<TABLE>
<S> <C> <C> <C> <C> <C> <C>
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MAXIM SERIES FUND, INC.
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MAXIM VISTA GROWTH & INCOME PORTFOLIO
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FINANCIAL HIGHLIGHTS
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Selected data for a share of capital stock for the six months ended April 30,
1999, the years ended October 31, 1998, 1997, 1996, and the period December 21,
1994 (inception) to October 31, 1995 were as follows:
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Six Months Ended Year Ended October 31,
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April 30, 1999 1998 1997 1996 1995
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Net Asset Value, Beginning of Perio$ 1.5958 $ 1.6590 $ 1.3957 $ 1.2133 $ 1.0000
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Income from Investment Operations
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Net investment income 0.0044 0.0113 0.0158 0.0219 0.0174
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Net realized and unrealized gain 0.2485 0.1351 0.3677 0.2147 0.2133
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Total Income From Investment Operations 0.2529 0.1464 0.3835 0.2366 0.2307
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Less Distributions
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From net investment income (0.0051) (0.0103) (0.0162) (0.0215) (0.0174)
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From net realized gains (0.1020) (0.1993) (0.1040) (0.0327) 0.0000
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Total Distributions (0.1071) (0.2096) (0.1202) (0.0542) (0.0174)
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Net Asset Value, End of Period $ 1.7416 $ 1.5958 $ 1.6590 $ 1.3957 $ 1.2133
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Total Return 16.32% 9.38% 29.33% 20.01% 22.25%
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Net Assets, End of Period $ 181,647,602 $ 161,166,617 $ 135,053,616 $ 86,430,279 $ 49,403,163
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Ratio of Expenses to Average Net Assets 1.00% * 1.00% 1.00% 1.00% 1.01% *
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Ratio of Net Investment Income to
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Average Net Assets 0.53% * 0.69% 1.08% 1.75% 2.21% *
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*Annualized
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</TABLE>
The per share amounts and ratios reflect income and expenses assuming inclusion
of the Portfolio's proportionate share of income and expenses of the Hub
Portfolio.
<PAGE>
MAXIM SERIES FUND
MAXIM VISTA GROWTH & INCOME PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED APRIL 30, 1999 AND 1998
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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. The
Maxim Vista Growth & Income Portfolio (the Portfolio) is
non-diversified. The Portfolio commenced operations on December 21,
1994. Interests in the Portfolio are represented by separate classes of
beneficial interest of the Fund. Shares of the Fund are sold only to
FutureFunds Series Account II of Great-West Life & Annuity Insurance
Company (the Company), to fund benefits under variable annuity contracts
and variable life insurance policies issued by the Company. The shares
are sold at a price equal to the respective net asset value per share of
each class of shares.
The Fund seeks to achieve the investment objective of the Portfolio
through the adoption of a Hub and Spoke structure. Contribution of
Portfolio (i.e., the Spoke) investible funds to the Hub portfolio are
made in exchange for beneficial interests in the Hub portfolio of equal
value. The Hub portfolio is the Growth and Income Portfolio; a
non-diversified open-end management investment company organized as a
trust under the laws of the State of New York and registered under the
Investment Company Act of 1940, as amended. Financial statements of the
Hub portfolio are presented following the Portfolio's financial
statements.
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of the significant accounting policies of the
Portfolio, which are in accordance with the accounting principles
generally accepted in the investment company industry:
Dividends
Dividends from investment income of the Portfolio are declared and
reinvested quarterly and dividends from capital gains are declared and
reinvested annually.
Security Valuation
The Portfolio's investment in the Hub portfolio is valued based on the
daily reported net asset value of the Hub portfolio. The Portfolio
receives an allocation of investment income and Hub expenses as well as
realized and unrealized gains and losses on a daily basis from the Hub.
In addition, the Portfolio accrues its own expenses daily as incurred.
Federal Income Taxes
For federal income tax purposes, the Portfolio qualifies as a regulated
investment company under the provisions of the Internal Revenue Code by
distributing substantially all of its taxable net income (both ordinary
and capital gain) to its shareholders and complying with other
requirements for regulated investment companies. Accordingly, no
provision for federal income taxes has been made.
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 with respect to the Maxim
Vista Growth & Income Portfolio, the investment advisor receives monthly
compensation at the annual rate of .53% of the average daily net assets
of the Maxim Vista Growth & Income Portfolio.
4. INVESTMENT TRANSACTIONS
The Portfolio's percentage interest in the Hub portfolio is 6.06% at
April 30, 1999.
<PAGE>
Growth and Income Portfolio
Portfolio of Investments April 30, 1999 (unaudited)
(amounts in thousands)
Shares Issuer Value
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Long-Term Investments -- 99.2%
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Common Stock -- 94.4%
---------------------
Aerospace -- 3.6%
650 Allied-Signal, Inc. $ 38,188
300 Boeing Co. 12,188
500 General Dynamics Corp. 35,125
300 Sundstrand Corp. 21,525
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107,026
----------
Airlines -- 1.0%
425 AMR Corp.* 29,670
----------
Automotive -- 1.6%
562 Delphi Automotive Systems Corp. 10,924
600 Ford Motor Co. 38,363
----------
49,287
----------
Banking -- 7.0%
450 Bank of New York Co., Inc. 18,000
500 Bank One Corp. 29,500
514 BankAmerica Corp. 37,043
500 Comerica, Inc. 32,531
400 First Union Corp. 22,150
550 Fleet Financial Group, Inc. 23,684
350 Mellon Bank Corp. 26,009
600 UnionBanCal Corp. 20,475
----------
209,392
----------
Broadcasting -- 1.7%
750 CBS Corp. 34,172
275 Comcast Corp., Special Class A 18,064
----------
52,236
----------
Business Services -- 0.3%
500 Cendant Corp. 9,000
----------
Chemicals -- 1.3%
355 E. I. Du Pont de Nemours and Co. 25,072
300 Rohm & Haas Co. 13,444
----------
38,516
----------
Computer Software -- 1.5%
731 American Management Systems, Inc.* 25,128
See notes to financial statements.
Growth and Income Portfolio
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(amounts in thousands)
Shares Issuer Value
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Long-Term Investments -- (continued)
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300 Computer Associates International $ 12,806
388 Mastech Corp.* 5,699
---------
43,633
---------
Computers/Computer Hardware -- 1.8%
150 EMC Corp.* 16,341
150 Lexmark International Group, Inc.,
Class A (Germany)* 18,525
300 Sun Microsystems, Inc.* 17,944
---------
52,810
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Construction Materials -- 0.8%
850 Masco Corp. 24,969
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Consumer Products -- 2.3%
525 Fortune Brands, Inc. 20,738
1,050 Philip Morris Companies, Inc. 36,816
700 Shaw Industries, Inc. 12,688
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70,242
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Diversified -- 1.1%
400 Tyco International LTD (Bermuda) 32,500
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Electronics/Electrical Equipment -- 5.2%
400 Altera Corp. 28,900
400 KLA-Tencor Corp. 19,850
400 Micron Technology, Inc. 14,850
200 Motorola, Inc. 16,025
350 Teradyne Inc.* 16,516
300 Texas Instruments, Inc. 30,637
600 Vitesse Semiconductor Corp.* 27,788
---------
154,566
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Entertainment/Leisure -- 1.7%
350 Time Warner, Inc. 24,500
669 Viacom, Inc. Class B* 27,345
---------
51,845
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Environmental Services -- 1.7%
900 Waste Management, Inc. 50,850
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Financial Services -- 3.8%
300 Ambac Financial Group Inc. 18,112
636 Associates First Capital Corp., Class A 28,183
See notes to financial statements.
Growth and Income Portfolio
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(amounts in thousands)
Shares Issuer Value
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Long-Term Investments -- (continued)
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500 Freddie Mac $ 31,375
200 Merrill Lynch & Co. 16,787
500 Washington Mutual Inc. 20,563
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115,020
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Food/Beverage Products -- 2.5%
300 Anheuser-Busch Companies, Inc. 21,937
400 Quaker Oats Co. 25,825
550 Sara Lee Corp. 12,238
717 The Pepsi Bottling Group, Inc. 15,102
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75,102
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Health Care/Health Care Services -- 4.4%
250 Aetna Inc. 21,922
260 Cigna Corp. 22,669
2,842 HEALTHSOUTH Corp.* 38,185
800 Tenet Healthcare Corp.* 18,900
450 Wellpoint Health Networks, Inc.,
Class A* 31,612
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133,288
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Hotels/Other Lodging -- 1.3%
500 Mirage Resorts, Inc.* 11,219
2,500 Park Place Entertainment Corp. 27,031
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38,250
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Insurance -- 4.4%
350 Loews Corp. 25,616
410 Marsh & McLennan Companies, Inc. 31,391
550 Reliastar Financial Corp. 20,212
800 The Allstate Corp. 29,100
200 UNUM Corp. 10,925
260 XL Capital LTD (Bermuda) 15,779
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133,023
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Machinery & Engineering Equipment -- 0.5%
500 McDermott International, Inc. 14,500
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Manufacturing -- 2.0%
678 Ingersoll-Rand Co. 46,875
200 Johnson Controls, Inc. 14,562
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61,437
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See notes to financial statements.
Growth and Income Portfolio
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(amounts in thousands)
Shares Issuer Value
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Long-Term Investments -- (continued)
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Metals/Mining -- 2.2%
450 Alcoa Inc. $ 28,012
650 Newmont Mining Corp. 15,641
350 RIO Tinto PLC, ADR (United
Kingdom) 23,844
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67,497
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Office/Business Equipment -- 0.6%
300 Xerox Corp. 17,625
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Oil & Gas -- 9.9%
800 Burlington Resources, Inc. 36,850
310 Chevron Corp. 30,922
1,281 Coastal Corp. 49,006
600 Diamond Offshore Drilling, Inc. 19,837
100 Enron Corp. 7,525
500 Enron Oil & Gas Co. 9,500
1,050 Halliburton Co. 44,756
295 Mobil Corp. 30,901
650 Royal Dutch Petroleum Co., New
York Registered Shares
(Netherlands) 38,147
217 Texaco, Inc. 13,617
600 Tosco Corp. 16,050
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297,111
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Packaging -- 0.6%
660 Owens-Illinois, Inc.* 19,137
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Paper/Forest Products -- 2.5%
1,000 Asia Pulp & Paper Co. LTD ADR
(Singapore) 10,500
500 Boise Cascade Corp. 20,125
300 Weyerhaeuser Co. 20,137
500 Willamette Industries, Inc. 23,375
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74,137
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Pharmaceuticals -- 3.1%
400 American Home Products Corp. 24,400
808 Pharmacia & Upjohn, Inc. 45,248
475 Schering-Plough Corp. 22,948
----------
92,596
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See notes to financial statements.
Growth and Income Portfolio
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(amounts in thousands)
Shares Issuer Value
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Long-Term Investments -- (continued)
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Pipelines -- 0.3%
186 Columbia Energy Group, Inc. $ 8,916
----------
Printing & Publishing -- 1.6%
950 New York Times Co., Class A 32,775
500 The News Corporation, Preference
Shares, ADR (Australia) 15,281
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48,056
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Real Estate Investment Trust -- 2.0%
374 Duke Realty Investments, Inc. 8,784
550 Equity Office Properties Trust 15,159
480 Equity Residential Properties Trust 22,200
525 Public Storage, Inc. 14,634
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60,777
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Retailing -- 5.9%
300 Circuit City Stores, Inc. 18,450
450 Dayton-Hudson Corp. 30,291
342 Federated Department Stores* 15,968
1,700 K-Mart Corp. 25,287
535 Kroger Co.* 29,057
1,618 Office Depot, Inc.* 35,596
650 TJX Companies, Inc. 21,653
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176,302
----------
Shipping/Transportation -- 1.0%
400 Burlington Northern Santa Fe 14,650
250 Union Pacific Corp. 15,000
----------
29,650
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Steel -- 0.5%
650 Allegheny Teledyne, Inc. 14,544
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Telecommunications -- 4.3%
520 American Tower Corp.* 11,017
398 AT&T Corp. 20,106
600 BellSouth Corp. 26,850
400 GTE Corp. 26,775
350 MCI WorldCom, Inc.* 28,766
150 Sprint Corp. 15,384
----------
128,898
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See notes to financial statements.
Growth and Income Portfolio
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(amounts in thousands)
Shares Issuer Value
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Long-Term Investments -- (continued)
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Telecommunications Equipment -- 0.9%
700 General Instrument Corp. $ 25,550
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Toys & Games -- 0.9%
750 Hasbro, Inc. 25,594
---------
Utilities -- 6.6%
200 AES Corp. 10,000
400 Bell Atlantic Corp. 23,050
400 CMS Energy Corp. 17,600
750 Consolidated Edison, Inc. 34,078
400 DQE, Inc. 16,475
500 FPL Group Inc. 28,187
770 Pinnacle West Capital Corp. 29,886
700 Texas Utilities Co. 27,825
277 Unicom Corp. 10,751
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197,852
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Total Common Stock 2,831,404
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(Cost $2,296,645)
Convertible Preferred Stock -- 3.2%
-------------------------------------
Capital Goods -- 0.6%
300 Sealed Air Corp., $2.00, 04/01/18,
Ser. A 17,625
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Manufacturing -- 0.3%
240 Ingersoll-Rand Co., 6.75%,
12/31/49 Ser. 7,785
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Telecommunications -- 1.9%
100 Global TeleSystems Group Inc.,
7.25%, 12/31/49 Ser.# 5,525
500 Qwest Trends Trust, 5.75%,
11/17/03 Ser.# 36,625
50 Viacom International (TCI Pacific),
5.00%, 7/31/06 Ser. 15,638
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57,788
---------
Utilities -- 0.4%
102 Houston Industries, Inc., 7.00%,
07/01/00 Ser. 12,036
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Total Convertible Preferred Stock 95,234
(Cost $59,178) ---------
See notes to financial statements.
Growth and Income Portfolio
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(amounts in thousands)
Principal
Amount Issuer Value
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Long-Term Investments -- (continued)
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Convertible Corporate Notes & Bonds -- 1.6%
--------------------------------------------
Computer Software -- 0.2%
$ 3,700 Comverse Technology, Inc., 4.50%,
07/01/05# $ 6,050
---------
Computers/Computer Hardware -- 0.6%
3,600 EMC Corp., 3.25%, 03/11/02# 17,316
---------
Health Care/Health Care Services -- 0.4%
3,000 Res-Care, Inc., 6.00%, 12/01/04# 3,277
10,000 Total Renal Care, 7.00%, 05/15/09# 8,125
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11,402
---------
Telecommunications -- 0.3%
8,000 Bell Atlantic Financial Services, Inc.,
4.25%, 09/15/05 8,831
---------
Utilities -- 0.1%
5,000 AES Corp., 4.50%, 08/15/05 5,600
---------
73
Total Convertible Corporate 49,199
Notes & Bonds
(Cost $34,568)
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Long-Term Investments 2,975,837
(Cost $2,390,391)
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Short-Term Investments -- 1.7%
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Commercial Paper -- 0.4%
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12,400 General American Funding
Agreement 12,453
(Cost $12,453) ---------
Repurchase Agreement -- 1.3%
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38,898 Greenwich Capital Markets, Inc.,
4.93%, due 05/03/99, (Dated
04/30/99, Proceeds $38,914,
Secured by FHLMC Gold,
$39,052 at 6.50%, due 03/01/29
through 04/01/29; FNMA, $910,
at 7.50%, due 11/01/13; Market
Value $39,672) 38,898
(Cost $38,898)
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See notes to financial statements.
Growth and Income Portfolio
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(amounts in thousands)
Principal
Amount Issuer Value
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Short-Term Investments -- (continued)
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Total Short-Term Investments $ 51,351
(Cost $51,351)
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Total Investments -- 100.9% $3,027,188
(Cost $2,441,742)
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* -- Non-income producing security.
# -- Security may only be sold to qualified institutional buyers.
ADR -- American Depositary Receipt.
FHLMC -- Federal Home Loan Mortgage Corp.
FNMA--Federal National Mortgage Association.
