MAXIM SERIES FUND, INC.
8515 East Orchard Road
Englewood, Colorado 80111
TO THE SHAREHOLDERS OF MAXIM SERIES FUND, INC.
Equity markets in the United States and Western Europe provided investors with
another year of double-digit percentage gains during 1998. These returns were
not achieved in a straight-line fashion, however. Equity markets rallied
strongly in the U.S. and Western Europe into the summer months. Markets gave
most of the gains back in late summer and early fall. The spread of the Asian
economic collapse to other developing economies around the globe, the Russian
debt default, and a developing crisis of confidence took the wind out of the
sails of global equity markets. At the same time equity markets were tumbling,
investors fled to the safety of U.S. Treasury securities, driving yields down to
historically low levels.
The decision by central banks around the world to ease monetary policy, in order
to restore confidence in financial markets and shore up the global economy,
worked as planned. During the fourth quarter of 1998, stock markets in the U.S.
and Western Europe rebounded sharply. Not only did the markets regain all the
ground they lost in the summer sell-off, but also they rallied sharply higher by
year-end. The fact that the equity markets regained their footing during the
latter part of 1998 took steam out of the powerful rally in the U.S. Treasury
market. Investors also began to tread water in the corporate bond market, which
was shunned along with equities during the mid-year crisis of confidence.
Most economists are forecasting sluggish worldwide economic growth for 1999,
with not much chance for a pick up in the level of price inflation. The effect
of a budding crisis in Latin America at the start of 1999, and the Y2K computer
issue facing the world at the end of this year, are issues that may affect
financial asset returns in the year ahead. As we have witnessed over the past
several years however, slow growth with low inflation has been a good
environment for performance of financial assets.
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. These principles include determining one's
investment objectives and tolerance for risk, adjusting for one's investment
time frame, diversifying, developing an overall strategy and sticking to it.
Are you investing for aggressive growth, long-term growth, growth and income or
current income? How much relative risk are you willing to accept in exchange for
the potential to achieve those objectives? The longer your investment horizon,
the less likely it is that you will be affected by short-term volatility.
No matter what your objectives, risk tolerance or investment horizon, it makes
sense to diversify your holdings. Diversification may include not only investing
in multiple companies, but also spreading your investments across various
industries, asset classes and even countries.
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.
Maxim Series Fund offers a wide variety of investment options. Following is a
review of those Portfolios, for the period ending December 31, 1998.
This report and the financial statements contained herein are submitted for the
general information of 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 Bond Portfolio
Despite a strong fourth quarter, corporate bonds posted the worst year in the
decade, as corporate bond spreads (the difference between their current yields
and those of comparable U. S. Treasuries) increased on average over 55 basis
points (0.55%). Spreads got as wide as 146 basis points during October, then
recovered somewhat in the fourth quarter. The U. S. Investment Grade Corporate
sector was the worst performing part of the Lehman Aggregate Index (a
broad-based measure of the domestic bond market), under-performing comparable U.
S. Treasuries by 220 basis points. This was the worst performance since Lehman
began tracking excess returns. The Finance sector fared best, followed by
Utilities, Industrials, and Yankees. The performance by quality demonstrates the
"flight to quality" that was prevalent during the year: Aaa (-101 basis points,
compared to U. S. Treasuries), Aa (-107 basis points), A (-156 basis points),
and Baa (-402 basis points).
The Bond Portfolio under-performed its index over the course of 1998. Being
over-weighted in the Baa quality sector and in the industrial sector hurt
portfolio performance. Throughout the year duration was kept neutral to that of
the index.
<TABLE>
Investment Value
<S> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------------------
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
Maxim Bond Portfolio 11311 12239.63 14038.86 14914.88 16191.6 15809.48 18214.1 18990.02 20332.61 21684.73
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
Lehman Intermed 11277 12309.97 14109.69 15121.36 16450.52 16133.03 18606.22 19359.77 20883.39 22645.95
Govt/Corp Index
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
Lehman Intermed Corp 11294 12156.86 14176.12 14394.43 15996.53 15571.02 18527.96 19263.52 20873.95 22604.4
Index
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
As of 12/31/98
Maxim Bond Portfolio Total Return -
One Year: 6.65%
Five Year: 6.01%
Ten Year: 8.05%
Portfolio inception 2/25/82
Past performance is not predictive of future results.
Maxim U. S. Government Securities Portfolio
Increased U. S. Treasury allocation and a longer duration led to excess returns
in the Maxim U.S. Government Securities Portfolio versus the Lehman 80% MBS /
20% Intermediate Government Index. The portfolio also showed excess returns
versus the Lipper Peer Group of GNMA funds, 56 funds with the objective of
holding at least 65% of assets in Government National Mortgage Association
securities. The Portfolio out-performed the Index by 57 basis points (0.57%) and
the Peer Group by 137 basis points in 1998.
The strategy implemented in this Portfolio is to maintain similar overall
portfolio characteristics, moving between asset classes as appropriate.
<TABLE>
Investment Value
<S> <C> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
- ---------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
Maxim US Govt 11310 12407.014186.215454.416899.416358.718990.819735.221414.7322965.16
Securities Portfolio
- ---------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
Merrill Lynch 11460.412702.814707.415785.016935.816664.619504.320561.422578.1224201.48
Mortgage Index
- ---------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
Lehman Bros. 11535 12771.514779.215809.316890.716618.719410.720449.222389.8323948.16
Mortgage Index
- ---------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
Lehman Bros Intermed 11373 12515.914365.815362.816528.816249.518750.319614.721281.9922763.21
Govt/Mort Index
- ---------------------------------------------------------------------------------------------
</TABLE>
As of 12/31/98
Maxim US Govt Securities Total Return -
One Year: 7.24%
Five Year: 6.33%
Ten Year: 8.67%
Portfolio inception 4/8/85
Past performance is not predictive of future results.
Maxim Stock Index Portfolio
The S&P 500 Index went for a bit of a roller coaster ride over the 12-month
period ending December 31, 1998. Starting just above the 950 level, the index
moved up to over 1130 in June, down to 950 in August only to end up at 1229 at
the end of December 1998. The major positive influence on the market has been
expectations of a lower interest rate environment, as well as continued strong
earnings reports. Looking forward, expected corporate earnings growth has fallen
from double digits to flat. Asia continues to weigh on the multi-national and
export components of the index.
The Stock Index Portfolio seeks total returns that match those of the S&P 500
and S&P Mid-Cap indexes, weighted according their respective shares of the
market.
<TABLE>
Investment Value
<S> <C> <C> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
- -------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------
Maxim Stock Index 11521 11454.114126.4414955.616427.316450.322306.627171.6735920.945544.17
Portfolio
- -------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------
S&P 500 Index 13169 12760.716648.9617917.619723.719984.027494.033806.7245084.657969.83
- -------------------------------------------------------------------------------------------
</TABLE>
As of 12/31/98
Maxim Stock Index
Total Return -
One Year: 26.79%
Five Year: 22.62%
Ten Year: 16.37%
Portfolio inception 2/25/82
Past performance is not predictive of future results.
Maxim Small-Cap Index Portfolio
While ending the year flat (starting at the 180 level and ending at around 178)
the S&P 600 Index did its best to keep up with the large cap stocks early in the
year. During February, the index was up over 9%. Small cap stocks usually
perform better relative to large caps at the end of a bull market. However, with
the continued problems in Asia, there was a flight to quality (blue chip large
caps and U. S. Treasuries) and small cap stocks fell over 19% in August and did
not recover to the degree that the S&P 500 did. Lower interest rates helped to
support the small cap market, while worldwide economic uncertainty weighed on
market levels.
<TABLE>
Investment Value
<S> <C> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------
1993 1994 1995 1996 1997 1998
- ---------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------
Maxim Small-Cap Index 10121 9646.33 12177.52 14040.68 16989.22 16720.79
Portfolio
- ---------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------
Russell 2000 Index 10116 9931.89 12756.52 14860.58 18183.55 17776.24
- ---------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------
S&P 600 Index 10000 10000 12994 15762.27 19794.89 19535.57
- ---------------------------------------------------------------------------------------
</TABLE>
As of 12/31/98
Maxim Small-Cap Index Total Return -
One Year: -1.58%
Five Year: 10.56%
Since Inception: 10.64%
Portfolio inception 12/1/93
Past performance is not predictive of future results.
Maxim Small-Cap Value Portfolio
For the year ending December 31, 1998, the Small-Cap Value Portfolio's gross
total return compared quite favorably to the Russell 2000 Index, which posted a
small loss for the year. These returns capped off a volatile and remarkable
year. In fact, the bear market that barely missed the big guys slammed the
pipsqueaks-the Russell 2000 plummeted during July and August. Although small and
mid-sized companies staged their own comeback in the fourth quarter, the Russell
2000 still closed out the year underwater.
While our high quality focus and low risk strategy aided our fourth quarter
results and ultimately our year-end finish, the Portfolio also continued to
benefit from strong stock picking. Additionally, the Portfolio was helped by
continued price appreciation in the shares of other holdings. As natural
contrarians, we took advantage of the sell-off among some of the small and
mid-cap issues and began building positions in what we believe to be a number of
terrific franchises.
<TABLE>
Investment Value
<S> <C> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------
1993 1994 1995 1996 1997 1998
- ---------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------
Maxim Small-Cap Value 10342 10054.49 11613.94 13697.49 17513.61 18963.73
Portfolio
- ---------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------
S&P 500 Index 10121 10254.6 14108.27 17347.53 23134.67 29746.56
- ---------------------------------------------------------------------------------------
</TABLE>
As of 12/31/98
Maxim Small-Cap Value
Total Return -
One Year: 8.28%
Five Year: 12.89%
Since Inception: 13.42%
Portfolio inception 12/1/93
Past performance is not predictive of future results.
Maxim Foreign Equity Portfolio
1998 was an unusually volatile year for international equity investors, with
wide swings in monthly returns. The Maxim Foreign Equity Portfolio produced a
positive total return, but lagged its benchmark, the widely used MSCI EAFE
international equity index. The under-performance reflected two factors. The
Portfolio's exposure to emerging markets, although never a very large portion of
its holdings, penalized performance during the year. In addition, in Europe the
Portfolio's value strategy for international investing tended to lag the growth
stocks which led the market during 1998.
The Portfolio has continued to invest about three quarters of its assets in the
European stock markets. Many European companies are introducing sweeping changes
in the way they conduct business, in preparation for the introduction of the new
currency, the Euro, on January 4, 1999. The corporate restructuring that
characterized the United States over the past decade is being repeated in
Europe, as companies reorganize, cut costs and adopt more shareholder-friendly
policies. Countries adopting the Euro are likely to develop deeper capital
markets, with greater participation by individuals and institutions. These types
of changes are creating numerous opportunities for international equity
investors.
<TABLE>
Investment Value
<S> <C> <C> <C> <C> <C> <C>
- ----------------------------------------------------------------------------------
1994 1995 1996 1997 1998
- ----------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------
Maxim Foreign 9515 9992.65 10753.09 10141.24 10919.08
Equity Portfolio
- ----------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------
MSCI EAFE Index 9579 10652.81 11334.59 11572.61 13925.32
- ----------------------------------------------------------------------------------
</TABLE>
As of 12/31/98
Maxim Foreign
Equity Total Return -
One Year: 7.67%
Since Inception: 2.13%
Portfolio inception 11/1/94
Past performance is not predictive of future results.
Maxim Investment Grade Corporate Bond Portfolio
U. S. Treasuries were the best performing sector in the fixed income universe.
Two-year yields fell 111 basis points (1.11%) in 1998, five years fell 116 basis
points, and 10 years fell 110 basis points. Bonds issued by U. S. Agencies
outperformed all other U. S. spread sectors (any category of bonds with a
current-yield spread over U. S. Treasuries of comparable duration) in 1998.
However, Agencies still under-performed comparable duration Treasuries by 44
basis points, the worst year of relative performance for this asset class over
the past ten years. Meanwhile, corporate bonds under-performed Treasuries of
comparable duration by 220 basis points.
The Investment Grade Bond Portfolio under-performed its index in 1998, due to
the fact the Portfolio was over-weighted in agencies and corporates throughout
the year. From a duration standpoint, the Portfolio was neutral during 1998.
<TABLE>
Investment Value
<S> <C> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------
1992 1993 1994 1995 1996 1997 1998
- ---------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
Maxim Investment Grade Corp 10127 11034.38 10686.8 12472.56 12862.95 13744.06 14717.14
Bond Portfolio
- ---------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
Lehman Intermediate 10154 11284.14 10983.98 13069.84 13588.71 14724.73 15945.41
Corporate Index
- ---------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
Lehman Intermediate 10717 11659.02 11434.01 13186.84 13720.91 14800.74 16049.92
Govt/Corp Index
- ---------------------------------------------------------------------------------------------
</TABLE>
As of 12/31/98
Maxim Investment Grade Corporate Bond
Total Return -
One Year: 7.08%
Five Year: 5.93%
Since Inception: 6.56%
Portfolio inception 12/1/92
Past performance is not predictive of future results.
Maxim Small-Cap Aggressive Growth Portfolio
For the year ending December 31, 1998, the Maxim Small-Cap Aggressive Growth
Portfolio finished with a small negative gross rate of return versus a slightly
lower rate of return for the Russell 2000 Index. While the Portfolio finished
only slightly ahead of the market, it also finished above median among small cap
Portfolios. Given the market's current obsession with "growth" and our "value"
oriented discipline, we are pleased with the results. During the summer decline,
the Portfolio held its value relatively well due to the strong weighting in
utilities and consumer staple stocks. When the market rebounded in the fourth
quarter, the Portfolio was well-positioned in technology and health care issues,
leading to a strong finish ahead of the market.
1998 marked the third worst relative performance of small cap stocks in the last
70 years. Only in 1929 and 1937 did investors see a worse relative performance.
The good news is that, according to data supplied by Claudia Mott at Prudential
Securities, in seven of the nine periods following a year such as 1998, small
cap stocks outperformed their larger counterparts on a cumulative basis over the
subsequent three years. The news is even better when looking at five-year data.
In the subsequent five-year periods, there has not been one time in history when
small cap stocks have underperformed large caps. Your Portfolio, which has
generated good earnings growth over the last five years, trades at only 14 times
forward earnings. Coca Cola, which has generated identical earnings growth,
trades at an unbelievable 47 times next year's earnings! While this condition
may persist in the short run, Claudia Mott's work suggests that small cap stocks
may be due for a turn. Past performance is no indication of future results.
Values of variable options are not guaranteed as to a fixed dollar amount, and
may increase or decrease according to the investment experience of the
underlying fund. Therefore, when redeemed, investments may be worth more or less
than their original cost.
<TABLE>
Investment Value
<S> <C> <C> <C> <C> <C> <C>
- ----------------------------------------------------------------------------------------
1994 1995 1996 1997 1998
- ----------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------
Maxim Small-Cap 9755 12677.6 16492.29 20532.9 20064.75
Aggressive Growth
Portfolio
- ----------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------
Russell 2000 Index 9850 12651.34 14738.05 18033.63 17629.67
- ----------------------------------------------------------------------------------------
</TABLE>
As of 12/31/98
Maxim Small-Cap Aggressive Growth
Total Return -
One Year: -2.28%
Since Inception: 18.19%
Portfolio inception 11/1/94
Past performance is not predictive of future results.
Maxim U. S. Government Mortgage Securities Portfolio
The total return performance of the Portfolio was very strong versus the Lehman
Mortgage Index in 1998. The Portfolio's 1998 total return was also strong
compared to the Lipper Peer Group of GNMA funds, 56 funds with the objective of
holding at least 65% of assets in Government National Mortgage Association
securities. The Maxim U. S. Government Mortgage Securities Portfolio
outperformed the Index by 76 basis points (0.76%) and the Peer Group by 125
basis points for the year. Several factors contributed to this out-performance,
including a U.S. Treasury weighting of 10% - 20% through most of the year, as
well as greater exposure to lower coupon Mortgage Backed Securities (MBS).
Volatility was a dominant theme through most of 1998. Mortgage performance was
negatively impacted through the third and fourth quarters of the year, as
liquidity decreased significantly and interest rates dropped. The decreased
allocation to MBS in the Portfolio supported incremental returns over the Index
through this period.
<TABLE>
Investment Value
<S> <C> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------
1992 1993 1994 1995 1996 1997 1998
- ---------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
Maxim US Government 10186 11169.97 10908.59 12604.88 13145.63 14281.41 15298.24
Mortgage Securities
Portfolio
- ---------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
Lehman Bros 10081 10770.54 10597.13 12377.45 13039.65 14277.11 15270.8
Mortgage-Backed Securities
Index
- ---------------------------------------------------------------------------------------------
</TABLE>
As of 12/31/98
Maxim US Govt. Mort. Sec.
Total Return -
One Year: 7.12%
Five Year: 6.49%
Since Inception: 7.24%
Portfolio inception 12/1/92
Past performance is not predictive of future results.
Maxim International Equity Portfolio
During the 12 months ending December 31, 1998, international stock markets
experienced severe volatility and provided mixed results. Although benign
inflation and low interest rates contributed to the considerable rise in the
European stock markets, Asia's financial turmoil and Russia's economic meltdown
led to disappointing performances in many emerging markets including Latin
America.
Europe continued to progress toward a single currency, as a number of European
countries tightened fiscal policy and reduced inflation and public debt. The
French and German economies slowed, and interest rates throughout Europe fell.
Many stock markets performed well during 1998, including France and Spain, where
the Portfolio had significant holdings. Although many Asian stock markets
rallied toward the end of the year, it continued to be a difficult environment
for investors because of concerns about debt repayments, currency devaluations
and corporate bankruptcies. As compared to the MSCI EAFE Index, the Portfolio
remained underweight in Asia, especially in Japan where, in our view, the market
remained overvalued. Asia's economic malaise and Russia's financial collapse
negatively impacted the Latin American equity markets throughout the year.
Because of its heavy debt refinancing schedule and overvalued currency, Brazil,
in particular, was placed in an extremely vulnerable position. Believing that
the Brazilian government would be forced to devalue the Real (its currency) to
make exports more competitive, a number of investors withdrew money from Brazil,
and its stock market plummeted 38.2% during the year.
Looking forward, we are optimistic about international equity markets' long-term
prospects, but believe significant risks still exist for investors over the
near-term. Many nations now depend on exports to the U.S., and if consumer
demand slackens, the global economy could be negatively impacted.
<TABLE>
Investment Value
<S> <C> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------
1993 1994 1995 1996 1997 1998
- -----------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------
Maxim International 10119 10732.21 11690.6 13980.79 14259 13546.05
Equity Portfolio
- -----------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------
MSCI EAFE Index 10702 11568.86 12865.73 13689.14 13976.61 16818.05
- -----------------------------------------------------------------------------------------
</TABLE>
As of 12/31/98
Maxim International Equity Total Return -
One Year: -5.00%
Five Year: 6.00%
Since Inception: 6.15%
Portfolio inception 12/1/92
Past performance is not predictive of future results.
Maxim INVESCO ADR Portfolio
Overseas equity markets were remarkably volatile in 1998. The first half of the
year showed the same trends as in 1997, (European markets reaching all-time
highs in July, while Asia and Japan remained weak). Over the summer months,
markets went into a severe freefall after being buffeted by a series of events
worldwide - including the Russian government's debt default, the failure of a
major Wall Street hedge fund and numerous corporate profits warnings. As a
result, by the end of September, the MSCI EAFE Index was in negative territory
for the year. At these levels, stocks appeared to be heavily oversold and, in an
extraordinary rebound, the EAFE Index gained 20.7% in the fourth quarter,
resulting in a gross return for the year of 20.7% for the Index. Coordinated,
repeated interest rate reductions by central banks were the catalyst for this
share price surge. The yen strengthened against the dollar, allowing Japanese
market returns to look healthier and boosting markets in Asia as interest rates,
which had remained exceptionally high as a currency protection, were lowered.
In the Maxim INVESCO ADR Portfolio, we adopt a bottom-up approach by placing our
primary emphasis on finding attractively priced stocks in the foreign markets,
rather than using country selection as our starting point. The Portfolio lagged
the benchmark index for the year, and the main factors behind this
under-performance were an under-weighting in Japan, a focus on value stocks in
Europe and a modest exposure to South American equities, which were hit by
currency fears in Brazil. Although performance was relatively disappointing on a
short-term view, the Portfolio's longer term record remains competitive, and we
will continue to focus on finding undervalued securities in the EAFE Index
countries and ensuring that the Portfolio is well diversified in order to
attempt to reduce overall risk.
<TABLE>
Investment Value
<S> <C> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------
1994 1995 1996 1997 1998
- -----------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------
Maxim INVESCO ADR Portfolio 9884 11414.04 13830.4 15501.11 17150.43
- -----------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------
MSCI-EAFE Index 9579 10652.81 11334.59 11572.61 13925.32
- -----------------------------------------------------------------------------------------
</TABLE>
As of 12/31/98
Maxim INVESCO ADR Portfolio Total Return -
One Year: 10.64%
Since Inception: 13.82%
Portfolio inception 11/1/94
Past performance is not predictive of future results.
Maxim INVESCO Balanced Portfolio
As we started the year, our allocation was 61% equities, 36% fixed income, and
3% cash. However, due to strong growth in the equity market in the first quarter
and a lagging fixed income market, we lowered our equity allocation from 65% to
60% and re-deployed the monies into the fixed income market, as valuations were
more attractive. This strategy greatly enhanced performance for the Portfolio.
Conversely, during the early fall correction, we lowered our exposure to the
fixed income market, lowering our bond allocation from 35% to 29%. As we started
the fourth quarter, funds were re-deployed into the equity markets, as stocks
looked more attractive on a valuation basis. As we closed out the year, our
allocation was 67% equities, 29% fixed income, and 4% cash. This strategy also
greatly enhanced returns for the Portfolio. In so doing, we took the opportunity
to increase our weighting in more defensive stocks. The market experienced a
sharp rebound in the fourth quarter, allowing a strong finish with a positive
tone.
We also strengthened the Portfolio by adding to current positions at
opportunistic periods. It was also apparent the consumer was still spending as
we entered the holiday season, so we focused on selective retail and technology
themes. In a more defensive posture, we felt comfortable with pharmaceutical
stocks and added some medical device names to our holdings. We also added select
money center banks, regional banks, and diversified insurance companies. As we
closed out the year, the market rally was led by technology, consumer cyclicals,
consumer staples, communication services, and financial services. We do not
anticipate any major changes to sector weightings in the Portfolio in the near
term without a fundamental change in the overall economic outlook. We continue
to look for those companies which meet our targeted investment characteristics:
#1) strong balance sheet, #2) strong earnings growth, #3) attractive P/E to
growth rate, #4) an industry leadership position, and #5) strong management.
Investment Value
- --------------------------------------------------------------------------------
1996 1997 1998
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Maxim INVESCO Balanced 10460 13190.06 15619.67
Portfolio
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Lipper Balanced Index 10557 12673.68 14202.12
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
S&P 500 Index 10287 13718.74 17639.56
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Lehman Bros Intermed 10214 11017.84 11947.75
Govt/Corp Index
- -------------------------------------------------------------------------------
As of 12/31/98
Maxim INVESCO Balanced Portfolio Total Return -
One Year: 18.42%
Since Inception: 21.92%
Portfolio inception 10/1/96
Past performance is not predictive of future results.
Maxim INVESCO Small-Cap Growth Portfolio
The first quarter of 1998 proved to be very strong as the overall market
continued its upward trend, led by large capitalization stocks. The small
capitalization market remained very volatile, as evidenced by the weakness in
January, an increase in February and March, and another decrease in May. The
third quarter saw a deep decline in the markets as instability in Asian
economies spread to other areas of the world. The small capitalization market
continued its under-performance as the uncertain economic environment led to a
flight to larger, more established companies. September brought a rebound in the
equity markets following the deep declines experienced in August. However, the
global economic backdrop continued to show weakness. The markets continued
downward until the Russell 2000 hit its low on October 8th. The surprise
interest rate cut then led investors to take a more constructive view of
equities, particularly those that had performed relatively poorly during the
recent correction - small capitalization names and cyclical companies. November
built upon the strong performance in late October.
The Maxim INVESCO Small-Cap Growth Portfolio continues to focus on core growth
sectors. The Portfolio's healthcare exposure increased throughout the second
half of 1998, as strong demographics and domestic focus eliminated most Asian
concerns. Its performance was helped by exposure to technology, as this sector
led the rebound late in the year. New positions in semiconductors and
semiconductor equipment stocks aided performance, as the visibility of company
fundamentals and earnings improved for 1999. The Portfolio also remained focused
on domestic software and services firms. Our technology positions were
concentrated in software, communications equipment and other areas that may
exhibit sustainable earnings growth, even in a mild economic slowdown. Another
area of focus was consumer-related stocks, as consumer confidence was high and
spending remained robust. Energy capped off a very bad year, as commodity prices
hovered near ten year lows. The Portfolio's exposure here was minimal, so the
under-weighting helped to stem losses. Our strategy has focused, and will
continue to focus, on rapidly growing companies with leading defensible
positions in attractive growth markets. Diversification has been key to reducing
volatility of the Portfolio. We will continue to favor the growth sectors of the
small capitalization market, such as technology, healthcare and consumer
cyclicals.
Investment Value
- -------------------------------------------------------------------------------
1994 1995 1996 1997 1998
- -------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Maxim INVESCO Small Cap Growth 10084 13289.7 16842.04 19991.5 23514.01
Portfolio
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Russell 2000 Index 9853 12655.19 14742.54 18039.12 17635.04
- --------------------------------------------------------------------------------
As of 12/31/98
INVESCO Small Cap Growth Total Return -
One Year: 17.62%
Since Inception: 22.78%
Portfolio inception 11/1/94
Past performance is not predictive of future results.
Maxim MidCap Portfolio (Growth Fund I)
In a year marked by heightened volatility, equity markets posted mixed results
in 1998. During the first four months equities advanced, driven by mild
inflation and strong corporate profits. Then, in the late summer and early fall
stocks endured a precipitous sell-off after concern mounted over the viability
of selected emerging market economies. With the world on the verge of a
financial meltdown, the Federal Reserve intervened by lowering short-term
interest rates three times. This increased liquidity spurred stocks higher for
the remainder of the year in spite of severe political turmoil.
The MidCap Portfolio outpaced its benchmark, the S&P MidCap 400 Index,
reflecting strong gains by its technology, media, and pharmaceutical positions.
The Portfolio's technology holdings benefited from robust demand in the voice
and data communications market for high-speed, high-frequency chips.
Consolidation continued to drive revenue growth in the radio and outdoor media
sectors, making earnings less vulnerable to advertising budgets and the economy.
On the downside, we were disappointed with the performance of one holding, which
declined on concerns over a potential slowdown in employment growth.
Investment Value
- ---------------------------------------------------------------------------
1994 1995 1996 1997 1998
- ---------------------------------------------------------------------------
- ---------------------------------------------------------------------------
Maxim MidCap Portfolio (Growth 11086 14023.79 14859.61 16783.93 22451.86
Fund I)
- ---------------------------------------------------------------------------
- ---------------------------------------------------------------------------
S&P MidCap 400 Index 9642 12626.2 15050.43 19904.19 23707.88
- ---------------------------------------------------------------------------
As of 12/31/98
Maxim MidCap Portfolio Total Return -
One Year: 33.77%
Since Inception: 17.56%
Portfolio inception 1/1/94
Past performance is not predictive of future results.
Maxim T. Rowe Price Equity/Income Portfolio
For the year, the Maxim T. Rowe Price Equity/Income Portfolio produced a
respectable but somewhat disappointing return. It trailed both the Lipper
Variable Annuity Underlying Equity Income Funds Average and the S&P 500 Stock
Index.
During broad market advances it is helpful to keep in mind that the purpose of
this type of portfolio is not to generate robust returns under all market
conditions. The goal is to produce attractive returns, including substantial
dividend income, over time, and also to help cushion investment principal when
times get rough.
The portfolio was 95% invested in equities at year-end. Four of our largest
sales during the past six months were stocks of companies that were in the
process of merging or being acquired. In each case, we were able to sell our
shares of those companies at prices higher than our original cost. We made
significant new investments, all of which we bought at prices well below their
highs for the year. This investment strategy, buying out-of-favor stocks with
good long-term potential, has served us well in the past, and we believe it will
continue as a successful strategy in the future when investors focus again on
stocks with appealing market valuations.
<TABLE>
Investment Value
<S> <C> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------
1994 1995 1996 1997 1998
- ---------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------
Maxim T. Rowe Price 9866 13163.22 15715.57 20244.79 22052.65
Equity-Income Portfolio
- ---------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------
S&P 500 Index 9779 13453.95 16542.97 22061.71 28366.95
- ---------------------------------------------------------------------------------------
</TABLE>
As of 12/31/98
Maxim T. Rowe Price Equity-Income Total Return -
One Year: 8.93%
Since Inception: 20.90%
Portfolio inception 11/1/94
Past performance is not predictive of future results.
Maxim Corporate Bond Portfolio
For the year ended December 31, 1998, the Maxim Corporate Bond Portfolio's total
return trailed both its benchmark index and the average BBB rate debt fund, as
measured by Lipper Analytical Services.
The fourth quarter's resurgence in corporate bonds capped one of the most
tumultuous years in market history. Liquidity proved to be the main driver of
performance, and consequently, higher quality bonds out-performed lower quality
sectors of the corporate market. The Federal Reserve's credit-easing initiative,
as well as market optimism over IMF aid for Brazil, brought an end to the third
quarter's flight to quality, as investors swapped out of Treasuries into other
sectors. However, long-term Treasuries continued to shine throughout the year,
with yields falling more than 80 basis points (0.80%), contributing considerably
to the Portfolio's relative under-performance because it was underweight in this
sector compared to the index.
The Portfolio's exposure to Yankee bonds relative to the index proved
detrimental, as the flight to quality penalized both issuers and holders of
foreign debt. We attempted to capitalize on the deeply discounted prices of
several creditworthy companies that resulted from investors' aversion to this
asset class. Our commitment to the telecommunications/ cable sector added value,
as the race for greater bandwidth to supply bundled data, voice and
entertainment services over one network has created attractive growth
opportunities among Competitive Local Exchange Carriers and traditional cable
providers.
Investment Value
- --------------------------------------------------------------------------------
1994 1995 1996 1997 1998
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Maxim Corporate Bond 9853 12827.62 14156.56 15954.45 16501.68
Portfolio
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Merrill Lynch 10053 11958.04 12306.02 13509.55 14797.01
Govt/Corp Index
- --------------------------------------------------------------------------------
As of 12/31/98
Maxim Corporate Bond
Total Return -
One Year: 3.43%
Since Inception: 12.77%
Portfolio inception 11/1/94
Past performance is not predictive of future results.
Maxim Blue Chip Portfolio
1998 was a challenging year for blue chip stocks. During the last half of the
year, the Maxim Blue Chip Portfolio maintained a cautious equity stance, which
helped protect its performance during the summer stock-market slide. However,
since the Portfolio was not aggressively positioned by being fully exposed to
the market, it gave up some performance when the market began rebounding in
October. Even so, the Portfolio ended 1998 up by double digits for both the
one-year period and the fourth quarter.
The Blue Chip Portfolio is broadly diversified to provide stability, with less
than 70% invested in domestic equities, and approximately 18% invested in
foreign large-cap growth names. The remainder is in U.S. Treasuries, corporate
bonds, and cash. We have also invested approximately 2% in Canadian government
bonds as a way to generate some additional yield and possibly some currency
appreciation in the Canadian dollar versus the U.S. dollar.
Corporate earnings estimates are under pressure and earnings growth rates are
actually declining. Given current market valuations, those companies that fall
short of earnings expectations may come under pressure. Accordingly, the Blue
Chip Portfolio will remain conservatively positioned, while continuing to seek
those blue chip companies expected to deliver the most consistent earnings and
which are appropriately valued.
Investment Value
- ---------------------------------------------------------------------------
1997 1998
- ---------------------------------------------------------------------------
- ---------------------------------------------------------------------------
Maxim Blue Chip Portfolio 10316 12157.41
- ---------------------------------------------------------------------------
- ---------------------------------------------------------------------------
S&P 500 Inde 11057.52 14217.76
- ---------------------------------------------------------------------------
As of 12/31/98
Maxim Blue Chip Total Return -
One Year: 17.85%
Since Inception: 13.91%
Portfolio inception 7/1/97
Past performance is not predictive of future results.
Maxim Growth Index Portfolio
The growth portion of the Russell 1000 index experienced the same volatility as
the S&P 500, although at a much more exaggerated rate, as investors focused on
growth stocks. The index started out the year at the 450 level, hit 552 in June,
and broke through a ceiling at 600 in December to end the year at 632.99. Tech
stocks, along with autos and transportation, led the way to new heights during
the last quarter of the year. Expectations of lower interest rates and of
continued strong earnings were major positive influences on the growth market in
1998. Asian concerns continue to weigh down the export & multinational
components of the index, and future corporate earnings growth is expected to be
flat.
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Investment Value
- -------------------------------------------------------------------------------------
1993 1994 1995 1996 1997 1998
- -------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------
Maxim Growth Index 10079 10273.52 13899.05 16970.74 21936.38 30114.26
Portfolio
- -------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------
Russell 1000 Growth 10152 10426.1 14303.05 17610.2 22979.2 31873.53
Index
- -------------------------------------------------------------------------------------
</TABLE>
As of 12/31/98
Maxim Growth Index
Total Return -
One Year: 37.28%
Five Year: 24.47%
Since Inception: 24.22%
Portfolio inception 12/1/93
Past performance is not predictive of future results.
Maxim Value Index Portfolio
The value portion of the Russell 1000 index experienced the same type of roller
coaster ride as the S&P 500, but at a much more subdued rate of climb and
descent, as investors focused on growth as opposed to value. The index started
out just under the 480 level, before hitting a ceiling it could not break
through at the 550 level in March, July and December. As with the S&P 500, the
major positive influence on the value market in 1998 has been expectations of
lower interest rates and of continued strong earnings. Future corporate earnings
growth in the value market is expected to be flat, and concerns about Asia
continue to weigh down the index's export & multinational components.
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Investment Value
- ------------------------------------------------------------------------------------
1993 1994 1995 1996 1997 1998
- ------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------
Maxim Value Index 10132 9879.71 13515.45 16303.68 21859.98 25025.31
Portfolio
- ------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------
Russell 1000 Value 10109 9907.83 13707.48 16673.78 22539.79 26062.53
Index
- ------------------------------------------------------------------------------------
</TABLE>
As of 12/31/98
Maxim Value Index
Total Return -
One Year: 14.48%
Five Year: 19.82%
Since Inception: 19.78%
Portfolio inception 12/1/93
Past performance is not predictive of future results.
Maxim Mid-Cap Growth Portfolio
The Maxim MidCap Growth Portfolio outperformed the S&P MidCap 400 Index and the
Lipper Variable Annuity Underlying Mid Cap Funds Average, for the year.
Despite increased market volatility during the year, investors enjoyed strong
gains again in 1998. Although mid-cap stocks still lagged their large-cap peers,
the S&P MidCap 400 Index rebounded after a decline of 30% from its high in April
to finish the year with a 19.11% gain.
Some of the best performing stocks in the Portfolio for the year were in the
health care and technology sectors. During the fourth quarter, we added to our
weighting in the consumer sector, and also modestly increased our holdings in
technology, where we have been underweighted, which contributed to our overall
performance.
Investment Value
- ---------------------------------------------------------------------------
1997 1998
- ---------------------------------------------------------------------------
- ---------------------------------------------------------------------------
Maxim Mid-Cap Growth 11086 13550.42
Portfolio
- ---------------------------------------------------------------------------
- ---------------------------------------------------------------------------
S&P 400 Index 11702.68 13939.06
- ---------------------------------------------------------------------------
As of 12/31/98
Maxim Mid-Cap Growth
Total Return -
One Year: 22.23%
Since Inception: 22.45%
Portfolio inception 7/1/97
Past performance is not predictive of future results.
Maxim Short-Term Maturity Bond Portfolio
Most corporate bond investors and the majority of fixed income portfolio
managers would rather forget 1998. Unlike during previous periods of major
spread widening, Gross Domestic Product growth was robust in 1998. Normally,
when the spread between the current yield on corporate bonds and that of
comparable U. S. Treasury instruments increases, it is an indication that the
economy is slowing down and investors are demanding an increase in the risk
premium associated with corporate bonds. However, during 1998 the depth of the
worldwide debt crisis and rapidly falling commodity prices brought on sweeping
changes to liquidity in the fixed income markets. In fact, the re-pricing of
liquidity risk was the main factor causing corporate spreads to widen in the
year. On average, corporate spreads widened by 55 basis points (0.55%) during
1998.
The Short-term Maturity Bond Portfolio remained over-weighted in corporate bonds
throughout the year. However, the short duration nature of the Portfolio allowed
it to deliver a return that was the same as that of its index.
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Investment Value
- ---------------------------------------------------------------------------------------------
1995 1996 1997 1998
- ---------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
Maxim Short-Term Maturity Bond 10302 10786.19 11448.47 12176.59
Portfolio
- ---------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
Lehman 1-3 Year Gov/Corp Index 10355 10887.25 11612.34 12422.88
- ---------------------------------------------------------------------------------------------
</TABLE>
As of 12/31/98
Maxim Short-Term Maturity Bond
Total Return -
One Year: 6.36%
Since Inception: 5.93%
Portfolio inception 8/1/95
Past performance is not predictive of future results.
Maxim Aggressive Profile Portfolio
The Aggressive Profile Portfolio is developed in two distinct steps. First, we
use a widely recognized mathematical model to attempt to maximize the expected
return of the Profile versus anticipated risk, by allocating various percentages
of the Profile's assets to different asset classes. In general, the Aggressive
Profile Portfolio invests most of its assets in asset classes which have
historically demonstrated relatively high levels of volatility and returns,
while maintaining adequate diversification across asset classes. Then we
rebalance the Profile quarterly. During this rebalancing process, we determine
the top underlying portfolios available in each asset class by ranking them
according to performance history, Sharpe ratio (a widely recognized measure of
risk-adjusted performance), and Morningstar rating. Morningstar is an
independent evaluator of mutual funds and variable annuity portfolios. Once we
determine the top portfolios in each asset class, we allocate the money
earmarked for that asset class to those portfolios, while also diversifying
among as many underlying portfolios as possible.
In 1998, the Aggressive Profile Portfolio's asset class and underlying portfolio
allocations were as follows:
<TABLE>
<S> <C> <C> <C> <C>
Asset AllocaUnderlying 1st Underlying 2nd Underlying 3rd Underlying 4th
Class Portfolio Qtr. Portfolio Qtr. Portfolio Qtr. Portfolio Qtr.
- ---------------------------------------------------------------------------------------
Internatio25% Maxim 15% Maxim 15% Maxim 15% Maxim 15%
INVESCO ADR INVESCO ADR INVESCO ADR INVESCO ADR
Maxim 10% Maxim 10% Maxim 10% Maxim 10%
Int'l Int'l Int'l Int'l
Equity Equity Equity Equity
(Templeton) (Templeton) (Templeton) (Templeton)
- ---------------------------------------------------------------------------------------
Small-Cap 20% Maxim 10% Maxim 10% Maxim 10% Maxim 10%
Small Cap Small Cap Small Cap Small Cap
Value Value Aggressive Value
(Ariel) (Ariel) Growth (Ariel)
Maxim 10% Maxim 10% Maxim 10% Maxim 10%
Small Cap Small Cap Small Cap INVESCO Sm
Index Index Value Cap Gr
(Ariel)
- ---------------------------------------------------------------------------------------
Mid-Cap 30% Maxim 15% Maxim 15% Maxim 15% Maxim 15%
Mid-Cap Mid-Cap Mid-Cap Mid-Cap
Growth Growth Growth Growth
Maxim 15% Maxim 15% Maxim 15% Maxim 15%
MidCap MidCap MidCap MidCap
(Growth (Growth (Growth (Growth
Fund I) Fund I) Fund I) Fund I)
- ---------------------------------------------------------------------------------------
Large-Cap 25% Maxim T. 15% Maxim 15% Maxim 15% Maxim T. 15%
Rowe Stock Index Value Index Rowe
Equity Equity
Income Income
Maxim 10% Maxim T. 10% Maxim 10% Maxim 10%
Stock Index Rowe Stock Index Stock Index
Equity
Income
- ---------------------------------------------------------------------------------------
</TABLE>
100% 100% 100% 100% 100% The performance of the Aggressive Profile
Portfolio is directly related to the performance of its underlying portfolios.
In general, the international and small cap asset classes were hit harder by the
Asian crisis and the general market down-turn than mid cap and large cap
domestic equities were, and also did not recover as well from the buffeting.
Investment Value
- -------------------------------------------------------------------------------
1997 1998
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
Maxim Aggressive Profile 10331 11864.12
Portfolio
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
Composite Benchmark 10102.98 11788.68
- -------------------------------------------------------------------------------
As of 12/31/98
Maxim Aggressive
Profile Total Return -
One Year: 14.84%
Since Inception: 13.67%
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 400 Index 30%
Maxim Moderately Aggressive Profile Portfolio
The Moderately Aggressive Profile Portfolio is developed in two distinct steps.
First, we use a widely recognized mathematical model to attempt to maximize the
expected return of the Profile versus anticipated risk, by allocating various
percentages of the Profile's assets to different asset classes. In general, the
Moderately Aggressive Profile Portfolio invests most of its assets in asset
classes which have historically demonstrated moderately high levels of
volatility and returns, while maintaining adequate diversification across asset
classes. Then we rebalance the Profile quarterly. During this rebalancing
process, we determine the top underlying portfolios available in each asset
class by ranking them according to performance history, Sharpe ratio (a widely
recognized measure of risk-adjusted performance), and Morningstar rating.
Morningstar is an independent evaluator of mutual funds and variable annuity
portfolios. Once we determine the top portfolios in each asset class, we
allocate the money earmarked for that asset class to those portfolios, while
also diversifying among as many underlying portfolios as possible.
In 1998, the Moderately Aggressive Profile Portfolio's asset class and
underlying portfolio allocations were as follows:
<TABLE>
<S> <C> <C> <C> <C>
Asset AllocaUnderlying 1st Underlying 2nd Underlying 3rd Underlying 4th
Class Portfolio Qtr. Portfolio Qtr. Portfolio Qtr. Portfolio Qtr.
- --------------------------------------------------------------------------------------------
Internatio20% Maxim 10% Maxim INVESCO 10% Maxim 10% Maxim 10%
INVESCO ADR ADR INVESCO ADR INVESCO ADR
Maxim 10% Maxim Int'l 10% Maxim 10% Maxim 10%
Int'l Equity Int'l Int'l
Equity (Templeton) Equity Equity
(Templeton) (Templeton) (Templeton)
- --------------------------------------------------------------------------------------------
Small-Cap 10% Maxim 10% Maxim Small Cap 10% Maxim 10% Maxim 10%
Small Cap Value (Ariel) Small Cap Small Cap
Value Aggressive Value
(Ariel) Growth (Ariel)
- --------------------------------------------------------------------------------------------
Mid-Cap 20% Maxim 10% Maxim Mid-Cap 10% Maxim 10% Maxim 10%
Mid-Cap Growth Mid-Cap Mid-Cap
Growth Growth Growth
Maxim 10% Maxim MidCap 10% Maxim 10% Maxim 10%
MidCap (Growth Fund I) MidCap MidCap
(Growth (Growth (Growth
Fund I) Fund I) Fund I)
- --------------------------------------------------------------------------------------------
Large-Cap 35% Maxim T. 15% Maxim Stock 15% Maxim 15% Maxim T. 15%
Rowe Index Value Index Rowe
Equity Equity
Income Income
Maxim 10% Maxim T. Rowe 10% Maxim 10% Maxim 10%
Stock Index Equity Income Stock Index Stock Index
Maxim 10% Maxim Value 10% Maxim 10% Maxim 10%
Value Index Index Growth Growth
Index Index
- --------------------------------------------------------------------------------------------
Bond 15% Maxim 15% Maxim Corporate 15% Maxim 15% Maxim US 15%
Corporate Bond (Loomis) Corporate Govt
Bond Bond Securities
(Loomis) (Loomis)
- --------------------------------------------------------------------------------------------
100% 100% 100% 100% 100%
</TABLE>
The performance of the Moderately Aggressive Profile Portfolio is directly
related to the performance of its underlying portfolios. In general, the
international and small cap equity asset classes were hit harder by the Asian
crisis and the general market down-turn than mid cap and large cap equities
were, and did not recover as well from the buffeting. Additionally, the bond
asset class did not generally perform as well as mid cap and large cap equities,
due to investors' flight to the perceived relative safety of large blue chip
stocks and U. S. Treasuries.
Investment Value
- ------------------------------------------------------------------------------
1997 1998
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
Maxim Moderately Aggressive 10366 11665.9
Profile Portfolio
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
Composite Benchmark 10185.95 11130.02
- ------------------------------------------------------------------------------
As of 12/31/98
Maxim Moderately Aggressive Profile
Total Return -
One Year: 12.54%
Since Inception: 12.25%
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 Brothers Intermed Term Govt/Corp 15%
MSCI WORLD excluding the U.S. 20%
Russell 2000 Index 10%
S&P 500 Index 35%
S&P 400 Index 20%
Maxim Moderate Profile Portfolio
The Moderate Profile Portfolio is developed in two distinct steps. First, we use
a widely recognized mathematical model to attempt to maximize the expected
return of the Profile versus anticipated risk, by allocating various percentages
of the Profile's assets to different asset classes. In general, the Moderate
Profile Portfolio invests most of its assets in asset classes which have
historically demonstrated moderate levels of volatility and returns, while
maintaining adequate diversification across asset classes. Then we rebalance the
Profile quarterly. During this rebalancing process, we determine the top
underlying portfolios available in each asset class by ranking them according to
performance history, Sharpe ratio (a widely recognized measure of risk-adjusted
performance), and Morningstar rating. Morningstar is an independent evaluator of
mutual funds and variable annuity portfolios. Once we determine the top
portfolios in each asset class, we allocate the money earmarked for that asset
class to those portfolios, while also diversifying among as many underlying
portfolios as possible.
In 1998, the Moderate Profile Portfolio's asset class and underlying portfolio
allocations were as follows:
<TABLE>
<S> <C> <C> <C> <C>
Asset Allocation Underlying 1st Underlying 2nd Underlying 3rd Underlying 4th
Class Portfolio Qtr. Portfolio Qtr. Portfolio Qtr. Portfolio Qtr.
- ---------------------------------------------------------------------------------------
International 15% Maxim 15% Maxim 15% Maxim 15% Maxim 15%
INVESCO ADR INVESCO ADR INVESCO ADR INVESCO ADR
- ---------------------------------------------------------------------------------------
Small-Cap 10% Maxim 10% Maxim 10% Maxim 10% Maxim 10%
Small Cap Small Cap Small Cap Small Cap
Value Value Aggressive Value
(Ariel) (Ariel) Growth (Ariel)
- ---------------------------------------------------------------------------------------
Mid-Cap 15% Maxim 15% Maxim 15% Maxim 15% Maxim 15%
Mid-Cap Mid-Cap Mid-Cap Mid-Cap
Growth Growth Growth Growth
- ---------------------------------------------------------------------------------------
Large-Cap 30% Maxim T. 10% Maxim 10% Maxim 10% Maxim T. 10%
Rowe Stock Index Value Index Rowe
Equity Equity
Income Income
Maxim 10% Maxim T. 10% Maxim 10% Maxim 10%
Stock Index Rowe Stock Index Stock Index
Equity
Income
Maxim 10% Maxim 10% Maxim 10% Maxim 10%
Value Index Value Index Growth Growth
Index Index
- ---------------------------------------------------------------------------------------
Bond 15% Maxim 15% Maxim 15% Maxim 15% Maxim US 15%
Corporate Corporate Corporate Govt
Bond Bond Bond Securities
(Loomis) (Loomis) (Loomis)
- ---------------------------------------------------------------------------------------
Short-term15% Maxim 15% Maxim 15% Maxim 15% Maxim 15%
Bond Short Term Short Term Short Term Short Term
Bond Bond Bond Bond
100% 100% 100% 100% 100%
- ---------------------------------------------------------------------------------------
</TABLE>
The performance of the Moderate Profile Portfolio is directly related to the
performance of its underlying portfolios. In general, the international and
small cap equity asset classes were hit harder by the Asian crisis and the
general market down-turn than mid cap and large cap equities were, and did not
recover as well from the buffeting. Additionally, the bond asset class did not
generally perform as well as mid cap and large cap equities, due to investors'
flight to the perceived relative safety of large blue chip stocks and U. S.
Treasuries.
Investment Value
- ---------------------------------------------------------------------------
1997 1998
- ---------------------------------------------------------------------------
- ---------------------------------------------------------------------------
Maxim Moderate Profile 10260 11430.67
Portfolio
- ---------------------------------------------------------------------------
- ---------------------------------------------------------------------------
Composite Benchmark 10207.32 11071.22
- ---------------------------------------------------------------------------
As of 12/31/98
Maxim Moderate Profile
Total Return -
One Year: 11.41%
Since Inception: 10.55%
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 Brothers Govt/Corp 1-3 Yr 15%
Lehman Brothers Intermed Term Govt/Corp 15%
MSCI WORLD excluding the U.S. 15%
Russell 2000 Index 10%
S&P 500 Index 30%
S&P 400 Index 15%
Maxim Moderately Conservative Profile Portfolio
The Moderately Conservative Profile Portfolio is developed in two distinct
steps. First, we use a widely recognized mathematical model to attempt to
maximize the expected return of the Profile versus anticipated risk, by
allocating various percentages of the Profile's assets to different asset
classes. In general, the Moderately Conservative Profile Portfolio invests most
of its assets in asset classes which have historically demonstrated moderately
lower levels of volatility and returns, while maintaining adequate
diversification across asset classes. Then we rebalance the Profile quarterly.
During this rebalancing process, we determine the top underlying portfolios
available in each asset class by ranking them according to performance history,
Sharpe ratio (a widely recognized measure of risk-adjusted performance), and
Morningstar rating. Morningstar is an independent evaluator of mutual funds and
variable annuity portfolios. Once we determine the top portfolios in each asset
class, we allocate the money earmarked for that asset class to those portfolios,
while also diversifying among as many underlying portfolios as possible.
In 1998, the Moderately Conservative Profile Portfolio's asset class and
underlying portfolio allocations were as follows:
<TABLE>
<S> <C> <C> <C> <C>
Asset Allocation Underlying 1st Underlying 2nd Underlying 3rd Underlying 4th
Class Portfolio Qtr. Portfolio Qtr. Portfolio Qtr. Portfolio Qtr.
- ---------------------------------------------------------------------------------------
Inter- 15% Maxim 15% Maxim 15% Maxim 15% Maxim 15%
national INVESCO ADR INVESCO ADR INVESCO ADR INVESCO ADR
- ---------------------------------------------------------------------------------------
Mid-Cap 10% Maxim 10% Maxim 10% Maxim 10% Maxim 10%
Mid-Cap Mid-Cap Mid-Cap Mid-Cap
Growth Growth Growth Growth
- ---------------------------------------------------------------------------------------
Large-Cap 25% Maxim T. 15% Maxim 15% Maxim 15% Maxim T. 15%
Rowe Stock Index Value Index Rowe
Equity Equity
Income Income
Maxim 10% Maxim T. 10% Maxim 10% Maxim 10%
Stock Index Rowe Stock Index Stock Index
Equity
Income
- ---------------------------------------------------------------------------------------
Bond 25% Maxim 15% Maxim 15% Maxim 15% Maxim US 15%
Corporate Corporate Corporate Govt
Bond Bond Bond Securities
(Loomis) (Loomis) (Loomis)
Maxim US 10% Maxim US 10% Maxim US 10% Maxim Bond 10%
Govt Govt Govt
Securities Securities Securities
- ---------------------------------------------------------------------------------------
Short-term25% Maxim 25% Maxim 25% Maxim 25% Maxim 25%
Bond Short Term Short Term Short Term Short Term
Bond Bond Bond Bond
- ---------------------------------------------------------------------------------------
</TABLE>
100% 100% 100% 100% 100% The performance of the Moderately Conservative
Profile Portfolio is directly related to the performance of its underlying
portfolios. In general, the international equity asset class was hit harder by
the Asian crisis and the general market down-turn than mid cap and large cap
equities were, and did not recover as well from the buffeting. Additionally, the
bond asset class did not generally perform as well as mid cap and large cap
equities, due to investors' flight to the perceived relative safety of large
blue chip stocks and U. S. Treasuries.
Investment Value
- -------------------------------------------------------------------------------
1997 1998
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
Maxim Moderately 10229 11226.33
Conservative Profile
Portfolio
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
Composite Benchmark 10221.63 11161.62
- -------------------------------------------------------------------------------
As of 12/31/98
Maxim Moderately Conservative Profile
Total Return -
One Year: 9.75%
Since Inception: 9.06%
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 Brothers Govt/Corp 1-3 Yr 25%
Lehman Brothers Intermed Term Govt/Corp 25%
MSCI WORLD excluding the U.S. 15%
S&P 500 Index 25%
S&P 400 Index 10%
Maxim Conservative Profile Portfolio
The Conservative Profile Portfolio is developed in two distinct steps. First, we
use a widely recognized mathematical model to attempt to maximize the expected
return of the Profile versus anticipated risk, by allocating various percentages
of the Profile's assets to different asset classes. In general, the Conservative
Profile Portfolio invests most of its assets in asset classes which have
historically demonstrated lower levels of volatility and returns, while
maintaining adequate diversification across asset classes. Then we rebalance the
Profile quarterly. During this rebalancing process, we determine the top
underlying portfolios available in each asset class by ranking them according to
performance history, Sharpe ratio (a widely recognized measure of risk-adjusted
performance), and Morningstar rating. Morningstar is an independent evaluator of
mutual funds and variable annuity portfolios. Once we determine the top
portfolios in each asset class, we allocate the money earmarked for that asset
class to those portfolios, while also diversifying among as many underlying
portfolios as possible.
In 1998, the Conservative Profile Portfolio's asset class and underlying
portfolio allocations were as follows:
<TABLE>
<S> <C> <C> <C> <C>
Asset Allocation Underlying 1st Underlying 2nd Underlying 3rd Underlying 4th
Class Portfolio Qtr. Portfolio Qtr. Portfolio Qtr. Portfolio Qtr.
- ---------------------------------------------------------------------------------------
Large-Cap 25% Maxim T. 15% Maxim 15% Maxim 15% Maxim T. 15%
Rowe Stock Index Value Index Rowe
Equity Equity
Income Income
Maxim 10% Maxim T. 10% Maxim 10% Maxim 10%
Stock Index Rowe Stock Index Stock Index
Equity
Income
- ---------------------------------------------------------------------------------------
Bond 40% Maxim 15% Maxim 15% Maxim 15% Maxim US 15%
Corporate Corporate Corporate Govt
Bond Bond Bond Securities
(Loomis) (Loomis) (Loomis)
Maxim US 15% Maxim US 15% Maxim US 15% Maxim Bond 15%
Govt Govt Govt
Securities Securities Securities
Maxim Bond 10% Maxim Bond 10% Maxim Bond 10% Maxim 10%
Corporate
Bond
(Loomis)
- ---------------------------------------------------------------------------------------
Short-term35% Maxim 35% Maxim 35% Maxim 35% Maxim 35%
Bond Short Term Short Term Short Term Short Term
Bond Bond Bond Bond
- ---------------------------------------------------------------------------------------
100% 100% 100% 100% 100%
</TABLE>
The performance of the Conservative Profile Portfolio is directly
related to the performance of its underlying portfolios. Generally,
the bond asset class did not perform as well as large cap equities,
due to investors' flight to the perceived relative safety of large
blue chip stocks and U. S. Treasuries.
Investment Value
- ---------------------------------------------------------------------------
1997 1998
- ---------------------------------------------------------------------------
- ---------------------------------------------------------------------------
Maxim Conservative 10360 11214.7
Profile Portfolio
- ---------------------------------------------------------------------------
- ---------------------------------------------------------------------------
Composite Benchmark 10334.71 11698.01
- ---------------------------------------------------------------------------
As of 12/31/98
Maxim Conservative Profile Total Return -
One Year: 8.25%
Since Inception: 8.98%
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 Brothers Govt/Corp 1-3 Yr 35%
Lehman Brothers Intermed Term Govt/Corp 40%
S&P 500 Index 25%
<PAGE>
Independent Auditors' Report
To the Shareholders and Board of Directors of
Maxim Series Fund, Inc.:
We have audited the accompanying statements of assets and liabilities, including
the schedules of investments, of the Bond Portfolio and U.S. Government
Securities Portfolio of the Maxim Series Fund, Inc., (the "Series") as of
December 31, 1998, and the related statements 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 the financial highlights for each of the five years in
the period then ended. These financial statements and financial highlights are
the responsibility of the Series' 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, 1998, 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, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of the
Bond Portfolio and U.S. Government Securities Portfolio of the Maxim Series
Fund, Inc. as of December 31, 1998, the results of their operations for the year
then ended, the changes in their net assets for each of the two years in the
period then ended, and the financial highlights for each of the five years in
the period then ended, in conformity with generally accepted accounting
principles.
Deloitte & Touche LLP
Denver, Colorado
February 5, 1999
<PAGE>
MAXIM SERIES FUND, INC.
Financial Statements and Financial Highlights for
the Years Ended December 31, 1998 and 1997
<PAGE>
MAXIM SERIES FUND, INC.
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1998
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------------
U.S.
GOVERNMENT
BOND SECURITIES
PORTFOLIO PORTFOLIO
-------------- ---------------
ASSETS:
Investments in securities, market value: (1) $ 74,469,745 $ 78,267,123
Cash 10,862 10,878
Dividends and interest receivable 1,394,669 555,446
Subscriptions receivable 233,277 56,553
Receivables for investments sold 30,027 25,209
-------------- ---------------
Total assets 76,138,580 78,915,209
-------------- ---------------
LIABILITIES:
Due to GW Capital Management 38,698 40,083
-------------- ---------------
Total liabilities 38,698 40,083
---------------
--------------
NET ASSETS $ 76,099,882 $ 78,875,126
============== ===============
NET ASSETS REPRESENTED BY:
Capital stock, $.10 par value $ 6,253,746 $ 7,138,697
Additional paid-in capital 70,143,446 71,509,967
Net unrealized appreciation on investments 719,054 2,441,265
Undistributed (overdistributed) net investment income (814) 25,693
Accumulated net realized loss on investments (1,015,550) (2,240,496)
-------------- ---------------
NET ASSETS $ 76,099,882 $ 78,875,126
============== ===============
NET ASSET VALUE PER OUTSTANDING SHARE $ 1.2169 $ 1.1049
============== ===============
(Offering and Redemption Price)
SHARES OF CAPITAL STOCK
Authorized 200,000,000 200,000,000
Outstanding 62,537,461 71,386,974
(1) Cost of Investments in securities: 73,750,691 75,825,858
See notes to financial statements.
</TABLE>
<PAGE>
MAXIM SERIES FUND, INC.
STATEMENTS OF OPERATIONS
YEAR ENDED DECEMBER 31, 1998
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- --------------------------------------------------------------------------------------------- ------------------
U.S.
GOVERNMENT
BOND SECURITIES
PORTFOLIO PORTFOLIO
-------------------- -------------------
INVESTMENT INCOME:
Interest $ 4,811,432 $ 4,379,420
Dividends
Less: Foreign withholding tax
-------------------- -------------------
Total income 4,811,432 4,379,420
EXPENSES:
Management fees 437,276 402,762
-------------------- -------------------
NET INVESTMENT INCOME 4,374,156 3,976,658
-------------------- -------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments (83,131) 160,452
Change in net unrealized appreciation (depreciation) on 368,889 517,123
investments
-------------------- -------------------
Net realized and unrealized gain on investments 285,758 677,575
-------------------- -------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 4,659,914 $ 4,654,233
==================== ===================
</TABLE>
See notes to financial statements.
<PAGE>
MAXIM SERIES FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
YEARS ENDED DECEMBER 31, 1998 AND 1997
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------------------
BOND U.S. GOVERNMENT
PORTFOLIO SECURITIES PORTFOLIO
------------------------------------- ----------------------------
1998 1997 1998 1997
----------------- ---------------- ---------------------------------
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income $ 4,374,156 4,608,087 3,976,658 3,760,112
Net realized gain (loss) on investments (83,131) 542,333 160,452 465,572
Change in net unrealized appreciation (depreciation) 368,889 (116,442) 517,123 517,584
on investments
----------------- ---------------- -------------- -----------------
Net increase in net assets resulting from operations 4,659,914 5,033,978 4,654,233 4,743,268
----------------- ---------------- -------------- -----------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (4,376,390) (4,606,667) (3,950,965) (3,758,702)
----------------- ---------------- -------------- -----------------
Total distributions (4,376,390) (4,606,667) (3,950,965) (3,758,702)
----------------- ---------------- -------------- -----------------
SHARE TRANSACTIONS:
Net proceeds from sales of shares 12,486,775 3,273,612 25,817,032 8,527,479
Reinvestment of distributions 4,376,390 4,606,667 3,950,965 3,758,702
Redemptions of shares (11,330,510) (16,116,996) (9,908,056) (19,036,693)
----------------- ---------------- ------------- ------------------
Net increase (decrease) in net assets resulting 5,532,655 (8,236,717) 19,859,941 (6,750,512)
from share transactions
----------------- ---------------- -------------- -----------------
Total increase (decrease) in net assets 5,816,179 (7,809,406) 20,563,209 (5,765,946)
NET ASSETS:
Beginning of period 70,283,703 78,093,109 58,311,917 64,077,863
----------------- ---------------- ------------- ------------------
End of period (1) $ 76,099,882 70,283,703 78,875,126 58,311,917
================= ================ ============ ===================
OTHER INFORMATION:
SHARES:
Sold 10,188,308 2,701,377 23,360,364 7,875,640
Issued in reinvestment of distributions 3,595,220 3,831,637 3,595,269 3,492,361
Redeemed (9,239,039) (13,299,737) (8,979,194) (17,630,768)
----------------
================= ================ =================
Net increase (decrease) 4,544,489 (6,766,723) 17,976,439 (6,262,767)
================= ================ =================================
(1) Including undistributed (overdistributed) net (814) 1,420 25,693 (28,590)
investment income
</TABLE>
See notes to financial statements.
<PAGE>
MAXIM SERIES FUND, INC.
BOND PORTFOLIO
FINANCIAL HIGHLIGHTS
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the years ended
December 31, 1998, 1997, 1996, 1995 and 1994 is as follows:
Year Ended December 31,
---------------------------------------------------------------
1998 1997 1996 1995 1994
------------ ----------- ----------- ---------- ---------
Net Asset Value, Beginning of Period $ 1.2119 $ 1.2059 $ 1.2301 $ 1.1352 $ 1.2274
Income From Investment Operations
Net investment income 0.0740 0.0767 0.0745 0.0736 0.0634
Net realized and unrealized gain (loss) 0.0050 0.0060 (0.0242) 0.0949 (0.0922)
------------ ----------- ----------- ---------- ---------
Total Income (Loss) From Investment 0.0790 0.0827 0.0503 0.1685 (0.0288)
Operations
Less Distributions
From net investment income (0.0740) (0.0767) (0.0745) (0.0736) (0.0634)
------------ ----------- ----------- ---------- ---------
Total Distributions (0.0740) (0.0767) (0.0745) (0.0736) (0.0634)
------------ ----------- ----------- ---------- ---------
Net Asset Value, End of Period $ 1.2169 $ 1.2119 $ 1.2059 $ 1.2301 $ 1.1352
============ =========== =========== ========== =========
Total Return 6.65% 7.07% 4.26% 15.21% (2.36)%
Net Assets, End of Period $ 76,099,882 $ 70,283,703 $ 78,093,109 $ 80,025,099$ 68,965,299
Ratio of Expenses to Average Net Assets 0.60% 0.60% 0.60% 0.60% 0.60%
Ratio of Net Investment Income to Average 6.00% 6.22% 6.10% 6.16% 5.33%
Net Assets
Portfolio Turnover Rate 42.50% 90.81% 117.39% 191.58% 60.85%
</TABLE>
Portfolio turnover is calculated using the lesser of long-term purchases or
sales of portfolio securities for a period, divided by the monthly average of
the market value of the securities (excluding short-term securities) owned
during the period. Purchases and sales of investment securities for the year
ended December 31, 1998 were $32,742,558 and $29,886,069, respectively.
(Continued)
<PAGE>
MAXIM SERIES FUND, INC.
U.S. GOVERNMENT SECURITIES PORTFOLIO
FINANCIAL HIGHLIGHTS
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the years ended
December 31, 1998, 1997, 1996, 1995, and 1994 is as follows:
Year Ended December 31,
---------------------------------------------------------------
1998 1997 1996 1995 1994
---------- ----------- ---------- ----------- ----------
Net Asset Value, Beginning of Period 1.0918 $ 1.0738 $ 1.1001 $ 1.0138 $ 1.1061
Income From Investment Operations
Net investment income 0.0646 0.0707 0.0675 0.0723 0.0572
Net realized and unrealized gain (loss) 0.0126 0.0180 (0.0263) 0.0863 (0.0924)
----------- ---------- ----------- ----------
----------
Total Income (Loss) from Investment 0.0772 0.0887 0.0412 0.1586 (0.0352)
Operations
---------- ----------- ---------- ----------- ----------
Less Distributions
From net investment income (0.0641) (0.0707) (0.0675) (0.0723) (0.0571)
---------- ----------- ---------- ----------- ----------
Total Distributions (0.0641) (0.0707) (0.0675) (0.0723) (0.0571)
---------- ----------- ---------- ----------- ----------
Net Asset Value, End of Period 1.1049 1.0918 $ 1.0738 $ 1.1001 $ 1.0138
========== =========== ========== =========== ==========
Total Return 7.24% 8.51% 3.92% 16.09% (3.20)%
Net Assets, End of Period 78,875,126 $ 58,311,917 $ 64,077,863 $ 62,473,959 $ 56,338,235
Ratio of Expenses to Average Net Assets 0.60% 0.60% 0.60% 0.60% 0.60%
Ratio of Net Investment Income to Average 5.91% 6.32% 6.22% 6.76% 5.47%
Net Assets
Portfolio Turnover Rate 56.64% 55.54% 145.02% 185.57% 308.47%
</TABLE>
Portfolio turnover is calculated using the lesser of long-term purchases or
sales of portfolio securities for a period, divided by the monthly average of
the market value of the securities (excluding short-term securities) owned
during the period. Purchases and sales of investment securities for the year
ended December 31, 1998 were $56,734,133 and $35,922,799, respectively.
(Concluded)
<PAGE>
MAXIM SERIES FUND, INC.
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 1998 AND 1997
- --------------------------------------------------------------------------------
1. HISTORY OF THE FUND
Maxim Series Fund, Inc. (the Fund) is a Maryland corporation organized
on December 7, 1981 as an open-end management investment company.
Interests in the Bond 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, and Qualified 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.
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.
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 which are in accordance with generally accepted accounting
principles in the investment company industry:
Dividends
Dividends from investment income of the Bond and U.S. Government
Securities Portfolios are declared and reinvested quarterly. Dividends
from capital gains of all portfolios, if any, are declared and
reinvested at least annually 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 was
determined by specific lot selection.
Security Valuation
Portfolio securities that are listed on an established securities
exchange or on the NASDAQ National Market System are valued at the last
sale price as of the close of business on the day the securities are
being valued, or, lacking any sales, at the mean between closing bid and
asked price. Securities traded in the over-the-counter market are valued
at the mean between the bid and asked prices or yield equivalent as
obtained from one or more dealers that make markets in the securities.
Portfolio securities that are traded both in the over-the-counter market
and on an exchange are valued according to the broadest and most
representative market. Securities and assets for which market quotations
are not readily available are valued at fair value as determined in good
faith by or under the direction of the Board of Directors, including
valuations furnished by a pricing service that may be retained by the
Fund. Short-term and money market 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, 1998 were as follows:
Bond Portfolio
-----------------
Aggregate Cost $ 15,149,308
Aggregate Fair Value $ 14,768,970
Percent of Net Assets 19.41%
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 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, 1998,
the Bond and U.S. Government Securities Portfolios had available for
federal income tax purposes unused capital loss carryovers of $1,001,505
and $2,240,496, respectively, which expire between 2002 and 2004.
Classification of Distributions to Shareholders
Net investment income (loss) and net realized gain (loss) may differ for
financial statement 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 Funds.
The Funds adjust the classification of distributions to shareholders to
reflect the differences between financial statement amounts and
distributions determined in accordance with income tax regulations.
Accordingly, during the year ended December 31, 1998, amounts have been
reclassified to reflect an accumulated net investment loss which may not
be offset against capital gains or carried forward for tax purposes. In
the U.S. Government Securities Portfolio, overdistibutions of net
investment income of $28,590 have been reclassified to Additional
Paid-In Capital.
3. INVESTMENT ADVISORY AGREEMENT
The Fund has entered into an investment advisory agreement with GW
Capital Management, LLC, a wholly-owned subsidiary of the Company. 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 .60% of the average daily net assets
of the Bond and U.S. Government Securities Portfolios.
Expenses incurred by the Fund, which are not portfolio specific, are
allocated among the portfolios based on relative net assets or other
appropriate allocation methods. For certain funds, the management fee
encompasses other fund operating expenses.
<PAGE>
4. UNREALIZED APPRECIATION (DEPRECIATION)
Gross unrealized appreciation (depreciation) of securities is as follows
as of December 31, 1998:
U.S.
GOVERNMENT
BOND SECURITIES
PORTFOLIO PORTFOLIO
--------------- -----------------
Gross appreciation $ 2,042,896 $ 2,487,258
Gross depreciation (1,323,842) (45,993)
--------------- -----------------
Net unrealized appreciation $ 719,054 $ 2,441,265
=============== =================
<PAGE>
The Maxim Series Fund
Bond Portfolio
BONDS
AIR --- 4.0%
2,879,807 American Trans Air 2,988,087
Pass Thru Certs 1996-1C
7.820% March 26, 2004
$2,988,087
CANADIAN - PROVINCIAL --- 4.3%
3,000,000 Manitoba 3,176,910
Global Notes
6.750% March 1, 2003
$3,176,910
COMMUNICATIONS --- 6.1%
1,500,000 Cable & Wireless Communications PLC 1,500,660
Yankee Notes
6.375% March 6, 2003
3,000,000 News America Inc 3,063,270
6.703% May 21, 2004
$4,563,930
CREDIT INSTITUTIONS --- 26.6%
3,000,000 Associates Corp North America 3,272,100
Medium Term Notes
7.240% August 15, 2006
3,000,000 Countrywide Funding Corp 3,031,680
Medium Term Notes
6.280% January 15, 2003
3,000,000 Credit Suisse First Boston# 3,127,200
Notes
6.500% May 1, 2008
2,500,000 GE Capital Mortgage Services Inc 2,537,500
CMO Series 1994-13 Class A2
6.500% April 25, 2024
3,000,000 General Electric Capital Corp 3,237,489
Eurodollar Medium Term Notes
8.100% February 15, 2002
1,500,000 Greenpoint Bank 1,488,735
Bank Notes
6.700% July 15, 2002
3,000,000 NationsBank Corp 3,118,350
Senior Notes
6.375% May 15, 2005
$19,813,054
ELECTRIC --- 8.4%
3,000,000 Gulf States Utilities Co 3,051,420
First Mortgage Med Term Notes
6.410% August 1, 2001
3,000,000 Iberdrola International# 3,196,170
Notes
7.125% June 1, 2003
$6,247,590
FOREIGN BANKS --- 16.4%
3,000,000 Bayerische Landesbanken NY 3,054,810
Medium Term Notes
6.375% August 31, 2000
3,000,000 Export-Import Bank of Korea 2,778,300
Eurodollar Notes
7.250% June 25, 2001
3,000,000 Inter-American Development Bank 3,258,750
Eurodollar Notes
8.875% August 22, 2001
3,000,000 Takefuji Corp# 3,136,500
Senior Notes
7.300% November 1, 2004
$12,228,360
GAS --- 1.4%
1,000,000 Consolidated Natural Gas Co 1,030,064
Debentures
6.625% December 1, 2013
$1,030,064
HIGHWAYS --- 2.8%
3,000,000 Zhuhai Highway Company Ltd# 2,100,000
Senior Notes
9.125% July 1, 2006
$2,100,000
OIL & GAS --- 4.1%
3,000,000 Occidental Petroleum Corp 3,073,200
MOPPRS
6.400% April 1, 2003
$3,073,200
RAILROADS --- 4.3%
3,000,000 National Rail Corp# 3,209,100
Yankee Debentures
7.470% August 8, 2010
$3,209,100
REAL ESTATE --- 3.9%
3,000,000 Highwoods/Forsyth LP 2,893,020
Notes
6.750% December 1, 2003
$2,893,020
RETAIL TRADE --- 6.7%
2,000,000 General Motors Acceptance Corp 2,015,520
Global Notes
5.750% November 10, 2003
3,000,000 Shopko Stores Inc 2,972,400
Senior Notes
6.500% August 15, 2003
$4,987,920
SECURITIES & COMMODITIES --- 4.2%
1,000,000 Lehman Brothers Inc 1,034,630
Notes
7.360% December 15, 2003
2,000,000 World Financial Network 2,110,000
Credit Card Master Trust 1996-B Cl A
6.950% April 15, 2006
$3,144,630
TELEPHONE --- 4.1%
3,000,000 MCI Communications Corp 3,045,660
Remarketable Putable Notes
6.125% April 15, 2002
$3,045,660
U.S. GOVERNMENTS --- 1.5%
1,000,000 United States of America 1,109,220
Treasury Notes
6.500% October 15, 2006
$1,109,220
TOTAL BONDS --- 98.8% $73,610,745
(Cost $72,891,691)
SHORT-TERM INVESTMENTS
FOREIGN BANKS --- 1.2%
859,000 Canadian Imperial Bank of Commerce 859,000
$859,000
TOTAL SHORT-TERM INVESTMENTS --- 1.2% $859,000
(Cost $859,000)
TOTAL BOND PORTFOLIO --- 100.0% $74,469,745
(Cost $73,750,691)
<PAGE>
The Maxim Series Fund
U.S. Government Securities Portfolio
BONDS
AGENCY --- 69.7%
1,218,195 Federal Home Loan Mortgage Corp 1,225,419
Pool #G10331
6.000% September 1, 2009
581,033 Federal Home Loan Mortgage Corp 584,574
Pool #G10205
6.000% May 1, 2009
297,296 Federal Home Loan Mortgage Corp 299,059
Pool #G10257
6.000% July 1, 2009
1,231,886 Federal Home Loan Mortgage Corp 1,290,400
Pool #G00256
8.000% November 1, 2023
1,031,997 Federal Home Loan Mortgage Corp 1,061,718
Pool #30148
6.500% August 1, 2023
672,534 Federal Home Loan Mortgage Corp 676,668
Pool #E57977
6.000% April 1, 2009
154,882 Federal Home Loan Mortgage Corp 155,801
Pool #E55428
6.000% January 1, 2009
241,940 Federal Home Loan Mortgage Corp 246,779
Pool #220010
8.750% August 1, 2001
73,199 Federal Home Loan Mortgage Corp 77,134
Pool #730105
10.000% July 1, 2005
989,707 Federal Home Loan Mortgage Corp 1,003,672
Pool #E00177
6.500% December 1, 2007
85,194 Federal Home Loan Mortgage Corp 85,700
Pool #E00241
6.000% October 1, 2008
478,750 Federal Home Loan Mortgage Corp 516,696
Pool #260025
10.250% October 1, 2010
707,718 Federal Home Loan Mortgage Corp 849,262
Pool #N70016
11.000% July 1, 2020
921,532 Federal Home Loan Mortgage Corp 935,060
6.500% September 1, 2012
551,050 Federal Home Loan Mortgage Corp 556,230
Pool #M70044
6.000% March 1, 2009
447,534 Federal Home Loan Mortgage Corp 481,681
Pool #G00300
9.500% April 1, 2025
1,539,328 Federal Home Loan Mortgage Corp 1,594,159
Pool #G00411
8.000% November 1, 2025
441,966 Federal National Mortgage Association 456,727
Pool #288761
7.500% October 1, 2024
597,514 Federal National Mortgage Association 617,471
Pool #288735
7.500% August 1, 2024
3,423,805 Federal National Mortgage Association 3,446,265
6.500% August 1, 2028
576,233 Federal National Mortgage Association 577,847
CMO Series 1993-68 Class Z
6.000% May 25, 2008
2,000,000 Federal National Mortgage Association 2,096,670
CMO SER.1998-W3 CL.A3
6.500% July 25, 2028
1,000,000 Federal National Mortgage Association 1,050,200
6.500% May 25, 2007
822,818 Federal National Mortgage Association 835,407
Pool #288916
6.500% May 1, 2011
574,150 Federal National Mortgage Association 604,827
Pool #124652
8.500% July 1, 2022
244,104 Federal National Mortgage Association 261,045
Pool #039271
8.950% December 1, 2016
1,498,162 Federal National Mortgage Association 1,535,166
7.000% November 1, 2028
2,918,119 Federal National Mortgage Association 3,013,833
Fnma Pool #426798
7.500% July 1, 2008
2,996,809 Federal National Mortgage Association 3,018,386
Pool# 449466
6.500% November 1, 2028
1,299,007 Federal National Mortgage Association 1,325,390
Pool #303450
7.000% August 1, 2025
1,703,682 Federal National Mortgage Association 1,804,880
Pool #303583
8.500% April 1, 2025
1,109,946 Federal National Mortgage Association 1,117,572
Pool #331689
6.500% February 1, 2026
1,967,617 Federal National Mortgage Association 1,941,782
Pool #415745
6.000% April 1, 2028
1,221,831 Federal National Mortgage Association 1,262,640
Pool #288748
7.500% September 1, 2024
893,379 Government National Mortgage Association 961,544
Pool #248357
9.000% July 15, 2018
1,320,080 Government National Mortgage Association 1,364,170
Pool #399917
7.500% April 15, 2026
5,499,841 Government National Mortgage Association 5,634,037
Pool #417239
7.000% February 15, 2026
894,954 Government National Mortgage Association II 934,958
Pool #002345
8.500% December 20, 2026
71,443 Government National Mortgage Association II 76,379
Pool #001831
9.500% May 20, 2022
699,850 Government National Mortgage Association II 726,515
Pool #002059
8.000% August 20, 2025
1,000,000 U.S. Department of Veterans Affairs 1,027,400
VENDEE TR.SER.1995-3 CL.1C
7.250% July 15, 2014
1,550,000 U.S. Department of Veterans Affairs 1,645,790
VENDEE TRUST SER.1996-3 CL.1E
6.750% August 15, 2020
1,000,000 U.S. Department of Veterans Affairs 1,082,100
VENDEE TRUST SER.1997-3 CL.2B
7.500% August 15, 2018
1,832,955 U.S. Department of Veterans Affairs 1,853,851
VENDEE SER.94-1 CL.2G
6.150% January 15, 2001
2,492,000 U.S. Department of Veterans Affairs 2,614,108
VENDEE TRUST SER.1996-1 CL.1D
6.750% October 15, 2016
$54,526,972
U.S. GOVERNMENTS --- 26.1%
3,000,000 Federal Home Loan Bank 2,999,070
JUMBO NOTES
5.125% September 15, 2003
4,000,000 United States of America 4,118,120
Treasury Notes
5.500% January 31, 2003
3,000,000 United States of America 3,097,500
Treasury Notes
5.500% May 31, 2003
3,500,000 United States of America 3,455,165
Treasury Notes
4.250% November 15, 2003
3,300,000 United States of America 3,660,426
Treasury Notes
6.500% October 15, 2006
1,000,000 United States of America 1,039,370
Treasury Notes
5.875% September 30, 2002
2,000,000 United States of America 2,067,500
Treasury Notes
5.875% November 30, 2001
$20,437,151
TOTAL BONDS --- 95.8% $74,964,123
(Cost $72,522,858)
SHORT-TERM INVESTMENTS
FOREIGN BANKS --- 4.2%
3,303,000 Canadian Imperial Bank of Commerce 3,303,000
$3,303,000
TOTAL SHORT-TERM INVESTMENTS --- 4.2% $3,303,000
(Cost $3,303,000)
TOTAL U.S. GOVERNMENT SECURITIES PORTFOLIO --- 100.0% $78,267,123
(Cost $75,825,858)
<PAGE>
Independent Auditors' Report
To the Shareholders and Board of Directors of
Maxim Series Fund, Inc.:
We have audited the accompanying statements of assets and liabilities, including
the schedules of investments, of the Money Market Portfolio, Stock Index
Portfolio, Small-Cap Index Portfolio and Small-Cap Value Portfolio of the Maxim
Series Fund, Inc., (the "Series") as of December 31, 1998, and the related
statements 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 the financial
highlights for each of the five years in the period then ended. These financial
statements and financial highlights are the responsibility of the Series'
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, 1998, 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, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of the
Money Market Portfolio, Stock Index Portfolio, Small-Cap Index Portfolio and
Small-Cap Value Portfolio of the Maxim Series Fund, Inc. as of December 31,
1998, the results of their operations for the year then ended, the changes in
their net assets for each of the two years in the period then ended, and the
financial highlights for each of the five years in the period then ended, in
conformity with generally accepted accounting principles.
Deloitte & Touche LLP
Denver, Colorado
February 5, 1999
<PAGE>
MAXIM SERIES FUND, INC.
Financial Statements and Financial Highlights for
the Years Ended December 31, 1998 and 1997
<PAGE>
MAXIM SERIES FUND, INC.
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1998
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------------------
MONEY SMALL-CAP SMALL-CAP STOCK
MARKET INDEX VALUE INDEX
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
---------------- --------------- ---------------- --------------
ASSETS:
Investments in securities, market value: (1) $ 605,085,886 $ 23,363,819 $ 39,138,877 $ 1,030,044,911
Cash 164,616 244,059 12,958 100,112
Dividends and interest receivable 385,448 14,169 53,855 1,005,365
Subscriptions receivable 14,013,280 11,782
Variation margin on futures contracts 14,984
---------------- --------------- ---------------- --------------
Total assets 619,649,230 23,633,829 39,205,690 1,031,165,372
---------------- --------------- ---------------- --------------
LIABILITIES:
Due to GW Capital Management 232,566 12,938 35,773 504,647
Redemptions payable 11,702 775,608
Payables for investments purchased 2,263 411,163 162,646
---------------- --------------- ---------------- --------------
Total liabilities 232,566 15,201 458,638 1,442,901
---------------- --------------- ---------------- --------------
NET ASSETS $ 619,416,664 $ 23,618,628 $ 38,747,052 $ 1,029,722,471
================ =============== ================ ==============
NET ASSETS REPRESENTED BY:
Capital stock, $.10 par value $ 61,910,222 $ 2,981,831 $ 4,062,400 $ 28,746,342
Additional paid-in capital 557,604,327 17,787,533 29,421,457 479,128,392
Net unrealized appreciation on investments 2,912,318 4,892,524 517,562,410
Overdistributed net investment income (51) (1,623) (44,746)
Accumulated net realized gain (loss)
on investments (97,885) (63,003) 372,294 4,330,073
---------------- --------------- ---------------- --------------
NET ASSETS $ 619,416,664 $ 23,618,628 $ 38,747,052 $ 1,029,722,471
================ =============== ================ ==============
NET ASSET VALUE PER OUTSTANDING SHARE $ 1.0005 $ 0.7921 $ 0.9538 $ 3.5821
================ =============== ================ ==============
(Offering and Redemption Price)
SHARES OF CAPITAL STOCK:
Authorized 700,000,000 200,000,000 100,000,000 500,000,000
Outstanding 619,102,218 29,818,311 40,623,998 287,463,419
(1) Cost of investments in securities: 605,085,886 20,451,501 34,246,353 512,779,164
</TABLE>
See notes to financial statements.
<PAGE>
MAXIM SERIES FUND, INC.
STATEMENTS OF OPERATIONS
YEAR ENDED DECEMBER 31, 1998
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------------------
MONEY SMALL-CAP SMALL-CAP STOCK
MARKET INDEX VALUE INDEX
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
-------------- ----------------------------- --------------
INVESTMENT INCOME:
Interest $ 29,209,394 $ 78,151 99,591 $ 289,964
Dividends 940,802 364,813 13,296,832
Less: Foreign withholding tax (243) (64,546)
-------------- ----------------------------- --------------
Total income 29,209,394 1,018,710 464,404 13,522,250
-------------- ----------------------------- --------------
EXPENSES:
Salaries 7,671
Legal and SEC fees 475
Directors' fees 277
Audit fees 6,000
Investment administration 48,585
Bank and custodial fees 15,462
Other expenses 4,176
Management fee 2,435,592 720,754 301,499 5,499,511
-------------- -------------- --------------- --------------
Total expenses 2,435,592 720,754 384,145 5,499,511
Less amount paid by GW Capital Management 2,218
-------------- ------------- ---------------- --------------
Net expenses 2,435,592 720,754 381,927 5,499,511
-------------- ------------- ---------------- --------------
NET INVESTMENT INCOME 26,773,802 297,956 82,477 8,022,739
-------------- -------------- --------------- --------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments (97,885) 215,482 1,286,818 33,601,051
Net realized gain on futures contracts 930,237
Change in net unrealized appreciation (depreciation) on (8,073,517) 1,058,543 174,632,135
investments
Change in net unrealized appreciation on futures contracts 296,663
-------------- ------------- -------------- --------------
Net realized and unrealized gain (loss) on investments (97,885) (7,858,035) 2,345,361 209,460,086
-------------- ----------------------------- --------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 26,675,917 $ (7,560,079) 2,427,838 $ 217,482,825
$
============== =============== =============== ==============
</TABLE>
See notes to financial statements.
<PAGE>
MAXIM SERIES FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
YEARS ENDED DECEMBER 31, 1998 AND 1997
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------------------
SMALL-CAP
MONEY MARKET INDEX
PORTFOLIO PORTFOLIO
--------------------------- ----------------------------
1998 1997 1998 1997
------------ ------------- ------------- -------------
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income $ 26,773,802 $ 22,661,775 $ 297,956 $ 676,548
Net realized gain (loss) on investments (97,885) 215,482 18,572,188
Net realized gain on futures contracts
Change in net unrealized appreciation (depreciation) on (8,073,517) 1,210,907
investments
Change in net unrealized appreciation on futures
contracts
------------ ------------- ------------- -------------
Net increase (decrease) in net assets resulting from 26,675,917 22,661,775 (7,560,079) 20,459,643
operations
------------ ------------- ------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (26,773,802) (22,661,775) (298,862) (675,693)
From net realized gains (8,566,173) (17,862,285)
------------ ------------- ------------- -------------
Total distributions (26,773,802) (22,661,775) (8,865,035) (18,537,978)
------------ ------------- ------------- -------------
SHARE TRANSACTIONS:
Net proceeds from sales of shares 388,326,943 290,148,354 38,199,521 37,636,386
Reinvestment of distributions 26,835,320 22,600,256 8,865,035 18,537,978
Redemptions of shares (248,802,924) (256,046,588) (128,475,619) (17,424,916)
------------ ------------- ------------- -------------
Net increase (decrease) in net assets resulting from 166,359,339 56,702,022 (81,411,063) 38,749,448
share transactions
------------ ------------- ------------- -------------
Total increase (decrease) in net assets 166,261,454 56,702,022 (97,836,177) 40,671,113
NET ASSETS:
Beginning of period 453,155,210 396,453,188 121,454,805 80,783,692
------------ ------------- ------------- -------------
End of period (1) $ 619,416,664 $ 453,155,210 $ 23,618,628 $ 121,454,805
============ ============= ============= =============
OTHER INFORMATION:
SHARES:
Sold 388,077,079 289,952,140 32,299,544 28,024,040
Issued in reinvestment of distributions 26,818,379 22,584,973 11,289,381 15,250,949
Redeemed (248,642,003) (255,873,435) (110,255,398) (12,097,741)
------------ ------------- ------------- -------------
Net increase (decrease) 166,253,455 56,663,678 (66,666,473) 31,177,248
============ ============= ============= =============
(1) Including undistributed net investment income (51) 855
See notes to financial statements.
MAXIM SERIES FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
YEARS ENDED DECEMBER 31, 1998 AND 1997
- -------------------------------------------------------------------------------------------------------------------------
SMALL-CAP STOCK
VALUE INDEX
PORTFOLIO PORTFOLIO
--------------------------- -----------------------------
1998 1997 1998 1997
------------ ------------ -----------------------------
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income 82,477 $ 202,422 $ 8,022,739 $ 12,330,035
Net realized gain (loss) on investments 1,286,818 9,934,153 33,601,051 285,551,892
Net realized gain on futures contracts 930,237
Change in net unrealized appreciation (depreciation) on 1,058,543 (2,638,834) 174,632,135 3,659,278
investments
Change in net unrealized appreciation on futures 296,663
contracts
------------ ------------ ------------- --------------
Net increase (decrease) in net assets resulting from 2,427,838 7,497,741 217,482,825 301,541,205
operations
------------ ------------ ------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (84,100) (202,579) (8,071,829) (12,325,692)
From net realized gains (1,192,181) (9,161,941) (33,057,427) (36,199,261)
------------ ------------ ------------- --------------
Total distributions (1,276,281) (9,364,520) (41,129,256) (48,524,953)
------------ ------------ ------------- --------------
SHARE TRANSACTIONS:
Net proceeds from sales of shares 19,459,672 18,847,196 62,173,700 135,816,779
Reinvestment of distributions 1,276,281 9,364,520 41,129,256 48,524,953
Redemptions of shares (5,666,700) (40,418,346) (67,320,622) (556,777,774)
------------ ------------ ------------- --------------
Net increase (decrease) in net assets resulting from 15,069,253 (12,206,630) 35,982,334 (372,436,042)
share transactions
------------ ------------ ------------- --------------
Total increase (decrease) in net assets 16,220,810 (14,073,409) 212,335,903 (119,419,790)
NET ASSETS:
Beginning of period 22,526,242 36,599,651 817,386,568 936,806,358
------------ ------------ ------------- --------------
End of period (1) 38,747,052 $ 22,526,242 $ 1,029,722,471$ 817,386,568
============ ============ ============= ==============
OTHER INFORMATION:
SHARES:
Sold 20,994,492 14,214,653 19,149,154 50,080,739
Issued in reinvestment of distributions 1,385,681 10,427,083 11,953,425 16,813,960
Redeemed (6,364,575) (29,359,535) (20,965,088) (185,685,533)
------------ ------------ ------------- --------------
Net increase (decrease) 16,015,598 (4,717,799) 10,137,491 (118,790,834)
============ ============ ============= ==============
(1) Including undistributed net investment income (1,623) (157) (44,746) 4,344
See notes to financial statements.
</TABLE>
<PAGE>
MAXIM SERIES FUND, INC.
MONEY MARKET PORTFOLIO
FINANCIAL HIGHLIGHTS
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the years ended
December 31, 1998, 1997, 1996, 1995, and 1994 are as follows:
Year Ended December 31,
---------------------------------------------------------------------
1998 1997 1996 1995 1994
------------- ------------ ------------- ----------- -------------
Net Asset Value, Beginning of Period $ 1.0007 $ 1.0007 1.0007 $ 1.0007 $ 1.0007
Income From Investment Operations
Net investment income 0.0505 0.0512 0.0493 0.0555 0.0394
Net realized and unrealized gain (0.0002)
(loss)
------------- ------------ ------------- ----------- -------------
Total Income From Investment 0.0503 0.0512 0.0493 0.0555 0.0394
Operations
------------- ------------ ------------- ----------- -------------
Less Distributions
From net investment income (0.0505) (0.0512) (0.0493) (0.0555) (0.0394)
------------- ------------ ------------- ----------- -------------
Total Distributions (0.0505) (0.0512) (0.0493) (0.0555) (0.0394)
------------- ------------ ------------- ----------- -------------
Net Asset Value, End of Period $ 1.0005 $ 1.0007 1.0007 $ 1.0007 $ 1.0007
=============
============ ============= =========== =============
Total Return/Yield 5.15% 5.24% 5.04% 5.62% 3.80%
Net Assets, End of Period $ 619,416,664 $ 453,155,210 396,453,188 $ 277,257,289$ 186,587,262
Ratio of Expenses to Average Net 0.46% 0.46% 0.46% 0.46% 0.46%
Assets
Ratio of Net Investment Income to
Average Net Assets 5.05% 5.14% 4.99% 5.55% 3.96%
</TABLE>
(Continued)
<PAGE>
MAXIM SERIES FUND, INC.
SMALL-CAP INDEX PORTFOLIO
FINANCIAL HIGHLIGHTS
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- --------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the years ended
December 31, 1998, 1997, 1996, 1995, and 1994 are as follows:
Year Ended December 31,
----------------------------------------------------------------------
1998 1997 1996 1995 1994
-------------- ----------- ------------- ------------ ------------
Net Asset Value, Beginning of Period 1.2588 $ 1.2370$ 1.1680 $ 0.9540 $ 1.0112
Income From Investment Operations
Net investment income 0.0069 0.0081 0.0124 0.0102 0.0097
Net realized and unrealized gain (0.0532) 0.2419 0.1659 0.2393 (0.0572)
(loss)
-------------- ----------- ------------- ------------ ------------
Total Income (Loss)
from Investment Operations (0.0463) 0.2500 0.1783 0.2495 (0.0475)
-------------- ----------- ------------- ------------ ------------
Less Distributions
From net investment income (0.0069) (0.0081) (0.0124) (0.0197) (0.0097)
From net realized gains (0.4135) (0.2201) (0.0969) (0.0158)
-------------- ----------- ------------- ------------ ------------
Total Distributions (0.4204) (0.2282) (0.1093) (0.0355) (0.0097)
-------------- ----------- ------------- ------------ ------------
Net Asset Value, End of Period 0.7921 $ 1.2588$ 1.2370 $ 1.1680 $ 0.9540
============== =========== ============= ============ ============
Total Return (1.58)% 21.00% 15.30% 26.24% (4.69)%
Net Assets, End of Period 23,618,628 $ 121,454,805$ 80,783,692 $ 51,610,284 $ 23,336,944
Ratio of Expenses to Average Net 0.60% 0.60% 0.60% 0.60% 0.60%
Assets
Ratio of Net Investment Income
to Average Net Assets 0.25% 0.66% 1.04% 1.00% 1.20%
Portfolio Turnover Rate 59.18% 102.45% 39.66% 30.17% 53.44%
</TABLE>
Portfolio turnover is calculated using the lesser of long-term purchases or
sales of portfolio securities for a period, divided by the monthly average of
the market value of the securities (excluding short-term securities) owned
during the period. Purchases and sales of investment securities for the year
ended December 31, 1998 were $70,654,510 and $158,336,536, respectively.
(Continued)
<PAGE>
MAXIM SERIES FUND, INC.
SMALL-CAP VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the years ended
December 31, 1998, 1997, 1996, 1995, and 1994 are as follows:
Year Ended December 31,
--------------------------------------------------------------------
1998 1997 1996 1995 1994
-------------- ----------- ----------- ----------- -----------
Net Asset Value, Beginning of Period $ 0.9154 $ 1.2480 $ 1.0669 $ 0.9974 $ 1.0330
Income From Investment Operations
Net investment income 0.0022 0.0067 0.0095 0.0286 0.0068
Net realized and unrealized gain (loss) 0.0721 0.3223 0.1811 0.1234 (0.0356)
-------------- ----------- ----------- ----------- -----------
Total Income (Loss) From
Investment Operations 0.0743 0.3290 0.1906 0.1520 (0.0288)
-------------- ----------- ----------- ----------- -----------
Less Distributions
From net investment income (0.0022) (0.0067) (0.0095) (0.0636) (0.0068)
From net realized gains (0.0337) (0.6549) (0.0189)
-------------- ----------- ----------- ----------- -----------
Total Distributions (0.0359) (0.6616) (0.0095) (0.0825) (0.0068)
-------------- ----------- ----------- ----------- -----------
Net Asset Value, End of Period $ 0.9538 $ 0.9154 $ 1.2480 $ 1.0669 $ 0.9974
============== =========== =========== =========== ===========
Total Return 8.28% 27.86% 17.94% 15.51% (2.78)%
Net Assets, End of Period $ 38,747,052 $ 22,526,242 $ 36,599,651 $ 20,769,579 $ 9,721,848
Ratio of Expenses to Average Net
Assets:
Before reimbursement 1.27% 1.33% 1.42% 1.52% 1.61%
After reimbursement # 1.26% 1.28% 1.31% 1.35% 1.33%
Ratio of Net Investment Income
to Average Net Assets 0.27% 0.64% 0.90% 2.51% 0.80%
Portfolio Turnover Rate 26.29% 82.83% 30.61% 17.78% 16.81%
</TABLE>
Portfolio turnover is calculated using the lesser of long-term purchases or
sales of portfolio securities for a period, divided by the monthly average of
the market value of the securities (excluding short-term securities) owned
during the period. Purchases and sales of investment securities for the year
ended December 31, 1998 were $20,516,913 and $7,443,580, respectively.
# Percentages are shown net of expenses reimbursed by The Great-West Life
Assurance Company or GW Capital Management, LLC.
(Continued)
<PAGE>
MAXIM SERIES FUND, INC.
STOCK INDEX PORTFOLIO
FINANCIAL HIGHLIGHTS
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the years ended
December 31, 1998, 1997, 1996, 1995, and 1994 are as follows:
Year Ended December 31,
-----------------------------------------------------------------------
1998 1997 1996 1995 1994
-------------- ------------ ----------- ------------ ------------
Net Asset Value, Beginning of Period $ 2.9474 $ 2.3650 $ 1.9796 $ 1.4978 $ 1.5575
Income From Investment Operations
Net investment income 0.0283 0.0364 0.0336 0.0334 0.0350
Net realized and unrealized gain 0.7538 0.7196 0.3960 0.4963 (0.0335)
(loss)
-------------- ------------ ----------- ------------ ------------
Total Income (Loss) From
Investment Operations 0.7821 0.7560 0.4296 0.5297 0.0015
Less Distributions
From net investment income (0.0284) (0.0364) (0.0336) (0.0332) (0.0350)
From net realized gains (0.1190) (0.1372) (0.0106) (0.0147) (0.0262)
-------------- ------------ ----------- ------------ ------------
Total Distributions (0.1474) (0.1736) (0.0442) (0.0479) (0.0612)
-------------- ------------ ----------- ------------ ------------
Net Asset Value, End of Period $ 3.5821 $ 2.9474 $ 2.3650 $ 1.9796 $ 1.4978
============== ============ =========== ============ ============
Total Return 26.79% 32.20% 21.81% 35.60% 0.14%
Net Assets, End of Period $ 1,029,722,471 $ 817,386,568 $ 936,806,358 $ 707,459,637 $ 497,339,992
Ratio of Expenses to Average Net 0.60% 0.60% 0.60% 0.60% 0.60%
Assets:
Ratio of Net Investment Income
to Average Net Assets 0.87% 1.15% 1.58% 1.91% 2.23%
Portfolio Turnover Rate 12.91% 17.30% 3.31% 5.25% 11.98%
</TABLE>
Portfolio turnover is calculated using the lesser of long-term purchases or
sales of portfolio securities for a period, divided by the monthly average of
the market value of the securities (excluding short-term securities) owned
during the period. Purchases and sales of investment securities for the year
ended December 31, 1998 were $133,508,986 and $117,060,332, respectively.
(Concluded)
<PAGE>
MAXIM SERIES FUND, INC.
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 1998 AND 1997
- -------------------------------------------------------------------------------
1. HISTORY OF THE FUND
Maxim Series Fund, Inc. (the Fund) is a Maryland corporation organized
on December 7, 1981 as an open-end management investment company.
Interests in the Money Market, Small-Cap Index, Small-Cap Value and
Stock Index 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, Pinnacle Series Account, 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.
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, which are in accordance with generally accepted accounting
principles in the investment company industry:
Dividends
Dividends from investment income of the Money Market Portfolio are
declared daily and reinvested monthly. Dividends from investment income
of the other Portfolios are declared and reinvested semi-annually.
Dividends from capital gains of the Portfolios, if any, are and
reinvested at least annually 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).
<PAGE>
Security Valuation
Portfolio securities that are listed on an established securities
exchange or on the NASDAQ National Market System are valued at the last
sale price as of the close of business on the day the securities are
being valued, or, lacking any sales, at the mean between closing bid and
asked price. Securities traded in the over-the-counter market are valued
at the mean between the bid and asked prices or yield equivalent as
obtained from one or more dealers that make markets in the securities.
Portfolio securities that are traded both in the over-the-counter market
and on an exchange are valued according to the broadest and most
representative market. Securities and assets for which market quotations
are not readily available are valued at fair value as determined in good
faith by or under the direction of the Board of Directors, including
valuations furnished by a pricing service that may be retained by the
Fund. Short-term and money market securities are valued at amortized
cost which approximates market value.
Dividend income for the Portfolios is accrued as of the ex-dividend date
and interest income is recorded daily.
Financial Futures Contracts
The Stock Index Portfolio may invest in financial futures contracts as a
substitute for a comparable market position in the underlying
securities. Upon entering into a financial futures contract, the
portfolio is required to pledge to the broker an amount of cash and/or
other assets equal to a certain percentage of the contract amount
(initial margin deposit). Subsequent payments, knows as "variation
margin", are made or received by the portfolio each day, depending on
the daily fluctuations in the fair value of the underlying security.
Should market conditions move unexpectedly, the portfolio may not
achieve the anticipated benefits of the financial futures contracts and
may realize a loss.
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. At December 31, 1998,
the Money Market Portfolio had available for federal income tax purposes
an unused capital loss carryover of $97,885 which expires in 2006.
On December 1, 1998, assets were transferred from the Small-Cap Index
Portfolio to another portfolio managed by GW Capital Management, LLC.
The in-kind transfer was treated as a redemption at the current market
value of $117,269,928 and resulted in book losses of $7,779,545 to the
Small-Cap Index Portfolio which will be recognized as a permanent
difference for tax purposes.
Classification of Distributions to Shareholders
Net investment income (loss) and net realized gain (loss) may differ for
financial statement 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 Funds.
The Funds adjust the classification of distributions to shareholders to
reflect the differences between financial statement amounts and
distributions determined in accordance with income tax regulations.
Accordingly, during the year ended December 31, 1998, amounts have been
reclassified to reflect an accumulated net investment loss which may not
be offset against capital gains or carried forward for tax purposes. In
the Small-Cap Index Portfolio, realized losses of $7,779,545 relating to
redemption-in-kind transactions have been reclassed to Additional
Paid-In-Capital. In Small-Cap Value Portfolio, over-distributions of net
investment income of $157 have been reclassified to Additional Paid-In
Capital.
3. INVESTMENT ADVISORY AGREEMENT
The Fund has entered into an investment advisory agreement with GW
Capital Management, LLC, a wholly-owned subsidiary of the Company. As
compensation for its services to the Fund, the investment advisor
receives monthly compensation at the annual rate of .46% of the average
daily net assets Money Market Portfolio, .60% of the average daily net
assets of the Small-Cap Index and Stock Index Portfolios, 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.
Expenses incurred by the Fund, which are not portfolio specific, are
allocated among the portfolios based on relative net assets or other
appropriate allocation methods. For certain funds, the management fee
encompasses other fund operating expenses.
4. UNREALIZED APPRECIATION (DEPRECIATION)
Gross unrealized appreciation (depreciation) of securities is as follows
as of December 31, 1998:
SMALL-CAP SMALL-CAP STOCK
INDEX VALUE INDEX
PORTFOLIO PORTFOLIO PORTFOLIO
-------------- --------------- --------------
Gross appreciation ........ 3,618,780 6,362,224 533,835,927
Gross depreciation ........ (706,462) (1,469,700) (16,570,180)
------------ ------------ ------------
Net unrealized appreciation 2,912,318 4,892,524 517,265,747
============ ============ ============
5. FUTURES CONTRACTS
As of December 31, 1998, the Stock Index Portfolio had purchased 19 S&P
500 futures contracts. The contracts expire in March 1999, and the
portfolio has recorded an unrealized gain of $296,663 as of December 31,
1998.
<PAGE>
The Maxim Series Fund
Money Market Portfolio
SHORT-TERM INVESTMENTS
AGENCY --- 0.8%
5,000,000 Federal National Mortgage Association 4,999,864
$4,999,864
CANADIAN - PROVINCIAL --- 0.3%
2,000,000 Manitoba 2,016,888
$2,016,888
CONSUMER SERVICES --- 4.9%
22,800,000 United Parcel Service 22,578,108
7,000,000 Walt Disney Co 6,987,175
$29,565,283
CREDIT INSTITUTIONS --- 20.7%
30,000,000 American Express Co 29,649,019
1,000,000 Associates Corporation of North America 1,006,186
3,000,000 Caterpillar Financial Services Corp 3,028,405
1,000,000 Chrysler Financial Corp 999,180
1,050,000 Chrysler Financial Corp 1,049,847
28,100,000 Ford Motor Credit Co 27,861,159
1,800,000 Ford Motor Credit Co 1,799,142
1,000,000 Household Finance Corp 1,000,593
9,000,000 Paccar Financial Corp 8,929,875
21,000,000 Toyota Motor Credit Corp 20,896,484
29,400,000 TransAmerica Financial Corp 29,168,689
$125,388,579
ELECTRIC --- 13.3%
28,500,000 Duke Energy Co 28,431,607
24,600,000 Electricity de France 24,340,456
5,000,000 National Rural Utilities Corp 5,000,000
4,914,000 South Carolina Electric & Gas 4,893,730
18,149,000 Southern California Edison Co 18,104,882
$80,770,675
ELECTRONICS - HIGH TECH --- 11.8%
10,000,000 General Electric Co 9,952,556
7,190,000 Motorola Credit Corp 7,073,542
10,350,000 Motorola Inc 10,310,750
22,000,000 Sharp Electronics Corp 21,884,344
22,000,000 Xerox Corp 21,947,108
$71,168,300
FINANCIAL SERVICES --- 9.9%
26,500,000 Ciesco LP 26,393,955
25,700,000 KFW International Finance 25,317,484
5,000,000 Salomon Inc 4,995,528
1,000,000 Salomon Inc 998,590
2,000,000 Salomon Inc 2,007,907
$59,713,464
FOREIGN BANKS --- 4.5%
22,250,000 Bank of Nova Scotia 21,996,025
5,000,000 Bank of Nova Scotia 4,996,462
$26,992,487
FOREIGN GOVERNMENTS --- 0.4%
2,500,000 Hydro-Quebec 2,507,528
$2,507,528
HOLDING & INVEST. OFFICES --- 4.8%
24,000,000 American General Finance Corp 23,852,308
5,000,000 Caisse Central Desjardins 4,955,375
$28,807,683
INDUSTRIAL SERVICES --- 1.4%
8,600,000 First Data Corp 8,585,810
$8,585,810
INSURANCE --- 3.6%
6,887,000 AIG Funding Inc 6,852,263
4,600,000 American General Corp 4,560,823
10,334,000 Metlife Funding Inc 10,310,326
$21,723,412
LEASING --- 4.6%
28,000,000 International Lease Finance Co 27,915,833
$27,915,833
MFTG - CONSUMER PRODS. --- 2.4%
10,000,000 Campbell Soup Co 9,868,000
4,900,000 General Mills Inc 4,892,334
$14,760,334
MFTG - INDUSTRIAL PRODS --- 5.4%
30,000,000 EI DuPont De Nemours & Co 29,564,963
3,000,000 Penske Truck Leasing 3,026,187
$32,591,150
OTHER ASSET-BACKED --- 3.6%
22,000,000 Household Finance Corp 21,889,501
$21,889,501
SECURITIES & COMMODITIES --- 1.4%
8,600,000 Merrill Lynch & Co Inc 8,544,286
$8,544,286
TELEPHONE --- 1.9%
10,565,000 Ameritech Corp 10,538,970
1,000,000 SBC Communications 998,475
$11,537,445
TRANSPORTATION EQUIPMENT --- 3.4%
20,840,000 Daimler-Benz 20,615,176
$20,615,176
U.S. GOVERNMENTS --- 0.8%
5,000,000 Student Loan Marketing Association 4,992,188
$4,992,188
TOTAL SHORT-TERM INVESTMENTS --- 100.0% $605,085,886
(Cost $605,085,886)
TOTAL MONEY MARKET PORTFOLIO --- 100.0% $605,085,886
(Cost $605,085,886)
<PAGE>
The Maxim Series Fund
Small-Cap Index Portfolio
COMMON STOCK
AGRICULTURE --- 0.4%
2,666 Delta & Pine Land Co 98,642
$98,642
AIR --- 1.3%
2,275 Air Express International Corp 49,481
4,350 Comair Holdings Inc 146,813
1,900 Mesa Air Group Inc* 14,843
1,400 Offshore Logistics Inc* 16,625
1,300 Pittston Brinks Group 14,463
1,700 Skywest Inc 55,568
$297,793
COMMUNICATIONS --- 1.0%
1,800 Allen Group Inc* 12,037
3,300 CommScope Inc* 55,480
3,300 General Communication Inc Class A* 13,405
2,100 HA-LO Industries Inc* 79,013
1,100 Metro Networks Inc* 46,888
1,060 Metrocall Inc* 0
2,600 Picturetel Corp* 17,225
1,500 TCSI Corp* 3,140
$227,188
CONSTRUCTION --- 1.9%
1,800 Apogee Enterprises Inc 20,250
3,700 DR Horton Inc 85,100
1,100 Dycom Industries Inc* 62,838
1,500 Geon Co 34,500
1,700 Insituform Technologies Inc Class A* 24,650
1,200 MDC Holdings Inc 25,650
3,600 Morrison Knudsen Corp* 35,100
800 Southern Energy Homes Inc* 4,900
2,000 Standard Pacific Corp 28,250
900 The Ryland Group Inc 25,988
2,500 Toll Brothers Inc* 56,405
900 US Home Corp* 29,925
$433,556
CONSUMER SERVICES --- 8.6%
2,200 American Oncology Resources* 32,036
900 Anchor Gaming Co* 50,738
500 Angelica Corp 9,313
3,000 Aztar Corp* 15,186
800 Biomatrix Inc* 46,600
600 CPI Corp 15,900
700 Carmike Cinemas Inc Class A* 14,218
1,950 Central Parking Corp 63,252
1,100 Cooper Companies Inc* 22,756
4,000 Coventry Health Care Inc* 35,248
800 Curative Technologies Inc* 26,800
1,000 Datascope Corp* 23,000
4,700 DeVry Inc* 143,938
900 Diagnostic Products Corp 28,013
1,656 Enzo Biochem Inc* 17,077
1,700 Family Golf Centers Inc* 33,575
1,500 Franklin Covey Co* 25,125
1,400 G&K Services Inc Class A 74,550
600 GC Companies Inc* 24,975
2,300 Genesis Health Ventures Inc* 20,125
2,800 Grand Casinos Inc* 22,574
1,700 Hollywood Park Inc* 14,130
1,900 Incyte Pharmaceuticals Inc* 71,013
700 Insurance Auto Actions Inc* 8,313
3,577 Integrated Health Services Inc* 50,525
3,200 Interim Services Inc* 74,800
1,900 Jones Pharmaceuticals Inc 69,350
2,100 Magellan Health Services Inc* 17,588
4,766 Mariner Post-Acute Network Inc* 21,742
2,300 Medquist Inc* 90,850
1,300 NCS HealthCare Inc Class A* 30,875
1,425 NFO Worldwide Inc* 16,388
2,100 North American Vaccine Inc* 18,638
3,200 Orthodontic Centers of America Inc* 62,198
1,100 Pediatrix Medical Group* 65,931
5,100 Phycor Inc* 34,741
2,100 Players International Inc* 12,993
1,900 Primadonna Resorts Inc* 16,743
3,500 Prime Hospitality Corp* 36,967
1,700 Regis Corp 68,000
2,850 Renal Care Group Inc* 82,114
3,950 Rollins Truck Leasing Corp 58,263
2,100 Sequus Pharmaceuticals Inc* 42,525
1,750 Sierra Health Services Inc* 36,859
2,300 Superior Services Inc* 46,143
2,050 The Marcus Corp 33,313
2,300 Universal Health Services Inc Class B* 119,313
1,900 Westwood One Inc* 57,950
$2,003,264
CREDIT INSTITUTIONS --- 6.2%
1,100 Anchor Bancorp Wisconsin Inc 26,400
3,800 Astoria Financial Corp 173,850
1,600 Carolina First Corp 40,499
1,525 Commerce Bancorp Inc 80,063
4,025 Commercial Federal Corp 93,328
1,900 Cullen/Frost Bankers Inc 104,263
2,000 First Bancorp 60,374
1,900 First Midwest Bancorp Inc 72,318
5,000 FirstMerit Corp 134,375
2,924 Hubco Inc 88,086
1,700 Premier Bancshares Inc 44,518
2,000 Riggs National Corp 40,750
2,780 St Paul Bancorp Inc 75,666
2,450 Susquehanna Bancshares Inc 50,147
1,755 Trustco Bank Corp 52,650
1,300 US Trust Corp 98,800
2,900 UST Corp 68,330
2,900 United Bankshares Inc 76,850
1,650 Whitney Holding Corp 61,875
$1,443,142
ELECTRIC --- 1.9%
600 Bangor Hydro Electric Co* 7,687
1,100 Central Hudson Gas & Electric Corp 49,225
700 Central Vermont Public Service Corp 7,263
1,500 Commonwealth Energy System Co 60,750
1,300 Eastern Utilities Associates 36,725
1,900 Energen Corp 37,050
300 Green Mountain Power Corp 3,150
1,000 Orange & Rockland Utilities Inc 57,000
600 Pennsylvania Enterprises Inc 15,300
2,200 Sierra Pacific Resources 83,600
1,000 TNP Enterprises Inc 37,937
900 United Illuminating Co 46,350
$442,037
ELECTRONICS - HIGH TECH --- 14.5%
1,300 ADAC Laboratories* 25,958
700 Alliant Techsystems Inc* 57,706
800 Analogic Corp 30,100
2,800 Anixter International Inc* 56,874
1,600 Applied Magnetics Corp* 9,899
3,400 Aspect Telecommunications Corp* 58,650
1,700 Auspex Systems Inc* 7,358
2,420 Baldor Electric Co 49,005
2,000 Ballard Medical Products Co 48,624
700 Benchmark Electronics Inc* 25,638
2,500 Burr Brown Corp* 58,593
600 C COR Electronics Inc* 8,250
2,500 C-Cube Microsystems Inc* 67,813
900 CTS Corp 39,150
2,050 Cable Design Technologies Co* 37,925
1,000 California Microwave Inc* 9,375
400 Centigram Communications Corp* 3,950
2,100 Checkpoint Systems Inc* 25,988
1,000 Circon Corp* 15,000
2,700 Cognex Corp* 54,000
1,600 Coherent Inc* 19,899
1,100 Customtracks Corp* 11,756
2,000 Dallas Semiconductor Corp 81,500
1,100 Daniel Industries Inc 13,338
900 Digi International Inc* 10,013
4,100 Digital Microwave Corp* 28,056
1,500 Dionex Corp* 54,938
700 Electro Scientific Industries Inc* 31,718
1,300 Electroglas Inc* 15,275
1,500 Envoy Corp* 87,375
1,400 Etec Systems Inc* 56,000
1,500 Exabyte Corp* 8,250
2,500 General Semiconductor Inc* 20,468
1,800 HNC Software Inc* 72,787
1,000 Hadco Corp* 35,000
2,800 Harbinger Corp* 22,400
1,300 Harman International Industries Inc 49,563
800 Harmon Industries Inc 18,450
1,000 Hologic Inc* 12,125
1,300 Hutchinson Technology Inc* 46,313
3,400 Input/Output Inc* 24,861
800 Integrated Circuit Systems Inc* 14,100
1,700 Inter-Tel Inc 39,738
3,500 International Rectifier Corp* 34,125
900 Intervoice Inc* 31,050
2,000 Invacare Corp 48,000
1,200 Juno Lighting Inc 28,050
2,600 Kemet Corp* 29,250
3,700 Komag Inc* 38,388
1,200 Kuhlman Corp 45,450
1,600 Lattice Semiconductor Corp* 73,450
2,700 Macromedia Inc* 90,955
1,100 Marshall Industries* 26,950
1,600 Mentor Corp 37,499
2,400 Methode Electronics Inc Class A 37,500
1,400 Micrel Inc* 77,000
2,200 National Computer Systems Inc 81,400
1,400 Network Equipment Technologies Inc* 14,437
1,100 Oak Industries Inc* 38,500
2,900 P-Com Inc* 11,554
800 Park Electrochemical Corp 22,900
1,100 Plexus Corp* 37,263
3,300 Read-Rite Corp* 48,777
1,500 Resound Corp* 5,625
2,100 Respironics Inc* 42,065
600 Rival Co 8,062
1,300 Royal Appliance Manufacturing Co* 4,793
3,700 Safeskin Corp* 89,263
3,400 Sanmina Corp* 212,500
600 Spacelabs Inc* 13,800
1,000 Speedfam International Inc* 17,125
1,000 Standard Microsystems Corp* 7,812
2,050 Summit Technology Inc* 8,969
1,500 Sunrise Medical Inc* 18,656
1,000 Symmetricom Inc* 6,687
1,200 Technitrol Inc 38,250
1,000 Thomas Industries Inc 19,625
500 Three Five Systems Inc* 6,844
1,500 Trimble Navigation Ltd* 10,875
2,100 Unitrode Corp* 36,750
3,100 VLSI Technology Inc* 33,905
1,700 Valence Technology Inc* 12,325
3,100 Vanstar Corp* 28,675
2,800 Vicor Corp* 25,200
1,100 Visx Inc* 96,181
800 Vital Signs Inc 14,000
5,000 Vitesse Semiconductor Corp* 228,125
400 Watkins Johnson Co 8,150
1,400 X-Rite Inc 10,850
2,100 Zebra Technologies Corp Class A* 60,375
$3,381,764
ENVIRONMENTAL SERVICES --- 0.0%
900 Tetra Technologies Inc* 9,843
$9,843
GAS --- 2.0%
2,150 Atmos Energy Corp 69,338
700 Cascade Natural Gas Corp 12,688
600 Connecticut Energy Corp 18,300
1,900 KCS Energy Inc 5,818
1,300 New Jersey Resources Corp 51,350
1,650 Northwest Natural Gas Co 42,694
2,100 Piedmont Natural Gas Company Inc 75,863
2,700 Pogo Producing Co 35,100
1,300 Public Service Company of North Carolina Inc 33,800
2,000 Southwest Gas Corp 53,750
1,600 Southwestern Energy Co 12,000
2,500 Wicor Inc 54,530
$465,231
HOLDING & INVEST. OFFICES --- 3.1%
1,100 Banknorth Group Inc 41,388
1,900 Centura Banks Inc 141,313
1,000 Cilcorp Inc 61,187
750 Dain Rauscher Corp 22,125
3,700 E Trade Group Inc* 173,090
2,400 Eaton Vance Corp 50,100
700 JSB Financial Inc 38,063
1,400 MAF Bancorp Inc 37,100
1,700 Pioneer Group Inc 33,575
1,700 Provident Bankshares Corp 42,288
1,350 Queens County Bancorp Inc 40,163
1,500 Silicon Valley Bancshares* 25,547
1,200 WHX Corp* 12,074
$718,013
INDUSTRIAL SERVICES --- 9.5%
1,500 ABM Industries Inc 51,938
5,300 Acxiom Corp* 164,300
2,600 Advanced Tissue Sciences Inc* 6,742
1,500 Advo Inc* 39,563
2,800 American Management Systems Inc* 112,000
1,500 Analysts International Corp 28,875
1,600 Avid Technology Inc* 37,400
2,500 Billing Information Concepts* 27,500
1,800 Bisys Group Inc* 92,925
1,850 Boole & Babbage Inc* 54,458
1,300 CDI Corp* 26,243
2,200 Cerner Corp* 58,850
3,600 Ciber Inc* 100,573
1,400 Computer Task Group Inc 37,975
1,200 Dames & Moore Inc 15,450
1,200 Dialogic Corp* 23,587
1,000 Fair Isaac & Co Inc 46,187
2,100 Filenet Corp* 24,083
1,955 Hyperion Solutions Corp* 35,190
900 Itron Inc* 6,468
1,299 Jack Henry & Associates Inc 64,625
1,100 Lason Inc* 64,006
1,300 Mercury Interactive Corp* 82,225
2,400 National Data Corp 116,849
2,200 National Instruments Corp* 75,075
1,800 Norrell Corp 26,550
1,500 Pharmaceutical Product Development Inc* 45,093
2,000 Platinum Software Corp* 25,624
1,500 Prepaid Legal Services Inc* 49,500
1,372 Primark Corp* 37,216
1,200 Progress Software Corp* 40,500
3,400 S3 Inc* 25,021
1,300 SEI Investments Company 129,188
1,100 Service Experts Inc* 32,175
800 Stone & Webster Inc 26,600
3,150 System Software Associates Inc* 22,148
2,700 Technology Solutions Co* 28,939
1,900 Tetra Tech Inc* 51,418
3,000 True North Communications Inc 80,625
1,650 United States Bioscience Inc* 11,859
1,700 Vantive Corp* 13,600
1,100 Volt Information Sciences Inc* 24,818
600 Wall Data Inc* 14,400
3,400 Whittman Hart Inc* 93,925
2,800 Xylan Corp* 50,750
$2,223,036
INSURANCE --- 5.1%
3,000 American Bankers Insurance Group Inc 145,125
1,100 Arthur J Gallagher & Co 48,538
1,500 CMAC Investment Corp 68,906
2,100 Capital RE Corp 42,130
600 Compdent Corp* 6,225
1,367 Delphi Financial Group Inc Class A* 71,681
2,600 Enhance Financial Services Group Inc 78,000
800 Executive Risk Inc 43,950
2,024 Fidelity National Financial Inc 61,732
4,150 First American Financial Corp 133,319
4,740 Fremont General Corp 117,315
2,420 Frontier Insurance Group Inc 31,158
800 Hilb Rogal & Hamilton Co 15,900
2,800 Mutual Risk Management Ltd 109,550
1,200 NAC RE Corp 56,324
1,900 Orion Capital Corp 75,643
1,900 Selective Insurance Group Inc 38,238
800 Trenwick Group Inc 26,100
1,100 Zenith National Insurance Corp 25,438
$1,195,272
MFTG - CONSUMER PRODS. --- 9.6%
900 Ashworth Inc* 4,978
1,500 Authentic Fitness Corp 27,375
800 Bassett Furniture Industries Inc 19,300
2,500 Bowne & Company Inc 44,688
1,200 Brown Group Inc 21,074
1,200 Canandaigua Wine Co Inc Class B* 69,374
1,300 Catalina Marketing Corp* 88,888
3,260 Champion Enterprises Inc* 89,243
4,400 Chiquita Brands International Inc 42,073
600 Coca-Cola Bottling Co 34,500
1,700 Cone Mills Corp* 9,563
1,000 Consolidated Graphics Inc* 67,562
2,500 Corn Products International Inc 75,938
1,000 Cyrk Inc* 7,500
1,600 Delta Woodside Industries Inc 9,600
2,950 Dimon Inc 21,939
2,900 Earthgrains Co 89,717
1,800 Ethan Allen Interiors Inc 73,800
900 Galey & Lord Inc* 7,763
1,000 Gibson Greetings Inc* 11,875
1,650 Guilford Mills Inc 27,534
1,600 Gymboree Corp* 10,200
500 Haggar Corp 5,719
2,300 Hartmarx Corp* 12,938
1,100 Innovex Inc 15,090
3,500 Interface Inc Class A 32,484
700 J&J Snack Foods Corp* 15,663
2,100 John H Harland Co 33,205
700 Johnston Industries Inc* 2,188
2,200 Just For Feet Inc* 38,225
1,700 Justin Industries Inc 22,313
300 K-Swiss Inc 8,063
1,215 K2 Inc 12,529
1,450 Kellwood Co 36,250
3,500 La-Z-Boy Inc 62,342
2,700 Linens 'N Things Inc* 106,988
1,000 Lydall Inc* 11,875
1,100 Merrill Corp 21,243
3,850 Mohawk Industries Inc* 161,939
406 National Presto Industries Inc 17,306
1,175 Nature's Sunshine Products Inc 17,919
900 New England Business Service Inc 35,213
3,100 Oakwood Homes Corp 47,080
1,200 Oshkosh B'Gosh Inc Class A 24,224
500 Oxford Industries Inc 14,125
1,600 ParExel International Corp* 40,000
800 Pharmaceutical Marketing Services Inc* 11,500
1,800 Phillips Van-Heusen Corp 12,937
1,060 Pillowtex Corp 28,355
2,100 Ralcorp Holdings Inc* 38,325
1,000 Schweitzer-Mauduit International Inc 15,437
2,500 Smithfield Foods Inc* 84,688
1,600 Sola International Inc* 27,600
3,100 Stride Rite Corp 27,125
500 Swiss Army Brands Inc* 4,813
700 The Dixie Group Inc 5,688
800 The Timberland Co Class A* 36,450
1,350 Titan International Inc 12,825
900 USA Detergents Inc* 6,525
1,400 Universal Forest Products Inc 28,087
2,500 Valassis Communications Inc* 129,063
2,900 Wolverine World Wide Inc 38,425
2,600 World Color Press Inc* 79,136
$2,236,384
MFTG - INDUSTRIAL PRODS --- 14.2%
1,100 AT Cross Co Class A 5,913
2,100 Alliance Pharmaceutical Corp* 6,890
1,884 Alpharma Inc Class A 66,528
700 Amcast Industrial Corp 13,388
2,725 Applied Power Inc Class A 102,869
2,400 Aptargroup Inc 67,349
700 Astec Industries Inc* 38,938
1,800 BMC Industries Inc 11,250
1,249 Banctec Inc* 15,690
1,600 Barr Labs Inc* 76,800
1,600 Belden Inc 33,899
3,300 Bio-Technology General Corp* 22,892
1,900 Birmingham Steel Corp 7,955
2,500 Blount International Inc Class A 62,343
1,100 Brush Wellman Inc 19,181
2,400 Buckeye Technologies Inc* 35,849
450 Butler Manufacturing Co 10,069
1,600 COR Therapeutics Inc* 21,200
1,600 Cambrex Corp 38,400
1,700 Caraustar Industries Inc 48,555
1,900 Cephalon Inc* 17,100
600 Chemed Corp 20,100
1,200 Chemfirst Inc 23,700
1,650 Clarcor Inc 33,000
1,000 Commonwealth Industries Inc 9,375
1,500 Cygnus Inc* 7,313
2,600 Fedders Corp 15,111
1,200 Florida Rock Industries Inc 37,200
1,100 Flow International Corp* 10,656
1,000 Gardner Denver Machinery Inc* 14,750
1,500 Gerber Scientific Inc 35,718
1,400 Global Industries Technologies Inc* 14,962
1,300 Graco Inc 38,350
2,100 Griffon Corp* 22,313
800 Hauser Inc* 3,550
1,500 Helix Technology Corp 19,500
2,600 IDEXX Laboratories Inc* 69,956
1,100 IMCO Recycling Inc 16,981
1,500 Immune Response Corp* 16,313
500 Insteel Industries Inc 2,438
836 Intermagnetics General Corp* 5,121
1,700 Intermet Corp 22,205
1,000 Ionics Inc* 29,937
2,900 JLG Industries Inc 45,313
500 Kronos Inc* 22,156
1,500 Kulicke & Soffa Industries Inc* 26,625
800 LSB Industries Inc 2,650
1,100 Libbey Inc 31,831
1,550 Lilly Industries Inc Class A 30,902
800 Lindsay Manufacturing Co 11,850
2,500 Liposome Company Inc* 38,593
1,400 Lone Star Industries Inc 51,537
1,800 MacDermid Inc 70,425
1,150 Material Sciences Corp* 9,775
800 McWhorter Technologies Inc* 18,300
1,800 Medimmune Inc* 178,987
1,000 Micros Systems Inc* 32,875
1,701 Mississippi Chemical Corp 23,814
1,200 Molecular Biosystems Inc* 3,524
2,400 Mueller Industries Inc* 48,749
1,148 Myers Industries Inc 32,933
4,600 NBTY Inc* 32,775
400 Nashua Corp* 5,325
2,300 Novellus Systems Inc* 113,850
1,400 Noven Pharmaceuticals Inc* 7,612
1,000 O'Sullivan Corp 9,875
1,700 OM Group Inc 62,050
2,000 Organogenesis Inc* 22,500
3,241 Paxar Corp* 28,965
600 Penford Corp 9,600
1,600 Photronics Inc* 38,349
1,800 Polaris Industries Inc 70,537
1,000 Pope & Talbot Inc 8,375
1,200 Protein Design Labs Inc* 27,750
500 Quaker Chemical Corp 9,000
900 Quanex Corp 20,306
1,500 RTI International Metals Inc* 21,000
700 RailTex Inc* 7,918
1,400 Regal-Beloit Corp 32,200
2,100 Regeneron Pharmaceuticals Inc* 15,488
1,300 Reliance Steel & Aluminum Co 35,913
700 Republic Group Inc 14,043
700 Robbins & Myers Inc 15,488
2,100 Roberts Pharmaceutical Corp* 45,675
2,100 Roper Industries Inc 42,788
1,500 Russ Berrie & Company Inc 35,250
900 SPS Technologies Inc* 50,963
1,200 Scott Technologies Inc* 19,837
1,300 Scotts Co Class A* 49,968
1,750 Shorewood Packaging Corp* 35,875
800 Standex International Corp 21,000
900 Steel Technologies Inc 6,075
1,800 Sturm Ruger Company Inc 21,487
1,000 Telxon Corp 13,875
1,500 Texas Industries Inc 40,406
1,150 The Manitowoc Company Inc 51,031
1,350 TheraTech Inc* 21,938
975 Thomas Nelson Inc 13,163
800 Toro Co 22,800
2,450 Tredegar Industries Inc 55,125
1,400 Ultratech Stepper Inc* 22,400
1,700 Valmont Industries Inc 23,588
1,700 Vertex Pharmaceuticals Inc* 50,575
1,000 WD-40 Co 28,625
1,500 WH Brady Co Class A 40,406
500 Walbro Corp* 3,188
700 Whittaker Corp* 11,813
900 Wolverine Tube Inc* 18,900
1,275 Wynn's International Inc 28,209
1,600 Xircom Inc* 54,400
$3,310,725
MINING --- 0.7%
1,800 AMCOL International Corp 17,775
1,400 Coeur D'Alene Mines Co* 6,475
2,004 Getchell Gold Corp* 54,609
2,600 Glamis Gold Ltd* 4,875
3,700 Helca Mining Co* 13,413
1,600 Stillwater Mining Co* 65,600
$162,747
OIL & GAS --- 2.1%
2,110 Barrett Resources Corp* 50,640
2,000 Benton Oil & Gas Co* 6,000
1,600 Cabot Oil & Gas Corp 24,000
3,050 Cross Timbers Oil Co 22,875
2,100 Devon Energy Corp 64,443
1,200 HS Resources Inc* 9,074
2,800 Newfield Exploration Co* 58,450
1,500 Oceaneering International Inc* 22,500
1,100 Plains Resources Inc* 15,468
1,400 Pool Energy Services Co* 15,137
3,400 Pride International Inc* 24,011
1,300 Remington Oil & Gas Corp* 5,814
6,900 Santa Fe Energy Resources Inc* 50,888
1,500 Seitel Inc* 18,656
2,200 Snyder Oil Corp 29,286
700 St Mary Land & Exploration Co 12,950
3,000 Tuboscope Vetco International Corp* 24,375
3,700 Vintage Petroleum Inc 31,913
700 Wiser Oil Co 1,400
$487,880
OTHER TRANS. SERVICES --- 1.7%
2,100 American Freightways Corp* 24,215
1,300 Arkansas Best Corp* 7,596
3,500 Brightpoint Inc* 48,125
1,700 Expeditors International of Washington Inc 71,400
2,400 Fritz Companies Inc* 25,949
1,100 Frozen Food Express Industries Inc 8,663
1,984 Heartland Express Inc* 34,720
800 Landstar System Inc* 32,600
900 MS Carriers Inc* 29,643
900 Rural/Metro Corp* 9,843
1,700 USFreightways Corp 49,513
3,162 Werner Enterprises Inc 55,926
$398,193
REAL ESTATE --- 0.1%
3,000 Amresco Inc* 26,250
$26,250
RETAIL TRADE --- 8.6%
4,200 Americredit Corp* 58,010
1,700 AnnTaylor Stores Corp* 67,043
2,000 Applebees International Inc 41,250
900 Au Bon Pain Inc* 6,075
2,500 Bombay Company Inc* 13,905
1,100 Books-A-Million Inc* 14,300
800 Builders Material Holding Corp* 9,700
1,200 CEC Entertainment Inc* 33,300
3,520 CKE Restaurants Inc 103,618
3,500 Caseys General Stores Inc 45,609
1,676 Cash America International Inc 25,453
1,800 Cato Corp Class A 17,717
1,350 Cheesecake Factory Inc* 40,036
1,718 Consolidated Products Inc* 35,434
400 Danmark International Inc* 3,250
1,100 Discount Auto Parts Inc* 24,131
1,900 Eagle Hardware & Garden Inc* 61,750
2,200 Express Scripts Inc* 147,609
2,600 Foodmaker Inc* 57,361
1,600 Footstar Inc* 40,000
2,200 Goody's Family Clothing Inc* 22,068
800 Gottschalks Inc* 6,100
1,300 Hancock Fabrics Inc 10,888
700 IHOP Corp* 27,956
1,200 Insight Enterprises Inc* 61,050
900 J Baker Inc 5,175
1,900 Jan Bell Marketing Inc* 12,230
1,200 Jo-Ann Stores Inc Class A* 19,350
2,000 Landrys Seafood Restaurant Co* 15,000
1,100 Lechters Corp* 2,715
600 Lillian Vernon Corp 9,900
1,500 Luby's Cafeterias Inc 23,156
2,000 Michaels Stores Inc* 36,186
2,518 Midway Games Inc* 27,698
1,500 O'Reilly Automotive Inc* 70,875
1,400 Pacific Sunwear of California Inc* 22,925
6,517 Pier 1 Imports Inc 63,130
2,100 Ruby Tuesday Inc 44,625
2,700 Ryan's Family Steak Houses Inc* 33,413
3,300 Shoney's Inc* 4,330
1,800 Shopko Stores Inc* 59,850
1,250 Sonic Corp* 31,094
1,100 St John Knits Inc 28,600
3,000 Stein Mart Inc* 20,904
1,500 TCBY Enterprises Inc 10,500
1,000 TJ International Inc 25,687
900 Taco Cabana Inc* 6,975
1,500 The Dress Barn Inc* 22,781
2,225 The Men's Wearhouse Inc* 70,644
2,150 The Sports Authority Inc* 11,288
1,980 Triarc Companies Inc Class A* 31,680
1,800 Whole Foods Market Inc* 87,075
3,750 Williams-Sonoma Inc* 151,170
2,400 Zale Corp* 77,400
$1,999,969
SECURITIES & COMMODITIES --- 1.3%
1,841 Downey Financial Corp 46,830
1,500 Jefferies Group Inc 74,438
3,700 Legg Mason Inc 116,779
3,250 Raymond James Financial Inc 68,656
$306,703
TELEPHONE --- 0.2%
3,300 Tel-Save Holdings Inc* 55,275
$55,275
TRANSPORTATION EQUIPMENT --- 2.4%
1,850 AAR Corp 44,169
1,500 AO Smith Corp 36,843
1,800 Arctic Cat Inc 18,337
1,700 BE Aerospace Inc* 35,700
2,500 Breed Technologies Inc* 20,468
4,800 Gentex Corp* 96,000
800 Huffy Corp 13,200
2,500 Orbital Sciences Corp* 110,625
1,200 Simpson Industries Inc 11,624
600 Skyline Corp 19,500
800 Spartan Motors Inc 4,600
800 Standard Motor Products Inc 19,400
1,000 Standard Products Co 20,375
800 Thor Industries Inc 20,400
1,550 Wabash National Corp 31,484
1,500 Winnebago Industries Inc 22,688
1,700 Yellow Corp* 32,513
$557,926
WATER --- 0.9%
600 Aquarion Co 24,600
700 Consumers Water Co 22,006
1,950 Halter Marine Group Inc* 9,506
1,400 Kirby Corp* 27,912
1,833 Philadelphia Suburban Corp 54,187
700 Southern California Water Co 19,075
2,500 United Water Resources Inc 59,843
$217,129
WHOLESALE TRADE - INDL --- 1.4%
875 AM Castle & Co 13,125
1,400 Applied Industrial Technology Inc 19,425
600 Bell Industries Inc* 6,825
1,600 Bindley Western Industries Inc 78,800
700 Lawson Products Inc 16,100
1,450 MicroAge Inc* 22,294
2,500 Nautica Enterprises Inc* 37,500
2,250 Patterson Dental Co* 97,875
1,725 Pioneer Standard Electronics Inc 16,172
1,400 TBC Corp* 9,975
$318,091
WHOLESALE TRADE -CONSUMER --- 1.5%
1,300 Barnes Group Inc 37,863
933 Commercial Metals Co 25,891
2,600 Fleming Companies Inc 26,975
1,700 Hughes Supply Inc 49,725
1,600 Kaman Corp Class A 25,699
2,000 Kent Electronics Corp* 25,500
700 Nash Finch Co 9,975
2,150 Owens & Minor Inc 33,863
3,200 Richfood Holdings Inc 66,400
700 Syncor International Corp* 19,075
1,600 Watsco Inc 26,800
$347,766
TOTAL COMMON STOCK --- 100.0% $23,363,819
(Cost $20,451,501)
TOTAL SMALL-CAP INDEX PORTFOLIO --- 100.0% $23,363,819
(Cost $20,451,501)
<PAGE>
The Maxim Series Fund
Small-Cap Value Portfolio
COMMON STOCK
CONSUMER SERVICES --- 8.1%
14,300 Allergan Inc 925,925
16,900 Berlitz International Inc* 490,100
69,700 Whitman Corp 1,768,638
$3,184,663
CREDIT INSTITUTIONS --- 2.6%
11,500 Northern Trust Corp 1,004,088
$1,004,088
ELECTRONICS - HIGH TECH --- 4.7%
35,700 International Game Technology 867,938
49,600 Littelfuse Inc* 954,800
$1,822,738
INDUSTRIAL SERVICES --- 2.1%
11,900 Omnicom Group Inc 690,200
4,300 True North Communications Inc 115,563
$805,763
INSURANCE --- 7.3%
7,800 Arthur J Gallagher & Co 344,175
29,000 MBIA Inc 1,901,298
15,100 Orion Capital Corp 601,161
$2,846,634
MFTG - CONSUMER PRODS. --- 25.0%
148,100 American Media Inc Class A* 823,732
27,200 Central Newspapers Inc 1,943,086
54,900 Hasbro Inc 1,983,263
133,450 Interface Inc Class A 1,238,549
48,000 Lee Enterprises Inc 1,512,000
43,000 Leggett & Platt Inc 946,000
39,200 McCormick & Company Inc (nonvtg) 1,325,430
$9,772,060
MFTG - INDUSTRIAL PRODS --- 27.3%
49,000 Ecolab Inc 1,773,163
32,486 General Binding Corp 1,210,103
23,100 Hunt Corp 245,438
24,300 Hussmann International Inc 470,813
26,900 IDEX Corp 659,050
42,500 Libbey Inc 1,229,823
76,700 Shorewood Packaging Corp* 1,572,350
74,700 Specialty Equipment Companies Inc* 2,021,531
55,800 WH Brady Co Class A 1,503,085
$10,685,356
REAL ESTATE --- 4.8%
68,800 The Rouse Co 1,892,000
$1,892,000
RETAIL TRADE --- 6.7%
54,600 Bob Evans Farms Inc 1,422,985
32,300 Longs Drug Stores Corp 1,211,250
$2,634,235
TELEPHONE --- 3.0%
17,300 Century Telephone Enterprises Inc 1,167,750
$1,167,750
WHOLESALE TRADE -CONSUMER --- 2.1%
22,400 Department 56 Inc* 841,389
$841,389
TOTAL COMMON STOCK --- 93.7% $36,656,676
(Cost $31,764,152)
SHORT-TERM INVESTMENTS
CREDIT INSTITUTIONS --- 2.6%
1,000,000 American Express Credit Corp 999,201
$999,201
FOREIGN BANKS --- 3.8%
1,483,000 Canadian Imperial Bank of Commerce 1,483,000
$1,483,000
TOTAL SHORT-TERM INVESTMENTS --- 6.3% $2,482,201
(Cost $2,482,201)
TOTAL SMALL-CAP VALUE PORTFOLIO --- 100.0% $39,138,877
(Cost $34,246,353)
<PAGE>
The Maxim Series Fund
Stock Index Portfolio
COMMON STOCK
AGENCY --- 1.1%
63,700 Federal Home Loan Mortgage Corp 4,104,637
97,300 Federal National Mortgage Association (nonvtg) 7,200,200
$11,304,837
AGRICULTURE --- 0.0%
5,600 Agco Corp 44,100
5,600 Dole Food Company Inc 168,000
$212,100
AIR --- 0.4%
17,100 AMR Corp* 1,015,313
2,700 ASA Holdings Inc 82,350
4,500 Airborne Freight Corp 162,279
2,500 Alaska Air Group Inc* 110,625
13,400 Delta Air Lines Inc 696,800
13,840 FDX Corp* 1,231,760
3,800 Pittston Brinks Group 121,125
31,587 Southwest Airlines Co 708,718
8,200 US Air Group Inc* 426,400
$4,555,370
COMMUNICATIONS --- 3.4%
11,300 AH Belo Corp Class A 225,288
169,600 AT&T Corp 12,762,400
53,700 Airtouch Communications Inc* 3,873,113
66,300 CBS Corp 2,171,325
15,500 Cabletron Systems Inc* 129,813
3,085 Chris-Craft Industries Inc* 148,657
24,700 Clear Channel Communications Inc* 1,346,150
34,700 Comcast Corp Class A 2,036,439
4,900 Comsat Corp 176,400
26,400 Gannett Company Inc 1,702,800
15,700 General Instrument Corp* 532,811
57,000 Mediaone Group Inc 2,679,000
6,800 NOVA Corp* 235,872
26,950 Nextel Communications Inc* 636,694
6,500 Qualcomm Inc 336,778
4,700 TCA Cable TV Inc 167,729
50,500 Tele-Communications Inc* 2,793,256
5,700 Telephone & Data Systems Inc 256,141
3,500 Vanguard Cellular Systems Inc Class A* 90,342
32,703 Viacom Inc Class B* 2,420,022
$34,721,030
CONSTRUCTION --- 0.1%
5,600 Centex Corp 252,347
13,620 Clayton Homes Inc 188,119
2,625 Granite Construction Inc 88,100
3,700 Kaufman & Broad Home Corp 106,375
4,100 Pulte Corp 114,029
$748,970
CONSUMER SERVICES --- 8.2%
2,600 Acuson Corp* 38,675
10,600 Allegiance Corp 494,225
6,200 Allergan Inc 401,450
23,900 Amgen Inc* 2,499,032
4,900 Apria Healthcare Group Inc* 43,791
5,300 Bausch & Lomb Inc 318,000
26,900 Baxter International Inc 1,729,993
2,700 Beckman Coulter Inc 146,475
23,200 Becton Dickinson & Co 990,338
9,600 Beverly Enterprises Inc* 64,800
6,900 Biogen Inc* 572,700
10,500 Biomet Inc 422,625
93,300 Bristol-Myers Squibb Co 12,484,660
5,000 CR Bard Inc 247,500
36,620 CVS Corp 2,014,100
25,000 Carnival Corp* 1,200,000
4,200 Carter-Wallace Inc 82,425
80,071 Cendant Corp* 1,526,313
8,900 Circus Circus Enterprises Inc* 101,789
60,563 Columbia/HCA Healthcare Corp 1,498,934
4,400 Concentra Managed Care Inc* 47,023
5,475 Covance Inc* 159,459
103,200 Eli Lilly & Co 9,171,900
5,700 First Health Group Corp* 94,403
7,700 Forest Laboratories Inc* 409,540
11,470 Foundation Health Systems* 136,917
7,600 Genzyme Corp 378,100
9,400 H&R Block Inc 423,000
10,450 HCR Manor Care Inc* 306,969
9,550 Harrah's Entertainment Inc* 149,811
23,550 Health Management Associates Inc* 509,269
39,704 Healthsouth Corp* 612,911
24,500 Hilton Hotels Corp 468,563
15,700 Humana Inc* 279,648
15,000 IMS Health Inc 1,131,555
10,950 Ivax Corp* 136,185
126,194 Johnson & Johnson 10,584,522
6,900 King World Productions Inc* 203,115
5,500 Lincare Holdings Inc* 223,091
23,450 Marriott International Inc 680,050
46,000 Medtronic Inc 3,415,500
111,828 Merck & Co Inc 16,515,542
16,950 Mirage Resorts Inc* 253,182
10,500 Modis Professional Services* 152,250
5,850 Novacare Inc* 14,625
8,400 Omnicare Inc 291,900
6,600 PSS World Medical Inc* 151,800
4,291 Pacific Health Systems* 341,135
8,009 Promus Hotel Corp* 259,291
6,800 Quorum Health Group Inc* 87,972
24,200 Service Corporation International 921,100
7,911 St Jude Medical Inc* 219,032
9,200 Stewart Enterprises Inc Class A 204,700
9,100 Stryker Corp 501,064
3,300 Suiza Foods Corp* 168,092
29,100 Tenet Healthcare Corp* 763,875
192,290 The Walt Disney Co 5,768,700
7,600 Total Renal Care Holdings Inc* 224,671
4,000 Trigon Healthcare Inc* 149,248
17,450 United Healthcare Corp 751,432
9,500 Whitman Corp 241,063
$84,380,030
CREDIT INSTITUTIONS --- 6.1%
42,400 American Express Co 4,335,400
5,950 Associated Banc-Corp 203,413
67,888 Associates First Capital Corp 2,876,754
27,600 BB&T Corp 1,112,611
71,400 Bank of New York Company Inc 2,873,850
27,700 BankBoston Corp 1,078,555
162,458 Bankamerica Corp 9,767,787
8,900 Bankers Trust New York Corp 760,389
6,200 Capital One Financial Corp 713,000
15,752 Charter One Financial Inc 437,118
4,300 City National Corp 178,988
14,650 Comerica Inc 998,940
10,500 Countrywide Credit Industries Inc 526,964
10,600 Crestar Financial Corp 763,200
25,025 Fifth Third Bancorp 1,784,583
17,712 First Security Corp 414,018
12,000 First Tennessee National Corp 456,744
93,000 First Union Corp 5,655,516
4,750 First Virginia Banks Inc 223,250
53,370 Fleet Financial Group Inc 2,384,945
5,300 Golden West Financial Corp 485,941
45,352 Household International Inc 1,797,073
19,770 Huntington Bancshares Inc 594,326
16,400 JP Morgan & Co Inc 1,723,017
42,704 Keycorp 1,366,528
70,627 MBNA Corp 1,761,225
10,000 Marshall & Ilsley Corp 584,370
24,506 Mellon Bank Corp 1,684,788
14,762 Mercantile Bancorporation Inc 680,897
6,700 Mercantile Bankshares Corp 257,950
31,020 National City Corp 2,248,950
13,350 North Fork Bancorporation Inc 319,559
10,400 Northern Trust Corp 908,045
9,840 Old Kent Financial Corp 457,560
28,200 PNC Bank Corp 1,526,325
7,500 Pacific Century Financial Corp 182,813
20,800 Regions Financial Corp 838,490
15,100 State Street Boston Corp 1,050,386
19,700 Suntrust Banks Inc 1,507,050
25,100 Synovus Financial Corp 611,813
8,200 TCF Financial Corp 198,333
12,800 Union Planters Corp 579,994
19,033 Wachovia Corp 1,664,188
55,658 Washington Mutual Inc 2,125,412
3,100 Wilmington Trust Co 191,038
7,300 Zions Bancorp 455,338
$63,347,434
ELECTRIC --- 2.8%
16,978 AES Corp* 804,333
11,500 Allegheny Energy Inc 396,750
12,900 Ameren Corp 550,662
18,000 American Electric Power Company Inc 847,116
14,000 Baltimore Gas & Electric Co 432,250
2,000 Black Hills Corp 52,750
3,000 CMP Group Inc 56,625
9,700 CMS Energy Corp 469,839
14,200 Carolina Power & Light Co 668,280
20,000 Central & South West Corp 548,740
14,893 Cinergy Corp 511,947
2,100 Cleco Corp 72,055
10,125 Conectiv Inc 248,063
21,900 Consolidated Edison Inc 1,157,963
15,100 DPL Inc 326,538
13,600 DTE Energy Co 583,100
18,300 Dominion Resources Inc 855,525
33,938 Duke Energy Co 2,174,136
33,100 Edison International 922,663
5,900 Energy East Corp 333,350
23,200 Entergy Corp 722,100
17,000 FPL Group Inc 1,047,625
22,299 Firstenergy Corp 726,100
9,100 Florida Progress Corp 407,789
12,000 GPU Inc 530,244
3,000 Hawaiian Electric Industries Inc 120,750
26,667 Houston Industries Inc 856,677
3,500 Idacorp Inc 126,655
6,700 Illinova Corp 167,500
7,246 Interstate Energy Corp 233,684
4,250 Ipalco Enterprises Inc 235,607
5,800 Kansas City Power & Light Co 171,825
12,200 LG&E Energy Corp 345,406
8,833 MidAmerican Energy Holdings Co 237,387
3,400 Minnesota Power & Light Co 149,600
5,200 Montana Power Co 294,122
4,800 Nevada Power Co 124,800
5,600 New England Electric System 269,500
17,600 Niagara Mohawk Power Corp* 283,800
11,000 Nipsco Industries Inc 334,807
12,300 Northeast Utilities* 196,800
14,300 Northern States Power Co 396,825
14,246 PP&L Resources Inc 397,107
27,900 PacifiCorp 587,630
21,000 Peco Energy Co 874,125
8,000 Pinnacle West Capital Corp 339,000
11,100 Potomac Electric Power Co 292,063
3,900 Public Service Company of New Mexico 79,704
21,400 Public Service Enterprise Group Inc 856,000
7,900 Puget Sound Power & Light Co* 220,213
9,750 Scana Corp 314,438
65,500 Southern Co 1,903,561
12,400 Teco Energy Inc 349,519
26,475 Texas Utilities Co 1,236,038
20,400 Unicom Corp 786,665
5,600 Utilicorp United Inc 205,447
10,800 Wisconsin Energy Corp 339,520
$28,773,318
ELECTRONICS - HIGH TECH --- 15.1%
20,580 AMP Inc 1,071,436
6,200 Adobe Systems Inc 289,850
13,600 Advanced Micro Devices Inc* 393,543
2,600 Aeroquip-Vickers Inc 77,836
9,000 American Power Conversion Corp* 435,933
15,266 Analog Devices Inc* 478,971
8,037 Andrew Corp* 132,611
12,600 Apple Computer Inc* 515,806
34,700 Applied Materials Inc* 1,481,239
20,325 Ascend Communications Inc* 1,336,369
9,300 Atmel Corp* 142,402
3,400 Avnet Inc 205,700
8,200 Black & Decker Corp 459,708
36,860 Boston Scientific Corp* 988,290
2,200 Briggs & Stratton Corp 109,725
6,000 Cirrus Logic Inc* 58,872
148,250 Cisco Systems Inc* 13,759,379
4,000 Citrix Systems Inc* 388,248
159,617 Compaq Computer Corp 6,693,858
4,200 Comverse Technology Inc* 298,200
8,100 Cypress Semiconductor Corp* 67,327
4,600 Data General Corp* 75,610
119,600 Dell Computer Corp* 8,753,165
4,900 Dentsply International Inc 126,175
6,412 Diebold Inc 228,825
30,400 Eastman Kodak Co 2,188,800
41,400 Emerson Electric Co 2,504,700
10,400 FORE Systems Inc* 190,445
4,233 Federal Signal Corp 115,878
3,600 Flowserve Corp 59,623
14,700 Gateway 2000 Inc* 752,449
307,600 General Electric Co 31,394,271
7,500 Harris Corp 274,688
97,326 Hewlett-Packard Co 6,648,534
11,800 Honeywell Inc 888,682
6,200 Hubbell Inc Class B 235,600
3,790 Imation Corp* 66,325
7,700 Integrated Device Technology Inc* 47,163
156,500 Intel Corp 18,554,953
87,600 International Business Machines Corp 16,184,100
10,500 International Game Technology 255,276
8,000 Johnson Controls Inc 472,000
8,200 KLA-Tencor Corp* 355,675
13,300 LSI Logic Corp* 214,463
6,100 Lexmark International Group Inc Class A* 613,050
7,100 Linear Technology Corp 635,890
4,300 Litton Industries Inc* 280,575
3,000 Magnetek Inc* 34,686
5,111 Mark IV Industries Inc 66,443
12,300 Maxim Integrated Products Inc* 537,350
8,400 Maytag Corp 522,900
6,200 Mentor Graphics Corp* 52,700
20,000 Micron Technology Inc* 1,011,240
14,608 Molex Inc 556,930
56,300 Motorola Inc 3,437,791
9,231 NCR Corp* 385,394
15,600 National Semiconductor Corp* 210,600
12,199 Network Associates Inc* 808,184
61,197 Northern Telecom Ltd 3,067,500
33,100 Novell Inc* 599,938
1,900 OEA Inc 22,443
35,953 PG&E Corp 1,132,520
4,700 Perkin-Elmer Corp 458,541
4,100 Polaroid Corp 76,617
15,800 Quantum Corp* 335,750
31,600 Raytheon Co 1,682,700
5,600 SCI Systems Inc* 323,400
7,000 Scientific-Atlanta Inc 159,684
23,040 Seagate Technology Inc* 696,960
7,050 Sensormatic Electronics Corp* 48,906
4,150 Sequent Computer Systems Inc* 50,057
8,300 Siebel Systems Inc* 281,677
17,600 Silicon Graphics Inc* 226,600
11,000 Solectron Corp* 1,022,307
6,400 Steris Corp* 181,997
8,600 Sterling Commerce Inc* 387,000
9,400 Storage Technology Corp* 334,283
35,700 Sun Microsystems Inc* 3,056,813
5,575 Symbol Technologies Inc 356,449
4,400 Tektronix Inc 132,273
3,500 Teleflex Inc 159,688
18,200 Tellabs Inc* 1,247,828
7,900 Teradyne Inc* 334,763
36,600 Texas Instruments Inc 3,131,569
14,925 Thermo Electron Corp* 252,785
5,300 Thomas & Betts Corp 229,554
24,000 Unisys Corp* 826,488
2,800 Varian Associates Inc 106,050
6,394 Vishay Intertechnology Inc* 92,713
8,900 WW Grainger Inc 370,463
7,100 Whirlpool Corp 393,163
30,800 Xerox Corp 3,634,400
6,700 Xilinx Inc* 436,338
3,800 York International Corp 155,086
$155,131,739
ENVIRONMENTAL SERVICES --- 0.4%
17,200 Allied Waste Industries Inc* 406,350
16,287 Browning-Ferris Industries Inc 463,153
31,000 Laidlaw Inc Class B 311,922
4,600 Ogden Corp 115,285
2,900 Rollins Inc 50,750
53,895 Waste Management Inc 2,512,854
$3,860,314
FORESTRY --- 0.3%
5,300 Boise Cascade Corp 164,300
2,000 Chesapeake Corp 73,750
8,700 Georgia-Pacific Corp (Timber Group) 207,164
8,300 Georgia-Pacific Group 486,065
28,884 International Paper Co 1,294,350
4,900 Longview Fibre Co 56,654
10,200 Louisiana-Pacific Corp 186,782
18,700 Weyerhaeuser Co 950,184
$3,419,249
GAS --- 0.7%
5,400 AGL Resources Inc 124,535
7,800 Columbia Gas System Inc 450,450
9,000 Consolidated Natural Gas Co 486,000
2,100 Eastern Enterprises 91,875
31,060 Enron Corp 1,772,346
2,833 Indiana Energy Inc 69,763
4,300 KN Energy Inc 156,413
14,900 Keyspan Energy Corp 461,900
7,400 MCN Corp 141,059
3,600 National Fuel Gas Co 162,673
10,780 New Century Energies Inc 525,525
4,500 Nicor Inc 190,125
3,000 Oneok Inc 108,375
3,300 Peoples Energy Corp 131,588
7,700 Questar Corp 149,188
6,000 Seagull Energy Corp* 37,872
10,300 Sonat Inc 278,739
16,000 Tenneco Inc 544,992
4,300 Washington Gas Light Co 116,638
40,124 Williams Companies Inc 1,251,347
$7,251,403
HIGHWAYS --- 0.0%
2,400 Arnold Industries Inc 38,700
6,700 Ryder System Inc 174,200
$212,900
HOLDING & INVEST. OFFICES --- 2.4%
109,947 Bank One Corp 5,614,114
79,392 Chase Manhattan Corp 5,403,578
15,700 Cincinnati Financial Corp 575,013
10,700 Dime Bancorp Inc 282,876
5,200 Finova Group Inc 280,472
8,900 Green Point Financial Corp 312,613
14,700 Hibernia Corp 255,413
4,800 Keystone Financial Inc 177,600
10,300 MGIC Investment Corp 410,064
4,000 Provident Financial Group Inc 151,000
10,100 Republic New York Corp 460,176
15,600 SLM Holding Corp 748,800
15,512 Southtrust Corp 572,967
15,000 Sovereign Bancorp Inc 213,750
16,250 Summit Bancorp 709,914
68,173 U S Bancorp 2,420,142
151,800 Wells Fargo Co* 6,062,437
$24,650,929
INDEPENDENT POWER PROD --- 0.0%
5,600 Calenergy Inc* 194,247
7,600 OGE Energy Corp 220,400
$414,647
INDUSTRIAL SERVICES --- 8.3%
5,366 AC Nielsen Corp* 151,590
9,100 Altera Corp* 553,963
43,000 America Online Inc 6,880,000
9,000 Arrow Electronics Inc* 240,183
4,400 Autodesk Inc 187,823
28,400 Automatic Data Processing Inc 2,277,311
20,200 BMC Software Inc* 900,152
20,850 Cadence Design Systems Inc* 620,288
5,500 Cambridge Technology Partners Inc* 121,688
6,700 Ceridian Corp* 467,740
9,900 Cintas Corp 697,326
14,250 Comdisco Inc 240,469
50,525 Computer Associates International Inc 2,153,628
14,900 Computer Sciences Corp 960,111
17,300 Compuware Corp* 1,351,563
7,900 Corrections Corporation of America* 139,238
7,600 Deluxe Corp 277,871
15,700 Dun & Bradstreet Corp 495,523
4,200 EG&G Inc 116,810
5,700 Electronic Arts Inc* 319,913
46,300 Electronic Data Systems Corp 2,326,575
13,800 Equifax Inc 471,781
41,594 First Data Corp 1,317,989
7,675 Fiserv Inc* 394,779
7,100 Fluor Corp 302,190
3,800 Foster Wheeler Corp 50,111
3,900 Gtech Holdings Corp* 99,938
43,700 HBO & Co 1,253,622
2,700 Information Resources Inc* 27,505
16,200 Informix Corp* 159,975
13,000 Interpublic Group of Companies Inc 1,036,750
5,600 Intuit Inc* 406,000
2,400 Jacobs Engineering Group Inc* 97,800
6,600 Keane Inc* 263,584
3,450 Kelly Services Inc Class A 109,538
123,446 Lucent Technologies Inc 13,579,060
7,400 Manpower Inc 186,384
7,400 Medaphis Corp* 24,279
234,100 Microsoft Corp* 32,466,568
3,900 National Service Industries Inc 148,200
7,650 Olsten Corp 56,419
15,800 Omnicom Group Inc 916,400
91,225 Oracle Systems Corp* 3,934,078
25,600 Parametric Technology Corp* 416,000
15,343 Paychex Inc 789,198
21,900 Peoplesoft Inc* 414,720
25,600 Pitney Bowes Inc 1,691,187
8,100 Platinum Technology Inc* 154,913
3,400 Policy Management Systems Corp* 171,700
7,300 Quintiles Transnational Corp* 389,638
7,300 Reynolds & Reynolds Co Class A 167,440
8,600 Robert Half International Inc* 384,308
2,500 Shared Medical Systems Corp 124,688
6,500 Snyder Communications Inc* 219,375
5,300 Sotheby's Holdings Inc Class A 169,600
2,600 Standard Register Co 80,436
7,500 Sterling Software Inc* 202,965
3,400 Structural Dynamics Research Corp* 67,575
9,900 Sungard Data System Inc* 392,901
5,250 Symantec Corp* 114,188
6,300 Synopsys Inc* 341,775
4,100 Wallace Computer Services Inc 108,138
$85,183,460
INSURANCE --- 4.5%
15,950 AON Corp 883,231
13,452 Aetna Inc 1,057,664
24,924 Aflac Inc 1,096,656
77,040 Allstate Corp 2,975,670
6,500 Ambac Inc 391,216
5,700 American Financial Group Inc 250,088
23,621 American General Corp 1,842,438
98,587 American International Group Inc 9,525,969
15,300 Chubb Capital Corp 992,588
19,400 Cigna Corp 1,499,853
213,275 Citigroup Inc 10,557,113
29,514 Conseco Inc 902,007
2,750 HSB Group Inc 112,921
21,900 Hartford Financial Services Group Inc 1,201,763
10,000 Jefferson-Pilot Corp 750,000
9,500 Lincoln National Corp 777,214
10,700 Loews Corp 1,051,275
9,300 MBIA Inc 609,727
24,200 Marsh & McLennan Companies Inc 1,414,175
12,800 Old Republic International Corp 288,000
7,500 Oxford Health Plans Inc* 111,563
6,850 Progressive Corp 1,160,219
6,000 Protective Life Corp 238,872
12,700 Provident Companies Inc 527,050
13,250 Providian Financial Corp 993,750
8,600 Reliastar Financial Corp 396,675
12,800 SafeCo Corp 549,594
22,148 St Paul Companies Inc 769,643
20,400 SunAmerica Inc 1,654,950
2,800 The PMI Group Inc 138,250
13,200 Torchmark Corp 466,118
5,850 TransAmerica Corp 675,675
13,000 Unum Corp 758,875
$46,620,802
MFTG - CONSUMER PRODS. --- 9.5%
3,400 Adolph Coors Co Class B 191,886
5,200 Alberto-Culver Co Class B 138,772
6,700 American Greetings Corp Class A 275,115
44,900 Anheuser-Busch Companies Inc 2,946,563
55,674 Archer-Daniels-Midland Co 956,869
24,700 Avon Products Inc 1,092,975
2,700 Banta Corp 73,913
13,000 Bed Bath & Beyond Inc* 443,625
26,800 Bestfoods 1,427,100
6,400 Brown-Forman Corp Class B 484,397
9,000 Brunswick Corp 222,750
5,800 Burlington Industries Inc* 63,800
42,100 Campbell Soup Co 2,315,500
1,800 Church & Dwight Inc 64,687
231,400 Coca-Cola Co 15,474,875
36,800 Coca-Cola Enterprises Inc 1,315,600
27,500 Colgate-Palmolive Co 2,554,063
8,800 CompUSA Inc* 114,946
45,900 ConAgra Inc 1,445,850
3,700 Dean Foods Co 151,004
9,700 Dial Corp 280,088
8,800 Dow Jones & Company Inc 423,500
2,600 Dreyer's Grand Ice Cream Inc 39,325
9,375 Flowers Industries Inc 224,409
6,800 Fruit of the Loom Inc Class A* 93,922
14,400 General Mills Inc 1,119,600
104,100 Gillette Co 5,029,279
34,000 HJ Heinz Co 1,925,250
5,800 HON Industries Inc 138,835
6,700 Harcourt General Inc 356,353
12,250 Hasbro Inc 442,531
8,100 Herman Miller Inc 217,688
13,400 Hershey Foods Corp 833,306
6,300 Hillenbrand Industries Inc 358,313
6,900 Hormel Foods Corp 225,975
2,800 Houghton Mifflin Co 132,300
8,700 IBP Inc 253,388
12,700 Ikon Office Solutions Inc 108,737
10,000 International Flavors & Fragrances Inc 441,870
1,800 International Multifoods Corp 46,462
6,800 Interstate Bakeries Co 179,772
2,700 JM Smucker Co Class A 66,825
9,800 Jones Apparel Group Inc* 216,208
3,300 Jostens Inc 86,417
38,100 Kellogg Co 1,300,163
7,400 Knight-Ridder Inc 378,325
3,998 Lancaster Colony Corp 128,436
2,800 Lance Inc 55,824
2,800 Land's End Inc* 75,424
4,200 Lee Enterprises Inc 132,300
18,500 Leggett & Platt Inc 407,000
6,100 Liz Claiborne Inc 192,528
31,800 Masco Corp 914,250
27,041 Mattel Inc 616,859
6,800 McCormick & Company Inc (nonvtg) 229,922
9,200 McGraw-Hill Companies Inc 937,250
2,500 Media General Inc Class A 132,500
4,900 Meredith Corp 185,588
17,140 New York Times Co Class A 594,535
15,300 Newell Co 631,125
3,400 Nine West Group Inc* 52,911
137,700 Pepsico Inc 5,637,025
228,600 Philip Morris Companies Inc 12,230,100
22,700 Pioneer Hi-Bred International Inc 612,900
5,800 Premark International Inc 200,825
12,800 Quaker Oats Co 761,600
30,500 RJR Nabisco Holdings Corp 905,454
12,800 RR Donnelley & Sons Co 560,794
29,300 Ralston-Ralston Purina Group 948,588
14,100 Rubbermaid Inc 443,262
3,400 Russell Corp 69,061
85,800 Sara Lee Corp 2,418,445
1,500 Scholastic Corp* 80,438
37,000 Seagram Company Ltd 1,406,000
13,200 Shaw Industries Inc 320,100
1,700 Springs Industries Inc Class A 70,443
8,400 Starbucks Corp* 471,450
7,500 The Times Mirror Co Class A 420,000
3,300 Tiffany & Co 171,188
115,200 Time Warner Inc 7,149,542
11,100 Tribune Co 732,600
5,400 Tupperware Corp 88,760
21,750 Tyson Foods Inc Class A 462,188
4,400 US Foodservice Inc* 215,600
17,500 UST Inc 610,313
5,700 Unifi Inc 111,503
60,100 Unilever NV ADR 4,984,514
3,200 Universal Corp 112,400
4,800 Universal Foods Corp 131,698
11,300 VF Corp 529,688
9,300 Viad Corp 282,488
4,290 Vlasic Foods International Inc* 102,153
5,600 Warnaco Group Inc Class A 141,400
900 Washington Post Co Class B 520,143
5,091 Wausau-Mosinee Paper Corp 90,045
5,300 Westpoint Stevens Inc* 167,279
10,400 Willamette Industries Inc 348,400
10,900 Wm Wrigley Jr Co 976,226
$97,444,196
MFTG - INDUSTRIAL PRODS --- 10.7%
33,650 3Com Corp* 1,507,924
3,075 A Schulman Inc 69,763
5,500 AK Steel Holding Corp 129,250
142,500 Abbott Laboratories 6,982,500
2,900 Agouron Pharmaceutical Inc* 170,375
21,700 Air Products & Chemicals Inc 868,000
6,600 Airgas Inc* 58,984
2,883 Albany International Corp Class A 54,595
4,450 Albemarle Corp 105,688
21,400 Alcan Aluminium Ltd 579,127
18,450 Allegheny Teledyne Inc 377,063
17,221 Aluminum Company of America 1,284,032
8,200 Alza Corp* 428,450
123,700 American Home Products Corp 6,965,794
6,600 American Standard Companies Inc* 237,600
3,050 Ametek Inc 68,052
3,800 Armstrong World Industries Inc 229,186
2,300 Arvin Industries Inc 95,880
2,900 Ball Corp 132,675
2,100 Bandag Inc 83,868
4,900 Bemis Company Inc 185,891
12,250 Bethlehem Steel Corp* 102,594
5,100 Bowater Inc 211,329
6,500 Cabot Corp 181,591
3,700 Calgon Carbon Corp 27,750
7,100 Callaway Golf Co 72,775
2,800 Carlisle Companies Inc 144,550
2,100 Carpenter Technology Corp 71,268
6,800 Case Corp 148,322
33,700 Caterpillar Inc 1,550,200
6,600 Centocor Inc* 297,825
9,000 Champion International Corp 364,500
16,800 Chiron Corp* 439,942
9,700 Clorox Co 1,133,076
8,500 Consolidated Papers Inc 233,750
9,700 Cooper Industries Inc 462,564
7,100 Cooper Tire & Rubber Co 145,103
3,400 Cordant Technologies Inc 127,500
21,700 Corning Inc 976,500
6,400 Crane Co 193,197
6,800 Crompton & Knowles Corp 140,672
11,500 Crown Cork & Seal Company Inc 354,338
4,100 Cytec Industries Inc* 87,125
12,600 Danaher Corp 684,331
22,400 Deere & Co 742,000
2,200 Dexter Corp 69,161
20,900 Dover Corp 765,463
20,800 Dow Chemical Co 1,891,490
105,700 EI DuPont De Nemours & Co 5,608,653
47,100 EMC Corp* 4,003,500
7,400 Eastman Chemical Co 331,150
12,100 Ecolab Inc 437,863
13,400 Engelhard Corp 261,300
7,800 Ethyl Corp 45,334
3,300 Ferro Corp 85,800
3,700 First Brands Corp 145,917
20,700 Fort James Corp 828,000
2,900 Georgia Gulf Corp 46,580
14,600 Goodyear Tire & Rubber Co 736,380
5,500 Great Lakes Chemical Corp 220,000
14,100 Guidant Corp 1,554,525
1,300 HB Fuller Co 62,563
4,450 Harnischfeger Industries Inc 45,332
4,200 Harsco Corp 127,835
9,400 Hercules Inc 257,325
7,200 ICN Pharmaceuticals Inc 162,900
10,700 IMC Global Inc 228,713
9,700 ITT Industries Inc 385,575
23,500 Illinois Tool Works Inc 1,363,000
15,450 Ingersoll-Rand Co 725,177
2,088 Inland Steel Industries Inc 35,235
3,000 Kaydon Corp 120,186
2,800 Kennametal Inc 59,500
50,880 Kimberly-Clark Corp 2,772,960
3,100 Lawter International Inc 36,038
6,300 Lear Corp* 242,550
5,200 Lubrizol Corp 133,572
7,200 Lyondell Petrochemical Co 129,600
4,700 MA Hanna Co 57,866
6,700 Mallinckrodt Inc 206,440
4,400 Martin Marietta Materials Inc 273,623
9,600 Mead Corp 281,395
6,500 Meritor Automotive Inc 137,716
4,800 Microchip Technology Inc* 177,600
3,650 Milacron Inc 70,263
4,100 Millipore Corp 116,592
2,100 Minerals Technologies Inc 85,968
37,700 Minnesota Mining & Manufacturing Co 2,681,413
2,800 Modine Manufacturing Co 101,500
58,800 Monsanto Co 2,793,000
8,315 Moore Corporation Ltd 91,465
11,400 Morton International Inc 279,300
12,100 Mylan Laboratories Inc 381,150
500 NCH Corp 29,750
800 Nacco Industries Inc Class A 73,600
6,100 Nalco Chemical Co 189,100
1,500 Nordson Corp 77,063
8,200 Nucor Corp 354,650
4,400 Olin Corp 124,573
2,400 Oregon Steel Mills Inc 28,500
14,600 Owens-Illinois Inc* 447,125
3,900 PH Glatfelter Co 48,263
16,600 PPG Industries Inc 966,950
11,600 Pall Corp 293,619
10,275 Parker Hannifin Corp 336,506
3,600 Pentair Inc 143,323
6,900 Perrigo Co* 60,803
121,800 Pfizer Inc 15,278,227
47,660 Pharmacia & Upjohn Inc 2,698,748
2,700 Potlatch Corp 99,563
14,800 Praxair Inc 521,700
2,250 Precision Castparts Corp 99,563
10,381 RPM Inc (Ohio) 166,096
7,400 Raychem Corp 239,109
6,100 Reynolds Metals Co 321,391
17,900 Rockwell International Corp 869,260
15,600 Rohm & Haas Co 469,950
138,000 Schering-Plough Corp 7,624,500
7,805 Sealed Air Corp* 398,539
1,000 Sequa Corp Class A* 59,875
16,100 Sherwin-Williams Co 472,938
9,400 Sigma Aldrich Corp 276,125
5,500 Snap-On Inc 191,466
11,380 Solutia Inc 254,628
9,497 Sonoco Products Co 281,349
3,600 Southdown Inc 213,073
2,600 Stewart & Stevenson Services Inc 25,350
2,000 Tecumseh Products Co Class A 93,250
5,200 Temple-Inland Inc 308,422
6,980 The BF Goodrich Co 250,408
8,300 The Stanley Works 230,325
5,800 The Timken Co 109,475
4,100 Trinity Industries Inc 157,850
60,538 Tyco International Ltd 4,566,805
4,200 UCAR International Inc* 74,810
28,900 USX-Marathon Group 870,613
8,300 USX-US Steel Group 190,900
6,500 Union Camp Corp 438,750
12,500 Union Carbide Corp 531,250
6,600 Unisource Worlwide Inc 47,850
16,100 United States Filter Co* 368,288
6,100 Varco International Inc* 47,275
6,900 WR Grace & Co 108,240
77,100 Warner-Lambert Co 5,796,918
8,400 Watson Pharmaceuticals Inc* 528,150
2,500 Watts Industries Inc Class A 41,563
2,900 Wellman Inc 29,542
9,550 Westvaco Corp 256,055
5,400 Witco Corp 86,060
8,650 Worthington Industries Inc 108,125
$110,138,166
MINING --- 0.3%
3,700 Asarco Inc 55,729
35,016 Barrick Gold Corp 682,812
21,600 Battle Mountain Gold Co 89,100
2,200 Calmat Co 67,925
1,000 Cleveland-Cliffs Inc 40,312
8,500 Cyprus Amax Minerals Co 85,000
15,494 Freeport-McMoran Copper & Gold Inc Class B 161,711
22,400 Homestake Mining Co 205,789
15,550 Inco Ltd 164,239
700 Maxxam Inc* 40,163
15,724 Newmont Mining Corp 284,007
5,400 Phelps Dodge Corp 274,725
23,500 Placer Dome Inc 270,250
3,100 Vulcan Materials Co 407,842
$2,829,604
OIL & GAS --- 6.0%
8,500 Amerada Hess Corp 422,875
89,600 Amoco Corp 5,286,400
11,300 Anadarko Petroleum Corp 348,888
9,150 Apache Corp 231,605
7,200 Ashland Inc 348,300
30,200 Atlantic Richfield Co 1,970,550
6,800 BJ Services Company USA* 106,250
30,710 Baker Hughes Inc 543,168
16,658 Burlington Resources Inc 596,556
61,300 Chevron Corp 5,084,038
20,000 Coastal Corp 698,740
11,268 El Paso Energy Corp 392,262
12,900 Ensco International Inc 137,862
228,300 Exxon Corp 16,694,438
16,300 Global Marine Inc* 149,748
41,250 Halliburton Co 1,222,031
4,700 Helmerich & Payne Inc 91,063
4,400 Kerr-McGee Corp 168,300
5,500 McDermott International Inc 135,779
73,200 Mobil Corp 6,377,550
4,200 Murphy Oil Corp 173,250
9,450 Nabors Industries Inc* 128,161
5,300 Noble Affiliates Inc 130,513
12,300 Noble Drilling Corp* 159,125
32,500 Occidental Petroleum Corp 548,438
9,498 Ocean Energy Inc* 59,951
10,000 Oryx Energy Co* 134,370
7,200 Parker Drilling Co* 22,946
11,830 Penzoil-Quaker State Co* 181,524
23,900 Phillips Petroleum Co 1,018,738
9,400 Pioneer Natural Resources Co 82,250
11,800 Ranger Oil Ltd* 52,357
7,900 Rowan Companies Inc* 79,000
201,300 Royal Dutch Petroleum Co ADR 9,637,238
51,248 Schlumberger Ltd 2,363,814
22,580 Sempra Energy 572,968
4,500 Smith International Inc* 113,342
8,800 Sunoco Inc 317,346
50,200 Texaco Inc 2,654,325
14,400 Tosco Corp 372,600
9,400 Transocean Offshore Inc 252,033
8,186 Ultramar Diamond Shamrock Corp 198,511
23,566 Union Pacific Resources Group Inc 213,555
22,700 UnoCal Corp 662,545
5,200 Valero Energy Corp 110,500
9,169 Weatherford International* 177,649
$61,423,452
OTHER TRANS. SERVICES --- 0.1%
4,200 Alexander & Baldwin Inc 97,650
3,100 FMC Corp* 173,600
4,600 GATX Corp 174,225
3,300 JB Hunt Transport Services Inc 75,900
3,500 Overseas Shipholding Group Inc 56,217
5,300 Tidewater Inc 122,891
$700,483
RAILROADS --- 0.5%
44,000 Burlington Northern Santa Fe Corp 1,485,000
20,500 CSX Corp 850,750
10,300 Kansas City Southern Industries Inc 506,626
35,600 Norfolk Southern Corp 1,128,057
23,200 Union Pacific Corp 1,045,438
4,800 Wisconsin Central Transportation Corp* 82,498
$5,098,369
REAL ESTATE --- 0.0%
3,800 CCB Financial Corp 216,600
$216,600
RETAIL TRADE --- 6.9%
4,800 Abercrombie & Fitch Co* 339,600
23,100 Albertson's Inc 1,471,170
25,800 American Stores Co 952,975
14,300 Autozone Inc* 470,999
3,500 BJ Wholesale Club Inc* 162,092
6,400 Barnes & Noble Inc* 272,000
9,500 Best Buy Inc* 583,063
3,800 Bob Evans Farms Inc 99,036
7,200 Borders Group Inc* 179,546
6,200 Brinker International Inc* 179,025
4,200 Buffets Inc* 50,135
9,400 Circuit City Stores Inc 469,408
4,725 Claire's Stores Inc 96,863
10,324 Consolidated Stores Corp* 208,411
5,700 Cracker Barrel Old Country Store Inc 132,878
13,000 Darden Restaurants Inc 234,000
41,300 Dayton Hudson Corp 2,240,525
10,000 Dillards Inc Class A 283,750
17,388 Dollar General Corp 410,792
5,600 Dollar Tree Stores Inc* 244,647
4,500 Donaldson Company Inc 93,375
1,500 Enesco Group Inc 34,875
16,200 Family Dollar Stores Inc 356,400
3,600 Fastenal Co 158,400
19,200 Federated Department Stores Inc* 836,390
16,100 Fortune Brands Inc 509,163
14,500 Fred Meyer Inc* 873,625
54,450 Gap Inc 3,062,813
3,900 Gencorp Inc 97,254
6,400 General Nutrition Companies Inc* 104,000
16,875 Genuine Parts Co 564,249
3,600 Great Atlantic & Pacific Tea Co Inc 106,650
4,000 Hannaford Brothers Co 212,000
5,625 Heilig-Meyers Co 37,614
146,800 Home Depot Inc 8,982,252
23,800 JC Penney & Co Inc 1,115,625
46,300 K Mart Corp* 708,946
14,900 Kohls Corp* 915,411
24,100 Kroger Co* 1,458,050
21,400 Limited Inc 623,275
3,700 Lone Star Steakhouse & Saloon Inc* 33,992
3,700 Longs Drug Stores Corp 138,750
33,100 Lowe's Companies Inc 1,694,290
21,900 May Department Stores Co 1,322,213
63,500 McDonald's Corp 4,865,688
3,300 Micro Warehouse Inc* 111,580
14,000 Nordstrom Inc 485,618
23,025 Office Depot Inc* 850,474
11,750 Officemax Inc* 143,938
4,600 Outback Steakhouse Inc* 183,425
5,100 Owens Corning 180,729
3,116 Payless Shoesource Inc* 147,621
6,000 Pep Boys - Manny Moe & Jack 94,122
24,300 Rite Aid Corp 1,204,357
4,400 Ross Stores Inc 173,250
4,400 Ruddick Corp 101,200
2,899 SPX Corp* 194,233
45,600 Safeway Inc* 2,778,727
13,384 Saks Inc* 422,426
1,950 Sbarro Inc* 51,065
36,000 Sears Roebuck & Co 1,530,000
29,255 Staples Inc* 1,278,063
30,200 TJX Companies Inc 875,800
9,300 Tandy Corp 383,039
24,500 Toys R Us Inc* 413,438
14,280 Tricon Global Restaurants* 715,785
3,402 US Office Products Co 13,183
12,700 Venator Group Inc* 81,750
211,500 Wal-Mart Stores Inc 17,223,926
46,800 Walgreen Co 2,740,702
11,700 Wendy's International Inc 255,200
13,900 Winn-Dixie Stores Inc 623,763
$71,243,629
SECURITIES & COMMODITIES --- 1.1%
8,825 AG Edwards Inc 328,731
10,553 Bear Stearns Companies Inc 394,418
37,687 Charles Schwab & Company Inc 2,117,519
23,750 Franklin Resources Inc 760,000
10,900 Lehman Brothers Holdings Inc 480,276
33,300 Merrill Lynch & Co Inc 2,222,775
54,281 Morgan Stanley Group 3,853,951
13,450 Paine Webber Group Inc 519,506
11,200 T Rowe Price & Associates Inc 383,600
$11,060,776
TELEPHONE --- 6.1%
12,700 ADC Telecommunications Inc* 441,325
3,300 Aliant Communications Inc 134,888
25,795 Alltel Corp 1,542,851
103,600 Ameritech Corp 6,565,650
145,776 Bell Atlantic Corp 7,726,128
183,600 Bellsouth Corp 9,157,050
8,600 Century Telephone Enterprises Inc 580,500
12,800 Cincinnati Bell Inc 483,994
16,100 Frontier Corp 547,400
90,600 GTE Corp 5,889,000
172,095 MCI Worldcom Inc* 12,347,816
183,677 SBC Communications Inc 9,849,679
40,450 Sprint Corp 3,402,856
39,025 Sprint PCS* 902,453
47,211 US West Inc 3,051,011
$62,622,601
TRANSPORTATION --- 0.0%
4,500 CNF Transportation Inc 169,029
$169,029
TRANSPORTATION EQUIPMENT --- 2.6%
52,600 Allied-Signal Inc 2,330,811
2,200 Borg-Warner Automotive Inc 122,786
3,900 Cummins Engine Company Inc 138,450
15,561 Dana Corp 636,056
6,700 Eaton Corp 473,603
6,300 Federal-Mogul Corp 374,850
3,300 Fleetwood Enterprises Inc 114,675
113,600 Ford Motor Co 6,666,843
11,900 General Dynamics Corp 697,638
61,400 General Motors Corp Series D 4,393,907
14,300 Harley-Davidson Inc 677,463
18,441 Lockheed Martin Corp 1,562,875
6,290 Navistar International Corp* 179,265
3,320 Newport News Shipbuilding Inc 111,011
6,500 Northrop Grumman Corp 475,313
7,340 Paccar Inc 301,858
5,100 Sundstrand Corp 264,563
2,600 Superior Industries International Inc 72,311
11,200 TRW Inc 629,294
14,900 Textron Inc 1,131,461
93,776 The Boeing Co 3,059,442
21,200 United Technologies Corp 2,305,500
$26,719,975
WATER --- 0.0%
7,600 American Water Works Company Inc 256,500
$256,500
WHOLESALE TRADE - INDL --- 0.1%
9,300 McKesson Corp 735,277
9,500 Sybron International Corp* 258,277
$993,554
WHOLESALE TRADE -CONSUMER --- 1.7%
10,900 Avery Dennison Corp 491,176
9,500 Bergen Brunswig Corp Class A 331,313
18,872 Cardinal Health Inc 1,431,913
20,371 Costco Companies Inc* 1,470,521
26,900 Nike Inc Class B 1,091,118
124,600 Procter & Gamble Co 11,377,475
2,600 Rayonier Inc 119,436
5,300 Reebok International Ltd* 78,838
11,300 SuperValu Inc 316,400
31,400 Sysco Corp 861,522
4,800 Tech Data Corp* 193,200
$17,762,912
TOTAL COMMON STOCK --- 99.4% $1,023,468,378
(Cost $506,202,631)
SHORT-TERM INVESTMENTS
FOREIGN BANKS --- 0.5%
5,427,000 Canadian Imperial Bank of Commerce 5,426,533
$5,426,533
U.S. GOVERNMENTS --- 0.1%
1,150,000 United States of America (1) 1,150,000
$1,150,000
TOTAL SHORT-TERM INVESTMENTS --- 0.6% $6,576,533
(Cost $6,576,533)
TOTAL STOCK INDEX PORTFOLIO --- 100.0% $1,030,044,911
(Cost $512,779,164)
<PAGE>
Independent Auditors' Report
To the Shareholders and Board of Directors of
Maxim Series Fund, Inc.:
We have audited the accompanying statements of assets and liabilities including
the schedules of investments, of the Foreign Equity Portfolio, Investment Grade
Corporate Bond Portfolio, Small-Cap Aggressive Growth Portfolio and the U.S.
Government Mortgage Securities Portfolio of the Maxim Series Fund, Inc., (the
"Series") as of December 31, 1998, and the related statements 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 the financial highlights for each of the
periods indicated. These financial statements and financial highlights are the
responsibility of the Series' 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, 1998, 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, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of the
Foreign Equity Portfolio, Investment Grade Corporate Bond Portfolio, Small-Cap
Aggressive Growth Portfolio and the U.S. Government Mortgage Securities
Portfolio of the Maxim Series Fund, Inc. as of December 31, 1998, the results of
their operations for the year then ended, the changes in their net assets for
each of the two years in the period then ended, and the financial highlights for
each of the periods indicated, in conformity with generally accepted accounting
principles.
Deloitte & Touche LLP
Denver, Colorado
February 5, 1999
<PAGE>
MAXIM SERIES FUND, INC.
Financial Statements and Financial Highlights for
The Years Ended December 31, 1998 and 1997
<PAGE>
MAXIM SERIES FUND, INC.
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1998
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- ----------------------------------------------------------------------------------------------------------------------------------
INVESTMENT U.S.
GRADE SMALL-CAP GOVERNMENT
FOREIGN CORPORATE AGGRESSIVE MORTGAGE
EQUITY BOND GROWTH SECURITIES
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
------------- --------------- -------------- --------------
ASSETS:
Investments in securities, market value: (1) 78,341,515 128,641,559 128,376,539 195,893,544
Cash 54,849 11,842 66,349 76,583
Dividends and interest receivable 234,677 2,206,377 186,519 1,049,405
Receivables for investments sold 55,135 528,998 65,133
------------- --------------- -------------- --------------
Total assets 78,686,176 130,859,778 129,158,405 197,084,665
------------- --------------- -------------- --------------
LIABILITIES:
Due to GW Capital Management 78,498 66,195 115,450 97,465
Redemptions payable 98,586 356,685 199,254 499,142
Payables for investments purchased 1,036,340 4,185,781
------------- --------------- -------------- --------------
Total liabilities 177,084 422,880 1,351,044 4,782,388
------------- --------------- -------------- --------------
NET ASSETS 78,509,092 130,436,898 127,807,361 192,302,277
============= =============== ============== ==============
NET ASSETS REPRESENTED BY:
Capital stock, $.10 par value 8,054,041 10,026,242 8,825,410 16,210,884
Additional paid-in capital 68,263,817 118,857,836 107,084,871 173,015,502
Net unrealized appreciation on investments and
translation of assets and
liabilities denominated in foreign currencies 3,681,134 2,530,793 8,686,123 5,325,627
Undistributed (overdistributed) net investment (230,503) 1,125 14,056 36,745
income
Accumulated net realized gain
(loss) on investments (1,259,397) (979,098) 3,196,901 (2,286,481)
------------- --------------- -------------- --------------
NET ASSETS 78,509,092 130,436,898 127,807,361 192,302,277
============= =============== ============== ==============
NET ASSET VALUE PER OUTSTANDING SHARE 0.9748 1.3010 1.4482 1.1863
============= =============== ============== ==============
(Offering and redemption price)
SHARES OF CAPITAL STOCK:
Authorized 200,000,000 200,000,000 200,000,000 200,000,000
Outstanding 80,540,411 100,262,423 88,254,097 162,108,840
(1) Cost of Investments: 74,660,381 126,110,766 119,690,416 190,567,917
See notes to financial statements.
</TABLE>
<PAGE>
MAXIM SERIES FUND, INC.
STATEMENTS OF OPERATIONS
YEAR ENDED DECEMBER 31, 1998
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT U.S.
GRADE SMALL-CAP GOVERNMENT
FOREIGN CORPORATE AGGRESSIVE MORTGAGE
EQUITY BOND GROWTH SECURITIES
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------------- -------------- -------------- --------------
INVESTMENT INCOME:
Interest 755,198 7,489,770 999,182 11,197,796
Dividends 800,520 1,912,651
Less: Foreign withholding tax (197,344) (187)
--------------- -------------- -------------- --------------
Total Income 1,358,374 7,489,770 2,911,646 11,197,796
--------------- -------------- -------------- --------------
EXPENSES:
Salaries 7,671 7,671
Legal and SEC fees 1,108 25,391
Director's fees 645 1,393
Audit fees 10,500 6,000
Investment administration 112,906 57,043
Bank and custodial fees 66,299 42,820
Other expenses 17,855 21,022
Management fee 703,112 714,083 1,521,934 1,021,297
--------------- -------------- -------------- --------------
Total expenses 920,096 714,083 1,683,274 1,021,297
Less amount paid by GW Capital Management 2,847 2,332
--------------- -------------- -------------- --------------
Net expenses 917,249 714,083 1,680,942 1,021,297
--------------- -------------- -------------- --------------
NET INVESTMENT INCOME 441,125 6,775,687 1,230,704 10,176,499
--------------- -------------- -------------- --------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain on investments 249,487 67,961 4,751,360 797,035
Change in net unrealized appreciation (depreciation) on investments 4,324,386 1,255,675 (7,327,869) 702,266
--------------- -------------- -------------- --------------
Net realized and unrealized gain (loss) on investments 4,573,873 1,323,636 (2,576,509) 1,499,301
--------------- -------------- -------------- --------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 5,014,998 8,099,323 (1,345,805) 11,675,800
=============== ============== ============== ==============
</TABLE>
See notes to financial statements
<PAGE>
MAXIM SERIES FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
YEARS ENDED DECEMBER 31, 1998 AND 1997
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------------------
------------------------
INVESTMENT GRADE SMALL-CAP U.S. GOVERNMENT
FOREIGN EQUITY CORPORATE BOND AGGRESSIVE GROWTH MORTGAGE SECURITIES
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
---------------------- ---------------------- ----------------------- -----------------
----------- ----------
1998 1997 1998 1997 1998 1997 1998 1997
----------- --------- ---------- ---------- ---------- ----------- ---------- ---------
INCREASE (DECREASE) IN ASSETS:
OPERATIONS:
Net investment income (loss) 441,125 $ (175,448$ 6,775,687 6,490,017 $ 1,230,704 $ 1,226,106 10,176,499 9,631,548
Net realized gain on investments 249,487 3,994,591 67,961 111,460 4,751,360 22,100,666 797,035 657,373
Change in net unrealized appreciation 4,324,386 (6,540,455) 1,255,675 627,506 (7,327,869) 6,154,183 702,266 2,267,802
(depreciation) on investments
----------- --------- ---------- ---------- ---------- ----------- ---------- ---------
Net increase (decrease) in net assets5,014,998 (2,721,312)8,099,323 7,228,983 (1,345,805) 29,480,955 11,675,800 12,556,723
resulting from operations
----------- --------- ---------- ---------- ---------- ----------- ---------- -------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (671,628) (1,351,699)(6,779,905) (6,484,674) (1,232,324) (16,102,420)(10,144,022)(9,627,280)
From net realized gains (1,186,496) (3,144,430) (3,509,230) (5,867,189)
----------- --------- ---------- ---------- ---------- ----------- ---------- ---------
Total distributions (1,858,124) (4,496,129)(6,779,905) (6,484,674) (4,741,554) (21,969,609)(10,144,022)(9,627,280)
----------- --------- ---------- ---------- ---------- ----------- ---------- ---------
SHARE TRANSACTIONS:
Net proceeds from sales of shares19,550,684 19,269,737 27,851,131 17,498,367 28,654,708 82,365,170 45,946,024 24,003,121
Reinvestment of distributions 1,858,124 4,496,129 6,779,905 6,484,674 4,741,554 21,969,609 10,144,022 9,627,280
Redemptions of shares (10,731,362)(31,980,112(20,389,516)(10,573,542)(82,824,177)(8,468,416) (27,503,933)(12,841,366)
----------- --------- ---------- ---------- ---------- ----------- ---------- ---------
Net increase (decrease) in net assets 10,677,446 (8,214,246)14,241,520 13,409,499 (49,427,915)95,866,363 28,586,113 20,789,035
resulting from shares transactions
----------- --------- ---------- ---------- ---------- ----------- ---------- ---------
Total increase (decrease) in net 13,834,320 (15,431,687) 15,560,938 14,153,808 (55,515,274) 103,377,709 30,117,891 23,718,478
assets
Beginning of period 64,674,772 80,106,459 114,875,960 100,722,152 183,322,635 79,944,926 162,184,386 138,465,908
----------- --------- ---------- ---------- ---------- ----------- ---------- ---------
End of period (1) 78,509,092 $64,674,772 130,436,898 114,875,960 127,807,361 183,322,635 192,302,277 162,184,386
=========== ========= ========== ========== ========== =========== ========== =========
OTHER INFORMATION:
SHARES:
Sold 19,794,335 18,579,686 21,297,579 13,638,954 19,301,617 53,397,184 38,528,791 20,604,015
Issued in reinvestment of 1,937,061 4,883,489 5,240,290 5,086,411 3,235,880 14,624,075 8,581,036 8,300,735
distributions Redeemed (10,905,538)(29,467,074)(15,629,695)(8,221,477)(53,979,348)(5,315,775) (23,116,758)(10,993,838)
----------- --------- ---------- ---------- ---------- ----------- ---------- -------
Net increase (decrease) 10,825,858 (6,003,899)10,908,174 10,503,888 (31,441,851)62,705,484 23,993,069 17,910,912
=========== ========= ========== ========== ========== =========== ========== ========
(1) Including undistributed net (230,503) 1,125 5,343 14,056 15,676 36,745 4,268
investment income
</TABLE>
See notes to financial statements.
<PAGE>
MAXIM SERIES FUND, INC.
FOREIGN EQUITY PORTFOLIO
FINANCIAL HIGHLIGHTS
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the years ended
December 31, 1998, 1997, 1996, 1995, and 1994 are as follows:
Year Ended December 31,
-----------------------------------------------------------------
1998 1997 1996 1995 1994
------------ ---------- ------------ ----------- ------------
(A)
Net Asset Value, Beginning of Period $ 0.9277 $ 1.0580$ 0.9871 $ 0.9515$ 1.0000
Income From Investment Operations
Net investment income (loss) 0.0057 (0.0017) 0.0041 0.0073 (0.0019)
Net realized and unrealized gain (loss) 0.0649 (0.0593) 0.0709 0.0398 (0.0466)
------------ ---------- ----------- ------------
------------
Total Income (Loss) From Investment
Operations 0.0706 (0.0610) 0.0750 0.0471 (0.0485)
------------ ---------- ------------ ----------- ------------
Less Distributions
From net investment income (0.0086)
From net realized gains (0.0149) (0.0693) (0.0041) (0.0115)
------------ ---------- ------------ ----------- ------------
Total Distributions (0.0235) (0.0693) (0.0041) (0.0115)
------------ ---------- ------------ ----------- ------------
Net Asset Value, End of Period $ 0.9748 $ 0.9277$ 1.0580 $ 0.9871$ 0.9515
============ ========== ============ =========== ============
Total Return 7.67% (5.69)% 7.61% 5.02% (4.85)%
Net Assets, End of Period $ 78,509,092 $ 64,674,772$ 80,106,459 $ 64,403,868 $ 42,760,613
Ratio of Expenses to Average Net Assets:
Before reimbursement 1.31% 1.35% 1.45% 1.51% 1.60% *
After reimbursement # 1.30% 1.33% 1.45% 1.50% 1.50% *
Ratio of Net Investment Income to
Average Net Assets 0.63% (0.23)% 0.41% 0.69% (1.26)%*
Portfolio Turnover Rate 129.82% 200.82% 75.65% 119.98% 19.85%
</TABLE>
Portfolio turnover is calculated using the lesser of long-term purchases or
sales of portfolio securities for a period, divided by the monthly average of
the market value of the securities (excluding short-term securities) owned
during the period. Purchases and sales of investment securities for the year
ended December 31, 1998 were $100,394,647 and $86,319,556, respectively.
(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.
INVESTMENT GRADE CORPORATE BOND PORTFOLIO
FINANCIAL HIGHLIGHTS
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the years ended
December 31, 1998, 1997, 1996, 1995, and 1994 are as follows:
Year Ended December 31,
--------------------------------------------------------------------
1998 1997 1996 1995 1994
------------- ----------- ------------ ----------- ------------
Net Asset Value, Beginning of Period $ 1.2856 $ 1.2774 $ 1.3161 $ 1.2019$ 1.3090
Income From Investment Operations
Net investment income 0.0737 0.0769 0.0777 0.0794 0.0665
Net realized and unrealized gain 0.0154 0.0081 (0.0387) 0.1164 (0.1071)
(loss)
------------- ----------- ----------- ------------
------------
Total Income (Loss) From Investment
Operations 0.0891 0.0850 0.0390 0.1958 (0.0406)
------------- ----------- ------------ ----------- ------------
Less Distributions
From net investment income (0.0737) (0.0768) (0.0777) (0.0816) (0.0665)
From net realized gains
------------- ----------- ------------ ----------- ------------
Total Distributions (0.0737) (0.0768) (0.0777) (0.0816) (0.0665)
------------- ----------- ------------ ----------- ------------
Net Asset Value, End of Period $ 1.3010 $ 1.2856 $ 1.2774 $ 1.3161$ 1.2019
============= =========== ============ =========== ============
Total Return 7.08% 6.85% 3.14% 16.71% (3.15)%
Net Assets, End of Period $ 130,436,898 $ 114,875,960$ 100,722,152 $ 95,210,404 $ 71,276,294
Ratio of Expenses to Average Net 0.60% 0.60% 0.60% 0.60% 0.60%
Assets:
Ratio of Net Investment Income to
Average Net Assets 5.69% 6.02% 6.08% 6.30% 5.37%
Portfolio Turnover Rate 59.84% 140.35% 118.50% 159.21% 51.66%
</TABLE>
Portfolio turnover is calculated using the lesser of long-term purchases or
sales of portfolio securities for a period, divided by the monthly average of
the market value of the securities (excluding short-term securities) owned
during the period. Purchases and sales of investment securities for the year
ended December 31, 1998 were $83,493,849 and $69,181,240, respectively.
(Continued)
<PAGE>
MAXIM SERIES FUND, INC.
SMALL-CAP AGGRESSIVE GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the years ended
December 31, 1998, 1997, 1996, 1995, and 1994 are as follows:
Year Ended December 31,
-----------------------------------------------------------------------
1998 1997 1996 1995 1994
-------------- ------------ ------------ ------------- ------------
(A)
Net Asset Value, Beginning of Period $ 1.5316 $ 1.4028 $ 1.1605 $ 0.9755 $ 1.0000
Income From Investment Operations
Net investment income 0.0139 0.0103 0.0091 0.0075 (0.0016)
Net realized and unrealized gain (0.0492) 0.3273 0.3376 0.2840 (0.0229)
(loss)
-------------- ------------ ------------ ------------- ------------
Total Income (Loss) From Investment
Operations (0.0353) 0.3376 0.3467 0.2915 (0.0245)
-------------- ------------ ------------ ------------- ------------
Less Distributions
From net investment income (0.0138) (0.0100) (0.0091) (0.0945)
From net realized gains (0.0343) (0.1988) (0.0953) (0.0120)
-------------- ------------ ------------ ------------- ------------
Total Distributions (0.0481) (0.2088) (0.1044) (0.1065)
-------------- ------------ ------------ ------------- ------------
Net Asset Value, End of Period $ 1.4482 $ 1.5316 $ 1.4028 $ 1.1605 $ 0.9755
============== ============ ============ ============= ============
Total Return (2.28)% 24.50% 30.09% 29.96% (2.46)%
Net Assets, End of Period $ 127,807,361 $ 183,322,635 $ 79,944,926 $ 28,594,611 $ 12,963,409
Ratio of Expenses to Average Net
Assets:
Before reimbursement 1.11% 1.11% 1.27% 1.46% 1.61% *
After reimbursement # 1.11% 1.11% 1.26% 1.30% 1.26% *
Ratio of Net Investment Income
to Average Net Assets 0.81% 0.89% 0.98% 0.65% (1.08)% *
Portfolio Turnover Rate 149.12% 93.28% 62.63% 99.48% 8.84%
</TABLE>
Portfolio turnover is calculated using the lesser of long-term purchases or
sales of portfolio securities for a period, divided by the monthly average of
the market value of the securities (excluding short-term securities) owned
during the period. Purchases and sales of investment securities for the year
ended December 31, 1998 were $428,455,623 and $200,770,368, respectively.
(A) The portfolio commenced operations on November 1, 1994.
* Annualized
# Percentage is shown net of expenses reimbursed by The Great-West Life
Assurance Company or GW Capital Management, LLC.
(Continued)
<PAGE>
MAXIM SERIES FUND, INC.
U.S. GOVERNMENT MORTGAGE SECURITIES PORTFOLIO
FINANCIAL HIGHLIGHTS
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the years ended
December 31, 1998, 1997, 1996, 1995, and 1994 are as follows:
Year Ended December 31,
----------------------------------------------------------------------
1998 1997 1996 1995 1994
------------- ------------- ------------ ------------ -------------
Net Asset Value, Beginning of Period $ 1.1743 1.1519 $ 1.1786 $ 1.0917 $ 1.1813
Income From Investment Operations
Net investment income 0.0700 0.0745 0.0751 0.0781 0.0620
Net realized and unrealized gain 0.0118 0.0224 (0.0267) 0.0869 (0.0896)
(loss)
------------- ------------- ------------ ------------ -------------
Total Income (Loss) From
Investment Operations 0.0818 0.0969 0.0484 0.1650 (0.0276)
------------- ------------- ------------ ------------ -------------
Less Distributions
From net investment income (0.0698) (0.0745) (0.0751) (0.0781) (0.0620)
------------- ------------- ------------ ------------ -------------
Total Distributions (0.0698) (0.0745) (0.0751) (0.0781) (0.0620)
------------- ------------- ------------ ------------ -------------
Net Asset Value, End of Period $ 1.1863 1.1743 $ 1.1519 $ 1.1786 $ 1.0917
============= ============= ============ ============ =============
Total Return 7.12% 8.64% 4.29% 15.55% (2.34)%
Net Assets, End of Period $ 192,302,277 162,184,386 $ 138,465,908 $ 129,549,680 $ 93,386,366
Ratio of Expenses to Average Net 0.60% 0.60% 0.60% 0.60% 0.60%
Assets
Ratio of Net Investment Income to
Average Net Assets 5.98% 6.44% 6.51% 6.84% 5.67%
Portfolio Turnover Rate 108.19% 34.01% 94.63% 188.04% 331.42%
</TABLE>
Portfolio turnover is calculated using the lesser of long-term purchases or
sales of portfolio securities for a period, divided by the monthly average of
the market value of the securities (excluding short-term securities) owned
during the period. Purchases and sales of investment securities for the year
ended December 31, 1998 were $204,211,217 and $178,065,483, respectively.
(Concluded)
<PAGE>
MAXIM SERIES FUND, INC.
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 1998 AND 1997
- --------------------------------------------------------------------------------
1. HISTORY OF THE FUND
Maxim Series Fund, Inc. (the Fund) is a Maryland corporation organized
on December 7, 1981 as an open-end management investment company.
Interests in the Foreign Equity, Investment Grade Corporate Bond,
Small-Cap Aggressive Growth, and U.S. Government Mortgage Securities
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, 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.
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, which are in accordance with generally accepted accounting
principles in the investment company industry:
Dividends
Dividends from investment income of the Investment Grade Corporate Bond
and the U.S. Government Mortgage Securities Portfolios are declared and
reinvested quarterly. Dividends from investment income of the Foreign
Equity and Small-Cap Aggressive Growth Portfolios are declared and
reinvested annually. Dividends from capital gains of all Portfolios, if
any, are declared and reinvested at least annually 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
Foreign Equity and Small-Cap Aggressive Growth Portfolios and specific
lot selection for the Investment Grade Corporate Bond and U.S.
Government Mortgage Securities Portfolios.
Security Valuation
Portfolio securities that are listed on an established securities
exchange or on the NASDAQ National Market System are valued at the last
sale price as of the close of business on the day the securities are
being valued, or, lacking any sales, at the mean between closing bid and
asked price. Securities traded in the over-the-counter market are valued
at the mean between the bid and asked prices or yield equivalent as
obtained from one or more dealers that make markets in the securities.
Portfolio securities that are traded both in the over-the-counter market
and on an exchange are valued according to the broadest and most
representative market. Securities and assets for which market quotations
are not readily available are valued at fair value as determined in good
faith by or under the direction of the Board of Directors, including
valuations furnished by a pricing service that may be retained by the
Fund. 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, 1998 were as follows:
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Investment Grade
Foreign Equity Corporate Bond
Portfolio Portfolio
Aggregate Cost $ 2,196,055 $ 9,496,171
Aggregate Fair Value $ 1,573,650 $ 9,673,565
Percent of Net Assets 2.00% 7.42%
</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 Foreign Equity 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 Foreign Equity Portfolio does not 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. Such fluctuations are included with the net realized
and unrealized gain or loss from investments.
Net realized foreign exchange gains or losses arise from sales of
foreign currencies, currency gains or losses realized between the trade
and settlement dates on securities transactions, the difference between
the amounts of dividends, interest, and foreign withholding taxes
recorded by the Foreign Equity 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 fair values of
assets and liabilities other than 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 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, 1998, the Investment Grade Corporate Bond, and U.S.
Government Mortgage Securities Portfolios had available for federal
income tax purposes unused capital loss carryovers of $832,544 and
$2,279,825, respectively, which expire between 2002 and 2006.
3. INVESTMENT ADVISORY AGREEMENT
The Fund has entered into an investment advisory agreement with GW
Capital Management, LLC, a wholly-owned subsidiary of the Company. 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 Investment Grade Corporate Bond and U.S.
Government Mortgage Securities Portfolios, and 1.00% of the average
daily net assets of the Foreign Equity and Small-Cap Aggressive Growth
Portfolios. However, the investment advisor shall pay any expenses of
the Fund which exceed an annual rate, including management fees of 1.50%
and 1.30% of the average daily net assets of the Foreign Equity and
Small-Cap Aggressive Growth Portfolios, respectively.
Expenses incurred by the Fund, which are not portfolio specific, are
allocated among the portfolios based on relative net assets or other
appropriate allocation methods. For certain funds, the management fee
encompasses other fund operating expenses.
4. UNREALIZED APPRECIATION (DEPRECIATION)
Gross unrealized appreciation (depreciation) of securities is as follows
as of December 31, 1998:
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Net
Gross Gross Unrealized
Appreciation Depreciation Appreciation
Foreign Equity Portfolio $ 8,084,154 $ (4,403,020) $ 3,681,134
Investment Grade Corporate Bond Portfolio 2,809,047 (278,254) 2,530,793
Small-Cap Aggressive Growth Portfolio 17,661,274 (8,975,151) 8,686,123
U.S. Government Mortgage Securities 5,686,223 (360,596) 5,325,627
Portfolio
</TABLE>
<PAGE>
The Maxim Series Fund
Foreign Equity Portfolio
BONDS
ARGENTINA --- 1.2%
MFTG - INDUSTRIAL PRODS
300,000 Multicanal SA 239,250
Series C
10.500% April 15, 2018
760,000 Perez Companc SA# 666,900
Private Placement Bonds
8.125% July 15, 2007
$906,150
TOTAL ARGENTINA --- 1.2% $906,150
HONG KONG --- 1.1%
FOREIGN BANKS
1,500,000 Bangkok Bank Public Co Ltd# 870,000
Subordinated Notes
8.375% January 15, 2027
$870,000
TOTAL HONG KONG --- 1.1% $870,000
KOREA --- 3.0%
FOREIGN GOVERNMENTS
500,000 Republic of Korea 511,120
Unsubordinated Bonds
8.875% April 15, 2008
$511,120
MFTG - CONSUMER PRODS.
400,000 Pohang Iron & Steel Co 340,000
Notes
6.625% July 1, 2003
500,000 Pohang Iron & Steel Co 411,920
Notes
7.125% November 1, 2006
$751,920
MFTG - INDUSTRIAL PRODS
1,200,000 Samsung Electronics 1,086,000
Zero Coupon
1.110% December 31, 2007
$1,086,000
TOTAL KOREA --- 3.0% $2,349,040
MAURITIUS --- 0.1%
FINANCIAL SERVICES
75,000 Pindo Deli Fin Mauritius 36,000
Yankee Notes
10.875% October 1, 2027
75,000 Pindo Deli Fin Mauritius# 36,750
Company Guaranteed Bonds
11.750% October 1, 2017
$72,750
TOTAL MAURITIUS --- 0.1% $72,750
THAILAND --- 0.3%
ELECTRONICS - HIGH TECH
360,000 Total Access Communication 270,000
Convertible Bonds
2.000% May 31, 2006
$270,000
TOTAL THAILAND --- 0.3% $270,000
VENEZUELA --- 0.3%
FOREIGN GOVERNMENTS
425,000 Venezuela 259,250
Debentures
9.250% September 15, 2027
$259,250
TOTAL VENEZUELA --- 0.3% $259,250
TOTAL BONDS --- 6.0% $4,727,190
(Cost $5,439,041)
COMMON STOCK
AUSTRALIA --- 3.6%
HOLDING & INVEST. OFFICES
359,000 Southcorp Holdings Ltd 1,143,580
$1,143,580
INSURANCE
200,000 QBE Insurance Group Ltd 826,200
$826,200
MFTG - CONSUMER PRODS.
323,000 Foster's Brewing Group Ltd 873,728
$873,728
TOTAL AUSTRALIA --- 3.6% $2,843,508
BELGIUM --- 1.6%
CONSTRUCTION
13,000 Cimenteries CBR Cementbedrijven 1,285,631
$1,285,631
TOTAL BELGIUM --- 1.6% $1,285,631
BRAZIL --- 0.1%
WATER
1,260,000 Saneamento Basico de Sao Paulo 95,447
$95,447
TOTAL BRAZIL --- 0.1% $95,447
CANADA --- 4.1%
ELECTRONICS - HIGH TECH
18,200 Northern Telecom Ltd 907,217
$907,217
TRANSPORTATION
21,900 Canadian National Railway Co 1,136,543
$1,136,543
TRANSPORTATION EQUIPMENT
84,000 Bombardier Inc Series B 1,202,577
$1,202,577
TOTAL CANADA --- 4.1% $3,246,337
DENMARK --- 5.0%
FINANCIAL SERVICES
21,850 Unidanmark 1,979,167
$1,979,167
INSURANCE
3,960 Codan Forsikring 461,626
54,125 Tryg Baltica Forsikring 1,453,735
$1,915,361
TOTAL DENMARK --- 5.0% $3,894,528
FRANCE --- 8.2%
CONSUMER SERVICES
14,000 Pernod-Richard 909,579
$909,579
FOREIGN BANKS
22,000 Banque Nationale de Paris 1,812,070
$1,812,070
MFTG - CONSUMER PRODS.
30,600 Michelin (CGDE) 1,224,066
$1,224,066
MFTG - INDUSTRIAL PRODS
6,412 L'Air Liquide 1,176,314
$1,176,314
RETAIL TRADE
9,400 Compagnie de Saint Gobain 1,327,427
$1,327,427
TOTAL FRANCE --- 8.2% $6,449,456
GERMANY --- 3.6%
CONSUMER SERVICES
1,600 Wella AG 1,344,134
$1,344,134
ELECTRONICS - HIGH TECH
15,000 Siemens AG 967,597
$967,597
RETAIL TRADE
5,000 DaimlerChrysler AG 496,550
$496,550
TOTAL GERMANY --- 3.6% $2,808,281
HUNGARY --- 5.0%
FOREIGN BANKS
31,000 OTP Bank Rt 1,527,143
$1,527,143
TELEPHONE
420,000 Matav Rt 2,360,499
$2,360,499
TOTAL HUNGARY --- 5.0% $3,887,642
ITALY --- 14.0%
CREDIT INSTITUTIONS
287,000 Credito Italiano 1,700,645
$1,700,645
FOREIGN BANKS
65,000 San Paolo - IMI SpA* 1,148,216
$1,148,216
HOLDING & INVEST. OFFICES
405,000 Telecom Italia SpA RNC 2,548,096
$2,548,096
INDUSTRIAL PRODS & SVCS
8,900 Ericsson SpA 366,661
$366,661
INSURANCE
500,000 Istituto Nazionale delle Assicurazioni* 1,320,327
$1,320,327
OIL & GAS
215,000 ENI 1,404,719
120,000 Edison SpA 1,413,068
$2,817,787
REAL ESTATE
2,100,000 Unione Immobiliare SpA* 1,095,100
$1,095,100
TOTAL ITALY --- 14.0% $10,996,832
JAPAN --- 6.2%
CONSTRUCTION
75,000 Daiwa House Industry Co Ltd 798,593
$798,593
ELECTRONICS - HIGH TECH
40,000 Canon Inc 855,019
9,000 Nintendo Corp Ltd 872,278
20,000 Sony Corp 1,456,895
$3,184,192
TELEPHONE
110 Nippon Telegraph & Telephone Corp 849,000
$849,000
TOTAL JAPAN --- 6.2% $4,831,785
NETHERLANDS --- 2.1%
CONSUMER SERVICES
23,100 Grolsch NV 596,502
$596,502
TELEPHONE
21,000 Koninklijke KPN NV 1,051,006
$1,051,006
TOTAL NETHERLANDS --- 2.1% $1,647,508
NEW ZEALAND --- 1.1%
AIR
410,000 Air New Zealand Ltd 644,377
$644,377
MFTG - INDUSTRIAL PRODS
140,955 Nuplex Industries Ltd 241,604
$241,604
TOTAL NEW ZEALAND --- 1.1% $885,981
PORTUGAL --- 8.1%
CONSTRUCTION
77,611 Engil-SGPS 527,317
$527,317
FOREIGN BANKS
36,000 BPI-SGPS SA 1,221,718
$1,221,718
INSURANCE
30,000 Mundial Confianca* 954,138
$954,138
MFTG - INDUSTRIAL PRODS
30,000 Brisa-Auto Estradas de Portugal SA 1,765,946
$1,765,946
RETAIL TRADE
16,800 Jeronimo Martins SGPS SA* 919,065
$919,065
TELEPHONE
21,000 Portugal Telecom SA 962,854
$962,854
TOTAL PORTUGAL --- 8.1% $6,351,038
SPAIN --- 7.5%
CONSTRUCTION
30,000 Fomento de Construcciones y Contraras SA 2,227,775
$2,227,775
CONSUMER SERVICES
17,500 Sol Melia SA 609,735
$609,735
ELECTRIC
75,000 Iberdrola SA 1,401,598
$1,401,598
MFTG - CONSUMER PRODS.
30,374 Azucarera Ebro Agricolas SA 669,182
$669,182
OIL & GAS
18,750 Repsol SA 999,067
$999,067
TOTAL SPAIN --- 7.5% $5,907,357
SWEDEN --- 2.0%
CONSUMER SERVICES
77,000 Astra AB Series A 1,573,272
$1,573,272
TOTAL SWEDEN --- 2.0% $1,573,272
SWITZERLAND --- 3.6%
CONSUMER SERVICES
900 Novartis AG 1,769,589
$1,769,589
INSURANCE
400 SCHW Ruckversicher 1,043,111
$1,043,111
TOTAL SWITZERLAND --- 3.6% $2,812,700
UNITED KINGDOM --- 14.6%
CONSUMER SERVICES
380,000 London International Group PLC 783,134
$783,134
ELECTRIC
95,000 Scottish Hydro-Electric PLC 1,068,915
$1,068,915
FOREIGN BANKS
40,000 Lloyds TSB Group 568,404
$568,404
INSURANCE
50,000 Commercial Union 781,971
$781,971
MFTG - CONSUMER PRODS.
183,334 FKI PLC 408,299
$408,299
MFTG - INDUSTRIAL PRODS
162,000 British Aerospace PLC 1,371,798
24,000 Cobham PLC 278,019
260,000 Rolls-Royce PLC 1,075,979
$2,725,796
RETAIL TRADE
92,000 Boots Co 1,564,972
210,000 J Sainsbury PLC 1,681,404
159,000 Scot & Newcastle 1,844,521
$5,090,897
TOTAL UNITED KINGDOM --- 14.6% $11,427,416
TOTAL COMMON STOCK --- 90.6% $70,944,719
(Cost $66,691,310)
PREFERRED STOCK
GERMANY --- 1.1%
MFTG - INDUSTRIAL PRODS
9,960 Henkel KGAA 866,606
$866,606
TOTAL GERMANY --- 1.1% $866,606
TOTAL PREFERRED STOCK --- 1.1% $866,606
(Cost $727,030)
SHORT-TERM INVESTMENTS
CANADA --- 2.3%
FOREIGN BANKS
1,803,000 Canadian Imperial Bank of Commerce 1,803,000
$1,803,000
TOTAL CANADA --- 2.3% $1,803,000
TOTAL SHORT-TERM INVESTMENTS --- 2.3% $1,803,000
(Cost $1,803,000)
TOTAL FOREIGN EQUITY PORTFOLIO --- 100.0% $78,341,515
(Cost $74,660,381)
<PAGE>
The Maxim Series Fund
Investment Grade Corporate Bond Portfolio
BONDS
AGENCY --- 1.8%
2,245,000 U.S. Department of Veterans Affairs 2,320,769
Vendee Trust 1995-3 1H
7.250% December 15, 2002
$2,320,769
CANADIAN - PROVINCIAL --- 6.8%
5,000,000 Ontario Province 5,390,050
Global Notes
7.750% June 4, 2002
3,000,000 Saskatchewan 3,355,680
Yankee Notes
8.000% July 15, 2004
$8,745,730
CREDIT INSTITUTIONS --- 15.7%
3,000,000 Aristar Inc 3,017,760
Notes
6.125% December 1, 2000
4,000,000 Associates Corp North America 4,174,000
Medium Term Notes
6.870% August 12, 2002
5,000,000 Banc One Corp 5,075,300
Senior Notes
6.250% September 1, 2000
4,500,000 General Electric Capital Corp 4,856,233
Eurodollar Medium Term Notes
8.100% February 15, 2002
3,000,000 Heller Financial Inc 3,086,823
Medium Term Notes
7.210% September 13, 2001
$20,210,116
ELECTRIC --- 9.8%
3,000,000 Iberdrola International# 3,196,170
Notes
7.125% June 1, 2003
2,000,000 National Rural Utilities Corp 1,976,600
Medium Term Notes
5.300% October 20, 2003
3,000,000 Pennsylvania Power & Light Co 3,044,610
Remarketable Putable Notes
6.125% May 1, 2001
4,000,000 Union Electric Co 4,385,000
First Mortgage Bonds
7.650% July 15, 2003
$12,602,380
FOREIGN BANKS --- 8.9%
3,000,000 Bayerische Landesbanken NY 3,054,810
Medium Term Notes
6.375% August 31, 2000
5,000,000 Canadian Imperial Bank of Commerce 5,056,050
Deposit Notes
6.200% August 1, 2000
3,000,000 KFW International Finance 3,310,740
Notes
7.625% February 15, 2004
$11,421,600
FOREIGN GOVERNMENTS --- 3.3%
4,000,000 Yokohama City 4,262,500
Eurodollar Notes
8.000% November 20, 2001
$4,262,500
GAS --- 2.4%
3,000,000 Northern Illinois Gas Co 3,036,600
First Mortgage Bonds
5.750% June 1, 2003
$3,036,600
INSURANCE --- 2.4%
3,000,000 Prudential Insurance of America# 3,069,420
Notes
6.375% July 23, 2006
$3,069,420
LEASING --- 2.5%
3,000,000 US Leasing International 3,265,890
Senior Notes
8.750% December 1, 2001
$3,265,890
MFTG - INDUSTRIAL PRODS --- 8.4%
3,000,000 ICI Wilmington 3,039,150
Yankee Notes
6.750% September 15, 2002
5,000,000 Illinois Tool Works Inc 5,030,500
Notes
5.875% March 1, 2000
2,746,000 Ingersoll-Rand Co 2,781,313
Senior Notes
6.255% February 15, 2001
$10,850,963
OIL & GAS --- 2.6%
2,000,000 BP America Inc 2,013,750
Guaranteed Eurodollar Notes
9.750% March 1, 1999
1,550,000 Petroleum Nasional Bhd# 1,389,575
Notes
6.625% October 18, 2001
$3,403,325
RETAIL TRADE --- 3.8%
4,700,000 Wal-Mart Stores Inc 4,946,468
Notes
6.500% June 1, 2003
$4,946,468
SECURITIES & COMMODITIES --- 8.6%
1,250,000 Lehman Brothers Inc 1,293,288
Notes
7.360% December 15, 2003
5,000,000 Merrill Lynch & Co Inc 5,204,350
Notes
6.550% August 1, 2004
4,270,000 World Financial Network 4,504,850
Credit Card Master Trust 1996-B Cl A
6.950% April 15, 2006
$11,002,488
TELEPHONE --- 9.7%
2,000,000 Frontier Corp# 2,018,400
PATS
6.250% December 15, 1999
5,000,000 New England Telephone & Telegraph 5,186,500
Bonds
6.300% December 16, 2002
5,000,000 Southwestern Bell Telephone Co 5,228,150
Medium Term Notes
6.580% August 26, 2003
$12,433,050
U.S. GOVERNMENTS --- 12.9%
5,000,000 Federal Home Loan Bank 4,998,450
Jumbo Notes
5.125% September 15, 2003
10,500,000 United States of America 11,646,810
Treasury Notes
6.500% October 15, 2006
$16,645,260
TOTAL BONDS --- 99.7% $128,216,559
(Cost $125,685,766)
SHORT-TERM INVESTMENTS
FOREIGN BANKS --- 0.3%
425,000 Canadian Imperial Bank of Commerce 425,000
$425,000
TOTAL SHORT-TERM INVESTMENTS --- 0.3% $425,000
(Cost $425,000)
TOTAL INVESTMENT GRADE CORPORATE BOND PORTFOLIO --- 100.0% $128,641,559
(Cost $126,110,766)
<PAGE>
The Maxim Series Fund
Small-Cap Aggressive Growth Portfolio
COMMON STOCK
COMMUNICATIONS --- 0.8%
30,100 Hearst-Argyle Television Inc* 993,300
$993,300
CONSUMER SERVICES --- 8.1%
28,000 Alternative Living Services* 959,000
17,600 Beckman Coulter Inc 954,800
23,700 Biovail Corporation International* 896,144
40,500 Capital Senior Living Corp* 564,449
13,800 Chirex Inc* 294,975
25,800 Curative Technologies Inc* 864,300
67,500 EndoSonics Corp* 670,748
33,800 International Home Foods Inc* 570,375
22,100 Jones Pharmaceuticals Inc 806,650
35,736 Meristar Hospitality Corp 663,332
45,300 Nielsen Media Research 815,400
22,100 PSS World Medical Inc* 508,300
31,300 Trigon Healthcare Inc* 1,167,866
26,500 Whitman Corp 672,438
$10,408,777
CREDIT INSTITUTIONS --- 4.3%
27,600 Bank United Corp Class A 1,083,300
28,100 City National Corp 1,169,663
40,150 Commercial Federal Corp 930,958
19,500 Cullen/Frost Bankers Inc 1,070,063
47,400 DVI Inc* 859,125
46,900 Imperial Credit Industries Inc* 392,788
$5,505,897
ELECTRIC --- 2.7%
15,100 BEC Energy 621,924
14,800 Commonwealth Energy System Co 599,400
23,100 Rochester Gas & Electric Corp 721,875
42,700 WPS Resources Corp 1,505,175
$3,448,374
ELECTRONICS - HIGH TECH --- 17.0%
50,000 ADAC Laboratories* 998,400
15,100 ATMI Inc* 381,275
29,400 AVX Corp 497,948
17,000 Alliant Techsystems Inc* 1,401,429
14,200 Alpha Industries Inc* 511,200
31,200 Artesyn Technologies Inc* 436,800
23,100 Bell & Howell Co* 873,457
23,300 Cognex Corp* 466,000
50,525 Conmed Corp* 1,667,325
15,800 Credence Systems Corp* 292,300
62,800 Cypress Semiconductor Corp* 521,994
36,500 DSP Group Inc* 761,938
45,600 Dentsply International Inc 1,174,200
41,500 Digi International Inc* 461,688
36,600 FORE Systems Inc* 670,219
40,000 Federal Signal Corp 1,095,000
12,300 Hutchinson Technology Inc* 438,188
33,300 Inter-Tel Inc 778,388
14,600 Litton Industries Inc* 952,650
18,500 Micron Electronics Inc* 320,272
23,400 National Computer Systems Inc 865,800
35,800 Quantum Corp* 760,750
27,900 Respironics Inc* 558,865
27,200 SMART Modular Technologies Inc* 754,800
24,000 Safeskin Corp* 579,000
46,800 Sensormatic Electronics Corp* 324,652
47,700 Sequent Computer Systems Inc* 575,357
16,200 Speedfam International Inc* 277,425
25,600 Steris Corp* 727,987
13,500 Sykes Enterprises Inc* 411,750
25,300 Tektronix Inc 760,569
36,205 Vishay Intertechnology Inc 524,973
$21,822,599
FINANCIAL SERVICES --- 0.5%
2,200 Pacific Bank NA 95,975
17,500 Western Bancorp 511,875
$607,850
FORESTRY --- 0.6%
19,900 Chesapeake Corp 733,813
$733,813
GAS --- 2.6%
21,000 Eastern Enterprises 918,750
45,700 MCN Corp 871,133
9,400 New Jersey Resources Corp 371,300
26,700 Public Service Company of North Carolina Inc 694,200
18,800 Washington Gas Light Co 509,950
$3,365,333
HOLDING & INVEST. OFFICES --- 5.7%
69,400 Anthracite Capital Inc 542,153
17,425 CNB Bancshares Inc 812,441
47,000 Community First Bancshares Inc 989,914
44,653 Healthcare Realty Trust Co 996,298
36,500 Koger Equity Inc 627,326
47,200 Liberty Property Trust 1,162,300
32,800 Local Financial Corp* 295,200
26,900 Staten Island Bancorp Inc 536,305
38,200 Sun Communities Inc 1,329,818
$7,291,755
INDUSTRIAL SERVICES --- 6.6%
41,900 AC Nielsen Corp* 1,183,675
21,800 Choicepoint Inc* 1,406,100
20,100 Deluxe Corp 734,896
25,700 Information Resources Inc* 261,806
17,300 National Service Industries Inc 657,400
24,450 Nichols Research Corp* 510,394
71,100 Platinum Technology Inc* 1,359,788
53,600 RH Donnelley Corp 780,523
25,200 Sterling Software Inc* 681,962
40,900 Symantec Corp* 889,575
$8,466,119
INSURANCE --- 6.4%
22,300 AmerUs Life Holdings Inc 498,963
14,100 CMAC Investment Corp 647,712
27,600 Capital RE Corp 553,711
38,100 Everest Reinsurance Holdings Inc 1,483,500
37,500 Horace Mann Educators Corp 1,068,750
15,800 Medical Assurance Inc 522,380
41,400 Protective Life Corp 1,648,217
11,850 Reinsurance Group America Co 829,500
73,200 Reliance Group Holdings Inc 942,450
$8,195,183
LEASING --- 0.5%
81,700 Unicapital Corp* 602,538
$602,538
MFTG - CONSUMER PRODS. --- 11.0%
17,650 Banta Corp 483,169
23,600 Cadmus Communications Corp 445,450
49,500 Champion Enterprises Inc* 1,355,063
16,900 Corn Products International Inc 513,338
11,200 Dial Corp 323,400
18,800 HON Industries Inc 450,016
30,000 Harte-Hanks Inc 855,000
52,200 International Multifoods Corp 1,347,386
31,700 Jostens Inc 830,128
21,500 Liz Claiborne Inc 678,583
50,800 Michael Foods Inc 1,524,000
47,400 Premark International Inc 1,641,225
30,800 Shaw Industries Inc 746,900
23,200 Talbots Inc 727,900
60,000 Viad Corp 1,822,483
16,000 Vlasic Foods International Inc* 380,992
$14,125,033
MFTG - INDUSTRIAL PRODS --- 9.7%
23,000 AK Steel Holding Corp 540,500
44,600 Bethlehem Steel Corp* 373,525
14,900 Crane Co 449,786
25,600 Cuno Inc* 416,000
25,600 Cytec Industries Inc* 544,000
29,400 Ferro Corp 764,400
23,000 Giant Cement Holding Inc* 569,250
15,900 Great Lakes Chemical Corp 636,000
48,800 Hussmann International Inc 945,500
47,400 Intermet Corp 619,139
15,600 Minerals Technologies Inc 638,617
3,200 Novellus Systems Inc* 158,400
23,300 Pentair Inc 927,620
12,100 Photronics Inc* 290,013
3,900 Quanex Corp 87,992
21,900 Regal-Beloit Corp 503,700
18,600 Scotts Co Class A* 714,928
42,600 Solutia Inc 953,175
28,600 Tower Automotive Inc* 713,198
29,800 Wang Laboratories Inc* 826,950
62,600 Worthington Industries Inc 782,500
$12,455,193
OIL & GAS --- 2.1%
40,800 BJ Services Company USA* 637,500
57,700 Forcenergy Inc* 151,463
35,300 Key Energy Services Inc* 165,451
30,300 Newfield Exploration Co* 632,513
38,700 Plains Resources Inc* 544,199
58,800 Vintage Petroleum Inc 507,150
$2,638,276
REAL ESTATE --- 2.0%
74,700 Amresco Inc* 653,625
44,700 Brandywine Realty Trust 799,013
73,200 Capital Automotive REIT 1,088,850
$2,541,488
RETAIL TRADE --- 9.2%
17,000 BJ Wholesale Club Inc* 787,304
22,300 Brinker International Inc* 643,913
63,900 Burlington Coat Factory Warehouse Corp 1,042,337
24,400 CEC Entertainment Inc* 677,100
20,300 Claire's Stores Inc 416,150
27,300 Dura Automotive Systems Inc* 931,613
44,300 Foodmaker Inc* 977,347
42,200 Furniture Brands International Inc* 1,149,950
16,300 Gencorp Inc 406,473
7,700 Great Atlantic & Pacific Tea Co Inc 228,113
24,100 Hannaford Brothers Co 1,277,300
7,700 Outback Steakhouse Inc* 307,038
14,000 Payless Shoesource Inc* 663,250
13,100 Ross Stores Inc 515,813
10,200 SPX Corp* 683,400
6,900 Venator Group Inc* 44,415
29,800 Wendy's International Inc 649,998
13,600 Zale Corp* 438,600
$11,840,114
SECURITIES & COMMODITIES --- 0.5%
25,935 Downey Financial Corp 659,709
$659,709
TELEPHONE --- 0.6%
32,400 Tekelec* 536,609
9,800 Transaction Network Services Inc* 196,608
$733,217
TRANSPORTATION --- 0.7%
24,400 CNF Transportation Inc 916,513
$916,513
TRANSPORTATION EQUIPMENT --- 2.1%
22,650 AO Smith Corp 556,329
40,100 Borg-Warner Security Corp* 751,875
38,600 Mascotech Inc 661,025
22,500 Newport News Shipbuilding Inc 752,333
$2,721,562
WATER --- 0.4%
18,900 American States Water Co 515,025
$515,025
WHOLESALE TRADE - INDL --- 0.4%
22,000 Cort Business Services Corp* 533,500
$533,500
WHOLESALE TRADE -CONSUMER --- 0.8%
48,600 Daisytek International Corp* 923,400
5,000 World Fuel Services Corp 53,750
$977,150
TOTAL COMMON STOCK --- 95.1% $122,098,318
(Cost $113,412,195)
SHORT-TERM INVESTMENTS
CREDIT INSTITUTIONS --- 1.2%
1,500,000 American Express Co 1,498,221
$1,498,221
FOREIGN BANKS --- 3.7%
4,780,000 Canadian Imperial Bank of Commerce 4,780,000
$4,780,000
TOTAL SHORT-TERM INVESTMENTS --- 4.9% $6,278,221
(Cost $6,278,221)
TOTAL SMALL-CAP AGGRESSIVE GROWTH PORTFOLIO --- 100.0% $128,376,539
(Cost $119,690,416)
<PAGE>
The Maxim Series Fund
U.S. Government Mortgage Securities Portfolio
BONDS
AGENCY --- 87.0%
5,427,412 Federal Home Loan Mortgage Corp 5,532,547
7.000% May 1, 2028
734,636 Federal Home Loan Mortgage Corp 764,021
Pool #G10289
8.500% February 1, 2008
5,026,204 Federal Home Loan Mortgage Corp 5,128,587
Pool #O20005
6.500% January 1, 2018
666,798 Federal Home Loan Mortgage Corp 708,873
Pool #C90085
9.000% December 1, 2014
56,225 Federal Home Loan Mortgage Corp 56,225
Pool #730326
8.500% November 1, 2006
1,095,470 Federal Home Loan Mortgage Corp 1,248,836
Pool #884002
9.500% June 1, 2020
241,706 Federal Home Loan Mortgage Corp 252,583
Pool #884018
9.500% September 1, 2020
4,200,000 Federal Home Loan Mortgage Corp 4,138,697
CMO SER.2103 CL.NB
6.000% July 15, 2023
698,271 Federal Home Loan Mortgage Corp 718,381
Pool #N30345
6.500% July 1, 2026
243,212 Federal Home Loan Mortgage Corp 243,212
Pool #N70005
9.500% November 1, 2020
899,331 Federal Home Loan Mortgage Corp 944,297
10.500% October 1, 2005
1,604,141 Federal Home Loan Mortgage Corp 1,680,338
Pool #G00256
8.000% November 1, 2023
2,055,861 Federal Home Loan Mortgage Corp 2,212,723
Pool #G00300
9.500% April 1, 2025
638,316 Federal Home Loan Mortgage Corp 647,323
Pool #E00177
6.500% December 1, 2007
1,830,995 Federal Home Loan Mortgage Corp 1,859,650
Pool #E00219
6.500% June 1, 2008
1,003,583 Federal Home Loan Mortgage Corp 1,041,217
Pool #G10006
10.000% January 1, 2006
1,420,666 Federal Home Loan Mortgage Corp 1,479,339
Pool #D64588
8.000% August 1, 2024
353,682 Federal Home Loan Mortgage Corp 372,568
Pool #D91202
8.500% February 1, 2013
637,923 Federal Home Loan Mortgage Corp 659,039
Pool #D91201
7.500% October 1, 2015
1,111,147 Federal Home Loan Mortgage Corp 1,123,992
Pool #O30006
6.000% February 1, 2009
5,989,470 Federal National Mortgage Association 6,031,606
Pool #447033
6.500% November 1, 2028
1,265,281 Federal National Mortgage Association 1,340,438
Pool #303583
8.500% April 1, 2025
3,251,893 Federal National Mortgage Association 3,292,542
Pool #313017
7.000% July 1, 2003
1,250,000 Federal National Mortgage Association 1,275,000
CMO SER.97-28 CL.PD
7.500% July 18, 2023
2,000,000 Federal National Mortgage Association 2,100,400
6.500% May 25, 2007
2,500,000 Federal National Mortgage Association 2,598,000
CMO SER.1998-W5 CL.A5
6.500% February 25, 2018
1,833,835 Federal National Mortgage Association 1,853,823
Pool #347434
6.500% June 1, 2026
3,056,117 Federal National Mortgage Association 3,118,187
Pool #346907
7.000% June 1, 2026
791,151 Federal National Mortgage Association 816,760
Pool #367209
7.500% June 1, 2016
1,374,604 Federal National Mortgage Association 1,423,993
Pool #367215
8.000% September 1, 2026
636,618 Federal National Mortgage Association 639,114
Fnma Pool#374210
6.660 % March 1, 2027
1,967,617 Federal National Mortgage Association 1,941,782
Pool #415745
6.000% April 1, 2028
4,231,927 Federal National Mortgage Association 4,314,280
7.000% December 1, 1999
274,358 Federal National Mortgage Association 285,579
Pool #302587
8.000% December 1, 2024
1,581,999 Federal National Mortgage Association 1,667,111
Pool #250111
8.500% August 1, 2024
3,878,119 Federal National Mortgage Association 3,887,814
Pool #251760
6.000% June 1, 2013
3,434,017 Federal National Mortgage Association 3,518,838
7.000% November 1, 2028
3,132,387 Federal National Mortgage Association 3,157,352
Pool #265477
6.500% December 1, 2023
680,703 Federal National Mortgage Association 686,128
Pool #266412
6.500% January 1, 2024
615,964 Federal National Mortgage Association 632,897
Pool #281429
7.500% May 1, 2024
3,129,924 Federal National Mortgage Association 3,159,033
CMO SER.G92-39 CL.ZA
7.000% January 25, 2018
2,500,000 Federal National Mortgage Association 2,568,750
CMO SER.1993-15 CL.H
7.000% January 25, 2006
3,000,000 Federal National Mortgage Association 3,001,500
CMO SER.1998-65 CL.A2
5.850% September 16, 2028
474,375 Federal National Mortgage Association 487,415
Pool #050796
7.500% September 1, 2023
2,768,632 Federal National Mortgage Association 2,896,819
Mf Pool #73232
6.720% November 1, 2002
147,809 Federal National Mortgage Association 158,156
Pool #091122
9.500% March 1, 2020
1,479,769 Federal National Mortgage Association 1,520,447
Pool #250060
7.500% June 1, 2024
3,313,976 Federal National Mortgage Association 3,381,283
Pool #330420
7.000% November 1, 2025
646,377 Federal National Mortgage Association 682,768
Pool #335658
8.500% August 1, 2021
230,987 Federal National Mortgage Association 240,365
Pool #339260
8.000% April 1, 2021
872,313 Federal National Mortgage Association 885,659
Pool #288916
6.500% May 1, 2011
633,459 Federal National Mortgage Association 640,630
Pool #291650
6.500% December 1, 2017
73,124 Federal National Mortgage Association 75,134
Pool #291511
7.500% August 1, 2024
118,396 Federal National Mortgage Association 121,651
Pool #295529
7.500% September 1, 2024
1,126,026 Federal National Mortgage Association 1,156,980
Pool #296964
7.500% December 1, 2024
96,820 Federal National Mortgage Association 99,483
Pool #297124
7.500% October 1, 2024
1,355,547 Federal National Mortgage Association 1,399,173
Pool #298452
7.500% November 1, 2024
657,004 Federal National Mortgage Association 665,217
CMO SER.1993-63 CL.D
6.500% May 25, 2008
2,918,119 Federal National Mortgage Association 3,013,833
Fnma Pool #426798
7.500% July 1, 2008
1,873,035 Federal National Mortgage Association 1,911,076
Pool #303450
7.000% August 1, 2025
2,991,769 Federal National Mortgage Association 2,952,487
Pool #443161
6.000% September 1, 2008
2,924,696 Federal National Mortgage Association 2,943,881
Pool #431017
6.500% July 1, 2028
4,856,121 Federal National Mortgage Association 4,868,262
Pool #426085
6.000% May 1, 2013
498,304 Federal National Mortgage Association 532,388
Pool #316711
9.000% September 1, 2019
5,864,874 Federal National Mortgage Association 5,903,347
Pool #431718
6.500% June 1, 2028
799,215 Government National Mortgage Association 824,686
Pool #338887
7.500% May 15, 2023
4,458,879 Government National Mortgage Association 4,669,339
Pool #780077
8.000% March 15, 2025
971,624 Government National Mortgage Association 1,002,289
Pool #369426
7.500% January 15, 2024
3,189,827 Government National Mortgage Association 3,264,564
Pool #371006
7.000% January 15, 2024
977,369 Government National Mortgage Association 1,000,268
Pool #371136
7.000% April 15, 2024
752,863 Government National Mortgage Association 776,624
Pool #376514
7.500% May 15, 2024
353,582 Government National Mortgage Association 361,866
Pool #343630
7.000% July 15, 2023
303,305 Government National Mortgage Association 310,411
Pool #345116
7.000% December 15, 2023
289,315 Government National Mortgage Association 296,094
Pool #346023
7.000% February 15, 2024
4,535,935 Government National Mortgage Association 4,705,501
Pool #348622
7.500% April 15, 2023
223,223 Government National Mortgage Association 230,337
Pool #339079
7.500% February 15, 2023
3,667,872 Government National Mortgage Association 3,753,810
7.000% November 15, 2026
879,610 Government National Mortgage Association 907,643
Pool #351163
7.500% August 15, 2023
101,849 Government National Mortgage Association 105,063
Pool #352835
7.500% February 15, 2024
51,022 Government National Mortgage Association 52,734
Pool #355360
7.500% October 15, 2021
101,561 Government National Mortgage Association 104,797
Pool #360618
7.500% July 15, 2023
228,346 Government National Mortgage Association 233,696
Pool #361826
7.000% September 15, 2023
1,229,519 Government National Mortgage Association 1,282,142
Pool #365382
8.000% June 15, 2025
402,427 Government National Mortgage Association 411,855
Pool #334996
7.000% November 15, 2022
101,840 Government National Mortgage Association 104,227
Pool #379840
7.000% March 15, 2024
967,770 Government National Mortgage Association 998,312
Pool #379462
7.500% June 15, 2024
614,663 Government National Mortgage Association 659,595
Pool #380118
8.500% July 15, 2024
310,895 Government National Mortgage Association 320,511
Pool #404064
7.500% March 15, 2025
3,083,107 Government National Mortgage Association 3,056,130
Pool #475894
6.000% May 15, 2028
523,055 Government National Mortgage Association 535,310
Pool #358062
7.000% August 15, 2023
42,552 Government National Mortgage Association 43,908
Pool #360300
7.500% June 15, 2023
254,845 Government National Mortgage Association II 264,733
Pool #001477
8.000% November 20, 2023
601,156 Government National Mortgage Association II 628,028
Pool #002345
8.500% December 20, 2026
138,197 Government National Mortgage Association II 143,462
Pool #002059
8.000% August 20, 2025
342,683 Government National Mortgage Association II 362,171
Pool #002235
8.500% June 20, 2026
168,683 Government National Mortgage Association II 178,276
Pool #002220
8.500% May 20, 2026
59,181 Government National Mortgage Association II 62,547
Pool #002142
8.500% December 20, 2025
101,800 Government National Mortgage Association II 107,589
Pool #002158
8.500% January 20, 2026
198,852 Government National Mortgage Association II 210,100
Pool #002250
8.500% July 20, 2026
1,354,000 U.S. Department of Veterans Affairs 1,437,677
VENDEE TRUST SER.1996-3 CL.1E
6.750% August 15, 2020
3,665,911 U.S. Department of Veterans Affairs 3,707,702
VENDEE SER.94-1 CL.2G
6.150% January 15, 2001
5,000,000 U.S. Department of Veterans Affairs 5,261,500
VENDEE SER.1998-3 CL.B
6.500% May 15, 2020
3,000,000 U.S. Department of Veterans Affairs 3,324,000
VENDEE TRUST SER.1998-1 CL.2D
7.000% July 15, 2025
1,660,000 U.S. Department of Veterans Affairs 1,856,378
VENDEE 97-2 K
7.500% February 15, 2010
2,000,000 U.S. Department of Veterans Affairs 2,278,400
VENDEE TRUST SER.1997-3 CL.2D
7.500% January 15, 2025
$170,494,104
U.S. GOVERNMENTS --- 7.5%
2,000,000 Tennessee Valley Authority 2,126,240
Notes
6.375% June 15, 2005
2,000,000 United States of America 2,067,500
Treasury Notes
5.875% November 30, 2001
1,000,000 United States of America 1,058,280
Treasury Notes
6.625% April 30, 2002
2,000,000 United States of America 2,099,380
Treasury Notes
6.250% June 30, 2002
2,000,000 United States of America 2,078,740
Treasury Notes
5.875% September 30, 2002
3,000,000 United States of America 3,122,820
Treasury Notes
5.750% April 30, 2003
1,000,000 United States of America 1,032,500
Treasury Notes
5.500% May 31, 2003
1,000,000 United States of America 1,025,470
Treasury Notes
5.250% August 15, 2003
$14,610,930
TOTAL BONDS --- 94.5% $185,105,034
(Cost $179,779,407)
SHORT-TERM INVESTMENTS
FOREIGN BANKS --- 4.9%
9,589,000 Canadian Imperial Bank of Commerce 9,589,000
$9,589,000
INSURANCE --- 0.6%
1,200,000 AIG Funding Inc 1,199,510
$1,199,510
TOTAL SHORT-TERM INVESTMENTS --- 5.5% $10,788,510
(Cost $10,788,510)
TOTAL U.S. GOVERNMENT MORTGAGE SECURITIES PORTFOLIO --- 100.0% $195,893,544
(Cost $190,567,917)
<PAGE>
Independent Auditors' Report
To the Shareholders and Board of Directors of
Maxim Series Fund, Inc.:
We have audited the accompanying statements of assets and liabilities, including
the schedules 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 the Maxim Series
Fund, Inc., (the "Series") as of December 31, 1998, and the related statements
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 the financial highlights
for each of the periods indicated. These financial statements and financial
highlights are the responsibility of the Series' 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, 1998, 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, the financial statements and financial highlights referred to
above 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 the Maxim Series Fund, Inc. as of December 31,
1998, the results of their operations for the year then ended, the changes in
their net assets for each of the two years in the period then ended, and the
financial highlights for each of the periods indicated, in conformity with
generally accepted accounting principles.
Deloitte & Touche LLP
Denver, Colorado
February 5, 1999
<PAGE>
MAXIM SERIES FUND, INC.
Financial Statements and Financial Highlights for
the Years Ended December 31, 1998 and 1997
<PAGE>
MAXIM SERIES FUND, INC.
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1998
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------------------
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 in securities, market value: (1) $ 119,750,898 $ 28,291,450 $ 175,353,916 $ 83,680,995 $ 312,580,674$ 209,610,562
Cash 116,653 10,260 25,465 12,298 1,861,759 32,688
Dividends and interest receivable 449,690 102 820,954 1,849 44,217 452,539
Subscriptions receivable 24,597 3,191 127,251 10,062
Receivables for investments sold 508,501 690,274 313,209 5,008,115
Unrealized appreciation on forward foreign 134,751
currency contracts
------------- ----------- ------------ ------------ ----------- --------------
Total assets 120,825,742 28,326,409 176,893,800 84,135,602 319,639,578 210,095,789
------------- ----------- ------------ ------------ ----------- -------------
LIABILITIES:
Due to GW Capital Management 134,797 30,130 143,483 70,274 242,058 149,112
Redemptions payable 228,272 15,939
Payables for investments purchased 81,031 1,112,537 1,949,760 1,849,576 228,014
------------- ----------- ------------ ------------ ----------- --------------
Total liabilities 444,100 30,130 1,256,020 2,020,034 2,091,634 393,065
------------- ----------- ------------ ------------ ----------- --------------
NET ASSETS 120,381,642 $ 28,296,279 $ 175,637,780 $ 82,115,568 $ 317,547,944$ 209,702,724
============= =========== ============ ============ =========== =============
NET ASSETS REPRESENTED BY:
Capital stock, $.10 par value $ 10,138,147 $ 1,741,062 $ 12,023,506 $ 4,437,155 $ 17,241,722 $ 11,778,648
Additional paid-in capital 111,389,559 22,870,882 137,012,138 62,856,373 200,504,935 170,350,297
Net unrealized appreciation on investments and
translation of
assets and liabilities denominated in foreign 7,722,743 3,796,893 24,225,263 13,967,637 87,629,989 25,521,252
currencies
Undistributed net investment income (6,773) (9,518) 4,484 (215,886) (1,730,338) 10,077
Accumulated net realized gain (loss) (8,862,034) (103,040) 2,372,389 1,070,289 13,901,636 2,042,450
investments ------------- ----------- ------------ ------------ ----------- ------------
NET ASSETS $ 120,381,642 $ 28,296,279 $ 175,637,780 $ 82,115,568 $ 317,547,944$ 209,702,724
============= =========== ============ ============ =========== =============
NET ASSET VALUE PER OUTSTANDING SHARE $ 1.1874 1.6252$ 1.4608 $ 1.8506 $ 1.8417$ 1.7804
============ =========== ============ ============ =========== ==============
(Offering and Redemption Price)
SHARES OF CAPITAL STOCK:
Authorized 200,000,000 100,000,000 200,000,000 100,000,000 300,000,000 200,000,000
Outstanding 101,381,467 17,410,622 120,235,057 44,371,555 172,417,223 117,786,485
(1) Cost of investment in securities: 112,028,155 24,494,557 151,128,653 69,713,358 225,085,436 184,089,310
See notes to financial statements.
</TABLE>
<PAGE>
MAXIM SERIES FUND, INC.
STATEMENTS OF OPERATIONS
YEAR ENDED DECEMBER 31, 1998
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------------------
INVESCO
INTERNATIONAL INVESCO INVESCO SMALL-CAP T. ROWE PRICE
EQUITY ADR BALANCED GROWTH MID-CAP EQUITY/INCOME
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
------------- ---------- ---------- ----------- ---------- --------------
INVESTMENT INCOME:
Interest 407,217 $ 60,139 $ 3,745,913$ 492,556 $ 310,019$ 790,577
Dividends 4,220,356 519,944 1,202,937 59,138 665,748 5,225,875
Less: Foreign withholding tax (378,492) (49,096) (6,612) (1,318) (6,967) (18,552)
------------- ---------- ---------- ----------- ---------- --------------
Total income 4,249,081 530,987 4,942,238 550,376 968,800 5,997,900
------------- ---------- ---------- ----------- ---------- --------------
EXPENSES:
Salaries 7,671 7,671 7,671 7,671 7,671
Legal and SEC fees 12,282 2,288 7,485 4,573 21,456
Directors' fees 1,199 226 639 2,331 1,823
Audit fees 10,500 5,000 6,000 8,500 6,000
Investment administration 112,906 53,109 59,010 79,664 63,928
Bank and custodial fees 96,929 7,807 21,405 40,415 25,564
Other expenses 28,880 3,683 10,132 33,529 28,482
Management fee 1,307,392 245,921 1,551,666 661,772 2,409,975 1,588,063
------------- ---------- ---------- ----------- ---------- --------------
Total expenses 1,577,759 325,705 1,551,666 774,114 2,586,658 1,742,987
Less amount reimbursed by GW Capital Management 10,344 6,007 7,852 2,669 2,120
------------- ---------- ---------- ----------- ---------- --------------
Net expenses 1,567,415 319,698 1,551,666 766,262 2,583,989 1,740,867
------------- ---------- ---------- ----------- ---------- --------------
NET INVESTMENT INCOME (LOSS) 2,681,666 211,289 3,390,572 (215,886) (1,615,189) 4,257,033
------------- ---------- ---------- ----------- ---------- --------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on investments (8,417,681) (19,680) 3,322,654 1,088,126 42,704,568 12,336,541
Change in net unrealized appreciation (837,618) 1,550,111 19,609,348 11,285,222 38,925,529 (868,651)
(depreciation)on investments
------------- ---------- ---------- ----------- ---------- --------------
Net realized and unrealized gain (loss) on (9,255,299) 1,530,431 22,932,002 12,373,348 81,630,097 11,467,890
investments
------------- ---------- ---------- ----------- ---------- --------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING (6,573,633)$ 1,741,720 $ 26,322,574$ 12,157,462 $ 80,014,908$ 15,724,923
FROM OPERATIONS
============= ========== ========== =========== ========== ==============
</TABLE>
See notes to financial statements.
<PAGE>
MAXIM SERIES FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
YEARS ENDED DECEMBER 31, 1998 AND 1997
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------------------
INTERNATIONAL EQUITY INVESCO ADR INVESCO BALANCED
PORTFOLIO PORTFOLIO PORTFOLIO
------------------------- ------------------------ -------------------
1998 1997 1998 1997 1998 1997
----------- -------------------- ------------ ---------- -------
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income (loss) 2,681,666 2,087,002 211,289 126,344 3,390,572 1,491,739
Net realized gain (loss) on investments (8,417,681) 4,030,384 (19,680) 147,187 3,322,654 2,367,558
Change in net unrealized appreciation (depreciation) on (837,618) (5,177,290) 1,550,111 1,051,927 19,609,348 4,349,344
investments
---------- ---------- ---------- ---------- ----------- ------------
Net increase (decrease) in net assets resulting from (6,573,633) 940,096 1,741,720 1,325,458 26,322,574 8,208,641
operations
----------- ----------- ----------- ------------ ----------- ---------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (2,692,270) (2,083,171) (220,807) (154,045) (3,386,088) (1,492,828)
From net realized gains (4,871,843) (204,837) (3,284,057)
----------- ----------- ----------- ------------ ----------- --------
Total distributions (2,692,270) (6,955,014) (220,807) (358,882) (3,386,088) (4,776,885)
----------- ----------- ----------- ------------ ----------- ----------
SHARE TRANSACTIONS:
Net proceeds from sales of shares 18,384,123 42,644,271 14,471,413 9,337,949 34,038,087 107,652,821
Reinvestment of distributions 2,692,270 6,955,014 220,807 358,882 3,386,088 4,776,885
Redemptions of shares (24,203,359) (6,981,905) (4,498,211) (1,776,908) (11,795,467) (4,776,042)
----------- ----------- ----------- ------------ ----------- ------------
Net increase (decrease) in net assets resulting from (3,126,966) 42,617,380 10,194,009 7,919,923 25,628,708 107,653,664
share transactions
----------- ----------- ----------- ------------ ----------- ----------
Total increase (decrease) in net assets (12,392,869) 36,602,462 11,714,922 8,886,499 48,565,194 111,085,420
NET ASSETS:
Beginning of period 132,774,511 96,172,049 16,581,357 7,694,858 127,072,586 15,987,166
----------- ----------- ----------- ------------ ----------- ----------
End of period (1) 120,381,642$ 132,774,511$ 28,296,279 $ 16,581,357 $ 175,637,780 127,072,586
=========== =========== =========== ============ =========== ===========
OTHER INFORMATION:
SHARES:
Sold 14,299,688 30,588,729 8,908,100 6,484,944 25,602,669 85,527,555
Issued in reinvestment of distributions 2,274,210 5,410,256 135,617 245,242 2,387,872 3,824,657
Redeemed (19,038,552) (4,849,834) (2,833,631) (1,226,013) (8,703,402) (3,765,114)
----------- ----------- ----------- ------------ ----------- ------------
Net increase (decrease) (2,464,654) 31,149,151 6,210,086 5,504,173 19,287,139 85,587,098
=========== =========== =========== ============ =========== ============
(1) Including undistributed net investment income (6,773) 3,831 (9,518) (1,989) 4,484 (1,089)
</TABLE>
See notes to financial statements. (Continued)
<PAGE>
MAXIM SERIES FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
YEARS ENDED DECEMBER 31, 1998 AND 1997
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------------------
INVESCO T. ROWE PRICE
SMALL-CAP GROWTH MID-CAP EQUITY/INCOME
PORTFOLIO PORTFOLIO PORTFOLIO
------------------------- -------------------------- -----------------------
1998 1997 1998 1997 1998 1997
----------- ------------ ------------ ------------ ----------- ----------
INCREASE IN NET ASSETS:
OPERATIONS:
Net investment income (loss) (215,886)$ 4,802 $ (1,615,189)$ (1,060,580) 4,257,033 $ 2,988,876
Net realized gain (loss) on investments 1,088,126 4,579,417 42,704,568 9,898,841 12,336,541 6,509,018
Change in net unrealized appreciation (depreciation) 11,285,222 2,800,497 38,925,529 16,970,691 (868,651) 20,750,999
on investments
----------- ------------ ------------ ------------ ----------- -----------
Net increase in net assets resulting from operations 12,157,462 7,384,716 80,014,908 25,808,952 15,724,923 30,248,893
----------- ------------ ------------ ------------ ----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (24,234) (4,246,957) (2,990,611)
From net realized gains (975,921) (3,563,754) (32,187,842) (8,964,988) (10,771,098) (6,030,986)
----------- ------------ ------------ ------------ ----------- -----------
Total distributions (975,921) (3,587,988) (32,187,842) (8,964,988) (15,018,055) (9,021,597)
----------- ------------ ------------ ------------ ----------- -----------
SHARE TRANSACTIONS:
Net proceeds from sales of shares 24,252,928 31,244,742 31,100,336 22,906,105 56,501,667 69,465,533
Reinvestment of distributions 975,921 3,587,988 32,187,842 8,964,988 15,018,055 9,021,597
Redemptions of shares (16,546,695) (8,205,363) (27,507,211) (29,485,949) (29,678,035) (2,096,160)
----------- ------------ ------------ ------------ ----------- ------------
Net increase in net assets resulting from share 8,682,154 26,627,367 35,780,967 2,385,144 41,841,687 76,390,970
transactions
----------- ------------ ------------ ------------ ----------- -----------
Total increase (decrease) in net assets 19,863,695 30,424,095 83,608,033 19,229,108 42,548,555 97,618,266
NET ASSETS:
Beginning of period 62,251,873 31,827,778 233,939,911 214,710,803 167,154,169 69,535,903
----------- ------------ ------------ ------------ ----------- -----------
End of period (1) 82,115,568 $ 62,251,873 $ 317,547,944 $ 233,939,911 209,702,724$ 167,154,169
=========== ============ ============ ============ =========== ===========
OTHER INFORMATION:
SHARES:
Sold 15,050,431 19,563,633 18,971,881 15,899,085 30,840,056 43,030,466
Issued in reinvestment of distributions 567,649 2,378,280 19,521,113 6,031,790 8,435,194 5,217,195
Redeemed (10,263,531) (5,135,280) (16,691,647) (21,184,642) (16,453,419) (1,266,863)
-----------
------------ ------------ ------------ ---------- --------
Net increase (decrease) 5,354,549 16,806,633 21,801,347 746,233 22,821,831 46,980,798
=========== ============ ============ ============ =========== ===========
(1) Including undistributed net investment income (215,886) (19,432) (1,730,338) (115,149) 10,077 (1,736)
See notes to financial statements. (Concluded)
</TABLE>
<PAGE>
MAXIM SERIES FUND, INC.
INTERNATIONAL EQUITY PORTFOLIO
FINANCIAL HIGHLIGHTS
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- --------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the years ended
December 31, 1998, 1997, 1996, 1995, and 1994 are as follows:
Year Ended December 31,
----------------------------------------------------------------------
1998 1997 1996 1995 1994
------------- ----------- ------------- ------------ -------------
Net Asset Value, Beginning of Period $ 1.2786 $ 1.3229$ 1.1395 $ 1.0673 $ 1.0110
Income From Investment Operations
Net investment income 0.0270 0.0205 0.0136 0.0190 0.0049
Net realized and unrealized gain (0.0911) 0.0053 0.2087 0.0756 0.0563
(loss)
------------- ----------- ------------- ------------ -------------
Total Income (Loss) From
Investment Operations (0.0641) 0.0258 0.2223 0.0946 0.0612
------------- ----------- ------------- ------------ -------------
Less Distributions
From net investment income (0.0271) (0.0204) (0.0136) (0.0224) (0.0049)
From net realized gains (0.0497) (0.0253)
------------- ----------- ------------- ------------ -------------
Total Distributions (0.0271) (0.0701) (0.0389) (0.0224) (0.0049)
------------- ----------- ------------- ------------ -------------
Net Asset Value, End of Period $ 1.1874 $ 1.2786$ 1.3229 $ 1.1395 $ 1.0673
============= ===========
============= ============ =============
Total Return (5.00)% 1.99% 19.59% 8.93% 6.06%
Net Assets, End of Period $ 120,381,642 $ 132,774,511$ 96,172,049 $ 55,017,668 $ 32,180,949
Ratio of Expenses to Average Net
Assets:
Before reimbursement 1.21% 1.21% 1.42% 1.62%
After reimbursement # 1.20% 1.20% 1.39% 1.50% 1.49%
Ratio of Net Investment Income
to Average Net Assets 2.05% 1.70% 1.24% 1.70% 1.25%
Portfolio Turnover Rate 40.02% 34.30% 22.21% 20.28% 11.49%
</TABLE>
Portfolio turnover is calculated using the lesser of long-term purchases or
sales of portfolio securities for a period, divided by the monthly average of
the market value of the securities (excluding short-term securities) owned
during the period. Purchases and sales of investment securities for the year
ended December 31, 1998 were $58,457,028 and $48,792,005, respectively.
# Percentages are shown net of expenses reimbursed by The Great-West Life
Assurance Company or Capital Management, LLC.
(Continued)
<PAGE>
MAXIM SERIES FUND, INC.
INVESCO ADR PORTFOLIO
FINANCIAL HIGHLIGHTS
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the years ended
December 31, 1998, 1997, 1996, 1995, and 1994 are as follows:
Year Ended December 31,
-----------------------------------------------------------------
------------
1998 1997 1996 1995 1994
------------ ------------ ----------- ----------- -----------
(A)
Net Asset Value, Beginning of Period 1.4804 $ 1.3508 $ 1.1255 $ 0.9859 1.0000
Income From Investment Operations
Net investment income 0.0123 0.0114 0.0112 0.0120 0.0026
Net realized and unrealized gain (loss) 0.1453 0.1512 0.2266 0.1396 (0.0141)
------------ ------------ ----------- ----------- -----------
Total Income (Loss) From Investment 0.1576 0.1626 0.2378 0.1516 (0.0115)
Operations
------------ ------------ ----------- ----------- -----------
Less Distributions
From net investment income (0.0128) (0.0116) (0.0112) (0.0120) (0.0026)
From net realized gains (0.0214) (0.0013)
------------ ------------ ----------- ----------- -----------
Total Distributions (0.0128) (0.0330) (0.0125) (0.0120) (0.0026)
------------ ------------ ----------- ----------- -----------
Net Asset Value, End of Period 1.6252 $ 1.4804 $ 1.3508 $ 1.1255 0.9859
============ ============ =========== ===========
===========
Total Return 10.64% 12.08% 21.17% 15.48% (1.16)%
Net Assets, End of Period 28,296,279 $ 16,581,357 $ 7,694,858 $ 2,681,969 1,976,834
Ratio of Expenses to Average Net Assets:
Before reimbursement 1.32% 1.63% 2.29% 2.78% 5.33%*
After reimbursement # 1.30% 1.30% 1.33% 1.50% 1.50% *
Ratio of Net Investment Income to
Average Net Assets 0.86% 1.02% 1.20% 1.17% 1.56% *
Portfolio Turnover Rate 28.66% 19.56% 15.25% 5.88% 2.42%
</TABLE>
Portfolio turnover is calculated using the lesser of long-term purchases or
sales of portfolio securities for a period, divided by the monthly average of
the market value of the securities (excluding short-term securities) owned
during the period. Purchases and sales of investment securities for the year
ended December 31, 1998 were $16,409,993 and $6,710,165, respectively.
* Annualized
(A) The portfolio commenced operations on November 1, 1994.
# Percentages are shown net of expenses reimbursed by The Great-West Life
Assurance Company or GW Capital Management, LLC.
(Continued)
<PAGE>
MAXIM SERIES FUND, INC.
INVESCO BALANCED PORTFOLIO
FINANCIAL HIGHLIGHTS
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- --------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the years ended
December 31, 1998, 1997 and 1996 are as follows:
Year Ended December 31,
--------------------------------------------------------
------------------
1998 1997 1996
---------------- ------------------ ----------------
(A)
Net Asset Value, Beginning of Period 1.2588 $ 1.0408 $ 1.0000
Income From Investment Operations
Net investment income 0.0289 0.0187 0.0052
Net realized and unrealized gain 0.2020 0.2518 0.0420
---------------- ------------------ ----------------
Total Income From Investment Operations 0.2309 0.2705 0.0472
---------------- ------------------ ----------------
Less Distributions
From net investment income (0.0289) (0.0187) (0.0052)
From net realized gains (0.0338) (0.0012)
---------------- ------------------ ----------------
Total Distributions (0.0289) (0.0525) (0.0064)
---------------- ------------------ ----------------
Net Asset Value, End of Period 1.4608 $ 1.2588 $ 1.0408
================ ================== ================
Total Return 18.42% 26.10% 4.60%
Net Assets, End of Period 175,637,780 $ 127,072,586 $ 15,987,166
Ratio of Expenses to Average Net Assets 1.00% 1.00% 1.00% *
Ratio of Net Investment Income to
Average Net Assets 2.18% 2.77% 2.84% *
Portfolio Turnover Rate 119.95% 150.57% 17.14%
</TABLE>
Portfolio turnover is calculated using the lesser of long-term purchases or
sales of portfolio securities for a period, divided by the monthly average of
the market value of the securities (excluding short-term securities) owned
during the period. Purchases and sales of investment securities for the year
ended December 31, 1998 were $202,494,145 and $175,643,036 respectively.
* Annualized
(A) The portfolio commenced operations on October 1, 1996.
(Continued)
<PAGE>
MAXIM SERIES FUND, INC.
INVESCO SMALL-CAP GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for years ended
December 31, 1998, 1997, 1996, 1995, and 1994 are as follows:
Year Ended December 31,
------------------------------------------------------------------
1998 1997 1996 1995 1994
------------- ----------- ----------- ------------ ----------
(A)
Net Asset Value, Beginning of Period $ 1.5955 $ 1.4330 $ 1.2734 $ 1.0054 $ 1.0000
Income From Investment Operations
Net investment income (loss) (0.0048) 0.0009 0.0024 0.0069 0.0030
Net realized and unrealized gain 0.2842 0.2612 0.3380 0.3118 0.0054
------------- ----------- ----------- ------------ ----------
Total Income From Investment Operations 0.2794 0.2621 0.3404 0.3187 0.0084
------------- ----------- ----------- ------------ ----------
Less Distributions
From net investment income (0.0009) (0.0024) (0.0341) (0.0030)
From net realized gains (0.0243) (0.0987) (0.1784) (0.0166)
------------- ----------- ----------- ------------ ----------
Total Distributions (0.0243) (0.0996) (0.1808) (0.0507) (0.0030)
------------- ----------- ----------- ------------ ----------
Net Asset Value, End of Period $ 1.8506 $ 1.5955 $ 1.4330 $ 1.2734 $ 1.0054
============= =========== =========== ==========
============
Total Return 17.62% 18.70% 26.73% 31.79% 0.84%
Net Assets, End of Period $ 82,115,568 $ 62,251,873 $ 31,827,778 $ 6,385,180 $ 2,022,380
Ratio of Expenses to Average Net Assets:
Before reimbursement 1.11% 1.19% 1.46% 2.30% 5.10% *
After reimbursement # 1.10% 1.10% 1.10% 1.10% 1.08% *
Ratio of Net Investment Income
to Average Net Assets (0.31)% 0.01% 25.00% 0.58% 1.86% *
Portfolio Turnover Rate 149.15% 174.65% 265.05% 266.64% 0.00%
</TABLE>
Portfolio turnover is calculated using the lesser of long-term purchases or
sales of portfolio securities for a period, divided by the monthly average of
the market value of the securities (excluding short-term securities) owned
during the period. Purchases and sales of investment securities for the year
ended December 31, 1998 were $99,917,808 and $92,106,636, respectively.
* Annualized
(A) The portfolio commenced operations on November 1, 1994.
# Percentages are shown net of expenses reimbursed by The Great-West Life
Assurance Company or GW Capital Management, LLC.
(Continued)
<PAGE>
MAXIM SERIES FUND, INC.
MID-CAP PORTFOLIO
FINANCIAL HIGHLIGHTS
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- --------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the years ended
December 31, 1998, 1997, 1996, 1995 and 1994 are as follows:
Year Ended December 31,
----------------------------------------------------------------------
------------
1998 1997 1996 1995 1994
------------- ------------ ------------ ----------- ------------
(A)
Net Asset Value, Beginning of Period $ 1.5532 $ 1.4327 $ 1.3538 $ 1.1003 $ 1.0000
Income From Investment Operations
Net investment income (loss) (0.0092) (0.0437) (0.0083) 0.0018 0.0076
Net realized and unrealized gain 0.5058 0.2257 0.0890 0.2893 0.1003
------------- ------------ ------------ ----------- ------------
Total Income From Investment 0.4966 0.1820 0.0807 0.2911 0.1079
Operations
------------- ------------ ------------ ----------- ------------
Less Distributions
From net investment income (0.0317) (0.0076)
From net realized gains (0.2081) (0.0615) (0.0018) (0.0059)
------------- ------------ ------------ ----------- ------------
Total Distributions (0.2081) (0.0615) (0.0018) (0.0376) (0.0076)
------------- ------------ ------------ ----------- ------------
Net Asset Value, End of Period $ 1.8417 $ 1.5532 $ 1.4327 $ 1.3538 $ 1.1003
============= ============ ============ =========== ============
Total Return 33.77% 12.95% 5.96% 26.50% 10.86%
Net Assets, End of Period $ 317,547,944 $ 233,939,911$ 214,710,803 $ 148,264,194 $ 81,088,654
Ratio of Expenses to Average Net
Assets:
Before reimbursement 1.02% 1.06% 1.08% 1.15% 1.13%
After reimbursement # 1.02% 1.06% 1.07% 1.10% 1.07%
Ratio of Net Investment Income
to Average Net Assets (0.64)% (0.51)% (0.66)% 0.13% 1.26%
Portfolio Turnover Rate 87.81% 139.74% 80.31% 167.21% 166.12%
</TABLE>
Portfolio turnover is calculated using the lesser of long-term purchases or
sales of portfolio securities for a period, divided by the monthly average of
the market value of the securities (excluding short-term securities) owned
during the period. Purchases and sales of investment securities for the year
ended December 31, 1998 were $219,995,056 and $339,059,102, respectively.
(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)
<PAGE>
MAXIM SERIES FUND, INC.
T. ROWE PRICE EQUITY/INCOME PORTFOLIO
FINANCIAL HIGHLIGHTS
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the years ended
December 31, 1998, 1997, 1996, 1995, and 1994 are as follows:
Year Ended December 31,
-----------------------------------------------------------------------
-------------
1998 1997 1996 1995 1994
-------------- ------------- ----------- ------------- ------------
(A)
Net Asset Value, Beginning of Period $ 1.7602 1.4492 $ 1.2633$ 0.9805 $ 1.0000
Income From Investment Operations
Net investment income 0.0370 0.0357 0.0299 0.0345 0.0061
Net realized and unrealized gain 0.1177 0.3783 0.2130 0.2892 (0.0195)
(loss)
-------------- ------------- ----------- ------------- ------------
Total Income (Loss) From
Investment Operations 0.1547 0.4140 0.2429 0.3237 (0.0134)
-------------- ------------- ----------- ------------- ------------
Less Distributions
From net investment income (0.0369) (0.0357) (0.0300) (0.0396) (0.0061)
From net realized gains (0.0976) (0.0673) (0.0270) (0.0013)
-------------- ------------- ----------- ------------- ------------
Total Distributions (0.1345) (0.1030) (0.0570) (0.0409) (0.0061)
-------------- ------------- ----------- ------------- ------------
Net Asset Value, End of Period $ 1.7804 1.7602 $ 1.4492$ 1.2633 $ 0.9805
============== ============= =========== ============
=============
Total Return 8.93% 28.82% 19.39% 33.42% (1.34)%
Net Assets, End of Period $ 209,702,724 167,154,169 $ 69,535,903 $ 10,950,195 $ 2,110,302
Ratio of Expenses to Average Net
Assets:
Before reimbursement 0.88% 0.93% 1.20% 1.82% 5.89% *
After reimbursement # 0.88% 0.91% 0.95% 0.95% 0.95% *
Ratio of Net Investment Income to
Average Net Assets 2.14% 2.48% 2.85% 3.46% 3.90% *
Portfolio Turnover Rate 32.30% 25.35% 26.15% 14.00% 2.74%
</TABLE>
Portfolio turnover is calculated using the lesser of long-term purchases or
sales of portfolio securities for a period, divided by the monthly average of
the market value of the securities (excluding short-term securities) owned
during the period. Purchases and sales of investment securities for the year
ended December 31, 1998 were $105,037,660 and $59,705,673, respectively.
(A) The portfolio commenced operations on November 1, 1994.
* Annualized
# Percentages are shown net of expenses reimbursed by The Great-West Life
Assurance Company or GW Capital Management, LLC.
(Concluded)
<PAGE>
MAXIM SERIES FUND, INC.
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 1998 AND 1997
- --------------------------------------------------------------------------------
1. HISTORY OF THE FUND
Maxim Series Fund, Inc. (the Fund) is a Maryland corporation organized
on December 7, 1981 as an open-end management investment company.
Interests in the International Equity, INVESCO ADR, INVESCO Balanced,
INVESCO Small-Cap Growth, Mid-Cap, and T. Rowe Price Equity/Income
Portfolios (the Portfolios) are represented by separate classes of
beneficial interest of the Fund. Shares of the Fund are sold only to
Maxim Series Account, FutureFunds Series Account, and FutureFunds Series
Account II of Great-West Life & Annuity Insurance Company (the Company),
to fund benefits under variable annuity contracts and variable life
insurance policies issued by the Company. Shares of the Fund are also
sold to the Profile Portfolios of the Fund which are sold only to
FutureFund Series Account of the Company to fund benefits under variable
annuity contracts.
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, 1998, Great-West's investment in the
Portfolio totaled $3,430,186.
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, which are in accordance with generally accepted accounting
principles in the investment company industry:
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, if
any, are declared and reinvested at least annually 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).
Security Valuation
Portfolio securities that are listed on an established securities
exchange or on the NASDAQ National Market System are valued at the last
sale price as of the close of business on the day the securities are
being valued, or, lacking any sales, at the mean between closing bid and
asked price. Securities traded in the over-the-counter market are valued
at the mean between the bid and asked prices or yield equivalent as
obtained from one or more dealers that make markets in the securities.
Portfolio securities that are traded both in the over-the-counter market
and on an exchange are valued according to the broadest and most
representative market. Securities and assets for which market quotations
are not readily available are valued at fair value as determined in good
faith by or under the direction of the Board of Directors, including
valuations furnished by a pricing service that may be retained by the
Fund. 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, 1998 were as follows:
International Equity Invesco
Portfolio Balanced Portfolio
---------------------- --------------------
Aggregate Cost $ 227,850 1,014,818
Aggregate Fair Value $ 163,900 960,760
Percent of Net Assets 0.14% 0.55%
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 do not 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. Such
fluctuations are included with the net realized and unrealized gain or
loss from investments.
Net realized foreign exchange gains or losses arise from sales of
foreign currencies, currency gains or losses realized between the trade
and settlement dates on securities transactions, the difference 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 fair values of assets and liabilities
other than 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. At December 31, 1998,
the International Equity and INVESCO ADR Portfolios had available for
federal income tax purposes, capital loss carryovers of $7,550,379 and
$103,041, respectively, which expire in the year 2006.
Classification of Distributions to Shareholders
Net investment income (loss) and net realized gain (loss) may differ for
financial statement 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 Funds.
The Funds adjust the classification of distributions to shareholders to
reflect the differences between financial statement amounts and
distributions determined in accordance with income tax regulations.
Accordingly, during the year ended December 31, 1998, amounts have been
reclassified to reflect an accumulated net investment loss which may not
be offset against capital gains or carried forward for tax purposes. In
INVESCO ADR, INVESCO Balanced, INVESCO Small-Cap Growth, and T. Rowe
Price Equity/Income Portfolios, overdistributed net investment income of
$1,989, $1,089, $19,432 and $1,737, respectively were reclassified to
Additional Paid-In Capital.
3. INVESTMENT ADVISORY AGREEMENT
The Fund has entered into an investment advisory agreement with GW
Capital Management, LLC, a wholly-owned subsidiary of the Company. 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%, 1.30%, 1.10%, 1.10%, and .95% of the average
daily net assets of the International Equity, INVESCO ADR, INVESCO
Small-Cap Growth, Mid-Cap, and T. Rowe Price Equity/Income Portfolios,
respectively.
Expenses incurred by the Fund, which are not portfolio specific, are
allocated among the portfolios based on relative net assets or other
appropriate allocation methods. For certain funds, the management fee
encompasses other fund operating expenses.
4. UNREALIZED APPRECIATION (DEPRECIATION)
Gross unrealized appreciation (depreciation) of securities is as follows
as of December 31, 1998:
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
INVESCO
InternationaINVESCO INVESCO Small-Cap T. Rowe
Price
Equity ADR Balanced Growth Mid-Cap Equity/Income
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
---------- ---------- ---------- ----------- ----------- -----------
Gross $ 28,689,879 4,826,957 $ 26,238,786$ 16,128,930 $ 88,512,933 $ 35,773,399
appreciation
Gross (20,967,136(1,030,064) (2,013,523) (2,161,293) (1,017,695) (10,252,147)
depreciation
---------- ---------- ---------- ----------- ----------- -----------
Net unrealized
appreciation $ 7,722,743 3,796,893 $ 24,225,263$ 13,967,637 $ 87,495,238 $ 25,521,252
========== ========== ========== =========== =========== ===========
</TABLE>
5. FORWARD FOREIGN CURRENCY CONTRACTS
The following forward foreign currency contracts were held at December
31, 1998:
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
MID-CAP PORTFOLIO
Net Unrealized
Delivery Settlement Gain (Loss)
Value
Contracts Sold (Local Date (USD)
Currency)
---------------------- -------------- ------------------- ------------------
British Pounds 1,300,000 04/07/99 $ 46,807
British Pounds 4,800,000 04/07/99 87,944
------------------
$ 134,751
==================
</TABLE>
<PAGE>
The Maxim Series Fund
International Equity Portfolio
COMMON STOCK
ARGENTINA --- 2.2%
OIL & GAS
214,100 Perez Companc SA 905,643
36,600 YPF SA sponsored ADR 1,022,494
$1,928,137
TELEPHONE
44,400 Nortel Inversora ADR 710,400
$710,400
TOTAL ARGENTINA --- 2.2% $2,638,537
AUSTRALIA --- 3.0%
CONSUMER SERVICES
182,291 Mayne Nickless Ltd 674,951
$674,951
FOREIGN BANKS
106,200 Australia & New Zealand Banking Group Ltd 694,140
$694,140
INSURANCE
39,900 HIH Insurance Ltd 30,768
685,583 HIH Winterthur International Holdings Ltd 906,286
$937,054
OIL & GAS
410,645 WMC Ltd 1,236,469
$1,236,469
TOTAL AUSTRALIA --- 3.0% $3,542,614
AUSTRIA --- 0.8%
ELECTRIC
6,720 EVN-Energie Versorgung AG 952,459
$952,459
TOTAL AUSTRIA --- 0.8% $952,459
BERMUDA --- 2.0%
INSURANCE
14,700 Exel Limited Class A 1,102,500
29,100 Partnerre Ltd 1,331,325
$2,433,825
TOTAL BERMUDA --- 2.0% $2,433,825
BRAZIL --- 3.5%
ELECTRIC
102,600 Centrais Eletricas Brasileiras sponsored ADR 807,975
$807,975
FOREIGN BANKS
204,900 Banco Bradesco SA 1,050,113
$1,050,113
OIL & GAS
5,217,400 Petroleo Brasileiro SA 591,757
$591,757
TELEPHONE
24,050 Telecomunicacoes Brasileiras SA sponsored ADR* 1,748,122
$1,748,122
TOTAL BRAZIL --- 3.5% $4,197,967
CANADA --- 4.7%
ELECTRONICS - HIGH TECH
54,800 Newbridge Networks Corp* 1,664,550
$1,664,550
MFTG - INDUSTRIAL PRODS
48,600 Ipsat International NV 376,650
$376,650
OIL & GAS
52,000 Renaissance Energy Ltd* 590,486
$590,486
RETAIL TRADE
75,300 Oshawa Group Ltd 1,764,040
$1,764,040
TRANSPORTATION
22,600 Canadian National Railway Co 1,172,870
$1,172,870
TOTAL CANADA --- 4.7% $5,568,596
CHILE --- 1.0%
CONSUMER SERVICES
58,700 Embotelladora Andina SA 763,100
$763,100
TELEPHONE
22,700 CIA Telecom Chile sponsored ADR 469,595
$469,595
TOTAL CHILE --- 1.0% $1,232,695
CHINA --- 0.2%
RAILROADS
34,600 Guangshen Railway sponsored ADR 207,600
$207,600
TOTAL CHINA --- 0.2% $207,600
DENMARK --- 2.2%
COMMUNICATIONS
10,460 Tele Danmark A/S 1,415,428
$1,415,428
FINANCIAL SERVICES
13,700 Unidanmark 1,240,942
$1,240,942
TOTAL DENMARK --- 2.2% $2,656,370
ECUADOR --- 0.2%
MFTG - INDUSTRIAL PRODS
200 La Cemento Nacional CA 22,000
1,490 La Cemento Nacional GDR# 163,900
$185,900
TOTAL ECUADOR --- 0.2% $185,900
FINLAND --- 2.0%
MFTG - CONSUMER PRODS.
221,521 Stora Enso OY (registered) 1,997,105
$1,997,105
MFTG - INDUSTRIAL PRODS
39,138 Enso OY Class A 348,203
$348,203
TOTAL FINLAND --- 2.0% $2,345,308
FRANCE --- 9.0%
ELECTRONICS - HIGH TECH
13,200 Alcatel Alsthom (Cie Gen El) 1,615,979
$1,615,979
FOREIGN BANKS
14,838 Banque Nationale de Paris 1,222,159
$1,222,159
INSURANCE
23,682 Axa UAP 3,433,278
$3,433,278
MFTG - INDUSTRIAL PRODS
30,803 Rhone-Poulenc SA 1,585,578
$1,585,578
MINING
24,100 Eramet SLN 724,225
$724,225
OIL & GAS
9,249 Elf Aquitaine SA 1,069,383
11,316 Total SA Series B 1,146,345
$2,215,728
TOTAL FRANCE --- 9.0% $10,796,947
GERMANY --- 2.5%
ELECTRIC
17,000 Veba AG 1,017,042
$1,017,042
FOREIGN BANKS
20,800 Deutsche Bank AG 1,226,657
$1,226,657
INSURANCE
89 Muenchener Rueckver AG (registered) 43,525
89 Muenchener Rueckvers (wts)* 4,166
2,235 Muenchener Rueckversicherung 734,941
$782,632
TOTAL GERMANY --- 2.5% $3,026,331
HONG KONG --- 7.4%
COMMUNICATIONS
544,500 Asia Satellite Telecom 970,187
500,000 Hong Kong Telecommunications Ltd 874,758
206,000 Television Broadcasts Ltd 531,956
$2,376,901
CONSUMER SERVICES
95,000 Swire Pacific Ltd Series B 63,170
$63,170
ELECTRIC
124,000 Shandong Huaneng Power 565,688
$565,688
ELECTRONICS - HIGH TECH
360,000 Hong Kong Electric Holdings Ltd 1,092,318
$1,092,318
HOLDING & INVEST. OFFICES
35,387 HSBC Holdings PLC 881,819
120,000 Hutchison Whampoa Ltd 848,289
1,800 Jardine Matheson Holdings Ltd 4,644
1,903 Jardine Matheson Holdings Ltd 4,909
1,348,000 National Mutual Asia Ltd 1,009,478
932,000 Peregrine Investments Holdings Ltd* 0
223,200 Yue Yuen Industrial Holdings 423,633
$3,172,772
REAL ESTATE
223,900 Cheung Kong Holdings Ltd 1,611,675
$1,611,675
TOTAL HONG KONG --- 7.4% $8,882,524
ISRAEL --- 0.9%
CONSUMER SERVICES
27,500 Teva Pharmaceutical Industries Ltd 1,118,893
$1,118,893
TOTAL ISRAEL --- 0.9% $1,118,893
ITALY --- 3.3%
HOLDING & INVEST. OFFICES
60,044 Telecom Italia SpA 512,172
400,000 Telecom Italia SpA RNC 2,516,638
$3,028,810
MFTG - INDUSTRIAL PRODS
255,380 Fiat SpA 886,801
$886,801
TOTAL ITALY --- 3.3% $3,915,611
JAPAN --- 3.2%
CONSTRUCTION
122,400 Daito Trust Construction Co Ltd 1,060,627
$1,060,627
ELECTRONICS - HIGH TECH
27,100 Sony Corp 1,974,093
$1,974,093
MFTG - INDUSTRIAL PRODS
144,000 Yamato Kogyo Co Ltd 833,563
$833,563
TOTAL JAPAN --- 3.2% $3,868,283
MEXICO --- 2.4%
MFTG - CONSUMER PRODS.
317,100 ALFA SA Series A 893,645
$893,645
MFTG - INDUSTRIAL PRODS
921,000 Desc SA de CV Series B 772,152
9,210 Desc SA de CV Series C 8,652
$780,804
TELEPHONE
25,700 Telefonos de Mexico SA sponsored ADR Class L 1,251,256
$1,251,256
TOTAL MEXICO --- 2.4% $2,925,705
NETHERLANDS --- 7.2%
CONSUMER SERVICES
72,100 New Holland NV 986,869
26,000 Philips Electronics 1,744,223
$2,731,092
HOLDING & INVEST. OFFICES
28,430 ING Groep NV 1,733,167
$1,733,167
MFTG - INDUSTRIAL PRODS
26,400 Akzo Nobel NV 1,201,789
$1,201,789
TELEPHONE
26,323 Koninklijke KPN NV 1,317,411
$1,317,411
TRANSPORTATION
34,723 TNT Post Group NV 1,118,487
$1,118,487
TRANSPORTATION EQUIPMENT
39,800 Koninklijke Nedlloyd NV 540,358
$540,358
TOTAL NETHERLANDS --- 7.2% $8,642,304
NEW ZEALAND --- 1.1%
AIR
323,900 Air New Zealand Ltd 509,058
$509,058
MFTG - INDUSTRIAL PRODS
603,800 Carter Holt Harvey Ltd 541,355
823,191 Fletcher Challenge Ltd 273,515
$814,870
TOTAL NEW ZEALAND --- 1.1% $1,323,928
NORWAY --- 0.9%
AIR
56,900 Helikopter Service ASA 270,952
$270,952
MFTG - INDUSTRIAL PRODS
22,400 Norsk Hydro A/S 761,481
$761,481
TOTAL NORWAY --- 0.9% $1,032,433
RUSSIA --- 0.2%
TELEPHONE
45,100 Rostelecom sponsored ADR 188,834
$188,834
TOTAL RUSSIA --- 0.2% $188,834
SPAIN --- 5.1%
ELECTRIC
35,480 Compania Sevillana de Electricidad 493,229
44,000 Endesa 1,164,496
78,200 Iberdrola SA 1,461,399
$3,119,124
FOREIGN BANKS
8,000 Banco Popular Espanol SA 602,520
$602,520
OIL & GAS
23,000 Repsol SA 1,225,523
$1,225,523
TELEPHONE
27,400 Telefonica de Espana 1,216,964
$1,216,964
TOTAL SPAIN --- 5.1% $6,164,131
SWEDEN --- 5.0%
CONSUMER SERVICES
25,066 Astra AB Series B 510,604
$510,604
ELECTRIC
80,800 ABB AB Series B 857,877
$857,877
FOREIGN BANKS
25,000 Svenska Handelsbanken Series A 1,055,556
$1,055,556
MFTG - INDUSTRIAL PRODS
16,800 Assidomaen AB 265,481
74,993 Granges AB 1,083,232
45,500 Sandvik AB 786,420
$2,135,133
OTHER TRANS. SERVICES
34,000 ASG AB-B 644,321
$644,321
REAL ESTATE
2,500 Fastighets AB Balder* 27,778
$27,778
TRANSPORTATION
30,400 Volvo Series B 698,074
$698,074
TOTAL SWEDEN --- 5.0% $5,929,343
SWITZERLAND --- 5.8%
CONSUMER SERVICES
400 Kuoni Reisenburo Holdings AG Class B 1,587,533
960 Novartis AG 1,887,562
$3,475,095
ELECTRONICS - HIGH TECH
830 SMH AG 513,763
$513,763
INSURANCE
4,000 Zurich Allied AG 2,962,424
$2,962,424
TOTAL SWITZERLAND --- 5.8% $6,951,282
THAILAND --- 0.8%
FOREIGN BANKS
569,000 Thai Farmers Bank PLC* 997,699
$997,699
TOTAL THAILAND --- 0.8% $997,699
UNITED KINGDOM --- 13.8%
AIR
184,300 British Airways PLC 1,241,307
$1,241,307
CONSUMER SERVICES
642,200 Medeva PLC 1,142,050
1,425,500 Skyepharma PLC* 1,842,038
$2,984,088
ELECTRONICS - HIGH TECH
153,510 National Power 1,321,592
$1,321,592
HOLDING & INVEST. OFFICES
595,768 BTR PLC 1,227,806
213,687 BTR PLC 418,485
$1,646,291
MFTG - CONSUMER PRODS.
483,400 British Steel 715,036
218,700 Safeway PLC 1,097,708
383,000 Storehouse PLC 865,703
$2,678,447
MFTG - INDUSTRIAL PRODS
274,570 Nycomed Amersham PLC 1,924,895
362,100 The Weir Group PLC 1,215,657
$3,140,552
RETAIL TRADE
270,000 Inchcape PLC 578,875
241,300 Lex Service PLC 1,544,006
$2,122,881
TRANSPORTATION
121,000 Peninsular & Oriental Steam Navigation Co 1,428,830
$1,428,830
TOTAL UNITED KINGDOM --- 13.8% $16,563,988
UNITED STATES --- 1.9%
INSURANCE
55,800 Ace Ltd 1,921,585
$1,921,585
MFTG - INDUSTRIAL PRODS
53,700 Industrial Credit & Inv Corp 297,278
$297,278
TOTAL UNITED STATES --- 1.9% $2,218,863
TOTAL COMMON STOCK --- 92.3% $110,508,970
(Cost $103,406,166)
PREFERRED STOCK
AUSTRALIA --- 1.4%
MFTG - CONSUMER PRODS.
276,961 News Corp Ltd (vtg) 1,683,136
$1,683,136
TOTAL AUSTRALIA --- 1.4% $1,683,136
TOTAL PREFERRED STOCK --- 1.4% $1,683,136
(Cost $1,063,197)
SHORT-TERM INVESTMENTS
CANADA --- 4.9%
FOREIGN BANKS
5,860,000 Canadian Imperial Bank of Commerce 5,860,000
$5,860,000
TOTAL CANADA --- 4.9% $5,860,000
UNITED STATES --- 1.4%
CREDIT INSTITUTIONS
500,000 American Express Co 499,750
1,200,000 American Express Credit Corp 1,199,042
$1,698,792
TOTAL UNITED STATES --- 1.4% $1,698,792
TOTAL SHORT-TERM INVESTMENTS --- 6.3% $7,558,792
(Cost $7,558,792)
TOTAL INTERNATIONAL EQUITY PORTFOLIO --- 100.0% $119,750,898
(Cost $112,028,155)
<PAGE>
The Maxim Series Fund
INVESCO ADR Portfolio
COMMON STOCK
ARGENTINA --- 1.3%
OIL & GAS
13,000 YPF SA sponsored ADR 363,181
$363,181
TOTAL ARGENTINA --- 1.3% $363,181
AUSTRALIA --- 4.8%
FOREIGN BANKS
11,000 National Australia Bank Ltd sponsored ADR 818,807
$818,807
MINING
12,000 Rio Tinto Ltd sponsored ADR 552,000
$552,000
TOTAL AUSTRALIA --- 4.8% $1,370,807
DENMARK --- 4.7%
FOREIGN BANKS
6,000 Den Danske Bank ADR 801,000
$801,000
MFTG - INDUSTRIAL PRODS
8,000 Novo-Nordisk A/S 532,000
$532,000
TOTAL DENMARK --- 4.7% $1,333,000
FRANCE --- 6.4%
MFTG - CONSUMER PRODS.
8,000 Groupe Danone 450,000
$450,000
OIL & GAS
8,000 Total SA 398,000
$398,000
SECURITIES & COMMODITIES
30,000 Societe Generale Paris 967,500
$967,500
TOTAL FRANCE --- 6.4% $1,815,500
GERMANY --- 9.3%
FOREIGN BANKS
12,000 Deutsche Bank sponsored ADR 693,000
$693,000
MFTG - INDUSTRIAL PRODS
17,000 BASF AG 650,250
15,000 Bayer AG 626,250
$1,276,500
OIL & GAS
12,000 RWE AG 652,500
$652,500
TOTAL GERMANY --- 9.3% $2,622,000
ITALY --- 7.3%
FOREIGN BANKS
22,000 San Paolo - IMI SpA sponsored ADR* 786,500
$786,500
HOLDING & INVEST. OFFICES
10,000 Telecom Italia SpA 870,000
$870,000
OIL & GAS
6,000 ENI SPA sponsored ADR 406,500
$406,500
TOTAL ITALY --- 7.3% $2,063,000
JAPAN --- 10.3%
CONSUMER SERVICES
40,000 Nintendo of America Inc 470,000
$470,000
ELECTRONICS - HIGH TECH
20,000 Canon Inc sponsored ADR 430,000
19,000 Fuji Photo Film Company Ltd 695,875
6,000 Hitachi Ltd 362,622
2,000 Matsushita Electric Industries Company Ltd 349,000
$1,837,497
MFTG - CONSUMER PRODS.
2,000 Kirin Brewery Co Ltd 247,500
$247,500
MFTG - INDUSTRIAL PRODS
7,000 Kyocera Corp 363,559
$363,559
TOTAL JAPAN --- 10.3% $2,918,556
MEXICO --- 0.7%
MFTG - INDUSTRIAL PRODS
40,000 Cemex SA de CV 190,000
$190,000
TOTAL MEXICO --- 0.7% $190,000
NETHERLANDS --- 9.6%
FOREIGN BANKS
25,000 ABN Amro Holding NV 543,750
12,000 ING Groep NV 746,244
$1,289,994
MFTG - CONSUMER PRODS.
9,000 Unilever NV ADR 746,433
$746,433
MFTG - INDUSTRIAL PRODS
15,000 Akzo Nobel NV 669,375
$669,375
TOTAL NETHERLANDS --- 9.6% $2,705,802
NORWAY --- 1.5%
MFTG - INDUSTRIAL PRODS
12,000 Norsk Hydro ASA 410,244
$410,244
TOTAL NORWAY --- 1.5% $410,244
SPAIN --- 6.7%
OIL & GAS
9,000 Repsol SA sponsored ADR 491,625
$491,625
TELEPHONE
16,000 Portugal Telecom SA 714,000
5,100 Telefonica de Espana SA 690,412
$1,404,412
TOTAL SPAIN --- 6.7% $1,896,037
SWEDEN --- 4.5%
MFTG - INDUSTRIAL PRODS
45,000 Astra AB 930,915
15,000 Volvo AB sponsored ADR (rights) 349,680
$1,280,595
TOTAL SWEDEN --- 4.5% $1,280,595
SWITZERLAND --- 3.9%
CONSUMER SERVICES
8,000 Novartis AG 784,000
$784,000
MFTG - CONSUMER PRODS.
3,000 Nestle SA 322,500
$322,500
TOTAL SWITZERLAND --- 3.9% $1,106,500
UNITED KINGDOM --- 22.8%
AIR
8,000 British Airways PLC 542,496
$542,496
COMMUNICATIONS
17,000 Carlton Communications PLC sponsored ADR 779,875
$779,875
CONSUMER SERVICES
8,000 Smithkline Beecham PLC 556,000
$556,000
ELECTRIC
10,000 PowerGen PLC 535,000
15,000 Scottish Power 619,680
$1,154,680
FOREIGN BANKS
3,500 HSBC Holdings PLC 861,000
$861,000
MFTG - CONSUMER PRODS.
60,000 Associated British Foods Ltd 555,000
50,000 UniGate PLC 356,250
$911,250
MFTG - INDUSTRIAL PRODS
6,000 Glaxo Wellcome PLC 417,000
$417,000
OIL & GAS
17,000 Shell Transport and Trading Co 632,179
$632,179
TELEPHONE
4,000 British Telecommunications PLC 606,748
$606,748
TOTAL UNITED KINGDOM --- 22.8% $6,461,228
UNITED STATES --- 3.1%
ELECTRIC
33,000 Endesa sponsored ADR 891,000
$891,000
TOTAL UNITED STATES --- 3.1% $891,000
TOTAL COMMON STOCK --- 96.9% $27,427,450
(Cost $23,630,557)
SHORT-TERM INVESTMENTS
CANADA --- 3.1%
FOREIGN BANKS
864,000 Canadian Imperial Bank of Commerce 864,000
$864,000
TOTAL CANADA --- 3.1% $864,000
TOTAL SHORT-TERM INVESTMENTS --- 3.1% $864,000
(Cost $864,000)
TOTAL INVESCO ADR PORTFOLIO --- 100.0% $28,291,450
(Cost $24,494,557)
<PAGE>
The Maxim Series Fund
INVESCO Balanced Portfolio
BONDS
AGENCY --- 4.2%
1,299,644 Federal Home Loan Mortgage Corp 1,318,722
Pool #E66283
6.500% February 1, 2012
1,730,455 Federal Home Loan Mortgage Corp 1,755,858
Gold Pool #E00501
6.500% July 1, 2012
4,192,918 Federal Home Loan Mortgage Corp 4,254,470
6.500% November 1, 2012
$7,329,050
COMMUNICATIONS --- 2.0%
750,000 360 Communications Co 794,310
Notes
6.650% January 15, 2008
500,000 Continental Cablevision Inc 580,680
Debentures
9.500% August 1, 2003
750,000 Tele-Communications Inc 1,001,520
Debentures
9.800% February 1, 2012
1,000,000 Time Warner Entertainment LP 1,098,200
Notes
7.250% September 1, 2008
$3,474,710
CONSUMER SERVICES --- 0.8%
845,000 FHP International Corp 890,410
Debentures
7.000% September 15, 2003
500,000 Hilton Hotels Corp 494,730
Senior Notes
7.200% December 15, 2009
$1,385,140
CREDIT INSTITUTIONS --- 0.3%
500,000 Associates Corp of No America 540,948
Senior Notes
7.375% June 11, 2007
$540,948
ELECTRIC --- 7.3%
250,000 Boston Edison Co 268,542
Debentures
7.800% March 15, 2023
500,000 Boston Edison Co 566,685
Debentures
7.800% May 15, 2010
500,000 Carolina Power & Light Co 639,390
Debentures
8.625% September 15, 2021
1,000,000 Citizens Utilities Co 1,092,580
Debentures
7.000% November 1, 2025
1,000,000 Commonwealth Edison Co 1,139,030
First Mortgage Bonds
8.250% October 1, 2006
1,250,000 Consumers Energy Co 1,290,763
First Mortgage Bonds
7.375% September 15, 2023
299,000 DQU II Funding Corp 370,518
Debentures
8.700% June 1, 2016
1,000,000 Gulf States Utilities Co 1,095,630
First Mortgage Bonds
8.700% April 1, 2024
1,000,000 Jersey Central Power & Light 1,080,590
Debentures
7.500% May 1, 2023
500,000 Metropolitan Edison Co 556,530
First Mortgage Bonds
8.150% January 30, 2023
1,600,000 New York State Electric & Gas Corp 1,777,872
First Mortgage Bonds
8.300% December 15, 2022
500,000 Pacific Gas & Electric Co 531,580
First Refunding Mortgage
7.250% August 1, 2026
1,250,000 Pacific Gas & Electric Co 1,634,638
Debentures
8.800% May 1, 2024
250,000 Pennsylvania Power & Light Co 272,438
First Mortgage Bonds
7.875% February 1, 2023
200,000 Philadelphia Electric Co 209,500
First Refunding Mortgage
7.250% November 1, 2024
250,000 South Carolina Electric & Gas 277,360
Bonds
8.875% August 15, 2021
$12,803,646
HOLDING & INVEST. OFFICES --- 1.2%
1,785,000 Equitable Companies Inc 2,065,959
Senior Notes
9.000% December 15, 2004
$2,065,959
MFTG - INDUSTRIAL PRODS --- 1.8%
500,000 Quno Corp 536,430
Debentures
9.125% May 15, 2005
1,000,000 Seacor Smit Inc# 960,760
Notes
7.200% September 15, 2009
1,500,000 USG Corp 1,618,665
Senior Notes
8.500% August 1, 2005
$3,115,855
OIL & GAS --- 2.0%
1,205,000 Atlantic Richfield Co 1,556,330
Debentures
10.875% July 15, 2005
1,500,000 Atlantic Richfield Co 2,023,935
Debentures
9.875% March 1, 2016
$3,580,265
RETAIL TRADE --- 0.6%
1,000,000 Dayton Hudson Corp 1,014,405
5.875% November 1, 2008
$1,014,405
SECURITIES & COMMODITIES --- 0.2%
250,000 Lehman Brothers Holdings Inc 286,895
Senior Notes
8.800% March 1, 2015
$286,895
TELEPHONE --- 2.0%
2,000,000 Cental Capital 2,540,320
Debentures
9.000% October 15, 2019
1,000,000 Sprint Capital Corp 1,021,830
Company Guaranteed Bonds
6.125% November 15, 2008
$3,562,150
U.S. GOVERNMENTS --- 6.8%
3,000,000 United States of America 3,167,340
Treasury Notes
6.500% May 31, 2002
8,250,000 United States of America 8,802,998
Treasury Notes
5.625% May 15, 2008
$11,970,338
TOTAL BONDS --- 29.2% $51,129,361
(Cost $49,869,607)
COMMON STOCK
COMMUNICATIONS --- 2.0%
35,000 Clear Channel Communications Inc* 1,907,500
33,500 Mediaone Group Inc 1,574,500
$3,482,000
CONSUMER SERVICES --- 8.0%
16,500 Arterial Vascular Engineering Inc* 866,250
18,900 Bristol-Myers Squibb Co 2,529,047
35,000 CVS Corp 1,925,000
31,100 Eli Lilly & Co 2,764,013
11,700 Medtronic Inc 868,725
21,000 Merck & Co Inc 3,101,427
28,700 Smithkline Beecham PLC 1,994,650
$14,049,112
CREDIT INSTITUTIONS --- 4.0%
68,100 Bank of New York Company Inc 2,741,025
50,600 Fleet Financial Group Inc 2,261,162
29,000 Mellon Bank Corp 1,993,750
$6,995,937
ELECTRIC --- 0.9%
40,000 Unicom Corp 1,542,480
$1,542,480
ELECTRONICS - HIGH TECH --- 9.6%
45,200 Applied Materials Inc* 1,929,452
54,000 Compaq Computer Corp 2,264,598
30,600 General Electric Co 3,123,097
17,800 Intel Corp 2,110,404
14,700 International Business Machines Corp 2,715,825
40,300 Motorola Inc 2,460,799
26,000 Texas Instruments Inc 2,224,612
$16,828,787
HOLDING & INVEST. OFFICES --- 1.1%
29,000 Chase Manhattan Corp 1,973,798
$1,973,798
INDUSTRIAL SERVICES --- 4.4%
18,800 America Online Inc 3,008,000
18,700 Microsoft Corp* 2,593,447
36,700 Omnicom Group Inc 2,128,600
$7,730,047
INSURANCE --- 4.6%
35,500 Allmerica Financial Corp 2,054,562
29,700 Cigna Corp 2,296,166
42,000 Mercury General Corp 1,840,104
62,800 Travelers Property Casualty Corp 1,946,800
$8,137,632
MFTG - CONSUMER PRODS. --- 7.5%
33,800 Anheuser-Busch Companies Inc 2,218,125
24,700 Colgate-Palmolive Co 2,294,012
23,000 General Mills Inc 1,788,250
38,200 Gillette Co 1,845,518
45,200 Philip Morris Companies Inc 2,418,200
40,400 Time Warner Inc 2,507,305
$13,071,410
MFTG - INDUSTRIAL PRODS --- 4.0%
16,000 American Home Products Corp 900,992
49,700 Fort James Corp 1,988,000
18,000 Guidant Corp 1,984,500
27,400 Warner-Lambert Co 2,060,124
$6,933,616
OIL & GAS --- 6.3%
25,300 British Petroleum PLC ADR 2,403,500
37,000 Coastal Corp 1,292,669
35,700 Exxon Corp 2,610,562
47,000 Halliburton Co 1,392,375
20,600 Kerr-McGee Corp 787,950
42,600 UnoCal Corp 1,243,366
101,000 Veritas Software Corp* 1,313,000
$11,043,422
RAILROADS --- 1.4%
49,700 Kansas City Southern Industries Inc 2,444,594
$2,444,594
RETAIL TRADE --- 5.6%
50,000 AnnTaylor Stores Corp* 1,971,850
63,600 Dayton Hudson Corp 3,450,300
50,600 Tandy Corp 2,084,062
29,000 Wal-Mart Stores Inc 2,361,673
$9,867,885
TELEPHONE --- 4.4%
40,000 GTE Corp 2,600,000
43,500 SBC Communications Inc 2,332,688
42,000 US West Inc 2,714,250
$7,646,938
TRANSPORTATION EQUIPMENT --- 2.2%
37,300 General Dynamics Corp 2,186,713
33,000 Sundstrand Corp 1,711,875
$3,898,588
WHOLESALE TRADE -CONSUMER --- 0.6%
73,175 Tasty Baking Co 1,111,309
$1,111,309
TOTAL COMMON STOCK --- 66.6% $116,757,555
(Cost $93,792,046)
SHORT-TERM INVESTMENTS
FOREIGN BANKS --- 4.3%
7,467,000 Canadian Imperial Bank of Commerce 7,467,000
$7,467,000
TOTAL SHORT-TERM INVESTMENTS --- 4.3% $7,467,000
(Cost $7,467,000)
TOTAL INVESCO BALANCED PORTFOLIO --- 100.0% $175,353,916
(Cost $151,128,653)
<PAGE>
The Maxim Series Fund
INVESCO Small-Cap Growth Portfolio
COMMON STOCK
AIR --- 1.4%
47,200 Eagle USA Airfreight Inc* 1,156,400
$1,156,400
COMMUNICATIONS --- 9.2%
66,000 Advanced Fibre Communications* 721,842
21,000 Excel Switching Corp* 798,000
25,000 Galileo Technology Ltd* 675,000
18,000 Geotel Communications Corp* 670,500
31,600 HA-LO Industries Inc* 1,188,950
35,000 ICG Communications Inc* 752,500
37,400 Melita International Corp* 785,400
28,000 Power Integrations Inc* 701,736
15,000 Simac Techniek NV 379,353
29,000 TCA Cable TV Inc 1,034,923
$7,708,204
CONSTRUCTION --- 0.7%
10,200 Dycom Industries Inc* 582,675
$582,675
CONSUMER SERVICES --- 20.1%
17,300 AHL Services Inc* 540,625
102,200 Aeroflex Inc* 1,545,775
25,200 Anesta Corp* 670,950
27,300 CSK Auto Corp* 728,555
52,400 Capital Senior Living Corp* 730,299
43,100 Family Golf Centers Inc* 851,225
37,800 First Consulting Group Inc* 774,900
23,000 Healthcare Financial Partners Inc* 839,500
40,400 Interim Services Inc* 944,350
42,200 Laser Vision Centers Inc* 934,983
18,800 Metzler Group Inc* 915,316
11,400 Probusiness Services Inc* 518,700
26,800 Province Healthcare Co* 961,450
28,000 Renal Care Group Inc* 806,736
45,000 Rental Service Corp* 705,915
53,000 Romac International Inc* 1,179,250
18,700 SFX Entertainment* 1,026,163
15,000 Sunrise Assisted Living Inc* 778,125
26,000 Sylvan Learning Systems Inc* 793,000
23,350 USWeb Corp* 615,856
$16,861,673
CREDIT INSTITUTIONS --- 3.4%
25,400 City National Corp 1,057,275
11,000 Concord EFS Inc* 466,125
24,400 FirstFed Financial Corp* 436,150
12,000 US Trust Corp 912,000
$2,871,550
ELECTRONICS - HIGH TECH --- 25.1%
34,000 Aehr Test Systems* 208,250
12,500 Applied Micro Circuits Corp* 424,600
46,300 Cerprobe Corp* 622,133
6,980 Citrix Systems Inc* 677,493
7,950 Comverse Technology Inc* 564,450
24,900 Concentric Network Corp* 827,925
44,200 Cotelligent Group* 941,990
14,000 Documentum Inc* 748,118
8,000 Flextronics International Ltd* 685,000
31,000 Genesis Microchip Inc* 751,750
19,300 Gilat Satellite Networks Ltd* 1,063,913
41,000 IDT Corp* 630,375
28,000 Inso Corp* 700,000
17,400 Integrated Electrical Services* 387,150
16,000 Level One Communications Inc* 568,000
46,000 MAPICS Inc* 759,000
38,000 Metro Information Services Inc* 1,140,000
30,000 Micromuse Inc* 585,000
51,400 Mobius Management Systems* 764,575
6,000 PMC Sierra Inc* 378,750
18,075 Peregrine Systems Inc* 838,228
3,500 Qlogic Corp* 458,063
28,700 Quadramed Corp* 588,350
28,500 Rational Software Corp* 755,250
31,000 SMART Modular Technologies Inc* 860,250
23,000 Sipex Corp* 807,875
29,000 Spyglass Inc* 638,000
11,200 Uniphase Corp* 777,000
48,000 Unitrode Corp* 840,000
21,000 Verity Inc* 556,500
10,075 Wind River Systems* 473,525
$21,021,513
INDUSTRIAL PRODS & SVCS --- 1.1%
23,400 Moog Inc* 915,525
$915,525
INDUSTRIAL SERVICES --- 6.2%
20,000 AC Nielsen Corp* 565,000
42,000 AXENT Technologies Inc* 1,283,604
8,100 Jack Henry & Associates Inc 402,975
12,000 Lycos Inc* 666,744
10,500 Mercury Interactive Corp* 664,125
17,650 NCO Group Inc* 794,250
22,200 The Profit Recovery Group International Inc* 831,101
$5,207,799
MFTG - CONSUMER PRODS. --- 7.6%
15,500 Action Performance Companies Inc* 548,312
42,500 Helen of Troy Ltd* 624,198
46,770 Ivex Packaging Corp* 1,087,402
20,500 Linens 'N Things Inc* 812,312
52,400 Merkert American Corp* 792,550
52,000 Playtex Products Inc* 835,224
23,000 Quicksilver Inc* 690,000
32,000 Wild Oats Markets Inc* 1,008,000
$6,397,998
MFTG - INDUSTRIAL PRODS --- 5.5%
31,900 Alkermes Inc* 707,765
17,000 Kronos Inc* 753,304
28,900 Mettler-Toledo International Inc* 810,992
34,000 Photronics Inc* 814,912
60,000 Remec Inc* 1,080,000
10,000 ResMed Inc* 453,750
$4,620,723
OIL & GAS --- 1.1%
34,950 Newfield Exploration Co* 729,581
20,400 Precision Drilling Corp* 230,765
$960,346
REAL ESTATE --- 0.9%
42,500 Intrawest Corp 717,187
$717,187
RETAIL TRADE --- 3.5%
27,000 Cost Plus Inc* 847,125
32,000 Family Dollar Stores Inc 704,000
14,000 O'Reilly Automotive Inc* 661,500
21,800 The Men's Wearhouse Inc* 692,150
$2,904,775
TELEPHONE --- 2.2%
17,000 Pacific Gateway Exchange Inc* 817,054
45,500 Viatel Inc* 1,040,813
$1,857,867
TRANSPORTATION EQUIPMENT --- 1.9%
35,840 Orbital Sciences Corp* 1,585,920
$1,585,920
WHOLESALE TRADE -CONSUMER --- 1.0%
31,000 Safeguard Scientifics Inc* 850,547
$850,547
TOTAL COMMON STOCK --- 91.1% $76,220,702
(Cost $62,253,065)
SHORT-TERM INVESTMENTS
ELECTRONICS - HIGH TECH --- 1.8%
1,500,000 General Electric Co 1,498,642
$1,498,642
FOREIGN BANKS --- 4.1%
3,464,000 Canadian Imperial Bank of Commerce 3,464,000
$3,464,000
OTHER ASSET-BACKED --- 3.0%
2,500,000 Household Finance Corp 2,497,651
$2,497,651
TOTAL SHORT-TERM INVESTMENTS --- 8.9% $7,460,293
(Cost $7,460,293)
TOTAL INVESCO SMALL-CAP GROWTH PORTFOLIO --- 100.0% $83,680,995
(Cost $69,713,358)
<PAGE>
The Maxim Series Fund
Mid-Cap Portfolio
COMMON STOCK
COMMUNICATIONS --- 21.3%
82,055 Adelphia Communications Corp Class A* 3,754,016
183,165 Chancelor Media Corp* 8,769,024
141,990 Clear Channel Communications Inc* 7,738,455
134,655 HA-LO Industries Inc* 5,066,394
140,295 Heftel Broadcasting Corp Class A* 6,909,529
196,910 Jacor Communications Inc Class A* 12,676,081
67,965 Level 3 Communications Inc* 2,930,991
196,080 Qwest Communications International Inc* 9,804,000
130,740 RSL Communications* 3,856,830
50,390 TCA Cable TV Inc 1,798,268
88,090 Univision Communications Inc* 3,187,713
$66,491,301
CONSUMER SERVICES --- 25.3%
881,217 Apollo Group Inc Class A* 29,851,228
21,830 Broadcast.com Inc* 1,669,995
124,425 CVS Corp 6,843,375
150,340 Capstar Broadcasting Corp* 3,439,028
153,625 Family Golf Centers Inc* 3,034,094
157,249 Healthcare Financial Partners Inc* 5,739,589
241,845 ITT Educational Services Inc* 8,222,730
250,455 Omnicare Inc 8,703,311
97,585 Premier Parks Inc* 2,951,946
150,475 Ryanair Holdings PLC* 5,680,431
56,520 SFX Entertainment* 3,101,535
$79,237,262
CREDIT INSTITUTIONS --- 1.0%
41,915 US Trust Corp 3,185,540
$3,185,540
ELECTRONICS - HIGH TECH --- 19.7%
70,465 Cisco Systems Inc* 6,539,998
28,377 Equant* 1,924,301
99,370 Sepracor Inc* 8,756,981
48,575 Sofamor Danek Group Inc* 5,914,006
51,790 Uniphase Corp* 3,592,931
201,975 Veritas Software Corp* 12,105,776
498,485 Vitesse Semiconductor Corp* 22,743,378
$61,577,371
HOLDING & INVEST. OFFICES --- 3.6%
121,800 Firstar Corp 11,357,850
$11,357,850
INDUSTRIAL PRODS & SVCS --- 1.1%
357,161 Capita Group PLC 3,288,553
$3,288,553
INDUSTRIAL SERVICES --- 8.1%
37,490 America Online Inc 5,998,400
22,500 Lycos Inc* 1,250,145
184,182 Outdoor Systems Inc* 5,525,460
209,323 Paychex Inc 10,766,947
42,215 Robert Half International Inc* 1,886,462
$25,427,414
MFTG - INDUSTRIAL PRODS --- 3.8%
118,115 Medimmune Inc* 11,745,001
$11,745,001
RETAIL TRADE --- 7.4%
18,485 Amazon Communications Inc* 5,938,306
1,759,857 JD Wetherspoon PLC 5,235,539
900,362 PizzaExpress PLC 12,046,033
$23,219,878
SECURITIES & COMMODITIES --- 1.9%
107,290 Charles Schwab & Company Inc 6,028,303
$6,028,303
TELEPHONE --- 1.8%
209,320 Crown Castle International Corp* 4,919,020
15,775 Global Crossing Ltd* 709,875
$5,628,895
TRANSPORTATION EQUIPMENT --- 1.1%
74,425 Orbital Sciences Corp* 3,293,306
$3,293,306
TOTAL COMMON STOCK --- 96.1% $300,480,674
(Cost $212,850,685)
SHORT-TERM INVESTMENTS
FOREIGN BANKS --- 3.9%
12,100,000 Canadian Imperial Bank of Commerce 12,100,000
$12,100,000
TOTAL SHORT-TERM INVESTMENTS --- 3.9% $12,100,000
(Cost $12,100,000)
TOTAL MID-CAP PORTFOLIO --- 100.0% $312,580,674
(Cost $224,950,685)
<PAGE>
The Maxim Series Fund
T.Rowe Price Equity/Income Portfolio
BONDS
U.S. GOVERNMENTS --- 1.0%
300,000 United States of America 327,234
Treasury Notes
6.000% February 15, 2026
200,000 United States of America 208,844
Treasury Notes
5.750% August 15, 2003
25,000 United States of America 28,106
Treasury Notes
7.250% August 15, 2004
50,000 United States of America 51,586
Treasury Notes
7.750% January 31, 2000
80,000 United States of America 84,375
Treasury Notes
5.625% February 15, 2006
200,000 United States of America 208,344
Treasury Notes
6.500% May 31, 2001
200,000 United States of America 227,718
Treasury Notes
7.000% July 15, 2006
1,000,000 United States of America 1,010,310
Treasury Notes
5.875% November 15, 1999
$2,146,517
TOTAL BONDS --- 1.0% $2,146,517
(Cost $2,011,575)
COMMON STOCK
AGENCY --- 1.2%
32,800 Federal National Mortgage Association (nonvtg) 2,427,200
$2,427,200
COMMUNICATIONS --- 1.0%
28,600 AT&T Corp 2,152,150
$2,152,150
CONSUMER SERVICES --- 2.6%
20,800 Bausch & Lomb Inc 1,248,000
29,200 H&R Block Inc 1,314,000
39,100 Hilton Hotels Corp 747,788
264,700 Smith & Nephew PLC 822,672
62,052 Starwood Hotels & Resorts 1,407,774
$5,540,234
CREDIT INSTITUTIONS --- 6.4%
21,200 BankBoston Corp 825,464
14,000 Bankamerica Corp 841,750
23,930 First Union Corp 1,455,231
35,100 Fleet Financial Group Inc 1,568,514
18,700 JP Morgan & Co Inc 1,964,659
54,400 Mellon Bank Corp 3,740,000
25,300 Mercantile Bankshares Corp 974,050
14,800 National City Corp 1,073,000
18,500 PNC Bank Corp 1,001,313
$13,443,981
ELECTRIC --- 6.5%
15,100 Baltimore Gas & Electric Co 466,213
15,000 Central & South West Corp 411,555
28,687 DQE Inc 1,260,421
14,600 Dominion Resources Inc 682,550
22,400 Duke Power Co 1,434,989
22,600 Entergy Corp 703,425
53,110 Firstenergy Corp 1,729,368
12,100 GPU Inc 534,663
36,100 Houston Industries Inc 1,159,713
40,800 PacifiCorp 859,330
13,900 Peco Energy Co 578,588
52,700 Southern Co 1,531,567
24,100 Teco Energy Inc 679,307
40,400 Unicom Corp 1,557,905
$13,589,594
ELECTRONICS - HIGH TECH --- 4.5%
34,541 AMP Inc 1,798,274
24,100 Eastman Kodak Co 1,735,200
22,900 General Electric Co 2,337,220
23,500 Hewlett-Packard Co 1,605,332
21,200 Hubbell Inc Class B 805,600
20,600 Whirlpool Corp 1,140,725
$9,422,351
ENVIRONMENTAL SERVICES --- 1.2%
42,600 Browning-Ferris Industries Inc 1,211,416
27,730 Waste Management Inc 1,292,911
$2,504,327
FORESTRY --- 0.9%
14,800 Georgia-Pacific Corp 866,718
22,300 International Paper Co 999,308
$1,866,026
HOLDING & INVEST. OFFICES --- 2.3%
32,010 Bank One Corp 1,634,495
19,992 Chase Manhattan Corp 1,360,696
10,900 Weingarten Realty Investors 486,413
35,000 Wells Fargo Co 1,397,795
$4,879,399
INDUSTRIAL SERVICES --- 0.5%
32,800 Dun & Bradstreet Corp 1,035,234
$1,035,234
INSURANCE --- 5.6%
28,800 American General Corp 2,246,400
3,700 Chubb Capital Corp 240,038
41,350 Citigroup Inc 2,046,825
18,300 Exel Limited Class A 1,372,500
12,600 Lincoln National Corp 1,030,831
43,600 SafeCo Corp 1,872,053
55,072 St Paul Companies Inc 1,913,752
9,700 TransAmerica Corp 1,120,350
$11,842,749
MFTG - CONSUMER PRODS. --- 13.0%
45,300 Anheuser-Busch Companies Inc 2,972,813
20,400 Brown-Forman Corp Class B 1,544,015
20,000 Dow Jones & Company Inc 962,500
39,300 General Mills Inc 3,055,575
22,200 HJ Heinz Co 1,257,075
50,000 International Flavors & Fragrances Inc 2,209,350
37,600 Kellogg Co 1,283,100
33,300 Knight-Ridder Inc 1,702,463
47,800 McCormick & Company Inc (nonvtg) 1,616,214
59,350 Philip Morris Companies Inc 3,175,225
32,000 Quaker Oats Co 1,904,000
42,200 RJR Nabisco Holdings Corp 1,252,791
26,300 RR Donnelley & Sons Co 1,152,256
32,200 Readers Digest Association Inc Class A 811,021
26,200 Tupperware Corp 430,649
56,400 UST Inc 1,966,950
$27,295,997
MFTG - INDUSTRIAL PRODS --- 17.4%
17,100 Abbott Laboratories 837,900
62,500 American Home Products Corp 3,519,500
26,500 Armstrong World Industries Inc 1,598,268
38,800 Consolidated Papers Inc 1,067,000
17,511 Cooper Industries Inc 835,047
17,900 Corning Inc 805,500
7,800 Deere & Co 258,375
27,500 Dow Chemical Co 2,500,768
30,400 EI DuPont De Nemours & Co 1,613,085
31,400 Great Lakes Chemical Corp 1,256,000
49,800 Hercules Inc 1,363,275
15,100 Imperial Chemical Industries PLC 527,549
43,100 Kimberly-Clark Corp 2,348,950
25,400 Lubrizol Corp 652,450
28,650 Minnesota Mining & Manufacturing Co 2,037,731
26,800 Nalco Chemical Co 830,800
30,100 Olin Corp 852,191
22,900 PPG Industries Inc 1,333,925
51,800 Pall Corp 1,311,162
55,712 Pharmacia & Upjohn Inc 3,154,692
17,800 Reynolds Metals Co 937,829
10,300 The Stanley Works 285,825
269,500 Tomkins PLC 1,269,822
14,831 Tyco International Ltd 1,118,806
28,950 USX-Marathon Group 872,119
23,200 USX-US Steel Group 533,600
31,500 Union Camp Corp 2,126,250
39,500 Witco Corp 629,512
$36,477,931
MINING --- 1.1%
40,500 Inco Ltd 427,761
41,186 Newmont Mining Corp 743,902
21,600 Phelps Dodge Corp 1,098,900
$2,270,563
OIL & GAS --- 11.7%
30,200 Amerada Hess Corp 1,502,450
52,700 Amoco Corp 3,109,300
35,900 Atlantic Richfield Co 2,342,475
62,500 Baker Hughes Inc 1,105,438
11,400 British Petroleum PLC ADR 1,083,000
29,250 Chevron Corp 2,425,907
46,200 Exxon Corp 3,378,375
29,800 Mobil Corp 2,596,325
37,500 Occidental Petroleum Corp 632,813
19,900 Phillips Petroleum Co 848,238
37,400 Royal Dutch Petroleum Co ADR 1,790,525
41,600 Texaco Inc 2,199,600
48,900 UnoCal Corp 1,427,244
$24,441,690
OTHER TRANS. SERVICES --- 0.5%
14,700 Alexander & Baldwin Inc 341,775
20,300 GATX Corp 768,863
$1,110,638
RAILROADS --- 2.7%
34,200 Burlington Northern Santa Fe Corp 1,154,250
75,200 Norfolk Southern Corp 2,382,862
45,350 Union Pacific Corp 2,043,562
$5,580,674
REAL ESTATE --- 1.4%
21,400 Archstone Communities Trust 433,350
33,600 Crescent Real Estate Equities Inc 772,800
51,496 Simon Property Group Inc 1,467,636
10,400 The Rouse Co 286,000
$2,959,786
RETAIL TRADE --- 2.7%
36,400 Fortune Brands Inc 1,151,150
45,650 Genuine Parts Co 1,526,399
26,400 JC Penney & Co Inc 1,237,500
16,500 May Department Stores Co 996,188
47,200 Toys R Us Inc* 796,500
$5,707,737
TELEPHONE --- 8.7%
64,500 Alltel Corp 3,857,874
30,300 BCE Inc 1,149,491
36,600 Bell Atlantic Corp 1,939,800
19,400 Bellsouth Corp 967,575
6,200 Frontier Corp 210,800
44,500 GTE Corp 2,892,500
92,713 SBC Communications Inc 4,971,722
12,800 Telecomunicacoes Brasileiras SA sponsored ADR 930,394
19,600 US West Inc 1,266,650
$18,186,806
TRANSPORTATION EQUIPMENT --- 2.8%
28,900 Allied-Signal Inc 1,280,617
3,100 Eaton Corp 219,130
25,100 General Motors Corp Series D 1,796,206
26,000 TRW Inc 1,460,862
31,300 The Boeing Co 1,021,163
$5,777,978
TOTAL COMMON STOCK --- 94.7% $198,513,045
(Cost $173,126,735)
SHORT-TERM INVESTMENTS
FOREIGN BANKS --- 4.3%
8,951,000 Canadian Imperial Bank of Commerce 8,951,000
$8,951,000
TOTAL SHORT-TERM INVESTMENTS --- 4.3% $8,951,000
(Cost $8,951,000)
TOTAL T.ROWE PRICE EQUITY/INCOME PORTFOLIO --- 100.0% $209,610,562
(Cost $184,089,310)
<PAGE>
Independent Auditors' Report
To the Shareholders and Board of Directors of
Maxim Series Fund, Inc.:
We have audited the accompanying statements of assets and liabilities, including
the schedules of investments, of the Blue Chip Portfolio, Corporate Bond
Portfolio, Growth Index Portfolio, Mid-Cap Growth Portfolio, Short-Term Maturity
Bond Portfolio and the Value Index Portfolio of the Maxim Series Fund, Inc.,
(the "Series") as of December 31, 1998, and the related statements 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 the financial highlights for each of the
periods indicated. These financial statements and financial highlights are the
responsibility of the Series' 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, 1998, 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, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of the
Blue Chip Portfolio, Corporate Bond Portfolio, Growth Index Portfolio, Mid-Cap
Growth Portfolio, Short-Term Maturity Bond Portfolio, and the Value Index
Portfolio of the Maxim Series Fund, Inc. as of December 31, 1998, the results of
their operations for the year then ended, the changes in their net assets for
each of the two years in the period then ended and the financial highlights for
each of the periods indicated, in conformity with generally accepted accounting
principles.
Deloitte & Touche LLP
Denver, Colorado
February 5, 1999
<PAGE>
MAXIM SERIES FUND, INC.
Financial Statements and Financial Highlights for
The Years Ended December 31, 1998 and 1997
<PAGE>
MAXIM SERIES FUND, INC.
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1998
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------------------
SHORT-TERM
CORPORATE GROWTH MIDCAP MATURITY VALUE
BLUE CHIP BOND INDEX GROWTH BOND INDEX
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
------------ ------------ ------------ ------------ ------------- -----------
ASSETS:
Investments in securities, market value: (1) 118,778,685 $ 196,348,087 297,361,827 $ 140,430,448$ 109,361,437 $ 326,740,343
Cash 931,744 76,576 77,247 220,632 43,189
Dividends and interest receivable 346,627 3,653,444 253,247 45,650 1,703,118 422,494
Subscriptions receivable 472,553
Receivables for investments sold 1,298,572 (149,402) 1,257,285
Variation margin on futures contracts 11,900 17,425
------------ ------------ ------------ ------------ ------------- -----------
Total assets 121,355,628 199,928,705 298,099,527 141,810,630 111,285,187 327,223,451
------------ ------------ ------------ ------------ ------------- -----------
LIABILITIES:
Due to GW Capital Management 114,184 152,664 143,896 115,518 55,610 162,653
Redemptions payable 94,016 359,565 142,872 312,486 721,300
Payables for investments purchased 260,191 30,443 785,402 1,789,802
------------ ------------ ------------ ------------ ------------- -----------
Total liabilities 468,391 542,672 929,298 2,048,192 368,096 883,953
------------ ------------ ------------ ------------ ------------- -----------
NET ASSETS 120,887,237 $ 199,386,033 297,170,229 $ 139,762,438$ 110,917,091 $ 326,339,498
============ ============ ============ ============ ============= ===========
,
NET ASSETS REPRESENTED BY:
Capital stock, $.10 par value 10,559,273 $ 17,933,117 12,241,536 $ 10,374,615$ 10,870,328 $ 17,217,915
Additional paid-in capital 96,827,429 190,988,058 188,913,332 105,981,760 99,120,655 236,249,841
Net unrealized appreciation (depreciation) 9,965,112 (11,571,357) 92,960,875 23,198,974 863,633 67,130,109
on investments and translation
of assets and liabilities denominated in
foreign currencies
Undistributed (overdistributed) net 2,292 11,845 (6,076) (200,244) 36,465 13,495
investment income
Accumulated net realized gain on investments 3,533,131 2,024,370 3,060,562 407,333 26,010 5,728,138
------------ ------------ ------------ ------------ ------------- -----------
NET ASSETS 120,887,237 $ 199,386,033 297,170,229 $ 139,762,438$ 110,917,091 $ 326,339,498
============ ============ ============ ============ ============= ===========
NET ASSET VALUE PER OUTSTANDING SHARE 1.1448$ 1.1118 2.4276$ 1.3472$ 1.0204 $ 1.8953
============ ============ ============ ============ ============= ===========
(Offering and redemption price)
SHARES OF CAPITAL STOCK OUTSTANDING:
Authorized 200,000,000 300,000,000 200,000,000 200,000,000 200,000,000 300,000,000
Outstanding 105,592,735 179,331,170 122,415,356 103,746,148 108,703,275 172,179,151
(1) Cost of investments in securities: 108,813,573 207,919,444 204,465,010 117,231,474 108,497,804 259,755,459
See notes to financial statements.
</TABLE>
<PAGE>
MAXIM SERIES FUND, INC.
STATEMENTS OF OPERATIONS
YEAR ENDED DECEMBER 31, 1998
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------------
SHORT-TERM
CORPORATE GROWTH MIDCAP MATURITY VALUE
BLUE CHIP BOND INDEX GROWTH BOND INDEX
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
------------ ------------ ----------- ----------- ------------ ------------
INVESTMENT INCOME:
Interest 1,162,774 15,536,572 198,065 553,872 5,768,805 $ 166,172
Dividends 1,645,979 248,374 1,875,300 256,948 5,945,780
Less: Foreign withholding tax (39,188) (1,022) (74) (1,056) (841)
------------ ------------ ----------- ------------ ----------- ------------
Total income 2,769,565 15,783,924 2,073,291 809,764 5,768,805 6,111,111
------------ ------------ ----------- ----------- ------------ ------------
EXPENSES:
Salaries 7,671 7,671
Legal and SEC fees 23,779 14,250
Directors' fees 974 885
Audit fees 6,000 6,000
Investment administration 63,141 59,994
Bank and custodial fees 39,174 52,303
Other expenses 16,007 13,361
Management fee 1,061,076 1,708,143 1,297,577 961,912 571,390 1,711,895
------------ ------------ ----------- ------------ ----------- ------------
Total expenses 1,217,822 1,708,143 1,297,577 1,116,376 571,390 1,711,895
Less amount reimbursed by GW Capital Management 892 106,368
------------ ------------ ----------- ------------ ----------- ------------
Net expenses 1,216,930 1,708,143 1,297,577 1,010,008 571,390 1,711,895
------------ ------------ ----------- ------------ ----------- ------------
NET INVESTMENT INCOME (LOSS) 1,552,635 14,075,781 775,714 (200,244) 5,197,415 4,399,216
------------ ------------ ----------- ------------ ----------- ------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain on investments 8,440,873 7,554,267 13,925,743 467,938 208,232 28,395,214
Net realized gain on futures contracts 931,303 704,354
Change in net unrealized appreciation 7,439,361 (15,986,385) 55,966,904 19,760,280 418,746 7,825,212
(depreciation) on investments
Change in net unrealized appreciation on futures 64,058 145,225
contracts
------------ ------------ ----------- ------------ ----------- ------------
Net realized and unrealized gain (loss) on 15,880,234 (8,432,118) 70,888,008 20,228,218 626,978 37,070,005
investments
------------ ------------ ----------- ----------- ------------ ------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 17,432,869 5,643,663 71,663,722 20,027,974 5,824,393 $ 41,469,221
============ ============ =========== =========== ============ ============
</TABLE>
See notes to financial statements.
<PAGE>
MAXIM SERIES FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
YEARS ENDED DECEMBER 31, 1998 AND 1997
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- ----------------------------------------------------------------------------------------------------------------------------------
------------------------------
BLUE CHIP CORPORATE BOND GROWTH INDEX
PORTFOLIO PORTFOLIO PORTFOLIO
------------------------ ------------------------ -----------------------
------------- -----------
1998 1997 1998 1997 1998 1997
----------- ----------- ----------- ---------- ------------ ----------
INCREASE IN ASSETS: (A)
OPERATIONS:
Net investment income (loss) $ 1,552,635 $ 812,490 14,075,781$ 8,863,341 775,714 691,907
Net realized gain (loss) on investments 8,440,873 (469,457) 7,554,267 5,121,817 13,925,743 5,062,977
Net realized gain on futures contracts 931,303
Change in net unrealized appreciation (depreciation) 7,439,361 2,525,751 (15,986,385) 645,661 55,966,904 24,723,720
on investments
Change in net unrealized appreciation on futures 64,058
contracts
----------- ----------- ----------- ----------- ------------ ------------
Net increase in net assets resulting from 17,432,869 2,868,784 5,643,663 14,630,819 71,663,722 30,478,604
operations
----------- ----------- ----------- ----------- ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (1,554,563) (808,270) (14,094,784) (9,506,317) (781,425) (692,272)
From net realized gains (4,438,285) (7,012,326) (3,379,731) (11,684,037) (4,957,094)
----------- ----------- ----------- -------- ------------ ------------
Total distributions (5,992,848) (808,270) (21,107,110) (12,886,048) (12,465,462) (5,649,366)
----------- ----------- ----------- -------- ------------ ------------
SHARE TRANSACTIONS:
Net proceeds from sales of shares 20,747,162 95,597,787 60,838,322 64,336,395 90,630,253 59,381,868
Reinvestment of distributions 5,992,848 808,270 21,107,110 12,886,048 12,465,462 5,649,366
Redemptions of shares (11,499,686) (4,259,679) (25,980,341) (3,727,854) (28,099,506) (10,627,922)
----------- ----------- ----------- ----------- ------------ ------------
Net increase in net assets resulting from shares 15,240,324 92,146,378 55,965,091 73,494,589 74,996,209 54,403,312
transactions
----------- ----------- ----------- ----------- ------------ ------------
Total increase in net assets 26,680,345 94,206,892 40,501,644 75,239,360 134,194,469 79,232,550
NET ASSETS:
Beginning of period 94,206,892 0 158,884,389 83,645,029 162,975,760 83,743,210
----------- ----------- ----------- ----------- ------------ -----------
End of period (1) 120,887,237$ 94,206,892 199,386,033$ 158,884,389 297,170,229 162,975,760
=========== =========== =========== =========== ============ ============
OTHER INFORMATION:
SHARES:
Sold 18,643,931 95,499,044 50,636,522 53,016,446 42,355,796 34,500,097
Issued in reinvestment of distributions 5,291,379 790,519 18,325,016 10,658,347 5,408,194 3,133,784
Redeemed (10,452,412) (4,179,726) (22,243,835) (3,058,615)(13,410,542) (5,955,581)
---------- ----------- ----------- ----------- ---------- ----------
Net increase 13,482,898 92,109,837 46,717,703 60,616,178 34,353,448 31,678,300
=========== =========== =========== =========== =========== ==========
(1) Including undistributed (overdistributed) net 2,292 4,220 11,845 30,848 (6,076) (365)
investment income
(A) Inception date July 1, 1997.
See notes to financial statements. (Continued)
</TABLE>
<PAGE>
MAXIM SERIES FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
YEARS ENDED DECEMBER 31, 1998 AND 1997
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------------------
---------------------------
MIDCAP GROWTH SHORT-TERM MATURITY VALUE INDEX
PORTFOLIO BOND PORTFOLIO PORTFOLIO
-------------------------------------------------- -----------------------
------------- -----------
1998 1997 1998 1997 1998 1997
----------- ----------- ----------- ----------- ------------ ----------
INCREASE IN ASSETS: (A)
OPERATIONS:
Net investment income (loss) (200,244)$ (35,056) 5,197,415 $ 3,218,190 4,399,216 $ 3,321,905
Net realized gain (loss) on investments 467,938 317,747 208,232 96,257 28,395,214 12,979,936
Net realized gain on futures contracts 704,354
Change in net unrealized appreciation (depreciation) 19,760,280 3,438,694 418,746 303,418 7,825,212 35,953,743
on investments
Change in net unrealized appreciation on futures 145,225
contracts
----------- ----------- ----------- ----------- ------------ ----------
Net increase in net assets resulting from 20,027,974 3,721,385 5,824,393 3,617,865 41,469,221 52,255,584
operations
----------- ----------- ----------- ----------- ------------ ----------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (5,161,244) (3,217,896) (4,386,350) (3,321,276)
From net realized gains (294,457) (83,895) (211,582) (6,818) (23,740,601)(12,612,743)
----------- ----------- ----------- ----------- ------------ -----------
Total distributions (294,457) (83,895) (5,372,826) (3,224,714) (28,126,951) (15,934,019)
----------- ----------- ----------- ----------- ------------ ----------
SHARE TRANSACTIONS:
Net proceeds from sales of shares 69,818,529 53,783,609 45,669,905 41,122,124 96,458,972 77,743,771
Reinvestment of distributions 294,457 83,895 5,372,826 3,224,714 28,126,951 15,934,019
Redemptions of shares (6,788,362) (800,697) (18,944,752)(5,875,558) (49,010,499) (14,860,577)
----------- ----------- ----------- ----------- ------------ ----------
Net increase in net assets resulting from shares 63,324,624 53,066,807 32,097,979 38,471,280 75,575,424 78,817,213
transactions
----------- ----------- ----------- ----------- ------------ ----------
Total increase in net assets 83,058,141 56,704,297 32,549,546 38,864,431 88,917,694 115,138,778
NET ASSETS:
Beginning of period 56,704,297 0 78,367,545 39,503,114 237,421,804 122,283,026
----------- ----------- ----------- ----------- ------------ ---------
End of period (1) 139,762,438 56,704,297 110,917,091 78,367,545 326,339,498 237,421,804
=========== =========== =========== =========== ============ ===========
OTHER INFORMATION:
SHARES:
Sold 57,966,149 51,914,438 44,511,698 40,679,643 51,633,241 46,501,145
Issued in reinvestment of distributions 244,195 79,243 5,264,745 3,194,509 15,012,711 8,953,668
Redeemed (5,694,415) (763,462) (18,403,703)(5,792,498) (25,378,077) (8,657,763)
----------- ----------- ----------- ----------- ------------ ----------
Net increase 52,515,929 51,230,219 31,372,740 38,081,654 41,267,875 46,797,050
=========== =========== =========== =========== ============ ==========
(1) Including undistributed (overdistributed) net (200,244) (35,056) 36,465 294 13,495 629
investment income
(A) Inception date July 1, 1997.
See notes to financial statements. (Concluded)
</TABLE>
<PAGE>
MAXIM SERIES FUND, INC.
BLUE CHIP PORTFOLIO
FINANCIAL HIGHLIGHTS
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the periods
ended December 31, 1998 and 1997 are as follows:
Year Ended December 31,
------------------------------------------
1998 1997
------------------ -----------------
(A)
Net Asset Value, Beginning of Year $ 1.0228 $ 1.0000
Income From Investment Operations
Net investment income 0.0157 0.0089
Net realized and unrealized gain 0.1655 0.0228
------------------ -----------------
Total Income From Investment Operations 0.1812 0.0317
------------------ -----------------
Less Distributions
From net investment income (0.0157) (0.0089)
From net realized gains (0.0435)
------------------ -----------------
Total Distributions (0.0592) (0.0089)
------------------ -----------------
Net Asset Value, End of Year $ 1.1448 $ 1.0228
================== =================
Total Return 17.85% 3.17%
Net Assets, End of Year $ 120,887,237 $ 94,206,892
Ratio of Expenses to Average Net Assets:
Before reimbursement 1.15% 1.15% *
After reimbursement # 1.15% 1.14% *
Ratio of Net Investment Income to Average Net Assets 1.46% 1.78% *
Portfolio Turnover Rate 287.17% 111.45%
</TABLE>
Portfolio turnover is calculated using the lesser of long-term purchases or
sales of portfolio securities for a period, divided by the monthly average of
the market value of the securities (excluding short-term securities) owned
during the period. Purchases and sales of investment securities for the year
ended December 31, 1998 were $301,523,208 and $281,082,327, respectively.
(A) The portfolio commenced operations on July 1, 1997.
* Annualized
# Percentage is shown net of expenses reimbursed by GW Capital Management, LLC.
(Continued)
<PAGE>
MAXIM SERIES FUND, INC.
CORPORATE BOND PORTFOLIO
FINANCIAL HIGHLIGHTS
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the periods
ended December 31, 1998, 1997, 1996, 1995, and 1994 are as follows:
Year Ended December 31,
--------------------------------------------------------------------
1998 1997 1996 1995 1994
-------------- ----------- ------------ ----------- ------------
(A)
Net Asset Value, Beginning of Year 1.1981 $ 1.1618 $ 1.1521 $ 0.9716$ 1.0000
Income From Investment Operations
Net investment income 0.0838 0.0764 0.0825 0.0842 0.0137
Net realized and unrealized gain (loss) (0.0429) 0.0689 0.0324 0.1994 (0.0284)
-------------- ----------- ------------ ----------- ------------
Total Income (Loss) From Investment
Operations 0.0409 0.1453 0.1149 0.2836 (0.0147)
-------------- ----------- ------------ ----------- ------------
Less Distributions
From net investment income (0.0839) (0.0762) (0.0825) (0.1001) (0.0137)
From net realized gains (0.0433) (0.0328) (0.0227) (0.0030)
-------------- ----------- ------------ ----------- ------------
Total Distributions (0.1272) (0.1090) (0.1052) (0.1031) (0.0137)
-------------- ----------- ------------ ----------- ------------
Net Asset Value, End of Year 1.1118 $ 1.1981 $ 1.1618 $ 1.1521$ 0.9716
============== =========== ============ =========== ============
Total Return 3.43% 12.70% 10.35% 30.19% (1.47)%
Net Assets, End of Year 199,386,033 $ 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% 0.90% 1.08% *
Ratio of Net Investment Income to
Average Net Assets 7.41% 7.14% 7.68% 7.89% 8.64% *
Portfolio Turnover Rate 55.47% 52.69% 40.02% 24.70% 9.45%
Portfolio turnover is calculated using the lesser of long-term purchases or
sales of portfolio securities for a period, divided by the monthly average of
the market value of the securities (excluding short-term securities) owned
during the period. Purchases and sales of investment securities for the year
ended December 31, 1998 were $151,069,300 and $101,598,707, respectively.
(A) The portfolio commenced operations on November 1, 1994.
(Continued)
<PAGE>
MAXIM SERIES FUND, INC.
GROWTH INDEX PORTFOLIO
FINANCIAL HIGHLIGHTS
- ---------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the years ended
December 31, 1998, 1997, 1996, 1995, and 1994 are as follows:
Year Ended December 31,
-----------------------------------------------------------------------
1998 1997 1996 1995 1994
-------------- ------------ ------------ ------------- ------------
Net Asset Value, Beginning of Year $ 1.8507 $ 1.4852 $ 1.3459 $ 1.0120 $ 1.0064
Income From Investment Operations
Net investment income 0.0070 0.0085 0.0114 0.0127 0.0133
Net realized and unrealized gain 0.6769 0.4241 0.2851 0.3432 0.0056
-------------- ------------ ------------ ------------- ------------
Total Income From Investment 0.6839 0.4326 0.2965 0.3559 0.0189
Operations
Less Distributions
From net investment income (0.0070) (0.0085) (0.0114) (0.0165) (0.0133)
From net realized gains (0.1000) (0.0586) (0.1458) (0.0055)
-------------- ------------ ------------ ------------- ------------
Total Distributions (0.1070) (0.0671) (0.1572) (0.0220) (0.0133)
-------------- ------------ ------------ ------------- ------------
Net Asset Value, End of Year $ 2.4276 $ 1.8507 $ 1.4852 $ 1.3459 $ 1.0120
============== ============ ============ ============= ============
Total Return 37.28% 29.26% 22.10% 35.29% 1.93%
Net Assets, End of Year $ 297,170,229 $ 162,975,760 $ 83,743,210 $ 43,515,299 $ 14,171,307
Ratio of Expenses to Average Net 0.60% 0.60% 0.60% 0.60% 0.60%
Assets
Ratio of Net Investment Income
to Average Net Assets 0.36% 0.54% 0.83% 1.15% 1.57%
Portfolio Turnover Rate 26.48% 21.52% 41.55% 17.90% 18.50%
Portfolio turnover is calculated using the lesser of long-term purchases or
sales of portfolio securities for a period, divided by the monthly average of
the market value of the securities (excluding short-term securities) owned
during the period. Purchases and sales of investment securities for the year
ended December 31, 1998 were $117,491,258 and $56,327,645, respectively.
(Continued)
<PAGE>
MAXIM SERIES FUND, INC.
MIDCAP GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the periods
ended December 31, 1998 and 1997 are as follows:
Year Ended December 31,
---------------------------------------
1998 1997
---------------- -----------------
(A)
Net Asset Value, Beginning of Year $ 1.1069 $ 1.0000
Income From Investment Operations
Net investment income (loss) (0.0016)
Net realized and unrealized gain 0.2471 0.1086
---------------- -----------------
Total Income From Investment Operations 0.2455 0.1086
---------------- -----------------
Less Distributions
From net realized gains (0.0052) (0.0017)
---------------- -----------------
Total Distributions (0.0052) (0.0017)
---------------- -----------------
Net Asset Value, End of Year $ 1.3472 $ 1.1069
================ =================
Total Return 22.23% 10.86%
Net Assets, End of Year $ 139,762,438 $ 56,704,297
Ratio of Expenses to Average Net Assets:
Before reimbursement 1.16% 1.30% *
After reimbursement # 1.05% 1.05% *
Ratio of Net Investment Income to Average Net Assets (0.21)% (0.16)% *
Portfolio Turnover Rate 52.50% 24.28%
Portfolio turnover is calculated using the lesser of long-term purchases or
sales of portfolio securities for a period, divided by the monthly average of
the market value of the securities (excluding short-term securities) owned
during the period. Purchases and sales of investment securities for the year
ended December 31, 1998 were $120,493,581 and $45,527,992, respectively.
(A) The portfolio commenced operations on July 1, 1997.
* Annualized
# Percentages are shown net of expenses reimbursed by GW Capital Management, LLC.
</TABLE>
(Continued)
<PAGE>
MAXIM SERIES FUND, INC.
SHORT-TERM MATURITY BOND PORTFOLIO
FINANCIAL HIGHLIGHTS
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the periods
ended December 31, 1998, 1997, 1996 and 1995 are as follows:
Year Ended December 31,
----------------------------------------------------------
1998 1997 1996 1995
-------------- ------------- ------------- -------------
(A)
Net Asset Value, Beginning of Year $ 1.0134 $ 1.0065 $ 1.0092 1.0000
Income From Investment Operations
Net investment income 0.0546 0.0534 0.0489 0.0194
Net realized and unrealized gain (loss) 0.0087 0.0070 (0.0027) 0.0105
-------------- ------------- ------------- -------------
Total Income From Investment Operations 0.0633 0.0604 0.0462 0.0299
Less Distributions
From net investment income (0.0543) (0.0534) (0.0489) (0.0207)
From net realized gains (0.0020) (0.0001)
-------------- ------------- ------------- -------------
Total Distributions (0.0563) (0.0535) (0.0489) (0.0207)
-------------- ------------- ------------- -------------
Net Asset Value, End of Year $ 1.0204 $ 1.0134 $ 1.0065 1.0092
============== ============= ============= =============
Total Return 6.36% 6.14% 4.70% 3.02%
Net Assets, End of Year $ 110,917,091 $ 78,367,545 $ 39,503,114 15,618,670
Ratio of Expenses to Average Net Assets 0.60% 0.60% 0.60% 0.53%*
Ratio of Net Investment Income to Average Net 5.45% 5.47% 5.15% 4.61%*
Assets
Portfolio Turnover Rate 37.33% 84.59% 51.71% 97.87%
</TABLE>
Portfolio turnover is calculated using the lesser of long-term purchases or
sales of portfolio securities for a period, divided by the monthly average of
the market value of the securities (excluding short-term securities) owned
during the period. Purchases and sales of investment securities for the year
ended December 31, 1998 were $73,139,704 and $34,240,284, respectively.
(A) The portfolio commenced operations on August 1, 1995.
* Annualized
(Continued)
<PAGE>
MAXIM SERIES FUND, INC.
VALUE INDEX PORTFOLIO
FINANCIAL HIGHLIGHTS
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the years ended
December 31, 1998, 1997, 1996, 1995 and 1994 is as follows:
Year Ended December 31,
----------------------------------------------------------------------
1998 1997 1996 1995 1994
-------------- ------------ ------------- ----------- ------------
Net Asset Value, Beginning of Year $ 1.8136 1.4538 $ 1.2623 $ 0.9614 $ 1.0118
Income From Investment Operations
Net investment income 0.0279 0.0278 0.0298 0.0305 0.0253
Net realized and unrealized gain 0.2301 0.4631 0.2287 0.3198 (0.0504)
(loss)
-------------- ------------ ------------- ----------- ------------
Total Income (Loss) From Investment
Operations 0.2580 0.4909 0.2585 0.3503 (0.0251)
-------------- ------------ ------------- ----------- ------------
Less Distributions
From net investment income (0.0278) (0.0278) (0.0298) (0.0359) (0.0253)
From net realized gains (0.1485) (0.1033) (0.0372) (0.0135)
-------------- ------------ ------------- ----------- ------------
Total Distributions (0.1763) (0.1311) (0.0670) (0.0494) (0.0253)
-------------- ------------ ------------- ----------- ------------
Net Asset Value, End of Year $ 1.8953 $ 1.8136 $ 1.4538 $ 1.2623 $ 0.9614
============== ============ ============= =========== ============
Total Return 14.48% 34.08% 20.63% 36.80% (2.49)%
Net Assets, End of Year $ 326,339,498 $ 237,421,804 $ 122,283,026 $ 65,183,898$ 25,610,474
Ratio of Expenses to Average Net 0.60% 0.60% 0.60% 0.60% 0.60%
Assets
Ratio of Net Investment Income
to Average Net Assets 1.54% 1.83% 2.38% 2.87% 3.18%
Portfolio Turnover Rate 39.67% 26.03% 16.31% 18.11% 16.88%
</TABLE>
Portfolio turnover is calculated using the lesser of long-term purchases or
sales of portfolio securities for a period, divided by the monthly average of
the market value of the securities (excluding short-term securities) owned
during the period. Purchases and sales of investment securities for the year
ended December 31, 1998 were $177,712,342 and $111,264,436, respectively.
(Concluded)
<PAGE>
MAXIM SERIES FUND, INC.
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 1998 AND 1997
- ------------------------------------------------------------------------------
1. HISTORY OF THE FUND
Maxim Series Fund, Inc. (the Fund) is a Maryland corporation organized
on December 7, 1981 as an open-end management investment company.
Interests in the Blue Chip, Corporate Bond, Growth Index, MidCap Growth,
Short-Term Maturity Bond, 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,
FutureFunds Series Account II, Maxim Series Account, 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.
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, which are in accordance with generally accepted accounting
principles in the investment company industry:
Dividends
Dividends from investment income of the Short-Term Maturity Bond
Portfolio are declared and reinvested quarterly. Dividends from
investment income of the Blue Chip, Corporate Bond, Growth Index, MidCap
Growth, and the Value Index Portfolios are declared and reinvested
semi-annually. Dividends from capital gains of all Portfolios, if any,
are declared and reinvested at least annually 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, Corporate Bond, Growth Index, MidCap Growth, and Value Index
Portfolios and specific lot selection for the Short-Term Maturity Bond
Portfolio.
Security Valuation
Portfolio securities that are listed on an established securities
exchange or on the NASDAQ National Market System are valued at the last
sale price as of the close of business on the day the securities are
being valued, or, lacking any sales, at the mean between closing bid and
asked price. Securities traded in the over-the-counter market are valued
at the mean between the bid and asked prices or yield equivalent as
obtained from one or more dealers that make markets in the securities.
Portfolio securities that are traded both in the over-the-counter market
and on an exchange are valued according to the broadest and most
representative market. Securities and assets for which market quotations
are not readily available are valued at fair value as determined in good
faith by or under the direction of the Board of Directors, including
valuations furnished by a pricing service that may be retained by the
Fund. 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, 1998 were as follows:
Corporate Short-Term Maturity
Bond Portfolio Bond Portfolio
-------------------- -------------------------
Aggregate Cost 16,795,732 3,993,960
Aggregate Fair Value 14,273,470 4,038,400
Percent of Net Assets 7.16% 3.64%
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 Fund 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 Fund does not 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. Such
fluctuations are included with the net realized and unrealized gain or
loss from investments.
Net realized foreign exchange gains or losses arise from sales of
foreign currencies, currency gains or losses realized between the trade
and settlement dates on securities transactions, the difference between
the amounts of dividends, interest, and foreign withholding taxes
recorded by the Fund 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 fair values of assets and liabilities
other than investments in securities at fiscal year end, resulting from
changes in the exchange rate.
Financial Futures Contracts
The index funds may invest in financial futures contracts as a
substitute for a comparable market position in the underlying
securities. Upon entering into a financial futures contract, the funds
are required to pledge to the broker an amount of cash and/or other
assets equal to a certain percentage of the contract amount (initial
margin deposit). Subsequent payments, known as "variation margin", are
made or received by the funds each day, depending on the daily
fluctuations in the fair value of the underlying security. Should market
conditions move unexpectedly, the funds may not achieve the anticipated
benefits of the financial futures contracts and may realize a loss. The
use of future transactions involves the risk of imperfect correlation in
movements in the price of futures contracts and the underlying hedged
assets.
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 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.
Classification of Distributions to Shareholders
Net investment income (loss) and net realized gain (loss) may differ for
financial statement 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 Funds.
The Funds adjust the classification of distributions to shareholders to
reflect the differences between financial statement amounts and
distributions determined in accordance with income tax regulations.
Accordingly, during the year ended December 31, 1998, amounts have been
reclassified to reflect an accumulated net investment loss which may not
be offset against capital gains or carried forward for tax purposes. In
the MidCap Growth Portfolio, overdistibutions of net investment income
of $35,056 have been reclassified to Additional Paid-In Capital.
3. INVESTMENT ADVISORY AGREEMENT
The Fund has entered into an investment advisory agreement with GW
Capital Management, LLC, a wholly-owned subsidiary of the Company. 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, Short-Term Maturity Bond
Portfolio, and Value Index Portfolio; .90% of the average daily net
assets of the Corporate Bond Portfolio; and 1.00% of the average daily
net assets of the Blue Chip Portfolio, and MidCap Growth Portfolio.
However, the investment advisor shall pay any expenses of the Fund which
exceed an annual rate, including management fees, of 1.15% and 1.05% of
the average daily net assets of the Blue Chip and MidCap Growth
Portfolios, respectively.
Expenses incurred by the Fund, which are not portfolio specific, are
allocated among the Portfolios based on relative net assets or other
appropriate allocation methods. For certain funds, the management fee
encompasses other fund operating expenses.
4. UNREALIZED APPRECIATION (DEPRECIATION)
Gross unrealized appreciation (depreciation) of securities is as follows
as of December 31, 1998:
Gross Gross Net
Appreciation Depreciation Unrealized
Appreciation
Blue Chip Portfolio 11,963,639 $ (1,998,527) $ 9,965,112
Corporate Bond Portfolio 10,846,871 (22,418,228) (11,571,357)
Growth Index Portfolio 99,663,725 (6,766,908) 92,896,817
MidCap Growth Portfolio 29,326,367 (6,127,393) 23,198,974
Short-Term Maturity Bond 1,056,301 (192,668) 863,633
Portfolio
Value Index Portfolio 76,846,594 (9,861,710) 66,984,884
5. FUTURES CONTRACTS
The following financial futures contracts were held at December 31,
1998:
Portfolio S&P 500 Expiration Unrealized Gain
Contracts
Growth Index Portfolio 14 March 1999 64,058
Value Index Portfolio 13 March 1999 145,225
<PAGE>
The Maxim Series Fund
Blue Chip Portfolio
BONDS
CANADIAN - PROVINCIAL --- 1.8%
1,474,000 Ontario Province 1,022,822
6.125% September 12, 2007
1,546,000 Ontario Province 1,122,905
6.500% March 8, 2029
$2,145,727
GAS --- 0.7%
810,000 Sonat Inc 827,803
7.000% February 1, 2018
$827,803
U.S. GOVERNMENTS --- 9.5%
3,100,000 United States of America 3,464,746
Treasury Bonds
6.250% August 15, 2023
2,000,000 United States of America 2,008,032
Treasury Notes
4.625% November 30, 2000
2,000,000 United States of America 2,015,620
Treasury Notes
4.750% November 15, 2008
2,000,000 United States of America 1,974,380
Treasury Notes
4.250% November 15, 2003
1,775,000 United States of America 1,795,519
Treasury Notes
5.500% May 31, 2000
$11,258,297
TOTAL BONDS --- 12.0% $14,231,827
(Cost $13,989,383)
COMMON STOCK
COMMUNICATIONS --- 2.3%
37,500 Granada Group 662,203
22,775 Mediaone Group Inc 1,070,425
17,100 Tele-Communications Inc* 945,835
$2,678,463
CONSUMER SERVICES --- 22.4%
25,000 Baxter International Inc 1,607,800
30,200 Becton Dickinson & Co 1,289,147
32,000 Biomet Inc 1,288,000
14,600 Bristol-Myers Squibb Co 1,953,655
13,675 Eli Lilly & Co 1,215,366
70,000 Humana Inc* 1,246,840
14,600 Johnson & Johnson 1,224,575
15,000 Merck & Co Inc 2,215,305
55,700 Merck KGAA* 2,506,751
700 Novartis AG 1,376,347
25,900 Rhone-Poulenc SA sponsored ADR 1,301,475
50,100 Sankyo Co Ltd 1,095,300
8,725 Schering AG 1,096,842
69,925 Service Corporation International 2,661,485
26,125 Smithkline Beecham PLC 1,815,688
56,500 Stewart Enterprises Inc Class A 1,257,125
57,000 Tenet Healthcare Corp* 1,496,250
$26,647,951
CREDIT INSTITUTIONS --- 2.6%
5,900 American Express Co 603,275
9,200 Comerica Inc 627,320
12,300 First Union Corp 747,988
10,200 PNC Bank Corp 552,075
12,800 Union Planters Corp 579,994
$3,110,652
ELECTRIC --- 0.9%
14,500 Cinergy Corp 498,437
19,000 Northern States Power Co 527,250
$1,025,687
ELECTRONICS - HIGH TECH --- 5.1%
22,600 General Electric Co 2,306,601
14,900 International Business Machines Corp 2,752,775
11,800 Sun Microsystems Inc* 1,010,375
$6,069,751
GAS --- 2.4%
69,700 MCN Corp 1,328,621
22,000 Questar Corp 426,250
40,300 Sonat Inc 1,090,599
$2,845,470
HOLDING & INVEST. OFFICES --- 4.1%
38,100 Chase Manhattan Corp 2,593,162
800 Nestle SA 1,741,917
13,500 Summit Bancorp 589,775
$4,924,854
INDUSTRIAL SERVICES --- 1.8%
27,000 Computer Associates International Inc 1,150,875
11,900 Oracle Systems Corp* 513,188
24,300 Platinum Technology Inc* 464,738
$2,128,801
INSURANCE --- 5.1%
38,500 Allstate Corp 1,487,062
6,550 American International Group Inc 632,894
18,925 Chubb Capital Corp 1,227,759
36,300 Citigroup Inc 1,796,850
11,000 Travelers Property Casualty Corp 341,000
15,075 WR Berkley Corp 513,485
$5,999,050
MFTG - CONSUMER PRODS. --- 9.7%
31,200 Coca-Cola Co 2,086,500
3,800 Colgate-Palmolive Co 352,925
44,825 Dial Corp 1,294,322
11,150 Hershey Foods Corp 693,385
7,200 New York Times Co Class A 249,746
47,775 Philip Morris Companies Inc 2,555,963
38,700 RJR Nabisco Holdings Corp 1,148,887
8,300 Synthelabo 1,757,392
10,375 Tribune Co 684,750
1,300 Washington Post Co Class B 751,318
$11,575,188
MFTG - INDUSTRIAL PRODS --- 15.2%
37,100 Abbott Laboratories 1,817,900
23,700 American Home Products Corp 1,334,594
28,800 Bayer AG 1,201,944
14,300 EI DuPont De Nemours & Co 758,787
36,900 Glaxo Wellcome PLC 2,564,550
10,200 Kimberly-Clark Corp 555,900
12,300 Minnesota Mining & Manufacturing Co 874,838
11,300 Pfizer Inc 1,417,438
21,500 Pharmacia & Upjohn Inc 1,217,438
25,100 Rhone-Poulenc SA 1,292,017
61,100 USX-Marathon Group 1,840,638
11,900 Warner-Lambert Co 894,725
53,800 Zeneca Group 2,340,006
$18,110,775
MINING --- 1.4%
46,300 Barrick Gold Corp 902,850
25,700 Homestake Mining Co 236,106
47,600 Placer Dome Inc 547,400
$1,686,356
OIL & GAS --- 6.5%
32,600 Atlantic Richfield Co 2,127,150
86,700 BJ Services Company USA* 1,354,687
34,600 Conoco Inc* 722,275
15,200 Mobil Corp 1,324,300
30,400 Phillips Petroleum Co 1,295,800
30,900 UnoCal Corp 901,878
$7,726,090
RAILROADS --- 1.1%
24,400 Canadian National Railway Co 1,265,750
$1,265,750
RETAIL TRADE --- 1.7%
37,800 Hannaford Brothers Co 2,003,400
$2,003,400
TELEPHONE --- 2.2%
19,100 Bell Atlantic Corp 1,012,300
25,450 GTE Corp 1,654,250
$2,666,550
WHOLESALE TRADE -CONSUMER --- 0.7%
9,200 Procter & Gamble Co 840,070
$840,070
TOTAL COMMON STOCK --- 85.3% $101,304,858
(Cost $91,582,190)
SHORT-TERM INVESTMENTS
FOREIGN BANKS --- 2.7%
3,242,000 Canadian Imperial Bank of Commerce 3,242,000
$3,242,000
TOTAL SHORT-TERM INVESTMENTS --- 2.7% $3,242,000
(Cost $3,242,000)
TOTAL BLUE CHIP PORTFOLIO --- 100.0% $118,778,685
(Cost $108,813,573)
<PAGE>
The Maxim Series Fund
Corporate Bond Portfolio
BONDS
AIR --- 0.0%
80,300 NWA Trust 90,490
Notes
9.360% March 10, 2006
$90,490
CANADIAN - FEDERAL --- 3.3%
5,000,000 BC Generic Residual 630,897
Debentures
5.760% November 19, 2027
4,650,000 Canadian Residual 872,688
Debentures
5.380% June 1, 2022
30,300,000 Canadian Residual 5,024,039
Debentures
5.240% June 1, 2025
$6,527,624
CANADIAN - PROVINCIAL --- 12.1%
275,000 British Columbia 224,253
Debentures
7.875% November 30, 2023
5,000,000 British Columbia 758,443
Principal Strips
5.760% August 23, 2024
2,500,000 British Columbia 475,044
Principal Strips
5.760% September 5, 2020
9,815,000 British Columbia 1,689,378
Principal Strips
5.750% June 9, 2022
1,350,000 British Columbia 1,137,489
Debentures
8.000% September 8, 2023
6,500,000 British Columbia 1,855,632
Principal Strips
5.700% August 23, 2013
11,415,000 British Columbia 1,941,003
Principal Strips
5.760% August 19, 2022
1,400,000 British Columbia 381,363
Principal Strips
5.720% June 9, 2014
5,000,000 Hydro-Quebec 892,920
Government Guaranteed Bonds
6.070% August 15, 2020
5,000,000 MP Generic Residual 536,539
Zero Coupon Bonds
5.680% March 5, 2031
5,373,000 Manitoba 4,507,663
Bonds
7.750% December 22, 2025
3,800,000 Manitoba Province 2,757,207
Debentures
6.500% September 22, 2017
500,000 Newfoundland 333,181
Debentures
6.150% April 17, 2028
3,650,000 Ontario Residual 519,936
Zero Coupon Bonds
5.720% December 2, 2025
4,800,000 Ontario Residual 827,435
Zero Coupon Bonds
5.720% July 13, 2022
11,300,000 Ontario Residual 1,492,744
Zero Coupon Bonds
5.690% June 2, 2027
5,091,872 Province of Alberta 3,520,605
Debentures
5.930% September 16, 2016
$23,850,835
COMMUNICATIONS --- 5.5%
2,500,000 Arch Communications Group Inc 1,475,000
Senior Discount Notes
15.240% March 15, 2008
250,000 CBS Inc 253,323
Senior Notes
7.125% November 1, 2023
500,000 Century Communications Corp 533,750
Debentures
8.375% November 15, 2017
500,000 Clearnet Communications 174,888
Senior Discount Notes
11.750% May 15, 2008
2,000,000 Clearnet Communications 797,163
Senior Discount Notes
12.830% August 13, 2007
3,325,000 Nextel Communications Inc 2,028,250
Senior Discount Notes
10.190% October 31, 2007
500,000 Nextlink Communications Inc 287,500
Senior Discount Notes
11.430% April 15, 2008
125,000 Piltel International Holdings 64,584
Convertible Company Guaranteed Bonds
1.750% July 17, 2006
300,000 Rogers Communications Inc 193,500
Convertible Debentures
2.000% November 26, 2005
2,075,000 Tele-Communications Inc 2,261,231
Senior Notes
7.125% February 15, 2028
500,000 Tele-Communications Inc 591,970
Debentures
7.875% February 15, 2026
1,850,000 Westinghouse Electric Corp 2,052,131
Debentures
7.875% September 1, 2023
$10,713,290
CONSTRUCTION --- 0.4%
500,000 Pulte Corp 499,215
Senior Notes
7.300% October 24, 2005
450,000 Schuler Homes Inc 378,000
Convertible Subordinated Debentures
6.500% January 15, 2003
$877,215
CONSUMER SERVICES --- 1.7%
250,000 AMF Bowling Worldwide 143,750
Senior Discount Notes
17.430% March 15, 2006
1,250,000 Bausch & Lomb Inc 1,244,550
Debentures
7.125% August 1, 2028
250,000 Columbia/HCA Healthcare 221,268
Medium Term Notes
7.580% September 15, 2025
2,000,000 Columbia/HCA Healthcare Corp 1,690,840
Notes
7.050% December 1, 2027
$3,300,408
CREDIT INSTITUTIONS --- 0.7%
350,000 DR Structured Finance Corp 319,830
Debentures
7.430% August 15, 2018
200,000 DR Structured Finance Corp 193,760
Pass Through Certificates
8.550% August 15, 2019
950,000 Sappi BVI Finance Ltd 852,625
Convertible Bonds
7.500% August 1, 2002
$1,366,215
ELECTRIC --- 4.0%
500,000 AES Corp 481,250
Senior Subordinated Notes
8.875% November 1, 2027
500,000 Boston Edison Co 537,085
Debentures
7.800% March 15, 2023
226,000 Commonwealth Edison Co 201,804
Debentures
4.750% December 1, 2011
1,000,000 Commonwealth Edison Co 1,143,360
Company Guaranteed Bonds
8.500% January 15, 2027
350,000 Empresa Nacional de Electridad SA 217,000
Convertible Subordinated Debentures
5.000% March 15, 2004
1,000,000 Korea Electric Power 837,400
Debentures
7.750% April 1, 2013
500,000 Korea Electric Power 414,580
Debentures
7.000% February 1, 2027
1,014,401 Korea Electric Power 835,734
Debentures
7.400% April 1, 2016
917,205 Mobil Energy Services LLC 243,059
First Mortgage Bonds
8.665% January 1, 2017
250,000 National Power Corp 205,000
Yankee Bond
9.625% May 15, 2028
500,000 Quezon Power Ltd 340,000
Bonds
8.860% June 15, 2017
1,300,000 Tata Electric Co# 984,750
Bonds
8.500% August 19, 2017
2,500,000 Tenaga Nasional Berhad# 1,321,350
Debentures
7.500% November 1, 2025
$7,762,372
ELECTRONICS - HIGH TECH --- 5.4%
500,000 Apple Computer Inc 721,250
Convertible Subordinated Notes
6.000% June 1, 2001
1,300,000 Apple Computer Inc 1,196,000
Notes
6.500% February 15, 2004
1,000,000 Broadband Technologies Inc 380,000
Convertible Subordinated Notes
5.000% May 15, 2001
650,000 Cirrus Logic Inc 475,313
Debentures
6.000% December 15, 2003
150,000 EDO Corp 112,313
Convertible Bonds
7.000% December 15, 2011
200,000 Intevac Inc 121,000
Convertible Subordinated Notes
6.500% March 1, 2004
500,000 Korea Electric Power 427,380
Debentures
6.750% August 1, 2027
600,000 Lam Research Corp 471,000
Convertible Subordinated Notes
5.000% September 1, 2002
250,000 Maxtor Corp 160,000
Convertible Debentures
5.750% March 1, 2012
150,000 National Semiconductor Corp 132,000
Convertible Subordinated Debentures
6.500% October 1, 2002
700,000 Read-Rite Corp 510,125
Convertible Subordinated Notes
6.500% September 1, 2004
50,000 Richardson Electronics Ltd 40,750
Convertible Debentures
7.250% December 15, 2006
250,000 Samsung Corp 230,625
Convertible Bonds
.250% June 26, 2006
1,000,000 Seagate Technology Inc 947,630
Debentures
7.875% March 1, 2017
1,500,000 Seagate Technology Inc 1,453,275
Debentures
7.450% March 1, 2037
2,500,000 Seagate Technology Inc 2,421,125
Senior Notes
7.370% March 1, 2007
100,000 Silicon Graphics Inc 81,750
Convertible Senior Notes
5.250% September 1, 2004
62,332 Streamlogic Corp* 623
Notes
14.000% October 7, 2000
850,000 Total Access Communication 637,500
Convertible Bonds
2.000% May 31, 2006
515,000 Zenith Electronics Corp 77,250
Convertible Subordinated Debentures
6.250% April 1, 2011
$10,596,909
ENVIRONMENTAL SERVICES --- 0.4%
350,000 Air & Water Technologies Corp 266,000
Convertible Debentures
8.000% May 15, 2015
725,000 Molten Metal Technology Inc* 0
Subordinated Notes
5.500% May 1, 2006
575,000 Molten Metal Technology Inc* 31,625
Convertible Subordinated Notes
5.500% May 1, 2006
495,000 Ogden Corp 476,438
Eurodollar Convert Suborbinated Bonds
5.750% October 20, 2002
$774,063
FINANCIAL SERVICES --- 5.0%
1,000,000 AMP Property LP 933,170
Bonds
7.500% June 30, 2018
1,200,000 APP Finance VII Mauritius 666,960
Convertible Notes Guaranteed
3.500% April 30, 2003
375,000 APP Finance VII Mauritius# 210,938
Convertible Notes Guaranteed
3.500% April 30, 2003
700,000 Bell Atlantic Financial Services 725,375
Convertible Bonds
5.750% April 1, 2003
2,000,000 First Industrial Realty Trust 1,769,020
Notes
7.600% July 15, 2028
2,000,000 KN Capital Trust III 1,878,010
Company Guaranteed Bonds
7.630% April 15, 2028
250,000 PYCSA Panama# 195,000
Bonds
10.280% December 15, 2012
2,000,000 Pan Pacific Ind# 695,580
Notes
13.090% April 28, 2007
2,900,000 Pindo Deli Fin Mauritius 1,392,000
Yankee Notes
10.875% October 1, 2027
1,100,000 Pindo Deli Fin Mauritius 598,125
Company Guaranteed Bonds
10.750% October 1, 2007
500,000 Siam Commercial Bank# 245,000
Bonds
7.500% March 15, 2006
875,000 Tjiwi Kimia FN Mauritius 459,375
Yankee Bonds
10.000% August 1, 2004
$9,768,553
FOREIGN BANKS --- 5.7%
1,600,000 Bangkok Bank Public Co Ltd 642,000
Convertible Bonds
3.250% March 3, 2004
3,800,000 Bangkok Bank Public Co Ltd# 2,204,000
Subordinated Notes
8.375% January 15, 2027
350,000 Bangkok Bank Public Co Ltd# 194,338
Subordinated Notes
8.250% March 15, 2016
19,425,000 International Bank for Reconstruction & Development 6,008,543
Senior Notes
8.160% August 20, 2007
1,000,000 International Bank for Reconstruction and Development 573,548
Debentures
8.000% May 23, 2007
400,000 Siam Commercial Bank 152,000
Convertible Bonds
3.250% January 24, 2004
2,625,000 Thai Farmers Bank# 1,475,828
Subordinated Bonds
8.250% August 21, 2016
$11,250,257
FOREIGN GOVERNMENTS --- 9.0%
1,000,000 Bangko Sentral Pilipinas 841,250
Bonds
8.600% June 15, 2027
1,250,000 Ecuador 527,125
Global Bonds
9.550% February 28, 2025
848,745 Equador 343,827
Global Bearer Bonds
6.406% February 27, 2015
15,900,000 Ontario Hydro Generic Residual 2,871,250
Zero Coupon
5.710% October 15, 2021
200,000 Petro Mexicanos# 144,000
Debentures
8.625% December 1, 2023
7,500,000 Republic Of South Africa 1,091,438
Bonds
12.000% February 28, 2005
250,000 Republic of Argentina 179,688
Brady Bond
5.750% March 31, 2023
4,710,480 Republic of Brazil 2,758,457
Capitalization Bonds
8.000% April 15, 2014
6,550,000 Republic of Brazil 4,404,875
Debentures
10.125% May 15, 2027
2,500,000 Republic of South Africa 369,470
Bonds
13.500% September 15, 2015
4,500,000 Republic of South Africa 643,364
Bonds
12.500% December 21, 2006
6,615,000 SCDA Generic Residual 980,175
Zero Coupon
24.440% May 30, 2005
4,250,000 Venezuela 2,592,500
Debentures
9.250% September 15, 2027
$17,747,419
FORESTRY --- 0.1%
125,000 Advance Argo Public Company Ltd 106,250
Convertible Unsubordinated Notes
3.500% June 17, 2001
$106,250
GAS --- 1.2%
1,000,000 KN Energy Inc 992,420
Debentures
7.250% March 1, 2028
132,500 NorAm Energy Corp 127,200
Convertible Subordinated Debentures
6.000% March 15, 2012
1,250,000 Tennessee Gas Pipeline 1,275,413
Debentures
7.000% October 15, 2028
$2,395,033
HIGHWAYS --- 0.0%
175,000 Builders Transport Inc* 228
Convertible Subordinated Debentures
8.000% August 15, 2005
$228
HOLDING & INVEST. OFFICES --- 1.4%
750,000 Federal Realty Investment Trust 699,375
Convertible Bonds
5.250% October 28, 2003
2,000,000 Security Capital Industrial Trust 1,874,900
Debentures
7.625% July 1, 2017
250,000 Sizeler Property Investors Inc 235,000
Convertible Subordinated Debentures
8.000% July 15, 2003
$2,809,275
INDUSTRIAL PRODS & SVCS --- 1.6%
1,260,000 Hyundai Motor Co# 989,100
Bonds
7.600% July 15, 2007
250,000 Petroleos Mexicanos 203,750
Company Guaranteed Bonds
9.500% September 15, 2027
1,750,000 Samsung Electronics Co# 1,181,250
Bonds
7.700% October 1, 2027
265,000 Telekom Malaysia Berhad 194,828
Unsubordinated Bonds
4.000% October 3, 2004
700,000 Total Access Communications# 476,000
Bonds
8.375% November 4, 2006
250,000 Total Access Communications# 180,000
Notes
7.625% November 4, 2001
$3,224,928
INSURANCE --- 1.7%
4,105,000 Loews Corp 3,263,475
Convertible Subordinated Notes
3.125% September 15, 2007
$3,263,475
MFTG - CONSUMER PRODS. --- 14.4%
750,000 Borden Inc 664,568
Debentures
7.875% February 15, 2023
1,000,000 Burlington Industries Inc 942,710
Bonds
7.250% August 1, 2027
450,000 Burns Philp Treasury 193,500
Convertible Notes
5.500% April 30, 2004
1,000,000 ConAgra Inc 1,026,740
Senior Notes
7.000% October 1, 2028
750,000 Dura Pharmaceuticals Inc 528,750
Convertible Subordinated Notes
3.500% July 15, 2002
125,000 Fieldcrest Cannon Inc 105,000
Convertible Debentures
6.000% March 15, 2012
550,000 Fruit of the Loom Inc Class A 489,297
Debentures
7.375% November 15, 2023
250,000 Kellwood Co 236,480
Debentures
7.625% October 15, 2017
6,685,000 Philip Morris Companies Inc 7,590,483
Debentures
7.750% January 15, 2027
250,000 Phillips Van-Heusen Corp 223,928
Debentures
7.750% November 15, 2023
750,000 Pohang Iron & Steel Co 617,880
Notes
7.125% November 1, 2006
250,000 RCN Corp 136,250
Senior Discount Notes
12.550% February 15, 2008
2,100,000 RCN Corp 1,144,500
Senior Discount Notes
12.560% July 1, 2008
475,000 RCN Corp 275,500
Senior Discount Notes
12.960% October 15, 2007
1,150,000 RJR Nabisco Inc 1,120,652
Notes
7.625% September 15, 2003
2,250,000 RJR Nabisco Inc 2,313,360
Notes
9.250% August 15, 2013
1,200,000 RJR Nabisco Inc 1,210,884
Notes
8.750% August 15, 2005
1,450,000 RJR Nabisco Inc 1,439,299
Debentures
8.500% July 1, 2007
600,000 Scholastic Corp# 549,750
Bonds
5.000% August 15, 2005
90,000 The Dixie Group Inc 68,400
Convertible Debentures
7.000% May 15, 2012
1,600,000 The Penn Traffic Co 128,000
Senior Subordinated Notes
9.625% April 15, 2005
5,175,000 Time Warner Inc 5,482,085
Company Guaranteed Bonds
6.950% January 15, 2028
750,000 Time Warner Inc 848,888
Debentures
7.570% February 1, 2024
830,000 Time Warner Inc 869,475
Bonds
6.875% June 15, 2018
$28,206,379
MFTG - INDUSTRIAL PRODS --- 3.6%
24,000 Bell Sports Corp 18,240
Convertible Subordinated Debentures
4.250% November 15, 2000
150,000 Chiron Corp 149,813
Convertible Subordinated Notes
1.900% November 17, 2000
50,000 Exide Corp# 29,313
Notes
2.900% December 15, 2005
1,750,000 Fox Family Worldwide Inc 1,102,500
Senior Discount Notes
11.300% November 1, 2007
500,000 Geneva Steel Co Class A 80,000
Senior Notes
9.500% January 15, 2004
100,000 Hexcel Corp 86,500
Convertible Debentures
7.000% August 1, 2003
75,000 Hexcel Corp 55,313
Convertible Debentures
7.000% August 1, 2011
500,000 Hyundai Semiconductor# 347,650
Bonds
8.625% May 15, 2007
1,000,000 Multicanal SA 797,500
Series C
10.500% April 15, 2018
525,000 NABI Inc 341,250
Convertible Bonds
6.500% February 1, 2003
1,500,000 New Brunswick FM Project# 800,612
Bonds
0.690% November 30, 2027
750,000 Perez Companc SA# 658,125
Bonds
8.125% July 15, 2007
750,000 Samsung Electronics 678,750
Convertible Bonds
1.110% December 31, 2007
1,000,000 Susa Partnership 919,280
Debentures
7.450% July 1, 2018
500,000 Susa Partnership 446,805
Debentures
7.500% December 1, 2027
100,000 Telxon Corp 77,750
Convertible Subordinated Notes
5.750% January 1, 2003
100,000 Thermedics Inc 67,000
Zero Coupon
9.270% June 1, 2003
600,000 Thermo TerraTech Inc# 507,750
Convertible Notes
4.625% May 1, 2003
$7,164,151
MINING --- 0.4%
1,000,000 Banpu Public Company Ltd 725,000
Convertible Bonds
2.750% April 10, 2003
$725,000
OIL & GAS --- 3.8%
4,700,000 Baker Hughes Inc 3,055,000
Convertible Notes
4.660% May 5, 2008
300,000 Diamond Offshore Drilling Inc 274,500
Convertible Subordinated Notes
3.750% February 15, 2007
1,150,000 Global Marine Inc 1,046,558
Notes
7.000% June 1, 2028
400,000 Key Energy Group Inc 178,500
Convertible Subordinated Notes
5.000% September 15, 2004
3,500,000 R&B Falcon Corp 2,669,940
Senior Notes
7.375% April 15, 2018
350,000 Ssangyong Oil Refining Co 201,250
Convertible Bond
3.000% December 31, 2004
$7,425,748
OTHER TRANS. SERVICES --- 0.1%
100,000 Preston Corp 76,250
Convertible Bonds
7.000% May 1, 2011
250,000 Worldway Corp 200,000
Convertible Subordinated Debentures
6.250% April 15, 2011
$276,250
RAILROADS --- 0.1%
350,000 Missouri Pacific Railroad 224,875
Debentures
5.000% January 1, 2045
$224,875
REAL ESTATE --- 3.7%
2,500,000 First Industrial Realty Trust 2,419,405
Notes
7.500% December 1, 2017
1,000,000 Highwoods/Forsyth LP 880,830
Senior Notes
7.500% April 15, 2018
1,100,000 Rockefeller Center Properties Inc 827,750
Convertible Debentures
14.740% December 31, 2000
2,500,000 Security Capital Group 2,213,925
Notes
7.700% June 15, 2028
1,000,000 Trinet Corporate Realty Trust Inc 900,980
Senior Notes
7.700% July 15, 2017
$7,242,890
RETAIL TRADE --- 2.2%
450,000 Boston Chicken Inc* 15,750
Convertible Bonds
4.500% February 1, 2004
500,000 Boston Chicken Inc* 3,750
Convertible Bonds
28.050% June 1, 2015
275,000 CML Group Inc 13,750
Convertible Jr Subordinated
5.500% January 15, 2003
100,000 Jacobson Stores Inc 81,000
Convertible Debentures
6.750% December 15, 2011
750,000 K Mart Corp 751,875
Debentures
7.950% February 1, 2023
2,250,000 Owens Corning 2,217,623
7.500% August 1, 2018
2,350,000 Shoney's Inc 587,500
Convertible Subordinated Notes
28.050% April 11, 2004
100,000 TPI Enterprises Inc 62,000
Debentures
8.250% July 15, 2002
750,000 Woolworth Corp 637,035
Debentures
8.500% January 15, 2022
$4,370,283
TELEPHONE --- 3.6%
5,775,000 Bell Atlantic Corp 5,893,369
Convertible Bonds
4.250% September 15, 2005
1,400,000 Nextel International Inc 626,500
Senior Discount Notes
16.060% April 15, 2008
1,000,000 Teligent Inc 495,000
Series B
14.630% March 1, 2008
$7,014,869
TRANSPORTATION --- 0.4%
100,000 American Presidents Company Ltd 55,000
Debentures
8.000% January 15, 2024
1,000,000 Milit-Air Inc 667,521
Bonds
5.750% June 30, 2019
$722,521
U.S. GOVERNMENTS --- 2.8%
14,150,000 Federal National Mortgage Association 4,214,192
Zero Coupon Bonds
6.580% October 29, 2007
500,000 United States of America 545,390
Treasury Notes
6.000% February 15, 2026
2,600,000 United States of America 687,154
Principal Strips
5.480% August 15, 2023
$5,446,736
U.S. MUNICIPAL --- 0.3%
2,000,000 Orange County California Pension 623,234
General Obligation Bonds
6.710% September 1, 2016
$623,234
WHOLESALE TRADE - INDL --- 1.0%
250,000 Einstein/Noah Bagel Corp 137,500
Convertible Bonds
7.250% June 1, 2004
1,050,000 Loxley Public Company Ltd 189,000
Convertible Bonds
2.500% April 4, 2001
750,000 Pioneer Standard Electronics Inc 733,932
Senior Notes
8.500% August 1, 2006
1,325,000 Telekom Malaysia Berhad# 858,136
Debentures
7.875% August 1, 2025
$1,918,568
WHOLESALE TRADE -CONSUMER --- 0.4%
50,000 Glycomed Inc 40,000
Convertible Subordinated Debentures
7.500% January 1, 2003
1,000,000 International Semi-Tech Microelectric 82,500
Senior Discount Notes
81.650% August 15, 2003
800,000 Kent Electronics Corp 606,000
Convertible Subordinated Notes
4.500% September 1, 2004
$728,500
TOTAL BONDS --- 96.0% $188,514,843
(Cost $199,595,102)
COMMON STOCK
ELECTRONICS - HIGH TECH --- 0.0%
550 Streamlogic Corp* 0
$0
RETAIL TRADE --- 0.2%
62,980 Advantica Restaurant Group 389,658
$389,658
TOTAL COMMON STOCK --- 0.2% $389,658
(Cost $809,134)
PREFERRED STOCK
ELECTRIC --- 0.4%
736 Central Louisiana Electric Company Inc 64,312
909 Commonwealth Energy System Co 77,265
1,304 Entergy Louisiana Inc 76,936
1,120 MDU Resources Group Inc 108,640
7,655 Nevada Power Co 131,130
2,255 New York State Electric & Gas Corp 133,185
2,850 Niagara Mohawk Power Corp 232,275
300 Northern States Power Co 19,256
$842,999
ELECTRONICS - HIGH TECH --- 0.3%
10,000 Unisys Corp 587,500
$587,500
FINANCIAL SERVICES --- 0.1%
2,500 Owens Corning Capital 124,062
$124,062
HOLDING & INVEST. OFFICES --- 0.1%
1,500 Equity Residential Properties Trust* 30,750
11,500 Hvide Capital Trust 166,750
$197,500
MFTG - INDUSTRIAL PRODS --- 0.7%
950 Aluminum Company of America 68,875
25,850 Bethlehem Steel Corp 1,050,156
1,000 EI DuPont De Nemours & Co 68,750
228 Hyperion Telecommunication* 181,260
$1,369,041
OIL & GAS --- 0.3%
1,250 Chesapeake Energy Corp 13,359
2,500 Chesapeake Energy Corp# 25,000
15,000 EVI Inc 463,125
$501,484
TOTAL PREFERRED STOCK --- 1.8% $3,622,586
(Cost $3,694,208)
SHORT-TERM INVESTMENTS
FOREIGN BANKS --- 1.9%
3,821,000 Canadian Imperial Bank of Commerce 3,821,000
$3,821,000
TOTAL SHORT-TERM INVESTMENTS --- 1.9% $3,821,000
(Cost $3,821,000)
TOTAL CORPORATE BOND PORTFOLIO --- 100.0% $196,348,087
(Cost $207,919,444)
<PAGE>
The Maxim Series Fund
Growth Index Portfolio
COMMON STOCK
AGENCY --- 1.5%
35,900 Federal Home Loan Mortgage Corp 2,313,288
28,900 Federal National Mortgage Association (nonvtg) 2,138,600
$4,451,888
AGRICULTURE --- 0.0%
2,000 Delta & Pine Land Co 74,000
600 Dole Food Company Inc 18,000
$92,000
AIR --- 0.1%
2,750 Comair Holdings Inc 92,813
500 FDX Corp* 44,500
3,800 Gulfstream Aerospace Corp* 202,350
900 Pittston Brinks Group 28,688
900 US Air Group Inc* 46,800
$415,151
COMMUNICATIONS --- 2.9%
600 AH Belo Corp Class A 11,962
7,217 AT&T Corp 543,079
2,800 Advanced Fibre Communications* 30,624
30,300 Airtouch Communications Inc* 2,185,388
18,600 CBS Corp 609,150
5,400 CIENA Corp* 78,975
2,300 Cabletron Systems Inc* 19,263
900 Cablevision Systems Corp* 45,168
6,000 Chancelor Media Corp* 287,250
9,700 Clear Channel Communications Inc* 528,650
13,823 Comcast Corp Class A 811,230
1,900 Cox Communications Inc* 131,338
5,900 Gannett Company Inc 380,550
3,600 General Instrument Corp* 122,173
2,800 Hearst-Argyle Television Inc* 92,400
2,100 Heftel Broadcasting Corp Class A* 103,425
2,300 Intermedia Communications Inc* 39,675
900 Jacor Communications Inc Class A* 57,938
1,900 Level 3 Communications Inc* 81,938
17,805 Liberty Media Group* 820,134
8,400 Mediaone Group Inc 394,800
2,800 Nextlink Communications Inc* 79,450
4,900 Paging Network Inc* 22,966
1,600 PanAmStat Corp* 62,299
2,700 Qualcomm Inc 139,892
2,930 Qwest Communications International Inc* 146,500
3,000 Reltec Corp* 66,561
600 Sinclair Broadcast Group Inc Class A* 11,737
900 TCA Cable TV Inc 32,118
10,600 Tele-Communications TCI* 249,757
1,200 Telephone & Data Systems Inc 53,924
200 United States Cellular Corp* 7,600
900 United Video Satellite Group Inc Class A* 21,263
1,300 Univision Communications Inc* 47,043
5,900 Viacom Inc Class B* 436,600
$8,752,820
CONSTRUCTION --- 0.0%
1,426 Clayton Homes Inc 19,696
200 Johns Manville Corp 3,287
1,500 Lennar Corp 37,875
$60,858
CONSUMER SERVICES --- 14.3%
13,500 Amgen Inc* 1,411,587
2,400 Apollo Group Inc Class A* 81,300
2,100 Arterial Vascular Engineering Inc* 110,250
200 Bausch & Lomb Inc 12,000
13,100 Baxter International Inc 842,487
1,400 Beckman Coulter Inc 75,950
13,100 Becton Dickinson & Co 559,200
600 Beverly Enterprises Inc* 4,050
3,700 Biogen Inc* 307,100
5,200 Biomet Inc 209,300
52,600 Bristol-Myers Squibb Co 7,038,511
20,614 CVS Corp 1,133,770
1,000 Capstar Broadcasting Corp* 22,875
45,103 Cendant Corp* 859,753
200 Circus Circus Enterprises Inc* 2,287
580 Crestline Capital Corp* 8,483
48,600 Eli Lilly & Co 4,319,325
3,200 First Health Group Corp* 52,998
3,500 Forest Laboratories Inc* 186,155
1,910 Foundation Health Systems* 22,800
3,400 Galileo International Inc 147,900
1,600 Genzyme Corp 79,600
4,600 H&R Block Inc 207,000
2,600 HCR Manor Care Inc* 76,375
2,450 Harrah's Entertainment Inc* 38,433
11,743 Health Management Associates Inc* 253,942
18,972 Healthsouth Corp* 292,871
1,100 Hertz Corporation 50,188
4,200 Hilton Hotels Corp 80,325
5,800 Host Marriott Corp* 80,110
5,100 Humana Inc* 90,841
800 IHS Group Inc* 41,300
5,000 IMS Health Inc 377,185
600 Integrated Health Services Inc* 8,475
1,300 International Home Foods Inc* 21,938
71,176 Johnson & Johnson 5,969,887
1,100 Keebler Foods Co* 41,388
2,200 Lincare Holdings Inc* 89,236
248 MGM Grand Inc* 6,727
12,900 Marriott International Inc 374,100
10,099 MedPartners Inc* 53,020
24,800 Medtronic Inc 1,841,400
63,000 Merck & Co Inc 9,304,281
3,100 Mirage Resorts Inc* 46,305
5,600 Modis Professional Services* 81,200
2,933 Nielsen Media Research 52,794
4,300 Omnicare Inc 149,425
452 Pacific Health Systems* 35,934
700 Penton Media Inc 14,175
2,973 Promus Hotel Corp* 96,251
4,050 Quorum Health Group Inc* 52,395
14,000 Republic Industries Inc* 206,500
400 Revlon Inc* 6,575
800 Sabre Group Holdings Inc* 35,600
11,700 Service Corporation International 445,325
13,600 Servicemaster Co 300,043
2,419 St Jude Medical Inc* 66,975
2,700 Stewart Enterprises Inc Class A 60,075
3,800 Stryker Corp 209,236
1,900 Suiza Foods Corp* 96,780
7,890 Tenet Healthcare Corp* 207,113
108,424 The Walt Disney Co 3,252,720
3,800 Total Renal Care Holdings Inc* 112,336
200 Trigon Healthcare Inc* 7,462
3,800 United Healthcare Corp 163,636
800 Universal Health Services Inc Class B* 41,500
1,000 Wellpoint Health Networks* 87,000
1,000 Whitman Corp 25,375
900 Young & Rubicam Inc* 29,138
$42,668,571
CREDIT INSTITUTIONS --- 2.6%
19,800 American Express Co 2,024,550
33,400 Associates First Capital Corp 1,415,325
6,300 Bank of New York Company Inc 253,575
3,500 Capital One Financial Corp 402,500
5,200 Concord EFS Inc* 220,350
500 Countrywide Credit Industries Inc 25,094
9,837 Fifth Third Bancorp 701,496
8,300 Household International Inc 328,888
34,568 MBNA Corp 862,022
2,000 Mellon Bank Corp 137,500
600 North Fork Bancorporation Inc 14,362
2,400 Northern Trust Corp 209,549
8,000 State Street Boston Corp 556,496
7,600 Synovus Financial Corp 185,250
700 TCF Financial Corp 16,931
6,550 Washington Mutual Inc 250,125
100 Wilmington Trust Co 6,163
3,700 Zions Bancorp 230,788
$7,840,964
ELECTRIC --- 0.1%
6,306 AES Corp* 298,747
200 Broadcom Corp* 24,150
$322,897
ELECTRONICS - HIGH TECH --- 20.1%
200 AVX Corp 3,387
2,600 Adaptec Inc* 45,661
1,300 Adobe Systems Inc 60,775
1,000 Advanced Micro Devices Inc* 28,937
4,300 American Power Conversion Corp* 208,279
7,600 Analog Devices Inc* 238,450
4,075 Andrew Corp* 67,238
18,400 Applied Materials Inc* 785,441
11,520 Ascend Communications Inc* 757,440
2,000 At Home Corp* 148,500
2,300 Atmel Corp* 35,218
100 Avnet Inc 6,050
600 Black & Decker Corp 33,637
13,000 Boston Scientific Corp* 348,556
83,050 Cisco Systems Inc* 7,708,037
2,100 Citrix Systems Inc* 203,830
2,600 Coltec Industries Inc* 50,700
90,000 Compaq Computer Corp 3,774,330
2,300 Comverse Technology Inc* 163,300
900 DST Systems Inc* 51,356
56,600 Dell Computer Corp* 4,142,384
2,200 Dentsply International Inc 56,650
975 Diebold Inc 34,795
900 Eastman Kodak Co 64,800
2,100 Emerson Electric Co 127,050
5,000 FORE Systems Inc* 91,560
3,820 Gateway 2000 Inc* 195,534
133,000 General Electric Co 13,574,209
27,200 Hewlett-Packard Co 1,858,086
1,900 Honeywell Inc 143,093
88,200 Intel Corp 10,457,168
6,200 International Business Machines Corp 1,145,450
5,500 International Game Technology 133,716
2,100 J D Edwards & Co* 59,588
2,400 KLA-Tencor Corp* 104,100
2,900 LSI Logic Corp* 46,763
4,000 Learning Company Inc* 103,748
3,300 Lexmark International Group Inc Class A* 331,650
4,000 Linear Technology Corp 358,248
1,700 MSC Industrial Direct Company Inc Class A* 38,463
6,300 Maxim Integrated Products Inc* 275,228
3,500 Maytag Corp 217,875
2,600 Micron Technology Inc* 131,461
2,015 Molex Inc 76,822
11,400 Motorola Inc 696,107
1,600 National Semiconductor Corp* 21,600
3,325 Netscape Communications Corp* 201,994
7,200 Network Associates Inc* 477,000
1,300 Novell Inc* 23,563
2,600 Perkin-Elmer Corp 253,661
600 Pixar Inc* 21,000
5,100 Quantum Corp* 108,375
2,500 SCI Systems Inc* 144,375
2,400 Safeskin Corp* 57,900
2,200 Sanmina Corp* 137,500
2,700 Scientific-Atlanta Inc 61,592
4,800 Seagate Technology Inc* 145,200
2,900 Siebel Systems Inc* 98,417
1,200 Sofamor Danek Group Inc* 146,100
5,800 Solectron Corp* 539,035
3,600 Steris Corp* 102,373
5,014 Sterling Commerce Inc* 225,630
4,800 Storage Technology Corp* 170,698
20,100 Sun Microsystems Inc* 1,721,063
2,725 Symbol Technologies Inc 174,228
150 Tektronix Inc 4,509
300 Teleflex Inc 13,688
9,200 Tellabs Inc* 630,770
2,100 Teradyne Inc* 88,988
15,500 Texas Instruments Inc 1,326,211
3,800 Thermo Electron Corp* 64,361
612 Thermo Instrument Systems Inc* 9,218
140 Thomas & Betts Corp 6,064
2,100 Uniphase Corp* 145,688
300 Varian Associates Inc 11,363
2,500 Veritas Software Corp* 149,843
3,200 Vitesse Semiconductor Corp* 146,000
1,600 Waters Corp* 139,600
17,320 Xerox Corp 2,043,760
3,500 Xilinx Inc* 227,938
3,700 Yahoo! Inc* 876,667
$59,899,642
ENVIRONMENTAL SERVICES --- 0.4%
6,600 Allied Waste Industries Inc* 155,925
20,582 Waste Management Inc 959,636
$1,115,561
FINANCIAL SERVICES --- 0.1%
1,100 Ocwen Financial Corp* 13,543
2,800 Starwood Financial Trust 168,000
$181,543
HOLDING & INVEST. OFFICES --- 1.0%
3,500 Bank One Corp 178,717
300 Equitable Companies Inc 17,363
200 Federated Investors Inc 3,625
700 Finova Group Inc 37,756
5,400 Firstar Corp 503,550
500 Green Point Financial Corp 17,563
5,800 MGIC Investment Corp 230,910
7,006 Meditrust Corp 105,966
4,200 National Commerce Bancorp 79,010
8,800 SLM Holding Corp 422,400
600 Sovereign Bancorp Inc 8,550
30,900 U S Bancorp 1,096,950
700 Waddell & Reed Financial 16,581
6,700 Wells Fargo Co* 267,578
$2,986,519
INDEPENDENT POWER PROD --- 0.0%
100 Calenergy Inc* 3,469
$3,469
INDUSTRIAL SERVICES --- 12.9%
1,300 Affiliated Computer Services Inc Class A* 58,500
5,100 Altera Corp* 310,463
24,200 America Online Inc 3,872,000
300 Arrow Electronics Inc* 8,006
2,200 Autodesk Inc 93,911
16,000 Automatic Data Processing Inc 1,282,992
11,400 BMC Software Inc* 508,007
11,700 Cadence Design Systems Inc* 348,075
2,500 Cambridge Technology Partners Inc* 55,313
3,400 Ceridian Corp* 237,361
2,000 Ciber Inc* 55,874
3,700 Cintas Corp 260,617
1,500 Comdisco Inc 25,313
21,925 Computer Associates International Inc 934,553
8,432 Computer Sciences Corp 543,333
8,400 Compuware Corp* 656,250
4,500 Corrections Corporation of America* 79,313
3,500 Dun & Bradstreet Corp 110,467
3,200 Electronic Arts Inc* 179,600
2,300 Electronic Data Systems Corp 115,575
7,800 Equifax Inc 266,659
19,670 First Data Corp 623,283
4,150 Fiserv Inc* 213,464
22,900 HBO & Co 656,932
1,500 I2 Technologies Inc* 45,563
7,400 Interpublic Group of Companies Inc 590,150
2,300 Intuit Inc* 166,750
3,000 Keane Inc* 119,811
700 Kelly Services Inc Class A 22,225
1,700 Lamar Advertising Co* 63,325
69,706 Lucent Technologies Inc 7,667,660
4,200 Manpower Inc 105,785
92,500 Microsoft Corp* 12,828,548
8,900 Omnicom Group Inc 516,200
39,850 Oracle Systems Corp* 1,718,531
4,100 Outdoor Systems Inc* 123,000
14,400 Parametric Technology Corp* 234,000
7,605 Paychex Inc 391,178
9,000 Peoplesoft Inc* 170,433
12,900 Pitney Bowes Inc 852,200
4,100 Platinum Technology Inc* 78,413
1,500 Policy Management Systems Corp* 75,750
3,100 Quintiles Transnational Corp* 165,463
2,000 Reynolds & Reynolds Co Class A 45,874
4,900 Robert Half International Inc* 218,966
1,400 Shared Medical Systems Corp 69,825
2,500 Snyder Communications Inc* 84,375
1,000 Sterling Software Inc* 27,062
5,100 Sungard Data System Inc* 202,404
3,300 Synopsys Inc* 179,025
1,962 Total System Services Inc 46,107
1,900 True North Communications Inc 51,063
$38,355,547
INSURANCE --- 1.2%
300 20th Century Industries 6,956
1,100 AON Corp 60,913
674 Aetna Inc 52,993
2,800 Aflac Inc 123,200
300 American Bankers Insurance Group Inc 14,513
6,550 American International Group Inc 632,894
17,149 Citigroup Inc 848,876
7,166 Conseco Inc 219,007
300 Everest Reinsurance Holdings Inc 11,681
300 Hartford Life Class A 17,475
700 Mercury General Corp 30,668
200 Nationwide Financial Services Inc 10,337
2,100 Progressive Corp 355,688
446 Provident Companies Inc 18,509
6,750 Providian Financial Corp 506,250
5,950 SunAmerica Inc 482,694
600 Unum Corp 35,025
$3,427,679
MFTG - CONSUMER PRODS. --- 11.9%
3,100 Anheuser-Busch Companies Inc 203,438
13,100 Avon Products Inc 579,675
5,200 Bed Bath & Beyond Inc* 177,450
11,200 Bestfoods 596,400
300 Brown-Forman Corp Class B 22,706
11,700 Campbell Soup Co 643,500
700 Central Newspapers Inc 50,006
120,600 Coca-Cola Co 8,065,125
11,700 Coca-Cola Enterprises Inc 418,275
15,500 Colgate-Palmolive Co 1,439,563
3,900 CompUSA Inc* 50,942
17,200 ConAgra Inc 541,800
600 Dean Foods Co 24,487
4,900 Dial Corp 141,488
500 Dow Jones & Company Inc 24,063
1,300 Ethan Allen Interiors Inc 53,300
5,300 Flowers Industries Inc 126,866
3,200 Fruit of the Loom Inc Class A* 44,198
2,700 Gartner Group Inc Class A* 57,375
4,200 General Mills Inc 326,550
58,764 Gillette Co 2,839,006
8,050 HJ Heinz Co 455,831
3,000 HON Industries Inc 71,811
700 Harcourt General Inc 37,231
1,200 Harte-Hanks Communications Inc 34,200
4,600 Herman Miller Inc 123,625
3,400 Hershey Foods Corp 211,436
2,000 Hillenbrand Industries Inc 113,750
2,000 Ikon Office Solutions Inc 17,124
500 International Flavors & Fragrances Inc 22,094
1,000 Interstate Bakeries Co 26,437
4,700 Jones Apparel Group Inc* 103,691
5,900 Kellogg Co 201,338
1,349 Lancaster Colony Corp 43,337
6,700 Leggett & Platt Inc 147,400
800 Liz Claiborne Inc 25,250
9,300 Masco Corp 267,375
15,183 Mattel Inc 346,355
1,400 McCormick & Company Inc (nonvtg) 47,337
800 McGraw-Hill Companies Inc 81,500
2,000 Meredith Corp 75,750
400 Mohawk Industries Inc* 16,825
800 New York Times Co Class A 27,750
6,600 Newell Co 272,250
77,700 Pepsico Inc 3,180,805
128,900 Philip Morris Companies Inc 6,896,150
12,800 Pioneer Hi-Bred International Inc 345,600
4,600 Primedia Inc* 54,050
400 Pulitzer Publishing Co Class B 34,650
5,000 Quaker Oats Co 297,500
12,300 Ralston-Ralston Purina Group 398,213
1,100 Readers Digest Association Inc Class A 27,706
3,100 Rubbermaid Inc 97,455
48,400 Sara Lee Corp 1,364,251
800 Shaw Industries Inc 19,400
1,300 Sodexho Marriott Services 35,993
4,700 Starbucks Corp* 263,788
3,400 The Times Mirror Co Class A 190,400
1,300 Tiffany & Co 67,438
30,050 Time Warner Inc 1,864,963
1,324 Tootsie Roll Industries Inc 51,802
3,000 Tribune Co 198,000
1,700 Tupperware Corp 27,943
500 Tyson Foods Inc Class A 10,625
1,100 US Foodservice Inc* 53,900
4,200 UST Inc 146,475
2,800 Unifi Inc 54,774
4,900 Viad Corp 148,838
1,400 Warnaco Group Inc Class A 35,350
2,000 Westpoint Stevens Inc* 63,124
3,900 Wm Wrigley Jr Co 349,292
$35,474,395
MFTG - INDUSTRIAL PRODS --- 12.5%
11,530 3Com Corp* 516,682
74,600 Abbott Laboratories 3,655,400
3,900 Alza Corp* 203,775
64,800 American Home Products Corp 3,649,018
3,700 American Standard Companies Inc* 133,200
500 Bemis Company Inc 18,969
1,750 Blyth Industries Inc* 54,688
1,600 Cabot Corp 44,699
1,300 Callaway Golf Co 13,325
200 Carlisle Companies Inc 10,325
3,100 Centocor Inc* 139,888
4,500 Chiron Corp* 117,842
3,600 Clorox Co 420,523
100 Cordant Technologies Inc 3,750
12,200 Corning Inc 549,000
450 Crane Co 13,584
3,800 Crompton & Knowles Corp 78,611
300 Crown Cork & Seal Company Inc 9,244
1,900 Cytec Industries Inc* 40,375
4,000 Danaher Corp 217,248
2,500 Dover Corp 91,563
16,700 EI DuPont De Nemours & Co 886,135
26,300 EMC Corp* 2,235,500
6,000 Ecolab Inc 217,122
11,625 Fort James Corp 465,000
8,000 Guidant Corp 882,000
200 Harsco Corp 6,087
2,000 Hercules Inc 54,750
2,000 Howmet International Inc* 32,250
10,700 Illinois Tool Works Inc 620,600
1,000 Immunex Corp* 125,812
25,660 Kimberly-Clark Corp 1,398,470
400 Lear Corp* 15,400
3,700 Meritor Automotive Inc 78,392
2,300 Millipore Corp 65,405
10,700 Minnesota Mining & Manufacturing Co 761,038
33,200 Monsanto Co 1,577,000
6,800 Mylan Laboratories Inc 214,200
400 Nucor Corp 17,300
1,800 Owens-Illinois Inc* 55,125
800 Pall Corp 20,250
200 Pentair Inc 7,962
68,700 Pfizer Inc 8,617,522
1,800 Praxair Inc 63,450
2,200 Raychem Corp 71,086
77,800 Schering-Plough Corp 4,298,450
4,415 Sealed Air Corp* 225,439
2,282 Smurfit - Stone Container Corp* 36,083
265 Sonoco Products Co 7,851
800 Southdown Inc 47,350
1,400 The BF Goodrich Co 50,225
2,400 The Stanley Works 66,600
2,300 UCAR International Inc* 40,968
1,100 USG Corp 56,031
4,100 United States Filter Co* 93,788
2,000 Valspar Corp 74,624
3,200 Varco International Inc* 24,800
900 WR Grace & Co 14,118
43,500 Warner-Lambert Co 3,270,635
4,400 Watson Pharmaceuticals Inc* 276,650
1,800 Western Digital Corp* 27,112
500 Witco Corp 7,969
200 Worthington Industries Inc 2,500
$37,090,758
MINING --- 0.0%
8,100 Freeport-McMoran Copper & Gold Inc Class B 84,540
$84,540
OIL & GAS --- 0.7%
4,800 Anadarko Petroleum Corp 148,200
1,900 BJ Services Company USA* 29,688
8,460 Baker Hughes Inc 149,632
2,300 Cooper Cameron Corp* 56,350
3,600 Diamond Offshore Drilling Inc 85,273
500 Dynegy Inc 5,469
1,000 Enron Corp 57,062
400 Enron Oil & Gas Co 6,900
5,500 Ensco International Inc 58,779
3,200 Global Industries Ltd* 19,600
8,300 Global Marine Inc* 76,252
18,000 Halliburton Co 533,250
300 KN Energy Inc 10,913
400 Keyspan Energy Corp 12,400
3,700 Nabors Industries Inc* 50,179
2,100 National-Oilwell Inc* 23,493
400 Noble Affiliates Inc 9,850
5,400 Noble Drilling Corp* 69,860
3,290 Ocean Energy Inc* 20,766
5,600 Oryx Energy Co* 75,247
1,000 Penzoil-Quaker State Co 16,313
7,322 R&B Falcon Corp* 55,830
3,000 Rowan Companies Inc* 30,000
600 Sempra Energy 15,225
2,600 Smith International Inc* 65,486
300 Sonat Inc 8,119
3,350 Transocean Offshore Inc 89,820
400 Vastar Resources Inc 17,275
4,350 Weatherford International* 84,281
2,800 Williams Companies Inc 87,324
$1,968,836
OTHER TRANS. SERVICES --- 0.0%
1,300 Tidewater Inc 30,143
$30,143
RAILROADS --- 0.1%
5,800 Kansas City Southern Industries Inc 285,285
$285,285
REAL ESTATE --- 0.1%
1,500 Amresco Inc* 13,125
2,700 Boston Properties Inc 82,350
3,300 Catellus Development Corp* 47,230
200 Post Properties Inc 7,687
600 The Rouse Co 16,500
$166,892
RETAIL TRADE --- 8.6%
2,700 Abercrombie & Fitch Co* 191,025
1,700 Albertson's Inc 108,268
1,600 Amazon Communications Inc* 514,000
7,300 Autozone Inc* 240,440
1,200 BJ Wholesale Club Inc* 55,574
2,800 Barnes & Noble Inc* 119,000
2,600 Best Buy Inc* 159,575
3,800 Borders Group Inc* 94,761
400 Brinker International Inc* 11,550
1,650 CKE Restaurants Inc 48,571
1,300 Circuit City Stores Inc 64,918
5,493 Consolidated Stores Corp* 110,887
1,400 Cracker Barrel Old Country Store Inc 32,637
21,800 Dayton Hudson Corp 1,182,650
8,688 Dollar General Corp 205,254
2,750 Dollar Tree Stores Inc* 120,139
7,300 Family Dollar Stores Inc 160,600
1,500 Fastenal Co 66,000
2,800 Food Lion Inc Class A 28,174
1,200 Fred Meyer Inc* 72,300
2,300 Furniture Brands International Inc* 62,675
23,300 Gap Inc 1,310,625
4,000 General Nutrition Companies Inc* 65,000
100 Hannaford Brothers Co 5,300
77,800 Home Depot Inc 4,760,349
2,200 Intimate Brands Inc Class A 65,725
7,600 Kohls Corp* 466,921
9,900 Kroger Co* 598,950
4,300 Limited Inc 125,238
16,500 Lowe's Companies Inc 844,586
23,500 McDonald's Corp 1,800,688
300 Neiman Marcus Group Inc* 7,481
1,000 Nordstrom Inc 34,687
2,500 Nu Skin Asia Pacific Inc* 59,063
11,350 Office Depot Inc* 419,235
2,850 Officemax Inc* 34,913
2,500 Outback Steakhouse Inc* 99,688
300 Payless Shoesource Inc* 14,213
500 Pep Boys - Manny Moe & Jack 7,844
4,900 Pier 1 Imports Inc 47,466
2,800 Polo Ralph Lauren Corp* 53,724
2,000 Rexall Sundown Inc* 28,000
4,800 Rite Aid Corp 237,898
2,500 Ross Stores Inc 98,438
25,754 Safeway Inc* 1,569,371
4,302 Saks Inc* 135,780
1,100 Sears Roebuck & Co 46,750
15,037 Staples Inc* 656,921
16,700 TJX Companies Inc 484,300
4,600 Tandy Corp 189,460
1,730 Tricon Global Restaurants* 86,716
800 US Office Products Co 3,100
700 Venator Group Inc* 4,506
73,500 Wal-Mart Stores Inc 5,985,620
26,400 Walgreen Co 1,546,037
600 Wendy's International Inc 13,087
1,400 Whole Foods Market Inc* 67,725
2,200 Williams-Sonoma Inc* 88,686
$25,713,089
SECURITIES & COMMODITIES --- 0.5%
17,250 Charles Schwab & Company Inc 969,226
8,800 Franklin Resources Inc 281,600
5,400 T Rowe Price & Associates Inc 184,950
$1,435,776
TELEPHONE --- 2.2%
7,100 ADC Telecommunications Inc* 246,725
4,620 Alltel Corp 276,331
5,300 Bell Atlantic Corp 280,900
7,200 Cincinnati Bell Inc 272,246
8,100 Frontier Corp 275,400
8,600 GTE Corp 559,000
3,200 Global Telesystems Group Inc* 178,400
37,019 MCI Worldcom Inc* 2,656,113
900 McLeod Inc* 28,125
26,802 SBC Communications Inc 1,437,257
1,200 Sprint Corp 100,950
3,850 Sprint PCS* 89,031
100 Teligent Inc* 2,875
$6,403,353
TRANSPORTATION --- 0.0%
300 CNF Transportation Inc 11,269
$11,269
TRANSPORTATION EQUIPMENT --- 1.3%
17,000 Allied-Signal Inc 753,304
2,800 Federal-Mogul Corp 166,600
1,900 General Motors Corp Series D* 75,405
8,100 Harley-Davidson Inc 383,738
1,800 Orbital Sciences Corp* 79,650
2,750 Sundstrand Corp 142,656
38,700 The Boeing Co 1,262,588
9,600 United Technologies Corp 1,044,000
$3,907,941
WHOLESALE TRADE - INDL --- 0.2%
4,100 McKesson Corp 324,154
5,300 Sybron International Corp* 144,091
$468,245
WHOLESALE TRADE -CONSUMER --- 3.1%
5,300 Avery Dennison Corp 238,829
2,250 Bergen Brunswig Corp Class A 78,469
10,637 Cardinal Health Inc 807,082
10,700 Costco Companies Inc* 772,401
1,900 Estee Lauder Companies 162,450
2,400 Ingram Micro Inc* 83,700
3,500 Nike Inc Class B 141,967
70,200 Procter & Gamble Co 6,410,102
2,800 Sunbeam-Oster Co 19,600
17,700 Sysco Corp 485,635
1,400 Tech Data Corp* 56,350
$9,256,585
TOTAL COMMON STOCK --- 98.5% $292,872,216
(Cost $199,975,399)
SHORT-TERM INVESTMENTS
FOREIGN BANKS --- 1.1%
3,389,000 Canadian Imperial Bank of Commerce 3,389,376
$3,389,376
U.S. GOVERNMENTS --- 0.4%
250,000 United States of America (1) 250,235
850,000 United States of America (1) 850,000
$1,100,235
TOTAL SHORT-TERM INVESTMENTS --- 1.5% $4,489,611
(Cost $4,489,611)
TOTAL GROWTH INDEX PORTFOLIO --- 100.0% $297,361,827
(Cost $204,465,010)
<PAGE>
The Maxim Series Fund
Mid-Cap Growth Portfolio
COMMON STOCK
COMMUNICATIONS --- 7.6%
29,500 Comcast Corp Class A 1,731,267
20,500 Cox Communications Inc* 1,417,063
19,500 Jacor Communications Inc Class A* 1,255,313
46,500 NOVA Corp* 1,612,946
53,900 OmniPoint Corp* 501,917
53,100 Paging Network Inc* 248,880
57,000 Univision Communications Inc* 2,062,659
82,000 Western Wireless Corp* 1,804,000
$10,634,045
CONSUMER SERVICES --- 16.3%
21,700 Biochem Pharma Inc* 621,163
21,500 Biogen Inc* 1,784,500
1,400 Cendant Corp* 26,687
39,500 Checkfree Holdings Corp* 923,313
67,500 Covance Inc* 1,965,938
57,200 Galileo International Inc 2,488,200
36,500 Henry Schein Inc* 1,633,375
59,800 Interim Services Inc* 1,397,825
25,500 Omnicare Inc 886,125
61,500 Premier Parks Inc* 1,860,375
41,500 Quorum Health Group Inc* 536,886
79,500 Romac International Inc* 1,768,875
47,500 Royal Caribbean Cruises Ltd 1,757,500
50,500 Suiza Foods Corp* 2,572,319
36,000 Teva Pharmaceutical Industries Ltd 1,464,732
42,700 Total Renal Care Holdings Inc* 1,262,297
$22,950,110
CREDIT INSTITUTIONS --- 2.4%
16,000 Capital One Financial Corp 1,840,000
64,500 North Fork Bancorporation Inc 1,543,937
$3,383,937
ELECTRONICS - HIGH TECH --- 15.4%
68,000 Analog Devices Inc* 2,133,500
29,500 Anixter International Inc* 599,204
28,500 DST Systems Inc* 1,626,267
27,500 KLA-Tencor Corp* 1,192,813
54,500 Learning Company Inc* 1,413,567
49,500 MSC Industrial Direct Company Inc Class A* 1,119,938
36,000 Maxim Integrated Products Inc* 1,572,732
20,500 Netscape Communications Corp* 1,245,375
28,500 Network Associates Inc* 1,888,125
24,000 PMC Sierra Inc* 1,515,000
4,600 Sanmina Corp* 287,500
99,500 Saville Systems PLC sponsored ADR* 1,890,500
34,900 Sterling Commerce Inc* 1,570,500
34,300 Teleflex Inc 1,564,938
30,500 Xilinx Inc* 1,986,313
$21,606,272
ENVIRONMENTAL SERVICES --- 2.0%
80,000 Allied Waste Industries Inc* 1,890,000
21,000 Waste Management Inc 979,125
$2,869,125
FINANCIAL SERVICES --- 1.2%
54,000 CIT Group Inc 1,717,848
$1,717,848
HOLDING & INVEST. OFFICES --- 4.0%
12,500 E Trade Group Inc* 584,763
3,300 Fairfax Financial Holdings* 1,138,138
33,000 Finova Group Inc 1,779,921
61,500 Waddell & Reed Financial Class A 1,456,751
28,000 Waddell & Reed Financial Class B 651,000
$5,610,573
INDUSTRIAL SERVICES --- 10.5%
39,000 Acxiom Corp* 1,209,000
61,500 Affiliated Computer Services Inc Class A* 2,767,489
17,000 BMC Software Inc* 757,554
5,100 Ciber Inc* 142,479
12,000 Intuit Inc* 870,000
33,700 National Data Corp 1,640,752
74,000 Outdoor Systems Inc* 2,220,000
87,500 Parametric Technology Corp* 1,421,875
45,000 Renaissance Worldwide Inc* 275,625
41,300 Sungard Data System Inc* 1,639,073
33,500 Synopsys Inc* 1,817,375
$14,761,222
INSURANCE --- 2.8%
33,000 Ace Ltd 1,136,421
29,500 Partnerre Ltd 1,349,625
35,000 Protective Life Corp 1,393,420
$3,879,466
MFTG - CONSUMER PRODS. --- 7.2%
17,500 Catalina Marketing Corp* 1,196,563
73,000 Gartner Group Inc Class A* 1,551,250
71,000 Jones Apparel Group Inc* 1,566,402
52,500 US Foodservice Inc* 2,572,500
30,500 Viad Corp 926,438
90,500 Warnaco Group Inc Class A 2,285,125
$10,098,278
MFTG - INDUSTRIAL PRODS --- 5.9%
18,000 Agouron Pharmaceutical Inc* 1,057,500
19,500 Alza Corp* 1,018,875
38,500 Danaher Corp 2,091,012
56,000 Gilead Sciences Inc* 2,299,472
22,900 Great Lakes Chemical Corp 916,000
9,000 Medimmune Inc* 894,933
$8,277,792
MINING --- 0.3%
96,000 Battle Mountain Gold Co 396,000
$396,000
OIL & GAS --- 2.1%
77,500 BJ Services Company USA* 1,210,938
50,100 Ocean Energy Inc* 316,231
58,700 Smith International Inc* 1,478,477
$3,005,646
RETAIL TRADE --- 12.0%
48,000 Autozone Inc* 1,580,976
37,000 BJ Wholesale Club Inc* 1,713,544
34,600 Borders Group Inc* 862,820
48,000 Circuit City Stores Inc 2,396,976
71,000 Family Dollar Stores Inc 1,562,000
28,500 Fred Meyer Inc* 1,717,125
52,500 General Nutrition Companies Inc* 853,125
39,500 Outback Steakhouse Inc* 1,575,063
47,000 Saks Inc* 1,483,414
39,400 Shopko Stores Inc* 1,310,050
37,000 Whole Foods Market Inc* 1,789,875
$16,844,968
SECURITIES & COMMODITIES --- 0.5%
22,000 Franklin Resources Inc 704,000
$704,000
TRANSPORTATION EQUIPMENT --- 0.9%
58,000 BE Aerospace Inc* 1,218,000
$1,218,000
WHOLESALE TRADE - INDL --- 1.2%
63,000 Sybron International Corp* 1,712,781
$1,712,781
WHOLESALE TRADE -CONSUMER --- 1.1%
21,000 Costco Companies Inc* 1,515,927
$1,515,927
TOTAL COMMON STOCK --- 93.4% $131,185,990
(Cost $107,987,016)
SHORT-TERM INVESTMENTS
CREDIT INSTITUTIONS --- 1.6%
2,200,000 American Express Credit Corp 2,198,243
$2,198,243
FOREIGN BANKS --- 4.3%
6,047,000 Canadian Imperial Bank of Commerce 6,047,000
$6,047,000
HOLDING & INVEST. OFFICES --- 0.7%
1,000,000 American General Finance Corp 999,215
$999,215
TOTAL SHORT-TERM INVESTMENTS --- 6.6% $9,244,458
(Cost $9,244,458)
TOTAL MID-CAP GROWTH PORTFOLIO --- 100.0% $140,430,448
(Cost $117,231,474)
<PAGE>
The Maxim Series Fund
Short-Term Maturity Bond Portfolio
BONDS
AGENCY --- 0.6%
698,526 Federal Home Loan Mortgage Corp 696,626
Pool #L90105
6.000% April 1, 1999
$696,626
CREDIT INSTITUTIONS --- 26.6%
1,000,000 American General Financial Corp 1,013,970
Notes
7.125% December 1, 1999
3,000,000 Associates Corporation of North America 3,029,910
Notes
5.875% May 16, 2001
2,000,000 Banc One Corp 2,032,880
Senior Medium Term Notes
6.700% March 24, 2000
1,000,000 CIT Group Holdings Inc 1,006,125
Notes
6.250% October 25, 1999
3,000,000 Conseco Inc 2,890,140
MOPPRS
6.400% June 15, 2001
2,000,000 Countrywide Funding Corp 2,021,540
Medium Term Notes
6.430% October 23, 2000
1,000,000 First National Bank Commerce 1,010,810
Bank Notes
6.500% January 14, 2000
2,000,000 General Electric Capital Corp 2,032,400
Medium Term Notes
6.040% August 16, 2000
3,000,000 General Motors Acceptance Corp 2,993,310
Medium Term Notes
5.350% December 7, 2001
2,000,000 Household Finance Corp 2,044,400
Medium Term Notes
7.150% June 15, 2000
4,000,000 International Business Machines Credit Corp 4,057,000
Notes
5.760% May 15, 2001
3,000,000 MBNA America Bank NA 2,972,100
Bank Notes
6.080% August 10, 2001
2,000,000 Sanwa Business Credit# 2,020,000
Medium Term Notes
6.540% June 20, 2000
$29,124,585
ELECTRIC --- 16.2%
2,000,000 Houston Lighting & Power Co 2,024,800
Secured Medium Term Notes
6.100% March 1, 2000
1,500,000 Idaho Power Co 1,546,230
First Mortgage Bonds
8.650% January 1, 2000
2,000,000 Monogahela Power 2,004,100
First Mortgage Bonds
5.625% April 1, 2000
2,000,000 National Rural Utilities Corp 2,036,800
Medium Term Notes
6.260% July 10, 2000
3,000,000 Pennsylvania Power & Light Co 3,044,610
Remarketable Putable Notes
6.125% May 1, 2001
2,000,000 Southwestern Electric Power Co 2,012,060
First Mortgage Bond
6.125% September 1, 1999
3,000,000 Washington Water Power Co 3,047,070
First Mortgage Medium Term Notes
6.240% October 2, 2000
2,000,000 Western Resources Inc 2,014,860
First Mortgage Bonds
7.250% July 1, 1999
$17,730,530
ELECTRONICS - HIGH TECH --- 1.9%
2,000,000 Texas Instruments Inc 2,040,160
Notes
6.875% July 15, 2000
$2,040,160
FOREIGN GOVERNMENTS --- 0.9%
1,000,000 Swedish Government 999,000
Eurodollar Medium Term Notes
4.500% March 24, 1999
$999,000
INSURANCE --- 2.8%
3,000,000 Travelers Property Casualty Corp 3,086,610
Notes
6.750% April 15, 2001
$3,086,610
LEASING --- 1.9%
2,000,000 International Lease Finance Corp 2,036,500
Medium Term Notes
6.510% July 10, 2000
$2,036,500
MFTG - CONSUMER PRODS. --- 1.9%
1,000,000 Donnelley & Sons 1,022,520
Medium Term Notes
7.960% November 8, 1999
1,000,000 Sara Lee Corp 1,007,063
Medium Term Notes
6.500% September 20, 1999
$2,029,583
MFTG - INDUSTRIAL PRODS --- 11.0%
2,000,000 Air Products & Chemicals Inc 2,013,100
Medium Term Notes
6.010% December 15, 1999
2,000,000 Alcan Aluminium Ltd 2,008,800
Notes
5.875% April 1, 2000
1,000,000 Caterpillar Inc 1,008,800
Medium Term Notes
6.800% August 24, 1999
3,000,000 Cooper Industries Inc 3,013,260
Medium Term Notes
5.640% February 15, 2001
1,000,000 Ingersoll-Rand Co 1,007,950
Medium Term Notes
6.540% August 10, 1999
3,000,000 Tyco International Group SA 3,028,890
Yankee Notes
6.125% June 15, 2001
$12,080,800
RAILROADS --- 1.9%
2,000,000 SNCB Belgium Rail 2,058,750
Euro Medium Term Note
8.250% February 2, 2000
$2,058,750
RETAIL TRADE --- 9.3%
4,000,000 Dillards Inc Class A 4,005,760
Resetable Putable Notes
6.170% August 1, 2001
3,150,000 J Sainsbury PLC 3,183,469
Eurodollar Medium Term Notes
6.625% December 31, 1999
1,000,000 JC Penney & Co Inc 1,006,040
Notes
6.875% June 15, 1999
1,000,000 Nordstrom Credit Inc 1,009,441
Medium Term Notes
6.875% September 15, 1999
1,000,000 Sears Roebuck Acceptance Corp 1,001,090
Medium Term Notes
6.380% February 16, 1999
$10,205,800
SECURITIES & COMMODITIES --- 2.8%
3,000,000 Merrill Lynch & Co 3,035,970
Medium Term Notes
6.020% May 11, 2001
$3,035,970
TELEPHONE --- 3.4%
1,635,000 Ameritech Capital Funding 1,650,843
Notes
5.650% January 15, 2001
2,000,000 Frontier Corp# 2,018,400
PATS
6.250% December 15, 1999
$3,669,243
U.S. GOVERNMENTS --- 15.7%
9,000,000 Federal National Mortgage Association 8,938,080
Notes
4.625% October 15, 2001
2,000,000 Federal National Mortgage Association 2,021,560
Medium Term Notes
6.420% October 1, 1999
2,000,000 United States of America 2,083,740
Treasury Notes
6.250% October 31, 2001
4,000,000 United States of America 4,135,000
Treasury Notes
5.875% November 30, 2001
$17,178,380
WHOLESALE TRADE -CONSUMER --- 2.8%
3,000,000 Cargill Inc 3,039,900
Eurodollar Medium Term Notes
6.250% March 13, 2000
$3,039,900
TOTAL BONDS --- 99.7% $109,012,437
(Cost $108,148,804)
SHORT-TERM INVESTMENTS
FOREIGN BANKS --- 0.3%
349,000 Canadian Imperial Bank of Commerce 349,000
$349,000
TOTAL SHORT-TERM INVESTMENTS --- 0.3% $349,000
(Cost $349,000)
TOTAL SHORT-TERM MATURITY BOND PORTFOLIO --- 100.0% $109,361,437
(Cost $108,497,804)
<PAGE>
The Maxim Series Fund
Value Index Portfolio
COMMON STOCK
AGENCY --- 0.8%
33,700 Federal National Mortgage Association (nonvtg) 2,493,800
$2,493,800
AGRICULTURE --- 0.0%
4,100 Agco Corp 32,288
2,600 Dole Food Company Inc 78,000
$110,288
AIR --- 1.0%
12,500 AMR Corp* 742,188
3,300 Airborne Freight Corp 119,005
4,100 Continental Airlines Inc Class B* 137,350
10,100 Delta Air Lines Inc 525,200
9,420 FDX Corp* 838,380
1,900 Northwest Airlines Corp* 48,568
1,600 Pittston Burlington Group 51,000
23,050 Southwest Airlines Co 517,173
1,300 UAL Corp* 77,593
5,000 US Air Group Inc* 260,000
$3,316,457
COMMUNICATIONS --- 5.3%
6,400 AH Belo Corp Class A 127,597
110,900 AT&T Corp 8,345,225
300 BHC Communications Inc 36,600
24,324 CBS Corp 796,611
6,000 Cabletron Systems Inc* 50,250
6,600 Cablevision Systems Corp* 331,234
976 Chris-Craft Industries Inc* 47,031
6,900 Comcast Corp Class A 404,940
3,400 Comsat Corp 122,400
2,100 Cox Communications Inc* 145,163
11,600 Gannett Company Inc 748,200
4,100 General Instrument Corp* 139,142
1,200 Jacor Communications Inc Class A* 77,250
18,600 Level 3 Communications Inc* 802,125
30,800 MediaOne Group Inc 1,447,600
400 Metro-Goldwyn-Mayer Inc* 5,275
7,900 Nextel Communications Inc* 186,638
900 PanAmStat Corp* 35,043
800 Qualcomm Inc 41,450
1,800 Scripps Howard Broadcasting Co Class A 89,550
1,300 Sinclair Broadcast Group Inc Class A* 25,431
1,100 TCA Cable TV Inc 39,256
12,300 Tele-Communications Inc* 289,813
35,900 Tele-Communications TCI* 1,985,701
2,100 Telephone & Data Systems Inc 94,368
5,800 USA Networks Inc* 192,125
420 United States Cellular Corp* 15,960
10,100 Viacom Inc Class B* 747,400
$17,369,378
CONSTRUCTION --- 0.1%
4,100 Centex Corp 184,754
5,750 Clayton Homes Inc 79,419
2,000 Johns Manville Corp 32,874
1,300 Lennar Corp 32,825
$329,872
CONSUMER SERVICES --- 1.8%
4,100 AMF Bowling Inc* 21,013
7,760 Allegiance Corp 361,810
4,300 Allergan Inc 278,425
3,100 Bausch & Lomb Inc 186,000
2,600 Baxter International Inc 167,211
4,100 Beverly Enterprises Inc* 27,675
3,700 CR Bard Inc 183,150
900 Capstar Broadcasting Corp* 20,588
4,600 Circus Circus Enterprises Inc* 52,610
42,600 Columbia/HCA Healthcare Corp 1,054,350
380 Crestline Capital Corp* 5,558
5,000 Foundation Health Systems* 59,685
3,000 Genzyme Corp 149,250
700 H&R Block Inc 31,500
2,400 HCR Manor Care Inc* 70,500
9,100 HRPT Properties Trust 127,964
3,800 Harrah's Entertainment Inc* 59,611
4,500 Healthsouth Corp* 69,467
8,300 Hilton Hotels Corp 158,738
3,800 Host Marriott Corp* 52,486
4,200 Humana Inc* 74,810
4,500 IMS Health Inc 339,467
2,900 Integrated Health Services Inc* 40,963
4,000 King World Productions Inc* 117,748
1,200 MGM Grand Inc* 32,550
7,200 Mirage Resorts Inc* 107,546
600 Omnicare Inc 20,850
2,146 Pacific Health Systems* 170,607
8,100 Patriot American Hospitality 48,600
400 Penton Media Inc 8,100
1,100 Promus Hotel Corp* 35,613
10,100 Republic Industries Inc* 148,975
700 Sabre Group Holdings Inc* 31,150
2,500 Service Corporation International 95,155
2,700 St Jude Medical Inc* 74,755
12,300 Starwood Hotels & Resorts 279,050
800 Steelcase Inc 13,150
2,000 Stewart Enterprises Inc Class A 44,500
11,087 Tenet Healthcare Corp* 291,034
2,700 Trigon Healthcare Inc* 100,742
6,300 United Healthcare Corp 271,291
500 Universal Health Services Inc Class B* 25,938
3,300 Wellpoint Health Networks* 287,100
5,700 Whitman Corp 144,638
$5,941,923
CREDIT INSTITUTIONS --- 11.4%
7,725 AmSouth Bancorp 352,453
5,400 American Express Co 552,150
4,400 Associated Banc-Corp 150,423
6,404 Associates First Capital Corp 271,370
3,755 Astoria Financial Corp 171,791
19,940 BB&T Corp 803,821
2,000 Bank United Corp Class A 78,500
44,000 Bank of New York Company Inc 1,771,000
20,180 BankBoston Corp 785,749
119,234 Bankamerica Corp 7,168,944
6,496 Bankers Trust New York Corp 554,999
9,318 Charter One Financial Inc 258,575
2,800 City National Corp 116,550
6,200 Colonial Bancgroup Inc 74,400
10,650 Comerica Inc 726,192
4,237 Commerce Bancshares Inc 180,073
4,900 Compass Bancshares Inc 186,504
7,000 Countrywide Credit Industries Inc 351,309
7,700 Crestar Financial Corp 554,400
1,937 Fifth Third Bancorp 138,131
7,600 First American Corp 337,250
11,625 First Security Corp 271,734
8,800 First Tennessee National Corp 334,946
62,588 First Union Corp 3,806,101
3,400 First Virginia Banks Inc 159,800
4,300 FirstMerit Corp 115,563
38,930 Fleet Financial Group Inc 1,739,665
3,400 Golden West Financial Corp 311,736
22,326 Household International Inc 884,668
14,536 Huntington Bancshares Inc 436,981
12,000 JP Morgan & Co Inc 1,260,744
31,164 Keycorp 997,248
7,300 Marshall & Ilsley Corp 426,590
15,292 Mellon Bank Corp 1,051,325
9,850 Mercantile Bancorporation Inc 454,331
4,950 Mercantile Bankshares Corp 190,575
22,640 National City Corp 1,641,400
9,200 North Fork Bancorporation Inc 220,220
3,400 Northern Trust Corp 296,861
5,836 Old Kent Financial Corp 271,374
20,665 PNC Bank Corp 1,118,493
5,600 Pacific Century Financial Corp 136,500
1,700 Peoples Bank of Bridgeport 46,963
9,400 Popular Inc 319,600
15,187 Regions Financial Corp 612,218
600 State Street Boston Corp 41,737
12,700 Suntrust Banks Inc 971,550
5,900 Synovus Financial Corp 143,813
5,100 TCF Financial Corp 123,354
1,300 US Trust Corp 98,800
9,333 Union Planters Corp 422,897
2,400 Unionbancal Corp 81,749
3,381 Valley National Bancorp 95,300
13,842 Wachovia Corp 1,210,303
3,680 Washington Federal Inc 98,208
32,249 Washington Mutual Inc 1,231,493
2,200 Wilmington Trust Co 135,575
600 Zions Bancorp 37,425
$37,382,424
ELECTRIC --- 6.2%
8,400 Allegheny Energy Inc 289,800
9,457 Ameren Corp 403,691
13,100 American Electric Power Company Inc 616,512
3,300 BEC Energy 135,917
10,300 Baltimore Gas & Electric Co 318,013
7,100 CMS Energy Corp 343,903
10,400 Carolina Power & Light Co 489,445
14,600 Central & South West Corp 400,580
10,316 Cinergy Corp 354,613
18,145 Citizens Utilities Co* 147,428
7,000 Conectiv Inc 171,500
16,000 Consolidated Edison Inc 846,000
11,150 DPL Inc 241,119
5,400 DQE Inc 237,260
10,000 DTE Energy Co 428,750
13,400 Dominion Resources Inc 626,450
24,745 Duke Energy Corp 1,585,214
24,100 Edison International 671,788
4,400 Energy East Corp 248,600
16,979 Entergy Corp 528,471
11,100 FPL Group Inc 684,038
16,252 Firstenergy Corp 529,198
6,200 Florida Progress Corp 277,834
8,800 GPU Inc 388,846
17,619 Houston Industries Inc 566,010
5,000 Illinova Corp 125,000
5,300 Interstate Energy Corp 170,925
2,750 Ipalco Enterprises Inc 152,452
4,300 Kansas City Power & Light Co 127,388
8,908 LG&E Energy Corp 252,203
6,500 MidAmerican Energy Holdings Co 174,688
3,800 Montana Power Co 214,936
4,200 New England Electric System 202,125
13,000 Niagara Mohawk Power Corp* 209,625
8,100 Nipsco Industries Inc 246,540
9,500 Northeast Utilities* 152,000
10,500 Northern States Power Co 291,375
11,098 PP&L Resources Inc 309,357
20,500 PacifiCorp 431,771
15,400 Peco Energy Co 641,025
5,800 Pinnacle West Capital Corp 245,775
8,200 Potomac Electric Power Co 215,758
15,600 Public Service Enterprise Group Inc 624,000
5,900 Puget Sound Power & Light Co 164,463
7,100 Scana Corp 228,975
47,900 Southern Co 1,392,070
9,100 Teco Energy Inc 256,502
19,317 Texas Utilities Co 901,853
14,900 Unicom Corp 574,574
4,000 Utilicorp United Inc 146,748
4,600 Western Resources Inc 152,950
7,900 Wisconsin Energy Corp 248,352
$20,384,410
ELECTRONICS - HIGH TECH --- 8.4%
14,800 AMP Inc 770,518
1,200 AVX Corp 20,324
4,300 Adaptec Inc* 75,517
2,800 Adobe Systems Inc 130,900
8,700 Advanced Micro Devices Inc* 251,752
1,600 Aeroquip-Vickers Inc 47,899
1,300 Analog Devices Inc* 40,788
700 Andrew Corp* 11,550
9,300 Apple Computer Inc* 380,714
1,300 Applied Materials Inc* 55,493
3,900 Atmel Corp* 59,717
2,300 Avnet Inc 139,150
5,300 Black & Decker Corp 297,129
900 DST Systems Inc* 51,356
200 Dentsply International Inc 5,150
3,400 Diebold Inc 121,336
21,000 Eastman Kodak Co 1,512,000
27,400 Emerson Electric Co 1,657,700
5,500 Harris Corp 201,438
25,100 Hewlett-Packard Co 1,714,631
6,200 Honeywell Inc 466,934
3,700 Hubbell Inc Class B 140,600
55,200 International Business Machines Corp 10,198,200
5,400 Johnson Controls Inc 318,600
2,900 KLA-Tencor Corp* 125,788
6,000 LSI Logic Corp* 96,750
2,300 Litton Industries Inc* 150,075
800 MSC Industrial Direct Company Inc Class A* 18,100
1,700 Maytag Corp 105,825
10,900 Micron Technology Inc* 551,126
2,800 Molex Inc 106,750
26,300 Motorola Inc 1,605,931
6,731 NCR Corp* 281,019
8,800 National Semiconductor Corp* 118,800
22,600 Novell Inc* 409,625
26,152 PG&E Corp 823,788
2,100 Pittway Corp Class A 69,430
2,400 Polaroid Corp 44,849
3,700 Quantum Corp* 78,625
23,100 Raytheon Co 1,230,075
800 SCI Systems Inc* 46,200
1,800 Scientific-Atlanta Inc 41,062
10,700 Seagate Technology Inc* 323,675
12,900 Silicon Graphics Inc* 166,088
700 Storage Technology Corp* 24,893
3,000 Tektronix Inc 90,186
2,200 Teleflex Inc 100,375
3,000 Teradyne Inc* 127,125
6,600 Texas Instruments Inc 564,709
6,100 Thermo Electron Corp* 103,316
100 Thermo Instrument Systems Inc* 1,506
3,700 Thomas & Betts Corp 160,254
17,500 Unisys Corp* 602,648
1,600 Varian Associates Inc 60,600
900 Vitesse Semiconductor Corp* 41,063
5,300 WW Grainger Inc 220,613
4,900 Whirlpool Corp 271,338
2,850 York International Corp 116,314
$27,547,917
ENVIRONMENTAL SERVICES --- 0.3%
11,959 Browning-Ferris Industries Inc 340,078
3,500 Ogden Corp 87,717
11,925 Waste Management Inc 556,003
$983,798
FINANCIAL SERVICES --- 0.1%
2,600 C.I.T. Group Inc 82,711
2,700 Heller Financial Inc 79,313
500 Ocwen Financial Corp* 6,156
$168,180
FORESTRY --- 0.7%
3,600 Boise Cascade Corp 111,600
6,400 Georgia-Pacific Corp (Timber Group) 152,397
6,100 Georgia-Pacific Group 357,228
21,018 International Paper Co 941,859
7,600 Louisiana-Pacific Corp 139,171
13,600 Weyerhaeuser Co 691,043
$2,393,298
GAS --- 1.4%
5,700 Columbia Gas System Inc 329,175
6,600 Consolidated Natural Gas Co 356,400
21,358 Enron Corp 1,218,730
2,600 KN Energy Inc 94,575
9,788 Keyspan Energy Corp 303,428
5,500 MCN Corp 104,841
2,700 National Fuel Gas Co 122,005
7,900 New Century Energies Inc 385,125
3,300 Nicor Inc 139,425
5,700 Questar Corp 110,438
7,200 Sonat Inc 194,846
11,700 Tenneco Inc 398,525
25,661 Williams Companies Inc 800,290
$4,557,803
HIGHWAYS --- 0.0%
4,900 Ryder System Inc 127,400
$127,400
HOLDING & INVEST. OFFICES --- 5.5%
76,153 Bank One Corp 3,888,524
5,000 Carramerica Realty Corp 120,000
1,800 Centura Banks Inc 133,875
58,032 Chase Manhattan Corp 3,949,774
10,751 Cincinnati Financial Corp 393,755
7,700 Dime Bancorp Inc 203,565
5,800 Duke Realty Investments Inc 134,850
5,900 Equitable Companies Inc 341,463
8,100 Equity Residential Properties Trust 327,540
900 Federated Investors Inc 16,313
2,900 Finova Group Inc 156,417
7,164 Firstar Corp 668,043
8,500 Golden State Bancorp 141,313
4,800 Green Point Financial Corp 168,600
10,800 Hibernia Corp 187,650
3,600 Keystone Financial Inc 133,200
2,900 Kimco Realty Corp 115,092
850 Liberty Financial Companies Inc 22,950
4,500 Liberty Property Trust 110,813
293 M & T Bank Corp 152,049
6,100 Peoples Heritage Financial Group Inc 122,000
4,733 Prologis Trust 98,210
1,700 Provident Financial Group Inc 64,175
5,200 Public Storage Inc 140,722
7,400 Republic New York Corp 337,159
11,350 SouthTrust Corp 419,235
10,100 Sovereign Bancorp Inc 143,925
11,900 Summit Bancorp 519,875
9,784 U S Bancorp 347,332
6,850 US Industries Inc 127,581
3,751 Waddell & Reed Financial 88,850
102,230 Wells Fargo Co* 4,082,760
62 Wesco Financial Corp 21,995
$17,879,605
INDEPENDENT POWER PROD --- 0.1%
2,700 Calenergy Inc* 93,655
5,600 OGE Energy Corp 162,400
$256,055
INDUSTRIAL SERVICES --- 0.9%
4,000 AC Nielsen Corp* 113,000
600 Affiliated Computer Services Inc Class A* 27,000
6,300 Arrow Electronics Inc* 168,128
6,000 Comdisco Inc 101,250
5,600 Deluxe Corp 204,747
7,000 Dun & Bradstreet Corp 220,934
3,200 EG&G Inc 88,998
22,000 Electronic Data Systems Corp 1,105,500
5,300 First Data Corp 167,941
300 Fiserv Inc* 15,431
5,200 Fluor Corp 221,322
300 Kelly Services Inc Class A 9,525
2,900 National Service Industries Inc 110,200
2,000 Pitney Bowes Inc 132,124
500 Policy Management Systems Corp* 25,250
2,420 RH Donnelley Corp 35,240
2,700 Reynolds & Reynolds Co Class A 61,930
3,400 Sterling Software Inc* 92,011
$2,900,531
INSURANCE --- 9.5%
4,600 20th Century Industries 106,660
8,900 AON Corp 492,838
8,900 Aetna Inc 699,763
14,600 Aflac Inc 642,400
291 Allegheny Generating Co 54,672
4,199 Allmerica Financial Corp 243,017
52,806 Allstate Corp 2,039,632
3,900 Ambac Inc 234,729
2,200 American Bankers Insurance Group Inc 106,425
2,300 American Financial Group Inc 100,913
17,225 American General Corp 1,343,550
63,475 American International Group Inc 6,133,272
700 American National Insurance Co 57,925
1,300 CNA Financial Corp* 52,325
11,200 Chubb Capital Corp 726,600
14,200 Cigna Corp 1,097,830
133,600 Citigroup Inc 6,613,200
12,299 Conseco Inc 375,882
4,700 Erie Indemnity Co Class A 146,875
2,800 Everest Reinsurance Holdings Inc 109,024
2,100 Financial Security Assurance Holdings Ltd 113,925
3,800 Fremont General Corp 94,050
5,240 General Re Corp 1,066,340
15,200 Hartford Financial Services Group Inc 834,100
1,400 Hartford Life Class A 81,550
3,000 Horace Mann Educators Corp 85,500
7,300 Jefferson-Pilot Corp 547,500
2,800 Leucadia National Corp* 88,200
6,900 Lincoln National Corp 564,503
4,900 Loews Corp 481,425
6,800 MBIA Inc 445,822
17,600 Marsh & McLennan Companies Inc 1,028,491
1,000 Mercury General Corp 43,812
1,400 Nationwide Financial Services Inc 72,362
2,300 Ohio Casualty Corp 94,588
9,525 Old Republic International Corp 214,313
1,900 Orion Capital Corp 75,643
4,400 Protective Life Corp 175,173
5,506 Provident Companies Inc 228,499
4,400 Reliance Group Holdings Inc 56,650
6,300 Reliastar Financial Corp 290,588
9,400 SafeCo Corp 403,608
15,562 St Paul Companies Inc 540,780
2,800 SunAmerica Inc 227,150
1,500 The PMI Group Inc 74,063
9,700 Torchmark Corp 342,526
4,300 TransAmerica Corp 496,650
1,200 Transatlantic Holdings Inc 90,674
3,900 Travelers Property Casualty Corp 120,900
1,900 Unitrin Inc 136,325
8,700 Unum Corp 507,863
$31,001,105
MFTG - CONSUMER PRODS. --- 4.4%
2,400 Alberto-Culver Co Class B 64,049
4,600 American Greetings Corp Class A 188,885
27,100 Anheuser-Busch Companies Inc 1,778,438
40,626 Archer-Daniels-Midland Co 698,239
5,100 Bestfoods 271,575
3,000 Brown-Forman Corp Class B 227,061
6,700 Brunswick Corp 165,825
900 Central Newspapers Inc 64,293
1,500 CompUSA Inc* 19,593
11,300 ConAgra Inc 355,950
2,000 Dean Foods Co 81,624
2,800 Dow Jones & Company Inc 134,750
5,000 General Mills Inc 388,750
13,000 HJ Heinz Co 736,125
2,800 Harcourt General Inc 148,924
1,700 Harte-Hanks Communications Inc 48,450
7,800 Hasbro Inc 281,775
2,000 Hershey Foods Corp 124,374
400 Hillenbrand Industries Inc 22,750
3,000 Hormel Foods Corp 98,250
5,800 IBP Inc 168,925
6,800 Ikon Office Solutions Inc 58,222
5,600 International Flavors & Fragrances Inc 247,447
1,600 Interstate Bakeries Co 42,299
7,400 Kellogg Co 252,525
5,400 Knight-Ridder Inc 276,075
550 Lancaster Colony Corp 17,669
4,800 Leggett & Platt Inc 105,600
3,500 Liz Claiborne Inc 110,467
11,300 Masco Corp 324,875
3,200 McCormick & Company Inc (nonvtg) 108,198
5,700 McGraw-Hill Companies Inc 580,688
1,900 Mohawk Industries Inc* 79,918
3,600 Nabisco Holdings Corp Class A 149,400
11,200 New York Times Co Class A 388,494
2,600 Newell Co 107,250
3,500 Premark International Inc 121,188
4,000 Primedia Inc* 47,000
2,900 Quaker Oats Co 172,550
22,174 RJR Nabisco Holdings Corp 658,280
7,000 RR Donnelley & Sons Co 306,684
3,100 Ralston-Ralston Purina Group 100,363
4,900 Readers Digest Association Inc Class A 123,416
6,300 Rubbermaid Inc 198,053
7,400 Shaw Industries Inc 179,450
500 Sodexho Marriott Services 13,844
500 Tiffany & Co 25,938
29,200 Time Warner Inc 1,812,210
2,800 Tribune Co 184,800
1,600 Tupperware Corp 26,299
7,600 Tyson Foods Inc Class A 161,500
1,400 US Foodservice Inc* 68,600
7,300 UST Inc 254,588
600 Unifi Inc 11,737
6,700 VF Corp 314,063
1,800 Warnaco Group Inc Class A 45,450
425 Washington Post Co Class B 245,623
7,700 Willamette Industries Inc 257,950
500 Wm Wrigley Jr Co 44,781
$14,292,099
MFTG - INDUSTRIAL PRODS --- 7.9%
9,700 3Com Corp* 434,676
7,400 Abbott Laboratories 362,600
15,800 Air Products & Chemicals Inc 632,000
10,400 Allegheny Teledyne Inc 212,545
12,608 Aluminum Company of America 940,078
6,200 American Home Products Corp 349,134
2,500 Armstrong World Industries Inc 150,780
3,000 Bemis Company Inc 113,811
3,700 Bowater Inc 153,317
2,600 Cabot Corp 72,636
3,600 Callaway Golf Co 36,900
1,600 Carlisle Companies Inc 82,600
5,200 Case Corp 113,422
24,600 Caterpillar Inc 1,131,600
6,600 Champion International Corp 267,300
800 Chiron Corp* 20,950
300 Clorox Co 35,044
4,000 Consolidated Papers Inc 110,000
6,600 Cooper Industries Inc 314,734
4,900 Cooper Tire & Rubber Co 100,141
2,300 Cordant Technologies Inc 86,250
3,625 Crane Co 109,428
7,100 Crown Cork & Seal Company Inc 218,765
500 Cytec Industries Inc* 10,625
400 Danaher Corp 21,725
16,300 Deere & Co 539,938
12,100 Dover Corp 443,163
15,200 Dow Chemical Co 1,382,242
55,700 EI DuPont De Nemours & Co 2,955,553
5,500 Eastman Chemical Co 246,125
6,800 Engelhard Corp 132,600
4,300 Fulton Financial Corp 96,750
10,700 Goodyear Tire & Rubber Co 539,676
3,600 Great Lakes Chemical Corp 144,000
3,300 Harnischfeger Industries Inc 33,617
2,800 Harsco Corp 85,224
4,300 Hercules Inc 117,713
5,300 ICN Pharmaceuticals Inc 119,913
7,920 IMC Global Inc 169,290
8,200 ITT Industries Inc 325,950
11,300 Ingersoll-Rand Co 530,388
1,100 Intl Specialty Products Inc* 14,918
18,500 Iomega Corp* 135,272
1,900 Kennametal Inc 40,375
4,032 Kimberly-Clark Corp 219,744
2,200 Lafarge Corp 89,100
4,100 Lear Corp* 157,850
3,900 Lubrizol Corp 100,179
2,700 Lyondell Petrochemical Co 48,600
4,900 Mallinckrodt Inc 150,979
3,165 Martin Marietta Materials Inc 196,822
7,000 Mead Corp 205,184
5,400 Millennium Chemicals Inc 107,325
13,600 Minnesota Mining & Manufacturing Co 967,300
8,400 Morton International Inc 205,800
4,600 Nalco Chemical Co 142,600
5,600 Nucor Corp 242,200
3,100 Olin Corp 87,767
6,800 Owens-Illinois Inc* 208,250
12,100 PPG Industries Inc 704,825
7,600 Pall Corp 192,371
7,550 Parker Hannifin Corp 247,263
2,400 Pentair Inc 95,549
34,800 Pharmacia & Upjohn Inc 1,970,550
8,600 Praxair Inc 303,150
7,625 RPM Inc (Ohio) 122,000
2,600 Raychem Corp 84,011
4,600 Reynolds Metals Co 242,360
10,800 Rockwell International Corp 524,470
7,800 Rohm & Haas Co 234,975
10,000 Sherwin-Williams Co 293,750
6,900 Sigma Aldrich Corp 202,688
5,161 Smurfit - Stone Container Corp* 81,606
4,100 Snap-On Inc 142,729
7,900 Solutia Inc 176,763
6,640 Sonoco Products Co 196,710
1,600 Southdown Inc 94,699
1,900 St Joe Corp 44,530
3,800 Temple-Inland Inc 225,386
3,300 The BF Goodrich Co 118,388
1,500 The Stanley Works 41,625
3,500 The Timken Co 66,063
3,000 Trinity Industries Inc 115,500
1,600 USG Corp 81,499
21,100 USX-Marathon Group 635,638
6,100 USX-US Steel Group 140,300
4,800 Union Camp Corp 324,000
8,500 Union Carbide Corp 361,250
6,500 United States Filter Co* 148,688
4,000 WR Grace & Co 62,748
3,800 Western Digital Corp* 57,236
6,150 Westvaco Corp 164,894
3,300 Witco Corp 52,592
5,200 Worthington Industries Inc 65,000
$25,879,274
MINING --- 0.3%
6,500 Cyprus Amax Minerals Co 65,000
14,700 Homestake Mining Co 135,049
11,527 Newmont Mining Corp 208,201
4,000 Phelps Dodge Corp 203,500
2,100 Vulcan Materials Co 276,280
$888,030
OIL & GAS --- 9.8%
5,400 Amerada Hess Corp 268,650
64,900 Amoco Corp 3,829,100
700 Anadarko Petroleum Corp 21,613
6,100 Apache Corp 154,403
4,700 Ashland Inc 227,363
22,000 Atlantic Richfield Co 1,435,500
2,600 BJ Services Company USA* 40,625
8,400 Baker Hughes Inc 148,571
12,172 Burlington Resources Inc 435,904
44,700 Chevron Corp 3,707,284
13,000 Coastal Corp 454,181
1,700 Dynegy Inc 18,593
7,826 El Paso Energy Corp 272,439
4,300 Enron Oil & Gas Co 74,175
2,300 Ensco International Inc 24,580
146,200 Exxon Corp 10,690,823
6,900 Halliburton Co 204,413
3,300 Kerr-McGee Corp 126,225
53,500 Mobil Corp 4,661,188
2,700 Murphy Oil Corp 111,375
1,800 Nabors Industries Inc* 24,412
3,400 Noble Affiliates Inc 83,725
2,100 Noble Drilling Corp* 27,168
23,700 Occidental Petroleum Corp 399,938
890 Ocean Energy Inc* 5,618
2,000 Penzoil-Quaker State Co 32,625
14,500 Phillips Petroleum Co 618,063
7,000 Pioneer Natural Resources Co 61,250
1,100 Rowan Companies Inc* 11,000
15,019 Sempra Energy 381,107
6,000 Sunoco Inc 216,372
36,601 Texaco Inc 1,935,278
10,600 Tosco Corp 274,275
2,600 Transocean Offshore Inc 69,711
6,100 Ultramar Diamond Shamrock Corp 147,925
17,400 Union Pacific Resources Group Inc 157,679
16,500 UnoCal Corp 481,586
3,400 Valero Energy Corp 72,250
600 Vastar Resources Inc 25,912
1,105 Weatherford International* 21,409
$31,954,308
OTHER TRANS. SERVICES --- 0.1%
1,800 FMC Corp* 100,800
3,400 GATX Corp 128,775
2,400 Tidewater Inc 55,649
$285,224
RAILROADS --- 1.0%
32,146 Burlington Northern Santa Fe Corp 1,084,928
14,900 CSX Corp 618,350
26,000 Norfolk Southern Corp 823,862
16,956 Union Pacific Corp 764,071
$3,291,211
REAL ESTATE --- 0.8%
5,100 AMB Property Corp 112,200
1,200 Amresco Inc* 10,500
3,300 Apartment Investment & Management Co Class A 122,717
6,700 Archstone Communities Trust 135,675
4,300 Arden Realty Inc 99,704
4,400 Avalonbay Communities Inc 150,700
2,800 CCB Financial Corp 159,600
7,000 Cornerstone Properties Inc 109,375
7,100 Crescent Real Estate Equities Inc 163,300
17,900 Equity Office Properties 429,600
4,100 Highwood Properties Inc 105,575
5,100 Indymac Mortgage Holdings Inc 53,866
4,000 Mack-Cali Realty Corp 123,500
2,100 Post Properties Inc 80,718
11,800 Simon Property Group Inc 336,300
4,300 Spieker Properties Inc 148,888
3,700 The Rouse Co 101,750
4,500 Trustmark Corp 101,813
4,200 Vornado Realty Trust 141,750
$2,687,531
RETAIL TRADE --- 3.8%
12,600 Albertson's Inc 802,456
18,800 American Stores Co 694,416
7,041 Autoliv Inc 261,834
1,100 BJ Wholesale Club Inc* 50,943
2,000 Best Buy Inc* 122,750
300 Borders Group Inc* 7,481
4,000 Brinker International Inc* 115,500
1,430 CKE Restaurants Inc 42,095
4,700 Circuit City Stores Inc 234,704
400 Consolidated Stores Corp* 8,075
2,500 Cracker Barrel Old Country Store Inc 58,280
9,700 Darden Restaurants Inc 174,600
1,900 Dayton Hudson Corp 103,075
7,100 Dillards Inc Class A 201,463
14,100 Federated Department Stores Inc* 614,224
21,300 Food Lion Inc Class A 214,321
11,800 Fortune Brands Inc 373,175
9,000 Fred Meyer Inc* 542,250
300 Furniture Brands International Inc* 8,175
11,700 Genuine Parts Co 391,213
2,100 Hannaford Brothers Co 111,300
15,100 JC Penney & Co Inc 707,813
34,000 K Mart Corp* 520,608
2,900 Kroger Co* 175,450
6,100 Limited Inc 177,663
15,900 May Department Stores Co 959,963
15,900 McDonald's Corp 1,218,338
3,100 Neiman Marcus Group Inc* 77,305
6,000 Nordstrom Inc 208,122
2,100 Office Depot Inc* 77,568
4,900 Officemax Inc* 60,025
200 Outback Steakhouse Inc* 7,975
3,700 Owens Corning 131,117
1,996 Payless Shoesource Inc* 94,561
3,700 Pep Boys - Manny Moe & Jack 58,042
11,500 Rite Aid Corp 569,963
4,122 Saks Inc* 130,099
23,100 Sears Roebuck & Co 981,750
800 Tandy Corp 32,950
18,000 Toys R Us Inc* 303,750
8,200 Tricon Global Restaurants* 411,025
1,400 US Office Products Co 5,425
7,800 Venator Group Inc* 50,209
800 Weis Markets Inc 31,100
6,800 Wendy's International Inc 148,322
6,200 Winn-Dixie Stores Inc 278,225
$12,549,698
SECURITIES & COMMODITIES --- 1.8%
6,487 AG Edwards Inc 241,641
7,278 Bear Stearns Companies Inc 272,015
1,900 Donaldson, Lufkin & Jenrette Inc 77,900
3,900 Legg Mason Inc 123,092
8,000 Lehman Brothers Holdings Inc 352,496
21,800 Merrill Lynch & Co Inc 1,455,150
39,620 Morgan Stanley Group 2,813,020
7,550 Paine Webber Group Inc 291,619
2,500 Raymond James Financial Inc 52,813
4,500 United Asset Management Corp 117,000
$5,796,746
TELEPHONE --- 11.2%
10,800 Alltel Corp 645,970
75,600 Ameritech Corp 4,791,150
99,658 Bell Atlantic Corp 5,281,874
134,200 Bellsouth Corp 6,693,225
5,750 Century Telephone Enterprises Inc 388,125
1,200 Frontier Corp 40,800
55,000 GTE Corp 3,575,000
77,853 MCI Worldcom Inc* 5,585,953
1,900 McLeod Inc* 59,375
99,445 SBC Communications Inc 5,332,738
22,000 Sprint Corp 1,850,750
6,950 Sprint PCS* 160,719
200 Teligent Inc* 5,750
34,440 US West Inc 2,225,685
$36,637,114
TRANSPORTATION --- 0.0%
2,500 CNF Transportation Inc 93,905
$93,905
TRANSPORTATION EQUIPMENT --- 4.2%
16,300 Allied-Signal Inc 722,286
2,500 Cummins Engine Company Inc 88,750
11,424 Dana Corp 466,956
4,900 Eaton Corp 346,366
1,800 Fleetwood Enterprises Inc 62,550
78,100 Ford Motor Co 4,583,455
7,600 General Dynamics Corp 445,550
44,800 General Motors Corp 3,205,978
4,800 General Motors Corp Class H* 190,498
11,769 Lockheed Martin Corp 997,423
4,700 Navistar International Corp* 133,950
4,700 Northrop Grumman Corp 343,688
200 Orbital Sciences Corp* 8,850
4,830 Paccar Inc 198,634
200 Sundstrand Corp 10,375
6,800 TRW Inc 382,072
8,900 Textron Inc 675,839
18,348 The Boeing Co 598,604
3,000 United Technologies Corp 326,250
$13,788,074
WATER --- 0.0%
4,700 American Water Works Company Inc 158,625
$158,625
WHOLESALE TRADE -CONSUMER --- 0.2%
4,050 Bergen Brunswig Corp Class A 141,244
1,100 Costco Companies Inc* 79,406
1,600 Nike Inc Class B 64,899
3,200 Reebok International Ltd* 47,600
2,100 Sunbeam-Oster Co 14,700
8,300 SuperValu Inc 232,400
1,600 Tech Data Corp* 64,400
$644,649
TOTAL COMMON STOCK --- 99.2% $324,090,732
(Cost $257,105,848)
SHORT-TERM INVESTMENTS
FOREIGN BANKS --- 0.5%
1,549,000 Canadian Imperial Bank of Commerce 1,549,376
$1,549,376
U.S. GOVERNMENTS --- 0.3%
250,000 United States of America (1) 250,235
850,000 United States of America (1) 850,000
$1,100,235
TOTAL SHORT-TERM INVESTMENTS --- 0.8% $2,649,611
(Cost $2,649,611)
TOTAL VALUE INDEX PORTFOLIO --- 100.0% $326,740,343
(Cost $259,755,459)
<PAGE>
Independent Auditors' Report
To the Shareholders and Board of Directors of
Maxim Series Fund, Inc.:
We have audited the accompanying statements 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 the Maxim Series Fund, Inc., (the "Series") as of December
31, 1998, and the related statements 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 the financial highlights for the period from September 9, 1997
(inception) to December 31, 1998. These financial statements and financial
highlights are the responsibility of the Series' 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, 1998, by correspondence with the custodian. 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 the
Aggressive Profile Portfolio, Conservative Profile Portfolio, Moderate Profile
Portfolio, Moderately Aggressive Profile Portfolio and Moderately Conservative
Profile Portfolio of the Maxim Series Fund, Inc. as of December 31, 1998, the
results of their operations for the year then ended, the changes in their net
assets for each of the two years in the period then ended and the financial
highlights for the period indicated, in conformity with generally accepted
accounting principles.
Deloitte & Touche LLP
Denver, Colorado
February 5, 1999
<PAGE>
MAXIM SERIES FUND, INC.
Financial Statements and Financial Highlights
For the Years Ended December 31, 1998
<PAGE>
MAXIM SERIES FUND, INC.
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1998
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------
MODERATELY MODERATELY
AGGRESSIVE CONSERVATIVE MODERATE AGGRESSIVE CONSERVATIVE
PROFILE PROFILE PROFILE PROFILE PROFILE
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
---------- ------------ ---------- ----------- ------------
ASSETS:
Investment in shares of Maxim Series Fund, Inc. at
value:
Bond Portfolio $ $ 2,313,084 $ $ $ 936,304
Corporate Bond Portfolio 1,573,851
Growth Index Portfolio 1,344,025 1,580,432
International Equity Portfolio 724,364 1,464,123
INVESCO ADR Portfolio 1,097,768 1,882,624 1,479,312 1,463,269
MidCap Portfolio 1,248,015 1,682,091
MidCap Growth Portfolio 1,180,819 2,027,164 1,591,432 1,051,030
Short-Term Maturity Bond Portfolio 5,359,240 1,795,621 2,324,373
Small-Cap Growth Portfolio 812,036
Small-Cap Value Portfolio 731,515 1,252,695 1,478,754
Stock Index Portfolio 758,523 1,667,709 1,302,535 1,533,200 1,013,155
T. Rowe Price Equity/Income Portfolio 1,065,335 2,334,522 1,216,475 2,153,299 1,417,356
U.S. Government Securities Portfolio 2,301,690 1,799,350 2,125,212 1,397,553
---------- ------------ ---------- ----------- ------------
Total assets 7,618,375 15,550,096 12,620,489 15,087,855 9,603,040
LIABILITIES:
Due to GW Capital Management 9,923 30,533 19,593 21,769 16,463
---------- ------------ ---------- ----------- ------------
Total liabilities 9,923 30,533 19,563 21,769 16,463
---------- ------------ ---------- ----------- ------------
NET ASSETS $ 7,608,452 $ 15,519,563 $ 12,600,896 $ 15,066,086 9,586,577
========== ============ ========== =========== ============
NET ASSETS REPRESENTED BY:
Capital stock, $.10 par value $ 704,853 $ 1,506,658 $ 1,199,766 $ 1,412,234 915,648
Additional paid-in capital 6,492,285 14,241,754 11,112,674 13,103,759 8,665,976
Net unrealized appreciation (depreciation) on 333,805 (94,904) 441,433 477,511 88,640
investments
Overdistributed net investment income (36,267) (303,157) (102,926) (114,376) (120,518)
Accumulated net realized gain (loss) on 113,776 169,212 (50,051) 186,958 36,831
investments
---------- ------------ ---------- ----------- ------------
NET ASSETS $ 7,608,452 $ 15,519,563 $ 12,600,896 $ 15,066,086 9,586,577
========== ============ ========== =========== ============
NET ASSET VALUE PER OUTSTANDING SHARE $ 1.0794$ 1.0301 $ 1.0503$ 1.0668 1.0470
========== ============ ========== =========== ============
(Offering and Redemption Price)
SHARES OF CAPITAL STOCK:
Authorized 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000
Outstanding 7,048,537 15,066,584 11,997,657 14,122,341 9,156,479
(1) Cost of Investments: 7,284,570 15,645,000 12,179,056 14,610,344 9,514,400
See notes to financial statements.
</TABLE>
<PAGE>
MAXIM SERIES FUND, INC.
STATEMENTS OF OPERATIONS
YEAR ENDED DECEMBER 31, 1998
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- ----------------------------------------------------------------------------------------------------------------------
MODERATELY MODERATELY
AGGRESSIVE CONSERVATIVE MODERATE AGGRESSIVE CONSERVATIVE
PROFILE PROFILE PROFILE PROFILE PROFILE
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
----------- ------------ ----------- ----------- ------------
INVESTMENT INCOME:
Income distributions received 47,168 $ 615,933 $ 193,917 $ 173,895 $ 237,295
----------- ------------ ----------- ----------- ------------
Total income 47,168 615,933 193,917 173,895 237,295
EXPENSES:
Management fee 9,631 30,453 19,268 21,186 16,225
----------- ------------ ----------- ----------- ------------
NET INVESTMENT INCOME: 37,537 585,480 174,649 152,709 221,070
----------- ------------ ----------- ----------- ------------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized (loss) on investments (81,917) (54,558) (239,491) (213,258) (74,304)
Net capital gain distributions received 201,496 223,759 191,267 400,742 111,137
Change in net unrealized appreciation 384,387 (90,103) 496,041 563,470 105,861
(depreciation) on investments
----------- ------------ ----------- ----------- ------------
Net realized and unrealized gain on 503,966 79,098 447,817 750,954 142,694
investments
----------- ------------ ----------- ----------- ------------
NET INCREASE IN NET ASSETS RESULTING FROM 541,503 $ 664,578 $ 622,466 $ 903,663 $ 363,764
OPERATIONS
=========== ============ =========== =========== ============
</TABLE>
See notes to financial statements.
<PAGE>
MAXIM SERIES FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
YEARS ENDED DECEMBER 31, 1998 AND 1997
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------------------
AGGRESSIVE PROFILE CONSERVATIVE PROFILE MODERATE PROFILE
PORTFOLIO PORTFOLIO PORTFOLIO
-------------------- ---------------------
--------- --------- ---------- --------------------
1998 1997 1998 1997 1998 1997
--------- --------- --------- ---------- ---------- --------
(A) (A) (A)
INCREASE IN NET ASSETS:
OPERATIONS:
Net investment income $ 37,537$ 3,203 $ 585,480$ 3,700 $ 174,649 $ 9,164
Net realized gain (loss) on investments (81,917) (5,050) (54,558) 442 (239,491) (1,800)
Net capital gain distributions received 201,496 52,277 223,759 3,228 191,267 51,574
Change in net unrealized appreciation 384,387 (50,582) (90,103) (4,801) 496,041 (54,608)
(depreciation) on investments
--------- --------- --------- ---------- ---------- --------
Net increase (decrease) in net assets 541,503 (152) 664,578 2,569 622,466 4,330
resulting from operations
DISTRIBUTIONS:
From net investment income (73,799) (3,208) (888,635) (3,702) (277,567) (9,172)
From net realized gains (753) (52,277) (424) (3,235) (51,602)
--------- --------- --------- ---------- ---------- --------
Total distributions (74,552) (55,485) (889,059) (6,937) (277,567) (60,774)
SHARE TRANSACTIONS:
Net proceeds from sales of shares 6,546,943 839,859 16,165,787 274,711 11,422,709 1,064,615
Reinvestment of distributions 74,552 55,485 889,059 6,937 277,567 60,774
Cost of shares redeemed (177,428) (142,273) (1,579,218) (8,864) (488,360) (24,864)
--------- --------- --------- ---------- ---------- --------
Net increase in net assets resulting 6,444,067 753,071 15,475,628 272,784 11,211,916 1,100,525
from share transactions
--------- --------- --------- ---------- ---------- --------
Total increase in net assets 6,911,018 697,434 15,251,147 268,416 11,556,815 1,044,081
NET ASSETS:
Beginning of period 697,434 0 268,416 0 1,044,081 0
--------- --------- --------- ---------- ---------- --------
End of period (1) $ 7,608,452$ 697,434 $ 15,519,56$ 268,416 $ 12,600,896 $1,044,081
========= ========= ========= ========== ========== ========
OTHER INFORMATION:
SHARES:
Sold 6,422,925 818,249 15,458,649 267,916 11,136,318 1,042,198
Issued in reinvestment of distributions 70,232 58,627 859,780 6,885 265,848 63,048
Redeemed (178,387) (143,109) (1,517,925) (8,721) (485,178) (24,577)
--------- --------- --------- ---------- --------------------
Net increase 6,314,770 733,767 14,800,504 266,080 10,916,988 1,080,669
========= ========= ========= ========== ====================
(1) Including overdistributed net investment (36,267) (5) (303,157) (2) (102,926) (8)
income
</TABLE>
See notes to financial statements.
(A) The portfolios commenced operations on (Continued) September 9, 1997.
<PAGE>
MAXIM SERIES FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
YEAR ENDED DECEMBER 31, 1998 AND 1997
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------------
MODERATELY AGGRESSIVE MODERATELY
PROFILE PORTFOLIO CONSERVATIVE PROFILE
PORTFOLIO
------------------------- ------------------------
---------- --------- ---------
1998 1997 1998 1997
---------- ---------- --------- ---------
(A) (A)
INCREASE IN NET ASSETS:
OPERATIONS:
Net investment income $ 152,709 $ 11,726 $ 221,070 $ 6,885
Net realized gain (loss) on investments (213,258) 417 (74,304) 1,058
Net capital gain distributions received 400,742 95,717 111,137 9,822
Change in net unrealized appreciation 563,470 (85,959) 105,861 (17,221)
(depreciation) on investments
---------- ---------- --------- ---------
Net increase in net assets resulting from 903,663 21,901 363,764 544
operations
DISTRIBUTIONS:
From net investment income (267,074) (11,737) (341,585) (6,888)
From net realized gains (194) (96,466) (1,060) (9,822)
---------- ---------- --------- ---------
Total distributions (267,268) (108,203) (342,645) (16,710)
SHARE TRANSACTIONS:
Net proceeds from sales of shares 12,734,238 1,631,720 8,966,737 537,422
Reinvestment of distributions 267,268 108,203 342,645 16,710
Cost of shares redeemed (202,784) (22,652) (278,899) (2,991)
---------- ---------- --------- ---------
Net increase in net assets resulting from 12,798,722 1,717,271 9,030,483 551,141
share transactions
---------- ---------- --------- ---------
Total increase in net assets 13,435,117 1,630,969 9,051,602 534,975
NET ASSETS:
Beginning of period 1,630,969 0 534,975 0
---------- ---------- --------- ---------
End of period (1) $ 15,066,086 $ 1,630,969 $ 9,586,577 $ 534,975
========== ========== ========= =========
OTHER INFORMATION:
SHARES:
Sold 12,389,055 1,596,235 8,559,794 16,902
Issued in reinvestment of distributions 252,502 112,142 327,507 525,930
Redeemed (204,800) (22,793) (270,729) (2,925)
---------- ---------- --------- ---------
Net increase 12,436,757 1,685,584 8,616,572 539,907
========== ========== ========= =========
(1) Including overdistributed net investment (114,376) (11) (120,518) (3)
income
</TABLE>
See notes to financial statements.
(A) The portfolios commenced operations on (Concluded) September 9, 1997.
<PAGE>
MAXIM SERIES FUND, INC.
AGGRESSIVE PROFILE PORTFOLIO
FINANCIAL HIGHLIGHTS
- -------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the periods
ended December 31, 1998 and 1997 are as follows:
Year Ended December 31,
--------------------------------
1998 1997
--------------- ---------------
(A)
Net Asset Value, Beginning of Period 0.9505 $ 1.0000
Income From Investment Operations
Net investment income 0.0060 0.0047
Capital gain distributions received 0.0286 0.0712
--------------- ---------------
Total distributions received 0.0346 0.0759
Net realized and unrealized gain (loss) on 0.1061 (0.0432)
investments
--------------- ---------------
Total from Investment Operations 0.1407 0.0327
--------------- ---------------
Less Distributions
From net investment income (0.0111) (0.0127)
From net realized gains (0.0007) (0.0695)
--------------- ---------------
Total Distributions (0.0118) (0.0822)
--------------- ---------------
Net Asset Value, End of Period 1.0794 $ 0.9505
=============== ===============
Total Return 14.84% 3.31%
Net Assets, End of Period 7,608,452 $ 697,434
Ratio of Expenses to Average Net Assets 0.25% 0.25%*
Ratio of Net Investment Income to Average Net 0.97% 2.38%*
Assets
Portfolio Turnover Rate 94.75% 59.90%
Portfolio turnover is calculated using the lesser of long-term purchases and
sales of portfolio securities for a period, divided by the monthly average of
the market value of the securities (excluding short-term securities) owned
during the period. Purchases and sales of investment securities for the year
ended December 31, 1998 were $10,247,272 and $3,629,093, respectively.
(A) The portfolio commenced operations on September 9, 1997.
* Annualized
(Continued)
<PAGE>
MAXIM SERIES FUND, INC.
CONSERVATIVE PROFILE PORTFOLIO
FINANCIAL HIGHLIGHTS
Selected data for a share of capital stock of the portfolio for the periods
ended December 31, 1998 and 1997 are as follows:
Year Ended December 31,
1998 1997
(A)
Net Asset Value, Beginning of Period 1.0088 $ 1.0000
Income From Investment Operations
Net investment income 0.0412 0.0145
Capital gain distributions received 0.0149 0.0121
-------------- ---------------
Total distributions received 0.0561 0.0266
Net realized and unrealized gain on 0.0266 0.0094
investments
-------------- ---------------
Total from Investment Operations 0.0827 0.0360
-------------- ---------------
Less Distributions
From net investment income (0.0613) (0.0159)
From net realized gains (0.0001) (0.0113)
-------------- ---------------
Total Distributions (0.0614) (0.0272)
-------------- ---------------
Net Asset Value, End of Period 1.0301 $ 1.0088
============== ===============
Total Return 8.25% 3.60%
Net Assets, End of Period 15,519,563 $ 268,416
Ratio of Expenses to Average Net Assets 0.25% 0.25%*
Ratio of Net Investment Income to Average Net 4.81% 8.83%*
Assets
Portfolio Turnover Rate 99.16% 25.56%
Portfolio turnover is calculated using the lesser of long-term purchases and
sales of portfolio securities for a period, divided by the monthly average of
the market value of the securities (excluding short-term securities) owned
during the period. Purchases and sales of investment securities for the year
ended December 31, 1998 were $27,795,003 and $12,368,743, respectively.
(A) The portfolio commenced operations on September 9, 1997.
* Annualized
(Continued)
<PAGE>
MAXIM SERIES FUND, INC.
MODERATE PROFILE PORTFOLIO
FINANCIAL HIGHLIGHTS
Selected data for a share of capital stock of the portfolio for the periods
ended December 31, 1998 and 1997 are as follows:
Year Ended December 31,
1998 1997
(A)
Net Asset Value, Beginning of Period 0.9661 $ 1.0000
Income From Investment Operations
Net investment income 0.0171 0.0090
Capital gain distributions received 0.0159 0.0477
-------------- ---------------
Total distributions received 0.0330 0.0567
Net realized and unrealized gain (loss) on 0.0769 (0.0308)
investments
-------------- ---------------
Total from Investment Operations 0.1099 0.0259
-------------- ---------------
Less Distributions
From net investment income (0.0257) (0.0144)
From net realized gains (0.0454)
-------------- ---------------
Total Distributions (0.0257) (0.0598)
-------------- ---------------
Net Asset Value, End of Period 1.0503 $ 0.9661
============== ===============
Total Return 11.41% 2.60%
Net Assets, End of Period 12,600,896 $ 1,044,081
Ratio of Expenses to Average Net Assets 0.25% 0.25%*
Ratio of Net Investment Income to Average Net 2.27% 5.51%*
Assets
Portfolio Turnover Rate 114.39% 31.39%
Portfolio turnover is calculated using the lesser of long-term purchases and
sales of portfolio securities for a period, divided by the monthly average of
the market value of the securities (excluding short-term securities) owned
during the period. Purchases and sales of investment securities for the year
ended December 31, 1998 were $19,857,542 and $8,538,009, respectively.
(A) The portfolio commenced operations on September 9, 1997.
* Annualized
(Continued)
<PAGE>
MAXIM SERIES FUND, INC.
MODERATELY AGGRESSIVE PROFILE PORTFOLIO
FINANCIAL HIGHLIGHTS
- -------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the periods
ended December 31, 1998 and 1997 are as follows:
Year Ended December 31,
---------------------------------
1998 1997
---------------
---------------
(A)
Net Asset Value, Beginning of Period 0.9676 $ 1.0000
Income From Investment Operations
Net investment income 0.0136 0.0075
Capital gain distributions received 0.0284 0.0568
--------------- ---------------
Total distributions received 0.0420 0.0643
Net realized and unrealized gain (loss) on 0.0790 (0.0279)
investments
--------------- ---------------
Total from Investment Operations 0.1210 0.0364
--------------- ---------------
Less Distributions
From net investment income (0.0217) (0.0141)
From net realized gains (0.0001) (0.0547)
--------------- ---------------
Total Distributions (0.0218) (0.0688)
--------------- ---------------
Net Asset Value, End of Period 1.0668 $ 0.9676
=============== ===============
Total Return 12.54% 3.66%
Net Assets, End of Period 15,066,086 $ 1,630,969
Ratio of Expenses to Average Net Assets 0.25% 0.25%*
Ratio of Net Investment Income to Average Net 1.80% 4.19%*
Assets
Portfolio Turnover Rate 123.12% 41.30%
Portfolio turnover is calculated using the lesser of long-term purchases and
sales of portfolio securities for a period, divided by the monthly average of
the market value of the securities (excluding short-term securities) owned
during the period. Purchases and sales of investment securities for the year
ended December 31, 1998 were $23,368,947 and $10,262,855, respectively.
(A) The portfolio commenced operations on September 9, 1997.
* Annualized
(Continued)
<PAGE>
MAXIM SERIES FUND, INC.
MODERATELY CONSERVATIVE PROFILE PORTFOLIO
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the periods
ended December 31, 1998 and 1997 are as follows:
Period Ended December 31,
--------------------------------
1998 1997
---------------
--------------
(A)
Net Asset Value, Beginning of Period 0.9909 $ 1.0000
Income from Investment Operations
Net investment income 0.0266 0.0132
Capital gain distributions received 0.0121 0.0182
--------------- --------------
Total distributions received 0.0387 0.0314
Net realized and unrealized gain (loss) on 0.0576 (0.0085)
investments
--------------- --------------
Total from Investment Operations 0.0963 0.0229
--------------- --------------
Less Distributions
From net investment income (0.0398) (0.0151)
From net realized gains (0.0004) (0.0169)
--------------- --------------
Total Distributions (0.0402) (0.0320)
--------------- --------------
Net Asset Value, End of Period 1.0470 $ 0.9909
=============== ==============
Total Return 9.75% 2.29%
Net Assets, End of Period 9,586,577 $ 534,975
Ratio of Expenses to Average Net Assets 0.25% 0.25%*
Ratio of Net Investment Income to Average Net 3.41% 6.02%*
Assets
Portfolio Turnover Rate 112.09% 32.97%
Portfolio turnover is calculated using the lesser of long-term purchases and
sales of portfolio securities for a period, divided by the monthly average of
the market value of the securities (excluding short-term securities) owned
during the period. Purchases and sales of investment securities for the year
ended December 31, 1998 were $16,571,603 and $7,535,333, respectively.
(A) The portfolio commenced operations on September 9, 1997.
* Annualized
(Concluded)
<PAGE>
MAXIM SERIES FUND, INC.
NOTES TO FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 1998
- ------------------------------------------------------------------------------
1. HISTORY OF THE FUND
Maxim Series Fund, Inc. (the Fund) is a Maryland corporation organized on
December 7, 1981, as an open-end management investment company. Interests
in the Aggressive Profile, Conservative Profile, Moderate Profile,
Moderately Aggressive Profile, and Moderately Conservative Profile
portfolios (the Portfolios) are represented by separate classes of
beneficial interest of the Fund. Shares of the Fund are sold only to
FutureFunds Series Account of Great-West Life & Annuity Insurance Company
(GWL&A) to fund benefits under certain individual and group variable
annuity contracts and variable life insurance policies issued by GWL&A.
The shares are sold at a price equal to the respective net asset value per
share of each class of shares.
2. SIGNIFICANT ACCOUNTING POLICIES
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the
financial statements and the reported amounts of revenue and expenses
during the reporting period.
Actual results could differ from those estimates.
The following is a summary of the significant accounting policies of the
Fund:
Dividends
Dividends from investment income of the Portfolios shall be declared and
reinvested semi-annually. Distributions of net realized capital gains, if
any, are declared and reinvested at least annually 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 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
GW Capital Management, Inc. serves as investment advisor. As compensation
for its services to the Fund for the Portfolios, the Investment Adviser
will receive monthly compensation at the annual rate of 0.25% of the
average daily net assets of each Portfolio. The Portfolios will also bear
the indirect expense of the underlying investments. The total expenses for
each of the underlying investments were: 0.60% of the average daily net
assets of the Short-Term Maturity Bond, Bond, Growth Index, Stock Index,
and U.S. Government Securities 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 and INVESCO Small-Cap Growth Portfolios; 0.95% of the
average daily net assets of the T. Rowe Price Equity/Income Portfolio;
1.30% of the average daily net assets of the Maxim INVESCO ADR Portfolio;
1.35% of the average daily net assets of the Small-Cap Value Portfolio and
1.50% of the average daily net assets of the International Equity
Portfolio.
4. UNREALIZED APPRECIATION (DEPRECIATION)
Gross unrealized appreciation (depreciation) of securities is as follows
as of December 31, 1998:
MODERATELY MODERATELY
AGGRESSIVE CONSERVATIVE MODERATE AGGRESSIVE CONSERVATIVE
PROFILE PROFILE PROFILE PROFILE PROFILE
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
----------- ------------ ---------- ---------- ------------
Gross 436,851 $ 128,064 $ 507,524 $ 696,295 $ 164,833
appreciation
Gross (103,046) (222,968) (66,091) (218,784) (76,193)
depreciation
----------- ------------ ---------- ---------- ----------
Net
unrealized
appreciation 333,805 $ (94,904) $ 441,433 $ 477,511 $ 88,640
(depreciation)
=========== ============ ========== ========== ==========
5. INVESTMENT IN SHARES OF MAXIM SERIES FUND, INC.
Shares owned and related values at December 31, 1998 are as follows:
Shares Value
Aggressive Profile Portfolio
International Equity Portfolio 610,035 $ 724,364
INVESCO ADR Portfolio 675,454 1,097,768
MidCap Portfolio 677,628 1,248,015
MidCap Growth Portfolio 876,526 1,180,819
Small-Cap Growth Portfolio 438,788 812,036
Small-Cap Value Portfolio 766,950 731,515
Stock Index Portfolio 211,754 758,523
T. Rowe Price Equity/Income 598,381 1,065,335
Portfolio
-------------
$ 7,618,375
=============
<PAGE>
Shares Value
Conservative Profile Portfolio
Bond Portfolio 1,900,849 $ 2,313,084
Corporate Bond Portfolio 1,415,548 1,573,851
Short-Term Maturity Bond Portfolio 5,252,274 5,359,240
Stock Index Portfolio 465,568 1,667,709
T. Rowe Price Equity/Income 1,311,262 2,334,522
Portfolio
U.S. Government Securities Portfolio 2,083,174 2,301,690
==========
$ 15,550,096
============
Shares Value
Moderate Profile Portfolio
Growth Index Portfolio 553,654 $ 1,344,025
INVESCO ADR Portfolio 1,158,373 1,882,624
MidCap Growth Portfolio 1,504,771 2,027,164
Short-Term Maturity Bond Portfolio 1,759,782 1,795,621
Small-Cap Value Portfolio 1,313,377 1,252,695
Stock Index Portfolio 363,623 1,302,535
T. Rowe Price Equity/Income Portfolio 683,274 1,216,475
U.S. Government Securities Portfolio 1,628,525 1,799,350
===========
$ 12,620,489
===========
Shares Value
Moderately Aggressive Profile Portfolio
Growth Index Portfolio 651,038 $ 1,580,432
International Equity Portfolio 1,233,037 1,464,123
INVESCO ADR Portfolio 910,217 1,479,312
MidCap Portfolio 913,316 1,682,091
MidCap Growth Portfolio 1,181,326 1,591,432
Small-Cap Value Portfolio 1,550,386 1,478,754
Stock Index Portfolio 428,017 1,533,200
T. Rowe Price Equity/Income 1,209,471 2,153,299
Portfolio
U.S. Government Securities Portfolio 1,923,451 2,125,212
==========
$ 15,087,855
==========
Shares Value
Moderately Conservative Portfolio
Bond Portfolio 769,437 $ 936,304
INVESCO ADR Portfolio 900,346 1,463,269
MidCap Growth Portfolio 780,184 1,051,030
Short-Term Maturity Bond Portfolio 2,277,980 2,324,373
Stock Index Portfolio 282,838 1,013,155
T. Rowe Price Equity/Income 796,105 1,417,356
Portfolio
U.S. Government Securities Portfolio 1,264,874 1,397,553
-----------
$ 9,603,040
===========
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Maxim Series Fund, Inc.
</LEGEND>
<CIK> 0000356476
<NAME> Maxim Series Fund, Inc.
<SERIES>
<NUMBER> 1
<NAME> Bond Portfolio
<MULTIPLIER> 1000
<CURRENCY> U.S. Dollar
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Dec-31-1998
<PERIOD-START> Jan-01-1998
<PERIOD-END> Dec-31-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 73751
<INVESTMENTS-AT-VALUE> 74470
<RECEIVABLES> 1658
<ASSETS-OTHER> 11
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 76139
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 39
<TOTAL-LIABILITIES> 39
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 76397
<SHARES-COMMON-STOCK> 62537
<SHARES-COMMON-PRIOR> 57993
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 1
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 1015
<ACCUM-APPREC-OR-DEPREC> 719
<NET-ASSETS> 76100
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4811
<OTHER-INCOME> 0
<EXPENSES-NET> 437
<NET-INVESTMENT-INCOME> 4374
<REALIZED-GAINS-CURRENT> (83)
<APPREC-INCREASE-CURRENT> 369
<NET-CHANGE-FROM-OPS> 4660
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4376
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10188
<NUMBER-OF-SHARES-REDEEMED> 9239
<SHARES-REINVESTED> 3595
<NET-CHANGE-IN-ASSETS> 5816
<ACCUMULATED-NII-PRIOR> 1
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 932
<GROSS-ADVISORY-FEES> 437
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 437
<AVERAGE-NET-ASSETS> 72916
<PER-SHARE-NAV-BEGIN> 1.212
<PER-SHARE-NII> 0.074
<PER-SHARE-GAIN-APPREC> 0.005
<PER-SHARE-DIVIDEND> 0.074
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.217
<EXPENSE-RATIO> 0.6
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
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Maxim Series Fund, Inc.
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Maxim Series Fund, Inc.
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<NAME> Maxim Series Fund, Inc.
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Maxim Series Fund, Inc.
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<NAME> Maxim Series Fund, Inc.
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Maxim Series Fund, Inc.
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<NAME> Maxim Series Fund, Inc.
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Maxim Series Fund, Inc.
</LEGEND>
<CIK> 0000356476
<NAME> Maxim Series Fund, Inc.
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Maxim Series Fund, Inc.
</LEGEND>
<CIK> 0000356476
<NAME> Maxim Series Fund, Inc.
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Maxim Series Fund, Inc.
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<NAME> Maxim Series Fund, Inc.
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Maxim Series Fund, Inc.
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<CIK> 0000356476
<NAME> Maxim Series Fund, Inc.
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Maxim Series Fund, Inc.
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<NAME> Maxim Series Fund, Inc.
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Maxim Series Fund, Inc.
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Maxim Series Fund, Inc.
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Maxim Series Fund, Inc.
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Maxim Series Fund, Inc.
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Maxim Series Fund, Inc.
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Maxim Series Fund, Inc.
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Maxim Series Fund, Inc.
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<NAME> Maxim Series Fund, Inc.
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Maxim Series Fund, Inc.
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<CIK> 0000356476
<NAME> Maxim Series Fund, Inc.
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Maxim Series Fund, Inc.
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Maxim Series Fund, Inc.
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Maxim Series Fund, Inc.
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Maxim Series Fund, Inc.
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Maxim Series Fund, Inc.
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Maxim Series Fund, Inc.
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Maxim Series Fund, Inc.
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Maxim Series Fund, Inc.
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<NAME> Maxim Series Fund, Inc.
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<EXPENSE-RATIO> 0.25
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
