MAXIM SERIES FUND, INC.
Financial Statements and Financial Highlights for
the Six Months Ended June 30, 1999 and 1998
<PAGE>
MAXIM SERIES FUND, INC.
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 1999
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------------
U.S.
GOVERNMENT
BOND SECURITIES
PORTFOLIO PORTFOLIO
-------------- ---------------
ASSETS:
Investments in securities, market value: (1) $ 69,129,627 $ 71,180,542
Dividends and interest receivable 1,057,712 564,881
Receivables for investments sold 581,000 3,920,617
-------------- ---------------
Total assets 70,768,339 75,666,040
-------------- ---------------
LIABILITIES:
Due to GW Capital Management 38,310 39,037
Redemptions payable 100,655 109,151
Payables for investments purchased 561,598 3,507,791
-------------- ---------------
Total liabilities 700,563 3,655,979
---------------
--------------
NET ASSETS $ 70,067,776 $ 72,010,061
============== ===============
NET ASSETS REPRESENTED BY:
Capital stock, $.10 par value $ 6,008,287 $ 6,752,844
Additional paid-in capital 67,416,587 67,562,095
Net unrealized (depreciation) on investments (2,658,304) (297,886)
Undistributed net investment income 55,096 87,078
Accumulated net realized loss on investments (753,890) (2,094,070)
-------------- ---------------
NET ASSETS $ 70,067,776 $ 72,010,061
============== ===============
NET ASSET VALUE PER OUTSTANDING SHARE $ 1.1662 $ 1.0664
============== ===============
(Offering and Redemption Price)
SHARES OF CAPITAL STOCK
Authorized 200,000,000 200,000,000
Outstanding 60,082,866 67,528,444
(1) Cost of investments in securities: 71,787,931 71,478,428
See notes to financial statements.
</TABLE>
<PAGE>
MAXIM SERIES FUND, INC.
STATEMENTS OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 1999
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- ----------------------------------------------------------------------------------------------------------------------------------
U.S.
GOVERNMENT
BOND SECURITIES
PORTFOLIO PORTFOLIO
---------------- ----------------
INVESTMENT INCOME:
Interest $ 2,433,357 $ 2,324,600
---------------- ----------------
Total income 2,433,357 2,324,600
EXPENSES:
Management fees 219,982 218,963
---------------- ----------------
NET INVESTMENT INCOME 2,213,375 2,105,637
---------------- ----------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments 261,660 146,426
Change in net unrealized appreciation (depreciation) on (3,377,358) (2,739,151)
investments
---------------- ----------------
Net realized and unrealized gain (loss) on investments (3,115,698) (2,592,725)
---------------- ----------------
NET (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ (902,323) $ (487,088)
================ ================
</TABLE>
See notes to financial statements.
<PAGE>
MAXIM SERIES FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
SIX MONTHS ENDED JUNE 30, 1999 AND 1998
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- --------------------------------------------------------------------------------------------------------------------------------
BOND U.S. GOVERNMENT
PORTFOLIO SECURITIES PORTFOLIO
---------------------------------- -------------------------------
1999 1998 1999 1998
-------------- ---------------- -------------- -------------
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income 2,213,375 $ 2,110,826 2,105,637 1,863,167
Net realized gain (loss) on investments 261,660 (25,409) 146,426 82,690
Change in net unrealized appreciation (depreciation)(3,377,358) 488,783 (2,739,151) 2,089
on investments
-------------- ---------------- -------------- -------------
Net increase (decrease) in net assets resulting (902,323) 2,574,200 (487,088) 1,947,946
from operations
-------------- ---------------- -------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (2,157,464) (2,138,659) (2,044,252) (1,861,611)
From net realized gains
-------------- ---------------- -------------- -------------
Total distributions (2,157,464) (2,138,659) (2,044,252) (1,861,611)
-------------- ---------------- -------------- -------------
SHARE TRANSACTIONS:
Net proceeds from sales of shares 4,666,535 4,045,312 7,586,176 9,853,333
Reinvestment of distributions 2,157,464 2,138,659 2,044,252 1,861,611
Redemptions of shares (9,796,318) (5,195,319) (13,964,153) (5,709,102)
-------------- ---------------- -------------- -------------
Net increase (decrease) in net assets resulting (2,972,319) 988,652 (4,333,725) 6,005,842
from share transactions
-------------- ---------------- -------------- -------------
Total increase (decrease) in net assets (6,032,106) 1,424,193 (6,865,065) 6,092,177
NET ASSETS:
Beginning of period 76,099,882 70,283,703 78,875,126 58,311,917
-------------- ---------------- -------------- -------------
End of period (1) 70,067,776 $ 71,707,896 72,010,061 64,404,094
============== ================ ============== =============
OTHER INFORMATION:
SHARES:
Sold 3,846,397 3,310,225 6,943,528 8,993,566
Issued in reinvestment of distributions 1,829,394 1,763,996 1,899,924 1,709,436
Redeemed (8,130,386) (4,236,499) (12,701,983) (5,190,873)
-------------- ---------------- -------------- -------------
Net increase (decrease) (2,454,595) 837,722 (3,858,531) 5,512,129
============== ================ ============== =============
(1) Including undistributed net investment income 55,096 47,577 87,078 80,576
</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 six months
ended June 30, 1999, and the years ended December 31, 1998, 1997, 1996, and 1995
is as follows:
Six Months Year Ended December 31,
Ended
----------------------------------------------------
June 30, 1999 1998 1997 1996 1995
--------------- ----------- ----------- ----------- ----------
Net Asset Value, Beginning of Period $ 1.2169 $ 1.2119 $ 1.2059 $ 1.2301$ 1.1352
Income From Investment Operations
Net investment income 0.0366 0.0740 0.0767 0.0745 0.0736
Net realized and unrealized gain (loss) (0.0516) 0.0050 0.0060 (0.0242) 0.0949
---------------- ------------ ----------- ----------- ----------
Total Income From Investment Operations (0.0150) 0.0790 0.0827 0.0503 0.1685
---------------- ------------ ----------- ----------- ----------
Less Distributions
From net investment income (0.0357) (0.0740) (0.0767) (0.0745) (0.0736)
---------------- ------------ ----------- ----------- ----------
Total Distributions (0.0357) (0.0740) (0.0767) (0.0745) (0.0736)
---------------- ------------ ----------- ----------- ----------
Net Asset Value, End of Period $ 1.1662 $ 1.2169 $ 1.2119 $ 1.2059 $ 1.2301
================ ============ =========== =========== ==========
Total Return (1.24)% 6.65% 7.07% 4.26% 15.21%
Net Assets, End of Period $ 70,067,776 $ 76,099,882 $ 70,283,703 $ 78,093,109 $ 80,025,099
Ratio of Expenses to Average Net Assets 0.60% * 0.60% 0.60% 0.60% 0.60%
Ratio of Net Investment Income to
Average Net Assets 6.04% * 6.00% 6.22% 6.10% 6.16%
Portfolio Turnover Rate 30.40% 42.50% 90.81% 117.39% 191.58%
</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 six
months ended June 30, 1999 were $ 21,716,716 and $23,548,606, respectively.
*Annualized
(Continued)
MAXIM SERIES FUND, INC.
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT SECURITIES PORTFOLIO
FINANCIAL HIGHLIGHTS
- ------------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the six months
ended June 30, 1999, and the years ended December 31, 1998, 1997, 1996, and 1995
is as follows:
Six Months Year Ended December 31,
Ended
--------------------------------------------------
June 30, 1999 1998 1997 1996 1995
---------------- ---------- ----------- ---------- -----------
Net Asset Value, Beginning of Period $ 1.1049 $ 1.0918 $ 1.0738 $ 1.1001$ 1.0138
Income From Investment Operations
Net investment income 0.0321 0.0646 0.0707 0.0675 0.0723
Net realized and unrealized gain (loss) (0.0394) 0.0126 0.0180 (0.0263) 0.0863
---------- ----------- ---------- -----------
----------------
Total Income from Investment Operations (0.0073) 0.0772 0.0887 0.0412 0.1586
---------------- ---------- ----------- ---------- -----------
Less Distributions
From net investment income (0.0312) (0.0641) (0.0707) (0.0675) (0.0723)
From net realized gains
---------------- ---------- ----------- ---------- -----------
Total Distributions (0.0312) (0.0641) (0.0707) (0.0675) (0.0723)
---------------- ---------- ----------- ---------- -----------
Net Asset Value, End of Period $ 1.0664 $ 1.1049 $ 1.0918 $ 1.0738$ 1.1001
================ ========== =========== ========== ===========
Total Return (0.67)% 7.24% 8.51% 3.92% 16.09%
Net Asset Value, End of Period $ 72,010,061 $ 78,875,126 $ 58,311,917 $ 64,077,863$ 62,473,959
Ratio of Expenses to Average Net Assets 0.60% * 0.60% 0.60% 0.60% 0.60%
Ratio of Net Investment Income to
Average Net Assets 5.78% * 5.91% 6.32% 6.22% 6.76%
Portfolio Turnover Rate 30.11% 56.64% 55.54% 145.02% 185.57%
</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 six
months ended June 30, 1999 were $21,297,923 and $26,339,350, respectively.
*Annualized
(Concluded)
<PAGE>
MAXIM SERIES FUND, INC.
NOTES TO FINANCIAL STATEMENTS
SIX MONTHS ENDED JUNE 30, 1999 AND 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 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 and Maxim Series Accounts 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 both 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 on a 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.
The portfolios may own certain investment securities which are
restricted as to resale under Rule 144A of the Securities Act of 1933.
These securities may be resold in transactions exempt from registration,
normally to qualified institutional buyers. These securities are valued
after giving due consideration to pertinent factors including recent
private sales, market conditions, and the issuer's financial
performance. Aggregate cost and fair value of these restricted
securities held at June 30, 1999 were as follows:
Bond Portfolio
-----------------
Aggregate Cost $ 12,159,053
Aggregate Fair Value $ 10,555,800
Percent of Net Assets 15.07%
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 June 30, 1999, 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.
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.
4. UNREALIZED APPRECIATION (DEPRECIATION)
Gross unrealized appreciation (depreciation) of securities is as follows
as of June 30, 1999:
U.S.
GOVERNMENT
BOND SECURITIES
PORTFOLIO PORTFOLIO
--------------- -----------------
Gross appreciation 145,148 $ 872,567
Gross depreciation (2,803,452) (1,170,453)
--------------- -----------------
Net unrealized appreciation (2,658,304) $ (297,886)
=============== =================
MAXIM SERIES FUND, INC.
Financial Statements and Financial Highlights for
the Six Months Ended June 30, 1999 and 1998
<PAGE>
MAXIM SERIES FUND, INC.
STATEMENTS OF ASSETS AND LIABILITIES
<TABLE>
JUNE 30, 1999
<S> <C> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------------
ARIEL
SMALL-CAP MONEY SMALL-CAP STOCK
VALUE MARKET INDEX INDEX
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
---------------- ----------------- ----------------- ----------------
ASSETS:
Investments in securities, market value: (1) 36,861,214 644,796,742 24,224,578 1,118,878,743
Cash 51,934 257,131 42,707 357,801
Dividends and interest receivable 69,393 1,739,168 25,109 1,105,201
Subscriptions receivable 58,714 103,062
Receivables for investments sold 321,000 52,071,000 811,565 12,710,718
Variation margin on futures contracts 18,125 317,293
---------------- ----------------- ----------------- ----------------
Total assets 37,362,255 698,864,041 25,225,146 1,133,369,756
---------------- ----------------- ----------------- ----------------
LIABILITIES:
Dividends payable 2,690,514
Due to GW Capital Management 38,615 267,894 12,695 588,179
Redemptions payable 437,822 786,750
Payables for investments purchased 406,070 57,478,158 837,459 7,461,001
---------------- ----------------- ----------------- ----------------
Total liabilities 444,685 60,874,388 850,154 8,835,930
---------------- ----------------- ----------------- ----------------
NET ASSETS 36,917,570 637,989,653 24,374,992 1,124,533,826
================ ================= ================= ================
NET ASSETS REPRESENTED BY:
Capital stock, $.10 par value 3,860,771 63,766,578 3,013,796 28,374,600
Additional paid-in capital 27,626,287 574,320,960 17,944,158 465,765,847
Net unrealized appreciation on investments 2,526,476 2,658,882 598,636,056
Undistributed (overdistributed) net investment income 3,245 (148) 558
Accumulated net realized gain (loss) on investments 2,900,791 (97,885) 758,304 31,756,765
---------------- ----------------- ----------------- ----------------
NET ASSETS 36,917,570 637,989,653 24,374,992 1,124,533,826
================ ================= ================= ================
NET ASSET VALUE PER OUTSTANDING SHARE 0.9562 1.0005 0.8088 3.9632
================ ================= ================= ================
(Offering and Redemption Price)
SHARES OF CAPITAL STOCK:
Authorized 100,000,000 700,000,000 200,000,000 500,000,000
Outstanding 38,607,705 637,665,778 30,137,959 283,745,997
(1) Cost of investments in securities: 34,334,738 644,796,742 21,598,496 520,715,242
See notes to financial statements.
</TABLE>
<PAGE>
MAXIM SERIES FUND, INC.
STATEMENTS OF OPERATIONS
<TABLE>
SIX MONTHS ENDED JUNE 30, 1999
<S> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------------------
ARIEL
SMALL-CAP MONEY SMALL-CAP STOCK
VALUE MARKET INDEX INDEX
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
---------------- -------------------------------------------
INVESTMENT INCOME:
Interest 42,034 15,508,635 49,931 226,258
Dividends 237,573 88,626 7,255,567
Less: Foreign withholding tax (33) (144,442)
---------------- -------------------------------------------
Total income 279,607 15,508,635 138,524 7,337,383
---------------- -------------------------------------------
EXPENSES:
Salaries 3,940
Legal and SEC fees 4,189
Directors' fees 152
Audit fees 3,029
Investment administration 24,607
Bank and custodial fees 7,393
Other expenses 1,592
Management fee 185,874 1,438,976 67,260 3,208,037
---------------- -------------------------------------------
Total expenses 230,776 1,438,976 67,260 3,208,037
Less amount paid by GW Capital Management 8,172
---------------- -------------------------------------------
Net expenses 222,604 1,438,976 67,260 3,208,037
---------------- -------------------------------------------
NET INVESTMENT INCOME 57,003 14,069,659 71,264 4,129,346
---------------- -------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain on investments 2,959,124 1,138,920 33,283,869
Net realized gain on futures contracts 175,515 473,548
Change in net unrealized appreciation (depreciation) on investments (2,366,048) (286,236) 80,897,754
Change in net unrealized appreciation on futures contracts 32,800 175,892
---------------- -------------------------------------------
Net realized and unrealized gain (loss) on investments 593,076 0 1,060,999 114,831,063
---------------- -------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 650,079 14,069,659 1,132,263 118,960,409
================ ===========================================
</TABLE>
See notes to financial statements.
<PAGE>
MAXIM SERIES FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
SIX MONTHS ENDED JUNE 30, 1999 AND 1998
<S> <C> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------------------------
ARIEL MONEY
SMALL-CAP VALUE MARKET
PORTFOLIO PORFOLIO
-------------------------- ----------------------------
1999 1998 1999 1998
------------ ------------ ------------- -------------
INCREASE IN NET ASSETS:
OPERATIONS:
Net investment income $ 57,003 $ 31,397 $ 14,069,659 $ 12,797,245 $
Net realized gain on investments 2,959,124 237,950
Net realized gain on futures contracts
Change in net unrealized appreciation (depreciation) on (2,366,048) 1,482,960
investments
Change in net unrealized appreciation on futures
contracts
------------ ------------ ------------- -------------
Net increase in net assets resulting from operations 650,079 1,752,307 14,069,659 12,797,245
------------ ------------ ------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (52,135) (76,359) (14,069,659) (12,797,245)
From net realized gains (430,627) (295,304)
------------ ------------ ------------- -------------
Total distributions (482,762) (371,663) (14,069,659) (12,797,245)
------------ ------------ ------------- -------------
SHARE TRANSACTIONS:
Net proceeds from sales of shares 5,833,268 10,619,876 190,447,270 199,627,165
Reinvestment of distributions 482,762 371,663 11,379,145 12,565,928
Redemptions of shares (8,312,829) (1,535,874) (183,253,426) (157,136,422)
------------ ------------ ------------- -------------
Net increase (decrease) in net assets resulting from (1,996,799) 9,455,665 18,572,989 55,056,671
share transactions
------------ ------------ ------------- -------------
Total increase (decrease) in net assets (1,829,482) 10,836,309 18,572,989 55,056,671
NET ASSETS:
Beginning of period 38,747,052 22,526,242 619,416,664 453,155,210
------------ ------------ ------------- -------------
End of period (1) $ 36,917,570 $ 33,362,551 $ 637,989,653 $ 508,211,881 $
============ ============ ============= =============
OTHER INFORMATION:
SHARES:
Sold 6,506,217 11,263,219 190,350,589 199,492,167
Issued in reinvestment of distributions 542,537 395,688 11,373,368 12,557,430
Redeemed (9,065,046) (1,650,116) (183,160,397) (157,030,158)
------------ ------------ ------------- -------------
Net increase (decrease) (2,016,292) 10,008,791 18,563,560 55,019,439
============ ============ ============= =============
(1) Including undistributed (overdistributed) net 3,245 1,117
investment income
See notes to financial statements.
- ---------------------------------------------------------------------------------------------------------------------------
SMALL-CAP STOCK
INDEX INDEX
PORTFOLIO PORTFOLIO
--------------------------- -----------------------------
1999 1998 1999 1998
------------ ------------ ------------- --------------
INCREASE IN NET ASSETS:
OPERATIONS:
Net investment income 71,264 $ 125,229 $ 4,129,346 $ 3,997,235
Net realized gain on investments 1,138,920 5,141,528 33,283,869 10,897,348
Net realized gain on futures contracts 175,515 473,548
Change in net unrealized appreciation (depreciation) on (286,236) 1,488,018 80,897,754 119,716,178
investments
Change in net unrealized appreciation on futures 32,800 175,892
contracts
------------ ------------ ------------- --------------
Net increase in net assets resulting from operations 1,132,263 6,754,775 118,960,409 134,610,761
------------ ------------ ------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (71,361) (712,095) (4,084,042) (4,050,974)
From net realized gains (493,128) (232,675) (4,789,932) (3,020,225)
------------ ------------ ------------- --------------
Total distributions (564,489) (944,770) (8,873,974) (7,071,199)
------------ ------------ ------------- --------------
SHARE TRANSACTIONS:
Net proceeds from sales of shares 3,333,210 16,550,849 25,941,466 40,917,983
Reinvestment of distributions 564,489 944,770 8,873,974 7,071,199
Redemptions of shares (3,709,109) (6,920,017) (50,090,520) (26,664,815)
------------ ------------ ------------- --------------
Net increase (decrease) in net assets resulting from 188,590 10,575,602 (15,275,080) 21,324,367
share transactions
------------ ------------ ------------- --------------
Total increase (decrease) in net assets 756,364 16,385,607 94,811,355 148,863,929
NET ASSETS:
Beginning of period 23,618,628 121,454,805 1,029,722,471 817,386,568
------------ ------------ ------------- --------------
End of period (1) 24,374,992 $ 137,840,412 $ 1,124,533,826$ 966,250,497
============ ============ ============= ==============
OTHER INFORMATION:
SHARES:
Sold 4,489,374 12,399,327 7,082,031 12,727,495
Issued in reinvestment of distributions 794,132 706,988 2,397,328 2,145,283
Redeemed (4,963,858) (5,395,408) (13,196,780) (8,386,174)
------------ ------------ ------------- --------------
Net increase (decrease) 319,648 7,710,907 (3,717,421) 6,486,604
============ ============ ============= ==============
(1) Including undistributed (overdistributed) net (148) (6,064) 558 24,588
investment income
See notes to financial statements.
</TABLE>
<PAGE>
MAXIM SERIES FUND, INC.
ARIEL SMALL-CAP VALUE PORTFOLIO
<TABLE>
FINANCIAL HIGHLIGHTS
<S> <C> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the six months
ended June 30, 1999, and the years ended December 31, 1998, 1997, 1996, and 1995
are as follows:
Six Months Ended Year Ended December 31,
---------------------------------------------------------------
June 30, 1999 1998 1997 1996 1995
------------------- ------------- -------------- ------------- --------------
Net Asset Value, Beginning of Period $ 0.9538 $ 0.9154 $ 1.2480 $ 1.0669 $ 0.9974
Income From Investment Operations
Net investment income 0.0015 0.0022 0.0067 0.0095 0.0286
Net realized and unrealized gain 0.0128 0.0721 0.3223 0.1811 0.1234
----------------- ------------- -------------- ------------- --------------
Total Income From Investment Operations 0.0143 0.0743 0.3290 0.1906 0.1520
----------------- ------------- -------------- ------------- --------------
Less Distributions
From net investment income (0.0014) (0.0022) (0.0067) (0.0095) (0.0636)
From net realized gains (0.0105) (0.0337) (0.6549) (0.0189)
----------------- ------------- -------------- ------------- --------------
Total Distributions (0.0119) (0.0359) (0.6616) (0.0095) (0.0825)
----------------- ------------- -------------- ------------- --------------
Net Asset Value, End of Period $ 0.9562 $ 0.9538 $ 0.9154 $ 1.2480 $ 1.0669
================= ============= ============== ============= ==============
Total Return 1.59% 8.28% 27.86% 17.94% 15.51%
Net Assets, End of Period $ 36,917,570 $ 38,747,052 $ 22,526,242 $ 36,599,651 $ 20,769,579
Ratio of Expenses to Average Net Assets
Before reimbursement 1.24% * 1.27% 1.33% 1.42% 1.52%
After reimbursement # 1.20% * 1.26% 1.28% 1.31% 1.35%
Ratio of Net Investment Income
to Average Net Assets 0.31% * 0.27% 0.64% 0.90% 2.51%
Portfolio Turnover Rate 31.30% 26.29% 82.83% 30.61% 17.78%
</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 six
months ended June 30, 1999 were $11,274,953 and $11,969,491, respectively.
*Annualized
# Percentages are shown net of expenses reimbursed by Great-West Life Assurance
Company or GW Capital Management, LLC.
(Continued)
MAXIM SERIES FUND, INC.
MONEY MARKET PORTFOLIO
<TABLE>
FINANCIAL HIGHLIGHTS
<S> <C> <C> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the six months
ended June 30, 1999, and the years ended December 31, 1998, 1997, 1996, and 1995
are as follows:
Six Months Ended, Year Ended December 31,
-----------------------------------------------------------------
June 30, 1999 1998 1997 1996 1995
------------------- --------------- ---------------- -------------- --------------
Net Asset Value, Beginning of Period 1.0005 $ 1.0007 $ 1.0007 $ 1.0007 $ 1.0007
Income From Investment Operations
Net investment income 0.0183 0.0505 0.0512 0.0493 0.0555
Net realized and unrealized gain (loss) (0.0002)
------------------- --------------- ---------------- -------------- --------------
Total Income From Investment Operations 0.0183 0.0503 0.0512 0.0493 0.0555
------------------- --------------- ---------------- -------------- --------------
Less Distributions
From net investment income (0.0183) (0.0505) (0.0512) (0.0493) (0.0555)
------------------- --------------- ---------------- -------------- --------------
Total Distributions (0.0183) (0.0505) (0.0512) (0.0493) (0.0555)
------------------- --------------- ---------------- -------------- --------------
Net Asset Value, End of Period 1.0005 $ 1.0005 $ 1.0007 $ 1.0007 $ 1.0007
===================
=============== ================ ============== ==============
Total Return/Yield 2.28% 5.15% 5.24% 5.04% 5.62%
Net Assets, End of Period 637,989,653 $ 619,416,664 $ 453,155,210 $ 396,453,188$ 277,257,289
Ratio of Expenses to Average Net Assets 0.46% * 0.46% 0.46% 0.46% 0.46%
Ratio of Net Investment Income to
Average Net Assets 4.50% * 5.05% 5.14% 4.99% 5.55%
</TABLE>
*Annualized
(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 six months
ended June 30, 1999, and the years ended December 31, 1998, 1997, 1996, and 1995
are as follows:
Six Months Ended Year Ended December 31,
---------------------------------------------------------------
June 30, 1999 1998 1997 1996 1995
-------------------- -------------- --------------- -------------- --------------
Net Asset Value, Beginning of Period 0.7921 $ 1.2588 $ 1.2370 $ 1.1680 $ 0.9540
Income From Investment Operations
Net investment income 0.0024 0.0069 0.0081 0.0124 0.0102
Net realized and unrealized gain (loss) 0.0335 (0.0532) 0.2419 0.1659 0.2393
-------------------- -------------- --------------- -------------- --------------
Total Income (Loss)
from Investment Operations 0.0359 (0.0463) 0.2500 0.1783 0.2495
-------------------- -------------- --------------- -------------- --------------
Less Distributions
From net investment income (0.0024) (0.0069) (0.0081) (0.0124) (0.0197)
From net realized gains (0.0168) (0.4135) (0.2201) (0.0969) (0.0158)
-------------------- -------------- --------------- -------------- --------------
Total Distributions (0.0192) (0.4204) (0.2282) (0.1093) (0.0355)
-------------------- -------------- --------------- -------------- --------------
Net Asset Value, End of Period 0.8088 $ 0.7921 $ 1.2588 $ 1.2370 $ 1.1680
==================== ============== =============== ============== ==============
Total Return 4.88% (1.58)% 21.00% 15.30% 26.24%
Net Assets, End of Period 24,374,992 $ 23,618,628 $ 121,454,805 $ 80,783,692 $ 51,610,284
Ratio of Expenses to Average Net Assets 0.60% * 0.60% 0.60% 0.60% 0.60%
Ratio of Net Investment Income
to Average Net Assets 0.64% * 0.25% 0.66% 1.04% 1.00%
Portfolio Turnover Rate 22.07% 59.18% 102.45% 39.66% 30.17%
</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 six
months ended June 30, 1999 were $4,687,623 and $6,176,079, respectively.
*Annualized
(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 six months
ended June 30, 1999, and the years ended December 31, 1998, 1997, 1996, and 1995
are as follows:
Six Months Ended Year Ended December 31,
-----------------------------------------------------------------
June 30, 1999 1998 1997 1996 1995
----------------- --------------- -------------- -------------- ---------------
Net Asset Value, Beginning of Period 3.5821 $ 2.9474 $ 2.3650 $ 1.9796 $ 1.4978
Income From Investment Operations
Net investment income 0.0146 0.0283 0.0364 0.0336 0.0334
Net realized and unrealized gain 0.3975 0.7538 0.7196 0.3960 0.4963
----------------- --------------- -------------- -------------- ---------------
Total Income From Investment Operations 0.4121 0.7821 0.7560 0.4296 0.5297
----------------- --------------- -------------- -------------- ---------------
Less Distributions
From net investment income (0.0144) (0.0284) (0.0364) (0.0336) (0.0332)
From net realized gains (0.0166) (0.1190) (0.1372) (0.0106) (0.0147)
----------------- --------------- -------------- -------------- ---------------
Total Distributions (0.0310) (0.1474) (0.1736) (0.0442) (0.0479)
----------------- --------------- -------------- -------------- ---------------
Net Asset Value, End of Period 3.9632 $ 3.5821 $ 2.9474 $ 2.3650 $ 1.9796
================= =============== ============== ============== ===============
Total Return 11.57% 26.79% 32.20% 21.81% 35.60%
Net Assets, End of Period 1,124,533,826 $ 1,029,722,47$ 817,386,568 $ 936,806,358 $ 707,459,637
Ratio of Expenses to Average Net Assets 0.60% * 0.60% 0.60% 0.60% 0.60%
Ratio of Net Investment Income
to Average Net Assets 0.77% * 0.87% 1.15% 1.58% 1.91%
Portfolio Turnover Rate 5.26% 12.91% 17.30% 3.31% 5.25%
</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 six
months ended June 30, 1999 were $56,079,696 and $84,005,200, respectively.
*Annualized
(Concluded)
MAXIM SERIES FUND, INC.
NOTES TO FINANCIAL STATEMENTS
SIX MONTHS ENDED JUNE 30, 1999 AND 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 Ariel Small-Cap Value, Money Market, Small-Cap Index 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 and Maxim Series Accounts of the Company to fund
benefits under variable annuity contracts.
Effective May 1, 1999 the Small-Cap Value Portfolio changed its name to
Ariel Small-Cap Value Portfolio.
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 declared 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).
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 Small-Cap Index and Stock Index Portfolios 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 June 30, 1999, the
Money Market Portfolio had available for federal income tax purposes an
unused capital loss carryover of $97,885 which expires in 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.
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 Ariel Small-Cap Value Portfolio. However,
the investment advisor pays any expenses of the Ariel Small-Cap Value
Portfolio which exceed an annual rate of 1.35% of the average daily net
assets, including management fees.
4. UNREALIZED APPRECIATION (DEPRECIATION)
Gross unrealized appreciation (depreciation) of securities is as follows
as of June 30, 1999:
ARIEL
SMALL-CAP SMALL-CAP STOCK
VALUE INDEX INDEX
PORTFOLIO PORTFOLIO PORTFOLIO
---------------- --------------- ---------------
Gross appreciation 4,526,981 4,042,453 612,328,100
Gross depreciation (2,000,505) (1,416,371) (14,164,599)
---------------- --------------- --------------
Net unrealized appreciation 2,526,476 2,626,082 (2,000,505)
================ =============== ===============
5. FUTURES CONTRACTS
As of June 30, 1999, the unrealized appreciation on open futures
contracts, expiring in September 1999 was:
NET
FUTURES NUMBER OF UNREALIZED
PORTFOLIO CONTRACT CONTRACTS APPRECIATION
Small-Cap Index Portfolio Russell 2000 5 $ 32,800
Stock Index Portfolio S&P 500 39 472,555
MAXIM SERIES FUND, INC.
Financial Statements and Financial Highlights for
The Six Months Ended June 30, 1999 and 1998
<PAGE>
MAXIM SERIES FUND, INC.
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 1999
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- --------------------------------------------------------------------------------------------------------------------------------
INVESTMENT U.S.
GRADE LOOMIS SAYLES GOVERNMENT
FOREIGN CORPORATE SMALL-CAP MORTGAGE
EQUITY BOND VALUE SECURITIES
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
------------- -------------- --------------- --------------
ASSETS:
Investments in securities, market value: (1) 80,702,626 126,430,139 111,600,711 186,677,358
Cash 1,057,667 27,604 12,875
Dividends and interest receivable 305,063 1,719,633 129,773 1,315,012
Receivables for investments sold 18,129,779 16,000,824 7,055,670 6,653,321
------------- -------------- --------------- --------------
Total assets 100,195,135 144,150,596 118,813,758 194,658,566
------------- -------------- --------------- --------------
LIABILITIES:
Due to GW Capital Management 96,077 69,352 110,072 100,582
Redemptions payable 132,397 324,189 206,875 291,893
Payables for investments purchased 17,043,358 14,296,095 6,891,569 6,490,987
------------- -------------- --------------- --------------
Total liabilities 17,271,832 14,689,636 7,208,516 6,883,462
------------- -------------- --------------- --------------
NET ASSETS 82,923,303 129,460,960 111,605,242 187,775,104
============= ============== =============== ==============
NET ASSETS REPRESENTED BY:
Capital stock, $.10 par value 8,356,141 10,278,241 7,813,959 16,372,610
Additional paid-in capital 70,717,646 121,773,774 94,096,937 174,650,421
Net unrealized appreciation (depreciation) on
investments and translation
of assets and liabilities denominated in foreign 1,244,987 200,019 9,035,872 (1,312,296)
currencies
Undistributed (overdistributed) net investment income (205,924) 61,660 299,315 165,960
Accumulated net realized gain (loss) on investments 2,810,453 (2,852,734) 359,159 (2,101,591)
------------- -------------- --------------- --------------
NET ASSETS 82,923,303 129,460,960 111,605,242 187,775,104
============= ============== =============== ==============
NET ASSET VALUE PER OUTSTANDING SHARE 0.9924 1.2596 1.4283 1.1469
============= ============== =============== ==============
(Offering and Redemption price)
SHARES OF CAPITAL STOCK:
Authorized 200,000,000 200,000,000 200,000,000 200,000,000
Outstanding 83,561,409 102,782,413 78,139,590 163,726,099
(1) Cost of investments: 79,449,657 126,230,120 102,564,839 187,989,654
See notes to financial statements.
</TABLE>
<PAGE>
MAXIM SERIES FUND, INC.
STATEMENTS OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 1999
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT U.S.
GRADE LOOMIS SAYLES GOVERNMENT
FOREIGN CORPORATE SMALL-CAP MORTGAGE
EQUITY BOND VALUE SECURITIES
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------------- ---------------- --------------- -----------
INVESTMENT INCOME:
Interest 399,039 3,781,797 137,554 6,050,926
Dividends 563,885 791,232
Less: Foreign withholding tax (85,462)
--------------- ---------------- --------------- -----------
Total Income 877,462 3,781,797 928,786 6,050,926
--------------- ---------------- --------------- -----------
EXPENSES:
Salaries 3,940 3,940
Legal and SEC fees 3,555 1,198
Director's fees 325 444
Audit fees 5,301 3,029
Investment administration 56,596 34,450
Bank and custodial fees 43,666 19,402
Other expenses 8,165 4,976
Management fee 396,565 382,835 542,871 562,940
--------------- ---------------- --------------- -----------
Total expenses 518,113 382,835 610,310 562,940
Less amount paid by GW Capital Management 17,283 2,504
--------------- ---------------- --------------- -----------
Net expenses 500,830 382,835 607,806 562,940
--------------- ---------------- --------------- -----------
NET INVESTMENT INCOME 376,632 3,398,962 320,980 5,487,986
--------------- ---------------- --------------- -----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments 4,069,850 (1,873,636) 403,311 184,890
Change in net unrealized appreciation (depreciation) on investments (2,436,147) (2,330,774) 349,749 (6,637,923)
--------------- ---------------- --------------- -----------
Net realized and unrealized gain (loss) on investments 1,633,703 (4,204,410) 753,060 (6,453,033)
--------------- ---------------- --------------- -----------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 2,010,335 (805,448) 1,074,040 (965,047)
=============== ================ =============== ===========
</TABLE>
See notes to financial statements.
<PAGE>
MAXIM SERIES FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
SIX MONTHS ENDED JUNE 30, 1999 AND 1998
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------------------
------------------------
INVESTMENT GRADE LOOMIS SAYLES U.S. GOVERNMENT
FOREIGN EQUITY CORPORATE BOND SMALL-CAP VALUE MORTGAGE SECURITIES
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------------------- ---------------------- ----------------------- ---------------------
----------- ----------
1999 1998 1999 1998 1999 1998 1999 1998
---------- --------- ---------- ---------- ---------- ----------- ---------- ---------
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income 376,632 $ 260,381$ 3,398,962 $ 3,270,788 $ 320,980 $ 716,843 $ 5,487,986 $ 4,879,758
Net realized gain (loss) on investments 4,069,850 2,972,601 (1,873,636) 476,522 403,311 12,235,319 184,890 560,381
Change in net unrealized appreciation (2,436,147) 1,892,212 (2,330,774) (228,867) 349,749 (7,887,916) (6,637,923) (221,843)
(depreciation) on investments
---------- --------- ---------- ---------- ---------- ----------- ---------- ---------
Net increase (decrease) in net 2,010,335 5,125,194 (805,448) 3,518,443 1,074,040 5,064,246 (965,047) 5,218,296
assets resulting from operations
---------- --------- ---------- ---------- ---------- ----------- ---------- ---------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (352,053) (242,799) (3,338,427) (3,317,287) (35,721) (1,050,891) (5,358,771) (4,656,718)
From net realized gains (3,241,054) (983,021)
---------- --------- ---------- ---------- ---------- ----------- ---------- ---------
Total distributions (352,053) (242,799) (3,338,427) (3,317,287) (3,276,775) (2,033,912) (5,358,771) (4,656,718)
---------- --------- ---------- ---------- ---------- ----------- ---------- ---------
SHARE TRANSACTIONS:
Net proceeds from sales of shares 7,861,140 10,828,590 10,585,057 9,933,447 3,747,332 17,149,858 15,391,566 14,682,459
Reinvestment of distributions 352,053 242,799 3,338,427 3,317,287 3,276,775 2,033,912 5,358,771 4,656,718
Redemptions of shares (5,457,264) (7,501,237)(10,755,547)(9,737,630) (21,023,491)(61,549,474) (18,953,692)(15,204,697)
---------- --------- ---------- ---------- ---------- ----------- ---------- ---------
Net increase (decrease) in net assets 2,755,929 3,570,152 3,167,937 3,513,104 (13,999,384)(42,365,704) 1,796,645 4,134,480
resulting from shares transactions
---------- --------- ---------- ---------- ---------- ----------- ---------- ---------
Total increase (decrease) in net 4,414,211 8,452,547 (975,938) 3,714,260 (16,202,119)(39,335,370) (4,527,173) 4,696,058
assets
NET ASSETS:
Beginning of period 78,509,092 64,674,772 130,436,898 114,875,960 127,807,361 183,322,635 192,302,277 162,184,386
---------- --------- ---------- ---------- ---------- ----------- ---------- ---------
End of period (1) 82,923,303$ 73,127,31$ 129,460,96$ 118,590,22$ 111,605,24$ 143,987,265$ 187,775,10$ 166,880,444
========== ========= ========== ========== ========== =========== ========== =========
OTHER INFORMATION:
SHARES:
Sold 8,273,194 10,431,918 8,211,209 7,649,199 2,844,108 10,795,410 13,037,640 12,383,619
Issued in reinvestment of 376,235 244,654 2,633,666 2,584,555 2,638,409 1,276,497 4,628,693 3,966,185
distributions
Redeemed (5,628,430)(7,572,958)(8,324,884) (7,499,074) (15,597,024)(39,184,001) (16,049,074)(12,823,178)
---------- --------- ---------- ---------- ---------- ----------- ---------- ---------
Net increase (decrease) 3,020,999 3,103,614 2,519,991 2,734,680 (10,114,507)(27,112,094) 1,617,259 3,526,626
========== ========= ========== ========== ========== =========== ========== =========
(1)Including undistributed (205,924) 17,582 61,660 97,278 299,315 695,178 165,960 303,986
(overdistributed)net investment
income
See notes to financial statements.
</TABLE>
<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 six months
ended June 30, 1999, and the years ended December 31, 1998, 1997, 1996, and 1995
are as follows:
Six Months Year Ended December 31,
Ended
---------------------------------------------------
June 30, 1999 1998 1997 1996 1995
---------------- ---------- ------------ ----------- ------------
Net Asset Value, Beginning of Period $ 0.9748 $ 0.927$ 1.0580 $ 0.9871$ 0.9515
Income From Investment Operations
Net investment income (loss) 0.0048 0.0057 (0.0017) 0.0041 0.0073
Net realized and unrealized gain (loss) 0.0172 0.0649 (0.0593) 0.0709 0.0398
-------------- ---------- ----------- ------------
------------
Total Income (Loss) From
Investment Operations 0.0220 0.0706 (0.0610) 0.0750 0.0471
-------------- ---------- ------------ ----------- ------------
Less Distributions
From net investment income (0.0044) (0.0086)
From net realized gains (0.0149) (0.0693) (0.0041) (0.0115)
-------------- ---------- ------------ ----------- ------------
Total Distributions (0.0044) (0.0235) (0.0693) (0.0041) (0.0115)
-------------- ---------- ------------ ----------- ------------
Net Asset Value, End of Period $ 0.9924 $ 0.974$ 0.9277 $ 1.0580$ 0.9871
============== ========== ============ =========== ============
Total Return 2.28% 7.67% (5.69)% 7.61% 5.02%
Net Assets, End of Period $ 82,923,303 $ 78,509,092$ 64,674,772 $ 80,106,459 $ 64,403,868
Ratio of Expenses to Average Net
Assets:
Before reimbursement 1.31% * 1.31% 1.35% 1.45% 1.51%
After reimbursement # 1.26% * 1.30% 1.33% 1.45% 1.50%
Ratio of Net Investment Income to
Average Net Assets 0.95% * 0.63% (0.23)% 0.41% 0.69%
Portfolio Turnover Rate 78.63% 129.82% 200.82% 75.65% 119.98%
</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 six
months ended June 30, 1999 were $50,785,457 and $153,638,163, respectively.
* 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 six months
ended June 30, 1999, and the years ended December 31, 1998, 1997, 1996, and 1995
are as follows:
Six Months Year Ended December 31,
Ended
----------------------------------------------------
June 30, 1999 1998 1997 1996 1995
---------------- ----------- ------------ ----------- ------------
Net Asset Value, Beginning of Period $ 1.3010 $ 1.2856$ 1.2774 $ 1.3161$ 1.2019
Income From Investment Operations
Net investment income 0.0335 0.0737 0.0769 0.0777 0.0794
Net realized and unrealized gain (0.0420) 0.0154 0.0081 (0.0387) 0.1164
(loss)
-------------- ----------- ------------ ----------- ------------
Total Income (Loss) From
Investment Operations (0.0085) 0.0891 0.0850 0.0390 0.1958
-------------- ----------- ------------ ----------- ------------
Less Distributions
From net investment income (0.0329) (0.0737) (0.0768) (0.0777) (0.0816)
From net realized gains
-------------- ----------- ------------ ----------- ------------
Total Distributions (0.0329) (0.0737) (0.0768) (0.0777) (0.0816)
-------------- ----------- ------------ ----------- ------------
Net Asset Value, End of Period $ 1.2596 $ 1.3010$ 1.2856 $ 1.2774$ 1.3161
============== =========== ============ =========== ============
Total Return (0.65)% 7.08% 6.85% 3.14% 16.71%
Net Assets, End of Period $ 129,460,960 $ 130,436,898$ 114,875,960 $ 100,722,152$ 95,210,404
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 5.33% * 5.69% 6.02% 6.08% 6.30%
Portfolio Turnover Rate 91.69% 59.84% 140.35% 118.50% 159.21%
</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 six
months ended June 30, 1999 were $113,039,926 and $134,768,307, respectively.
* Annualized
(Continued)
<PAGE>
MAXIM SERIES FUND, INC.
LOOMIS SAYLES 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 six months
ended June 30, 1999, and the years ended December 31, 1998, 1997, 1996, and 1995
are as follows:
Six Months Ended Year Ended December 31,
-------------------------------------------------------
June 30, 1999 1998 1997 1996 1995
----------------- ------------ ------------ ------------- ------------
Net Asset Value, Beginning of Period $ 1.4482 $ 1.5316 $ 1.4028 $ 1.1605 $ 0.9755
Income From Investment Operations
Net investment income 0.0040 0.0139 0.0103 0.0091 0.0075
Net realized and unrealized gain 0.0161 (0.0492) 0.3273 0.3376 0.2840
(loss)
--------------- ------------ ------------ ------------- ------------
Total Income (Loss) From
Investment Operations 0.0201 (0.0353) 0.3376 0.3467 0.2915
--------------- ------------ ------------ ------------- ------------
Less Distributions
From net investment income (0.0004) (0.0138) (0.0100) (0.0091) (0.0945)
From net realized gains (0.0396) (0.0343) (0.1988) (0.0953) (0.0120)
--------------- ------------ ------------ ------------- ------------
Total Distributions (0.0400) (0.0481) (0.2088) (0.1044) (0.1065)
--------------- ------------ ------------ ------------- ------------
Net Asset Value, End of Period $ 1.4283 $ 1.4482 $ 1.5316 $ 1.4028 $ 1.1605
=============== ============ ============ ============= ============
Total Return 1.81% (2.28)% 24.50% 30.09% 29.96%
Net Assets, End of Period $ 111,605,242 $127,807,361 $ 183,322,635 $ 79,944,926 $ 28,594,611
Ratio of Expenses to Average Net
Assets:
Before reimbursement 1.13% * 1.11% 1.11% 1.27% 1.46%
After reimbursement # 1.12% * 1.11% 1.11% 1.26% 1.30%
Ratio of Net Investment Income
to Average Net Assets 0.59% * 0.81% 0.89% 0.98% 0.65%
Portfolio Turnover Rate 50.72% 149.12% 93.28% 62.63% 99.48%
</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 six
months ended June 30, 1999 were $53,578,343 and $72,321,726, respectively.
*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 six months
ended June 30, 1999, and the years ended December 31, 1998, 1997, 1996, and 1995
are as follows:
Six Months Ended Year Ended December 31,
Year Ended December 31,
--------------------------------------------------------
June 30, 1999 1998 1997 1996 1995
----------------- ------------- ------------ ------------ -------------
Net Asset Value, Beginning of Period $ 1.1863 1.1743 $ 1.1519 $ 1.1786 $ 1.0917
Income From Investment Operations
Net investment income 0.0338 0.0700 0.0745 0.0751 0.0781
Net realized and unrealized gain (0.0402) 0.0118 0.0224 (0.0267) 0.0869
(loss)
--------------- ------------- ------------ ------------ -------------
Total Income (Loss) From
Investment Operations (0.0064) 0.0818 0.0969 0.0484 0.1650
--------------- ------------- ------------ ------------ -------------
Less Distributions
From net investment income (0.0330) (0.0698) (0.0745) (0.0751) (0.0781)
--------------- ------------- ------------ ------------ -------------
Total Distributions (0.0330) (0.0698) (0.0745) (0.0751) (0.0781)
--------------- ------------- ------------ ------------ -------------
Net Asset Value, End of Period $ 1.1469 1.1863 $ 1.1743 $ 1.1519 $ 1.1786
=============== ============= ============ ============ =============
Total Return (0.54)% 7.12% 8.64% 4.29% 15.55%
Net Assets, End of Period $ 187,775,104 192,302,277 $ 162,184,386 $ 138,465,908 $ 129,549,680
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 5.85% * 5.98% 6.44% 6.51% 6.84%
Portfolio Turnover Rate 20.44% 108.19% 34.01% 94.63% 188.04%
</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 six
months ended June 30, 1999 were $39,787,592 and $37,828,069, respectively.
* Annualized
(Concluded)
<PAGE>
MAXIM SERIES FUND, INC.
NOTES TO FINANCIAL STATEMENTS
SIX MONTHS ENDED JUNE 30, 1999 AND 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 Foreign Equity, Investment Grade Corporate Bond, Loomis
Sayles Small-Cap Value, 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.
Effective May 1, 1999, the Small-Cap Aggressive Growth Portfolio changed
its name to Loomis Sayles Small-Cap Value Portfolio.
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 Loomis
Sayles Small-Cap Value Portfolio are declared and reinvested
semi-annually. Dividends from investment income of the Foreign Equity
Portfolio are 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 Loomis Sayles Small-Cap Value 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.
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
June 30, 1999, 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 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.
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 Loomis Sayles Small-Cap Value
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
Loomis Sayles Small-Cap Value Portfolios, respectively.
4. UNREALIZED APPRECIATION (DEPRECIATION)
Gross unrealized appreciation (depreciation) of securities is as follows
<TABLE>
as of June 30, 1999:
<S> <C> <C> <C> <C> <C> <C>
Net
Unrealized
Gross Gross Appreciation
Appreciation Depreciation (Depreciation)
Foreign Equity Portfolio $ 1,299,798 $ (54,811) $ 1,244,987
Investment Grade Corporate Bond Portfolio 599,851 (399,832) 200,019
Loomis Sayles Small-Cap Value Portfolio 14,111,901 (5,076,029) 9,035,872
U.S. Government Mortgage Securities 1,731,289 (3,043,585) (1,312,296)
Portfolio
</TABLE>
MAXIM SERIES FUND, INC.
Financial Statements and Financial Highlights for
the Six Months Ended June 30, 1999 and 1998
<PAGE>
MAXIM SERIES FUND, INC.
STATEMENTS OF ASSETS AND LIABILITIES
<TABLE>
JUNE 30, 1999
<S> <C> <C> <C> <C> <C> <C>
- --------------------------------------------------------------------------------------------------------------------------
ARIEL
MIDCAP INTERNATIONAL INVESCO
VALUE EQUITY ADR
PORTFOLIO PORTFOLIO PORTFOLIO
-------------- ------------------ ---------------
ASSETS:
Investments in securities, market value: (1) $ 290,617,281 $ 127,641,616 $ 31,445,807
Cash 30,844 82,370
Dividends and interest receivable 215,595 706,959 20,815
Subscriptions receivable 429,353
Receivables for investments sold 71,506,999 33,403,496 1,208,273
-------------- ------------------ ---------------
Total assets 362,370,719 162,181,424 32,757,265
-------------- ------------------ ---------------
LIABILITIES:
Due to GW Capital Management 270,593 138,982 35,430
Redemptions payable 215,613 32,095
Payables for investments purchased 71,502,808 32,302,186 1,260,803
-------------- ------------------ ---------------
Total liabilities 71,989,014 32,441,168 1,328,328
-------------- ------------------ ---------------
NET ASSETS $ 290,381,705 $ 129,740,256 $ 31,428,937
============== ================== ===============
NET ASSETS REPRESENTED BY:
Capital stock, $.10 par value $ 14,125,519 $ 9,696,190 $ 1,871,255
Additional paid-in capital 143,513,101 106,514,143 24,931,019
Net unrealized appreciation on investments and translation
of
assets and liabilities denominated in foreign currencies 7,301,904 15,615,139 4,140,754
Undistributed (overdistributed) net investment income (1,676,172) 1,077,136 285,244
Accumulated net realized gain (loss) on investments 127,117,353 (3,162,352) 200,665
-------------- ------------------ ---------------
NET ASSETS $ 290,381,705 $ 129,740,256 $ 31,428,937
============== ================== ===============
NET ASSET VALUE PER OUTSTANDING SHARE $ 2.0557 $ 1.3381 $ 1.6796
============== ================== ===============
(Offering and Redemption Price)
SHARES OF CAPITAL STOCK:
Authorized 300,000,000 200,000,000 100,000,000
Outstanding 141,255,190 96,961,901 18,712,551
(1) Cost of investment in securities: 283,315,377 112,026,477 27,305,053
See notes to financial statements.
- -------------------------------------------------------------------------------------------------------------------------
INVESCO
INVESCO SMALL-CAP T. ROWE PRICE
BALANCED GROWTH EQUITY/INCOME
PORTFOLIO PORTFOLIO PORTFOLIO
--------------- -------------- ------------------
ASSETS:
Investments in securities, market value: (1) 221,976,488 $ 103,105,525 $ 213,539,186
Cash 10,108,295 447,414 55,429
Dividends and interest receivable 973,005 4,296 423,548
Subscriptions receivable
Receivables for investments sold 1,282,702 5,157,495 8,575,378
--------------- -------------- ------------------
Total assets 234,340,490 108,714,730 222,593,541
--------------- -------------- ------------------
LIABILITIES:
Due to GW Capital Management 194,300 88,641 163,500
Redemptions payable 182,309 52,069 255,578
Payables for investments purchased 12,065,342 8,555,610 8,415,847
--------------- -------------- ------------------
Total liabilities 12,441,951 8,696,320 8,834,925
--------------- -------------- ------------------
NET ASSETS 221,898,539 $ 100,018,410 $ 213,758,616
=============== ============== ==================
NET ASSETS REPRESENTED BY:
Capital stock, $.10 par value 14,227,042 $ 4,808,653 $ 10,908,733
Additional paid-in capital 167,641,390 69,376,551 155,758,760
Net unrealized appreciation on investments and translation
of
assets and liabilities denominated in foreign currencies 18,342,912 15,932,052 36,362,659
Undistributed (overdistributed) net investment income 28,714 (337,487) 6,603
Accumulated net realized gain (loss) on investments 21,658,481 10,238,641 10,721,861
--------------- -------------- ------------------
NET ASSETS 221,898,539 $ 100,018,410 $ 213,758,616
=============== ============== ==================
NET ASSET VALUE PER OUTSTANDING SHARE 1.5597 $ 2.0800 $ 1.9595
=============== ============== ==================
(Offering and Redemption Price)
SHARES OF CAPITAL STOCK:
Authorized 200,000,000 100,000,000 200,000,000
Outstanding 142,270,419 48,086,535 109,087,326
(1) Cost of investment in securities: 203,633,576 87,173,473 177,176,527
See notes to financial statements.
</TABLE>
<PAGE>
MAXIM SERIES FUND, INC.
STATEMENTS OF OPERATIONS
<TABLE>
SIX MONTHS ENDED JUNE 30, 1999
<S> <C> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------------------------
ARIEL
MIDCAP INTERNATIONAL INVESCO
VALUE EQUITY ADR
PORTFOLIO PORTFOLIO PORTFOLIO
--------------- ------------------ --------------
INVESTMENT INCOME:
Interest $ 996,359 $ 133,122 $ 18,590
Dividends 1,048,489 1,771,569 546,553
Less: Foreign withholding tax (86,567) (86,745)
--------------- ------------------ --------------
Total income 2,044,848 1,818,124 478,398
--------------- ------------------ --------------
EXPENSES:
Salaries 3,940 3,940 3,940
Legal and SEC fees 12,233 1,348 2,874
Directors' fees 1,208 500 118
Audit fees 4,291 5,301 2,524
Investment administration 39,371 56,596 27,068
Bank and custodial fees 26,139 46,564 4,345
Other expenses 11,948 11,741 1,343
Management fee 1,402,266 609,513 143,392
--------------- ------------------ --------------
Total expenses 1,501,396 735,503 185,604
Less amount paid by GW Capital Management 1,190 1,288 1,968
--------------- ------------------ --------------
Net expenses 1,500,206 734,215 183,636
--------------- ------------------ --------------
NET INVESTMENT INCOME (LOSS) 544,642 1,083,909 294,762
--------------- ------------------ --------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments 113,215,717 5,699,682 303,705
Change in net unrealized appreciation (depreciation) on (80,328,085) 7,892,396 343,861
investments
--------------- ------------------ --------------
Net realized and unrealized gain (loss) on investments 32,887,632 13,592,078 647,566
--------------- ------------------ --------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 33,432,274 $ 14,675,987 $ 942,328
=============== ================== ==============
See notes to financial statements.
- ---------------------------------------------------------------------------------------------------------------------------
INVESCO
INVESCO SMALL-CAP T. ROWE PRICE
BALANCED GROWTH EQUITY/INCOME
PORTFOLIO PORTFOLIO PORTFOLIO
------------- ------------- -----------------
INVESTMENT INCOME:
Interest $ 2,161,898 $ 279,340 $ 270,393
Dividends 806,087 36,311 2,603,596
Less: Foreign withholding tax (6,292) (341) (17,248)
------------- ------------- -----------------
Total income 2,961,693 315,310 2,856,741
------------- ------------- -----------------
EXPENSES:
Salaries 3,940 3,940
Legal and SEC fees 3,080 12,754
Directors' fees 335 838
Audit fees 3,029 3,029
Investment administration 29,529 34,450
Bank and custodial fees 11,800 11,870
Other expenses 3,687 9,701
Management fee 1,004,445 387,552 817,992
------------- ------------- -----------------
Total expenses 1,004,445 442,952 894,574
Less amount paid by GW Capital Management 6,041 15,579
------------- ------------- -----------------
Net expenses 1,004,445 436,911 878,995
------------- ------------- -----------------
NET INVESTMENT INCOME (LOSS) 1,957,248 (121,601) 1,977,746
------------- ------------- -----------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments 21,658,853 10,351,136 10,723,975
Change in net unrealized appreciation (depreciation) on (5,882,351) 1,964,415 10,841,407
investments
------------- ------------- -----------------
Net realized and unrealized gain (loss) on investments 15,776,502 12,315,551 21,565,382
------------- ------------- -----------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 17,733,750 $ 12,193,950 $ 23,543,128
============= ============= =================
See notes to financial statements.
</TABLE>
<PAGE>
MAXIM SERIES FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
SIX MONTHS ENDED JUNE 30, 1999 AND 1998
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- --------------------------------------------------------------------------------------------------------------
ARIEL
MIDCAP VALUE
PORTFOLIO
-------------------------------
1999 1998
-------------- -------------
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income (loss) $ 544,642 $ (861,379)$
Net realized gain (loss) on investments 113,215,717 25,636,760
Change in net unrealized appreciation (depreciation) on investments (80,328,085) 14,702,337
-------------- -------------
Net increase in net assets resulting from operations 33,432,274 39,477,718
-------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (490,476)
From net realized gains (4,300,050)
-------------- -------------
Total distributions (490,476) (4,300,050)
-------------- -------------
SHARE TRANSACTIONS:
Net proceeds from sales of shares 6,562,450 16,901,257
Reinvestment of distributions 490,476 4,300,050
Redemptions of shares (67,160,963) (17,398,502)
-------------- -------------
Net increase (decrease) in net assets resulting from share (60,108,037) 3,802,805
transactions
-------------- -------------
Total increase (decrease) in net assets (27,166,239) 38,980,473
NET ASSETS:
Beginning of period 317,547,944 233,939,911
--------------
-------------
End of period (1) $ 290,381,705 $ 272,920,384 $
============== =============
OTHER INFORMATION:
SHARES:
Sold 3,485,350 10,292,373
Issued in reinvestment of distributions 239,694 2,666,598
Redeemed (34,887,077) (10,616,162)
-------------- -------------
Net increase (decrease) (31,162,033) 2,342,809
============== =============
(1) Including undistributed (overdistributed) net investment income (1,676,172) (976,528)
See notes to financial statements.
- ---------------------------------------------------------------------------------------------------------------------------------
INTERNATIONAL EQUITY INVESCO ADR
PORTFOLIO PORTFOLIO
--------------------------- ---------------------------
1999 1998 1999 1998
--------------------------- ---------------------------
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income (loss) 1,083,909 1,930,294 $ 294,762 131,569
Net realized gain (loss) on investments 5,699,682 (3,209,734) 303,705 593
Change in net unrealized appreciation (depreciation) on investment 7,892,396 10,697,966 343,861 2,563,089
--------------------------- ---------------------------
Net increase in net assets resulting from operations 14,675,987 9,418,526 942,328 2,695,251
--------------------------- ---------------------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (3,831)
From net realized gains
--------------------------- ---------------------------
Total distributions 0 (3,831) 0 0
--------------------------- ---------------------------
SHARE TRANSACTIONS:
Net proceeds from sales of shares 8,952,728 11,406,775 4,914,423 8,911,492
Reinvestment of distributions 3,831
Redemptions of shares (14,270,101) (12,626,098) (2,724,093) (747,289)
--------------------------- ---------------------------
Net increase (decrease) in net assets resulting from share (5,317,373) (1,215,492) 2,190,330 8,164,203
transactions
--------------------------- ---------------------------
Total increase (decrease) in net assets 9,358,614 8,199,203 3,132,658 10,859,454
NET ASSETS:
Beginning of period 120,381,642 132,774,511 28,296,279 16,581,357
--------------------------- ---------------------------
End of period (1) 129,740,256 140,973,714 $ 31,428,937 27,440,811
=========================== ===========================
OTHER INFORMATION:
SHARES:
Sold 7,089,642 8,435,408 3,020,312 5,416,543
Issued in reinvestment of distributions 2,674
Redeemed (11,509,207) (9,549,009) (1,718,383) (472,053)
--------------------------- ---------------------------
Net increase (decrease) (4,419,565) (1,110,927) 1,301,929 4,944,490
=========================== ===========================
(1) Including undistributed (overdistributed) net investment income 1,077,136 1,930,294 285,244 129,580
See notes to financial statements.
</TABLE>
(Continued)
<PAGE>
MAXIM SERIES FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
SIX MONTHS ENDED JUNE 30, 1999 AND 1998
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- --------------------------------------------------------------------------------------------------------------
INVESCO
BALANCED
PORTFOLIO
-------------------------------
1999 1998
-------------- --------------
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income (loss) $ 1,957,248 $ 1,680,503 $
Net realized gain (loss) on investments 21,658,853 3,749,808
Change in net unrealized appreciation (depreciation) on investments (5,882,351) 9,197,346
-------------- --------------
Net increase in net assets resulting from operations 17,733,750 14,627,657
-------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (1,933,019) (1,624,597)
From net realized gains (2,372,761)
-------------- --------------
Total distributions (4,305,780) (1,624,597)
-------------- --------------
SHARE TRANSACTIONS:
Net proceeds from sales of shares 30,978,824 22,070,378
Reinvestment of distributions 4,305,780 1,624,597
Redemptions of shares (2,451,815) (3,224,038)
-------------- --------------
Net increase (decrease) in net assets resulting from share 32,832,789 20,470,937
transactions
-------------- --------------
Total increase (decrease) in net assets 46,260,759 33,473,997
NET ASSETS:
Beginning of period 175,637,780 127,072,586
-------------- --------------
End of period (1) $ 221,898,539 $ 160,546,583 $
============== ==============
OTHER INFORMATION:
SHARES:
Sold 20,755,850 16,746,103
Issued in reinvestment of distributions 2,897,020 1,177,028
Redeemed (1,617,508) (2,413,872)
--------------
--------------
Net increase (decrease) 22,035,362 15,509,259
============== ==============
(1) Including undistributed (overdistributed) net investment income 28,714 55,189
See notes to financial statements.
- ------------------------------------------------------------------------------------------------------------------------------------
INVESCO T. ROWE PRICE
SMALL-CAP GROWTH EQUITY/INCOME
PORTFOLIO PORTFOLIO
----------------------------- -----------------------------
1999 1998 1999 1998
-------------- -------------- ------------- --------------
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income (loss) (121,601) (72,633) $ 1,977,746 2,052,120
Net realized gain (loss) on investments 10,351,136 2,184,856 10,723,975 5,500,264
Change in net unrealized appreciation (depreciation) on investments 1,964,415 4,970,575 10,841,407 3,657,966
-------------- -------------- ------------- --------------
Net increase in net assets resulting from operations 12,193,950 7,082,798 23,543,128 11,210,350
-------------- -------------- ------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (964,751) (1,981,220) (2,252,236)
From net realized gains (1,182,784) (11,170) (2,044,564) (273,760)
-------------- -------------- ------------- --------------
Total distributions (1,182,784) (975,921) (4,025,784) (2,525,996)
-------------- -------------- ------------- --------------
SHARE TRANSACTIONS:
Net proceeds from sales of shares 15,249,592 11,379,715 7,129,908 37,470,490
Reinvestment of distributions 1,182,784 975,921 4,025,784 2,525,996
Redemptions of shares (9,540,700) (4,640,214) (26,617,144) (3,787,320)
-------------- -------------- ------------- --------------
Net increase (decrease) in net assets resulting from share 6,891,676 7,715,422 (15,461,452) 36,209,166
transactions
-------------- -------------- ------------- --------------
Total increase (decrease) in net assets 17,902,842 13,822,299 4,055,892 44,893,520
NET ASSETS:
Beginning of period 82,115,568 62,251,873 209,702,724 167,154,169
-------------- -------------- ------------- --------------
End of period (1) 100,018,410 76,074,172 $ 213,758,616 212,047,689
============== ============== ============= ==============
OTHER INFORMATION:
SHARES:
Sold 8,235,877 6,673,236 3,913,436 20,394,693
Issued in reinvestment of distributions 710,876 567,649 2,228,696 1,372,936
Redeemed (5,231,773) (2,273,595) (14,841,291) (1,994,828)
-------------- -------------- ------------- --------------
Net increase (decrease) 3,714,980 4,967,290 (8,699,159) 19,772,801
============== ============== ============= ==============
(1) Including undistributed (overdistributed) net investment income (337,487) (92,066) 6,603 3,508
See notes to financial statements. (Concluded)
</TABLE>
<PAGE>
MAXIM SERIES FUND, INC.
ARIEL MIDCAP VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS
Selected data for a share of capital stock of the portfolio for the six months
ended June 30, 1999, and the years ended December 31, 1998, 1997, 1996, and 1995
are as follows:
<TABLE>
<S> <C>
Six Months Ended Year Ended December 31,
June 30, 1999 1998 1997 1996 1995
Net Asset Value, Beginning of Period $ 1.8417 $ 1.5532 $ 1.4327 $ 1.3538 $ 1.1003
Income From Investment Operations
Net investment income (loss) 0.0016 (0.0092) (0.0437) (0.0083) 0.0018
Net realized and unrealized gain 0.2159 0.5058 0.2257 0.0890 0.2893
Total Income From Investment Operations 0.2175 0.4966 0.1820 0.0807 0.2911
Less Distributions
From net investment income (0.0035) (0.0317)
From net realized gains (0.2081) (0.0615) (0.0018) (0.0059)
Total Distributions (0.0035) (0.2081) (0.0615) (0.0018) (0.0376)
Net Asset Value, End of Period $ 2.0557 $ 1.8417 $ 1.5532 $ 1.4327 $ 1.3538
================ ================ ============== ============= =============
Total Return 11.81% 33.77% 12.95% 5.96% 26.50%
Net Assets, End of Period $ 290,381,705 $ 317,547,944 $ 233,939,911 $ 214,710,803 $ 148,264,194
Ratio of Expenses to Average Net Assets:
Before reimbursement 1.02% * 1.02% 1.06% 1.08% 1.15%
After reimbursement # 1.02% * 1.02% 1.06% 1.07% 1.10%
Ratio of Net Investment Income
to Average Net Assets 0.37% * (0.64)% (0.51)% (0.66)% 0.13%
Portfolio Turnover Rate 113.62% 87.81% 139.74% 80.31% 167.21%
</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 six
months ended June 30, 1999 were $281,785,798 and $538,572,906, respectively.
# Percentages are shown net of expenses reimbursed by The Great-West Life
Assurance Company or GW Capital Management, LLC.
* Annualized
(Continued)
MAXIM SERIES FUND, INC.
INTERNATIONAL EQUITY PORTFOLIO
<TABLE>
FINANCIAL HIGHLIGHTS
<S> <C> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the six months
ended June 30, 1999, and the years ended December 31, 1998, 1997, 1996, and 1995
are as follows:
Six Months Ended Year Ended December 31,
--------------------------------------------------------------------
June 30, 1999 1998 1997 1996 1995
----------------- ------------- --------------- ---------------- -----------------
Net Asset Value, Beginning of Period 1.1874 $ 1.2786 $ 1.3229 $ 1.1395 $ 1.0673
Income From Investment Operations
Net investment income 0.0112 0.0270 0.0205 0.0136 0.0190
Net realized and unrealized gain (loss) 0.1395 (0.0911) 0.0053 0.2087 0.0756
---------------- ------------- --------------- ---------------- -----------------
Total Income (Loss) From
Investment Operations 0.1507 (0.0641) 0.0258 0.2223 0.0946
---------------- ------------- --------------- ---------------- -----------------
Less Distributions
From net investment income (0.0271) (0.0204) (0.0136) (0.0224)
From net realized gains (0.0497) (0.0253)
---------------- ------------- --------------- ---------------- -----------------
Total Distributions 0.0000 (0.0271) (0.0701) (0.0389) (0.0224)
---------------- ------------- --------------- ---------------- -----------------
Net Asset Value, End of Period 1.3381 $ 1.1874 $ 1.2786 $ 1.3229 $ 1.1395
================ =============
=============== ================ =================
Total Return 12.69% (5.00)% 1.99% 19.59% 8.93%
Net Assets, End of Period 129,740,256 $ 120,381,642 $ 132,774,511 $ 96,172,049 $ 55,017,668
Ratio of Expenses to Average Net Assets:
Before reimbursement 1.21% * 1.21% 1.21% 1.42% 1.62%
After reimbursement # 1.20% * 1.20% 1.20% 1.39% 1.50%
Ratio of Net Investment Income
to Average Net Assets 1.78% * 2.05% 1.70% 1.24% 1.70%
Portfolio Turnover Rate 27.53% 40.02% 34.30% 22.21% 20.28%
</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 six
months ended June 30, 1999 were $30,969,262 and $85,559,783, respectively.
* Annualized
# Percentages are shown net of expenses reimbursed by The Great-West Life
Assurance Company or GW Capital Management, LLC.
(Continued)
<PAGE>
MAXIM SERIES FUND, INC.
INVESCO ADR PORTFOLIO
FINANCIAL HIGHLIGHTS
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the six months
ended June 30, 1999, and the years ended December 31, 1998, 1997, 1996, and 1995
are as follows:
Six Months Ended Year Ended December 31,
-----------------------------------------------------------
--------------
June 30, 1999 1998 1997 1996 1995
------------------ -------------- ------------- ------------- ------------
Net Asset Value, Beginning of Period 1.6252 $ 1.4804 $ 1.3508 $ 1.1255 $ 0.9859
Income From Investment Operations
Net investment income 0.0157 0.0123 0.0114 0.0112 0.0120
Net realized and unrealized gain 0.0387 0.1453 0.1512 0.2266 0.1396
------------------ -------------- ------------- ------------- ------------
Total Income From Investment Operations 0.0544 0.1576 0.1626 0.2378 0.1516
------------------ -------------- ------------- ------------- ------------
Less Distributions
From net investment income (0.0128) (0.0116) (0.0112) (0.0120)
From net realized gains (0.0214) (0.0013)
------------------ -------------- ------------- ------------- ------------
Total Distributions 0.0000 (0.0128) (0.0330) (0.0125) (0.0120)
------------------ -------------- ------------- ------------- ------------
Net Asset Value, End of Period 1.6796 $ 1.6252 $ 1.4804 $ 1.3508 $ 1.1255
================== ============== ============= ============= ============
Total Return 3.34% 10.64% 12.08% 21.17% 15.48%
Net Assets, End of Period 31,428,937 $ 28,296,279 $ 16,581,357 $ 7,694,858 $ 2,681,969
Ratio of Expenses to Average Net Assets:
Before reimbursement 1.29% * 1.32% 1.63% 2.29% 2.78%
After reimbursement # 1.28% * 1.30% 1.30% 1.33% 1.50%
Ratio of Net Investment Income to
Average Net Assets 2.05% * 0.86% 1.02% 1.20% 1.17%
Portfolio Turnover Rate 24.03% 28.66% 19.56% 15.25% 5.88%
</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 six
months ended June 30, 1999 were $8,823,951 and $6,714,160, respectively.
* Annualized
# Percentages are shown net of expenses reimbursed by The Great-West Life
Assurance Company or GW Capital Management, LLC.
(Continued)
<PAGE>
MAXIM SERIES FUND, INC.
INVESCO BALANCED PORTFOLIO
<TABLE>
FINANCIAL HIGHLIGHTS
<S> <C> <C> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the six months
ended June 30, 1999, and the years ended December 31, 1998, 1997, and 1996 are
as follows:
Six Months Ended Year Ended December 31,
-------------------------------------------------------
----------------
June 30, 1999 1998 1997 1996
------------------- ---------------- ---------------- -----------------
(A)
Net Asset Value, Beginning of Period $ 1.4608 $ 1.2588 $ 1.0408 $ 1.0000
Income From Investment Operations
Net investment income 0.0139 0.0289 0.0187 0.0052
Net realized and unrealized gain 0.1166 0.2020 0.2518 0.0420
---------------- ---------------- ---------------- -----------------
Total Income From Investment Operations 0.1305 0.2309 0.2705 0.0472
---------------- ---------------- ---------------- -----------------
Less Distributions
From net investment income (0.0137) (0.0289) (0.0187) (0.0052)
From net realized gains (0.0179) (0.0338) (0.0012)
---------------- ---------------- ---------------- -----------------
Total Distributions (0.0316) (0.0289) (0.0525) (0.0064)
---------------- ---------------- ---------------- -----------------
Net Asset Value, End of Period $ 1.5597 $ 1.4608 $ 1.2588 $ 1.0408
================ ================ ================ =================
Total Return 9.04% 18.42% 26.10% 4.60%
Net Assets, End of Period $ 221,898,539 $ 175,637,780 $ 127,072,586 $ 15,987,166
Ratio of Expenses to Average Net Assets 1.00% * 1.00% 1.00% 1.00% *
Ratio of Net Investment Income to
Average Net Assets 1.94% * 2.18% 2.77% 2.84% *
Portfolio Turnover Rate 69.52% 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 six
months ended June 30, 1999 were $127,679,107 and $160,927,199, respectively.
* Annualized
(A) The portfolio commenced operations on October 1, 1996.
(Continued)
<PAGE>
MAXIM SERIES FUND, INC.
INVESCO SMALL-CAP GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS
Selected data for a share of capital stock of the portfolio for the six months
ended June 30, 1999, and the years ended December 31, 1998, 1997, 1996, and 1995
are as follows:
<TABLE>
<S> <C>
Six Months Ended Year Ended December 31,
June 30, 1999 1998 1997 1996 1995
Net Asset Value, Beginning of Period $ 1.8506 $ 1.5955 $ 1.4330 $ 1.2734 $ 1.0054
Income From Investment Operations
Net investment income (loss) (0.0021) (0.0048) 0.0009 0.0024 0.0069
Net realized and unrealized gain 0.2579 0.2842 0.2612 0.3380 0.3118
Total Income From Investment Operations 0.2558 0.2794 0.2621 0.3404 0.3187
Less Distributions
From net investment income (0.0009) (0.0024) (0.0341)
From net realized gains (0.0264) (0.0243) (0.0987) (0.1784) (0.0166)
Total Distributions (0.0264) (0.0243) (0.0996) (0.1808) (0.0507)
Net Asset Value, End of Period $ 2.0800 $ 1.8506 $ 1.5955 $ 1.4330 $ 1.2734
================ ============= ============== ============== ============
Total Return 14.19% 17.62% 18.70% 26.73% 31.79%
Net Assets, End of Period $ 100,018,410 $ 82,115,568 $ 62,251,873 $ 31,827,778 $ 6,385,180
Ratio of Expenses to Average Net Assets:
Before reimbursement 1.08% * 1.11% 1.19% 1.46% 2.30%
After reimbursement # 1.07% * 1.10% 1.10% 1.10% 1.10%
Ratio of Net Investment Income to
Average Net Assets (0.30)% * (0.31)% 0.01% 25.00% 0.58%
Portfolio Turnover Rate 94.87% 149.15% 174.65% 265.05% 266.64%
</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 six
months ended June 30, 1999 were $72,008,198 and $70,429,273, respectively.
* Annualized
# Percentages are shown net of expenses reimbursed by The Great-West Life
Assurance Company or GW Capital Management, LLC.
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
(Continued)
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
MAXIM SERIES FUND, INC.
T. ROWE PRICE EQUITY/INCOME PORTFOLIO
FINANCIAL HIGHLIGHTS
<TABLE>
- -----------------------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the six months
ended June 30, 1999, and the years ended December 31, 1998, 1997, 1996, and 1995
are as follows:
Six Months Ended Year Ended December 31,
June 30, 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period $ 1.7804 $ 1.7602 1.4492 $ 1.2633 0.9805
Income From Investment Operations
Net investment income 0.0183 0.0370 0.0357 0.0299 0.0345
Net realized and unrealized gain 0.1974 0.1177 0.3783 0.2130 0.2892
---------------- ----------------------------- ---------------------------------
Total Income From Investment Operations 0.2157 0.1547 0.4140 0.2429 0.3237
---------------- ----------------------------- ---------------------------------
Less Distributions
From net investment income (0.0183) (0.0369) (0.0357) (0.0300) (0.0396)
From net realized gains (0.0183) (0.0976) (0.0673) (0.0270) (0.0013)
---------------- ----------------------------- ---------------------------------
Total Distributions (0.0366) (0.1345) (0.1030) (0.0570) (0.0409)
---------------- ----------------------------- ---------------------------------
Net Asset Value, End of Period $ 1.9595 $ 1.7804 1.7602 $ 1.4492 1.2633
================ ============================= ================
=================
Total Return 12.28% 8.93% 28.82% 19.39% 33.42%
Net Assets, End of Period $ 213,758,616 $ 209,702,724 167,154,169 $ 69,535,903 10,950,195
Ratio of Expenses to Average Net Assets:
Before reimbursement 0.87% * 0.88% 0.93% 1.20% 1.82%
After reimbursement # 0.86% * 0.88% 0.91% 0.95% 0.95%
Ratio of Net Investment Income to
Average Net Assets 1.93%* 2.14% 2.48% 2.85% 3.46%
Portfolio Turnover Rate 20.83% 32.30% 25.35% 26.15% 14.00%
</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 six
months ended June 30, 1999 were $40,963,058 and $57,981,668, respectively.
* 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
SIX MONTHS ENDED JUNE 30, 1999 AND 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 Ariel MidCap Value, International Equity, INVESCO ADR,
INVESCO Balanced, INVESCO Small-Cap Growth, 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 and Maxim Series Accounts 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 June 30, 1999, Great-West's investment
in the Portfolio totaled $3,544,862.
Effective May 1, 1999, the MidCap Portfolio changed its name to Ariel
MidCap Value Portfolio.
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 Ariel MidCap Value, 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 June 30, 1999 were as follows:
International Equity
Portfolio
----------------------------
Aggregate Cost $ 546,879
Aggregate Fair Value $ 501,525
Percent of Net Assets 0.39%
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 Ariel MidCap Value, International Equity,
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 Ariel MidCap Value, International Equity, 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 Ariel MidCap Value, International Equity, 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
June 30, 1999, the International Equity and INVESCO ADR Portfolios had
available for federal income tax purposes, capital loss carryovers of
$7,550,379 and $103,040, 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.
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 MidCap
Value 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, Ariel MidCap Value, and T. Rowe Price
Equity/Income Portfolios, respectively.
4. UNREALIZED APPRECIATION (DEPRECIATION)
Gross unrealized appreciation (depreciation) of securities is as
follows as of June 30, 1999:
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Ariel INVESCO
MidCap International INVESCO INVESCO Small-Cap T. Rowe Price
Value Equity ADR Balanced Growth Equity/Income
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
------------ ------------ ------------ ------------ ------------- --------------
------------
Gross appreciation $ 8,179,945 $ 24,461,408 $ 4,671,650 $ 21,977,942 $ 18,186,694 $ 41,244,353
Gross depreciation (878,041) (8,846,269) (530,896) (3,635,030) (2,254,642) (4,881,694)
------------ ------------ ------------ ------------ ------------- --------------
Net unrealized
appreciation $ 7,301,904 $ 15,615,139 $ 4,140,754 $ 18,342,912 $ 15,932,052 $ 36,362,659
============ ============ ============ ============ ============= ==============
</TABLE>
MAXIM SERIES FUND, INC.
Financial Statements and Financial Highlights
For the Six Months Ended June 30, 1999 and 1998
<PAGE>
MAXIM SERIES FUND, INC.
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 1999
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------
AGGRESSIVE CONSERVATIVE MODERATE
PROFILE PROFILE PROFILE
PORTFOLIO PORTFOLIO PORTFOLIO
------------- -------------- ------------
ASSETS:
Investment in shares of Maxim Series Fund, Inc. at value: (1)
Ariel MidCap Value Portfolio 1,896,320 $ $ 2,987,273
Ariel Small-Cap Value Portfolio 1,322,757
Bond Portfolio 1,673,068
Growth Index Portfolio 1,979,361 2,613,335 3,118,877
International Equity Portfolio 1,280,550
INVESCO ADR Portfolio 1,962,188 3,091,414
INVESCO Small-Cap Growth Portfolio 1,408,601 2,219,487
Loomis Sayles Corporate Bond Portfolio 2,475,895 1,970,044
Short-Term Maturity Bond Portfolio 5,887,760 3,007,568
Stock Index Portfolio
T. Rowe Price MidCap Growth Portfolio 2,003,576
U.S. Government Securities Portfolio 2,511,608 1,996,719
Value Index 1,291,275 1,706,497 2,034,424
------------- -------------- ------------
Total assets 13,144,628 16,868,163 20,425,806
LIABILITIES:
Due to GW Capital Management 3,516 4,824 5,522
------------- -------------- ------------
Total liabilities 3,516 4,824 5,522
------------- -------------- ------------
NET ASSETS 13,141,112 $ 16,863,339 $ 20,420,284
============= ============== ============
NET ASSETS REPRESENTED BY:
Capital stock, $.10 par value 1,119,808 $ 1,631,313 $ 1,842,412
Additional paid-in capital 10,639,894 15,407,690 17,373,406
Net unrealized appreciation (depreciation) on investments 1,126,369 (196,913) 778,147
Overdistributed net investment income (36,444) (303,386) (103,202)
Accumulated net realized gain (loss) on investments 291,485 324,635 529,521
------------- -------------- ------------
NET ASSETS 13,141,112 $ 16,863,339 $ 20,420,284
============= ============== ============
NET ASSET VALUE PER OUTSTANDING SHARE 1.1735 $ 1.0337 $ 1.1083
============= ============== ============
(Offering and Redemption Price)
SHARES OF CAPITAL STOCK:
Authorized 100,000,000 100,000,000 100,000,000
Outstanding 11,198,077 16,313,132 18,424,118
(1) Cost of investments: 12,018,259 17,065,076 19,647,659
See notes to financial statements.
- -------------------------------------------------------------------------------------------------------------
MODERATELY MODERATELY
AGGRESSIVE CONSERVATIVE
PROFILE PROFILE
PORTFOLIO PORTFOLIO
-------------- ---------------
ASSETS:
Investment in shares of Maxim Series Fund, Inc. at value: (1)
Ariel MidCap Value Portfolio 2,497,966 $ 1,268,662
Ariel Small-Cap Value Portfolio
Bond Portfolio
Growth Index Portfolio 3,911,567 1,985,745
International Equity Portfolio 2,530,507
INVESCO ADR Portfolio 2,584,603 1,973,308
INVESCO Small-Cap Growth Portfolio 2,783,023
Loomis Sayles Corporate Bond Portfolio 3,706,134 1,881,472
Short-Term Maturity Bond Portfolio 3,195,141
Stock Index Portfolio 2,592,192
T. Rowe Price MidCap Growth Portfolio 2,639,195
U.S. Government Securities Portfolio 1,272,146
Value Index 2,551,473 1,296,643
-------------- ---------------
Total assets 25,796,660 12,873,117
LIABILITIES:
Due to GW Capital Management 6,899 3,661
-------------- ---------------
Total liabilities 6,899 3,661
-------------- ---------------
NET ASSETS 25,789,761 $ 12,869,456
============== ===============
NET ASSETS REPRESENTED BY:
Capital stock, $.10 par value 2,234,029 $ 1,201,569
Additional paid-in capital 21,274,538 11,395,557
Net unrealized appreciation (depreciation) on investments 1,772,609 141,264
Overdistributed net investment income (114,723) (120,693)
Accumulated net realized gain (loss) on investments 623,308 251,759
-------------- ---------------
NET ASSETS 25,789,761 $ 12,869,456
============== ===============
NET ASSET VALUE PER OUTSTANDING SHARE 1.1544 $ 1.0711
============== ===============
(Offering and Redemption Price)
SHARES OF CAPITAL STOCK:
Authorized 100,000,000 100,000,000
Outstanding 22,340,294 12,015,689
(1) Cost of investments: 24,024,051 12,731,853
See notes to financial statements.
</TABLE>
<PAGE>
MAXIM SERIES FUND, INC.
STATEMENTS OF OPERATIONS
<TABLE>
SIX MONTHS ENDED JUNE 30, 1999
<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 15,486 $ 368,365 186,841 $ 171,251 192,579
------------
------------ ------------- ------------ --------------
Total income 15,486 368,365 186,841 171,251 192,579
------------ ------------ ------------- ------------ --------------
EXPENSES:
Management fee 12,376 20,379 19,815 24,587 14,283
------------ ------------ ------------- ------------ --------------
NET INVESTMENT INCOME: 3,110 347,986 167,026 146,664 178,296
------------ ------------ ------------- ------------ --------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments 137,990 102,401 508,134 341,836 180,501
Net capital gain distributions received 39,719 53,022 71,438 94,514 34,427
Change in net unrealized appreciation (depreciation) 792,564 (102,009) 336,714 1,295,098 52,624
on investments
------------ ------------ ------------- ------------ --------------
Net realized and unrealized gain (loss) on investments 970,273 53,414 916,286 1,731,448 267,552
------------ ------------ ------------- ------------ --------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 973,383 $ 401,400 1,083,312 $ 1,878,112 445,848
============ ============ ============= ============ ==============
</TABLE>
See notes to financial statements.
<PAGE>
MAXIM SERIES FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
SIX MONTHS ENDED JUNE 30, 1999 AND 1998
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------------------------------
AGGRESSIVE PROFILE CONSERVATIVE PROFILE MODERATE PROFILE
PORTFOLIO PORTFOLIO PORTFOLIO
------------------------ ------------------------
---------- ----------- ------------ ------------------------
1999 1998 1999 1998 1999 1998
------------ ---------- ----------- ------------ ----------- -----------
INCREASE IN NET ASSETS:
OPERATIONS:
Net investment income 3,110 $ 4,720 347,986 242,918 167,026 $ 80,842
Net realized gain (loss) on investments 137,990 (1,731) 102,401 96,764 508,134 30,810
Net capital gain distributions received 39,719 6,509 53,022 8,737 71,438 11,617
Change in net unrealized appreciation 792,564 127,630 (102,009) (80,268) 336,714 167,526
(depreciation) on investments
------------ ---------- ----------- ------------ ----------- -----------
Net increase in net assets resulting from 973,383 137,128 401,400 268,151 1,083,312 290,795
operations
------------ ---------- ----------- ------------ ----------- -----------
DISTRIBUTIONS:
From net investment income (3,287) (5,589) (348,215) (243,759) (167,302) (81,094)
------------ ---------- ----------- ------------ ----------- -----------
Total distributions (3,287) (5,589) (348,215) (243,759) (167,302) (81,094)
------------ ---------- ----------- ------------ ----------- -----------
SHARE TRANSACTIONS:
Net proceeds from sales of shares 4,834,052 3,537,752 1,870,545 15,483,962 7,198,629 8,018,635
Reinvestment of distributions 3,287 5,589 348,215 243,759 167,302 81,094
Cost of shares redeemed (274,775) (75,256) (928,169) (846,997) (462,553) (109,563)
------------ ---------- ----------- ------------ ----------- -----------
Net increase in net assets resulting from share 4,562,564 3,468,085 1,290,591 14,880,724 6,903,378 7,990,166
transactions
------------ ---------- ----------- ------------ ----------- -----------
Total increase in net assets 5,532,660 3,599,624 1,343,776 14,905,116 7,819,388 8,199,867
NET ASSETS:
Beginning of period 7,608,452 697,434 15,519,563 268,416 12,600,896 1,044,081
------------ ---------- ----------- ------------ ----------- -----------
End of period (1) 13,141,112 $ 4,297,058 16,863,339 15,173,532 20,420,284 $9,243,948
============ ========== =========== ============ =========== ===========
OTHER INFORMATION:
SHARES:
Sold 4,393,513 3,376,924 1,783,039 14,811,541 6,712,953 7,752,736
Issued in reinvestment of distributions 2,832 5,306 338,897 232,959 152,436 77,329
Redeemed (246,804) (72,796) (875,388) (813,360) (438,928) (105,275)
------------ ---------- ----------- ------------ ----------- -----------
Net increase 4,149,541 3,309,434 1,246,548 14,231,140 6,426,461 7,724,790
============ ========== =========== ============ =========== ===========
(1) Including overdistributed net investment income (36,444) (121) (303,386) (419) (103,202) (259)
See notes to financial statements.
</TABLE>
(Continued)
<PAGE>
MAXIM SERIES FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
SIX MONTHS ENDED JUNE 30, 1999 AND 1998
<S> <C> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------------------------------
MODERATELY AGGRESSIVE MODERATELY CONSERVATIVE
PROFILE PORTFOLIO PROFILE PORTFOLIO
------------------------------ ----------------------------
----------- ---------- ----------
1999 1998 1999 1998
------------ ----------- ---------- ----------
INCREASE IN NET ASSETS:
OPERATIONS:
Net investment income $ 146,664 $ 60,600 178,296 $ 96,306
Net realized gain (loss) on investments 341,836 62,261 180,501 42,713
Net capital gain distributions received 94,514 21,163 34,427 6,496
Change in net unrealized appreciation (depreciation) 1,295,098 267,182 52,624 66,426
on investments
------------ ----------- ---------- ----------
Net increase in net assets resulting from 1,878,112 411,206 445,848 211,941
operations
------------ ----------- ---------- ----------
DISTRIBUTIONS:
From net investment income (147,011) (61,056) (178,471) (97,589)
------------ ----------- ---------- ----------
Total distributions (147,011) (61,056) (178,471) (97,589)
------------ ----------- ---------- ----------
SHARE TRANSACTIONS:
Net proceeds from sales of shares 9,274,202 7,610,503 3,335,056 7,568,961
Reinvestment of distributions 147,011 61,056 178,471 97,589
Cost of shares redeemed (428,639) (41,634) (498,025) (89,599)
------------ ----------- ---------- ----------
Net increase in net assets resulting from share 8,992,574 7,629,925 3,015,502 7,576,951
transactions
------------ ----------- ---------- ----------
Total increase in net assets 10,723,675 7,980,075 3,282,879 7,691,303
NET ASSETS:
Beginning of period 15,066,086 1,630,969 9,586,577 534,975
----------- ---------- ----------
------------ ----------- ---------- ----------
End of period (1) $ 25,789,761 $ 9,611,044 12,869,456 $ 8,226,278
============ =========== ========== ==========
OTHER INFORMATION:
SHARES:
Sold 8,485,000 7,292,879 3,159,214 7,236,287
Issued in reinvestment of distributions 128,804 57,238 167,731 92,426
Redeemed (395,851) (39,177) (467,735) (84,521)
------------ ----------- ---------- ----------
Net increase 8,217,953 7,310,940 2,859,210 7,244,192
============ =========== ========== ==========
(1) Including overdistributed net investment income (114,723) (272) (120,693) (226)
See notes to financial statements.
</TABLE>
(Concluded)
<PAGE>
MAXIM SERIES FUND, INC.
AGGRESSIVE PROFILE PORTFOLIO
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the six months
ended June 30, 1999, and the periods ended December 31, 1998 and 1997 are as
follows:
<TABLE>
<S> <C>
Six Months Year Ended December 31,
Ended
-------------------------------
June 30, 1999 1998 1997
---------------- ------------ --------------
(A)
Net Asset Value, Beginning of Period $ 1.0794 $ 0.9505 $ 1.0000
Income From Investment Operations
Net investment income 0.0021 0.0060 0.0047
Capital gain distributions received 0.0035 0.0286 0.0712
---------------- ------------ --------------
Total distributions received 0.0056 0.0346 0.0759
Net realized and unrealized gain (loss) on 0.0888 0.1061 (0.0432)
investments
---------------- ------------ --------------
Total from Investment Operations 0.0944 0.1407 0.0327
---------------- ------------ --------------
Less Distributions
From net investment income (0.0003) (0.0111) (0.0127)
From net realized gains (0.0007) (0.0695)
---------------- ------------ --------------
Total Distributions (0.0003) (0.0118) (0.0822)
---------------- ------------ --------------
Net Asset Value, End of Period $ 1.1735 $ 1.0794 $ 0.9505
================ ============ ==============
Total Return 8.74% 14.84% 3.31%
Net Assets, End of Period $ 13,141,112 $ 7,608,452 $ 697,434
Ratio of Expenses to Average Net Assets 0.25% * 0.25% 0.25%*
Ratio of Net Investment Income to Average Net Assets 0.06% * 0.97% 2.38%*
Portfolio Turnover Rate 34.80% 94.75% 59.90%
</TABLE>
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 six
months ended June 30, 1999 were $8,071,152 and $3,475,453, 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 six months
ended June 30, 1999 and the periods ended December 31, 1998 and 1997 are as
follows:
<TABLE>
<S> <C>
Six Months Year Ended December 31,
Ended
June 30, 1999 1998 1997
(A)
Net Asset Value, Beginning of Period $ 1.0301 $ 1.0088 $ 1.0000
Income From Investment Operations
Net investment income 0.0233 0.0412 0.0145
Capital gain distributions received 0.0033 0.0149 0.0121
---------------- ----------- ---------------
Total distributions received 0.0266 0.0561 0.0266
Net realized and unrealized gain on (0.0012) 0.0266 0.0094
investments
---------------- ----------- ---------------
Total from Investment Operations 0.0254 0.0827 0.0360
---------------- ----------- ---------------
Less Distributions
From net investment income (0.0218) (0.0613) (0.0159)
From net realized gains (0.0001) (0.0113)
---------------- ----------- ---------------
Total Distributions (0.0218) (0.0614) (0.0272)
---------------- ----------- ---------------
Net Asset Value, End of Period $ 1.0337 $ 1.0301 $ 1.0088
================ =========== ===============
Total Return 2.48% 8.25% 3.60%
Net Assets, End of Period $ 16,863,339 $ 15,519,563 $ 268,416
Ratio of Expenses to Average Net Assets 0.25% * 0.25% 0.25%*
Ratio of Net Investment Income to Average Net Assets 4.27% * 4.81% 8.83%*
Portfolio Turnover Rate 45.28% 99.16% 25.56%
</TABLE>
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 six
months ended June 30, 1999 were $8,732,285 and $7,414,611, 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 six months
ended June 30, 1999, and the periods ended December 31, 1998 and 1997 are as
follows:
<TABLE>
<S> <C>
Six Months Year Ended December 31,
Ended
June 30, 1999 1998 1997
(A)
Net Asset Value, Beginning of Period $ 1.0503 $ 0.9661 $ 1.0000
Income From Investment Operations
Net investment income 0.0122 0.0171 0.0090
Capital gain distributions received 0.0039 0.0159 0.0477
---------------- ----------- ---------------
Total distributions received 0.0161 0.0330 0.0567
Net realized and unrealized gain (loss) on 0.0511 0.0769 (0.0308)
investments
---------------- ----------- ---------------
Total from Investment Operations 0.0672 0.1099 0.0259
---------------- ----------- ---------------
Less Distributions
From net investment income (0.0092) (0.0257) (0.0144)
From net realized gains (0.0454)
---------------- ----------- ---------------
Total Distributions (0.0092) (0.0257) (0.0598)
---------------- ----------- ---------------
Net Asset Value, End of Period $ 1.1083 $ 1.0503 $ 0.9661
================ =========== ===============
Total Return 6.41% 11.41% 2.60%
Net Assets, End of Period $ 20,420,284 $ 12,600,896 $ 1,044,081
Ratio of Expenses to Average Net Assets 0.25% * 0.25% 0.25%*
Ratio of Net Investment Income to Average Net Assets 2.11% * 2.27% 5.51%*
Portfolio Turnover Rate 70.27% 114.39% 31.39%
</TABLE>
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 six
months ended June 30, 1999 were $18,180,786 and $11,220,318, respectively.
(A) The portfolio commenced operations on September 9, 1997.
* Annualized
(Continued)
<PAGE>
MAXIM SERIES FUND, INC.
MODERATELY AGGRESSIVE PROFILE PORTFOLIO
FINANCIAL HIGHLIGHTS
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the six months
ended June 30, 1999, and the periods ended December 31, 1998 and 1997 are as
follows:
Six Months Year Ended December 31,
Ended
------------------------------
June 30, 1999 1998 1997
---------------- ----------
--------------
(A)
Net Asset Value, Beginning of Period 1.0668 $ 0.9676 $ 1.0000
Income From Investment Operations
Net investment income 0.0096 0.0136 0.0075
Capital gain distributions received 0.0042 0.0284 0.0568
---------------- ------------ -------------
Total distributions received 0.0138 0.0420 0.0643
Net realized and unrealized gain (loss) on 0.0804 0.0790 (0.0279)
investments
---------------- ------------ -------------
Total from Investment Operations 0.0942 0.1210 0.0364
---------------- ------------ -------------
Less Distributions
From net investment income (0.0066) (0.0217) (0.0141)
From net realized gains (0.0001) (0.0547)
---------------- ------------ -------------
Total Distributions (0.0066) (0.0218) (0.0688)
---------------- ------------ -------------
Net Asset Value, End of Period 1.1544 1.0668 $ 0.9676
Net Asset Value, End of Period
================ ============ =============
Total Return 8.84% 12.54% 3.66%
Net Assets, End of Period 25,789,761 $ 15,066,086 $ 1,630,969
Ratio of Expenses to Average Net Assets 0.25% * 0.25% 0.25%*
Ratio of Net Investment Income to Average Net Assets 1.49% * 1.80% 4.19%*
Portfolio Turnover Rate 49.34% 123.12% 41.30%
</TABLE>
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 six
months ended June 30, 1999 were $18,837,720 and $9,765,850, respectively.
(A) The portfolio commenced operations on September 9, 1997.
* Annualized
(Continued)
<PAGE>
MAXIM SERIES FUND, INC.
MODERATELY CONSERVATIVE PROFILE PORTFOLIO
<TABLE>
FINANCIAL HIGHLIGHTS
<S> <C> <C> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the six months
ended June 30, 1999, and the periods ended December 31, 1998 and 1997 are as
follows:
Six Months Period Ended December 31,
Ended
--------------------------------
June 30, 1999 1998 1997
---------------- -------------
---------------
(A)
Net Asset Value, Beginning of Period 1.0470 $ 0.9909 $ 1.0000
Income from Investment Operations
Net investment income 0.0181 0.0266 0.0132
Capital gain distributions received 0.0017 0.0121 0.0182
---------------- ------------- ---------------
Total distributions received 0.0198 0.0387 0.0314
Net realized and unrealized gain (loss) on 0.0192 0.0576 (0.0085)
investments
---------------- ------------- ---------------
Total from Investment Operations 0.0390 0.0963 0.0229
---------------- ------------- ---------------
Less Distributions
From net investment income (0.0149) (0.0398) (0.0151)
From net realized gains (0.0004) (0.0169)
---------------- ------------- ---------------
Total Distributions (0.0149) (0.0402) (0.0320)
---------------- ------------- ---------------
Net Asset Value, End of Period 1.0711 $ 1.0470 $ 0.9909
================ ============= ===============
Total Return 3.73% 9.75% 2.29%
Net Assets, End of Period 12,869,456 $ 9,586,577 $ 534,975
Ratio of Expenses to Average Net Assets 0.25% * 0.25% 0.25%*
Ratio of Net Investment Income to Average Net Assets 3.12% * 3.41% 6.02%*
Portfolio Turnover Rate 69.50% 112.09% 32.97%
</TABLE>
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 six
months ended June 30, 1999 were $10,945,157 and $7,908,203, respectively.
(A) The portfolio commenced operations on September 9, 1997.
* Annualized
(Concluded)
<PAGE>
MAXIM SERIES FUND, INC.
NOTES TO FINANCIAL STATEMENTS
SIX MONTHS ENDED JUNE 30, 1999
- -------------------------------------------------------------------------------
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 and Maxim Series Accounts 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, U.S. Government Securities and
the Value Index Portfolios; 0.90% of the average daily net assets of the
Loomis Sayles Corporate Bond Portfolio; 1.05% of the average daily net
assets of the T. Rowe Price MidCap Growth Portfolio; 1.10% of the
average daily net assets of the Ariel MidCap Value 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 Ariel Small-Cap Value Portfolio and 1.50% of the average daily
net assets of the International Equity Portfolio.
4. UNREALIZED APPRECIATION (DEPRECIATION)
Gross unrealized appreciation (depreciation) of securities is as follows
as of June 30, 1999:
<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
------------ --------------- ------------ ------------- --------------
Gross 1,126,369 $ 174,081 919,132 $ 1,894,108 $ 293,201
appreciation
Gross 0 (370,994) (140,985) (121,499) (151,937)
depreciation
------------ --------------- ------------ ------------- --------------
Net
unrealized
appreciation 1,126,369 $ (196,913) 778,147 $ 1,772,609 $ 141,264
(depreciation)
============ =============== ============ ============= ==============
5. INVESTMENT IN SHARES OF MAXIM SERIES FUND, INC.
Shares owned and related values at June 30, 1999 are as follows:
Shares Value
Aggressive Profile Portfolio
Ariel MidCap Value Portfolio 922,459 $ 1,896,320
Ariel Small-Cap Value Portfolio 1,383,314 1,322,757
Growth Index Portfolio 747,931 1,979,361
International Equity Portfolio 957,024 1,280,550
INVESCO ADR Portfolio 1,168,272 1,962,188
INVESCO Small-Cap Growth Portfolio 677,223 1,408,601
T. Rowe Price MidCap Growth Portfolio 1,334,824 2,003,576
Value Index Portfolio 619,738 1,291,275
-----------
$ 13,144,628
===========
Shares Value
Conservative Profile Portfolio
Bond Portfolio 1,434,650 $ 1,673,068
Growth Index Portfolio 987,488 2,613,335
Loomis Sayles Corporate Bond Portfolio 2,260,792 2,475,895
Short-Term Maturity Bond Portfolio 5,838,857 5,887,760
U.S. Government Securities Portfolio 2,355,296 2,511,608
Value Index Portfolio 819,020 1,706,497
------------
$ 16,868,163
============
Shares Value
Moderate Profile Portfolio
Ariel MidCap Value Portfolio 1,453,149 $ 2,987,273
Growth Index Portfolio 1,178,514 3,118,877
INVESCO ADR Portfolio 1,840,604 3,091,414
INVESCO Small-Cap Growth Portfolio 1,067,078 2,219,487
Loomis Sayles Corporate Bond Portfolio 1,798,890 1,970,044
Short-Term Maturity Bond Portfolio 2,982,587 3,007,568
U.S. Government Securities Portfolio 1,872,451 1,996,719
Value Index Portfolio 976,407 2,034,424
------------
$ 20,425,806
============
Shares Value
Moderately Aggressive Profile Portfolio
Ariel MidCap Value Portfolio 1,215,127 $ 2,497,966
Growth Index Portfolio 1,478,044 3,911,567
International Equity Portfolio 1,891,184 2,530,507
INVESCO ADR Portfolio 1,538,853 2,584,603
INVESCO Small-Cap Growth Portfolio 1,338,013 2,783,023
Loomis Sayles Corporate Bond Portfolio 3,384,150 3,706,134
Stock Index Portfolio 654,070 2,592,192
T. Rowe Price MidCap Growth Portfolio 1,758,286 2,639,195
Value Index Portfolio 1,224,560 2,551,473
------------
$ 25,796,660
============
Shares Value
Moderately Conservative Profile Portfolio
Ariel MidCap Value Portfolio 617,136 1,268,662
$
Growth Index Portfolio 750,344 1,985,745
INVESCO ADR Portfolio 1,174,893 1,973,308
Loomis Sayles Corporate Bond Portfolio 1,718,012 1,881,472
Short-Term Maturity Bond Portfolio 3,168,603 3,195,141
U.S. Government Securities Portfolio 1,192,973 1,272,146
Value Index Portfolio 622,314 1,296,643
------------
$ 12,873,117
============
</TABLE>
MAXIM SERIES FUND, INC.
Financial Statements and Financial Highlights for
The Six Months Ended June 30, 1999 and 1998
<PAGE>
MAXIM SERIES FUND, INC.
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 1999
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------
LOOMIS
FOUNDERS SAYLES
GROWTH & GROWTH CORPORATE
INCOME INDEX BOND
PORTFOLIO PORTFOLIO PORTFOLIO
------------ ------------ ------------
ASSETS:
Investments in securities, market value: (1) 133,058,655 $ 414,998,773 212,376,479 $
Cash 6,792 360,183 94,040
Dividends and interest receivable 112,944 354,369 3,269,080
Subscriptions receivable 84,245
Receivables for investments sold 6,278,130 11,627,920 12,961,701
Variation margin on futures contracts 302,200
------------ ------------ ------------
Total assets 139,456,521 427,727,690 228,701,300
------------ ------------ ------------
LIABILITIES:
Due to GW Capital Management 124,433 212,308 176,374
Redemptions payable 363,808 116,008
Payables for investments purchased 6,964,119 8,163,725 9,482,519
------------ ------------ ------------
Total liabilities 7,452,360 8,376,033 9,774,901
------------ ------------ ------------
NET ASSETS 132,004,161 $ 419,351,657 218,926,399 $
============ ============ ============
NET ASSETS REPRESENTED BY:
Capital stock, $.10 par value 11,516,034 $ 15,845,830 19,990,640 $
Additional paid-in capital 106,173,049 275,697,104 211,859,138
Net unrealized appreciation (depreciation) on investments
and translation
of assets and liabilities denominated in foreign 12,303,621 122,370,186 (14,079,633)
currencies
Undistributed (overdistributed) net investment income 5,411 25,285 103,796
Accumulated net realized gain on investments 2,006,046 5,413,252 1,052,458
------------ ------------ ------------
NET ASSETS 132,004,161 $ 419,351,657 218,926,399 $
============ ============ ============
NET ASSET VALUE PER OUTSTANDING SHARE 1.1463$ 2.6464 1.0951$
============ ============ ============
(Offering and redemption price)
SHARES OF CAPITAL STOCK OUTSTANDING:
Authorized 200,000,000 200,000,000 300,000,000
Outstanding 115,160,342 158,458,307 199,906,398
(1) Cost of investments in securities: 120,755,034 293,024,849 226,456,112
See notes to financial statements.
- -------------------------------------------------------------------------------------------------------------------
T. ROWE
SHORT-TERM PRICE
MATURITY MIDCAP VALUE
BOND GROWTH INDEX
PORTFOLIO PORTFOLIO PORTFOLIO
------------ ------------- -----------
ASSETS:
Investments in securities, market value: (1) 123,173,071$ 165,837,440 $ 364,674,440
Cash 73,034 110,351 163,425
Dividends and interest receivable 2,063,261 45,168 499,182
Subscriptions receivable 185,690 72,667
Receivables for investments sold 6,210,000 9,258,430 2,839,000
Variation margin on futures contracts 126,650
------------ ------------- -----------
Total assets 131,519,366 175,437,079 368,375,364
------------ ------------- -----------
LIABILITIES:
Due to GW Capital Management 67,335 150,181 194,132
Redemptions payable 382,638
Payables for investments purchased 5,904,078 11,205,227 3,115,514
------------ ------------- -----------
Total liabilities 6,354,051 11,355,408 3,309,646
------------ ------------- -----------
NET ASSETS 125,165,315$ 164,081,671 $ 365,065,718
============ ============= ===========
NET ASSETS REPRESENTED BY:
Capital stock, $.10 par value 12,412,570$ 10,931,462 $ 17,521,054
Additional paid-in capital 113,330,956 112,999,248 242,234,748
Net unrealized appreciation (depreciation) on investments
and translation
of assets and liabilities denominated in foreign (784,024) 32,410,447 100,593,171
currencies
Undistributed (overdistributed) net investment income 99,252 (525,553) 6,685
Accumulated net realized gain on investments 106,561 8,266,067 4,710,060
------------ ------------- -----------
NET ASSETS 125,165,315$ 164,081,671 $ 365,065,718
============ ============= ===========
NET ASSET VALUE PER OUTSTANDING SHARE 1.0084$ 1.5010 $ 2.0836
============ ============= ===========
(Offering and redemption price)
SHARES OF CAPITAL STOCK OUTSTANDING:
Authorized 200,000,000 200,000,000 300,000,000
Outstanding 124,125,705 109,314,627 175,210,546
(1) Cost of investments in securities: 123,957,095 133,426,993 264,245,219
See notes to financial statements.
</TABLE>
<PAGE>
MAXIM SERIES FUND, INC.
STATEMENTS OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 1999
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------
LOOMIS
FOUNDERS SAYLES
GROWTH & GROWTH CORPORATE
INCOME INDEX BOND
PORTFOLIO PORTFOLIO PORTFOLIO
------------ ----------- ------------
INVESTMENT INCOME:
Interest $ 198,427 $ 212,880 $ 9,060,208
Dividends 513,212 1,286,740 113,930
Less: Foreign withholding tax (9,058)
------------ ----------- ------------
Total income 702,581 1,499,620 9,174,138
------------ ----------- ------------
EXPENSES:
Salaries 3,940
Legal and SEC fees 5,172
Directors' fees 500
Audit fees 3,029
Investment administration 31,989
Bank and custodial fees 20,011
Other expenses 6,655
Management fee 610,114 1,062,582 946,917
------------ ----------- ------------
Total expenses 681,410 1,062,582 946,917
Less amount paid by GW Capital Management 2,071
------------ ----------- ------------
Net expenses 679,339 1,062,582 946,917
------------ ----------- ------------
NET INVESTMENT INCOME (LOSS) 23,242 437,038 8,227,221
------------ ----------- ------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain on investments 2,203,680 5,289,280 1,100,703
Net realized gain on futures contracts 499,945
Change in net unrealized appreciation (depreciation) 2,338,509 29,077,107 (2,508,276)
on investments
Change in net unrealized appreciation on futures 332,204
contracts
------------ ----------- ------------
Net realized and unrealized gain (loss) on 4,542,189 35,198,536 (1,407,573)
investments
------------ ----------- ------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 4,565,431 $ 35,635,574 $ 6,819,648
============ =========== ============
See notes to financial statements.
- -----------------------------------------------------------------------------------------------------------------
T. ROWE
SHORT-TERM PRICE
MATURITY MIDCAP VALUE
BOND GROWTH INDEX
PORTFOLIO PORTFOLIO PORTFOLIO
------------- ------------- ------------
INVESTMENT INCOME:
Interest $ 3,472,517 $ 257,583 $ 107,217
Dividends 186,262 3,315,868
Less: Foreign withholding tax (1,380) (340)
------------- ------------- ------------
Total income 3,472,517 442,465 3,422,745
------------- ------------- ------------
EXPENSES:
Salaries 3,940
Legal and SEC fees 17,499
Directors' fees 600
Audit fees 3,029
Investment administration 29,529
Bank and custodial fees 16,629
Other expenses 6,139
Management fee 353,049 731,214 1,005,390
------------- ------------- ------------
Total expenses 353,049 808,579 1,005,390
Less amount paid by GW Capital Management 40,805
------------- ------------- ------------
Net expenses 353,049 767,774 1,005,390
------------- ------------- ------------
NET INVESTMENT INCOME (LOSS) 3,119,468 (325,309) 2,417,355
------------- ------------- ------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain on investments 114,130 8,160,205 5,073,423
Net realized gain on futures contracts 20,246
Change in net unrealized appreciation (depreciation) (1,647,657) 9,211,473 33,444,337
on investments
Change in net unrealized appreciation on futures 18,725
contracts
------------- ------------- ------------
Net realized and unrealized gain (loss) on (1,533,527) 17,371,678 38,556,731
investments
------------- ------------- ------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 1,585,941 $17,046,369 $ 40,974,086
============= ============= ============
See notes to financial statements.
</TABLE>
<PAGE>
MAXIM SERIES FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
SIX MONTHS ENDED JUNE 30, 1999 AND 1998
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------------------
------------------------------
FOUNDERS GROWTH
GROWTH & INCOME INDEX
PORTFOLIO PORTFOLIO
------------------------ ------------------------
------------- -----------
1999 1998 1999 1998
----------- ----------- ----------- -----------
INCREASE IN ASSETS:
OPERATIONS:
Net investment income (loss) $ 23,242 $ 859,266 $ 437,038 $ 314,080
Net realized gain on investments 2,203,680 7,753,173 5,289,280 7,873,137
Net realized gain on futures contracts 499,945
Change in net unrealized appreciation (depreciation) 2,338,509 3,652,730 29,077,107 25,449,152
on investments
Change in net unrealized appreciation on futures 332,204
contracts
----------- ----------- ----------- -----------
Net increase in net assets resulting from 4,565,431 12,265,169 35,635,574 33,636,369
operations
----------- ----------- ----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (20,123) (868,731) (405,677) (308,054)
From net realized gains (3,730,765) (3,436,535) (118,459)
----------- ----------- ----------- -----------
Total distributions (3,750,888) (868,731) (3,842,212) (426,513)
----------- ----------- ----------- -----------
SHARE TRANSACTIONS:
Net proceeds from sales of shares 12,710,136 9,613,946 94,950,167 39,703,840
Reinvestment of distributions 3,750,888 868,731 3,842,212 426,513
Redemptions of shares (6,158,643) (7,013,600) (8,404,313) (17,066,987)
----------- ----------- ----------- -----------
Net increase in net assets resulting from shares 10,302,381 3,469,077 90,388,066 23,063,366
transactions
----------- ----------- ----------- -----------
Total increase in net assets 11,116,924 14,865,515 122,181,428 56,273,222
NET ASSETS:
Beginning of period 120,887,237 94,206,892 297,170,229 162,975,760
----------- ----------- ----------- -----------
End of period (1) $ 132,004,161$ 109,072,407 $ 419,351,657$ 219,248,982
=========== =========== =========== ===========
OTHER INFORMATION:
SHARES:
Sold 11,478,889 8,707,790 37,794,426 19,313,501
Issued in reinvestment of distributions 3,521,271 759,797 1,566,567 197,298
Redeemed (5,432,553) (6,462,389) (3,318,042) (8,433,041)
----------- ----------- ----------- -----------
Net increase 9,567,607 3,005,198 36,042,951 11,077,758
=========== =========== =========== ===========
(1) Including undistributed (overdistributed) net 5,411 (5,246) 25,285 5,661
investment income
See notes to financial statements.
- -------------------------------------------------------------------------------------------------
LOOMIS SAYLES
CORPORATE BOND
PORTFOLIO
--------------------------
1999 1998
------------ ------------
INCREASE IN ASSETS:
OPERATIONS:
Net investment income (loss) $ 8,227,221 $ 6,387,715
Net realized gain on investments 1,100,703 2,285,425
Net realized gain on futures contracts
Change in net unrealized appreciation (depreciation) (2,508,276) (2,017,147)
on investments
Change in net unrealized appreciation on futures
contracts
------------ ------------
Net increase in net assets resulting from 6,819,648 6,655,993
operations
------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (8,135,270) (6,923,827)
From net realized gains (2,072,615) (830,216)
------------ ------------
Total distributions (10,207,885) (7,754,043)
------------ ------------
SHARE TRANSACTIONS:
Net proceeds from sales of shares 25,419,403 41,159,092
Reinvestment of distributions 10,207,885 7,754,043
Redemptions of shares (12,698,685) (7,498,548)
------------ ------------
Net increase in net assets resulting from shares 22,928,603 41,414,587
transactions
------------ ------------
Total increase in net assets 19,540,366 40,316,537
NET ASSETS:
Beginning of period 199,386,033 158,884,389
------------ ------------
End of period (1) $ 218,926,399 $ 199,200,926
============ ============
OTHER INFORMATION:
SHARES:
Sold 22,463,018 33,626,459
Issued in reinvestment of distributions 9,348,531 6,488,759
Redeemed (11,236,322) (6,158,350)
------------ ------------
Net increase 20,575,227 33,956,868
============ ============
(1) Including undistributed (overdistributed) net 5,6103,796 153,186
investment income
See notes to financial statements.
</TABLE>
(Continued)
<PAGE>
MAXIM SERIES FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
SIX MONTHS ENDED JUNE 30, 1999 AND 1998
<S> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------------------
-------------------------
SHORT-TERM T. ROWE PRICE
MATURITY BOND MIDCAP GROWTH VALUE INDEX
PORTFOLIO PORTFOLIO PORTFOLIO
------------------------------------------------- --------------------------
------------- ------------
1999 1998 1999 1998 1999 1998
----------- ---------------------- ------------ ------------ ------------
INCREASE IN ASSETS:
OPERATIONS:
Net investment income (loss) 3,119,468 $ 2,349,527 (325,309)$ (68,284) 2,417,355 $ 2,064,658
Net realized gain on investments 114,130 59,350 8,160,205 2,290,213 5,073,423 11,357,498
Net realized gain on futures contracts 20,246
Change in net unrealized appreciation (depreciation) (1,647,657) 146,563 9,211,473 8,568,359 33,444,337 15,578,983
on investments
Change in net unrealized appreciation on futures 18,725
contracts
----------- ---------------------- ------------ ------------ ------------
Net increase in net assets resulting from 1,585,941 2,555,440 17,046,369 10,790,288 40,974,086 29,001,139
operations
----------- ---------------------- ------------ ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (3,056,681) (2,317,675) (294,457) (2,424,165) (2,172,435)
From net realized gains (33,579) (301,471) (6,111,747) (419,816)
----------- ---------------------- ------------ ------------ ------------
Total distributions (3,090,260) (2,317,675) (301,471) (294,457) (8,535,912) (2,592,251)
----------- ---------------------- ------------ ------------ ------------
SHARE TRANSACTIONS:
Net proceeds from sales of shares 18,272,202 25,427,092 19,935,122 42,251,387 25,359,933 51,569,767
Reinvestment of distributions 3,090,260 2,317,675 301,471 294,457 8,535,912 2,592,251
Redemptions of shares (5,609,919) (7,074,454)(12,662,258) (3,990,609) (27,607,799) (27,967,321)
----------- ---------------------- ------------ ------------ ------------
Net increase in net assets resulting from shares 15,752,543 20,670,313 7,574,335 38,555,235 6,288,046 26,194,697
transactions
----------- ---------------------- ------------ ------------ ------------
Total increase in net assets 14,248,224 20,908,078 24,319,233 49,051,066 38,726,220 52,603,585
NET ASSETS:
Beginning of period 110,917,091 78,367,545 139,762,438 56,704,297 326,339,498 237,421,804
----------- ---------------------- ------------ ------------ ------------
End of period (1) 125,165,315$ 99,275,623 164,081,671$ 105,755,363 365,065,718 $ 290,025,389
=========== ====================== ============ ============ ============
OTHER INFORMATION:
SHARES:
Sold 17,871,491 24,885,220 14,660,553 34,394,759 12,657,744 26,851,189
Issued in reinvestment of distributions 3,055,154 2,282,884 235,617 244,194 4,483,732 1,310,247
Redeemed (5,504,215) (6,910,969)(9,327,690) (3,380,666) (14,110,082) (14,481,671)
----------- ---------------------- ------------ ------------ ------------
Net increase 15,422,430 20,257,135 5,568,480 31,258,287 3,031,394 13,679,765
=========== ====================== ============ ============ ============
(1) Including undistributed (overdistributed) net 99,252 61,507 (525,553) (103,340) 6,685 9,681
investment income
</TABLE>
See notes to financial statements. (Concluded)
<PAGE>
MAXIM SERIES FUND, INC.
FOUNDERS GROWTH & 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 six months
ended June 30, 1999, and the periods ended December 31, 1998 and 1997 are as
follows:
Six Months Ended Year Ended December 31,
--------------------------------
June 30, 1999 1998 1997
----------------- --------------- --------------
(A)
Net Asset Value, Beginning of Period $ 1.1448 $ 1.0228 $ 1.0000
Income From Investment Operations
Net investment income 0.0002 0.0157 0.0089
Net realized and unrealized gain 0.0365 0.1655 0.0228
----------------- --------------- --------------
Total Income From Investment Operations 0.0367 0.1812 0.0317
----------------- --------------- --------------
Less Distributions
From net investment income (0.0002) (0.0157) (0.0089)
From net realized gains (0.0350) (0.0435)
----------------- --------------- --------------
Total Distributions (0.0352) (0.0592) (0.0089)
----------------- --------------- --------------
Net Asset Value, End of Period $ 1.1463 $ 1.1448 $ 1.0228
================= =============== ==============
Total Return 3.44% 17.85% 3.17%
Net Assets, End of Period $ 132,004,161 $ 120,887,237 $ 94,206,892
Ratio of Expenses to Average Net Assets:
Before reimbursement 1.12% * 1.15% 1.15% *
After reimbursement # 1.11% * 1.15% 1.14% *
Ratio of Net Investment Income to Average Net 0.04% * 1.46% 1.78% *
Assets
Portfolio Turnover Rate 121.14% 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 six
months ended June 30, 1999 were $143,140,293 and $143,875,991, 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.
GROWTH INDEX PORTFOLIO
<TABLE>
FINANCIAL HIGHLIGHTS
<S> <C> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the six months
ended June 30, 1999, and the years ended December 31, 1998, 1997, 1996 and 1995
are as follows:
Six Months Ended Year Ended December 31,
--------------------------------------------------------
June 30, 1999 1998 1997 1996 1995
---------------- ------------ ------------ ------------- ------------
Net Asset Value, Beginning of Period 2.4276 $ 1.8507 $ 1.4852 $ 1.3459 $ 1.0120
Income From Investment Operations
Net investment income 0.0028 0.0070 0.0085 0.0114 0.0127
Net realized and unrealized gain 0.2437 0.6769 0.4241 0.2851 0.3432
---------------- ------------ ------------ ------------- ------------
Total Income From Investment 0.2465 0.6839 0.4326 0.2965 0.3559
Operations
---------------- ------------ ------------ ------------- ------------
Less Distributions
From net investment income (0.0026) (0.0070) (0.0085) (0.0114) (0.0165)
From net realized gains (0.0251) (0.1000) (0.0586) (0.1458) (0.0055)
---------------- ------------ ------------ ------------- ------------
Total Distributions (0.0277) (0.1070) (0.0671) (0.1572) (0.0220)
---------------- ------------ ------------ ------------- ------------
Net Asset Value, End of Period 2.6464 $ 2.4276 $ 1.8507 $ 1.4852 $ 1.3459
================ ============ ============ ============= ============
Total Return 10.25% 37.28% 29.26% 22.10% 35.29%
Net Assets, End of Period 419,351,657 $ 297,170,229 $ 162,975,760 $ 83,743,210 $ 43,515,299
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% * 0.36% 0.54% 0.83% 1.15%
Portfolio Turnover Rate 5.00% 26.48% 21.52% 41.55% 17.90%
</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 six
months ended June 30, 1999 were $94,925,197 and $17,486,807, respectively.
*Annualized
(Continued)
<PAGE>
MAXIM SERIES FUND, INC.
LOOMIS SAYLES 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 six months
ended June 30, 1999, and the years ended December 31, 1998, 1997, 1996 and 1995
are as follows:
Six Months Year Ended December 31,
Ended
----------------------------------------------------
June 30, 1999 1998 1997 1996 1995
---------------- ----------- ------------ ----------- ------------
Net Asset Value, Beginning of Period $ 1.1118 $ 1.1981$ 1.1618 $ 1.1521$ 0.9716
Income From Investment Operations
Net investment income 0.0427 0.0838 0.0764 0.0825 0.0842
Net realized and unrealized gain (0.0059) (0.0429) 0.0689 0.0324 0.1994
(loss)
---------------- ----------- ------------ ----------- ------------
Total Income From
Investment Operations 0.0368 0.0409 0.1453 0.1149 0.2836
---------------- ----------- ------------ ----------- ------------
Less Distributions
From net investment income (0.0423) (0.0839) (0.0762) (0.0825) (0.1001)
From net realized gains (0.0112) (0.0433) (0.0328) (0.0227) (0.0030)
---------------- ----------- ------------ ----------- ------------
Total Distributions (0.0535) (0.1272) (0.1090) (0.1052) (0.1031)
---------------- ----------- ------------ ----------- ------------
Net Asset Value, End of Period $ 1.0951 $ 1.1118$ 1.1981 $ 1.1618$ 1.1521
================ =========== ============ =========== ============
Total Return 3.36% 3.43% 12.70% 10.35% 30.19%
Net Assets, End of Period $ 218,926,399 $ 199,386,033$ 158,884,389 $ 83,645,029 $ 45,530,190
Ratio of Expenses to Average Net 0.90% * 0.90% 0.90% 0.90% 0.90%
Assets
Ratio of Net Investment Income to
Average Net Assets 7.81% * 7.41% 7.14% 7.68% 7.89%
Portfolio Turnover Rate 14.39% 55.47% 52.69% 40.02% 24.70%
</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 six
months ended June 30, 1999 were $34,850,497 and $29,160,529, respectively.
*Annualized
(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 six months
ended June 30, 1999, and the years ended December 31, 1998, 1997, 1996 and 1995
are as follows:
Six Months Year Ended December 31,
Ended
------------------------------------------------------
June 30, 1999 1998 1997 1996 1995
---------------- ------------- ----------- ----------- ------------
(A)
Net Asset Value, Beginning of Period $ 1.0204 $ 1.0134 $ 1.0065 $ 1.0092 1.0000
Income From Investment Operations
Net investment income 0.0258 0.0546 0.0534 0.0489 0.0194
Net realized and unrealized gain (0.0122) 0.0087 0.0070 (0.0027) 0.0105
(loss)
---------------- ------------- ----------- ----------- ------------
Total Income From Investment 0.0136 0.0633 0.0604 0.0462 0.0299
Operations
---------------- ------------- ----------- ----------- ------------
Less Distributions
From net investment income (0.0253) (0.0543) (0.0534) (0.0489) (0.0207)
From net realized gains (0.0003) (0.0020) (0.0001)
---------------- ------------- ----------- ----------- ------------
Total Distributions (0.0256) (0.0563) (0.0535) (0.0489) (0.0207)
---------------- ------------- ----------- ----------- ------------
Net Asset Value, End of Period $ 1.0084 $ 1.0204 $ 1.0134 $ 1.0065 1.0092
================ ============= =========== =========== ============
Total Return 1.34% 6.36% 6.14% 4.70% 3.02%
Net Assets, End of Period $ 125,165,315 $ 110,917,091 $ 78,367,545 $ 39,503,114 15,618,670
Ratio of Expenses to Average Net 0.60% * 0.60% 0.60% 0.60% 0.53%*
Assets
Ratio of Net Investment Income to
Average Net Assets 5.30% * 5.45% 5.47% 5.15% 4.61%*
Portfolio Turnover Rate 20.09% 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 six
months ended June 30, 1999 were $32,909,987 and $23,024,804, respectively.
(A) The portfolio commenced operations on August 1, 1995.
* Annualized
(Continued)
<PAGE>
MAXIM SERIES FUND, INC.
T. ROWE PRICE MIDCAP 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 six months
ended June 30, 1999, and the periods ended December 31, 1998 and 1997 are as
follows:
Six Months Ended Year Ended December 31,
---------------------------------------
June 30, 1999 1998 1997
-------------------- ---------------- ------------------
(A)
Net Asset Value, Beginning of Period $ 1.3472 $ 1.1069 $ 1.0000
Income From Investment Operations
Net investment income (loss) (0.0029) (0.0016)
Net realized and unrealized gain 0.1595 0.2471 0.1086
-------------------- ---------------- ------------------
Total Income From Investment Operations 0.1566 0.2455 0.1086
-------------------- ---------------- ------------------
Less Distributions
From net realized gains (0.0028) (0.0052) (0.0017)
-------------------- ---------------- ------------------
Total Distributions (0.0028) (0.0052) (0.0017)
-------------------- ---------------- ------------------
Net Asset Value, End of Period $ 1.5010 $ 1.3472 $ 1.1069
==================== ================ ==================
Total Return 11.67% 22.23% 10.86%
Net Assets, End of Period $ 164,081,671 $ 139,762,438 $ 56,704,297
Ratio of Expenses to Average Net Assets:
Before reimbursement 1.10% * 1.16% 1.30% *
After reimbursement # 1.05% * 1.05% 1.05% *
Ratio of Net Investment Income to Average Net (0.44)% * (0.21)% (0.16)% *
Assets
Portfolio Turnover Rate 33.68% 52.50% 24.28%
</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 six
months ended June 30, 1999 were $54,974,963 and $46,744,191, respectively.
(A) The portfolio commenced operations on July 1, 1997.
* Annualized
# Percentages are shown net of expenses reimbursed by GW Capital Management,LLC
(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 six months
ended June 30, 1999, and the years ended December 31, 1998, 1997, 1996 and 1995
are as follows:
Six Months Year Ended December 31,
Ended
------------------------------------------------------
June 30, 1999 1998 1997 1996 1995
---------------- ------------ ------------- ----------- ------------
Net Asset Value, Beginning of $ 1.8953 $ 1.8136 $ 1.4538 $ 1.2623$ 0.9614
Period
Income From Investment Operations
Net investment income 0.0138 0.0279 0.0278 0.0298 0.0305
Net realized and unrealized gain 0.2245 0.2301 0.4631 0.2287 0.3198
---------------- ------------ ------------- ----------- ------------
Total Income From
Investment Operations 0.2383 0.2580 0.4909 0.2585 0.3503
---------------- ------------ ------------- ----------- ------------
Less Distributions
From net investment income (0.0139) (0.0278) (0.0278) (0.0298) (0.0359)
From net realized gains (0.0361) (0.1485) (0.1033) (0.0372) (0.0135)
---------------- ------------ ------------- ----------- ------------
Total Distributions (0.0500) (0.1763) (0.1311) (0.0670) (0.0494)
---------------- ------------ ------------- ----------- ------------
Net Asset Value, End of Period $ 2.0836 $ 1.8953 $ 1.8136 $ 1.4538$ 1.2623
================ ============ ============= =========== ============
Total Return 12.83% 14.48% 34.08% 20.63% 36.80%
Net Assets, End of Period $ 365,065,718 $ 326,339,498 $ 237,421,804 $ 122,283,02$ 65,183,898
Ratio of Expenses to
Average Net Assets 0.60%* 0.60% 0.60% 0.60% 0.60%
Ratio of Net Investment Income
to Average Net Assets 1.44%* 1.54% 1.83% 2.38% 2.87%
Portfolio Turnover Rate 8.55% 39.67% 26.03% 16.31% 18.11%
</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 six
months ended June 30, 1999 were $28,512,206 and $31,236,236, respectively.
*Annualized
*
*A
(Concluded)
MAXIM SERIES FUND, INC.
NOTES TO FINANCIAL STATEMENTS
SIX MONTHS ENDED JUNE 30, 1999 AND 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 Founders Growth & Income, Loomis Sayles Corporate Bond,
Growth Index, T. Rowe Price 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, 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 and Maxim Series Accounts of the Company to fund
benefits under variable annuity contracts.
Effective May 1, 1999, the Corporate Bond Portfolio changed its name to
Loomis Sayles Corporate Bond Portfolio and the MidCap Growth Portfolio
changed its name to T. Rowe Price MidCap Growth Portfolio. Effective May
27, 1999, the Founders Blue Chip Portfolio changed its name to Founders
Growth & Income Portfolio.
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 Founders Growth & Income, Growth Index, Loomis
Sayles Corporate Bond, T. Rowe Price 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
Founders Growth & Income, Growth Index, Loomis Sayles Corporate Bond, T.
Rowe Price 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 June 30, 1999
were as follows:
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Loomis Sayles
Corporate Short-Term Maturity
Bond Portfolio Bond Portfolio
-------------------- -------------------------
Aggregate Cost $ 21,035,128 $ 5,097,794
Aggregate Fair Value $ 21,727,840 $ 5,068,410
Percent of Net Assets 9.92% 4.05%
</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 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 futures 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.
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 Loomis Sayles Corporate Bond Portfolio; and 1.00% of the
average daily net assets of the Founders Growth & Income Portfolio and
T. Rowe Price 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 Founders Growth & Income and T. Rowe Price MidCap Growth
Portfolios, respectively.
4. UNREALIZED APPRECIATION (DEPRECIATION)
Gross unrealized appreciation (depreciation) of securities is as follows
as of June 30, 1999:
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Net
Gross Gross Unrealized
Appreciation Depreciation Appreciation
(Depreciation)
Founders Growth & Income Portfolio $ 14,160,507 $ (1,856,886) $ 12,303,621
Growth Index Portfolio 128,776,212 (6,802,288) 121,973,924
Loomis Sayles Corporate Bond 8,209,595 (22,289,228) (14,079,633)
Portfolio
Short-Term Maturity Bond Portfolio 232,588 (1,016,612) (784,024)
T. Rowe Price MidCap Growth Portfolio 40,199,687 (7,789,240) 32,410,447
Value Index Portfolio 107,806,989 (7,377,768) 100,429,221
5. FUTURES CONTRACTS
At June 30, 1999, the unrealized appreciation (depreciation) on open
futures contracts, expiring in September 1999 was:
Number of
Portfolio Futures Contract Contracts Unrealized Appreciation
Growth Index Portfolio S&P 500 13 $ 396,262
Value Index Portfolio S&P 500 14 163,950
</TABLE>
The Maxim Series Fund
Foreign Equity Portfolio
COMMON STOCK
AUSTRALIA --- 1.8%
HOLDING & INVEST. OFFICES
359,000 Southcorp Ltd 1,445,571
$1,445,571
TOTAL AUSTRALIA --- 1.8% $1,445,571
BRAZIL --- 0.0%
TELEPHONE
959 Telec Minas Gerais (rights)* 5
$5
TOTAL BRAZIL --- 0.0% $05
CANADA --- 4.8%
ELECTRONICS - HIGH TECH
18,200 Nortel Networks Corp 1,558,939
$1,558,939
OIL & GAS
53,000 Imperial Oil Ltd 1,008,838
$1,008,838
TRANSPORTATION EQUIPMENT
84,000 Bombardier Inc Series B 1,284,840
$1,284,840
TOTAL CANADA --- 4.8% $3,852,617
FRANCE --- 0.1%
MFTG - INDUSTRIAL PRODS
180 Compagnie de Saint Gobain 28,678
700 Pechiney International SA Class A 30,086
700 Renault SA 30,462
$89,226
TOTAL FRANCE --- 0.1% $89,226
GERMANY --- 0.2%
INDUSTRIAL PRODS & SVCS
600 Veba AG 35,267
$35,267
MFTG - INDUSTRIAL PRODS
350 DaimlerChrysler AG 30,570
450 Siemens AG 34,710
$65,280
RETAIL TRADE
700 Douglas Holding AG 31,617
$31,617
TOTAL GERMANY --- 0.2% $132,164
HONG KONG --- 1.3%
ELECTRONICS - HIGH TECH
330,000 Hongkong Electric Holdings Ltd 1,063,377
$1,063,377
TOTAL HONG KONG --- 1.3% $1,063,377
ITALY --- 0.0%
OIL & GAS
5,000 ENI SpA 29,853
$29,853
TOTAL ITALY --- 0.0% $29,853
JAPAN --- 0.5%
COMMUNICATIONS
15 NTT Mobile Communications Network Inc 203,457
$203,457
ELECTRONICS - HIGH TECH
1,000 Canon Inc 28,782
2,000 Fujitsu 40,278
3,000 NEC Corp 37,342
300 Sony Corp 32,379
$138,781
RETAIL TRADE
100 Ryohin Keikaku Co Ltd 25,184
$25,184
TOTAL JAPAN --- 0.5% $367,422
PORTUGAL --- 0.1%
FOREIGN BANKS
2,094 BPI-SGPS SA* 43,942
$43,942
TOTAL PORTUGAL --- 0.1% $43,942
SWEDEN --- 0.0%
MFTG - INDUSTRIAL PRODS
1,300 Sandvik AB 28,834
$28,834
TOTAL SWEDEN --- 0.0% $28,834
UNITED KINGDOM --- 0.2%
COMMUNICATIONS
1,500 Vodafone AirTouch PLC 29,550
$29,550
CONSUMER SERVICES
2,000 SmithKline Beecham PLC 25,988
$25,988
OIL & GAS
1,600 BP Amoco PLC 28,671
$28,671
RETAIL TRADE
2,600 Diageo PLC* 27,147
$27,147
TRANSPORTATION EQUIPMENT
4,500 British Aerospace PLC 29,202
$29,202
TOTAL UNITED KINGDOM --- 0.2% $140,558
TOTAL COMMON STOCK --- 8.9% $7,193,569
(Cost $5,940,600)
SHORT-TERM INVESTMENTS
JAPAN --- 5.0%
CREDIT INSTITUTIONS
4,000,000 Toyota Motor Credit Corp 3,997,139
$3,997,139
TOTAL JAPAN --- 5.0% $3,997,139
UNITED STATES --- 86.1%
CONSUMER SERVICES
4,100,000 United Parcel Service 4,100,000
$4,100,000
CREDIT INSTITUTIONS
4,100,000 American Express Co 4,100,000
2,000,000 Ford Motor Credit Co 2,000,000
3,746,000 Prudential Funding Corp 3,746,000
$9,846,000
ELECTRIC
4,040,000 Baltimore Gas & Electric Co 4,036,532
4,000,000 Duke Energy Corp 3,993,742
4,100,000 Electricity de France 4,100,000
$12,130,274
ELECTRONICS - HIGH TECH
4,000,000 Emerson Electric Co 3,993,200
4,000,000 General Electric Co 3,986,166
$7,979,366
FINANCIAL SERVICES
4,000,000 Commercial Credit Co 3,989,800
1,500,000 Household Finance Corp 1,494,813
$5,484,613
INSURANCE
4,100,000 American General Corp 4,094,792
$4,094,792
MFTG - CONSUMER PRODS.
4,100,000 Campbell Soup Co 4,100,000
4,100,000 General Mills Inc 4,095,262
$8,195,262
RETAIL TRADE
4,100,000 Wal-Mart Stores Inc 4,100,000
$4,100,000
SECURITIES & COMMODITIES
4,000,000 Merrill Lynch & Co Inc 3,995,987
1,500,000 Morgan Stanley Dean Witter & Co 1,500,000
$5,495,987
TELEPHONE
4,100,000 AT&T Corp 4,096,433
4,000,000 Ameritech Corp 3,989,191
$8,085,624
TOTAL UNITED STATES --- 86.1% $69,511,918
TOTAL SHORT-TERM INVESTMENTS --- 91.1% $73,509,057
(Cost $73,509,057)
TOTAL FOREIGN EQUITY PORTFOLIO --- 100.0% $80,702,626
(Cost $79,449,657)
The Maxim Series Fund
INVESCO ADR Portfolio
COMMON STOCK
AUSTRALIA --- 6.3%
COMMUNICATIONS
15,000 News Corporation Ltd 529,680
$529,680
FOREIGN BANKS
11,000 National Australia Bank Ltd sponsored ADR 924,000
$924,000
MINING
8,000 Rio Tinto Ltd sponsored ADR 526,000
$526,000
TOTAL AUSTRALIA --- 6.3% $1,979,680
DENMARK --- 3.6%
FOREIGN BANKS
6,500 Den Danske Bank ADR 711,750
$711,750
MFTG - INDUSTRIAL PRODS
8,000 Novo Nordisk A/S 428,000
$428,000
TOTAL DENMARK --- 3.6% $1,139,750
FRANCE --- 6.0%
MFTG - CONSUMER PRODS.
10,000 Groupe Danone 523,120
$523,120
OIL & GAS
8,000 Total Fina SA* 521,000
$521,000
SECURITIES & COMMODITIES
25,000 Societe Generale 850,000
$850,000
TOTAL FRANCE --- 6.0% $1,894,120
GERMANY --- 11.9%
FOREIGN BANKS
9,000 Deutsche Bank AG sponsored ADR 551,250
$551,250
INDUSTRIAL SERVICES
10,000 SAP AG 346,250
$346,250
MFTG - INDUSTRIAL PRODS
14,000 BASF AG 623,000
12,000 Bayer AG 501,000
$1,124,000
OIL & GAS
12,000 RWE AG 552,000
$552,000
RETAIL TRADE
6,000 DaimlerChrysler AG 533,250
$533,250
TELEPHONE
15,000 Deutsche Telekom AG 633,750
$633,750
TOTAL GERMANY --- 11.9% $3,740,500
ITALY --- 3.4%
FOREIGN BANKS
24,000 San Paolo - IMI SpA sponsored ADR 660,000
$660,000
OIL & GAS
7,000 ENI sponsored ADR 420,000
$420,000
TOTAL ITALY --- 3.4% $1,080,000
JAPAN --- 1.4%
MFTG - CONSUMER PRODS.
4,000 Sony Corp 441,500
$441,500
TOTAL JAPAN --- 1.4% $441,500
JAPAN --- 13.7%
CONSUMER SERVICES
40,000 Nintendo Company Ltd 695,000
$695,000
ELECTRONICS - HIGH TECH
20,000 Canon Inc sponsored ADR 582,500
19,000 Fuji Photo Film 722,000
6,000 Hitachi Ltd 566,622
2,000 Matsushita Electric Industrial Company Ltd 396,624
$2,267,746
MFTG - CONSUMER PRODS.
3,000 Kirin Brewery Company Ltd 356,250
$356,250
MFTG - INDUSTRIAL PRODS
8,000 Kyocera Corp 479,496
$479,496
TRANSPORTATION EQUIPMENT
6,000 Honda Motor Co Ltd 520,500
$520,500
TOTAL JAPAN --- 13.7% $4,318,992
NETHERLANDS --- 9.8%
ELECTRONICS - HIGH TECH
5,520 Koninklijke Philips Electronics NV 556,830
$556,830
FOREIGN BANKS
25,000 ABN AMRO Holding NV 551,550
12,000 ING Groep NV 660,000
$1,211,550
MFTG - CONSUMER PRODS.
9,821 Unilever NV ADR 685,015
$685,015
MFTG - INDUSTRIAL PRODS
15,000 Akzo Nobel NV 635,625
$635,625
TOTAL NETHERLANDS --- 9.8% $3,089,020
PORTUGAL --- 2.1%
TELEPHONE
16,000 Portugal Telecom SA 658,992
$658,992
TOTAL PORTUGAL --- 2.1% $658,992
SPAIN --- 7.7%
ELECTRIC
35,000 Endesa sponsored ADR 743,750
$743,750
OIL & GAS
45,000 Repsol SA sponsored ADR 914,040
$914,040
TELEPHONE
5,202 Telefonica SA 765,344
$765,344
TOTAL SPAIN --- 7.7% $2,423,134
SWITZERLAND --- 5.3%
CONSUMER SERVICES
9,000 Novartis AG 657,000
$657,000
HOLDING & INVEST. OFFICES
2,500 Zurich Allied AG sponsored ADR 290,000
$290,000
MFTG - CONSUMER PRODS.
8,000 Nestle SA 726,000
$726,000
TOTAL SWITZERLAND --- 5.3% $1,673,000
UNITED KINGDOM --- 24.6%
AIR
8,000 British Airways PLC 571,496
$571,496
COMMUNICATIONS
14,000 Carlton Communications PLC sponsored ADR 600,250
$600,250
CONSUMER SERVICES
10,000 SmithKline Beecham PLC 660,620
$660,620
ELECTRIC
10,000 PowerGen PLC 428,750
15,000 Scottish Power PLC 525,000
$953,750
FOREIGN BANKS
3,500 HSBC Holdings PLC 1,277,500
$1,277,500
HOLDING & INVEST. OFFICES
20,180 AstraZeneca Group PLC 790,794
$790,794
MFTG - CONSUMER PRODS.
52,800 Associated British Foods PLC 345,840
$345,840
MFTG - INDUSTRIAL PRODS
12,000 British Steel PLC 312,744
6,000 Glaxo Wellcome PLC 339,750
$652,494
OIL & GAS
17,000 Shell Transport and Trading Co 788,375
$788,375
RETAIL TRADE
12,000 Marks & Spencer PLC 420,000
$420,000
TELEPHONE
4,000 British Telecommunications PLC 685,000
$685,000
TOTAL UNITED KINGDOM --- 24.6% $7,746,119
TOTAL COMMON STOCK --- 96.0% $30,184,807
(Cost $26,044,053)
SHORT-TERM INVESTMENTS
UNITED STATES --- 4.0%
CREDIT INSTITUTIONS
1,261,000 Prudential Funding Corp 1,261,000
$1,261,000
TOTAL UNITED STATES --- 4.0% $1,261,000
TOTAL SHORT-TERM INVESTMENTS --- 4.0% $1,261,000
(Cost $1,261,000)
TOTAL INVESCO ADR PORTFOLIO --- 100.0% $31,445,807
(Cost $27,305,053)
The Maxim Series Fund
International Equity Portfolio
BONDS
FRANCE --- 0.4%
INSURANCE
483,450 Axa SA# 501,525
Eurodollar Convertible Notes
2.500% January 1, 2014
$501,525
TOTAL FRANCE --- 0.4% $501,525
TOTAL BONDS --- 0.4% $501,525
(Cost $546,878)
COMMON STOCK
ARGENTINA --- 1.1%
OIL & GAS
152,000 Perez Companc SA 881,600
$881,600
TELEPHONE
31,500 Nortel Inversora ADR 547,313
$547,313
TOTAL ARGENTINA --- 1.1% $1,428,913
AUSTRALIA --- 3.4%
CONSUMER SERVICES
195,800 Mayne Nickless Ltd 668,109
$668,109
FOREIGN BANKS
75,400 Australia & New Zealand Banking Group Ltd 552,828
$552,828
INSURANCE
725,483 HIH Insurance Ltd 865,898
69,600 Lend Lease Corp Ltd 952,850
$1,818,748
OIL & GAS
291,745 WMC Ltd 1,249,661
$1,249,661
TOTAL AUSTRALIA --- 3.4% $4,289,346
AUSTRIA --- 0.6%
ELECTRIC
4,820 EVN AG 704,800
$704,800
TOTAL AUSTRIA --- 0.6% $704,800
BERMUDA --- 0.9%
INSURANCE
39,600 Ace Ltd 1,118,700
$1,118,700
TOTAL BERMUDA --- 0.9% $1,118,700
BERMUDA --- 1.1%
INSURANCE
20,700 Partnerre Ltd 773,663
10,400 XL Capital Ltd 587,600
$1,361,263
TOTAL BERMUDA --- 1.1% $1,361,263
BRAZIL --- 2.6%
ELECTRIC
72,900 Centrais Eletricas Brasileiras sponsored ADR 656,100
$656,100
FOREIGN BANKS
656,800 Banco Itau 336,011
$336,011
TELEPHONE
17,050 Telecomunicacoes Brasileiras SA sponsored ADR 1,537,688
31,900 Telesp Participacoes SA 729,713
$2,267,401
TOTAL BRAZIL --- 2.6% $3,259,512
CANADA --- 3.7%
COMMUNICATIONS
22,700 Nortel Networks Corp 1,970,632
$1,970,632
ELECTRONICS - HIGH TECH
41,800 Newbridge Networks Corp* 1,201,750
$1,201,750
OIL & GAS
36,900 Renaissance Energy Ltd* 496,683
$496,683
TRANSPORTATION
16,100 Canadian National Railway Co 1,082,454
$1,082,454
TOTAL CANADA --- 3.7% $4,751,519
CHILE --- 0.8%
CONSUMER SERVICES
41,700 Embotelladora Andina SA 635,925
$635,925
TELEPHONE
16,100 CIA Telecom Chile sponsored ADR 398,475
$398,475
TOTAL CHILE --- 0.8% $1,034,400
CHINA --- 0.5%
ELECTRIC
88,100 Shandong Huaneng Power Company Ltd 456,975
$456,975
MFTG - CONSUMER PRODS.
203,000 Guangdong Kelon Electrical Holdings Company Ltd 236,798
$236,798
TOTAL CHINA --- 0.5% $693,773
DENMARK --- 0.5%
FINANCIAL SERVICES
9,700 Unidanmark A/S 646,021
$646,021
TOTAL DENMARK --- 0.5% $646,021
FINLAND --- 1.6%
MFTG - INDUSTRIAL PRODS
105,700 Stora Enso OY (registered) 1,133,578
27,838 Stora Enso OYJ Series A 298,874
51,621 Stora Enso OYJ Series R 560,303
$1,992,755
TOTAL FINLAND --- 1.6% $1,992,755
FRANCE --- 5.9%
FOREIGN BANKS
10,538 Banque Nationale de Paris 878,036
$878,036
INDUSTRIAL PRODS & SVCS
14,500 Alcatel 2,041,003
$2,041,003
INSURANCE
12,882 Axa 1,571,488
$1,571,488
MFTG - INDUSTRIAL PRODS
21,903 Rhone-Poulenc SA 1,000,802
$1,000,802
OIL & GAS
6,549 Elf Aquitaine SA 960,999
8,016 Total Fina SA* 1,034,089
$1,995,088
TOTAL FRANCE --- 5.9% $7,486,417
GERMANY --- 2.9%
FINANCIAL SERVICES
14,800 Deutsche Bank AG 901,970
$901,970
INDUSTRIAL PRODS & SVCS
12,100 Veba AG 711,219
$711,219
INSURANCE
1,624 Muenchener Rueckver AG - registered* 305,962
1,624 Muenchener Rueckvers* 296,416
$602,378
MFTG - INDUSTRIAL PRODS
7,000 Hoechst AG 315,444
17,900 Volkswagen AG 1,154,947
$1,470,391
TOTAL GERMANY --- 2.9% $3,685,958
HONG KONG --- 5.2%
COMMUNICATIONS
386,700 Asia Satellite Telecommunications Holdings Ltd 909,642
354,900 Hong Kong Telecommunications Ltd 921,753
146,400 Television Broadcasts Ltd 686,872
$2,518,267
ELECTRIC
255,700 Hong Kong Electric Holdings Ltd 823,956
$823,956
HOLDING & INVEST. OFFICES
959,000 Axa China Region Ltd 766,379
85,200 Hutchison Whampoa Ltd 771,471
3,703 Jardine Matheson Holdings Ltd 18,515
932,000 Peregrine Investments Holdings Ltd* 1
158,700 Yue Yuen Industrial Holdings 366,154
$1,922,520
REAL ESTATE
159,000 Cheung Kong Holdings Ltd 1,414,098
$1,414,098
TOTAL HONG KONG --- 5.2% $6,678,841
ISRAEL --- 0.7%
CONSUMER SERVICES
19,500 Teva Pharmaceutical Industries Ltd 955,500
$955,500
TOTAL ISRAEL --- 0.7% $955,500
ITALY --- 3.3%
FOREIGN BANKS
316,880 Banca Nazionale del Lavoro* 996,638
$996,638
HOLDING & INVEST. OFFICES
42,644 Telecom Italia SpA* 443,263
400,000 Telecom Italia SpA RNC* 2,169,645
$2,612,908
MFTG - INDUSTRIAL PRODS
181,480 Fiat SpA 574,526
$574,526
TOTAL ITALY --- 3.3% $4,184,072
JAPAN --- 6.0%
CONSTRUCTION
87,400 Daito Trust Construction Co Ltd 975,850
$975,850
ELECTRONICS - HIGH TECH
19,200 Sony Corp 2,072,285
$2,072,285
MFTG - INDUSTRIAL PRODS
134,000 Yamato Kogyo Co Ltd 976,379
$976,379
SECURITIES & COMMODITIES
88,000 Nomura Securities Co Ltd 1,031,313
$1,031,313
TELEPHONE
117 Nippon Telegraph & Telephone Corp 1,374,080
$1,374,080
WATER
67,000 Kurita Water Industries Ltd 1,202,465
$1,202,465
TOTAL JAPAN --- 6.0% $7,632,372
KOREA --- 0.6%
COMMUNICATIONS
17,700 Korea Telecom Corp ADR* 708,000
$708,000
TOTAL KOREA --- 0.6% $708,000
MEXICO --- 2.6%
MFTG - CONSUMER PRODS.
262,100 ALFA SA Series A 1,088,261
$1,088,261
MFTG - INDUSTRIAL PRODS
653,600 Desc SA de CV Series B 720,908
6,510 Desc SA de CV Series C 7,249
$728,157
TELEPHONE
18,300 Telefonos de Mexico SA sponsored ADR Class L 1,478,860
$1,478,860
TOTAL MEXICO --- 2.6% $3,295,278
NETHERLANDS --- 0.3%
MFTG - INDUSTRIAL PRODS
34,500 Ipsat International NV 381,639
$381,639
TOTAL NETHERLANDS --- 0.3% $381,639
NETHERLANDS --- 5.4%
COMMUNICATIONS
18,723 KPN NV 878,476
$878,476
ELECTRONICS - HIGH TECH
17,020 Koninklijke Philips Electronics NV 1,678,755
$1,678,755
FINANCIAL SERVICES
48,660 ING Groep NV* 1,113,318
$1,113,318
MFTG - INDUSTRIAL PRODS
25,200 Akzo Nobel NV 1,060,239
51,200 New Holland NV 876,800
$1,937,039
TRANSPORTATION
24,623 TNT Post Group NV 587,807
$587,807
TRANSPORTATION EQUIPMENT
28,300 Koninklijke Nedlloyd NV 700,391
$700,391
TOTAL NETHERLANDS --- 5.4% $6,895,786
NEW ZEALAND --- 0.6%
AIR
118,900 Air New Zealand Ltd 245,210
$245,210
MFTG - CONSUMER PRODS.
29,000 Fletcher Challenge Building 42,172
$42,172
MFTG - INDUSTRIAL PRODS
428,800 Carter Holt Harvey Ltd 512,454
$512,454
TOTAL NEW ZEALAND --- 0.6% $799,836
NORWAY --- 0.5%
MFTG - INDUSTRIAL PRODS
15,900 Norsk Hydro ASA 600,038
$600,038
TOTAL NORWAY --- 0.5% $600,038
RUSSIA --- 0.2%
TELEPHONE
32,000 Rostelecom sponsored ADR* 313,984
$313,984
TOTAL RUSSIA --- 0.2% $313,984
SPAIN --- 2.5%
ELECTRIC
25,180 Compania Sevillana de Electricidad 291,854
31,300 Endesa SA 667,479
61,700 Iberdrola SA 939,742
$1,899,075
FOREIGN BANKS
5,700 Banco Popular Espanol SA 409,979
$409,979
TELEPHONE
19,500 Telefonica SA* 939,263
$939,263
TOTAL SPAIN --- 2.5% $3,248,317
SWEDEN --- 2.9%
INDUSTRIAL PRODS & SVCS
80,800 ABB AB B Shares 1,072,440
$1,072,440
MFTG - INDUSTRIAL PRODS
53,293 Granges AB 905,403
32,300 Sandvik AB - B Shares 716,423
35,400 Volvo AB B Shares 1,029,507
$2,651,333
TOTAL SWEDEN --- 2.9% $3,723,773
SWITZERLAND --- 3.3%
CONSUMER SERVICES
400 Kuoni Reisen AG Class B 1,543,115
$1,543,115
INSURANCE
2,860 Zurich Allied AG 1,626,924
$1,626,924
MFTG - CONSUMER PRODS.
682 Novartis AG 996,229
$996,229
TOTAL SWITZERLAND --- 3.3% $4,166,268
THAILAND --- 0.5%
FOREIGN BANKS
202,900 Thai Farmers Bank PLC* 626,846
$626,846
TOTAL THAILAND --- 0.5% $626,846
UNITED KINGDOM --- 0.7%
HOLDING & INVEST. OFFICES
25,087 HSBC Holdings PLC 915,100
$915,100
TOTAL UNITED KINGDOM --- 0.7% $915,100
UNITED KINGDOM --- 10.1%
AIR
130,900 British Airways PLC 903,071
$903,071
CONSUMER SERVICES
456,200 Medeva PLC 740,540
1,013,600 SkyePharma PLC* 798,717
$1,539,257
ELECTRIC
109,010 National Power PLC 793,715
$793,715
INDUSTRIAL SERVICES
306,339 Invensys PLC 1,449,578
$1,449,578
MFTG - CONSUMER PRODS.
343,500 British Steel 889,177
155,300 Safeway PLC 622,284
272,100 Storehouse PLC 578,920
$2,090,381
MFTG - INDUSTRIAL PRODS
8,945 AstraZeneca Group PLC 345,948
195,070 Nycomed Amersham PLC 1,388,046
257,300 The Weir Group PLC 1,074,588
$2,808,582
RETAIL TRADE
102,100 Lex Service PLC 941,321
181,100 Marks & Spencer PLC 1,047,468
$1,988,789
TRANSPORTATION
86,000 Peninsular & Oriental Steam Navigation Co 1,290,980
$1,290,980
TOTAL UNITED KINGDOM --- 10.1% $12,864,353
TOTAL COMMON STOCK --- 70.9% $90,443,380
(Cost $75,553,541)
PREFERRED STOCK
AUSTRALIA --- 1.2%
MFTG - CONSUMER PRODS.
196,761 News Corporation Ltd (vtg) 1,494,711
$1,494,711
TOTAL AUSTRALIA --- 1.2% $1,494,711
TOTAL PREFERRED STOCK --- 1.2% $1,494,711
(Cost $724,058)
SHORT-TERM INVESTMENTS
UNITED STATES --- 27.6%
CREDIT INSTITUTIONS
6,400,000 Ford Motor Credit Co 6,400,000
6,202,000 Prudential Funding Corp 6,202,000
$12,602,000
ELECTRIC
6,400,000 Duke Energy Corp 6,400,000
6,400,000 Electricity de France 6,400,000
$12,800,000
LEASING
3,400,000 International Lease Finance Co 3,400,000
$3,400,000
RETAIL TRADE
6,400,000 Wal-Mart Stores Inc 6,400,000
$6,400,000
TOTAL UNITED STATES --- 27.6% $35,202,000
TOTAL SHORT-TERM INVESTMENTS --- 27.6% $35,202,000
(Cost $35,202,000)
TOTAL INTERNATIONAL EQUITY PORTFOLIO --- 100.0% $127,641,616
(Cost $112,026,477)
The Maxim Series Fund
Ariel MidCap Value Portfolio
COMMON STOCK
CONSUMER SERVICES --- 3.3%
29,200 Bausch & Lomb Inc 2,233,800
68,300 Carnival Corp 3,312,550
49,600 Galileo International Inc 2,650,475
21,000 Sabre Group Holdings Inc* 1,443,750
$9,640,575
CREDIT INSTITUTIONS --- 1.3%
66,400 MBNA Corp 2,033,500
50,500 Mellon Bank Corp 1,836,938
$3,870,438
ELECTRONICS - HIGH TECH --- 0.6%
89,400 International Game Technology 1,653,900
$1,653,900
INDUSTRIAL SERVICES --- 1.7%
66,100 Equifax Inc 2,358,911
19,100 Omnicom Group Inc 1,528,000
16,000 Pitney Bowes Inc 1,028,000
$4,914,911
INSURANCE --- 1.7%
53,400 MBIA Inc 3,457,650
26,400 XL Capital Ltd 1,491,600
$4,949,250
MFTG - CONSUMER PRODS. --- 9.9%
68,300 Central Newspapers Inc 2,569,788
18,500 Clorox Co 1,976,022
28,000 HON Industries Inc 817,236
35,000 Harte-Hanks Inc 949,375
126,000 Hasbro Inc 3,520,062
113,700 Herman Miller Inc 2,387,700
46,700 Houghton Mifflin Co 2,197,795
87,500 Interface Inc Class A 754,688
85,200 Lee Enterprises Inc 2,598,600
88,800 Leggett & Platt Inc 2,469,706
61,800 McCormick & Company Inc (nonvtg) 1,950,532
38,500 Tribune Co 3,354,313
172,000 Whitman Corp 3,096,000
$28,641,817
MFTG - INDUSTRIAL PRODS --- 3.4%
30,500 Ecolab Inc 1,330,563
52,600 Libbey Inc 1,525,400
99,900 Shorewood Packaging Corp* 1,841,856
119,000 Specialty Equipment Companies Inc* 3,503,003
53,000 WH Brady Co Class A 1,722,500
$9,923,322
REAL ESTATE --- 1.0%
112,000 The Rouse Co 2,842,000
$2,842,000
RETAIL TRADE --- 0.6%
47,000 Longs Drug Stores Corp 1,624,414
$1,624,414
SECURITIES & COMMODITIES --- 0.6%
40,300 Franklin Resources Inc 1,637,188
$1,637,188
TELEPHONE --- 1.3%
74,500 CenturyTel Inc 2,961,375
28,000 Cincinnati Bell Inc 698,236
$3,659,611
WHOLESALE TRADE - INDL --- 0.9%
97,000 Sybron International Corp* 2,673,514
$2,673,514
WHOLESALE TRADE -CONSUMER --- 0.2%
11,300 Avery Dennison Corp 682,234
$682,234
TOTAL COMMON STOCK --- 26.4% $76,713,174
(Cost $69,411,270)
SHORT-TERM INVESTMENTS
CONSUMER SERVICES --- 2.8%
8,000,000 United Parcel Service 8,000,000
$8,000,000
CREDIT INSTITUTIONS --- 19.7%
14,400,000 American Express Co 14,400,000
14,400,000 Ford Motor Credit Co 14,400,000
13,914,000 Prudential Funding Corp 13,914,000
14,500,000 Toyota Motor Credit Corp 14,498,107
$57,212,107
ELECTRIC --- 9.9%
14,400,000 Duke Energy Corp 14,400,000
14,400,000 Electricity de France 14,400,000
$28,800,000
ELECTRONICS - HIGH TECH --- 14.9%
14,400,000 Emerson Electric Co 14,400,000
14,400,000 General Electric Co 14,400,000
14,400,000 Motorola Credit Corp 14,400,000
$43,200,000
FINANCIAL SERVICES --- 9.8%
14,400,000 Commercial Credit Co 14,400,000
14,000,000 Salomon Smith Barney Holdings 14,000,000
$28,400,000
FOREIGN BANKS --- 5.0%
14,400,000 Canadian Imperial Bank of Commerce 14,400,000
$14,400,000
LEASING --- 5.0%
14,400,000 International Lease Finance Co 14,400,000
$14,400,000
MFTG - CONSUMER PRODS. --- 1.8%
5,092,000 Campbell Soup Co 5,092,000
$5,092,000
RETAIL TRADE --- 5.0%
14,400,000 Wal-Mart Stores Inc 14,400,000
$14,400,000
TOTAL SHORT-TERM INVESTMENTS --- 73.6% $213,904,107
(Cost $213,904,107)
TOTAL ARIEL MIDCAP VALUE PORTFOLIO --- 100.0% $290,617,281
(Cost $283,315,377)
The Maxim Series Fund
Ariel Small-Cap Value Portfolio
COMMON STOCK
CONSUMER SERVICES --- 1.9%
21,600 Wesley Jessen Visioncare* 699,300
$699,300
ELECTRONICS - HIGH TECH --- 6.2%
78,000 International Game Technology 1,443,000
43,700 Littelfuse Inc* 841,225
$2,284,225
INDUSTRIAL SERVICES --- 2.9%
2,095 Grey Advertising Inc 697,635
12,500 True North Communications Inc 375,000
$1,072,635
INSURANCE --- 10.3%
7,800 Arthur J Gallagher & Co 386,100
15,800 Horace Mann Educators Corp 429,555
29,600 MBIA Inc 1,916,600
29,700 Orion Capital Corp 1,065,488
$3,797,743
MFTG - CONSUMER PRODS. --- 30.7%
56,000 Central Newspapers Inc 2,106,997
49,250 Hasbro Inc 1,375,897
60,100 Herman Miller Inc 1,262,100
114,650 Interface Inc Class A 988,856
54,400 Lee Enterprises Inc 1,659,200
45,500 Leggett & Platt Inc 1,265,446
42,200 McCormick & Company Inc (nonvtg) 1,331,916
74,300 Whitman Corp 1,337,400
$11,327,812
MFTG - INDUSTRIAL PRODS --- 29.2%
30,800 Day Runner Inc* 381,150
13,100 Ecolab Inc 571,488
37,386 General Binding Corp 878,571
9,800 Graco Inc 287,875
23,100 Hunt Corp 190,575
29,600 Hussmann International Inc 490,235
43,700 IDEX Corp 1,436,638
41,900 Libbey Inc 1,215,100
73,500 Shorewood Packaging Corp* 1,355,120
71,500 Specialty Equipment Companies Inc* 2,104,746
57,100 WH Brady Co Class A 1,855,750
$10,767,248
REAL ESTATE --- 5.1%
74,300 The Rouse Co 1,885,363
$1,885,363
RETAIL TRADE --- 7.2%
67,500 Bob Evans Farms Inc 1,341,563
38,100 Longs Drug Stores Corp 1,316,812
$2,658,375
TELEPHONE --- 2.5%
22,950 CenturyTel Inc 912,263
$912,263
WHOLESALE TRADE -CONSUMER --- 3.1%
42,800 Department 56 Inc* 1,150,250
$1,150,250
TOTAL COMMON STOCK --- 99.2% $36,555,214
(Cost $34,028,738)
SHORT-TERM INVESTMENTS
CREDIT INSTITUTIONS --- 0.8%
306,000 Prudential Funding Corp 306,000
$306,000
TOTAL SHORT-TERM INVESTMENTS --- 0.8% $306,000
(Cost $306,000)
TOTAL ARIEL SMALL-CAP VALUE PORTFOLIO --- 100.0% $36,861,214
(Cost $34,334,738)
The Maxim Series Fund
Bond Portfolio
BONDS
AIR --- 4.1%
2,849,838 American Trans Air 2,860,382
Pass Thru Certs 1996-1C
7.820% March 26, 2004
$2,860,382
CANADIAN - PROVINCIAL --- 4.4%
3,000,000 Manitoba 3,043,050
Global Notes
6.750% March 1, 2003
$3,043,050
COMMUNICATIONS --- 6.4%
1,500,000 Cable & Wireless Communications PLC 1,478,775
Yankee Notes
6.375% March 6, 2003
3,000,000 News America Inc 2,938,440
MOPPRS
6.703% May 21, 2004
$4,417,215
CREDIT INSTITUTIONS --- 23.6%
3,000,000 Associates Corporation of North America 3,087,000
Medium Term Notes
7.240% August 15, 2006
3,000,000 Bayerische Landesbanken NY 3,017,970
Medium Term Notes
6.375% August 31, 2000
3,000,000 Countrywide Funding Corp 2,970,810
Medium Term Notes
6.280% January 15, 2003
3,000,000 Credit Suisse First Boston# 2,832,300
Notes
6.500% May 1, 2008
1,500,000 Greenpoint Bank 1,492,200
Bank Notes
6.700% July 15, 2002
3,000,000 NationsBank Corp 2,925,570
Senior Notes
6.375% May 15, 2005
$16,325,850
FOREIGN BANKS --- 4.3%
3,000,000 Takefuji Corp# 2,938,800
Senior Notes
7.300% November 1, 2004
$2,938,800
GAS --- 5.7%
3,000,000 Columbia Energy Group 2,995,890
Notes
6.610% November 28, 2002
1,000,000 Consolidated Natural Gas Co 968,900
Debentures
6.625% December 1, 2013
$3,964,790
HIGHWAYS --- 2.5%
3,000,000 Zhuhai Highway Company Ltd# 1,740,000
Senior Notes
9.125% July 1, 2006
$1,740,000
OIL & GAS --- 4.2%
3,000,000 Occidental Petroleum Corp 2,921,100
MOPPRS
6.400% April 1, 2003
$2,921,100
REAL ESTATE --- 4.2%
3,000,000 Highwoods Properties Inc 2,896,170
Notes
6.750% December 1, 2003
$2,896,170
RETAIL TRADE --- 7.0%
2,000,000 General Motors Acceptance Corp 1,935,080
Global Notes
5.750% November 10, 2003
3,000,000 ShopKo Stores Inc 2,913,570
Senior Notes
6.500% August 15, 2003
$4,848,650
SECURITIES & COMMODITIES --- 4.4%
1,000,000 Lehman Brothers Inc 1,008,740
Notes
7.360% December 15, 2003
2,000,000 World Financial Network Credit Card Master Trust 2,022,400
1996-B Class A
6.950% April 15, 2006
$3,031,140
TELEPHONE --- 4.3%
3,000,000 MCI Communications Corp 2,980,080
Remarketable Notes
6.125% April 15, 2002
$2,980,080
TRANSPORTATION --- 4.4%
3,000,000 National Rail Corp# 3,044,700
Private Placement
7.470% August 8, 2010
$3,044,700
TRANSPORTATION EQUIPMENT --- 2.8%
2,000,000 Dana Corp 1,955,520
Notes
6.250% March 1, 2004
$1,955,520
U.S. GOVERNMENTS --- 16.8%
2,000,000 Federal National Mortgage Association 1,826,880
Agency Benchmark Note
5.250% January 15, 2009
10,000,000 United States of America 9,795,300
Treasury Notes
5.625% May 15, 2008
$11,622,180
TOTAL BONDS --- 99.2% $68,589,627
(Cost $71,247,931)
SHORT-TERM INVESTMENTS
CREDIT INSTITUTIONS --- 0.8%
540,000 Prudential Funding Corp 540,000
$540,000
TOTAL SHORT-TERM INVESTMENTS --- 0.8% $540,000
(Cost $540,000)
TOTAL BOND PORTFOLIO --- 100.0% $69,129,627
(Cost $71,787,931)
The Maxim Series Fund
Founders Growth & Income Portfolio
COMMON STOCK
AGENCY --- 1.4%
27,475 Federal National Mortgage Association (nonvtg) 1,878,603
$1,878,603
COMMUNICATIONS --- 11.7%
8,450 CBS Corp* 367,043
12,400 Chancellor Media Corp* 683,550
14,300 Clear Channel Communications Inc* 985,799
10,675 Comcast Corp Class A 410,315
13,850 Cox Communications Inc* 509,846
9,175 Gannett Company Inc 654,866
22,700 Lucent Technologies Inc 1,530,820
47,075 MediaOne Group Inc 3,501,203
9,600 Nextel Communications Inc* 481,795
9,250 Nokia OYJ 846,949
8,350 Nortel Networks Corp 724,880
18,700 Qwest Communications International Inc* 618,259
12,550 TCA Cable TV Inc 696,525
39,575 Time Warner Inc 2,908,763
14,050 Viacom Inc Class B* 618,200
$15,538,813
CONSUMER SERVICES --- 7.9%
5,075 Amgen Inc* 308,941
4,775 Baxter International Inc 289,484
28,300 Bristol-Myers Squibb Co 1,993,367
6,525 Carnival Corp 316,463
11,775 DeVry Inc* 263,466
15,250 Eli Lilly & Co 1,092,281
49,925 IMS Health Inc 1,560,156
14,175 Johnson & Johnson 1,389,150
7,325 Medtronic Inc 570,434
26,200 Merck & Co Inc 1,938,800
26,125 The Walt Disney Co 804,964
$10,527,506
CREDIT INSTITUTIONS --- 1.9%
11,875 American Express Co 1,545,234
8,100 Associates First Capital Corp 358,927
6,600 State Street Corp 563,475
$2,467,636
ELECTRIC --- 2.5%
45,250 Duke Energy Corp 2,460,469
3,925 Montana Power Co 276,713
22,900 Southern Co 606,850
$3,344,032
ELECTRONICS - HIGH TECH --- 16.1%
6,600 At Home Corp* 355,984
80,475 Cisco Systems Inc* 5,175,508
18,350 EMC Corp* 1,009,250
51,000 General Electric Co 5,763,000
4,250 Hewlett-Packard Co 427,125
23,000 Intel Corp 1,368,500
29,275 International Business Machines Corp 3,783,794
9,075 Motorola Inc 859,856
6,500 Solectron Corp* 433,466
6,375 Sun Microsystems Inc* 439,078
20,450 Tellabs Inc* 1,381,643
3,275 Texas Instruments Inc 474,875
$21,472,079
HOLDING & INVEST. OFFICES --- 7.5%
17,625 Bank of America Corp 1,292,124
1,275 Berkshire Hathaway Inc* 2,856,000
8,225 Chase Manhattan Corp 712,491
14,937 Citigroup Inc 709,508
18,275 Fifth Third Bancorp 1,216,421
10,700 Northern Trust Corp 1,037,900
9,625 U S Bancorp 327,250
43,550 Wells Fargo Co 1,861,763
$10,013,457
INDUSTRIAL SERVICES --- 4.1%
7,400 Automatic Data Processing Inc 325,600
4,325 Computer Sciences Corp* 299,234
20,150 Fiserv Inc* 630,937
4,075 Interpublic Group of Companies Inc 352,997
42,600 Microsoft Corp* 3,841,966
$5,450,734
INSURANCE --- 2.1%
14,700 American International Group Inc 1,720,811
13,475 Marsh & McLennan Companies Inc 1,017,363
$2,738,174
MFTG - CONSUMER PRODS. --- 5.8%
7,900 Avon Products Inc 438,450
2,375 Clorox Co 253,679
25,050 Coca-Cola Co 1,565,625
6,275 Colgate-Palmolive Co 619,656
23,075 Dial Corp 858,090
7,825 General Mills Inc 628,934
12,750 Gillette Co 522,750
11,500 Mattel Inc 304,026
22,225 McGraw-Hill Companies Inc 1,198,750
9,300 PepsiCo Inc 359,789
7,375 Procter & Gamble Co 658,219
3,350 Wm Wrigley Jr Co 301,500
$7,709,468
MFTG - INDUSTRIAL PRODS --- 11.6%
10,825 American Home Products Corp 622,438
5,350 Caterpillar Inc 321,000
12,050 Danaher Corp 700,406
8,225 Deere & Co 325,916
14,025 EI du Pont de Nemours & Co 958,076
14,325 Great Lakes Chemical Corp 659,838
4,400 Illinois Tool Works Inc 360,800
19,125 Mead Corp 798,469
4,225 Minnesota Mining & Manufacturing Co 367,309
3,150 PE Corp-PE Biosystems Group 361,463
14,775 Pfizer Inc 1,621,556
11,775 Pharmacia & Upjohn Inc 668,961
6,125 Rhone-Poulenc SA sponsored ADR 282,516
23,125 Schering-Plough Corp 1,225,625
49,975 Tyco International Ltd 4,735,131
11,475 Warner-Lambert Co 796,078
10,050 Xerox Corp 593,573
$15,399,155
OIL & GAS --- 7.2%
12,950 Chevron Corp 1,232,672
14,100 Conoco Inc 393,038
17,725 Enron Corp 1,449,019
30,225 Exxon Corp 2,331,103
10,150 Mobil Corp 1,004,850
34,725 Royal Dutch Petroleum Co ADR 2,092,181
11,275 Schlumberger Ltd 718,071
5,875 Texaco Inc 367,188
$9,588,122
RAILROADS --- 0.3%
6,025 Kansas City Southern Industries Inc 384,467
$384,467
RETAIL TRADE --- 7.0%
14,950 Abercrombie & Fitch Co* 717,600
9,925 Bed Bath & Beyond Inc* 382,113
22,012 Gap Inc 1,108,855
27,975 Home Depot Inc 1,802,625
15,618 Intimate Brands Inc 739,903
9,600 Kohls Corp* 740,995
30,850 McDonald's Corp 1,274,475
11,475 Safeway Inc* 568,013
40,775 Wal-Mart Stores Inc 1,967,394
$9,301,973
SECURITIES & COMMODITIES --- 0.7%
5,375 Charles Schwab Corp 590,578
1,800 Merrill Lynch & Co Inc 143,887
1,475 Morgan Stanley Dean Witter & Co 151,188
$885,653
TELEPHONE --- 6.9%
4,950 ALLTEL Corp 353,925
11,225 Bell Atlantic Corp 733,834
13,500 BellSouth Corp 632,813
39,775 GTE Corp 3,012,956
30,825 MCI WorldCom Inc* 2,652,861
7,000 SBC Communications Inc 406,000
6,700 Sprint Corp 353,840
5,087 Vodafone Air Touch PLC 1,002,139
$9,148,368
TRANSPORTATION EQUIPMENT --- 1.2%
29,450 Ford Motor Co 1,662,070
$1,662,070
WHOLESALE TRADE -CONSUMER --- 0.5%
7,900 Costco Companies Inc* 632,482
$632,482
TOTAL COMMON STOCK --- 96.3% $128,142,792
(Cost $115,839,171)
SHORT-TERM INVESTMENTS
CREDIT INSTITUTIONS --- 2.4%
2,400,000 Ford Motor Credit Co 2,399,661
818,000 Prudential Funding Corp 818,000
$3,217,661
FINANCIAL SERVICES --- 1.3%
1,700,000 Household Finance Corp 1,698,202
$1,698,202
TOTAL SHORT-TERM INVESTMENTS --- 3.7% $4,915,863
(Cost $4,915,863)
TOTAL FOUNDERS GROWTH & INCOME PORTFOLIO --- 100.0% $133,058,655
(Cost $120,755,034)
The Maxim Series Fund
Growth Index Portfolio
COMMON STOCK
AGENCY --- 1.2%
43,000 Federal Home Loan Mortgage Corp 2,494,000
34,600 Federal National Mortgage Association (nonvtg) 2,365,775
$4,859,775
AGRICULTURE --- 0.0%
2,400 Delta & Pine Land Co 75,600
800 Dole Food Company Inc 23,500
$99,100
AIR --- 0.1%
4,875 Comair Holdings Inc 101,459
1,200 FDX Corp* 65,100
4,600 Gulfstream Aerospace Corp* 310,785
1,100 Pittston Burlington Group 29,425
1,000 US Air Group Inc* 43,562
$550,331
COMMUNICATIONS --- 6.6%
800 AH Belo Corp Class A 15,750
13,075 AT&T Corp 729,742
61,170 AT&T Corp Liberty Media Group* 2,247,998
3,400 Advanced Fibre Communications* 53,125
22,400 CBS Corp* 972,989
6,600 CIENA Corp* 199,234
2,900 Cabletron Systems Inc* 37,700
1,100 Cablevision Systems Corp* 77,000
7,200 Chancellor Media Corp* 396,900
13,873 Clear Channel Communications Inc* 956,363
35,346 Comcast Corp Class A 1,358,594
4,400 Cox Communications Inc* 161,973
7,100 Gannett Company Inc 506,763
6,000 General Instrument Corp* 255,000
4,119 Hearst-Argyle Television Inc* 98,856
2,500 Hispanic Broadcasting Corp* 189,688
2,800 Intermedia Communications Inc* 84,000
2,400 Level 3 Communications Inc* 144,149
190,250 Lucent Technologies Inc 12,829,889
10,000 MediaOne Group Inc 743,750
3,500 Nextlink Communications Inc* 260,313
5,900 Paging Network Inc* 28,391
1,900 PanAmSat Corp* 73,980
6,500 Qualcomm Inc 932,750
5,760 Qwest Communications International Inc* 190,437
700 Sinclair Broadcast Group Inc Class A* 11,463
1,100 TCA Cable TV Inc 61,050
2,300 TV Guide Inc* 84,238
1,500 Telephone & Data Systems Inc 109,593
36,650 Time Warner Inc 2,693,775
300 United States Cellular Corp* 16,050
1,600 Univision Communications Inc* 105,600
14,100 Viacom Inc Class B* 620,400
$27,247,503
CONSTRUCTION --- 0.0%
1,726 Clayton Homes Inc 19,740
200 Johns Manville Corp 2,600
1,800 Lennar Corp 43,200
$65,540
CONSUMER SERVICES --- 12.7%
32,500 Amgen Inc* 1,978,438
2,900 Apollo Group Inc Class A* 77,030
300 Bausch & Lomb Inc 22,950
15,800 Baxter International Inc 957,875
1,700 Beckman Coulter Inc 82,663
15,800 Becton Dickinson & Co 474,000
700 Beverly Enterprises Inc* 5,643
9,000 Biogen Inc* 578,808
6,300 Biomet Inc 250,425
126,000 Bristol-Myers Squibb Co 8,875,062
24,714 CVS Corp 1,254,236
1,200 Capstar Broadcasting Corp* 32,850
49,703 Cendant Corp* 1,018,912
7,300 Convergys Corp* 140,525
580 Crestline Capital Corp* 9,751
58,400 Eli Lilly & Co 4,182,900
3,800 First Health Group Corp* 81,936
4,200 Forest Laboratories Inc* 194,250
2,310 Foundation Health Systems* 34,650
4,100 Galileo International Inc 219,092
2,000 Genzyme Corp 97,000
358 Genzyme Surgical Products* 1,577
5,500 H&R Block Inc 275,000
4,100 HCR Manor Care Inc* 99,167
22,672 HEALTHSOUTH Corp* 338,652
3,650 Harrah's Entertainment Inc* 80,300
14,143 Health Management Associates Inc* 159,109
1,300 Hertz Corp 80,600
5,000 Hilton Hotels Corp 70,935
6,100 Humana Inc* 78,916
900 IHS Group Inc* 29,813
13,800 IMS Health Inc 431,250
800 Integrated Health Services Inc* 6,400
1,600 International Home Foods Inc* 29,499
85,276 Johnson & Johnson 8,357,048
1,300 Keebler Foods Co* 39,488
1,100 LifePoint Hospitals Inc* 14,781
2,600 Lincare Holdings Inc* 65,000
348 MGM Grand Inc* 17,052
300 Mandalay Resort Group* 6,338
15,700 Marriott International Inc 586,788
17,573 McKesson HBOC Inc 564,533
12,099 MedPartners Inc* 91,493
37,258 Medtronic Inc 2,901,467
149,800 Merck & Co Inc 11,085,200
3,700 Mirage Resorts Inc* 61,975
6,700 Modis Professional Services* 92,125
3,633 Nielsen Media Research* 106,265
5,200 Omnicare Inc 65,650
552 Pacific Health Systems* 39,709
11,000 Park Place Entertainment Corp* 106,557
800 Penton Media Inc 19,400
3,473 Promus Hotel Corp* 107,663
4,550 Quorum Health Group Inc* 57,157
500 Revlon Inc* 15,125
800 Sabre Group Holdings Inc* 55,000
14,800 Service Corporation International 284,900
16,900 Servicemaster Co 316,875
2,919 St Jude Medical Inc* 103,989
3,700 Stewart Enterprises Inc Class A 53,879
4,500 Stryker Corp 270,563
2,200 Suiza Foods Corp* 92,125
9,490 Tenet Healthcare Corp* 176,153
130,324 The Walt Disney Co 4,015,543
4,600 Total Renal Care Holdings Inc* 71,585
1,100 Triad Hospitals Inc* 14,850
200 Trigon Healthcare Inc* 7,275
4,400 United Healthcare Corp 275,550
900 Universal Health Services Inc Class B* 42,975
400 Varian Medical Systems Inc 10,100
1,200 Wellpoint Health Networks* 101,850
1,100 Young & Rubicam Inc 49,981
$52,594,221
CREDIT INSTITUTIONS --- 2.4%
23,800 American Express Co 3,096,975
40,200 Associates First Capital Corp 1,781,342
7,600 Bank of New York Company Inc 278,821
12,600 Capital One Financial Corp 701,656
6,200 Concord EFS Inc* 262,334
600 Countrywide Credit Industries Inc 25,650
10,000 Household International Inc 473,750
44,168 MBNA Corp 1,352,645
4,800 Mellon Bank Corp 174,600
700 North Fork Bancorporation Inc 14,918
9,600 State Street Corp 819,600
11,100 Synovus Financial Corp 220,613
800 TCF Financial Corp 22,300
7,850 Washington Mutual Inc 277,694
100 Wilmington Trust Co 5,738
4,500 Zions Bancorp 285,750
$9,794,386
ELECTRIC --- 0.1%
7,506 AES Corp* 436,286
500 Broadcom Corp* 72,281
200 MidAmerican Energy Holdings Co* 6,925
$515,492
ELECTRONICS - HIGH TECH --- 22.2%
300 AVX Corp 7,313
3,100 Adaptec Inc* 109,467
1,500 Adobe Systems Inc 123,234
1,200 Advanced Micro Devices Inc* 21,674
7,700 American Power Conversion Corp* 154,963
9,100 Analog Devices Inc* 456,702
4,675 Andrew Corp* 88,530
19,400 Applied Materials Inc* 1,433,175
4,400 At Home Corp* 237,323
2,700 Atmel Corp* 70,705
200 Avnet Inc 9,300
700 Black & Decker Corp 44,188
17,600 Boston Scientific Corp* 773,291
202,500 Cisco Systems Inc* 13,023,180
5,200 Citrix Systems Inc* 293,800
107,800 Compaq Computer Corp 2,553,459
4,250 Comverse Technology Inc* 320,875
1,300 DST Systems Inc* 81,738
135,800 Dell Computer Corp* 5,024,600
2,600 Dentsply International Inc 72,800
1,175 Diebold Inc 33,781
64,000 EMC Corp* 3,520,000
1,100 Eastman Kodak Co 74,525
2,500 Emerson Electric Co 157,188
5,920 Gateway Inc* 349,280
207,700 General Electric Co 23,470,100
31,800 Hewlett-Packard Co 3,195,900
2,300 Honeywell Inc 266,513
211,000 Intel Corp 12,554,500
45,200 International Business Machines Corp 5,842,100
6,400 International Game Technology 118,400
2,600 J D Edwards & Co* 48,100
2,900 KLA-Tencor Corp* 188,138
3,400 LSI Logic Corp* 156,825
7,800 Lexmark International Group Inc Class A* 515,284
9,600 Linear Technology Corp 645,600
2,000 MSC Industrial Direct Company Inc Class A* 20,500
7,700 Maxim Integrated Products Inc* 512,050
4,200 Maytag Corp 292,685
3,100 Micron Technology Inc* 124,967
2,315 Molex Inc 85,655
13,700 Motorola Inc 1,298,075
1,900 National Semiconductor Corp* 48,093
8,700 Network Associates Inc* 127,777
1,500 Novell Inc* 39,750
800 Pixar Inc* 34,500
6,800 Quantum Corp* 164,050
3,100 SCI Systems Inc* 147,250
2,900 Safeskin Corp* 34,800
3,600 Sanmina Corp* 273,150
3,200 Scientific-Atlanta Inc 115,200
5,700 Seagate Technology Inc* 146,063
3,500 Siebel Systems Inc* 232,313
13,800 Solectron Corp* 920,281
4,300 Steris Corp* 83,313
6,114 Sterling Commerce Inc* 223,161
5,700 Storage Technology Corp* 129,675
48,900 Sun Microsystems Inc* 3,367,988
4,837 Symbol Technologies Inc 178,364
250 Tektronix Inc 7,547
300 Teleflex Inc 13,031
22,000 Tellabs Inc* 1,486,364
2,600 Teradyne Inc* 186,550
18,600 Texas Instruments Inc 2,697,000
4,500 Thermo Electron Corp* 90,279
712 Thermo Instrument Systems Inc* 12,015
240 Thomas & Betts Corp 11,340
2,500 Uniphase Corp* 415,000
1,200 Varian Semiconductor Equipment Associates Inc* 20,400
3,000 Veritas Software Corp* 284,811
3,900 Vitesse Semiconductor Corp* 263,004
3,800 Waters Corp* 201,875
8,500 Xilinx Inc* 486,625
7,200 Yahoo! Inc* 1,240,200
$92,052,252
ENVIRONMENTAL SERVICES --- 0.4%
8,100 Allied Waste Industries Inc* 159,975
27,882 Waste Management Inc 1,498,658
$1,658,633
FINANCIAL SERVICES --- 0.1%
1,300 Ocwen Financial Corp* 11,538
3,300 Starwood Financial Trust 204,600
$216,138
GAS --- 0.0%
500 KN Energy Inc 6,688
500 KeySpan Corp 13,188
400 Sonat Inc 13,250
3,300 Williams Companies Inc 140,455
$173,581
HOLDING & INVEST. OFFICES --- 1.8%
4,200 Bank One Corp 250,160
30,523 Citigroup Inc 1,449,843
400 Equitable Companies Inc 26,800
200 Federated Investors Inc 3,587
11,837 Fifth Third Bancorp 787,894
1,000 Finova Group Inc 52,625
26,600 Firstar Corp 744,800
700 Green Point Financial Corp 22,968
6,900 MGIC Investment Corp 335,513
8,206 Meditrust Cos 107,187
5,100 National Commerce Bancorp 111,563
2,900 Northern Trust Corp 281,300
10,300 SLM Holding Corp 471,864
800 Sovereign Bancorp Inc 9,700
37,600 U S Bancorp 1,278,400
800 Waddell & Reed Financial Class A 21,950
37,100 Wells Fargo Co 1,586,025
$7,542,179
INDUSTRIAL SERVICES --- 11.2%
1,600 Affiliated Computer Services Inc Class A* 81,000
12,400 Altera Corp* 456,469
65,162 America Online Inc* 7,200,401
300 Arrow Electronics Inc* 5,700
3,400 Autodesk Inc 100,511
38,700 Automatic Data Processing Inc 1,702,800
14,800 BMC Software Inc* 799,200
14,100 Cadence Design Systems Inc* 179,775
3,000 Cambridge Technology Partners Inc* 52,686
8,100 Ceridian Corp* 264,765
2,400 Ciber Inc* 45,900
4,700 Cintas Corp 315,779
1,800 Comdisco Inc 46,125
27,125 Computer Associates International Inc 1,491,875
10,032 Computer Sciences Corp* 694,084
20,200 Compuware Corp* 642,602
5,800 Dun & Bradstreet Corp 205,535
3,900 Electronic Arts Inc* 211,575
2,800 Electronic Data Systems Corp 158,374
9,200 Equifax Inc 328,320
22,870 First Data Corp 1,119,189
7,375 Fiserv Inc* 230,926
1,800 I2 Technologies Inc* 77,400
8,900 Interpublic Group of Companies Inc 770,963
2,800 Intuit Inc* 252,350
3,600 Keane Inc* 81,450
800 Kelly Services Inc Class A 25,700
2,300 Lamar Advertising Co* 94,155
5,000 Manpower Inc 113,125
240,500 Microsoft Corp* 21,689,974
11,300 Omnicom Group Inc 904,000
72,825 Oracle Systems Corp* 2,703,628
5,000 Outdoor Systems Inc* 182,500
17,000 Parametric Technology Corp* 235,875
13,807 Paychex Inc 440,098
11,400 Peoplesoft Inc 196,650
15,300 Pitney Bowes Inc 983,025
1,800 Policy Management Systems Corp* 54,000
5,300 Quintiles Transnational Corp* 222,600
2,400 Reynolds & Reynolds Co Class A 55,949
5,800 Robert Half International Inc* 150,800
1,700 Shared Medical Systems Corp 110,925
3,000 Snyder Communications Inc* 98,250
1,200 Sterling Software Inc* 32,024
6,600 Sungard Data System Inc* 227,700
4,100 Synopsys Inc* 226,267
2,362 Total System Services Inc 44,878
2,300 True North Communications Inc 69,000
$46,376,877
INSURANCE --- 1.4%
300 20th Century Industries 5,663
1,950 AON Corp 80,438
774 Aetna Inc 69,224
3,300 Aflac Inc 157,988
300 American Bankers Insurance Group Inc 16,331
32,752 American International Group Inc 3,834,015
8,866 Conseco Inc 269,854
300 Everest Reinsurance Holdings Inc 9,788
400 Hartford Life Class A 21,050
800 Mercury General Corp 27,200
200 Nationwide Financial Services Inc 9,050
2,500 Progressive Corp 362,500
546 Provident Companies Inc 21,840
8,150 Providian Financial Corp 762,025
700 Unum Corp 38,325
$5,685,291
MFTG - CONSUMER PRODS. --- 11.1%
11,600 Anheuser-Busch Companies Inc 822,869
15,700 Avon Products Inc 871,350
13,900 Bestfoods 688,050
300 Brown-Forman Corp Class B 19,556
17,600 Campbell Soup Co 816,200
1,500 Central Newspapers Inc 56,438
5,400 Clorox Co 576,785
144,500 Coca-Cola Co 9,031,250
17,200 Coca-Cola Enterprises Inc 511,700
18,500 Colgate-Palmolive Co 1,826,875
4,500 CompUSA Inc* 33,467
20,600 ConAgra Inc 548,475
700 Dean Foods Co 29,093
5,900 Dial Corp 219,403
600 Dow Jones & Company Inc 31,837
2,250 Ethan Allen Interiors Inc 84,938
6,300 Flowers Industries Inc 136,628
3,200 Gartner Group Inc Class A* 65,600
6,100 General Mills Inc 490,288
70,364 Gillette Co 2,884,924
13,050 HJ Heinz Co 654,131
3,600 HON Industries Inc 105,073
900 Harcourt General Inc 46,406
1,400 Harte-Hanks Inc 37,975
5,500 Herman Miller Inc 115,500
5,300 Hershey Foods Corp 314,688
2,300 Hillenbrand Industries Inc 99,475
2,600 Ikon Office Solutions Inc 39,000
600 International Flavors & Fragrances Inc 26,625
1,100 Interstate Bakeries Co 24,681
5,600 Jones Apparel Group Inc* 192,147
12,300 Kellogg Co 405,900
1,649 Lancaster Colony Corp 56,891
8,100 Leggett & Platt Inc 225,277
900 Liz Claiborne Inc 32,850
11,100 Masco Corp 320,513
24,163 Mattel Inc 638,797
1,700 McCormick & Company Inc (nonvtg) 53,655
2,000 McGraw-Hill Companies Inc 107,874
2,400 Meredith Corp 83,100
500 Mohawk Industries Inc* 15,188
900 New York Times Co Class A 33,131
93,600 PepsiCo Inc 3,621,103
153,800 Philip Morris Companies Inc 6,180,761
15,200 Pioneer Hi-Bred International Inc 591,842
5,600 Primedia Inc* 94,847
84,100 Procter & Gamble Co 7,505,925
500 Pulitzer Inc 24,281
6,400 Quaker Oats Co 424,800
16,200 Ralston-Ralston Purina Group 493,079
1,300 Reader's Digest Association Inc Class A 51,675
57,800 Sara Lee Corp 1,311,309
1,000 Shaw Industries Inc* 16,500
1,500 Sodexho Marriott Services* 28,781
9,400 Starbucks Corp* 353,083
4,500 The Times Mirror Co Class A 266,625
1,500 Tiffany & Co 144,750
1,666 Tootsie Roll Industries Inc 64,349
3,600 Tribune Co 313,650
2,000 Tupperware Corp 51,000
600 Tyson Foods Inc Class A 13,500
1,400 US Foodservice Inc* 59,675
6,800 UST Inc 198,900
3,300 Unifi Inc* 70,125
5,800 Viad Corp 179,435
1,700 Warnaco Group Inc Class A 45,475
2,400 Westpoint Stevens Inc 71,549
1,200 Whitman Corp 21,600
5,200 Wm Wrigley Jr Co 468,000
$46,041,222
MFTG - INDUSTRIAL PRODS --- 10.4%
11,330 3Com Corp* 302,364
89,400 Abbott Laboratories 4,067,700
5,500 Alza Corp* 279,813
77,400 American Home Products Corp 4,450,500
4,500 American Standard Companies Inc* 216,000
300 Arch Chemicals Inc 7,294
600 Bemis Company Inc 23,850
2,150 Blyth Industries Inc* 73,906
1,900 Cabot Corp 45,955
1,500 Callaway Golf Co 21,938
200 Carlisle Companies Inc 9,625
2,850 Celera Genomics* 46,133
3,700 Centocor Inc* 172,513
5,400 Chiron Corp* 112,050
1,600 Conexant Systems Inc* 92,899
200 Cordant Technologies Inc 9,037
14,700 Corning Inc 1,030,838
550 Crane Co 17,290
4,500 Crompton & Knowles Corp 88,029
300 Crown Cork & Seal Company Inc 8,550
2,200 Cytec Industries Inc* 70,125
5,700 Danaher Corp 331,313
6,200 Dover Corp 217,000
20,000 EI du Pont de Nemours & Co 1,366,240
7,200 Ecolab Inc 314,100
14,025 Fort James Corp 531,197
19,100 Guidant Corp 982,447
200 Harsco Corp 6,400
2,500 Hercules Inc 98,280
2,400 Howmet International Inc* 41,249
12,900 Illinois Tool Works Inc 1,057,800
2,300 Immunex Corp* 293,105
30,260 Kimberly-Clark Corp 1,724,820
500 Lear Corp* 24,875
4,400 Meritor Automotive Inc 112,200
2,800 Millipore Corp 113,574
12,900 Minnesota Mining & Manufacturing Co 1,121,487
40,000 Monsanto Co 1,577,480
8,200 Mylan Laboratories Inc 217,300
400 Nucor Corp 18,975
2,200 Owens-Illinois Inc* 71,911
3,200 PE Corp-PE Biosystems Group 367,200
900 Pall Corp 19,968
300 Pentair Inc 13,725
82,000 Pfizer Inc 8,999,500
2,100 Praxair Inc 102,768
2,500 Raychem Corp 92,500
93,300 Schering-Plough Corp 4,944,900
5,315 Sealed Air Corp* 344,811
2,782 Smurfit - Stone Container Corp* 57,203
365 Sonoco Products Co 10,927
1,000 Southdown Inc 64,250
3,400 The BF Goodrich Co 144,500
2,900 The Stanley Works 93,342
2,700 UCAR International Inc* 68,175
1,300 USG Corp 72,800
2,400 Valspar Corp 91,200
3,800 Varco International Inc* 41,561
1,300 Varian Inc* 17,550
1,100 WR Grace & Co* 20,213
52,100 Warner-Lambert Co 3,614,438
5,700 Watson Pharmaceuticals Inc* 199,853
2,200 Western Digital Corp* 14,300
600 Witco Corp 12,000
300 Worthington Industries Inc 4,931
41,840 Xerox Corp 2,471,154
$43,251,931
MINING --- 0.0%
9,200 Freeport-McMoran Copper & Gold Inc Class B 165,020
$165,020
OIL & GAS --- 0.8%
5,700 Anadarko Petroleum Corp 209,828
2,200 BJ Services Co USA* 64,761
10,060 Baker Hughes Inc 337,010
2,700 Cooper Cameron Corp* 100,067
4,300 Diamond Offshore Drilling Inc 122,013
600 Dynegy Inc 12,225
1,200 Enron Corp 98,100
500 Enron Oil & Gas Co 10,125
6,600 Ensco International Inc 131,584
3,800 Global Industries Ltd* 48,686
9,900 Global Marine Inc* 152,826
21,500 Halliburton Co 972,875
2,350 Kerr-McGee Corp 117,939
4,700 Nabors Industries Inc* 114,854
2,600 National-Oilwell Inc* 36,400
500 Noble Affiliates Inc 14,094
6,400 Noble Drilling Corp* 125,997
1,200 PennzEnergy Co 20,024
10,222 R&B Falcon Corp* 95,831
3,600 Rowan Companies Inc* 66,373
800 Sempra Energy 18,100
3,100 Smith International Inc* 134,655
500 Vastar Resources Inc 26,219
5,250 Weatherford International* 192,281
$3,222,867
OTHER TRANS. SERVICES --- 0.0%
1,500 Tidewater Inc 45,750
$45,750
RAILROADS --- 0.1%
7,000 Kansas City Southern Industries Inc 446,684
$446,684
REAL ESTATE --- 0.1%
1,900 Amresco Inc* 12,230
3,200 Boston Properties Inc 114,800
4,000 Catellus Development Corp* 62,000
7,704 Host Marriott Corp 91,485
300 Post Properties Inc 12,300
800 The Rouse Co 20,300
$313,115
RETAIL TRADE --- 8.9%
6,600 Abercrombie & Fitch Co* 316,800
2,100 Albertson's Inc 108,280
6,000 Amazon Communications Inc* 750,750
16,800 AutoNation Inc* 299,242
8,700 Autozone Inc* 262,088
2,700 BJ Wholesale Club Inc* 81,167
3,300 Barnes & Noble Inc* 90,338
4,800 Bed Bath & Beyond Inc* 184,800
6,300 Best Buy Inc* 425,250
4,600 Borders Group Inc* 72,735
500 Brinker International Inc* 13,594
1,600 CBRL Group Inc 27,699
1,950 CKE Restaurants Inc 31,688
1,600 Circuit City Stores Inc 148,800
6,493 Consolidated Stores Corp* 175,311
26,100 Dayton Hudson Corp 1,696,500
12,985 Dollar General Corp 376,565
3,350 Dollar Tree Stores Inc* 147,400
8,800 Family Dollar Stores Inc 211,200
1,800 Fastenal Co 94,387
3,400 Food Lion Inc Class A 39,311
2,800 Furniture Brands International Inc* 78,050
43,200 Gap Inc 2,176,200
4,300 General Nutrition Companies Inc* 100,242
100 Hannaford Brothers Co 5,350
93,500 Home Depot Inc 6,024,860
2,730 Intimate Brands Inc 129,334
9,300 Kohls Corp* 717,839
27,400 Kroger Co* 765,474
5,100 Limited Inc 231,413
21,000 Lowe's Companies Inc 1,190,427
56,300 McDonald's Corp 2,325,866
300 Neiman Marcus Group Inc* 7,706
12,380 Newell Rubbermaid Inc 575,670
1,200 Nordstrom Inc 40,200
3,000 Nu Skin Asia Pacific Inc* 59,811
20,775 Office Depot Inc* 458,338
3,450 Officemax Inc* 41,400
4,450 Outback Steakhouse Inc* 174,938
300 Payless Shoesource Inc* 16,050
600 Pep Boys - Manny Moe & Jack 12,975
5,900 Pier 1 Imports Inc 66,375
3,400 Polo Ralph Lauren Corp* 64,600
2,300 Rexall Sundown Inc* 28,030
5,800 Rite Aid Corp 142,825
2,900 Ross Stores Inc 146,088
31,454 Safeway Inc* 1,556,973
5,302 Saks Inc* 153,095
1,400 Sears Roebuck & Co 62,387
29,205 Staples Inc* 903,515
20,500 TJX Companies Inc 682,896
11,000 Tandy Corp 537,625
4,230 Tricon Global Restaurants* 228,949
1,000 US Office Products Co* 5,375
900 Venator Group Inc* 9,393
196,700 Wal-Mart Stores Inc 9,490,775
63,300 Walgreen Co 1,859,438
700 Wendy's International Inc 19,818
1,700 Whole Foods Market Inc* 81,705
2,600 Williams-Sonoma Inc* 90,511
$36,816,421
SECURITIES & COMMODITIES --- 0.7%
21,050 Charles Schwab Corp 2,312,869
10,500 Franklin Resources Inc 426,563
5,000 T Rowe Price & Associates Inc 191,875
$2,931,307
TELEPHONE --- 3.1%
6,600 ADC Telecommunications Inc* 300,709
5,720 ALLTEL Corp 408,980
6,300 Bell Atlantic Corp 411,863
8,600 Cincinnati Bell Inc 214,458
9,800 Frontier Corp 578,200
10,300 GTE Corp 780,225
5,100 Global Telesystems Group Inc* 413,100
63,919 MCI WorldCom Inc* 5,500,997
1,100 McLeod Inc* 60,500
58,402 SBC Communications Inc 3,387,316
2,800 Sprint Corp 147,874
8,650 Sprint PCS 494,131
200 Teligent Inc* 11,962
$12,710,315
TRANSPORTATION --- 0.0%
400 CNF Transportation Inc 15,350
$15,350
TRANSPORTATION EQUIPMENT --- 1.4%
20,300 Allied-Signal Inc 1,278,900
4,300 Federal-Mogul Corp 223,600
2,300 General Motors Corp Series D* 129,375
9,700 Harley-Davidson Inc 527,438
2,100 Orbital Sciences Corp* 49,613
45,300 The Boeing Co 2,001,671
25,013 United Technologies Corp 1,793,107
$6,003,704
WHOLESALE TRADE - INDL --- 0.0%
6,500 Sybron International Corp* 179,153
$179,153
WHOLESALE TRADE -CONSUMER --- 0.9%
6,200 Avery Dennison Corp 374,325
2,950 Bergen Brunswig Corp Class A 50,888
13,437 Cardinal Health Inc 861,648
12,900 Costco Companies Inc* 1,032,800
4,600 Estee Lauder Cos 230,575
3,000 Ingram Micro Inc* 77,250
4,100 Nike Inc Class B 259,579
3,400 Sunbeam-Oster Co* 26,986
21,100 Sysco Corp 629,033
1,700 Tech Data Corp* 64,996
$3,608,080
TOTAL COMMON STOCK --- 97.6% $405,182,218
(Cost $283,208,294)
SHORT-TERM INVESTMENTS
CREDIT INSTITUTIONS --- 2.0%
8,165,000 Prudential Funding Corp 8,165,000
$8,165,000
U.S. GOVERNMENTS --- 0.4%
1,650,000 United States of America (1) 1,651,555
$1,651,555
TOTAL SHORT-TERM INVESTMENTS --- 2.4% $9,816,555
(Cost $9,816,555)
TOTAL GROWTH INDEX PORTFOLIO --- 100.0% $414,998,773
(Cost $293,024,849)
The Maxim Series Fund
INVESCO Balanced Portfolio
BONDS
AGENCY --- 2.4%
1,572,383 Federal Home Loan Mortgage Corp 1,550,763
Gold Pool #E00501
6.500% July 1, 2012
3,740,122 Federal Home Loan Mortgage Corp 3,688,696
Gold Pool #E00516
6.500% November 1, 2012
$5,239,459
COMMUNICATIONS --- 1.8%
1,000,000 AT&T Corp 939,790
Notes
6.000% March 15, 2009
500,000 Continental Cablevision Inc 559,695
Debentures
9.500% August 1, 2003
1,250,000 Tele-Communications Inc 1,527,275
Debentures
9.800% February 1, 2012
1,000,000 Time Warner Entertainment LP 999,900
Notes
7.250% September 1, 2008
$4,026,660
CONSUMER SERVICES --- 1.1%
845,000 FHP International Corp 850,687
Debentures
7.000% September 15, 2003
500,000 Hilton Hotels Corp 475,950
Senior Notes
7.200% December 15, 2009
1,000,000 Paramount Communications Inc 1,021,550
Senior Debentures
8.250% August 1, 2022
$2,348,187
CREDIT INSTITUTIONS --- 0.2%
500,000 Associates Corp of North America 507,840
Senior Notes
7.375% June 11, 2007
$507,840
ELECTRIC --- 4.4%
1,000,000 Citizens Utilities Co 920,640
Debentures
7.000% November 1, 2025
1,000,000 Commonwealth Edison Co 1,070,170
First Mortgage Bonds
8.250% October 1, 2006
500,000 Commonwealth Edison Co 500,120
First Mortgage Bonds
7.000% July 1, 2005
1,250,000 Consumers Energy Co 1,143,650
First Mortgage Bonds
7.375% September 15, 2023
299,000 DQU II Funding Corp 318,256
Debentures
8.700% June 1, 2016
1,000,000 Gulf States Utilities Co 1,016,050
First Mortgage Bonds
8.700% April 1, 2024
500,000 Metropolitan Edison Co 534,795
First Mortgage Bonds
8.150% January 30, 2023
1,600,000 New York State Electric & Gas Corp 1,708,720
First Mortgage Bonds
8.300% December 15, 2022
2,500,000 Pennsylvania Power & Light Co 2,627,850
First Mortgage Bonds
7.700% October 1, 2009
$9,840,251
FORESTRY --- 0.7%
1,500,000 Chesapeake Corp 1,528,620
Debentures
7.200% March 15, 2005
$1,528,620
HOLDING & INVEST. OFFICES --- 0.9%
1,785,000 Equitable Companies Inc 1,951,808
Senior Notes
9.000% December 15, 2004
$1,951,808
INSURANCE --- 0.8%
2,000,000 Progressive Corp 1,823,640
Senior Notes
6.625% March 1, 2029
$1,823,640
MFTG - INDUSTRIAL PRODS --- 1.3%
1,500,000 NRG Energy Inc 1,473,105
Senior Notes
7.500% June 15, 2007
1,500,000 USG Corp 1,514,715
Senior Notes
8.500% August 1, 2005
$2,987,820
OIL & GAS --- 1.1%
1,205,000 Atlantic Richfield Co 1,469,317
Debentures
10.875% July 15, 2005
1,000,000 Vastar Resources Inc 968,590
Notes
6.500% April 2, 2009
$2,437,907
TELEPHONE --- 3.0%
2,000,000 Bellsouth Telecommunications 2,031,920
Debentures
8.250% July 1, 2032
2,500,000 Cental Capital 2,891,350
Debentures
9.000% October 15, 2019
1,350,000 GTE Corp 1,343,993
Callable Debentures
7.900% February 1, 2027
500,000 US West Communications 473,420
Callable Notes
5.650% November 1, 2004
$6,740,683
U.S. GOVERNMENTS --- 5.5%
12,500,000 United States of America 12,244,125
Treasury Notes
5.625% May 15, 2008
$12,244,125
TOTAL BONDS --- 23.3% $51,677,000
(Cost $54,578,945)
COMMON STOCK
COMMUNICATIONS --- 3.8%
43,500 AT&T Corp* 1,598,625
21,800 Clear Channel Communications Inc* 1,502,827
25,600 Lucent Technologies Inc 1,726,387
27,400 MediaOne Group Inc 2,037,875
22,600 Time Warner Inc 1,661,100
$8,526,814
CONSUMER SERVICES --- 3.3%
29,900 Galileo International Inc 1,597,766
67,000 Harrah's Entertainment Inc* 1,474,000
36,200 Marriott International Inc 1,352,975
26,700 Merck & Co Inc 1,975,800
15,500 Smithkline Beecham PLC 1,023,961
$7,424,502
CREDIT INSTITUTIONS --- 1.8%
41,400 Bank of New York Company Inc 1,518,842
17,500 JP Morgan & Co Inc 2,458,750
$3,977,592
ELECTRIC --- 0.6%
36,000 Unicom Corp 1,388,232
$1,388,232
ELECTRONICS - HIGH TECH --- 7.1%
37,500 Boston Scientific Corp* 1,647,638
19,700 General Electric Co 2,226,100
25,000 Intel Corp 1,487,500
16,700 International Business Machines Corp 2,158,475
26,600 Maxim Integrated Products Inc* 1,768,900
22,900 Maytag Corp 1,595,832
28,100 Motorola Inc 2,662,475
15,900 Texas Instruments Inc 2,305,500
$15,852,420
FINANCIAL SERVICES --- 0.7%
34,300 Fleet Financial Group Inc 1,522,063
$1,522,063
FORESTRY --- 0.6%
20,700 Weyerhaeuser Co 1,423,125
$1,423,125
HOLDING & INVEST. OFFICES --- 2.6%
30,100 Chase Manhattan Corp 2,607,413
36,850 Citigroup Inc 1,750,375
32,900 Summit Bancorp 1,375,615
$5,733,403
INDUSTRIAL SERVICES --- 2.4%
17,300 America Online Inc* 1,911,650
21,200 Microsoft Corp* 1,911,964
20,000 Omnicom Group Inc 1,600,000
$5,423,614
INSURANCE --- 0.9%
31,100 Allmerica Financial Corp 1,891,253
$1,891,253
MFTG - CONSUMER PRODS. --- 2.0%
21,100 Anheuser-Busch Companies Inc 1,496,771
15,300 Colgate-Palmolive Co 1,510,875
35,000 Philip Morris Companies Inc 1,406,545
$4,414,191
MFTG - INDUSTRIAL PRODS --- 3.4%
30,700 Champion International Corp 1,469,763
23,500 Pharmacia & Upjohn Inc 1,335,082
17,300 Reynolds Metals Co 1,020,700
19,600 Tyco International Ltd 1,857,100
25,400 Warner-Lambert Co 1,762,125
$7,444,770
OIL & GAS --- 3.4%
28,300 Apache Corp 1,103,700
12,200 BP Amoco PLC 1,323,700
23,100 Exxon Corp 1,781,588
26,400 Halliburton Co 1,194,600
15,300 Schlumberger Ltd 974,411
28,100 UnoCal Corp 1,113,463
$7,491,462
RAILROADS --- 1.1%
37,600 Kansas City Southern Industries Inc 2,399,331
$2,399,331
RETAIL TRADE --- 5.0%
31,400 AnnTaylor Stores Corp* 1,413,000
39,900 Dayton Hudson Corp 2,593,500
52,800 McDonald's Corp 2,181,274
60,500 Tandy Corp 2,956,938
42,800 Wal-Mart Stores Inc 2,065,100
$11,209,812
SECURITIES & COMMODITIES --- 0.8%
17,000 Charles Schwab Corp 1,867,875
$1,867,875
TELEPHONE --- 2.2%
26,600 Frontier Corp 1,569,400
20,800 GTE Corp 1,575,600
28,300 SBC Communications Inc 1,641,400
$4,786,400
TRANSPORTATION EQUIPMENT --- 2.3%
32,700 Allied-Signal Inc 2,060,100
19,900 General Dynamics Corp 1,363,150
30,300 General Motors Corp Series D* 1,704,375
$5,127,625
WHOLESALE TRADE -CONSUMER --- 0.3%
52,875 Tasty Baking Co 650,992
$650,992
TOTAL COMMON STOCK --- 44.4% $98,555,476
(Cost $77,310,619)
SHORT-TERM INVESTMENTS
CONSUMER SERVICES --- 4.1%
9,000,000 United Parcel Service 9,000,000
$9,000,000
CREDIT INSTITUTIONS --- 12.8%
10,800,000 American Express Co 10,800,000
9,000,000 Ford Motor Credit Co 9,000,000
8,547,000 Prudential Funding Corp 8,547,000
$28,347,000
FINANCIAL SERVICES --- 9.4%
10,000,000 Commercial Credit Co 10,000,000
10,900,000 Salomon Smith Barney Holdings 10,900,000
$20,900,000
TELEPHONE --- 6.1%
10,800,000 AT&T Corp 10,800,000
2,700,000 Ameritech Corp 2,697,012
$13,497,012
TOTAL SHORT-TERM INVESTMENTS --- 32.3% $71,744,012
(Cost $71,744,012)
TOTAL INVESCO BALANCED PORTFOLIO --- 100.0% $221,976,488
(Cost $203,633,576)
The Maxim Series Fund
INVESCO Small-Cap Growth Portfolio
COMMON STOCK
AIR --- 0.7%
16,200 Eagle USA Airfreight Inc* 687,479
$687,479
COMMUNICATIONS --- 6.3%
31,000 Advanced Fibre Communications* 484,375
19,500 Citadel Comunications Corp* 705,647
23,000 Excel Switching Corp* 688,551
23,000 Galileo Technology Ltd* 1,042,176
30,300 Inet Technologies Inc* 727,200
12,000 InfoSpace.com Inc* 564,000
38,400 Melita International Corp* 518,400
8,500 Power Integrations Inc* 621,563
29,900 Research in Motion Ltd* 605,475
9,500 Terayon Communication Systems* 530,813
$6,488,200
CONSTRUCTION --- 0.9%
16,300 Dycom Industries Inc* 912,800
$912,800
CONSUMER SERVICES --- 15.1%
33,300 AHL Services Inc* 830,402
10,700 Accredo Health Inc* 350,425
56,400 Aeroflex Inc* 1,113,900
20,000 Big Flower Holdings Inc* 637,500
26,300 CSK Auto Corp* 710,100
30,000 Chirex Inc* 963,750
14,400 Corporate Executive Board Co* 512,093
38,700 Harrah's Entertainment Inc* 851,400
24,200 Healthcare Financial Partners Inc* 828,850
3,700 Laser Vision Centers Inc* 233,100
15,000 Medquist Inc* 656,250
13,800 Metzler Group Inc* 381,225
21,650 OneMain.com Inc* 511,481
30,800 Priority Healthcare Corp* 1,062,600
22,400 Probusiness Services Inc* 803,600
35,700 Provant Inc* 555,563
43,800 Province Healthcare Co* 854,100
35,000 Rental Service Corp* 1,001,875
12,700 SFX Entertainment* 812,800
16,000 Suiza Foods Corp* 670,000
12,000 Sunrise Assisted Living Inc* 418,500
21,000 Sylvan Learning Systems Inc* 570,927
12,550 USWeb Corp* 278,447
$15,608,888
CREDIT INSTITUTIONS --- 2.0%
21,300 City National Corp 797,408
24,400 FirstFed Financial Corp* 469,700
8,500 US Trust Corp 786,250
$2,053,358
ELECTRONICS - HIGH TECH --- 25.3%
29,000 Advantage Learning Systems Inc* 641,625
6,000 Alliant Techsystems Inc* 519,000
42,000 American Xtal Technology Inc* 1,000,104
26,900 Anadigics Inc* 995,300
30,100 Anaren Microwave Inc* 628,338
37,500 Antec Corp* 1,202,325
8,000 Applied Micro Circuits Corp* 658,000
42,000 Brooks Automation Inc* 1,136,604
26,400 Business Objects SA sponsored ADR* 963,600
6,200 Cree Research Inc* 477,009
6,000 Critical Path Inc* 331,872
28,100 DII Group Inc* 1,048,467
70,600 Digital Microwave Corp* 900,150
28,000 Entrust Technologies Inc* 931,000
10,000 Flextronics International Ltd* 555,000
45,000 Genesys Telecommunications Laboratories Inc* 1,125,000
20,300 Gilat Satellite Networks Ltd* 1,065,750
17,400 Integrated Electrical Services* 280,575
18,300 Intervoice Inc* 264,197
18,625 LeCroy Corp* 441,170
10,200 Legato Systems Inc* 589,050
17,000 Maker Communications Inc* 527,000
23,000 Metro Information Services Inc* 382,375
29,300 NetGravity Inc* 666,575
25,000 Netopia Inc* 568,750
7,500 Pegasus Systems Inc* 280,778
28,150 Peregrine Systems Inc* 723,089
16,000 Proxim Inc* 928,000
10,800 PsiNet Inc* 472,500
5,000 Qlogic Corp* 660,000
3,600 Rhythms Netconnections Inc* 210,150
35,000 Sykes Enterprises Inc* 1,168,125
12,100 TranSwitch Corp* 573,238
41,000 Unitrode Corp* 1,176,167
10,000 Verity Inc* 541,870
18,000 Visual Networks Inc* 576,000
18,800 WebTrends Corp* 867,150
$26,075,903
FINANCIAL SERVICES --- 1.4%
32,000 Affiliated Managers Group* 965,984
54,100 Towne Services Inc* 426,038
$1,392,022
HOLDING & INVEST. OFFICES --- 0.5%
17,200 Hudson United Bancorp 526,750
$526,750
INDUSTRIAL PRODS & SVCS --- 1.8%
4,600 Media Metrix Inc* 244,950
23,400 Moog Inc* 804,375
30,000 TSI International Software Inc* 851,250
$1,900,575
INDUSTRIAL SERVICES --- 4.2%
20,000 AC Nielsen Corp* 605,000
36,700 Intranet Solutions Inc* 309,638
13,100 Jack Henry & Associates Inc 514,175
19,000 Mercury Interactive Corp* 672,125
28,650 NCO Group Inc* 1,088,700
21,000 Pharmaceutical Product Development Inc* 574,875
12,200 The Profit Recovery Group International Inc* 577,206
$4,341,719
INSURANCE --- 1.5%
39,700 HCC Insurance Holdings Inc 900,674
47,800 Inspire Insurance Solutions* 693,100
$1,593,774
MFTG - CONSUMER PRODS. --- 6.2%
16,500 Action Performance Companies Inc* 544,500
39,000 Cymer Inc* 975,000
12,000 Elcor Corp 524,244
34,300 Harte-Hanks Inc 930,388
16,500 Linens 'N Things Inc* 721,875
47,000 Playtex Products Inc* 731,414
27,500 Quicksilver Inc* 716,705
40,000 Wild Oats Markets Inc* 1,213,720
$6,357,846
MFTG - INDUSTRIAL PRODS --- 6.3%
24,900 Alkermes Inc* 575,813
14,000 Electronics for Imaging Inc* 719,250
14,500 Kronos Inc* 659,750
23,900 Mettler-Toledo International Inc* 593,007
12,100 NCI Building Systems Inc* 258,638
11,500 Pentair Inc 526,125
44,000 Photronics Inc* 1,078,000
19,800 Powerwave Technologies Inc* 638,550
30,000 Remec Inc* 483,750
5,000 ResMed Inc* 165,935
33,600 Roberts Pharmaceutical Corp* 814,800
$6,513,618
OIL & GAS --- 5.7%
21,700 Basin Exploration Inc* 435,345
25,600 Evergreen Resources Inc* 644,787
42,000 Global Marine Inc* 648,354
26,000 Louis Dreyfus Natural Gas Corp* 560,612
48,000 Nabors Industries Inc* 1,172,976
27,950 Newfield Exploration Co* 794,814
30,400 Precision Drilling Corp* 579,485
125,000 Unit Corp* 1,015,625
$5,851,998
REAL ESTATE --- 0.6%
42,500 Intrawest Corp 650,760
$650,760
RETAIL TRADE --- 7.9%
11,400 American Eagle Outfitters* 518,700
15,800 Ames Department Stores Inc* 720,875
21,900 Children's Place* 886,950
17,500 Cost Plus Inc* 796,250
13,000 Footstar Inc* 483,431
23,200 Insight Enterprises Inc* 574,200
43,000 Intertan Inc* 881,500
17,000 O'Reilly Automotive Inc* 856,375
16,000 Papa John's International Inc* 714,992
35,800 The Men's Wearhouse Inc* 912,900
29,700 Tuesday Morning Corp* 757,350
$8,103,523
SECURITIES & COMMODITIES --- 0.4%
7,500 National Discount Brokers Group Inc* 435,000
$435,000
TELEPHONE --- 0.7%
12,900 Viatel Inc* 724,010
$724,010
WHOLESALE TRADE -CONSUMER --- 0.2%
2,900 Safeguard Scientifics Inc* 179,800
$179,800
TOTAL COMMON STOCK --- 87.7% $90,398,023
(Cost $74,465,971)
SHORT-TERM INVESTMENTS
CREDIT INSTITUTIONS --- 8.5%
700,000 American Express Co 699,315
3,000,000 Ford Motor Credit Co 2,999,310
5,015,000 Prudential Funding Corp 5,015,000
$8,713,625
ELECTRIC --- 3.9%
4,000,000 Duke Energy Corp 3,993,877
$3,993,877
TOTAL SHORT-TERM INVESTMENTS --- 12.3% $12,707,502
(Cost $12,707,502)
TOTAL INVESCO SMALL-CAP GROWTH PORTFOLIO --- 100.0% $103,105,525
(Cost $87,173,473)
The Maxim Series Fund
Investment Grade Corporate Bond Portfolio
BONDS
AGENCY --- 12.7%
600,000 Federal Home Loan Mortgage Corp 537,654
5.125% October 15, 2008
3,899,999 Federal Home Loan Mortgage Corp 3,938,999
Pool #323688
7.500% March 1, 2029
4,900,000 Federal National Mortgage Association 4,726,932
Pool #489505
6.500% July 1, 2029
600,000 Federal National Mortgage Association 593,346
Notes
5.750% April 15, 2003
600,000 Federal National Mortgage Association 568,500
Notes
4.750% November 14, 2003
1,100,001 Federal National Mortgage Association 1,040,876
Pool #486700
5.500% March 1, 2014
600,000 Federal National Mortgage Association 598,968
5.625% March 15, 2001
600,000 Federal National Mortgage Association 581,904
6.000% May 15, 2008
1,507,744 Government National Mortgage Association 1,492,199
Pool #780189
7.000% July 15, 2025
2,000,200 Government National Mortgage Association 1,923,312
Pool #490201
6.500% June 15, 2029
$16,002,690
AIR --- 1.2%
1,400,000 United Air Lines Inc 1,545,866
Debentures
9.125% January 15, 2012
$1,545,866
CANADIAN - PROVINCIAL --- 3.6%
1,300,000 Ontario Province 1,370,265
Global Notes
7.625% June 22, 2004
3,000,000 Saskatchewan 3,205,830
Yankee Notes
8.000% July 15, 2004
$4,576,095
COMMUNICATIONS --- 1.0%
1,300,000 News America Inc 1,229,098
Senior Notes
6.625% January 9, 2008
$1,229,098
CREDIT INSTITUTIONS --- 9.4%
3,000,000 Bayerische Landesbanken NY 3,017,970
Medium Term Notes
6.375% August 31, 2000
1,300,000 General Electric Capital Corp 1,310,283
Notes
6.660% May 1, 2018
4,500,000 General Electric Capital Corp 4,690,593
Eurodollar Medium Term Notes
8.100% February 15, 2002
1,400,000 General Motors Acceptance Corp 1,501,598
Notes
9.625% December 15, 2001
1,300,000 Wells Fargo & Co 1,305,993
Subordinated Notes
6.875% April 1, 2006
$11,826,437
ELECTRIC --- 2.4%
3,000,000 Pennsylvania Power & Light Co 3,001,860
Remarketable Putable Notes
6.125% May 1, 2001
$3,001,860
FOREIGN BANKS --- 1.9%
1,300,000 Abbey National PLC 1,278,654
Global Notes
6.690% October 17, 2005
1,200,000 National Australia Bank 1,163,388
Subordinated Notes
6.600% December 10, 2007
$2,442,042
INSURANCE --- 0.9%
1,200,000 Hartford Financial Services Group Inc 1,140,648
Senior Notes
6.375% November 1, 2008
$1,140,648
MFTG - CONSUMER PRODS. --- 1.4%
1,500,000 Archer-Daniels-Midland Co 1,714,140
Debentures
8.875% April 15, 2011
$1,714,140
RETAIL TRADE --- 1.1%
1,300,000 Wal-Mart Stores Inc 1,365,975
Notes
7.500% May 15, 2004
$1,365,975
SECURITIES & COMMODITIES --- 1.0%
1,200,000 Dean Witter Discover & Co 1,216,200
Notes
6.875% March 1, 2003
$1,216,200
TELEPHONE --- 0.8%
1,200,000 Bellsouth Telecommunications 1,062,912
Debentures
6.750% October 15, 2033
$1,062,912
TRANSPORTATION EQUIPMENT --- 2.0%
1,200,000 Ford Motor Co 1,080,216
Bonds
6.625% October 1, 2028
1,400,000 Northrop Grumman Corp 1,490,049
Notes
8.625% October 15, 2004
$2,570,265
U.S. GOVERNMENTS --- 41.4%
500,000 Federal Home Loan Bank 489,685
Jumbo Notes
4.875% January 22, 2002
5,600,000 Federal Home Loan Bank 5,393,472
Jumbo Notes
5.125% September 15, 2003
5,900,000 United States of America 5,983,898
Treasury Notes
6.250% October 31, 2001
7,300,000 United States of America 9,499,125
Treasury Notes
9.000% November 15, 2018
4,400,000 United States of America 4,710,728
Treasury Bonds
6.750% August 15, 2026
3,700,000 United States of America 3,739,886
Treasury Notes
6.125% August 15, 2007
5,300,000 United States of America 5,462,286
Treasury Notes
6.500% May 15, 2005
17,100,000 United States of America 17,081,361
Treasury Notes
5.625% December 31, 2002
$52,360,441
TOTAL BONDS --- 80.7% $102,054,669
(Cost $101,854,650)
SHORT-TERM INVESTMENTS
ELECTRIC --- 5.1%
6,400,000 Duke Energy Corp 6,390,203
$6,390,203
FINANCIAL SERVICES --- 6.6%
2,000,000 Household Finance Corp 1,998,083
6,400,000 KFW International Finance 6,393,740
$8,391,823
HOLDING & INVEST. OFFICES --- 5.1%
6,400,000 American General Finance Corp 6,395,644
$6,395,644
SECURITIES & COMMODITIES --- 2.5%
3,200,000 Morgan Stanley Dean Witter & Co 3,197,800
$3,197,800
TOTAL SHORT-TERM INVESTMENTS --- 19.3% $24,375,470
(Cost $24,375,470)
TOTAL INVESTMENT GRADE CORPORATE BOND PORTFOLIO --- 100.0% $126,430,139
(Cost $126,230,120)
The Maxim Series Fund
Loomis Sayles Corporate Bond Portfolio
BONDS
AGENCY --- 1.9%
14,150,000 Federal National Mortgage Association 4,034,575
Zero Coupon Bonds
7.550% October 29, 2007
$4,034,575
AIR --- 0.0%
77,200 Northwest Airlines Corp 83,762
Notes
9.360% March 10, 2006
$83,762
CANADIAN - FEDERAL --- 3.4%
5,000,000 BC Generic Residual 596,193
Debentures
6.230% November 19, 2027
4,650,000 Canadian Residual 848,443
Debentures
5.820% June 1, 2022
35,550,000 Canadian Residual 5,722,801
Debentures
5.640% June 1, 2025
$7,167,437
CANADIAN - PROVINCIAL --- 10.9%
5,000,000 British Columbia 723,317
Principal Strips
6.240% August 23, 2024
2,500,000 British Columbia 461,591
Principal Strips
6.240% September 5, 2020
1,760,000 British Columbia 1,102,279
Debentures
5.700% June 18, 2029
6,500,000 British Columbia 1,859,415
Principal Strips
6.210% August 23, 2013
11,415,000 British Columbia 1,868,615
Principal Strips
6.240% August 19, 2022
275,000 British Columbia 220,430
Debentures
7.875% November 30, 2023
1,400,000 British Columbia 381,074
Principal Strips
6.220% June 9, 2014
9,815,000 British Columbia 1,601,360
Principal Strips
6.310% June 9, 2022
5,000,000 Hydro-Quebec 872,026
Zero Coupon Bonds
6.540% August 15, 2020
5,000,000 MP Generic Residual 506,118
Zero Coupon Bonds
6.100% March 5, 2031
5,373,000 Manitoba 4,399,651
Bonds
7.750% December 22, 2025
3,800,000 Manitoba Province 2,702,107
Debentures
6.500% September 22, 2017
500,000 Newfoundland 329,545
Debentures
6.150% April 17, 2028
3,650,000 Ontario Residual 491,795
Zero Coupon Bonds
6.220% December 2, 2025
11,300,000 Ontario Residual 1,401,937
Zero Coupon Bonds
6.180% June 2, 2027
4,800,000 Ontario Residual 793,909
Zero Coupon Bonds
6.230% July 13, 2022
5,010,825 Province of Alberta 3,430,933
Debentures
5.930% September 16, 2016
$23,146,102
COMMUNICATIONS --- 9.2%
1,850,000 CBS Corp 1,839,511
Debentures
7.875% September 1, 2023
250,000 CBS Inc 228,120
Senior Notes
7.125% November 1, 2023
500,000 Century Communications Corp Class A 460,625
Debentures
8.375% November 15, 2017
500,000 Charter Communication Holdings# 310,000
Senior Discount Notes
10.110% April 1, 2011
1,400,000 Clearnet Communications 637,661
Senior Discount Notes
12.410% August 13, 2007
700,000 Clearnet Communications 260,537
Senior Discount Notes
12.190% February 15, 2009
500,000 Clearnet Communications 191,196
Senior Discount Notes
12.840% May 15, 2008
2,900,000 Fox Family Worldwide Inc 1,841,500
Senior Discount Notes
11.980% November 1, 2007
2,500,000 Intermedia Communications Inc 1,387,500
Senior Discount Notes
12.670% March 1, 2009
1,000,000 Multicanal SA 760,000
Senior Notes
10.500% April 15, 2018
3,325,000 Nextel Communications Inc 2,319,188
Senior Discount Notes
9.040% October 31, 2007
500,000 Nextlink Communications Inc 300,000
Senior Discount Notes
11.600% April 15, 2008
500,000 Nextlink Communications Inc 290,000
Senior Discount Notes
11.770% June 1, 2009
300,000 Rogers Communications Inc 223,500
Convertible Debentures
2.000% November 26, 2005
265,000 Telekom Malaysia Bhd 229,119
Bonds
4.000% October 3, 2004
1,325,000 Telekom Malaysia Bhd# 1,109,953
Debentures
7.875% August 1, 2025
750,000 Time Warner Inc 739,223
Debentures
7.570% February 1, 2024
830,000 Time Warner Inc 771,585
Company Guaranteed Bonds
6.875% June 15, 2018
5,175,000 Time Warner Inc 4,796,035
Company Guaranteed Bonds
6.950% January 15, 2028
950,000 Total Access Communication PLC# 714,305
Private Placement
8.375% November 4, 2006
250,000 Total Access Communication PLC# 202,500
Private Placement
7.625% November 4, 2001
$19,612,058
CONSTRUCTION --- 0.5%
350,000 Empresa ICA SA 238,000
Convertible Subordinated Debentures
5.000% March 15, 2004
500,000 Pulte Corp 470,205
Senior Notes
7.300% October 24, 2005
450,000 Schuler Homes Inc 346,500
Convertible Subordinated Debentures
6.500% January 15, 2003
$1,054,705
CONSUMER SERVICES --- 1.6%
1,250,000 Bausch & Lomb Inc 1,109,300
Debentures
7.125% August 1, 2028
2,000,000 Columbia/HCA Healthcare Corp 1,507,580
Notes
7.050% December 1, 2027
250,000 Columbia/HCA Healthcare Corp 202,123
Medium Term Notes
7.580% September 15, 2025
250,000 HEALTHSOUTH Corp 211,250
Subordinated Debentures
3.250% April 1, 2003
250,000 Integrated Health Services Inc 179,375
Senior Subordinated Notes
9.250% January 15, 2008
250,000 Tenet Healthcare Corp 191,875
Subordinated Notes
6.000% December 1, 2005
$3,401,503
CREDIT INSTITUTIONS --- 0.7%
350,000 DR Structured Finance Corp 313,989
Debentures
7.430% August 15, 2018
200,000 DR Structured Finance Corp 188,240
Pass Through Certificates
8.550% August 15, 2019
950,000 Sappi BVI Finance Ltd 896,610
Convertible Bonds
7.500% August 1, 2002
$1,398,839
ELECTRIC --- 3.1%
500,000 AES Corp 461,250
Senior Subordinated Debentures
8.875% November 1, 2027
500,000 BEC Energy 492,930
Debentures
7.800% March 15, 2023
208,000 Commonwealth Edison Co 166,779
Debentures
4.750% December 1, 2011
500,000 Korea Electric Power Corp 460,165
Debentures
6.750% August 1, 2027
999,724 Korea Electric Power Corp 883,216
Debentures
7.400% April 1, 2016
250,000 National Power Corp 217,500
Yankee Bond
9.625% May 15, 2028
500,000 Quezon Power Ltd 405,745
Bonds
8.860% June 15, 2017
1,300,000 Tata Electric Co# 1,109,901
Bonds
8.500% August 19, 2017
2,750,000 Tenaga Nasional Bhd# 2,137,795
Debentures
7.500% November 1, 2025
250,000 Texas - New Mexico Power Co 228,840
Senior Notes
6.250% January 15, 2009
$6,564,121
ELECTRONICS - HIGH TECH --- 8.0%
1,300,000 Apple Computer Inc 1,189,500
Notes
6.500% February 15, 2004
1,000,000 BroadBand Technologies Inc 430,000
Convertible Subordinated Notes
5.000% May 15, 2001
650,000 Cirrus Logic Inc# 444,438
Debentures
6.000% December 15, 2003
250,000 EDO Corp 195,000
Convertible Bonds
7.000% December 15, 2011
500,000 Hyundai Semiconductor# 398,275
Senior Notes
8.625% May 15, 2007
200,000 Intevac Inc 124,250
Subordinated Notes
6.500% March 1, 2004
800,000 Kent Electronics Corp 653,000
Subordinated Notes
4.500% September 1, 2004
900,000 Lam Research Corp 814,500
Subordinated Notes
5.000% September 1, 2002
400,000 Maxtor Corp 300,000
Convertible Debentures
5.750% March 1, 2012
150,000 National Semiconductor Corp 142,500
Subordinated Debentures
6.500% October 1, 2002
950,000 Read-Rite Corp 399,000
Convertible Subordinated Notes
6.500% September 1, 2004
50,000 Richardson Electronics Ltd 36,000
Convertible Debentures
7.250% December 15, 2006
750,000 Samsung Electronics 786,600
Zero Coupon Bonds
-.5600% December 31, 2007
1,750,000 Samsung Electronics Co# 1,365,000
Debentures
7.700% October 1, 2027
2,000,000 Seagate Technology Inc 1,857,640
Debentures
7.450% March 1, 2037
2,500,000 Seagate Technology Inc 2,304,125
Senior Notes
7.370% March 1, 2007
1,000,000 Seagate Technology Inc 894,960
Debentures
7.875% March 1, 2017
100,000 Silicon Graphics Inc 88,500
Senior Notes
5.250% September 1, 2004
62,332 StreamLogic Corp 623
Notes
14.000% October 7, 2000
100,000 Telxon Corp 71,250
Convertible Subordinated Notes
5.750% January 1, 2003
3,915,000 Thermo Electron Corp# 3,454,988
Subordinated Debentures
4.250% January 1, 2003
850,000 Total Access Communication 841,500
Convertible
2.000% May 31, 2006
515,000 Zenith Electronics Corp 113,300
Convertible Subordinated Debentures
6.250% April 1, 2011
$16,904,949
ENVIRONMENTAL SERVICES --- 0.4%
350,000 Aqua Alliance Inc 303,625
Convertible Debentures
8.000% May 15, 2015
575,000 Molten Metal Technology Inc 5,750
Convertible Subordinated Notes
5.500% May 1, 2006
725,000 Molten Metal Technology Inc 0
Subordinated Notes
5.500% May 1, 2006
495,000 Ogden Corp 455,400
Convertible Subordinated Bonds
5.750% October 20, 2002
$764,775
FINANCIAL SERVICES --- 4.0%
1,000,000 AMP Property LP 914,590
Bonds
7.500% June 30, 2018
1,200,000 APP Finance VII Mauritius 894,000
Convertible Notes Guaranteed
3.500% April 30, 2003
375,000 APP Finance VII Mauritius# 281,250
Convertible Notes Guaranteed
3.500% April 30, 2003
700,000 Bell Atlantic Financial Services 711,165
Convertible Bonds
5.750% April 1, 2003
250,000 Cerro Negro Finance Ltd# 195,000
Bonds
7.900% December 1, 2020
2,000,000 KN Capital Trust III 1,719,800
Company Guaranteed Bonds
7.630% April 15, 2028
250,000 PYCSA Panama# 186,250
Bonds
10.280% December 15, 2012
1,100,000 Pindo Deli Fin Mauritius 764,500
Company Guaranteed Bonds
10.750% October 1, 2007
2,900,000 Pindo Deli Fin Mauritius 1,761,750
Yankee Notes
10.875% October 1, 2027
500,000 Siam Commercial Bank PLC# 405,000
Subordinated Notes
7.500% March 15, 2006
875,000 Tjiwi Kimia FN Mauritius 630,000
Private Placement
10.000% August 1, 2004
$8,463,305
FOREIGN BANKS --- 6.0%
1,600,000 Bangkok Bank Public Co 840,000
Convertible Bonds
20.470% March 3, 2004
4,150,000 Bangkok Bank Public Co Ltd# 3,308,795
Subordinated Notes
9.025% March 15, 2029
19,425,000 International Bank for Reconstruction & Development 5,752,286
Senior Notes
9.650% August 20, 2007
1,000,000 International Bank for Reconstruction & Development 548,683
Debentures
8.000% May 23, 2007
400,000 Siam Commercial Bank PLC 201,000
Convertible Bonds
3.250% January 24, 2004
2,625,000 Thai Farmers Bank PLC# 2,047,500
Bonds
8.250% August 21, 2016
$12,698,264
FOREIGN GOVERNMENTS --- 8.6%
1,000,000 Bangko Sentral Pilipinas 812,500
Bonds
8.600% June 15, 2027
863,228 Equador-Global Bearer 280,549
Debentures
6.000% February 27, 2015
15,900,000 Ontario Hydro Generic Residual 2,745,479
Debentures
6.240% October 15, 2021
200,000 Petro Mexicanos# 150,500
Debentures
8.625% December 1, 2023
7,500,000 Republic Of South Africa 1,127,993
Bonds
12.000% February 28, 2005
250,000 Republic of Argentina 155,625
Brady Bond
10.270% March 31, 2023
465,000 Republic of Argentina 392,924
Debentures
6.000% March 31, 2005
6,550,000 Republic of Brazil 4,879,750
Debentures
10.125% May 15, 2027
5,079,940 Republic of Brazil 2,898,614
Capitalization Bonds
8.000% April 15, 2014
4,500,000 Republic of South Africa 662,933
Bonds
12.500% December 21, 2006
2,500,000 Republic of South Africa 374,334
Bonds
13.500% September 15, 2015
6,615,000 SCDA Generic Residual 933,565
Debentures
28.400% May 30, 2005
4,250,000 Venezuela 2,768,025
Debentures
9.250% September 15, 2027
$18,182,791
FORESTRY --- 0.0%
125,000 Advance Argo Public Company Ltd 104,688
Convertible Unsubordinated Notes
3.500% June 17, 2001
$104,688
GAS --- 1.0%
1,000,000 KN Energy Inc 872,910
Debentures
7.250% March 1, 2028
132,500 NorAm Energy Corp 120,906
Convertible Sub Debentures
6.000% March 15, 2012
1,250,000 Tennessee Gas Pipeline Co 1,158,675
Debentures
7.000% October 15, 2028
$2,152,491
HOLDING & INVEST. OFFICES --- 0.6%
750,000 Federal Realty Investment Trust 660,000
Convertible Bonds
5.250% October 28, 2003
750,000 Meditrust Cos 615,668
Unsecured Notes
7.000% August 15, 2007
$1,275,668
INDUSTRIAL PRODS & SVCS --- 0.4%
750,000 Merey Sweeney LP# 768,750
Senior Notes
8.850% December 18, 2019
$768,750
INSURANCE --- 3.0%
7,855,000 Loews Corp 6,392,006
Subordinated Notes
3.125% September 15, 2007
$6,392,006
MFTG - CONSUMER PRODS. --- 6.0%
24,000 Bell Sports Corp 19,410
Convertible Subordinated Debentures
4.250% November 15, 2000
750,000 Borden Inc 603,893
Debentures
7.875% February 15, 2023
1,000,000 Burlington Industries Inc 844,950
Bonds
7.250% August 1, 2027
450,000 Burns Philp Treasury 222,750
Convertible Notes
5.500% April 30, 2004
1,000,000 ConAgra Inc 936,050
Senior Notes
7.000% October 1, 2028
125,000 Fieldcrest Cannon Inc 100,625
Convertible Debentures
6.000% March 15, 2012
550,000 Fruit of the Loom Inc Class A 367,813
Debentures
7.375% November 15, 2023
250,000 Kellwood Co 222,755
Debentures
7.625% October 15, 2017
5,185,000 Philip Morris Companies Inc 5,204,703
Debentures
7.750% January 15, 2027
250,000 Phillips Van-Heusen Corp 214,548
Debentures
7.750% November 15, 2023
2,100,000 RCN Corp 1,302,000
Senior Discount Notes
11.650% July 1, 2008
1,750,000 RCN Corp 1,093,750
Senior Discount Notes
11.490% February 15, 2008
1,475,000 RCN Corp 984,563
Senior Discount Notes
11.820% October 15, 2007
600,000 Scholastic Corp# 549,750
Bonds
5.000% August 15, 2005
84,000 The Dixie Group Inc 67,200
Convertible Debentures
7.000% May 15, 2012
1,600,000 The Penn Traffic Co 64,000
Senior Subordinated Notes
9.625% April 15, 2005
$12,798,760
MFTG - INDUSTRIAL PRODS --- 2.3%
750,000 Centocor Inc 837,188
Subordinated Debentures
4.750% February 15, 2005
150,000 Chiron Corp 147,000
Convertible Subordinated Notes
1.900% November 17, 2000
250,000 Compania Alimentos Fargo 197,500
Senior Notes
13.250% August 1, 2008
1,335,000 Dura Pharmaceuticals Inc 987,900
Subordinated Notes
3.500% July 15, 2002
50,000 Exide Corp# 30,375
Senior Subordinated Notes
2.900% December 15, 2005
500,000 Geneva Steel Co Class A 102,500
Senior Notes
9.500% January 15, 2004
50,000 Glycomed Inc 40,375
Convertible Subordinated Debentures
7.500% January 1, 2003
75,000 Hexcel Corp 60,375
Convertible Debentures
7.000% August 1, 2011
100,000 Hexcel Corp 93,000
Subordinated Notes
7.000% August 1, 2003
525,000 Nabi 372,750
Convertible Bonds
6.500% February 1, 2003
1,500,000 New Brunswick FM Project# 799,660
Bonds
0.860% November 30, 2027
750,000 Perez Companc SA# 637,500
Private Placement
8.125% July 15, 2007
100,000 Thermedics Inc 68,000
Zero Coupon
10.090% June 1, 2003
600,000 Thermo TerraTech Inc# 521,250
Company Guaranteed Notes
4.625% May 1, 2003
$4,895,373
MINING --- 0.4%
1,000,000 Banpu Public Company Ltd 890,000
Convertible Bonds
2.750% April 10, 2003
$890,000
OIL & GAS --- 4.9%
5,150,000 Baker Hughes Inc 3,862,500
Convertible Notes
3.280% May 5, 2008
300,000 Diamond Offshore Drilling Inc 298,500
Subordinated Notes
3.750% February 15, 2007
1,150,000 Global Marine Inc 1,010,827
Notes
7.000% June 1, 2028
400,000 Key Energy Services Inc 249,500
Subordinated Notes
5.000% September 15, 2004
250,000 Petroleos Mexicanos 210,625
Company Guaranteed Bonds
9.500% September 15, 2027
600,000 Pioneer Natural Resources Co 513,000
Company Guaranteed Notes
6.500% January 15, 2008
4,000,000 R&B Falcon Corp 2,813,720
Senior Notes
7.375% April 15, 2018
750,000 R&B Falcon Corp 607,500
Senior Notes
6.750% April 15, 2005
350,000 Ssangyong Oil Refining Company Ltd 248,500
Unsubordinated Convertible Bonds
3.000% December 31, 2004
650,000 Union Pacific Resources Group Inc 585,462
Debentures
7.050% May 15, 2018
$10,400,134
OTHER TRANS. SERVICES --- 0.1%
100,000 Preston Corp 80,000
Convertible Bonds
7.000% May 1, 2011
250,000 Worldway Corp 202,500
Convertible Subordinated Debentures
6.250% April 15, 2011
$282,500
RAILROADS --- 0.1%
350,000 Missouri Pacific Railroad Co 181,125
Debentures
5.000% January 1, 2045
$181,125
REAL ESTATE --- 6.3%
2,000,000 First Industrial Realty Trust Inc 1,725,800
Notes
7.600% July 15, 2028
2,500,000 First Industrial Realty Trust Inc 2,280,430
Notes
7.500% December 1, 2017
1,000,000 Highwoods Properties Inc 874,160
Senior Notes
7.500% April 15, 2018
2,000,000 ProLogis Trust 1,870,080
Debentures
7.625% July 1, 2017
1,100,000 Rockefeller Center Properties 871,750
Convertible Debentures
16.120% December 31, 2000
2,500,000 Security Capital Group Inc 2,138,250
Notes
7.700% June 15, 2028
250,000 Sizeler Property Investors Inc 235,000
Convertible Subordinated Debentures
8.000% July 15, 2003
1,000,000 Susa Partnership 890,920
Debentures
7.450% July 1, 2018
1,875,000 Susa Partnership 1,625,606
Debentures
7.500% December 1, 2027
1,000,000 TriNet Corporate Realty Trust Inc 776,600
Senior Notes
7.700% July 15, 2017
$13,288,596
RETAIL TRADE --- 2.0%
450,000 Boston Chicken Inc 15,750
Convertible Bonds
4.500% February 1, 2004
500,000 Boston Chicken Inc 2,500
Convertible Bonds
28.550% June 1, 2015
275,000 CML Group Inc 1,375
Convertible Jr Subordinated
5.500% January 15, 2003
250,000 Einstein/Noah Bagel Corp 142,500
Convertible Bonds
7.250% June 1, 2004
100,000 Jacobson Stores Inc 76,000
Convertible Debentures
6.750% December 15, 2011
750,000 Kmart Corp 712,500
Debentures
7.950% February 1, 2023
2,250,000 Owens Corning 2,102,468
Bonds
7.500% August 1, 2018
2,350,000 Shoney's Inc 543,438
Convertible Subordinated Notes
33.100% April 11, 2004
100,000 TPI Enterprises Inc 49,500
Debentures
8.250% July 15, 2002
750,000 Venator Group Inc 525,000
Debentures
8.500% January 15, 2022
$4,171,031
TELEPHONE --- 3.7%
5,775,000 Bell Atlantic Corp 5,904,938
Notes
4.250% September 15, 2005
1,400,000 Nextel International Inc 728,000
Senior Discount Notes
15.20% April 15, 2008
2,250,000 Teligent Inc 1,327,500
Senior Discount Notes
13.140% March 1, 2008
$7,960,438
TRANSPORTATION --- 0.4%
100,000 APL Ltd 65,000
Debentures
8.000% January 15, 2024
175,000 Builders Transport Inc 228
Convertible Subordinated Debentures
8.000% August 15, 2005
500,000 Hvide Marine Inc 215,000
Company Guaranteed Notes
8.375% February 15, 2008
1,000,000 Milit-Air Inc# 650,870
Bonds
5.750% June 30, 2019
$931,098
TRANSPORTATION EQUIPMENT --- 0.7%
1,260,000 Hyundai Motor Company Ltd# 1,043,545
Senior Notes
7.600% July 15, 2007
500,000 TRW Inc 425,700
Debentures
6.650% January 15, 2028
$1,469,245
U.S. GOVERNMENTS --- 1.2%
2,600,000 United States of America 600,912
Principal Strips
6.160% August 15, 2023
500,000 United States of America 487,890
Treasury Notes
6.000% February 15, 2026
1,500,000 United States of America 1,373,430
Treasury Notes
5.500% August 15, 2028
$2,462,232
U.S. MUNICIPAL --- 0.3%
2,000,000 Orange County California Pension 564,958
General Obligation Bonds
7.500% September 1, 2016
$564,958
WHOLESALE TRADE - INDL --- 0.5%
1,050,000 Loxley PLC 325,500
Convertible Bonds
2.500% April 4, 2001
750,000 Pioneer Standard Electronics Inc 685,673
Senior Notes
8.500% August 1, 2006
$1,011,173
WHOLESALE TRADE -CONSUMER --- 0.1%
1,000,000 Semi-Tech Corp 140,000
Senior Discount Notes
11.500% August 15, 2003
$140,000
TOTAL BONDS --- 92.1% $195,617,452
(Cost $208,792,469)
COMMON STOCK
ELECTRONICS - HIGH TECH --- 0.0%
550 StreamLogic Corp* 0
$0
RETAIL TRADE --- 0.1%
62,980 Advantica Restaurant Group Inc* 216,462
$216,462
TOTAL COMMON STOCK --- 0.1% $216,462
(Cost $809,134)
PREFERRED STOCK
COMMUNICATIONS --- 0.4%
1,050 Hyperion Telecommunication* 944,919
$944,919
ELECTRIC --- 0.3%
2,255 Energy East Corp 158,978
1,304 Entergy Louisiana Inc 80,522
1,023 MDU Resources Group Inc 90,024
7,655 Nevada Power Co 117,734
2,850 Niagara Mohawk Power Corp 219,450
300 Northern States Power Co 17,269
$683,977
FINANCIAL SERVICES --- 0.1%
2,500 Owens Corning Capital 118,438
$118,438
HOLDING & INVEST. OFFICES --- 0.0%
11,500 Hvide Capital Trust 74,750
$74,750
MFTG - INDUSTRIAL PRODS --- 0.5%
25,850 Bethlehem Steel Corp 933,831
1,000 EI du Pont de Nemours & Co 62,875
$996,706
OIL & GAS --- 0.4%
3,750 Chesapeake Energy Corp 97,500
20,000 Weatherford International Inc 787,500
$885,000
REAL ESTATE --- 0.1%
6,500 Equity Residential Properties Trust 154,775
$154,775
TOTAL PREFERRED STOCK --- 1.8% $3,858,565
(Cost $4,170,509)
SHORT-TERM INVESTMENTS
CREDIT INSTITUTIONS --- 5.7%
2,000,000 American Express Co 2,000,000
700,000 Ford Motor Credit Co 700,000
9,484,000 Prudential Funding Corp 9,484,000
$12,184,000
TELEPHONE --- 0.2%
500,000 AT&T Corp 500,000
$500,000
TOTAL SHORT-TERM INVESTMENTS --- 6.0% $12,684,000
(Cost $12,684,000)
TOTAL LOOMIS SAYLES CORPORATE BOND PORTFOLIO --- 100.0% $212,376,479
(Cost $226,456,112)
The Maxim Series Fund
Loomis Sayles Small-Cap Value Portfolio
COMMON STOCK
COMMUNICATIONS --- 0.7%
17,000 Boston Communications Group Inc* 228,429
23,300 Hearst-Argyle Television Inc* 559,200
$787,629
CONSUMER SERVICES --- 7.2%
15,900 Alterra Healthcare Corp* 218,625
48,600 Beverly Enterprises Inc* 391,813
9,000 Biovail Corporation International* 459,558
38,800 Capital Senior Living Corp* 388,000
14,000 Chirex Inc* 449,750
59,300 EndoSonics Corp* 415,100
16,500 First Health Group Corp* 355,773
28,600 Foundation Health Systems* 429,000
18,300 Jones Pharmaceuticals Inc 720,563
19,800 Medicis Pharmaceutical Corp Class A* 502,425
34,336 Meristar Hospitality Corp 770,397
23,900 Metzler Group Inc* 660,238
20,100 Nielsen Media Research* 587,925
33,300 Trigon Healthcare Inc* 1,211,288
20,600 USWeb Corp* 457,052
$8,017,507
CREDIT INSTITUTIONS --- 3.9%
18,700 Bank United Corp Class A 751,497
8,500 City National Corp 318,215
29,100 Colonial Bancgroup Inc 405,567
38,550 Commercial Federal Corp 893,859
38,800 Cullen/Frost Bankers Inc 1,069,406
19,900 DVI Inc* 340,788
74,500 Imperial Credit Industries Inc* 528,429
$4,307,761
ELECTRIC --- 1.5%
14,500 BEC Energy 598,125
22,200 Rochester Gas & Electric Corp 589,676
16,600 WPS Resources Corp 498,000
$1,685,801
ELECTRONICS - HIGH TECH --- 15.5%
16,900 AVX Corp 411,938
33,800 Actel Corp* 498,550
8,900 Alliant Techsystems Inc* 769,850
9,250 Alpha Industries Inc* 440,531
22,600 Atmel Corp* 591,826
5,900 Bell & Howell Co* 223,091
38,825 Conmed Corp* 1,189,016
10,800 Credence Systems Corp* 400,950
54,300 Cypress Semiconductor Corp* 895,950
17,400 DENTSPLY International Inc 487,200
7,500 Dallas Semiconductor Corp 378,750
36,200 Federal Signal Corp 766,969
20,000 Harman International Industries Inc 880,000
34,400 Hutchinson Technology Inc* 954,600
31,800 Inter-Tel Inc 580,350
26,800 Invacare Corp 716,900
13,900 Litton Industries Inc* 997,325
23,700 Maxwell Technologies Inc* 570,269
20,600 National Computer Systems Inc 695,250
41,900 Pairgain Technologies Inc* 481,850
30,000 Respironics Inc* 453,750
18,500 SCI Systems Inc* 878,750
32,100 SMART Modular Technologies Inc* 557,738
24,200 Tektronix Inc 730,525
9,900 Veeco Instruments Inc* 336,600
33,631 Vishay Intertechnology Inc* 706,251
18,300 Visio Corp* 696,535
$17,291,314
FINANCIAL SERVICES --- 0.1%
4,200 Pacific Bank NA 80,060
$80,060
FORESTRY --- 0.6%
17,100 Chesapeake Corp 640,173
$640,173
GAS --- 2.3%
55,300 MCN Corp 1,147,475
9,000 New Jersey Resources Corp 336,933
22,500 Public Service Company of North Carolina Inc 658,125
18,100 Washington Gas Light Co 470,600
$2,613,133
HOLDING & INVEST. OFFICES --- 6.9%
66,700 Anthracite Capital Inc 437,685
11,200 Chittenden Corp 350,000
46,600 Community First Bancshares Inc 1,112,575
52,500 Federated Investors Inc 941,693
42,953 Healthcare Realty Trust Co 902,013
19,200 Hudson United Bancorp 588,000
15,100 Liberty Financial Companies Inc 439,788
45,300 Liberty Property Trust 1,126,838
31,600 Local Financial Corp* 312,050
25,800 Staten Island Bancorp Inc 464,400
28,000 Sun Communities Inc 994,000
$7,669,042
INDUSTRIAL SERVICES --- 5.6%
40,200 AC Nielsen Corp* 1,216,050
22,800 Advo Inc* 473,100
24,300 Deluxe Corp 946,169
48,600 Information Resources Inc* 425,250
77,000 Medaphis Corp* 442,750
8,000 National Data Corp 342,000
15,100 National Service Industries Inc 543,600
16,350 Nichols Research Corp* 357,656
55,500 RH Donnelley Corp 1,085,691
27,875 Tetra Tech Inc* 459,938
$6,292,204
INSURANCE --- 5.9%
21,400 AmerUs Life Holdings Inc 577,800
13,400 Annuity & Life RE Ltd 300,656
15,800 Arthur J Gallagher & Co 782,100
41,800 CNA Surety Corp 640,042
19,300 Capital Re Corp 309,997
35,000 HCC Insurance Holdings Inc 794,045
13,600 Medical Assurance Inc* 384,200
18,700 Protective Life Corp 617,100
11,300 Radian Group Inc 551,576
18,700 Reinsurance Group America Co 659,175
33,100 StanCorp Financial Group Inc* 993,000
$6,609,691
LEASING --- 0.5%
91,900 UniCapital Corp* 580,073
$580,073
MFTG - CONSUMER PRODS. --- 10.2%
64,200 Burlington Industries Inc* 581,780
35,600 Champion Enterprises Inc* 663,050
15,200 Corn Products International Inc 462,642
17,900 Earthgrains Co 462,035
18,000 HON Industries Inc 525,366
28,800 Harte-Hanks Inc 781,200
49,900 International Multifoods Corp 1,125,844
30,400 Jostens Inc 640,285
20,100 Liz Claiborne Inc 733,650
44,900 Michael Foods Inc 1,055,150
35,600 Premark International Inc 1,335,000
12,500 Shaw Industries Inc* 206,250
10,300 Springs Industries Inc Class A 449,338
6,100 Talbots Inc 232,563
51,300 Viad Corp 1,587,068
32,000 Whitman Corp 576,000
$11,417,221
MFTG - INDUSTRIAL PRODS --- 12.9%
38,800 Bethlehem Steel Corp* 298,256
11,600 Carlisle Companies Inc 558,250
10,600 Carpenter Technology Corp 302,757
14,800 Consolidated Papers Inc 395,900
15,000 Cordant Technologies Inc 677,805
12,200 Crane Co 383,531
24,600 Cuno Inc* 470,475
15,600 Cytec Industries Inc* 497,250
31,100 Dura Pharmaceuticals Inc* 371,241
2,700 Ferro Corp 74,250
28,900 Giant Cement Holding Inc* 661,088
9,000 Great Lakes Chemical Corp 414,558
7,400 Harsco Corp 236,800
42,800 Hussmann International Inc 708,854
45,500 Intermet Corp 688,188
26,300 Maverick Tube Corp* 366,543
21,800 Meritor Automotive Inc 555,900
32,400 Milacron Inc 599,400
3,600 Novellus Systems Inc* 245,700
16,600 OM Group Inc 572,700
19,400 Pentair Inc 887,550
11,200 Photronics Inc* 274,400
17,900 Regal-Beloit Corp 422,888
25,200 Remec Inc* 406,350
16,000 Scotts Co Class A* 762,000
24,400 Solutia Inc 520,013
6,700 Southdown Inc 430,475
36,400 Tower Automotive Inc* 925,907
41,300 Worthington Industries Inc 678,848
$14,387,877
OIL & GAS --- 3.2%
10,700 Cooper Cameron Corp* 396,563
51,500 Global Industries Ltd* 659,818
29,100 Newfield Exploration Co* 827,517
48,400 Patterson Energy Inc* 477,950
31,500 Plains Resources Inc* 598,500
26,400 Santa Fe International Corp 607,200
$3,567,548
OTHER TRANS. SERVICES --- 0.5%
19,700 Tidewater Inc 600,850
$600,850
RAILROADS --- 0.4%
22,900 Wisconsin Central Transportation Corp* 432,238
$432,238
REAL ESTATE --- 2.7%
56,000 Amresco Inc* 360,472
43,200 Brandywine Realty Trust 855,878
64,300 Capital Automotive REIT 851,975
11,100 Jones Lang LaSalle Inc* 330,913
28,200 Pacific Gulf Properties Inc 638,025
$3,037,263
RETAIL TRADE --- 7.2%
12,000 BJ Wholesale Club Inc* 360,744
10,700 Buckle Inc* 307,625
61,200 Burlington Coat Factory Warehouse Corp 1,181,894
23,300 CEC Entertainment Inc* 984,425
8,100 Foodmaker Inc* 229,838
13,000 Furniture Brands International Inc* 362,375
18,600 Gencorp Inc 469,650
15,700 Great Atlantic & Pacific Tea Co Inc 530,848
21,100 Hannaford Brothers Co 1,128,850
12,900 Michaels Stores Inc* 395,063
16,400 Ruby Tuesday Inc 311,600
11,300 SPX Corp* 943,550
20,900 Wendy's International Inc 591,721
7,500 Wet Seal Inc Class A* 214,688
$8,012,871
TELEPHONE --- 0.7%
26,800 Transaction Network Services Inc* 783,900
$783,900
TRANSPORTATION --- 0.6%
16,000 CNF Transportation Inc 614,000
$614,000
TRANSPORTATION EQUIPMENT --- 2.6%
23,600 AAR Corp 535,413
21,350 AO Smith Corp 597,800
29,000 Borg-Warner Security Corp* 589,048
23,300 Newport News Shipbuilding Inc 687,350
22,600 Orbital Sciences Corp* 533,925
$2,943,536
WATER --- 0.4%
17,300 American States Water Co 490,888
$490,888
WHOLESALE TRADE -CONSUMER --- 1.1%
45,600 Daisytek International Corp* 743,816
22,800 United Stationers Inc* 501,600
$1,245,416
TOTAL COMMON STOCK --- 93.3% $104,107,996
(Cost $95,072,124)
SHORT-TERM INVESTMENTS
CREDIT INSTITUTIONS --- 6.3%
1,500,000 Ford Motor Credit Co 1,498,782
5,494,000 Prudential Funding Corp 5,494,000
$6,992,782
FINANCIAL SERVICES --- 0.4%
500,000 Household Finance Corp 499,933
$499,933
TOTAL SHORT-TERM INVESTMENTS --- 6.7% $7,492,715
(Cost $7,492,715)
TOTAL LOOMIS SAYLES SMALL-CAP VALUE PORTFOLIO --- 100.0% $111,600,711
(Cost $102,564,839)
The Maxim Series Fund
Money Market Portfolio
SHORT-TERM INVESTMENTS
AGENCY --- 5.1%
32,000,000 Federal Home Loan Bank 32,003,265
1,000,000 Federal National Mortgage Association 1,003,114
$33,006,379
CONSUMER SERVICES --- 1.6%
10,000,000 United Parcel Service 9,998,667
$9,998,667
CREDIT INSTITUTIONS --- 16.5%
6,000,000 American Express Co 5,943,437
2,350,000 American General Financial Corp 2,371,065
1,500,000 Associates Corporation of North America 1,541,626
1,000,000 CIT Group Holdings Inc 1,003,168
3,000,000 Caterpillar Financial Services Corp 3,011,427
500,000 Chrysler Financial Corp 503,842
32,100,000 Ford Motor Credit Co 32,206,541
10,700,000 General Motors Acceptance Corp 10,907,680
1,500,000 Marshall & Isley Corp 1,503,645
22,527,000 Prudential Funding Corp 22,527,000
10,000,000 Toyota Motor Credit Corp 9,993,292
14,675,000 Transamerica Finance Corp 14,652,556
$106,165,279
ELECTRIC --- 5.6%
5,000,000 Duke Energy Corp 4,995,314
26,000,000 Electricity de France 25,873,326
5,000,000 National Rural Utilities Corp 5,000,000
$35,868,640
ELECTRONICS - HIGH TECH --- 11.4%
24,900,000 Emerson Electric Co 24,855,491
11,000,000 General Electric Co 10,989,134
6,905,000 Motorola Credit Corp 6,905,000
15,000,000 Motorola Inc 14,975,550
15,745,000 Sharp Electronics Corp 15,700,834
$73,426,009
FINANCIAL SERVICES --- 17.8%
32,700,000 Ciesco LP 32,555,794
15,000,000 Commercial Credit Co 14,962,875
31,950,000 Household Finance Corp 31,912,063
15,000,000 KFW International Finance 14,902,061
15,700,000 Salomon Smith Barney Holdings 15,552,236
5,000,000 Xerox Credit Corp 5,006,687
$114,891,716
FOREIGN BANKS --- 1.5%
9,700,000 Bank of Nova Scotia 9,657,142
$9,657,142
INSURANCE --- 6.0%
14,000,000 American General Corp 13,985,067
25,000,000 Metlife Funding Inc 24,971,050
$38,956,117
LEASING --- 3.9%
25,000,000 International Lease Finance Co 24,909,444
$24,909,444
MFTG - CONSUMER PRODS. --- 10.2%
15,000,000 Campbell Soup Co 14,971,727
30,000,000 General Mills Inc 29,969,667
10,000,000 Hasbro Inc 9,890,200
10,665,000 McGraw-Hill Companies Inc 10,652,468
$65,484,062
MFTG - INDUSTRIAL PRODS --- 6.0%
7,315,000 American Home Products Corp 7,423,650
26,250,000 EI du Pont de Nemours & Co 26,201,445
5,000,000 John Deere Capital Corp 5,007,809
$38,632,904
OIL & GAS --- 2.3%
15,000,000 Chevron Corp 14,977,863
$14,977,863
RETAIL TRADE --- 0.2%
1,000,000 Wal-Mart Stores Inc 1,003,599
$1,003,599
SECURITIES & COMMODITIES --- 7.9%
21,274,000 Merrill Lynch & Co Inc 21,212,603
30,000,000 Morgan Stanley Dean Witter & Co 29,941,683
$51,154,286
TELEPHONE --- 4.0%
25,700,000 Ameritech Corp 25,661,458
$25,661,458
U.S. GOVERNMENTS --- 0.2%
1,000,000 Federal Home Loan Mortgage Corp 1,003,177
$1,003,177
TOTAL SHORT-TERM INVESTMENTS --- 100.0% $644,796,742
(Cost $644,796,742)
TOTAL MONEY MARKET PORTFOLIO --- 100.0% $644,796,742
(Cost $644,796,742)
The Maxim Series Fund
Short-Term Maturity Bond Portfolio
BONDS
AGENCY --- 14.4%
2,500,000 Federal Home Loan Bank 2,497,275
Global Notes
5.500% July 14, 2000
2,000,000 Federal National Mortgage Association 2,004,380
Medium Term Notes
6.420% October 1, 1999
4,500,000 Federal National Mortgage Association 4,438,845
5.375% March 15, 2002
9,000,000 Federal National Mortgage Association 8,773,560
Notes
4.625% October 15, 2001
$17,714,060
COMMUNICATIONS --- 3.6%
2,000,000 Frontier Corp# 2,001,000
PATS
6.250% December 15, 1999
2,500,000 Worldcom Inc 2,492,100
Senior Notes
6.125% August 15, 2001
$4,493,100
CREDIT INSTITUTIONS --- 23.1%
2,500,000 AT&T Capital Corp 2,471,625
Medium Term Notes
6.250% May 15, 2001
1,000,000 American General Financial Corp 1,005,660
Notes
7.125% December 1, 1999
3,000,000 Associates Corporation of North America 2,985,330
Notes
5.875% May 16, 2001
2,000,000 Banc One Corp 2,012,820
Senior Medium Term Notes
6.700% March 24, 2000
2,000,000 Countrywide Funding Corp 2,004,960
Medium Term Notes
6.430% October 23, 2000
1,000,000 First National Bank Commerce 1,003,550
Bank Notes
6.500% January 14, 2000
2,000,000 General Electric Capital Corp 2,003,800
Medium Term Notes
6.040% August 16, 2000
3,000,000 General Motors Acceptance Corp 2,932,440
Medium Term Notes
5.350% December 7, 2001
2,000,000 Household Finance Corp 2,020,520
Medium Term Notes
7.150% June 15, 2000
4,000,000 International Business Machines Credit Corp 3,976,040
Notes
5.760% May 15, 2001
3,000,000 MBNA America Bank NA 2,963,100
Bank Notes
6.080% August 10, 2001
3,000,000 Sanwa Business Credit# 3,067,410
Medium Term Notes
7.250% September 15, 2001
$28,447,255
ELECTRIC --- 19.5%
2,000,000 Houston Lighting & Power Co 2,005,400
Secured Medium Term Notes
6.100% March 1, 2000
1,500,000 Idaho Power Co 1,519,290
First Mortgage Bonds
8.650% January 1, 2000
2,000,000 Monogahela Power 1,996,880
First Mortgage Bonds
5.625% April 1, 2000
2,000,000 National Rural Utilities Corp 2,007,800
Medium Term Notes
6.260% July 10, 2000
2,500,000 PSI Energy Inc 2,559,900
First Mortgage Medium Term Notes
7.610% January 7, 2002
3,000,000 Pennsylvania Power & Light Co 3,001,860
Remarketable Putable Notes
6.125% May 1, 2001
4,000,000 Sierra Pacific Power Co 3,903,880
Medium Term Notes
5.470% December 17, 2001
2,000,000 Southwestern Electric Power Co 2,002,040
First Mortgage Bond
6.125% September 1, 1999
3,000,000 Washington Water Power Co 3,005,490
First Mortgage Medium Term Notes
6.240% October 2, 2000
2,000,000 Western Resources Inc 2,000,100
First Mortgage Bonds
7.250% July 1, 1999
$24,002,640
ELECTRONICS - HIGH TECH --- 1.6%
2,000,000 Texas Instruments Inc 2,015,280
Notes
6.875% July 15, 2000
$2,015,280
FOREIGN GOVERNMENTS --- 4.0%
5,000,000 Hydro-Quebec 4,978,650
Medium Term Notes
6.350% January 15, 2002
$4,978,650
INSURANCE --- 4.8%
3,000,000 Conseco Inc 2,939,010
MOPPRS
6.400% June 15, 2001
3,000,000 Travelers Property Casualty Corp 3,030,840
Notes
6.750% April 15, 2001
$5,969,850
LEASING --- 2.4%
3,000,000 International Lease Finance Corp 2,922,600
Medium Term Notes
5.400% January 22, 2002
$2,922,600
MFTG - CONSUMER PRODS. --- 0.8%
1,000,000 Donnelley & Sons 1,007,680
Medium Term Notes
7.960% November 8, 1999
$1,007,680
MFTG - INDUSTRIAL PRODS --- 6.5%
2,000,000 Alcan Aluminium Ltd 2,005,800
Notes
5.875% April 1, 2000
3,000,000 Cooper Industries Inc 2,973,180
Medium Term Notes
5.640% February 15, 2001
3,000,000 Tyco International Group SA 2,984,130
Yankee Notes
6.125% June 15, 2001
$7,963,110
RAILROADS --- 1.6%
2,000,000 SNCB Belgium Rail 2,026,400
Euro Medium Term Note
8.250% February 2, 2000
$2,026,400
RETAIL TRADE --- 6.6%
4,000,000 Dillards Inc Class A 3,975,920
Resetable Putable Notes
6.170% August 1, 2001
3,150,000 J Sainsbury PLC 3,159,135
Eurodollar Medium Term Notes
6.625% December 31, 1999
1,000,000 Nordstrom Credit Inc 1,001,841
Medium Term Notes
6.875% September 15, 1999
$8,136,896
SECURITIES & COMMODITIES --- 2.4%
3,000,000 Merrill Lynch & Co 2,957,190
Medium Term Notes
5.730% February 26, 2002
$2,957,190
TELEPHONE --- 1.3%
1,635,000 Ameritech Capital Funding 1,625,860
Notes
5.650% January 15, 2001
$1,625,860
WHOLESALE TRADE -CONSUMER --- 2.4%
3,000,000 Cargill Inc 3,007,500
Eurodollar Medium Term Notes
6.250% March 13, 2000
$3,007,500
TOTAL BONDS --- 95.2% $117,268,071
(Cost $118,052,095)
SHORT-TERM INVESTMENTS
CREDIT INSTITUTIONS --- 4.8%
5,905,000 Prudential Funding Corp 5,905,000
$5,905,000
TOTAL SHORT-TERM INVESTMENTS --- 4.8% $5,905,000
(Cost $5,905,000)
TOTAL SHORT-TERM MATURITY BOND PORTFOLIO --- 100.0% $123,173,071
(Cost $123,957,095)
The Maxim Series Fund
Small-Cap Index Portfolio
COMMON STOCK
AGRICULTURE --- 0.3%
2,466 Delta & Pine Land Co 77,679
$77,679
AIR --- 0.6%
2,075 Air Express International Corp 52,653
2,100 Mesa Air Group Inc* 15,782
1,400 Offshore Logistics Inc* 15,575
1,300 Pittston BAX Group 12,350
1,500 Skywest Inc 37,406
$133,766
COMMUNICATIONS --- 1.6%
1,000 Adaptive Broadband Corp* 21,875
1,800 Allen Group Inc* 19,350
3,200 CommScope Inc* 98,400
2,500 DSP Communications Inc* 72,188
3,100 General Communication Inc Class A* 21,068
3,050 HA-LO Industries Inc* 30,119
1,100 Metro Networks Inc* 58,713
1,060 Metrocall Inc* 0
2,600 PictureTel Corp* 20,800
3,800 TALK.com Inc* 42,750
1,400 TCSI Corp* 3,587
$388,850
CONSTRUCTION --- 2.1%
1,800 Apogee Enterprises Inc 24,187
4,100 DR Horton Inc 68,163
1,650 Dycom Industries Inc* 92,400
1,500 Geon Co 48,375
1,600 Insituform Technologies Inc Class A* 34,600
1,400 MDC Holdings Inc 30,100
3,400 Morrison Knudsen Corp* 35,061
700 Southern Energy Homes Inc* 3,718
1,900 Standard Pacific Corp 24,580
900 The Ryland Group Inc 26,718
2,400 Toll Brothers Inc* 51,449
1,000 URS Corp* 29,312
900 US Home Corp* 31,950
$500,613
CONSUMER SERVICES --- 8.4%
800 Anchor Gaming Co* 38,450
600 Angelica Corp 10,575
2,900 Aztar Corp* 26,642
1,600 Biomatrix Inc* 34,600
600 CPI Corp 19,800
700 Carmike Cinemas Inc Class A* 11,156
2,350 Central Parking Corp 80,488
1,000 Cooper Companies Inc 24,937
3,700 Coventry Health Care Inc* 40,467
700 Curative Technologies Inc* 3,850
1,200 DBT Online Inc* 39,300
1,000 Datascope Corp* 32,125
4,400 DeVry Inc* 98,450
1,600 Dendrite International Inc* 57,800
900 Diagnostic Products Corp 24,863
1,556 Enzo Biochem Inc* 15,366
2,600 Epicor Software Corp* 19,336
1,700 Family Golf Centers Inc* 13,068
1,300 Franklin Covey Co* 9,588
1,300 G&K Services Inc Class A 68,088
500 GC Companies Inc* 17,875
2,200 Genesis Health Ventures Inc* 6,600
1,700 Hollywood Park Inc* 28,900
1,300 IDEC Pharmaceuticals Corp* 100,181
1,800 Incyte Pharmaceuticals Inc* 47,587
700 Insurance Auto Actions Inc* 11,288
3,377 Integrated Health Services Inc* 27,016
2,900 Interim Services Inc* 59,813
1,800 Jones Pharmaceuticals Inc 70,875
1,800 Labor Ready Inc* 58,500
2,000 Magellan Health Services Inc* 20,000
2,300 Medquist Inc* 100,625
1,300 NCS HealthCare Inc Class A* 7,068
1,425 NFO Worldwide Inc* 19,950
2,100 North American Vaccine Inc* 10,238
3,100 Orthodontic Centers of America Inc* 43,788
1,000 Pediatrix Medical Group* 21,250
4,800 Phycor Inc* 35,549
2,000 Players International Inc* 14,374
3,300 Prime Hospitality Corp* 39,600
1,324 Priority Healthcare Corp* 45,678
2,450 Regis Corp 47,008
2,850 Renal Care Group Inc* 73,744
3,650 Rollins Truck Leasing Corp 40,606
1,750 Sierra Health Services Inc* 25,265
2,100 Superior Services Inc* 56,043
1,950 The Marcus Corp 24,008
5,400 US Oncology Inc* 64,800
2,000 Universal Health Services Inc Class B* 95,500
1,900 Varian Medical Systems Inc 47,975
1,100 Wesley Jessen Visioncare* 35,613
1,800 Westwood One Inc* 64,237
$2,030,503
CREDIT INSTITUTIONS --- 4.8%
1,600 Anchor Bancorp Wisconsin Inc 28,499
1,500 Carolina First Corp 36,563
1,801 Commerce Bancorp Inc 76,993
3,825 Commercial Federal Corp 88,690
3,400 Cullen/Frost Bankers Inc 93,711
1,900 First Bancorp 42,868
1,900 First Midwest Bancorp Inc 75,525
5,800 FirstMerit Corp 162,760
1,700 Premier Bancshares Inc 31,130
1,800 Riggs National Corp 37,012
2,580 St Paul Bancorp Inc 65,790
2,350 Susquehanna Bancshares Inc 41,564
1,755 Trustco Bank Corp 47,166
1,200 US Trust Corp 111,000
2,700 UST Corp 81,675
2,800 United Bankshares Inc 74,200
1,550 Whitney Holding Corp 61,613
$1,156,759
ELECTRIC --- 1.7%
500 Bangor Hydro Electric Co 8,063
1,100 Central Hudson Gas & Electric Corp 46,200
700 Central Vermont Public Service Corp 8,968
1,400 Commonwealth Energy System Co 58,800
1,300 Eastern Utilities Associates 37,863
1,900 Energen Corp 35,388
300 Green Mountain Power Corp 3,375
900 Orange & Rockland Utilities Inc 52,538
700 Pennsylvania Enterprises Inc 21,481
2,000 Sierra Pacific Resources 72,750
900 TNP Enterprises Inc 32,625
900 United Illuminating Co 38,193
$416,244
ELECTRONICS - HIGH TECH --- 13.1%
1,300 ADAC Laboratories* 9,425
700 Alliant Techsystems Inc* 60,550
1,200 Alpha Industries Inc* 57,150
800 Analogic Corp 24,874
2,300 Anixter International Inc* 41,975
2,600 Applied Magnetics Corp* 7,961
3,000 Aspect Telecommunications Corp* 29,250
1,600 Aspen Technology Inc* 18,800
1,700 Auspex Systems Inc* 18,488
2,320 Baldor Electric Co 46,110
2,000 Ballard Medical Products Co 46,624
1,000 Benchmark Electronics Inc* 35,937
2,400 Burr Brown Corp* 87,900
600 C COR Electronics Inc* 16,725
2,500 C-Cube Microsystems Inc* 79,218
900 CTS Corp 63,000
1,750 Cable Design Technologies Co* 27,015
400 Centigram Communications Corp* 3,725
1,900 Checkpoint Systems Inc* 16,980
2,600 Cognex Corp* 82,061
1,500 Coherent Inc* 27,938
1,000 Customtracks Corp* 55,937
1,800 Dallas Semiconductor Corp 90,900
1,000 Digi International Inc* 10,437
3,900 Digital Microwave Corp* 49,725
1,400 Dionex Corp* 56,700
800 Electro Scientific Industries Inc* 33,425
1,300 Electroglas Inc* 26,000
1,100 Esterline Technologies Corp* 15,813
1,400 Etec Systems Inc* 46,550
1,500 Exabyte Corp* 5,813
950 FactSet Research Systems Inc 53,794
2,300 General Semiconductor Inc* 20,988
1,700 HNC Software Inc* 52,380
900 Hadco Corp* 35,775
2,500 Harbinger Corp* 31,250
1,200 Harman International Industries Inc 52,800
700 Harmon Industries Inc 13,868
900 Hologic Inc* 5,063
1,600 Hutchinson Technology Inc* 44,400
3,200 Input/Output Inc* 24,198
1,700 Inter-Tel Inc 31,025
3,300 International Rectifier Corp* 43,930
1,800 Intervoice Inc* 25,987
1,900 Invacare Corp 50,825
1,200 Juno Lighting Inc 29,400
2,500 Kemet Corp* 57,343
1,800 Kent Electronics Corp* 35,662
3,300 Komag Inc* 10,930
1,300 Kroll-O'Gara Co* 28,681
1,500 Lattice Semiconductor Corp* 93,375
2,600 Macromedia Inc* 91,650
1,100 Marshall Industries* 39,531
1,600 Mentor Corp 29,800
2,300 Methode Electronics Inc Class A 52,613
1,300 Micrel Inc* 96,200
2,000 National Computer Systems Inc 67,500
1,400 Network Equipment Technologies Inc* 13,825
1,200 Oak Industries Inc* 52,424
3,100 P-Com Inc* 16,225
700 Park Electrochemical Corp 20,125
1,100 Plantronics Inc* 71,638
1,000 Plexus Corp* 30,125
3,200 Read-Rite Corp* 19,850
1,900 Respironics Inc* 28,738
1,300 Royal Appliance Manufacturing Co* 9,018
3,500 Safeskin Corp* 42,000
2,600 Security Dynamics Technologies Inc* 55,250
600 Spacelabs Inc* 11,325
1,000 Standard Microsystems Corp* 7,562
2,650 Summit Technology Inc* 58,300
1,400 Sunrise Medical Inc* 9,975
900 Symmetricom Inc* 7,313
1,100 Technitrol Inc 35,475
1,000 Telxon Corp 7,937
1,000 Thomas Industries Inc 20,500
500 Three Five Systems Inc* 6,906
1,400 Trimble Navigation Ltd* 18,025
2,000 Unitrode Corp* 57,374
1,700 Valence Technology Inc* 12,538
2,600 Vicor Corp* 55,086
1,900 Visio Corp* 72,318
800 Vital Signs Inc 15,950
400 Watkins Johnson Co 11,800
1,400 X-Rite Inc 9,012
2,000 Zebra Technologies Corp Class A* 76,874
$3,165,462
ENVIRONMENTAL SERVICES --- 0.0%
900 Tetra Technologies Inc* 8,268
$8,268
GAS --- 1.9%
1,950 Atmos Energy Corp 48,750
700 Cascade Natural Gas Corp 13,300
700 Connecticut Energy Corp 26,993
1,200 New Jersey Resources Corp 44,924
1,650 Northwest Natural Gas Co 39,806
2,000 Piedmont Natural Gas Company Inc 62,250
2,600 Pogo Producing Co 48,425
1,300 Public Service Company of North Carolina Inc 38,025
1,900 Southwest Gas Corp 54,388
1,600 Southwestern Energy Co 16,899
2,400 Wicor Inc 67,049
$460,809
HOLDING & INVEST. OFFICES --- 3.1%
1,500 Banknorth Group Inc 49,500
1,800 Centura Banks Inc 101,475
900 Cilcorp Inc 56,250
3,000 Community First Bancshares Inc 71,625
850 Dain Rauscher Corp 46,006
2,300 Eaton Vance Corp 79,205
2,624 Hudson United Bancorp 80,360
2,892 Inacom Corp* 36,512
600 JSB Financial Inc 30,525
1,500 MAF Bancorp Inc 36,375
1,700 Pioneer Group Inc* 29,325
1,680 Provident Bankshares Corp 39,060
1,350 Queens County Bancorp Inc 43,706
1,300 Silicon Valley Bancshares* 32,175
1,200 WHX Corp* 7,874
$739,973
INDUSTRIAL PRODS & SVCS --- 0.2%
1,400 ABM Industries Inc 42,962
$42,962
INDUSTRIAL SERVICES --- 7.8%
5,000 Acxiom Corp* 124,685
2,700 Advanced Tissue Sciences Inc* 8,775
1,400 Advo Inc* 29,050
2,700 American Management Systems Inc* 86,567
1,500 Analysts International Corp 21,563
1,600 Avid Technology Inc* 25,800
2,400 Billing Information Concepts* 26,849
1,700 Bisys Group Inc* 99,450
1,300 CDI Corp* 44,281
2,100 Cerner Corp* 44,033
3,700 Ciber Inc* 70,763
1,300 Computer Task Group Inc 22,100
1,100 Dialogic Corp* 48,263
900 Fair Isaac & Co Inc 31,556
2,000 Filenet Corp* 22,874
1,955 Hyperion Solutions Corp* 34,822
900 Itron Inc* 7,706
1,299 Jack Henry & Associates Inc 50,986
1,000 Lason Inc* 49,625
2,400 Mercury Interactive Corp* 84,900
2,200 National Data Corp 94,050
2,100 National Instruments Corp* 84,788
1,700 Norrell Corp 31,980
1,600 Pharmaceutical Product Development Inc* 43,800
1,500 Prepaid Legal Services Inc* 40,781
1,372 Primark Corp* 38,501
1,100 Progress Software Corp* 31,075
3,300 S3 Inc* 30,007
1,200 SEI Investments Co 105,900
1,100 Service Experts Inc* 24,131
800 Stone & Webster Inc 21,300
2,950 System Software Associates Inc* 4,885
2,600 Technology Solutions Co* 28,111
2,375 Tetra Tech Inc* 39,188
1,700 The Profit Recovery Group International Inc* 80,430
3,000 True North Communications Inc 90,000
1,750 United States Bioscience Inc* 17,063
1,700 Vantive Corp* 19,443
1,000 Volt Information Sciences Inc* 22,875
600 Wall Data Inc* 5,737
3,400 Whittman Hart Inc* 107,950
$1,896,643
INSURANCE --- 4.3%
2,700 American Bankers Insurance Group Inc 146,980
1,100 Arthur J Gallagher & Co 54,450
2,000 Capital Re Corp 32,124
1,394 Delphi Financial Group Inc Class A* 50,010
800 EW Blanch Holdings 54,550
2,400 Enhance Financial Services Group Inc 47,400
700 Executive Risk Inc 59,543
1,924 Fidelity National Financial Inc 40,404
4,150 First American Financial Corp 74,181
4,440 Fremont General Corp 83,805
2,220 Frontier Insurance Group Inc 34,133
800 Hilb Rogal & Hamilton Co 17,900
2,800 Mutual Risk Management Ltd 93,450
1,700 Orion Capital Corp 60,988
2,300 Radian Group Inc 112,268
1,800 Selective Insurance Group Inc 34,312
700 Trenwick Group Inc 17,259
1,100 Zenith National Insurance Corp 27,088
$1,040,845
MFTG - CONSUMER PRODS. --- 8.7%
1,100 Action Performance Companies Inc* 36,300
800 Ashworth Inc* 3,700
1,500 Authentic Fitness Corp 26,250
800 Bassett Furniture Industries Inc 18,300
2,400 Bowne & Company Inc 31,200
1,100 Canandaigua Wine Co Inc Class B* 57,681
1,200 Catalina Marketing Corp* 110,400
3,060 Champion Enterprises Inc* 56,993
4,200 Chiquita Brands International Inc 37,800
600 Coca-Cola Bottling Co 33,600
1,600 Cone Mills Corp* 9,600
900 Consolidated Graphics Inc* 45,000
2,400 Corn Products International Inc 73,049
1,000 Cyrk Inc* 6,062
1,600 Delta Woodside Industries Inc 9,600
2,750 Dimon Inc 14,264
2,700 Earthgrains Co 69,692
800 Elcor Corp 34,950
2,700 Ethan Allen Interiors Inc 101,925
800 Galey & Lord Inc* 3,500
1,000 Gibson Greetings Inc* 6,343
1,450 Guilford Mills Inc 15,044
1,600 Gymboree Corp* 16,800
500 Haggar Corp 6,563
1,200 Hanger Orthopedic Group* 17,024
2,100 Hartmarx Corp* 8,793
1,000 Innovex Inc 14,000
3,400 Interface Inc Class A 29,325
600 J&J Snack Foods Corp* 14,400
2,000 John H Harland Co 39,874
1,900 Just For Feet Inc* 12,230
1,700 Justin Industries Inc 23,693
700 K-Swiss Inc 32,550
1,115 K2 Inc 9,965
1,750 Kellwood Co 47,469
3,300 La-Z-Boy Inc 75,900
2,500 Linens 'N Things Inc* 109,375
1,000 Lydall Inc* 11,500
1,100 Merrill Corp 15,950
1,400 Michael Foods Inc 32,900
506 National Presto Industries Inc 19,355
1,175 Nature's Sunshine Products Inc 12,338
900 New England Business Service Inc 27,788
3,000 Oakwood Homes Corp 39,375
1,200 Oshkosh B'Gosh Inc Class A 25,350
500 Oxford Industries Inc 14,156
800 Panera Bread Co* 5,100
1,600 ParExel International Corp* 21,299
1,800 Phillips-Van Heusen Corp 17,775
960 Pillowtex Corp 15,660
1,400 Quicksilver Inc* 36,487
2,000 Ralcorp Holdings Inc* 32,124
1,000 Schweitzer-Mauduit International Inc 15,000
2,700 Smithfield Foods Inc* 90,280
1,600 Sola International Inc* 31,099
3,000 Stride Rite Corp 30,936
500 Swiss Army Brands Inc* 4,438
700 The Dixie Group Inc 5,939
800 The Timberland Co Class A* 54,450
1,350 Titan International Inc 16,031
900 USA Detergents Inc* 5,456
1,300 Universal Forest Products Inc 27,950
3,650 Valassis Communications Inc* 133,681
2,600 Wolverine World Wide Inc 36,400
2,500 World Color Press Inc* 68,750
$2,106,781
MFTG - INDUSTRIAL PRODS --- 15.0%
1,100 AT Cross Co Class A 6,118
2,700 Alliance Pharmaceutical Corp* 7,088
1,784 Alpharma Inc Class A 63,443
600 Amcast Industrial Corp 9,787
2,425 Applied Power Inc Class A 66,232
2,300 Aptargroup Inc 69,000
1,200 Astec Industries Inc* 48,900
1,700 BMC Industries Inc 17,530
1,249 Banctec Inc* 22,403
1,500 Barr Labs Inc* 59,813
1,600 Belden Inc 38,299
3,300 Bio-Technology General Corp* 21,450
1,900 Birmingham Steel Corp 7,838
2,400 Blount International Inc Class A 65,249
1,100 Brush Wellman Inc 19,938
2,200 Buckeye Technologies Inc* 33,411
450 Butler Manufacturing Co 12,572
800 C&D Technologies Inc 24,500
1,600 COR Therapeutics Inc* 23,600
1,600 Cambrex Corp 42,000
1,600 Caraustar Industries Inc 39,499
1,800 Cephalon Inc* 31,275
700 Chemed Corp 23,275
1,200 Chemfirst Inc 29,174
1,650 Clarcor Inc 31,659
1,000 Commonwealth Industries Inc 12,500
1,400 Cygnus Inc* 18,200
2,800 Dura Pharmaceuticals Inc* 33,424
2,300 Fedders Corp 15,380
1,200 Florida Rock Industries Inc 54,600
1,000 Flow International Corp* 10,812
1,300 Fossil Inc* 62,888
1,000 Gardner Denver Machinery Inc* 16,125
1,500 Gerber Scientific Inc 33,093
1,400 Global Industries Technologies Inc* 16,887
1,300 Graco Inc 38,188
2,000 Griffon Corp* 15,624
1,400 Helix Technology Corp 33,512
2,500 IDEXX Laboratories Inc* 58,280
1,100 IMCO Recycling Inc 18,838
1,600 Immune Response Corp* 8,600
500 Insteel Industries Inc 4,500
836 Intermagnetics General Corp* 6,479
1,700 Intermet Corp 25,713
1,000 Ionics Inc* 36,500
2,800 JLG Industries Inc 57,050
800 Kronos Inc* 36,400
1,500 Kulicke & Soffa Industries Inc* 40,218
1,000 Libbey Inc 29,000
1,450 Lilly Industries Inc Class A 26,915
800 Lindsay Manufacturing Co 14,050
2,400 Liposome Company Inc* 45,900
1,300 Lone Star Industries Inc 48,831
1,000 MICROS Systems Inc* 34,000
1,600 MacDermid Inc 74,400
1,050 Material Sciences Corp* 15,750
900 Maxxim Medical Inc* 20,981
700 McWhorter Technologies Inc* 10,106
1,701 Mississippi Chemical Corp 16,690
1,200 Molecular Biosystems Inc* 2,924
2,300 Mueller Industries Inc* 78,055
1,148 Myers Industries Inc 22,960
4,600 NBTY Inc* 29,900
400 Nashua Corp* 3,950
2,500 Novellus Systems Inc* 170,582
1,400 Noven Pharmaceuticals Inc* 8,464
1,000 O'Sullivan Corp 12,187
1,500 OM Group Inc 51,750
1,900 Organogenesis Inc* 17,813
2,941 Paxar Corp* 26,469
500 Penford Corp 8,125
1,600 Photronics Inc* 39,200
1,700 Polaris Industries Inc 73,950
900 Pope & Talbot Inc 10,856
1,300 Powerwave Technologies Inc* 41,925
1,200 Protein Design Labs Inc* 26,624
600 Quaker Chemical Corp 9,750
900 Quanex Corp 25,650
1,300 RTI International Metals Inc* 19,093
600 RailTex Inc* 8,325
1,400 Regal-Beloit Corp 33,075
2,000 Regeneron Pharmaceuticals Inc* 15,624
1,200 Reliance Steel & Aluminum Co 46,800
700 Republic Group Inc 12,600
700 Robbins & Myers Inc 15,618
2,000 Roberts Pharmaceutical Corp* 48,500
1,900 Roper Industries Inc 60,800
1,400 Russ Berrie & Company Inc 34,650
1,900 SLI Inc* 51,300
800 SPS Technologies Inc* 30,000
1,200 Scott Technologies Inc* 23,100
1,200 Scotts Co Class A* 57,150
1,750 Shorewood Packaging Corp* 32,265
2,100 Silicon Valley Group Inc* 35,305
1,900 SpeedFam-IPEC Inc* 30,518
800 Standex International Corp 21,900
800 Steel Technologies Inc 7,550
1,700 Sturm Ruger Company Inc 18,168
1,400 Texas Industries Inc 54,250
1,725 The Manitowoc Company Inc 71,803
975 Thomas Nelson Inc 10,847
800 Toro Co 31,500
3,000 Tower Automotive Inc* 76,311
2,350 Tredegar Industries Inc 51,113
1,400 Ultratech Stepper Inc* 21,087
1,500 Valmont Industries Inc 25,547
1,600 Vertex Pharmaceuticals Inc* 38,600
1,000 WD-40 Co 25,000
1,500 WH Brady Co Class A 48,750
700 Whittaker Corp* 19,600
800 Wolverine Tube Inc* 20,100
1,175 Wynn's International Inc 21,663
1,500 Xircom Inc* 45,093
$3,629,226
MINING --- 0.5%
1,700 AMCOL International Corp 24,438
1,300 Coeur D'Alene Mines Co* 6,013
3,400 Helca Mining Co* 7,011
2,200 Stillwater Mining Co* 71,911
$109,373
OIL & GAS --- 2.3%
1,800 Benton Oil & Gas Co* 3,600
1,600 Cabot Oil & Gas Corp 29,800
2,950 Cross Timbers Oil Co 43,881
3,100 Devon Energy Corp 110,825
1,200 HS Resources Inc* 17,700
2,600 Newfield Exploration Co* 73,936
1,500 Oceaneering International Inc* 24,188
1,100 Plains Resources Inc* 20,900
1,400 Pool Energy Services Co* 28,437
3,200 Pride International Inc* 33,798
1,400 Remington Oil & Gas Corp* 6,825
1,500 Seitel Inc 24,281
700 St Mary Land & Exploration Co 14,393
1,000 Stone Energy Corp* 42,375
2,800 Tuboscope Vetco International Corp* 38,324
3,900 Vintage Petroleum Inc 41,925
$555,188
OTHER TRANS. SERVICES --- 1.7%
2,000 American Freightways Corp* 39,124
1,300 Arkansas Best Corp* 12,918
3,400 Brightpoint Inc* 20,611
3,200 Expeditors International of Washington Inc 87,200
2,300 Fritz Companies Inc* 24,725
1,100 Frozen Food Express Industries Inc 8,388
1,884 Heartland Express Inc* 30,851
700 Landstar System Inc* 25,265
800 MS Carriers Inc* 23,725
900 Rural/Metro Corp* 8,663
1,700 USFreightways Corp 78,730
3,062 Werner Enterprises Inc 63,537
$423,737
REAL ESTATE --- 0.1%
3,100 Amresco Inc* 19,955
$19,955
RETAIL TRADE --- 8.6%
4,100 Americredit Corp* 65,600
1,800 Ames Department Stores Inc* 82,125
1,700 AnnTaylor Stores Corp* 76,500
1,900 Applebee's International Inc 57,238
2,300 Bombay Company Inc* 17,680
1,100 Books-A-Million Inc* 8,284
1,200 Brown Shoe Co 26,100
800 Builders Material Holding Corp* 9,200
1,200 CEC Entertainment Inc* 50,700
3,320 CKE Restaurants Inc 53,950
3,400 Casey's General Stores Inc 51,000
1,576 Cash America International Inc 20,291
1,800 Cato Corp Class A 20,925
1,250 Cheesecake Factory Inc* 38,125
1,718 Consolidated Products Inc* 30,924
400 Danmark International Inc* 3,350
1,100 Discount Auto Parts Inc* 26,538
2,400 Express Scripts Inc* 144,449
2,600 Foodmaker Inc* 73,775
1,400 Footstar Inc* 52,062
2,100 Goody's Family Clothing Inc* 24,018
800 Gottschalks Inc* 7,300
1,200 Hancock Fabrics Inc 5,250
1,400 IHOP Corp* 33,687
1,600 Insight Enterprises Inc* 39,600
900 J Baker Inc 7,763
1,700 Jan Bell Marketing Inc* 5,950
1,200 Jo-Ann Stores Inc Class A* 18,000
1,900 Landry's Seafood Restaurants Inc* 15,200
600 Lillian Vernon Corp 7,800
1,500 Luby's Cafeterias Inc 22,500
1,800 Michaels Stores Inc* 55,125
2,418 Midway Games Inc* 31,282
1,600 O'Reilly Automotive Inc* 80,600
2,000 Pacific Sunwear of California Inc* 48,750
6,117 Pier 1 Imports Inc 68,816
2,100 Ruby Tuesday Inc 39,900
2,400 Ryan's Family Steak Houses Inc* 27,900
1,700 ShopKo Stores Inc* 61,625
1,250 Sonic Corp* 40,781
1,100 St John Knits Inc 32,175
2,900 Stein Mart Inc* 27,188
1,500 TCBY Enterprises Inc 9,093
1,000 TJ International Inc 31,000
900 Taco Cabana Inc* 9,168
1,300 The Dress Barn Inc* 20,800
2,525 The Men's Wearhouse Inc* 64,388
2,050 The Sports Authority Inc* 9,096
1,380 Triarc Companies Inc Class A* 29,325
1,700 Whole Foods Market Inc* 81,705
3,550 Williams-Sonoma Inc* 123,583
2,300 Zale Corp* 92,000
$2,080,184
SECURITIES & COMMODITIES --- 1.5%
1,841 Downey Financial Corp 40,386
1,600 Hambrecht & Quist Group* 59,400
1,500 Jefferies Group Inc 45,000
3,600 Legg Mason Inc 138,600
3,050 Raymond James Financial Inc 73,008
$356,394
TRANSPORTATION EQUIPMENT --- 2.6%
1,750 AAR Corp 39,702
1,500 AO Smith Corp 42,000
1,700 Arctic Cat Inc 15,193
900 Aviation Sales Co* 35,550
1,600 BE Aerospace Inc* 29,899
2,300 Breed Technologies Inc* 5,175
1,100 Coachmen Industries Inc 25,575
4,600 Gentex Corp* 128,800
800 Huffy Corp 11,200
2,800 Mascotech Inc 47,424
2,400 Orbital Sciences Corp* 56,700
1,200 Simpson Industries Inc 12,300
600 Skyline Corp 17,587
800 Spartan Motors Inc 4,600
800 Standard Motor Products Inc 19,600
1,000 Standard Products Co 25,625
800 Thor Industries Inc 22,700
1,450 Wabash National Corp 28,094
1,400 Winnebago Industries Inc 31,500
1,700 Yellow Corp* 30,175
$629,399
WATER --- 1.0%
600 American States Water Co 17,025
700 Aquarion Co 24,325
1,850 Halter Marine Group Inc* 12,256
1,300 Kirby Corp* 27,543
2,449 Philadelphia Suburban Corp 56,479
800 Seacor Holdings Inc* 42,800
2,400 United Water Resources Inc 54,449
$234,877
WHOLESALE TRADE - INDL --- 1.4%
875 AM Castle & Co 14,875
1,400 Applied Industrial Technology Inc 26,600
2,010 Barrett Resources Corp* 77,134
1,866 Bindley Western Industries Inc 43,034
700 Lawson Products Inc 17,631
1,350 MicroAge Inc* 5,146
2,300 Nautica Enterprises Inc* 38,813
2,150 Patterson Dental Co* 74,713
1,725 Pioneer Standard Electronics Inc 20,700
1,400 TBC Corp* 9,887
$328,533
WHOLESALE TRADE -CONSUMER --- 1.5%
1,300 Barnes Group Inc 28,275
933 Commercial Metals Co 26,591
1,100 Department 56 Inc* 29,563
2,400 Fleming Companies Inc 27,900
1,600 Hughes Supply Inc 47,499
1,500 Kaman Corp Class A 23,531
700 Nash Finch Co 7,065
2,050 Owens & Minor Inc 22,550
3,000 Richfood Holdings Inc 52,875
700 Simpson Manufacturing Company Inc* 33,250
700 Syncor International Corp* 25,200
700 United Natural Foods Inc* 17,325
1,800 Watsco Inc 29,475
$371,099
TOTAL COMMON STOCK --- 94.5% $22,904,122
(Cost $20,278,040)
SHORT-TERM INVESTMENTS
CREDIT INSTITUTIONS --- 3.4%
820,000 Prudential Funding Corp 819,987
$819,987
U.S. GOVERNMENTS --- 2.1%
500,000 United States of America (1) 500,469
$500,469
TOTAL SHORT-TERM INVESTMENTS --- 5.5% $1,320,456
(Cost $1,320,456)
TOTAL SMALL-CAP INDEX PORTFOLIO --- 100.0% $24,224,578
(Cost $21,598,496)
The Maxim Series Fund
Stock Index Portfolio
COMMON STOCK
AGENCY --- 0.9%
63,500 Federal Home Loan Mortgage Corp 3,683,000
93,600 Federal National Mortgage Association (nonvtg) 6,399,900
$10,082,900
AGRICULTURE --- 0.0%
5,400 Agco Corp 61,085
5,200 Dole Food Company Inc 152,750
$213,835
AIR --- 0.5%
14,000 AMR Corp* 955,500
4,400 Airborne Freight Corp 121,823
2,400 Alaska Air Group Inc* 100,200
8,850 Comair Holdings Inc 184,186
12,900 Delta Air Lines Inc 743,363
27,180 FDX Corp* 1,474,515
6,500 Gulfstream Aerospace Corp* 439,153
3,700 Pittston Burlington Group 98,975
30,587 Southwest Airlines Co 952,020
6,700 US Air Group Inc* 291,865
$5,361,600
COMMUNICATIONS --- 6.3%
10,800 AH Belo Corp Class A 212,620
290,504 AT&T Corp 16,213,609
65,000 CBS Corp* 2,823,405
15,700 Cabletron Systems Inc* 204,100
3,077 Chris-Craft Industries Inc* 145,004
30,300 Clear Channel Communications Inc* 2,088,791
67,600 Comcast Corp Class A 2,598,341
4,800 Comsat Corp 156,000
25,500 Gannett Company Inc 1,820,063
15,800 General Instrument Corp* 671,500
4,500 Hispanic Broadcasting Corp* 341,438
277,528 Lucent Technologies Inc 18,715,656
55,300 MediaOne Group Inc 4,112,938
6,600 NOVA Corp* 165,000
27,050 Nextel Communications Inc* 1,357,558
60,597 Nortel Networks Corp 5,260,547
13,800 Qualcomm Inc 1,980,300
4,500 TCA Cable TV Inc 249,750
5,500 Telephone & Data Systems Inc 401,841
108,900 Time Warner Inc 8,004,150
8,400 Univision Communications Inc* 554,400
63,006 Viacom Inc Class B* 2,772,264
$70,849,275
CONSTRUCTION --- 0.1%
5,500 Centex Corp 206,591
13,220 Clayton Homes Inc 151,197
2,525 Granite Construction Inc 74,013
4,400 Kaufman & Broad Home Corp 109,450
3,900 Pulte Corp 89,942
$631,193
CONSUMER SERVICES --- 7.6%
2,400 Acuson Corp* 41,249
6,100 Allergan Inc 675,575
46,700 Amgen Inc* 2,842,863
7,100 Apollo Group Inc Class A* 188,590
4,700 Apria Healthcare Group Inc* 79,900
5,200 Bausch & Lomb Inc 397,800
26,600 Baxter International Inc 1,612,625
2,600 Beckman Coulter Inc 126,425
22,800 Becton Dickinson & Co 684,000
9,400 Beverly Enterprises Inc* 75,783
13,600 Biogen Inc* 874,643
10,300 Biomet Inc 409,425
181,300 Bristol-Myers Squibb Co 12,770,228
4,700 CR Bard Inc 224,716
35,720 CVS Corp 1,812,790
56,000 Carnival Corp 2,716,000
4,100 Carter-Wallace Inc 74,567
70,071 Cendant Corp* 1,436,456
51,863 Columbia/HCA Healthcare Corp 1,183,099
4,300 Concentra Managed Care Inc* 63,692
13,900 Convergys Corp* 267,575
5,375 Covance Inc* 128,661
100,500 Eli Lilly & Co 7,198,313
4,600 First Health Group Corp* 99,185
7,500 Forest Laboratories Inc* 346,875
11,170 Foundation Health Systems* 167,550
7,500 Genzyme Corp 363,750
1,342 Genzyme Surgical Products* 5,913
9,000 H&R Block Inc 450,000
10,250 HCR Manor Care Inc* 247,917
37,904 HEALTHSOUTH Corp* 566,172
11,650 Harrah's Entertainment Inc* 256,300
22,950 Health Management Associates Inc* 258,188
23,600 Hilton Hotels Corp 334,813
15,400 Humana Inc* 199,230
28,900 IMS Health Inc 903,125
9,950 Ivax Corp* 140,544
122,794 Johnson & Johnson 12,033,812
6,500 King World Productions Inc* 226,278
5,300 Lincare Holdings Inc* 132,500
8,300 Mandalay Resort Group* 175,338
22,750 Marriott International Inc 850,281
25,269 McKesson HBOC Inc 811,767
53,300 Medtronic Inc 4,150,738
215,456 Merck & Co Inc 15,943,744
18,150 Mirage Resorts Inc* 304,013
8,800 Modis Professional Services* 121,000
8,300 Omnicare Inc 104,788
6,500 PSS World Medical Inc* 72,716
4,191 Pacific Health Systems* 301,488
7,609 Promus Hotel Corp* 235,879
6,700 Quorum Health Group Inc* 84,165
24,800 Service Corporation International 477,400
7,711 St Jude Medical Inc* 274,704
10,100 Stewart Enterprises Inc Class A 147,076
8,800 Stryker Corp 529,100
3,100 Suiza Foods Corp* 129,813
4,700 Sylvan Learning Systems Inc* 127,779
28,300 Tenet Healthcare Corp* 525,305
187,990 The Walt Disney Co 5,792,348
7,400 Total Renal Care Holdings Inc* 115,159
3,900 Trigon Healthcare Inc* 141,863
15,850 United Healthcare Corp 992,606
6,200 Wellpoint Health Networks* 526,225
$85,552,422
CREDIT INSTITUTIONS --- 4.4%
16,200 AmSouth Bancorp 375,629
41,100 American Express Co 5,348,138
5,750 Associated Banc-Corp 238,625
66,488 Associates First Capital Corp 2,946,216
5,100 Astoria Financial Corp 224,079
28,700 BB&T Corp 1,052,917
69,500 Bank of New York Company Inc 2,549,747
27,100 BankBoston Corp 1,385,488
18,000 Capital One Financial Corp 1,002,366
15,152 Charter One Financial Inc 421,407
4,200 City National Corp 157,235
14,250 Comerica Inc 846,977
11,700 Concord EFS Inc* 495,050
10,300 Countrywide Credit Industries Inc 440,325
17,612 First Security Corp 479,927
11,900 First Tennessee National Corp 455,913
88,400 First Union Corp 4,154,800
4,550 First Virginia Banks Inc 223,519
5,200 Golden West Financial Corp 509,600
43,752 Household International Inc 2,072,751
19,170 Huntington Bancshares Inc 670,950
16,200 JP Morgan & Co Inc 2,276,100
40,904 Keycorp 1,314,041
73,227 MBNA Corp 2,242,577
9,500 Marshall & Ilsley Corp 611,563
47,612 Mellon Bank Corp 1,731,887
14,462 Mercantile Bancorporation Inc 826,142
6,400 Mercantile Bankshares Corp 226,400
28,720 National City Corp 1,881,160
12,750 North Fork Bancorporation Inc 271,728
9,807 Old Kent Financial Corp 411,894
27,700 PNC Bank Corp 1,596,213
7,300 Pacific Century Financial Corp 157,403
20,500 Regions Financial Corp 787,959
14,700 State Street Corp 1,255,013
29,376 Suntrust Banks Inc 2,039,781
24,700 Synovus Financial Corp 490,913
7,700 TCF Financial Corp 214,638
13,000 Union Planters Corp 580,931
18,533 Wachovia Corp 1,585,721
54,258 Washington Mutual Inc 1,919,377
3,600 WestAmerica Bancorp 131,400
3,000 Wilmington Trust Co 172,125
7,200 Zions Bancorp 457,200
$49,233,825
ELECTRIC --- 2.2%
17,378 AES Corp* 1,010,096
10,600 Allegheny Energy Inc 339,857
7,146 Alliant Energy Corp 202,768
12,600 Ameren Corp 483,525
17,600 American Electric Power Company Inc 661,091
2,000 Black Hills Corp 46,250
3,000 CMP Group Inc 78,561
10,800 CMS Energy Corp 452,250
13,800 Carolina Power & Light Co 590,806
19,400 Central & South West Corp 453,475
14,593 Cinergy Corp 466,976
2,100 Cleco Corp 63,788
8,625 Conectiv Inc 210,769
20,700 Consolidated Edison Inc 936,675
14,500 DPL Inc 266,438
13,200 DTE Energy Co 528,000
17,500 Dominion Resources Inc 757,960
33,238 Duke Energy Corp 1,807,316
31,700 Edison International 847,975
10,700 Energy East Corp 278,200
22,500 Entergy Corp 703,125
16,500 FPL Group Inc 901,313
21,399 Firstenergy Corp 663,369
8,900 Florida Progress Corp 367,677
11,600 GPU Inc 489,369
2,900 Hawaiian Electric Industries Inc 102,950
3,400 IDACORP Inc 107,100
6,400 Illinova Corp 174,400
7,800 Ipalco Enterprises Inc 165,259
5,700 Kansas City Power & Light Co 145,350
11,800 LG&E Energy Corp 247,800
5,400 MidAmerican Energy Holdings Co* 186,975
6,600 Minnesota Power & Light Co 131,175
5,000 Montana Power Co 352,500
4,700 Nevada Power Co 117,500
5,400 New England Electric System 270,675
11,400 NiSource Inc 294,257
17,100 Niagara Mohawk Holdings Inc* 274,660
12,000 Northeast Utilities* 212,244
14,000 Northern States Power Co 338,618
14,346 PP&L Resources Inc 441,140
27,100 PacifiCorp 497,963
17,500 Peco Energy Co 732,813
7,700 Pinnacle West Capital Corp 309,925
10,800 Potomac Electric Power Co 317,920
3,700 Public Service Company of New Mexico 73,538
20,000 Public Service Enterprise Group Inc 817,500
7,700 Puget Sound Power & Light Co 186,240
9,450 Scana Corp 220,894
63,600 Southern Co 1,685,400
12,100 Teco Energy Inc 275,275
25,575 Texas Utilities Co 1,054,969
19,800 Unicom Corp 763,528
8,500 Utilicorp United Inc 206,652
10,600 Wisconsin Energy Corp 265,657
$24,578,506
ELECTRONICS - HIGH TECH --- 15.9%
5,600 Adobe Systems Inc 460,074
13,300 Advanced Micro Devices Inc* 240,225
17,500 American Power Conversion Corp* 352,188
14,766 Analog Devices Inc* 741,061
7,637 Andrew Corp* 144,622
14,500 Apple Computer Inc* 671,524
34,000 Applied Materials Inc* 2,511,750
9,100 Atmel Corp* 238,302
3,200 Avnet Inc 148,800
7,900 Black & Decker Corp 498,688
36,160 Boston Scientific Corp* 1,588,762
2,200 Briggs & Stratton Corp 127,050
5,500 Cirrus Logic Inc* 48,813
291,500 Cisco Systems Inc* 18,746,948
8,000 Citrix Systems Inc* 452,000
155,217 Compaq Computer Corp 3,676,625
6,300 Comverse Technology Inc* 475,650
9,500 Cypress Semiconductor Corp* 156,750
4,600 Data General Corp* 66,985
231,500 Dell Computer Corp* 8,565,500
4,800 Dentsply International Inc 134,400
6,312 Diebold Inc 181,470
92,400 EMC Corp* 5,082,000
29,500 Eastman Kodak Co 1,998,625
39,700 Emerson Electric Co 2,496,138
4,133 Federal Signal Corp 87,566
3,400 Flowserve Corp 64,386
14,300 Gateway Inc* 843,700
298,700 General Electric Co 33,753,100
7,300 Harris Corp 286,065
92,726 Hewlett-Packard Co 9,318,963
11,500 Honeywell Inc 1,332,563
5,900 Hubbell Inc Class B 267,713
3,490 Imation Corp* 86,594
8,000 Integrated Device Technology Inc* 87,000
302,900 Intel Corp 18,022,550
165,706 International Business Machines Corp 21,417,501
9,000 International Game Technology 166,500
7,500 Jabil Circuit Inc* 338,438
7,800 Johnson Controls Inc 540,634
8,000 KLA-Tencor Corp* 519,000
13,100 LSI Logic Corp* 604,238
3,700 Legato Systems Inc* 213,675
11,700 Lexmark International Group Inc Class A* 772,925
14,000 Linear Technology Corp 941,500
4,100 Litton Industries Inc* 294,175
2,900 Magnetek Inc* 30,630
4,511 Mark IV Industries Inc 95,295
12,300 Maxim Integrated Products Inc* 817,950
8,100 Maytag Corp 564,465
6,100 Mentor Graphics Corp* 78,153
22,900 Micron Technology Inc* 923,145
14,108 Molex Inc 521,996
55,000 Motorola Inc 5,211,250
9,131 NCR Corp* 445,702
15,300 National Semiconductor Corp* 387,274
6,600 Network Appliance Inc* 368,775
12,599 Network Associates Inc* 185,042
30,700 Novell Inc* 813,550
35,053 PG&E Corp 1,139,223
4,000 Polaroid Corp 110,500
15,400 Quantum Corp* 371,525
7,800 Rational Software Corp* 256,909
30,700 Raytheon Co 2,160,513
6,600 SCI Systems Inc* 313,500
5,200 Sanmina Corp* 394,550
6,800 Scientific-Atlanta Inc 244,800
20,340 Seagate Technology Inc* 521,213
6,950 Sensormatic Electronics Corp* 96,862
3,000 Sepracor Inc* 243,750
3,850 Sequent Computer Systems Inc* 68,338
8,300 Siebel Systems Inc* 550,913
17,200 Silicon Graphics Inc* 281,650
23,000 Solectron Corp* 1,533,801
6,200 Steris Corp* 120,125
8,700 Sterling Commerce Inc* 317,550
9,100 Storage Technology Corp* 207,025
70,600 Sun Microsystems Inc* 4,862,575
8,062 Symbol Technologies Inc 297,286
4,300 Tektronix Inc 129,804
3,400 Teleflex Inc 147,686
35,700 Tellabs Inc* 2,411,963
7,800 Teradyne Inc* 559,650
35,800 Texas Instruments Inc 5,191,000
14,425 Thermo Electron Corp* 289,394
5,200 Thomas & Betts Corp 245,700
24,600 Unisys Corp* 957,850
7,600 Veritas Software Corp* 721,521
7,742 Vishay Intertechnology Inc* 162,582
5,800 Visx Inc* 459,285
6,900 Vitesse Semiconductor Corp* 465,315
8,600 WW Grainger Inc 462,783
6,900 Whirlpool Corp 510,600
13,200 Xilinx Inc* 755,700
3,600 York International Corp 154,123
$177,924,527
ENVIRONMENTAL SERVICES --- 0.4%
17,100 Allied Waste Industries Inc* 337,725
14,387 Browning-Ferris Industries Inc 618,641
30,100 Laidlaw Inc Class B 221,988
4,500 Ogden Corp 121,217
2,800 Rollins Inc 44,624
55,595 Waste Management Inc 2,988,231
$4,332,426
FINANCIAL SERVICES --- 0.2%
52,070 Fleet Financial Group Inc 2,310,606
$2,310,606
FORESTRY --- 0.4%
5,200 Boise Cascade Corp 222,950
2,000 Chesapeake Corp 74,874
7,800 Georgia-Pacific Corp (Timber Group) 196,950
15,700 Georgia-Pacific Group 743,788
37,437 International Paper Co 1,890,569
4,700 Longview Fibre Co 73,438
9,800 Louisiana-Pacific Corp 232,750
18,300 Weyerhaeuser Co 1,258,125
$4,693,444
GAS --- 0.6%
5,300 AGL Resources Inc 97,716
7,600 Columbia Energy Group 476,421
8,800 Consolidated Natural Gas Co 534,600
2,100 Eastern Enterprises 83,475
2,733 Indiana Energy Inc 58,246
6,350 KN Energy Inc 84,931
13,000 KeySpan Corp 342,875
7,300 MCN Corp 151,475
3,500 National Fuel Gas Co 169,750
10,480 New Century Energies Inc 406,750
4,400 Nicor Inc 167,473
2,900 ONEOK Inc 92,075
3,200 Peoples Energy Corp 120,598
7,500 Questar Corp 143,438
27,067 Reliant Energy Inc 747,726
10,000 Sonat Inc 331,250
15,500 Tenneco Inc 370,063
4,200 Washington Gas Light Co 109,200
39,424 Williams Companies Inc 1,677,964
$6,166,026
HIGHWAYS --- 0.0%
2,300 Arnold Industries Inc 35,505
6,500 Ryder System Inc 169,000
5,900 Swift Transportation Company Inc* 129,800
$334,305
HOLDING & INVEST. OFFICES --- 5.3%
107,847 Bank One Corp 6,423,583
159,258 Bank of America Corp 11,675,522
77,192 Chase Manhattan Corp 6,686,757
15,200 Cincinnati Financial Corp 570,942
308,462 Citigroup Inc 14,651,945
13,600 Constellation Energy Group 402,900
10,200 Dime Bancorp Inc 205,275
21,300 E Trade Group Inc* 850,658
24,525 Fifth Third Bancorp 1,632,433
5,600 Finova Group Inc 294,700
60,400 Firstar Corp 1,691,200
10,000 Green Point Financial Corp 328,120
14,600 Hibernia Corp 229,030
4,500 Keystone Financial Inc 133,029
10,000 MGIC Investment Corp 486,250
10,200 Northern Trust Corp 989,400
3,900 Provident Financial Group Inc 170,625
9,600 Republic New York Corp 654,595
14,900 SLM Holding Corp 682,599
15,312 Southtrust Corp 587,598
14,400 Sovereign Bancorp Inc 174,600
15,650 Summit Bancorp 654,358
66,373 U S Bancorp 2,256,682
150,900 Wells Fargo Co 6,450,975
$58,883,776
INDEPENDENT POWER PROD --- 0.0%
7,100 OGE Energy Corp 168,625
$168,625
INDUSTRIAL SERVICES --- 7.7%
5,266 AC Nielsen Corp* 159,297
4,500 Affiliated Computer Services Inc Class A* 227,813
18,100 Altera Corp* 666,297
99,200 America Online Inc* 10,961,600
8,700 Arrow Electronics Inc* 165,300
5,500 Autodesk Inc 162,591
56,500 Automatic Data Processing Inc 2,486,000
21,500 BMC Software Inc* 1,161,000
22,050 Cadence Design Systems Inc* 281,138
5,400 Cambridge Technology Partners Inc* 94,835
13,200 Ceridian Corp* 431,468
10,100 Cintas Corp 678,589
13,750 Comdisco Inc 352,344
48,925 Computer Associates International Inc 2,690,875
14,500 Computer Sciences Corp* 1,003,212
33,500 Compuware Corp* 1,065,702
7,100 Deluxe Corp 276,453
15,000 Dun & Bradstreet Corp 531,555
4,100 EG&G Inc 146,063
5,600 Electronic Arts Inc* 303,800
45,000 Electronic Data Systems Corp 2,545,290
13,200 Equifax Inc 471,068
39,394 First Data Corp 1,927,824
11,262 Fiserv Inc* 352,636
7,000 Fluor Corp 283,500
3,800 Foster Wheeler Corp 53,675
3,400 GTECH Holdings Corp* 80,111
2,500 Information Resources Inc* 21,875
17,300 Informix Corp* 147,586
12,800 Interpublic Group of Companies Inc 1,108,800
5,600 Intuit Inc* 504,700
2,400 Jacobs Engineering Group Inc* 91,200
6,500 Keane Inc* 147,063
3,250 Kelly Services Inc Class A 104,406
7,200 Manpower Inc 162,900
465,900 Microsoft Corp* 42,018,068
3,700 National Service Industries Inc 133,200
7,450 Olsten Corp 47,024
16,300 Omnicom Group Inc 1,304,000
131,437 Oracle Systems Corp* 4,879,599
24,600 Parametric Technology Corp* 341,325
22,464 Paychex Inc 716,040
22,000 Peoplesoft Inc 379,500
24,500 Pitney Bowes Inc 1,574,125
3,200 Policy Management Systems Corp* 96,000
10,200 Quintiles Transnational Corp* 428,400
7,000 Reynolds & Reynolds Co Class A 163,184
8,300 Robert Half International Inc* 215,800
2,400 Shared Medical Systems Corp 156,600
6,900 Snyder Communications Inc* 225,975
5,300 Sotheby's Holdings Inc Class A 202,063
2,600 Standard Register Co 79,950
7,600 Sterling Software Inc* 202,821
3,300 Structural Dynamics Research Corp* 61,255
10,500 Sungard Data System Inc* 362,250
5,050 Symantec Corp* 128,775
6,500 Synopsys Inc* 358,716
3,800 Wallace Computer Services Inc 95,000
$86,018,236
INSURANCE --- 3.5%
23,375 AON Corp 964,219
12,852 Aetna Inc 1,149,444
24,424 Aflac Inc 1,169,299
5,200 Allmerica Financial Corp 316,222
73,640 Allstate Corp 2,641,835
6,400 Ambac Inc 365,600
5,500 American Financial Group Inc 187,341
23,021 American General Corp 1,735,208
113,129 American International Group Inc 13,243,107
14,800 Chubb Capital Corp 1,028,600
18,600 Cigna Corp 1,655,400
29,514 Conseco Inc 898,318
4,400 Everest Reinsurance Holdings Inc 143,550
2,650 HSB Group Inc 109,146
20,700 Hartford Financial Services Group Inc 1,207,058
3,800 Horace Mann Educators Corp 103,311
9,700 Jefferson-Pilot Corp 642,014
18,200 Lincoln National Corp 952,078
10,000 Loews Corp 791,250
9,100 MBIA Inc 589,225
24,000 Marsh & McLennan Companies Inc 1,812,000
12,000 Old Republic International Corp 207,744
7,400 Oxford Health Plans Inc* 115,159
6,650 Progressive Corp 964,250
5,900 Protective Life Corp 194,700
12,400 Provident Companies Inc 496,000
12,950 Providian Financial Corp 1,210,825
8,100 Reliastar Financial Corp 354,375
12,400 SafeCo Corp 547,150
20,648 St Paul Companies Inc 656,854
2,700 The PMI Group Inc 169,592
12,200 Torchmark Corp 416,325
11,400 TransAmerica Corp 855,000
6,700 Unitrin Inc 274,700
12,700 Unum Corp 695,325
$38,862,224
MFTG - CONSUMER PRODS. --- 8.4%
3,400 Adolph Coors Co Class B 168,300
5,100 Alberto-Culver Co Class B 135,788
6,200 American Greetings Corp Class A 186,775
43,400 Anheuser-Busch Companies Inc 3,078,666
53,674 Archer-Daniels-Midland Co 828,566
23,900 Avon Products Inc 1,326,450
2,500 Banta Corp 52,500
25,500 Bestfoods 1,262,250
6,300 Brown-Forman Corp Class B 410,678
8,500 Brunswick Corp 236,938
4,900 Burlington Industries Inc* 44,404
39,800 Campbell Soup Co 1,845,725
1,800 Church & Dwight Inc 78,300
10,791 Clorox Co 1,152,608
225,200 Coca-Cola Co 14,075,000
38,700 Coca-Cola Enterprises Inc 1,151,325
26,700 Colgate-Palmolive Co 2,636,625
8,400 CompUSA Inc* 62,471
44,700 ConAgra Inc 1,190,138
3,600 Dean Foods Co 149,623
9,400 Dial Corp 349,558
8,300 Dow Jones & Company Inc 440,415
2,500 Dreyer's Grand Ice Cream Inc 37,813
9,175 Flowers Industries Inc 198,978
6,600 Fruit of the Loom Inc* 64,350
14,000 General Mills Inc 1,125,250
101,300 Gillette Co 4,153,300
32,800 HJ Heinz Co 1,644,100
5,600 HON Industries Inc 163,447
6,500 Harcourt General Inc 335,153
6,600 Harte-Hanks Inc 179,025
17,875 Hasbro Inc 499,374
7,300 Herman Miller Inc 153,300
12,800 Hershey Foods Corp 760,000
6,100 Hillenbrand Industries Inc 263,825
6,700 Hormel Foods Corp 269,675
2,800 Houghton Mifflin Co 131,774
8,400 IBP Inc 199,500
13,600 Ikon Office Solutions Inc 204,000
9,800 International Flavors & Fragrances Inc 434,875
1,700 International Multifoods Corp 38,355
6,400 Interstate Bakeries Co 143,597
2,700 JM Smucker Co Class A 60,075
12,653 Jones Apparel Group Inc* 434,150
3,100 Jostens Inc 65,292
37,000 Kellogg Co 1,221,000
7,200 Knight-Ridder Inc 395,546
3,798 Lancaster Colony Corp 131,031
2,700 Lance Inc 42,188
2,800 Land's End Inc* 135,800
4,000 Lee Enterprises Inc 122,000
17,900 Leggett & Platt Inc 497,835
5,800 Liz Claiborne Inc 211,700
30,800 Masco Corp 889,350
38,041 Mattel Inc 1,005,690
6,500 McCormick & Company Inc (nonvtg) 205,153
18,100 McGraw-Hill Companies Inc 976,260
2,500 Media General Inc Class A 127,500
4,700 Meredith Corp 162,738
5,500 Mohawk Industries Inc* 167,063
29,600 Nabisco Group Holdings Corp 579,035
16,140 New York Times Co Class A 594,146
134,800 PepsiCo Inc 5,215,008
220,200 Philip Morris Companies Inc 8,849,177
21,800 Pioneer Hi-Bred International Inc 848,827
5,600 Premark International Inc 210,000
121,300 Procter & Gamble Co 10,826,025
12,300 Quaker Oats Co 816,413
9,866 RJ Reynolds Tobacco Holdings Inc* 310,779
11,900 RR Donnelley & Sons Co 441,038
29,700 Ralston-Ralston Purina Group 903,979
9,800 Readers Digest Association Inc Class A 389,550
3,100 Russell Corp 60,450
82,500 Sara Lee Corp 1,871,678
1,500 Scholastic Corp* 75,938
39,100 Seagram Company Ltd 1,969,663
12,900 Shaw Industries Inc* 212,850
1,600 Springs Industries Inc Class A 69,800
16,600 Starbucks Corp* 623,529
6,600 The Times Mirror Co Class A 391,050
3,200 Tiffany & Co 308,800
10,800 Tribune Co 940,950
5,300 Tupperware Corp 135,150
21,050 Tyson Foods Inc Class A 473,625
4,500 US Foodservice Inc* 191,813
16,100 UST Inc 470,925
5,500 Unifi Inc* 116,875
52,139 Unilever NV ADR 3,636,695
3,000 Universal Corp 85,311
4,600 Universal Foods Corp 97,175
10,900 VF Corp 465,975
9,100 Viad Corp 281,527
4,190 Vlasic Foods International Inc* 30,637
5,200 Warnaco Group Inc Class A 139,100
900 Washington Post Co Class B 483,975
4,791 Wausau-Mosinee Paper Corp 86,238
5,100 Westpoint Stevens Inc 152,041
8,000 Whitman Corp 144,000
10,200 Willamette Industries Inc 469,832
10,600 Wm Wrigley Jr Co 954,000
$93,636,744
MFTG - INDUSTRIAL PRODS --- 9.9%
33,050 3Com Corp* 882,005
2,875 A Schulman Inc 49,413
5,400 AK Steel Holding Corp 121,500
138,800 Abbott Laboratories 6,315,400
20,900 Air Products & Chemicals Inc 841,225
6,500 Airgas Inc* 79,625
2,683 Albany International Corp Class A* 55,672
4,250 Albemarle Corp 98,281
20,700 Alcan Aluminium Ltd 661,096
17,550 Allegheny Teledyne Inc 397,069
9,200 Alza Corp* 468,050
119,600 American Home Products Corp 6,877,000
6,400 American Standard Companies Inc* 307,200
2,950 Ametek Inc 67,850
3,700 Armstrong World Industries Inc 213,904
2,400 Arvin Industries Inc 90,900
2,800 Ball Corp 118,300
2,000 Bandag Inc 69,374
4,800 Bemis Company Inc 190,800
11,950 Bethlehem Steel Corp* 91,860
4,500 Blyth Industries Inc* 154,688
4,700 Bowater Inc 222,075
6,100 Cabot Corp 147,541
6,900 Callaway Golf Co 100,913
2,800 Carlisle Companies Inc 134,750
2,000 Carpenter Technology Corp 57,124
6,800 Case Corp 327,250
32,500 Caterpillar Inc 1,950,000
6,500 Centocor Inc* 303,063
8,800 Champion International Corp 421,300
16,500 Chiron Corp* 342,375
8,300 Consolidated Papers Inc 222,025
8,700 Cooper Industries Inc 452,400
7,000 Cooper Tire & Rubber Co 165,375
3,300 Cordant Technologies Inc 149,117
22,300 Corning Inc 1,563,788
6,300 Crane Co 198,053
6,000 Crompton & Knowles Corp 117,372
11,300 Crown Cork & Seal Company Inc 322,050
3,900 Cytec Industries Inc* 124,313
12,400 Danaher Corp 720,750
21,200 Deere & Co 840,050
2,100 Dexter Corp 85,705
19,500 Dover Corp 682,500
20,200 Dow Chemical Co 2,562,875
103,000 EI du Pont de Nemours & Co 7,036,136
7,100 Eastman Chemical Co 367,425
11,900 Ecolab Inc 519,138
11,400 Engelhard Corp 257,925
7,600 Ethyl Corp 45,600
3,200 Ferro Corp 88,000
20,100 Fort James Corp 761,288
2,800 Georgia Gulf Corp 47,250
2,800 Gilead Sciences Inc* 146,300
14,200 Goodyear Tire & Rubber Co 835,130
5,400 Great Lakes Chemical Corp 248,735
27,600 Guidant Corp 1,419,661
1,300 HB Fuller Co 88,888
3,700 Harsco Corp 118,400
9,300 Hercules Inc 365,602
7,100 ICN Pharmaceuticals Inc 228,528
10,400 IMC Global Inc 183,300
8,000 ITT Industries Inc 305,000
22,900 Illinois Tool Works Inc 1,877,800
15,150 Ingersoll-Rand Co 979,069
2,900 Kaydon Corp 97,513
2,700 Kennametal Inc 83,700
48,580 Kimberly-Clark Corp 2,769,060
6,100 Lear Corp* 303,475
5,000 Lubrizol Corp 136,250
10,200 Lyondell Petrochemical Co 210,375
4,500 MA Hanna Co 73,967
6,500 Mallinckrodt Inc 236,438
4,300 Martin Marietta Materials Inc 253,700
9,300 Mead Corp 388,275
5,100 Medimmune Inc* 345,525
6,300 Meritor Automotive Inc 160,650
4,600 Microchip Technology Inc* 217,925
3,350 Milacron Inc 61,975
4,000 Millipore Corp 162,248
2,000 Minerals Technologies Inc 111,624
36,800 Minnesota Mining & Manufacturing Co 3,199,282
2,700 Modine Manufacturing Co 87,917
57,600 Monsanto Co 2,271,571
11,800 Mylan Laboratories Inc 312,700
500 NCH Corp 24,750
700 Nacco Industries Inc Class A 51,450
6,000 Nalco Chemical Co 311,250
1,500 Nordson Corp 91,875
8,000 Nucor Corp 379,496
4,200 Olin Corp 55,385
2,400 Oregon Steel Mills Inc 31,949
14,200 Owens-Illinois Inc* 464,155
4,700 PE Corp-PE Biosystems Group 539,325
3,800 PH Glatfelter Co 55,575
15,900 PPG Industries Inc 939,086
11,400 Pall Corp 252,932
9,875 Parker Hannifin Corp 451,781
3,900 Pentair Inc 178,425
6,700 Perrigo Co* 51,088
118,100 Pfizer Inc 12,961,475
46,260 Pharmacia & Upjohn Inc 2,628,123
2,600 Potlatch Corp 114,236
14,400 Praxair Inc 704,693
2,250 Precision Castparts Corp 95,625
9,981 RPM Inc 141,600
7,100 Raychem Corp 262,700
5,900 Reynolds Metals Co 348,100
17,400 Rockwell International Corp 1,057,050
19,604 Rohm & Haas Co 840,522
2,288 Ryerson Tull Inc 51,622
134,400 Schering-Plough Corp 7,123,200
7,605 Sealed Air Corp* 493,374
900 Sequa Corp Class A* 63,000
15,500 Sherwin-Williams Co 430,125
9,200 Sigma Aldrich Corp 316,820
6,000 Snap-On Inc 217,122
10,180 Solutia Inc 216,956
9,297 Sonoco Products Co 278,324
3,500 Southdown Inc 224,875
2,600 Stewart & Stevenson Services Inc 39,650
1,900 Tecumseh Products Co Class A 115,068
5,100 Temple-Inland Inc 348,075
6,880 The BF Goodrich Co 292,400
8,100 The Stanley Works 260,715
5,600 The Timken Co 109,200
3,900 Trinity Industries Inc 130,650
74,887 Tyco International Ltd 7,095,543
4,100 UCAR International Inc* 103,525
4,500 USG Corp 252,000
28,200 USX-Marathon Group 918,248
8,100 USX-US Steel Group 218,700
12,100 Union Carbide Corp 589,875
6,400 Unisource Worlwide Inc 77,197
5,900 Varco International Inc* 64,528
6,300 WR Grace & Co* 115,763
77,690 Warner-Lambert Co 5,389,744
8,700 Watson Pharmaceuticals Inc* 305,039
2,400 Watts Industries Inc Class A 46,049
2,900 Wellman Inc 46,217
9,150 Westvaco Corp 265,350
5,300 Witco Corp 106,000
8,350 Worthington Industries Inc 137,249
60,400 Xerox Corp 3,567,345
$110,809,515
MINING --- 0.5%
33,742 Alcoa Inc 2,087,786
3,700 Asarco Inc 69,604
35,616 Barrick Gold Corp 690,060
21,000 Battle Mountain Gold Co 51,177
1,000 Cleveland-Cliffs Inc 32,375
8,400 Cyprus Amax Minerals Co 127,571
14,894 Freeport-McMoran Copper & Gold Inc Class B 267,154
23,800 Homestake Mining Co 194,851
17,550 Inco Ltd 315,900
600 MAXXAM Inc* 38,700
15,324 Newmont Mining Corp 304,565
5,300 Phelps Dodge Corp 328,266
29,700 Placer Dome Inc 350,816
9,200 Vulcan Materials Co 443,900
$5,302,725
OIL & GAS --- 6.0%
8,300 Amerada Hess Corp 493,850
11,000 Anadarko Petroleum Corp 404,932
10,250 Apache Corp 399,750
6,700 Ashland Inc 268,838
29,400 Atlantic Richfield Co 2,456,723
6,500 BJ Services Company USA* 191,341
29,910 Baker Hughes Inc 1,001,985
16,158 Burlington Resources Inc 698,834
59,800 Chevron Corp 5,692,183
19,500 Coastal Corp 780,000
11,068 El Paso Energy Corp 389,450
32,260 Enron Corp 2,637,255
12,500 Ensco International Inc 249,213
221,600 Exxon Corp 17,090,900
15,800 Global Marine Inc* 243,905
40,250 Halliburton Co 1,821,313
4,600 Helmerich & Payne Inc 109,535
7,890 Kerr-McGee Corp 395,975
5,400 McDermott International Inc 152,550
71,400 Mobil Corp 7,068,600
4,100 Murphy Oil Corp 200,129
9,750 Nabors Industries Inc* 238,261
5,200 Noble Affiliates Inc 146,572
12,000 Noble Drilling Corp* 236,244
31,800 Occidental Petroleum Corp 671,775
15,098 Ocean Energy Inc* 145,318
7,130 Pennzoil-Quakers State Co 106,950
23,000 Phillips Petroleum Co 1,157,176
9,200 Pioneer Natural Resources Co 101,200
11,500 Ranger Oil Ltd* 56,776
7,600 Rowan Companies Inc* 140,121
195,700 Royal Dutch Petroleum Co ADR 11,790,925
15,500 Santa Fe Snyder Corp* 118,188
49,948 Schlumberger Ltd 3,181,038
21,880 Sempra Energy 495,035
4,500 Smith International Inc* 195,467
8,300 Sunoco Inc 250,552
49,000 Texaco Inc 3,062,500
13,900 Tosco Corp 360,524
9,200 Transocean Offshore Inc 241,500
7,886 Ultramar Diamond Shamrock Corp 172,009
23,066 Union Pacific Resources Group Inc 376,253
22,100 UnoCal Corp 875,713
5,100 Valero Energy Corp 109,329
8,869 Weatherford International* 324,827
$67,301,514
OTHER TRANS. SERVICES --- 0.1%
4,000 Alexander & Baldwin Inc 89,000
3,000 FMC Corp* 204,936
4,500 GATX Corp 171,279
3,300 JB Hunt Transport Services Inc 53,625
3,300 Overseas Shipholding Group Inc 42,488
5,100 Tidewater Inc 155,550
$716,878
RAILROADS --- 0.5%
42,900 Burlington Northern Santa Fe Corp 1,329,900
19,800 CSX Corp 897,178
10,100 Kansas City Southern Industries Inc 644,501
34,700 Norfolk Southern Corp 1,045,338
22,600 Union Pacific Corp 1,317,851
4,700 Wisconsin Central Transportation Corp* 88,713
$5,323,481
REAL ESTATE --- 0.0%
3,600 CCB Financial Corp 190,350
$190,350
RETAIL TRADE --- 7.0%
9,400 Abercrombie & Fitch Co* 451,200
38,339 Albertson's Inc 1,976,836
13,800 Autozone Inc* 415,725
6,700 BJ Wholesale Club Inc* 201,415
6,300 Barnes & Noble Inc* 172,463
12,700 Bed Bath & Beyond Inc* 488,950
18,700 Best Buy Inc* 1,262,250
3,700 Bob Evans Farms Inc 73,538
7,100 Borders Group Inc* 112,265
6,100 Brinker International Inc* 165,841
3,900 Buffets Inc* 44,850
5,500 CBRL Group Inc 95,216
9,200 Circuit City Stores Inc 855,600
4,625 Claire's Stores Inc 118,516
10,124 Consolidated Stores Corp* 273,348
12,200 Darden Restaurants Inc 266,106
40,400 Dayton Hudson Corp 2,626,000
9,800 Dillards Inc Class A 344,225
20,160 Dollar General Corp 584,640
5,600 Dollar Tree Stores Inc* 246,400
4,300 Donaldson Company Inc 105,350
1,400 Enesco Group Inc 32,375
15,800 Family Dollar Stores Inc 379,200
3,500 Fastenal Co 183,530
19,100 Federated Department Stores Inc* 1,011,097
15,200 Fortune Brands Inc 628,900
4,700 Furniture Brands International Inc* 131,013
78,375 Gap Inc 3,948,141
3,800 Gencorp Inc 95,950
6,200 General Nutrition Companies Inc* 144,534
16,375 Genuine Parts Co 573,125
3,500 Great Atlantic & Pacific Tea Co Inc 118,342
3,900 Hannaford Brothers Co 208,650
5,425 Heilig-Meyers Co 36,955
135,300 Home Depot Inc 8,718,326
24,100 JC Penney & Co Inc 1,170,344
45,200 Kmart Corp* 742,952
14,900 Kohls Corp* 1,150,086
75,400 Kroger Co* 2,106,450
20,395 Limited Inc 925,423
3,300 Lone Star Steakhouse & Saloon Inc* 32,069
3,600 Longs Drug Stores Corp 124,423
33,900 Lowe's Companies Inc 1,921,689
30,500 May Department Stores Co 1,246,688
124,000 McDonald's Corp 5,122,688
3,200 Micro Warehouse Inc* 57,200
25,715 Newell Rubbermaid Inc 1,195,748
13,000 Nordstrom Inc 435,500
34,137 Office Depot Inc* 753,130
10,350 Officemax Inc* 124,200
6,800 Outback Steakhouse Inc* 267,322
5,000 Owens Corning 171,875
2,700 Papa John's International Inc* 120,655
2,916 Payless Shoesource Inc* 156,006
4,824 Pep Boys - Manny Moe & Jack 104,319
23,600 Rite Aid Corp 581,150
4,200 Ross Stores Inc 211,575
4,200 Ruddick Corp 84,000
2,799 SPX Corp* 233,717
45,300 Safeway Inc* 2,242,350
13,184 Saks Inc* 380,688
1,850 Sbarro Inc* 50,065
34,800 Sears Roebuck & Co 1,550,758
42,382 Staples Inc* 1,311,172
29,400 TJX Companies Inc 979,373
17,600 Tandy Corp 860,200
22,700 Toys R Us Inc* 469,595
13,980 Tricon Global Restaurants* 756,668
406,200 Wal-Mart Stores Inc 19,599,150
91,400 Walgreen Co 2,684,875
11,300 Wendy's International Inc 319,926
13,600 Winn-Dixie Stores Inc 502,343
$77,837,244
SECURITIES & COMMODITIES --- 1.4%
8,625 AG Edwards Inc 278,156
10,580 Bear Stearns Companies Inc 494,615
37,287 Charles Schwab Corp 4,096,909
23,050 Franklin Resources Inc 936,406
2,800 Investment Technology Group Inc* 90,650
10,800 Lehman Brothers Holdings Inc 672,300
33,600 Merrill Lynch & Co Inc 2,685,883
52,081 Morgan Stanley Dean Witter & Co 5,338,303
13,350 Paine Webber Group Inc 624,113
11,000 T Rowe Price & Associates Inc 422,125
$15,639,460
TELEPHONE --- 6.3%
12,300 ADC Telecommunications Inc* 560,413
25,695 ALLTEL Corp 1,837,193
3,300 Aliant Communications Inc 152,417
100,400 Ameritech Corp 7,379,400
141,776 Bell Atlantic Corp 9,268,606
172,900 BellSouth Corp 8,104,688
12,750 CenturyTel Inc 506,813
12,600 Cincinnati Bell Inc 314,206
15,800 Frontier Corp 932,200
88,700 GTE Corp 6,719,025
169,895 MCI WorldCom Inc* 14,621,503
179,277 SBC Communications Inc 10,398,066
79,000 Sprint Corp 4,172,148
40,125 Sprint PCS 2,292,141
46,011 US West Inc 2,703,146
$69,961,965
TRANSPORTATION --- 0.0%
4,400 CNF Transportation Inc 168,850
$168,850
TRANSPORTATION EQUIPMENT --- 2.6%
50,500 Allied-Signal Inc 3,181,500
2,400 Borg-Warner Automotive Inc 132,000
3,900 Cummins Engine Company Inc 222,788
15,161 Dana Corp 698,346
51,545 Delphi Automotive Systems Corp 956,778
6,600 Eaton Corp 607,200
6,400 Federal-Mogul Corp 332,800
3,200 Fleetwood Enterprises Inc 84,598
110,500 Ford Motor Co 6,236,289
11,600 General Dynamics Corp 794,600
59,200 General Motors Corp Series D 3,907,200
14,000 Harley-Davidson Inc 761,250
35,982 Lockheed Martin Corp 1,340,330
5,990 Navistar International Corp* 299,500
3,220 Newport News Shipbuilding Inc 94,990
6,300 Northrop Grumman Corp 417,766
7,140 Paccar Inc 381,098
2,500 Superior Industries International Inc 68,280
11,000 TRW Inc 603,625
13,800 Textron Inc 1,135,906
88,876 The Boeing Co 3,927,164
43,990 United Technologies Corp 3,153,511
$29,337,519
WATER --- 0.0%
8,800 American Water Works Company Inc 270,600
$270,600
WHOLESALE TRADE - INDL --- 0.0%
9,400 Sybron International Corp* 259,083
$259,083
WHOLESALE TRADE -CONSUMER --- 0.6%
10,400 Avery Dennison Corp 627,900
12,300 Bergen Brunswig Corp Class A 212,175
24,870 Cardinal Health Inc 1,594,789
20,071 Costco Companies Inc* 1,606,924
25,700 Nike Inc Class B 1,627,118
2,500 Rayonier Inc 124,530
5,100 Reebok International Ltd* 94,988
10,900 SuperValu Inc 279,988
30,200 Sysco Corp 900,322
4,700 Tech Data Corp* 179,775
$7,248,509
TOTAL COMMON STOCK --- 99.2% $1,110,202,188
(Cost $512,038,687)
SHORT-TERM INVESTMENTS
CREDIT INSTITUTIONS --- 0.6%
7,025,000 Prudential Funding Corp 7,025,000
$7,025,000
U.S. GOVERNMENTS --- 0.1%
1,650,000 United States of America (1) 1,651,555
$1,651,555
TOTAL SHORT-TERM INVESTMENTS --- 0.8% $8,676,555
(Cost $8,676,555)
TOTAL STOCK INDEX PORTFOLIO --- 100.0% $1,118,878,743
(Cost $520,715,242)
The Maxim Series Fund
T.Rowe Price Equity/Income Portfolio
BONDS
U.S. GOVERNMENTS --- 1.0%
300,000 United States of America 292,734
Treasury Notes
6.000% February 15, 2026
200,000 United States of America 200,124
Treasury Notes
5.750% August 15, 2003
25,000 United States of America 26,594
Treasury Notes
7.250% August 15, 2004
50,000 United States of America 50,750
Treasury Notes
7.750% January 31, 2000
80,000 United States of America 78,800
Treasury Notes
5.625% February 15, 2006
200,000 United States of America 203,500
Treasury Notes
6.500% May 31, 2001
200,000 United States of America 211,844
Treasury Notes
7.000% July 15, 2006
1,000,000 United States of America 1,002,970
Treasury Notes
5.875% November 15, 1999
$2,067,316
TOTAL BONDS --- 1.0% $2,067,316
(Cost $2,013,428)
COMMON STOCK
AGENCY --- 1.0%
30,000 Federal National Mortgage Association (nonvtg) 2,051,250
$2,051,250
COMMUNICATIONS --- 0.5%
17,550 AT&T Corp 979,501
$979,501
CONSUMER SERVICES --- 2.7%
25,200 H&R Block Inc 1,260,000
41,200 Hilton Hotels Corp 584,504
12,100 Merck & Co Inc 895,400
248,700 Smith & Nephew PLC 756,466
60,852 Starwood Hotels & Resorts Worldwide Inc 1,859,759
15,000 The Walt Disney Co 462,180
$5,818,309
CREDIT INSTITUTIONS --- 4.5%
22,800 BankBoston Corp 1,165,650
16,900 JP Morgan & Co Inc 2,374,450
15,300 Keycorp 491,513
102,900 Mellon Bank Corp 3,742,988
25,300 Mercantile Bankshares Corp 894,988
14,800 National City Corp 969,400
$9,638,989
ELECTRIC --- 4.5%
26,787 DQE Inc 1,074,828
27,400 Duke Energy Corp 1,489,875
22,600 Entergy Corp 706,250
46,410 Firstenergy Corp 1,438,710
28,600 Niagara Mohawk Holdings Inc* 459,373
49,000 PacifiCorp 900,375
52,700 Southern Co 1,396,550
24,100 Teco Energy Inc 548,275
39,000 Unicom Corp 1,503,918
$9,518,154
ELECTRONICS - HIGH TECH --- 5.1%
22,700 Compaq Computer Corp 537,695
32,900 Eastman Kodak Co 2,228,975
13,600 General Electric Co 1,536,800
21,600 Hewlett-Packard Co 2,170,800
13,800 Honeywell Inc 1,599,075
24,200 Hubbell Inc Class B 1,098,075
23,100 Whirlpool Corp 1,709,400
$10,880,820
ENVIRONMENTAL SERVICES --- 1.1%
42,700 Browning-Ferris Industries Inc 1,836,100
8,330 Waste Management Inc 447,738
$2,283,838
FINANCIAL SERVICES --- 0.8%
37,400 Fleet Financial Group Inc 1,659,625
$1,659,625
FORESTRY --- 1.5%
62,283 International Paper Co 3,145,292
$3,145,292
GAS --- 0.4%
32,500 Reliant Energy Inc 897,813
$897,813
HOLDING & INVEST. OFFICES --- 4.5%
32,010 Bank One Corp 1,906,580
18,800 Bank of America Corp 1,378,266
18,392 Chase Manhattan Corp 1,593,207
57,225 Citigroup Inc 2,718,188
15,100 Constellation Energy Group 447,338
35,000 Wells Fargo Co 1,496,250
$9,539,829
INDUSTRIAL SERVICES --- 0.5%
31,500 Dun & Bradstreet Corp 1,116,266
$1,116,266
INSURANCE --- 5.0%
27,700 American General Corp 2,087,888
17,400 Chubb Capital Corp 1,209,300
25,200 Lincoln National Corp 1,318,262
39,100 SafeCo Corp 1,725,288
59,572 St Paul Companies Inc 1,895,104
19,400 TransAmerica Corp 1,455,000
15,700 XL Capital Ltd 887,050
$10,577,892
MFTG - CONSUMER PRODS. --- 13.7%
30,600 Anheuser-Busch Companies Inc 2,170,672
22,700 Brown-Forman Corp Class B 1,479,745
28,200 Campbell Soup Co 1,307,775
21,600 Dow Jones & Company Inc 1,146,139
37,200 General Mills Inc 2,989,950
30,200 HJ Heinz Co 1,513,775
21,100 Hershey Foods Corp 1,252,813
50,000 International Flavors & Fragrances Inc 2,218,750
33,400 Kellogg Co 1,102,200
31,900 Knight-Ridder Inc 1,752,490
46,300 McCormick & Company Inc (nonvtg) 1,461,321
42,200 Nabisco Group Holdings Corp 825,516
15,300 PepsiCo Inc 591,911
56,050 Philip Morris Companies Inc 2,252,481
25,800 Quaker Oats Co 1,712,475
14,066 RJ Reynolds Tobacco Holdings Inc* 443,079
32,100 RR Donnelley & Sons Co 1,189,690
30,200 Readers Digest Association Inc Class A 1,200,450
26,200 Tupperware Corp 668,100
60,500 UST Inc 1,769,625
4,500 Unilever NV 303,250
$29,352,207
MFTG - INDUSTRIAL PRODS --- 17.2%
30,200 Abbott Laboratories 1,374,100
54,400 American Home Products Corp 3,128,000
9,150 Arch Chemicals Inc 222,455
29,700 Armstrong World Industries Inc 1,717,016
37,400 Consolidated Papers Inc 1,000,450
23,511 Cooper Industries Inc 1,222,572
22,900 Dow Chemical Co 2,905,438
34,800 EI du Pont de Nemours & Co 2,377,258
33,300 Fort James Corp 1,261,238
33,600 Great Lakes Chemical Corp 1,547,683
52,000 Hercules Inc 2,044,224
20,200 Imperial Chemical Industries PLC 802,950
47,500 Kimberly-Clark Corp 2,707,500
28,050 Minnesota Mining & Manufacturing Co 2,438,583
31,300 Nalco Chemical Co 1,623,688
29,100 Olin Corp 383,742
19,900 PPG Industries Inc 1,175,334
64,400 Pall Corp 1,428,843
51,212 Pharmacia & Upjohn Inc 2,909,456
26,800 Reynolds Metals Co 1,581,200
28,000 The Stanley Works 901,236
34,950 USX-Marathon Group 1,138,042
38,900 Witco Corp 778,000
$36,669,008
MINING --- 1.2%
43,200 Inco Ltd 777,600
41,186 Newmont Mining Corp 818,572
15,300 Phelps Dodge Corp 947,636
$2,543,808
OIL & GAS --- 12.2%
33,100 Amerada Hess Corp 1,969,450
35,400 Atlantic Richfield Co 2,958,095
32,569 BP Amoco PLC 3,533,737
56,400 Baker Hughes Inc 1,889,400
27,350 Chevron Corp 2,603,364
45,600 Exxon Corp 3,516,900
27,800 Mobil Corp 2,752,200
16,700 Phillips Petroleum Co 840,210
34,200 Royal Dutch Petroleum Co ADR 2,060,550
38,700 Texaco Inc 2,418,750
40,200 UnoCal Corp 1,592,925
$26,135,581
OTHER TRANS. SERVICES --- 0.4%
14,700 Alexander & Baldwin Inc 327,075
15,000 GATX Corp 570,930
$898,005
RAILROADS --- 2.8%
34,200 Burlington Northern Santa Fe Corp 1,060,200
75,700 Norfolk Southern Corp 2,280,463
45,550 Union Pacific Corp 2,656,112
$5,996,775
REAL ESTATE --- 1.3%
31,400 Crescent Real Estate Equities Inc 745,750
51,796 Simon Property Group Inc 1,314,324
26,700 The Rouse Co 677,513
$2,737,587
RETAIL TRADE --- 2.7%
27,500 Fortune Brands Inc 1,137,813
45,650 Genuine Parts Co 1,597,750
26,400 JC Penney & Co Inc 1,282,037
21,100 May Department Stores Co 862,463
47,200 Toys R Us Inc* 976,426
$5,856,489
TELEPHONE --- 8.7%
53,500 ALLTEL Corp 3,825,239
26,600 BCE Inc 1,311,699
36,600 Bell Atlantic Corp 2,392,725
15,400 BellSouth Corp 721,875
43,600 GTE Corp 3,302,700
80,613 SBC Communications Inc 4,675,554
12,800 Telecomunicacoes Brasileiras SA sponsored ADR 1,154,394
20,900 US West Inc 1,227,875
$18,612,061
TRANSPORTATION EQUIPMENT --- 2.9%
26,800 Allied-Signal Inc 1,688,400
5,396 Delphi Automotive Systems Corp 100,161
12,300 General Motors Corp Series D 811,800
32,200 Lockheed Martin Corp 1,199,450
19,100 TRW Inc 1,048,113
31,300 The Boeing Co 1,383,053
$6,230,977
TOTAL COMMON STOCK --- 95.1% $203,140,076
(Cost $166,832,003)
PREFERRED STOCK
TELEPHONE --- 0.0%
12,800 Telecomunicacoes Brasileiras SA sponsored ADR* 794
$794
TOTAL PREFERRED STOCK --- 0.0% $794
(Cost $96)
SHORT-TERM INVESTMENTS
CREDIT INSTITUTIONS --- 3.9%
8,331,000 Prudential Funding Corp 8,331,000
$8,331,000
TOTAL SHORT-TERM INVESTMENTS --- 3.9% $8,331,000
(Cost $8,331,000)
TOTAL T.ROWE PRICE EQUITY/INCOME PORTFOLIO --- 100.0% $213,539,186
(Cost $177,176,527)
The Maxim Series Fund
T.Rowe Price MidCap Growth Portfolio
COMMON STOCK
COMMUNICATIONS --- 6.9%
7,000 Clear Channel Communications Inc* 482,559
110,200 NOVA Corp* 2,755,000
47,000 OmniPoint Corp* 1,360,039
37,000 Rogers Communications Inc* 598,919
17,000 Univision Communications Inc* 1,122,000
85,000 VoiceStream Wireless Corp* 2,417,145
102,500 Western Wireless Corp* 2,767,500
$11,503,162
CONSUMER SERVICES --- 17.6%
28,000 Biogen Inc* 1,800,736
64,000 Covance Inc* 1,531,968
57,200 Galileo International Inc 3,056,596
48,000 HCR Manor Care Inc* 1,160,976
41,500 Henry Schein Inc* 1,315,011
73,000 Interim Services Inc* 1,505,625
12,900 Mirage Resorts Inc* 216,075
121,000 Omnicare Inc 1,527,625
60,000 Premier Parks Inc* 2,205,000
120,000 Republic Services Inc* 2,970,000
84,500 Romac International Inc* 749,938
53,500 Royal Caribbean Cruises Ltd 2,340,625
56,000 Suiza Foods Corp* 2,345,000
39,000 Teva Pharmaceutical Industries Ltd 1,911,000
88,000 Total Renal Care Holdings Inc* 1,369,456
58,000 United Rentals Inc* 1,711,000
16,600 Wellpoint Health Networks* 1,408,925
$29,125,556
CREDIT INSTITUTIONS --- 2.2%
33,000 Capital One Financial Corp 1,837,671
11,000 Concord EFS Inc* 465,432
65,500 North Fork Bancorporation Inc 1,395,936
$3,699,039
ELECTRONICS - HIGH TECH --- 12.3%
48,000 Analog Devices Inc* 2,408,976
9,000 Citrix Systems Inc* 508,500
5,800 DST Systems Inc* 364,675
13,000 KLA-Tencor Corp* 843,375
49,500 MSC Industrial Direct Company Inc Class A* 507,375
26,000 Maxim Integrated Products Inc* 1,729,000
44,200 Molex Inc 1,392,300
38,000 PMC Sierra Inc* 2,239,606
60,000 SCI Systems Inc* 2,850,000
9,000 Sanmina Corp* 682,875
85,000 Saville Systems PLC sponsored ADR* 1,232,500
3,300 Sepracor Inc* 268,125
18,900 Sterling Commerce Inc* 689,850
37,000 Teleflex Inc 1,607,169
14,300 Waters Corp* 759,688
40,000 Xilinx Inc* 2,290,000
$20,374,014
ENVIRONMENTAL SERVICES --- 0.0%
600 Allied Waste Industries Inc* 11,850
$11,850
FINANCIAL SERVICES --- 2.0%
61,000 CIT Group Inc 1,761,375
57,000 Heller Financial Inc 1,585,284
$3,346,659
HOLDING & INVEST. OFFICES --- 3.1%
3,100 Fairfax Financial Holdings* 832,412
200 Fairfax Financial Holdings Ltd* 53,705
26,000 MGIC Investment Corp 1,264,250
75,000 Waddell & Reed Financial Class A 2,057,775
32,000 Waddell & Reed Financial Class B 864,000
$5,072,142
INDUSTRIAL SERVICES --- 12.7%
60,000 Acxiom Corp* 1,496,220
66,000 Affiliated Computer Services Inc Class A* 3,341,250
20,000 BMC Software Inc* 1,080,000
37,600 Ceridian Corp* 1,229,031
89,000 Ciber Inc* 1,702,125
11,000 Intuit Inc* 991,375
39,700 National Data Corp 1,697,175
80,000 Outdoor Systems Inc* 2,920,000
88,500 Parametric Technology Corp* 1,227,938
28,000 Robert Half International Inc* 728,000
17,800 Shire Pharmaceuticals* 462,800
59,300 Sungard Data System Inc* 2,045,850
38,000 Synopsys Inc* 2,097,106
$21,018,870
INSURANCE --- 2.7%
30,000 Ace Ltd 847,500
10,800 EW Blanch Holdings 736,420
41,000 Protective Life Corp 1,353,000
30,000 Radian Group Inc 1,464,360
$4,401,280
MFTG - CONSUMER PRODS. --- 7.8%
17,500 Catalina Marketing Corp* 1,610,000
71,300 Gartner Group Inc Class A* 1,461,650
77,000 Jones Apparel Group Inc* 2,642,024
31,700 Sodexho Marriott Services* 608,228
53,500 US Foodservice Inc* 2,280,438
51,000 Viad Corp 1,577,787
105,500 Warnaco Group Inc Class A 2,822,125
$13,002,252
MFTG - INDUSTRIAL PRODS --- 6.5%
34,500 Alza Corp* 1,755,188
15,000 Centocor Inc* 699,375
31,500 Danaher Corp 1,830,938
36,200 Gilead Sciences Inc* 1,891,450
26,600 Great Lakes Chemical Corp 1,225,249
18,000 Medimmune Inc* 1,219,500
19,600 Millipore Corp 795,015
31,000 Pentair Inc 1,418,250
$10,834,965
OIL & GAS --- 3.1%
83,500 BJ Services Company USA* 2,457,990
72,900 Ocean Energy Inc* 701,663
44,000 Smith International Inc* 1,911,228
$5,070,881
OTHER TRANS. SERVICES --- 0.2%
10,600 CH Robinson Worldwide Inc 389,550
$389,550
RETAIL TRADE --- 11.2%
39,000 Autozone Inc* 1,174,875
76,000 BJ Wholesale Club Inc* 2,284,712
53,600 Borders Group Inc* 847,523
46,000 Circuit City Stores Inc 4,278,000
83,000 Family Dollar Stores Inc 1,992,000
13,300 General Nutrition Companies Inc* 310,050
31,000 Kroger Co* 866,047
52,000 Outback Steakhouse Inc* 2,044,224
28,000 Saks Inc* 808,500
43,000 ShopKo Stores Inc* 1,558,750
50,000 Whole Foods Market Inc* 2,403,100
$18,567,781
TELEPHONE --- 0.5%
38,000 Crown Castle International Corp* 790,856
$790,856
TRANSPORTATION EQUIPMENT --- 0.6%
54,000 BE Aerospace Inc* 1,009,098
$1,009,098
WHOLESALE TRADE - INDL --- 1.1%
69,000 Sybron International Corp* 1,901,778
$1,901,778
WHOLESALE TRADE -CONSUMER --- 4.0%
62,000 Amerisource Health Corp Class A* 1,581,000
18,000 Costco Companies Inc* 1,441,116
65,000 Ingram Micro Inc* 1,673,750
53,000 Richfood Holdings Inc 934,125
60,000 The Boyds Collection Ltd* 1,038,716
$6,668,707
TOTAL COMMON STOCK --- 94.5% $156,788,440
(Cost $124,377,993)
SHORT-TERM INVESTMENTS
CREDIT INSTITUTIONS --- 4.9%
8,049,000 Prudential Funding Corp 8,049,000
$8,049,000
RETAIL TRADE --- 0.6%
1,000,000 Wal-Mart Stores Inc 1,000,000
$1,000,000
TOTAL SHORT-TERM INVESTMENTS --- 5.5% $9,049,000
(Cost $9,049,000)
TOTAL T.ROWE PRICE MIDCAP GROWTH PORTFOLIO --- 100.0% $165,837,440
(Cost $133,426,993)
The Maxim Series Fund
U.S. Government Mortgage Securities Portfolio
BONDS
AGENCY --- 88.4%
673,245 Federal Home Loan Mortgage Corp 660,184
Pool #N30345
6.500% July 1, 2026
771,198 Federal Home Loan Mortgage Corp 825,567
10.500% October 1, 2005
1,547,932 Federal Home Loan Mortgage Corp 1,663,098
Pool #G00300
9.500% April 1, 2025
575,704 Federal Home Loan Mortgage Corp 592,400
Pool #G10289
8.500% February 1, 2008
742,198 Federal Home Loan Mortgage Corp 774,201
Pool #G10006
10.000% January 1, 2006
522,499 Federal Home Loan Mortgage Corp 554,006
Pool #C90085
9.000% December 1, 2014
1,505,659 Federal Home Loan Mortgage Corp 1,492,711
Pool #E00219
6.500% June 1, 2008
4,854,672 Federal Home Loan Mortgage Corp 4,803,067
7.000% May 1, 2028
338,951 Federal Home Loan Mortgage Corp 356,204
Pool #D91202
8.500% February 1, 2013
971,166 Federal Home Loan Mortgage Corp 934,437
Pool #O30006
6.000% February 1, 2009
534,805 Federal Home Loan Mortgage Corp 545,822
Pool #D91201
7.500% October 1, 2015
2,000,000 Federal Home Loan Mortgage Corp 1,990,000
CMO SER.28 CL.PE
6.800% September 25, 2022
239,085 Federal Home Loan Mortgage Corp 255,678
Pool #884018
9.500% September 1, 2020
2,000,000 Federal Home Loan Mortgage Corp 1,865,000
CMO SER.2102 CL.VB
6.000% August 15, 2013
239,543 Federal Home Loan Mortgage Corp 259,664
Pool #N70005
9.500% November 1, 2020
1,309,183 Federal Home Loan Mortgage Corp 1,360,373
Pool #G00256
8.000% November 1, 2023
4,811,867 Federal Home Loan Mortgage Corp 4,697,104
Pool #O20005
6.500% January 1, 2018
52,634 Federal Home Loan Mortgage Corp 54,813
Pool #730326
8.500% November 1, 2006
883,710 Federal Home Loan Mortgage Corp 945,040
Pool #884002
9.500% June 1, 2020
976,002 Federal Home Loan Mortgage Corp 1,005,575
Pool #D64588
8.000% August 1, 2024
538,262 Federal Home Loan Mortgage Corp 534,096
Pool #E00177
6.500% December 1, 2007
2,500,000 Federal National Mortgage Association 2,528,750
CMO SER.1993-15 CL.H
7.000% December 25, 2007
2,760,264 Federal National Mortgage Association 2,676,573
Pool #261017
6.500% December 1, 2023
3,682,036 Federal National Mortgage Association 3,556,589
Pool #251760
6.000% June 1, 2013
1,154,090 Federal National Mortgage Association 1,166,347
Pool #250060
7.500% June 1, 2024
1,197,912 Federal National Mortgage Association 1,257,089
Pool #250111
8.500% August 1, 2024
2,880,123 Federal National Mortgage Association 2,847,722
Pool #330420
7.000% November 1, 2025
548,115 Federal National Mortgage Association 575,192
Pool #335658
8.500% August 1, 2021
185,830 Federal National Mortgage Association 191,461
Pool #339260
8.000% April 1, 2021
1,558,165 Federal National Mortgage Association 1,507,026
Pool #347434
6.500% June 1, 2026
2,441,230 Federal National Mortgage Association 2,413,010
Pool #346907
7.000% June 1, 2026
623,790 Federal National Mortgage Association 632,267
Pool #367209
7.500% June 1, 2016
1,152,171 Federal National Mortgage Association 1,183,487
Pool #367215
8.000% September 1, 2026
482,891 Federal National Mortgage Association 490,134
Fnma Pool#374210
6.684% March 1, 2027
487,538 Federal National Mortgage Association 492,716
Pool #281429
7.500% May 1, 2024
98,070 Federal National Mortgage Association 99,084
Pool #287606
7.500% September 1, 2024
846,171 Federal National Mortgage Association 836,693
Pool #288916
6.500% May 1, 2011
1,152,753 Federal National Mortgage Association 1,167,524
Pool #288769
7.500% November 1, 2024
59,152 Federal National Mortgage Association 59,743
Pool #289190
7.500% August 1, 2024
574,452 Federal National Mortgage Association 559,189
Pool #291650
6.500% December 1, 2017
82,483 Federal National Mortgage Association 83,331
Pool #294255
7.500% October 1, 2024
272,837 Federal National Mortgage Association 280,095
Pool #302587
8.000% December 1, 2024
1,548,404 Federal National Mortgage Association 1,542,055
Pool #303450
7.000% August 1, 2025
1,028,394 Federal National Mortgage Association 1,081,767
Pool #303583
8.500% April 1, 2025
2,387,643 Federal National Mortgage Association 2,402,685
Pool #313017
7.000% July 1, 2003
449,157 Federal National Mortgage Association 478,757
Pool #316711
9.000% September 1, 2019
4,000,000 Federal National Mortgage Association 3,653,760
AGENCY BENCHMARK NOTE
5.250% January 15, 2009
2,367,146 Federal National Mortgage Association 2,415,910
Fnma Pool #426798
7.500% July 1, 2008
1,873,218 Federal National Mortgage Association 1,759,644
Pool #415745
6.000% April 1, 2028
3,396,283 Federal National Mortgage Association 3,412,178
7.000% December 1, 1999
5,587,859 Federal National Mortgage Association 5,390,496
Pool #426665
6.500% June 1, 2028
4,677,065 Federal National Mortgage Association 4,517,718
Pool #426085
6.000% May 1, 2013
2,794,323 Federal National Mortgage Association 2,695,628
Pool #429036
6.500% July 1, 2028
2,943,266 Federal National Mortgage Association 2,764,815
Pool #443161
6.000% September 1, 2008
5,823,215 Federal National Mortgage Association 5,647,944
Pool #447033
6.500% November 1, 2028
109,614 Federal National Mortgage Association 112,957
Pool #091122
9.500% March 1, 2020
3,173,498 Federal National Mortgage Association 3,166,517
7.000% November 1, 2028
642,904 Federal National Mortgage Association 623,411
Pool #266412
6.500% January 1, 2024
3,241,082 Federal National Mortgage Association 3,238,035
CMO SER.G92-39 CL.ZA
7.000% January 25, 2018
983,016 Federal National Mortgage Association 959,355
6.500% January 1, 2019
972,791 Federal National Mortgage Association 982,519
Pool #278839
7.500% December 1, 2024
3,983,093 Federal National Mortgage Association 3,842,410
Pool 252439
6.500% April 1, 2029
2,744,204 Federal National Mortgage Association 2,771,646
Mf Pool #73232
6.720% November 1, 2002
397,601 Federal National Mortgage Association 401,823
Pool #050796
7.500% September 1, 2023
3,000,000 Federal National Mortgage Association 2,907,300
ABS SER.1998-65 CL.A2
5.850% September 16, 2028
2,500,000 Federal National Mortgage Association 2,492,500
CMO SER.1998-W5 CL.A5
6.500% February 25, 2018
2,000,000 Federal National Mortgage Association 2,000,000
6.500% May 25, 2007
1,250,000 Federal National Mortgage Association 1,262,500
CMO SER.97-28 CL.PD
7.500% July 18, 2023
563,830 Federal National Mortgage Association 567,382
CMO SER.1993-63 CL.D
6.500% May 25, 2008
327,800 Government National Mortgage Association 324,623
Pool #343630
7.000% July 15, 2023
282,336 Government National Mortgage Association 279,600
Pool #345116
7.000% December 15, 2023
229,703 Government National Mortgage Association 227,334
Pool #346023
7.000% February 15, 2024
3,511,564 Government National Mortgage Association 3,574,331
Pool #348622
7.500% April 15, 2023
87,346 Government National Mortgage Association 88,274
Pool #352835
7.500% February 15, 2024
632,598 Government National Mortgage Association 639,511
Pool #357659
7.500% May 15, 2023
36,971 Government National Mortgage Association 37,375
Pool #360300
7.500% June 15, 2023
211,694 Government National Mortgage Association 209,643
Pool #361826
7.000% September 15, 2023
887,001 Government National Mortgage Association 915,296
Pool #365382
8.000% June 15, 2025
330,207 Government National Mortgage Association 348,270
Pool #380118
8.500% July 15, 2024
629,433 Government National Mortgage Association 636,118
Pool #397435
7.500% May 15, 2024
308,490 Government National Mortgage Association 311,476
Pool #404064
7.500% March 15, 2025
2,929,051 Government National Mortgage Association 2,736,817
Pool #471205
6.000% May 15, 2028
365,505 Government National Mortgage Association 362,077
Pool #332076
7.000% November 15, 2022
221,626 Government National Mortgage Association 224,049
Pool #339079
7.500% February 15, 2023
3,650,355 Government National Mortgage Association 3,757,676
Pool #780077
8.000% March 15, 2025
3,298,434 Government National Mortgage Association 3,254,103
7.000% November 15, 2026
670,383 Government National Mortgage Association 677,711
Pool #351163
7.500% August 15, 2023
40,355 Government National Mortgage Association 40,834
Pool #355360
7.500% October 15, 2021
480,384 Government National Mortgage Association 475,730
Pool #358062
7.000% August 15, 2023
88,447 Government National Mortgage Association 89,414
Pool #360618
7.500% July 15, 2023
847,664 Government National Mortgage Association 856,666
Pool #362184
7.500% January 15, 2024
806,455 Government National Mortgage Association 815,018
Pool #376533
7.500% June 15, 2024
93,889 Government National Mortgage Association 92,921
Pool #379840
7.000% March 15, 2024
943,075 Government National Mortgage Association 933,351
Pool #370412
7.000% April 15, 2024
2,871,484 Government National Mortgage Association 2,841,879
Pool #368293
7.000% January 15, 2024
233,274 Government National Mortgage Association II 243,479
Pool #002235
8.500% June 20, 2026
141,938 Government National Mortgage Association II 148,148
Pool #002220
8.500% May 20, 2026
71,531 Government National Mortgage Association II 74,660
Pool #002158
8.500% January 20, 2026
42,874 Government National Mortgage Association II 44,749
Pool #002142
8.500% December 20, 2025
425,363 Government National Mortgage Association II 444,888
Pool #002345
8.500% December 20, 2026
106,441 Government National Mortgage Association II 109,240
Pool #002059
8.000% August 20, 2025
150,920 Government National Mortgage Association II 157,522
Pool #002250
8.500% July 20, 2026
226,494 Government National Mortgage Association II 232,858
Pool #001477
8.000% November 20, 2023
1,467,868 Government National Mortgage Association II 1,441,270
7.000% February 20, 2029
2,000,000 US Department of Veterans Affairs 2,082,400
VENDEE TRUST SER.1997-3 CL.2D
7.500% January 15, 2025
6,979,000 US Department of Veterans Affairs 7,299,336
VENDEE 97-2 K
7.500% February 15, 2010
1,354,000 US Department of Veterans Affairs 1,364,561
VENDEE TRUST SER.1996-3 CL.1E
6.750% August 15, 2020
2,814,323 US Department of Veterans Affairs 2,816,941
VENDEE SER.94-1 CL.2G
6.150% January 15, 2001
5,000,000 US Department of Veterans Affairs 4,963,500
VENDEE SER.1998-3 CL.B
6.500% May 15, 2020
3,000,000 US Department of Veterans Affairs 3,033,600
VENDEE TRUST SER.1998-1 CL.2D
7.000% July 15, 2025
2,000,000 US Department of Veterans Affairs 1,998,200
VENDEE SER.1999-1 CL.2B
6.500% August 15, 2020
$165,070,223
U.S. GOVERNMENTS --- 8.1%
2,500,000 United States of America 2,456,647
Treasury Notes
5.250% May 15, 2004
9,600,000 United States of America 9,703,488
Treasury Notes
6.125% August 15, 2007
3,000,000 United States of America 2,955,000
Treasury Notes
5.625% February 15, 2006
$15,115,135
TOTAL BONDS --- 96.5% $180,185,358
(Cost $181,497,654)
SHORT-TERM INVESTMENTS
CREDIT INSTITUTIONS --- 3.5%
6,492,000 Prudential Funding Corp 6,492,000
$6,492,000
TOTAL SHORT-TERM INVESTMENTS --- 3.5% $6,492,000
(Cost $6,492,000)
TOTAL U.S. GOVERNMENT MORTGAGE SECURITIES PORTFOLIO --- 100.0% $186,677,358
(Cost $187,989,654)
\The Maxim Series Fund
U.S. Government Securities Portfolio
BONDS
AGENCY --- 84.9%
599,748 Federal Home Loan Mortgage Corp 584,823
Pool #E57977
6.000% April 1, 2009
488,891 Federal Home Loan Mortgage Corp 476,962
Pool #M70044
6.000% March 1, 2009
948,578 Federal Home Loan Mortgage Corp 930,176
Pool #30148
6.500% August 1, 2023
830,243 Federal Home Loan Mortgage Corp 818,827
Pool #E67684
6.500% September 1, 2012
490,843 Federal Home Loan Mortgage Corp 478,489
Pool #E58713
6.000% May 1, 2009
681,536 Federal Home Loan Mortgage Corp 783,766
Pool #N70016
11.000% July 1, 2020
1,005,376 Federal Home Loan Mortgage Corp 1,044,686
Pool #G00256
8.000% November 1, 2023
1,093,143 Federal Home Loan Mortgage Corp 1,065,629
Pool #G10331
6.000% September 1, 2009
834,573 Federal Home Loan Mortgage Corp 828,114
Pool #E00177
6.500% December 1, 2007
74,852 Federal Home Loan Mortgage Corp 73,143
Pool #E00241
6.000% October 1, 2008
407,601 Federal Home Loan Mortgage Corp 432,493
Pool #260025
10.250% October 1, 2010
157,336 Federal Home Loan Mortgage Corp 165,743
Pool #220010
8.750% August 1, 2001
58,092 Federal Home Loan Mortgage Corp 61,087
Pool #730096
10.000% July 1, 2005
147,565 Federal Home Loan Mortgage Corp 143,851
Pool #E55428
6.000% January 1, 2009
1,000,000 Federal Home Loan Mortgage Corp 932,500
CMO SER.2102 CL.VB
6.000% August 15, 2013
336,965 Federal Home Loan Mortgage Corp 362,035
Pool #G00300
9.500% April 1, 2025
267,538 Federal Home Loan Mortgage Corp 260,804
Pool #G10257
6.000% July 1, 2009
1,120,900 Federal Home Loan Mortgage Corp 1,151,724
Pool #G00411
8.000% November 1, 2025
3,108,000 Federal National Mortgage Association 3,019,422
CMO SER.1999-T1 CL.A5
6.000% January 25, 2029
2,367,146 Federal National Mortgage Association 2,415,910
Fnma Pool #426798
7.500% July 1, 2008
3,000,000 Federal National Mortgage Association 2,740,320
AGENCY BENCHMARK NOTE
5.250% January 15, 2009
2,978,694 Federal National Mortgage Association 2,896,780
Pool# 449466
6.500% November 1, 2028
995,176 Federal National Mortgage Association 961,270
Pool #331689
6.500% February 1, 2026
1,873,218 Federal National Mortgage Association 1,759,644
Pool #415745
6.000% April 1, 2028
366,676 Federal National Mortgage Association 366,676
CMO Series 1993-68 Class Z
6.000% May 25, 2008
2,000,000 Federal National Mortgage Association 1,995,000
CMO SER.1998-W3 CL.A3
6.500% July 25, 2028
1,000,000 Federal National Mortgage Association 1,000,000
6.500% May 25, 2007
240,674 Federal National Mortgage Association 253,911
Pool #039271
8.950% December 1, 2016
488,351 Federal National Mortgage Association 512,617
Pool #124652
8.500% July 1, 2022
3,297,833 Federal National Mortgage Association 3,181,354
6.500% August 1, 2028
1,384,505 Federal National Mortgage Association 1,381,459
7.000% November 1, 2028
798,159 Federal National Mortgage Association 789,219
Pool #288916
6.500% May 1, 2011
1,966,032 Federal National Mortgage Association 1,918,709
6.500% January 1, 2019
343,206 Federal National Mortgage Association 347,805
Pool #288735
7.500% August 1, 2024
914,429 Federal National Mortgage Association 926,683
Pool #288748
7.500% September 1, 2024
439,494 Federal National Mortgage Association 445,383
Pool #288761
7.500% October 1, 2024
1,073,865 Federal National Mortgage Association 1,069,463
Pool #303450
7.000% August 1, 2025
1,384,717 Federal National Mortgage Association 1,456,583
Pool #303583
8.500% April 1, 2025
676,377 Government National Mortgage Association 724,806
Pool #248357
9.000% July 15, 2018
1,156,817 Government National Mortgage Association 1,172,319
Pool #399917
7.500% April 15, 2026
4,864,938 Government National Mortgage Association 4,820,668
Pool #417239
7.000% February 15, 2026
54,801 Government National Mortgage Association II 58,549
Pool #001831
9.500% May 20, 2022
894,437 Government National Mortgage Association II 899,463
Pool #2691
7.500% December 20, 2028
1,467,868 Government National Mortgage Association II 1,441,270
7.000% February 20, 2029
1,683,297 Government National Mortgage Association II 1,692,757
Pool #2660
7.500% October 20, 2028
539,034 Government National Mortgage Association II 553,211
Pool #002059
8.000% August 20, 2025
633,248 Government National Mortgage Association II 662,314
Pool #002345
8.500% December 20, 2026
1,000,000 US Department of Veterans Affairs 1,029,400
VENDEE TRUST SER.1997-3 CL.2B
7.500% August 15, 2018
1,550,000 US Department of Veterans Affairs 1,562,090
VENDEE TRUST SER.1996-3 CL.1E
6.750% August 15, 2020
1,000,000 US Department of Veterans Affairs 1,006,870
VENDEE TR.SER.1995-3 CL.1C
7.250% July 15, 2014
1,407,162 US Department of Veterans Affairs 1,408,470
VENDEE SER.94-1 CL.2G
6.150% January 15, 2001
839,411 US Department of Veterans Affairs 840,981
VENDE CMO SER.1992-2 CL.D
7.000% September 15, 2015
2,492,000 US Department of Veterans Affairs 2,521,156
VENDEE TRUST SER.1996-1 CL.1D
6.750% October 15, 2016
$60,427,384
U.S. GOVERNMENTS --- 9.5%
6,700,000 United States of America 6,772,226
Treasury Notes
6.125% August 15, 2007
$6,772,226
TOTAL BONDS --- 94.4% $67,199,610
(Cost $67,497,496)
SHORT-TERM INVESTMENTS
CREDIT INSTITUTIONS --- 5.6%
500,000 Ford Motor Credit Co 499,932
3,481,000 Prudential Funding Corp 3,481,000
$3,980,932
TOTAL SHORT-TERM INVESTMENTS --- 5.6% $3,980,932
(Cost $3,980,932)
TOTAL U.S. GOVERNMENT SECURITIES PORTFOLIO --- 100.0% $71,180,542
(Cost $71,478,428)
The Maxim Series Fund
Value Index Portfolio
COMMON STOCK
AGENCY --- 0.7%
39,200 Federal National Mortgage Association (nonvtg) 2,680,300
$2,680,300
AGRICULTURE --- 0.0%
4,100 Agco Corp 46,379
2,500 Dole Food Company Inc 73,438
$119,817
AIR --- 1.0%
12,300 AMR Corp* 839,475
3,300 Airborne Freight Corp 91,367
4,700 Continental Airlines Inc Class B* 176,838
9,500 Delta Air Lines Inc 547,438
18,640 FDX Corp* 1,011,220
1,900 Northwest Airlines Corp* 61,750
1,600 Pittston Burlington Group 42,800
22,550 Southwest Airlines Co 701,869
1,100 UAL Corp* 71,500
4,900 US Air Group Inc* 213,454
$3,757,711
COMMUNICATIONS --- 6.8%
6,200 AH Belo Corp Class A 122,059
205,788 AT&T Corp 11,485,440
13,576 AT&T Corp Liberty Media Group* 498,918
300 BHC Communications Inc 39,000
27,724 CBS Corp* 1,204,247
6,900 Cabletron Systems Inc* 89,700
6,500 Cablevision Systems Corp* 455,000
1,005 Chris-Craft Industries Inc* 47,361
4,688 Clear Channel Communications Inc* 323,177
13,400 Comcast Corp Class A 515,056
3,400 Comsat Corp 110,500
4,200 Cox Communications Inc* 154,610
12,400 Gannett Company Inc 885,050
4,100 General Instrument Corp* 174,250
19,500 Level 3 Communications Inc* 1,171,209
31,000 MediaOne Group Inc 2,305,625
400 Metro-Goldwyn-Mayer Inc* 7,300
9,800 Nextel Communications Inc* 491,833
900 PanAmStat Corp* 35,043
1,400 Qualcomm Inc 200,900
1,700 Scripps Howard Broadcasting Co Class A 80,855
1,300 Sinclair Broadcast Group Inc Class A* 21,288
1,100 TCA Cable TV Inc 61,050
2,100 Telephone & Data Systems Inc 153,430
38,900 Time Warner Inc 2,859,150
5,700 USA Networks Inc* 228,713
420 United States Cellular Corp* 22,470
24,500 Viacom Inc Class B* 1,078,000
$24,821,234
CONSTRUCTION --- 0.1%
4,000 Centex Corp 150,248
5,450 Clayton Homes Inc 62,332
2,000 Johns Manville Corp 26,000
1,300 Lennar Corp 31,200
$269,780
CONSUMER SERVICES --- 1.6%
4,100 AMF Bowling Inc* 34,592
4,200 Allergan Inc 465,150
3,000 Bausch & Lomb Inc 229,500
2,600 Baxter International Inc 157,625
4,100 Beverly Enterprises Inc* 33,054
3,400 CR Bard Inc 162,561
900 Capstar Broadcasting Corp* 24,638
41,900 Columbia/HCA Healthcare Corp 955,823
2,200 Convergys Corp* 42,350
980 Crestline Capital Corp* 16,476
5,000 Foundation Health Systems* 75,000
3,000 Genzyme Corp 145,500
537 Genzyme Surgical Products* 2,366
1,800 H&R Block Inc 90,000
2,400 HCR Manor Care Inc* 58,049
9,200 HEALTHSOUTH Corp* 137,420
8,800 HRPT Properties Trust 134,746
5,200 Harrah's Entertainment Inc* 114,400
9,900 Hilton Hotels Corp 140,451
5,500 Humana Inc* 71,154
8,600 IMS Health Inc 268,750
2,900 Integrated Health Services Inc* 23,200
263 Interstate Hotels Corp* 1,085
4,000 King World Productions Inc* 139,248
1,205 LifePoint Hospitals Inc* 16,192
1,000 MGM Grand Inc* 49,000
4,400 Mandalay Resort Group* 92,950
7,800 Mirage Resorts Inc* 130,650
600 Omnicare Inc 7,575
2,046 Pacific Health Systems* 147,183
3,700 Park Place Entertainment Corp* 35,842
7,893 Patriot American Hospitality 32,559
400 Penton Media Inc 9,700
1,100 Promus Hotel Corp* 34,100
700 Sabre Group Holdings Inc* 48,125
5,700 Service Corporation International 109,725
3,200 St Jude Medical Inc* 114,000
11,800 Starwood Hotels & Resorts Worldwide Inc 360,632
800 Steelcase Inc 16,000
2,000 Stewart Enterprises Inc Class A 29,124
12,487 Tenet Healthcare Corp* 231,784
1,205 Triad Hospitals Inc* 16,268
2,700 Trigon Healthcare Inc* 98,213
7,200 United Healthcare Corp 450,900
500 Universal Health Services Inc Class B* 23,875
1,600 Varian Medical Systems Inc 40,400
3,200 Wellpoint Health Networks* 271,600
$5,889,535
CREDIT INSTITUTIONS --- 7.5%
11,287 AmSouth Bancorp 261,712
5,300 American Express Co 689,663
4,200 Associated Banc-Corp 174,300
14,804 Associates First Capital Corp 655,995
3,655 Astoria Financial Corp 160,590
19,540 BB&T Corp 716,864
1,900 Bank United Corp Class A 76,355
43,200 Bank of New York Company Inc 1,584,878
19,880 BankBoston Corp 1,016,365
11,218 Charter One Financial Inc 311,995
2,600 City National Corp 97,336
6,200 Colonial Bancgroup Inc 86,409
10,450 Comerica Inc 621,117
4,037 Commerce Bancshares Inc 162,489
7,700 Compass Bancshares Inc 209,825
6,900 Countrywide Credit Industries Inc 294,975
7,400 First American Corp 307,559
11,425 First Security Corp 311,331
8,600 First Tennessee National Corp 329,483
61,288 First Union Corp 2,880,536
3,400 First Virginia Banks Inc 167,025
5,500 FirstMerit Corp 154,341
3,300 Golden West Financial Corp 323,400
23,226 Household International Inc 1,100,332
14,136 Huntington Bancshares Inc 494,760
11,700 JP Morgan & Co Inc 1,643,850
30,564 Keycorp 981,869
7,100 Marshall & Ilsley Corp 457,063
29,984 Mellon Bank Corp 1,090,668
9,650 Mercantile Bancorporation Inc 551,256
4,750 Mercantile Bankshares Corp 168,031
21,540 National City Corp 1,410,870
9,000 North Fork Bancorporation Inc 191,808
6,652 Old Kent Financial Corp 279,384
20,265 PNC Bank Corp 1,167,771
5,400 Pacific Century Financial Corp 116,435
1,700 Peoples Bank of Bridgeport 51,743
9,300 Popular Inc 281,902
14,887 Regions Financial Corp 572,212
2,700 State Street Corp 230,513
21,392 Suntrust Banks Inc 1,485,396
5,900 Synovus Financial Corp 117,263
5,100 TCF Financial Corp 142,163
1,200 US Trust Corp 111,000
9,633 Union Planters Corp 430,470
2,100 Unionbancal Corp 75,863
3,550 Valley National Bancorp 102,063
13,642 Wachovia Corp 1,167,237
3,828 Washington Federal Inc 85,889
32,049 Washington Mutual Inc 1,133,733
2,100 Wilmington Trust Co 120,488
600 Zions Bancorp 38,100
$27,394,675
ELECTRIC --- 4.8%
8,200 Allegheny Energy Inc 262,908
5,300 Alliant Energy Corp 150,388
9,157 Ameren Corp 351,400
12,900 American Electric Power Company Inc 484,550
3,200 BEC Energy 132,000
7,000 CMS Energy Corp 293,125
10,100 Carolina Power & Light Co 432,401
14,300 Central & South West Corp 334,263
10,116 Cinergy Corp 323,712
17,645 Citizens Utilities Co* 196,301
5,900 Conectiv Inc 144,178
15,700 Consolidated Edison Inc 710,425
10,950 DPL Inc 201,206
5,200 DQE Inc 208,650
9,800 DTE Energy Co 392,000
13,000 Dominion Resources Inc 563,056
24,445 Duke Energy Corp 1,329,197
23,400 Edison International 625,950
8,600 Energy East Corp 223,600
16,579 Entergy Corp 518,094
10,800 FPL Group Inc 589,950
15,952 Firstenergy Corp 494,512
6,100 Florida Progress Corp 252,003
8,600 GPU Inc 362,808
4,800 Illinova Corp 130,800
5,500 Ipalco Enterprises Inc 116,529
4,100 Kansas City Power & Light Co 104,550
8,708 LG&E Energy Corp 182,868
2,700 MidAmerican Energy Holdings Co* 93,488
3,700 Montana Power Co 260,850
4,000 New England Electric System 200,500
7,900 NiSource Inc 203,915
12,800 Niagara Mohawk Holdings Inc* 205,594
9,200 Northeast Utilities* 162,720
10,300 Northern States Power Co 249,126
10,698 PP&L Resources Inc 328,964
20,100 PacifiCorp 369,338
15,100 Peco Energy Co 632,313
5,700 Pinnacle West Capital Corp 229,425
8,000 Potomac Electric Power Co 235,496
14,900 Public Service Enterprise Group Inc 609,038
5,700 Puget Sound Power & Light Co 137,866
7,000 Scana Corp 163,625
46,900 Southern Co 1,242,850
8,900 Teco Energy Inc 202,475
19,017 Texas Utilities Co 784,451
14,600 Unicom Corp 563,005
6,000 Utilicorp United Inc 145,872
4,500 Western Resources Inc 119,813
7,700 Wisconsin Energy Corp 192,977
$17,445,125
ELECTRONICS - HIGH TECH --- 9.9%
1,200 AVX Corp 29,250
4,000 Adaptec Inc* 141,248
2,700 Adobe Systems Inc 221,821
8,500 Advanced Micro Devices Inc* 153,527
1,300 Analog Devices Inc* 65,243
1,700 Andrew Corp* 32,193
9,100 Apple Computer Inc* 421,439
6,100 Applied Materials Inc* 450,638
3,900 Atmel Corp* 102,129
2,300 Avnet Inc 106,950
5,200 Black & Decker Corp 328,250
800 DST Systems Inc* 50,300
200 Dentsply International Inc 5,600
3,400 Diebold Inc 97,750
20,500 Eastman Kodak Co 1,388,875
26,700 Emerson Electric Co 1,678,763
5,400 Harris Corp 211,610
32,200 Hewlett-Packard Co 3,236,100
6,300 Honeywell Inc 730,013
3,700 Hubbell Inc Class B 167,888
107,600 International Business Machines Corp 13,907,243
5,300 Johnson Controls Inc 367,354
3,400 KLA-Tencor Corp* 220,575
6,400 LSI Logic Corp* 295,200
2,200 Litton Industries Inc* 157,850
800 MSC Industrial Direct Company Inc Class A* 8,200
2,400 Maytag Corp 167,249
11,600 Micron Technology Inc* 467,619
2,800 Molex Inc 103,600
27,900 Motorola Inc 2,643,525
7,131 NCR Corp* 348,078
8,900 National Semiconductor Corp* 225,277
21,200 Novell Inc* 561,800
25,852 PG&E Corp 840,190
2,100 Pittway Corp Class A 71,793
2,400 Polaroid Corp 66,300
3,700 Quantum Corp* 89,263
22,700 Raytheon Co 1,597,513
800 SCI Systems Inc* 38,000
2,300 Scientific-Atlanta Inc 82,800
11,300 Seagate Technology Inc* 289,563
12,600 Silicon Graphics Inc* 206,325
700 Storage Technology Corp* 15,925
2,800 Tektronix Inc 84,524
2,200 Teleflex Inc 95,561
2,900 Teradyne Inc* 208,075
10,300 Texas Instruments Inc 1,493,500
6,800 Thermo Electron Corp* 136,422
100 Thermo Instrument Systems Inc* 1,688
3,700 Thomas & Betts Corp 174,825
17,500 Unisys Corp* 681,398
800 Varian Semiconductor Equipment Associates Inc* 13,600
900 Vitesse Semiconductor Corp* 60,693
5,200 WW Grainger Inc 279,822
4,800 Whirlpool Corp 355,200
2,650 York International Corp 113,452
$36,089,589
ENVIRONMENTAL SERVICES --- 0.3%
10,659 Browning-Ferris Industries Inc 458,337
3,300 Ogden Corp 88,892
12,225 Waste Management Inc 657,094
$1,204,323
FINANCIAL SERVICES --- 0.5%
2,500 CIT Group Inc 72,188
38,230 Fleet Financial Group Inc 1,696,456
2,700 Heller Financial Inc 75,092
500 Ocwen Financial Corp* 4,438
$1,848,174
FORESTRY --- 0.9%
3,500 Boise Cascade Corp 150,063
6,200 Georgia-Pacific Corp (Timber Group) 156,550
11,800 Georgia-Pacific Group 559,025
27,549 International Paper Co 1,391,225
7,200 Louisiana-Pacific Corp 171,000
13,400 Weyerhaeuser Co 921,250
$3,349,113
GAS --- 1.1%
5,600 Columbia Energy Group 351,047
6,400 Consolidated Natural Gas Co 388,800
3,900 KN Energy Inc 52,163
9,488 KeySpan Corp 250,246
5,500 MCN Corp 114,125
2,600 National Fuel Gas Co 126,100
7,700 New Century Energies Inc 298,852
3,200 Nicor Inc 121,798
500 Peoples Energy Corp 18,844
5,700 Questar Corp 109,013
17,919 Reliant Energy Inc 495,012
7,000 Sonat Inc 231,875
11,400 Tenneco Inc 272,175
25,261 Williams Companies Inc 1,075,159
$3,905,209
HOLDING & INVEST. OFFICES --- 10.4%
74,653 Bank One Corp 4,446,482
117,034 Bank of America Corp 8,579,997
1,800 Centura Banks Inc 101,475
56,932 Chase Manhattan Corp 4,931,735
10,551 Cincinnati Financial Corp 396,317
194,550 Citigroup Inc 9,241,125
10,100 Constellation Energy Group 299,213
7,500 Dime Bancorp Inc 150,938
5,600 Duke Realty Investments Inc 126,347
5,800 Equitable Companies Inc 388,600
900 Federated Investors Inc 16,143
5,037 Fifth Third Bancorp 335,273
2,800 Finova Group Inc 147,350
21,492 Firstar Corp 601,776
8,500 Golden State Bancorp* 187,000
4,600 Green Point Financial Corp 150,935
10,500 Hibernia Corp 164,714
3,500 Keystone Financial Inc 103,467
2,900 Kimco Realty Corp 113,463
850 Liberty Financial Companies Inc 24,756
4,500 Liberty Property Trust 111,938
293 M & T Bank Corp 161,150
4,100 Northern Trust Corp 397,700
7,000 Peoples Heritage Financial Group Inc 131,684
4,733 Prologis Trust 95,843
1,700 Provident Financial Group Inc 74,375
5,000 Public Storage Inc 140,000
7,100 Republic New York Corp 484,128
11,150 Southtrust Corp 427,881
10,100 Sovereign Bancorp Inc 122,463
11,700 Summit Bancorp 489,200
9,584 U S Bancorp 325,856
6,650 US Industries Inc 113,050
3,551 Waddell & Reed Financial Class A 97,429
102,530 Wells Fargo Co 4,383,158
62 Wesco Financial Corp 19,220
$38,082,181
INDEPENDENT POWER PROD --- 0.0%
5,400 OGE Energy Corp 128,250
$128,250
INDUSTRIAL SERVICES --- 0.9%
3,800 AC Nielsen Corp* 114,950
600 Affiliated Computer Services Inc Class A* 30,375
6,100 Arrow Electronics Inc* 115,900
5,800 Comdisco Inc 148,625
5,500 Deluxe Corp 214,154
6,800 Dun & Bradstreet Corp 240,972
3,000 EG&G Inc 106,875
23,100 Electronic Data Systems Corp 1,306,582
10,000 First Data Corp 489,370
450 Fiserv Inc* 14,090
5,100 Fluor Corp 206,550
300 Kelly Services Inc Class A 9,638
2,700 National Service Industries Inc 97,200
1,900 Pitney Bowes Inc 122,075
500 Policy Management Systems Corp* 15,000
2,420 RH Donnelley Corp 47,340
2,700 Reynolds & Reynolds Co Class A 62,942
3,400 Sterling Software Inc* 90,736
$3,433,374
INSURANCE --- 6.8%
4,600 20th Century Industries 86,825
13,350 AON Corp 550,688
8,700 Aetna Inc 778,102
14,300 Aflac Inc 684,613
296 Allegheny Generating Co* 54,760
4,099 Allmerica Financial Corp 249,268
51,806 Allstate Corp 1,858,540
3,800 Ambac Inc 217,075
2,200 American Bankers Insurance Group Inc 119,761
2,300 American Financial Group Inc 78,343
16,925 American General Corp 1,275,722
65,869 American International Group Inc 7,710,757
700 American National Insurance Co 49,875
1,300 CNA Financial Corp* 52,406
11,000 Chubb Capital Corp 764,500
13,700 Cigna Corp 1,219,300
13,499 Conseco Inc 410,869
4,500 Erie Indemnity Co Class A 128,250
2,800 Everest Reinsurance Holdings Inc 91,350
2,000 Financial Security Assurance Holdings Ltd 104,000
3,800 Fremont General Corp 71,725
14,400 Hartford Financial Services Group Inc 839,693
1,400 Hartford Life Class A 73,675
3,000 Horace Mann Educators Corp 81,561
7,100 Jefferson-Pilot Corp 469,928
2,600 Leucadia National Corp 65,975
13,600 Lincoln National Corp 711,443
5,200 Loews Corp 411,450
6,700 MBIA Inc 433,825
17,300 Marsh & McLennan Companies Inc 1,306,150
1,000 Mercury General Corp 34,000
1,400 Nationwide Financial Services Inc 63,350
2,100 Ohio Casualty Corp 75,863
9,325 Old Republic International Corp 161,434
1,900 Orion Capital Corp 68,163
4,400 Protective Life Corp 145,200
5,906 Provident Companies Inc 236,240
4,400 Reliance Group Holdings Inc 32,723
6,000 Reliastar Financial Corp 262,500
9,200 SafeCo Corp 405,950
15,162 St Paul Companies Inc 482,334
1,400 The PMI Group Inc 87,937
9,500 Torchmark Corp 324,188
8,400 TransAmerica Corp 630,000
1,200 Transatlantic Holdings Inc 89,924
3,800 Travelers Property Casualty Corp 148,675
3,500 Unitrin Inc 143,500
8,600 Unum Corp 470,850
$24,813,260
MFTG - CONSUMER PRODS. --- 3.4%
2,600 Alberto-Culver Co Class B 69,225
4,400 American Greetings Corp Class A 132,550
26,600 Anheuser-Busch Companies Inc 1,886,924
39,826 Archer-Daniels-Midland Co 614,794
5,000 Bestfoods 247,500
3,100 Brown-Forman Corp Class B 202,080
6,200 Brunswick Corp 172,825
1,700 Central Newspapers Inc 63,963
200 Clorox Co 21,362
1,500 CompUSA Inc* 11,156
15,100 ConAgra Inc 402,038
1,900 Dean Foods Co 78,968
3,400 Dow Jones & Company Inc 180,411
5,000 General Mills Inc 401,875
12,400 HJ Heinz Co 621,550
3,100 Harcourt General Inc 159,842
1,700 Harte-Hanks Inc 46,113
11,400 Hasbro Inc 318,482
1,900 Hershey Foods Corp 112,813
400 Hillenbrand Industries Inc 17,300
2,900 Hormel Foods Corp 116,725
5,600 IBP Inc 133,000
7,500 Ikon Office Solutions Inc 112,500
5,600 International Flavors & Fragrances Inc 248,500
1,600 Interstate Bakeries Co 35,899
7,200 Kellogg Co 237,600
5,300 Knight-Ridder Inc 291,166
550 Lancaster Colony Corp 18,975
4,800 Leggett & Platt Inc 133,498
3,500 Liz Claiborne Inc 127,750
13,100 Masco Corp 378,263
3,100 McCormick & Company Inc (nonvtg) 97,842
11,200 McGraw-Hill Companies Inc 604,094
1,900 Mohawk Industries Inc* 57,713
22,474 Nabisco Group Holdings Corp 439,636
3,500 Nabisco Holdings Corp Class A 151,375
10,800 New York Times Co Class A 397,570
3,500 Premark International Inc 131,250
4,000 Primedia Inc* 67,748
300 Pulitzer Inc 14,569
2,900 Quaker Oats Co 192,488
7,324 RJ Reynolds Tobacco Holdings Inc* 230,706
6,800 RR Donnelley & Sons Co 252,022
3,100 Ralston-Ralston Purina Group 94,355
4,900 Readers Digest Association Inc Class A 194,775
7,400 Shaw Industries Inc* 122,100
500 Sodexho Marriott Services* 9,594
500 Tiffany & Co 48,250
3,700 Tribune Co 322,363
2,000 Tupperware Corp 51,000
7,400 Tyson Foods Inc Class A 166,500
1,400 US Foodservice Inc* 59,675
7,100 UST Inc 207,675
600 Unifi Inc* 12,750
6,600 VF Corp 282,150
1,600 Warnaco Group Inc Class A 42,800
425 Washington Post Co Class B 228,544
4,700 Whitman Corp 84,600
7,500 Willamette Industries Inc 345,465
500 Wm Wrigley Jr Co 45,000
$12,550,256
MFTG - INDUSTRIAL PRODS --- 7.6%
12,100 3Com Corp* 322,913
7,200 Abbott Laboratories 327,600
15,500 Air Products & Chemicals Inc 623,875
10,200 Allegheny Teledyne Inc 230,775
6,000 American Home Products Corp 345,000
1,150 Arch Chemicals Inc 27,959
2,400 Armstrong World Industries Inc 138,749
2,800 Bemis Company Inc 111,300
3,700 Bowater Inc 174,825
2,600 Cabot Corp 62,886
3,600 Callaway Golf Co 52,650
1,600 Carlisle Companies Inc 77,000
4,900 Case Corp 235,813
23,900 Caterpillar Inc 1,434,000
6,400 Champion International Corp 306,400
800 Chiron Corp* 16,600
3,400 Conexant Systems Inc* 197,411
4,000 Consolidated Papers Inc 107,000
5,900 Cooper Industries Inc 306,800
4,700 Cooper Tire & Rubber Co 111,038
2,300 Cordant Technologies Inc 103,930
3,725 Crane Co 117,103
6,900 Crown Cork & Seal Company Inc 196,650
500 Cytec Industries Inc* 15,938
400 Danaher Corp 23,250
15,600 Deere & Co 618,150
11,800 Dover Corp 413,000
14,800 Dow Chemical Co 1,877,750
56,700 EI du Pont de Nemours & Co 3,873,290
5,400 Eastman Chemical Co 279,450
7,000 Engelhard Corp 158,375
4,730 Fulton Financial Corp 97,850
10,500 Goodyear Tire & Rubber Co 617,526
3,500 Great Lakes Chemical Corp 161,217
3,300 Harnischfeger Industries Inc 6,600
2,600 Harsco Corp 83,200
4,600 Hercules Inc 180,835
5,100 ICN Pharmaceuticals Inc 164,154
7,720 IMC Global Inc 136,065
6,200 ITT Industries Inc 236,375
11,100 Ingersoll-Rand Co 717,338
1,100 International Specialty Products Inc* 11,206
18,000 Iomega Corp* 88,866
1,900 Kennametal Inc 58,900
3,832 Kimberly-Clark Corp 218,424
2,200 Lafarge Corp 77,961
4,000 Lear Corp* 199,000
3,700 Lubrizol Corp 100,825
2,700 Lyondell Petrochemical Co 55,688
4,900 Mallinckrodt Inc 178,238
3,165 Martin Marietta Materials Inc 186,735
6,800 Mead Corp 283,900
5,200 Millennium Chemicals Inc 122,522
15,700 Minnesota Mining & Manufacturing Co 1,364,911
4,400 Nalco Chemical Co 228,250
5,500 Nucor Corp 260,904
3,100 Olin Corp 40,880
7,100 Owens-Illinois Inc* 232,078
500 PE Corp-PE Biosystems Group* 8,094
11,700 PPG Industries Inc 691,025
7,400 Pall Corp 164,184
7,350 Parker Hannifin Corp 336,263
2,300 Pentair Inc 105,225
34,100 Pharmacia & Upjohn Inc 1,937,289
8,400 Praxair Inc 411,071
7,625 RPM Inc 108,176
3,000 Raychem Corp 111,000
4,300 Reynolds Metals Co 253,700
10,300 Rockwell International Corp 625,725
11,023 Rohm & Haas Co 472,611
9,800 Sherwin-Williams Co 271,950
6,700 Sigma Aldrich Corp 230,728
5,161 Smurfit - Stone Container Corp* 106,120
4,000 Snap-On Inc 144,748
7,500 Solutia Inc 159,840
6,440 Sonoco Products Co 192,794
1,500 Southdown Inc 96,375
1,900 St Joe Corp 51,300
3,700 Temple-Inland Inc 252,525
3,500 The BF Goodrich Co 148,750
2,400 The Stanley Works 77,249
3,500 The Timken Co 68,250
3,000 Trinity Industries Inc 100,500
1,600 USG Corp 89,600
20,800 USX-Marathon Group 677,290
5,900 USX-US Steel Group 159,300
8,300 Union Carbide Corp 404,625
700 Varian Inc* 9,450
4,000 WR Grace & Co* 73,500
3,800 Western Digital Corp* 24,700
5,950 Westvaco Corp 172,550
3,300 Witco Corp 66,000
5,000 Worthington Industries Inc 82,185
$27,882,620
MINING --- 0.7%
24,616 Alcoa Inc 1,523,115
6,100 Cyprus Amax Minerals Co 92,641
16,200 Homestake Mining Co 132,629
11,227 Newmont Mining Corp 223,137
3,900 Phelps Dodge Corp 241,554
6,000 Vulcan Materials Co 289,500
$2,502,576
OIL & GAS --- 9.6%
5,400 Amerada Hess Corp 321,300
2,200 Anadarko Petroleum Corp 80,986
5,900 Apache Corp 230,100
4,500 Ashland Inc 180,563
21,600 Atlantic Richfield Co 1,804,939
2,400 BJ Services Company USA* 70,649
10,700 Baker Hughes Inc 358,450
11,972 Burlington Resources Inc 517,789
43,900 Chevron Corp 4,178,709
12,800 Coastal Corp 512,000
1,700 Dynegy Inc 34,638
7,626 El Paso Energy Corp 268,336
22,258 Enron Corp 1,819,592
4,300 Enron Oil & Gas Co 87,075
2,300 Ensco International Inc 45,855
163,600 Exxon Corp 12,617,650
11,100 Halliburton Co 502,275
3,500 Kerr-McGee Corp 175,655
52,400 Mobil Corp 5,187,600
2,700 Murphy Oil Corp 131,792
1,800 Nabors Industries Inc* 43,987
3,400 Noble Affiliates Inc 95,836
2,100 Noble Drilling Corp* 41,343
23,400 Occidental Petroleum Corp 494,325
2,000 PennzEnergy Co 33,374
5,200 Pennzoil-Quakers State Co 78,000
14,100 Phillips Petroleum Co 709,399
7,000 Pioneer Natural Resources Co 77,000
2,000 Rowan Companies Inc* 36,874
14,619 Sempra Energy 330,755
5,700 Sunoco Inc 172,066
36,101 Texaco Inc 2,256,313
10,400 Tosco Corp 269,745
5,900 Ultramar Diamond Shamrock Corp 128,691
17,000 Union Pacific Resources Group Inc 277,304
16,300 UnoCal Corp 645,888
3,400 Valero Energy Corp 72,886
600 Vastar Resources Inc 31,462
1,105 Weatherford International* 40,471
$34,961,672
OTHER TRANS. SERVICES --- 0.1%
1,800 FMC Corp* 122,962
3,400 GATX Corp 129,411
4,900 Ryder System Inc 127,400
2,200 Tidewater Inc 67,100
$446,873
RAILROADS --- 0.9%
31,646 Burlington Northern Santa Fe Corp 981,026
14,600 CSX Corp 661,555
25,600 Norfolk Southern Corp 771,200
16,656 Union Pacific Corp 971,245
$3,385,026
REAL ESTATE --- 0.9%
4,900 AMB Property Corp 115,150
1,200 Amresco Inc* 7,724
3,700 Apartment Investment & Management Co Class A 158,175
6,500 Archstone Communities Trust 142,591
4,300 Arden Realty Inc 105,888
4,400 Avalonbay Communities Inc 162,800
2,700 CCB Financial Corp 142,763
4,800 CarrAmerica Realty Corp 120,000
7,000 Cornerstone Properties Inc 111,125
6,900 Crescent Real Estate Equities Inc 163,875
17,500 Equity Office Properties 448,438
7,900 Equity Residential Properties Trust 355,990
4,100 Highwood Properties Inc 112,492
3,730 Host Marriott Corp 44,294
5,100 Indymac Mortgage Holdings Inc 81,600
3,900 Mack-Cali Realty Corp 120,654
2,100 Post Properties Inc 86,100
11,100 Simon Property Group Inc 281,663
3,900 Spieker Properties Inc 151,613
3,500 The Rouse Co 88,813
4,500 Trustmark Corp 102,938
4,000 Vornado Realty Trust 141,248
$3,245,934
RETAIL TRADE --- 3.9%
24,355 Albertson's Inc 1,255,793
9,800 AutoNation Inc* 174,558
6,941 Autoliv Inc 209,965
2,200 BJ Wholesale Club Inc* 66,136
3,900 Best Buy Inc* 263,250
300 Borders Group Inc* 4,744
4,000 Brinker International Inc* 108,748
2,500 CBRL Group Inc 43,280
1,430 CKE Restaurants Inc 23,238
4,900 Circuit City Stores Inc 455,700
1,800 Consolidated Stores Corp* 48,600
9,300 Darden Restaurants Inc 202,852
1,900 Dayton Hudson Corp 123,500
6,900 Dillards Inc Class A 242,363
14,100 Federated Department Stores Inc* 746,412
20,900 Food Lion Inc Class A 241,646
11,500 Fortune Brands Inc 475,813
300 Furniture Brands International Inc* 8,363
11,400 Genuine Parts Co 399,000
2,000 Hannaford Brothers Co 107,000
14,800 JC Penney & Co Inc 718,718
33,300 Kmart Corp* 547,352
23,400 Kroger Co* 653,726
7,600 Limited Inc 344,850
22,550 May Department Stores Co 921,731
42,300 McDonald's Corp 1,747,498
2,900 Neiman Marcus Group Inc* 74,492
7,266 Newell Rubbermaid Inc 337,869
6,300 Nordstrom Inc 211,050
3,150 Office Depot Inc* 69,495
4,900 Officemax Inc* 58,800
300 Outback Steakhouse Inc* 11,794
3,700 Owens Corning 127,188
1,896 Payless Shoesource Inc* 101,436
3,213 Pep Boys - Manny Moe & Jack 69,481
12,100 Rite Aid Corp 297,963
4,122 Saks Inc* 119,023
22,500 Sears Roebuck & Co 1,002,645
4,000 Tandy Corp 195,500
16,900 Toys R Us Inc* 349,610
8,000 Tricon Global Restaurants* 433,000
1,400 US Office Products Co* 7,525
7,800 Venator Group Inc* 81,409
800 Weis Markets Inc 31,300
6,700 Wendy's International Inc 189,690
6,700 Winn-Dixie Stores Inc 247,478
$14,151,584
SECURITIES & COMMODITIES --- 2.0%
6,387 AG Edwards Inc 205,981
7,436 Bear Stearns Companies Inc 347,633
1,800 Donaldson, Lufkin & Jenrette Inc 108,450
3,700 Legg Mason Inc 142,450
7,900 Lehman Brothers Holdings Inc 491,775
21,400 Merrill Lynch & Co Inc 1,710,652
38,420 Morgan Stanley Dean Witter & Co 3,938,050
7,350 Paine Webber Group Inc 343,613
2,500 Raymond James Financial Inc 59,843
4,300 United Asset Management Corp 97,825
$7,446,272
TELEPHONE --- 11.3%
11,800 ALLTEL Corp 843,700
74,000 Ameritech Corp 5,439,000
97,758 Bell Atlantic Corp 6,390,929
130,700 BellSouth Corp 6,126,563
8,475 CenturyTel Inc 336,881
3,300 Frontier Corp 194,700
54,000 GTE Corp 4,090,500
77,053 MCI WorldCom Inc* 6,631,335
1,900 McLeod Inc* 104,500
97,645 SBC Communications Inc 5,663,410
45,000 Sprint Corp 2,376,540
15,550 Sprint PCS 888,294
200 Teligent Inc* 11,962
33,840 US West Inc 1,988,100
$41,086,414
TRANSPORTATION --- 0.0%
2,500 CNF Transportation Inc 95,938
$95,938
TRANSPORTATION EQUIPMENT --- 4.2%
19,700 Allied-Signal Inc 1,241,100
2,500 Cummins Engine Company Inc 142,813
11,224 Dana Corp 517,000
21,952 Delphi Automotive Systems Corp 407,473
4,800 Eaton Corp 441,600
1,800 Fleetwood Enterprises Inc 47,587
76,600 Ford Motor Co 4,323,074
7,400 General Dynamics Corp 506,900
44,000 General Motors Corp 2,904,000
4,600 General Motors Corp Class H* 258,750
23,338 Lockheed Martin Corp 869,341
4,500 Navistar International Corp* 225,000
4,600 Northrop Grumman Corp 305,035
200 Orbital Sciences Corp* 4,725
4,730 Paccar Inc 252,464
6,700 TRW Inc 367,663
8,400 Textron Inc 691,421
26,248 The Boeing Co 1,159,820
10,711 United Technologies Corp 767,839
$15,433,605
WATER --- 0.0%
4,700 American Water Works Company Inc 144,525
$144,525
WHOLESALE TRADE -CONSUMER --- 0.4%
4,050 Bergen Brunswig Corp Class A 69,863
4,768 Cardinal Health Inc 305,748
3,800 Costco Companies Inc* 304,236
5,000 Nike Inc Class B 316,560
3,200 Reebok International Ltd* 59,600
2,100 Sunbeam-Oster Co* 16,668
8,100 SuperValu Inc 208,065
1,600 Tech Data Corp* 61,200
$1,341,940
TOTAL COMMON STOCK --- 98.7% $359,906,885
(Cost $259,477,664)
SHORT-TERM INVESTMENTS
CREDIT INSTITUTIONS --- 0.9%
3,116,000 Prudential Funding Corp 3,116,000
$3,116,000
U.S. GOVERNMENTS --- 0.5%
1,650,000 United States of America (1) 1,651,555
$1,651,555
TOTAL SHORT-TERM INVESTMENTS --- 1.3% $4,767,555
(Cost $4,767,555)
TOTAL VALUE INDEX PORTFOLIO --- 100.0% $364,674,440
(Cost $264,245,219)
The Maxim Series Fund
Variable Annuity Account
COMMON STOCK
COMMUNICATIONS --- 1.9%
3,150 AT&T Corp 175,808
$175,808
CONSUMER SERVICES --- 2.2%
3,200 United Healthcare Corp 200,400
$200,400
CREDIT INSTITUTIONS --- 3.0%
3,100 BancWest Corp 115,087
4,400 Mellon Bank Corp 160,050
$275,137
ELECTRIC --- 1.6%
3,300 Consolidated Edison Inc 149,325
$149,325
ELECTRONICS - HIGH TECH --- 14.4%
4,600 Compaq Computer Corp 108,960
2,000 Eastman Kodak Co 135,500
3,300 Emerson Electric Co 207,488
2,300 Hewlett-Packard Co 231,150
1,500 Johnson Controls Inc 103,968
2,900 Motorola Inc 274,775
6,700 Scientific-Atlanta Inc 241,200
$1,303,041
FINANCIAL SERVICES --- 2.1%
4,000 MGIC Investment Corp 194,500
$194,500
HOLDING & INVEST. OFFICES --- 6.2%
4,040 Bank One Corp 240,630
2,900 Bank of America Corp 212,605
3,800 Constellation Energy Group 112,575
$565,810
INDUSTRIAL SERVICES --- 4.7%
4,000 Electronic Data Systems Corp 226,248
3,000 Shared Medical Systems Corp 195,750
$421,998
INSURANCE --- 10.8%
3,200 Allstate Corp 114,800
3,000 Arthur J Gallagher & Co 148,500
2,500 Hartford Financial Services Group Inc 145,780
3,000 Lincoln National Corp 156,936
5,800 Torchmark Corp 197,925
4,000 Unum Corp 219,000
$982,941
MFTG - CONSUMER PRODS. --- 8.6%
4,700 Lancaster Colony Corp 162,150
8,400 Leggett & Platt Inc 233,621
5,500 Liz Claiborne Inc 200,750
3,900 Willamette Industries Inc 179,642
$776,163
MFTG - INDUSTRIAL PRODS --- 14.7%
4,300 3Com Corp* 114,754
3,200 Armstrong World Industries Inc 184,998
4,100 Kimberly-Clark Corp 233,700
2,500 PPG Industries Inc 147,655
4,200 Rockwell International Corp 255,150
7,700 USX-US Steel Group 207,900
3,500 WW Grainger Inc 188,342
$1,332,499
OIL & GAS --- 15.0%
2,800 Atlantic Richfield Co 233,974
5,700 Coastal Corp 228,000
5,700 Halliburton Co 257,925
4,000 Helmerich & Payne Inc 95,248
1,600 Mobil Corp 158,400
3,400 Schlumberger Ltd 216,536
5,600 Sunoco Inc 169,047
$1,359,130
RAILROADS --- 1.6%
4,800 Burlington Northern Santa Fe Corp 148,800
$148,800
RETAIL TRADE --- 6.7%
6,800 Brinker International Inc* 184,872
7,700 Dillards Inc Class A 270,462
3,400 Sears Roebuck & Co 151,511
$606,845
TELEPHONE --- 4.6%
3,400 Bell Atlantic Corp 222,275
3,400 SBC Communications Inc 197,200
$419,475
TRANSPORTATION --- 1.6%
5,700 Ryder System Inc 148,200
$148,200
TOTAL COMMON STOCK --- 100.0% $9,060,072
(Cost $7,358,370)
TOTAL VARIABLE ANNUITY ACCOUNT --- 100.0% $9,060,072
(Cost $7,358,370)
