
{Graph}
Investment Value in thousands (assuming a beginning balance of $10,000) 1997:
Blue Chip Portfolio $10,316.00
S&P 500 Index $11,057.52
As of 12/31/97
Maxim Blue Chip Total Return -
Since Inception 3.16%
Portfolio inception 7/1/97.
Past performance is not predictive of future results.
Bond Portfolio
The year was a roller coaster ride for the corporate bond market. After
outperforming Treasuries by over 80 basis points through the first
three-quarters, the investment grade corporate market caught a severe case of
the Asian flu and finished the year underperforming Treasuries by 29 basis
points.
This is the first time since 1990 that the corporate market has underperformed
Treasuries. Leading the way down was the Yankee sector, which had a relative
return to the Treasury market of -197 basis points. In the fourth quarter alone,
this sector was down 225 basis points relative to Treasuries. Utilities was the
top performing sector on duration-adjusted basis with an excess return of 61
basis points followed by the finance sector at +7 basis points and the
industrial sector at +0 basis points.
When the Asian financial crisis first rocked the corporate bond market in
mid-October, it had market-wide impact. However, Decembers' widening, stemming
from Korea's credit crisis was much more localized. The debate among strictly
investment grade investors over how to manage their Korean exposure turned into
a moot point when both Moody's and S&P downgraded all Korean debt to below
investment grade in late December.
{Graph}
Investment Value in thousands (assuming a beginning balance of $10,000) 1988 -
1997:
Bond Portfolio $21,430.57
Lehman Intermed. Govt/Corp Bond Index $22,276.31
Lehman Intermed. Corp. Index $22,535.51
As of 12/31/97
Maxim Bond Total Return -
One Year 7.07%
Five Year 6.39%
Ten Year 7.92%
Portfolio inception 2/25/82.
Past performance is not predictive of future results.
Corporate Bond Portfolio
The bond market enjoyed a stellar year in 1997. Despite a surging domestic
economy and historically low unemployment, inflation remained relatively benign
throughout the year. Higher quality corporates and longer Treasuries were among
the strongest performers in 1997. This was fueled in part by the Federal Reserve
Bank's decision to stand pat on interest rates for the latter part of the year
as well as a "flight to quality" that occurred as a result of the Asian
financial crisis. Interest rates declined sharply across the board, particularly
on the long end of the yield curve. The bellweather 30 year Treasury yield began
the year at 6.64%, rose slightly after an interest rate hike in March, then fell
steadily ending the year at 5.92%.
Among domestic corporates, industrials had a strong year boosted by the
cable/media and tobacco sectors. The portfolio's exposure to Yankee issues which
represented approximately 18% of the portfolio as of year end proved to be a
drag on performance in the fourth quarter as the Asian financial markets became
derailed in late October and it became apparent that a quick turnaround would be
unlikely. Recently, structural reforms in Southeast Asia have helped in
stabilizing the region, and long term, we believe, the prospects for growth
remain quite positive. Some bright spots in emerging markets included Latin
American debt such as Argentina and Brazilian Brady Bonds as well as select
Mexican credits. Allocation to Canadian Govt. and Provincial debt proved to be
beneficial as the Canadian economy enjoyed another year of growth with little
inflation. Also, modest allocation to preferred issues within the Utility sector
added value to the portfolio during the course of the year. The high yield
market enjoyed its' third consecutive year of solid returns. Despite a record
amount of new issuance, demand for high yield issues continued to be strong
throughout 1997. High yield zero coupon Canadian debt as well domestic high
yield issues on average had a positive impact on performance for the year.
Finally, despite a setback in the fourth quarter, the convertible bond portion
of the account enjoyed another year of solid returns.
Concerns of an impending tightening by the Federal Reserve have abated and the
emphasis has shifted towards possible deflationary concerns. As of year end the
fund was diversified across 190 issues and invested in various qualities and
sectors. Approximately 31.3% of the portfolio was allocated to below investment
grade bonds. Our focus continues to be on a broad array of undervalued issues
across the globe with stable to improving credit profiles. The Fund remains well
structured for the current economic environment offering good yield advantage,
call protection, and a moderate degree of international exposure.
{Graph}
Investment Value in thousands (assuming a beginning balance of $10,000)
1994 - 1997:
Corporate Bond Portfolio $15,954.45
Merrill Lynch Govt/Corp Bond Index $13,509.55
As of 12/31/97
Maxim Corporate Bond Total Return -
One Year 12.70%
Since Inception 15.89%
Portfolio inception 11/1/94.
Past performance is not predictive of future results.
Foreign Equity Portfolio
Since Loomis, Sayles & Company, L.P. assumed management on February 14, 1997,
the Portfolio was restructured. The Portfolio's holdings in Japan and the United
Kingdom were cut back, and assets were spread among more than 12 major markets
to help increase performance potential while seeking to lower risk.
The portfolio restructuring was completed by the end of April, 1997. The
Portfolio experienced a decline in the remaining eight months of the year - a
period of considerable volatility in international markets. Two factors affected
the Portfolio: the weakness of foreign currencies and instability in emerging
markets. Currency hedging has been avoided in the belief that short-term
currency swings are notoriously difficult to forecast and tend to balance out
over time. The exposure to emerging markets, although never very large,
nevertheless hurt performance in the second half of the year.
The international investment climate in 1997 was defined by two distinct
investment themes: in Asia, an economic downturn; in Europe, an economic
recovery combined with corporate restructuring.
Anticipating that sluggish earnings growth in Asia would persist, most of the
region's markets were avoided for much of the year - a move that worked to the
Portfolio's advantage. However, a modest position (8% at year end) in Japan was
maintained. Japan offers some attractive investment opportunities, particularly
in export-related stocks, such as Sony and Fuji Photo.
Asia is also becoming increasingly attractive to value investors. Including both
currency declines and market drops, many of the Asian markets are down close to
75% in U.S. dollar terms for the past 12 months, making Asian stocks more
affordable than they've been in years. Perhaps more important, many Asian
companies, long focused on gaining market share, are being forced to emphasize
earnings-per-share. Over the next several years, this could provide significant
rewards for international equity investors.
In stark contrast to Asia, Europe's economy appears to be on the upswing. Many
European companies are in the midst of very significant corporate restructuring
- - cutting costs, re-engineering operations and putting greater emphasis on
generating returns for shareholders. The trend towards leaner, meaner companies
- - similar to the transformation that many U.S. companies underwent over the last
10 years - is creating widespread investment opportunity.
The majority of assets was invested in the major markets of Europe. The United
Kingdom, comprising nearly 14% of the portfolio at year end, represents the
Portfolio's largest country weighting, while investments in Italy and Portugal
were among the Portfolio's top performers.
Unlike most international stock Portfolios, the Portfolio has the ability to
invest up to 20% of assets in fixed-income securities, such as convertible
bonds, as well as corporate and sovereign (foreign government) bonds. The
Portfolio remains an equity fund, but this flexibility could be a major benefit
for shareholders - because foreign bonds can sometimes provide a more
appropriate way to take advantage of international investment opportunities.
A fairly small position in fixed-income instruments was maintained for much of
the year because yields were not especially attractive. However, the recent
downdraft in foreign markets was used to increase the Portfolio's exposure to
international bonds. At year-end, fixed-income securities accounted for about 6%
of the Portfolio's assets.
Although international equities in general have underperformed U.S. stocks over
the last three years, there could be considerable investment possibilities in
foreign markets. In fact, looking around the world for areas where major
structural changes are underway that could boost corporate earnings and benefit
shareholders, there may be considerable potential in European markets now, and
in Asia over a slightly longer time horizon.
{Graph}
Investment Value in thousands (assuming a beginning balance of $10,000)
1994 - 1997:
Foreign Equity Portfolio $10,141.24
Merrill Lynch Govt./Corp Bond Index $11,572.61
As of 12/31/97
Maxim Foreign Equity Total Return -
One Year -5.69%
Since Inception 0.44%
Portfolio inception 11/1/94.
Past performance is not predictive of future results.
U.S. Government Mortgage Securities Portfolio
The MBS sector outperformed all other asset classes on a duration-adjusted basis
in 1997. The strong performance of MBS was the result of several factors: low
volatility, consistent investor demand and support from both FNMA and FHLMC in
the form of portfolio purchases throughout the year. While interest rates
declined, the downward move was gradual. Prepayment speeds were largely
unaffected and the investor base remained complacent with respect to prepayment
speed projections. However, volatility increased in the fourth quarter in
response to heightened awareness of the Asian financial problems and the
potential impact on the U.S. economy. Consequently, MBS performance in general
suffered, with structured MBS experiencing more spread widening than the
pass-through market.
The Maxim U.S Government Mortgage Portfolio was structured closely to the
benchmark Index. The most significant difference was the Collateralized Mortgage
Obligation (CMO) allocation. While the Lehman Mortgage Index is comprised solely
of pass-throughs, the Maxim Portfolio CMO holdings represented close to 10% of
the total portfolio. The CMO allocation resulted in underperformance of the
Maxim portfolio versus the Index because of the spread widening in this
particular asset class through the last two months of 1997. Overall, the
portfolio performance slightly lagged the benchmark Index for the year because
of the structural differences.
{Graph}
Investment Value in thousands (assuming a beginning balance of $10,000)
1992- 1997:
U.S. Govt. Mortgage Securities Portfolio $14,281.41
Lehman Bros. Mortgage-Backed Index $14,277.11
As of 12/31/97
Maxim U.S. Govt. Mortgage Securities Total Return -
One Year 8.64%
Five Year 6.99%
Since Inception 7.26%
Portfolio inception 12/1/92.
Past performance is not predictive of future results.
Growth Index Portfolio
The Maxim Growth Index Portfolio had a total return after fees of 29.26%. This
beat the average actively managed U.S. stock fund by 4.9%. The Russell 1000
Growth stocks lagged the Value portion 30.49% to 35.18% due to the technology
stock fall-off at the end of the year.
{Graph}
Investment Value in thousands (assuming a beginning balance of $10,000)
1993- 1997:
Growth Index Portfolio $21,936.38
Russell 1000 Growth Index $22,979.20
As of 12/31/97
Maxim Growth Index Total Return -
One Year 29.26%
Since Inception 21.21%
Portfolio inception 12/1/93.
Past performance is not predictive of future results.
Investment Grade Bond Portfolio
The year was an average one in the high-grade bond market. The first quarter saw
bonds show a negative return as long Treasuries closed at 7.10% up 55 basis
points for the quarter. Weighing on the market were Federal Reserve Chairman
Greenspan's now-famous statement about "irrational exuberance" in the financial
markets in late February and the Fed's 25 basis point tightening in March.
During the second quarter the market remained on "Fed watch", anticipating
another increase in short-term interest rates. This tightening failed to
materialize as the economy began to slow and low inflation reigned. The long
bond ended the quarter at 6.79%.
Over the third quarter the market rallied, retreated, then finished strong. The
quarter began with the Fed Chairman talking of a strong economy with low
inflation and the passing of a balanced budget. August brought about a strong
employment report, improved consumer sentiment, new Treasury supply, and a
declining dollar. The market retreated. The quarter ended on a strong note as
the inflation numbers were benign and the Fed appeared on hold. The long bond
fell to 6.40%.
In the fourth quarter, the Asian economic crisis rocked financial markets across
the globe. On October 27, the stock market fell 554 points, the largest one-day
loss in history. The Government bond sector saw huge safe haven buying while
corporate bond spreads widened dramatically. The long bond closed the year just
under 6.00%.
{Graph}
Investment Value in thousands (assuming a beginning balance of $10,000)
1992- 1997:
Investment Grade Corporate
Bond Portfolio $13,744.06
Lehman Intermed. Corp. Index $14,724.73
Lehman Intermed. Govtr.Corp Index $14,800.74
As of 12/31/97
Maxim Investment Grade Corporate Bond Total Return -
One Year 6.85%
Five Year 6.30%
Since Inception 6.46%
Portfolio inception 12/1/92.
Past performance is not predictive of future results.
International Equity Portfolio
1997 was a year of widely different returns. In emerging markets, the outcome
was mixed. Asia returns were strongly negative and the ten worst performing
markets were all in the Pacific Rim with Thailand, South Korea and Indonesia
being the most damaging with US dollar declines of over 65% on the year.
Non-Asian emerging markets made substantial gains with Turkey, Hungary, Greece
and Mexico all recording US dollar returns in excess of 35 %.
In the developed markets - once again led by the US - returns were strongly
positive. In 1997, Continental Europe in general produced returns slightly
behind those of the US, but nevertheless, generally in the 10-30% range (in US
dollars). The exception to this rule for developed markets was Japan where the
eight year bear market continued to grind inexorably on.
Four or five years ago, we were often asked why the investor should bother with
global funds. Why not simply concentrate on emerging markets? Now we have turned
in the opposite direction. Some investors question why one would invest in
emerging markets. Now, as then, our answer is unchanged. Investment should be
made where the most undervalued securities are. After this year's events, there
is likely to be a greater proportion in the emerging markets and we would expect
portfolios to reflect this through 1998.
In the developed markets, there are now fewer undervalued securities, and in
some cases overvalued securities. Hence exposure there is likely to continue to
fall. Europe has represented a fairly large exposure and while there are not an
overwhelming number of new "bargains" being unearthed there at present, neither
are there a large number of overvalued securities. It is therefore likely that
the exposure to Europe will continue along similar lines to present.
In our view, the best way to truly reduce volatility is to invest in the most
undervalued securities worldwide. Risk lies in investing in securities which are
over-valued and as such can be reduced but not removed - by diligent company
research, leading to a diversified portfolio. Safety will not be found in the so
called "flight to quality" if that flight consists of buying high quality
companies which are heavily overvalued. High quality companies can sustain sharp
share price falls and one only has to consider the experience of Japanese blue
chips since 1989 to bear this out. There are certainly overvalued securities in
the world, but equally there are undervalued ones. This has always been the
case, it is only their respective proportions which change.
We may be in a global bear market and if this is the case, there will certainly
be further downside. The evidence shows that a bear market on average lasts
twelve months and on average equity values fall by 25% in real terms. We have
already seen bear markets in Asia and the early stages of undervaluation appears
as the pessimism deepens. Perhaps the developed markets will be next given the
stretched valuations. Unfortunately, history does not provide a guide as to
timing. It does however provide a guide as to the appropriate course of action:
be patient, search for value and invest in a diversified portfolio. This is the
target Templeton global equity group has always set for themselves.
{Graph}
Investment Value in thousands (assuming a beginning balance of $10,000)
1993- 1997:
International Equity Portfolio $14,259.00
MSCI EAFE Index $13,976.61
As of 12/31/97
International Equity Total Return -
One Year 1.99%
Since Inception 9.07%
Portfolio inception 12/1/92.
Past performance is not predictive of future results.
Maxim INVESCO Balanced Portfolio
The Portfolio uses a bottom-up approach to stock selection. This has resulted in
an overweighted position in consumer cyclical/retail and utilities. As the
capital goods and basic materials cycle slows, we have lowered our sector
exposure selectively -- ending the year underweighted in basic materials,
technology, and financial services for valuation reasons. Market-weighted
positions have been taken in energy, capital goods, communication services,
consumer staples, and health care. At year end, the portfolio's allocation was
61% equities, 36% fixed income, and 3% cash. This allowed the portfolio to
participate in the bond rally, while attempting to limit exposure to volatile
world markets.
The U.S. bond market ended the month with 30-year Treasury yields at 5.92% vs.
last month's 6.05%. The strong performance in Treasuries has been driven by
signs of benign inflationary pressure and a "flight to quality." Further
evaluation of the effect that the Asian economic turmoil is expected to have on
the U.S. economy in 1998, prompts us to reduce our expected trading range for
the 30-year Treasury in the upcoming year by 25 basis points to 5.5% to 6.5%.
This situation has intensified since our trading range was adjusted a few months
ago. We anticipate further decreases in pricing power and less foreign demand
for U.S. goods as a result of the Asian events. This "spillover" from Asia will
result in a slower rate of U.S. GDP growth, and even less of a threat of
inflation in the upcoming year. We are optimistic of the long-term outlook for
bonds, and continue to believe that the yield on the 30-year Treasury will
approach 5% within the next few years.
The portfolio's relative performance was influenced by the bond rally, a lower
cash position for the Santa Claus rally, and limited exposure in volatile
sectors such as technology and energy. The equity component of the portfolio
slightly underperformed on a relative basis, due to year-end sector rotation and
a belief that Christmas was a disappointment. December was the only month in
1997 the Retail Index underperformed the S&P 500. However, as the holiday season
ended, the consumer cyclical/retail sector accelerated as companies appear not
to have traded sales for profits. In the longer term, we continue to like the
retail sector due to relative valuations and weakening Asian currencies.
Selective retailers have proven a beneficial way of cutting currency and
exporting risk.
The exceptional performance of the fixed-income portion of the Balanced
Portfolio can be attributed to our credit-risk approach, and the further
development of the "stranded cost" theme. Developments within the electric
utility deregulation environment continue to validate our large allocation to
this sector.
The overall economic outlook for the U.S. appears to be for moderating economic
growth and continued low inflation. In fact, global and domestic deflationary
fears are starting to influence market psychology. In addition, Asian currency
issues continue to impact world markets. The portfolio will continue to remain
more defensive in nature as world events evolve. For many companies such as
retailers, cheaper imports from SE Asia allow additional benefits to earnings.
The opposing case can be made for other companies who are large exporters. Thus,
the portfolio continues to position itself accordingly. It is not anticipated
that the fixed-income component will be increased unless the 30-year bond
approaches 6.50%, which appears less likely as we approach 5.5% yields. It is
anticipated the portfolio will maintain a neutral duration approximating 5.0 to
5.1 years. On the equity front, we continue to look for strength in five areas:
good fundamental stories, strong balance sheets, strong management, competitive
advantage, and good cash flow.
Putable bonds currently represent 10% of our fixed-income holdings, and provide
some protection from an upward movement in rates. In the fixed-income portion of
the portfolio, we have approximately 35% exposure to the electric utility
"stranded cost" theme, and may maintain this allocation as the regulatory
environment performs in line with expectations. We remain focused on credit-risk
analysis, and our themes of electric utilities "stranded cost" and special
situations remain intact.
{Graph}
Investment Value in thousands (assuming a beginning balance of $10,000) 1996 -
1997:
Maxim INVESCO Balanced Portfolio $13,190.74
Lipper Balanced Index $12,673.68
S&P 500 Index $13,718.74
Lehman Govt/Corp Bond Index $11,017.84
As of 12/31/97
Maxim INVESCO Balanced Total Return -
One Year 26.10%
Since Inception 24.79%
Portfolio inception 10/1/96.
Past performance is not predictive of future results.
Maxim INVESCO Small-Cap Growth
Domestic and overseas markets continued to be volatile during the month of
December. Intraday swings of 1% to 2% were common. Investors were cautious due
to the Asian crises and its potential impact on profits of U.S. companies. Since
smaller-capitalization companies generally have relatively little exposure to
foreign countries, the impact to our companies is expected to be minimal.
However, large-capitalization stocks demonstrated relative outperformance in
December, as the volatility of the markets drove investors to seek the liquidity
of large-capitalization defensive names.
Despite the volatility over the past month, our strategy has not changed. We
continue to focus on companies that have accelerating earnings within growth
industries.
The portfolio underperformed the Russell 2000 for the month. The small-cap
growth investment style significantly underperformed small cap-value with the
Russell 2000 Growth Index lagging the Russell 2000 Value Index by a wide margin.
Most of the portfolio's underperformance can be traced to the energy and
technology sectors. Technology continues to be a focus for the portfolio. Longer
term, the technology sector continues to offer attractive growth prospects.
The energy sector significantly underperformed the Russell 2000 during the month
of December and the fourth quarter. Tensions between the U.S. and Iraq
contributed to the volatility in commodity prices and energy stocks. The Asian
crisis also contributed to weakness in energy stocks as the market responded to
fears of slowing Asian demand. Many of our names corrected over 15% despite
strong fundamentals. The diversification of the portfolio helped stem the
losses. We continue to focus on companies with strong earnings potential.
Management intends to use a bottom-up, analytical approach to uncover companies
with accelerating earnings growth due to rapid sales growth, and new products or
services.
{Graph}
Investment Value in thousands (assuming a beginning balance of $10,000)
1994- 1997:
Maxim INVESCO Small-Cap
Growth Portfolio $19,991.50
Russell 2000 Index $18,039.12
As of 12/31/97
Maxim INVESCO Small-Cap Growth Total Return -
One Year 18.70%
Since Inception 24.45%
Portfolio inception 11/1/94.
Past performance is not predictive of future results.
MidCap Portfolio
Despite increased volatility during the fourth quarter, the portfolio paced its
benchmark, the S&P MidCap 400 Index, and managed to outperform its peer group.
According to Lipper Analytical Services, Inc., the average mid-cap fund finished
the period down 3.14%, while the portfolio posted a modest gain.
Domestic markets generally proved resilient and managed to sidestep much of the
downturn in Asia. Strength in the bond market, where long-term bond yields
dropped below 6%, helped bolster equities. After experiencing a dramatic
sell-off at the end of October, stocks rebounded to recoup most of their losses.
The rebound was fairly limited in its scope, however, and large stocks
outperformed their small and midsize counterparts. The large, familiar household
names of the multinationals came back into popularity, and helped the S&P 500 to
post a gain of 2.87% for the quarter. Meanwhile, the Russell 2000 and the S&P
MidCap 400 Indices underperformed their larger counterpart, returning (3.35%)
and 0.83%, respectively.
Nevertheless, the portfolio had a number of standouts and several other strong
performers. The portfolio also took advantage of market dips to add several
positions, including some new ideas in the technology sector. Because product
cycles tend to be extremely short and earnings can be erratic, selectivity is
the key in this industry. Only names with unique business franchises were added.
During the period, a few positions were sold at a profit, and positions with
significant exposure to Asia were also deleted. While the portfolio had many
strong performers, it did have some disappointments as well.
Going into 1998, the aftershocks of Asia's economic malaise will continue to be
felt, and even the U.S. will not be immune from certain effects of the "Asian
Contagion." However, a slowdown in the U.S. economy is not necessarily a
negative event. Wage pressures were building, and had been approaching an
inflection point. If growth had continued unabated, the portfolio almost
certainly would have seen clearer signs of inflation. However, because of Asia's
downturn, the U.S. economy has already begun to slow from its rapid pace, and
this will help restrain economic growth, and in turn, inflation going forward.
The bond market's recent rally is also good news, and yields have broken to very
low levels. In the fourth quarter alone, rates dropped from 6.40% to 5.92%--a
substantial decline. In 1998, rates have fallen even further, breaking to their
lowest levels since the 30-year bond was first issued in the mid-seventies. This
is tremendously positive for stocks, which have two key linchpins: interest
rates and earnings.
But the strength of corporate earnings is the current wildcard for equities
going forward. Estimates vary, but many experts predict that the S&P 500 Index's
earnings will increase by only 5% next year. And we've already begun to see a
contraction in earnings. Allied Signal, 3M, 3Com, and Oracle each announced
earnings difficulties during the fourth quarter, stemming in part from the Far
East, and this trend will in all likelihood increase. However, stock valuations
in general remain at fairly high levels, so the general consensus seems to be
dismissing the potential impact on many companies going forward.
For the portfolio, we remain positive on our companies, and the portfolio began
to see some early indications of their potential during the fourth quarter. In a
less robust economic environment, companies that can consistently deliver
earnings well in excess of their peer group should be awarded a premium or
scarcity value. In the research process, we try to emphasize companies that can
grow profits in any sort of macroeconomic environment. The key going into the
new year will be owning stocks that can deliver excellent growth when earnings
begin to dissipate. It is believed that this plays to our strength, because many
of our companies have either met or exceeded earnings estimates for many
quarters. Owning companies with superior earnings growth has always been the
focus, and it will remain so going forward.
{Graph}
Investment Value in thousands (assuming a beginning balance of $10,000)
1994 -1997:
MidCap Portfolio $16,783.93
S&P Mid-Cap 400 Index $19,904.19
As of 12/31/97
Maxim MidCap Total Return -
One Year 12.95%
Since Inception 13.82%
Portfolio inception 1/1/94.
Past performance is not predictive of future results.
MidCap Growth Portfolio
Following stellar gains in 1995 and 1996, the stock market turned in another
unusually good performance in 1997 despite an October sell-off triggered by a
currency crisis in Southeast Asia. The advance was again led by the type of
large-capitalization, blue chip companies that compose the Standard & Poor's 500
Stock Index.
Mid-cap stocks lagged the major large-cap indices in the first half of the year,
staged a strong comeback in the third quarter, and faded again in the last three
months of 1997. Except for a brief period from April to October, growth stocks
trailed value stocks by a considerable margin.
As we begin 1998, the critical investment issue is whether the Asian economic
crisis will affect the U.S. stock market. We are likely to see many of these
countries begin to contract, which may well slow our economy and further dampen
our inflation rate. If domestic labor markets continue to tighten, the result
could be a squeeze on corporate profits as wages rise but companies are unable
to pass through price increases.
As always, we manage your portfolio not by making major macroeconomic judgments
but by relying on fundamental research to pick stocks we believe will produce
good returns over a reasonable time horizon. However, we make adjustments at the
margin in response to changing conditions. A year ago, we observed a bifurcation
in the mid-cap growth universe into momentum stocks, featuring fast growing
companies with accelerating fundamentals trading at high valuations, and
plodders, growing more slowly but trading at lower valuations. In the last year,
many (though not all!) of the momentum stocks returned to more reasonable
valuations, and we have increased our focus on some of these. Conversely, we are
emphasizing the plodders a bit less, in part because they may not fare as well
in a more difficult pricing environment.
Relative to the overall market, we believe mid-cap growth stocks look quite
attractive. The aggregate underlying growth rate of our portfolio companies
exceeds the market, yet their average P/E ratio is only modestly higher. In
addition, many of our mid-cap companies have little direct foreign exposure,
which could be an advantage for the first time in several years. Finally, the
lower long-term U.S. capital gains tax rate should favor small and mid-cap
growth companies, most of which pay little or no dividends. We believe the
mid-cap growth sector and your portfolio are well positioned to achieve
attractive returns over the long run.
{Graph}
Investment Value in thousands (assuming a beginning balance of $10,000)
1997:
MidCap Growth Portfolio $11,086.00
S&P Mid-Cap 400 Index $11,702.68
As of 12/31/97
Maxim MidCap Total Return -
Since Inception 10.86%
Portfolio inception 7/1/97.
Past performance is not predictive of future results.
Maxim Aggressive Profile Portfolio
The Aggressive Profile Portfolio seeks to achieve its investment objective by
investing in other Maxim Portfolios ("Underlying Portfolios") designed to
provide the highest possible return, while still being adequately diversified
between several asset classes. The process of determining which Underlying
Portfolios to include in the Aggressive Profile Portfolio consists of two parts.
First, we determine which asset classes to include and in what proportion. Then
we decide in which Underlying Portfolios from those asset classes to allocate
money.
In order to help determine how asset classes should be selected, a mean-variance
optimization model from Ibbotson Associates, a Chicago-based, financial
consulting group is used. This model allows us to look at a large number of
portfolios and select the combination that gives you the most return for your
chosen level of risk. The model examines not only the expected return and
variance of the individual asset class, but also incorporates how the asset
classes move with each other. This relationship, known as correlation, can
substantially lower overall risk in a portfolio. For example, given the low
correlations between international stocks and domestic stocks, we would expect
that when domestic stocks fall, international issues would not fall as far or
may even go up. By combining expected returns, variance and covariance, the
optimization model creates an efficient frontier of the best possible portfolios
for a given level of risk. We target five portfolios along the efficient
frontier to approximate the risk/reward structure of the Profile Portfolios. The
Aggressive Profile Portfolio looks for Underlying Portfolios that are toward the
higher end of the risk spectrum. It then selects asset classes that provide a
high level of return, while still being adequately diversified. These asset
classes include small, medium, and large company stocks, as well as
international stocks. The optimization is performed annually to update the model
with the prior year's information.
After the optimization procedure develops the asset class allocations, the top
performing funds available for each asset class are identified. The top
performing funds are determined by a Fund Performance Review process. Once again
Ibbotson was asked to comment on the appropriateness of these fund evaluation
procedures. They approved of the use of three selection criteria: fund returns,
risk versus return performance (Sharpe ratio), and Morningstar rating. These
three criteria correspond to tests where the Underlying Portfolios are compared
versus a universe of other funds whose returns are reported by Morningstar.
Allocation is then made to the Underlying Portfolios which outperform the
majority of other funds in each of these three tests. This allocation to the
Underlying Portfolios also seeks to diversify across one, two, or even three
funds per asset class. This prevents too large an allocation to one fund manager
while still providing for top performance. This fund allocation process is
updated quarterly to take into account any new information.
The Aggressive Profile Portfolio is rebalanced for one of several reasons
including new testing from the Fund Performance Review, changes in the weighting
of asset classes due to optimization, or simply due to growth.
{Graph}
Investment Value in thousands (assuming a beginning balance of $10,000) 1997:
Aggressive Profile Portfolio $10,331.00
Composite Index* $10,102.98
As of 12/31/97
Aggressive Profile Total Return -
Since Inception 3.31%
Portfolio inception 9/9/97.
Past performance is not predictive of future results.
The composite benchmark is a blend of the following indexes, weighted as shown
MSCI World excluding the U.S. 25%
Russell 2000 Index 20%
S&P 500 Index 25%
S&P MidCap 400 Index 30%
Maxim Moderately Aggressive Profile Portfolio
The Moderately Aggressive Profile Portfolio seeks to achieve its investment
objective by investing in other Maxim Portfolios ("Underlying Portfolios")
designed to provide the highest possible return with moderate to high risk,
while still being adequately diversified between several asset classes. The
process of determining which funds to include in this fund consists of two
parts. First, we determine which asset classes to include and in what
proportion. Then we decide in which Underlying Portfolios from those asset
classes to allocate money.
In order to help determine how asset classes should be selected, a mean-variance
optimization model from Ibbotson Associates, a Chicago-based, financial
consulting group is used. This model allows us to look at a large number of
portfolios and select the combination that gives you the most return for your
chosen level of risk. The model examines not only the expected return and
variance of the individual asset class, but also incorporates how the asset
classes move with each other. This relationship, known as correlation, can
substantially lower overall risk in a portfolio. For example, given the low
correlations between international stocks and domestic stocks, we would expect
that when domestic stocks fall, international issues would not fall as far or
may even go up. By combining expected returns, variance and covariance, the
optimization model creates an efficient frontier of the best possible portfolios
for a given level of risk. We target five portfolios along the efficient
frontier to approximate the risk/reward structure of the Profile Portfolios. The
Moderately Aggressive Profile Portfolio looks for portfolios that are toward the
middle to upper area of the risk spectrum. It then selects asset classes that
provide a high level of return, while still being adequately diversified. These
asset classes include intermediate term bonds, small, medium, and large company
stocks, as well as international stocks. The optimization is performed annually
to update the model with the prior year's information.
After the optimization procedure develops the asset class allocations, the top
performing funds available for each asset class are identified. The top
performing funds are determined by a Fund Performance Review process. Once again
Ibbotson was asked to comment on the appropriateness of these fund evaluation
procedures. They approved of the use of three selection criteria: fund returns,
risk versus return performance (Sharpe ratio), and Morningstar rating. These
three criteria correspond to tests where the Underlying Portfolios are compared
versus a universe of other funds whose returns are reported by Morningstar.
Allocation is then made to the Underlying Portfolios which outperform the
majority of other funds in each of these three tests. This allocation to the
Underlying Portfolios also seeks to diversify across one, two, or even three
funds per asset class. This prevents too large an allocation to one fund manager
while still providing for top performance. This fund allocation process is
updated quarterly to take into account any new information.
The Moderately Aggressive Profile Portfolio is rebalanced for one of several
reasons including new testing from the Fund Performance Review, changes in the
weighting of asset classes due to optimization, or simply due to growth.
{Graph}
Investment Value in thousands (assuming a beginning balance of $10,000)
1997:
Moderately Aggressive Profile Portfolio $10,366.00
Composite Index* $10,185.95
As of 12/31/97
Moderately Aggressive Profile Total Return -
Since Inception 3.66%
Portfolio inception 9/9/97.
Past performance is not predictive of future results.
The composite benchmark is a blend of the following indexes, weighted as shown
Lehman Intermed. Govt.Corp 15%
MSCI World excluding the U.S. 20%
Russell 2000 Index 10%
S&P 500 Index 35%
S&P MidCap 400 Index 20%
Maxim Moderate Profile Portfolio
The Moderate Profile seeks to achieve its investment objective by investing in
other Maxim Portfolios ("Underlying Portfolios") designed to provide the highest
possible return with moderate risk, while still being adequately diversified
between several asset classes. The process of determining which funds to include
in this fund consists of two parts. First, we determine which asset classes to
include and in what proportion. Then we decide in which Underlying Portfolios
from those asset classes to allocate money.
In order to help determine how asset classes should be selected, a mean-variance
optimization model from Ibbotson Associates, a Chicago-based, financial
consulting group is used. This model allows us to look at a large number of
portfolios and select the combination that gives you the most return for your
chosen level of risk. The model examines not only the expected return and
variance of the individual asset class, but also incorporates how the asset
classes move with each other. This relationship, known as correlation, can
substantially lower overall risk in a portfolio. For example, given the low
correlations between international stocks and domestic stocks, we would expect
that when domestic stocks fall, international issues would not fall as far or
may even go up. By combining expected returns, variance and covariance, the
optimization model creates an efficient frontier of the best possible portfolios
for a given level of risk. We target five portfolios along the efficient
frontier to approximate the risk/reward structure of the Profile Portfolios. The
Moderate Profile Portfolio looks for portfolios that are toward the middle of
the risk spectrum. It then selects asset classes that provide a high level of
return, while still being adequately diversified. These asset classes include
short term bonds, longer term bonds, small, medium, and large company stocks, as
well as international stocks. The optimization is performed annually to update
the model with the prior year's information.
After the optimization procedure develops the asset class allocations, the top
performing funds available for each asset class are identified. The top
performing funds are determined by a Fund Performance Review process. Once again
Ibbotson was asked to comment on the appropriateness of these fund evaluation
procedures. They approved of the use of three selection criteria: fund returns,
risk versus return performance (Sharpe ratio), and Morningstar rating. These
three criteria correspond to tests where the Underlying Portfolios are compared
versus a universe of other funds whose returns are reported by Morningstar.
Allocation is then made to the Underlying Portfolios which outperform the
majority of other funds in each of these three tests. This allocation to the
Underlying Portfolios also seeks to diversify across one, two, or even three
funds per asset class. This prevents too large an allocation to one fund manager
while still providing for top performance. This fund allocation process is
updated quarterly to take into account any new information.
The Moderate Profile Portfolio is rebalanced for one of several reasons
including new testing from the Fund Performance Review, changes in the weighting
of asset classes due to optimization, or simply due to growth.
{Graph}
Investment Value in thousands (assuming a beginning balance of $10,000)
1997:
Moderate Profile Portfolio $10,260.00
Composite Index* $10,207.32
As of 12/31/97
Moderate Profile Total Return -
Since Inception 2.60%
Portfolio inception 9/9/97.
Past performance is not predictive of future results.
The composite benchmark is a blend of the following indexes, weighted as shown
Lehman Govt/Corp 1-3 Year 15% Lehman Intermed. Govt.Corp 15% MSCI World
excluding the U.S. 15% Russell 2000 Index 10% S&P 500 Index 30% S&P MidCap 400
Index 15%
Maxim Moderately Conservative Profile Portfolio
The Moderately Conservative Profile Portfolio seeks to achieve its investment
objective by investing in other Maxim Portfolios ("Underlying Portfolios")
designed to provide the highest possible return with low to moderate risk, while
still being adequately diversified between several asset classes. The process of
determining which funds to include in this fund consists of two parts. First, we
determine which asset classes to include and in what proportion. Then we decide
in which Underlying Portfolios from those asset classes to allocate money.
In order to help determine how asset classes should be selected, a mean-variance
optimization model from Ibbotson Associates, a Chicago-based, financial
consulting group is used. This model allows us to look at a large number of
portfolios and select the combination that gives you the most return for your
chosen level of risk. The model examines not only the expected return and
variance of the individual asset class, but also incorporates how the asset
classes move with each other. This relationship, known as correlation, can
substantially lower overall risk in a portfolio. For example, given the low
correlations between international stocks and domestic stocks, we would expect
that when domestic stocks fall, international issues would not fall as far or
may even go up. By combining expected returns, variance and covariance, the
optimization model creates an efficient frontier of the best possible portfolios
for a given level of risk. We target five portfolios along the efficient
frontier to approximate the risk/reward structure of the Profile Portfolios. The
Moderately Conservative Profile Portfolio looks for portfolios that are toward
the middle to lower area of the risk spectrum. It then selects asset classes
that provide the maximum level of return, while still being adequately
diversified. These asset classes include short term bonds, longer term bonds,
medium and large company stocks, as well as international stocks. The
optimization is performed annually to update the model with the prior year's
information.
After the optimization procedure develops the asset class allocations, the top
performing funds available for each asset class are identified. The top
performing funds are determined by a Fund Performance Review process. Once again
Ibbotson was asked to comment on the appropriateness of these fund evaluation
procedures. They approved of the use of three selection criteria: fund returns,
risk versus return performance (Sharpe ratio), and Morningstar rating. These
three criteria correspond to tests where the Underlying Portfolios are compared
versus a universe of other funds whose returns are reported by Morningstar.
Allocation is then made to the Underlying Portfolios which outperform the
majority of other funds in each of these three tests. This allocation to the
Underlying Portfolios also seeks to diversify across one, two, or even three
funds per asset class. This prevents too large an allocation to one fund manager
while still providing for top performance. This fund allocation process is
updated quarterly to take into account any new information.
The Moderately Conservative Profile Portfolio is rebalanced for one of several
reasons including new testing from the Fund Performance Review, changes in the
weighting of asset classes due to optimization, or simply due to growth.
{Graph}
Investment Value in thousands (assuming a beginning balance of $10,000)
1997:
Moderately Conservative Profile Portfolio $10,229.00
Composite Index* $10,221.63
As of 12/31/97
Moderately Conservative Profile Total Return -
Since Inception 2.29%
Portfolio inception 9/9/97.
Past performance is not predictive of future results.
The composite benchmark is a blend of the following indexes, weighted as shown
Lehman Govt/Corp 1-3 Year 20% Lehman Intermed. Govt.Corp 30% MSCI World
excluding the U.S. 15% S&P 500 Index 25% S&P MidCap 400 Index 10%
Maxim Conservative Profile Portfolio
The Conservative Profile seeks to achieve its investment objective by investing
in other Maxim Portfolios ("Underlying Portfolios") designed to provide the
highest possible return with very low risk, while still being adequately
diversified between several asset classes. The process of determining which
funds to include in this fund consists of two parts. First, we determine which
asset classes to include and in what proportion. Then we decide in which
Underlying Portfolios from those asset classes to allocate money.
In order to help determine how asset classes should be selected, a mean-variance
optimization model from Ibbotson Associates, a Chicago-based, financial
consulting group is used. This model allows us to look at a large number of
portfolios and select the combination that gives you the most return for your
chosen level of risk. The model examines not only the expected return and
variance of the individual asset class, but also incorporates how the asset
classes move with each other. This relationship, known as correlation, can
substantially lower overall risk in a portfolio. For example, given the low
correlations between international stocks and domestic stocks, we would expect
that when domestic stocks fall, international issues would not fall as far or
may even go up. By combining expected returns, variance and covariance, the
optimization model creates an efficient frontier of the best possible portfolios
for a given level of risk. We target five portfolios along the efficient
frontier to approximate the risk/reward structure of the Profile Portfolios. The
Conservative Profile Portfolio looks for portfolios that are toward the lower
end of the risk spectrum. It then selects asset classes that provide a maximum
level of return, while still being adequately diversified. These asset classes
include short-term bonds, longer term bonds, as well as large company stocks.
The optimization is performed annually to update the model with the prior year's
information.
After the optimization procedure develops the asset class allocations, the top
performing funds available for each asset class are identified. The top
performing funds are determined by a Fund Performance Review process. Once again
Ibbotson was asked to comment on the appropriateness of these fund evaluation
procedures. They approved of the use of three selection criteria: fund returns,
risk versus return performance (Sharpe ratio), and Morningstar rating. These
three criteria correspond to tests where the Underlying Portfolios are compared
versus a universe of other funds whose returns are reported by Morningstar.
Allocation is then made to the Underlying Portfolios which outperform the
majority of other funds in each of these three tests. This allocation to the
Underlying Portfolios also seeks to diversify across one, two, or even three
funds per asset class. This prevents too large an allocation to one fund manager
while still providing for top performance. This fund allocation process is
updated quarterly to take into account any new information.
The Conservative Profile Portfolio is rebalanced for one of several reasons
including new testing from the Fund Performance Review, changes in the weighting
of asset classes due to optimization, or simply due to growth.
{Graph}
Investment Value in thousands (assuming a beginning balance of $10,000)
1997:
Conservative Profile Portfolio $10,360.00
Composite Index* $10,334.71
As of 12/31/97
Conservative Profile Total Return -
Since Inception 3.60%
Portfolio inception 9/9/97.
Past performance is not predictive of future results.
The composite benchmark is a blend of the following indexes, weighted as shown
Lehman Govt/Corp 1-3 Year 35% Lehman Intermed. Govt.Corp 40% S&P 500 Index 25%
Small-Cap Index Portfolio
With a total return after fees of 21.00%, the performance of the Maxim Small Cap
Index Portfolio improved significantly over recent years' returns. There were 66
record closing highs set for 1997. While the S&P 600 increased from the 160.00
level at mid-year, to 192.48 in mid-October, it gave up 5.88% through the end of
the year. The Personal Care group of stocks led the upward move with a return of
36.38%.
{Graph}
Investment Value in thousands (assuming a beginning balance of $10,000)
1993 -1997:
Small-Cap Index Portfolio $16,989.22
Russell 2000 Index $18,183.55
S&P 600 Index $19,794.89
As of 12/31/97
Maxim Small-Cap Index Total Return -
One Year 21.00%
Since Inception 13.86%
Portfolio inception 12/1/93.
Past performance is not predictive of future results.
Stock Index Portfolio
While volatility increased during 1997, the S&P 500 and S&P 400 both gave
stellar performances. The S&P 500 increased 33.36%, on a total return basis, for
the year. The S&P 400 increased 32.25%. The Maxim Stock Index Portfolio (MSIP)
rose 32.20%. The MSIP beat the average actively managed U.S. stock fund by
7.81%. Lower interest rates as well as merger mania helped drive the market.
There was nearly $1 trillion worth of merger activity in 1997. The yield on the
30-year treasury fell below 6.0%, setting off record mortgage refi activity.
While large brand name companies dominated the market most of the year, a late
shift towards Mid-Cap stocks benefited the S&P 400. Financial Services took over
for a lagging technology sector to lead the market to a record smashing
performance.
{Graph}
Investment Value in thousands (assuming a beginning balance of $10,000) 1988
- -1997:
Stock Index Portfolio $42,354.39
S&P 500 Index $52,573.19
As of 12/31/97
Maxim Stock Index Total Return -
One Year 32.20%
Five Year 19.15%
Ten Year 15.53%
Portfolio inception 2/25/82.
Past performance is not predictive of future results.
Short-Term Maturity Bond Portfolio
The Short Term Maturity Bond Portfolio had a spectacular year in 1997 as it
doubled in size from $39 million in assets to$78 million. The portfolio
benefited from the increased volatility in the equity markets in the second half
of the year that caused asset reallocations.
During the year, the portfolio stayed very close to its benchmark duration and
remained in the higher quality sectors. Despite an over-weighting in the
corporate sector, the portfolio slightly outperformed its index for the year.
{Graph}
Investment Value in thousands (assuming a beginning balance of $10,000) 1995
- -1997:
Short-Term Maturity Bond Portfolio $11,448.47
Lehman 1-3 Year Govt/Corp Index $11,612.34
As of 12/31/97
Maxim Short-Term Maturity Bond Total Return -
One Year 6.14%
Since Inception 5.76%
Portfolio inception 8/1/95.
Past performance is not predictive of future results.
Total Return Portfolio
1997 capped an extraordinary three year period for the U.S. equity markets with
the Standard & Poor's 500 Composite returning in excess of 31.0%. The market
continued to be powered by a strong economy, low inflation and interest rates
and a strong flow of funds. However, the advance was marked by heightened
volatility which encompassed several significant market corrections throughout
the year, the most recent the result of the Asian crisis, an event that
destabilized world markets. Smaller capitalized stocks, as represented by the
Russell 2000, lagged the large cap indices for the third consecutive year,
returning a still respectable 20%.
Due to our expectations for accelerating economic growth during 1997, the
portfolio began the year with strong exposure to the capital goods and energy
sectors. This focus was subsequently reduced as the uncertainty of the Asian
impact began to weigh on valuations. Financials remained a key sector emphasis
throughout the year, favorably impacting our full year performance. Our
technology exposure has been neutral but focused on top tier companies with
diversified revenue streams, an element that helped insulate our portfolio
during the late year sell off.
In the fixed income market, strong economic growth in the U.S. led to a brief
backup in interest rates early in the year. However, subdued inflationary
pressures in the U.S. as well as the deflationary influences of the Asian
crisis, enabled interest rates to decline through the balance of the year.
Entering 1997, the Portfolio's exposure to this asset class was below average,
reflecting our economic outlook. However, as a more favorable environment
developed, we increased our exposure to bonds. A position in Canadian bonds and
the subsequent narrowing in the Canada/U.S. spread contributed to the fund's
strong performance.
As we move into 1998, investor sentiment has clearly shifted toward concern
regarding the impact of the problems in southeast Asia. The U.S. economy, on
average, is well diversified in its foreign exposure, thus we still anticipate
corporate profits in the U.S. to exhibit moderate growth in 1998. This, coupled
with favorable inflation and interest rates and a strong flow of funds should
provide the impetus for further modest gains in the market. However, these gains
are expected to be achieved in the context of a much more volatile and difficult
market environment than that of recent years.
{Graph}
Investment Value in thousands (assuming a beginning balance of $10,000)
1988 -1997:
Total Return Portfolio $32,254.29
Lipper Balanced Fund Index $32,614.70
As of 12/31/97
Maxim Total Return Total Return -
One Year 23.48%
Five Year 13.08
Ten Year 12.42%
Portfolio inception 7/29/87.
Past performance is not predictive of future results.
Maxim T. Rowe Price Equity/Income Portfolio
The equity market performed well in 1997 as good corporate earnings, continued
low inflation, and a supportive interest rate environment provided ample fuel
for the advance. The performance of stocks in the second half was particularly
impressive in light of the market's October jitters and concern over the
volatility of the Asian markets.
The past year was characterized by tremendous volatility. Equities struggled in
the first quarter, particularly in the small-capitalization sector, but prices
rebounded sharply in the second and third quarters. The fourth quarter returned
to a pattern of mixed results as weakness in October, culminating with the
decline of 554 points for the Dow Jones Industrial Average on October 27, was
more than offset by steady gains in November and December.
The portfolio's return for the year was in line with its Lipper Variable Annuity
Underlying Equity Income Funds benchmark but lagged the Standard & Poor's 500
Stock Index, a not uncommon pattern for conservative funds like the T. Rowe
Price Equity/Income Portfolio in very strong years such as 1997.
Stock returns were notably impressive coming on the heels of considerable market
strength in 1995 and 1996. The 1995-1997 period, in fact, is the first time in
modern history that stock market returns have exceeded 20% in three consecutive
years.
In a volatile environment, we tuned out as much short-term noise as possible by
doing what we have always done: identify reasonably valued opportunities with
attractive yields and price/earnings ratios, good upside potential, and limited
downside risk.
We also executed a number of transactions over the last six months, adding major
new holdings in companies which, in our opinion, possess interesting valuation
characteristics and the potential for price gains in the year ahead. The largest
sales during the second half were securities whose prices had advanced to the
point where we no longer felt comfortable with their relative valuations.
Electric utility and telephone company stocks performed well in the last six
months after several years of underperformance.
The equity market has provided investors with three unprecedented years of
prosperity. However, as prices have advanced, the market's valuation appeal and
likely near-term potential have diminished.
We question how long the "delinkage" between the underlying rate of corporate
earnings and dividend growth on one hand, and the more rapid advance of security
prices on the other, can continue. The volatility we experienced in the opening
weeks of 1998, due in part to the turmoil in Asia, is a reminder that investing
entails risks that sometimes get in the way of positive returns. While our
emphasis is solely on uncovering interesting investment values, we believe it is
prudent to have more modest expectations for equity market performance in the
year ahead.
{Graph}
Investment Value in thousands (assuming a beginning balance of $10,000)
1994 -1997:
Maxim T. Rowe Price
Equity/Income Portfolio $20,244.79
S&P 500 Index $22,061.71
As of 12/31/97
Maxim T. Rowe Price Equity/Income Total Return -
One Year 28.82%
Since Inception 24.95%
Portfolio inception 11/1/94.
Past performance is not predictive of future results.
Small-Cap Aggressive Growth Portfolio
For the small cap market, 1997 finished the same way it began - on a down note.
Concern over the Asian crisis and a flight to quality caused investors to shy
away from small stocks. Ironically, it is the large cap stocks that performed
the best yet that is the group that has the most exposure to the world economy
and particularly the far east. In the second half of the year, the small cap
market was up strongly initially, but it rolled over under the wave of
uncertainty regarding world economic events. The portfolio performed well for
1997, finishing up for the year versus the Russell 2000 Index and the average
small cap fund. Our value bias in the fund helped as the value stocks had a
stellar year led by the financial stocks as the Russell 2000's best performing
sector.
For the year, strong stock selection led to the out performance over the
benchmark. Our sector weights had a slightly negative effect on the portfolio,
but this was overcome by selecting good stocks within those sectors. This has
been and always will be our focus. We do not spend time trying to figure out the
direction of the market or which sectors will perform the best. We spend all of
our time trying to identify which stocks have the best prospects going forward.
While our sector weights end up being different than the market, this is only
due to either having many good ideas or not many good ideas in that sector.
Stock selection, we believe, should always be the driver to portfolio returns.
In 1997 for example, health care was the second worst performing sector yet our
stocks in that group were up on average over 25%. Technology was the worst area
in which to invest, yet our stocks in that sector were up on average over 15%.
We expect that with the Asian crisis and the potential for a slowing domestic
economy, earnings concerns will plague the market in the near term. This view
only changes our line of sight with regard to the market as we look for
companies that are reasonably valued and that are best positioned to experience
solid and steady earnings growth.
1998 is sure to provide a challenging investment environment. With three years
of 20% plus returns, the market has come to expect an idyllic environment. Many
of the factors that caused this optimism remain: low interest rates, low
inflation and a slow growing economy. We may have passed the optimal state
however, as we are now seeing the potential problems of deflation. It remains to
be seen what effect the Asian crisis will have on the world and domestic
economy. The uncertainty however, is what the market has not had to deal with
over the last three years. Uncertainty brings volatility and opportunity,
something we will be keeping an eye out for in our search for the best stocks to
hold in the portfolio.
{Graph}
Investment Value in thousands (assuming a beginning balance of $10,000)
1994- 1997:
Maxim Small-Cap Aggressive
Growth Portfolio $20,532.90
Russell 2000 Index $18,033.63
As of 12/31/97
Maxim Small-Cap Aggressive Growth Total Return -
One Year 24.50%
Since Inception 25.50%
Portfolio inception 11/1/94.
Past performance is not predictive of future results.
U.S. Government Securities Portfolio
Volatility was low through most of 1997. Therefore, MBS performance was
exceptionally strong through the year, on both an absolute and a relative basis.
Although interest rates declined, the move down was gradual. Prepayments on
mortgage product were stable, demand was robust and spreads tightened versus
comparable duration Treasuries in the MBS sector. The MBS sector outperformed
intermediate Treasuries, Investment Grade Corps, Agencies as well as the ABS
sector.
Similar to the 1996 environment, the agencies played a significant role in
supporting the pass-through and CMO markets in 1997. Both FNMA and FHLMC grew
their portfolios by over 20% in 1997. This support is key to continued strong
performance in the MBS sector as it represents a buyer of last resort.
The Maxim U.S. Government Securities Portfolio was structured similarly to the
benchmark Index in terms of allocations within the MBS sector. Overall, the
portfolio was overweighted in the MBS sector versus the Lehman Intermediate
Government/Mortgage Index. This led to enhanced performance versus the Index for
year-to-date outperformance at December 31, 1997, of 60 basis points.
{Graph}
Investment Value in thousands (assuming a beginning balance of $10,000)
1988 -1997:
U.S. Government Securities Portfolio $22,866.65
Merrill Lynch Mortgage Index $24,644.69
Lehman Mortgage-Backed Securities Index $24,342.22
Lehman Intermed. Govt/Mortgage Index $22,831.32
As of 12/31/97
Maxim U.S. Government Securities Total Return -
One Year 8.51%
Five Year 6.74%
Ten Year 8.62%
Portfolio inception 4/8/85.
Past performance is not predictive of future results.
Value Index Portfolio
The Maxim Value Index Portfolio (MVIP) had another banner year, beating the
average actively managed U.S. stock fund by 9.73%. It was the top performing
index fund in the Maxim family with a total return after fees of 34.08%. The
Value portion of the Russell 1000 outperformed the Growth portion 35.18% to
30.49% for the year. Late in the year, the MVIP benefited from yield shoppers
buying utility stocks.
{Graph}
Investment Value in thousands (assuming a beginning balance of $10,000) 1993
- -1997:
Value Index Portfolio $21,859.98
Russell 1000 Value Index $22,539.79
As of 12/31/97
Maxim Value Index Total Return -
One Year 34.08%
Since Inception 21.11%
Portfolio inception 12/1/93.
Past performance is not predictive of future results.
<PAGE>
MAXIM SERIES FUND, INC.
<PAGE>
MAXIM SERIES FUND, INC.
Financial Statements and Financial Highlights for
the Years Ended December 31, 1997 and 1996
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Board of Directors and Stockholders of
Maxim Series Fund, Inc.:
We have audited the accompanying statement of assets and liabilities, including
the schedule of investments, of the Bond Portfolio, Money Market Portfolio,
Stock Index Portfolio, Total Return Portfolio, and U.S. Government Securities
Portfolio, of Maxim Series Fund, Inc., as of December 31, 1997, the related
statement of operations, and the statements of changes in net assets and
financial highlights for each of the periods indicated. These financial
statements and financial highlights are the responsibility of the Fund's
management. Our responsibility is to express an opinion on these financial
statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of
December 31, 1997, by correspondence with the custodian and brokers; where
replies were not received from brokers, we performed other auditing procedures.
An audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, such financial statements and financial highlights present
fairly, in all material respects, the financial position of the Bond Portfolio,
Money Market Portfolio, Stock Index Portfolio, Total Return Portfolio, and U.S.
Government Securities Portfolio, of Maxim Series Fund, Inc., at December 31,
1997, and the results of their operations, the changes in their net assets and
the financial highlights for each of the periods indicated, in conformity with
generally accepted accounting principles.
January 30, 1998
<PAGE>
<TABLE>
MAXIM SERIES FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 1997
- -------------------------------------------------------------------------------------------------------------------------------
U.S.
MONEY STOCK TOTAL GOVERNMENT
BOND MARKET INDEX RETURN SECURITIES
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
------------- ------------ ------------ -------------- ---------------
ASSETS:
Investments at value:
<S> <C> <C> <C> <C> <C>
Short-term investments 452,478,562 3,677,387 8,383,102
Bonds 68,567,523 2,100,668 53,477,104
Common stocks 813,170,489 3,632,590
------------- ------------ ------------ -------------- ---------------
Total investments (cost 68,567,523 452,478,562 816,847,876 5,733,258 61,860,206
$68,217,358; $452,478,562;
$474,214,264; $4,558,842;
$59,936,064)
Cash 22,729 438,106 89,779
Dividends and interest receivable 1,482,113 727,082 1,083,758 55,210 301,406
Subscriptions receivable 17,770 177,441
Receivables for investments sold 2,230,118 218,063 0 7,026,022
------------- ------------ ------------ -------------- ---------------
Total assets 72,297,524 453,405,814 818,149,697 6,226,574 69,277,413
------------- ------------ ------------ -------------- ---------------
LIABILITIES:
Dividends payable 61,518
Due to GW Capital Management 38,238 189,086 436,060 3,333 31,642
Redemptions payable 167,391 450 542,846
Payables for investments purchased 1,975,583 159,678 10,391,008
------------- ------------ ------------ -------------- ---------------
Total liabilities 2,013,821 250,604 763,129 3,783 10,965,496
------------- ------------ ------------ -------------- ---------------
NET ASSETS 70,283,703 453,155,210 817,386,568 6,222,791 58,311,917
============= ============ ============ ============== ===============
NET ASSETS REPRESENTED BY:
Capital stock, .10 par value 5,799,297 45,284,876 27,732,593 395,356 5,341,054
Additional paid-in capital 65,065,240 407,870,334 445,700,600 4,575,561 53,476,259
Net unrealized appreciation on 350,165 342,633,612 1,174,416 1,924,142
investments
Undistributed net investment income 1,420 4,344 327 (28,590)
Accumulated net short-term realized gain
(loss) on investments (884,842) 1,315,419 (34,729) (111,815)
Accumulated net long-term realized gain
(loss) on investments (47,577) 111,860 (2,289,133)
------------- ------------ ------------ -------------- ---------------
NET ASSETS 70,283,703 453,155,210 817,386,568 6,222,791 58,311,917
============= ============ ============ ============== ===============
NET ASSET VALUE PER OUTSTANDING SHARE 1.2119 1.0007 2.9474 1.5740 1.0918
============= ============ ============ ============== ===============
SHARES OF CAPITAL STOCK:
Authorized 200,000,000 600,000,000 500,000,000 100,000,000 200,000,000
Outstanding 57,992,972 452,848,763 277,325,927 3,953,568 53,410,535
</TABLE>
See notes to financial statements.
<PAGE>
MAXIM SERIES FUND, INC.
<TABLE>
STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 1997
- ---------------------------------------------------------------------------------------------------------------------------------
U.S.
MONEY STOCK TOTAL GOVERNMENT
BOND MARKET INDEX RETURN SECURITIES
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
----------- ----------- ----------- ----------- ------------
INVESTMENT INCOME:
<S> <C> <C> <C> <C> <C>
Interest 5,052,811 24,689,301 487,250 998,060 4,117,125
Dividends 18,350,478 269,824
Less: Foreign withholding tax (55,920) (485)
----------- ----------- ----------- ----------- ------------
Total income 5,052,811 24,689,301 18,781,808 1,267,399 4,117,125
EXPENSES:
Management fee 444,724 2,027,526 6,451,773 241,372 357,013
----------- ----------- ----------- ----------- ------------
NET INVESTMENT INCOME 4,608,087 22,661,775 12,330,035 1,026,027 3,760,112
----------- ----------- ----------- ----------- ------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net short-term realized gain on investments 140,350 3,219,003 3,704,369 82,996
Net long-term realized gain on investments 401,983 282,332,889 12,496,652 382,576
Change in net unrealized appreciation (depreciation) (116,442) 3,659,278 (7,818,086) 517,584
on investments
----------- ----------- ----------- ----------- ------------
Net change in realized and unrealized appreciation 425,891 289,211,170 8,382,935 983,156
----------- ----------- ----------- ----------- ------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 5,033,978 22,661,775 301,541,205 9,408,962 4,743,268
=========== =========== =========== =========== ============
</TABLE>
<PAGE>
MAXIM SERIES FUND, INC.
<TABLE>
STATEMENTS OF CHANGES IN NET ASSETS
YEARS ENDED DECEMBER 31, 1997 AND 1996
- -----------------------------------------------------------------------------------------------------------------------------------
BOND MONEY MARKET STOCK INDEX
PORTFOLIO PORTFOLIO PORTFOLIO
---------------------------- --------------------------- ---------------------------
1997 1996 1997 1996 1997 1996
------------- ------------- ------------- ------------- ------------ -------------
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
<S> <C> <C> <C> <C> <C> <C>
Net investment income 4,608,087 4,776,585 22,661,775 16,951,353 12,330,035 12,821,122
Net short-term realized gain (loss) on 140,350 (1,025,192) 3,219,003 367,869
investments
Net long-term realized gain on 401,983 114,977 282,332,889 4,072,466
investments
Change in net unrealized appreciation (116,442) (665,279) 3,659,278 145,236,441
(depreciation) on investments
------------- ------------- ------------- ------------- ------------ -------------
Net increase in net assets resulting 5,033,978 3,201,091 22,661,775 16,951,353 301,541,205 162,497,898
from operations
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income and net (4,606,667) (4,776,585) (22,661,775) (16,951,353) (14,258,027) (13,160,240)
short-term realized gain
From net long-term realized gain (34,266,926) (3,808,466)
------------- ------------- ------------- ------------- ------------ -------------
Total distributions (4,606,667) (4,776,585) (22,661,775) (16,951,353) (48,524,953) (16,968,706)
SHARE TRANSACTIONS:
Net proceeds from sales of shares 3,273,612 21,377,613 290,148,354 487,115,045 135,816,779 292,635,996
Reinvestment of distributions 4,606,667 4,776,585 22,600,256 16,951,353 48,524,953 16,968,706
Cost of shares redeemed (16,116,996) (26,510,694) (256,046,588) (384,870,499) (556,777,774) (225,787,173)
------------- ------------- ------------- ------------- ------------ -------------
Net increase (decrease) in net assets
resulting from
share transactions (8,236,717) (356,496) 56,702,022 119,195,899 (372,436,042) 83,817,529
------------- ------------- ------------- ------------- ------------ -------------
Total increase (decrease) in net (7,809,406) (1,931,990) 56,702,022 119,195,899 (119,419,790) 229,346,721
assets
NET ASSETS:
Beginning of period 78,093,109 80,025,099 396,453,188 277,257,289 936,806,358 707,459,637
============= ============= ============= ============= ============ =============
End of period 70,283,703 78,093,109 453,155,210 396,453,188 817,386,568 936,806,358
============= ============= ============= ============= ============ =============
OTHER INFORMATION:
SHARES:
Sold 2,701,377 17,660,443 289,952,140 486,785,632 50,080,739 136,295,020
Issued in reinvestment of distributions 3,831,637 3,972,398 22,584,973 16,939,889 16,813,960 7,480,570
Redeemed (13,299,737) (21,930,923) (255,873,435) (384,610,230) (185,685,533) (105,028,108)
-------------
============= ============= ============= ============ =============
Net increase (decrease) (6,766,723) (298,082) 56,663,678 119,115,291 (118,790,834) 38,747,482
============= ============= ============= ============= ============ =============
</TABLE>
See notes to financial statements. (Continued)
<PAGE>
MAXIM SERIES FUND, INC.
<TABLE>
STATEMENTS OF CHANGES IN NET ASSETS
YEARS ENDED DECEMBER 31, 1997 AND 1996
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN U.S. GOVERNMENT
PORTFOLIO SECURITIES PORTFOLIO
-------------------------- ----------------------------
1997 1996 1997 1996
------------ ------------- ------------ -------------
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
<S> <C> <C> <C> <C>
Net investment income 1,026,027 1,685,250 3,760,112 4,025,250
Net short-term realized gain (loss) on investments 3,704,369 (61,774) 82,996 (194,811)
Net long-term realized gain (loss) on investments 12,496,652 3,392,612 382,576 (10,233)
Change in net unrealized appreciation (7,818,086) 1,763,008 517,584 (1,345,799)
(depreciation) on investments
------------ ------------- ------------ -------------
Net increase in net assets resulting from 9,408,962 6,779,096 4,743,268 2,474,407
operations
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income and net short-term (4,703,024) (1,685,250) (3,758,702) (4,025,250)
realized gain
From net long-term realized gain (12,597,742) (3,179,662)
------------ ------------- ------------ -------------
Total Distributions (17,300,766) (4,864,912) (3,758,702) (4,025,250)
SHARE TRANSACTIONS:
Net proceeds from sales of shares 5,114,779 32,220,631 8,527,479 19,719,465
Reinvestment of distributions 17,300,766 4,864,912 3,758,702 4,025,250
Cost of shares redeemed (72,961,754) (29,514,951) (19,036,693) (20,589,968)
------------ ------------- ------------ -------------
Net increase (decrease) in net assets resulting
from
share transactions (50,546,209) 7,570,592 (6,750,512) 3,154,747
------------ ------------- ------------ -------------
Total increase (decrease) in net assets (58,438,013) 9,484,776 (5,765,946) 1,603,904
NET ASSETS:
Beginning of period 64,660,804 55,176,028 64,077,863 62,473,959
============ ============= ============ =============
End of period 6,222,791 64,660,804 58,311,917 64,077,863
============ ============= ============ =============
OTHER INFORMATION:
SHARES:
Sold 3,583,514 24,044,972 7,875,640 18,277,697
Issued in reinvestment of distributions 784,435 3,595,953 3,492,361 3,759,180
Redeemed (48,626,630) (21,972,635) (17,630,768) (19,150,378)
============ ============= ============ =============
Net increase (decrease) (44,258,681) 5,668,290 (6,262,767) 2,886,499
============ ============= ============ =============
</TABLE>
See notes to financial statements. (Concluded)
<PAGE>
MAXIM SERIES FUND, INC.
<TABLE>
BOND PORTFOLIO
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the years ended
December 31, 1997, 1996, 1995, 1994, and 1993 is as follows:
Year Ended December 31,
----------------------------------------------------------------
1997 1996 1995 1994 1993
------------ ------------ ----------- ---------- ------------
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of 1.2059 1.2301 1.1352 1.2274 1.2259
Year
Income From Investment
Operations
Net investment income 0.0767 0.0745 0.0736 0.0634 0.0632
Net short-term realized gain 0.0024
Net long-term realized and
unrealized gain (loss) 0.0036 (0.0242) 0.0949 (0.0922) 0.0326
------------ ------------ ----------- ---------- ------------
Total Income (Loss) From
Investment Operations 0.0827 0.0503 0.1685 (0.0288) 0.0958
Less Distributions
From net investment income (0.0767) (0.0745) (0.0736) (0.0634) (0.0632)
From net realized gains (0.0311)
------------ ------------ ----------- ---------- ------------
Total Distributions (0.0767) (0.0745) (0.0736) (0.0634) (0.0943)
------------ ------------ ----------- ---------- ------------
Net Asset Value, End of Year 1.2119 1.2059 1.2301 1.1352 1.2274
============ ============ =========== ========== ============
Total Return 7.07% 4.26% 15.21% (2.36)% 8.56%
Net Assets, End of Period 70,283,703 78,093,109 80,025,099 68,965,299 84,696,187
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 6.22% 6.10% 6.16% 5.33% 5.02%
Portfolio Turnover Rate 90.81% 117.39% 191.58% 60.85% 164.32%
</TABLE>
(Continued)
<PAGE>
MAXIM SERIES FUND, INC.
<TABLE>
MONEY MARKET PORTFOLIO
FINANCIAL HIGHLIGHTS
- ------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the years ended
December 31, 1997, 1996, 1995, 1994, and 1993 is as follows:
Year Ended December 31,
--------------------------------------------------------------
-
1997 1996 1995 1994 1993
------------ ----------- ----------- ---------- -----------
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of 1.0007 1.0007 1.0007 1.0007 1.0007
Year
Income From Investment
Operations
Net investment income 0.0512 0.0493 0.0555 0.0394 0.0278
------------ ----------- ----------- ---------- -----------
Total Income From Investment
Operations 0.0512 0.0493 0.0555 0.0394 0.0278
------------ ----------- ----------- ---------- -----------
Less Distributions
From net investment income (0.0512) (0.0493) (0.0555) (0.0394) (0.0278)
------------ ----------- ----------- ---------- -----------
Net Asset Value, End of Year 1.0007 1.0007 1.0007 1.0007 1.0007
============ =========== =========== ========== ===========
Net Assets, End of Year 453,155,210 396,453,188 277,257,289 186,587,262 96,997,973
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 5.14% 4.99% 5.55% 3.96% 2.82%
</TABLE>
(Continued)
<PAGE>
MAXIM SERIES FUND, INC.
<TABLE>
STOCK INDEX PORTFOLIO
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the years ended
December 31, 1997, 1996, 1995, 1994, and 1993 is as follows:
Year Ended December 31,
-----------------------------------------------------------------
1997 1996 1995 1994 1993
-------------- ----------- ------------ ----------- -----------
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning 2.3650 1.9796 1.4978 1.5575 1.4506
of Year
Income From Investment
Operations
Net investment income 0.0364 0.0336 0.0334 0.0350 0.0320
Net short-term realized gain 0.0116 0.0009 0.0010
Net long-term realized and
unrealized gain (loss) 0.7080 0.3951 0.4953 (0.0335) 0.1097
-------------- ----------- ------------ ----------- -----------
Total Income From Investment
Operations 0.7560 0.4296 0.5297 0.0015 0.1417
Less Distributions
From net investment income
and
net short-term realized gains (0.0437) (0.0345) (0.0344) (0.0350) (0.0320)
From net long-term realized (0.1299) (0.0097) (0.0135) (0.0262) (0.0028)
gains
-------------- ----------- ------------ ----------- -----------
Total Distributions (0.1736) (0.0442) (0.0479) (0.0612) (0.0348)
-------------- ----------- ------------ ----------- -----------
Net Asset Value, End of Year 2.9474 2.3650 1.9796 1.4978 1.5575
============== =========== ============ =========== ===========
Total Return 32.20% 21.81% 35.60% 0.14% 9.84%
Net Assets, End of Year 817,386,568 936,806,358 707,459,637 497,339,992 562,189,394
Average Commission Rate Paid
Per Share Bought or Sold 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 1.15% 1.58% 1.91% 2.23% 2.14%
Portfolio Turnover Rate 17.30% 3.31% 5.25% 11.98% 1.68%
</TABLE>
(Continued)
<PAGE>
MAXIM SERIES FUND, INC.
<TABLE>
TOTAL RETURN PORTFOLIO
FINANCIAL HIGHLIGHTS
- -------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the years ended
December 31, 1997, 1996, 1995, 1994, and 1993 is as follows:
Year Ended December 31,
---------------------------------------------------------------
1997 1996 1995 1994 1993
----------- ---------- ----------- ---------- -------------
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of 1.3412 1.2969 1.1238 1.2065 1.1327
Year
Income From Investment
Operations
Net investment income 0.0628 0.0366 0.0421 0.0382 0.0326
Net short-term realized gain 0.9370 0.0139
Net long-term realized and
unrealized gain (loss) (0.6875) 0.1146 0.1960 (0.0704) 0.1025
----------- ---------- ----------- ---------- -------------
Total Income (Loss) From
Investment Operations 0.3123 0.1512 0.2520 (0.0322) 0.1351
Less Distributions
From net investment income and
net short-term realized gains (0.0627) (0.0366) (0.0560) (0.0382) (0.0326)
From net long-term realized (0.0168) (0.0703) (0.0229) (0.0123) (0.0287)
gains
----------- ---------- ----------- ---------- -------------
Total Distributions (0.0795) (0.1069) (0.0789) (0.0505) (0.0613)
----------- ---------- ----------- ---------- -------------
Net Asset Value, End of Year 1.5740 1.3412 1.2969 1.1238 1.2065
=========== ========== =========== ========== =============
Total Return 23.48% 11.75% 22.70% (2.68)% 12.19%
Net Assets, End of Year 6,222,791 64,660,804 55,176,028 41,348,517 39,297,459
Average Commission Rate Paid
Per Share Bought or Sold 0.0699 0.0691
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 2.56% 2.78% 3.41% 3.30% 2.88%
Portfolio Turnover Rate 55.44% 74.52% 44.70% 74.85% 58.02%
</TABLE>
(Continued)
<PAGE>
MAXIM SERIES FUND, INC.
<TABLE>
U.S. GOVERNMENT SECURITIES PORTFOLIO
FINANCIAL HIGHLIGHTS
- ------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the years ended
December 31, 1997, 1996, 1995, 1994, and 1993 is as follows:
- ------------------------------------------------------------------------------------------------
Year Ended December 31,
--------------------------------------------------------------
1997 1996 1995 1994 1993
----------- ---------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of 1.0738 1.1001 1.0138 1.1061 1.1141
Year
Income From Investment
Operations
Net investment income 0.0707 0.0675 0.0723 0.0572 0.0881
Net short-term realized gain 0.0016
Net long-term realized and
unrealized gain (loss) 0.0164 (0.0263) 0.0863 (0.0924) (0.0006)
---------- ----------- ----------- -----------
-----------
Total Income (Loss) From
Investment Operations 0.0887 0.0412 0.1586 (0.0352) 0.0875
Less Distributions
From net investment income (0.0707) (0.0675) (0.0723) (0.0571) (0.0887)
From net realized gains (0.0068)
----------- ---------- ----------- ----------- -----------
Total Distributions (0.0707) (0.0675) (0.0723) (0.0571) (0.0955)
----------- ---------- ----------- ----------- -----------
Net Asset Value, End of Year 1.0918 1.0738 1.1001 1.0138 1.1061
=========== ========== =========== =========== ===========
Total Return 8.51% 3.92% 16.09% (3.20)% 9.35%
Net Assets, End of Year 58,311,917 64,077,863 62,473,959 56,338,235 51,424,663
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 6.32% 6.22% 6.76% 5.47% 8.49%
Portfolio Turnover Rate 55.54% 145.02% 185.57% 308.47% 27.28%
</TABLE>
(Continued)
<PAGE>
MAXIM SERIES FUND, INC.
NOTES TO FINANCIAL STATEMENTS
YEARS DECEMBER 31, 1997 AND 1996
- -------------------------------------------------------------------------------
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. Dividends from investment income of the Stock
Index Portfolio, and the Total Return 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 16,117,133 as of December 31,
1997.
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
$3,466,050 at December 31, 1997, 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 December 31, 1997 were as follows:
Bond Portfolio
--------------------
Aggregate Cost 12,193,140
Aggregate Fair Value 12,320,580
Percent of Net Asssets 17.53%
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 qualifies 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 December 31, 1997,
the Bond and U.S. Government Securities Portfolios had available for
federal income tax purposes unused capital loss carryovers of $1,004,788
and $2,523,445, 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 December 31, 1997:
U.S.
STOCK TOTAL GOVERNMENT
BOND INDEX RETURN SECURITIES
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
----------- ----------- ----------- ------------
Gross appreciation 954,493 351,382,840 1,233,418 1,930,402
Gross depreciation (604,328) (8,749,228) (59,002) (6,260)
----------- ----------- ----------- ------------
Net unrealized 350,165 342,633,612 1,174,416 1,924,142
appreciation
=========== =========== =========== ============
<PAGE>
MAXIM SERIES FUND, INC.
Financial Statements and Financial Highlights for
the Years Ended December 31, 1997 and 1996
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Board of Directors and Stockholders of
Maxim Series Fund, Inc.:
We have audited the accompanying statement of assets and liabilities, including
the schedule of investments, of the Corporate Bond Portfolio, Small-Cap Index
Portfolio and Small-Cap Value Portfolio, of Maxim Series Fund, Inc., as of
December 31, 1997, the related statement of operations for the year then ended
and the statements of changes in net assets and the financial highlights for
each of the periods indicated. These financial statements and financial
highlights are the responsibility of the Fund's management. Our responsibility
is to express an opinion on these financial statements and financial highlights
based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of
December 31, 1997, by correspondence with the custodian and brokers; where
replies were not received from brokers, we performed other auditing procedures.
An audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, such financial statements and financial highlights present
fairly, in all material respects, the financial position of the Corporate Bond
Portfolio, Small-Cap Index Portfolio and Small-Cap Value Portfolio, of Maxim
Series Fund, Inc., at December 31, 1997 and the results of their operations, the
changes in their net assets and the financial highlights for each of the periods
indicated, in conformity with generally accepted accounting principles.
January 30, 1998
<PAGE>
MAXIM SERIES FUND, INC.
<TABLE>
STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 1997
- ----------------------------------------------------------------------------------------------------
CORPORATE SMALL-CAP SMALL-CAP
BOND INDEX VALUE
PORTFOLIO PORTFOLIO PORTFOLIO
------------- ----------- --------------
ASSETS:
Investments at value:
<S> <C> <C> <C>
Short-term investments 9,397,627 1,138,810 1,464,335
Bonds 146,343,407
Common stocks 110,948 119,936,279 21,237,981
Preferred stocks 4,095,202
------------- ----------- --------------
Total investments (cost $ 155,532,156; 159,947,184 121,075,089 22,702,316
$110,089,254; $18,868,335)
Cash 25,589 12,967
Dividends and interest receivable 2,801,743 70,587 33,735
Subscriptions receivable 284,834 219,333 93,895
Receivables for securities sold 487,067 280,101
------------- ----------- --------------
Total assets 163,520,828 121,670,699 22,842,913
------------- ----------- --------------
LIABILITIES:
Due to GW Capital Management 127,968 63,055 25,524
Payable for investments purchased 4,508,471 152,839 291,147
------------- ----------- --------------
Total liabilities 4,636,439 215,894 316,671
------------- ----------- --------------
NET ASSETS 158,884,389 121,454,805 22,526,242
============= =========== ==============
NET ASSETS REPRESENTED BY:
Capital stock, $.10 par value 13,261,347 9,648,478 2,460,840
Additional paid-in capital 139,694,737 100,311,494 15,953,921
Net unrealized appreciation on investments 6,260,941 10,985,835 3,833,981
Undistributed net investment income 30,848 855 (157)
Accumulated net short-term realized gain on 531,709 501,775 167,122
investments
Accumulated net long-term realized gain on 950,720 6,368 110,535
investments
Net unrealized (depreciation) on translation of
assets and
liabilities denominated in foreign currencies (1,845,913)
------------- ----------- --------------
NET ASSETS 158,884,389 121,454,805 22,526,242
============= =========== ==============
NET ASSET VALUE PER OUTSTANDING SHARE 1.1981 1.2588 0.9154
============= =========== ==============
SHARES OF CAPITAL STOCK:
Authorized 200,000,000 200,000,000 100,000,000
Outstanding 132,613,467 96,484,785 24,608,401
See notes to financial statements.
</TABLE>
<PAGE>
MAXIM SERIES FUND, INC.
<TABLE>
STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 1997
- ----------------------------------------------------------------------------------------------------------------------
CORPORATE SMALL-CAP SMALL-CAP
BOND INDEX VALUE
PORTFOLIO PORTFOLIO PORTFOLIO
-------------- -------------- ----------------
INVESTMENT INCOME:
<S> <C> <C> <C>
Interest 9,630,763 84,890 216,975
Dividends 346,486 1,209,780 387,134
Less: Foreign withholding tax (193)
-------------- -------------- ----------------
Total income 9,977,249 1,294,477 604,109
EXPENSES:
Salaries 8,179
Legal and SEC fees 5,147
Directors' fees 426
Audit fees 5,110
Investment administration 58,076
Bank and custodial fees 20,358
Other expenses 5,772
Management fee 1,113,908 617,929 315,399
-------------- -------------- ----------------
Total expenses 1,113,908 617,929 418,467
Less amount paid by GW Capital Management 16,780
-------------- -------------- ----------------
Net expenses 1,113,908 617,929 401,687
-------------- -------------- ----------------
NET INVESTMENT INCOME 8,863,341 676,548 202,422
-------------- -------------- ----------------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net short-term realized gain on investments 1,073,151 2,751,188 1,462,295
Net long-term realized gain on investments 4,048,666 15,821,000 8,471,858
Change in net unrealized appreciation 2,612,139 1,210,907 (2,638,834)
(depreciation) on investments
Change in net unrealized appreciation
(depreciation) on translation of
assets and liabilities denominated in (1,966,478)
foreign currencies
-------------- -------------- -----------------
Net change in realized and unrealized 5,767,478 19,783,095 7,295,319
appreciation on investments
-------------- -------------- -----------------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS 14,630,819 20,459,643 7,497,741
============== ============== =================
See notes to financial statements.
</TABLE>
<PAGE>
MAXIM SERIES FUND, INC.
<TABLE>
STATEMENTS OF CHANGES IN NET ASSETS
YEARS ENDED DECEMBER 31, 1997 AND 1996
- -----------------------------------------------------------------------------------------------------------------------------------
CORPORATE SMALL-CAP SMALL-CAP
BOND INDEX VALUE
PORTFOLIO PORTFOLIO PORTFOLIO
------------------------- -------------------------- --------------------------
1997 1996 1997 1996 1997 1996
------------ ------------ ------------ ------------ ------------ ------------
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
<S> <C> <C> <C> <C> <C> <C>
Net investment income 8,863,341 4,917,040 676,548 703,849 202,422 248,630
Net short-term realized gain (loss) on 1,073,151 503,724 2,751,188 2,204,892 1,462,295 (309,786)
investments
Net long-term realized gain (loss) on 4,048,666 1,443,988 15,821,000 3,428,509 8,471,858 (184,769)
investments
Change in net unrealized appreciation 2,612,139 40,706 1,210,907 3,305,858 (2,638,834) 5,489,537
(depreciation) on investments
Change in net unrealized appreciation
(depreciation) on translation of
assets and liabilities denominated in (1,966,478) 168,357
foreign currencies
------------ ------------ ------------ ------------ ------------ ------------
Net increase in net assets 14,630,819 7,073,815 20,459,643 9,643,108 7,497,741 5,243,612
resulting from operations
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income and net short-term (9,506,317) (5,288,381) (2,878,307) (2,955,540) (1,187,966) (248,630)
realized gains
From net long-term realized gains (3,379,731) (1,162,204) (15,659,671) (3,583,470) (8,176,554)
------------ ------------ ------------ ------------ ------------ ------------
Total distributions (12,886,048) (6,450,585) (18,537,978) (6,539,010) (9,364,520) (248,630)
SHARE TRANSACTIONS:
Net proceeds from sales of shares 64,336,395 64,596,297 37,636,386 50,049,809 18,847,196 23,068,482
Reinvestment of distributions 12,886,048 6,450,585 18,537,978 6,539,010 9,364,520 248,630
Cost of shares redeemed (3,727,854) (33,555,273) (17,424,916) (30,519,509) (40,418,346) (12,482,022)
------------ ------------ ------------ ------------ ------------ ------------
Net increase (decrease) in net
assets resulting from share 73,494,589 37,491,609 38,749,448 26,069,310 (12,206,630) 10,835,090
transactions
------------ ------------ ------------ ------------ ------------ ------------
Total increase (decrease) in net assets 75,239,360 38,114,839 40,671,113 29,173,408 (14,073,409) 15,830,072
NET ASSETS:
Beginning of period 83,645,029 45,530,190 80,783,692 51,610,284 36,599,651 20,769,579
============ ============ ============ ============ ============ ============
End of period 158,884,389 83,645,029 121,454,805 80,783,692 22,526,242 36,599,651
============ ============ ============ ============ ============ ============
OTHER INFORMATION:
SHARES:
Sold 53,016,446 56,150,349 28,024,040 40,270,869 14,214,653 20,987,576
Issued in reinvestment of distributions 10,658,347 5,567,584 15,250,949 5,286,383 10,427,083 213,491
Redeemed (3,058,615) (29,238,506) (12,097,741) (24,437,703) (29,359,535) (11,342,266)
------------
============ ============ ============ ============ ============
Net increase (decrease) 60,616,178 32,479,427 31,177,248 21,119,549 (4,717,799) 9,858,801
============ ============ ============ ============ ============ ============
</TABLE>
See notes to financial statements.
<PAGE>
MAXIM SERIES FUND, INC.
<TABLE>
CORPORATE BOND PORTFOLIO
FINANCIAL HIGHLIGHTS
- -----------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the periods
ended December 31, 1997, 1996, 1995, and 1994 is as follows:
Year Ended December 31,
---------------------------------------------------------------
1997 1996 1995 1994
------------- ------------- --------------- --------------
(A)
<S> <C> <C> <C> <C>
Net Asset Value, Beginning of Period 1.1618 1.1521 0.9716 1.0000
Income From Investment Operations
Net investment income 0.0764 0.0825 0.0842 0.0137
Net short-term realized gain 0.0081 0.0055 0.0159
Net long-term realized and unrealized 0.0608 0.0269 0.1835 (0.0284)
gain (loss)
------------- ------------- --------------- --------------
Total Income (Loss) From Investment 0.1453 0.1149 0.2836 (0.0147)
Operations
Less Distributions
From net investment income and net
short-term realized gains (0.0817) (0.0880) (0.1001) (0.0137)
From net long-term realized gains (0.0273) (0.0172) (0.0030)
------------- ------------- --------------- --------------
Total Distributions (0.1090) (0.1052) (0.1031) (0.0137)
------------- ----------------------------------------------
Net Asset Value, End of Period 1.1981 1.1618 1.1521 0.9716
=============
============= =============== ==============
Total Return 12.70% 10.35% 30.19% (1.47)%
Net Assets, End of Period 158,884,389 83,645,029 45,530,190 13,713,195
Ratio of Expenses to Average Net Assets 0.90% 0.90% 0.90% 1.08% *
Ratio of Net Investment Income to
Average Net Assets 7.14% 7.68% 7.89% 8.64% *
Portfolio Turnover Rate 52.69% 40.02% 24.70% 9.45%
* Annualized
(A) The portfolio commenced operations on November 1, 1994. (Continued)
</TABLE>
<PAGE>
MAXIM SERIES FUND, INC.
<TABLE>
SMALL-CAP INDEX PORTFOLIO
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the periods
ended December 31, 1997, 1996, 1995, 1994, and 1993 is as follows:
Year Ended December 31,
--------------------------------------------------------------------
1997 1996 1995 1994 1993
------------ ------------ ------------ ----------- ------------
(A)
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of 1.2370 1.1680 0.9540 1.0112 1.0000
Period
Income From Investment
Operations
Net investment income 0.0081 0.0124 0.0102 0.0097 0.0009
Net short-term realized gain 0.0285 0.0374 0.0095
Net long-term realized
and unrealized gain (loss) 0.2134 0.1285 0.2298 (0.0572) 0.0112
------------ ------------ ------------ ----------- ------------
Total Income (Loss)
From Investment Operations 0.2500 0.1783 0.2495 (0.0475) 0.0121
Less Distributions
From net investment income and
net
short-term realized gains (0.0352) (0.0498) (0.0197) (0.0097) (0.0009)
From net long-term realized (0.1930) (0.0595) (0.0158)
gains
------------ ------------ ------------ ----------- ------------
Total Distributions (0.2282) (0.1093) (0.0355) (0.0097) (0.0009)
------------ ------------ ------------ ----------- ------------
Net Asset Value, End of Period 1.2588 1.2370 1.1680 0.9540 1.0112
============ ============ ============ =========== ============
Total Return 21.00% 15.30% 26.24% (4.69)% 1.21%
Net Assets, End of Period 121,454,805 80,783,692 51,610,284 22,336,944 5,936,716
Average Commission Rate Paid
Per Share Bought or Sold 0.0350 0.0453
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 0.66% 1.04% 1.00% 1.20% 1.24% *
Portfolio Turnover Rate 102.45% 39.66% 30.17% 53.44% 0.72%
* Annualized
(A) The portfolio commenced operations on December 1, 1993. (Continued)
</TABLE>
<PAGE>
MAXIM SERIES FUND, INC.
<TABLE>
SMALL-CAP VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS
- ------------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the periods
ended December 31, 1997, 1996, 1995, 1994, and 1993 is as follows:
Year Ended December 31,
-------------------------------------------------------------------------------
1997 1996 1995 1994 1993
-------------- -------------- ------------- -------------- ---------------
(A)
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of 1.2480 1.0669 0.9974 1.0330 1.0000
Period
Income From Investment
Operations
Net investment income 0.0067 0.0095 0.0286 0.0068 0.0012
Net short-term realized gain 0.0594 0.0350
Net long-term realized and
unrealized gain (loss) 0.2629 0.1811 0.0884 (0.0356) 0.0330
-------------- -------------- ------------- -------------- ---------------
Total Income (Loss) From
Investment Operations 0.3290 0.1906 0.1520 (0.0288) 0.0342
Less Distributions
From net investment income and
net short-term realized gains (0.0771) (0.0095) (0.0636) (0.0068) (0.0012)
From net long-term realized (0.5845) (0.0189)
gains
-------------- -------------- ------------- -------------- ---------------
Total Distributions (0.6616) (0.0095) (0.0825) (0.0068) (0.0012)
-------------- -------------- ------------- -------------- ---------------
Net Asset Value, End of Period 0.9154 1.2480 1.0669 0.9974 1.0330
============== ============== ============= ============== ===============
Total Return 27.86% 17.94% 15.51% (2.78)% 3.42%
Net Assets, End of Period 22,526,242 36,599,651 20,769,579 9,721,848 3,007,882
Average Commission Rate Paid
Per Share Bought or Sold 0.0573 0.0521
Ratio of Expenses to Average 1.28% # 1.31% # 1.35% # 1.33 % # 1.33%*#
Net Assets
Ratio of Net Investment Income
to Average Net Assets 0.64% 0.90% 2.51% 0.80% 1.52%*
Portfolio Turnover Rate 82.83% 30.61% 17.78% 16.81% 0.00%
* Annualized
# Percentages are shown net of expenses reimbursed by The Great-West Life
Assurance Company or GW Capital Management, LLC.
(A) The portfolio commenced operations on December 1, 1993. (Concluded)
</TABLE>
<PAGE>
MAXIM SERIES FUND, INC.
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 1997 AND 1996
- --------------------------------------------------------------------------------
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 Corporate Bond, Small-Cap Index,
and Small-Cap Value portfolios 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.
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 December 31, 1997 were as follows:
Corporate Bond
Portfolio
---------------------
Aggregate Cost 18,604,726
Aggregate Fair Value 16,533,334
Percent of Net Assets 10.41%
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 qualifies 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 December 31, 1997:
<TABLE>
CORPORATE SMALL-CAP SMALL-CAP
BOND INDEX VALUE
PORTFOLIO PORTFOLIO PORTFOLIO
---------- ----------- -----------
<S> <C> <C> <C>
Gross appreciation 12,366,518 17,994,485 3,911,150
Gross depreciation (7,951,490) (7,008,650) (77,169)
---------- ----------- -----------
Net unrealized appreciation 4,415,028 10,985,835 3,833,981
========== =========== ===========
</TABLE>
<PAGE>
MAXIM SERIES FUND, INC.
Financial Statements and Financial Highlights for
the Years Ended December 31, 1997 and 1996
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Board of Directors and Stockholders of
Maxim Series Fund, Inc.:
We have audited the accompanying statement of assets and liabilities, including
the schedule of investments, of the International Equity Portfolio, INVESCO ADR
Portfolio, INVESCO Balanced Portfolio, INVESCO Small-Cap Growth Portfolio,
Mid-Cap Portfolio and T. Rowe Price Equity/Income Portfolio, of Maxim Series
Fund, Inc., as of December 31, 1997, the related statement of operations for the
year then ended and the statements of changes in net assets and the financial
highlights for each of the periods indicated. These financial statements and
financial highlights are the responsibility of the Fund's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of
December 31, 1997, by correspondence with the custodian and brokers; where
replies were not received from brokers, we performed other auditing procedures.
An audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, such financial statements and financial highlights present
fairly, in all material respects, the financial position of the International
Equity Portfolio, INVESCO ADR Portfolio, INVESCO Balanced Portfolio, INVESCO
Small-Cap Growth Portfolio, Mid-Cap Portfolio and T. Rowe Price Equity/Income
Portfolio, of Maxim Series Fund, Inc., at December 31, 1997 and the results of
their operations, the changes in their net assets and the financial highlights
for each of the periods indicated, in conformity with generally accepted
accounting principles.
January 30, 1998
<PAGE>
MAXIM SERIES FUND, INC.
<TABLE>
STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 1997
- -----------------------------------------------------------------------------------------------------------------------------------
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> <C>
Short-term investments 15,529,710 4,989,216 10,684,579 11,235,127 13,428,812
Bonds 42,533,717 2,080,992
Common stocks 113,634,407 16,197,192 75,895,965 56,036,200 225,222,705 151,712,003
Preferred stocks 3,110,364
-------------- ------------ ----------- ---------- ----------- --------------
Total investments (cost $123,714,120; 132,274,481 16,197,192 123,418,898 66,720,779 236,457,832 167,221,807
$13,950,410;
$118,802,983; $64,038,364;
$187,753,372; $140,831,904)
Cash 26,161 358,030 20,196 7,952
Dividends and interest receivable 325,843 593,096 10,579 99,004 403,998
Subscriptions receivable 44,926 206,241 106,748 31,797 267,236
Receivables for securities sold 385,969 3,049,379 804,161 1,504,268 1,895
Unrealized appreciation on forward foreign 287,608
currency contracts
-------------- ------------ ----------- ---------- ----------- --------------
Total assets 133,012,454 16,600,148 127,267,614 67,662,463 238,380,509 167,902,888
-------------- ------------ ----------- ---------- ----------- --------------
LIABILITIES:
Due to GW Capital Management 135,927 18,791 113,034 58,618 213,928 138,300
Redemptions Payable 43,560
Payable for securities purchased 58,456 81,994 5,351,972 4,226,670 610,419
-------------- ------------ ----------- ---------- ----------- --------------
Total liabilities 237,943 18,791 195,028 5,410,590 4,440,598 748,719
-------------- ------------ ----------- ---------- ----------- --------------
NET ASSETS 132,774,511 16,581,357 127,072,586 62,251,873 233,939,911 167,154,169
============== ============ =========== ========== =========== ==============
NET ASSETS REPRESENTED BY:
Capital stock, $.10 par value 10,384,612 1,120,054 10,094,792 3,901,700 15,061,588 9,496,465
Additional paid-in capital 114,270,060 13,299,870 113,313,233 54,729,106 166,904,102 130,792,530
Net unrealized appreciation on investments 18,089,081 2,246,782 4,640,874 2,678,061 47,597,485 26,403,254
Undistributed net investment income (loss) 3,831 (1,989) (1,089) (19,432) (115,149) (1,736)
Accumulated net short-term realized gain (875,714) (51,547) (973,159) 957,481 (11,457,952) 203,247
(loss) on investments
Accumulated net long-term realized gain 431,361 (31,813) 22,894 603 14,842,862 273,760
(loss) on investments
Net unrealized appreciation (depreciation)
on translation of assets
and liabilities denominated in foreign (9,528,720) (24,959) 4,354 1,106,975 (13,351)
currencies
-------------- ------------ ----------- ---------- ----------- --------------
NET ASSETS 132,774,511 16,581,357 127,072,586 62,251,873 233,939,911 167,154,169
============== ============ =========== ========== =========== ==============
NET ASSET VALUE PER OUTSTANDING SHARE 1.2786 1.4804 1.2588 1.5955 1.5532 1.7602
============== ============ =========== ========== =========== ==============
SHARES OF CAPITAL STOCK:
Authorized 200,000,000 100,000,000 200,000,000 100,000,000 200,000,000 200,000,000
Outstanding 103,846,121 11,200,536 100,947,918 39,017,006 150,615,876 94,964,654
See notes to financial statements.
</TABLE>
<PAGE>
MAXIM SERIES FUND, INC.
<TABLE>
STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 1997
- -----------------------------------------------------------------------------------------------------------------------------------
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:
<S> <C> <C> <C> <C> <C> <C>
Interest 829,384 27,059 1,645,102 422,201 499,505 841,842
Dividends 3,099,320 286,083 380,256 93,841 655,749 3,256,834
Less: Foreign withholding tax (359,937) (26,261) (2,767) (213) (29,223) (16,561)
-------------- ----------- ----------- ----------- ----------- --------------
Total income 3,568,767 286,881 2,022,591 515,829 1,126,031 4,082,115
EXPENSES:
Salaries 10,095 8,131 8,292 8,981 8,429
Legal and SEC fees 14,766 1,973 10,288 29,383 24,019
Directors' fees 1,629 167 626 2,758 1,625
Audit fees 12,400 5,110 5,110 8,550 5,110
Investment administration 77,589 52,656 58,076 66,748 58,076
Bank and custodial fees 106,261 8,221 22,626 52,609 33,332
Other expenses 35,777 2,530 9,142 36,597 24,200
Management fee 1,229,003 123,490 530,852 441,341 1,988,656 958,793
-------------- ----------- ----------- ----------- ----------- --------------
Total expenses 1,487,520 202,278 530,852 555,501 2,194,282 1,113,584
-------------- ----------- ----------- ----------- ----------- --------------
Less amount paid by GW Capital Management 5,755 41,741 44,474 7,671 20,345
-------------- ----------- ----------- ----------- ----------- --------------
Net expenses 1,481,765 160,537 530,852 511,027 2,186,611 1,093,239
-------------- ----------- ----------- ----------- ----------- --------------
NET INVESTMENT INCOME (LOSS) 2,087,002 126,344 1,491,739 4,802 (1,060,580) 2,988,876
-------------- ----------- ----------- ----------- ----------- --------------
REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Net short-term realized gain (loss) on (621,941) (28,095) 2,344,664 4,578,814 (6,587,730) 3,393,625
investments
Net long-term realized gain on investments 4,652,325 175,282 22,894 603 16,486,571 3,115,393
Change in net unrealized appreciation on 4,094,079 1,051,927 4,374,303 2,796,143 17,644,239 20,735,281
investments
Change in net unrealized appreciation
(depreciation) on translation of
assets and liabilities denominated in (9,271,369) (24,959) 4,354 (673,548) 15,718
foreign currencies
-------------- ----------- ----------- ----------- ----------- --------------
Net change in realized and unrealized
appreciation (depreciation) (1,146,906) 1,199,114 6,716,902 7,379,914 26,869,532 27,260,017
on investments
-------------- ----------- ----------- ----------- ----------- --------------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS 940,096 1,325,458 8,208,641 7,384,716 25,808,952 30,248,893
============== =========== =========== =========== =========== ==============
See notes to financial statements.
</TABLE>
<PAGE>
MAXIM SERIES FUND, INC.
<TABLE>
STATEMENTS OF CHANGES IN NET ASSETS
YEARS ENDED DECEMBER 31, 1997 AND 1996
- ------------------------------------------------------------------------------------------------------------------------------------
INTERNATIONAL EQUITY INVESCO ADR INVESCO BALANCED
PORTFOLIO PORTFOLIO PORTFOLIO
------------------------- -------------------------- ---------------------
1997 1996 1997 1996 1997 1996
----------- ----------- ------------ ----------- ---------- -------
INCREASE IN NET ASSETS:
OPERATIONS:
<S> <C> <C> <C> <C> <C> <C>
Net investment income 2,087,002 941,370 126,344 54,758 1,491,739 79,440
Net short-term realized gain (loss) on investments (621,941) 692,684 (28,095) 2,259 2,344,664 (15,106)
Net long-term realized gain (loss) on investments 4,652,325 1,486,313 175,282 20,328 22,894
Change in net unrealized appreciation on 4,094,079 11,998,654 1,051,927 898,066 4,374,303 266,571
investments
Change in net unrealized (depreciation) on
translation of assets
and liabilities denominated in foreign (9,271,369) (1,356,537) (24,959)
currencies
----------- ----------- ------------ ----------- ---------- --------
Net increase in net assets resulting from 940,096 13,762,484 1,325,458 975,411 8,208,641 330,905
operations
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income and net short-term (2,714,609) (1,256,389) (154,045) (54,758) (4,776,885) (98,100)
realized gains
From net long-term realized gains (4,240,405) (1,466,872) (204,837) (7,284)
----------- ----------- ------------ ----------- ---------- -------
Total distributions (6,955,014) (2,723,261) (358,882) (62,042) (4,776,885) (98,100)
SHARE TRANSACTIONS:
Net proceeds from sales of shares 42,644,271 49,909,203 9,337,949 4,947,305 107,652,821 17,505,716
Reinvestment of distributions 6,955,014 2,723,261 358,882 62,042 4,776,885 98,100
Cost of shares redeemed (6,981,905) (22,517,306) (1,776,908) (909,827) (4,776,042) (1,849,455)
----------- ----------- ----------- ----------- ---------- -----------
Net increase in net assets resulting from share 42,617,380 30,115,158 7,919,923 4,099,520 107,653,664 15,754,361
transactions
Total increase in net assets 36,602,462 41,154,381 8,886,499 5,012,889 111,085,420 15,987,166
NET ASSETS:
Beginning of period 96,172,049 55,017,668 7,694,858 2,681,969 15,987,166
=========== =========== ============ =========== ========== ========
End of period 132,774,511 96,172,049 16,581,357 7,694,858 127,072,586 15,987,166
=========== =========== ============ =========== ========== =========
OTHER INFORMATION:
SHARES:
Sold 30,588,729 40,579,183 6,484,944 4,000,572 85,527,555 17,044,573
Issued in reinvestment of distributions 5,410,256 2,081,601 245,242 46,932 3,824,657 94,065
Redeemed (4,849,834) (18,244,110) (1,226,013) (734,123) (3,765,114) (1,777,818)
=========== =========== =========== ========== ========== ===========
Net increase 31,149,151 24,416,674 5,504,173 3,313,381 85,587,098 15,360,820
=========== =========== ========== =========== ========== ===========
See notes to financial statements. (Continued)
</TABLE>
<PAGE>
MAXIM SERIES FUND, INC.
<TABLE>
STATEMENTS OF CHANGES IN NET ASSETS
YEARS ENDED DECEMBER 31, 1997 AND 1996
- ------------------------------------------------------------------------------------------------------------------------------------
INVESCO T. ROWE PRICE
SMALL-CAP GROWTH MID-CAP EQUITY/INCOME
PORTFOLIO PORTFOLIO PORTFOLIO
------------------------ -------------------------- ---------------------
1997 1996 1997 1996 1997 1996
---------- ----------- ------------ ----------- ---------- --------
INCREASE IN NET ASSETS:
OPERATIONS:
<S> <C> <C> <C> <C> <C> <C>
Net investment income 4,802 46,774 (1,060,580) (1,245,198) 2,988,876 924,732
Net short-term realized gain (loss) on investments 4,578,814 2,959,838 (6,587,730) (4,870,222) 3,393,625 562,056
Net long-term realized gain on investments 603 500,649 16,486,571 7,597,142 3,115,393 698,855
Change in net unrealized appreciation 2,796,143 (898,623) 17,644,239 5,117,611 20,735,281 4,318,555
(depreciation) on investments
Change in net unrealized (depreciation) on
translations of assets
and liabilities denominated in foreign currencies 4,354 (673,548) 1,774,166 15,718 (29,422)
---------- ----------- ------------ ----------- ---------- ---------
Net increase in net assets resulting from 7,384,716 2,608,638 25,808,952 8,373,499 30,248,893 6,474,776
operations
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income and net short-term (3,587,988) (3,064,191) (6,179,964) (1,487,813)
realized gains
From net long-term realized gains (500,649) (8,964,988) (275,863) (2,841,633) (698,855)
---------- ----------- ----------- ---------- ---------- -----------
Total distributions (3,587,988) (3,564,840) (8,964,988) (275,863) (9,021,597) (2,186,668)
SHARE TRANSACTIONS:
Net proceeds from sales of shares 31,244,742 36,397,935 22,906,105 88,547,865 69,465,533 62,068,704
Reinvestment of distributions 3,587,988 3,564,840 8,964,988 275,863 9,021,597 2,186,668
Cost of shares redeemed (8,205,363) (13,563,975) (29,485,949) (30,474,755) (2,096,160) (9,957,772)
----------- ---------- ---------- ----------
---------- -----------
Net increase in net assets resulting from share 26,627,367 26,398,800 2,385,144 58,348,973 76,390,970 54,297,600
transactions
---------- ----------- ---------- ---------- ---------- -----------
Total increase in net assets 30,424,095 25,442,598 19,229,108 66,446,609 97,618,266 58,585,708
NET ASSETS:
Beginning of period 31,827,778 6,385,180 214,710,803 148,264,194 69,535,903 10,950,195
========== =========== =========== =========== ========== ==========
End of period 62,251,873 31,827,778 233,939,911 214,710,803 167,154,169 69,535,903
========== =========== =========== =========== ========== ==========
OTHER INFORMATION:
SHARES:
Sold 19,563,633 23,449,006 15,899,085 61,466,234 43,030,466 44,968,105
Issued in reinvestment of distributions 2,378,280 2,487,652 6,031,790 197,161 5,217,195 1,527,438
Redeemed (5,135,280) (8,740,654) (21,184,642) (21,306,676) (1,266,863) (7,179,849)
----------
=========== =========== =========== ========== ==========
Net increase 16,806,633 17,196,004 746,233 40,356,719 46,980,798 39,315,694
========== =========== ======== =========== ========== ==========
See notes to financial statements.
(Concluded)
</TABLE>
<PAGE>
MAXIM SERIES FUND, INC.
<TABLE>
INTERNATIONAL EQUITY PORTFOLIO
FINANCIAL HIGHLIGHTS
- -------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the periods
ended December 31, 1997, 1996, 1995, 1994, and 1993 is as follows:
Year Ended December 31,
------------------------------------------------------------------------
-------------
1997 1996 1995 1994 1993
------------- ------------- ------------ ------------- -------------
(A)
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period 1.3229 1.1395 1.0673 1.0110 1.0000
Income From Investment Operations
Net investment income 0.0205 0.0136 0.0190 0.0049 0.0009
Net short-term realized gain (loss) (0.0060) 0.0045 0.0034
Net long-term realized and
Unrealized gain 0.0113 0.2042 0.0722 0.0563 0.0110
------------- ------------- ------------ ------------- -------------
Total Income From Investment 0.0258 0.2223 0.0946 0.0612 0.0119
Operations
Less Distributions
From net investment income and net
short-term realized gains (0.0270) (0.0181) (0.0224) (0.0049) (0.0009)
From net long-term realized gains (0.0431) (0.0208)
------------- ------------- ------------ ------------- -------------
Total Distributions (0.0701) (0.0389) (0.0224) (0.0049) (0.0009)
------------- ------------- ------------ ------------- -------------
Net Asset Value, End of Period 1.2786 1.3229 1.1395 1.0673 1.0110
============= =============
============ ============= =============
Total Return 1.99% 19.59% 8.93% 6.06% 1.19%
Net Assets, End of Period 132,774,511 96,172,049 55,017,668 32,180,949 3,126,038
Average Commission Rate Paid
Per Share Bought or Sold 0.0159 0.0146
Ratio of Expenses to Average Net 1.20% # 1.39% # 1.50% # 1.49% # 1.48%*#
Assets
Ratio of Net Investment Income
to Average Net Assets 1.70% 1.24% 1.70% 1.25% 1.09%*
Portfolio Turnover Rate 34.30% 22.21% 20.28% 11.49% 0.00%
* Annualized
(A) The portfolio commenced operations on December 1, 1993.
# Percentages are shown net of expenses reimbursed by The Great-West Life Assurance Company or GW
Capital Management,
LLC.
(Continued)
</TABLE>
<PAGE>
MAXIM SERIES FUND, INC.
<TABLE>
INVESCO ADR PORTFOLIO
FINANCIAL HIGHLIGHTS
- -------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the periods
ended December 31, 1997, 1996, 1995, and 1994 is as follows:
Year Ended December 31,
---------------------------------------------------------------
---------------
1997 1996 1995 1994
--------------- -------------- -------------- ------------
(A)
<S> <C> <C> <C> <C>
Net Asset Value, Beginning of Period 1.3508 1.1255 0.9859 1.0000
Income From Investment Operations
Net investment income 0.0114 0.0112 0.0120 0.0026
Net short-term realized (loss) (0.0025)
Net realized and unrealized gain 0.1537 0.2266 0.1396 (0.0141)
(loss)
--------------- -------------- -------------- ------------
Total Income (Loss) From Investment 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 (0.0330) (0.0125) (0.0120) (0.0026)
--------------- -------------- -------------- ------------
Net Asset Value, End of Period 1.4804 1.3508 1.1255 0.9859
=============== ============== ============
==============
Total Return 12.08% 21.17% 15.48% (1.16)%
Net Assets, End of Period 16,581,357 7,694,858 2,681,969 1,976,834
Average Commission Rate Paid
Per Share Bought or Sold 0.0592 0.0628
Ratio of Expenses to Average Net 1.30% # 1.33% # 1.50% # 1.50% * #
Assets
Ratio of Net Investment Income to
Average Net Assets 1.02% 1.20% 1.17% 1.56% *
Portfolio Turnover Rate 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)
</TABLE>
<PAGE>
MAXIM SERIES FUND, INC.
<TABLE>
INVESCO BALANCED PORTFOLIO
FINANCIAL HIGHLIGHTS
- -------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the periods
ended December 31, 1997 and 1996 is as follows:
Year Ended December 31,
-----------------------------------------
--------------------
1997 1996
-------------------- -------------------
(A)
<S> <C> <C>
Net Asset Value, Beginning of Period 1.0408 1.0000
Income From Investment Operations
Net investment income 0.0187 0.0052
Net short-term realized gain 0.0232 0.0012
Net long-term realized and unrealized gain 0.2286 0.0408
-------------------- -------------------
Total Income From Investment Operations 0.2705 0.0472
Less Distributions
From net investment income and net short-term (0.0525) (0.0064)
realized gains
-------------------- -------------------
Total Distributions (0.0525) (0.0064)
-------------------- -------------------
Net Asset Value, End of Period 1.2588 1.0408
==================== ===================
Total Return 26.10% 4.60%
Net Assets, End of Period 127,072,586 15,987,166
Average Commission Rate Paid Per Share Bought or Sold 0.0590 0.0617
Ratio of Expenses to Average Net Assets 1.00% 1.00% *
Ratio of Net Investment Income to Average Net Assets 2.77% 2.84% *
Portfolio Turnover Rate 150.57% 17.14%
* Annualized
(A) The portfolio commenced operations on October 1, 1996.
(Continued)
</TABLE>
<PAGE>
MAXIM SERIES FUND, INC.
<TABLE>
INVESCO SMALL-CAP GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the periods
ended December 31, 1997, 1996, 1995, and 1994 are as follows:
Year Ended December 31,
---------------------------------------------------------------
1997 1996 1995 1994
------------ ------------- -------------- ----------------
(A)
<S> <C> <C> <C> <C>
Net Asset Value, Beginning of Period 1.4330 1.2734 1.0054 1.0000
Income From Investment Operations
Net investment income 0.0009 0.0024 0.0069 0.0030
Net short-term realized gain 0.1174 0.1530 0.0272
Net long-term realized and 0.1438 0.1850 0.2846 0.0054
unrealized gain
------------ ------------- -------------- ----------------
Total Income From Investment 0.2621 0.3404 0.3187 0.0084
Operations
Less Distributions
From net investment income and net
short-term realized gains (0.0996) (0.1554) (0.0341) (0.0030)
From net long-term realized gains (0.0254) (0.0166)
------------ ------------- -------------- ----------------
Total Distributions (0.0996) (0.1808) (0.0507) (0.0030)
------------ ------------- -------------- ----------------
Net Asset Value, End of Period 1.5955 1.4330 1.2734 1.0054
============ ============= ================
==============
Total Return 18.70% 26.73% 31.79% 0.84%
Net Assets, End of Period 62,251,873 31,827,778 6,385,180 2,022,380
Average Commission Rate Paid
Per Share Bought or Sold 0.0580 0.0410
Ratio of Expenses to Average Net 1.10% # 1.10% # 1.10% # 1.08% * #
Assets
Ratio of Net Investment Income to 0.01% 0.25% 0.58% 1.86% *
Average Net Assets
Portfolio Turnover Rate 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)
</TABLE>
<PAGE>
MAXIM SERIES FUND, INC.
<TABLE>
MID-CAP PORTFOLIO
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the periods
ended December 31, 1997, 1996, 1995 and 1994 is as follows:
Year Ended December 31,
----------------------------------------------------------
-------------
1997 1996 1995 1994
------------- ------------- ------------- -------------
(A)
<S> <C> <C> <C> <C>
Net Asset Value, Beginning of Period 1.4327 1.3538 1.1003 1.0000
Income From Investment Operations
Net investment income (loss) (0.0083) 0.0018 0.0076
Net short-term realized gain (loss) (0.0437) 0.0299
Net long-term realized and unrealized gain 0.2257 0.0890 0.2594 0.1003
------------- ------------- ------------- -------------
Total Income From Investment Operations 0.1820 0.0807 0.2911 0.1079
Less Distributions
From net investment income and net short-term
realized gains (0.0317) (0.0076)
From net long-term realized gains (0.0615) (0.0018) (0.0059)
------------- ------------- ------------- -------------
Total Distributions (0.0615) (0.0018) (0.0376) (0.0076)
------------- ------------- ------------- -------------
Net Asset Value, End of Period 1.5532 1.4327 1.3538 1.1003
============= ============= ============= =============
Total Return 12.95% 5.96% 26.50% 10.86%
Net Assets, End of Period 233,939,911 214,710,803 148,264,194 81,088,654
Average Commission Rate Paid
Per Share Bought or Sold 0.0413 0.0461
Ratio of Expenses to Average Net Assets 1.06% # 1.07% # 1.10% # 1.07% #
Ratio of Net Investment Income to Average Net (0.51)% (0.66)% 0.13% 1.26%
Assets
Portfolio Turnover Rate 139.74% 80.31% 167.21% 166.12%
(A) The portfolio commenced operations January 3, 1994.
# Percentages are shown net of expenses reimbursed by The Great-West Life Assurance Company or GW
Capital Management,
LLC.
(Continued)
</TABLE>
<PAGE>
MAXIM SERIES FUND, INC.
<TABLE>
T. ROWE PRICE EQUITY/INCOME PORTFOLIO
FINANCIAL HIGHLIGHTS
- ----------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the periods
ended December 31, 1997, 1996, 1995, and 1994 is as follows:
Year Ended December 31,
-------------------------------------------------------------
--------------
1997 1996 1995 1994
-------------- ------------ ------------- --------------
(A)
<S> <C> <C> <C> <C>
Net Asset Value, Beginning of Period 1.4492 1.2633 0.9805 1.0000
Income From Investment Operations
Net investment income 0.0357 0.0299 0.0345 0.0061
Net short-term realized gain 0.0357 0.0121 0.0051
Net long-term realized and unrealized 0.3426 0.2009 0.2841 (0.0195)
gain (loss)
-------------- ------------ ------------- --------------
Total Income (Loss) From Investment 0.4140 0.2429 0.3237 (0.0134)
Operations
Less Distributions
From net investment income and net
short-term realized gains (0.0713) (0.0420) (0.0396) (0.0061)
From net long-term realized gains (0.0317) (0.0150) (0.0013)
-------------- ------------ ------------- --------------
Total Distributions (0.1030) (0.0570) (0.0409) (0.0061)
-------------- ------------ ------------- --------------
Net Asset Value, End of Period 1.7602 1.4492 1.2633 0.9805
============== ============ ==============
=============
Total Return 28.82% 19.39% 33.42% (1.34)%
Net Assets, End of Period 167,154,169 69,535,903 10,950,195 2,110,302
Average Commission Rate Paid
Per Share Bought or Sold 0.0380 0.0368
Ratio of Expenses to Average Net Assets 0.91% # 0.95% # 0.95% # 0.95% * #
Ratio of Net Investment Income to Average 2.48% 2.85% 3.46% 3.90% *
Net Assets
Portfolio Turnover Rate 25.35% 26.15% 14.00% 2.74%
* 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.
(Concluded)
</TABLE>
<PAGE>
MAXIM SERIES FUND, INC.
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 1997 AND 1996
- --------------------------------------------------------------------------------
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 December 31, 1997, Great-West's investment in the
Portfolio totaled $3,100,239.
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 December 31, 1997 were as follows:
International INVESCO
Equity Balanced Portfolio
Portfolio
------------------- --------------------
Aggregate Cost 277,850 1,015,810
Aggregate Fair Value 309,920 1,020,940
Percent of Net Assets .23% .80%
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 qualifies 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 December 31, 1997:
<TABLE>
INVESCO T. Rowe
International INVESCO INVESCO Small-Cap Price
Equity ADR Balanced Growth Mid-Cap Equity/Income
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
----------- ---------- ---------- ----------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C>
Gross 24,688,488 3,053,142 5,320,924 6,806,179 51,942,092 27,622,358
appreciation
Gross (16,128,127) (806,360) (705,009) (4,123,764) (3,237,632) (1,232,455)
depreciation
----------- ---------- ---------- ----------- ---------- -----------
Net unrealized
appreciation 8,560,361 2,246,782 4,615,915 2,682,415 48,704,460 26,389,903
=========== ========== ========== =========== ========== ===========
</TABLE>
5. FORWARD FOREIGN CURRENCY CONTRACTS
The following forward foreign currency contracts were held at December
31, 1997:
<TABLE>
MID-CAP PORTFOLIO
Net
Unrealized
Delivery Settlement Gain (Loss)
Value
Contracts Sold (Local Date (USD)
Currency)
--------------------- -------------- ------------------- --------------------
<S> <C> <C> <C>
British Pound 1,200,000 01/20/98 48,392
British Pound 500,000 02/19/98 (30,237)
British Pound 100,000 02/25/98 (6,242)
British Pound 2,500,000 02/26/98 70,157
British Pound 590,000 02/26/98 (33,593)
British Pound 1,500,000 03/04/98 (62,262)
British Pound 4,700,000 05/06/98 (2,839)
British Pound 100,000 05/06/98 195,317
British Pound 2,600,000 05/11/98 108,915
--------------------
287,608
====================
</TABLE>
<PAGE>
MAXIM SERIES FUND, INC.
Financial Statements and Financial Highlights for
the Years Ended December 31, 1997 and 1996
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Board of Directors and Stockholders of
Maxim Series Fund, Inc.:
We have audited the accompanying statement of assets and liabilities, including
the schedule of investments, of the Blue Chip Portfolio, Foreign Equity
Portfolio, Growth Index Portfolio, Investment Grade Corporate Bond Portfolio,
MidCap Growth Portfolio, Short-Term Maturity Bond Portfolio, Small-Cap
Aggressive Growth Portfolio, U.S. Government Mortgage Securities Portfolio, and
the Value Index Portfolio of Maxim Series Fund, Inc., as of December 31, 1997,
the related statement of operations and the statements of changes in net assets
and financial highlights for each of the periods indicated. These financial
statements and financial highlights are the responsibility of the Fund's
management. Our responsibility is to express an opinion on these financial
statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of
December 31, 1997, by correspondence with the custodian and brokers; where
replies were not received from brokers, we performed other auditing procedures.
An audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, such financial statements and financial highlights present
fairly, in all material respects, the financial position of the Blue Chip
Portfolio, Foreign Equity Portfolio, Growth Index Portfolio, Investment Grade
Corporate Bond Portfolio, MidCap Growth Portfolio, Short-Term Maturity Bond
Portfolio, Small-Cap Aggressive Growth Portfolio, U.S. Government Mortgage
Securities Portfolio and the Value Index Portfolio, of Maxim Series Fund, Inc.,
at December 31, 1997 and the results of their operations, the changes in their
net assets and the financial highlights for each of the periods indicated, in
conformity with generally accepted accounting principles.
January 30, 1998
<PAGE>
MAXIM SERIES FUND, INC.
<TABLE>
STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 1997
- ---------------------------------------------------------------------------------------------------
FOREIGN GROWTH
BLUE CHIP EQUITY INDEX
PORTFOLIO PORTFOLIO PORTFOLIO
------------- -------------- --------------
ASSETS:
Investments at value:
<S> <C> <C>
Short-term investments 10,433,921 7,197,340
Bonds 26,433,106 3,756,075
Common stocks 58,438,423 53,014,250 161,735,308
Preferred stocks 1,315,805
------------- -------------- --------------
Total investments (cost $92,779,699; 95,305,450 65,283,470 161,735,308
$65,926,722;
$124,805,395; $111,524,818; $53,266,438;
$76,135,550;
$168,957,858)
Cash 71,674 9,366 774,928
Dividends and interest receivable 424,752 249,143 184,049
Subscriptions receivable 136,006 93,244 341,743
Receivables for securities sold 153,509 391,093 44,396
------------- -------------- --------------
Total assets 96,091,391 66,026,316 163,080,424
LIABILITIES:
Due to GW Capital Management 97,407 83,616 86,202
Payables for securities purchased 1,787,092 1,267,928 18,462
------------- -------------- --------------
Total liabilities 1,884,499 1,351,544 104,664
------------- -------------- --------------
NET ASSETS 94,206,892 64,674,772 162,975,760
============= ============== ==============
NET ASSETS REPRESENTED BY:
Capital stock, $.10 par value 9,210,983 6,971,456 8,806,192
Additional paid-in capital 82,935,395 58,668,956 117,352,467
Net unrealized appreciation on investments 2,574,288 2,093,321 36,929,913
Undistributed (overdistributed) net investment 4,220 (365)
income
Accumulated net short-term realized gain (loss) (469,457) 684,484 (141,326)
on investments
Accumulated net long-term realized gain (loss) (1,006,872) 28,879
on investments
Net unrealized (depreciation) on translation of
assets and liabilities denominated in foreign (48,537) (2,736,573)
currencies
------------- -------------- --------------
NET ASSETS 94,206,892 64,674,772 162,975,760
============= ============== ==============
NET ASSET VALUE PER OUTSTANDING SHARE 1.0228 0.9277 1.8507
============= ============== ==============
SHARES OF CAPITAL STOCK:
Authorized 200,000,000 200,000,000 200,000,000
Outstanding 92,109,837 69,714,553 88,061,908
See notes to financial statements.
</TABLE>
<TABLE>
INVESTMENT
GRADE SHORT-TERM SMALL-CAP
CORPORATE MIDCAP MATURIITY AGGRESSIVE
BOND GROWTH BOND GROWTH
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------------- ------------- -------------- --------------
ASSETS:
Investments at value:
<S> <C> <C> <C> <C>
Short-term investments 4,761,027 23,108,720
Bonds 112,799,936 76,580,437
Common stocks 51,944,105 161,863,130
Preferred stocks
--------------- ------------- -------------- --------------
Total investments(cost$92,779,699; 112,799,936 56,705,132 76,580,437 184,971,850
$65,926,722;$124,805,395;
$111,524,818; $53,266,438;
$76,135,550; $168,957,858)
Cash 250,213 6,909 368,183
Dividends and interest receivable 1,816,966 24,030 1,335,610 253,228
Subscriptions receivable 71,297 266,579 125,462 346,851
Receivables for securities sold 186,924 904,998
Total assets --------------- ------------- -------------- --------------
114,938,412 57,189,574 78,409,692 186,476,927
LIABILITIES: 62,452 50,920 42,147 172,647
Due to GW Capital Management 434,357 2,981,645
Payables for securities purchased --------------- ------------- -------------- --------------
Total liabilities 62,452 485,277 42,147 3,154,292
--------------- ------------- -------------- --------------
NET ASSETS
114,875,960 56,704,297 78,367,545 183,322,635
=============== ============= ============== ==============
NET ASSETS REPRESENTED BY:
- -Capital stock, $.10 par value 8,935,425 5,123,022 7,733,054 11,969,595
- -Additional paid-in capital 105,707,133 47,943,785 70,159,950 153,368,601
on investments 1,275,118 3,438,694 444,887 16,013,992
- -Net unrealized appreciation
- -Undistributed (overdistributed)
net investment income 5,343 (35,056) 294 15,676
- -Accumulated net short-term (1,901,646) 233,852 12,936 973,363
realized gain (loss)on investments
- -Accumulated net long-term
realized gain (loss)on investments 854,587 16,424 981,408
- -Net unrealized (depreciation) on
translation of assets and liabilities
denominated in foreign currencies --------------- ------------- -------------- --------------
NET ASSETS 114,875,960 56,704,297 78,367,545 183,322,635
=============== ============= ============== ==============
NET ASSET VALUE PER
OUTSTANDING SHARE 1.2856 1.1069 1.0134 1.5316
=============== ============= ============== ==============
SHARES OF CAPITAL STOCK:
Authorized 200,000,000 100,000,000 200,000,000 200,000,000
Outstanding 89,354,248 51,230,219 77,330,535 119,695,948
See notes to financial statements.
</TABLE>
<PAGE>
MAXIM SERIES FUND, INC.
<TABLE>
STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 1997
- -------------------------------------------------------------------------------------------------------------------------------
U.S.
GOVERNMENT
MORTGAGE VALUE
SECURITIES INDEX
PORTFOLIO PORTFOLIO
---------------- ----------------
ASSETS:
Investments at value:
<S> <C> <C>
Short-term investments 26,316,551 2,402,599
Bonds 157,465,526
Common stocks 234,256,950
Preferred stocks
---------------- ----------------
Total investments (cost $179,158,716; 183,782,077 236,659,549
$177,499,877)
Cash 442,198 28,945
Dividends and interest receivable 897,307 376,695
Subscriptions receivable 207,333 481,657
Receivables for securities sold 23,206,909
---------------- ----------------
Total assets 208,535,824 237,546,846
LIABILITIES:
Due to GW Capital Management 87,789 125,042
Payables for securities purchased 46,263,649
---------------- ----------------
Total liabilities 46,351,438 125,042
---------------- ----------------
NET ASSETS 162,184,386 237,421,804
================ ================
NET ASSETS REPRESENTED BY:
Capital stock, $.10 par value 13,811,577 13,091,128
Additional paid-in capital 146,828,696 164,801,204
Net unrealized appreciation on investments 4,623,361 59,159,672
Undistributed net investment income 4,268 629
Accumulated net short-term realized gain on 151,736 98,115
investments
Accumulated net long-term realized gain (loss) on (3,235,252) 271,056
investments
Net unrealized (depreciation) on translation of
assets and liabilities denominated in foreign
currencies
---------------- ----------------
NET ASSETS 162,184,386 237,421,804
================ ================
NET ASSET VALUE PER OUTSTANDING SHARE 1.1743 1.8136
================ ================
SHARES OF CAPITAL STOCK:
Authorized 200,000,000 200,000,000
Outstanding 138,115,771 130,911,276
See notes to financial statements. (Concluded)
</TABLE>
<PAGE>
MAXIM SERIES FUND, INC.
<TABLE>
STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 1997
- ------------------------------------------------------------------------------------------------------
FOREIGN GROWTH
BLUE CHIP EQUITY INDEX
PORTFOLIO PORTFOLIO PORTFOLIO
----------- ----------- --------------
INVESTMENT INCOME: (A)
<S> <C> <C> <C>
Interest 812,038 625,635 98,208
Dividends 532,294 379,044 1,360,872
Less: Foreign withholding tax (10,930) (169,286)
----------- ----------- --------------
Total income 1,333,402 835,393 1,459,080
EXPENSES:
Salaries 8,130 10,065
Legal and SEC fees 1,651 6,722
Directors' fees 598 1,006
Auditing fees 1,500 12,400
Investment administration 39,035 74,337
Bank and custodial fees 12,167 127,082
Other expenses 8,087 32,636
Management fee 452,967 761,903 767,173
----------- ----------- --------------
Total expenses 524,135 1,026,151 767,173
----------- ----------- --------------
Less amount paid by GW Capital Management 3,223 15,310
----------- ----------- --------------
Net expenses 520,912 1,010,841 767,173
----------- ----------- --------------
NET INVESTMENT INCOME (LOSS) 812,490 (175,448) 691,907
----------- ----------- --------------
REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Net short-term realized gain (loss) on investments (469,457) 542,685 391,033
Net long-term realized gain on investments 3,451,906 4,671,944
Change in net unrealized appreciation (depreciation)
on 2,574,288 (5,844,248) 24,723,720
investments
Change in net unrealized (depreciation) on
translation of
assets and liabilities denominated in foreign (48,537) (696,207)
currencies
----------- ----------- --------------
Net change in realized and unrealized appreciation
(depreciation) on investments 2,056,294 (2,545,864) 29,786,697
----------- ----------- --------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 2,868,784 (2,721,312) 30,478,604
=========== =========== ==============
(A) The portfolio commenced operations on July 1, 1997
(Continued)
</TABLE>
<TABLE>
INVESTMENT
GRADE SHORT-TERM SMALL-CAP
CORPORATE MIDCAP MATURITY AGGRESSIVE
BOND GROWTH BOND GROWTH
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
-------------- -------------- ---------------- -----------------
INVESTMENT INCOME: (A)
<S> <C> <C> <C> <C>
Interest 7,136,653 135,207 3,570,558 1,161,997
Dividends 55,162 1,580,382
Less: Foreign withholding tax (142)
-------------- -------------- ---------------- -----------------
Total income 7,136,653 190,369 3,570,558 2,742,237
EXPENSES:
Salaries 6,775 8,245
Legal and SEC fees 815 19,474
Directors' fees 295 1,857
Auditing fees 1,500 5,110
Investment administration 32,737 58,076
Bank and custodial fees 16,695 41,612
Other expenses 4,057 25,058
Management fee 646,636 214,690 352,368 1,365,904
-------------- -------------- ---------------- -----------------
Total expenses 646,636 277,564 352,368 1,525,336
-------------- -------------- ---------------- -----------------
Less amount paid by
GW Capital Management 52,139 9,205
-------------- -------------- ---------------- -----------------
Net expenses 646,636 225,425 352,368 1,516,131
-------------- -------------- ---------------- -----------------
NET INVESTMENT INCOME (LOSS) 6,490,017 (35,056) 3,218,190 1,226,106
-------------- -------------- ---------------- -----------------
REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Net short-term realized gain (loss)
on investments (663,076) 317,747 73,015 15,648,905
Net long-term realized gain
in investments 774,536 23,242 6,451,761
Change in net unrealized appreciation
(depreciation)on investments 627,506 3,438,694 303,418 6,154,183
Change in net unrealized (depreciation)
on translation of assets and liabilities
denominated in foreign currencies
Net change in realized and unrealized
appreciation -------------- -------------- ---------------- -----------------
(depreciation) on investments 738,966 3,756,441 399,675 28,254,849
-------------- -------------- ---------------- -----------------
NET INCREASE (DECREASE) IN NET ASSETS 7,228,983 3,721,385 3,617,865 29,480,955
RESULTING FROM OPERATIONS ============== ============== ================ =================
</TABLE>
(A) The portfolio commenced operations on July 1, 1997
<PAGE>
MAXIM SERIES FUND, INC.
<TABLE>
STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 1997
- ------------------------------------------------------------------------------------------------------------------------
U.S.
GOVERNMENT
MORTGAGE VALUE
SECURITIES INDEX
PORTFOLIO PORTFOLIO
---------------- ---------------
INVESTMENT INCOME:
<S> <C> <C>
Interest 10,527,679 113,270
Dividends 4,292,416
Less: Foreign withholding tax (422)
---------------- ---------------
Total income 10,527,679 4,405,264
EXPENSES:
Salaries
Legal and SEC fees
Directors' fees
Auditing fees
Investment administration
Bank and custodial fees
Other expenses
Management fee 896,131 1,083,359
---------------- ---------------
Total expenses 896,131 1,083,359
---------------- ---------------
Less amount paid by GW Capital Management
---------------- ---------------
Net expenses 896,131 1,083,359
---------------- ---------------
NET INVESTMENT INCOME 9,631,548 3,321,905
---------------- ---------------
REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Net short-term realized gain on investments 495,891 1,457,558
Net long-term realized gain on investments 161,482 11,522,378
Change in net unrealized appreciation on investments 2,267,802 35,953,743
Change in net unrealized (depreciation) on translation of
assets and liabilities denominated in foreign currencies
---------------- ---------------
Net change in realized and unrealized appreciation
(depreciation) on investments 2,925,175 48,933,679
---------------- ---------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS 12,556,723 52,255,584
================ ===============
</TABLE>
See notes to financial statements. (Concluded)
<PAGE>
MAXIM SERIES FUND, INC.
<TABLE>
STATEMENTS OF CHANGES IN NET ASSETS
YEARS ENDED DECEMBER 31, 1997 AND 1996
- -----------------------------------------------------------------------------------------------------
FOREIGN
BLUE CHIP EQUITY
PORTFOLIO PORTFOLIO
------------ -----------------------------
1997 1997 1996
------------ ------------- --------------
INCREASE (DECREASE) IN NET ASSETS: (A)
OPERATIONS:
<S> <C> <C> <C>
Net investment income (loss) 812,490 (175,448) 293,535
Net short-term realized gain (loss) on (469,457) 542,685 1,493,498
investments
Net long-term realized gain on investments 3,451,906 1,913,362
Change in net unrealized appreciation
(depreciation)
on investments 2,574,288 (5,844,248) 1,732,116
Change in net unrealized (depreciation) on
translation of
assets and liabilities denominated in foreign (48,537) (696,207) (246,702)
currencies
------------ ------------- --------------
Net increase (decrease) in net assets
resulting from
Operations 2,868,784 (2,721,312) 5,185,809
------------ ------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income and net short-term (808,270) (1,351,699) (293,535)
realized gains
From net long-term realized gains (3,144,430)
------------ ------------- --------------
Total distributions (808,270) (4,496,129) (293,535)
------------ ------------- --------------
SHARE TRANSACTIONS:
Net proceeds from sales of shares 95,597,787 19,269,737 46,933,053
Reinvestment of distributions 808,270 4,496,129 293,535
Cost of shares redeemed (4,259,679) (31,980,112) (36,416,271)
------------ ------------- --------------
Net increase (decrease) in net assets
resulting from share
Transactions 92,146,378 (8,214,246) 10,810,317
------------ ------------- --------------
Total increase (decrease) in net assets 94,206,892 (15,431,687) 15,702,591
NET ASSETS:
Beginning of period 80,106,459 64,403,868
============ ============= ==============
End of period 94,206,892 64,674,772 80,106,459
============ ============= ==============
OTHER INFORMATION:
SHARES:
Sold 95,499,044 18,579,686 45,789,651
Issued in reinvestment of distributions 790,519 4,883,489 284,466
Redeemed (4,179,726) (29,467,074) (35,600,077)
============ ============= ==============
Net increase (decrease) 92,109,837 (6,003,899) 10,474,040
============ ============= ==============
(A) The portfolio commenced operations on July 1, 1997
See notes to financial statements. (Continued)
</TABLE>
<TABLE>
INVESTMENT GRADE
GROWTH INDEX CORPORATE BOND
PORTFOLIO PORTFOLIO
------------------------------ -------------------------------
1997 1996 1997 1996
--------------- ------------- -------------- -------------
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
<S> <C> <C> <C> <C>
Net investment income (loss) 691,907 513,945 6,490,017 5,839,626
Net short-term realized gain (loss)on investments 391,033 336,539 (663,076) (1,238,570)
Net long-term realized gain on investments 4,671,944 6,909,305 774,536 80,051
Change in net unrealized appreciation
(depreciation)on investments 24,723,720 4,368,100 627,506 (1,637,586)
Change in net unrealized (depreciation) on
translation of assets and liabilities denominated
in foreign currencies
Net increase (decrease) in net assets resulting from --------------- ------------- -------------- -------------
Operations 30,478,604 12,127,889 7,228,983 3,043,521
--------------- ------------- -------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income and net
short-term realized gains (1,129,582) (945,533) (6,484,674) (5,839,626)
From net long-term realized gains (4,519,784) (7,032,586)
--------------- ------------- -------------- -------------
Total distributions (5,649,366) (7,978,119) (6,484,674) (5,839,626)
--------------- ------------- -------------- -------------
SHARE TRANSACTIONS:
Net proceeds from sales of shares 59,381,868 72,692,642 17,498,367 51,398,029
Reinvestment of distributions 5,649,366 7,978,119 6,484,674 5,839,626
Cost of shares redeemed (10,627,922) (44,592,620) (10,573,542) (48,929,802)
--------------- ------------- -------------- -------------
Net increase (decrease) in net assets
resulting from share
Transactions 54,403,312 36,078,141 13,409,499 8,307,853
--------------- ------------- -------------- -------------
Total increase (decrease) in net assets 79,232,550 40,227,911 14,153,808 5,511,748
NET ASSETS:
Beginning of period 83,743,210 43,515,299 100,722,152 95,210,404
=============== ============= ============== =============
End of period 162,975,760 83,743,210 114,875,960 100,722,152
=============== ============= ============== =============
OTHER INFORMATION:
SHARES:
Sold 34,500,097 47,802,158 13,638,954 40,128,086
Issued in reinvestment of distributions 3,133,784 5,375,108 5,086,411 4,588,258
Redeemed (5,955,581) (29,126,291) (8,221,477) (38,210,297)
============= ============== =========== ===========
Net increase (decrease) 31,678,300 24,050,975 10,503,888 6,506,047
(A) The portfolio commenced operations on July 1, 1997
See notes to financial statements.
</TABLE>
<PAGE>
MAXIM SERIES FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
YEARS ENDED DECEMBER 31, 1997 AND 1996
<TABLE>
- ------------------------------------------------------------------------------------------------------------------------
MIDCAP
GROWTH SHORT-TERM MATURITY SMALL-CAP AGGRESSIVE
PORTFOLIO BOND PORTFOLIO GROWTH PORTFOLIO
------------ --------------------------- ----------------------------
1997 1997 1996 1997 1996
------------ ------------- ------------- ------------- ------------
INCREASE (DECREASE) IN ASSETS: (B)
OPERATIONS:
<S> <C> <C> <C> <C> <C>
Net investment income (35,056) 3,218,190 1,549,781 1,226,106 463,953
Net short-term realized gain 317,747 73,015 (60,079) 15,648,905 3,358,026
(loss) on investments
Net long-term realized gain 23,242 6,451,761 2,255,775
on investments
Change in net unrealized
appreciation
(depreciation) on investments 3,438,694 303,418 53,675 6,154,183 6,998,120
Change in net unrealized
(depreciation) on
translation of assets and
liabilities
denominated in foreign
currencies
------------ ------------- ------------- ------------- ------------
Net increase in net assets
resulting from operations 3,721,385 3,617,865 1,543,377 29,480,955 13,075,874
------------ ------------- ------------- ------------- ------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income
and net short-term realized gains (83,895) (3,217,896) (1,549,781) (16,102,420) (3,583,866)
From net long-term realized (6,818) (5,867,189) (1,858,939)
gains
------------ ------------- ------------- ------------- ------------
Total distributions (83,895) (3,224,714) (1,549,781) (21,969,609) (5,442,805)
------------ ------------- ------------- ------------- ------------
SHARE TRANSACTIONS:
Net proceeds from sales of 53,783,609 41,122,124 52,044,506 82,365,170 64,452,555
shares
Reinvestment of distributions 83,895 3,224,714 1,549,781 21,969,609 5,442,805
Cost of shares redeemed (800,697) (5,875,558) (29,703,439) (8,468,416) (26,178,114)
------------ ------------- ------------- ------------- ------------
Net increase in net assets
resulting from
share transactions 53,066,807 38,471,280 23,890,848 95,866,363 43,717,246
------------ ------------- ------------- ------------- ------------
Total increase in net 56,704,297 38,864,431 23,884,444 103,377,709 51,350,315
assets
NET ASSETS:
Beginning of period 0 39,503,114 15,618,670 79,944,926 28,594,611
------------
============= ============= ============= ============
End of period 56,704,297 78,367,545 39,503,114 183,322,635 79,944,926
============ ============= ============= ============= ============
OTHER INFORMATION:
SHARES:
Sold 51,914,438 40,679,643 51,768,539 53,397,184 48,298,315
Issued in reinvestment of 79,243 3,194,509 1,546,276 14,624,075 3,944,562
distributions
Redeemed (763,462) (5,792,498) (29,542,541) (5,315,775) (19,892,161)
------------ -------------
============= ============= ============
Net increase 51,230,219 38,081,654 23,772,274 62,705,484 32,350,716
============ ============= ============= ============= ============
(B) The portfolio commenced operations on July 1, 1997
</TABLE>
See notes to financial statements (Concluded)
<TABLE>
U.S. GOVERNMENT
MORTGAGE SECURITIES VALUE INDEX
PORTFOLIO PORTFOLIO
--------------------------- --------------------------
1997 1996 1997 1996
------------ ------------ ------------ ------------
INCREASE (DECREASE) IN ASSETS:
OPERATIONS:
<S> <C> <C> <C> <C>
Net investment income 9,631,548 8,595,453 3,321,905 2,194,284
Net short-term realized gain 495,891 (344,155) 1,457,558 816,122
(loss) on investments
Net long-term realized gain on investments 161,482 154,023 11,522,378 2,185,585
Change in net unrealized appreciation
(depreciation) on investments 2,267,802 (2,751,951) 35,953,743 12,970,042
Change in net unrealized
(depreciation)on translation of assets and
liabilities denominated in foreign currencies
Net increase in net assets ------------ ------------ ------------ ------------
resulting from operations 12,556,723 5,653,370 52,255,584 18,166,033
------------ ------------ ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income and net
short-term realized gains (9,627,280) (8,595,453) (4,683,251) (3,007,874)
From net long-term realized gains (11,250,768) (2,186,139)
------------ ------------ ------------ ------------
Total distributions (9,627,280) (8,595,453) (15,934,019) (5,194,013)
------------ ------------ ------------ ------------
SHARE TRANSACTIONS:
Net proceeds from sales of shares 24,003,121 70,074,949 77,743,771 80,133,458
Reinvestment of distributions 9,627,280 8,595,453 15,934,019 5,194,013
Cost of shares redeemed (12,841,366) (66,812,091) (14,860,577) (41,200,363)
------------ ------------ ------------ ------------
Net increase in net assets
resulting from share transactions 20,789,035 11,858,311 78,817,213 44,127,108
------------ ------------ ------------ ------------
Total increase in net assets 23,718,478 8,916,228 115,138,778 57,099,128
NET ASSETS: 138,465,908 129,549,680 122,283,026 65,183,898
Beginning of period ============ ============ ============ ============
End of period 162,184,386 138,465,908 237,421,804 122,283,026
============ ============ ============ ============
OTHER INFORMATION:
SHARES:
Sold 20,604,015 60,620,445 46,501,145 59,397,860
Issued in reinvestment of distributions 8,300,735 7,479,648 8,953,668 3,609,410
Redeemed (10,993,838) (57,812,180) (8,657,763) (30,534,066)
============ ============ ------------ ============
Net increase 17,910,912 10,287,913 46,797,050 32,473,204
============ ============ ------------ ============
(B) The portfolio commenced operations on July 1, 1997
See notes to financial statements
</TABLE>
<PAGE>
MAXIM SERIES FUND, INC.
<TABLE>
BLUE CHIP PORTFOLIO
FINANCIAL HIGHLIGHTS
- -------------------------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the period ended
December 31, 1997 is as follows:
Period Ended
December 31,
1997
----------------------
(A)
<S> <C>
Net Asset Value, Beginning of Period 1.000
Income From Investment Operations
Net investment income 0.0089
Net short-term realized gain (loss) (0.0051)
Net long-term realized and unrealized gain (loss) 0.0279
----------------------
Total Income (Loss) From Investment Operations 0.0317
Less Distributions
From net investment income and net short-term realized gains (0.0089)
From net long-term realized gains
----------------------
Total Distributions (0.0089)
----------------------
Net Asset Value, End of Period 1.0228
======================
Total Return 3.17%
Net Assets, End of Period 94,206,892
Average Commission Rate Paid Per Share Bought or Sold 0.0598
Ratio of Expenses to Average Net Assets 1.14% *#
Ratio of Net Investment Income to Average Net Assets 1.78% *
Portfolio Turnover Rate 111.45%
(A) The portfolio commenced operations on July 1, 1997.
* Annualized
# Percentage is shown net of expenses reimbursed by GW Capital Management, LLC.
(Continued)
</TABLE>
<PAGE>
MAXIM SERIES FUND, INC.
<TABLE>
FOREIGN EQUITY PORTFOLIO
FINANCIAL HIGHLIGHTS
- ------------------------------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the periods
ended December 31, 1997, 1996, 1995, and 1994 is as follows:
Year Ended December 31,
---------------------------------------------------------------
1997 1996 1995 1994
---------------- -------------- --------------- ------------
(A)
<S> <C> <C> <C> <C>
Net Asset Value, Beginning of Period 1.0580 0.9871 0.9515 1.0000
Income From Investment Operations
Net investment income (loss) (0.0017) 0.0041 0.0073 (0.0019)
Net short-term realized gain 0.0078
Net long-term realized and unrealized gain (loss) (0.0671) 0.0709 0.0398 (0.0466)
---------------- -------------- --------------- -------------
Total Income (Loss) From Investment Operations (0.0610) 0.0750 0.0471 (0.0485)
Less Distributions
From net short-term realized gains (0.0208)
From net long-term realized gains (0.0485) (0.0041) (0.0115)
---------------- -------------- --------------- ------------
Total Distributions (0.0693) (0.0041) (0.0115)
---------------- -------------- --------------- ------------
Net Asset Value, End of Period 0.9277 1.0580 0.9871 0.9515
================ ============== =============== ============
Total Return (5.69)% 7.61% 5.02% (4.85)%
Net Assets, End of Period 64,674,772 80,106,459 64,403,868 42,760,613
Average Commission Rate Paid
Per Share Bought or Sold 0.0026 0.0252
Ratio of Expenses to Average Net Assets 1.33% # 1.45% # 1.50% # 1.50% * #
Ratio of Net Investment Income to Average Net Assets (0.23)% 0.41% 0.69% (1.26)% *
Portfolio Turnover Rate 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.
</TABLE>
(Continued)
<PAGE>
MAXIM SERIES FUND, INC.
GROWTH INDEX PORTFOLIO
FINANCIAL HIGHLIGHTS
<TABLE>
- ----------------------------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the periods
ended December 31, 1997, 1996, 1995, 1994, and 1993 is as follows:
Year Ended December 31,
--------------------------------------------------------------------------------
1997 1996 1995 1994 1993
-------------- -------------- -------------- --------------- --------------
(A)
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period 1.4852 1.3459 1.0120 1.0064 1.0000
Income From Investment Operations
Net investment income 0.0085 0.0114 0.0127 0.0133 0.0015
Net short-term realized gain 0.0044 0.0084 0.0038
Net long-term realized and unrealized gain 0.4197 0.2767 0.3394 0.0056 0.0064
-------------- -------------- -------------- --------------- --------------
Total Income From Investment Operations 0.4326 0.2965 0.3559 0.0189 0.0079
Less Distributions
From net investment income and
net short-term realized gains (0.0137) (0.0198) (0.0165) (0.0133) (0.0015)
From net long-term realized gains (0.0534) (0.1374) (0.0055)
-------------- -------------- -------------- --------------- --------------
Total Distributions (0.0671) (0.1572) (0.0220) (0.0133) (0.0015)
-------------- -------------- -------------- --------------- --------------
Net Asset Value, End of Period 1.8507 1.4852 1.3459 1.0120 1.0064
============== ============== ============== =============== ==============
Total Return 29.26% 22.10% 35.29% 1.93% .79%
Net Assets, End of Period 162,975,760 83,743,210 43,515,299 14,171,307 3,099,916
Average Commission Rate Paid
Per Share Bought or Sold 0.0264 0.0358
Ratio of Expenses to Average Net Assets 0.60% 0.60% 0.60% 0.60% 0.59%*
Ratio of Net Investment Income
to Average Net Assets 0.54% 0.83% 1.15% 1.57% 1.98%*
Portfolio Turnover Rate 21.52% 41.55% 17.90% 18.50% 0.06%
</TABLE>
(A) The portfolio commenced operations on December 1, 1993.
* Annualized
(Continued)
<PAGE>
MAXIM SERIES FUND, INC.
<TABLE>
INVESTMENT GRADE CORPORATE BOND PORTFOLIO
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the years ended
December 31, 1997, 1996, 1995, 1994, and 1993 is as follows:
Year Ended December 31,
----------------------------------------------------------------------------
1997 1996 1995 1994 1993
-------------- --------------- ------------- -------------- -------------
<S> <C> <C> <C> <C> <C>
Net Asset Value, 1.2774 1.3161 1.2019 1.3090 1.2957
Beginning of Period
Income From Investment Operations
Net investment income 0.0769 0.0777 0.0794 0.0665 0.0691
Net short-term realized gain (loss) (0.0071) 0.0022
Net long-term realized and
Unrealized gain (loss) 0.0152 (0.0387) 0.1142 (0.1071) 0.0452
-------------- --------------- ------------- -------------- -------------
Total Income (Loss) From
Investment Operations 0.0850 0.0390 0.1958 (0.0406) 0.1143
Less Distributions
From net investment income and
net short-term realized gains (0.0768) (0.0777) (0.0816) (0.0665) (0.0686)
From net long-term realized gains (0.0324)
-------------- --------------- ------------- -------------- -------------
Total Distributions (0.0768) (0.0777) (0.0816) (0.0665) (0.1010)
-------------- --------------- ------------- -------------- -------------
Net Asset Value, End of Period 1.2856 1.2774 1.3161 1.2019 1.3090
============== =============== ============= ============== =============
Total Return 6.85% 3.14% 16.71% (3.15)% 8.95%
Net Assets, End of Period 114,875,960 100,722,152 95,210,404 71,276,294 63,585,296
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 6.02% 6.08% 6.30% 5.37% 5.13%
Portfolio Turnover Rate 140.35% 118.50% 159.21% 51.66% 151.14%
</TABLE>
(Continued)
<PAGE>
MAXIM SERIES FUND, INC.
<TABLE>
MIDCAP GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS
- -------------------------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the period ended
December 31, 1997 is as follows:
Period Ended
December 31,
1997
----------------------
(A)
<S> <C>
Net Asset Value, Beginning of Period 1.000
Income From Investment Operations
Net investment income
Net short-term realized gain (loss) 0.0062
Net long-term realized and unrealized gain (loss) 0.1024
----------------------
0.1086
Total Income (Loss) From Investment Operations
Less Distributions
From net investment income and net short-term realized gains (0.0017)
From net long-term realized gains
----------------------
Total Distributions (0.0017)
----------------------
Net Asset Value, End of Period 1.1069
======================
Total Return 10.86%
Net Assets, End of Period 56,704,297
Average Commission Rate Paid Per Share Bought or Sold 0.0517
Ratio of Expenses to Average Net Assets 1.05%* #
Ratio of Net Investment Income to Average Net Assets (0.16)%*
Portfolio Turnover Rate 24.28%
(A) The portfolio commenced operations on July 1, 1997.
* Annualized
# Percentage is shown net of expenses reimbursed by GW Capital Management, LLC.
</TABLE>
(Continued)
<PAGE>
MAXIM SERIES FUND, INC.
<TABLE>
SHORT-TERM MATURITY BOND
FINANCIAL HIGHLIGHTS
- -------------------------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the periods
ended December 31, 1997, 1996 and 1995 is as follows:
Year Ended December 31,
------------------------------------------------------------
1997 1996 1995
------------------ ----------------- -------------------
(A)
<S> <C> <C> <C>
Net Asset Value, Beginning of Period 1.0065 1.0092 1.0000
Income From Investment Operations
Net investment income 0.0534 0.0489 0.0194
Net short-term realized gain 0.0009 0.0013
Net long-term realized and unrealized gain (loss) 0.0061 (0.0027) 0.0092
------------------ ----------------- -------------------
Total Income From Investment Operations 0.0604 0.0462 0.0299
Less Distributions
From net investment income and net short-term realized gains (0.0534) (0.0489) (0.0207)
From net long-term realized gains (0.0001)
------------------ ----------------- -------------------
Total Distributions (0.0535) (0.0489) (0.0207)
------------------ ----------------- -------------------
Net Asset Value, End of Period 1.0134 1.0065 1.0092
================== ================= ===================
Total Return 6.14% 4.70% 3.02%
Net Assets, End of Period 78,367,545 39,503,114 15,618,670
Ratio of Expenses to Average Net Assets 0.60% 0.60% 0.53% *
Ratio of Net Investment Income to Average Net Assets 5.47% 5.15% 4.61% *
Portfolio Turnover Rate 84.59% 51.71% 97.87%
</TABLE>
(A) The portfolio commenced operations on August 1, 1995.
* Annualized
(Continued)
<PAGE>
MAXIM SERIES FUND, INC.
<TABLE>
SMALL-CAP AGGRESSIVE GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS
- -----------------------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the periods
ended December 31, 1997, 1996, 1995, and 1994 is as follows:
Year Ended December 31,
--------------------------------------------------------------------------
1997 1996 1995 1994
------------------ ----------------- ------------------ -----------------
(A)
<S> <C> <C> <C> <C>
Net Asset Value, Beginning of Period 1.4028 1.1605 0.9755 1.0000
Income From Investment Operations
Net investment income (loss) 0.0103 0.0091 0.0075 (0.0016)
Net short-term realized gain 0.1307 0.0597 0.0878
Net long-term realized and unrealized gain (loss) 0.1966 0.2779 0.1962 (0.0229)
------------------ ----------------- ------------------ -----------------
Total Income (Loss) From Investment Operations 0.3376 0.3467 0.2915 (0.0245)
Less Distributions
From net investment income and net
short-term realized gains (0.1524) (0.0688) (0.0945)
From net long-term realized gains (0.0564) (0.0356) (0.0120)
------------------ ----------------- ------------------ -----------------
Total Distributions (0.2088) (0.1044) (0.1065)
------------------ ----------------- ------------------ -----------------
Net Asset Value, End of Period 1.5316 1.4028 1.1605 0.9755
================== ================= ================== =================
Total Return 24.50% 30.09% 29.96% (2.46)%
Net Assets, End of Period 183,322,635 79,944,926 28,594,611 12,963,409
Average Commission Rate Paid
Per Share Bought or Sold 0.0539 0.0573
Ratio of Expenses to Average Net Assets 1.11% # 1.26% # 1.30% # 1.26% * #
Ratio of Net Investment Income to Average Net Assets 0.89% 0.98% 0.65% (1.08)% *
Portfolio Turnover Rate 93.28% 62.63% 99.48% 8.84%
</TABLE>
(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.
<TABLE>
U.S. GOVERNMENT MORTGAGE SECURITIES PORTFOLIO
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the years ended
December 31, 1997, 1996, 1995, 1994, and 1993 is as follows:
Year Ended December 31,
--------------------------------------------------------------------------------
1997 1996 1995 1994 1993
--------------- -------------- ------------- --------------- ---------------
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period 1.1519 1.1786 1.0917 1.1813 1.1503
Income From Investment Operations
Net investment income 0.0745 0.0751 0.0781 0.0620 0.0788
Net short-term realized gain 0.0036
Net realized and unrealized
gain (loss) 0.0188 (0.0267) 0.0869 (0.0896) 0.0315
--------------- -------------- ------------- --------------- ---------------
Total Income (Loss) From
Investment Operations 0.0969 0.0484 0.1650 (0.0276) 0.1103
Less Distributions
From net investment income (0.0745) (0.0751) (0.0781) (0.0620) (0.0788)
From net realized gains (0.0005)
--------------- -------------- ------------- --------------- ---------------
Total Distributions (0.0745) (0.0751) (0.0781) (0.0620) (0.0793)
--------------- -------------- ------------- --------------- ---------------
Net Asset Value, End of Period 1.1743 1.1519 1.1786 1.0917 1.1813
=============== ============== ============= =============== ===============
Total Return 8.64% 4.29% 15.55% (2.34)% 9.65%
Net Assets, End of Period 162,184,386 138,465,908 129,549,680 93,386,366 77,052,883
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 6.44% 6.51% 6.84% 5.67% 8.12%
Portfolio Turnover Rate 34.01% 94.63% 188.04% 331.42% 17.78%
</TABLE>
(Continued)
<PAGE>
MAXIM SERIES FUND, INC.
<TABLE>
VALUE INDEX PORTFOLIO
FINANCIAL HIGHLIGHTS
- ----------------------------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the periods
ended December 31, 1997, 1996, 1995, 1994, and 1993 is as follows:
Year Ended December 31,
----------------------------------------------------------------------------
1997 1996 1995 1994 1993
-------------- ------------- ------------- -------------- -------------
(A)
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period 1.4538 1.2623 0.9614 1.0118 1.0000
Income From Investment Operations
Net investment income 0.0278 0.0298 0.0305 0.0253 0.0014
Net short-term realized gain 0.0111 0.0101 0.0054
Net long-term realized and unrealized gain (loss) 0.4520 0.2186 0.3144 (0.0504) 0.0119
-------------- ------------- ------------- -------------- -------------
Total Income (Loss) From Investment Operations 0.4909 0.2585 0.3503 (0.0251) 0.0133
Less Distributions
From net investment income and
net short-term realized gains (0.0389) (0.0399) (0.0359) (0.0253) (0.0014)
From net long-term realized gains (0.0922) (0.0271) (0.0135) (0.0001)
-------------- ------------- ------------- -------------- -------------
Total Distributions (0.1311) (0.0670) (0.0494) (0.0253) (0.0015)
-------------- ------------- ------------- -------------- -------------
Net Asset Value, End of Period 1.8136 1.4538 1.2623 0.9614 1.0118
============== ============= ============= ============== =============
Total Return 34.08% 20.63% 36.80% (2.49)% 1.32%
Net Assets, End of Period 237,421,804 122,283,026 65,183,898 25,610,474 4,337,142
Average Commission Rate Paid
Per Share Bought or Sold 0.0295 0.0377
Ratio of Expenses to Average Net Assets 0.60% 0.60% 0.60% 0.60% 0.59%*
Ratio of Net Investment Income
to Average Net Assets 1.83% 2.38% 2.87% 3.18% 2.11%*
Portfolio Turnover Rate 26.03% 16.31% 18.11% 16.88% 8.99%
(A) The portfolio commenced operations on December 1, 1993.
* Annualized
</TABLE>
(Concluded)
<PAGE>
MAXIM SERIES FUND, INC.
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 1997 AND 1996
- --------------------------------------------------------------------------------
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 $23,105,000 at December 31, 1997, 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 December 31, 1997 were as follows:
<TABLE>
Investment Grade Short-Term
Foreign Equity Corporate Maturity
Portfolio Bond Portfolio Bond Portfolio
------------------- ----------------------- -----------------
<S> <C> <C> <C>
Aggregate Cost 1,560,225 11,586,261 3,993,960
Aggregate Fair Value 1,197,612 11,668,440 3,991,480
Percent of Net Assets 1.85% 10.16% 5.09%
</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 December 31, 1997, 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 $442,435, $40,816, and $3,288,408, 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 1.05%, 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 December 31, 1997:
<TABLE>
Net
Gross Gross Unrealized
Appreciation Depreciation Appreciation
<S> <C> <C> <C>
Blue Chip Portfolio 3,883,219 (1,357,468) 2,525,751
Foreign Equity Portfolio 4,064,319 (4,707,571) (643,252)
Growth Index Portfolio 40,386,166 (3,456,253) 36,929,913
Investment Grade Corporate Bond Portfolio 1,381,852 (106,734) 1,275,118
MidCap Growth Portfolio 5,248,396 (1,809,702) 3,438,694
Short-Term Maturity Bond Portfolio 500,477 (55,588) 444,889
Small-Cap Aggressive Growth Portfolio 24,277,396 (8,263,404) 16,013,992
U.S. Government Mortgage Securities Portfolio 4,873,625 (250,264) 4,623,361
Value Index Portfolio 61,427,346 (2,267,674) 59,159,672
</TABLE>
<PAGE>
MAXIM SERIES FUND, INC.
Financial Statements and Financial Highlights
For the Period from September 9, 1997 (Inception)
To December 31, 1997
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Board of Directors and Stockholders of
Maxim Series Fund, Inc.:
We have audited the accompanying statement of assets and liabilities of the
Aggressive Profile Portfolio, Conservative Profile Portfolio, Moderate Profile
Portfolio, Moderately Aggressive Profile Portfolio, and Moderately Conservative
Profile Portfolio, of Maxim Series Fund, Inc., as of December 31, 1997, the
related statement of operations, and the statement of changes in net assets and
financial highlights for the period from September 9, 1997 (inception) to
December 31, 1997. These financial statements and financial highlights are the
responsibility of the Fund's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audit.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements and financial highlights are
free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. Our
procedures included confirmation of securities owned as of December 31, 1997, by
correspondence with the custodian and brokers; where replies were not received
from brokers, we performed other auditing procedures. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, such financial statements and financial highlights present
fairly, in all material respects, the financial position of the Aggressive
Profile Portfolio, Conservative Profile Portfolio, Moderate Profile Portfolio,
Moderately Aggressive Profile Portfolio, and Moderately Conservative Profile
Portfolio, of Maxim Series Fund, Inc., at December 31, 1997, and the results of
their operations, the changes in their net assets and the financial highlights
for the period from September 9, 1997 (inception) to December 31, 1997, in
conformity with generally accepted accounting principles.
January 30, 1998
<PAGE>
MAXIM SERIES FUND, INC.
<TABLE>
STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 1997
- ----------------------------------------------------------------------------------------------------------------------
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:
<S> <C> <C> <C> <C>
Blue Chip Portfolio 103,768 161,276
Bond Portfolio 40,154 53,412
Corporate Bond Portfolio 26,635 52,970
Growth Index Portfolio 68,795 26,836 103,631 161,328 53,246
International Equity Portfolio 101,628 153,352 159,333 78,622
INVESCO ADR Portfolio 69,666 163,252
MidCap Portfolio 105,366 164,963
MidCap Growth Portfolio 106,491 159,641 166,203 54,956
Short-Term Maturity Bond Portfolio 93,769 155,665 106,849
Small-Cap Index Portfolio 69,113
Small-Cap Value Portfolio 71,421 106,933 166,732
U.S. Government Securities Portfolio 40,300 156,108 242,464 53,591
Value Index Portfolio 105,246 40,802 105,308 246,001 81,567
------------ -------------- ------------ ------------ --------------
Total assets (cost $748,308; 697,726 268,496 1,044,406 1,631,552 535,213
$273,297; $1,099,014;
$1,717,511; and
$552,434)
LIABILITIES:
Due to GW Capital Management 292 80 325 583 238
------------ -------------- ------------ ------------ --------------
NET ASSETS 697,434 268,416 1,044,081 1,630,969 534,975
============ ============== ============ ============ ==============
NET ASSETS REPRESENTED BY:
Capital stock, $.10 par value 73,377 26,608 108,067 168,558 53,991
Additional paid-in capital 679,694 246,176 992,457 1,548,713 497,150
Net unrealized depreciation on (50,582) (4,801) (54,608) (85,959) (17,221)
investments
Overdistributed net investment income (5) (2) (8) (11) (3)
Accumulated net short-term realized
gain (loss) on investments (5,050) 435 (1,827) (332) 1,058
------------ -------------- ------------ ------------ --------------
NET ASSETS 697,434 268,416 1,044,081 1,630,969 534,975
============ ============== ============ ============ ==============
NET ASSET VALUE PER OUTSTANDING SHARE 0.9505 1.0088 0.9661 0.9676 0.9909
============ ============== ============ ============ ==============
SHARES OF CAPITAL STOCK:
Authorized 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000
Outstanding 733,767 266,080 1,080,669 1,685,584 539,907
</TABLE>
See notes to financial statements.
<PAGE>
MAXIM SERIES FUND, INC.
<TABLE>
STATEMENT OF OPERATIONS
PERIOD FROM SEPTEMBER 9, 1997 (INCEPTION) TO DECEMBER 31, 1997
- -------------------------------------------------------------------------------------------------------------------------------
MODERATELY MODERATELY
AGGRESSIVE CONSERVATIVE MODERATE AGGRESSIVE CONSERVATIVE
PROFILE PROFILE PROFILE PROFILE PROFILE
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
------------ -------------- ----------- ------------ ---------------
INVESTMENT INCOME:
<S> <C> <C> <C> <C> <C>
Income distributions received 3,495 3,780 9,489 12,309 7,123
------------ -------------- ----------- ------------ ---------------
Total income 3,495 3,780 9,489 12,309 7,123
EXPENSES:
Management fee 292 80 325 583 238
------------ -------------- ----------- ------------ ---------------
NET INVESTMENT INCOME: 3,203 3,700 9,164 11,726 6,885
------------ -------------- ----------- ------------ ---------------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS:
Net short-term realized gain (loss) on (5,050) 442 (1,800) 417 1,058
investments
Short-term capital gain distributions 5,390 351 5,454 9,682 1,004
received
Long-term capital gain distributions received 46,887 2,877 46,120 86,035 8,818
Change in net unrealized depreciation on (50,582) (4,801) (54,608) (85,959) (17,221)
investments
------------ -------------- ----------- ------------ ---------------
Net change in realized and unrealized (3,355) (1,131) 4,834 10,175 (6,341)
appreciation
------------ -------------- ----------- ------------ ---------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING
FROM OPERATIONS (152) 2,569 4,330 21,901 544
============ ============== =========== ============ ===============
</TABLE>
See notes to financial statements.
<PAGE>
MAXIM SERIES FUND, INC.
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS
PERIOD FROM SEPTEMBER 9, 1997 (INCEPTION) TO DECEMBER 31, 1997
- ---------------------------------------------------------------------------------------------------------------------------
MODERATELY MODERATELY
AGGRESSIVE CONSERVATIVE MODERATE AGGRESSIVE CONSERVATIVE
PROFILE PROFILE PROFILE PROFILE PROFILE
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
------------ ------------- ------------ -------------- --------------
INCREASE IN NET ASSETS:
OPERATIONS:
<S> <C> <C> <C> <C> <C>
Net investment income 3,203 3,700 9,164 11,726 6,885
Net short-term realized gain (loss) on (5,050) 442 (1,800) 417 1,058
investments
Short-term capital gain distributions 5,390 351 5,454 9,682 1,004
received
Long-term capital gain distributions 46,887 2,877 46,120 86,035 8,818
received
Change in net unrealized depreciation (50,582) (4,801) (54,608) (85,959) (17,221)
on investments
------------ ------------- ------------ -------------- --------------
Net increase (decrease) in net (152) 2,569 4,330 21,901 544
assets resulting from operations
DISTRIBUTIONS:
From net investment income and net (8,598) (4,060) (14,654) (22,168) (7,892)
short-term realized gains
From net long-term realized gains (46,887) (2,877) (46,120) (86,035) (8,818)
------------ ------------- ------------ -------------- --------------
Total distributions (55,485) (6,937) (60,774) (108,203) (16,710)
SHARE TRANSACTIONS:
Net proceeds from sales of shares 839,859 274,711 1,064,615 1,631,720 537,422
Reinvestment of distributions 55,485 6,937 60,774 108,203 16,710
Cost of shares redeemed (142,273) (8,864) (24,864) (22,652) (2,991)
------------ ------------- ------------ -------------- --------------
Net increase in net assets 753,071 272,784 1,100,525 1,717,271 551,141
resulting from share transactions
------------ ------------- ------------ -------------- --------------
Total increase in net assets 697,434 268,416 1,044,081 1,630,969 534,975
NET ASSETS:
Beginning of period 0 0 0 0 0
------------ ------------- ------------ -------------- --------------
End of period 697,434 268,416 1,044,081 1,630,969 534,975
============ ============= ============ ============== ==============
OTHER INFORMATION:
SHARES:
Sold 818,249 267,916 1,042,198 1,596,235 16,902
Issued in reinvestment of distributions 58,627 6,885 63,048 112,142 525,930
Redeemed (143,109) (8,721) (24,577) (22,793) (2,925)
------------ ------------- ------------ -------------- --------------
Net increase 733,767 266,080 1,080,669 1,685,584 539,907
============ ============= ============ ============== ==============
</TABLE>
See notes to financial statements.
<PAGE>
MAXIM SERIES FUND, INC.
<TABLE>
AGGRESSIVE PROFILE PORTFOLIO
FINANCIAL HIGHLIGHTS
- ----------------------------------------------------------------------------- ---------- ---
Selected data for a share of capital stock of the portfolio for the period ended
December 31, 1997 is as follows:
Period Ended
December 31,
1997
-----------------
(A)
<S> <C>
Net Asset Value, Beginning of Period 1.0000
Income From Investment Operations
Net investment income 0.0047
Capital gain distributions received 0.0712
-----------------
Total distributions received 0.0759
Net realized and unrealized (loss) on investments (0.0432)
-----------------
Total from Investment Operations 0.0327
-----------------
Less Distributions
From net investment income and net short-term realized gains (0.0127)
From net realized long-term gains (0.0695)
-----------------
Total Distributions (0.0822)
-----------------
Net Asset Value, End of Period 0.9505
=================
Total Return 3.31%
Net Assets, End of Period 697,434
Ratio of Expenses to Average Net Assets 0.25% *
Ratio of Net Investment Income to Average Net Assets 2.38% *
Portfolio Turnover Rate 59.90%
(A) The portfolio commenced operations on September 9, 1997.
* Annualized
(Continued)
</TABLE>
<PAGE>
MAXIM SERIES FUND, INC.
<TABLE>
CONSERVATIVE PROFILE PORTFOLIO
FINANCIAL HIGHLIGHTS
Selected data for a share of capital stock of the portfolio for the period ended
December 31, 1997 is as follows:
Period Ended
December 31,
1997
(A)
<S> <C>
Net Asset Value, Beginning of Period 1.0000
Income From Investment Operations
Net investment income 0.0145
Capital gain distributions received 0.0121
-----------------
Total distributions received 0.0266
Net realized and unrealized gain on investments 0.0094
-----------------
Total from Investment Operations 0.0360
-----------------
Less Distributions
From net investment income and net short-term realized gains (0.0159)
From net long-term realized gains (0.0113)
-----------------
Total Distributions (0.0272)
-----------------
Net Asset Value, End of Period 1.0088
=================
Total Return 3.60%
Net Assets, End of Period 268,416
Ratio of Expenses to Average Net Assets 0.25% *
Ratio of Net Investment Income to Average Net Assets 8.83% *
Portfolio Turnover Rate 25.56%
(A) The portfolio commenced operations on September 9, 1997.
* Annualized
(Continued)
</TABLE>
- --------------------------------------------------------------------- ---- ----
<PAGE>
MAXIM SERIES FUND, INC.
MODERATE PROFILE PORTFOLIO
FINANCIAL HIGHLIGHTS
Selected data for a share of capital stock of the portfolio for the period ended
December 31, 1997 is as follows:
<TABLE>
Period Ended
December 31,
1997
(A)
<S> <C>
Net Asset Value, Beginning of Period 1.0000
Income From Investment Operations
Net investment income 0.0090
Capital gain distributions received 0.0477
-----------------
Total distributions received 0.0567
Net realized and unrealized (loss) on investments (0.0308)
-----------------
Total from Investment Operations 0.0259
-----------------
Less Distributions
From net investment income and net short-term realized gains (0.0144)
From net long-term realized gains (0.0454)
-----------------
Total Distributions (0.0598)
-----------------
Net Asset Value, End of Period 0.9661
=================
Total Return 2.60%
Net Assets, End of Period 1,044,081
Ratio of Expenses to Average Net Assets 0.25% *
Ratio of Net Investment Income to Average Net Assets 5.51% *
Portfolio Turnover Rate 31.39%
(A) The portfolio commenced operations on September 9, 1997. * Annualized
(Continued)
</TABLE>
<PAGE>
MAXIM SERIES FUND, INC.
<TABLE>
MODERATELY AGGRESSIVE PROFILE PORTFOLIO
FINANCIAL HIGHLIGHTS
- ----------------------------------------------------------------------------- ---------- ---
Selected data for a share of capital stock of the portfolio for the period ended
December 31, 1997 is as follows:
Period Ended
December 31,
1997
-----------------
(A)
<S> <C>
Net Asset Value, Beginning of Period 1.0000
Income From Investment Operations
Net investment income 0.0075
Capital gain distributions received 0.0568
-----------------
Total distributions received 0.0643
Net realized and unrealized (loss) on investments (0.0279)
-----------------
Total from Investment Operations 0.0364
-----------------
Less Distributions
From net investment income and net short-term realized gains (0.0141)
From net long-term realized gains (0.0547)
-----------------
Total Distributions (0.0688)
-----------------
Net Asset Value, End of Period 0.9676
=================
Total Return 3.66%
Net Assets, End of Period 1,630,969
Ratio of Expenses to Average Net Assets 0.25% *
Ratio of Net Investment Income to Average Net Assets 4.19% *
Portfolio Turnover Rate 41.30%
(A) The portfolio commenced operations on September 9, 1997.
* Annualized
(Continued)
</TABLE>
<PAGE>
MAXIM SERIES FUND, INC.
<TABLE>
MODERATELY CONSERVATIVE PROFILE PORTFOLIO
FINANCIAL HIGHLIGHTS
- ----------------------------------------------------------------------------- ---------- ---
Selected data for a share of capital stock of the portfolio for the period ended
December 31, 1997 is as follows:
Period Ended
December 31,
1997
-----------------
(A)
<S> <C>
Net Asset Value, Beginning of Period 1.0000
Income from Investment Operations
Net investment income 0.0132
Capital gain distributions received 0.0182
-----------------
Total distributions received 0.0314
Net realized and unrealized (loss) on investments (0.0085)
-----------------
Total from Investment Operations 0.0229
-----------------
Less Distributions
From net investment income and net short-term realized gains (0.0151)
From net long-term realized gains (0.0169)
-----------------
Total Distributions (0.0320)
-----------------
Net Asset Value, End of Period 0.9909
=================
Total Return 2.29%
Net Assets, End of Period 534,975
Ratio of Expenses to Average Net Assets 0.25% *
Ratio of Net Investment Income to Average Net Assets 6.02% *
Portfolio Turnover Rate 32.97%
(A) The portfolio commenced operations on September 9, 1997.
* Annualized
(Concluded)
</TABLE>
<PAGE>
MAXIM SERIES FUND, INC.
NOTES TO FINANCIAL STATEMENTS
PERIOD FROM SEPTEMBER 9, 1997 (INCEPTION) TO DECEMBER 31, 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 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.
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. In 1997, 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, U.S. Government
Securities, Value Index and Growth 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; 1.15% of the average
daily net assets of the Blue Chip 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 December 31, 1997:
<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 1,952 2,608 4,421 501
appreciation
Gross (52,534) (4,801) (57,216) (90,380) (17,722)
depreciation
------------ --------------- ----------- ------------- ---------------
Net (50,582) (4,801) (54,608) (85,959) (17,221)
unrealized
depreciation
============ =============== =========== ============= ===============
</TABLE>
5. INVESTMENT IN SHARES OF MAXIM SERIES FUND, INC.
Shares owned and related values at December 31, 1997 are as follows:
Shares Value
Aggressive Profile Portfolio
Growth Index Portfolio 37,173 68,795
International Equity Portfolio 79,486 101,628
INVESCO ADR Portfolio 47,058 69,666
MidCap Portfolio 67,837 105,366
MidCap Growth Portfolio 96,211 106,491
Small-Cap Index Portfolio 54,904 69,113
Small-Cap Value Portfolio 78,023 71,421
Value Index Portfolio 58,032 105,246
---------
697,726
<PAGE>
Shares Value
Conservative Profile Portfolio
Bond Portfolio 33,132 40,154
Corporate Bond Portfolio 22,231 26,635
Growth Index Portfolio 14,500 26,836
Short-Term Maturity Bond 92,528 93,769
Portfolio
U.S. Government Securities 36,913 40,300
Portfolio
Value Index Portfolio 22,498 40,802
----------
268,496
Shares Value
Moderate Profile Portfolio
Blue Chip Portfolio 101,458 103,768
Growth Index Portfolio 55,996 103,631
International Equity Portfolio 119,940 153,352
Mid-Cap Growth Portfolio 144,230 159,641
Short-Term Maturity Bond 153,605 155,665
Portfolio
Small-Cap Value Portfolio 116,817 106,933
U.S. Government Securities 142,987 156,108
Portfolio
Value Index Portfolio 58,065 105,308
------------
1,044,406
Shares Value
Moderately Aggressive Profile Portfolio
Blue Chip Portfolio 157,686 161,276
Growth Index Portfolio 87,172 161,328
International Equity Portfolio 124,618 159,333
INVESCO ADR Portfolio 110,275 163,252
MidCap Portfolio 106,207 164,963
MidCap Growth Portfolio 150,158 166,203
Small Cap Value Portfolio 182,144 166,732
U.S. Government Securities 222,084 242,464
Portfolio
Value Index Portfolio 135,642 246,001
------------
1,631,552
Shares Value
Moderately Conservative Portfolio
Bond Portfolio 44,071 53,412
Corporate Bond Portfolio 44,212 52,970
Growth Index Portfolio 28,771 53,246
International Equity Portfolio 61,492 78,622
MidCap Growth Portfolio 49,651 54,956
Short-Term Maturity Bond 105,435 106,849
Portfolio
U.S. Government Securities 49,086 53,591
Portfolio
Value Index Portfolio 44,975 81,567
----------
535,213
<PAGE>
The Maxim Series Fund
Foreign Equity Portfolio
BONDS
ARGENTINA --- 1.4%
FOREIGN GOVERNMENTS
500,000 Republic of Argentina 478,000
Debentures
9.750% September 19, 2027
$478,000
MFTG - INDUSTRIAL PRODS
460,000 Perez Companc SA# 468,372
8.125% July 15, 2007
$468,372
TOTAL ARGENTINA --- 1.4% $946,372
BRAZIL --- 0.8%
FINANCIAL SERVICES
798,182 Brazil C Bond 545,913
4.000% April 15, 2014
$545,913
TOTAL BRAZIL --- 0.8% $545,913
EUROPEAN COMMUNITY --- 0.8%
FINANCIAL SERVICES
75,000 Pindo Deli Fin Mauritius# 64,500
Bond
11.750% October 1, 2017
75,000 Pindo Deli Fin Mauritius# 60,000
Bond
10.875% October 1, 2027
$124,500
MFTG - INDUSTRIAL PRODS
500,000 Samsung Electronics 372,500
$372,500
TOTAL EUROPEAN COMMUNITY --- 0.8% $497,000
MEXICO --- 1.5%
INDUSTRIAL PRODS & SVCS
1,020,000 Petroleos Mexicanos 1,007,250
Bond
9.500% September 15, 2027
$1,007,250
TOTAL MEXICO --- 1.5% $1,007,250
THAILAND --- 1.2%
ELECTRONICS - HIGH TECH
360,000 Total Access Communication 154,800
Convertible
2.000% May 31, 2006
$154,800
FOREIGN BANKS
1,000,000 Bangkok Bank Public Co Ltd# 604,740
Subordinated Notes
8.375% January 15, 2027
$604,740
TOTAL THAILAND --- 1.2% $759,540
TOTAL BONDS --- 5.8% $3,756,075
(Cost $4,272,987)
COMMON STOCK
AUSTRALIA --- 6.1%
CONSTRUCTION
223,000 Leighton Holdings Ltd 778,366
$778,366
INSURANCE
181,250 QBE Insurance Group Ltd 815,233
$815,233
MFTG - INDUSTRIAL PRODS
166,685 West Australian Newspaper 700,443
$700,443
OTHER TRANS. SERVICES
34,500 Brambles Industries Ltd 684,102
$684,102
RETAIL TRADE
137,381 Foodland Associated Ltd 1,028,014
$1,028,014
TOTAL AUSTRALIA --- 6.1% $4,006,158
BRAZIL --- 0.7%
WATER
1,985,000 Saneamento Basico de Sao Paulo* 471,518
$471,518
TOTAL BRAZIL --- 0.7% $471,518
CANADA --- 8.6%
CANADIAN - FEDERAL
11,800 Canadian National Railway Co* 555,654
$555,654
CONSUMER SERVICES
21,200 Torstar Corp 741,674
$741,674
ELECTRONICS - HIGH TECH
9,100 Northern Telecom Ltd 809,589
$809,589
FOREIGN BANKS
12,500 Royal Bank of Canada 661,209
$661,209
MFTG - CONSUMER PRODS.
35,500 Donohue Inc 644,574
$644,574
MINING
9,000 Potash Corporation of Saskatchewan Inc 749,685
$749,685
RETAIL TRADE
34,000 Petro-Canada 618,528
$618,528
TRANSPORTATION EQUIPMENT
42,000 Bombardier Inc Series B 863,980
$863,980
TOTAL CANADA --- 8.6% $5,644,893
FINLAND --- 3.3%
MFTG - INDUSTRIAL PRODS
8,000 Metra OY Class A 189,549
4,500 Metra OY Class B 105,795
30,000 Neste OY 727,340
27,000 Rauma OY 421,526
37,000 UPM-Kymmene Corp 740,748
$2,184,958
TOTAL FINLAND --- 3.3% $2,184,958
FRANCE --- 9.9%
CONSUMER SERVICES
2,000 Comptoirs Modernes 1,023,749
$1,023,749
FOREIGN BANKS
15,000 Banque Nationale de Paris 797,477
$797,477
INSURANCE
11,000 AXA-UAP 851,357
$851,357
MFTG - CONSUMER PRODS.
12,000 Michelin (CGDE) 604,278
$604,278
MFTG - INDUSTRIAL PRODS
5,700 Air Liquide 892,357
10,000 Valeo SA 678,400
$1,570,757
OIL & GAS
6,300 Elf Aquitaine SA 732,911
$732,911
RETAIL TRADE
6,400 Compagnie de Saint Gobain 909,408
$909,408
TOTAL FRANCE --- 9.9% $6,489,937
GERMANY --- 6.4%
MFTG - INDUSTRIAL PRODS
18,000 Duerr AG 593,060
2,120 Jungheinrich 339,521
4,300 Preussag AG 1,322,304
$2,254,885
RETAIL TRADE
1,400 Volkswagen AG 782,406
$782,406
TRANSPORTATION EQUIPMENT
9,500 Daimler-Benz AG 666,685
300 Porsche AG 503,809
$1,170,494
TOTAL GERMANY --- 6.4% $4,207,785
ITALY --- 8.7%
CREDIT INSTITUTIONS
307,000 Credito Italiano* 947,220
$947,220
FOREIGN BANKS
116,000 Istituto Banc San Paolo di Torino 1,108,824
$1,108,824
HOLDING & INVEST. OFFICES
700,000 Snia BPD SPA 720,588
280,000 Telecom Italia SPA* 1,235,294
$1,955,882
MFTG - INDUSTRIAL PRODS
98,700 Burgo (Cartiere) SPA 590,358
$590,358
OIL & GAS
180,000 Edison SPA* 1,089,367
$1,089,367
TOTAL ITALY --- 8.7% $5,691,651
JAPAN --- 7.8%
CONSTRUCTION
82,000 Daiwa House Industry Company Ltd 433,896
$433,896
ELECTRONICS - HIGH TECH
11,000 Sony Corp 978,528
39,000 Yamada Denki 296,089
$1,274,617
FOREIGN BANKS
45,000 Bank of Tokyo-Mitsubishi 621,166
$621,166
RETAIL TRADE
20,000 FamilyMart 717,791
$717,791
SECURITIES & COMMODITIES
80,000 Nomura Securities Co Ltd 1,067,485
$1,067,485
WHOLESALE TRADE -CONSUMER
25,000 Fuji Photo Film 958,589
$958,589
TOTAL JAPAN --- 7.8% $5,073,544
NEW ZEALAND --- 5.0%
AIR
235,000 Air New Zealand Ltd 470,559
$470,559
COMMUNICATIONS
200,000 Telecom Corp of New Zealand Ltd 969,268
$969,268
ELECTRONICS - HIGH TECH
92,000 PDL Holdings Ltd 427,174
$427,174
MFTG - CONSUMER PRODS.
1,207,100 Corporate Investments Ltd* 637,547
$637,547
MFTG - INDUSTRIAL PRODS
147,800 Nuplex Industries Ltd 300,241
$300,241
REAL ESTATE
507,000 St Lukes Group Ltd 456,107
$456,107
TOTAL NEW ZEALAND --- 5.0% $3,260,896
NORWAY --- 2.7%
MFTG - CONSUMER PRODS.
30,000 Norske Skogindustrier ASA Class A 871,040
52,500 Schibsted AS 901,058
$1,772,098
TOTAL NORWAY --- 2.7% $1,772,098
PORTUGAL --- 5.2%
CREDIT INSTITUTIONS
57,000 Banco Espirito Santo 1,697,417
$1,697,417
TELEPHONE
21,000 Portugal Telecom SA 975,098
7,000 Telecel-Comunicacaoes Pessoais SA* 746,357
$1,721,455
TOTAL PORTUGAL --- 5.2% $3,418,872
SINGAPORE --- 0.6%
HOLDING & INVEST. OFFICES
168,000 Parkway Holdings Ltd 380,000
$380,000
TOTAL SINGAPORE --- 0.6% $380,000
SPAIN --- 1.4%
MFTG - INDUSTRIAL PRODS
35,000 Cimpor Cimentos de Portugal 918,008
$918,008
TOTAL SPAIN --- 1.4% $918,008
THAILAND --- 0.7%
ELECTRIC
139,000 Electricity General Publishing Co* 273,144
$273,144
FOREIGN BANKS
100,000 Thai Farmers Bank Public Company Ltd 191,048
$191,048
TOTAL THAILAND --- 0.7% $464,192
UNITED KINGDOM --- 13.8%
CONSUMER SERVICES
100,000 Marks and Spencer 984,157
105,700 Smithkline Beecham PLC 1,081,933
$2,066,090
ELECTRONICS - HIGH TECH
115,000 General Electric Co PLC 745,388
$745,388
FOREIGN BANKS
175,000 Bank of Scotland 1,610,140
84,000 Lloyds TSB Group 1,086,154
$2,696,294
INDUSTRIAL PRODS & SVCS
51,000 Siebe PLC 1,001,326
$1,001,326
INSURANCE
50,000 Commercial Union 697,454
$697,454
MFTG - CONSUMER PRODS.
90,000 Safeway 507,194
$507,194
RETAIL TRADE
48,000 Anglian Water PLC 654,571
54,000 Scot & Newcastle 661,423
$1,315,994
TOTAL UNITED KINGDOM --- 13.8% $9,029,740
TOTAL COMMON STOCK --- 81.2% $53,014,250
(Cost $53,286,672)
PREFERRED STOCK
BRAZIL --- 0.0%
TELEPHONE
40,435 Telec Minas Gerais* 4,567
$4,567
TOTAL BRAZIL --- 0.0% $4,567
GERMANY --- 2.0%
MFTG - INDUSTRIAL PRODS
20,960 Henkel KGaA Vorzug 1,311,238
$1,311,238
TOTAL GERMANY --- 2.0% $1,311,238
TOTAL PREFERRED STOCK --- 2.0% $1,315,805
(Cost $1,169,723)
SHORT-TERM INVESTMENTS
UNITED STATES --- 11.0%
CREDIT INSTITUTIONS
700,000 American Express Co 699,051
2,000,000 Ford Motor Credit Co 1,998,333
$2,697,384
HOLDING & INVEST. OFFICES
1,500,000 American General Finance Corp 1,495,457
$1,495,457
SECURITIES & COMMODITIES
3,005,000 Merrill Lynch & Co Inc 3,004,499
$3,004,499
TOTAL UNITED STATES --- 11.0% $7,197,340
TOTAL SHORT-TERM INVESTMENTS --- 11.0% $7,197,340
(Cost $7,197,340)
TOTAL FOREIGN EQUITY PORTFOLIO --- 100.0% $65,283,470
(Cost $65,926,722)
The Maxim Series Fund
INVESCO ADR Portfolio
COMMON STOCK
ARGENTINA --- 1.3%
OIL & GAS
6,000 YPF SA Sponsored ADR 205,122
$205,122
TOTAL ARGENTINA --- 1.3% $205,122
AUSTRALIA --- 7.6%
COMMUNICATIONS
18,000 News Corporation Ltd ADR* 401,616
$401,616
FOREIGN BANKS
5,000 National Australia Bank Ltd ADR 353,125
$353,125
MFTG - INDUSTRIAL PRODS
9,000 Amcor Ltd ADR 153,000
$153,000
MINING
7,000 Rio Tinto Limited ADR 322,000
$322,000
TOTAL AUSTRALIA --- 7.6% $1,229,741
DENMARK --- 5.1%
FOREIGN BANKS
3,000 Den Danske Bank ADR* 393,000
$393,000
MFTG - INDUSTRIAL PRODS
6,000 Novo-Nordisk AS ADR 434,250
$434,250
TOTAL DENMARK --- 5.1% $827,250
FRANCE --- 6.3%
MFTG - CONSUMER PRODS.
10,000 Groupe Danone ADR 357,500
$357,500
OIL & GAS
5,000 Total SA ADR 277,500
$277,500
SECURITIES & COMMODITIES
14,000 Societe Generale Paris ADR 383,250
$383,250
TOTAL FRANCE --- 6.3% $1,018,250
GERMANY --- 6.7%
FOREIGN BANKS
6,000 Deutsche Bank Sponsored ADR 421,122
$421,122
MFTG - INDUSTRIAL PRODS
10,000 BASF AG ADR 353,120
$353,120
OIL & GAS
6,000 RWE AG ADR 314,250
$314,250
TOTAL GERMANY --- 6.7% $1,088,492
HONG KONG --- 2.8%
ELECTRIC
45,000 China Light & Power Company Ltd ADR 247,500
$247,500
REAL ESTATE
30,000 Sun Hung Kai Properties Ltd ADR 202,500
$202,500
TOTAL HONG KONG --- 2.8% $450,000
ITALY --- 5.0%
FOREIGN BANKS
10,000 Istituto Mobiliare Italiano SPA Sponsored ADR 357,500
$357,500
HOLDING & INVEST. OFFICES
7,000 Telecom Italia SPA ADR* 448,000
$448,000
TOTAL ITALY --- 5.0% $805,500
JAPAN --- 11.1%
CONSUMER SERVICES
20,000 Nintendo of America Inc ADR* 243,740
$243,740
ELECTRONICS - HIGH TECH
9,000 Fuji Photo Film Company Ltd ADR 343,683
3,000 Hitachi Ltd ADR 207,561
4,500 Konica Corp ADR 204,750
1,400 Matsushita Electric Industries Co Ltd ADR 212,800
$968,794
MFTG - CONSUMER PRODS.
1,200 Dai Nippon Printing ADR 226,800
2,500 Kirin Brewery Co Ltd ADR 183,438
$410,238
MFTG - INDUSTRIAL PRODS
2,000 Kyocera Corp ADR 181,000
$181,000
TOTAL JAPAN --- 11.1% $1,803,772
MEXICO --- 1.3%
MFTG - INDUSTRIAL PRODS
20,000 Cemex SA de CV ADR* 211,240
$211,240
TOTAL MEXICO --- 1.3% $211,240
NETHERLANDS --- 8.7%
FOREIGN BANKS
16,000 ABN Amro Holding NV ADR 312,000
9,000 ING Groep NV ADR* 380,808
$692,808
MFTG - CONSUMER PRODS.
6,000 Unilever NV ADR 374,622
$374,622
MFTG - INDUSTRIAL PRODS
4,000 Akzo Nobel NV ADR 347,500
$347,500
TOTAL NETHERLANDS --- 8.7% $1,414,930
NORWAY --- 1.9%
MFTG - INDUSTRIAL PRODS
6,000 Norsk Hydro ASA ADR 306,000
$306,000
TOTAL NORWAY --- 1.9% $306,000
SINGAPORE --- 2.0%
FOREIGN BANKS
10,000 Development Bank of Singapore Ltd ADR 328,750
$328,750
TOTAL SINGAPORE --- 2.0% $328,750
SPAIN --- 11.5%
ELECTRIC
19,000 Empresa Nacional de Electridad SA ADR 345,553
$345,553
FOREIGN BANKS
12,000 Banco Santander SA ADR 390,744
$390,744
OIL & GAS
7,000 Repsol SA Sponsored ADR 297,934
$297,934
TELEPHONE
8,000 Portugal Telecom SA ADR* 376,000
5,000 Telefonica de Espana SA ADR 455,310
$831,310
TOTAL SPAIN --- 11.5% $1,865,541
SWEDEN --- 3.8%
MFTG - INDUSTRIAL PRODS
20,000 Astra AB ADR 343,740
10,000 Volvo AB Sponsored ADR-Rights 270,000
$613,740
TOTAL SWEDEN --- 3.8% $613,740
SWITZERLAND --- 5.3%
CONSUMER SERVICES
6,000 Novartis AG ADR 486,000
$486,000
MFTG - CONSUMER PRODS.
5,000 Nestle SA ADR 373,125
$373,125
TOTAL SWITZERLAND --- 5.3% $859,125
UNITED KINGDOM --- 19.6%
AIR
4,000 British Airways PLC ADR 374,748
$374,748
COMMUNICATIONS
10,000 Carlton Communications PLC Sponsored ADR 390,000
$390,000
ELECTRIC
7,000 PowerGen PLC Sponsored ADR 371,875
$371,875
FOREIGN BANKS
1,750 HSBC Holdings PLC ADR 427,931
$427,931
MFTG - CONSUMER PRODS.
45,000 Associated British Foods Ltd ADR 405,000
$405,000
MFTG - INDUSTRIAL PRODS
8,000 Glaxo Wellcome PLC ADR 383,000
$383,000
OIL & GAS
9,500 Shell Transport and Trading Co ADR 415,625
$415,625
TELEPHONE
5,000 British Telecommunications PLC ADR 401,560
$401,560
TOTAL UNITED KINGDOM --- 19.6% $3,169,739
TOTAL COMMON STOCK --- 100.0% $16,197,192
(Cost $13,950,410)
TOTAL INVESCO ADR PORTFOLIO --- 100.0% $16,197,192
(Cost $13,950,410)
The Maxim Series Fund
International Equity Portfolio
COMMON STOCK
ARGENTINA --- 2.7%
OIL & GAS
47,700 Transportadora de Gas del Sur SA 533,620
49,500 YPF SA Sponsored ADR 1,692,257
$2,225,877
TELEPHONE
34,900 Telefonica De Argentina SA 1,300,025
$1,300,025
TOTAL ARGENTINA --- 2.7% $3,525,902
AUSTRALIA --- 2.4%
INSURANCE
423,016 Gio Australia Holdings Ltd 1,080,661
562,402 HIH Winterthur International Holdings Ltd 1,204,917
$2,285,578
MFTG - INDUSTRIAL PRODS
339,300 Pioneer International Ltd 925,790
$925,790
TOTAL AUSTRALIA --- 2.4% $3,211,368
AUSTRIA --- 1.7%
ELECTRIC
6,720 EVN-Energie Versorgung AG 881,625
$881,625
MFTG - INDUSTRIAL PRODS
13,300 Boehler-Uddeholm AG 778,365
$778,365
RETAIL TRADE
27,930 Baumax AG 529,772
$529,772
TOTAL AUSTRIA --- 1.7% $2,189,762
BERMUDA --- 1.5%
INSURANCE
42,600 Partnerre Ltd 1,975,575
$1,975,575
TOTAL BERMUDA --- 1.5% $1,975,575
BRAZIL --- 2.4%
FOREIGN BANKS
204,900 Banco Bradesco SA 2,046,951
$2,046,951
MFTG - INDUSTRIAL PRODS
183,300 Usinas Sideer Minas Gerais S/A 1,075,055
$1,075,055
TOTAL BRAZIL --- 2.4% $3,122,006
CANADA --- 1.8%
ELECTRONICS - HIGH TECH
26,600 Newbridge Networks Corp* 927,675
$927,675
RETAIL TRADE
84,900 Oshawa Group Ltd 1,485,097
$1,485,097
TOTAL CANADA --- 1.8% $2,412,772
CHILE --- 0.4%
MFTG - INDUSTRIAL PRODS
34,100 Madeco SA 520,025
$520,025
TOTAL CHILE --- 0.4% $520,025
DENMARK --- 2.2%
COMMUNICATIONS
17,960 Tele Danmark A/S 1,114,713
6,400 Tele Danmark AS ADR 197,197
$1,311,910
FINANCIAL SERVICES
21,400 Unidanmark 1,571,990
$1,571,990
TOTAL DENMARK --- 2.2% $2,883,900
ECUADOR --- 0.3%
MFTG - INDUSTRIAL PRODS
200 La Cemento Nacional CA 41,600
1,490 La Cemento Nacional GDR# 309,920
$351,520
TOTAL ECUADOR --- 0.3% $351,520
FINLAND --- 1.9%
ELECTRONICS - HIGH TECH
15,500 Nokia AB 1,101,754
$1,101,754
MFTG - INDUSTRIAL PRODS
148,900 Enso OY Class A 1,162,320
38,500 Metsa-Serla OY Class B 300,533
$1,462,853
TOTAL FINLAND --- 1.9% $2,564,607
FRANCE --- 8.8%
ELECTRONICS - HIGH TECH
15,800 Alcatel Alsthom 2,008,775
$2,008,775
FOREIGN BANKS
28,738 Banque Nationale de Paris 1,527,860
$1,527,860
INSURANCE
23,682 AXA UAP 1,832,894
$1,832,894
MFTG - INDUSTRIAL PRODS
12,055 Pechiney International SA Class A 476,021
30,803 Rhone-Poulenc SA 1,380,148
$1,856,169
MINING
24,100 Eramet SLN 913,197
$913,197
OIL & GAS
9,249 Elf Aquitaine SA 1,075,983
11,316 Total SA - Series B 1,231,819
$2,307,802
RETAIL TRADE
8,000 Compagnie de Saint Gobain 1,136,760
$1,136,760
TOTAL FRANCE --- 8.8% $11,583,457
GERMANY --- 2.0%
ELECTRIC
17,000 Veba AG 1,158,038
$1,158,038
FOREIGN BANKS
20,800 Deutsche Bank AG 1,455,063
$1,455,063
TOTAL GERMANY --- 2.0% $2,613,101
HONG KONG --- 6.6%
COMMUNICATIONS
544,500 Asia Satellite Telecom 932,122
$932,122
CONSUMER SERVICES
851,000 Swire Pacific Ltd Series B 863,094
$863,094
ELECTRIC
124,000 Shandong Huaneng Power 852,500
$852,500
ELECTRONICS - HIGH TECH
360,000 Hongkong Electric Holdings Ltd 1,369,767
$1,369,767
HOLDING & INVEST. OFFICES
34,803 HSBC Holdings PLC 858,834
47,000 Hutchison Whampoa Ltd 295,116
15,200 Jardine Matheson Holdings Ltd 77,512
233,474 Jardine Matheson Holdings Ltd* 1,190,717
932,000 Peregrine Investments Holdings Ltd 662,274
223,200 Yue Yuen Industrial Holdings 472,930
$3,557,383
MFTG - INDUSTRIAL PRODS
2,839,000 Chongqing Iron & Steel Co* 388,804
$388,804
REAL ESTATE
126,900 Cheung Kong Holdings Ltd 832,064
$832,064
TOTAL HONG KONG --- 6.6% $8,795,734
INDONESIA --- 0.3%
FOREIGN BANKS
1,094,000 PT Bank Bali 146,879
$146,879
MFTG - CONSUMER PRODS.
550,800 PT Indo-Rama Synthetics 249,900
$249,900
TOTAL INDONESIA --- 0.3% $396,779
ITALY --- 3.1%
COMMUNICATIONS
159,144 Telecom Italia SPA 1,017,154
400,000 Telecom Italia SPA RNC* 1,764,706
$2,781,860
MFTG - INDUSTRIAL PRODS
458,480 Fiat SPA 1,334,208
$1,334,208
TOTAL ITALY --- 3.1% $4,116,068
JAPAN --- 2.5%
CONSTRUCTION
122,400 Daito Trust Construction Co Ltd 748,104
$748,104
ELECTRONICS - HIGH TECH
64,000 Hitachi Ltd 456,442
14,200 Sony Corp 1,263,190
$1,719,632
MFTG - INDUSTRIAL PRODS
144,000 Yamato Kogyo Co Ltd 866,871
$866,871
TOTAL JAPAN --- 2.5% $3,334,607
MEXICO --- 2.4%
MFTG - INDUSTRIAL PRODS
184,200 Desc SA de CV - Series B 1,745,582
1,842 Desc SA de CV - Series C 17,364
$1,762,946
TELEPHONE
25,700 Telefonos de Mexico SA 1,440,793
$1,440,793
TOTAL MEXICO --- 2.4% $3,203,739
NETHERLANDS --- 7.4%
CONSUMER SERVICES
72,100 New Holland NV 1,906,144
26,000 Philips Electronics 1,559,820
$3,465,964
HOLDING & INVEST. OFFICES
28,430 ING Groep NV 1,197,850
$1,197,850
MFTG - INDUSTRIAL PRODS
6,600 Akzo Nobel NV 1,138,369
$1,138,369
RETAIL TRADE
21,906 Macintosh NV 475,536
$475,536
TELEPHONE
34,723 Kon Ptt Nederland 1,449,290
$1,449,290
TRANSPORTATION EQUIPMENT
39,800 Koninklijke Nedlloyd NV 903,251
38,040 Koninklijke Pakhoed NV 1,097,903
$2,001,154
TOTAL NETHERLANDS --- 7.4% $9,728,163
NEW ZEALAND --- 2.4%
AIR
323,900 Air New Zealand Ltd 648,571
$648,571
HOLDING & INVEST. OFFICES
1,352,800 Brierley Investments Ltd 965,753
$965,753
MFTG - INDUSTRIAL PRODS
603,800 Carter Holt Harvey Ltd 932,185
817,785 Fletcher Challenge Ltd 678,739
$1,610,924
TOTAL NEW ZEALAND --- 2.4% $3,225,248
NORWAY --- 0.7%
AIR
72,900 Helikopter Service ASA 890,170
$890,170
TOTAL NORWAY --- 0.7% $890,170
PHILIPPINES --- 0.9%
FOREIGN BANKS
435,562 Philippine National Bank 970,338
$970,338
HOLDING & INVEST. OFFICES
6,076,770 Metro Pacific Corp 170,363
$170,363
TOTAL PHILIPPINES --- 0.9% $1,140,701
SINGAPORE --- 0.5%
MFTG - CONSUMER PRODS.
133,000 Asia Pacific Resource International Ltd 249,375
$249,375
WHOLESALE TRADE -CONSUMER
243,000 Inchcape Berhad 374,625
$374,625
TOTAL SINGAPORE --- 0.5% $624,000
SPAIN --- 2.6%
ELECTRIC
35,480 Compania Sevillana de Electricidad 331,904
44,000 Endesa 781,330
78,200 Iberdrola SA 1,029,285
$2,142,519
FOREIGN BANKS
8,000 Banco Popular Espanol SA 559,312
$559,312
TELEPHONE
27,400 Telefonica de Espana 782,446
$782,446
TOTAL SPAIN --- 2.6% $3,484,277
SWEDEN --- 5.1%
CONSUMER SERVICES
25,066 Astra AB 422,088
$422,088
FOREIGN BANKS
25,000 Svenska Handelsbanken 865,603
$865,603
MFTG - INDUSTRIAL PRODS
45,700 Assidomaen AB 1,158,640
74,993 Granges AB* 1,177,678
45,500 Sandvik AB 1,302,788
77,000 Stora Kopparbergs Bergslags Aktiebolag Class A 971,241
$4,610,347
TRANSPORTATION
30,400 Volvo Series B 816,751
$816,751
TOTAL SWEDEN --- 5.1% $6,714,789
SWITZERLAND --- 8.0%
CONSUMER SERVICES
400 Kuoni Reisenburo Holdings AG Class B 1,499,692
960 Novartis 1,558,036
1,950 SGS Soc Gen Surveillance 3,738,958
$6,796,686
ELECTRONICS - HIGH TECH
830 SMH AG 458,111
$458,111
HOLDING & INVEST. OFFICES
5,500 CS Holding 851,195
$851,195
INSURANCE
5,300 Zurich Versicherungs 2,526,056
$2,526,056
TOTAL SWITZERLAND --- 8.0% $10,632,048
THAILAND --- 0.2%
COMMUNICATIONS
626,000 Jasmine International PLC 297,282
$297,282
TOTAL THAILAND --- 0.2% $297,282
UNITED KINGDOM --- 13.4%
CONSUMER SERVICES
642,200 Medeva PLC 1,709,318
121,000 Peninsular & Oriental Steam Navigation Co 1,376,711
$3,086,029
ELECTRONICS - HIGH TECH
330,000 BICC Group 943,411
153,510 National Power 1,513,302
$2,456,713
INDUSTRIAL SERVICES
446,400 Transport Development Group PLC 1,503,542
$1,503,542
MFTG - CONSUMER PRODS.
483,400 British Steel 1,036,465
383,000 Storehouse PLC 1,485,075
$2,521,540
MFTG - INDUSTRIAL PRODS
393,300 BTR PLC 1,171,459
53,724 Nycomed Amersham PLC 2,019,069
362,100 The Weir Group PLC 1,582,515
$4,773,043
OIL & GAS
96,700 Centrica PLC* 142,196
$142,196
RETAIL TRADE
270,000 Inchcape PLC 723,084
147,738 Kwik Save Group PLC 703,927
244,500 Lex Service PLC 1,867,968
$3,294,979
TOTAL UNITED KINGDOM --- 13.4% $17,778,042
UNITED STATES --- 1.8%
INSURANCE
18,600 Ace Ltd 1,794,900
$1,794,900
MFTG - INDUSTRIAL PRODS
53,700 Industrial Credit & Inv Corp* 523,865
$523,865
TOTAL UNITED STATES --- 1.8% $2,318,765
TOTAL COMMON STOCK --- 85.9% $113,634,407
(Cost $105,868,568)
PREFERRED STOCK
AUSTRALIA --- 1.0%
MFTG - CONSUMER PRODS.
276,961 News Corp Ltd (vtg) 1,369,631
$1,369,631
TOTAL AUSTRALIA --- 1.0% $1,369,631
BRAZIL --- 1.3%
TELEPHONE
14,950 Telecomunicacoes Brasileiras SA 1,740,733
$1,740,733
TOTAL BRAZIL --- 1.3% $1,740,733
TOTAL PREFERRED STOCK --- 2.4% $3,110,364
(Cost $2,315,842)
SHORT-TERM INVESTMENTS
UNITED STATES --- 11.7%
CREDIT INSTITUTIONS
600,000 American Express Co 599,600
4,800,000 Ford Motor Credit Co 4,782,145
$5,381,745
ELECTRONICS - HIGH TECH
2,000,000 General Electric Co 1,997,422
$1,997,422
HOLDING & INVEST. OFFICES
3,000,000 American General Finance Corp 2,987,404
$2,987,404
SECURITIES & COMMODITIES
5,164,000 Merrill Lynch & Co Inc 5,163,139
$5,163,139
TOTAL UNITED STATES --- 11.7% $15,529,710
TOTAL SHORT-TERM INVESTMENTS --- 11.7% $15,529,710
(Cost $15,529,710)
TOTAL INTERNATIONAL EQUITY PORTFOLIO --- 100.0% $132,274,481
(Cost $123,714,120)
The Maxim Series Fund
Blue Chip Portfolio
BONDS
U.S. GOVERNMENTS --- 27.7%
1,800,000 United States of America 1,954,116
Treasury
6.625% February 15, 2027
1,300,000 United States of America 1,319,500
Treasury Notes
6.375% May 15, 2000
1,300,000 United States of America 1,325,792
Treasury Notes
6.250% June 30, 2002
5,200,000 United States of America 5,237,388
Treasury Notes
6.000% August 15, 2000
1,300,000 United States of America 1,375,972
Treasury Notes
6.625% May 15, 2007
1,800,000 United States of America 1,843,308
Treasury Notes
6.125% August 15, 2007
3,100,000 United States of America 3,097,086
Treasury Notes
5.625% October 31, 1999
1,400,000 United States of America 1,400,434
Treasury Notes
5.750% November 15, 2000
1,400,000 United States of America 1,401,750
Treasury Notes
5.750% October 31, 2000
2,775,000 United States of America 2,769,367
Treasury Notes
5.625% November 30, 1999
3,200,000 United States of America 3,203,008
Treasury Notes
5.750% October 31, 2002
1,500,000 United States of America 1,505,385
Treasury Notes
5.875% September 30, 2002
$26,433,106
TOTAL BONDS --- 27.7% $26,433,106
(Cost $26,138,284)
COMMON STOCK
COMMUNICATIONS --- 4.1%
86,200 US West Communications Group 3,889,775
$3,889,775
CONSUMER SERVICES --- 12.4%
100,000 Air Canada* 955,080
14,400 Allegiance Corp 510,293
14,200 Becton Dickinson & Co 710,000
3,600 Bristol-Myers Squibb Co 340,650
15,900 Columbia/HCA Healthcare Corp 471,037
15,375 Eli Lilly & Co 1,070,484
550 Hilton Hotels Corp 16,363
12,400 Johnson & Johnson 816,850
2,200 Merck & Company Inc 233,750
1,900 Novartis (registered) 3,083,613
4,300 Revlon Inc* 151,842
9,025 Service Corporation International 333,356
61,200 Smithkline Beecham PLC 3,147,944
$11,841,262
CREDIT INSTITUTIONS --- 1.9%
2,800 American Express Co 249,900
12,000 BankAmerica Corp 876,000
11,400 NationsBank Corp 693,257
$1,819,157
ELECTRIC --- 2.3%
8,200 Cinergy Corp 314,158
10,000 Consolidated Edison Company New York Inc 410,000
18,100 Duke Power Co 1,002,287
20,875 Public Service Company of New Mexico 494,466
$2,220,911
ELECTRONICS - HIGH TECH --- 1.5%
1,075 Boston Scientific Corp* 49,316
6,900 Intel Corp 484,725
7,700 International Business Machines Corp 805,127
3,800 International Game Technology 95,950
$1,435,118
GAS --- 0.7%
14,800 Sonat Inc 677,100
$677,100
HOLDING & INVEST. OFFICES --- 1.1%
700 Nestle SA 1,049,305
$1,049,305
INDUSTRIAL SERVICES --- 0.4%
18,500 Oracle Systems Corp* 412,772
$412,772
INSURANCE --- 5.1%
25,900 Allstate Corp 2,353,662
14,700 Exel Ltd 931,613
18,275 SafeCo Corp 890,906
14,700 WR Berkley Corp 644,962
$4,821,143
MFTG - CONSUMER PRODS. --- 5.6%
2,600 Avon Products Inc 159,575
21,400 Coca-Cola Co 1,425,775
25,800 Colgate-Palmolive Co 1,896,300
16,000 Dial Corp 332,992
6,200 Meredith Corp 221,259
23,500 Pepsico Inc 856,270
1,125 RJR Nabisco Holdings Corp* 42,188
6,000 Tribune Co 373,500
$5,307,859
MFTG - INDUSTRIAL PRODS --- 14.4%
7,000 ARCO Chemical Co 326,809
10,000 Abbott Laboratories 655,620
14,500 Alza Corp 461,274
3,900 American Home Products Corp 298,350
7,500 EI DuPont De Nemours & Co 450,465
42,850 Fort James Corp 1,639,013
61,800 Glaxo Wellcome PLC 2,958,675
21,000 Imperial Chemical Industries Plc 1,363,677
10,500 Kimberly-Clark Corp 517,776
5,800 Minnesota Mining & Manufacturing Co 475,960
14,300 Mylan Laboratories Inc 299,399
26,700 Pfizer Inc 1,990,805
7,200 Schering-Plough Corp 447,300
13,200 USX-Marathon Group 445,500
10,900 Warner-Lambert Co 1,351,600
$13,682,223
MINING --- 5.4%
70,700 Newmont Mining Corp 2,076,813
37,100 Potash Corporation of Saskatchewan Inc 3,079,300
$5,156,113
OIL & GAS --- 5.6%
10,900 Amoco Corp 927,862
2,100 Atlantic Richfield Co 168,262
5,325 Baker Hughes Inc 232,303
8,400 British Petroleum PLC ADR 669,371
9,050 Chevron Corp 696,850
6,300 Dresser Industries Inc 264,203
13,600 Global Marine Inc* 333,200
5,050 Helmerich & Payne Inc 342,769
9,100 Mobil Corp 656,902
13,300 Phillips Petroleum Co 646,713
6,800 Texaco Inc 369,750
$5,308,185
RAILROADS --- 0.9%
30,000 Canadian Pacific Ltd 817,500
$817,500
TOTAL COMMON STOCK --- 61.3% $58,438,423
(Cost $56,207,494)
SHORT-TERM INVESTMENTS
SECURITIES & COMMODITIES --- 4.0%
3,848,000 Merrill Lynch & Co Inc 3,847,359
$3,847,359
U.S. GOVERNMENTS --- 6.9%
1,800,000 United States of America 1,798,172
3,100,000 United States of America 3,019,596
1,800,000 United States of America 1,768,794
$6,586,562
TOTAL SHORT-TERM INVESTMENTS --- 10.9% $10,433,921
(Cost $10,433,921)
TOTAL BLUE CHIP PORTFOLIO --- 100.0% $95,305,450
(Cost $92,779,699)
The Maxim Series Fund
Bond Portfolio
BONDS
AIR --- 4.4%
2,909,916 American Trans Air 3,001,578
Pass Thru Certs 1996-1C
7.820% March 26, 2004
$3,001,578
CANADIAN - PROVINCIAL --- 4.5%
3,000,000 Manitoba 3,073,050
Global Notes
6.750% March 1, 2003
$3,073,050
CONSUMER SERVICES --- 4.3%
3,000,000 Columbia/HCA Healthcare 2,967,480
Medium Term Notes
6.875% July 15, 2001
$2,967,480
CREDIT INSTITUTIONS --- 23.2%
3,000,000 Associates Corp North America 3,146,400
Medium Term Notes
7.240% August 15, 2006
2,000,000 Capital One Bank 2,047,720
Medium Term Notes
7.350% June 20, 2000
3,000,000 Countrywide Funding Corp 2,984,580
Medium Term Notes
6.280% January 15, 2003
3,000,000 General Electric Capital Corp 3,191,700
Eurodollar Medium Term Notes
8.100% February 15, 2002
1,500,000 Greenpoint Bank 1,511,760
Bank Notes
6.700% July 15, 2002
3,000,000 Takefuji Corp# 3,030,000
Senior Notes
7.300% November 1, 2004
$15,912,160
ELECTRIC --- 8.9%
3,000,000 Gulf States Utilities Co 2,993,910
First Mortgage Med Term Notes
6.410% August 1, 2001
3,000,000 Iberdrola International# 3,103,530
Notes
7.125% June 1, 2003
$6,097,440
FOREIGN BANKS --- 8.1%
3,000,000 Bayerische Landesbanken NY 3,032,896
Medium Term Notes
6.375% August 31, 2000
3,000,000 Export-Import Bank of Korea 2,535,300
Eurodollar Notes
7.250% June 25, 2001
$5,568,196
HIGHWAYS --- 4.5%
3,000,000 Zhuhai Highway Company Ltd# 3,056,850
Senior Notes
9.125% July 1, 2006
$3,056,850
MFTG - CONSUMER PRODS. --- 9.2%
3,000,000 Fruit of the Loom Inc Class A 3,067,260
Senior Notes
7.875% October 15, 1999
3,000,000 RJR Nabisco Inc 3,211,650
Senior Notes
8.750% April 15, 2004
$6,278,910
RAILROADS --- 4.6%
3,000,000 National Rail Corp# 3,130,200
Yankee Debentures
7.470% August 8, 2010
$3,130,200
REAL ESTATE --- 4.4%
3,000,000 Highwoods/Forsyth LP 3,012,570
Notes
6.750% December 1, 2003
$3,012,570
RETAIL TRADE --- 4.4%
3,000,000 Shopko Stores Inc 2,984,220
Senior Notes
6.500% August 15, 2003
$2,984,220
SECURITIES & COMMODITIES --- 7.4%
3,000,000 Merrill Lynch & Co Inc 3,004,200
Notes
6.560% December 16, 2007
2,000,000 World Financial Network 2,094,537
Credit Card Mst Tr 1996-B
6.950% April 15, 2006
$5,098,737
SUPRANATIONALS --- 4.8%
3,000,000 Inter-American Development Bank 3,270,507
Eurodollar Notes
8.875% August 22, 2001
$3,270,507
U.S. GOVERNMENTS --- 3.8%
2,500,000 United States of America 2,606,250
Treasury Notes
6.500% May 15, 2005
$2,606,250
WHOLE LOAN --- 3.7%
2,500,000 GE Capital Mortgage Services Inc 2,509,375
CMO Series 1994-13 Class A2
6.500% April 25, 2024
$2,509,375
TOTAL BONDS --- 100.0% $68,567,523
(Cost $68,217,358)
TOTAL BOND PORTFOLIO --- 100.0% $68,567,523
(Cost $68,217,358)
The Maxim Series Fund
Corporate Bond Portfolio
BONDS
AGENCY --- 0.4%
601,137 Federal National Mortgage Association 566,757
CMO Series 1993-212 Class Z
6.000% November 25, 2008
$566,757
AIR --- 0.4%
85,900 NWA Trust 95,475
Notes
9.360% March 10, 2006
450,000 United Air Lines Inc 485,132
Pass Through Certificates
7.870% January 30, 2019
$580,607
CANADIAN - FEDERAL --- 4.8%
30,300,000 Canadian Residual 4,098,089
Debentures
6.080% June 1, 2025
4,650,000 Canadian Residual 731,076
Debentures
6.210% June 1, 2022
16,500,000 Canadian Residual 2,829,659
Debentures
6.090% June 1, 2021
$7,658,824
CANADIAN - PROVINCIAL --- 13.5%
1,400,000 British Columbia* 353,134
Principal Strips
10.780% June 9, 2014
1,350,000 British Columbia 1,164,578
Debentures
8.000% September 8, 2023
6,500,000 British Columbia* 1,726,420
Principal Strips
6.280% August 23, 2013
5,000,000 British Columbia* 667,506
Principal Strips
6.310% August 23, 2024
9,815,000 British Columbia 1,507,411
Debentures
6.300% June 9, 2022
11,415,000 British Columbia* 1,727,585
Principal Strips
6.310% August 19, 2022
2,500,000 British Columbia* 427,162
Zero Coupon Bonds
6.310% September 5, 2020
5,000,000 Manitoba* 443,255
Zero Coupon Bonds
6.320% March 5, 2031
5,373,000 Manitoba 4,552,877
Bonds
7.750% December 22, 2025
3,800,000 Manitoba Province 2,782,732
Debentures
6.500% September 22, 2017
1,150,000 Ontario Hydro 1,069,133
Bonds
8.900% August 18, 2022
4,800,000 Ontario Residual* 715,029
Zero Coupon Bonds
6.410% July 13, 2022
2,200,000 Province of Alberta 1,552,099
5.930% September 16, 2016
3,165,000 Saskatchewan 2,933,139
Debentures
8.750% May 30, 2025
$21,622,060
COMMUNICATIONS --- 11.5%
2,500,000 Arch Communications Group Inc 1,537,500
Senior Discount Notes
12.760% March 15, 2008
250,000 CBS Inc 226,825
Senior Notes
7.125% November 1, 2023
500,000 Century Communications Corp Class A 462,500
Debentures
8.375% November 15, 2017
2,000,000 Clearnet Communications 892,107
11.750% August 13, 2007
250,000 Comcast Corp Class A 161,250
Convertible Notes
6.210% April 15, 2007
500,000 Intercel Inc 375,000
Senior Discount Notes
10.91% February 1, 2006
450,000 Nextel Communications Inc Class A 400,500
Senior Discount Notes
9.920% August 15, 2004
1,675,000 Nextel Communications Inc Class A# 1,059,438
Bond
4.770% September 15, 2007
200,000 Rogers Cablesystems of America 151,134
Debentures
9.650% January 15, 2014
300,000 Rogers Communications Inc 178,875
Convertible Debentures
2.000% November 26, 2005
1,400,000 Tele-Communications Inc 1,505,798
Debentures
7.875% August 1, 2013
5,375,000 Tele-Communications Inc 5,818,814
Debentures
7.875% February 15, 2026
1,475,000 Time Warner Entertainment LP 1,683,241
Senior Debentures
8.375% March 15, 2023
2,000,000 US West Capital Funding Inc 2,167,364
Bonds
7.900% February 1, 2027
1,850,000 Westinghouse Electric Corp 1,853,534
Debentures
7.875% September 1, 2023
$18,473,880
CONSTRUCTION --- 0.7%
219,000 Midland-Ross Corp 179,383
Debentures
6.000% February 15, 2007
500,000 Pulte Corp 513,545
Senior Notes
7.300% October 24, 2005
450,000 Schuler Homes Inc 387,000
Convertible Sub Debentures
6.500% January 15, 2003
$1,079,928
CONSUMER SERVICES --- 0.1%
250,000 Envirotest Systems Corp 237,500
Senior Subordinated Notes
9.625% April 1, 2003
$237,500
CREDIT INSTITUTIONS --- 1.0%
150,000 DR Structured Finance Corp 147,000
Pass Through Certificates
8.375% August 15, 2015
200,000 DR Structured Finance Corp 196,500
Pass Through Certificates
8.550% August 15, 2019
500,000 First Union Capital 526,990
Bonds
8.040% December 1, 2026
250,000 PYCSA Panama SA# 237,075
Bond
10.280% December 15, 2012
300,000 Sappi BVI Finance Ltd 280,500
Convertible Bonds
7.500% August 1, 2002
125,000 Sun Life Canada Capital Trust# 138,005
Debentures
8.526% May 29, 2049
$1,526,070
ELECTRIC --- 3.0%
500,000 AES Corp# 478,750
Callable Bond
8.875% November 1, 2027
500,000 Boston Edison Co 506,775
Debentures
7.800% March 15, 2023
275,000 British Columbia Province 229,335
Debentures
7.875% November 30, 2023
238,000 Commonwealth Edison Co 193,744
Debentures
4.750% December 1, 2011
1,000,000 Commonwealth Edison Co# 1,070,760
Bonds
8.500% January 15, 2027
250,000 Empresa Nacional de Electridad SA 197,187
Convertible Sub Debentures
5.000% March 15, 2004
500,000 Korea Electric Power 380,000
7.750% April 1, 2013
500,000 Korea Electric Power 348,080
7.000% February 1, 2027
231,469 System Energy Resources 233,317
Debentures
7.430% January 15, 2011
1,300,000 Tata Electric Co# 1,159,158
Bonds
8.500% August 19, 2017
$4,797,106
ELECTRONICS - HIGH TECH --- 4.0%
500,000 Apple Computer Inc 402,500
Convertible Subordinated Notes
6.000% June 1, 2001
1,300,000 Apple Computer Inc 1,079,000
Notes
6.500% February 15, 2004
1,000,000 Broadband Technolgies Inc 660,000
Convertible Subordinated Notes
5.000% May 15, 2001
650,000 Cirrus Logic Inc# 501,312
Debenture
6.000% December 15, 2003
150,000 EDO Corp 123,000
Convertible Bonds
7.000% December 15, 2011
500,000 Korea Electric Power 395,000
6.750% August 1, 2027
250,000 Maxtor Corp 175,000
Convertible Debentures
5.750% March 1, 2012
50,000 Richardson Electronics Ltd 41,000
Convertible Debentures
7.250% December 15, 2006
250,000 Samsung Corp 200,000
Convertible Bonds
2.930% June 26, 2006
1,000,000 Seagate Technology Inc 1,040,120
Debentures
7.875% March 1, 2017
62,332 Streamlogic Corp 18,700
Notes
14.000% October 7, 1998
1,300,000 The Learning Company Inc 1,147,250
Convertible Senior Notes
5.500% November 1, 2000
850,000 Total Access Communication* 365,500
Convertible
2.000% May 31, 2006
515,000 Zenith Electronics Corp 301,275
Convertible Sub Debentures
6.250% April 1, 2011
$6,449,657
ENVIRONMENTAL SERVICES --- 0.5%
350,000 Air & Water Technologies Corp 273,437
Convertible Debentures
8.000% May 15, 2015
725,000 Molten Metal Technology Inc 14,500
Convertible Subordinated Notes
5.500% May 1, 2006
575,000 Molten Metal Technology Inc# 4,249
Convertible Subordinated Notes
5.500% May 1, 2006
105,000 Ogden Corp 95,944
Eurodollar Convert Sub Bonds
6.000% June 1, 2002
495,000 Ogden Corp 471,488
Eurodollar Convert Sub Bonds
5.750% October 20, 2002
$859,618
FINANCIAL SERVICES --- 2.1%
500,000 NGC Corp Capital Trust# 569,045
Bonds
8.316% June 1, 2027
2,900,000 Pindo Deli Fin Mauritius# 2,320,000
Bond
10.875% October 1, 2027
625,000 Tjiwi Kimia FN Mauritius# 523,438
10.000% August 1, 2004
$3,412,483
FOREIGN BANKS --- 1.7%
300,000 Banco Central Costa Rica 255,000
Brady Bonds
6.250% May 21, 2010
1,250,000 Bangkok Bank Pub Co 406,250
Convertible Bonds
3.250% March 3, 2004
2,500,000 Bangkok Bank Public Co Ltd# 1,511,850
Subordinated Notes
8.375% January 15, 2027
500,000 Korea Development Bank 419,120
7.125% September 17, 2001
400,000 Siam Commercial Bank 116,000
Convertible Bonds
3.250% January 24, 2004
$2,708,220
FOREIGN GOVERNMENTS --- 13.7%
1,000,000 Bangko Sentral Philipnas 797,400
8.600% June 15, 2027
820,170 Ecuador Global Bearer 505,471
6.656% February 27, 2015
14,150,000 Federal National Mortgage Association 4,109,615
7.170% October 29, 2007
5,425,000 International Bank Recovery* 1,591,653
Zero Coupon Bond
7.200% August 20, 2007
2,500,000 Republic Of South Africa 474,615
Bonds
12.000% February 28, 2005
2,000,000 Republic Of South Africa 379,692
Bonds
12.000% February 28, 2005
3,000,000 Republic Of South Africa 569,538
Bonds
12.000% February 28, 2005
1,550,000 Republic of Argentina 1,481,800
Debentures
9.750% September 19, 2027
2,850,650 Republic of Brazil 2,237,760
Capitalization Bonds
8.000% April 15, 2014
6,550,000 Republic of Brazil 6,140,625
Debentures
10.125% May 15, 2027
2,500,000 Republic of South Africa 503,032
Bonds
13.500% September 15, 2015
4,500,000 Republic of South Africa 859,108
Bonds
12.500% December 21, 2006
3,450,000 SCDA Generic Residual 433,302
Debentures
24.550% May 30, 2005
2,000,000 Venezuela 1,783,000
Debentures
9.250% September 15, 2027
$21,866,611
FORESTRY --- 0.1%
125,000 Advance Argo Public Company Ltd 100,000
Convertible Unsubordinated Notes
3.500% June 17, 2001
$100,000
GAS --- 0.0%
7,500 NorAm Energy Corp 6,825
Convertible Sub Debentures
6.000% March 15, 2012
$6,825
HIGHWAYS --- 0.1%
175,000 Builders Transport Inc* 91,000
Convertible Sub Debentures
8.000% August 15, 2005
$91,000
HOLDING & INVEST. OFFICES --- 0.9%
750,000 Federal Realty Investment Trust 697,500
Convertible Bonds
5.250% October 28, 2003
350,000 Meditrust Corp 423,063
Convertible Debentures
7.500% March 1, 2001
250,000 Sizeler Property Investors Inc 240,000
Convertible Sub Debentures
8.000% July 15, 2003
$1,360,563
INDUSTRIAL PRODS & SVCS --- 2.1%
500,000 Hyundai Motor Company# 355,000
7.600% July 15, 2007
200,000 Petro Mexicanos# 188,000
Debentures
8.625% December 1, 2023
1,000,000 Petroleos Mexicanos# 987,500
Bond
9.500% September 15, 2027
125,000 Samsung Electronics Co# 97,288
7.450% October 1, 2002
250,000 Samsung Electronics Co# 212,500
8.500% November 1, 2002
1,750,000 Samsung Electronics Co# 1,207,500
Bond
7.700% October 1, 2027
350,000 Total Access Communications# 175,000
Private Placement
8.375% November 4, 2006
250,000 Total Access Communications# 205,625
Private Placement
7.625% November 4, 2001
$3,428,413
INSURANCE --- 0.2%
250,000 Loews Corp 243,395
Senior Notes
7.000% October 15, 2023
$243,395
MFTG - CONSUMER PRODS. --- 14.4%
750,000 Borden Inc 754,635
Debentures
7.875% February 15, 2023
1,000,000 Burlington Industries Inc 1,051,190
Bonds
7.250% August 1, 2027
450,000 Burns Philp Treasury 265,500
Convertible Notes
5.500% April 30, 2004
100,000 Dixie Yarns Inc 91,500
Convertible Debentures
7.000% May 15, 2012
375,000 Fieldcrest Cannon Inc 303,750
Convertible Debentures
6.000% March 15, 2012
550,000 Fruit of the Loom Inc Class A 522,577
Debentures
7.375% November 15, 2023
250,000 Kellwood Co 256,393
Debentures
7.625% October 15, 2017
6,685,000 Philip Morris Companies Inc 7,219,399
Debentures
7.750% January 15, 2027
250,000 Phillips Van-Heusen Corp 245,000
Debentures
7.750% November 15, 2023
225,000 RCN Corp# 141,188
10.490% October 15, 2007
1,950,000 RJR Nabisco Inc 1,993,134
Notes
7.625% September 15, 2003
1,200,000 RJR Nabisco Inc 1,294,716
Notes
8.750% August 15, 2005
2,250,000 RJR Nabisco Inc 2,524,613
Notes
9.250% August 15, 2013
700,000 RJR Nabisco Inc 746,235
Debentures
8.500% July 1, 2007
500,000 Scholastic Corp# 445,000
Bond
5.000% August 15, 2005
1,600,000 The Penn Traffic Co 984,000
Senior Sub Notes
9.625% April 15, 2005
3,250,000 Time Warner Inc 3,399,988
Debentures
7.570% February 1, 2024
750,000 Time Warner Inc 810,120
Debentures
8.050% January 15, 2016
$23,048,938
MFTG - INDUSTRIAL PRODS --- 1.7%
125,000 Bell Sports Corp 105,937
Convertible Sub Debentures
4.250% November 15, 2000
50,000 Exide Corp# 31,937
Senior Convertible Sub Notes
2.900% December 15, 2005
75,000 Hexcel Corp 74,250
Convertible Debentures
7.000% August 1, 2011
750,000 Hyperion Telecommunication 549,375
Callable Bond
10.860% April 15, 2003
525,000 NABI Inc 404,250
Convertible Bonds
6.500% February 1, 2003
750,000 Perez Companc SA# 763,650
8.125% July 15, 2007
200,000 Telxon Corp 211,250
Convertible Sub Notes
5.750% January 1, 2003
600,000 Thermo TerraTech Inc# 534,000
Convertible Notes
4.625% May 1, 2003
$2,674,649
MINING --- 0.4%
1,000,000 Banpu Public Company Ltd 640,000
Convertible Bonds
2.750% April 10, 2003
$640,000
OIL & GAS --- 0.1%
250,000 Ssangyong Oil Refining Co 92,918
Convertible Bond
3.000% December 31, 2004
$92,918
OTHER TRANS. SERVICES --- 0.2%
100,000 Preston Corp 82,000
Convertible Bonds
7.000% May 1, 2011
250,000 Worldway Corp 182,500
Convertible Sub Debentures
6.250% April 15, 2011
$264,500
REAL ESTATE --- 2.4%
2,500,000 First Industrial Realty Trust 2,518,900
7.500% December 1, 2017
1,100,000 Rockefeller Center Properties Inc 789,250
Convertible Debentures
11.380% December 31, 2000
500,000 Trinet Corporate Realty Trust Inc 511,385
Senior Notes
7.700% July 15, 2017
$3,819,535
RETAIL TRADE --- 3.0%
200,000 Boston Chicken Inc 98,000
Convertible Bonds
4.500% February 1, 2004
250,000 Boston Chicken Inc 36,562
Convertible Bonds
11.350% June 1, 2015
275,000 CML Group Inc 203,500
Convertible Jr Sub
5.500% January 15, 2003
100,000 Jacobson Stores Inc 84,250
Convertible Debentures
6.750% December 15, 2011
750,000 K Mart Corp 724,688
Debentures
7.950% February 1, 2023
500,000 K Mart Corp 551,135
Pass Through Certificates
9.780% January 5, 2020
1,100,000 K Mart Corp 1,166,561
Pass Through Certificates
9.350% January 2, 2020
2,350,000 Shoney's Inc 963,500
Convertible Sub Notes
14.710% April 11, 2004
100,000 TPI Enterprises Inc 82,000
Debentures
8.250% July 15, 2002
750,000 Woolworth Corp 844,200
Debentures
8.500% January 15, 2022
$4,754,396
SUPRANATIONALS --- 0.4%
1,000,000 International Bank for Reconstruction and Development 594,620
Debentures
8.000% May 23, 2007
$594,620
TRANSPORTATION --- 0.1%
100,000 American Presidents Company Ltd 100,416
Debentures
8.000% January 15, 2024
$100,416
TRANSPORTATION EQUIPMENT --- 0.3%
875,000 TFM SA de CV# 542,500
Debenture
11.400% June 15, 2009
$542,500
U.S. GOVERNMENTS --- 6.2%
2,600,000 United States of America* 564,694
Principal Strips
6.050% August 15, 2023
1,750,000 United States of America 1,802,500
Treasury Bonds
6.250% August 15, 2023
300,000 United States of America 334,500
Treasury Bonds
6.875% August 15, 2025
6,225,000 United States of America 6,217,219
Treasury Notes
6.000% February 15, 2026
1,000,000 United States of America 1,067,500
Treasury Notes
6.500% November 15, 2026
$9,986,413
U.S. MUNICIPAL --- 0.4%
2,000,000 Orange County California Pension 566,816
General Obligation Bonds
6.870% September 1, 2016
$566,816
WHOLESALE TRADE - INDL --- 1.3%
250,000 Einstein/Noah Bagel Corp 172,500
Convertible Bonds
7.250% June 1, 2004
1,400,000 Flagstar Corp* 560,000
Senior Sub Debentures
11.250% November 1, 2004
1,050,000 Loxley Public Company Ltd 525,000
Convertible Bonds
2.500% April 4, 2001
750,000 Pioneer Standard Electronics Inc 794,689
Senior Notes
8.500% August 1, 2006
$2,052,189
WHOLESALE TRADE -CONSUMER --- 0.1%
50,000 Glycomed Inc 46,000
Convertible Sub Debentures
7.500% January 1, 2003
250,000 International Semi-Tech Microelectric 90,000
Senior Discount Notes
26.83% August 15, 2003
$136,000
TOTAL BONDS --- 91.5% $146,343,407
(Cost $142,301,146)
COMMON STOCK
COMMUNICATIONS --- 0.0%
697 Nextel Communications Inc Class A* 18,122
$18,122
CONSUMER SERVICES --- 0.0%
1,450 Childrens Comprehensive Services Inc* 26,826
$26,826
MFTG - INDUSTRIAL PRODS --- 0.0%
1,000 EI DuPont De Nemours & Co* 66,000
$66,000
TOTAL COMMON STOCK --- 0.1% $110,948
(Cost $224,635)
PREFERRED STOCK
CREDIT INSTITUTIONS --- 0.1%
1,500 BankBoston Corp 141,375
$141,375
ELECTRIC --- 1.3%
909 Central Louisiana Electric Company Inc 74,538
980 Commonwealth Energy System Co 77,420
1,304 Entergy Louisiana Inc 76,121
5,500 Long Island Lighting Co 140,250
1,220 MDU Resources Group Inc 92,720
8,388 Nevada Power Co 156,228
2,205 New York State Electric & Gas Corp 127,890
2,180 Niagara Mohawk Power Corp Series A 53,819
31,800 Niagara Mohawk Power Corp Series B 800,963
12,500 Niagara Mohawk Power Corp Series C 300,000
2,850 Niagara Mohawk Power Corp Series E 186,675
300 Northern States Power Co 17,250
$2,103,874
ELECTRONICS - HIGH TECH --- 0.3%
10,000 Unisys Corp 450,620
$450,620
FINANCIAL SERVICES --- 0.1%
2,500 Owens Corning Capital 121,875
$121,875
MFTG - INDUSTRIAL PRODS --- 0.8%
950 Aluminum Company of America* 67,568
25,850 Bethlehem Steel Corp# 1,066,312
3,000 McDermott Inc 114,000
2,000 Stone Container Corp Series E* 29,500
$1,277,380
RETAIL TRADE --- 0.0%
78,400 Flagstar Companies Inc* 78
$78
TOTAL PREFERRED STOCK --- 2.6% $4,095,202
(Cost $3,608,748)
SHORT-TERM INVESTMENTS
CREDIT INSTITUTIONS --- 3.3%
1,000,000 Ford Motor Credit Co 998,711
6,565,000 Prudential Funding Corp 4,199,616
$5,198,327
SECURITIES & COMMODITIES --- 2.6%
4,200,000 Merrill Lynch & Co Inc 4,199,300
$4,199,300
TOTAL SHORT-TERM INVESTMENTS --- 5.9% $9,397,627
(Cost $9,397,627)
TOTAL CORPORATE BOND PORTFOLIO --- 100.0% $159,947,184
(Cost $155,532,156)
The Maxim Series Fund
Growth Index Portfolio
COMMON STOCK
AGENCY --- 1.4%
39,300 Federal National Mortgage Association (nonvtg) 2,242,537
$2,242,537
AGRICULTURE --- 0.0%
800 Dole Food Company Inc 36,600
$36,600
AIR --- 0.2%
2,350 Comair Holdings Inc 56,694
3,000 Gulfstream Aerospace Corp* 87,750
1,400 Northwest Airlines Corp* 67,025
1,300 Pittston Brink's Group 52,325
$263,794
COMMUNICATIONS --- 2.6%
5,033 360 Communications Co* 101,601
1,600 AH Belo Corp Class A 89,800
2,900 Advanced Fibre Communications* 84,463
20,600 Airtouch Communications Inc* 856,177
4,000 CIENA Corporation* 244,500
4,600 Cabletron Systems Inc* 69,000
400 Chancelor Media Corp* 29,850
2,500 Clear Channel Communications Inc* 198,593
14,323 Comcast Corp Class A 452,063
100 Comcast Corp Class B 3,188
900 CommScope Inc* 12,093
1,400 Excel Communications Inc* 20,300
9,800 Gannett Company Inc 605,758
999 Gaylord Entertainment 31,905
800 HSN Inc* 41,200
500 LIN Television Corp* 27,250
1,000 PanAmStat Corp* 43,125
2,400 Qualcomm Inc* 121,200
320 Scripps Howard Broadcasting Co Class A 15,500
1,270 Tele-Communications Inc - Liberty Media Group Class A* 46,038
9,690 Tele-Communications Inc Class A* 270,710
1,000 Telephone & Data Systems Inc 46,562
1,100 Teleport Communications Group Inc* 60,363
300 United States Cellular Corp* 9,300
400 Univision Communications Inc* 27,925
6,100 Viacom Inc Class B* 252,766
14,019 Worldcom Inc* 424,075
$4,185,305
CONSTRUCTION --- 0.0%
2,341 Clayton Homes Inc 42,138
500 Johns Manville Corp 5,031
$47,169
CONSUMER SERVICES --- 15.6%
3,500 Accustaff Inc* 80,500
10,800 Amgen Inc 584,550
1,100 Apollo Group Inc Class A* 51,975
11,400 Baxter International Inc 574,982
4,300 Becton Dickinson & Co 215,000
400 Beverly Enterprises Inc 5,200
2,800 Biogen Inc* 101,850
4,000 Biomet Inc 102,500
26,700 Bristol-Myers Squibb Co 2,526,488
6,907 CVS Corp 442,476
30,003 Cendant Corp* 1,031,353
2,400 Circus Circus Enterprises Inc* 49,200
12,702 Columbia/HCA Healthcare Corp 376,297
200 DePuy Inc 5,750
37,700 Eli Lilly & Co 2,624,863
800 Forest Laboratories Inc* 39,450
5,010 Foundation Health Systems* 112,099
700 Genesis Health Ventures Inc* 18,463
1,800 Genzyme Corp 49,950
2,400 H&R Block Inc 107,549
1,050 Harrah's Entertainment Inc* 19,819
1,600 Health Care & Retirement Corp* 64,400
5,862 Health Management Associates Inc* 148,016
1,300 HealthCare Compare Corp* 66,463
15,972 Healthsouth Corp* 443,223
4,000 Hilton Hotels Corp 119,000
400 Host Marriott Corp* 7,850
4,400 Humana Inc* 91,300
2,000 Ivax Corp* 13,500
54,576 Johnson & Johnson 3,595,194
2,425 La Quinta Inns Inc 46,832
1,200 Lincare Holdings Inc* 68,400
448 MGM Grand Inc* 16,156
700 Manor Care Inc 24,500
4,200 Marriott International Inc 290,850
6,399 MedPartners Inc* 143,178
19,200 Medtronic Inc 1,004,390
49,100 Merck & Company Inc 5,216,875
6,800 Mirage Resorts Inc* 154,700
3,300 Omnicare Inc 102,300
1,452 Pacific Health Systems* 76,049
3,000 Phycor Inc* 81,000
2,773 Promus Hotel Corp* 116,466
3,050 Quorum Health Group Inc* 79,681
1,200 Regal Cinemas Inc* 33,450
12,700 Republic Industries Inc* 296,062
300 Revlon Inc* 10,594
10,300 Service Corporation International 380,451
3,350 St Jude Medical Inc* 102,175
1,300 Stewart Enterprises Inc Class A 60,613
3,000 Stryker Corp 111,750
3,390 Tenet Healthcare Corp* 112,294
26,108 The Walt Disney Co 2,586,311
5,300 United Healthcare Corp 263,341
1,200 United States Surgical Corp 35,174
1,000 Universal Health Services Inc Class B* 50,375
2,480 Vencor Inc* 60,604
400 Wellpoint Health Networks* 16,900
1,300 Whitman Corp 33,881
$25,244,612
CREDIT INSTITUTIONS --- 2.3%
600 Advanta Corp Class A 15,750
14,700 American Express Co 1,311,975
2,300 Associates First Capital Corp 163,588
100 CCB Financial Corp 10,750
200 Capital One Financial Corp 10,837
2,500 Concord EFS Inc* 62,188
200 Countrywide Credit Industries Inc 8,575
4,625 Fifth Third Bancorp 378,094
4,000 Household International Inc 510,248
17,812 MBNA Corp 486,481
700 Northern Trust Corp 48,825
2,800 Norwest Corp 108,150
600 Paymentech Inc* 8,850
2,700 Star Banc Corp 154,913
300 State Street Boston Corp 17,456
6,200 Synovus Financial Corp 203,050
800 TCF Financial Corp 27,150
1,500 The Money Store Inc 31,500
1,300 Washington Mutual Inc 82,956
100 Wilmington Trust Co 6,238
1,800 Zions Bancorp 81,675
$3,729,249
ELECTRIC --- 0.2%
5,906 AES Corp* 275,367
480 Texas Utilities Co 19,950
$295,317
ELECTRONICS - HIGH TECH --- 19.3%
2,200 AMP Inc 92,400
900 AVX Corp 16,593
4,600 Adaptec Inc* 170,775
3,000 Adobe Systems Inc 123,750
2,900 Advanced Micro Devices Inc* 52,017
3,200 American Power Conversion Corp* 75,600
6,600 Analog Devices Inc* 182,734
3,675 Andrew Corp* 88,200
15,000 Applied Materials Inc* 451,825
6,920 Ascend Communications Inc* 169,540
4,100 Atmel Corp* 76,104
100 Avnet Inc 6,600
5,000 Boston Scientific Corp* 229,375
41,200 Cisco Systems Inc* 2,296,900
1,900 Coltec Industries Inc* 44,055
26,650 Compaq Computer Corp 1,504,046
1,700 Cypress Semiconductor Corp* 14,450
3,300 DSC Communications Corp* 79,200
600 DST Systems Inc* 25,612
900 Dallas Semiconductor Corp 36,675
11,200 Dell Computer Corp* 940,800
1,700 Dentsply International Inc 51,850
2,775 Diebold Inc 140,484
2,300 Eastman Kodak Co 139,868
12,900 Electronic Data Systems Corp 566,787
5,000 Emerson Electric Co 282,185
3,100 FORE Systems Inc* 47,275
1,833 Federal Signal Corp 39,639
2,720 Gateway 2000 Inc* 88,740
122,400 General Electric Co 8,981,100
675 General Semiconductor Inc 7,804
33,300 Hewlett-Packard Co 2,081,250
4,100 Honeywell Inc 280,850
620 Hubbell Inc Class B 30,573
67,000 Intel Corp 4,706,750
4,000 International Game Technology 101,000
400 Jabil Circuit Inc* 15,900
3,500 KLA-Tencor Corp* 135,188
1,600 Komag Inc* 23,800
3,400 LCI International Inc* 104,550
5,800 LSI Logic Corp* 114,550
1,500 Lam Research Corp* 43,875
900 Lattice Semiconductor Corp* 42,638
2,700 Lexmark International Group Inc Class A* 102,600
3,100 Linear Technology Corp 178,638
600 MSC Industrial Direct Company Inc Class A* 25,200
5,000 Maxim Integrated Products Inc* 172,500
400 Memc Electronic Materials Inc* 6,100
800 Micron Electronics Inc* 7,300
6,500 Micron Technology Inc* 169,000
1,715 Molex Inc 55,094
22,800 Motorola Inc 1,301,014
700 National Semiconductor Corp* 18,156
2,125 Netscape Communications Corp* 51,797
2,100 Networks Associates Inc* 111,038
3,900 NextLevel Systems Inc* 69,713
2,200 Novell Inc* 16,500
2,800 Pairgain Technologies Inc* 54,250
1,800 Perkin-Elmer Corp 127,912
300 Pittway Corp Class A 20,888
1,000 Presstek Inc* 25,750
4,600 Quantum Corp* 92,285
2,400 SCI Systems Inc* 104,549
2,400 Scientific-Atlanta Inc 40,200
10,000 Seagate Technology Inc* 192,500
1,300 Security Dynamics Technologies Inc* 46,475
1,400 Sensormatic Electronics Corp 23,012
3,800 Silicon Graphics Inc* 47,261
900 Sofamor Danek Group Inc* 58,556
4,300 Solectron Corp* 178,717
1,400 Steris Corp* 67,550
3,714 Sterling Commerce Inc* 142,755
15,300 Sun Microsystems Inc* 610,088
1,250 Symbol Technologies Inc 47,188
150 Tektronix Inc 5,953
400 Teleflex Inc 15,100
6,600 Tellabs Inc* 348,975
3,400 Teradyne Inc* 108,800
16,000 Texas Instruments Inc 720,000
5,200 Thermo Electron Corp* 231,400
712 Thermo Instrument Systems Inc* 24,519
240 Thomas & Betts Corp 11,340
3,400 Unisys Corp* 47,175
900 VLSI Technology Inc* 21,263
1,200 Varian Associates Inc 60,674
609 Vishay Intertechnology Inc* 14,388
1,400 Vitesse Semiconductor Corp* 52,850
8,020 Xerox Corp 591,972
2,800 Xilinx Inc* 98,174
500 York International Corp 19,781
$31,240,857
ENVIRONMENTAL SERVICES --- 0.2%
700 Browning-Ferris Industries Inc 25,900
7,662 USA Waste Services Inc* 300,734
400 Waste Management Inc 11,000
$337,634
FINANCIAL SERVICES --- 0.0%
400 ContiFinancial Corp* 10,075
$10,075
GAS --- 0.2%
3,900 Enron Corp 162,092
2,400 NGC Corp 42,000
1,400 Pogo Producing Co 41,300
400 Seagull Energy Corp* 8,250
1,500 Sonat Inc 68,625
$322,267
HOLDING & INVEST. OFFICES --- 1.0%
6,600 Cognizant Corp 294,109
500 Finova Group Inc 24,844
300 Green Point Financial Corp 21,769
5,600 Green Tree Financial Corp 146,647
4,600 ITT Corp* 381,225
4,800 MGIC Investment Corp 319,200
400 National Commerce Bancorp 14,100
900 Provident Financial Group Inc 43,650
2,200 SLM Holding Corp 306,075
700 US Bancorp 78,356
1,900 US Industries Inc 57,238
$1,687,213
INDEPENDENT POWER PROD --- 0.0%
1,400 Calenergy Inc* 40,250
$40,250
INDUSTRIAL SERVICES --- 9.0%
3,600 Altera Corp* 119,250
4,100 America Online Inc* 365,667
500 Arrow Electronics Inc* 16,219
1,900 Autodesk Inc 70,300
12,000 Automatic Data Processing Inc 736,500
4,200 BMC Software Inc* 275,625
8,500 Cadence Design Systems Inc* 208,250
1,500 Cambridge Technology Partners Inc* 62,438
3,300 Ceridian Corp* 151,180
530 Choisepoint Inc* 25,308
2,500 Cintas Corp 97,500
17,025 Computer Associates International Inc 900,197
3,016 Computer Sciences Corp* 251,836
6,000 Compuware Corp* 192,000
3,400 Corrections Corporation of America* 126,011
2,900 Deluxe Corp 100,050
2,400 Electronic Arts Inc* 90,749
6,100 Equifax Inc 216,166
16,070 First Data Corp 470,048
2,100 Fiserv Inc* 103,163
800 Fluor Corp 29,900
400 Foster Wheeler Corp 10,825
1,700 Gtech Holdings Corp* 54,293
8,100 HBO & Co 388,800
2,500 Ikon Office Solutions Inc 70,313
3,300 Informix Corp* 15,675
5,200 Interpublic Group of Companies Inc 259,022
1,600 Intuit Inc* 66,000
3,100 Keane Inc* 125,938
26,253 Lucent Technologies Inc 2,096,958
3,200 Manpower Inc 112,800
30,400 Microsoft Corp* 3,929,200
1,100 National Data Corp 39,738
800 Olsten Corp 12,000
6,600 Omnicom Group Inc 279,675
31,050 Oracle Systems Corp* 692,788
5,200 Parametric Technology Corp* 246,350
3,637 Paychex Inc 184,123
6,200 Peoplesoft Inc* 241,800
4,200 Pitney Bowes Inc 377,735
2,100 Quintiles Transnational Corp* 80,325
2,500 Reynolds & Reynolds Co Class A 46,093
3,700 Robert Half International Inc* 148,000
1,000 Shared Medical Systems Corp 66,000
600 Sterling Software Inc* 24,600
3,200 Sungard Data System Inc* 99,200
2,900 Sybase Inc* 38,605
2,000 Synopsys Inc* 71,500
600 TeleTech Holdings Inc* 6,825
1,008 Total System Services Inc 24,948
200 TransTexas Gas Corp* 2,962
1,000 Transaction Systems Inc Class A* 38,000
660 Wallace Computer Services Inc 25,658
900 Western Atlas Inc 66,600
$14,551,706
INSURANCE --- 1.8%
1,200 20th Century Industries 31,200
1,774 Aetna Inc 125,177
4,250 Aflac Inc 217,281
200 American Bankers Insurance Group Inc 9,187
5,200 American International Group Inc 565,500
2,900 Conseco Inc 131,767
2,700 Erie Indemnity Co Class A 79,650
500 Everest Reinsurance Holdings Inc 20,625
2,100 Marsh & McLennan Companies Inc 156,580
100 Mercury General Corp 5,525
3,200 Oxford Health Plans Inc* 49,798
1,700 Progressive Corp 203,788
100 Protective Life Corp 5,975
246 Provident Companies Inc 9,502
100 Reliance Group Holdings Inc 1,413
8,050 SunAmerica Inc 344,138
200 The PMI Group Inc 14,462
13,249 Travelers Group Inc 713,790
2,700 Unum Corp 146,813
$2,832,171
MFTG - CONSUMER PRODS. --- 16.0%
6,600 Anheuser-Busch Companies Inc 290,400
5,100 Avon Products Inc 313,013
1,800 Bed Bath & Beyond Inc* 69,300
400 Brown-Forman Corp Class B 22,100
700 Brunswick Corp 21,218
4,600 CPC International Inc 496,800
9,800 Campbell Soup Co 569,625
400 Central Newspapers Inc 29,575
92,300 Coca-Cola Co 6,149,488
8,700 Coca-Cola Enterprises Inc 309,389
12,100 Colgate-Palmolive Co 889,350
3,800 CompUSA Inc* 117,800
19,600 ConAgra Inc 643,115
4,200 Dial Corp 87,410
1,800 Dura Pharmaceuticals Inc* 82,575
2,400 Flowers Industries Inc 49,349
600 Fruit of the Loom Inc Class A* 15,375
1,900 Gartner Group Inc Class A* 70,775
4,600 General Mills Inc 329,475
22,883 Gillette Co 2,298,300
5,050 HJ Heinz Co 256,601
1,100 HON Industries Inc 64,900
1,800 Harcourt General Inc 98,550
800 Harte-Hanks Communications Inc 29,700
300 Hasbro Inc 9,450
1,900 Herman Miller Inc 103,668
2,500 Hershey Foods Corp 154,843
2,000 Hillenbrand Industries Inc 102,374
200 Hollinger International Inc 2,800
1,600 International Flavors & Fragrances Inc 82,400
1,700 Interstate Bakeries Co 63,538
1,400 Jones Apparel Group Inc* 60,200
6,000 Kellogg Co 297,750
200 Knight-Ridder Inc 10,400
733 Lancaster Colony Corp 41,323
1,000 Lee Enterprises Inc 29,562
3,700 Leggett & Platt Inc 154,938
1,300 Liz Claiborne Inc 54,356
4,900 Masco Corp 249,288
11,883 Mattel Inc 442,642
400 McCormick & Company Inc (nonvtg) 11,200
900 McGraw-Hill Companies Inc 66,600
1,700 Meredith Corp 60,668
700 Nabisco Holdings Corp Class A 33,906
800 New York Times Co Class A 52,900
6,500 Newell Co 276,250
1,000 Nine West Group Inc* 25,937
62,600 Pepsico Inc 2,280,956
99,200 Philip Morris Companies Inc 4,494,950
3,400 Pioneer Hi-Bred International Inc 364,650
5,300 Primedia Inc* 66,913
1,000 Quaker Oats Co 52,750
200 RR Donnelley & Sons Co 7,450
4,000 Ralston-Ralston Purina Group 371,748
1,000 Readers Digest Association Inc Class A 23,625
5,300 Rubbermaid Inc 132,500
11,700 Sara Lee Corp 658,850
500 Shaw Industries Inc 5,813
3,200 Starbucks Corp* 122,800
3,100 The Times Mirror Co Class A 190,650
1,200 Tiffany & Co 43,274
3,825 Time Warner Inc 237,150
300 Tootsie Roll Industries Inc 18,750
3,400 Tribune Co 211,650
2,100 Tupperware Corp 58,538
800 Tyson Foods Inc Class A 16,400
6,900 UST Inc 254,865
2,100 Unifi Inc 85,443
800 Valassis Communications Inc* 29,600
400 Viad Corp 7,725
2,100 Warnaco Group Inc Class A 65,888
800 Westpoint Stevens Inc* 37,800
4,200 Wm Wrigley Jr Co 334,160
1,500 Wolverine World Wide Inc 33,938
$25,900,012
MFTG - INDUSTRIAL PRODS --- 13.1%
14,130 3Com Corp* 493,660
29,800 Abbott Laboratories 1,953,748
300 Air Products & Chemicals Inc 24,675
2,300 Airgas Inc* 32,200
4,917 Allegheny Teledyne Inc 127,227
3,300 Alza Corp 104,980
26,600 American Home Products Corp 2,034,900
3,000 American Standard Companies Inc* 114,936
100 Armstrong World Industries Inc 7,475
8,635 Bay Networks Inc* 220,728
1,800 Bemis Company Inc 79,312
300 Betz Laboratories Inc 18,319
1,250 Blyth Industries Inc* 37,421
700 Cabot Corp 19,338
3,000 Callaway Golf Co 85,686
1,100 Camco International Inc 70,056
2,800 Centocor Inc* 93,100
7,100 Chiron Corp* 120,700
2,800 Clorox Co 221,374
9,400 Corning Inc 348,975
1,300 Crane Co 56,388
2,800 Crompton & Knowles Corp 74,200
1,200 Crown Cork & Seal Company Inc 60,150
1,800 Cytec Industries Inc* 84,487
1,300 Danaher Corp 82,063
1,400 Dover Corp 50,575
6,600 EI DuPont De Nemours & Co 396,409
20,200 EMC Corp* 554,227
2,300 Ecolab Inc 127,505
2,100 Electronics for Imaging Inc* 34,913
4,000 Engelhard Corp 69,500
1,800 Ethyl Corp 13,837
2,325 Fort James Corp 88,931
6,100 Guidant Corp 379,725
230 Harnischfeger Industries Inc 8,122
200 Harsco Corp 8,625
4,100 Hercules Inc 205,254
1,100 Illinois Tool Works Inc 66,138
700 Immunex Corp* 37,800
9,400 Iomega Corp* 116,908
20,960 Kimberly-Clark Corp 1,033,580
1,600 Lear Corp* 76,000
100 Lyondell Petrochemical Co 2,650
500 Meritor Automotive Inc 10,531
2,600 Microchip Technology Inc* 78,000
1,800 Millipore Corp 61,087
8,500 Minnesota Mining & Manufacturing Co 697,527
24,200 Monsanto Co 1,016,400
900 Morton International Inc 30,938
4,300 Mylan Laboratories Inc 90,029
1,400 Novellus Systems Inc* 45,237
2,900 Nucor Corp 140,105
4,000 Owens-Illinois Inc* 151,748
600 PPG Industries Inc 34,275
5,200 Pall Corp 107,572
52,900 Pfizer Inc 3,944,330
6,500 Praxair Inc 292,500
1,000 Precision Castparts Corp 60,312
1,000 RP Scherer Corp* 61,000
1,156 RPM Inc 17,629
3,500 Raychem Corp 150,717
30,000 Schering-Plough Corp 1,863,750
1,600 Sealed Air Corp* 98,800
1,400 Sherwin-Williams Co 38,850
1,200 Sigma Aldrich Corp 47,700
300 Snap-On Inc 13,088
1,960 Solutia Inc 52,307
950 Sonoco Products Co 32,953
600 The BF Goodrich Co 24,862
800 The Stanley Works 37,750
1,400 UCAR International Inc* 55,912
1,000 USG Corp* 49,000
3,000 United States Filter Co* 89,811
1,100 Unova Inc* 18,081
1,600 Valspar Corp 51,000
3,000 WR Grace & Co 241,311
11,100 Warner-Lambert Co 1,376,400
3,600 Watson Pharmaceuticals Inc* 116,773
3,800 Western Digital Corp* 61,036
800 Witco Corp 32,650
1,400 Worthington Industries Inc 23,100
$21,151,868
MINING --- 0.2%
1,000 Battle Mountain Gold Co 5,875
7,100 Freeport-McMoran Copper & Gold Inc Class B 111,825
500 Newmont Gold Co 14,906
6,416 Newmont Mining Corp 188,470
300 Southern Peru Copper Corp 4,013
$325,089
OIL & GAS --- 2.1%
2,300 Anadarko Petroleum Corp 139,580
500 Apache Corp 17,531
900 BJ Services Company USA* 64,743
6,100 Baker Hughes Inc 266,113
1,415 Burlington Resources Inc 63,409
1,900 Cooper Cameron Corp* 115,900
2,800 Diamond Offshore Drilling Inc 134,750
3,000 Dresser Industries Inc 125,811
1,000 EVI Inc* 51,750
1,200 Enron Oil & Gas Co 25,424
5,800 Ensco International Inc 194,300
3,300 Falcon Drilling Company Inc* 115,705
5,900 Global Marine Inc* 144,550
10,500 Halliburton Co 545,339
4,100 Nabors Industries Inc* 128,892
1,000 Noble Affiliates Inc 35,250
4,500 Noble Drilling Corp* 137,813
400 Pennzoil Co 26,725
800 Pioneer Natural Resources Co 23,150
2,900 Reading & Bates Corp* 121,438
3,100 Rowan Companies Inc* 94,550
1,600 Smith International Inc* 98,200
5,700 Tosco Corp 215,528
2,250 Transocean Offshore Inc 108,421
7,300 Union Pacific Resources Group Inc 177,025
2,400 Union Texas Petroleum Holdings Inc 49,949
1,200 United Meridian Corp* 33,750
2,200 UnoCal Corp 85,386
800 Valero Energy Corp 25,150
700 Vastar Resources Inc 25,025
1,000 Weatherford Enterra Inc* 43,750
$3,434,907
OTHER TRANS. SERVICES --- 0.1%
500 Federal Express Corp* 30,531
2,200 Tidewater Inc 121,275
$151,806
RAILROADS --- 0.1%
600 Illinois Central Corp Class A 20,437
1,700 Kansas City Southern Industries Inc 53,975
2,100 Wisconsin Central Transportation Corp* 49,088
$123,500
REAL ESTATE --- 0.2%
2,600 Catellus Development Corp* 52,000
2,500 The Rouse Co 81,875
2,700 Vornado Realty Trust 126,730
100 Westfield America Inc 1,700
$262,305
RETAIL TRADE --- 6.7%
3,600 Albertson's Inc 170,550
598 Autoliv Inc 19,585
6,200 Autozone Inc* 179,800
1,700 Barnes & Noble Inc* 56,738
400 Boise Cascade Office Products Corp* 5,975
2,900 Borders Group Inc* 90,805
1,000 Boston Chicken Inc* 6,437
4,000 Circuit City Stores Inc 142,248
3,493 Consolidated Stores Corp* 153,472
4,300 Corporate Express Inc* 55,363
2,200 Cracker Barrel Old Country Stores Inc 73,425
2,700 Dayton Hudson Corp 182,250
3,393 Dollar General Corp 122,996
1,100 Dollar Tree Stores Inc* 45,513
2,250 Family Dollar Stores Inc 65,952
1,100 Fastenal Co 42,075
2,400 Federated Department Stores Inc* 103,349
800 Fred Meyer Inc* 29,100
12,600 Gap Inc 446,506
3,800 General Nutrition Companies Inc* 129,200
300 Hannaford Brothers Co 13,031
29,900 Home Depot Inc 1,760,363
1,700 Intimate Brands Inc Class A 40,905
2,700 Kohls Corp* 183,938
8,200 Kroger Co* 302,883
1,700 Limited Inc 43,350
5,500 Lowe's Companies Inc 262,279
25,900 McDonald's Corp 1,236,725
800 Neiman Marcus Group Inc* 24,200
100 Nordstrom Inc 6,038
3,750 Office Depot Inc* 89,764
2,450 Officemax Inc* 34,913
1,800 Outback Steakhouse Inc* 51,750
1,000 Owens Corning 34,125
1,500 Pep Boys - Manny Moe & Jack 35,813
4,700 Petsmart Inc* 34,075
1,100 Planet Hollywood International Inc* 14,575
3,200 Rite Aid Corp 187,798
2,000 Ross Stores Inc 72,750
9,627 Safeway Inc* 608,908
2,200 Saks Holdings Inc* 45,511
9,400 Sears Roebuck & Co 425,350
2,400 Southland Corp* 5,100
6,725 Staples Inc* 186,619
6,800 TJX Companies Inc 233,750
2,000 Tandy Corp 77,124
3,930 Tricon Global Restaurants* 114,214
3,400 Viking Office Products Inc* 74,161
46,000 Wal-Mart Stores Inc 1,814,102
20,400 Walgreen Co 640,050
2,200 Wendy's International Inc 52,936
500 Winn-Dixie Stores Inc 21,844
2,400 Woolworth Corp* 48,900
$10,899,183
SECURITIES & COMMODITIES --- 0.5%
7,400 Charles Schwab & Company Inc 310,334
3,350 Franklin Resources Inc 291,239
300 Lehman Brothers Holdings Inc 15,300
1,000 Morgan Stanley Group 59,125
1,900 T Rowe Price & Associates Inc 119,463
2,600 United Asset Management Corp 63,536
$858,997
TELEPHONE --- 0.8%
5,400 ADC Telecommunications Inc* 225,450
1,300 Ameritech Corp 104,650
400 Century Telephone Enterprises Inc 19,925
5,600 Cincinnati Bell Inc 173,600
6,000 GTE Corp 313,500
5,900 SBC Communications Inc 432,175
100 Southern New England Telecommunications Corp 5,031
$1,274,331
TRANSPORTATION --- 0.0%
100 CNF Transportation Inc 3,838
$3,838
TRANSPORTATION EQUIPMENT --- 1.9%
19,500 Allied-Signal Inc 759,272
100 Borg-Warner Automotive Inc 5,200
100 Echlin Inc 3,619
6,200 Harley-Davidson Inc 169,725
1,650 Sundstrand Corp 83,119
400 Textron Inc 25,000
27,800 The Boeing Co 1,360,449
8,200 United Technologies Corp 597,058
$3,003,442
U.S. GOVERNMENTS --- 0.6%
23,200 Federal Home Loan Mortgage Corp 972,938
$972,938
WHOLESALE TRADE - INDL --- 0.1%
400 Jefferson Smurfit Corp* 5,650
500 McKesson Corp 54,094
2,000 Sybron International Corp* 93,874
$153,618
WHOLESALE TRADE -CONSUMER --- 3.8%
4,300 Avery Dennison Corp 192,425
925 Bergen Brunswig Corp Class A 38,966
4,513 Cardinal Health Inc 339,039
7,500 Costco Companies Inc* 334,688
1,400 Estee Lauder Companies Class A 72,012
1,700 Ingram Micro Inc* 49,513
5,200 Nike Inc Class B 204,100
55,400 Procter & Gamble Co 4,421,585
900 Reebok International Ltd* 25,931
2,400 Sunbeam-Oster Co 101,100
7,000 Sysco Corp 318,934
1,400 Tech Data Corp* 54,425
$6,152,718
TOTAL COMMON STOCK --- 100.0% $161,735,308
(Cost $124,805,395)
TOTAL GROWTH INDEX PORTFOLIO --- 100.0% $161,735,308
(Cost $124,805,395)
The Maxim Series Fund
INVESCO Balanced Portfolio
BONDS
AGENCY --- 6.7%
1,400,042 Federal Home Loan Mortgage Corp 1,403,976
Pool #E66283
6.500% February 1, 2012
1,940,749 Federal Home Loan Mortgage Corp 1,946,202
Gold Pool #E00501
6.500% July 1, 2012
4,907,610 Federal Home Loan Mortgage Corp 4,915,266
6.500% November 1, 2012
$8,265,444
COMMUNICATIONS --- 1.7%
1,000,000 Time Warner Entertainment LP 1,034,080
Notes
7.250% September 1, 2008
1,000,000 Worldcom Inc 1,075,920
8.875% January 15, 2006
$2,110,000
CONSUMER SERVICES --- 1.5%
845,000 FHP International Corp 851,092
Debentures
7.000% September 15, 2003
1,100,000 McKesson Corp 979,000
Convertible Notes
4.500% March 1, 2004
$1,830,092
ELECTRIC --- 10.2%
250,000 Boston Edison Co 253,387
Debentures
7.800% March 15, 2023
500,000 Boston Edison Co 543,750
Debentures
7.800% May 15, 2010
500,000 Carolina Power & Light Co 615,080
Debentures
8.625% September 15, 2021
500,000 Carolina Power & Light Co 485,265
Debentures
6.875% August 15, 2023
300,000 DQU II Funding Corp 341,256
Debentures
8.700% June 1, 2016
1,000,000 Jersey Central Power & Light 1,012,260
Debentures
7.500% May 1, 2023
500,000 Metropolitan Edison Co 585,625
8.150% January 30, 2023
1,600,000 New York State Electric & Gas Corp 1,716,768
8.300% December 15, 2022
1,250,000 Pacific Gas & Electric Co 1,567,738
Debentures
8.800% May 1, 2024
381,000 Pacific Gas & Electric Co 399,398
Callable Bond
8.000% October 1, 2025
500,000 Pacific Gas & Electric Co 549,375
Callable Bond
8.250% November 1, 2022
250,000 Pennsylvania Power & Light Co 259,750
First Mortgage
7.875% February 1, 2023
200,000 Philadelphia Electric Co 195,898
1st Ref Mortgage
7.250% November 1, 2024
150,000 Philadelphia Electric Co 159,323
First Ref Mortgage
8.750% April 1, 2022
500,000 Potomac Electric Power Co 501,980
Bond
6.250% October 15, 2007
250,000 Public Service Company of Indiana 252,900
Debentures
6.350% November 15, 2006
2,000,000 Public Service Electric & Gas Co 2,039,420
7.500% March 1, 2023
250,000 South Carolina Electric & Gas 273,250
Bonds
8.875% August 15, 2021
750,000 Utilicorp United Inc 839,948
Debentures
9.000% November 15, 2021
$12,592,371
ELECTRONICS - HIGH TECH --- 0.4%
500,000 International Business Machines Corp 504,170
6.220% August 21, 2027
$504,170
FINANCIAL SERVICES --- 0.4%
500,000 Spieker Properties 503,825
Callable Bond
7.350% December 1, 2017
$503,825
INSURANCE --- 0.9%
985,000 Equitable Companies Inc 1,117,059
9.000% December 15, 2004
$1,117,059
MFTG - INDUSTRIAL PRODS --- 1.3%
500,000 Quno Corp 551,250
Debentures
9.125% May 15, 2005
1,000,000 Seacor Smit Inc# 1,020,940
7.200% September 15, 2009
$1,572,190
OIL & GAS --- 0.7%
205,000 Atlantic Richfield Co 259,618
Debentures
10.875% July 15, 2005
500,000 Sun Company Inc 582,925
Debentures
9.375% June 1, 2016
$842,543
SECURITIES & COMMODITIES --- 0.2%
250,000 Lehman Brothers Holdings Inc 292,388
Senior Notes
8.800% March 1, 2015
$292,388
TELEPHONE --- 0.8%
1,000,000 Frontier Corp 1,040,890
Callable Bond
7.250% May 15, 2004
$1,040,890
U.S. GOVERNMENTS --- 9.6%
10,000,000 United States of America 10,292,200
Treasury Notes
6.500% May 31, 2002
1,500,000 United States of America 1,570,545
Treasury Notes
6.500% October 15, 2006
$11,862,745
TOTAL BONDS --- 34.5% $42,533,717
(Cost $41,900,252)
COMMON STOCK
COMMUNICATIONS --- 3.6%
24,000 Brooks Fiber Properties* 1,320,000
46,900 General Cable Corp 1,697,170
26,900 Teleport Communications Group Inc* 1,476,138
$4,493,308
CONSUMER SERVICES --- 10.1%
22,200 America Online Inc* 1,979,951
20,300 Bristol-Myers Squibb Co 1,920,887
39,100 Hilton Hotels Corp 1,163,225
17,600 Merck & Company Inc 1,870,000
1,500 Novartis 2,434,431
35,500 Smithkline Beecham PLC 1,826,014
37,000 Tenet Healthcare Corp* 1,225,625
$12,420,133
CREDIT INSTITUTIONS --- 7.3%
27,400 Bank of New York Company Inc 1,584,049
19,500 Beneficial Corp 1,620,937
11,400 Citicorp 1,441,382
18,900 Fleet Financial Group Inc 1,416,309
19,100 HF Ahmanson & Co 1,278,497
61,800 MBNA Corp 1,687,882
$9,029,056
ELECTRIC --- 2.6%
109,500 Endesa SA* 1,991,476
40,000 Unicom Corp 1,230,000
$3,221,476
ELECTRONICS - HIGH TECH --- 4.5%
11,700 Cisco Systems Inc* 652,275
25,300 General Electric Co 1,856,387
19,500 International Business Machines Corp 2,038,959
13,800 Xerox Corp 1,018,606
$5,566,227
INDUSTRIAL SERVICES --- 1.2%
58,600 AC Nielsen Corp* 1,428,375
$1,428,375
MFTG - CONSUMER PRODS. --- 8.0%
43,600 Anheuser-Busch Companies Inc 1,918,400
21,000 Colgate-Palmolive Co 1,543,500
52,300 CompUSA Inc* 1,621,300
18,000 Gillette Co 1,807,866
29,300 Kellogg Co 1,454,012
17,000 Ralston-Ralston Purina Group 1,579,929
$9,925,007
MFTG - INDUSTRIAL PRODS --- 4.5%
20,100 CTB International Corp* 286,425
30,000 Kennametal Inc 1,554,360
50,000 Owens-Illinois Inc* 1,896,850
11,700 WR Grace & Co 941,113
7,200 Warner-Lambert Co 892,800
$5,571,548
OIL & GAS --- 6.6%
34,600 Baker Hughes Inc 1,509,425
18,500 Coastal Corp 1,145,834
80,600 EEX Corp* 730,397
31,300 Exxon Corp 1,915,153
31,300 Phillips Petroleum Co 1,521,963
49,100 United Meridian Corp* 1,380,938
$8,203,710
REAL ESTATE --- 0.8%
28,900 Boston Properties Inc 955,492
$955,492
RETAIL TRADE --- 7.7%
27,400 Dayton Hudson Corp 1,849,500
43,975 Dollar General Corp 1,594,094
35,200 Federated Department Stores Inc* 1,515,782
86,400 Tandy Corp 3,331,757
27,900 Williams-Sonoma Inc* 1,168,313
$9,459,446
TELEPHONE --- 1.7%
40,000 GTE Corp 2,090,000
$2,090,000
TRANSPORTATION EQUIPMENT --- 0.4%
4,000 Northrop Grumman Corp 460,000
$460,000
WHOLESALE TRADE -CONSUMER --- 2.5%
23,400 Procter & Gamble Co 1,867,601
62,375 Tasty Baking Co 1,204,586
$3,072,187
TOTAL COMMON STOCK --- 61.5% $75,895,965
(Cost $71,913,515)
SHORT-TERM INVESTMENTS
CREDIT INSTITUTIONS --- 3.2%
4,000,000 Ford Motor Credit Co 3,991,444
$3,991,444
ELECTRONICS - HIGH TECH --- 0.8%
1,000,000 General Electric Co 997,772
$997,772
TOTAL SHORT-TERM INVESTMENTS --- 4.0% $4,989,216
(Cost $4,989,216)
TOTAL INVESCO BALANCED PORTFOLIO --- 100.0% $123,418,898
(Cost $118,802,983)
The Maxim Series Fund
INVESCO Small-Cap Growth Portfolio
COMMON STOCK
AIR --- 1.0%
24,000 Eagle USA Airfreight Inc 684,000
$684,000
COMMUNICATIONS --- 4.6%
7,300 CIENA Corp* 446,212
16,000 ESAT Telecom Group Plc* 214,992
14,000 Geotel Communications Corp* 218,750
30,000 ICG Communications Inc* 817,500
40,000 Microcell Telecommunications* 270,000
20,000 Premisys Communications Inc* 522,500
37,000 Simulation Sciences Inc* 592,000
$3,081,954
CONSUMER SERVICES --- 13.4%
21,900 AHL Services Inc* 539,288
4,550 Algos Pharmaceuticals Corp* 136,500
23,000 American Italian Pasta Co* 575,000
35,000 Ameripath Inc* 595,000
11,000 Bally Total Fitness* 240,625
32,000 Boron Lepore & Associates* 880,000
40,000 Capital Senior Living Corp* 417,480
22,000 Coventry Corp* 335,500
30,000 Enamelon Inc* 386,250
8,000 Healthcare Financial Partners Inc* 284,000
29,400 Interim Services Inc* 760,725
21,900 NCS HealthCare Inc Class A* 577,613
27,500 Petersen Companies Inc* 632,500
45,000 Philip Services Corp* 646,875
21,000 Prime Hospitality Corp* 427,875
42,000 TMP Worldwide Inc* 966,000
56,600 Warrantech Corp* 551,850
$8,953,081
CREDIT INSTITUTIONS --- 1.5%
21,000 Concord EFS Inc* 522,375
12,200 FirstFed Financial Corp* 472,750
$995,125
ELECTRONICS - HIGH TECH --- 22.3%
23,600 ADAC Laboratories* 466,100
10,000 ATL Ultrasound Inc* 460,000
15,000 Advantage Learning Systems Inc* 320,625
34,000 Aehr Test Systems* 272,000
29,000 Altron Inc* 384,250
14,950 Anadigics Inc* 450,369
10,000 Applied Micro Circuits Corp* 123,750
19,300 Aspect Telecommunications Corp* 402,887
9,000 Aspen Technology Inc* 308,250
4,900 CBT Group PLC Sponsored ADR* 402,412
38,300 Cerprobe Corp* 665,462
9,000 DuPont Photomasks Inc* 313,875
10,000 Flexinternational Software* 155,000
18,000 Flextronics International Ltd* 621,000
18,300 Gilat Satellite Networks Ltd* 523,838
35,000 HMT Technology Corp* 455,000
19,000 Harbinger Corp* 534,375
25,000 IDT Corp* 506,250
3,800 Lattice Semiconductor Corp* 180,025
15,000 Nice Systems Ltd Sponsored ADR* 630,000
35,000 P-Com Inc* 603,750
31,000 Peerless Systems Corp* 399,125
30,000 Peregrine Systems Inc* 401,250
16,000 Qlogic Corp* 472,000
20,000 Safeguard Scientifics Inc* 627,500
32,000 Sandisk Corp* 649,984
12,500 Saville Systems Ireland PLC ADR* 518,750
6,000 Simak Techniek NV 698,604
15,000 Sipex Corp* 453,750
23,800 Unitrode Corp* 511,700
18,000 VLSI Technology Inc* 425,250
8,275 Wind River Systems* 328,410
17,000 Xilinx Inc* 596,054
$14,861,595
ENVIRONMENTAL SERVICES --- 2.0%
30,000 Allied Waste Industries Inc* 699,360
30,000 Tetra Technologies Inc* 631,860
$1,331,220
HOLDING & INVEST. OFFICES --- 0.6%
25,000 Criimi Mae Inc 375,000
$375,000
INDUSTRIAL SERVICES --- 6.8%
20,000 AC Nielsen Corp* 487,500
30,000 Alternative Resources Corp* 691,860
15,000 Corrections Corporation of America* 555,930
7,500 Global DirectMail Corp* 129,840
17,200 Intelligroup Inc* 328,950
16,650 NCO Group Inc* 428,737
7,500 Primark Corp* 305,153
11,000 Snyder Communications Inc* 401,500
18,000 The Registry Inc* 825,750
24,200 Willbros Group Inc* 363,000
$4,518,220
INSURANCE --- 3.4%
25,300 HCC Insurance Holdings Inc 537,625
12,000 Liberty Corp 561,000
10,600 Mercury General Corp 585,650
12,000 Orion Capital Corp 557,244
$2,241,519
MFTG - CONSUMER PRODS. --- 4.4%
11,100 Analytical Surveys Inc* 380,175
30,000 Helen of Troy Ltd* 483,750
11,700 Innovative Valve Tech Inc* 236,925
62,000 Playtex Products Inc* 635,500
25,000 Quicksilver Inc* 715,625
40,000 Weider Nutrition International Inc 497,480
$2,949,455
MFTG - INDUSTRIAL PRODS --- 3.3%
9,000 Beringer Wine Estates Holdings Inc* 342,000
20,000 General Scanning Inc* 345,000
20,000 Omniquip International Inc 398,740
10,400 Robbins & Myers Inc 412,100
21,600 Watson Pharmaceuticals Inc* 700,639
$2,198,479
MINING --- 0.8%
40,000 Petsec Energy Limited* 550,000
$550,000
OIL & GAS --- 5.8%
65,000 EEX Corp* 589,030
30,500 Key Energy Group Inc* 661,453
27,600 Newfield Exploration Co* 643,411
15,000 Patterson Energy Inc* 580,305
20,400 Precision Drilling Corp* 497,250
12,400 Rowan Companies Inc* 378,200
20,000 UTI Energy Corp* 517,500
$3,867,149
OTHER TRANS. SERVICES --- 2.5%
36,000 Brightpoint Inc* 499,500
23,000 Remec Inc* 517,500
27,100 Simon Transportation Services Inc* 650,400
$1,667,400
REAL ESTATE --- 2.4%
21,000 Amresco Inc* 635,250
10,000 Felcor Suite Hotels Inc 355,000
36,500 Intrawest Corp 634,187
$1,624,437
RETAIL TRADE --- 7.4%
25,000 DM Management Co* 390,625
30,000 O'Reilly Automotive Inc* 787,500
27,800 Proffitts Inc* 790,549
32,000 Schlotzskys Inc* 468,000
18,000 Showbiz Pizza Time Inc* 414,000
15,300 Stage Stores Inc* 571,838
11,200 The Men's Wearhouse Inc* 389,200
30,000 US Office Products Co* 588,750
10,000 Whole Foods Market Inc* 511,250
$4,911,712
WHOLESALE TRADE -CONSUMER --- 1.8%
20,000 Central Garden & Pet Co* 525,000
42,000 Graham-Field Health Products Inc* 700,854
$1,225,854
TOTAL COMMON STOCK --- 84.0% $56,036,200
(Cost $53,353,785)
SHORT-TERM INVESTMENTS
CREDIT INSTITUTIONS --- 6.9%
2,300,000 American Express Co 2,295,400
2,300,000 Ford Motor Credit Co 2,295,256
$4,590,656
ELECTRONICS - HIGH TECH --- 2.4%
1,600,000 General Electric Co 1,595,418
$1,595,418
HOLDING & INVEST. OFFICES --- 0.7%
500,000 American General Finance Corp 498,210
$498,210
SECURITIES & COMMODITIES --- 3.5%
2,305,000 Merrill Lynch & Co Inc 2,304,616
$2,304,616
TELEPHONE --- 2.5%
1,700,000 American Telephone & Telegraph Co 1,695,679
$1,695,679
TOTAL SHORT-TERM INVESTMENTS --- 16.0% $10,684,579
(Cost $10,684,579)
TOTAL INVESCO SMALL-CAP GROWTH PORTFOLIO --- 100.0% $66,720,779
(Cost $64,038,364)
The Maxim Series Fund
Investment Grade Corporate Bond Portfolio
BONDS
AGENCY --- 2.1%
2,245,000 US Department of Veterans Affairs 2,315,852
Vendee Trust 1995-3 1H
7.250% December 15, 2002
$2,315,852
AIR --- 2.8%
3,000,000 Swire Pacific Ltd# 3,116,700
Notes
8.500% September 29, 2004
$3,116,700
CANADIAN - FEDERAL --- 2.7%
3,000,000 Canada 3,023,580
Global Bonds
6.125% July 15, 2002
$3,023,580
CANADIAN - PROVINCIAL --- 4.7%
5,000,000 Ontario Province 5,314,050
Global Notes
7.750% June 4, 2002
$5,314,050
COMMERCIAL/OTHER --- 4.4%
4,149,014 LB Mortgage Trust 4,928,199
Credit Tenant Lease 1991-2
8.396% January 20, 2017
$4,928,199
CREDIT INSTITUTIONS --- 17.7%
3,000,000 Aristar Inc 2,989,440
Notes
6.125% December 1, 2000
4,000,000 Associates Corp North America 4,116,240
Medium Term Notes
6.870% August 12, 2002
5,000,000 Banc One Corp 5,032,300
Senior Notes
6.250% September 1, 2000
4,500,000 General Electric Capital Corp 4,787,549
Eurodollar Medium Term Notes
8.100% February 15, 2002
3,000,000 Heller Financial Inc 3,062,988
Medium Term Notes
7.210% September 13, 2001
$19,988,517
ELECTRIC --- 6.5%
3,000,000 Iberdrola International# 3,103,530
Notes
7.125% June 1, 2003
4,000,000 Union Electric Co 4,269,320
First Mortgage Bonds
7.650% July 15, 2003
$7,372,850
FOREIGN BANKS --- 9.8%
3,000,000 Abbey National PLC 3,026,070
Global Notes
6.690% October 17, 2005
3,000,000 Bayerische Landesbanken NY 3,032,896
Medium Term Notes
6.375% August 31, 2000
5,000,000 Canadian Imperial Bank of Commerce 5,005,550
Deposit Notes
6.200% August 1, 2000
$11,064,516
FOREIGN GOVERNMENTS --- 3.8%
4,000,000 Yokohama City 4,254,400
Eurodollar Notes
8.000% November 20, 2001
$4,254,400
LEASING --- 2.9%
3,000,000 US Leasing International 3,255,600
Senior Notes
8.750% December 1, 2001
$3,255,600
MFTG - INDUSTRIAL PRODS --- 9.5%
5,000,000 Illinois Tool Works Inc 4,973,450
Notes
5.875% March 1, 2000
3,000,000 Imperial Chemical Industries PLC 3,032,100
Euro Medium Term Note
6.750% August 7, 2002
2,746,000 Ingersoll-Rand Co 2,746,165
Senior Notes
6.255% February 15, 2001
$10,751,715
OIL & GAS --- 4.9%
2,000,000 BP America Inc 2,080,000
Guaranteed Eurodollar Notes
9.750% March 1, 1999
3,550,000 Petroleum Nasional Berhad 3,450,210
6.625% October 18, 2001
$5,530,210
RETAIL TRADE --- 4.2%
4,700,000 Wal-Mart Stores Inc 4,766,035
Notes
6.500% June 1, 2003
$4,766,035
SECURITIES & COMMODITIES --- 8.4%
5,000,000 Merrill Lynch & Co 5,032,250
Medium Term Notes
6.375% October 1, 2001
4,270,000 World Financial Network 4,471,837
Credit Card Mst Tr 1996-B Cl A
6.950% April 15, 2006
$9,504,087
TELEPHONE --- 10.7%
2,000,000 Frontier Corporation# 1,998,000
PATS
6.250% December 15, 1999
5,000,000 New England Telephone & Telegraph 5,018,500
Bonds
6.300% December 16, 2002
5,000,000 Southwestern Bell Telephone Co 5,105,950
Medium Term Notes
6.580% August 26, 2003
$12,122,450
U.S. GOVERNMENTS --- 4.9%
1,000,000 United States of America 1,000,310
Treasury Notes
5.750% November 15, 2000
4,500,000 United States of America 4,490,865
Treasury Notes
5.625% November 30, 1999
$5,491,175
TOTAL BONDS --- 100.0% $112,799,936
(Cost $111,524,818)
TOTAL INVESTMENT GRADE CORPORATE BOND PORTFOLIO --- 100.0% $112,799,936
(Cost $111,524,818)
The Maxim Series Fund
Mid Cap Growth Portfolio
COMMON STOCK
COMMUNICATIONS --- 6.3%
37,200 360 Communications Co* 750,956
21,500 Comcast Corp Class A 678,583
20,300 Cox Communications Inc* 813,259
7,100 Jacor Communications Inc Class A* 377,187
16,900 OmniPoint Corp* 392,925
38,100 Paging Network Inc* 409,575
13,100 Vanguard Cellular Systems Inc Class A* 167,025
$3,589,510
CONSUMER SERVICES --- 17.5%
18,400 Accustaff Inc* 423,200
28,400 Biogen Inc* 1,033,050
22,446 Cendant Corp* 771,581
34,500 Covance Inc* 685,687
26,800 Galileo International Inc* 740,350
4,600 Henry Schein Inc* 161,000
30,700 Interim Services Inc* 794,362
23,800 La Quinta Inns Inc 459,626
20,000 Omnicare Inc 620,000
26,250 Quorum Health Group Inc* 685,781
17,200 Royal Caribbean Cruises Ltd 916,975
15,400 St Jude Medical Inc* 469,700
8,400 Stewart Enterprises Inc Class A 391,650
16,900 Suiza Foods Corp* 1,006,598
19,200 United States Surgical Corp 562,790
7,600 Vencor Inc* 185,721
$9,908,071
CREDIT INSTITUTIONS --- 1.1%
11,500 Capital One Financial Corp 623,150
$623,150
ELECTRONICS - HIGH TECH --- 11.0%
15,400 Analog Devices Inc* 426,380
17,700 Anixter International Inc* 292,050
14,600 Checkfree Corp* 393,280
18,400 DST Systems Inc* 785,441
13,100 MSC Industrial Direct Company Inc* 550,200
14,700 Maxim Integrated Products Inc* 507,150
14,300 Networks Associates Inc* 756,113
6,700 OEA Inc 193,878
8,400 PMC Sierra Inc* 260,400
8,400 Security Dynamics Technologies Inc* 300,300
16,100 Sterling Commerce Inc* 618,836
18,700 Teleflex Inc 705,925
13,000 Xilinx Inc* 455,806
$6,245,759
ENVIRONMENTAL SERVICES --- 1.0%
13,800 USA Waste Services Inc* 541,650
$541,650
FINANCIAL SERVICES --- 0.6%
10,100 Newcourt Credit Group Inc Series A* 337,088
400 Newcourt Credit Group Inc Series B* 18,920
$356,008
HOLDING & INVEST. OFFICES --- 3.1%
2,100 Fairfax Financial Holdings* 466,495
15,400 Finova Group Inc 765,180
21,500 INMC Mortgage Holdings Inc 503,895
$1,735,570
INDUSTRIAL SERVICES --- 7.8%
6,900 Advo Inc* 134,550
37,600 Affiliated Computer Services Inc Class A* 989,331
6,600 BMC Software Inc* 433,125
14,600 National Data Corp 527,425
22,800 Outdoor Systems Inc* 874,950
5,400 Platinum Technology Inc* 152,550
27,100 Sungard Data System Inc* 840,100
13,800 Synopsys Inc* 493,350
$4,445,381
INSURANCE --- 2.9%
8,800 Ace Ltd 849,200
17,700 Partnerre Ltd 820,838
$1,670,038
MFTG - CONSUMER PRODS. --- 6.4%
11,900 Catalina Marketing Corp* 550,375
17,700 Gartner Group Inc Class A* 659,325
23,800 Gymboree Corp* 651,525
10,000 Ikon Office Solutions Inc 281,250
7,200 Intuit Inc* 297,000
37,600 Warnaco Group Inc Class A 1,179,700
$3,619,175
MFTG - INDUSTRIAL PRODS --- 8.6%
9,200 Agouron Pharmaceutical Inc* 270,250
18,400 Alza Corp* 585,341
10,100 Camco International Inc 643,239
14,600 Danaher Corp 921,625
15,800 Gilead Sciences Inc* 604,350
11,500 Great Lakes Chemical Corp 516,062
10,700 Microchip Technology Inc* 321,000
28,900 Trimas Corp 993,438
$4,855,305
MINING --- 1.6%
78,300 Battle Mountain Gold Co 460,012
30,700 Cambior Inc 180,362
82,900 TVX Gold Inc* 279,788
$920,162
OIL & GAS --- 3.8%
10,000 Cooper Cameron Corp* 610,000
9,200 Smith International Inc* 564,650
15,800 United Meridian Corp* 444,375
12,400 Weatherford Enterra Inc* 542,500
$2,161,525
REAL ESTATE --- 1.1%
18,400 Security Capital Group Class B* 598,000
$598,000
RETAIL TRADE --- 8.4%
19,200 BJ Wholesale Club Inc* 602,400
23,700 Circuit City Stores Inc 842,819
46,000 Corporate Express Inc* 592,250
5,400 Fastenal Co 206,550
16,800 Fred Meyer Inc* 611,100
16,900 General Nutrition Companies Inc* 574,600
7,700 Kohls Corp* 524,563
16,900 Outback Steakhouse Inc* 485,875
15,800 Shopko Stores Inc* 343,650
$4,783,807
SECURITIES & COMMODITIES --- 1.3%
8,400 Franklin Resources Inc 730,271
$730,271
TELEPHONE --- 0.7%
12,300 Cincinnati Bell Inc 381,300
$381,300
TRANSPORTATION EQUIPMENT --- 1.0%
20,700 BE Aerospace Inc* 553,725
$553,725
WATER --- 1.5%
17,400 Culligan Water Technologies Inc* 874,350
$874,350
WHOLESALE TRADE - INDL --- 1.0%
12,300 Sybron International Corp* 577,325
$577,325
WHOLESALE TRADE -CONSUMER --- 4.9%
6,600 Cardinal Health Inc 495,825
15,400 Costco Companies Inc* 687,225
29,000 JP Foodservice Inc* 1,071,173
18,400 Richfood Holdings Inc 519,800
$2,774,023
TOTAL COMMON STOCK --- 91.6% $51,944,105
(Cost $48,505,411)
SHORT-TERM INVESTMENTS
CREDIT INSTITUTIONS --- 3.9%
2,200,000 Ford Motor Credit Co 2,197,454
$2,197,454
SECURITIES & COMMODITIES --- 4.5%
2,564,000 Merrill Lynch & Co Inc 2,563,573
$2,563,573
TOTAL SHORT-TERM INVESTMENTS --- 8.4% $4,761,027
(Cost $4,761,027)
TOTAL MID CAP GROWTH PORTFOLIO --- 100.0% $56,705,132
(Cost $53,266,438)
The Maxim Series Fund
Mid-Cap Portfolio
COMMON STOCK
COMMUNICATIONS --- 11.2%
65,925 Chancelor Media Corp* 4,919,653
113,175 Clear Channel Communications Inc* 8,990,282
111,475 Heftel Broadcasting Corp Class A* 5,211,456
377,472 PriceCellular Corp Class A* 3,939,675
47,600 Univision Communications Inc* 3,323,051
$26,384,117
CONSUMER SERVICES --- 16.3%
69,550 Ameripath Inc* 1,182,350
188,975 Apollo Group Inc Class A* 8,929,069
13,225 DeVry Inc* 421,547
53,275 Family Golf Centers Inc* 1,671,503
28,825 Healthcare Financial Partners Inc* 1,023,288
410,400 Omnicare Inc 12,722,400
71,775 Pediatrix Medical Group* 3,068,381
39,600 Premier Parks Inc* 1,603,800
50,900 Rental Service Corp* 1,250,206
87,650 Royal Caribbean Cruises Ltd 4,672,841
79,275 Ryanair Holdings PLC* 1,991,784
$38,537,169
CREDIT INSTITUTIONS --- 3.3%
3,000 First Empire State Corp 1,395,000
92,175 Medallion Financial Corp 2,027,850
20,725 Northern Trust Corp 1,445,569
35,375 Regions Financial Corp 1,492,365
23,300 Star Banc Corp 1,336,838
$7,697,622
ELECTRIC --- 3.2%
160,675 AES Corp* 7,491,472
$7,491,472
ELECTRONICS - HIGH TECH --- 9.9%
132,900 Berg Electronics Corp* 3,023,475
105,200 Littelfuse Inc* 2,616,850
68,700 Littelfuse Inc (wts)* 1,511,400
27,850 MSC Industrial Direct Company Inc Class A* 1,169,700
132,325 Maxim Integrated Products Inc* 4,565,213
58,675 OEA Inc 1,697,878
14,250 Sanmina Corp* 965,438
119,100 Sipex Corp* 3,602,775
45,125 Sofamor Danek Group Inc* 2,935,923
32,875 Vitesse Semiconductor Corp* 1,241,031
$23,329,683
FINANCIAL SERVICES --- 0.9%
59,800 American Capital Strategies Inc 1,083,875
84,100 Capital Trust Class Class A* 946,125
$2,030,000
HOLDING & INVEST. OFFICES --- 1.3%
365,909 Amvescap PLC 3,144,216
$3,144,216
INDEPENDENT POWER PROD --- 1.2%
141,700 Trigen Energy Corp 2,825,073
$2,825,073
INDUSTRIAL PRODS & SVCS --- 1.5%
579,505 Capita Group PLC 3,532,390
$3,532,390
INDUSTRIAL SERVICES --- 11.0%
26,825 America Online Inc* 2,392,441
236,125 Cadence Design Systems Inc* 5,785,063
75,137 Outdoor Systems Inc* 2,883,382
255,862 Paychex Inc 12,953,014
64,550 Profit Recovery Group International Inc* 1,145,763
18,600 Robert Half International Inc* 744,000
$25,903,663
INSURANCE --- 2.8%
32,825 Progressive Corp 3,934,897
25,700 Protective Life Corp 1,535,575
33,825 UICI* 1,179,647
$6,650,119
MFTG - CONSUMER PRODS. --- 2.0%
62,500 CompUSA Inc* 1,937,500
77,725 JP Foodservice Inc* 2,870,928
$4,808,428
MFTG - INDUSTRIAL PRODS --- 1.5%
56,300 Sealed Air Corp* 3,476,525
$3,476,525
OIL & GAS --- 0.2%
20,850 Hanover Compressor Co* 426,111
$426,111
REAL ESTATE --- 3.7%
214,800 Insignia Financial Group Inc Class A* 4,940,400
70,525 Security Capital Group Class B* 2,292,063
31,650 Vornado Realty Trust 1,485,556
$8,718,019
RETAIL TRADE --- 20.7%
229,575 Fastenal Co 8,781,244
28,825 Fred Meyer Inc* 1,048,509
2,637,679 JD Wetherspoon PLC 14,517,917
15,000 O'Reilly Automotive Inc* 393,750
145,025 Papa John's International Inc* 5,057,747
285,997 Petco Animal Supplies Inc* 6,863,928
944,423 PizzaExpress PLC 11,637,652
11,175 Quality Food Centers Inc* 748,725
$49,049,472
SECURITIES & COMMODITIES --- 2.4%
132,587 Charles Schwab & Company Inc 5,560,301
$5,560,301
U.S. GOVERNMENTS --- 0.8%
32,575 Federal Agriculture Mortgage Corp* 1,987,075
$1,987,075
WHOLESALE TRADE - INDL --- 1.6%
166,875 Barnett Inc* 3,671,250
$3,671,250
TOTAL COMMON STOCK --- 95.2% $225,222,705
(Cost $176,518,245)
SHORT-TERM INVESTMENTS
SECURITIES & COMMODITIES --- 4.8%
11,237,000 Merrill Lynch & Co Inc 11,235,127
$11,235,127
TOTAL SHORT-TERM INVESTMENTS --- 4.8% $11,235,127
(Cost $11,235,127)
TOTAL MID-CAP PORTFOLIO --- 100.0% $236,457,832
(Cost $187,753,372)
The Maxim Series Fund
Money Market Portfolio
SHORT-TERM INVESTMENTS
CANADIAN - PROVINCIAL --- 0.2%
1,000,000 Manitoba 1,024,602
$1,024,602
CREDIT INSTITUTIONS --- 23.6%
9,300,000 American Express Co 9,275,963
13,000,000 American Express Credit Corp 12,942,403
5,000,000 Associates Corp of North America 5,077,298
14,298,000 Bellsouth Capital Funding Corp 14,263,368
22,400,000 Ford Motor Credit Co 22,176,490
10,000,000 Halifax Building Society 9,983,164
22,700,000 Paccar Financial Corp 22,657,832
3,000,000 Prudential Funding Corp 3,000,000
5,000,000 SallieMae 4,998,688
2,300,000 TransAmerica Financial Corp 2,296,029
$106,671,235
ELECTRIC --- 11.1%
15,000,000 Baltimore Gas & Electric Co 14,954,479
13,500,000 Duke Energy Corp 13,454,572
21,905,000 Southern California Edison Co 21,878,527
$50,287,578
ELECTRONICS - HIGH TECH --- 10.0%
9,874,000 Hewlett-Packard Co 9,866,231
22,700,000 Sharp Electronics Corp 22,550,307
12,900,000 Xerox Corp 12,847,985
$45,264,523
FOREIGN BANKS --- 3.6%
2,000,000 Bank of Montreal 1,981,633
14,386,150 Bank of Nova Scotia 14,220,452
$16,202,085
HOLDING & INVEST. OFFICES --- 4.8%
22,000,000 American General Finance Corp 21,856,761
$21,856,761
INDUSTRIAL SERVICES --- 5.4%
10,500,000 Fluor Corp 10,456,946
14,143,000 PHH Corp 14,097,426
$24,554,372
INSURANCE --- 4.6%
18,000,000 AIG Funding Inc 17,936,750
3,000,000 Travelers Group Inc 2,994,210
$20,930,960
LEASING --- 4.9%
22,450,000 Pitney Bowes Credit Corp 22,388,530
$22,388,530
MFTG - CONSUMER PRODS. --- 6.6%
4,138,000 Cadbury Schweppes 4,128,483
21,000,000 General Mills Inc 20,973,384
5,000,000 McGraw-Hill Companies Inc 4,947,238
$30,049,105
SECURITIES & COMMODITIES --- 13.5%
5,000,000 Bear Stearns Companies Inc 5,000,000
2,000,000 Bear Stearns Companies Inc 2,000,000
5,000,000 Bear Stearns Companies Inc 5,000,000
2,500,000 Bear Stearns Companies Inc 2,500,000
5,000,000 Bear Stearns Companies Inc 5,000,000
3,000,000 Bear Stearns Companies Inc 3,000,000
5,000,000 Merrill Lynch & Co Inc 5,000,000
11,860,000 Merrill Lynch & Co Inc 11,851,014
22,100,000 Morgan Stanley Group 21,954,984
$61,305,998
TELEPHONE --- 6.7%
5,000,000 AT&T Corp 4,985,592
8,353,000 American Telephone & Telegraph Co 8,297,970
17,000,000 Ameritech Corp 16,939,225
$30,222,787
WHOLESALE TRADE -CONSUMER --- 4.8%
21,800,000 Cargill Inc 21,720,026
$21,720,026
TOTAL SHORT-TERM INVESTMENTS --- 100.0% $452,478,562
(Cost $452,478,562)
TOTAL MONEY MARKET PORTFOLIO --- 100.0% $452,478,562
(Cost $452,478,562)
The Maxim Series Fund
Short-Term Maturity Bond Portfolio
BONDS
AGENCY --- 1.6%
1,258,782 Federal Home Loan Mortgage Corp 1,254,729
Pool #L90105
6.000% April 1, 1999
$1,254,729
CREDIT INSTITUTIONS --- 24.9%
1,000,000 American General Financial 1,016,650
Notes
7.125% December 1, 1999
2,000,000 Associates Corporation of North America 2,010,640
Notes
6.375% June 15, 2000
2,000,000 Banc One Corp 2,021,780
Senior Medium Term Notes
6.700% March 24, 2000
1,000,000 CIT Group Holdings Inc 1,002,606
Notes
6.250% October 25, 1999
2,000,000 Countrywide Funding Corp 2,014,420
Medium Term Notes
6.430% October 23, 2000
1,000,000 First National Bank Commerce 1,005,050
Bank Notes
6.500% January 14, 2000
1,000,000 Ford Motor Credit Co 996,400
Notes
5.625% December 15, 1998
3,000,000 General Electric Capital Corp 2,997,570
Medium Term Notes
6.050% October 4, 1999
2,000,000 General Electric Capital Corp 1,998,200
Medium Term Notes
6.040% August 16, 2000
2,000,000 Household Finance Corp 2,045,380
Medium Term Notes
7.150% June 15, 2000
2,000,000 Sanwa Business Credit# 1,993,480
Medium Term Notes
6.540% June 20, 2000
$19,102,176
ELECTRIC --- 23.0%
1,000,000 Carolina Power & Light Co 998,290
First Mortgage Bonds
5.375% July 1, 1998
2,000,000 Houston Lighting & Power Co 2,000,800
Secured Medium Term Notes
6.100% March 1, 2000
1,500,000 Idaho Power Co 1,572,000
First Mortgage Bonds
8.650% January 1, 2000
2,000,000 Monogahela Power 1,979,040
First Mortgage Bonds
5.625% April 1, 2000
2,000,000 National Rural Utilities Corp 2,010,600
Medium Term Notes
6.260% July 10, 2000
1,000,000 Pacific Gas & Electric Co 996,640
First Mortgage Bonds
5.375% August 1, 1998
1,000,000 Public Service Electric & Gas Co 997,500
First Mortgage Bonds
6.000% January 1, 1998
2,000,000 Southwestern Electric Power Co 2,005,540
First Mortgage Bond
6.125% September 1, 1999
3,000,000 Washington Water Power Co 3,008,130
First Mortgage Medium Term Notes
6.240% October 2, 2000
2,000,000 Western Resources Inc 2,029,760
First Mortgage Bonds
7.250% July 1, 1999
$17,598,300
ELECTRONICS - HIGH TECH --- 2.7%
2,000,000 Texas Instruments Inc 2,030,260
Notes
6.875% July 15, 2000
$2,030,260
FOREIGN BANKS --- 1.2%
1,000,000 Korea Development Bank 949,940
Yankee Notes
5.875% December 1, 1998
$949,940
FOREIGN GOVERNMENTS --- 1.3%
1,000,000 Swedish Government 983,800
Eurodollar Medium Term Notes
4.500% March 24, 1999
$983,800
INDUSTRIAL SERVICES --- 2.7%
2,000,000 Comdisco Inc 2,032,780
Medium Term Notes
6.930% May 2, 2000
$2,032,780
LEASING --- 2.6%
2,000,000 International Lease Finance Corp 2,020,520
Medium Term Notes
6.510% July 10, 2000
$2,020,520
MFTG - CONSUMER PRODS. --- 2.7%
1,000,000 Donnelley & Sons 1,036,050
Medium Term Notes
7.960% November 8, 1999
1,000,000 Sara Lee Corp 1,010,115
Medium Term Notes
6.500% September 20, 1999
$2,046,165
MFTG - INDUSTRIAL PRODS --- 7.8%
2,000,000 Air Products & Chemicals Inc 2,001,660
Medium Term Notes
6.010% December 15, 1999
2,000,000 Alcan Aluminium Ltd 1,984,780
Notes
5.875% April 1, 2000
1,000,000 Caterpillar Inc 1,013,840
Medium Term Notes
6.800% August 24, 1999
1,000,000 Ingersoll-Rand Co 1,008,200
Medium Term Notes
6.540% August 10, 1999
$6,008,480
RAILROADS --- 2.7%
2,000,000 SNCB Belgium Rail 2,080,000
Euro Medium Term Note
8.250% February 2, 2000
$2,080,000
RETAIL TRADE --- 8.1%
3,150,000 J Sainsbury PLC 3,173,625
Eurodollar Medium Term Notes
6.625% December 31, 1999
1,000,000 JC Penney & Company Inc 1,010,090
Notes
6.875% June 15, 1999
1,000,000 Nordstrom Credit Inc 1,014,550
Medium Term Notes
6.875% September 15, 1999
1,000,000 Sears Roebuck Acceptance Corp 1,005,000
Medium Term Notes
6.380% February 16, 1999
$6,203,265
SECURITIES & COMMODITIES --- 2.6%
2,000,000 Merrill Lynch & Co 2,024,220
Medium Term Notes
6.620% June 13, 2000
$2,024,220
TELEPHONE --- 5.2%
2,000,000 Frontier Corporation# 1,998,000
PATS
6.250% December 15, 1999
1,000,000 MCI Communications Corp 1,001,250
Senior Notes
6.250% March 23, 1999
1,000,000 Nippon Telegraph & Telephone Co 1,019,930
Yankee Notes
9.500% July 27, 1998
$4,019,180
TRANSPORTATION EQUIPMENT --- 1.3%
1,000,000 Lockheed Martin Corp 1,003,300
Notes
6.625% June 15, 1998
$1,003,300
U.S. GOVERNMENTS --- 5.5%
2,000,000 Federal National Mortgage Association 2,018,740
Medium Term Notes
6.420% October 1, 1999
2,200,000 United States of America 2,200,682
Treasury Notes
5.750% November 15, 2000
$4,219,422
WHOLESALE TRADE -CONSUMER --- 3.9%
3,000,000 Cargill Inc 3,003,900
Eurodollar Medium Term Notes
6.250% March 13, 2000
$3,003,900
TOTAL BONDS --- 100.0% $76,580,437
(Cost $76,135,550)
TOTAL SHORT-TERM MATURITY BOND PORTFOLIO --- 100.0% $76,580,437
(Cost $76,135,550)
The Maxim Series Fund
Small-Cap Aggressive Growth Portfolio
COMMON STOCK
AIR --- 1.8%
42,500 Circle International Group Inc 974,823
31,600 Offshore Logistics Inc* 675,450
60,700 Pittston Brink's Group 1,593,375
$3,243,648
COMMUNICATIONS --- 0.5%
52,200 Rohn Industries Inc* 269,143
53,300 Vanguard Cellular Systems Inc* 679,575
$948,718
CONSTRUCTION --- 0.6%
91,600 Apogee Enterprises Inc 1,087,750
$1,087,750
CONSUMER SERVICES --- 7.5%
57,400 American General Hospitality Corp 1,535,450
52,700 CR Bard Inc 1,650,142
38,500 Genesis Health Ventures Inc* 1,015,438
57,900 Healthplan Services Corp 1,215,900
70,759 Integrated Health Services Inc 2,206,761
12,600 International Home Foods Inc* 352,800
33,600 Pharmerica Inc* 348,600
52,500 Sierra Health Services Inc* 1,765,312
86,600 Sunstone Hotel Investors Inc* 1,493,850
44,500 Trigon Healthcare Inc* 1,162,562
43,201 Vitalink Pharmacy Services Inc* 1,042,224
$13,789,039
CREDIT INSTITUTIONS --- 4.5%
32,130 Associated Banc Corp 1,771,166
22,700 Bank United Corp Class A 1,110,870
29,000 City National Corp 1,071,173
43,650 Commercial Federal Corp 1,552,281
35,100 DVI Inc* 649,350
27,400 UST Corp 760,350
44,920 WFS Financial Inc* 505,350
8,000 WestAmerica Bancorp 818,000
$8,238,540
ELECTRIC --- 1.0%
8,600 Commonwealth Energy System Co 285,950
32,000 Rochester Gas & Electric Corp 1,088,000
16,000 WPS Resources Corp 540,992
$1,914,942
ELECTRONICS - HIGH TECH --- 9.0%
29,400 Alliant Techsystems Inc* 1,639,050
33,800 Alpha Industries Inc* 545,025
57,700 Antec Corp* 901,563
31,900 California Microwave Inc* 618,063
43,800 Calpine Corp* 651,525
62,525 Conmed Corp* 1,641,281
40,900 Cypress Semiconductor Corp* 347,650
61,900 Digi International Inc* 1,052,300
32,400 Exar Corp* 534,600
39,300 Federal Signal Corp 849,863
22,800 Gulf South Medical Supply Inc* 849,300
55,100 Hologic Inc* 1,139,854
102,200 Integrated Device Technology Inc* 964,461
63,600 International Rectifier Corp* 751,243
34,200 Invacare Corp 743,850
46,500 Komag Inc* 691,688
25,400 National Computer Systems Inc 895,350
100,900 Sensormatic Electronics Corp 1,658,493
48,100 Xicor Inc* 144,300
$16,619,459
FINANCIAL SERVICES --- 0.9%
87,200 Franchise Mortgage Acceptance Company LLC* 1,602,300
$1,602,300
FORESTRY --- 0.8%
46,200 Boise Cascade Corp 1,397,550
$1,397,550
GAS --- 1.5%
49,200 Eastern Enterprises 2,214,000
24,200 Public Service Company of North Carolina Inc 553,575
$2,767,575
HOLDING & INVEST. OFFICES --- 3.7%
9,800 CNB Bancshares Inc 472,233
48,700 Health Care Property Investors Inc 1,841,444
82,500 Koger Equity Inc 1,809,803
50,700 Liberty Property Trust 1,448,093
33,200 Sun Communities Inc 1,193,108
$6,764,681
INDUSTRIAL SERVICES --- 6.0%
90,200 APAC Teleservices Inc* 1,217,700
37,600 Alternative Resources Corp* 867,131
32,200 American Management Systems Inc* 627,900
22,600 CDI Corp* 1,033,950
42,700 Filenet Corp* 1,286,338
32,350 Nichols Research Corp* 808,750
29,100 PhyMatrix Corp* 458,325
69,400 Platinum Technology Inc* 1,960,550
33,800 Sterling Software Inc 1,385,800
43,500 Structural Dynamics Research Corp* 978,750
8,000 Team America Corp* 84,000
26,800 Wonderware Corp* 378,550
$11,087,744
INSURANCE --- 6.8%
59,850 Allied Group Inc 1,713,206
34,700 Capital RE Corp 2,153,551
22,400 Capmac Holdings Inc 778,400
44,400 Compdent Corp* 900,476
50,100 Everest Reinsurance Holdings Inc 2,066,625
44,600 Protective Life Corp 2,664,850
52,950 Reinsurance Group America Co 2,253,658
$12,530,766
LEASING --- 0.6%
45,450 Financial Federal Corp* 1,073,756
$1,073,756
MFTG - CONSUMER PRODS. --- 10.6%
50,750 Banta Corp 1,370,250
43,200 Cadmus Communications Corp 885,600
48,400 Champion Enterprises Inc* 995,201
91,000 Dial Corp 1,893,892
21,000 Gibson Greetings Inc* 459,375
23,500 Houghton Mifflin Co 901,813
37,900 International Multifoods Corp 1,073,025
72,000 Kimball International Inc Class B 1,327,464
49,800 Lance Inc 1,310,338
22,900 Michael Foods Inc 558,188
51,200 Premark International Inc 1,484,800
122,900 Shaw Industries Inc 1,428,713
22,300 Sola International Inc* 724,750
78,200 Stride Rite Corp 938,400
6,700 The Timberland Co Class A* 389,015
101,700 Viad Corp 1,964,030
5,800 Wausau-Mosinee Paper 116,725
60,800 Weider Nutrition International Inc 756,169
20,800 Westpoint Stevens Inc* 982,800
$19,560,548
MFTG - INDUSTRIAL PRODS --- 10.0%
59,900 BMC Industries Inc 965,888
48,900 Chart Industries Inc 1,115,507
53,400 Cuno Inc* 814,350
18,200 Dexter Corp 786,003
30,600 General Chemical Group Inc 818,550
42,700 Giant Cement Holding Inc* 987,438
79,550 Griffon Corp* 1,163,419
22,300 HB Fuller Co* 1,103,850
51,300 IMCO Recycling Inc 823,981
55,200 Intermet Corp 966,000
45,900 MA Hanna Co 1,158,975
21,500 Mississippi Chemical Corp 392,375
71,000 Oregon Steel Mills Inc 1,513,152
61,000 Regal-Beloit Corp 1,803,282
39,100 Telxon Corp 933,512
51,000 Trimas Corp 1,753,125
61,800 United States Can Corp* 1,042,875
20,200 Williams Industries Inc 426,725
$18,569,007
MINING --- 0.5%
40,950 AMCOL International Corp 650,081
62,300 Agnico-Eagle Mines Ltd 338,725
$988,806
OIL & GAS --- 5.1%
19,200 Atwood Oceanics Inc* 909,600
60,100 Forcenergy Inc* 1,573,839
58,900 Lomak Petroleum Inc 957,125
26,500 Plains Resources Inc* 455,456
60,500 Pride International Inc* 1,527,625
39,800 Seitel Inc* 681,575
80,000 Vintage Petroleum Inc 1,520,000
39,800 Weatherford Enterra Inc* 1,741,250
$9,366,470
OTHER TRANS. SERVICES --- 0.8%
43,900 USFreightways Corp 1,426,750
$1,426,750
REAL ESTATE --- 3.7%
55,300 Brandywine Realty Trust 1,389,413
50,900 Capstone Capital Trust Inc 1,301,106
152,800 Imperial Credit Commerical 2,234,700
48,300 Mack-Cali Realty Corp* 1,980,300
$6,905,519
RETAIL TRADE --- 7.8%
83,200 Buffets Inc* 780,000
18,200 Cooker Restaurant Corp 174,028
21,400 Cracker Barrel Old Country Stores Inc 714,225
36,450 Crossmann Communities Inc* 1,006,931
79,500 Darden Restaurants Inc 993,750
31,200 Family Dollar Stores Inc 914,534
93,000 Furniture Brands International Inc* 1,906,500
53,200 Gencorp Inc 1,330,000
36,800 Hannaford Brothers Co 1,598,482
93,400 Heilig-Meyers Co 1,120,800
39,900 Saks Holdings Inc* 825,411
31,500 Tandycrafts Inc* 143,703
67,500 United Auto Group Inc* 1,223,437
26,100 Wet Seal Inc Class A* 769,950
38,400 Zale Corp* 883,200
$14,384,951
SECURITIES & COMMODITIES --- 0.7%
48,700 Downey Financial Corp 1,384,882
$1,384,882
TRANSPORTATION EQUIPMENT --- 2.0%
72,200 Aftermarket Technology Corp* 1,308,625
18,600 Borg-Warner Automotive Inc 967,200
36,900 Echlin Inc 1,335,300
$3,611,125
WHOLESALE TRADE - INDL --- 0.7%
30,300 Cort Business Services Corp* 1,206,304
$1,206,304
WHOLESALE TRADE -CONSUMER --- 0.8%
66,300 World Fuel Services Corp 1,392,300
$1,392,300
TOTAL COMMON STOCK --- 87.5% $161,863,130
(Cost $145,849,138)
SHORT-TERM INVESTMENTS
CREDIT INSTITUTIONS --- 4.9%
9,000,000 Ford Motor Credit Co 8,981,085
$8,981,085
ELECTRONICS - HIGH TECH --- 0.5%
1,000,000 General Electric Co 998,261
$998,261
HOLDING & INVEST. OFFICES --- 5.7%
10,600,000 American General Finance Corp 10,582,798
$10,582,798
SECURITIES & COMMODITIES --- 1.4%
2,547,000 Merrill Lynch & Co Inc 2,546,576
$2,546,576
TOTAL SHORT-TERM INVESTMENTS --- 12.5% $23,108,720
(Cost $23,108,720)
TOTAL SMALL-CAP AGGRESSIVE GROWTH PORTFOLIO --- 100.0% $184,971,850
(Cost $168,957,858)
The Maxim Series Fund
Small-Cap Index Portfolio
COMMON STOCK
AGRICULTURE --- 0.7%
11,500 Dekalb Genetics Corp Class B 451,375
12,566 Delta & Pine Land Co 383,263
$834,638
AIR --- 1.1%
11,575 Air Express International Corp 353,038
22,450 Comair Holdings Inc 541,606
9,400 Mesa Air Group Inc* 46,408
7,200 Offshore Logistics Inc* 153,900
6,800 Pittston Brink's Group 178,500
3,400 Skywest Inc 100,725
$1,374,177
COMMUNICATIONS --- 1.2%
5,650 ACC Corp* 285,325
9,100 Allen Group Inc* 167,777
4,600 Commnet Cellular Inc* 163,585
16,400 General Communication Inc Class A* 108,650
6,900 HA-LO Industries Inc* 179,400
5,500 Metro Networks Inc* 180,125
1,060 Metrocall Inc* 0
13,900 P-Com Inc* 239,775
12,700 Picturetel Corp* 82,550
7,300 TCSI Corp* 58,400
$1,465,587
CONSTRUCTION --- 1.4%
3,900 Acme Metals Inc* 38,513
9,300 Apogee Enterprises Inc 110,438
2,300 Continental Homes Holding Corp 92,575
12,300 DR Horton Inc 213,713
7,700 Geon Co 179,988
9,000 Insituform Technologies Inc Class A* 69,750
5,900 MDC Holdings Inc 88,866
18,100 Morrison Knudsen Corp* 176,475
4,800 Southern Energy Homes Inc* 38,400
9,900 Standard Pacific Corp 155,925
4,800 The Ryland Group Inc 112,800
11,400 Toll Brothers Inc* 304,950
4,000 US Home Corp* 157,000
$1,739,393
CONSUMER SERVICES --- 8.4%
6,000 Access Health Inc* 176,250
9,700 American Oncology Resources* 155,200
3,100 Angelica Corp 70,138
15,000 Aztar Corp* 93,750
3,900 CPI Corp 88,238
3,800 Carmike Cinemas Inc Class A* 109,011
8,750 Central Parking Corp 396,480
59,000 Cineplex Odeon Corp* 73,750
4,900 Cooper Companies Inc* 200,288
11,200 Coventry Corp* 170,800
11,500 DeVry Inc* 366,563
7,768 Enzo Biochem Inc* 113,607
8,300 Franklin Covey Co* 182,600
6,800 G&K Services Inc Class A 285,600
2,600 GC Companies Inc* 123,175
11,700 Genesis Health Ventures Inc* 308,588
1,700 Global Motorsport Group Inc* 19,763
14,000 Grand Casinos Inc* 190,750
8,800 Hollywood Park Inc* 193,600
3,800 Insurance Auto Actions Inc* 43,700
14,277 Integrated Health Services Inc 445,257
13,200 Interim Services Inc* 341,550
2,976 LCA-Vision Inc* 3,348
9,500 Lincare Holdings Inc* 541,500
9,700 Magellan Health Services Inc* 208,550
9,800 Mariner Health Group Inc* 159,250
6,825 NFO Worldwide Inc* 142,895
9,430 National Auto Credit Inc* 50,092
10,600 North American Vaccine Inc* 264,332
15,600 Orthodontic Centers of America Inc* 259,350
12,966 Paragon Health Network Inc* 253,641
5,000 Pediatrix Medical Group* 213,750
21,500 Phycor Inc* 580,500
10,600 Players International Inc* 33,782
9,600 Primadonna Resorts Inc* 160,195
15,800 Prime Hospitality Corp* 321,925
12,100 Regal Cinemas Inc* 337,288
7,800 Regis Corp 195,975
7,600 Renal Care Group Inc* 243,200
8,300 Renal Treatment Centers Inc* 299,838
13,700 Rollins Truck Leasing Corp 244,888
10,200 Sequus Pharmaceuticals Inc* 75,857
5,400 Showboat Inc 158,625
6,000 Sierra Health Services Inc* 201,750
9,850 The Marcus Corp 181,604
10,800 Universal Health Services Inc Class B* 544,050
10,600 Westwood One Inc* 393,525
$10,218,368
CREDIT INSTITUTIONS --- 5.9%
8,800 Astoria Financial Corp 490,600
6,967 CCB Financial Corp 748,953
10,825 Commercial Federal Corp 384,959
7,400 Cullen/Frost Bankers Inc 449,084
13,600 Deposit Guaranty Corp 773,500
12,490 First Commercial Corp 732,226
5,050 FirstBank Puerto Rico 172,013
20,700 FirstMerit Corp 587,363
11,090 Magna Group Inc 507,368
10,200 Riggs National Corp 274,125
11,380 St Paul Bancorp Inc 298,725
6,400 US Trust Corp 400,800
6,950 Whitney Holding Corp 396,150
21,600 Zions Bancorp 980,100
$7,195,966
ELECTRIC --- 1.8%
2,500 Bangor Hydro Electric Co* 15,468
5,800 Central Hudson Gas & Electric Corp 254,475
3,800 Central Vermont Public Service Corp 57,950
7,200 Commonwealth Energy System Co 239,400
6,800 Eastern Utilities Associates 178,500
4,800 Energen Corp 190,800
1,700 Green Mountain Power Corp 31,130
3,300 Interstate Power Co 123,542
4,600 Orange & Rockland Utilities Inc 214,185
3,200 Pennsylvania Enterprises Inc 80,800
10,300 Sierra Pacific Resources 386,250
4,400 TNP Enterprises Inc 146,300
4,700 United Illuminating Co 215,904
$2,134,704
ELECTRONICS - HIGH TECH --- 13.0%
6,300 ADAC Laboratories* 124,425
4,400 Alliant Techsystems Inc* 245,300
5,600 Amtech Corp* 22,400
15,900 Anixter International Inc* 262,350
8,000 Applied Magnetics Corp* 89,000
16,600 Aspect Telecommunications Corp* 346,525
8,400 Auspex Systems Inc* 84,000
12,020 Baldor Electric Co 260,678
9,600 Ballard Medical Products Co 232,800
3,900 Benchmark Electronics Inc* 87,017
9,200 Boston Technology Inc* 231,150
4,500 Broadband Technologies Inc* 18,563
3,100 C COR Electronics Inc* 47,663
12,300 C-Cube Microsystems Inc* 200,638
6,300 Cable Design Technologies Co* 244,913
5,500 California Microwave Inc* 106,563
2,400 Centigram Communications Corp* 40,649
11,300 Checkpoint Systems Inc 197,750
7,400 Chips & Technologies Inc* 106,834
4,400 Circon Corp* 67,100
13,900 Cognex Corp* 378,775
3,800 Coherent Inc* 133,475
3,000 Collagen Corp 62,625
8,400 Comverse Technology Inc* 327,600
9,200 Dallas Semiconductor Corp 374,900
5,800 Daniel Industries Inc 111,650
4,500 Digi International Inc* 76,500
12,700 Digital Microwave Corp* 184,150
3,900 Dionex Corp* 195,975
3,800 Electro Scientific Industries Inc* 144,400
6,500 Electroglas Inc* 100,341
5,500 Envoy Corp* 160,188
7,300 Etec Systems Inc* 339,450
7,400 Exabyte Corp* 47,634
6,100 Fluke Corp 158,978
373 General Electric Co 27,369
23,500 Geotek Communications Inc* 35,979
5,400 Gulf South Medical Supply Inc* 201,150
4,400 Hadco Corp* 199,100
2,300 Harmon Industries Inc 63,825
4,400 Hologic Inc* 91,023
4,900 Innovex Inc 112,391
14,500 Input/Output Inc* 430,462
4,200 Integrated Circuit Systems Inc* 119,700
17,100 International Rectifier Corp* 201,985
5,100 Intervoice Inc* 38,250
9,900 Invacare Corp 215,325
6,200 Juno Lighting Inc 108,500
13,100 Kemet Corp* 253,813
17,500 Komag Inc* 260,313
5,500 Kuhlman Corp 215,188
7,800 Lattice Semiconductor Corp* 369,525
5,500 Marshall Industries* 165,000
8,300 Mentor Corp 302,950
11,800 Methode Electronics Inc Class A 191,750
5,100 National Computer Systems Inc 179,775
7,100 Network Equipment Technologies Inc* 103,838
6,000 Oak Industries Inc* 178,122
4,100 Pacific Scientific Co 98,400
3,800 Park Electrochemical Corp 107,825
4,900 Plexus Corp* 72,888
16,000 Read-Rite Corp* 252,000
6,700 Resound Corp* 36,850
6,600 Respironics Inc* 147,675
3,200 Rival Co 42,000
7,700 Royal Appliance Manufacturing Co* 51,013
8,800 Safeskin Corp* 499,400
6,800 Sanmina Corp* 460,700
3,200 Spacelabs Inc* 60,800
5,200 Speedfam International Inc* 137,800
5,200 Standard Microsystems Corp* 45,172
11,400 Steris Corp* 550,050
10,350 Summit Technology Inc 46,896
6,400 Sunrise Medical Inc* 98,797
5,300 Symmetricom Inc* 61,613
5,400 Technitrol Inc 162,000
5,300 Thomas Industries Inc 104,675
2,600 Three Five Systems Inc* 42,900
8,400 Tracor Inc* 255,150
7,500 Trimble Navigation Ltd* 163,590
7,900 Unitrode Corp* 169,850
15,700 VLSI Technology Inc* 370,913
7,800 Valence Technology Inc* 39,484
14,400 Vanstar Corp* 162,893
14,200 Vicor Corp* 385,175
5,200 Visx Inc* 115,050
4,200 Vital Signs Inc 81,900
11,800 Vitesse Semiconductor Corp* 445,450
2,800 Watkins Johnson Co 72,624
7,100 X-Rite Inc 129,575
8,100 Zebra Technologies Corp Class A* 240,975
6,800 Zilog Inc* 129,622
2,100 Zoll Medical Corp* 11,155
$15,731,152
ENVIRONMENTAL SERVICES --- 0.1%
9,100 OHM Corp* 69,388
4,500 Tetra Technologies Inc* 94,779
$164,167
GAS --- 2.6%
9,850 Atmos Energy Corp 297,963
3,600 Cascade Natural Gas Corp 67,500
3,400 Connecticut Energy Corp 102,425
9,800 KCS Energy Inc 203,350
10,500 KN Energy Inc 567,000
6,000 New Jersey Resources Corp 240,372
7,650 Northwest Natural Gas Co 237,150
10,000 Piedmont Natural Gas Company Inc 359,370
11,200 Pogo Producing Co 330,400
6,600 Public Service Company of North Carolina Inc 150,975
9,100 Southwest Gas Corp 170,052
8,300 Southwestern Energy Co 106,863
6,200 Wicor Inc 287,909
$3,121,329
HOLDING & INVEST. OFFICES --- 3.5%
8,600 Centura Banks Inc 593,400
4,500 Cilcorp Inc 219,938
6,200 Coast Savings Financial Inc* 425,084
6,200 Eaton Vance Corp 234,050
3,300 JSB Financial Inc 165,205
17,298 Keystone Financial Inc 696,245
4,200 Onbancorp Inc 296,100
8,400 Pioneer Group Inc 236,250
14,000 Provident Financial Group Inc 679,000
29,876 Sovereign Bancorp Inc 619,927
6,900 WHX Corp* 81,938
$4,247,137
INDUSTRIAL SERVICES --- 7.3%
17,400 Acxiom Corp* 334,950
12,600 Advanced Tissue Sciences Inc* 155,925
8,100 Advo Inc* 157,950
13,900 American Management Systems Inc* 271,050
7,500 Analysts International Corp 258,750
5,400 Billing Information Concepts* 259,200
8,700 Bisys Group Inc* 289,275
6,200 Boole & Babbage Inc* 185,225
6,900 Broderbound Software Inc* 176,813
6,700 CDI Corp* 306,525
11,000 Cerner Corp* 232,375
7,000 Ciber Inc* 406,000
6,000 Dames & Moore Inc 79,500
5,400 Dialogic Corp* 236,250
4,500 Fair Isaac & Co Inc 149,904
6,200 Figgie International Inc Class A* 81,375
5,100 Filenet Corp* 153,638
6,200 Hyperion Software Corp* 221,650
6,800 ImmuLogic Pharmaceutical Corp* 12,750
4,900 Itron Inc* 88,200
6,299 Jack Henry & Associates Inc 171,648
22,100 Keane Inc* 897,813
11,200 National Data Corp 404,600
8,900 Norrell Corp 176,888
7,600 Platinum Software Corp* 89,300
21,032 Platinum Technology Inc* 594,154
8,700 Primark Corp* 353,977
3,900 Progress Software Corp* 84,338
16,800 S3 Inc* 84,000
6,000 SEI Investments Cos 252,000
12,900 Sterling Software Inc* 528,900
4,300 Stone & Webster Inc 201,563
14,250 System Software Associates Inc* 124,688
8,400 True North Communications Inc 207,900
8,050 United States Bioscience Inc* 72,949
8,400 Vantive Corp* 212,100
5,000 Volt Information Sciences Inc* 269,375
3,100 Wall Data Inc* 42,238
$8,825,736
INSURANCE --- 5.5%
10,200 Allied Group Inc 291,975
13,900 American Bankers Insurance Group Inc 638,524
5,500 Arthur J Gallagher & Co 189,404
7,500 CMAC Investment Corp 452,813
5,300 Capital RE Corp 328,929
3,400 Compdent Corp* 68,955
6,200 Enhance Financial Services Group Inc 368,900
3,600 Executive Risk Inc 251,323
5,940 Fidelity National Financial Inc 184,883
3,900 First American Financial Corp 288,113
11,020 Fremont General Corp 603,345
11,400 Frontier Insurance Group Inc 260,775
4,300 Hilb Rogal & Hamilton Co 83,042
4,600 Life Re Corp 299,860
12,800 Mutual Risk Management Ltd 383,194
6,100 NAC re Corp 297,753
9,200 Orion Capital Corp 427,220
10,300 Protective Life Corp 615,425
9,800 Selective Insurance Group Inc 264,600
4,000 Trenwick Group Inc 150,500
5,900 Zenith National Insurance Corp 151,925
$6,601,458
MFTG - CONSUMER PRODS. --- 8.4%
4,200 Ashworth Inc* 46,200
7,400 Authentic Fitness Corp 136,434
4,300 Bassett Furniture Industries Inc 129,000
6,100 Bowne & Company Inc 243,238
6,000 Brown Group Inc 79,872
6,200 Canandaigua Wine Company Inc Class B* 343,325
6,100 Catalina Marketing Corp* 282,125
15,660 Champion Enterprises Inc* 322,001
19,800 Chiquita Brands International Inc 322,978
2,800 Coca-Cola Bottling Co 193,200
8,700 Cone Mills Corp* 67,425
2,000 Corn Products International Inc* 59,624
4,600 Cyrk Inc* 44,560
8,200 Delta Woodside Industries Inc 39,975
5,200 Designs Inc* 15,600
14,850 Dimon Inc 389,813
7,200 Earthgrains Co 338,400
9,600 Ethan Allen Interiors Inc 370,195
3,900 Galey & Lord Inc* 69,713
6,000 Galoob Toys Inc* 61,122
2,300 GoodMark Foods Inc 42,550
7,450 Guilford Mills Inc 203,944
8,200 Gymboree Corp* 224,475
2,900 Haggar Corp 45,675
11,300 Hartmarx Corp* 86,163
8,100 Interface Inc Class A 234,900
2,900 J&J Snack Foods Corp* 47,488
3,600 Johnston Industries Inc 15,750
10,000 Just For Feet Inc* 131,250
8,800 Justin Industries Inc 119,900
1,900 K-Swiss Inc 30,875
5,515 K2 Inc 125,466
7,150 Kellwood Co 214,500
6,000 La-Z-Boy Chair Co 258,750
5,400 Merrill Corp 125,550
17,350 Mohawk Industries Inc* 380,607
2,506 National Presto Industries Inc 99,142
6,275 Nature's Sunshine Products Inc 163,150
4,600 New England Business Service Inc 155,250
15,400 Oakwood Homes Corp 511,080
3,300 Oshkosh B'Gosh Inc Class A 108,900
3,000 Oxford Industries Inc 97,500
4,400 Pharmaceutical Marketing Services Inc* 45,100
9,100 Phillips Van-Heusen Corp 129,675
5,260 Pillowtex Corp 183,443
1,200 Plenum Publishing Corp 55,500
5,400 Schweitzer-Mauduit International Inc 201,150
12,500 Smithfield Foods Inc* 412,500
8,100 Sola International Inc* 263,250
15,900 Stride Rite Corp 190,800
2,700 Swiss Army Brands Inc* 27,338
3,800 The Dixie Group Inc* 43,225
3,800 The Timberland Co Class A* 220,636
7,250 Titan International Inc 145,450
9,900 Tultex Corp* 40,214
4,600 USA Detergents Inc* 37,375
5,700 Universal Forest Products Inc 77,663
13,200 Valassis Communications Inc* 488,400
14,200 Wolverine World Wide Inc 321,275
12,800 World Color Press Inc* 339,994
$10,200,653
MFTG - INDUSTRIAL PRODS --- 15.1%
5,500 AT Cross Co Class A 55,688
10,500 Alliance Pharmaceutical Corp* 76,125
8,584 Alpharma Inc Class A 186,702
3,100 Amcast Industrial Corp 71,105
4,600 Applied Power Inc Class A 317,400
6,000 Aptargroup Inc 333,000
3,100 Astec Industries Inc* 51,925
9,300 BMC Industries Inc 149,963
7,249 Banctec Inc* 194,360
8,700 Belden Inc 306,675
4,600 Bell Sports Corp* 38,810
15,700 Bio-Technology General Corp* 168,775
9,900 Birmingham Steel Corp 155,925
12,500 Blount International Inc Class A 333,588
6,200 Buckeye Technologies Inc* 286,750
2,550 Butler Manufacturing Co 82,238
7,900 COR Therapeutics Inc* 177,750
4,000 Cambrex Corp 184,000
12,900 Camco International Inc 821,562
8,500 Caraustar Industries Inc 291,125
9,000 Cephalon Inc* 102,375
3,400 Chemed Corp 140,886
6,800 Chemfirst Inc 192,100
5,400 Clarcor Inc 159,975
5,300 Commonwealth Industries Inc 76,850
6,400 Cygnus Inc* 127,200
5,600 Dynatech Corp* 262,500
12,400 Fedders Corp 77,500
4,900 Flow International Corp* 45,938
7,500 Gerber Scientific Inc 149,063
7,500 Global Industries Technologies Inc* 127,028
10,100 Griffon Corp* 147,713
4,000 Handy & Harman 138,000
3,500 Hauser Inc* 21,000
6,600 Helix Technology Corp 128,700
14,702 ICN Pharmaceuticals Inc 717,634
12,700 IDEXX Laboratories Inc* 202,400
5,400 IMCO Recycling Inc 86,735
7,600 Immune Response Corp* 84,550
2,800 Insteel Industries Inc 19,250
4,246 Intermagnetics General Corp* 34,231
8,400 Intermet Corp 147,000
5,300 Ionics Inc* 207,363
14,700 JLG Industries Inc 207,638
2,800 Kronos Inc* 86,274
7,700 Kulicke & Soffa Industries Inc* 143,413
4,300 LSB Industries Inc 17,467
7,750 Lilly Industries Inc Class A 159,844
3,200 Lindsay Manufacturing Co 138,800
12,500 Liposome Company Inc* 57,813
3,700 Lone Star Industries Inc 196,563
5,000 Lukens Inc 142,810
5,500 Lydall Inc* 107,250
2,800 MacDermid Inc 237,650
5,150 Material Sciences Corp* 62,763
3,500 McWhorter Technologies Inc* 90,125
8,100 Medimmune Inc* 347,288
5,600 Medusa Corp 234,147
18,000 Microchip Technology Inc* 540,000
9,201 Mississippi Chemical Corp 167,918
5,900 Modecular Biosystems Inc* 50,150
5,800 Mueller Industries Inc* 342,200
10,400 Mycogen Corp* 195,000
6,148 Myers Industries Inc 104,897
6,200 NBTY Inc* 206,925
2,200 Nashua Corp* 25,850
8,300 Northwestern Steel and Wire Co* 21,788
11,200 Novellus Systems Inc* 361,894
6,800 Noven Pharmaceuticals Inc* 47,600
5,300 O'Sullivan Corp 56,313
7,400 OM Group Inc 271,025
4,000 Paragon Trade Brands Inc* 51,500
16,141 Paxar Corp* 239,080
2,400 Penford Corporation 84,000
8,000 Photronics Inc* 194,000
4,500 Pope & Talbot Inc 67,779
6,100 Protein Design Labs Inc* 244,000
2,900 Quaker Chemical Corp 54,917
4,700 Quanex Corp 132,188
3,100 RailTex Inc* 44,367
7,000 Regal-Beloit Corp 206,934
10,300 Regeneron Pharmaceuticals Inc* 88,189
3,900 Republic Group Inc 63,863
3,700 Robbins & Myers Inc 146,613
9,800 Roberts Pharmaceutical Corp* 93,708
10,300 Roper Industries Inc 290,975
7,400 Russ Berrie & Company Inc 194,250
4,100 SPS Technologies Inc* 178,863
5,800 SciClone Pharmaceuticals Inc* 19,935
6,200 Scotts Co Class A* 187,550
6,100 Shorewood Packaging Corp* 163,175
4,400 Standex International Corp 155,100
4,000 Steel Technologies Inc 47,000
9,000 Sturm Ruger Company Inc 165,933
6,700 TXI Corp 301,500
5,300 Telxon Corp 126,538
300 Texas Industries Inc 13,500
5,750 The Manitowoc Company Inc 186,875
6,950 TheraTech Inc* 55,600
5,675 Thomas Nelson Inc 65,614
4,000 Toro Co 170,500
4,150 Tredegar Industries Inc 273,381
6,900 Ultratech Stepper Inc* 137,138
9,200 Valmont Industries Inc 179,400
8,400 Vertex Pharmaceuticals Inc* 277,200
5,200 WD-40 Co 150,800
7,500 WH Brady Co Class A 232,500
2,900 Walbro Corp 38,967
3,700 Whittaker Corp* 40,700
8,900 Williams Industries Inc 188,013
4,700 Wolverine Tube Inc* 145,700
4,250 Wynn's International Inc 135,469
7,600 Xircom Inc* 76,471
4,100 Zero Corp 121,463
$18,332,110
MINING --- 0.6%
9,500 AMCOL International Corp 150,813
7,300 Coeur D'Alene Mines Co* 65,700
4,900 Dravo Corp* 53,900
8,904 Getchell Gold Corp* 213,696
10,400 Glamis Gold Ltd 38,345
18,300 Helca Mining Co* 90,347
6,800 Stillwater Mining Co* 113,900
$726,701
OIL & GAS --- 3.3%
9,800 Benton Oil & Gas Co* 126,783
8,200 Cabot Oil & Gas Corp 159,383
8,800 Cross Timbers Oil Co 219,446
10,800 Devon Energy Corp 415,800
6,200 HS Resources Inc* 85,634
12,000 Newfield Exploration Co* 279,744
7,800 Oceaneering International Inc* 154,050
5,600 Plains Resources Inc* 96,247
6,500 Pool Energy Services Co* 144,625
15,800 Pride International Inc* 398,950
6,800 Remington Oil & Gas Corp* 35,272
34,400 Santa Fe Energy Resources Inc 387,000
7,400 Seitel Inc* 126,725
10,800 Snyder Oil Corp 197,100
3,700 St Mary Land & Exploration Co 129,500
14,800 Tuboscope Vetco International Corp* 356,118
11,900 United Meridian Corp* 334,688
17,200 Vintage Petroleum Inc 326,800
3,000 Wiser Oil Co 42,375
$4,016,240
OTHER ASSET-BACKED --- 0.2%
6,800 ABM Industries Inc 207,822
$207,822
OTHER TRANS. SERVICES --- 1.5%
10,500 American Freightways Corp* 103,688
6,500 Arkansas Best Corp* 63,375
8,200 Expeditors International of Washington Inc 315,700
11,900 Fritz Companies Inc* 165,850
5,600 Frozen Food Express Industries Inc 50,400
9,984 Heartland Express Inc* 268,320
4,100 Landstar System Inc* 108,138
4,100 MS Carriers Inc* 101,988
4,500 Rural/Metro Corp* 150,188
8,700 USFreightways Corp 282,750
12,850 Werner Enterprises Inc 263,425
$1,873,822
REAL ESTATE --- 0.3%
12,200 Amresco Inc* 369,050
$369,050
RETAIL TRADE --- 8.2%
8,600 AnnTaylor Stores Corp* 115,025
10,500 Applebees International Inc 189,651
19,762 Arbor Drugs Inc 365,597
3,900 Au Bon Pain Inc* 29,492
3,000 Bertuccis Inc* 19,125
12,700 Bombay Company Inc* 58,738
5,800 Books-A-Million Inc* 33,710
4,000 Builders Material Holding Corp* 42,000
14,000 CKE Restaurants Inc 589,750
5,300 Carson Pirie Scott & Co* 265,663
8,800 Caseys General Stores Inc 223,300
8,076 Cash America International Inc 104,479
9,300 Cato Corp Class A 82,538
4,300 Cheesecake Factory Inc* 131,150
6,875 Consolidated Products Inc* 112,578
2,700 Danmark International Inc* 26,325
5,500 Discount Auto Parts Inc* 105,188
9,700 Eagle Hardware & Garden Inc* 187,938
5,500 Express Scripts Inc* 330,000
6,200 Fabri-Centers of America Inc Class A* 138,334
7,000 Filenes Basement Corp* 28,000
13,100 Foodmaker Inc* 197,312
9,500 Footstar Inc* 255,313
3,500 Gottschalks Inc* 29,313
7,200 Hancock Fabrics Inc 104,400
3,200 IHOP Corp* 104,000
4,600 J Baker Inc 25,875
8,700 Jan Bell Marketing Inc* 21,750
8,600 Landrys Seafood Restaurant Co* 206,400
5,700 Lechters Corp* 28,853
3,200 Lillian Vernon Corp 53,200
7,800 Luby's Cafeterias Inc 136,984
9,500 Michaels Stores Inc* 277,875
7,000 O'Reilly Automotive Inc* 183,750
22,545 Pier 1 Imports Inc 510,081
20,200 Proffitts Inc* 574,427
16,400 Ross Stores Inc 596,550
5,750 Ruby Tuesday Inc* 148,063
15,700 Ryan's Family Steak Houses Inc* 134,423
4,000 SPX Corp 276,000
16,100 Shoney's Inc* 51,311
8,600 Shopko Stores Inc* 187,050
6,200 Showbiz Pizza Time Inc* 142,600
4,200 Sonic Corp* 118,125
5,600 St John Knits Inc 224,000
7,700 Stein Mart Inc* 205,975
7,900 TCBY Enterprises Inc 59,740
5,700 TJ International Inc 141,075
5,000 Taco Cabana Inc* 23,750
7,600 The Dress Barn Inc* 215,650
7,350 The Men's Wearhouse Inc* 255,413
10,550 The Sports Authority Inc* 155,613
10,580 Triarc Companies Inc Class A* 288,305
8,100 Whole Foods Market Inc* 414,113
8,575 Williams-Sonoma Inc* 359,078
$9,884,948
SECURITIES & COMMODITIES --- 1.8%
8,973 Downey Financial Corp 255,165
4,150 Interra Financial Inc 286,350
8,300 Legg Mason Inc 464,277
6,200 Piper Jaffray Companies Inc 225,909
12,887 Quick & Reilly Group Inc 554,141
10,600 Raymond James Financial Inc 420,682
$2,206,524
TELEPHONE --- 0.4%
22,300 Tel-Save Holdings Inc* 443,213
$443,213
TRANSPORTATION EQUIPMENT --- 2.2%
6,100 AAR Corp 236,375
5,700 AO Smith Corp 240,825
9,700 Arctic Cat Inc 93,964
7,600 BE Aerospace Inc* 203,300
10,600 Breed Technologies Inc 193,450
11,800 Gentex Corp* 317,125
4,300 Huffy Corp 58,050
10,800 Orbital Sciences Corp* 321,300
6,100 Simpson Industries Inc 71,675
3,200 Skyline Corp 88,000
4,200 Spartan Motors Inc 25,985
4,400 Standard Motor Products Inc 99,273
5,600 Standard Products Co 143,500
2,700 Thor Industries Inc 92,642
6,650 Wabash National Corp 189,106
8,600 Winnebago Industries Inc 76,325
9,500 Yellow Corp* 238,688
$2,689,583
UNIT INVESTMENT TRUST --- 0.5%
2,400 Aquarion Co 82,949
3,000 Consumers Water Co 60,000
6,550 Philadelphia Suburban Corp 192,812
3,000 Southern California Water Co 75,375
12,000 United Water Resources Inc 234,744
$645,880
WATER --- 0.4%
9,550 Halter Marine Group Inc* 275,756
8,100 Kirby Corp* 156,427
$432,183
WHOLESALE TRADE - INDL --- 1.3%
4,675 AM Castle & Co 106,941
7,300 Applied Industrial Technology Inc 195,275
10,510 Barrett Resources Corp* 317,928
3,100 Bell Industries Inc* 42,625
5,250 MicroAge Inc* 79,076
13,000 Nautica Enterprises Inc* 302,250
7,400 Patterson Dental Co* 334,850
8,825 Pioneer Standard Electronics Inc 134,581
7,800 TBC Corp* 74,584
$1,588,110
WHOLESALE TRADE -CONSUMER --- 2.2%
4,933 Commercial Metals Co 155,695
6,800 Fisher Scientific International Inc 324,700
12,600 Fleming Companies Inc 169,306
6,100 Hughes Supply Inc 213,116
6,300 Kaman Corp Class A 103,163
8,900 Kent Electronics Corp* 223,613
3,800 Nash Finch Co 72,200
10,750 Owens & Minor Inc 155,875
15,900 Richfood Holdings Inc 449,175
3,400 Syncor International Corp* 54,825
15,900 Tech Data Corp* 618,113
5,100 Watsco Inc 125,847
$2,665,628
TOTAL COMMON STOCK --- 99.1% $119,936,279
(Cost $108,950,444)
SHORT-TERM INVESTMENTS
SECURITIES & COMMODITIES --- 0.9%
1,139,000 Merrill Lynch & Co Inc 1,138,810
$1,138,810
TOTAL SHORT-TERM INVESTMENTS --- 0.9% $1,138,810
(Cost $1,138,810)
TOTAL SMALL-CAP INDEX PORTFOLIO --- 100.0% $121,075,089
(Cost $110,089,254)
The Maxim Series Fund
Small-Cap Value Portfolio
COMMON STOCK
CONSUMER SERVICES --- 4.9%
19,800 Allergan Inc 664,528
16,900 Berlitz International Inc* 439,400
$1,103,928
CREDIT INSTITUTIONS --- 4.3%
14,100 Northern Trust Corp 983,475
$983,475
ENVIRONMENTAL SERVICES --- 2.6%
21,300 Safety-Kleen Corp 584,408
$584,408
INDUSTRIAL SERVICES --- 4.2%
19,800 Omnicom Group Inc 839,025
4,300 True North Communications Inc 106,422
$945,447
INSURANCE --- 6.5%
7,800 Arthur J Gallagher & Co 268,609
17,900 MBIA Inc 1,195,935
$1,464,544
MFTG - CONSUMER PRODS. --- 28.1%
110,100 American Media Inc Class A* 853,275
16,600 Central Newspapers Inc 1,227,354
63,200 Golden Books Family Entertainment* 651,718
40,100 Hasbro Inc 1,263,150
39,600 Interface Inc Class A 1,148,400
22,900 Lee Enterprises Inc 676,970
13,200 Leggett & Platt Inc 552,750
$6,373,617
MFTG - INDUSTRIAL PRODS --- 29.3%
17,300 Ecolab Inc 959,060
46,500 First Brands Corp 1,252,571
22,786 General Binding Corp 683,580
23,100 Hunt Corp* 547,170
17,500 Libbey Inc 662,813
3,500 Oil-Dri Corporation of America 57,750
33,400 Shorewood Packaging Corp* 893,450
61,700 Specialty Equipment Companies Inc* 1,033,475
17,800 WH Brady Co Class A 551,800
$6,641,669
REAL ESTATE --- 5.5%
37,800 The Rouse Co 1,237,950
$1,237,950
RETAIL TRADE --- 6.5%
31,700 Bob Evans Farms Inc 701,363
24,000 Longs Drug Stores Corp 771,000
$1,472,363
SECURITIES & COMMODITIES --- 1.5%
5,500 T Rowe Price & Associates Inc 345,813
$345,813
WHOLESALE TRADE -CONSUMER --- 0.4%
3,300 Stanhome Inc 84,767
$84,767
TOTAL COMMON STOCK --- 93.5% $21,237,981
(Cost $17,404,000)
SHORT-TERM INVESTMENTS
ELECTRONICS - HIGH TECH --- 2.2%
500,000 General Electric Co 498,496
$498,496
SECURITIES & COMMODITIES --- 4.3%
966,000 Merrill Lynch & Co Inc 965,839
$965,839
TOTAL SHORT-TERM INVESTMENTS --- 6.5% $1,464,335
(Cost $1,464,335)
TOTAL SMALL-CAP VALUE PORTFOLIO --- 100.0% $22,702,316
(Cost $18,868,335)
The Maxim Series Fund
Stock Index Portfolio
COMMON STOCK
AGENCY --- 0.7%
101,900 Federal National Mortgage Association (nonvtg) 5,814,618
$5,814,618
AGRICULTURE --- 0.1%
6,000 Agco Corp 175,500
5,800 Dole Food Company Inc 265,350
$440,850
AIR --- 0.4%
8,800 AMR Corp* 1,130,800
2,900 ASA Holdings Inc 82,467
2,400 Airborne Freight Corp 149,100
1,400 Alaska Air Group Inc* 54,250
7,100 Delta Air Lines Inc 844,900
4,000 Pittston Brink's Group 161,000
21,025 Southwest Airlines Co 517,741
8,800 US Air Group Inc* 550,000
$3,490,258
COMMUNICATIONS --- 3.5%
11,750 360 Communications Co* 237,197
6,000 AH Belo Corp Class A 336,750
156,000 AT&T Corp 9,555,000
48,500 Airtouch Communications Inc* 2,015,757
67,600 CBS Corp 1,989,941
15,200 Cabletron Systems Inc* 228,000
2,993 Chris-Craft Industries Inc* 156,570
9,400 Clear Channel Communications Inc* 746,708
33,500 Comcast Corp Class A 1,057,327
1 CommScope Inc* 13
4,800 Comsat Corp 116,400
27,300 Gannett Company Inc 1,687,468
25,250 Nextel Communications Inc Class A* 656,500
2,400 TCA Cable TV Inc 110,400
48,700 Tele-Communications Inc TCI Group Class A* 1,360,532
5,700 Telephone & Data Systems Inc 265,403
46,400 US West Communications Group 2,093,800
58,300 US West Media Group* 1,683,413
3,800 Vanguard Cellular Systems Inc Class A* 48,450
33,903 Viacom Inc Class B* 1,404,839
86,740 Worldcom Inc* 2,623,885
$28,374,353
CONSTRUCTION --- 0.1%
2,800 Centex Corp 176,224
11,416 Clayton Homes Inc 205,488
1,750 Granite Construction Inc 40,250
3,700 Kaufman & Broad Home Corp 83,017
2,000 Pulte Corp 83,624
$588,603
CONSUMER SERVICES --- 8.6%
2,800 Acuson Corp* 46,374
5,600 Allegiance Corp 198,447
6,300 Allergan Inc 211,441
9,900 America Online Inc* 882,951
25,300 Amgen Inc 1,369,363
4,900 Apria Healthcare Group Inc* 65,841
5,300 Bausch & Lomb Inc 210,013
26,900 Baxter International Inc 1,356,755
11,700 Becton Dickinson & Co 585,000
10,500 Beverly Enterprises Inc 136,500
7,100 Biogen Inc* 258,263
10,700 Biomet Inc 274,188
95,500 Bristol-Myers Squibb Co 9,036,688
5,500 CR Bard Inc 172,216
16,560 CVS Corp 1,060,867
4,400 Carter-Wallace Inc 74,250
75,971 Cendant Corp* 2,611,503
9,100 Circus Circus Enterprises Inc* 186,550
62,163 Columbia/HCA Healthcare Corp 1,841,579
3,700 Concentra Managed Care Inc* 124,875
5,475 Covance Inc* 108,816
1,500 Datascope Corp* 38,813
1,300 Diagnostic Products Corp 36,075
106,600 Eli Lilly & Co 7,422,025
3,900 Forest Laboratories Inc* 192,317
11,670 Foundation Health Systems* 261,116
7,400 Genzyme Corp 205,350
10,000 H&R Block Inc 448,120
9,650 Harrah's Entertainment Inc* 182,144
4,250 Health Care & Retirement Corp* 171,063
15,600 Health Management Associates Inc* 393,900
3,100 HealthCare Compare Corp* 158,488
37,804 Healthsouth Corp* 1,049,061
24,000 Hilton Hotels Corp 714,000
15,700 Humana Inc* 325,775
11,200 ITT Corp* 928,200
11,550 Ivax Corp* 77,963
129,694 Johnson & Johnson 8,543,592
3,500 King World Productions Inc 202,125
6,100 Manor Care Inc 213,500
12,250 Marriott International Inc 848,313
45,100 Medtronic Inc 2,359,271
115,128 Merck & Company Inc 12,232,350
17,250 Mirage Resorts Inc* 392,438
5,850 Novacare Inc* 76,413
7,800 Omnicare Inc 241,800
3,991 Pacific Health Systems* 209,029
8,009 Promus Hotel Corp* 336,378
7,100 Quorum Health Group Inc* 185,488
24,200 Service Corporation International 893,875
8,850 St Jude Medical Inc* 269,925
4,700 Stewart Enterprises Inc Class A 219,138
9,200 Stryker Corp 342,700
29,300 Tenet Healthcare Corp* 970,563
64,830 The Walt Disney Co 6,422,189
18,050 United Healthcare Corp 896,850
7,300 United States Surgical Corp 213,978
6,700 Vencor Inc* 163,728
9,800 Whitman Corp 255,408
$69,905,941
CREDIT INSTITUTIONS --- 9.5%
44,600 American Express Co 3,980,550
4,900 Associated Banc-Corp 270,113
13,200 BB&T Corp 845,618
56,350 Banc One Corp 3,060,481
36,200 Bank of New York Company Inc 2,092,794
66,648 BankAmerica Corp 4,865,304
14,000 BankBoston Corp 1,315,118
9,400 Bankers Trust New York Corp 1,056,908
18,500 Barnett Banks Inc 1,329,688
5,100 Beneficial Corp 423,938
6,300 Capital One Financial Corp 341,378
6,170 Charter One Financial Inc 389,481
40,496 Chase Manhattan Corp 4,434,312
43,900 Citicorp 5,550,584
4,400 City National Corp 162,523
10,100 Comerica Inc 911,525
19,015 Corestates Financial Corp 1,522,379
10,400 Countrywide Credit Industries Inc 445,900
10,600 Crestar Financial Corp 604,200
14,850 Fifth Third Bancorp 1,213,988
27,910 First Chicago NBD Corp 2,330,485
11,175 First Security Corp 467,953
6,200 First Tennessee National Corp 413,850
60,334 First Union Corp 3,092,118
4,950 First Virginia Banks Inc 255,851
8,450 First of America Bank Corp 651,706
13,900 Firstar Corp 589,874
24,085 Fleet Financial Group Inc 1,804,858
5,500 Golden West Financial Corp 537,966
9,100 HF Ahmanson & Co 609,127
10,300 Household International Inc 1,313,889
18,400 Huntington Bancshares Inc 662,400
17,100 JP Morgan & Company Inc 1,930,163
21,102 Keycorp 1,494,275
48,118 MBNA Corp 1,314,199
9,700 Marshall & Ilsley Corp 602,613
24,406 Mellon Bank Corp 1,479,614
12,562 Mercantile Bancorporation Inc 772,563
6,900 Mercantile Bankshares Corp 269,963
7,300 NHG Investor Note Trust 239,075
20,500 National City Corp 1,347,875
68,344 NationsBank Corp 4,156,135
10,700 Northern Trust Corp 746,325
72,600 Norwest Corp 2,804,175
9,000 Old Kent Financial Corp 356,625
29,300 PNC Bank Corp 1,671,917
7,700 Pacific Century Financial Corp 190,575
13,100 Regions Financial Corp 552,650
15,400 State Street Boston Corp 896,080
20,300 Suntrust Banks Inc 1,448,913
16,800 Synovus Financial Corp 550,200
8,900 TCF Financial Corp 302,039
7,100 Union Planters Corp 482,353
19,633 Wachovia Corp 1,592,727
24,680 Washington Mutual Inc 1,574,880
8,300 Wells Fargo & Co 2,817,327
3,200 Wilmington Trust Co 199,600
$77,339,720
ELECTRIC --- 3.2%
16,778 AES Corp* 782,274
11,800 Allegheny Energy Inc 383,500
18,200 American Electric Power Company Inc 939,575
5,000 Atlantic Energy Inc 105,935
14,200 Baltimore Gas & Electric Co 483,680
1,400 Black Hills Corp 49,350
9,300 CMS Energy Corp 409,777
14,400 Carolina Power & Light Co 611,093
20,400 Central & South West Corp 552,065
2,200 Central Louisiana Electric Company Inc 71,225
3,100 Central Maine Power Co 47,275
15,193 Cinergy Corp 582,074
22,600 Consolidated Edison Co 926,600
13,900 DTE Energy Co 482,149
5,900 Delmarva Power & Light Co 136,066
18,000 Dominion Resources Inc 766,116
34,538 Duke Power Co 1,912,542
36,600 Edison International 995,044
23,400 Entergy Corp 700,526
17,500 FPL Group Inc 1,035,773
22,099 FirstEnergy Corp* 640,871
9,300 Florida Progress Corp 365,025
11,600 GPU Inc 488,650
3,000 Hawaiian Electric Industries Inc 122,625
27,367 Houston Industries Inc 730,343
3,600 Idaho Power Co 135,450
6,900 Illinova Corp 185,865
4,250 Ipalco Enterprises Inc 178,232
6,600 Kansas City Power & Light Co 195,109
6,400 LG&E Energy Corp 158,400
9,633 MidAmerican Energy Holdings Co 211,926
3,200 Minnesota Power & Light Co 139,398
5,300 Montana Power Co 168,604
4,800 Nevada Power Co 127,498
6,200 New England Electric System 265,050
6,500 New York State Electric & Gas Corp 230,750
13,900 Niagara Mohawk Power Corp* 145,950
6,000 Nipsco Industries Inc 296,622
12,500 Northeast Utilities 147,650
7,200 Northern States Power Co 419,400
15,900 PP&L Resources Inc 380,598
28,500 PacifiCorp 778,392
21,400 Peco Energy Co 518,950
8,100 Pinnacle West Capital Corp 343,238
11,400 Potomac Electric Power Co 294,257
4,000 Public Service Company of New Mexico 94,748
22,300 Public Service Enterprise Group Inc 706,620
8,100 Puget Sound Power & Light Co 244,515
10,350 Scana Corp 309,848
66,300 Southern Co 1,715,513
12,600 Teco Energy Inc 354,375
23,675 Texas Utilities Co 983,980
20,800 Unicom Corp 639,600
11,600 Union Electric Co 501,700
5,200 Utilicorp United Inc 201,822
3,000 WPL Holdings Inc 99,375
10,700 Wisconsin Energy Corp 307,625
$25,801,213
ELECTRONICS - HIGH TECH --- 12.7%
33,250 3Com Corp* 1,161,655
21,180 AMP Inc 889,560
1,400 ATL Ultrasound Inc* 64,400
7,000 Adobe Systems Inc 288,750
13,600 Advanced Micro Devices Inc* 243,943
2,700 Aeroquip-Vickers Inc 132,467
9,100 American Power Conversion Corp* 214,988
15,466 Analog Devices Inc* 428,207
8,637 Andrew Corp* 207,288
12,200 Apple Computer Inc* 160,125
35,000 Applied Materials Inc* 1,054,375
9,600 Atmel Corp* 178,195
3,900 Avnet Inc 257,400
2,700 Beckman Instruments Inc 108,000
18,730 Boston Scientific Corp* 859,239
2,400 Briggs & Stratton Corp 116,549
6,400 Cirrus Logic Inc* 68,000
96,700 Cisco Systems Inc* 5,391,025
72,752 Compaq Computer Corp 4,105,905
8,700 Cypress Semiconductor Corp* 73,950
11,300 DSC Communications Corp* 271,200
4,600 Data General Corp* 80,210
31,400 Dell Computer Corp* 2,637,600
5,200 Dentsply International Inc 158,600
6,612 Diebold Inc 334,733
14,200 Digital Equipment Corp* 525,400
31,200 Eastman Kodak Co 1,897,334
42,600 Emerson Electric Co 2,404,216
4,333 Federal Signal Corp 93,701
3,900 Flowserve Corp 108,954
314,400 General Electric Co 23,069,100
4,800 General Signal Corp 202,498
7,700 Harris Corp 353,238
99,926 Hewlett-Packard Co 6,245,375
12,200 Honeywell Inc 835,700
6,400 Hubbell Inc Class B 315,597
3,890 Imation Corp* 62,240
7,700 Integrated Device Technology Inc* 72,665
157,200 Intel Corp 11,043,300
93,400 International Business Machines Corp 9,766,091
11,100 International Game Technology 280,275
8,000 Johnson Controls Inc 382,000
8,100 KLA-Tencor Corp* 312,863
8,700 LCI International Inc* 267,525
13,600 LSI Logic Corp* 268,600
6,800 Lexmark International Group Inc* 258,400
7,400 Linear Technology Corp 426,425
4,400 Litton Industries Inc* 253,000
3,000 Magnetek Inc* 58,500
6,111 Mark IV Industries Inc 133,678
12,300 Maxim Integrated Products Inc* 424,350
9,100 Maytag Corp 339,539
6,200 Mentor Graphics Corp* 60,059
20,300 Micron Technology Inc* 527,800
15,108 Molex Inc 485,345
57,300 Motorola Inc 3,269,653
9,831 NCR Corp* 273,420
15,700 National Semiconductor Corp* 407,211
6,633 Networks Associates Inc* 350,720
14,200 NextLevel Systems Inc* 253,825
25,200 Northern Telecom Ltd 2,242,800
33,600 Novell Inc* 252,000
2,000 OEA Inc 57,874
42,153 PG&E Corp 1,283,011
4,200 Perkin-Elmer Corp 298,460
4,300 Polaroid Corp 209,354
13,100 Quantum Corp* 262,812
32,600 Raytheon Co 1,646,300
5,700 SCI Systems Inc* 248,303
7,600 Scientific-Atlanta Inc 127,300
23,540 Seagate Technology Inc* 453,145
7,150 Sensormatic Electronics Corp 117,525
4,150 Sequent Computer Systems Inc* 83,000
18,000 Silicon Graphics Inc* 223,866
11,000 Solectron Corp* 457,182
8,600 Sterling Commerce Inc* 330,558
5,100 Storage Technology Corp* 315,879
2,300 Stratus Computer Inc* 86,968
36,000 Sun Microsystems Inc* 1,435,500
3,750 Symbol Technologies Inc 141,563
4,900 Tektronix Inc 194,466
3,600 Teleflex Inc 135,900
17,400 Tellabs Inc* 920,025
8,000 Teradyne Inc* 256,000
37,500 Texas Instruments Inc 1,687,500
14,525 Thermo Electron Corp* 646,363
5,300 Thomas & Betts Corp 250,425
16,900 Unisys Corp* 234,488
2,900 Varian Associates Inc 146,630
6,180 Vishay Intertechnology Inc* 146,003
4,800 WW Grainger Inc 466,498
7,200 Whirlpool Corp 396,000
31,300 Xerox Corp 2,310,316
7,100 Xilinx Inc* 248,940
4,000 York International Corp 158,195
$103,986,110
ENVIRONMENTAL SERVICES --- 0.4%
18,987 Browning-Ferris Industries Inc 702,519
31,600 Laidlaw Inc Class B 430,550
4,800 Ogden Corp 135,298
3,200 Rollins Inc 64,998
5,600 Safety-Kleen Corp 153,647
20,800 USA Waste Services Inc* 816,400
43,700 Waste Management Inc 1,201,750
$3,505,162
FINANCIAL SERVICES --- 0.0%
13,100 Green Tree Financial Corp 343,050
$343,050
FORESTRY --- 0.4%
5,400 Boise Cascade Corp 163,350
2,200 Chesapeake Corp 75,625
8,900 Georgia-Pacific Corp Class A 540,675
8,800 Georgia-Pacific Corp Class B* 199,646
29,084 International Paper Co 1,254,248
5,000 Longview Fibre Co 75,935
10,500 Louisiana-Pacific Corp 199,500
19,200 Weyerhaeuser Co 941,990
$3,450,969
GAS --- 0.9%
5,400 AGL Resources Inc 110,360
5,300 Columbia Gas System Inc 416,379
9,200 Consolidated Natural Gas Co 556,600
2,000 Eastern Enterprises 90,000
5,784 El Paso Energy Corp 384,636
30,660 Enron Corp 1,274,291
2,200 Indiana Energy Inc 72,461
7,500 MCN Corp 302,813
3,700 National Fuel Gas Co 180,142
10,580 New Century Energies Inc 507,173
4,600 Nicor Inc 194,060
3,000 Oneok Inc 121,125
8,000 Pacific Enterprises 301,000
3,400 Peoples Energy Corp 133,875
3,900 Questar Corp 174,038
6,100 Seagull Energy Corp* 125,813
8,200 Sonat Inc 375,150
16,400 Tenneco Inc 647,800
4,200 Washington Gas Light Co 129,935
30,800 Williams Companies Inc 873,950
$6,971,601
HIGHWAYS --- 0.0%
2,500 Arnold Industries Inc 43,125
7,300 Ryder System Inc 239,075
$282,200
HOLDING & INVEST. OFFICES --- 0.8%
5,300 Cincinnati Financial Corp 745,975
15,600 Cognizant Corp 695,167
12,000 Dime Bancorp Inc 363,000
5,400 Finova Group Inc 268,310
12,600 Hibernia Corp 237,031
11,000 MGIC Investment Corp 731,500
16,950 Summit Bancorp 902,588
23,591 U S Bancorp 2,640,706
$6,584,277
INDEPENDENT POWER PROD --- 0.1%
7,900 Calenergy Inc* 227,125
4,800 Keyspan Energy Corp 176,698
3,900 OGE Energy Corp 213,279
$617,102
INDUSTRIAL SERVICES --- 5.2%
5,466 AC Nielsen Corp* 133,234
8,600 Altera Corp* 284,875
9,400 Arrow Electronics Inc* 304,908
4,600 Autodesk Inc 170,200
28,100 Automatic Data Processing Inc 1,724,638
9,800 BMC Software Inc* 643,125
20,050 Cadence Design Systems Inc* 491,225
7,300 Ceridian Corp* 334,428
9,400 Cintas Corp 366,600
7,175 Comdisco Inc 239,910
52,525 Computer Associates International Inc 2,777,259
7,500 Computer Sciences Corp* 626,250
16,800 Compuware Corp* 537,600
7,600 Corrections Corporation of America* 281,671
7,800 Deluxe Corp 269,100
16,400 Dun & Bradstreet Corp 507,367
4,400 EG&G Inc 91,573
5,700 Electronic Arts Inc* 215,528
14,400 Equifax Inc 510,293
41,094 First Data Corp 1,202,000
5,050 Fiserv Inc* 248,081
8,100 Fluor Corp 302,738
3,900 Foster Wheeler Corp 105,542
4,000 Gtech Holdings Corp* 127,748
19,200 HBO & Co 921,600
2,800 Information Resources Inc* 37,450
14,600 Informix Corp* 69,350
12,100 Interpublic Group of Companies Inc 602,725
2,500 Jacobs Engineering Group Inc* 63,438
3,650 Kelly Services Inc Class A 109,500
61,673 Lucent Technologies Inc 4,926,131
7,800 Manpower Inc 274,950
6,900 Medaphis Corp* 44,850
116,400 Microsoft Corp* 15,044,700
4,200 National Service Industries Inc 208,160
7,750 Olsten Corp 116,250
15,600 Omnicom Group Inc 661,050
94,225 Oracle Systems Corp* 2,102,348
12,200 Parametric Technology Corp* 577,975
10,462 Paychex Inc 529,639
13,900 Pitney Bowes Inc 1,250,124
1,800 Policy Management Systems Corp* 125,212
7,600 Reynolds & Reynolds Co Class A 140,121
8,700 Robert Half International Inc* 348,000
2,400 Shared Medical Systems Corp 158,400
5,400 Sotheby's Holdings Inc Class A 99,900
2,700 Standard Register Co 93,825
3,200 Structural Dynamics Research Corp* 72,000
8,300 Sungard Data System Inc* 257,300
5,450 Symantec Corp* 119,557
6,200 Synopsys Inc* 221,650
4,100 Wallace Computer Services Inc 159,388
5,200 Western Atlas Inc 384,800
$42,216,286
INSURANCE --- 4.7%
16,150 AON Corp 946,794
14,252 Aetna Inc 1,005,650
13,012 Aflac Inc 665,239
41,220 Allstate Corp 3,745,868
6,700 Ambac Inc 308,200
5,600 American Financial Group Inc 225,747
23,421 American General Corp 1,266,186
67,425 American International Group Inc 7,332,469
16,300 Chubb Capital Corp 1,232,688
7,100 Cigna Corp 1,228,740
18,100 Conseco Inc 822,410
7,500 General Re Corp 1,590,000
1,800 HSB Group Inc 99,337
11,300 Hartford Financial Services Group Inc 1,057,251
6,800 Jefferson-Pilot Corp 529,550
9,800 Lincoln National Corp 765,625
11,000 Loews Corp 1,167,375
8,600 MBIA Inc 574,583
16,300 Marsh & McLennan Companies Inc 1,215,361
8,900 Old Republic International Corp 330,964
7,600 Oxford Health Plans Inc* 118,271
6,950 Progressive Corp 833,131
13,000 Provident Companies Inc 502,125
9,100 Providian Financial Corp 411,202
13,600 SafeCo Corp 663,000
8,000 St Paul Companies Inc 656,496
18,700 SunAmerica Inc 799,425
3,100 The PMI Group Inc 224,167
13,500 Torchmark Corp 567,837
6,050 TransAmerica Corp 644,325
3,300 Transatlantic Holdings Inc 235,950
110,125 Travelers Group Inc 5,932,984
10,800 USF&G Corp 238,270
13,300 Unum Corp 723,188
$38,660,408
MFTG - CONSUMER PRODS. --- 13.4%
73,500 Abbott Laboratories 4,818,807
3,600 Adolph Coors Co Class B 119,700
5,400 Alberto-Culver Co Class B 173,135
7,100 American Greetings Corp 277,788
47,100 Anheuser-Busch Companies Inc 2,072,400
53,552 Archer-Daniels-Midland Co 1,161,382
12,700 Avon Products Inc 779,463
2,900 Banta Corp 78,300
9,100 Black & Decker Corp 355,464
6,600 Brown-Forman Corp Class B 364,650
9,600 Brunswick Corp 290,995
5,700 Burlington Industries Inc* 78,728
13,800 CPC International Inc 1,490,400
44,000 Campbell Soup Co 2,557,500
9,200 Champion International Corp 416,870
1,900 Church & Dwight Inc 53,318
237,600 Coca-Cola Co 15,830,100
37,100 Coca-Cola Enterprises Inc 1,319,350
28,400 Colgate-Palmolive Co 2,087,400
8,800 CompUSA Inc* 272,800
45,300 ConAgra Inc 1,486,384
3,900 Dean Foods Co 232,050
9,800 Dial Corp 203,958
9,300 Dow Jones & Company Inc 499,289
2,600 Dreyer's Grand Ice Cream Inc 62,725
8,475 Flowers Industries Inc 174,263
7,000 Fruit of the Loom Inc Class A* 179,375
15,200 General Mills Inc 1,088,700
1,600 Gibson Greetings Inc* 35,000
53,800 Gillette Co 5,403,511
14,200 Guidant Corp 883,950
35,300 HJ Heinz Co 1,793,664
2,900 HON Industries Inc 171,100
6,800 Harcourt General Inc 372,300
12,150 Hasbro Inc 382,725
4,400 Herman Miller Inc 240,073
13,700 Hershey Foods Corp 848,537
6,600 Hillenbrand Industries Inc 337,834
2,900 Houghton Mifflin Co 111,288
8,900 IBP Inc 186,339
12,800 Ikon Office Solutions Inc 360,000
10,500 International Flavors & Fragrances Inc 540,750
1,800 International Multifoods Corp 50,962
7,000 Interstate Bakeries Co 261,625
2,800 JM Smucker Co Class A 66,150
4,300 JP Foodservice Inc* 158,829
3,000 John H Harland Co 63,000
4,900 Jones Apparel Group Inc* 210,700
3,700 Jostens Inc 85,329
39,500 Kellogg Co 1,960,188
8,100 Knight-Ridder Inc 421,200
2,799 Lancaster Colony Corp 157,794
2,900 Lance Inc 76,305
3,100 Land's End Inc* 108,692
4,500 Lee Enterprises Inc 133,029
9,200 Leggett & Platt Inc 385,250
6,400 Liz Claiborne Inc 267,597
15,900 Masco Corp 808,913
27,941 Mattel Inc 1,040,802
7,200 McCormick & Company Inc 201,600
9,500 McGraw-Hill Companies Inc 703,000
2,600 Media General Inc Class A 108,711
5,100 Meredith Corp 182,004
9,170 New York Times Co Class A 606,366
15,300 Newell Co 650,250
3,400 Nine West Group Inc* 88,186
145,700 Pepsico Inc 5,308,871
124,200 Pfizer Inc 9,260,600
232,900 Philip Morris Companies Inc 10,553,165
6,300 Pioneer Hi-Bred International Inc 675,675
6,000 Premark International Inc 174,000
13,300 Quaker Oats Co 701,575
14,000 RR Donnelley & Sons Co 521,500
10,200 Ralston-Ralston Purina Group 947,957
14,400 Rubbermaid Inc 360,000
3,500 Russell Corp 92,967
46,100 Sara Lee Corp 2,595,983
70,300 Schering-Plough Corp 4,367,388
1,600 Scholastic Corp* 60,000
34,200 Seagram Company Ltd 1,105,070
13,000 Shaw Industries Inc 151,125
1,900 Springs Industries Inc Class A 98,800
7,600 Starbucks Corp* 291,650
9,200 The Times Mirror Co Class A 565,800
3,400 Tiffany & Co 122,611
53,800 Time Warner Inc 3,335,600
11,800 Tribune Co 734,550
5,900 Tupperware Corp 164,463
20,650 Tyson Foods Inc Class A 423,325
17,700 UST Inc 653,785
5,800 Unifi Inc 235,985
61,500 Unilever NV Sponsored ADR 3,839,876
3,400 Universal Corp 139,825
2,500 Universal Foods Corp 105,625
11,700 VF Corp 537,463
9,300 Viad Corp 179,602
6,000 Warnaco Group Inc Class A 188,250
1,000 Washington Post Co Class B 486,500
5,591 Wausau-Mosinee Paper 112,519
10,700 Willamette Industries Inc 344,401
11,200 Wm Wrigley Jr Co 891,094
$109,316,447
MFTG - INDUSTRIAL PRODS --- 8.7%
3,475 A Schulman Inc 87,309
5,100 AK Steel Holding Corp 90,204
10,500 Air Products & Chemicals Inc 863,625
6,800 Airgas Inc* 95,200
3,000 Albany International Corp Class A 69,000
5,350 Albemarle Corp 127,731
21,800 Alcan Aluminium Ltd 602,225
16,750 Allegheny Teledyne Inc 433,406
16,600 Aluminum Company of America 1,168,225
8,200 Alza Corp 260,858
62,400 American Home Products Corp 4,773,600
3,150 Ametek Inc 85,050
10,400 Armco Inc* 51,345
3,900 Armstrong World Industries Inc 291,525
2,400 Arvin Industries Inc 79,949
2,900 Ball Corp 102,405
20,363 Bay Networks Inc* 520,519
5,100 Bemis Company Inc 224,716
10,850 Bethlehem Steel Corp* 93,581
2,800 Betz Laboratories Inc 170,974
3,900 Bowater Inc 173,304
1,600 Brush Wellman Inc 39,200
6,600 Cabot Corp 182,325
3,800 Calgon Carbon Corp 40,850
7,200 Callaway Golf Co 205,646
2,900 Carlisle Companies Inc 123,975
1,900 Carpenter Technology Corp 91,318
7,200 Case Corp 435,146
35,800 Caterpillar Inc 1,738,520
6,700 Centocor Inc* 222,775
16,900 Chiron Corp* 287,300
3,850 Cincinnati Milacron Inc 99,857
9,900 Clorox Co 782,714
4,300 Consolidated Papers Inc 229,513
11,600 Cooper Industries Inc 568,400
7,600 Cooper Tire & Rubber Co 185,250
22,200 Corning Inc 824,175
4,400 Crane Co 190,850
7,100 Crompton & Knowles Corp 188,150
12,300 Crown Cork & Seal Company Inc 616,538
4,300 Cytec Industries Inc* 201,829
5,600 Danaher Corp 353,500
24,200 Deere & Co 1,411,150
2,200 Dexter Corp 95,011
21,400 Dover Corp 773,075
21,800 Dow Chemical Co 2,212,700
108,700 EI DuPont De Nemours & Co 6,528,739
47,600 EMC Corp* 1,306,001
7,500 Eastman Chemical Co 446,715
6,200 Ecolab Inc 343,709
13,900 Engelhard Corp 241,513
8,000 Ethyl Corp 61,496
3,600 Ferro Corp 87,523
3,800 First Brands Corp 102,361
20,100 Fort James Corp 768,825
3,200 Georgia Gulf Corp 98,000
15,000 Goodyear Tire & Rubber Co 954,375
5,700 Great Lakes Chemical Corp 255,788
1,300 HB Fuller Co 64,350
4,750 Harnischfeger Industries Inc 167,732
4,600 Harsco Corp 198,375
9,300 Hercules Inc 465,577
10,900 IMC Global Inc 356,975
11,400 ITT Industries Inc 357,675
24,000 Illinois Tool Works Inc 1,443,000
15,950 Ingersoll-Rand Co 645,975
4,700 Inland Steel Industries Inc 80,488
3,300 Kaydon Corp 107,663
2,500 Kennametal Inc 129,530
53,380 Kimberly-Clark Corp 2,632,275
4,300 Lawter International Inc 46,763
5,500 Lubrizol Corp 202,813
7,700 Lyondell Petrochemical Co 204,050
4,900 MA Hanna Co 123,725
7,000 Mallinckrodt Inc 266,000
4,400 Martin Marietta Materials Inc 160,873
10,100 Mead Corp 282,800
6,700 Meritor Automotive Inc 141,115
4,200 Millipore Corp 142,535
2,200 Minerals Technologies Inc 99,961
39,300 Minnesota Mining & Manufacturing Co 3,225,037
2,900 Modine Manufacturing Co 98,963
57,000 Monsanto Co 2,394,000
8,515 Moore Corporation Ltd 128,789
12,800 Morton International Inc 440,000
11,700 Mylan Laboratories Inc 244,963
700 NCH Corp 45,850
800 Nacco Industries Inc Class A 85,750
6,400 Nalco Chemical Co 253,197
1,600 Nordson Corp 73,400
8,400 Nucor Corp 405,821
4,700 Olin Corp 220,313
2,500 Oregon Steel Mills Inc 53,280
13,500 Owens-Illinois Inc* 512,150
4,100 PH Glatfelter Co 76,363
17,100 PPG Industries Inc 976,838
12,200 Pall Corp 252,381
10,675 Parker Hannifin Corp 489,716
3,700 Pentair Inc 132,967
7,300 Perrigo Co* 97,638
48,760 Pharmacia & Upjohn Inc 1,785,835
2,800 Potlatch Corp 120,400
15,100 Praxair Inc 679,500
2,350 Precision Castparts Corp 141,733
2,300 RP Scherer Corp* 140,300
9,381 RPM Inc 143,060
8,300 Raychem Corp 357,415
7,100 Reynolds Metals Co 426,000
20,100 Rockwell International 1,050,225
5,900 Rohm & Haas Co 564,925
4,100 Sealed Air Corp* 253,175
1,000 Sequa Corp Class A* 65,062
16,600 Sherwin-Williams Co 460,650
9,600 Sigma Aldrich Corp 381,600
5,800 Snap-On Inc 253,025
11,680 Solutia Inc 311,704
9,170 Sonoco Products Co 318,080
2,300 Southdown Inc 135,700
3,200 Stewart & Stevenson Services Inc 81,600
9,500 Stone Container Corp Series E* 99,152
2,100 Tecumseh Products Co Class A 102,375
5,400 Temple-Inland Inc 282,485
6,880 The BF Goodrich Co 285,087
8,600 The Stanley Works 405,808
6,000 The Timken Co 206,250
4,200 Trinity Industries Inc 187,425
51,156 Tyco International Ltd 2,305,192
4,400 UCAR International Inc* 175,723
27,700 USX-Marathon Group 934,875
8,300 USX-US Steel Group 259,375
6,700 Union Camp Corp 359,703
11,800 Union Carbide Corp 506,657
6,400 Unisource Worlwide Inc 91,200
9,000 United States Filter Co* 269,433
6,200 Varco International Inc* 132,909
7,100 WR Grace & Co 571,103
26,200 Warner-Lambert Co 3,248,800
8,400 Watson Pharmaceuticals Inc* 272,471
2,600 Watts Industries Inc Class A 73,611
3,000 Wellman Inc 58,500
9,850 Westvaco Corp 309,654
5,500 Witco Corp 224,466
9,250 Worthington Industries Inc 152,625
$71,372,097
MINING --- 0.4%
5,300 Alumax Inc* 180,200
3,900 Asarco Inc 87,504
35,816 Barrick Gold Corp 667,073
22,100 Battle Mountain Gold Co 129,838
2,200 Calmat Co 61,325
1,100 Cleveland-Cliffs Inc 50,393
9,000 Cyprus Amax Minerals Co 138,375
13,400 Echo Bay Mines Ltd* 32,656
18,594 Freeport-McMoran Copper & Gold Inc 292,856
14,100 Homestake Mining Co 125,138
16,050 Inco Ltd 272,850
800 Maxxam Inc* 34,900
15,024 Newmont Mining Corp 441,330
5,600 Phelps Dodge Corp 348,600
23,000 Placer Dome Inc 291,801
3,200 Vulcan Materials Co 326,800
$3,481,639
OIL & GAS --- 8.0%
8,800 Amerada Hess Corp 482,900
46,800 Amoco Corp 3,983,850
5,800 Anadarko Petroleum Corp 351,985
8,650 Apache Corp 303,286
7,200 Ashland Inc 386,546
30,800 Atlantic Richfield Co 2,467,850
3,700 BJ Services Company* 266,167
16,200 Baker Hughes Inc 706,725
16,958 Burlington Resources Inc 759,922
63,100 Chevron Corp 4,858,700
10,200 Coastal Corp 631,757
16,850 Dresser Industries Inc 706,638
13,700 Ensco International Inc 458,950
236,900 Exxon Corp 14,495,200
16,500 Global Marine Inc* 404,250
25,300 Halliburton Co 1,314,006
2,400 Helmerich & Payne Inc 162,900
4,600 Kerr-McGee Corp 291,235
5,300 Mapco Inc 245,125
5,400 McDermott International Inc 197,775
75,400 Mobil Corp 5,442,900
4,300 Murphy Oil Corp 233,004
9,650 Nabors Industries Inc* 303,367
5,500 Noble Affiliates Inc 193,875
12,600 Noble Drilling Corp* 385,875
32,500 Occidental Petroleum Corp 952,640
10,200 Oryx Energy Co* 260,100
7,300 Parker Drilling Co* 88,965
4,600 Pennzoil Co 307,335
25,300 Phillips Petroleum Co 1,230,213
9,600 Pioneer Natural Resources Co 277,795
3,350 Quaker State Corp 47,738
12,000 Ranger Oil Ltd 82,500
8,300 Rowan Companies Inc* 253,150
206,000 Royal Dutch Petroleum Co ADR 11,162,522
47,600 Schlumberger Ltd 3,831,800
3,900 Smith International Inc* 239,363
6,900 Sun Company Inc 290,228
52,600 Texaco Inc 2,860,125
15,000 Tosco Corp 567,180
9,700 Transocean Offshore Inc 467,414
8,386 Ultramar Diamond Shamrock Corp 267,304
24,366 Union Pacific Resources Group Inc 590,876
23,700 UnoCal Corp 919,844
5,400 Valero Energy Corp 169,760
5,026 Weatherford Enterra Inc* 219,888
$65,121,528
OTHER ASSET-BACKED --- 0.1%
5,200 Republic New York Corp 593,772
9,575 Southtrust Corp 607,409
$1,201,181
OTHER TRANS. SERVICES --- 0.2%
4,300 Alexander & Baldwin Inc 117,442
3,700 Caliber System Inc 180,142
3,500 FMC Corp* 235,592
11,100 Federal Express Corp* 677,788
2,300 GATX Corp 166,893
3,500 JB Hunt Transport Services Inc 65,625
3,500 Overseas Shipholding Group Inc 76,342
5,800 Tidewater Inc 319,725
$1,839,549
RAILROADS --- 0.7%
15,000 Burlington Northern Santa Fe Corp 1,394,055
21,000 CSX Corp 1,134,000
5,950 Illinois Central Corp Class A 202,669
10,300 Kansas City Southern Industries Inc 327,025
36,200 Norfolk Southern Corp 1,115,394
23,700 Union Pacific Corp 1,479,757
4,900 Wisconsin Central Transportation Corp* 114,538
$5,767,438
RETAIL TRADE --- 5.4%
23,600 Albertson's Inc 1,118,050
26,200 American Stores Co 538,724
14,500 Autozone Inc* 420,500
3,600 BJ Wholesale Club Inc* 112,950
6,500 Barnes & Noble Inc* 216,938
6,600 Bed Bath & Beyond Inc* 254,100
4,200 Best Buy Inc* 154,875
4,100 Bob Evans Farms Inc 90,713
6,300 Brinker International Inc* 100,800
4,300 Buffets Inc* 40,313
10,200 Charming Shoppes Inc* 47,807
9,500 Circuit City Stores Inc 337,839
4,625 Claire's Stores Inc 89,896
8,068 Consolidated Stores Corp* 354,484
5,900 Cracker Barrel Old Country Store Inc 196,913
14,700 Darden Restaurants Inc 183,750
20,900 Dayton Hudson Corp 1,410,750
10,600 Dillards Inc Class A 373,650
11,077 Dollar General Corp 401,541
2,400 Donaldson Company Inc 108,149
8,250 Family Dollar Stores Inc 241,824
3,600 Fastenal Co 137,700
20,100 Federated Department Stores Inc* 865,546
4,400 Fingerhut Companies Inc 94,050
16,500 Fortune Brands Inc 611,523
8,400 Fred Meyer Inc* 305,550
38,700 Gap Inc 1,371,412
3,900 Gencorp Inc 97,500
7,800 General Nutrition Companies Inc* 265,200
17,175 Genuine Parts Co 582,868
5,800 Giant Food Inc Class A 195,385
3,700 Great Atlantic & Pacific Tea Company Inc 109,842
4,100 Hannaford Brothers Co 178,092
5,425 Heilig-Meyers Co 65,100
70,250 Home Depot Inc 4,135,969
2,100 International Dairy Queen Inc Class A* 56,240
24,000 JC Penney & Company Inc 1,447,488
46,900 K Mart Corp* 542,258
7,600 Kohls Corp* 517,750
24,500 Kroger Co* 904,957
26,100 Limited Inc 665,550
3,900 Lone Star Steakhouse & Saloon Inc* 68,250
3,700 Longs Drug Stores Corp 118,863
16,800 Lowe's Companies Inc 801,142
2,300 MacFrugal's Bargains-Close-Outs Inc* 94,588
22,200 May Department Stores Co 1,169,651
66,100 McDonald's Corp 3,156,275
3,500 Mercantile Stores Company Inc 213,063
3,300 Micro Warehouse Inc* 45,992
7,400 Nordstrom Inc 446,775
15,225 Office Depot Inc* 364,441
11,950 Officemax Inc* 170,288
4,600 Outback Steakhouse Inc* 132,250
5,100 Owens Corning 174,038
3,616 Payless Shoesource Inc* 242,724
6,100 Pep Boys - Manny Moe & Jack 145,638
12,000 Rite Aid Corp 704,244
4,500 Ruddick Corp 78,467
1,950 Sbarro Inc 51,308
37,700 Sears Roebuck & Co 1,705,925
9,500 Service Merchandise Co Inc* 20,188
15,770 Staples Inc* 437,618
15,700 TJX Companies Inc 539,688
9,900 Tandy Corp 381,764
27,400 Toys R Us Inc* 861,374
14,580 Tricon Global Restaurants* 423,724
12,700 US Office Products Co* 249,238
8,100 Viking Office Products Inc* 176,677
216,500 Wal-Mart Stores Inc 8,538,111
47,300 Walgreen Co 1,484,038
12,700 Wendy's International Inc 305,587
14,300 Winn-Dixie Stores Inc 624,724
13,000 Woolworth Corp* 264,875
$44,136,074
SECURITIES & COMMODITIES --- 1.2%
9,125 AG Edwards Inc 362,719
11,353 Bear Stearns Companies Inc 539,268
25,525 Charles Schwab & Company Inc 1,070,442
12,075 Franklin Resources Inc 1,049,764
32,000 Merrill Lynch & Co Inc 2,333,984
56,881 Morgan Stanley Group 3,363,089
12,750 Paine Webber Group Inc 440,666
5,600 T Rowe Price & Associates Inc 352,100
$9,512,032
TELEPHONE --- 4.3%
12,700 ADC Telecommunications Inc* 530,225
3,500 Aliant Communications Inc 109,813
17,800 Alltel Corp 730,904
52,600 Ameritech Corp 4,234,300
74,638 Bell Atlantic Corp 6,792,058
95,300 Bellsouth Corp 5,366,534
5,800 Century Telephone Enterprises Inc 288,910
15,800 Frontier Corp 380,180
92,000 GTE Corp 4,807,000
66,900 MCI Communications Corp 2,864,123
88,017 SBC Communications Inc 6,447,245
6,400 Southern New England Telecommunications Corp 321,997
41,250 Sprint Corp 2,418,281
$35,291,570
TRANSPORTATION --- 0.0%
4,500 CNF Transportation Inc 172,688
$172,688
TRANSPORTATION EQUIPMENT --- 3.5%
54,200 Allied-Signal Inc 2,110,385
2,300 Borg-Warner Automotive Inc 119,600
63,600 Chrysler Corp 2,237,893
3,700 Cummins Engine Company Inc 218,529
10,100 Dana Corp 479,750
7,400 Eaton Corp 660,450
6,100 Echlin Inc 220,741
3,900 Federal-Mogul Corp 157,950
3,500 Fleetwood Enterprises Inc 148,530
115,300 Ford Motor Co 5,613,611
6,000 General Dynamics Corp 518,622
67,900 General Motors Corp 4,116,438
14,600 Harley-Davidson Inc 399,675
18,641 Lockheed Martin Corp 1,836,139
7,190 Navistar International Corp* 178,398
3,320 Newport News Shipbuilding Inc 84,451
6,400 Northrop Grumman Corp 736,000
7,440 Paccar Inc 390,600
5,700 Sundstrand Corp 287,138
2,700 Superior Industries International Inc 72,392
11,800 TRW Inc 629,825
15,800 Textron Inc 987,500
95,976 The Boeing Co 4,696,778
1,800 Thiokol Corp 146,250
22,400 United Technologies Corp 1,630,989
$28,678,634
U.S. GOVERNMENTS --- 0.3%
66,800 Federal Home Loan Mortgage Corp 2,801,392
$2,801,392
UNIT INVESTMENT TRUST --- 0.0%
7,600 American Water Works Company Inc 207,571
$207,571
WATER --- 0.0%
2,400 Culligan Water Technologies Inc* 120,600
$120,600
WHOLESALE TRADE - INDL --- 0.1%
1,100 Lawson Products Inc 32,725
4,400 McKesson Corp 476,023
4,600 Sybron International Corp* 215,910
$724,658
WHOLESALE TRADE -CONSUMER --- 1.8%
9,900 Avery Dennison Corp 443,025
4,800 Bergen Brunswig Corp Class A 202,200
10,530 Cardinal Health Inc 791,066
20,371 Costco Companies Inc* 909,056
27,900 Nike Inc Class B 1,095,075
129,100 Procter & Gamble Co 10,303,729
2,800 Rayonier Inc 119,174
5,400 Reebok International Ltd* 155,585
1,700 Stanhome Inc 43,668
5,800 SuperValu Inc 242,875
16,400 Sysco Corp 747,217
$15,052,670
TOTAL COMMON STOCK --- 99.5% $813,170,489
(Cost $470,536,877)
SHORT-TERM INVESTMENTS
SECURITIES & COMMODITIES --- 0.5%
3,678,000 Merrill Lynch & Co Inc 3,677,387
$3,677,387
TOTAL SHORT-TERM INVESTMENTS --- 0.5% $3,677,387
(Cost $3,677,387)
TOTAL STOCK INDEX PORTFOLIO --- 100.0% $816,847,876
(Cost $474,214,264)
The Maxim Series Fund
T.Rowe Price Equity/Income Portfolio
BONDS
U.S. GOVERNMENTS --- 1.2%
300,000 United States of America 299,625
Treasury Notes
6.000% February 15, 2026
200,000 United States of America 200,124
Treasury Notes
5.750% August 15, 2003
25,000 United States of America 27,019
Treasury Notes
7.250% August 15, 2004
80,000 United States of America 79,100
Treasury Notes
5.625% February 15, 2006
200,000 United States of America 215,874
Treasury Notes
7.000% July 15, 2006
1,000,000 United States of America 1,002,500
Treasury Notes
5.875% November 15, 1999
200,000 United States of America 204,750
Treasury Notes
6.500% May 31, 2001
50,000 United States of America 52,000
Treasury Notes
7.750% January 31, 2000
$2,080,992
TOTAL BONDS --- 1.2% $2,080,992
(Cost $2,007,852)
COMMON STOCK
AGENCY --- 0.9%
27,500 Federal National Mortgage Association (nonvtg) 1,569,205
$1,569,205
COMMUNICATIONS --- 2.2%
50,100 AT&T Corp 3,068,625
14,900 US West Communications Group 672,363
$3,740,988
CONSUMER SERVICES --- 3.8%
10,000 Amgen Inc 541,250
20,400 Bausch & Lomb Inc 808,350
10,400 Baxter International Inc 524,545
13,900 CR Bard Inc 435,237
25,900 H&R Block Inc 1,160,631
18,900 Hilton Hotels Corp 562,275
6,500 ITT Corp* 538,688
203,100 Smith & Nephew PLC 600,648
43,000 United States Surgical Corp 1,260,416
$6,432,040
CREDIT INSTITUTIONS --- 8.7%
9,200 American Express Co 821,100
26,100 Banc One Corp 1,417,543
10,700 BankBoston Corp 1,005,126
12,200 Bankers Trust New York Corp 1,371,731
19,130 First Union Corp 980,413
15,700 Fleet Financial Group Inc 1,176,511
12,200 JP Morgan & Company Inc 1,377,075
49,900 Mellon Bank Corp 3,025,188
19,800 Mercantile Bankshares Corp 774,675
13,600 National City Corp 894,200
12,300 PNC Bank Corp 701,863
2,900 Wells Fargo & Co 984,367
$14,529,792
ELECTRIC --- 7.9%
17,600 Baltimore Gas & Electric Co 599,491
16,800 Central & South West Corp 454,641
25,087 DQE Inc 881,181
21,300 Dominion Resources Inc 906,570
26,300 Duke Power Co* 1,456,362
21,900 Entergy Corp 655,620
41,710 FirstEnergy Corp* 1,209,590
7,100 GPU Inc 299,088
36,900 Houston Industries Inc 984,750
27,900 PacifiCorp 762,005
29,300 Peco Energy Co 710,525
17,500 Public Service Enterprise Group Inc 554,523
47,600 Southern Co 1,231,650
21,200 Teco Energy Inc 596,250
37,300 Unicom Corp 1,146,975
18,100 Western Resources Inc 778,300
$13,227,521
ELECTRONICS - HIGH TECH --- 4.0%
26,300 AMP Inc 1,104,600
23,000 Eastman Kodak Co 1,398,676
21,400 General Electric Co 1,570,225
18,400 Hubbell Inc Class B 907,341
19,000 PG&E Corp 578,303
1,039 Raytheon Co* 51,235
19,800 Whirlpool Corp 1,089,000
$6,699,380
ENVIRONMENTAL SERVICES --- 0.5%
29,500 Waste Management Inc 811,250
$811,250
FORESTRY --- 0.9%
7,700 Georgia-Pacific Corp Series A 467,775
7,700 Georgia-Pacific Corp Series B* 174,690
20,400 International Paper Co 879,750
$1,522,215
GAS --- 0.5%
19,400 Enron Corp 806,303
$806,303
HOLDING & INVEST. OFFICES --- 2.0%
12,896 Chase Manhattan Corp 1,412,112
152,700 Lonrho PLC 233,324
15,200 Security Capital Pacific Trust 368,600
221,500 Tomkins PLC 1,059,020
7,500 Weingarten Realty Investors 336,090
$3,409,146
INDUSTRIAL SERVICES --- 0.7%
11,800 Deluxe Corp 407,100
26,500 Dun & Bradstreet Corp 819,830
$1,226,930
INSURANCE --- 5.3%
24,500 American General Corp 1,324,519
15,500 Exel Ltd 982,313
5,900 Hilb Rogal & Hamilton Co 113,941
10,600 Lincoln National Corp 828,125
18,900 SafeCo Corp 921,375
17,200 St Paul Companies Inc 1,411,466
8,400 TransAmerica Corp 894,600
20,850 Travelers Group Inc 1,123,294
29,200 USF&G Corp 644,210
48,600 Willis Corroon Group PLC 598,363
$8,842,206
MFTG - CONSUMER PRODS. --- 13.2%
39,000 Anheuser-Busch Companies Inc 1,716,000
17,700 Brown-Forman Corp Class B 977,925
43,600 Cadbury Schweppes PLC 439,479
3,200 Colgate-Palmolive Co 235,200
21,000 Dow Jones & Company Inc 1,127,427
19,700 General Mills Inc 1,411,013
20,600 HJ Heinz Co 1,046,727
34,300 International Flavors & Fragrances Inc 1,766,450
27,000 Knight-Ridder Inc 1,404,000
39,800 McCormick & Company Inc (nonvtg) 1,114,400
11,400 McGraw-Hill Companies Inc 843,600
43,250 Philip Morris Companies Inc 1,959,744
26,300 Quaker Oats Co 1,387,325
21,900 RJR Nabisco Holdings Corp 821,250
29,700 RR Donnelley & Sons Co 1,106,325
23,000 Readers Digest Association Inc Class A 543,375
3,300 Readers Digest Association Inc Class B 80,438
4,000 Rubbermaid Inc 100,000
11,200 Sara Lee Corp 630,694
23,200 Tupperware Corp 646,700
46,900 UST Inc 1,732,345
3,000 Unifi Inc 122,061
12,900 Unilever NV ADR 805,437
$22,017,915
MFTG - INDUSTRIAL PRODS --- 14.4%
15,000 Abbott Laboratories 983,430
27,100 American Home Products Corp 2,073,150
9,300 Armstrong World Industries Inc 695,175
16,700 Consolidated Papers Inc 891,362
17,511 Cooper Industries Inc 858,039
25,200 Dow Chemical Co 2,557,800
25,000 EI DuPont De Nemours & Co 1,501,550
10,500 Eastman Chemical Co 625,401
28,900 Great Lakes Chemical Corp 1,296,888
12,700 Imperial Chemical Industries PLC 824,700
6,300 Kimberly-Clark Corp 310,666
16,900 Lubrizol Corp 623,188
5,150 Minnesota Mining & Manufacturing Co 422,619
17,300 Nalco Chemical Co 684,423
24,100 Olin Corp 1,129,688
14,400 PPG Industries Inc 822,600
40,900 Pall Corp 846,098
49,412 Pharmacia & Upjohn Inc 1,809,715
12,500 Reynolds Metals Co 750,000
27,250 USX-Marathon Group 919,688
19,800 USX-US Steel Group 618,750
28,200 Union Camp Corp 1,513,973
33,600 Witco Corp 1,371,283
$24,130,186
MINING --- 0.7%
17,000 Inco Ltd 289,000
30,786 Newmont Mining Corp 904,339
$1,193,339
OIL & GAS --- 9.7%
19,900 Amerada Hess Corp 1,092,012
17,200 Amoco Corp 1,464,150
29,000 Atlantic Richfield Co 2,323,625
12,400 British Petroleum PLC ADR 988,119
18,850 Chevron Corp 1,451,450
31,500 Exxon Corp 1,927,390
22,700 Mobil Corp 1,638,645
35,100 Occidental Petroleum Corp 1,028,851
19,000 Phillips Petroleum Co 923,875
14,100 Repsol SA Sponsored ADR 600,124
24,600 Royal Dutch Petroleum Co ADR 1,333,000
26,600 Texaco Inc 1,446,375
$16,217,616
OTHER TRANS. SERVICES --- 0.5%
12,200 Alexander & Baldwin Inc 333,206
6,100 GATX Corp 442,628
$775,834
RAILROADS --- 2.8%
11,200 Burlington Northern Santa Fe Corp 1,040,894
46,200 Norfolk Southern Corp 1,423,514
34,350 Union Pacific Corp 2,144,711
$4,609,119
REAL ESTATE --- 1.0%
43,396 Simon Debartolo Group Inc 1,418,485
8,700 The Rouse Co 284,925
$1,703,410
RETAIL TRADE --- 2.5%
21,400 Fortune Brands Inc 793,127
33,050 Genuine Parts Co 1,121,618
26,900 JC Penney & Company Inc 1,622,393
13,600 May Department Stores Co 716,543
$4,253,681
TELEPHONE --- 7.0%
53,400 Alltel Corp 2,192,711
27,900 BCE Inc 929,405
17,100 Bell Atlantic Corp 1,556,100
19,700 Bellsouth Corp 1,109,346
28,500 Frontier Corp 685,767
33,500 GTE Corp 1,750,375
26,609 SBC Communications Inc 1,949,109
15,000 Southern New England Telecommunications Corp 754,680
13,700 Sprint Corp 803,163
$11,730,656
TRANSPORTATION EQUIPMENT --- 1.4%
11,000 Allied-Signal Inc 428,307
23,400 Echlin Inc 846,776
16,300 General Motors Corp Ser D Pfd 988,188
$2,263,271
TOTAL COMMON STOCK --- 90.7% $151,712,003
(Cost $125,395,240)
SHORT-TERM INVESTMENTS
CREDIT INSTITUTIONS --- 1.8%
3,000,000 Ford Motor Credit Co 2,995,153
$2,995,153
ELECTRONICS - HIGH TECH --- 1.2%
2,000,000 General Electric Co 1,993,291
$1,993,291
HOLDING & INVEST. OFFICES --- 0.6%
1,000,000 American General Finance Corp 997,608
$997,608
SECURITIES & COMMODITIES --- 4.5%
7,444,000 Merrill Lynch & Co Inc 7,442,760
$7,442,760
TOTAL SHORT-TERM INVESTMENTS --- 8.0% $13,428,812
(Cost $13,428,812)
TOTAL T.ROWE PRICE EQUITY/INCOME PORTFOLIO --- 100.0% $167,221,807
(Cost $140,831,904)
The Maxim Series Fund
Total Return Portfolio
BONDS
U.S. GOVERNMENTS --- 36.6%
1,920,000 United States of America 2,075,098
Treasury Notes
7.250% August 15, 2004
25,000 United States of America 25,570
Treasury Notes
6.750% April 30, 2000
$2,100,668
TOTAL BONDS --- 36.6% $2,100,668
(Cost $2,025,565)
COMMON STOCK
COMMUNICATIONS --- 4.9%
1,000 AT&T Corp 61,250
3,200 CBS Corp 94,198
1,800 Comcast Corp Class A 56,812
1,300 Jacor Communications Inc Class A* 69,063
$281,323
CONSUMER SERVICES --- 6.9%
1,500 Cendant Corp* 51,563
1,400 Eli Lilly & Co 97,475
2,498 MedPartners Inc* 55,893
2,400 Philip Services Corp* 34,500
2,100 Service Corporation International 77,567
2,400 Tenet Healthcare Corp* 79,500
$396,498
CREDIT INSTITUTIONS --- 5.5%
900 American Express Co 80,325
1,100 BankAmerica Corp 80,300
1,200 Mellon Bank Corp 72,750
2,100 Norwest Corp 81,113
$314,488
ELECTRONICS - HIGH TECH --- 5.7%
1,300 Compaq Computer Corp 73,368
1,000 Intel Corp 70,250
800 International Business Machines Corp 83,650
800 Perkin-Elmer Corp 56,849
3,000 Unisys Corp* 41,625
$325,742
ENVIRONMENTAL SERVICES --- 1.0%
2,500 Allied Waste Industries Inc* 58,280
$58,280
HOLDING & INVEST. OFFICES --- 4.1%
1,400 Equity Residential Properties Trust 70,787
1,100 MGIC Investment Corp 73,150
800 U S Bancorp 89,549
$233,486
INDUSTRIAL SERVICES --- 4.1%
1,700 Fiserv Inc* 83,513
1,100 Lucent Technologies Inc 87,863
500 Microsoft Corp* 64,625
$236,001
INSURANCE --- 2.8%
900 Allstate Corp 81,788
750 American International Group Inc 81,563
$163,351
MFTG - CONSUMER PRODS. --- 3.1%
1,600 Campbell Soup Co 93,000
1,300 Dominick's Supermarket Inc* 47,450
1,100 Samsonite Corp* 34,787
$175,237
MFTG - INDUSTRIAL PRODS --- 6.6%
600 Aluminum Company of America 42,225
1,900 Fort James Corp 72,675
1,600 Lear Corp* 76,000
1,300 Pfizer Inc 96,930
2,046 Tyco International Ltd 92,196
$380,026
MINING --- 1.4%
1,000 Newmont Mining Corp 29,375
600 Potash Corp of Saskatchewan Inc 49,800
$79,175
OIL & GAS --- 8.1%
1,300 Coastal Corp 80,518
1,400 Devon Energy Corp 53,900
1,300 Falcon Drilling Company Inc* 45,581
1,200 Nabors Industries Inc* 37,724
3,200 Newpark Resources Inc* 56,000
1,000 Schlumberger Ltd 80,500
600 Smith International Inc* 36,825
1,400 Texaco Inc 76,125
$467,173
REAL ESTATE --- 1.2%
1,800 Crescent Real Estate Equities Inc 70,875
$70,875
RETAIL TRADE --- 1.5%
2,800 Walgreen Co 87,850
$87,850
SECURITIES & COMMODITIES --- 1.5%
2,100 Charles Schwab & Company Inc 88,067
$88,067
TRANSPORTATION --- 1.3%
1,900 CNF Transportation Inc 72,913
$72,913
TRANSPORTATION EQUIPMENT --- 1.0%
1,600 Chrysler Corp 56,299
$56,299
WHOLESALE TRADE -CONSUMER --- 2.5%
1,300 Costco Companies Inc* 58,013
1,100 Procter & Gamble Co 87,793
$145,806
TOTAL COMMON STOCK --- 63.4% $3,632,590
(Cost $2,533,277)
TOTAL TOTAL RETURN PORTFOLIO --- 100.0% $5,733,258
(Cost $4,558,842)
The Maxim Series Fund
U S Government Mortgage Securities Portfolio
BONDS
AGENCY --- 79.6%
427,498 Federal Home Loan Mortgage Corp 493,076
Pool #N70005
9.500% November 1, 2020
854,348 Federal Home Loan Mortgage Corp 858,619
Pool #N30345
6.500% July 1, 2026
2,264,121 Federal Home Loan Mortgage Corp 2,375,289
Pool #G00256
8.000% November 1, 2023
3,441,163 Federal Home Loan Mortgage Corp 3,718,520
Pool #G00300
9.500% April 1, 2025
1,102,137 Federal Home Loan Mortgage Corp 1,155,921
Pool #G10289
8.500% February 1, 2008
5,545,786 Federal Home Loan Mortgage Corp 5,550,611
Pool #O20005
6.500% January 1, 2018
1,634,629 Federal Home Loan Mortgage Corp 1,774,226
Pool #G10006
10.000% January 1, 2006
1,197,065 Federal Home Loan Mortgage Corp 1,190,696
Pool #O30006
6.000% February 1, 2009
859,246 Federal Home Loan Mortgage Corp 902,724
Pool #D91202
8.500% February 1, 2013
3,000,000 Federal Home Loan Mortgage Corp 3,012,900
CMO Series 1544 Class E
6.250% June 15, 2008
2,421,530 Federal Home Loan Mortgage Corp 2,432,427
Pool #E00219
6.500% June 1, 2008
825,968 Federal Home Loan Mortgage Corp 829,685
Pool #E00177
6.500% December 1, 2007
425,639 Federal Home Loan Mortgage Corp 460,498
Pool #884018
9.500% September 1, 2020
1,113,108 Federal Home Loan Mortgage Corp 1,204,049
Pool #884002
9.500% June 1, 2020
62,930 Federal Home Loan Mortgage Corp 65,762
Pool #730326
8.500% November 1, 2006
862,532 Federal Home Loan Mortgage Corp 923,427
Pool #C90085
9.000% December 1, 2014
2,455,882 Federal Home Loan Mortgage Corp 2,558,047
Pool #D64588
8.000% August 1, 2024
1,148,435 Federal Home Loan Mortgage Corp 1,183,577
Pool #D91201
7.500% October 1, 2015
1,250,000 Federal National Mortgage Association 1,305,000
CMO Series 1997-28 CL.PD
7.500% July 18, 2023
629,060 Federal National Mortgage Association 646,158
Pool #050796
7.500% September 1, 2023
188,076 Federal National Mortgage Association 209,536
Pool #091122
9.500% March 1, 2020
3,762,890 Federal National Mortgage Association 3,733,239
Pool #265477
6.500% December 1, 2023
1,370,974 Federal National Mortgage Association 1,406,949
Pool #278839
7.500% December 1, 2024
2,918,916 Federal National Mortgage Association 2,961,532
CMO Series G92-39 Class ZA
7.000% January 25, 2018
2,123,627 Federal National Mortgage Association 2,179,351
Pool #286579
7.500% June 1, 2024
922,417 Federal National Mortgage Association 925,277
Pool #288916
6.500% May 1, 2011
187,788 Federal National Mortgage Association 192,715
Pool #287606
7.500% September 1, 2024
756,233 Federal National Mortgage Association 776,077
Pool #281429
7.500% May 1, 2024
694,420 Federal National Mortgage Association 688,948
Pool #266412
6.500% January 1, 2024
2,582,800 Federal National Mortgage Association 2,714,264
Pool #250111
8.500% August 1, 2024
4,316,376 Federal National Mortgage Association 4,363,554
Pool #330420
7.000% November 1, 2025
379,011 Federal National Mortgage Association 394,399
Pool #339260
8.000% April 1, 2021
3,700,969 Federal National Mortgage Association 3,735,647
Pool #346907
7.000% June 1, 2026
2,384,781 Federal National Mortgage Association 2,474,949
Pool #367215
8.000% September 1, 2026
9,000,000 Federal National Mortgage Association 9,022,500
TBA
6.500% March 1, 2009
96,083 Federal National Mortgage Association 98,605
Pool #289190
7.500% August 1, 2024
2,206,033 Federal National Mortgage Association 2,271,022
Pool #288769
7.500% November 1, 2024
928,088 Federal National Mortgage Association 925,025
CMO Series 1993-63 CL.D
6.500% January 25, 2003
636,805 Federal National Mortgage Association 683,801
Pool #316711
9.000% September 1, 2019
5,589,930 Federal National Mortgage Association 5,678,809
Pool #313017
7.000% July 1, 2003
2,060,326 Federal National Mortgage Association 2,176,941
Pool #303583
8.500% April 1, 2025
2,451,591 Federal National Mortgage Association 2,473,042
Pool #303450
7.000% August 1, 2025
2,814,731 Federal National Mortgage Association 2,864,270
Pool #73232
6.720% November 1, 2002
755,885 Federal National Mortgage Association 786,801
Pool #302587
8.000% December 1, 2024
194,744 Federal National Mortgage Association 199,854
Pool #294255
7.500% October 1, 2024
916,778 Federal National Mortgage Association 910,342
Pool #291650
6.500% December 1, 2017
1,255,200 Federal National Mortgage Association 1,269,133
Pool #374210
ADJ % March 1, 2027
1,040,948 Federal National Mortgage Association 1,080,243
Pool #367209
7.500% June 1, 2016
2,000,169 Federal National Mortgage Association 1,980,167
Pool #347434
6.500% June 1, 2026
900,680 Federal National Mortgage Association 948,776
Pool #335658
8.500% August 1, 2021
1,055,061 Government National Mortgage Association 1,083,083
Pool #388198
7.500% May 15, 2024
454,695 Government National Mortgage Association 465,917
Pool #404064
7.500% March 15, 2025
1,156,619 Government National Mortgage Association 1,188,055
Pool #357659
7.500% May 15, 2023
70,473 Government National Mortgage Association 72,526
Pool #355360
7.500% October 15, 2021
1,163,425 Government National Mortgage Association 1,195,046
Pool #351163
7.500% August 15, 2023
6,065,049 Government National Mortgage Association 6,256,629
Pool #348622
7.500% April 15, 2023
308,317 Government National Mortgage Association 311,687
Pool #346023
7.000% February 15, 2024
354,533 Government National Mortgage Association 358,632
Pool #345116
7.000% December 15, 2023
422,094 Government National Mortgage Association 426,974
Pool #343630
7.000% July 15, 2023
649,626 Government National Mortgage Association 657,136
Pool #358062
7.000% August 15, 2023
59,952 Government National Mortgage Association 61,581
Pool #360300
7.500% June 15, 2023
195,328 Government National Mortgage Association 200,637
Pool #360618
7.500% July 15, 2023
267,633 Government National Mortgage Association 270,727
Pool #361826
7.000% September 15, 2023
1,210,510 Government National Mortgage Association 1,242,845
Pool #362184
7.500% January 15, 2024
1,483,640 Government National Mortgage Association 1,544,914
Pool #365382
8.000% June 15, 2025
3,728,632 Government National Mortgage Association 3,769,386
Pool #371006
7.000% January 15, 2024
448,243 Government National Mortgage Association 453,703
Pool #332076
7.000% November 15, 2022
130,391 Government National Mortgage Association 133,853
Pool #335265
7.500% February 15, 2024
291,173 Government National Mortgage Association 299,087
Pool #339079
7.500% February 15, 2023
6,178,975 Government National Mortgage Association 6,460,736
Pool #780077
8.000% March 15, 2025
12,000,000 Government National Mortgage Association 12,102,000
TBA
7.000% November 15, 2024
1,027,085 Government National Mortgage Association 1,092,203
Pool #380118
8.500% July 15, 2024
1,495,147 Government National Mortgage Association 1,534,859
7.500% June 15, 2024
1,137,715 Government National Mortgage Association 1,150,151
7.000% April 15, 2024
2,000,000 Government National Mortgage Association 1,980,600
TBA
6.500% December 1, 2025
121,552 Government National Mortgage Association 122,881
Pool #379840
7.000% March 15, 2024
444,316 Government National Mortgage Association II 465,421
Pool #002250
8.500% July 20, 2026
201,551 Government National Mortgage Association II 211,125
Pool #002158
8.500% January 20, 2026
338,640 Government National Mortgage Association II 352,930
Pool #001477
8.000% November 20, 2023
227,012 Government National Mortgage Association II 235,321
Pool #2059
8.000% August 20, 2025
93,401 Government National Mortgage Association II 97,837
Pool #002142
8.500% December 20, 2025
344,816 Government National Mortgage Association II 361,195
Pool #002220
8.500% May 20, 2026
728,578 Government National Mortgage Association II 763,186
Pool #002235
8.500% June 20, 2026
1,354,000 US Department of Veterans Affairs 1,375,393
Vendee Trust Ser.1996-3 CL.1E
6.750% August 15, 2020
3,000,000 US Department of Veterans Affairs 3,008,700
Vendee Ser.94-1 CL.2G
6.150% January 15, 2001
2,000,000 US Department of Veterans Affairs 2,141,000
Vendee Trust Ser.1997-3 CL.2D
7.500% January 15, 2025
$146,214,936
U.S. GOVERNMENTS --- 6.1%
2,000,000 Tennessee Valley Authority 2,039,680
Notes
6.375% June 15, 2005
5,000,000 United States of America 5,164,050
Treasury Notes
6.625% April 30, 2002
2,000,000 United States of America 2,039,680
Treasury Notes
6.250% June 30, 2002
2,000,000 United States of America 2,007,180
Treasury Notes
5.875% September 30, 2002
$11,250,590
TOTAL BONDS --- 85.7% $157,465,526
(Cost )
SHORT-TERM INVESTMENTS
CREDIT INSTITUTIONS --- 3.8%
7,000,000 Ford Motor Credit Co 6,968,107
$6,968,107
ELECTRONICS - HIGH TECH --- 3.8%
7,000,000 General Electric Co 6,976,935
$6,976,935
HOLDING & INVEST. OFFICES --- 0.5%
1,000,000 American General Finance Corp 996,907
$996,907
SECURITIES & COMMODITIES --- 6.2%
3,400,000 Merrill Lynch & Co Inc 3,399,433
8,000,000 Morgan Stanley Group 7,975,169
$11,374,602
TOTAL SHORT-TERM INVESTMENTS --- 14.3% $26,316,551
(Cost $26,316,551)
TOTAL U S GOVERNMENT MORTGAGE SECURITIES PORTFOLIO --- 100.0% $183,782,077
(Cost )
The Maxim Series Fund
U S Government Securities Portfolio
BONDS
AGENCY --- 79.9%
184,279 Federal Home Loan Mortgage Corp 182,882
Pool #E55428
6.000% January 1, 2009
667,764 Federal Home Loan Mortgage Corp 664,826
Pool #M70044
6.000% March 1, 2009
1,168,905 Federal Home Loan Mortgage Corp 1,174,750
Pool #30148
6.500% August 1, 2023
106,336 Federal Home Loan Mortgage Corp 105,530
Pool #E00241
6.000% October 1, 2008
1,452,493 Federal Home Loan Mortgage Corp 1,441,483
Pool #G10331
6.000% September 1, 2009
697,335 Federal Home Loan Mortgage Corp 692,049
Pool #G10205
6.000% May 1, 2009
749,097 Federal Home Loan Mortgage Corp 809,474
Pool #G00300
9.500% April 1, 2025
803,536 Federal Home Loan Mortgage Corp 797,386
Pool #E57977
6.000% April 1, 2009
1,738,712 Federal Home Loan Mortgage Corp 1,824,083
Pool #G00256
8.000% November 1, 2023
673,601 Federal Home Loan Mortgage Corp 757,396
Pool #260025
10.250% October 1, 2010
399,742 Federal Home Loan Mortgage Corp 413,813
Pool #220010
8.750% August 1, 2001
107,851 Federal Home Loan Mortgage Corp 114,674
Pool #730096
10.000% July 1, 2005
2,632,542 Federal Home Loan Mortgage Corp 2,727,130
Pool #G00411
8.000% November 1, 2025
356,053 Federal Home Loan Mortgage Corp 353,354
Pool #G10257
6.000% July 1, 2009
1,280,661 Federal Home Loan Mortgage Corp 1,286,424
Pool #E00177
6.500% December 1, 2007
774,137 Federal Home Loan Mortgage Corp 928,965
Pool #N70016
11.000% July 1, 2020
1,248,061 Federal National Mortgage Association 1,232,834
Pool #331689
6.500% February 1, 2026
952,792 Federal National Mortgage Association 928,972
CMO Series 1993-68 Class Z
6.000% May 25, 2008
553,685 Federal National Mortgage Association 595,211
Pool #039271
8.950% December 1, 2016
788,911 Federal National Mortgage Association 824,585
Pool #124652
8.500% July 1, 2022
1,700,253 Federal National Mortgage Association 1,715,130
Pool #303450
7.000% August 1, 2025
929,307 Federal National Mortgage Association 957,930
Pool #288761
7.500% October 1, 2024
1,632,922 Federal National Mortgage Association 1,683,216
Pool #288748
7.500% September 1, 2024
870,079 Federal National Mortgage Association 872,776
Pool #288916
6.500% May 1, 2011
1,461,217 Federal National Mortgage Association 1,506,223
Pool #288735
7.500% August 1, 2024
2,774,199 Federal National Mortgage Association 2,931,218
Pool #303583
8.500% April 1, 2025
1,187,765 Government National Mortgage Association 1,294,308
Pool #248357
9.000% July 15, 2018
6,257,985 Government National Mortgage Association 6,314,932
Pool #417239
7.000% February 15, 2026
3,500,000 Government National Mortgage Association 3,466,050
TBA
6.500% December 1, 2025
1,829,234 Government National Mortgage Association 1,879,538
Pool #399917
7.500% April 15, 2026
1,149,626 Government National Mortgage Association II 1,191,703
Pool #2059
8.000% August 20, 2025
100,546 Government National Mortgage Association II 108,339
Pool #001831
9.500% May 20, 2022
2,492,000 US Department of Veteran Affairs 2,535,610
Vendee Trust Ser.1996-1 CL.1D
6.750% October 15, 2016
2,000,000 US Department of Veterans Affairs 2,005,800
Vendee Ser.94-1 CL.2G
6.150% January 15, 2001
1,000,000 US Department of Veterans Affairs 1,029,900
Vendee Trust Ser.1995-3 CL.1C
7.250% July 15, 2014
1,000,000 US Department of Veterans Affairs 1,049,700
Vendee Trust Ser.1997-3 CL.2B
7.500% September 15, 2005
1,000,000 US Department of Veterans Affairs 1,015,800
Vendee Trust Ser.1996-3 CL.1E
6.750% August 15, 2020
$49,413,994
U.S. GOVERNMENTS --- 6.6%
3,000,000 United States of America 3,059,520
Treasury Notes
6.250% June 30, 2002
1,000,000 United States of America 1,003,590
Treasury Notes
5.875% September 30, 2002
$4,063,110
TOTAL BONDS --- 86.4% $53,477,104
(Cost $51,552,962)
SHORT-TERM INVESTMENTS
CREDIT INSTITUTIONS --- 4.5%
1,100,000 American Express Co 1,097,800
1,700,000 Ford Motor Credit Co 1,696,882
$2,794,682
ELECTRONICS - HIGH TECH --- 4.5%
2,800,000 General Electric Co 2,790,886
$2,790,886
SECURITIES & COMMODITIES --- 4.5%
2,798,000 Merrill Lynch & Co Inc 2,797,534
$2,797,534
TOTAL SHORT-TERM INVESTMENTS --- 13.6% $8,383,102
(Cost $8,383,102)
TOTAL U S GOVERNMENT SECURITIES PORTFOLIO --- 100.0% $61,860,206
(Cost $59,936,064)
The Maxim Series Fund
Value Index Portfolio
COMMON STOCK
AGENCY --- 0.1%
5,700 Federal National Mortgage Association (nonvtg) 325,253
$325,253
AGRICULTURE --- 0.1%
3,600 Agco Corp 105,300
1,500 Dole Food Company Inc 68,625
$173,925
AIR --- 1.0%
5,200 AMR Corp* 668,200
2,900 Continental Airlines Inc Class B* 139,563
4,200 Delta Air Lines Inc 499,800
2,300 Northwest Airlines Corp* 110,113
500 Pittston Brink's Group 20,125
12,500 Southwest Airlines Co 307,813
3,300 UAL Corp* 305,250
4,000 US Air Group Inc* 250,000
$2,300,864
COMMUNICATIONS --- 5.1%
100 AH Belo Corp Class A 5,613
92,600 AT&T Corp 5,671,750
300 BHC Communications Inc 39,075
40,524 CBS Corporation 1,192,905
2,800 Chancelor Media Corp* 208,950
945 Chris-Craft Industries Inc* 49,435
733 CommScope Inc* 9,849
3,700 Cox Communications Inc* 148,229
2,500 Gannett Company Inc 154,530
533 Gaylord Entertainment 17,022
1,300 HSN Inc* 66,950
11,400 Nextel Communications Inc Class A* 296,400
50 PanAmStat Corp* 2,156
1,400 Scripps Howard Broadcasting Co Class A 67,812
1,200 Tele Communications Intl Inc Class A* 21,600
15,600 Tele-Communications Inc* 435,817
10,100 Tele-Communications Inc - Liberty Media Group Class A* 366,125
1,500 Telephone & Data Systems Inc 69,843
27,500 US West Communications Group 1,240,938
34,600 US West Media Group* 999,075
520 United States Cellular Corp* 16,120
9,100 Viacom Inc Class B* 377,077
18,700 Worldcom Inc* 565,675
$12,022,946
CONSTRUCTION --- 0.1%
1,600 Centex Corp 100,699
1,600 Clayton Homes Inc 28,800
1,100 Johns Manville Corp 11,068
$140,567
CONSUMER SERVICES --- 2.2%
3,280 Allegiance Corp 116,233
3,500 Allergan Inc 117,467
2,900 Bausch & Lomb Inc 114,913
500 Becton Dickinson & Co 25,000
5,000 Beverly Enterprises Inc 65,000
19,500 Bristol-Myers Squibb Co 1,845,188
3,300 CR Bard Inc 103,330
4,565 Cendant Corp* 156,922
2,000 Circus Circus Enterprises Inc* 41,000
18,800 Columbia/HCA Healthcare Corp 556,950
600 DePuy Inc 17,250
3,600 Extended Stay America Inc* 44,773
900 Forest Laboratories Inc* 44,381
1,000 Genesis Health Ventures Inc* 26,375
1,800 Genzyme Corp 49,950
2,600 H&R Block Inc 116,511
4,200 Harrah's Entertainment Inc* 79,275
1,200 Hertz Corp 48,300
5,200 Hilton Hotels Corp 154,700
9,200 Host Marriott Corp* 180,550
2,700 Humana Inc* 56,025
500 ITT Corp* 41,438
3,400 Ivax Corp* 22,950
1,400 King World Productions Inc 80,850
600 MGM Grand Inc* 21,637
1,600 Manor Care Inc 56,000
500 Mirage Resorts Inc* 11,375
346 Pacific Health Systems* 18,122
1,000 Promus Hotel Corp* 42,000
500 St Jude Medical Inc* 15,250
850 Stewart Enterprises Inc Class A 39,631
12,687 Tenet Healthcare Corp* 420,257
2,100 The Walt Disney Co 208,030
2,600 United Healthcare Corp 129,186
2,600 United States Surgical Corp 76,211
400 Universal Health Services Inc Class B* 20,150
200 Wellpoint Health Networks* 8,450
3,900 Whitman Corp 101,642
$5,273,272
CREDIT INSTITUTIONS --- 16.9%
1,300 Advanta Corp Class A 34,125
4,250 AmSouth Bancorp 230,826
6,300 American Express Co 562,275
600 Associates First Capital Corp 42,675
6,370 BB&T Corp 408,075
33,242 Banc One Corp 1,805,440
21,700 Bank of New York Company Inc 1,254,520
39,698 BankAmerica Corp 2,897,954
8,340 BankBoston Corp 783,435
5,596 Bankers Trust New York Corp 629,197
11,300 Barnett Banks Inc 812,188
3,000 Beneficial Corp 249,375
100 Capital One Financial Corp 5,419
3,604 Charter One Financial Inc 227,503
26,900 Citicorp 3,401,155
2,200 City National Corp 81,261
6,000 Comerica Inc 541,500
2,230 Commerce Bancshares Inc 151,083
3,700 Compass Bancshares Inc 161,875
11,605 Corestates Financial Corp 929,120
5,800 Countrywide Credit Industries Inc 248,675
6,300 Crestar Financial Corp 359,100
2,300 Deposit Guaranty Corp 130,813
525 Fifth Third Bancorp 42,919
3,300 First American Corp 164,175
17,782 First Chicago NBD Corp 1,484,797
2,200 First Commerce Corp 147,950
1,575 First Commercial Corp 92,334
243 First Empire State Corp 112,995
1,200 First Hawaiian Inc 47,700
6,550 First Security Corp 274,281
3,600 First Tennessee National Corp 240,300
32,510 First Union Corp 1,666,138
3,000 First Virginia Banks Inc 155,061
5,050 First of America Bank Corp 389,481
3,700 FirstMerit Corp 104,988
6,800 Firstar Corp 288,572
14,265 Fleet Financial Group Inc 1,068,976
2,700 Golden West Financial Corp 264,092
5,700 HF Ahmanson & Co 381,541
600 Household International Inc 76,537
9,042 Huntington Bancshares Inc 325,512
10,200 JP Morgan & Company Inc 1,151,325
12,582 Keycorp 890,957
5,700 Marshall & Ilsley Corp 354,113
14,792 Mellon Bank Corp 896,765
7,350 Mercantile Bancorporation Inc 452,025
4,050 Mercantile Bankshares Corp 158,456
2,500 NHG Investor Note Trust 81,875
12,300 National City Corp 808,725
41,568 NationsBank Corp 2,527,833
3,800 North Fork Bancorporation Inc 127,536
5,300 Northern Trust Corp 369,675
38,900 Norwest Corp 1,502,513
5,454 Old Kent Financial Corp 216,115
18,365 PNC Bank Corp 1,047,944
4,500 Pacific Century Financial Corp 111,375
1,200 Peoples Bank of Bridgeport 45,600
3,900 Popular Inc 193,050
7,800 Regions Financial Corp 329,059
1,100 Star Banc Corp 63,113
8,700 State Street Boston Corp 506,227
12,100 Suntrust Banks Inc 863,638
4,100 TCF Financial Corp 139,142
100 The Money Store Inc 2,100
3,800 Union Planters Corp 258,161
600 Unionbancal Corp 64,500
2,385 Valley National Bancorp 93,759
11,142 Wachovia Corp 903,895
2,700 Washington Federal Inc 84,880
12,830 Washington Mutual Inc 818,708
4,333 Wells Fargo & Co 1,470,781
4,000 Western National Corp 118,500
1,800 Wilmington Trust Co 112,275
1,400 Zions Bancorp 63,525
$40,104,083
ELECTRIC --- 6.5%
7,000 Allegheny Energy Inc 227,500
10,800 American Electric Power Company Inc 557,550
8,400 Baltimore Gas & Electric Co 286,121
2,800 Boston Edison Co 106,050
5,500 CMS Energy Corp 242,341
8,600 Carolina Power & Light Co 364,958
12,100 Central & South West Corp 327,450
8,416 Cinergy Corp 322,434
1,900 Cipsco Inc 84,075
14,061 Citizens Utilities Class A* 135,337
13,400 Consolidated Edison Company of New York Inc 549,400
6,000 DPL Inc 172,500
4,400 DQE Inc 154,550
8,300 DTE Energy Co 287,902
10,600 Dominion Resources Inc 451,157
20,545 Duke Power Co 1,137,662
22,900 Edison International 622,582
6,000 Enova Corp 162,372
13,779 Entergy Corp 412,502
9,300 FPL Group Inc 550,439
13,152 FirstEnergy Corp* 381,408
5,200 Florida Progress Corp 204,100
6,900 GPU Inc 290,663
17,119 Houston Industries Inc 456,855
2,100 Idaho Power Co 79,013
4,300 Illinova Corp 115,829
2,550 Ipalco Enterprises Inc 106,939
2,100 KU Energy Corp 82,425
3,100 Kansas City Power & Light Co 91,642
3,800 LG&E Energy Corp 94,050
6,900 Long Island Lighting Co 207,863
5,600 MidAmerican Energy Holdings Co 123,200
3,100 Montana Power Co 98,617
3,700 New England Electric System 158,175
3,800 New York State Electric & Gas Corp 134,900
8,200 Niagara Mohawk Power Corp* 86,100
3,600 Nipsco Industries Inc 177,973
7,800 Northeast Utilities 92,134
4,200 Northern States Power Co 244,650
9,400 PP&L Resources Inc 225,008
16,900 PacifiCorp 461,573
12,700 Peco Energy Co 307,975
4,800 Pinnacle West Capital Corp 203,400
6,800 Potomac Electric Power Co 175,522
13,200 Public Service Enterprise Group Inc 418,268
4,800 Puget Sound Power & Light Co 144,898
6,100 Scana Corp 182,616
38,800 Southern Co 1,003,950
7,500 Teco Energy Inc 210,938
13,017 Texas Utilities Co 541,013
12,300 Unicom Corp 378,225
5,800 Union Electric Co 250,850
3,100 Utilicorp United Inc 120,317
3,700 Western Resources Inc 159,100
6,400 Wisconsin Energy Corp 184,000
$15,349,071
ELECTRONICS - HIGH TECH --- 6.8%
9,500 AMP Inc 399,000
3,900 Advanced Micro Devices Inc* 69,954
1,500 Aeroquip-Vickers Inc 73,593
7,200 Apple Computer Inc* 94,500
2,200 Avnet Inc 145,200
1,600 Beckman Instruments Inc 64,000
5,000 Black & Decker Corp 195,310
1,500 Briggs & Stratton Corp 72,843
3,555 Compaq Computer Corp 200,634
2,600 Cypress Semiconductor Corp* 22,100
2,000 DSC Communications Corp* 48,000
800 DST Systems Inc* 34,150
300 Dallas Semiconductor Corp 12,225
8,500 Digital Equipment Corp* 314,500
15,300 Eastman Kodak Co 930,424
1,300 Electronic Data Systems Corp 57,118
18,400 Emerson Electric Co 1,038,441
15,600 General Electric Co 1,144,650
550 General Semiconductor Inc 6,359
2,700 General Signal Corp 113,905
4,500 Harris Corp 206,438
1,500 Honeywell Inc 102,750
3,000 Hubbell Inc Class B 147,936
55,500 International Business Machines Corp 5,803,191
400 International Game Technology 10,100
200 Jabil Circuit Inc* 7,950
4,800 Johnson Controls Inc 229,200
1,800 Komag Inc* 26,775
2,000 Litton Industries Inc* 115,000
3,668 Mark IV Industries Inc 80,238
5,500 Maytag Corp 205,216
600 Memc Electronic Materials Inc* 9,150
500 Micron Technology Inc* 13,000
2,200 Motorola Inc 125,536
5,831 NCR Corp* 162,172
7,300 National Semiconductor Corp* 189,340
1,000 NextLevel Systems Inc* 17,875
16,800 Novell Inc* 126,000
24,852 PG&E Corp 756,420
200 Pittway Corp Class A 13,925
2,100 Polaroid Corp 102,243
13,500 Raytheon Co 681,750
600 Scientific-Atlanta Inc 10,050
2,300 Sensormatic Electronics Corp 37,805
5,200 Silicon Graphics Inc* 64,672
3,500 Storage Technology Corp* 216,780
200 Symbol Technologies Inc 7,550
2,600 Tektronix Inc 103,186
1,500 Teleflex Inc 56,625
1,400 Thermo Electron Corp* 62,300
2,700 Thomas & Betts Corp 127,575
5,300 Unisys Corp* 73,538
1,600 VLSI Technology Inc* 37,800
2,075 Vishay Intertechnology Inc* 49,022
2,300 WW Grainger Inc 223,530
3,800 Whirlpool Corp 209,000
7,300 Xerox Corp 538,828
1,750 York International Corp 69,234
$16,056,606
ENVIRONMENTAL SERVICES --- 0.5%
11,259 Browning-Ferris Industries Inc 416,583
600 WMX Technologies Inc 16,500
25,900 Waste Management Inc 712,250
$1,145,333
FOREIGN BANKS --- 0.0%
453 ING Groep NV* 18,362
$18,362
FORESTRY --- 0.8%
3,000 Boise Cascade Corp 90,750
10,400 Georgia-Pacific Corp 433,872
17,118 International Paper Co 738,214
6,200 Louisiana-Pacific Corp 117,800
11,400 Weyerhaeuser Co 559,307
$1,939,943
GAS --- 1.5%
3,100 Columbia Gas System Inc 243,542
5,400 Consolidated Natural Gas Co 326,700
3,413 El Paso Energy Corp 226,965
11,658 Enron Corp 484,530
1,500 KN Energy Inc 81,000
4,400 MCN Corp 177,650
2,300 NGC Corp 40,250
2,000 National Fuel Gas Co 97,374
6,000 New Century Energies Inc 287,622
2,800 Nicor Inc 118,124
4,700 Pacific Enterprises 176,838
2,000 Peoples Energy Corp 78,750
2,100 Questar Corp 93,713
3,000 Seagull Energy Corp* 61,875
2,700 Sonat Inc 123,525
9,700 Tenneco Inc 383,150
18,200 Williams Companies Inc 516,425
$3,518,033
HIGHWAYS --- 0.1%
4,400 Ryder System Inc 144,100
$144,100
HOLDING & INVEST. OFFICES --- 3.4%
3,300 Carramerica Realty Corp 104,567
1,500 Centura Banks Inc 103,500
24,616 Chase Manhattan Corp 2,695,452
3,117 Cincinnati Financial Corp 438,718
5,900 Dime Bancorp Inc 178,475
4,100 Duke Realty Investments Inc 99,425
4,200 Equity Residential Properties Trust 212,360
2,400 Finova Group Inc 119,249
2,900 Golden State Bancorp* 108,388
1,800 Green Point Financial Corp 130,612
5,600 Health & Retirement Property Trust 112,000
7,400 Hibernia Corp 139,209
1,800 Kimco Realty Corp 63,450
450 Liberty Financial Companies Inc 16,988
1,900 National Commerce Bancorp 66,975
3,300 New Plan Realty Trust 84,150
1,000 Provident Financial Group Inc 48,500
2,800 Public Storage Inc 82,250
3,100 Republic New York Corp 353,980
2,833 Security Capital Industrial Trust 70,471
2,800 Security Capital Pacific Trust 67,900
5,900 Southtrust Corp 374,278
9,900 Summit Bancorp 527,175
2,400 TIG Holdings Inc 79,649
13,028 U S Bancorp 1,458,315
1,550 US Industries Inc 46,694
5,000 United Dominion Realty Trust Inc 69,685
1,300 Weingarten Realty Investors 58,256
62 Wesco Financial Corp 18,600
$7,929,271
INDEPENDENT POWER PROD --- 0.1%
700 Calenergy Inc* 20,125
2,800 Keyspan Energy Corp 103,074
2,300 OGE Energy Corp 125,780
3,700 Wheelabrator Technologies Inc 59,429
$308,408
INDUSTRIAL SERVICES --- 0.6%
5,000 Arrow Electronics Inc* 162,185
200 Choisepoint Inc* 9,550
3,300 Comdisco Inc 110,342
300 Computer Sciences Corp* 25,050
600 Deluxe Corp 20,700
9,700 Dun & Bradstreet Corp 300,089
3,700 Fluor Corp 138,288
1,700 Foster Wheeler Corp 46,005
3,100 Informix Corp* 14,725
2,600 National Service Industries Inc 128,861
2,700 Olsten Corp 40,500
2,400 Pitney Bowes Inc 215,849
1,100 Sterling Software Inc* 45,100
400 Sybase Inc* 5,325
500 TransTexas Gas Corp* 7,406
1,500 Wallace Computer Services Inc 58,313
900 Western Atlas Inc 66,600
$1,394,888
INSURANCE --- 8.1%
700 20th Century Industries 18,200
8,400 AON Corp 492,450
6,100 Aetna Inc 430,428
1,950 Aflac Inc 99,694
291 Allegheny Generating Co* 82,862
2,198 Allmerica Financial Corp 109,776
22,103 Allstate Corp 2,008,610
3,500 Ambac Inc 161,000
1,800 American Bankers Insurance Group Inc 82,687
1,900 American Financial Group Inc 76,593
13,860 American General Corp 749,299
26,350 American International Group Inc 2,865,563
600 American National Insurance Co 55,800
300 CNA Financial Corp* 38,325
9,700 Chubb Capital Corp 733,563
4,200 Cigna Corp 726,860
6,700 Conseco Inc 304,428
4,600 Equitable Companies Inc 228,850
2,100 Everest Reinsurance Holdings Inc 86,625
4,540 General Re Corp 962,480
6,300 Hartford Financial Services Group Inc 589,441
2,600 Horace Mann Educators Corp 73,936
1,500 ING Group 82,950
4,000 Jefferson-Pilot Corp 311,500
2,400 Leucadia National Corp 82,800
5,800 Lincoln National Corp 453,125
4,100 Loews Corp 435,113
5,100 MBIA Inc 340,741
5,500 Marsh & McLennan Companies Inc 410,091
1,400 Mercury General Corp 77,350
2,000 Ohio Casualty Corp 89,250
4,950 Old Republic International Corp 184,076
500 Progressive Corp 59,938
1,600 Protective Life Corp 95,600
3,406 Provident Companies Inc 131,557
4,900 Providian Financial Corp 221,416
3,400 Reliance Group Holdings Inc 48,025
5,200 Reliastar Financial Corp 214,172
8,000 SafeCo Corp 390,000
4,800 St Paul Companies Inc 393,898
1,100 The PMI Group Inc 79,543
8,000 Torchmark Corp 336,496
3,600 TransAmerica Corp 383,400
1,000 Transatlantic Holdings Inc 71,500
46,850 Travelers Group Inc 2,524,044
3,200 Travelers Property Casualty Corp 140,800
2,000 UICI* 69,750
6,300 USF&G Corp 138,991
1,500 Unitrin Inc 96,938
4,100 Unum Corp 222,938
$19,063,472
MFTG - CONSUMER PRODS. --- 4.3%
4,000 American Greetings Corp 156,500
17,300 Anheuser-Busch Companies Inc 761,200
30,301 Archer-Daniels-Midland Co 657,138
1,500 Brown-Forman Corp Class B 82,875
4,600 Brunswick Corp 139,435
1,800 CPC International Inc 194,400
1,000 Campbell Soup Co 58,125
100 Central Newspapers Inc 7,394
1,800 Chiquita Brands International Inc 29,362
2,300 Dean Foods Co 136,850
3,100 Dow Jones & Company Inc 166,430
1,700 Flowers Industries Inc 34,955
2,900 Fruit of the Loom Inc Class A* 74,313
2,600 General Mills Inc 186,225
13,900 HJ Heinz Co 706,287
400 Harcourt General Inc 21,900
5,800 Hasbro Inc 182,700
2,000 Hershey Foods Corp 123,874
500 Hollinger International Inc 7,000
4,900 IBP Inc 102,591
4,000 Ikon Office Solutions Inc 112,500
4,000 International Flavors & Fragrances Inc 206,000
4,500 Kellogg Co 223,313
4,800 Knight-Ridder Inc 249,600
100 Lancaster Colony Corp 5,638
1,200 Lee Enterprises Inc 35,474
300 Leggett & Platt Inc 12,563
2,200 Liz Claiborne Inc 91,986
2,600 Masco Corp 132,275
3,100 McCormick & Company Inc (nonvtg) 86,800
4,400 McGraw-Hill Companies Inc 325,600
2,000 Nabisco Holdings Corp Class A 96,874
3,000 New York Times Co Class A 198,375
3,200 Premark International Inc 92,800
6,500 Quaker Oats Co 342,875
18,474 RJR Nabisco Holdings Corp 692,775
5,300 RR Donnelley & Sons Co 197,425
500 Ralston-Ralston Purina Group 46,469
3,700 Readers Digest Association Inc Class A 87,413
1,200 Rubbermaid Inc 30,000
1,800 Russell Corp 47,812
11,100 Sara Lee Corp 625,063
6,100 Shaw Industries Inc 70,913
19,600 Time Warner Inc 1,215,200
400 Tootsie Roll Industries Inc 25,000
1,100 Tribune Co 68,475
200 Tupperware Corp 5,575
7,300 Tyson Foods Inc Class A 149,650
900 UST Inc 33,243
300 Unifi Inc 12,206
2,000 Universal Corp 82,250
5,900 VF Corp 271,028
100 Valassis Communications Inc* 3,700
4,900 Viad Corp 94,629
375 Washington Post Co Class B 182,438
6,300 Willamette Industries Inc 202,778
300 Wolverine World Wide Inc 6,788
$10,193,057
MFTG - INDUSTRIAL PRODS --- 9.2%
900 ARCO Chemical Co 42,018
2,600 Abbott Laboratories 170,461
5,400 Air Products & Chemicals Inc 444,150
9,400 Aluminum Company of America 661,525
2,200 Armstrong World Industries Inc 164,450
700 Bandag Inc 37,406
400 Bemis Company Inc 17,625
6,400 Bethlehem Steel Corp* 55,200
1,130 Betz Laboratories Inc 69,000
2,300 Bowater Inc 102,205
2,900 Cabot Corp 80,113
600 Camco International Inc 38,212
4,300 Case Corp 259,879
21,600 Caterpillar Inc 1,048,939
5,500 Champion International Corp 249,216
200 Clorox Co 15,812
1,600 Consolidated Papers Inc 85,400
6,300 Cooper Industries Inc 308,700
4,200 Cooper Tire & Rubber Co 102,375
417 Crane Co 18,087
300 Crompton & Knowles Corp 7,950
5,000 Crown Cork & Seal Company Inc 250,625
14,400 Deere & Co 839,693
11,000 Dover Corp 397,375
13,000 Dow Chemical Co 1,319,500
55,300 EI DuPont De Nemours & Co 3,321,429
4,500 Eastman Chemical Co 268,029
4,200 Ethyl Corp 32,285
4,800 Fort James Corp 183,600
8,900 Goodyear Tire & Rubber Co 566,263
3,400 Great Lakes Chemical Corp 152,575
2,500 Harnischfeger Industries Inc 88,280
2,400 Harsco Corp 103,500
5,220 IMC Global Inc 170,955
6,800 ITT Industries Inc 213,350
10,000 Illinois Tool Works Inc 601,250
9,600 Ingersoll-Rand Co 388,800
2,800 Inland Steel Industries Inc 47,950
900 International Specialty Products Inc* 13,443
2,132 Kimberly-Clark Corp 105,133
6,000 LTV Corp 58,500
1,700 Lafarge Corp 50,255
1,500 Lear Corp* 71,250
3,300 Lubrizol Corp 121,688
2,200 Lyondell Petrochemical Co 58,300
4,200 Mallinckrodt Inc 159,600
2,665 Martin Marietta Materials Inc 97,438
6,000 Mead Corp 168,000
2,933 Meritor Automotive Inc 61,775
4,400 Millennium Chemicals Inc 103,673
11,900 Minnesota Mining & Manufacturing Co 976,538
6,700 Morton International Inc 230,313
1,000 Mylan Laboratories Inc 20,937
3,800 Nalco Chemical Co 150,336
1,000 Nucor Corp 48,312
2,700 Olin Corp 126,563
1,200 Owens-Illinois Inc* 45,524
9,400 PPG Industries Inc 536,975
6,350 Parker Hannifin Corp 291,306
2,200 Pentair Inc 79,061
28,900 Pharmacia & Upjohn Inc 1,058,463
1,500 Potlatch Corp 64,500
3,625 RPM Inc 55,281
4,200 Reynolds Metals Co 252,000
9,400 Rockwell International 491,150
2,300 Rohm & Haas Co 220,225
6,200 Sherwin-Williams Co 172,050
4,100 Sigma Aldrich Corp 162,975
3,100 Snap-On Inc 135,238
4,200 Solutia Inc 112,085
3,800 Sonoco Products Co 131,811
500 St Joe Corp 45,250
5,000 Stone Container Corp Series E* 52,185
1,100 Tecumseh Products Co Class A 53,625
3,200 Temple-Inland Inc 167,398
2,200 The BF Goodrich Co 91,161
2,700 The Stanley Works 127,405
2,900 The Timken Co 99,688
2,500 Trinity Industries Inc 111,563
1,200 USG Corp* 58,800
16,400 USX-Marathon Group 553,500
4,900 USX-US Steel Group 153,125
4,000 Union Camp Corp 214,748
6,600 Union Carbide Corp 283,384
3,800 Unisource Worldwide Inc 54,150
800 Unova Inc* 13,150
5,050 Westvaco Corp 158,757
2,100 Witco Corp 85,705
2,900 Worthington Industries Inc 47,850
$21,726,324
MINING --- 0.3%
2,600 Alumax Inc* 88,400
2,400 Asarco Inc 53,849
11,600 Battle Mountain Gold Co 68,150
5,300 Cyprus Amax Minerals Co 81,488
8,400 Homestake Mining Co 74,550
200 Newmont Gold Co 5,962
3,400 Phelps Dodge Corp 211,650
800 Southern Peru Copper Corp 10,700
1,700 Vulcan Materials Co 173,613
$768,362
OIL & GAS --- 10.7%
4,600 Amerada Hess Corp 252,425
27,800 Amoco Corp 2,366,475
4,000 Apache Corp 140,248
3,600 Ashland Inc 193,273
18,300 Atlantic Richfield Co 1,466,288
700 BJ Services Company USA* 50,356
1,100 Baker Hughes Inc 47,988
7,972 Burlington Resources Inc 357,241
37,400 Chevron Corp 2,879,800
5,300 Coastal Corp 328,266
300 Cooper Cameron Corp* 18,300
5,800 Dresser Industries Inc 243,235
7,248 EEX Corp* 65,685
600 EVI Inc* 31,050
1,900 Enron Oil & Gas Co 40,255
140,600 Exxon Corp 8,602,892
238 Fina Inc 15,232
1,400 Helmerich & Payne Inc 95,025
2,700 Kerr-McGee Corp 170,942
3,100 Mapco Inc 143,375
2,000 Mitchell Energy & Development Corp Class A 58,750
44,800 Mobil Corp 3,233,978
2,200 Murphy Oil Corp 119,211
1,400 Noble Affiliates Inc 49,350
600 Noble Drilling Corp* 18,375
18,900 Occidental Petroleum Corp 553,997
6,000 Oryx Energy Co* 153,000
2,100 Pennzoil Co 140,305
12,300 Phillips Petroleum Co 598,088
3,100 Pioneer Natural Resources Co 89,705
5,900 Santa Fe Energy Resources Inc 66,375
3,800 Sun Company Inc 159,836
30,100 Texaco Inc 1,636,688
900 Tosco Corp 34,031
2,700 Transocean Offshore Inc 130,105
4,300 Ultramar Diamond Shamrock Corp 137,063
4,400 Union Pacific Resources Group Inc 106,700
1,500 Union Texas Petroleum Holdings Inc 31,218
300 United Meridian Corp* 8,438
11,000 UnoCal Corp 426,932
1,400 Valero Energy Corp 44,012
1,700 Weatherford Enterra Inc* 74,375
$25,378,883
OTHER TRANS. SERVICES --- 0.3%
2,300 Alexander & Baldwin Inc 62,818
1,300 Caliber System Inc 63,293
1,600 FMC Corp* 107,699
5,800 Federal Express Corp* 354,160
1,400 GATX Corp 101,587
200 Tidewater Inc 11,025
$700,582
RAILROADS --- 1.3%
8,882 Burlington Northern Santa Fe Corp 825,466
12,400 CSX Corp 669,600
2,550 Illinois Central Corp Class A 86,858
3,700 Kansas City Southern Industries Inc 117,475
21,500 Norfolk Southern Corp 662,458
12,556 Union Pacific Corp 783,959
$3,145,816
REAL ESTATE --- 0.3%
1,100 CCB Financial Corp 118,250
5,600 Crescent Real Estate Equities Inc 220,500
4,500 Equity Residential PPTY Trust 142,031
5,400 Simon Debartolo Group Inc 176,510
2,800 Spieker Properties Inc 120,050
800 Westfield America Inc 13,600
$790,941
RETAIL TRADE --- 3.6%
7,400 Albertson's Inc 350,575
13,600 American Stores Co 279,643
5,041 Autoliv Inc 165,093
260 Barnes & Noble Inc* 8,678
100 Boise Cascade Office Products Corp* 1,494
300 Borders Group Inc* 9,394
1,500 Boston Chicken Inc* 9,656
1,300 Corporate Express Inc* 16,738
500 Cracker Barrel Old Country Stores Inc 16,688
8,600 Darden Restaurants Inc 107,500
8,700 Dayton Hudson Corp 587,250
6,100 Dillards Inc Class A 215,025
450 Family Dollar Stores Inc 13,190
8,600 Federated Department Stores Inc* 370,333
19,800 Food Lion Inc Class A 163,350
9,800 Fortune Brands Inc 363,208
4,000 Fred Meyer Inc* 145,500
9,600 Genuine Parts Co 325,795
3,400 Giant Food Inc Class A 114,536
1,400 Hannaford Brothers Co 60,812
12,700 JC Penney & Company Inc 765,962
27,800 K Mart Corp* 321,424
1,500 Kroger Co* 55,406
10,100 Limited Inc 257,550
800 Lowe's Companies Inc 38,150
13,200 May Department Stores Co 695,468
3,200 McDonald's Corp 152,800
1,200 Mercantile Stores Company Inc 73,050
2,600 Nordstrom Inc 156,975
3,700 Office Depot Inc* 88,567
3,700 Officemax Inc* 52,725
100 Outback Steakhouse Inc* 2,875
1,400 Owens Corning 47,775
2,196 Payless Shoesource Inc* 147,407
1,400 Pep Boys - Manny Moe & Jack 33,425
2,700 Rite Aid Corp 158,455
500 Saks Holdings Inc* 10,344
7,700 Sears Roebuck & Co 348,425
4,900 Southland Corp* 10,413
3,300 Tandy Corp 127,255
16,300 Toys R Us Inc* 512,423
3,200 Tricon Global Restaurants* 92,998
15,100 Wal-Mart Stores Inc 595,499
700 Weis Markets Inc 24,500
3,000 Wendy's International Inc 72,186
4,500 Winn-Dixie Stores Inc 196,592
3,700 Woolworth Corp* 75,388
$8,438,495
SECURITIES & COMMODITIES --- 1.7%
5,487 AG Edwards Inc 218,108
8,278 Bear Stearns Companies Inc 393,205
700 Donaldson, Lufkin & Jenrette Inc 55,650
6,600 Lehman Brothers Holdings Inc 336,600
18,900 Merrill Lynch & Company Inc 1,378,509
23,820 Morgan Stanley Group 1,408,358
5,950 Paine Webber Group Inc 205,644
300 United Asset Management Corp 7,331
$4,003,405
TELEPHONE --- 8.0%
10,600 Alltel Corp 435,257
29,500 Ameritech Corp 2,374,750
44,279 Bell Atlantic Corp 4,029,389
56,500 Bellsouth Corp 3,181,628
2,500 Century Telephone Enterprises Inc 124,530
9,400 Frontier Corp 226,183
46,200 GTE Corp 2,413,950
31,900 MCI Communications Corp 1,365,703
43,897 SBC Communications Inc 3,215,446
3,300 Southern New England Telecommunications Corp 166,030
24,500 Sprint Corp 1,436,313
$18,969,179
TRANSPORTATION --- 0.0%
2,500 CNF Transportation Inc 95,938
$95,938
TRANSPORTATION EQUIPMENT --- 5.0%
1,400 Allied-Signal Inc 54,512
700 Borg-Warner Automotive Inc 36,400
33,800 Chrysler Corp 1,189,321
2,000 Cummins Engine Company Inc 118,124
6,000 Dana Corp 285,000
4,400 Eaton Corp 392,700
3,400 Echlin Inc 123,036
64,500 Ford Motor Co 3,140,312
3,100 General Dynamics Corp 267,955
40,400 General Motors Corp Ser D Pfd 2,449,250
5,800 General Motors Corp Ser H Pfd 214,235
9,769 Lockheed Martin Corp 962,247
4,300 Navistar International Corp* 106,692
2,900 Northrop Grumman Corp 333,500
3,930 Paccar Inc 206,325
1,100 Sundstrand Corp 55,413
7,000 TRW Inc 373,625
7,200 Textron Inc 450,000
18,248 The Boeing Co 893,002
1,000 Thiokol Corp 81,250
1,900 United Technologies Corp 138,343
$11,871,242
U.S. GOVERNMENTS --- 0.1%
7,300 Federal Home Loan Mortgage Corp 306,140
$306,140
UNIT INVESTMENT TRUST --- 0.0%
3,700 American Water Works Company Inc 101,054
$101,054
WHOLESALE TRADE - INDL --- 0.1%
700 Jefferson Smurfit Corp* 9,888
1,300 McKesson Corp 140,643
$150,531
WHOLESALE TRADE -CONSUMER --- 0.2%
1,475 Bergen Brunswig Corp Class A 62,134
1,700 Costco Companies Inc* 75,863
1,625 Rayonier Inc 69,163
1,500 Reebok International Ltd* 43,218
3,500 SuperValu Inc 146,563
300 Tech Data Corp* 11,663
$408,604
TOTAL COMMON STOCK --- 99.0% $234,256,950
(Cost )
SHORT-TERM INVESTMENTS
SECURITIES & COMMODITIES --- 1.0%
2,403,000 Merrill Lynch & Co Inc 2,402,599
$2,402,599
TOTAL SHORT-TERM INVESTMENTS --- 1.0% $2,402,599
(Cost $2,402,599)
TOTAL VALUE INDEX PORTFOLIO --- 100.0% $236,659,549
(Cost )
The Maxim Series Fund
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
MAXIM SERIES FUND, INC. FDS
</LEGEND>
<CIK> 0000356476
<NAME> MAXIM SERIES FUND, INC.
<SERIES>
<NUMBER> 1
<NAME> MONEY MARKET
<MULTIPLIER> 1000
<CURRENCY> U.S. Dollar
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-1-1997
<PERIOD-END> DEC-31-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 452479
<INVESTMENTS-AT-VALUE> 452479
<RECEIVABLES> 727
<ASSETS-OTHER> 200
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 453406
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 251
<TOTAL-LIABILITIES> 251
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 453155
<SHARES-COMMON-STOCK> 452849
<SHARES-COMMON-PRIOR> 396185
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 453155
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 24689
<OTHER-INCOME> 0
<EXPENSES-NET> 2028
<NET-INVESTMENT-INCOME> 22662
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 22662
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 22662
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 289952
<NUMBER-OF-SHARES-REDEEMED> 255873
<SHARES-REINVESTED> 22585
<NET-CHANGE-IN-ASSETS> 56702
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2028
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2028
<AVERAGE-NET-ASSETS> 440959
<PER-SHARE-NAV-BEGIN> 1.007
<PER-SHARE-NII> 0.051
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0.051
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.007
<EXPENSE-RATIO> 0.46
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
MAXIM SERIES FUND, INC. FDS
</LEGEND>
<CIK> 0000356476
<NAME> MAXIM SERIES FUND, INC.
<SERIES>
<NUMBER> 2
<NAME> BOND
<MULTIPLIER> 1000
<CURRENCY> U.S. Dollar
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-1-1997
<PERIOD-END> DEC-31-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 68217
<INVESTMENTS-AT-VALUE> 68568
<RECEIVABLES> 2230
<ASSETS-OTHER> 1500
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 72298
<PAYABLE-FOR-SECURITIES> 1976
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 38
<TOTAL-LIABILITIES> 2014
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 70865
<SHARES-COMMON-STOCK> 57993
<SHARES-COMMON-PRIOR> 64760
<ACCUMULATED-NII-CURRENT> 1
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 932
<ACCUM-APPREC-OR-DEPREC> 350
<NET-ASSETS> 70284
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5053
<OTHER-INCOME> 0
<EXPENSES-NET> 445
<NET-INVESTMENT-INCOME> 4608
<REALIZED-GAINS-CURRENT> 542
<APPREC-INCREASE-CURRENT> 116
<NET-CHANGE-FROM-OPS> 5034
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4607
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2701
<NUMBER-OF-SHARES-REDEEMED> 13300
<SHARES-REINVESTED> 3832
<NET-CHANGE-IN-ASSETS> 7809
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 1475
<GROSS-ADVISORY-FEES> 445
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 445
<AVERAGE-NET-ASSETS> 74100
<PER-SHARE-NAV-BEGIN> 1.206
<PER-SHARE-NII> 0.077
<PER-SHARE-GAIN-APPREC> 0.006
<PER-SHARE-DIVIDEND> 0.077
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.212
<EXPENSE-RATIO> 0.6
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
MAXIM SERIES FUND, INC. FDS
</LEGEND>
<CIK> 0000356476
<NAME> MAXIM SERIES FUND, INC.
<SERIES>
<NUMBER> 3
<NAME> STOCK INDEX
<MULTIPLIER> 1000
<CURRENCY> U.S. Dollar
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-1-1997
<PERIOD-END> DEC-31-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 474214
<INVESTMENTS-AT-VALUE> 816848
<RECEIVABLES> 1302
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 818150
<PAYABLE-FOR-SECURITIES> 160
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 603
<TOTAL-LIABILITIES> 763
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 473433
<SHARES-COMMON-STOCK> 277326
<SHARES-COMMON-PRIOR> 396117
<ACCUMULATED-NII-CURRENT> 4
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1316
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 342634
<NET-ASSETS> 817387
<DIVIDEND-INCOME> 18295
<INTEREST-INCOME> 487
<OTHER-INCOME> 0
<EXPENSES-NET> 6452
<NET-INVESTMENT-INCOME> 12330
<REALIZED-GAINS-CURRENT> 285552
<APPREC-INCREASE-CURRENT> 3659
<NET-CHANGE-FROM-OPS> 301541
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 14258
<DISTRIBUTIONS-OF-GAINS> 34267
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 50081
<NUMBER-OF-SHARES-REDEEMED> 185686
<SHARES-REINVESTED> 16814
<NET-CHANGE-IN-ASSETS> 119420
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 293
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 6452
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6452
<AVERAGE-NET-ASSETS> 1073758
<PER-SHARE-NAV-BEGIN> 2.365
<PER-SHARE-NII> 0.036
<PER-SHARE-GAIN-APPREC> 0.720
<PER-SHARE-DIVIDEND> 0.044
<PER-SHARE-DISTRIBUTIONS> 0.130
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 2.947
<EXPENSE-RATIO> 0.6
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
MAXIM SERIES FUND, INC. FDS
</LEGEND>
<CIK> 0000356476
<NAME> MAXIM SERIES FUND, INC.
<SERIES>
<NUMBER> 4
<NAME> U.S. GOVERNMENT SECURITIES
<MULTIPLIER> 1000
<CURRENCY> U.S. Dollar
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-1-1997
<PERIOD-END> DEC-31-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 59936
<INVESTMENTS-AT-VALUE> 61860
<RECEIVABLES> 7327
<ASSETS-OTHER> 90
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 69277
<PAYABLE-FOR-SECURITIES> 10391
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 574
<TOTAL-LIABILITIES> 10965
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 58817
<SHARES-COMMON-STOCK> 53411
<SHARES-COMMON-PRIOR> 59673
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 29
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 2401
<ACCUM-APPREC-OR-DEPREC> 1924
<NET-ASSETS> 58312
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4117
<OTHER-INCOME> 0
<EXPENSES-NET> 357
<NET-INVESTMENT-INCOME> 3760
<REALIZED-GAINS-CURRENT> 465
<APPREC-INCREASE-CURRENT> 518
<NET-CHANGE-FROM-OPS> 4743
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3759
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7876
<NUMBER-OF-SHARES-REDEEMED> 17631
<SHARES-REINVESTED> 3492
<NET-CHANGE-IN-ASSETS> 5766
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 30
<OVERDIST-NET-GAINS-PRIOR> 2867
<GROSS-ADVISORY-FEES> 357
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 357
<AVERAGE-NET-ASSETS> 59491
<PER-SHARE-NAV-BEGIN> 1.074
<PER-SHARE-NII> 0.071
<PER-SHARE-GAIN-APPREC> 0.018
<PER-SHARE-DIVIDEND> 0.071
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.092
<EXPENSE-RATIO> 0.6
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
MAXIM SERIES FUND, INC. FDS
</LEGEND>
<CIK> 0000356476
<NAME> MAXIM SERIES FUND, INC.
<SERIES>
<NUMBER> 7
<NAME> TOTAL RETURN
<MULTIPLIER> 1000
<CURRENCY> U.S. Dollar
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-1-1997
<PERIOD-END> DEC-31-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 4559
<INVESTMENTS-AT-VALUE> 5733
<RECEIVABLES> 55
<ASSETS-OTHER> 438
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 6227
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4
<TOTAL-LIABILITIES> 4
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4971
<SHARES-COMMON-STOCK> 3954
<SHARES-COMMON-PRIOR> 48212
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 77
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1175
<NET-ASSETS> 6223
<DIVIDEND-INCOME> 269
<INTEREST-INCOME> 998
<OTHER-INCOME> 0
<EXPENSES-NET> 241
<NET-INVESTMENT-INCOME> 1026
<REALIZED-GAINS-CURRENT> 16201
<APPREC-INCREASE-CURRENT> (7818)
<NET-CHANGE-FROM-OPS> 9409
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4703
<DISTRIBUTIONS-OF-GAINS> 12598
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3584
<NUMBER-OF-SHARES-REDEEMED> 48627
<SHARES-REINVESTED> 784
<NET-CHANGE-IN-ASSETS> 58438
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 151
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 241
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 241
<AVERAGE-NET-ASSETS> 40031
<PER-SHARE-NAV-BEGIN> 1.341
<PER-SHARE-NII> 0.063
<PER-SHARE-GAIN-APPREC> 0.250
<PER-SHARE-DIVIDEND> 0.063
<PER-SHARE-DISTRIBUTIONS> 0.017
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.574
<EXPENSE-RATIO> 0.6
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
MAXIM SERIES FUND, INC. FDS
</LEGEND>
<CIK> 0000356476
<NAME> MAXIM SERIES FUND, INC.
<SERIES>
<NUMBER> 8
<NAME> INVESTMENT GRADE CORPORATE BOND
<MULTIPLIER> 1000
<CURRENCY> U.S. Dollar
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-1-1997
<PERIOD-END> DEC-31-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 111525
<INVESTMENTS-AT-VALUE> 112800
<RECEIVABLES> 1817
<ASSETS-OTHER> 322
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 114938
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 62
<TOTAL-LIABILITIES> 62
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 114643
<SHARES-COMMON-STOCK> 89354
<SHARES-COMMON-PRIOR> 78850
<ACCUMULATED-NII-CURRENT> 5
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 1047
<ACCUM-APPREC-OR-DEPREC> 1275
<NET-ASSETS> 114876
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 7137
<OTHER-INCOME> 0
<EXPENSES-NET> 647
<NET-INVESTMENT-INCOME> 6490
<REALIZED-GAINS-CURRENT> 111
<APPREC-INCREASE-CURRENT> 628
<NET-CHANGE-FROM-OPS> 7229
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 6485
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 13639
<NUMBER-OF-SHARES-REDEEMED> 8221
<SHARES-REINVESTED> 5086
<NET-CHANGE-IN-ASSETS> 14154
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 1159
<GROSS-ADVISORY-FEES> 647
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 647
<AVERAGE-NET-ASSETS> 107836
<PER-SHARE-NAV-BEGIN> 1.277
<PER-SHARE-NII> 0.077
<PER-SHARE-GAIN-APPREC> 0.008
<PER-SHARE-DIVIDEND> 0.077
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.286
<EXPENSE-RATIO> 0.6
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
MAXIM SERIES FUND, INC. FDS
</LEGEND>
<CIK> 0000356476
<NAME> MAXIM SERIES FUND, INC.
<SERIES>
<NUMBER> 9
<NAME> U.S. GOVERNMENT MORTGAGE SECURITIES
<MULTIPLIER> 1000
<CURRENCY> U.S. Dollar
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-1-1997
<PERIOD-END> DEC-31-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 179159
<INVESTMENTS-AT-VALUE> 183782
<RECEIVABLES> 24104
<ASSETS-OTHER> 650
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 208536
<PAYABLE-FOR-SECURITIES> 46264
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 88
<TOTAL-LIABILITIES> 46351
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 160640
<SHARES-COMMON-STOCK> 138116
<SHARES-COMMON-PRIOR> 120205
<ACCUMULATED-NII-CURRENT> 4
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 3084
<ACCUM-APPREC-OR-DEPREC> 4623
<NET-ASSETS> 162184
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 10528
<OTHER-INCOME> 0
<EXPENSES-NET> 896
<NET-INVESTMENT-INCOME> 9632
<REALIZED-GAINS-CURRENT> 657
<APPREC-INCREASE-CURRENT> 2268
<NET-CHANGE-FROM-OPS> 12557
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 9627
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 20604
<NUMBER-OF-SHARES-REDEEMED> 10994
<SHARES-REINVESTED> 8301
<NET-CHANGE-IN-ASSETS> 23718
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 3741
<GROSS-ADVISORY-FEES> 896
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 896
<AVERAGE-NET-ASSETS> 149460
<PER-SHARE-NAV-BEGIN> 1.152
<PER-SHARE-NII> 0.075
<PER-SHARE-GAIN-APPREC> 0.022
<PER-SHARE-DIVIDEND> 0.075
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.174
<EXPENSE-RATIO> 0.6
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
MAXIM SERIES FUND, INC. FDS
</LEGEND>
<CIK> 0000356476
<NAME> MAXIM SERIES FUND, INC.
<SERIES>
<NUMBER> 10
<NAME> INTERNATIONAL EQUITY
<MULTIPLIER> 1000
<CURRENCY> U.S. Dollar
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-1-1997
<PERIOD-END> DEC-31-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 123714
<INVESTMENTS-AT-VALUE> 132274
<RECEIVABLES> 712
<ASSETS-OTHER> 26
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 133012
<PAYABLE-FOR-SECURITIES> 58
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 180
<TOTAL-LIABILITIES> 238
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 124655
<SHARES-COMMON-STOCK> 103846
<SHARES-COMMON-PRIOR> 72697
<ACCUMULATED-NII-CURRENT> 4
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 444
<ACCUM-APPREC-OR-DEPREC> 8560
<NET-ASSETS> 132775
<DIVIDEND-INCOME> 2740
<INTEREST-INCOME> 829
<OTHER-INCOME> 0
<EXPENSES-NET> 1482
<NET-INVESTMENT-INCOME> 2087
<REALIZED-GAINS-CURRENT> 4030
<APPREC-INCREASE-CURRENT> (5177)
<NET-CHANGE-FROM-OPS> 940
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2715
<DISTRIBUTIONS-OF-GAINS> 4240
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 30589
<NUMBER-OF-SHARES-REDEEMED> 4850
<SHARES-REINVESTED> 5410
<NET-CHANGE-IN-ASSETS> 36602
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 397
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1229
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1487
<AVERAGE-NET-ASSETS> 123060
<PER-SHARE-NAV-BEGIN> 1.323
<PER-SHARE-NII> 0.021
<PER-SHARE-GAIN-APPREC> 0.005
<PER-SHARE-DIVIDEND> 0.027
<PER-SHARE-DISTRIBUTIONS> 0.043
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.279
<EXPENSE-RATIO> 1.2
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
MAXIM SERIES FUND, INC. FDS
</LEGEND>
<CIK> 0000356476
<NAME> MAXIM SERIES FUND, INC.
<SERIES>
<NUMBER> 11
<NAME> SMALL-CAP VALUE
<MULTIPLIER> 1000
<CURRENCY> U.S. Dollar
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-1-1997
<PERIOD-END> DEC-31-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 18868
<INVESTMENTS-AT-VALUE> 22702
<RECEIVABLES> 34
<ASSETS-OTHER> 107
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 22843
<PAYABLE-FOR-SECURITIES> 291
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 26
<TOTAL-LIABILITIES> 317
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 18415
<SHARES-COMMON-STOCK> 24608
<SHARES-COMMON-PRIOR> 29326
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 278
<ACCUM-APPREC-OR-DEPREC> 3834
<NET-ASSETS> 22526
<DIVIDEND-INCOME> 387
<INTEREST-INCOME> 217
<OTHER-INCOME> 0
<EXPENSES-NET> 402
<NET-INVESTMENT-INCOME> 202
<REALIZED-GAINS-CURRENT> 9934
<APPREC-INCREASE-CURRENT> (2639)
<NET-CHANGE-FROM-OPS> 7498
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1188
<DISTRIBUTIONS-OF-GAINS> 8177
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 14215
<NUMBER-OF-SHARES-REDEEMED> 29360
<SHARES-REINVESTED> 10427
<NET-CHANGE-IN-ASSETS> 14073
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 495
<GROSS-ADVISORY-FEES> 315
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 418
<AVERAGE-NET-ASSETS> 31491
<PER-SHARE-NAV-BEGIN> 1.248
<PER-SHARE-NII> 0.007
<PER-SHARE-GAIN-APPREC> 0.322
<PER-SHARE-DIVIDEND> 0.077
<PER-SHARE-DISTRIBUTIONS> 0.585
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0.915
<EXPENSE-RATIO> 1.28
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
MAXIM SERIES FUND, INC. FDS
</LEGEND>
<CIK> 0000356476
<NAME> MAXIM SERIES FUND, INC.
<SERIES>
<NUMBER> 12
<NAME> VALUE INDEX
<MULTIPLIER> 1000
<CURRENCY> U.S. Dollar
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-1-1997
<PERIOD-END> DEC-31-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 177500
<INVESTMENTS-AT-VALUE> 236660
<RECEIVABLES> 377
<ASSETS-OTHER> 511
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 237547
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 125
<TOTAL-LIABILITIES> 125
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 177892
<SHARES-COMMON-STOCK> 130911
<SHARES-COMMON-PRIOR> 84114
<ACCUMULATED-NII-CURRENT> 1
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 369
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 59160
<NET-ASSETS> 237422
<DIVIDEND-INCOME> 4292
<INTEREST-INCOME> 113
<OTHER-INCOME> 0
<EXPENSES-NET> 1083
<NET-INVESTMENT-INCOME> 3322
<REALIZED-GAINS-CURRENT> 12980
<APPREC-INCREASE-CURRENT> 35954
<NET-CHANGE-FROM-OPS> 52256
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4683
<DISTRIBUTIONS-OF-GAINS> 11251
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 46501
<NUMBER-OF-SHARES-REDEEMED> 8658
<SHARES-REINVESTED> 8954
<NET-CHANGE-IN-ASSETS> 115139
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 2
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1083
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1083
<AVERAGE-NET-ASSETS> 181195
<PER-SHARE-NAV-BEGIN> 1.454
<PER-SHARE-NII> 0.028
<PER-SHARE-GAIN-APPREC> 0.463
<PER-SHARE-DIVIDEND> 0.039
<PER-SHARE-DISTRIBUTIONS> 0.092
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.814
<EXPENSE-RATIO> 0.6
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
MAXIM SERIES FUND, INC. FDS
</LEGEND>
<CIK> 0000356476
<NAME> MAXIM SERIES FUND, INC.
<SERIES>
<NUMBER> 13
<NAME> SMALL CAP INDEX
<MULTIPLIER> 1000
<CURRENCY> U.S. Dollar
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-1-1997
<PERIOD-END> DEC-31-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 110089
<INVESTMENTS-AT-VALUE> 121075
<RECEIVABLES> 351
<ASSETS-OTHER> 245
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 121671
<PAYABLE-FOR-SECURITIES> 153
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 63
<TOTAL-LIABILITIES> 216
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 109960
<SHARES-COMMON-STOCK> 96485
<SHARES-COMMON-PRIOR> 65308
<ACCUMULATED-NII-CURRENT> 1
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 508
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 10986
<NET-ASSETS> 121455
<DIVIDEND-INCOME> 1210
<INTEREST-INCOME> 85
<OTHER-INCOME> 0
<EXPENSES-NET> 618
<NET-INVESTMENT-INCOME> 677
<REALIZED-GAINS-CURRENT> 18572
<APPREC-INCREASE-CURRENT> 1211
<NET-CHANGE-FROM-OPS> 20460
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2878
<DISTRIBUTIONS-OF-GAINS> 15660
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 28024
<NUMBER-OF-SHARES-REDEEMED> 12098
<SHARES-REINVESTED> 15251
<NET-CHANGE-IN-ASSETS> 40671
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 202
<GROSS-ADVISORY-FEES> 618
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 618
<AVERAGE-NET-ASSETS> 102684
<PER-SHARE-NAV-BEGIN> 1.237
<PER-SHARE-NII> 0.008
<PER-SHARE-GAIN-APPREC> 0.242
<PER-SHARE-DIVIDEND> 0.035
<PER-SHARE-DISTRIBUTIONS> 0.193
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.259
<EXPENSE-RATIO> 0.6
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
MAXIM SERIES FUND, INC. FDS
</LEGEND>
<CIK> 0000356476
<NAME> MAXIM SERIES FUND, INC.
<SERIES>
<NUMBER> 14
<NAME> GROWTH INDEX
<MULTIPLIER> 1000
<CURRENCY> U.S. Dollar
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-1-1997
<PERIOD-END> DEC-31-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 124805
<INVESTMENTS-AT-VALUE> 161735
<RECEIVABLES> 228
<ASSETS-OTHER> 1117
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 163080
<PAYABLE-FOR-SECURITIES> 18
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 86
<TOTAL-LIABILITIES> 105
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 126159
<SHARES-COMMON-STOCK> 88062
<SHARES-COMMON-PRIOR> 56384
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 112
<ACCUM-APPREC-OR-DEPREC> 36930
<NET-ASSETS> 162976
<DIVIDEND-INCOME> 1361
<INTEREST-INCOME> 98
<OTHER-INCOME> 0
<EXPENSES-NET> 767
<NET-INVESTMENT-INCOME> 692
<REALIZED-GAINS-CURRENT> 5063
<APPREC-INCREASE-CURRENT> 24724
<NET-CHANGE-FROM-OPS> 30479
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1130
<DISTRIBUTIONS-OF-GAINS> 4520
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 34500
<NUMBER-OF-SHARES-REDEEMED> 5956
<SHARES-REINVESTED> 3134
<NET-CHANGE-IN-ASSETS> 79233
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 218
<GROSS-ADVISORY-FEES> 767
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 767
<AVERAGE-NET-ASSETS> 128262
<PER-SHARE-NAV-BEGIN> 1.485
<PER-SHARE-NII> 0.009
<PER-SHARE-GAIN-APPREC> 0.424
<PER-SHARE-DIVIDEND> 0.014
<PER-SHARE-DISTRIBUTIONS> 0.053
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.851
<EXPENSE-RATIO> 0.6
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
MAXIM SERIES FUND, INC. FDS
</LEGEND>
<CIK> 0000356476
<NAME> MAXIM SERIES FUND, INC.
<SERIES>
<NUMBER> 15
<NAME> MIDCAP
<MULTIPLIER> 1000
<CURRENCY> U.S. Dollar
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-1-1997
<PERIOD-END> DEC-31-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 187753
<INVESTMENTS-AT-VALUE> 236458
<RECEIVABLES> 1603
<ASSETS-OTHER> 320
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 238381
<PAYABLE-FOR-SECURITIES> 4227
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 214
<TOTAL-LIABILITIES> 4441
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 181966
<SHARES-COMMON-STOCK> 150616
<SHARES-COMMON-PRIOR> 149870
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 115
<ACCUMULATED-NET-GAINS> 3385
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 48704
<NET-ASSETS> 233940
<DIVIDEND-INCOME> 626
<INTEREST-INCOME> 500
<OTHER-INCOME> 0
<EXPENSES-NET> 2187
<NET-INVESTMENT-INCOME> (1061)
<REALIZED-GAINS-CURRENT> 9899
<APPREC-INCREASE-CURRENT> 16971
<NET-CHANGE-FROM-OPS> 25809
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 8965
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 15899
<NUMBER-OF-SHARES-REDEEMED> 21185
<SHARES-REINVESTED> 6032
<NET-CHANGE-IN-ASSETS> 19229
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 2451
<OVERDISTRIB-NII-PRIOR> 1245
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1989
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2194
<AVERAGE-NET-ASSETS> 209381
<PER-SHARE-NAV-BEGIN> 1.433
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0.182
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0.062
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.553
<EXPENSE-RATIO> 1.06
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
MAXIM SERIES FUND, INC. FDS
</LEGEND>
<CIK> 0000356476
<NAME> MAXIM SERIES FUND, INC.
<SERIES>
<NUMBER> 16
<NAME> T.ROWE EQUITY/INCOME
<MULTIPLIER> 1000
<CURRENCY> U.S. Dollar
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-1-1997
<PERIOD-END> DEC-31-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 140832
<INVESTMENTS-AT-VALUE> 167222
<RECEIVABLES> 406
<ASSETS-OTHER> 275
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 167903
<PAYABLE-FOR-SECURITIES> 611
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 138
<TOTAL-LIABILITIES> 749
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 140289
<SHARES-COMMON-STOCK> 94965
<SHARES-COMMON-PRIOR> 47984
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 2
<ACCUMULATED-NET-GAINS> 477
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 26390
<NET-ASSETS> 167154
<DIVIDEND-INCOME> 3240
<INTEREST-INCOME> 842
<OTHER-INCOME> 0
<EXPENSES-NET> 1093
<NET-INVESTMENT-INCOME> 2989
<REALIZED-GAINS-CURRENT> 6509
<APPREC-INCREASE-CURRENT> 20751
<NET-CHANGE-FROM-OPS> 30249
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 6180
<DISTRIBUTIONS-OF-GAINS> 2842
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 43030
<NUMBER-OF-SHARES-REDEEMED> 1267
<SHARES-REINVESTED> 5217
<NET-CHANGE-IN-ASSETS> 97618
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 1
<GROSS-ADVISORY-FEES> 959
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1114
<AVERAGE-NET-ASSETS> 120,302
<PER-SHARE-NAV-BEGIN> 1.449
<PER-SHARE-NII> 0.036
<PER-SHARE-GAIN-APPREC> 0.378
<PER-SHARE-DIVIDEND> 0.071
<PER-SHARE-DISTRIBUTIONS> 0.032
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.760
<EXPENSE-RATIO> 0.91
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
MAXIM SERIES FUND, INC. FDS
</LEGEND>
<CIK> 0000356476
<NAME> MAXIM SERIES FUND, INC.
<SERIES>
<NUMBER> 17
<NAME> INVESCO SMALL-CAP GROWTH
<MULTIPLIER> 1000
<CURRENCY> U.S. Dollar
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-1-1997
<PERIOD-END> DEC-31-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 64038
<INVESTMENTS-AT-VALUE> 66721
<RECEIVABLES> 815
<ASSETS-OTHER> 127
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 67663
<PAYABLE-FOR-SECURITIES> 5352
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 59
<TOTAL-LIABILITIES> 5411
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 58631
<SHARES-COMMON-STOCK> 39017
<SHARES-COMMON-PRIOR> 22210
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 19
<ACCUMULATED-NET-GAINS> 958
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2682
<NET-ASSETS> 62252
<DIVIDEND-INCOME> 94
<INTEREST-INCOME> 422
<OTHER-INCOME> 0
<EXPENSES-NET> 511
<NET-INVESTMENT-INCOME> 5
<REALIZED-GAINS-CURRENT> 4580
<APPREC-INCREASE-CURRENT> 2800
<NET-CHANGE-FROM-OPS> 7385
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3588
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 19564
<NUMBER-OF-SHARES-REDEEMED> 5135
<SHARES-REINVESTED> 2378
<NET-CHANGE-IN-ASSETS> 30424
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 58
<GROSS-ADVISORY-FEES> 441
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 556
<AVERAGE-NET-ASSETS> 46595
<PER-SHARE-NAV-BEGIN> 1.433
<PER-SHARE-NII> 0.001
<PER-SHARE-GAIN-APPREC> 0.261
<PER-SHARE-DIVIDEND> 0.099
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.596
<EXPENSE-RATIO> 1.1
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
MAXIM SERIES FUND, INC. FDS
</LEGEND>
<CIK> 0000356476
<NAME> MAXIM SERIES FUND, INC.
<SERIES>
<NUMBER> 18
<NAME> INVESCO ADR
<MULTIPLIER> 1000
<CURRENCY> U.S. Dollar
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-1-1997
<PERIOD-END> DEC-31-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 13950
<INVESTMENTS-AT-VALUE> 16197
<RECEIVABLES> 0
<ASSETS-OTHER> 403
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 16600
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 19
<TOTAL-LIABILITIES> 19
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 14420
<SHARES-COMMON-STOCK> 11201
<SHARES-COMMON-PRIOR> 5697
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 2
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 84
<ACCUM-APPREC-OR-DEPREC> 2247
<NET-ASSETS> 16581
<DIVIDEND-INCOME> 260
<INTEREST-INCOME> 27
<OTHER-INCOME> 0
<EXPENSES-NET> 161
<NET-INVESTMENT-INCOME> 126
<REALIZED-GAINS-CURRENT> 147
<APPREC-INCREASE-CURRENT> 1052
<NET-CHANGE-FROM-OPS> 1325
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 154
<DISTRIBUTIONS-OF-GAINS> 205
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6485
<NUMBER-OF-SHARES-REDEEMED> 1226
<SHARES-REINVESTED> 245
<NET-CHANGE-IN-ASSETS> 8886
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 123
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 202
<AVERAGE-NET-ASSETS> 12389
<PER-SHARE-NAV-BEGIN> 1.351
<PER-SHARE-NII> 0.011
<PER-SHARE-GAIN-APPREC> 0.151
<PER-SHARE-DIVIDEND> 0.014
<PER-SHARE-DISTRIBUTIONS> 0.019
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.480
<EXPENSE-RATIO> 1.3
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
MAXIM SERIES FUND, INC. FDS
</LEGEND>
<CIK> 0000356476
<NAME> MAXIM SERIES FUND, INC.
<SERIES>
<NUMBER> 19
<NAME> CORPORATE BOND
<MULTIPLIER> 1000
<CURRENCY> U.S. Dollar
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-1-1997
<PERIOD-END> DEC-31-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 155532
<INVESTMENTS-AT-VALUE> 159947
<RECEIVABLES> 3289
<ASSETS-OTHER> 285
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 163521
<PAYABLE-FOR-SECURITIES> 4508
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 128
<TOTAL-LIABILITIES> 4636
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 152956
<SHARES-COMMON-STOCK> 132613
<SHARES-COMMON-PRIOR> 71997
<ACCUMULATED-NII-CURRENT> 31
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 1482
<ACCUM-APPREC-OR-DEPREC> 4415
<NET-ASSETS> 158884
<DIVIDEND-INCOME> 346
<INTEREST-INCOME> 9631
<OTHER-INCOME> 0
<EXPENSES-NET> 1114
<NET-INVESTMENT-INCOME> 8863
<REALIZED-GAINS-CURRENT> 5122
<APPREC-INCREASE-CURRENT> 646
<NET-CHANGE-FROM-OPS> 14631
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 9506
<DISTRIBUTIONS-OF-GAINS> 3380
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 53016
<NUMBER-OF-SHARES-REDEEMED> 3059
<SHARES-REINVESTED> 10658
<NET-CHANGE-IN-ASSETS> 75239
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 414
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1114
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1114
<AVERAGE-NET-ASSETS> 124115
<PER-SHARE-NAV-BEGIN> 1.162
<PER-SHARE-NII> 0.076
<PER-SHARE-GAIN-APPREC> 0.069
<PER-SHARE-DIVIDEND> 0.082
<PER-SHARE-DISTRIBUTIONS> 0.027
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.198
<EXPENSE-RATIO> 0.90
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
MAXIM SERIES FUND, INC. FDS
</LEGEND>
<CIK> 0000356476
<NAME> MAXIM SERIES FUND, INC.
<SERIES>
<NUMBER> 20
<NAME> SMALL-CAP AGGRESSIVE GROWTH
<MULTIPLIER> 1000
<CURRENCY> U.S. Dollar
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-1-1997
<PERIOD-END> DEC-31-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 168958
<INVESTMENTS-AT-VALUE> 184972
<RECEIVABLES> 1158
<ASSETS-OTHER> 347
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 186477
<PAYABLE-FOR-SECURITIES> 2982
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 173
<TOTAL-LIABILITIES> 3154
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 165338
<SHARES-COMMON-STOCK> 119696
<SHARES-COMMON-PRIOR> 56990
<ACCUMULATED-NII-CURRENT> 16
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1955
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 16014
<NET-ASSETS> 183323
<DIVIDEND-INCOME> 1580
<INTEREST-INCOME> 1162
<OTHER-INCOME> 0
<EXPENSES-NET> 1516
<NET-INVESTMENT-INCOME> 1226
<REALIZED-GAINS-CURRENT> 22101
<APPREC-INCREASE-CURRENT> 6154
<NET-CHANGE-FROM-OPS> 29481
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 16102
<DISTRIBUTIONS-OF-GAINS> 5867
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 53397
<NUMBER-OF-SHARES-REDEEMED> 5316
<SHARES-REINVESTED> 14624
<NET-CHANGE-IN-ASSETS> 103378
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 635
<OVERDISTRIB-NII-PRIOR> 22
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1366
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1525
<AVERAGE-NET-ASSETS> 137139
<PER-SHARE-NAV-BEGIN> 1.403
<PER-SHARE-NII> 0.010
<PER-SHARE-GAIN-APPREC> 0.327
<PER-SHARE-DIVIDEND> 0.152
<PER-SHARE-DISTRIBUTIONS> 0.056
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.532
<EXPENSE-RATIO> 1.11
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
MAXIM SERIES FUND, INC. FDS
</LEGEND>
<CIK> 0000356476
<NAME> MAXIM SERIES FUND, INC.
<SERIES>
<NUMBER> 21
<NAME> FOREIGN EQUITY
<MULTIPLIER> 1000
<CURRENCY> U.S. Dollar
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-1-1997
<PERIOD-END> DEC-31-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 65927
<INVESTMENTS-AT-VALUE> 65283
<RECEIVABLES> 640
<ASSETS-OTHER> 103
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 66026
<PAYABLE-FOR-SECURITIES> 1268
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 84
<TOTAL-LIABILITIES> 1352
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 65640
<SHARES-COMMON-STOCK> 69715
<SHARES-COMMON-PRIOR> 75718
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 322
<ACCUM-APPREC-OR-DEPREC> (643)
<NET-ASSETS> 64675
<DIVIDEND-INCOME> 210
<INTEREST-INCOME> 626
<OTHER-INCOME> 0
<EXPENSES-NET> 1011
<NET-INVESTMENT-INCOME> (175)
<REALIZED-GAINS-CURRENT> 3995
<APPREC-INCREASE-CURRENT> (6540)
<NET-CHANGE-FROM-OPS> 2721
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1352
<DISTRIBUTIONS-OF-GAINS> 3144
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 18580
<NUMBER-OF-SHARES-REDEEMED> 29467
<SHARES-REINVESTED> 4883
<NET-CHANGE-IN-ASSETS> (15432)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 762
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 762
<AVERAGE-NET-ASSETS> 76186
<PER-SHARE-NAV-BEGIN> 1.058
<PER-SHARE-NII> 0.002
<PER-SHARE-GAIN-APPREC> 0.059
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0.069
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0.928
<EXPENSE-RATIO> 1.33
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
MAXIM SERIES FUND, INC. FDS
</LEGEND>
<CIK> 0000356476
<NAME> MAXIM SERIES FUND, INC.
<SERIES>
<NUMBER> 22
<NAME> SHORT-TERM MATURITY BOND
<MULTIPLIER> 1000
<CURRENCY> U.S. Dollar
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-1-1997
<PERIOD-END> DEC-31-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 76136
<INVESTMENTS-AT-VALUE> 76580
<RECEIVABLES> 1336
<ASSETS-OTHER> 494
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 78410
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 42
<TOTAL-LIABILITIES> 42
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 77893
<SHARES-COMMON-STOCK> 77331
<SHARES-COMMON-PRIOR> 39249
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 29
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 445
<NET-ASSETS> 78368
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3571
<OTHER-INCOME> 0
<EXPENSES-NET> 352
<NET-INVESTMENT-INCOME> 3218
<REALIZED-GAINS-CURRENT> 96
<APPREC-INCREASE-CURRENT> 303
<NET-CHANGE-FROM-OPS> 3618
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3218
<DISTRIBUTIONS-OF-GAINS> 7
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 40680
<NUMBER-OF-SHARES-REDEEMED> 5792
<SHARES-REINVESTED> 3195
<NET-CHANGE-IN-ASSETS> 38864
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 60
<GROSS-ADVISORY-FEES> 352
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 352
<AVERAGE-NET-ASSETS> 58866
<PER-SHARE-NAV-BEGIN> 1.007
<PER-SHARE-NII> 0.053
<PER-SHARE-GAIN-APPREC> 0.007
<PER-SHARE-DIVIDEND> 0.053
<PER-SHARE-DISTRIBUTIONS> 0.001
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.013
<EXPENSE-RATIO> 0.6
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
MAXIM SERIES FUND, INC. FDS
</LEGEND>
<CIK> 0000356476
<NAME> MAXIM SERIES FUND, INC.
<SERIES>
<NUMBER> 24
<NAME> INVESCO BALANCED
<MULTIPLIER> 1000
<CURRENCY> U.S. Dollar
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-1-1997
<PERIOD-END> DEC-31-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 118803
<INVESTMENTS-AT-VALUE> 123419
<RECEIVABLES> 3643
<ASSETS-OTHER> 206
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 127268
<PAYABLE-FOR-SECURITIES> 82
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 113
<TOTAL-LIABILITIES> 195
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 123408
<SHARES-COMMON-STOCK> 100948
<SHARES-COMMON-PRIOR> 15361
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 1
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 950
<ACCUM-APPREC-OR-DEPREC> 4616
<NET-ASSETS> 127073
<DIVIDEND-INCOME> 378
<INTEREST-INCOME> 1645
<OTHER-INCOME> 0
<EXPENSES-NET> 531
<NET-INVESTMENT-INCOME> 1492
<REALIZED-GAINS-CURRENT> 2368
<APPREC-INCREASE-CURRENT> 4349
<NET-CHANGE-FROM-OPS> 8209
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4776
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 85528
<NUMBER-OF-SHARES-REDEEMED> 3765
<SHARES-REINVESTED> 3825
<NET-CHANGE-IN-ASSETS> 111085
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 34
<GROSS-ADVISORY-FEES> 531
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 531
<AVERAGE-NET-ASSETS> 53902
<PER-SHARE-NAV-BEGIN> 1.041
<PER-SHARE-NII> 0.019
<PER-SHARE-GAIN-APPREC> 0.252
<PER-SHARE-DIVIDEND> 0.053
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.259
<EXPENSE-RATIO> 1
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
MAXIM SERIES FUND, INC. FDS
</LEGEND>
<CIK> 0000356476
<NAME> MAXIM SERIES FUND, INC.
<SERIES>
<NUMBER> 25
<NAME> MIDCAP GROWTH PORTFOLIO
<MULTIPLIER> 1000
<CURRENCY> U.S. Dollar
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-1-1997
<PERIOD-END> DEC-31-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 53266
<INVESTMENTS-AT-VALUE> 56705
<RECEIVABLES> 211
<ASSETS-OTHER> 273
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 57190
<PAYABLE-FOR-SECURITIES> 434
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 51
<TOTAL-LIABILITIES> 485
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 53067
<SHARES-COMMON-STOCK> 51230
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 35
<ACCUMULATED-NET-GAINS> 234
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3439
<NET-ASSETS> 56704
<DIVIDEND-INCOME> 55
<INTEREST-INCOME> 135
<OTHER-INCOME> 0
<EXPENSES-NET> 225
<NET-INVESTMENT-INCOME> (35)
<REALIZED-GAINS-CURRENT> 318
<APPREC-INCREASE-CURRENT> 3439
<NET-CHANGE-FROM-OPS> 3721
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 84
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 51914
<NUMBER-OF-SHARES-REDEEMED> 763
<SHARES-REINVESTED> 79
<NET-CHANGE-IN-ASSETS> 56704
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 215
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 278
<AVERAGE-NET-ASSETS> 43064
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0.109
<PER-SHARE-DIVIDEND> 0.002
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.107
<EXPENSE-RATIO> 1.05
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
MAXIM SERIES FUND, INC. FDS
</LEGEND>
<CIK> 0000356476
<NAME> MAXIM SERIES FUND, INC.
<SERIES>
<NUMBER> 26
<NAME> BLUE CHIP PORTFOLIO
<MULTIPLIER> 1000
<CURRENCY> U.S. Dollar
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-1-1997
<PERIOD-END> DEC-31-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 92780
<INVESTMENTS-AT-VALUE> 95305
<RECEIVABLES> 578
<ASSETS-OTHER> 208
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 96091
<PAYABLE-FOR-SECURITIES> 1787
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 97
<TOTAL-LIABILITIES> 1884
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 92146
<SHARES-COMMON-STOCK> 92110
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 4
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (469)
<ACCUM-APPREC-OR-DEPREC> 2526
<NET-ASSETS> 95146
<DIVIDEND-INCOME> 521
<INTEREST-INCOME> 812
<OTHER-INCOME> 0
<EXPENSES-NET> 521
<NET-INVESTMENT-INCOME> 812
<REALIZED-GAINS-CURRENT> 469
<APPREC-INCREASE-CURRENT> 2526
<NET-CHANGE-FROM-OPS> 2869
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 808
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 95499
<NUMBER-OF-SHARES-REDEEMED> 4180
<SHARES-REINVESTED> 791
<NET-CHANGE-IN-ASSETS> 94207
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 453
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 524
<AVERAGE-NET-ASSETS> 90413
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.009
<PER-SHARE-GAIN-APPREC> 0.023
<PER-SHARE-DIVIDEND> 0.009
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.023
<EXPENSE-RATIO> 1.14
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
MAXIM SERIES FUND, INC. FDS
</LEGEND>
<CIK> 0000356476
<NAME> MAXIM SERIES FUND, INC.
<SERIES>
<NUMBER> 27
<NAME> AGGRESSIVE PROFILE PORTFOLIO
<MULTIPLIER> 1000
<CURRENCY> U.S. Dollar
<S> <C>
<PERIOD-TYPE> 4-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> SEP-9-1997
<PERIOD-END> DEC-31-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 748308
<INVESTMENTS-AT-VALUE> 697726
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 697726
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 292
<TOTAL-LIABILITIES> 292
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 753071
<SHARES-COMMON-STOCK> 733767
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 5
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 5050
<ACCUM-APPREC-OR-DEPREC> (50582)
<NET-ASSETS> 697434
<DIVIDEND-INCOME> 3495
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 292
<NET-INVESTMENT-INCOME> 3203
<REALIZED-GAINS-CURRENT> 47227
<APPREC-INCREASE-CURRENT> (50582)
<NET-CHANGE-FROM-OPS> (152)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 8598
<DISTRIBUTIONS-OF-GAINS> 46887
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 818249
<NUMBER-OF-SHARES-REDEEMED> 143109
<SHARES-REINVESTED> 58627
<NET-CHANGE-IN-ASSETS> 697434
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 292
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 292
<AVERAGE-NET-ASSETS> 427,149
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.005
<PER-SHARE-GAIN-APPREC> 0.028
<PER-SHARE-DIVIDEND> 0.013
<PER-SHARE-DISTRIBUTIONS> 0.070
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0.951
<EXPENSE-RATIO> 0.25
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
MAXIM SERIES FUND, INC. FDS
</LEGEND>
<CIK> 0000356476
<NAME> MAXIM SERIES FUND, INC.
<SERIES>
<NUMBER> 28
<NAME> MODERATELY AGGRESSIVE PROFILE PORTFOLIO
<MULTIPLIER> 1000
<CURRENCY> U.S. Dollar
<S> <C>
<PERIOD-TYPE> 4-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> SEP-9-1997
<PERIOD-END> DEC-31-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 1717511
<INVESTMENTS-AT-VALUE> 1631552
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1631552
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 583
<TOTAL-LIABILITIES> 583
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1717271
<SHARES-COMMON-STOCK> 1685584
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 11
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 332
<ACCUM-APPREC-OR-DEPREC> (85959)
<NET-ASSETS> 1630969
<DIVIDEND-INCOME> 12309
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 583
<NET-INVESTMENT-INCOME> 11726
<REALIZED-GAINS-CURRENT> 96134
<APPREC-INCREASE-CURRENT> (85959)
<NET-CHANGE-FROM-OPS> 21901
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 22168
<DISTRIBUTIONS-OF-GAINS> 86035
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1596235
<NUMBER-OF-SHARES-REDEEMED> 22793
<SHARES-REINVESTED> 112142
<NET-CHANGE-IN-ASSETS> 1630969
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 583
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 583
<AVERAGE-NET-ASSETS> 887,253
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.008
<PER-SHARE-GAIN-APPREC> 0.029
<PER-SHARE-DIVIDEND> 0.014
<PER-SHARE-DISTRIBUTIONS> 0.055
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0.968
<EXPENSE-RATIO> 0.25
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
MAXIM SERIES FUND, INC. FDS
</LEGEND>
<CIK> 0000356476
<NAME> MAXIM SERIES FUND, INC.
<SERIES>
<NUMBER> 29
<NAME> MODERATE PROFILE PORTFOLIO
<MULTIPLIER> 1000
<CURRENCY> U.S. Dollar
<S> <C>
<PERIOD-TYPE> 4-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> SEP-9-1997
<PERIOD-END> DEC-31-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 1099014
<INVESTMENTS-AT-VALUE> 1044406
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1044406
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 325
<TOTAL-LIABILITIES> 325
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1100524
<SHARES-COMMON-STOCK> 1080669
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 8
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 1827
<ACCUM-APPREC-OR-DEPREC> (54608)
<NET-ASSETS> 1044081
<DIVIDEND-INCOME> 9489
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 325
<NET-INVESTMENT-INCOME> 9164
<REALIZED-GAINS-CURRENT> 49774
<APPREC-INCREASE-CURRENT> (54608)
<NET-CHANGE-FROM-OPS> 4330
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 14654
<DISTRIBUTIONS-OF-GAINS> 46120
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1042198
<NUMBER-OF-SHARES-REDEEMED> 24577
<SHARES-REINVESTED> 63048
<NET-CHANGE-IN-ASSETS> 1044081
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 325
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 325
<AVERAGE-NET-ASSETS> 527,530
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.009
<PER-SHARE-GAIN-APPREC> 0.017
<PER-SHARE-DIVIDEND> 0.014
<PER-SHARE-DISTRIBUTIONS> 0.045
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0.966
<EXPENSE-RATIO> 0.25
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
MAXIM SERIES FUND, INC. FDS
</LEGEND>
<CIK> 0000356476
<NAME> MAXIM SERIES FUND, INC.
<SERIES>
<NUMBER> 30
<NAME> MODERATELY CONSERVATIVE PROFILE PORTFOLIO
<MULTIPLIER> 1000
<CURRENCY> U.S. Dollar
<S> <C>
<PERIOD-TYPE> 4-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> SEP-9-1997
<PERIOD-END> DEC-31-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 552434
<INVESTMENTS-AT-VALUE> 535213
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 535213
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 238
<TOTAL-LIABILITIES> 238
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 551141
<SHARES-COMMON-STOCK> 539907
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 3
<ACCUMULATED-NET-GAINS> 1058
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (17221)
<NET-ASSETS> 534975
<DIVIDEND-INCOME> 7123
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 238
<NET-INVESTMENT-INCOME> 6885
<REALIZED-GAINS-CURRENT> 10880
<APPREC-INCREASE-CURRENT> (17221)
<NET-CHANGE-FROM-OPS> 544
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 7892
<DISTRIBUTIONS-OF-GAINS> 8818
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 16902
<NUMBER-OF-SHARES-REDEEMED> 2925
<SHARES-REINVESTED> 525930
<NET-CHANGE-IN-ASSETS> 534975
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 238
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 238
<AVERAGE-NET-ASSETS> 362,919
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.013
<PER-SHARE-GAIN-APPREC> 0.010
<PER-SHARE-DIVIDEND> 0.015
<PER-SHARE-DISTRIBUTIONS> 0.017
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0.991
<EXPENSE-RATIO> 0.25
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
MAXIM SERIES FUND, INC. FDS
</LEGEND>
<CIK> 0000356476
<NAME> MAXIM SERIES FUND, INC.
<SERIES>
<NUMBER> 31
<NAME> CONSERVATIVE PROFILE PORTFOLIO
<MULTIPLIER> 1000
<CURRENCY> U.S. Dollar
<S> <C>
<PERIOD-TYPE> 4-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> SEP-9-1997
<PERIOD-END> DEC-31-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 273297
<INVESTMENTS-AT-VALUE> 268496
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 268496
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 80
<TOTAL-LIABILITIES> 80
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 272784
<SHARES-COMMON-STOCK> 266080
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 2
<ACCUMULATED-NET-GAINS> 435
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (4801)
<NET-ASSETS> 268416
<DIVIDEND-INCOME> 3780
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 80
<NET-INVESTMENT-INCOME> 3700
<REALIZED-GAINS-CURRENT> 3670
<APPREC-INCREASE-CURRENT> (4801)
<NET-CHANGE-FROM-OPS> 2569
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4060
<DISTRIBUTIONS-OF-GAINS> 2877
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 267916
<NUMBER-OF-SHARES-REDEEMED> 8721
<SHARES-REINVESTED> 6885
<NET-CHANGE-IN-ASSETS> 268416
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 80
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 80
<AVERAGE-NET-ASSETS> 133,020
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.015
<PER-SHARE-GAIN-APPREC> 0.022
<PER-SHARE-DIVIDEND> 0.016
<PER-SHARE-DISTRIBUTIONS> 0.011
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.009
<EXPENSE-RATIO> 0.25
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
