MAXIM SERIES FUND, INC.
8515 East Orchard Road
Englewood, Colorado 80111
TO THE SHAREHOLDER:
The Maxim Vista Growth and Income Fund (the "Fund"), which seeks capital
appreciation and current income by investing all of its assets in the Chase
Vista Growth and Income Fund (the "Vista Fund"), provided a total return of
13.32% for the year ended October 31, 1999. This compares to 11.66% for the
Lipper Multi-Cap Value Average and 19.01% for the S&P/BARRA 500 Value Index, the
Fund's benchmark.
How the Fund Was Managed
Buoyed by the rally in equities, the Fund generated a positive return. Market
conditions were most favorable in the first half of the period, when the rally
that followed the Federal Reserve Board's fall 1998 rate cuts boosted many Vista
Fund holdings. Sectors such as technology, media, consumer cyclicals and
industrial cyclicals boosted the Fund in this period. The Fund rose 16.30% in
the first six months.
During the summer, the market environment was not as positive, as the Fed
reversed much of its monetary easing of the previous fall. In addition, long
bond rates rose. Much of the market remained mired in a trading range, with
worries over valuations and inflation to the fore.
In this nervous market, companies that disappointed were swiftly punished with
lower stock prices. A number of Vista Fund constituents fell back sharply in
response to disappointing earnings news. Stocks like Bank One, Health South,
Office Depot and Waste Management fell sharply.
In September and October, the Vista Fund was repositioned to bring it more into
line with its benchmark. A large number of names were added, including DuPont,
Monsanto, International Paper, GE, Exxon, American Express, American
International Group (AIG), Citigroup, Federal National Mortgage Association
(Fannie Mae), Wells Fargo and Morgan Stanley Dean Witter. A number of common
stocks that were believed less attractive were sold, as were some convertible
stocks and REITs.
Where the Fund May Be Headed
While the majority of the repositioning has been accomplished, the manager of
the Vista Fund will continue to work on bringing Vista Fund into line with the
sector weights of its benchmark. The manager will seek to outperform through
picking companies with valuations based on earnings over the next two years that
are relatively attractive.
The following graph, prepared in accordance with SEC regulations, compares a
$10,000 investment in the Maxim Vista Growth & Income Portfolio, made at its
inception, with the performance of the Lipper Growth and Income Fund Average.
Results include the reinvestment of all dividends and capital gains
distributions. Performance is historical and does not represent future results.
Investment return and principal value will fluctuate so that an investor's
shares, when redeemed, may be worth more or less than their original cost.
Maxim Vista Growth & Income Portfolio
Inception (12/21/94) - $10,000
10/31/95 - $12,315
10/31/96 - $14,780
10/31/97 - $19,113
10/31/98 - $20,906
10/31/99 - $23,651
Lipper Growth and Income Fund Average
Inception (12/21/94) - $10,000
10/31/95 - $12,407
10/31/96 - $15,102
10/31/97 - $19,335
10/31/98 - $21,228
10/31/99 - $24,631
S&P 500 Index
Inception (12/31/94) - $10,000
10/31/95 - $12,927
10/31/96 - $16,031
10/31/97 - $21,177
10/31/98 - $25,848
10/31/99 - $32,502
Average Annual Total Returns, for the period ending 10/31/99
1 year Since Inception
Maxim Vista Growth 13.13% 19.17%
& Income Portfolio
Lipper Growth and 16.03% 20.23%
Income Fund Average
S&P 500 Index 25.75% 27.60%
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, Inc., including charges and expenses,
please contact your registered representative to obtain a prospectus. Read it
carefully before investing.
MAXIM SERIES FUND, INC.
MAXIM VISTA GROWTH & INCOME PORTFOLIO
Financial Statements and Financial Highlights for the Years Ended
October 31, 1999 and 1998 and Independent Auditors' Report
<PAGE>
MAXIM SERIES FUND, INC.
<TABLE>
STATEMENT OF ASSETS AND LIABILITIES
OCTOBER 31, 1999
- -------------------------------------------------------------------------------------------------------
MAXIM VISTA
GROWTH &
INCOME
PORTFOLIO
------------------
ASSETS:
<S> <C> <C>
Investment in Hub - Growth and Income Portfolio, at value (1) $ 126,272,431
Subscriptions receivable 22,835
------------------
Total assets 126,295,266
------------------
LIABILITIES:
Redemptions payable 268,939
Due to GW Capital Management 48,226
------------------
Total liabilities 317,165
------------------
NET ASSETS $ 125,978,101
==================
NET ASSETS REPRESENTED BY:
Capital stock, $.10 par value $ 7,466,634
Additional paid-in capital 76,008,839
Net unrealized appreciation on investments 15,850,991
Undistributed net investment income 52,956
Accumulated net realized gain on investments 26,598,681
------------------
NET ASSETS $ 125,978,101
==================
NET ASSET VALUE PER OUTSTANDING SHARE $ 1.6872
==================
SHARES OF CAPITAL STOCK:
Authorized 200,000,000
Outstanding 74,666,343
(1) Cost of Investments in securities: $ 110,421,440
</TABLE>
See notes to financial statements.
<PAGE>
MAXIM SERIES FUND, INC.
<TABLE>
STATEMENT OF OPERATIONS
YEAR ENDED OCTOBER 31, 1999
- -----------------------------------------------------------------------------------------------------------
MAXIM VISTA
GROWTH &
INCOME
PORTFOLIO
--------------------
INVESTMENT INCOME:
<S> <C>
Investment income allocated from Hub portfolio $ 2,643,294
Expenses allocated from Hub portfolio (743,735)
---------------------
---------------------
Total investment income 1,899,559
---------------------
EXPENSES:
Advisory fees 844,629
---------------------
---------------------
Total expenses 844,629
---------------------
NET INVESTMENT INCOME 1,054,930
---------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain on investments allocated from Hub portfolio 26,598,681
Change in net unrealized appreciation on investments allocated from Hub (3,923,658)
portfolio
---------------------
Net change in realized and unrealized appreciation on investments 22,675,023
---------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 23,729,953
=====================
</TABLE>
See notes to financial statements.
<PAGE>
MAXIM SERIES FUND, INC.
<TABLE>
STATEMENTS OF CHANGES IN NET ASSETS
YEARS ENDED OCTOBER 31, 1999 AND 1998
- ---------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------
MAXIM VISTA GROWTH & INCOME
PORTFOLIO
-------------------------------------
-------------------------------------
<S> <C> <C>
1999 1998
---------------- ----------------
---------------- ----------------
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income $ 1,054,930 $ 1,086,018
Net realized gain on investments 26,598,681 10,331,134
Change in net unrealized appreciation on investments (3,923,658) 1,294,612
----------------- ----------------
----------------- ----------------
Net increase in net assets resulting from 23,729,953 12,711,764
operations
----------------- ----------------
---------------- ----------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (1,109,306) (977,424)
From net realized gains (10,331,134) (16,621,457)
----------------- ----------------
----------------- ---------------
Total distributions (11,440,440)
(17,598,881)
----------------- ---------------
---------------- ----------------
SHARE TRANSACTIONS:
Net proceeds from sales of shares 73,351,123 27,501,075
Reinvestment of distributions 11,440,440 17,598,881
Redemptions of shares (132,269,592) (14,099,838)
----------------- ---------------
---------------- ----------------
Net increase (decrease) in net assets resulting from (47,478,029) 31,000,118
share transactions
----------------- ---------------
---------------- ----------------
Total increase (decrease) in net assets (35,188,516) 26,113,001
------------------ ----------------
---------------- ----------------
NET ASSETS:
Beginning of period 161,166,617 135,053,616
----------------- ---------------
---------------- ----------------
End of period (1) $ 125,978,101 $ 161,166,617
================= ===============
================ ================
OTHER INFORMATION:
SHARES:
Sold 43,963,560 16,847,558
Issued in reinvestment of distributions 7,003,745 11,451,538
Redeemed (77,295,243) (8,711,237)
----------------- ---------------
---------------- ----------------
Net increase (decrease) in shares of beneficial (26,327,938) 19,587,859
interest outstanding
================= ===============
================ ================
OUTSTANDING SHARES:
Beginning of period 100,994,281 81,406,422
----------------- ---------------
---------------- -----------------
End of period 74,666,343 100,994,281
================= ===============
================ =================
(1) Including undistributed net investment income 52,956 107,332
</TABLE>
See notes to financial statements.
<PAGE>
MAXIM SERIES FUND, INC.
<TABLE>
MAXIM VISTA GROWTH & INCOME PORTFOLIO
FINANCIAL HIGHLIGHTS
- ------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the fund for the years ended
October 31, 1999, 1998, 1997 and 1996, and the period ended October 31, 1995 are
as follows:
Period Ended October 31,
------------------------------------------------------------------------
------------------------------------------------------------------------
1999 1998 1997 1996 1995
------------- ------------- ------------- ----------- -----------
------------- ------------- ------------- ----------- -----------
(A)
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of $ 1.5958 $ 1.6590 $ 1.3957 $ 1.2133 $ 1.0000
Period
Income from Investment
Operations
Net investment income 0.0114 0.0113 0.0158 0.0219 0.0174
Net realized and unrealized 0.1938 0.1351 0.3677 0.2147 0.2133
gain
------------- ------------- ------------- ----------- -----------
------------- ------------- ------------- ----------- -----------
Total Income From Investment 0.2052 0.1464 0.3835 0.2366 0.2307
Operations
------------- ------------- ------------- ----------- -----------
------------- ------------- ------------- ----------- -----------
Less Distributions
From net investment income (0.0118) (0.0103) (0.0162) (0.0215) (0.0174)
From net realized gains (0.1020) (0.1993) (0.1040) (0.0327)
------------- ------------- ------------- ----------- -----------
------------- ------------- ------------- ----------- -----------
Total Distributions (0.1138) (0.2096) (0.1202) (0.0542) (0.0174)
------------- ------------- ------------- ----------- -----------
------------- ------------- ------------- ----------- -----------
Net Asset Value, End of Period $ 1.6872 $ 1.5958 $ 1.6590 $ 1.3957 $ 1.2133
============= ============= ============= =========== ===========
============= ============= ============= =========== ===========
Total Return 13.13% 9.38% 29.33% 20.01% 22.25%
Net Assets, End of Period $ 125,978,101 $ 161,166,617 $ 135,053,616 $ 86,430,279 $ 49,403,163
Ratio of Expenses to Average Net 1.00% 1.00% 1.00% 1.00% 1.01% *
Assets
Ratio of Net Investment Income
to
Average Net Assets 0.66% 0.69% 1.08% 1.75% 2.21% *
</TABLE>
*Annualized
(A) The Portfolio commenced operations December 21, 1994.
MAXIM SERIES FUND, INC.
MAXIM VISTA GROWTH & INCOME PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED OCTOBER 31, 1999 AND 1998
- --------------------------------------------------------------------------------
1. ORGANIZATION
Maxim Series Fund, Inc. (the Fund) is a Maryland corporation organized
on December 7, 1981 as an open-end management investment company. The
Maxim Vista Growth & Income Portfolio (the Portfolio) is
non-diversified. The Portfolio commenced operations on December 21,
1994. Interests in the Portfolio are represented by separate classes of
beneficial interest of the Fund. Shares of the Fund are sold only to
FutureFunds Series Account II of Great-West Life & Annuity Insurance
Company (GWL&A), to fund benefits under variable annuity contracts and
variable life insurance policies issued by the Company. The shares are
sold at a price equal to the respective net asset value per share of
each class of shares.
The Fund seeks to achieve the investment objective of the Portfolio
through the adoption of a Hub and Spoke structure. Contribution of
Portfolio (i.e., the Spoke) investible funds to the Hub portfolio are
made in exchange for beneficial interests in the Hub portfolio of equal
value. The Hub portfolio is the Growth and Income Portfolio; a
non-diversified open-end management investment company organized as a
trust under the laws of the State of New York and registered under the
Investment Company Act of 1940, as amended. Financial statements of the
Hub portfolio are presented following the Portfolio's financial
statements.
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
Portfolio, which are in accordance with generally accepted accounting
principles in the investment company industry:
Dividends
Dividends from investment income of the Portfolio are declared and
reinvested quarterly and dividends from capital gains of the Portfolio,
if any, are reinvested at least annually in additional shares at net
asset value.
Security Valuation
The Portfolio's investment in the Hub portfolio is valued based on the
daily reported net asset value of the Hub portfolio. The Portfolio
receives an allocation of investment income and Hub expenses as well as
realized and unrealized gains and losses on a daily basis from the Hub.
In addition, the Portfolio accrues its own expenses daily as incurred.
Federal Income Taxes
For federal income tax purposes, the 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. Classification of
Distributions to Shareholders
Net investment income (loss) and net realized gain (loss) may differ for
financial statements and tax purposes. The character of distributions
made during the year from net investment income or net realized gains
may differ from its ultimate characterization for federal income tax
purposes. Also, due to the timing of dividend distributions, the fiscal
year in which amounts are distributed may differ from the fiscal year in
which the income or realized gain was recorded by the Portfolio.
3. INVESTMENT ADVISORY AGREEMENT
GW Capital Management, LLC (Capital Management), a wholly-owned
subsidiary of GWL&A, serves as investment adviser to the Fund pursuant
to an investment advisory agreement. Capital Management is a registered
investment adviser under the Investment Advisers Act of 1940. As
compensation for its services to the Fund with respect to the Portfolio,
the investment adviser receives monthly compensation at the annual rate
of .53% of the average daily net assets of the Portfolio.
4. INVESTMENT TRANSACTIONS
The Portfolio's percentage interest in the Hub portfolio is 4.81% at
October 31, 1999. Purchases and sales of Investment in Hub were
$73,351,123 and $132,269,592, respectively, for the year ended October
31, 1999.
INDEPENDENT AUDITORS' REPORT
To the Board of Directors and Shareholders of
Maxim Series Fund, Inc.:
We have audited the accompanying statement of assets and liabilities of Maxim
Vista Growth & Income Portfolio of Maxim Series Fund, Inc. (the "Fund") as of
October 31, 1999, the related statement of operations for the year then ended,
the statements of changes in net assets for each of the two years in the period
then ended, and financial highlights for the period from December 21, 1994
(inception) through October 31, 1999. 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 and financial highlights. 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, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of Maxim
Vista Growth & Income Portfolio of Maxim Series Fund, Inc. as of October 31,
1999, the results of its operations for the year then ended, the changes in its
net assets for each of the two years in the period then ended, and its financial
highlights for the period from December 21, 1994 (inception) through October 31,
1999, in conformity with generally accepted accounting principles.
/s/ Deloitte & Touche LLP
December 20, 1999
<PAGE>
- --------------------------------------------------------------------------------
GROWTH AND INCOME PORTFOLIO
Portfolio of Investments
- --------------------------------------------------------------------------------
As of October 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- --------------------------------------------------------------------------------
Long-Term Investments -- 95.2%
- --------------------------------------------------------------------------------
<S> <C> <C>
Common Stock -- 91.8%
---------------------
Aerospace -- 3.2%
550 AlliedSignal, Inc. $31,315
600 Boeing Co. 27,638
450 General Dynamics Corp. 24,947
-------
83,900
Automotive -- 3.1%
830 Ford Motor Co. 45,546
522 General Motors Corp. 36,692
-------
82,238
Banking -- 7.3%
460 Bank of America Corp. 29,632
1,035 Bank of New York Co., Inc. 43,340
300 Bank One Corp. 11,254
806 Firstar Corp. 23,672
500 Fleet Boston Corp. 21,813
600 UnionBanCal Corp. 26,063
711 Wells Fargo Co. 34,034
-------
189,808
Broadcasting/Cable -- 2.0%
675 CBS Corp. * 32,949
450 Comcast Corp., Class A 18,956
-------
51,905
Chemicals -- 2.6%
115 Dow Chemical Co. 13,634
859 E.I. DuPont de Nemours Co. 55,371
-------
69,005
Computer Software -- 1.2%
550 Computer Associates International, Inc. 31,075
Computers/Computer Hardware -- 2.3%
250 EMC Corp. * 18,250
150 International Business Machines Corp. 14,756
250 Sun Microsystems, Inc.* 26,453
-------
59,459
Construction Materials -- 0.9%
750 Masco Corp. 22,875
Consumer Products -- 1.1%
300 Kimberly-Clark Corp. 18,937
428 Philip Morris Companies, Inc. 10,788
-------
29,725
Diversified -- 0.6%
400 Tyco International LTD (Bermuda) 15,975
Electronics/Electrical Equipment -- 3.7%
180 Motorola, Inc. 17,539
700 Teradyne, Inc.* 26,950
600 Texas Instruments, Inc. 53,850
-------
98,339
Entertainment/Leisure -- 1.2%
2,400 Park Place Entertainment Corp. * 31,500
</TABLE>
See notes to financial statements.
<PAGE>
GROWTH AND INCOME PORTFOLIO
Portfolio of Investments (Continued)
As of October 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- --------------------------------------------------------------------------------
Long-Term Investments -- Continued
- --------------------------------------------------------------------------------
<S> <C> <C>
Financial Services -- 9.4%
231 American Express Co. $35,511
575 Associates First Capital Corp., Class A 20,988
1,791 Citigroup, Inc. 96,953
474 Fannie Mae 33,543
500 Freddie Mac 27,031
500 MBNA Corp. 13,813
150 Morgan Stanley Dean Witter & Co. 16,547
-------
244,386
Food/Beverage Products -- 1.4%
250 Anheuser-Busch Companies, Inc. 17,953
280 Quaker Oats Co. 19,593
-------
37,546
Insurance -- 5.8%
401 Allstate Corp. 11,532
831 American International Group 85,499
410 Marsh & McLennan Companies 32,416
550 Reliastar Financial Corp. 23,616
-------
153,063
Machinery & Engineering Equipment -- 0.9%
472 Ingersoll-Rand Co. 24,662
Metals/Mining -- 0.5%
210 Alcoa, Inc. 12,733
Multi-Media -- 2.1%
1,013 The Walt Disney Co. 26,718
150 Time Warner, Inc. 10,453
400 Viacom, Inc., Class B * 17,900
-------
55,071
Oil & Gas -- 12.7%
200 Atlantic Richfield Co. 18,638
603 Chevron Corp. 55,049
781 Coastal Corp. 32,908
450 Diamond Offshore Drilling 14,288
800 EOG Resources, Inc. 16,650
676 Exxon Corp. 50,028
450 Halliburton Co. 16,959
295 Mobil Corp. 28,468
750 Occidental Petroleum Corp. 17,109
1,077 Royal Dutch Petroleum Co., N.Y. Registered Shares
(Netherlands) 64,577
600 Tosco Corp. 15,188
-------
329,862
Paper/Forest Products -- 2.5%
470 International Paper Co. 24,757
400 Weyerhaeuser Co. 23,875
400 Willamette Industries 16,625
-------
65,257
Pharmaceuticals -- 1.8%
441 Pharmacia & Upjohn, Inc. 23,808
475 Schering-Plough Corp. 23,513
-------
47,321
Printing & Publishing -- 0.8%
550 New York Times Co., Class A 22,138
</TABLE>
See notes to financial statements.
<PAGE>
GROWTH AND INCOME PORTFOLIO
Portfolio of Investments (Continued)
As of October 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- --------------------------------------------------------------------------------
Long-Term Investments -- Continued
- --------------------------------------------------------------------------------
<S> <C> <C>
Restaurants/Food Services -- 1.1%
703 McDonald's Corp. $ 29,003
Retailing -- 3.1%
360 Dayton-Hudson Corp. 23,265
542 Federated Department Stores * 23,137
1,700 Kroger Co. * 35,382
---------
81,784
Semi-Conductors -- 5.8%
750 Altera Corp. * 36,469
462 Fairchild Semiconductor International, Inc., Class A 11,655
325 Intel Corp. 25,167
300 Kla-Tencor Corp. * 23,756
1,200 Vitesse Semiconductor Corp. * 55,051
---------
152,098
Shipping/Transportation -- 0.5%
250 Union Pacific Corp. 13,938
Telecommunications -- 6.9%
398 AT&T Corp. 18,613
400 Bell Atlantic Corp. 25,975
600 BellSouth Corp. 27,000
400 GTE Corp. 30,000
671 MCI WorldCom, Inc. * 57,580
300 Sprint Corp. 22,294
---------
181,462
Telecommunications Equipment -- 2.7%
800 General Instrument Corp. * 43,050
441 Nortel Networks Corp. (Canada) 27,308
---------
70,358
Utilities -- 4.6%
400 DQE, Inc. 15,975
500 FPL Group, Inc. 25,156
575 PECO Energy Co. 21,958
767 Pinnacle West Capital Corp. 28,265
750 Unicom Corp. 28,734
---------
120,088
---------
Total Common Stock 2,406,574
(Cost $1,877,385)
--------------------------------------------------------------------
Preferred Stock -- 0.5%
--------------------------------------------------------------------
Multi-Media -- 0.5%
500 News Corp. LTD, ADR, (Australia) 13,781
(Cost $16,176)
--------------------------------------------------------------------
Convertible Preferred Stock -- 2.1%
--------------------------------------------------------------------
Biotechnology -- 1.3%
950 Monsanto Co., 6.50%, 11/30/01 36,566
Broadcasting/Cable -- 0.2%
80 UnitedGlobalCom, Inc., 7.00%, 12/31/49, #- 4,620
Financial Services -- 0.6%
250 Qwest Trends Trust, 5.75%, 11/17/03, # 14,906
--------------------------------------------------------------------
Total Convertible Preferred Stock 56,092
(Cost $51,430)
--------------------------------------------------------------------
</TABLE>
See notes to financial statements.
<PAGE>
GROWTH AND INCOME PORTFOLIO
Portfolio of Investments (Continued)
As of October 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------------------------------------------------------------------------------------
Long-Term Investments -- Continued
- ------------------------------------------------------------------------------------------
<S> <C> <C>
Convertible Corporate Notes & Bonds -- 0.8%
-------------------------------------------
Computers/Computer Hardware -- 0.5%
$ 2,000 EMC Corp., 3.25%, 03/15/02, # $ 12,895
Telecommunications -- 0.3%
8,000 Bell Atlantic Financial Services, Inc., 4.25%, 09/15/05, # 8,660
-------------------------------------------------------------------------
Total Convertible Corporate Notes & Bonds 21,555
(Cost $10,000)
- ------------------------------------------------------------------------------------------
Total Long-Term Investments 2,498,002
(Cost $1,954,991)
- ------------------------------------------------------------------------------------------
Short-Term Investments -- 3.8%
- ------------------------------------------------------------------------------------------
Repurchase Agreement -- 3.8%
----------------------------
100,451 Greenwich Capital Markets, Inc., 5.28%, due 11/01/99,
(Dated 10/ 29/99, Proceeds $100,495, Secured by
FHLMC and FNMA, $178,633, 0.02% through 7.50%,
due 01/25/08 through 08/01/29; Market Value $102,460) 100,451
(Cost $100,451)
- ------------------------------------------------------------------------------------------
Total Investments -- 99.0% $2,598,453
(Cost $2,055,442)
- ------------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
<PAGE>
- --------------------------------------------------------------------------------
CAPITAL GROWTH PORTFOLIO
Portfolio of Investments
As of October 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Sharess Issuer Value
- ----------------------------------------------------------------------
Long-Term Investments -- 95.4%
- ----------------------------------------------------------------------
<S> <C> <C>
Common Stock -- 95.3%
---------------------
Advertising -- 0.3%
152 Harte-Hanks Communications, Inc. $3,012
------
Aerospace -- 2.5%
300 General Dynamics Corp. 16,632
125 Northrop Grumman Corp. 6,859
------
23,491
Apparel -- 1.2%
350 Jones Apparel Group, Inc. * 11,069
Appliances & Household Durables -- 0.4%
150 York International Corp. 3,534
Automotive -- 0.8%
460 Tower Automotive, Inc. * 7,504
Banking -- 4.8%
200 Cullen/Frost Bankers, Inc. 5,775
200 Southtrust Corp. 8,000
211 TCF Financial Corp. 6,214
427 Zions Bancorp. 25,166
------
45,155
Biotechnology -- 2.9%
200 Biogen, Inc. * 14,825
450 Chiron Corp. * 12,853
------
27,678
Broadcasting/Cable -- 8.3%
1,400 AT&T- Liberty Media Group, Class A * 55,562
400 Comcast Corp., Class A 16,850
150 USA Networks, Inc. * 6,759
------
79,171
Business Services -- 3.0%
400 ACNielsen Corp. * 8,800
150 Affiliated Computer Services, Inc., Class A * 5,700
369 ITT Educational Services, Inc. * 7,294
200 NCR Corp. * 6,625
------
28,419
Chemicals -- 2.6%
200 Cytec Industries, Inc.* 5,163
350 IMC Global, Inc. 4,463
400 Millennium Chemicals, Inc. 7,400
520 Wellman, Inc. 7,835
------
24,861
Computer Software -- 3.9%
448 American Management Systems * 11,591
200 Electronic Arts, Inc. * 16,162
300 Intuit, Inc. * 8,738
------
36,491
Computers/Computer Hardware -- 0.4%
100 Electronics For Imaging * 4,031
Consumer Products -- 1.2%
200 Premark International, Inc. 10,950
</TABLE>
See notes to financial statements.
<PAGE>
CAPITAL GROWTH PORTFOLIO
Portfolio of Investments (Continued)
As of October 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- ------------------------------------------------------------------------
Long-Term Investments -- Continued
- ------------------------------------------------------------------------
<S> <C> <C>
Electronics/Electrical Equipment -- 4.6%
70 Johnson Controls, Inc. $4,253
225 Microchip Technology, Inc. * 14,990
200 PerkinElmer, Inc. 8,163
100 Sanmina Corp. * 9,006
275 Vishay Intertechnology, Inc. * 6,720
------
43,132
Entertainment/Leisure -- 5.3%
400 Harrah's Entertainment, Inc. * 11,575
700 Mandalay Resort Group * 13,038
1,394 Park Place Entertainment Corp. * 18,295
275 Station Casinos, Inc. * 6,652
------
49,560
Environmental Services -- 0.7%
513 Republic Services, Inc. * 6,284
Financial Services -- 1.6%
200 Lehman Brothers Holdings, Inc. 14,738
Health Care/Health Care Services -- 1.4%
119 Universal Health Services, Inc., Class B * 3,496
170 Wellpoint Health Networks, Inc. * 9,860
------
13,356
Insurance -- 5.7%
650 AXA Financial, Inc. 20,841
320 Nationwide Financial Services, Class A 12,120
99 Radian Group, Inc. 5,228
350 Reliastar Financial Corp. 15,028
------
53,217
Internet Services/Software -- 0.4%
100 At Home Corp., Class A * 3,738
Manufacturing -- 1.3%
316 Pentair, Inc. 11,890
Metals/Mining -- 2.8%
300 AK Steel Holding Corp. 5,194
670 Freeport-McMoran Copper & Gold, Inc., Class B * 11,180
162 Reynolds Metals Co. 9,791
------
26,165
Oil & Gas -- 7.0%
350 Anadarko Petroleum Corp. 10,784
500 Cooper Cameron Corp. * 19,343
600 Diamond Offshore Drilling 19,050
400 Tosco Corp. 10,125
497 Union Pacific Resources Group 7,208
------
66,510
Paper/Forest Products -- 2.1%
130 Boise Cascade Corp. 4,631
85 Temple-Inland, Inc. 4,941
250 Willamette Industries 10,391
------
19,963
Pharmaceuticals -- 1.9%
175 Biovail Corporation International (Canada) * 9,677
170 Forest Laboratories Inc., Class A * 7,799
------
17,476
</TABLE>
See notes to financial statements.
<PAGE>
CAPITAL GROWTH PORTFOLIO
Portfolio of Investments (Continued)
As of October 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- ---------------------------------------------------------------------
Long-Term Investments -- Continued
- ---------------------------------------------------------------------
<S> <C> <C>
Real Estate Investment Trust -- 1.2%
250 Beacon Capital Partners, Inc. # $ 3,313
11 Beacon Capital Partners, Inc., Voting Trust #- 1,086
300 Public Storage, Inc. 7,237
-------
11,636
Restaurants/Food Services -- 1.5%
350 Brinker International, Inc. * 8,159
300 Darden Restaurants, Inc. 5,719
-------
13,878
Retailing -- 5.5%
450 Ethan Allen Interiors, Inc. 16,003
300 Kroger Co. * 6,244
250 Payless Shoesource, Inc. * 11,453
600 Ross Stores, Inc. 12,375
400 Toys R US, Inc. * 5,650
-------
51,725
Semi-Conductors -- 6.3%
378 Altera Corp. * 18,379
450 Atmel Corp. * 17,381
125 Kla-Tencor Corp. * 9,898
300 Vitesse Semiconductor Corp. * 13,763
-------
59,421
Shipping/Transportation -- 0.5%
153 C.H. Robinson Worldwide, Inc. 5,156
Telecommunications -- 1.3%
200 Nextlink Communications, Class A * 11,963
Telecommunications Equipment -- 5.0%
150 Comverse Technology, Inc. * 17,025
550 General Instrument Corp. * 29,597
-------
46,622
Textiles -- 0.3%
200 Shaw Industries, Inc. 3,088
Toys & Games -- 0.7%
325 Hasbro, Inc. 6,703
Utilities -- 5.9%
225 AGL Resources, Inc. 3,923
135 American Water Works, Inc. 3,952
475 CMS Energy Corp. 17,516
200 Energy East Corp. 5,025
308 Midamerican Energy Holdings Co. 10,370
400 Pinnacle West Capital Corp. 14,750
-------
55,536
----------------------------------------------------------
Total Common Stock 897,123
(Cost $716,311)
----------------------------------------------------------
</TABLE>
See notes to financial statements.
<PAGE>
CAPITAL GROWTH PORTFOLIO
Portfolio of Investments (Continued)
As of October 31, 1999
(Amounts in Thousands)
<TABLE>
<S> <C> <C>
Principal
Amount Issuer Value
- --------------------------------------------------------------------------------
Long-Term Investments -- Continued
- --------------------------------------------------------------------------------
U.S. Treasury Security -- 0.1%
------------------------------
$ 565 U.S. Treasury Note, 6.88%, due 05/15/06 $ 586
(Cost $569)
- --------------------------------------------------------------------------------
Total Long-Term Investments 897,709
(Cost $716,880)
- --------------------------------------------------------------------------------
Short-Term Investments -- 4.6%
- --------------------------------------------------------------------------------
Repurchase Agreement -- 4.6%
----------------------------
43,562 Greenwich Capital Markets, Inc., 5.28%, due 11/01/99,
(Dated 10/29/99, Proceeds $43,581, Secured by FHLMC
and GNMA, $46,717, 0.00% through 11.875%, due
06/15/13 through 04/15/29; Market Value $44,434) 43,562
(Cost $43,562)
- --------------------------------------------------------------------------------
Total Investments -- 100.0% $941,271
(Cost $760,442)
- --------------------------------------------------------------------------------
</TABLE>
INDEX:
* -- Non-income producing security.
# -- Security may only be sold to qualified institutional buyers.
- - -- Security fair valued by, or at the direction of, the Board of Trustees.
ADR -- American Depositary Receipt.
GNMA -- Government National Mortgage Association.
FHLMC -- Federal Home Loan Mortgage Corporation.
FNMA -- Federal National Mortgage Association.
See notes to financial statements.
<PAGE>
- --------------------------------------------------------------------------------
GROWTH AND INCOME AND CAPITAL GROWTH PORTFOLIOS
Statement of Assets and Liabilities October 31, 1999
- --------------------------------------------------------------------------------
(Amounts in Thousands)
<TABLE>
<S> <C> <C>
Growth and Capital
Income Growth
Portfolio Portfolio
- ---------------------------------------------------------------------------------
ASSETS:
Investment securities, at value (Note 1) ......... $2,598,453 $941,271
Cash ............................................. -- 1
Other assets ..................................... 12 4
Receivables:
Investment securities sold ...................... 58,825 --
Interest and dividends .......................... 2,560 602
- ---------------------------------------------------------------------------------
Total assets ................................... 2,659,850 941,878
- ---------------------------------------------------------------------------------
LIABILITIES:
Payables:
Investment securities purchased ................. 34,850 --
Accrued liabilities: (Note 2)
Investment advisory fees ........................ 804 288
Administration fees ............................. 100 36
Custody fees .................................... 36 17
Other ........................................... 306 241
- ---------------------------------------------------------------------------------
Total Liabilities .............................. 36,096 582
- ---------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO INVESTORS'
BENEFICIAL INTERESTS .............................. $2,623,754 $941,296
- ---------------------------------------------------------------------------------
Cost of Investments .............................. $2,055,442 $760,442
- ---------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
<PAGE>
- --------------------------------------------------------------------------------
GROWTH AND INCOME AND CAPITAL GROWTH PORTFOLIOS
Statement of Operations For the year ended October 31, 1999
- --------------------------------------------------------------------------------
(Amounts in Thousands)
<TABLE>
<S> <C> <C>
Growth and Capital
Income Growth
Portfolio Portfolio
- --------------------------------------------------------------------------------
INVESTMENT INCOME:
Dividend ....................................... $ 41,547 $ 6,651
Interest ....................................... 6,044 2,262
Foreign taxes withheld ......................... (209) (6)
- --------------------------------------------------------------------------------
Total investment income ...................... 47,382 8,907
- --------------------------------------------------------------------------------
EXPENSES: (Note 2)
Investment advisory fees ....................... 11,409 4,372
Administration fees ............................ 1,426 546
Custodian fees ................................. 171 87
Accounting fees ................................ 13 20
Professional fees .............................. 95 65
Trustees' fees and expenses .................... 57 22
Other .......................................... 129 41
- --------------------------------------------------------------------------------
Total expenses ............................... 13,300 5,153
- --------------------------------------------------------------------------------
Net investment income ....................... 34,082 3,754
- --------------------------------------------------------------------------------
REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS:
Net realized gain on investments ............... 426,148 185,113
Change in net unrealized appreciation/
depreciation of investments .................... (86,911) (28,226)
- --------------------------------------------------------------------------------
Net realized and unrealized gain on investments 339,237 156,887
- --------------------------------------------------------------------------------
Net increase in net assets from operations ..... $373,319 $160,641
- --------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
<PAGE>
- --------------------------------------------------------------------------------
GROWTH AND INCOME AND CAPITAL GROWTH PORTFOLIOS
Statement of Changes in Net Assets For the year ended October 31,
- --------------------------------------------------------------------------------
(Amounts in Thousands)
<TABLE>
<CAPTION>
Growth and Income Capital Growth
Portfolio Portfolio
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1999 1998 1999 1998
- ----------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET
ASSETS FROM OPERATIONS:
Net investment income ......... $ 34,082 $ 34,737 $ 3,754 $ 7,562
Net realized gain on
investments ................... 426,148 203,734 185,113 108,711
Change in net unrealized
appreciation (depreciation)
of investments ................ (86,911) 20,045 (28,226) (115,006)
- ----------------------------------------------------------------------------------------------------
Increase in net assets
from operations ............ 373,319 258,516 160,641 1,267
- ----------------------------------------------------------------------------------------------------
TRANSACTIONS IN INVESTORS'
BENEFICIAL INTERESTS:
Contributions ................. 480,886 1,057,120 877,944 611,367
Withdrawals ................... (982,596) (1,226,801) (1,288,947) (736,449)
- ----------------------------------------------------------------------------------------------------
Net decrease from
transactions in
investors' beneficial
interests ................... (501,710) (169,681) (411,003) (125,082)
- ----------------------------------------------------------------------------------------------------
Total increase (decrease)
in net assets ............... (128,391) 88,835 (250,362) (123,815)
NET ASSETS:
Beginning of period ........... 2,752,145 2,663,310 1,191,658 1,315,473
- ----------------------------------------------------------------------------------------------------
End of period ................. $2,623,754 $ 2,752,145 $ 941,296 $1,191,658
- ----------------------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
<PAGE>
- --------------------------------------------------------------------------------
GROWTH AND INCOME AND CAPITAL GROWTH PORTFOLIOS
Notes to Financial Statements
- --------------------------------------------------------------------------------
1. Organization and Significant Accounting Policies
Growth and Income Portfolio ("GIP") and Capital Growth Portfolio ("CGP"), (the
"Portfolios") are separately registered under the Investment Company Act of
1940, as amended, as non-diversified, open end management investment companies
organized as trusts under the laws of the State of New York. Each declaration
of trust permits the Trustees to issue beneficial interests in the respective
Portfolios.
The following is a summary of significant accounting policies followed by the
Portfolios:
The preparation of financial statements in accordance with generally accepted
accounting principles requires management to make estimates and assumptions
that affect the reported amounts and disclosures in the financial statements.
Actual results could differ from those estimates.
A. Valuation of investments -- Equity securities, purchased options and
futures are valued at the last sale price on the exchange on which they are
primarily traded, including the NASDAQ National Market. Securities for
which sale prices are not available and other over-the-counter securities
are valued at the last quoted bid price. Bonds and other fixed income
securities (other than short-term obligations), including listed issues,
are valued on the basis of valuations supplied by pricing services or by
matrix pricing systems of a major dealer in bonds. Short-term debt
securities with 61 days or more to maturity at time of purchase are valued,
through the 61st day prior to maturity, at market value based on quotations
obtained from market makers or other appropriate sources; thereafter, the
value on the 61st day is amortized on a straight-line basis over the
remaining number of days to maturity. Short-term investments with 60 days
or less to maturity at time of purchase are valued at amortized cost, which
approximates market. Portfolio securities for which there are no such
quotations or valuations are valued at fair value as determined in good
faith by or at the direction of the Trustees.
B. Repurchase agreements -- It is the Portfolios' policy that repurchase
agreements are fully collateralized by U.S. Treasury and Government Agency
securities. All collateral is held by the Portfolios' custodian bank,
subcustodian, or a bank with which the custodian bank has entered into a
subcustodian agreement, or is segregated in the Federal Reserve Book Entry
System. In connection with transactions in repurchase agreements, if the
seller defaults and the value of the collateral declines, or if the seller
enters an insolvency proceeding, realization of the collateral by the
Trusts may be delayed or limited.
C. Futures contracts -- When a Portfolio enters into a futures contract, it
makes an initial margin deposit in a segregated account, either in cash or
liquid securities. Thereafter, the futures contract is marked to market and
the portfolio makes (or receives) additional cash payments daily to the
broker. Changes in the value of the contract are recorded as unrealized
appreciation/depreciation until the contract is closed or settled.
The Portfolios invested a portion of their liquid assets in long stock
index futures contracts to more fully participate in the market. Use of
<PAGE>
PORTFOLIOS
Notes to Financial Statements
long futures contracts subjects the Portfolios to risk of loss up to the
amount of the nominal value of the contract.
The Portfolios may enter into futures contracts only on exchanges or boards of
trade. The exchange or board of trade acts as the counterparty to each futures
transaction, therefore, the Portfolio's credit risk is limited to failure of
the exchange or board of trade.
As of October 31, 1999, the Portfolios had no outstanding futures contracts.
D. Security transactions and investment income -- Investment transactions are
accounted for on the trade date (the date the order to buy or sell is
executed). Securities gains and losses are calculated on the identified cost
basis. Interest income is accrued as earned. Dividend income is recorded on the
ex-dividend date.
E. Federal income taxes -- The Portfolios intend to continue to qualify as
partnerships and therefore net investment income and net realized gains are
taxed to the partners. Accordingly, no tax provisions are recorded by the
Portfolios. The investors in the Portfolios must take into account their
proportionate share of the Portfolios' income, gains, losses, deductions,
credits and tax preference items in computing their federal income tax
liability, without regard to whether they have received any cash distributions
from the Portfolio. The Portfolios do not intend to distribute to investors
their net investment income or their net realized gains, if any. It is intended
that the Portfolios will be managed in such a way that investors in the
Portfolio will be able to satisfy the requirements of subchapter M of the
Internal Revenue Code to be taxed as regulated investment companies.
F. Expenses -- Expenses directly attributable to a Portfolio are charged to
that Portfolio; other expenses are allocated on another reasonable basis.
2. Fees and Other Transactions with Affiliates
A. Investment advisory fee -- Pursuant to separate Investment Advisory
Agreements, The Chase Manhattan Bank ("Chase" or the "Advisor") acts as the
Investment Advisor to the Portfolios. Chase is a direct wholly-owned
subsidiary of The Chase Manhattan Corporation. As Investment Advisor, Chase
supervises the investments of the Portfolios and for such services is paid
a fee.
The fee is computed daily and paid monthly at an annual rate equal to 0.40%
of each Portfolio's average daily net assets.
Chase Asset Management, Inc. ("CAM"), a registered investment advisor, is
the sub-investment advisor to each of the Portfolios pursuant to a Sub-
Investment Advisory Agreement between CAM and Chase. CAM is a wholly owned
subsidiary of Chase and is entitled to receive a fee, payable by Chase from
its advisory fee, at an annual rate equal to 0.20% of each Portfolio's
average daily net assets.
B. Custodial fees -- Chase, as Custodian, provides safekeeping services for
the Portfolios' securities. Compensation for such services is presented in
the Statement of Operations as custodian fees.
<PAGE>
PORTFOLIOS
Notes to Financial Statements
C. Administration fee -- Pursuant to an Administration Agreement, Chase
(the "Administrator") provides certain administration services to the
Trusts. For these services and facilities, the Administrator receives from
each Portfolio a fee computed at the annual rate equal to 0.05% of the
respective Portfolio's average daily net assets.
3. Investment Transactions
For the year ended October 31, 1999, purchases and sales of investments
(excluding short-term investments) were as follows (in thousands):
<TABLE>
<S> <C> <C>
GIP CGP
- --------------------------------------------------------------------------------
Purchases (excluding U.S. Government).......... $3,440,771 $ 912,316
Sales (excluding U.S. Government) .............. 3,867,033 1,272,130
</TABLE>
The portfolio turnover rates of GIP and CGP for the year ended October 31,
1999, were 125% and 86% respectively.
4. Federal Income Tax Matters
For Federal income tax purposes, the cost and unrealized appreciation
(depreciation) in value of the investment securities at October 31, 1999, are
as follows (in thousands):
<TABLE>
<S> <C> <C>
GIP CGP
- --------------------------------------------------------------------------------
Aggregate cost ......................... $2,059,132 $ 760,442
---------- ---------
Gross unrealized appreciation.......... $ 568,690 $ 225,421
Gross unrealized depreciation.......... (29,369) (44,592)
---------- ---------
Net unrealized appreciation ............ $ 539,321 $ 180,829
========== =========
</TABLE>
5. Retirement Plan
The Portfolios have adopted an unfunded noncontributory defined benefit pension
plan covering all independent trustees of the Portfolios who will have served
as an independent trustee for at least five years at the time of retirement.
Benefits under this plan are based on compensation and years of service.
Pension expenses for the year ended October 31, 1999, included in Trustees Fees
and Expenses in the Statement of Operations, and accrued pension liability
included in other accrued liabilities, respectively, in the Statement of Assets
and Liabilities were as follows (in thousands):
<TABLE>
<S> <C> <C>
Accrued
Pension Pension
Expenses Liability
- --------------------------------------------------------------------------------
GIP..................................... $25 $102
CGP..................................... 11 48
</TABLE>
<PAGE>
PORTFOLIOS
Notes to Financial Statements
6. Bank Borrowings
The Portfolios may borrow money for temporary or emergency purposes. Any
borrowings representing more than 5% of a Portfolio's total assets must be
repaid before the Portfolio may make additional investments. The Portfolios
have entered into an agreement, enabling them to participate with other Chase
Vista Funds in an unsecured line of credit with a syndicate of banks, which
permits borrowings up to $350 million, collectively. Interest is charged to
each Portfolio based on its borrowings at an annual rate equal to the sum of
the Federal Funds Rate plus 0.35%. The Portfolios also pay a commitment fee of
0.075% per annum on the average daily amount of the available commitment, which
is allocated, on a pro-rata basis to the funds. The commitment fee is included
in Other expenses on the Statement of Operations. Borrowings are payable on
demand.
The Portfolios had no borrowings outstanding at October 31, 1999, nor at any
point during the year.
- --------------------------------------------------------------------------------
REPORT OF INDEPENDENT ACCOUNTANTS
- --------------------------------------------------------------------------------
To the Trustees and Beneficial Unit Holders of
Growth and Income Portfolio and Capital Growth Portfolio
In our opinion, the accompanying statements of assets and liabilities,
including the portfolios of investments, and the related statements of
operations and of changes in net assets present fairly, in all material
respects, the financial position of Growth and Income Portfolio and Capital
Growth Portfolio (the "Portfolios") at October 31, 1999, the results of their
operations for the year then ended and the changes in their net assets for the
two years then ended, in conformity with generally accepted accounting
principles. These financial statements are the responsibility of the
Portfolios' management; our responsibility is to express an opinion on these
financial statements based on our audits. We conducted our audits of these
financial statements in accordance with generally accepted auditing standards
which require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits, which included
confirmation of securities at October 31, 1999 by correspondence with the
custodian and brokers, provide a reasonable basis for the opinion expressed
above.
PricewaterhouseCoopers LLP
1177 Avenue of the Americas
New York, New York 10036
December 13, 1999
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
MAXIM SERIES FUND - VISTA GROWTH & INCOME FDS)
</LEGEND>
<CIK> 0000356476
<NAME> MAXIM SERIES FUND
<SERIES>
<NUMBER> 23
<NAME> VISTA GROWTH & INCOME
<MULTIPLIER> 1000
<CURRENCY> U.S. Dollar
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-START> NOV-1-1998
<PERIOD-END> OCT-31-1999
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 110421
<INVESTMENTS-AT-VALUE> 126272
<RECEIVABLES> 23
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 126295
<PAYABLE-FOR-SECURITIES> 269
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 48
<TOTAL-LIABILITIES> 317
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 83475
<SHARES-COMMON-STOCK> 74666
<SHARES-COMMON-PRIOR> 100994
<ACCUMULATED-NII-CURRENT> 53
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 26599
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 15851
<NET-ASSETS> 125978
<DIVIDEND-INCOME> 1900
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 845
<NET-INVESTMENT-INCOME> 1055
<REALIZED-GAINS-CURRENT> 26599
<APPREC-INCREASE-CURRENT> (3924)
<NET-CHANGE-FROM-OPS> 23730
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1109
<DISTRIBUTIONS-OF-GAINS> 10331
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 43963
<NUMBER-OF-SHARES-REDEEMED> (77295)
<SHARES-REINVESTED> 7004
<NET-CHANGE-IN-ASSETS> (35189)
<ACCUMULATED-NII-PRIOR> 107
<ACCUMULATED-GAINS-PRIOR> 10331
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 845
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 845
<AVERAGE-NET-ASSETS> 159471
<PER-SHARE-NAV-BEGIN> 1.596
<PER-SHARE-NII> 0.011
<PER-SHARE-GAIN-APPREC> 0.194
<PER-SHARE-DIVIDEND> (0.012)
<PER-SHARE-DISTRIBUTIONS> (0.102)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.687
<EXPENSE-RATIO> 1.00
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
