<TABLE>
<S> <C> <C> <C> <C> <C> <C>
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MAXIM SERIES FUND, INC.
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STATEMENTS OF ASSETS AND LIABILITIES
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JUNE 30, 2000
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UNAUDITED
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GROWTH
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INDEX
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PORTFOLIO
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ASSETS:
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Investments in securities, market value (1) $ 461,470,782
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Cash 318,548
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Dividends and interest receivable 217,856
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Subscriptions receivable 1,525,939
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Receivable for investments sold 3,350,000
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Total assets 466,883,125
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LIABILITIES:
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Dividends payable 0
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Due to GW Capital Management 222,238
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Redemptions payable 1,523,640
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Payable for investments purchased 3,976,217
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Payable to custodian
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Variation margin on futures contracts 18,532
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Total liabilities 5,740,627
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NET ASSETS $ 461,142,498
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NET ASSETS REPRESENTED BY:
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Capital stock, $.10 par value $ 15,762,483
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Additional paid-in capital 274,100,736
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Net unrealized appreciation on investments and futures contracts 134,189,727
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Overdistributed net investment income (10,452)
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Accumulated net realized gain (loss) on investments and futures contracts 37,100,004
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NET ASSETS $ 461,142,498
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NET ASSET VALUE PER OUTSTANDING SHARE $ 2.9256
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(Offering and Redemption Price)
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SHARES OF CAPITAL STOCK:
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Authorized 300,000,000
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Outstanding 157,624,834
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(1) Cost of investments in securities: $ 327,169,115
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See notes to financial statements.
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MAXIM SERIES FUND, INC.
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STATEMENTS OF OPERATIONS
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SIX MONTHS ENDED JUNE 30, 2000
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UNAUDITED
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GROWTH
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INDEX
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PORTFOLIO
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INVESTMENT INCOME:
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Interest $ 154,693
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Dividends 1,270,083
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Foreign withholding tax (4,977)
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Total income 1,419,799
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EXPENSES:
---------------------------------------------------------------------------------------------------------------
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Management fees 1,365,024
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NET INVESTMENT INCOME 54,775
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REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
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Net realized gain on investments 40,038,853
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Net realized loss on futures contracts (685,051)
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Change in net unrealized appreciation on investments (31,677,066)
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Change in net unrealized depreciation on futures contracts (247,747)
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Net realized and unrealized gain on investments and futures contracts 7,428,989
---------------------------------------------------------------------------------------------------------------
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NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 7,483,764
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See notes to financial statements.
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MAXIM SERIES FUND, INC.
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STATEMENTS OF CHANGES IN NET ASSETS
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SIX MONTHS ENDED JUNE 30, 2000 AND YEAR ENDED DECEMBER 31, 1999
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GROWTH INDEX
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PORTFOLIO
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2000 1999
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UNAUDITED
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INCREASE (DECREASE) IN NET ASSETS:
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OPERATIONS:
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Net investment income $ 54,775 $ 1,029,565
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Net realized gain on investments 40,038,853 25,699,761
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Net realized gain (loss) on futures contracts (685,051) 964,951
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Change in net unrealized appreciation on investments (31,677,066) 73,081,916
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Change in net unrealized appreciation (depreciation) on futures contra(247,747) 71,749
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Net increase in net assets resulting from operations 7,483,764 100,847,942
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DISTRIBUTIONS TO SHAREHOLDERS:
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From net investment income (67,747) (1,020,969)
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From net realized gains (31,979,072)
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Total distributions (67,747) (33,000,041)
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SHARE TRANSACTIONS:
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Net proceeds from sales of shares 187,599,829 128,000,396
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Reinvestment of distributions 67,747 33,000,041
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Redemptions of shares (233,553,320) (26,406,342)
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Net increase (decrease) in net assets resulting from share transact(45,885,744) 134,594,095
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Total increase (decrease) in net assets (38,469,727) 202,441,996
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NET ASSETS:
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Beginning of period 499,612,225 297,170,229
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End of period (1) $ 461,142,498 $ 499,612,225
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OTHER INFORMATION:
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SHARES:
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Sold 66,859,903 50,043,992
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Issued in reinvestment of distributions 23,517 12,008,874
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Redeemed (83,740,831) (9,985,977)
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Net increase (decrease) (16,857,411) 52,066,889
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(1) Including undistributed (overdistributed) net investment income $ (10,452) $ 2,520
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See notes to financial statements.
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MAXIM SERIES FUND, INC.
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GROWTH INDEX PORTFOLIO
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FINANCIAL HIGHLIGHTS
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Selected data for a share of capital stock of the portfolio for the six months ended June 30, 2000
and the years ended December 31, 1999,1998, 1997, 1996 and 1995 are as follows:
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Six Months End Year Ended December 31,
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June 30, 2000 1999 1998 1997 1996 1995
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UNAUDITED
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Net Asset Value, Beginning of P$riod 2.8634 $ 2.4276 $ 1.8507 $ 1.4852 $ 1.3459 $ 1.0120
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Income from Investment Operations
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Net investment income 0.0003 0.0061 0.0070 0.0085 0.0114 0.0127
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Net realized and unrealized gain 0.0623 0.6347 0.6769 0.4241 0.2851 0.3432
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Total Income From
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Investment Operations 0.0626 0.6408 0.6839 0.4326 0.2965 0.3559
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Less Distributions
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From net investment income (0.0004) (0.0061) (0.0070) (0.0085) (0.0114) (0.0165)
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From net realized gains 0.0000 (0.1989) (0.1000) (0.0586) (0.1458) (0.0055)
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Total Distributions (0.0004) (0.2050) (0.1070) (0.0671) (0.1572) (0.0220)
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Net Asset Value, End of Period $ 2.9256 $ 2.8634 $ 2.4276 $ 1.8507 $ 1.4852 $ 1.3459
---------------------------------============--===========--===========--===========---==========--==========
---------------------------------============--===========--===========--===========---==========--==========
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Total Return 2.17% 26.87% 37.28% 29.26% 22.10% 35.29%
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Net Assets, End of Period $ 461,142,498 $ 499,612,225$ 297,170,229$ 162,975,760 $ 83,743,210$ 43,515,299
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Ratio of Expense to
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Average Net Assets 0.60% * 0.60% 0.60% 0.60% 0.60% 0.60%
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Ratio of Net Investment Income to
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Average Net Assets 0.02% * 0.26% 0.36% 0.54% 0.83% 1.15%
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Portfolio Turnover Rate 10.00% 54.24% 26.48% 21.52% 41.55% 17.90%
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*Annualized
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(Continued)
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MAXIM SERIES FUND, INC.
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STATEMENTS OF ASSETS AND LIABILITIES
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JUNE 30, 2000
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UNAUDITED
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MONEY
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MARKET
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PORTFOLIO
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ASSETS:
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Investments in securities, market value (1) $ 669,479,442
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Cash 0
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Dividends and interest receivable 1,270,006
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Subscriptions receivable 9,976,551
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Receivable for investments sold 29,000,000
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Total assets 709,725,999
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LIABILITIES:
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Dividends payable 110,361
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Due to GW Capital Management 253,614
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Redemptions payable 9,774,518
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Payable for investments purchased 26,370,588
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Payable to custodian 2,643,445
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Variation margin on futures contracts 0
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Total liabilities 39,152,526
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NET ASSETS $ 670,573,473
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NET ASSETS REPRESENTED BY:
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Capital stock, $.10 par value $ 67,023,306
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Additional paid-in capital 603,648,052
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Net unrealized appreciation on investments and futures contracts 0
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Overdistributed net investment income 0
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Accumulated net realized gain (loss) on investments and futures contracts (97,885)
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NET ASSETS $ 670,573,473
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NET ASSET VALUE PER OUTSTANDING SHARE $ 1.0005
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(Offering and Redemption Price)
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SHARES OF CAPITAL STOCK:
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Authorized 800,000,000
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Outstanding 670,233,057
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(1) Cost of investments in securities: $ 669,479,442
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See notes to financial statements.
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MAXIM SERIES FUND, INC.
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STATEMENTS OF OPERATIONS
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SIX MONTHS ENDED JUNE 30, 2000
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UNAUDITED
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MONEY
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MARKET
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PORTFOLIO
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INVESTMENT INCOME:
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Interest $ 20,299,140
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Dividends 0
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Foreign withholding tax 0
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Total income 20,299,140
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EXPENSES:
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Management fees 1,532,367
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NET INVESTMENT INCOME 18,766,773
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REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
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Net realized gain on investments 0.00
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Net realized loss on futures contracts 0
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Change in net unrealized appreciation on investments 0
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Change in net unrealized depreciation on futures contracts 0
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Net realized and unrealized gain on investments and futures contracts 0
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NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 18,766,773
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See notes to financial statements.
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MAXIM SERIES FUND, INC.
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STATEMENTS OF CHANGES IN NET ASSETS
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SIX MONTHS ENDED JUNE 30, 2000 AND YEAR ENDED DECEMBER 31, 1999
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MONEY MARKET
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PORTFOLIO
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2000 1999
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UNAUDITED
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INCREASE (DECREASE) IN NET ASSETS:
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OPERATIONS:
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Net investment income $ 18,766,773 $ 30,394,354
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Net realized gain on investments 0 0
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Net realized gain (loss) on futures contracts 0 0
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Change in net unrealized appreciation on investments 0
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Change in net unrealized appreciation (depreciation) on futures contracts 0 0
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Net increase in net assets resulting from operations 18,766,773 30,394,354
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DISTRIBUTIONS TO SHAREHOLDERS:
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From net investment income (18,766,773) (30,394,354)
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From net realized gains 0
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Total distributions (18,766,773) (30,394,354)
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SHARE TRANSACTIONS:
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Net proceeds from sales of shares 822,785,190 373,590,733
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Reinvestment of distributions 18,747,706 30,303,060
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Redemptions of shares (893,656,678) (300,613,202)
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Net increase (decrease) in net assets resulting from share transact(52,123,782) 103,280,591
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Total increase (decrease) in net assets (52,123,782) 103,280,591
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NET ASSETS:
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Beginning of period 722,697,255 619,416,664
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End of period (1) $ 670,573,473 $ 722,697,255
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OTHER INFORMATION:
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SHARES:
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Sold 822,367,501 373,401,079
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Issued in reinvestment of distributions 18,738,189 30,287,677
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Redeemed (893,203,011) (300,460,596)
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Net increase (decrease) (52,097,321) 103,228,160
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(1) Including undistributed (overdistributed) net investment income $ 0 0
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See notes to financial statements.
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MAXIM SERIES FUND, INC.
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MONEY MARKET PORTFOLIO
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FINANCIAL HIGHLIGHTS
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Selected data for a share of capital stock of the portfolio for the six months ended June 30, 2000
and the years ended December 31, 1999, 1998, 1997, 1996 and 1995 are as follows:
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Six Months Ended Year Ended December 31,
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June 30, 2000 1999 1998 1997 1996 1995
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UNAUDITED
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Net Asset Value, Beginning of Period 1.0005 $ 1.0005 $ 1.0007 $ 1.0007 $ 1.0007 $ 1.0007
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Income from Investment Operations
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Net investment income 0.0282 0.0471 0.0505 0.0512 0.0493 0.0555
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Net realized loss 0.0000 0.0000 (0.0002)
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Total Income From
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Investment Operations 0.0282 0.0471 0.0503 0.0512 0.0493 0.0555
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Less Distributions
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From net investment income (0.0282) (0.0471) (0.0505) (0.0512) (0.0493) (0.0555)
-----------------------------------------------------------------------------------------------------------------
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Total Distributions (0.0282) (0.0471) (0.0505) (0.0512) (0.0493) (0.0555)
-----------------------------------------------------------------------------------------------------------------
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Net Asset Value, End of Period $ 1.0005 $ 1.0005 $ 1.0005 $ 1.0007 $ 1.0007 $ 1.0007
---------------------------------===========---===========--===========---===========--============--============
---------------------------------===========---===========--===========---===========--============--============
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Total Return/Yield 2.86% 4.81% 5.15% 5.24% 5.04% 5.62%
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Net Assets, End of Period $ 670,573,473 $ 722,697,255$ 619,416,664 $ 453,155,210$ 396,453,188 $ 277,257,289
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Ratio of Expense to
-----------------------------------------------------------------------------------------------------------------
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Average Net Assets 0.46% * 0.46% 0.46% 0.46% 0.46% 0.46%
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Ratio of Net Investment Income to
-----------------------------------------------------------------------------------------------------------------
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Average Net Assets 5.64% * 4.73% 5.05% 5.14% 4.99% 5.55%
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*Annualized
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(Concluded)
MAXIM SERIES FUND, INC.
Financial Statements and Financial Highlights for
the Six Months Ended June 30, 2000 and the Year Ended December 31, 1999
(Section 1)
MAXIM SERIES FUND, INC.
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2000
----------------------------------------------------------------------------------------------
UNAUDITED
1. ORGANIZATION & SIGNIFICANT ACCOUNTING POLICIES
Maxim Series Fund, Inc. (the Fund) is a Maryland corporation organized on December 7,
1981 under the Investment Company Act of 1940 (the 1940 Act) as an open-end management
investment company and presently consists of thirty-six portfolios. Interests in the
Growth Index and Money Market Portfolios (the Portfolios) are included herein and are
represented by separate classes of beneficial interest of the Fund. The investment
objective of each Portfolio is: to seek investment results that track the total
return of the common stocks that comprise the Standard & Poor's/BARRA Growth Index for
the Growth Index Portfolio and to seek as high a level of current income as is
consistent with the preservation of capital and liquidity for the Money Market
Portfolio. The Money Market Portfolio is diversified and the Growth Index Portfolio
is non-diversified as defined in the 1940 Act. The Fund is available only as an
investment option for certain variable annuity contracts, variable life policies and
certain qualified retirement plans issued by Great-West Life & Annuity Insurance
Company (the Company) and New England Financial.
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:
Security Valuation
Short-term and money market securities are valued at amortized cost which approximates
market value. Equity securities listed on an established exchange or on the NASDAQ
National Market System are valued at the last sale price as of the close of business.
Fixed income and other securities are valued by independent pricing services approved
by the Board of Directors. Securities 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.
Investments in securities of governmental agencies may only be guaranteed by the
respective agency's limited authority to borrow from the U.S. Government and may not
be guaranteed by the full faith and credit of the U.S. Government.
Financial Futures Contracts
The Growth Index Portfolio may invest in financial futures contracts as a substitute
for a comparable market position in the underlying securities. Upon entering into a
financial futures contract, the Portfolio is required to pledge to the broker an
amount of cash and/or other assets equal to a certain percentage of the contract
amount (initial margin deposit). Receipts or payments, known 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. The use of futures contracts may involve
risks such as the possibility of illiquid markets or imperfect correlation between the
value of the contracts and the underlying securities, or that the counterparty will
fail to perform its obligations.
Dividends
Dividends from net investment income of the Money Market Portfolio are declared daily
and paid monthly. Dividends from net investment income of the Growth Index Portfolio
are declared and paid semi-annually. Income dividends are reinvested in additional
shares at net asset value. 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).
Dividend income for the Portfolios is accrued as of the ex-dividend date and interest
income, including amortization of discounts and premiums, is recorded daily. The
Money Market Portfolio amortizes discounts and premiums paid on purchases of
securities to the earliest put or call date.
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, 2000, 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
The character of distributions made during the year from net investment income or net
realized gains are determined in accordance with income tax regulations that may
differ from generally accepted accounting principles. These differences are primarily
due to differing treatments of deferral of wash sales, net operating losses and
capital loss carryforwards. 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 Portfolios.
2. 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 of the Money Market Portfolio and .60% of the
average daily net assets of the Growth Index Portfolio. The management fee
encompasses fund operation expenses.
3. PURCHASES AND SALES OF INVESTMENT SECURITIES
For the six months ended June 30, 2000, the aggregate cost of purchases and proceeds
from sales of investment securities (excluding all U.S. Government securities and
short-term securities) were $45,339,347 and $83,172,376, respectively, for the Growth
Index Portfolio. For the six months ended June 30, 2000, there were no purchases or
sales of U.S. Government securities.
4. UNREALIZED APPRECIATION (DEPRECIATION)
At June 30, 2000, the U.S. Federal income tax cost basis was $327,450,109 for the
Growth Index Portfolio. The Growth Index Portfolio had gross appreciation of
securities in which there was an excess of value over tax cost of $152,409,555 and
gross depreciation of securities in which there was an excess of tax cost over value
of $18,388,882, resulting in net appreciation of $134,020,673.
5. FUTURES CONTRACTS
As of June 30, 2000, the Growth Index Portfolio had 18 open S&P 500 long futures
contracts. The contracts expire in September 2000, and the Portfolio has recorded
unrealized depreciation of $111,940 as of June 30, 2000.
------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
JUNE 30, 2000
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
UNAUDITED
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
STOCK
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
INDEX
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
PORTFOLIO
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
ASSETS:
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Investments in securities, market value (1) $ 1,156,378,424
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Cash 329,769
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Dividends and interest receivable 1,049,012
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Subscriptions receivable 278,227
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Receivable for investments sold 10,756,617
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Total assets 1,168,792,049
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
LIABILITIES:
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Due to GW Capital Management 566,109
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Redemptions payable 1,140,571
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Payable for investments purchased 7,809,891
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Variation margin on futures contracts 40,978
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Total liabilities 9,557,549
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
NET ASSETS $ 1,159,234,500
--------------------------------------------------------------------------------------================
--------------------------------------------------------------------------------------================
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
NET ASSETS REPRESENTED BY:
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Capital stock, $.10 par value $ 28,757,863
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Additional paid-in capital 479,198,418
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Net unrealized appreciation on investments and futures contracts 587,481,643
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Overdistributed net investment income (22,076)
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Accumulated net realized gain on investments and futures contracts 63,818,652
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
NET ASSETS $ 1,159,234,500
--------------------------------------------------------------------------------------================
--------------------------------------------------------------------------------------================
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
NET ASSET VALUE PER OUTSTANDING SHARE $ 4.0310
--------------------------------------------------------------------------------------================
--------------------------------------------------------------------------------------================
(Offering and Redemption Price)
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
SHARES OF CAPITAL STOCK:
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Authorized 400,000,000
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Outstanding 287,578,632
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
(1) Cost of investments in securities: $ 568,856,609
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
See notes to financial statements.
------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
STATEMENT OF OPERATIONS
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
SIX MONTHS ENDED JUNE 30, 2000
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
UNAUDITED
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
STOCK
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
INDEX
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
PORTFOLIO
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Interest $ 321,301
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Dividends 6,548,911
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Foreign withholding tax (31,311)
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Total income 6,838,901
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
EXPENSES:
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Management fees 3,352,224
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME 3,486,677
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Net realized gain on investments 39,763,142
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Net realized loss on futures contracts (382,162)
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Change in net unrealized appreciation on investments (43,916,219)
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Change in net unrealized depreciation on futures contracts (176,604)
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Net realized and unrealized loss on investments and futures contracts (4,711,843)
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS $ (1,225,166)
--------------------------------------------------------------------------------------===============
--------------------------------------------------------------------------------------===============
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
See notes to financial statements.
-----------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED JUNE 30, 2000 AND YEAR ENDED DECEMBER 31, 2000
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
STOCK INDEX
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
PORTFOLIO
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
2000 1999
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
UNAUDITED
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS:
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
OPERATIONS:
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
Net investment income $ 3,486,677 $ 7,748,713
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
Net realized gain on investments 39,763,142 74,747,273
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
Net realized gain (loss) on futures contracts (382,162) 2,347,408
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation on investments (43,916,219) 114,172,287
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on futures contract(176,604) (160,231)
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from operations (1,225,166) 198,855,450
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS:
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
From net investment income (3,491,756) (7,720,964)
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
From net realized gains 0 (56,987,082)
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
Total distributions (3,491,756) (64,708,046)
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
SHARE TRANSACTIONS:
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
Net proceeds from sales of shares 216,597,304 35,938,883
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
Reinvestment of distributions 3,491,756 64,708,046
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
Redemptions of shares (222,209,790) (98,444,652)
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from share transaction(2,120,730) 2,202,277
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
Total increase (decrease) in net assets (6,837,652) 136,349,681
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
NET ASSETS:
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
Beginning of period 1,166,072,152 1,029,722,471
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
End of period (1) $ 1,159,234,500 $ 1,166,072,152
----------------------------------------------------------------------================---===============
----------------------------------------------------------------------================---===============
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
OTHER INFORMATION:
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
SHARES:
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
Sold 54,779,442 9,671,554
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
Issued in reinvestment of distributions 864,968 16,628,427
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
Redeemed (56,382,479) (25,446,699)
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
Net increase (decrease) (738,069) 853,282
----------------------------------------------------------------------================---===============
----------------------------------------------------------------------================---===============
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
(1) Including overdistributed net investment income $ (22,076) $ (16,997)
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
See notes to financial statements.
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
STOCK INDEX PORTFOLIO
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the six months ended June 30, 2000 and the years
ended December 31, 1999, 1998, 1997, 1996 and 1995 are as follows:
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
Six Months Ended Year Ended December 31,
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
June 30, 2000 1999 1998 1997 1996 1995
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
UNAUDITED
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
Net Asset Value, Beginning of P$riod 4.0444 $ 3.5821 $ 2.9474 $ 2.3650 $ 1.9796 $ 1.4978
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
Income from Investment Operations
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
Net investment income 0.0122 0.0272 0.0283 0.0364 0.0336 0.0334
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss(0.0134) 0.6682 0.7538 0.7196 0.3960 0.4963
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
Total Income (Loss) From
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
Investment Operations (0.0012) 0.6954 0.7821 0.7560 0.4296 0.5297
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
Less Distributions
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
From net investment income (0.0122) (0.0271) (0.0284) (0.0364) (0.0336) (0.0332)
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
From net realized gains 0.0000 (0.2060) (0.1190) (0.1372) (0.0106) (0.0147)
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
Total Distributions (0.0122) (0.2331) (0.1474) (0.1736) (0.0442) (0.0479)
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $ 4.0310 $ 4.0444 $ 3.5821 $ 2.9474 $ 2.3650 $ 1.9796
---------------------------------=============--=============--=============--===========--============--===========
---------------------------------=============--=============--=============--===========--============--===========
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
Total Return (0.03%) 19.73% 26.79% 32.20% 21.81% 35.60%
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
Net Assets, End of Period $ 1,159,234,500$ 1,166,072,152$ 1,029,722,471$ 817,386,568$ 936,806,358 $ 707,459,637
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
Ratio of Expense to
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
Average Net Assets 0.60% * 0.60% 0.60% 0.60% 0.60% 0.60%
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
Ratio of Net Investment Income to
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
Average Net Assets 0.62% * 0.71% 0.87% 1.15% 1.58% 1.91%
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
Portfolio Turnover Rate 8.56% 10.69% 12.91% 17.30% 3.31% 5.25%
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
*Annualized
--------------------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
Financial Statements and Financial Highlights for
the Six Months Ended June 30, 2000 and the Year Ended December 31, 1999
(Section 2)
MAXIM SERIES FUND, INC.
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2000
----------------------------------------------------------------------------------------------
UNAUDITED
1. ORGANIZATION & SIGNIFICANT ACCOUNTING POLICIES
Maxim Series Fund, Inc. (the Fund) is a Maryland corporation organized on December 7,
1981 under the Investment Company Act of 1940 (the 1940 Act) as an open-end management
investment company and presently consists of thirty-six portfolios. Interests in the
Stock Index Portfolio (the Portfolio) are included herein and are represented by
separate classes of beneficial interest of the Fund. The investment objective of the
Portfolio is to seek investment results that track the total return of the common
stocks that comprise the Standard & Poor's (S&P) 500 Composite Stock Price Index and
the S&P MidCap 400 Index, weighted according to their pro rata share of the market.
The Portfolio is diversified as defined in the 1940 Act. The Fund is available only
as an investment option for certain variable annuity contracts, variable life policies
and certain qualified retirement plans issued by Great-West Life & Annuity Insurance
Company (the Company) and New England Financial.
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:
Security Valuation
Short-term and money market securities are valued at amortized cost which approximates
market value. Equity securities listed on an established exchange or on the NASDAQ
National Market System are valued at the last sale price as of the close of business.
Fixed income and other securities are valued by independent pricing services approved
by the Board of Directors. Securities 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.
Financial Futures Contracts
The Portfolio may invest in financial futures contracts as a substitute for a
comparable market position in the underlying securities. Upon entering into a
financial futures contract, the Portfolio is required to pledge to the broker an
amount of cash and/or other assets equal to a certain percentage of the contract
amount (initial margin deposit). Receipts or payments, known 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. The use of futures contracts may involve
risks such as the possibility of illiquid markets or imperfect correlation between the
value of the contracts and the underlying securities, or that the counterparty will
fail to perform its obligations.
Dividends
Dividends from net investment income of the Portfolio are declared and paid
semi-annually. Income dividends are reinvested in additional shares at net asset
value. Dividends from capital gains of the Portfolio, 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).
Dividend income for the Portfolio is accrued as of the ex-dividend date and interest
income, including amortization of discounts and premiums, is recorded daily.
Federal Income Taxes
For federal income tax purposes, the Portfolio qualifies as a regulated investment
company under the provisions of the Internal Revenue Code by distributing
substantially all of its taxable net income (both ordinary and capital gain) to its
shareholders and complying with other requirements for regulated investment
companies. Accordingly, no provision for federal income taxes has been made.
Classification of Distributions to Shareholders
The character of distributions made during the year from net investment income or net
realized gains are determined in accordance with income tax regulations that may
differ from generally accepted accounting principles. These differences are primarily
due to differing treatments of deferral of wash sales, net operating losses and
capital loss carryforwards. Also, due to the timing of dividend distributions, the
fiscal year in which amounts are distributed may differ from the fiscal year in which
the income or realized gain was recorded by the Portfolio.
2. 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 Portfolio. The management fee
encompasses fund operation expenses.
3. PURCHASES AND SALES OF INVESTMENT SECURITIES
For the six months ended June 30, 2000, the aggregate cost of purchases and proceeds
from sales of investment securities (excluding all U.S. Government securities and
short-term securities) were $104,755,996 and $95,567,784, respectively. For the six
months ended June 30, 2000, there were no purchases or sales of U.S. Government
securities.
4. UNREALIZED APPRECIATION (DEPRECIATION)
At June 30, 2000, the U.S. Federal income tax cost basis was $569,773,971. The
Portfolio had gross appreciation of securities in which there was an excess of value
over tax cost of $629,655,686 and gross depreciation of securities in which there was
an excess of tax cost over value of $43,051,233, resulting in net appreciation of
$586,604,453.
5. FUTURES CONTRACTS
As of June 30, 2000, the Portfolio had 14 open S&P 500 and 4 open S&P MidCap 400 long
futures contracts. The contracts expire in September 2000 and the Portfolio has
recorded unrealized depreciation of $24,722 and $15,450, respectively, as of June 30,
2000.
-----------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
JUNE 30, 2000
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
UNAUDITED
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
INDEX
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
600
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
PORTFOLIO
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
ASSETS:
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Investments in securities, market value (1) $ 29,798,430
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Cash 313,959
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Dividends and interest receivable 15,340
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Subscriptions receivable 11,291
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Receivable for investments sold 1,633,106
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Total assets 31,772,126
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
LIABILITIES:
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Due to GW Capital Management 14,177
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Redemptions payable 10,599
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Payable for investments purchased 2,544,152
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Variation margin on futures contracts 19,831
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Total liabilities 2,588,759
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
NET ASSETS $ 29,183,367
-------------------------------------------------------------------------------------================
-------------------------------------------------------------------------------------================
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
NET ASSETS REPRESENTED BY:
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Capital stock, $.10 par value $ 3,451,092
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Additional paid-in capital 21,057,310
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Net unrealized appreciation on investments and futures contracts 2,953,586
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Undistributed net investment income 2,885
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Accumulated net realized gain on investments and futures contracts 1,718,494
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
NET ASSETS $ 29,183,367
-------------------------------------------------------------------------------------================
-------------------------------------------------------------------------------------================
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
NET ASSET VALUE PER OUTSTANDING SHARE $ 0.8456
-------------------------------------------------------------------------------------================
-------------------------------------------------------------------------------------================
(Offering and Redemption Price)
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
SHARES OF CAPITAL STOCK:
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Authorized 100,000,000
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Outstanding 34,510,923
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
(1) Cost of investments in securities: $ 26,844,869
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
See notes to financial statements.
-----------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
STATEMENT OF OPERATIONS
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED JUNE 30, 2000
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
UNAUDITED
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
INDEX
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
600
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
PORTFOLIO
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Interest $ 53,009
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Dividends 91,715
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Total income 144,724
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
EXPENSES:
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Management fees 82,594
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME 62,130
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Net realized gain on investments 2,063,927
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Net realized loss on futures contracts (27,235)
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation on investments (543,512)
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Change in net unrealized depreciation on futures contracts (61,775)
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Net realized and unrealized gain on investments and futures contracts 1,431,405
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 1,493,535
-------------------------------------------------------------------------------------===============--
-------------------------------------------------------------------------------------===============--
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
See notes to financial statements.
------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED JUNE 30, 2000 AND YEAR ENDED DECEMBER 31, 1999
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
INDEX 600
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
PORTFOLIO
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
2000 1999
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
UNAUDITED
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS:
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
OPERATIONS:
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Net investment income $ 62,130 $ 151,475
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Net realized gain on investments 2,063,927 1,679,780
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Net realized gain (loss) on futures contracts (27,235) 201,595
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation on investments (543,512) 584,755
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on futures contracts(61,775) 61,800
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations 1,493,535 2,679,405
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS:
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
From net investment income (60,193) (150,476)
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
From net realized gains 0 (2,136,570)
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Total distributions (60,193) (2,287,046)
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
SHARE TRANSACTIONS:
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Net proceeds from sales of shares 10,057,596 4,705,739
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Reinvestment of distributions 60,193 2,287,046
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Redemptions of shares (7,536,404) (5,835,132)
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from share transactions 2,581,385 1,157,653
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Total increase in net assets 4,014,727 1,550,012
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
NET ASSETS:
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Beginning of period 25,168,640 23,618,628
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
End of period (1) $ 29,183,367 $ 25,168,640
-----------------------------------------------------------------------===============---================
-----------------------------------------------------------------------===============---================
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
OTHER INFORMATION:
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
SHARES:
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Sold 12,099,513 6,227,749
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Issued in reinvestment of distributions 70,210 3,084,185
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Redeemed (9,124,507) (7,664,538)
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Net increase 3,045,216 1,647,396
-----------------------------------------------------------------------===============---================
-----------------------------------------------------------------------===============---================
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
(1) Including undistributed net investment income $ 2,885 $ 948
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
See notes to financial statements.
---------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
INDEX 600 PORTFOLIO
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the six months ended June 30, 2000
and the years ended December 31, 1999, 1998, 1997, 1996 and 1995 are as follows:
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Six Months Ended Year Ended December 31,
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
June 30, 2000 1999 1998 1997 1996 1995
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
UNAUDITED
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Net Asset Value, Beginning of P$riod0.7999 $ 0.7921 $ 1.2588 $ 1.2370 $ 1.1680 $ 0.9540
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Income from Investment Operations
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Net investment income 0.0018 0.0049 0.0069 0.0081 0.0124 0.0102
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (lo0.0456 0.0809 (0.0532) 0.2419 0.1659 0.2393
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Total Income (Loss) From
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Investment Operations 0.0474 0.0858 (0.0463) 0.2500 0.1783 0.2495
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Less Distributions
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
From net investment income (0.0017) (0.0049) (0.0069) (0.0081) (0.0124) (0.0197)
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
From net realized gains 0.0000 (0.0731) (0.4135) (0.2201) (0.0969) (0.0158)
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Total Distributions (0.0017) (0.0780) (0.4204) (0.2282) (0.1093) (0.0355)
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $ 0.8456 $ 0.7999 $ 0.7921 $ 1.2588 $ 1.2370 $ 1.1680
---------------------------------==========--===========--==========--============--==========--===========
---------------------------------==========--===========--==========--============--==========--===========
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-1.58%
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Total Return 5.94% 11.85% (1.58%) 21.00% 15.30% 26.24%
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Net Assets, End of Period $ 29,183,367$ 25,168,640 $ 23,618,628$ 121,454,805 $ 80,783,692$ 51,610,284
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Ratio of Expense to
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Average Net Assets 0.60% * 0.60% 0.60% 0.60% 0.60% 0.60%
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Ratio of Net Investment Income to
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Average Net Assets 0.45% * 0.66% 0.25% 0.66% 1.04% 1.00%
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Portfolio Turnover Rate 25.33% 37.75% 59.18% 102.45% 39.66% 30.17%
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
*Annualized
-----------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
Financial Statements and Financial Highlights for
the Six Months Ended June 30, 2000 and the Year Ended December 31, 1999
(Section 3)
MAXIM SERIES FUND, INC.
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2000
----------------------------------------------------------------------------------------------
UNAUDITED
1. ORGANIZATION & SIGNIFICANT ACCOUNTING POLICIES
Maxim Series Fund, Inc. (the Fund) is a Maryland corporation organized on December 7,
1981 under the Investment Company Act of 1940 (the 1940 Act) as an open-end management
investment company and presently consists of thirty-six portfolios. Interests in the
Index 600 Portfolio (the Portfolio) are included herein and are represented by
separate classes of beneficial interest of the Fund. The investment objective of the
Portfolio is to seek investment results that track the total return of the common
stocks that comprise the Standard & Poor's SmallCap 600 Stock Index. The Portfolio is
diversified as defined in the 1940 Act. The Fund is available only as an investment
option for certain variable annuity contracts, variable life policies and certain
qualified retirement plans issued by Great-West Life & Annuity Insurance Company (the
Company) and New England Financial.
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:
Security Valuation
Short-term and money market securities are valued at amortized cost which approximates
market value. Equity securities listed on an established exchange or on the NASDAQ
National Market System are valued at the last sale price as of the close of business.
Fixed income and other securities are valued by independent pricing services approved
by the Board of Directors. Securities 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.
Dividends
Dividends from net investment income of the Portfolio are declared and paid
semi-annually. Income dividends are reinvested in additional shares at net asset
value. Dividends from capital gains of the Portfolio, 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).
Dividend income for the Portfolio is accrued as of the ex-dividend date and interest
income, including amortization of discounts and premiums, is recorded daily.
Federal Income Taxes
For federal income tax purposes, the Portfolio qualifies as a regulated investment
company under the provisions of the Internal Revenue Code by distributing
substantially all of its taxable net income (both ordinary and capital gain) to its
shareholders and complying with other requirements for regulated investment
companies. Accordingly, no provision for federal income taxes has been made.
Classification of Distributions to Shareholders
The character of distributions made during the year from net investment income or net
realized gains are determined in accordance with income tax regulations that may
differ from generally accepted accounting principles. These differences are primarily
due to differing treatments of deferral of wash sales, net operating losses and
capital loss carryforwards. Also, due to the timing of dividend distributions, the
fiscal year in which amounts are distributed may differ from the fiscal year in which
the income or realized gain was recorded by the Portfolio.
2. 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 Portfolio. The management fee
encompasses fund operation expenses.
3. PURCHASES AND SALES OF INVESTMENT SECURITIES
For the six months ended June 30, 2000, the aggregate cost of purchases and proceeds
from sales of investment securities (excluding all U.S. Government securities and
short-term securities) were $10,065,967 and $6,591,015, respectively. For the six
months ended June 30, 2000, there were no purchases or sales of U.S. Government
securities.
4. UNREALIZED APPRECIATION (DEPRECIATION)
At June 30, 2000, the U.S. Federal income tax cost basis was $27,276,715. The
Portfolio had gross appreciation of securities in which there was an excess of value
over tax cost of $6,651,178 and gross depreciation of securities in which there was an
excess of tax cost over value of $4,129,463, resulting in net appreciation of
$2,521,715.
-----------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
JUNE 30, 2000
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
UNAUDITED
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
TEMPLETON
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
INTERNATIONAL
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
EQUITY
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
PORTFOLIO
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
ASSETS:
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Investments in securities, market value (1) $ 105,405,568
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Cash denominated in foreign currencies (2) 446,812
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Cash 45,530
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Dividends and interest receivable 490,359
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Subscriptions receivable 42,470
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Receivable for investments sold 3,385,000
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Total assets 109,815,739
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
LIABILITIES:
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Due to GW Capital Management 108,243
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Redemptions payable 49,198
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Payable for investments purchased 4,239,733
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Total liabilities 4,397,174
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
NET ASSETS $ 105,418,565
------------------------------------------------------------------------------------=================
------------------------------------------------------------------------------------=================
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
NET ASSETS REPRESENTED BY:
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Capital stock, $.10 par value $ 6,485,832
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Additional paid-in capital 66,010,824
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Net unrealized appreciation on investments and translation of assets and
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
liabilities denominated in foreign currencies 16,771,833
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Undistributed net investment income 593,296
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Accumulated net realized gain on investments 15,556,780
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
NET ASSETS $ 105,418,565
------------------------------------------------------------------------------------=================
------------------------------------------------------------------------------------=================
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
NET ASSET VALUE PER OUTSTANDING SHARE $ 1.6254
------------------------------------------------------------------------------------=================
------------------------------------------------------------------------------------=================
(Offering and Redemption Price)
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
SHARES OF CAPITAL STOCK:
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Authorized 200,000,000
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Outstanding 64,858,317
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
(1) Cost of investments in securities: $ 88,639,454
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
(2) Cost of cash denominated in foreign currencies: 441,093
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
See notes to financial statements.
-----------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
STATEMENT OF OPERATIONS
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED JUNE 30, 2000
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
UNAUDITED
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
TEMPLETON
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
INTERNATIONAL
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
EQUITY
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
PORTFOLIO
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Interest $ 98,318
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Dividends 1,277,047
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Foreign withholding tax (142,055)
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Total income 1,233,310
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
EXPENSES:
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Audit fees 7,440
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Investment administration 66,289
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Bank and custodial fees 39,236
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Other expenses 28,303
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Management fees 503,113
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Total expenses 644,381
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Less amount reimbursed by GW Capital Management 2,296
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Net expenses 642,085
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME 591,225
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Net realized gain on investments 12,511,520
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation on investments (4,637,583)
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Change in net unrealized depreciation on translation of assets and
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
liabilities denominated in foreign currencies (1,468,960)
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Net realized and unrealized gain on investments and translation of
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
assets and liabilities denominated in foreign currencies 6,404,977
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 6,996,202
--------------------------------------------------------------------------------------=================
--------------------------------------------------------------------------------------=================
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
See notes to financial statements.
-------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED JUNE 30, 2000 AND YEAR ENDED DECEMBER 31, 2000
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
TEMPLETON
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
INTERNATIONAL EQUITY
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
PORTFOLIO
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
2000 1999
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
UNAUDITED
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS:
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
OPERATIONS:
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Net investment income $ 591,225 $ 1,024,265
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Net realized gain on investments 12,511,520 12,413,367
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation on investments (4,637,583) 14,478,275
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Change in net unrealized depreciation on translation of assets and 0
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
liabilities denominated in foreign currencies (1,468,960) 677,358
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations 6,996,202 28,593,265
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS:
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
From net investment income 0 (1,015,421)
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
From net realized gains 0 (506,073)
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Total distributions 0 (1,521,494)
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
SHARE TRANSACTIONS:
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Net proceeds from sales of shares 27,281,747 18,003,695
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Reinvestment of distributions 0 1,521,494
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Redemptions of shares (30,213,565) (65,624,421)
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from share transactions (2,931,818) (46,099,232)
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Total increase (decrease) in net assets 4,064,384 (19,027,461)
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
NET ASSETS:
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Beginning of period 101,354,181 120,381,642
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
End of period (1) $ 105,418,565 $ 101,354,181
------------------------------------------------------------------------===============-----===============
------------------------------------------------------------------------===============-----===============
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
OTHER INFORMATION:
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
SHARES:
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Sold 17,779,768 13,721,357
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Issued in reinvestment of distributions 0 1,023,130
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Redeemed (19,648,880) (49,398,525)
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Net decrease (1,869,112) (34,654,038)
------------------------------------------------------------------------===============-----===============
------------------------------------------------------------------------===============-----===============
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
(1) Including undistributed net investment income $ 593,296 $ 2,071
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
See notes to financial statements.
-----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
TEMPLETON INTERNATIONAL EQUITY PORTFOLIO
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the six months ended June 30, 2000 and the years
ended December 31, 1999, 1998, 1997, 1996 and 1995 are as follows:
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
Six Months End Year Ended December 31,
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
June 30, 2000 1999 1998 1997 1996 1995
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
UNAUDITED
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
Net Asset Value, Beginning of P$riod 1.5189 $ 1.1874 $ 1.2786 $ 1.3229 $ 1.1395 $ 1.0673
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
Income from Investment Operations
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
Net investment income 0.0091 0.0155 0.0270 0.0205 0.0136 0.0190
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (los0.0974 0.3391 (0.0911) 0.0053 0.2087 0.0756
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
Total Income (Loss) From
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
Investment Operations 0.1065 0.3546 (0.0641) 0.0258 0.2223 0.0946
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
Less Distributions
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
From net investment income 0.0000 (0.0154) (0.0271) (0.0204) (0.0136) (0.0224)
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
From net realized gains 0.0000 (0.0077) 0.0000 (0.0497) (0.0253) 0.0000
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
Total Distributions 0.0000 (0.0231) (0.0271) (0.0701) (0.0389) (0.0224)
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $ 1.6254 $ 1.5189 $ 1.1874 $ 1.2786 $ 1.3229 $ 1.1395
---------------------------------===========--============---===========--============--===========--===========
---------------------------------===========--============---===========--============--===========--===========
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
Total Return 7.01% 29.91% (5.00%) 1.99% 19.59% 8.93%
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
Net Assets, End of Period $ 105,418,565$ 101,354,181 $ 120,381,642$ 132,774,511 $ 96,172,049 $ 55,017,668
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
Ratio of Expenses to Average Net Assets: 0.00% 0.00%
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
- Before Reimbursement 1.28% * 1.24% 1.21% 1.21% 1.42% 1.62%
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
- After Reimbursement # 1.28% * 1.23% 1.20% 1.20% 1.39% 1.50%
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
Ratio of Net Investment Income to
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
Average Net Assets:
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
- Before Reimbursement 1.17% * 0.93% 2.04% 1.69% 1.21% 1.58%
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
- After Reimbursement # 1.17% * 0.94% 2.05% 1.70% 1.24% 1.70%
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
Portfolio Turnover Rate 38.33% 58.75% 40.02% 34.30% 22.21% 20.28%
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
*Annualized
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
# Percentages are shown net of expenses reimbursed by The Great-West Life Assurance Company or GW Capital
Management, LLC.
----------------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
Financial Statements and Financial Highlights for
the Six Months Ended June 30, 2000 and the Year Ended December 31, 1999
(Section 4)
MAXIM SERIES FUND, INC.
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2000
----------------------------------------------------------------------------------------------
UNAUDITED
1. ORGANIZATION & SIGNIFICANT ACCOUNTING POLICIES
Maxim Series Fund, Inc. (the Fund) is a Maryland corporation organized on December 7,
1981 under the Investment Company Act of 1940 (the 1940 Act) as an open-end management
investment company and presently consists of thirty-six portfolios. Interests in the
Templeton International Equity Portfolio are included herein and are represented by
separate classes of beneficial interest of the Fund. The investment objective of the
Portfolio is to seek long-term capital growth. The Portfolio is diversified as
defined in the 1940 Act. The Fund is available only as an investment option for
certain variable annuity contracts, variable life policies and certain qualified
retirement plans issued by Great-West Life & Annuity Insurance Company (the Company)
and New England Financial.
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:
Security Valuation
Short-term and money market securities are valued at amortized cost which approximates
market value. Equity securities listed on an established exchange or on the NASDAQ
National Market System are valued at the last sale price as of the close of business.
Fixed income and other securities are valued by independent pricing services approved
by the Board of Directors. Securities 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.
The Portfolio may have elements of risk due to concentrated investments in foreign
issuers located in a specific country. Such concentrations may subject the Portfolio
to additional risks resulting from future political or economic conditions and/or
possible impositions of adverse foreign governmental laws or currency exchange
restrictions.
Restricted Securities
The Templeton International Equity Portfolio 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, fair value and percent of net
assets of these restricted securities held at June 30, 2000 were $546,879, $510,483
and 0.48%, respectively.
Foreign Currency Translations
The accounting records of the 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 Portfolio isolates that portion of the results of operations resulting from
changes in foreign exchange rates on investments from the fluctuations arising from
changes in market prices of securities held.
Net realized foreign exchange gains or losses arise from sales of portfolio
securities, sales and maturities of short-term securities, 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 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 including
investments in securities at fiscal year end, resulting from changes in the exchange
rate.
Dividends
Dividends from net investment income of the Portfolio are declared and paid annually.
Income dividends are reinvested in additional shares at net asset value. Dividends
from capital gains of the Portfolio, 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).
Dividend income for the Portfolio is accrued as of the ex-dividend date and interest
income, including amortization of discounts and premiums, is recorded daily.
Federal Income Taxes
For federal income tax purposes, the Portfolio qualifies as a regulated investment
company under the provisions of the Internal Revenue Code by distributing
substantially all of its taxable net income (both ordinary and capital gain) to its
shareholders and complying with other requirements for regulated investment
companies. Accordingly, no provision for federal income taxes has been made.
Classification of Distributions to Shareholders
The character of distributions made during the year from net investment income or net
realized gains are determined in accordance with income tax regulations that may
differ from generally accepted accounting principles. These differences are primarily
due to differing treatments of deferral of wash sales, net operating losses and
capital loss carryforwards. 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 Portfolios.
2. 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
1.00% of the average daily net assets of the Portfolio. However, the investment
adviser shall pay any expenses which exceed an annual rate, including management fees,
of 1.50% of the average daily net assets of the Portfolio.
Expenses incurred by the Fund, which are not fund specific, are allocated based on
relative net assets or other appropriate allocation methods.
3. PURCHASES AND SALES OF INVESTMENT SECURITIES
For the six months ended June 30, 2000, the aggregate cost of purchases and proceeds
from sales of investment securities (excluding all U.S. Government securities and
short-term securities) were $37,345,759 and $39,296,061, respectively. For the six
months ended June 30, 2000, there were no purchases or sales of U.S. Government
securities.
4. UNREALIZED APPRECIATION (DEPRECIATION)
At June 30, 2000, the U.S. Federal income tax cost basis was $88,675,725. The
Portfolio had gross appreciation of securities in which there was an excess of value
over tax cost of $27,264,713 and gross depreciation of securities in which there was
an excess of tax cost over value of $10,534,870, resulting in net appreciation of
$16,729,843.
------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
JUNE 30, 2000
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
UNAUDITED
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
BOND
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
PORTFOLIO
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
ASSETS:
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
Investments in securities, market value (1) $ 57,869,813
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
Cash 10,672
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
Dividends and interest receivable 962,114
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
Subscriptions receivable 12,712
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
Receivable for investments sold 1,310,000
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
Total assets 60,165,311
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
LIABILITIES:
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
Due to GW Capital Management 28,823
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
Redemptions payable 17,073
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
Payable for investments purchased 1,306,249
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
Total liabilities 1,352,145
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
NET ASSETS $ 58,813,166
---------------------------------------------------------------------------------===============
---------------------------------------------------------------------------------===============
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
NET ASSETS REPRESENTED BY:
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
Capital stock, $.10 par value $ 5,163,996
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
Additional paid-in capital 58,600,827
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
Net unrealized depreciation on investments (3,111,406)
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
Undistributed net investment income 56,691
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
Accumulated net realized loss on investments (1,896,942)
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
NET ASSETS $ 58,813,166
---------------------------------------------------------------------------------===============
---------------------------------------------------------------------------------===============
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
NET ASSET VALUE PER OUTSTANDING SHARE $ 1.1389
---------------------------------------------------------------------------------===============
---------------------------------------------------------------------------------===============
(Offering and Redemption Price)
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
SHARES OF CAPITAL STOCK:
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
Authorized 200,000,000
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
Outstanding 51,639,957
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
(1) Cost of investments in securities: $ 60,981,219
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
See notes to financial statements.
------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED JUNE 30, 2000
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
UNAUDITED
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
BOND
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
PORTFOLIO
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Interest $ 2,149,173
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
EXPENSES:
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Management fees 184,937
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME 1,964,236
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Net realized loss on investments (972,575)
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Change in net unrealized depreciation on investments 795,366
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments (177,209)
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 1,787,027
------------------------------------------------------------------------------------------================
------------------------------------------------------------------------------------------================
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
See notes to financial statements.
----------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED JUNE 30, 2000 AND YEAR ENDING DECEMBER 31, 1999
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
BOND
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
PORTFOLIO
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
2000 1999
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
UNAUDITED
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS:
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
OPERATIONS:
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
Net investment income $ 1,964,236 $ 4,277,350
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
Net realized gain (loss) on investments (972,575) 91,183
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
Change in net unrealized depreciation on investments 795,366 (4,625,826)
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from operations 1,787,027 (257,293)
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS:
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
From net investment income (1,938,795) (4,245,286)
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
SHARE TRANSACTIONS:
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
Net proceeds from sales of shares 10,224,022 10,835,072
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
Reinvestment of distributions 1,938,795 4,245,286
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
Redemptions of shares (23,453,531) (16,422,013)
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from share transa(11,290,714) (1,341,655)
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
Total increase (decrease) in net assets (11,442,482) (5,844,234)
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
NET ASSETS:
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
Beginning of period 70,255,648 76,099,882
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
End of period (1) $ 58,813,166 $ 70,255,648
-------------------------------------------------------------------==============----==============-----
-------------------------------------------------------------------==============----==============-----
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
OTHER INFORMATION:
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
SHARES:
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
Sold 8,947,065 9,148,767
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
Issued in reinvestment of distributions 1,704,930 3,646,051
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
Redeemed (20,528,201) (13,816,116)
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
Net increase (decrease) (9,876,206) (1,021,298)
-------------------------------------------------------------------==============----==============-----
-------------------------------------------------------------------==============----==============-----
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
(1) Including undistributed net investment income $ 56,691 $ 31,250
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
See notes to financial statements.
--------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
BOND PORTFOLIO
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the six months ended June 30, 2000
and the years ended December 31, 1999, 1998, 1997, 1996 and 1995 are as follows:
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Six Months Ended Year Ended December 31,
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
June 30, 2000 1999 1998 1997 1996 1995
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
UNAUDITED
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Net Asset Value, Beginning of Pe$iod 1.1421 $ 1.2169 $ 1.2119 $ 1.2059 $ 1.2301 $ 1.1352
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Income from Investment Operations
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Net investment income 0.0386 0.0718 0.0740 0.0767 0.0745 0.0736
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (lo(0.0038) (0.0753) 0.0050 0.0060 (0.0242) 0.0949
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Total Income (Loss) From
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Investment Operations 0.0348 (0.0035) 0.0790 0.0827 0.0503 0.1685
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Less Distributions
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
From net investment income (0.0380) (0.0713) (0.0740) (0.0767) (0.0745) (0.0736)
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Total Distributions (0.0380) (0.0713) (0.0740) (0.0767) (0.0745) (0.0736)
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $ 1.1389 $ 1.1421 $ 1.2169 $ 1.2119 $ 1.2059 $ 1.2301
----------------------------------==========--===========--===========--===========--===========---==========
----------------------------------==========--===========--===========--===========--===========---==========
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Total Return 3.08% (0.27%) 6.65% 7.07% 4.26% 15.21%
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Net Assets, End of Period $ 58,813,166$ 70,255,648 $ 76,099,882 $ 70,283,703 $ 78,093,109 $ 80,025,099
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Ratio of Expense to
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Average Net Assets 0.60% * 0.60% 0.60% 0.60% 0.60% 0.60%
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Ratio of Net Investment Income to
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Average Net Assets 6.38% * 6.03% 6.00% 6.22% 6.10% 6.16%
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Portfolio Turnover Rate 48.92% 67.43% 42.50% 90.81% 117.39% 191.58%
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
*Annualized
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
(Continued)
-------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
JUNE 30, 2000
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
UNAUDITED
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
SECURITIES
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
PORTFOLIO
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
ASSETS:
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Investments in securities, market value (1) $ 76,368,900
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Cash 11,155
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Dividends and interest receivable 660,165
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Subscriptions receivable 126,506
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Receivable for investments sold 2,388,498
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Total assets 79,555,224
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
LIABILITIES:
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Due to GW Capital Management 37,533
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Redemptions payable 155,528
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Payable for investments purchased 2,351,649
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Total liabilities 2,544,710
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
NET ASSETS $ 77,010,514
----------------------------------------------------------------------------------=================---
----------------------------------------------------------------------------------=================---
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
NET ASSETS REPRESENTED BY:
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Capital stock, $.10 par value $ 7,348,753
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Additional paid-in capital 73,329,147
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Net unrealized depreciation on investments (1,376,841)
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Undistributed net investment income 151,704
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Accumulated net realized loss on investments (2,442,249)
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
NET ASSETS $ 77,010,514
----------------------------------------------------------------------------------=================---
----------------------------------------------------------------------------------=================---
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
NET ASSET VALUE PER OUTSTANDING SHARE $ 1.0479
----------------------------------------------------------------------------------=================---
----------------------------------------------------------------------------------=================---
(Offering and Redemption Price)
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
SHARES OF CAPITAL STOCK:
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Authorized 200,000,000
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Outstanding 73,487,526
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
(1) Cost of investments in securities: $ 77,745,741
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
See notes to financial statements.
------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED JUNE 30, 2000
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
UNAUDITED
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
SECURITIES
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
PORTFOLIO
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
Interest $ 2,569,277
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
EXPENSES:
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
Management fees 225,417
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME 2,343,860
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
Net realized loss on investments (419,818)
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
Change in net unrealized depreciation on investments 483,681
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments 63,863
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 2,407,723
------------------------------------------------------------------------------------------------====================---
------------------------------------------------------------------------------------------------====================---
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
See notes to financial statements.
-----------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED JUNE 30, 2000 AND YEAR ENDING DECEMBER 31, 1999
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
SECURITIES PORTFOLIO
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
2000 1999
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
UNAUDITED
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS:
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
OPERATIONS:
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Net investment income $ 2,343,860 $ 4,197,159
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Net realized gain (loss) on investments (419,818) 218,065
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Change in net unrealized depreciation on investments 483,681 (4,301,787)
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from operations 2,407,723 113,437
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS:
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
From net investment income (2,292,891) (4,122,117)
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
SHARE TRANSACTIONS:
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Net proceeds from sales of shares 20,465,203 19,735,610
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Reinvestment of distributions 2,292,891 4,122,117
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Redemptions of shares (22,454,269) (22,132,316)
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from share transactions303,825 1,725,411
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Total increase (decrease) in net assets 418,657 (2,283,269)
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
NET ASSETS:
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Beginning of period 76,591,857 78,875,126
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
End of period (1) $ 77,010,514 $ 76,591,857
----------------------------------------------------------------------=============-----==============
----------------------------------------------------------------------=============-----==============
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
OTHER INFORMATION:
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
SHARES:
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Sold 19,552,858 18,353,435
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Issued in reinvestment of distributions 2,197,078 3,876,733
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Redeemed (21,492,161) (20,387,391)
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Net increase (decrease) 257,775 1,842,777
----------------------------------------------------------------------=============-----==============
----------------------------------------------------------------------=============-----==============
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
(1) Including undistributed net investment income $ 151,704 $ 100,735
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
See notes to financial statements.
------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
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, 2000
and the years ended December 31, 1999, 1998, 1997, 1996 and 1995 are as follows:
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Six Months Ended Year Ended December 31,
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
June 30, 2000 1999 1998 1997 1996 1995
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
UNAUDITED
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Net Asset Value, Beginning of Pe$iod 1.0459 $ 1.1049 $ 1.0918 $ 1.0738 $ 1.1001 $ 1.0138
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Income from Investment Operations
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Net investment income 0.0327 0.0630 0.0646 0.0707 0.0675 0.0723
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (los0.0013 (0.0600) 0.0126 0.0180 (0.0263) 0.0863
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Total Income From
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Investment Operations 0.0340 0.0030 0.0772 0.0887 0.0412 0.1586
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Less Distributions
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
From net investment income (0.0320) (0.0620) (0.0641) (0.0707) (0.0675) (0.0723)
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Total Distributions (0.0320) (0.0620) (0.0641) (0.0707) (0.0675) (0.0723)
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $ 1.0479 $ 1.0459 $ 1.1049 $ 1.0918 $ 1.0738 $ 1.1001
----------------------------------==========---==========--===========--===========--==========---===========
----------------------------------==========---==========--===========--===========--==========---===========
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Total Return 3.29% 0.30% 7.24% 8.51% 3.92% 16.09%
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Net Assets, End of Period $ 77,010,514 $ 76,591,857$ 78,875,126 $ 58,311,917 $ 64,077,863 $ 62,473,959
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Ratio of Expense to
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Average Net Assets 0.60% * 0.60% 0.60% 0.60% 0.60% 0.60%
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Ratio of Net Investment Income to
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Average Net Assets 6.24% * 5.83% 5.91% 6.32% 6.22% 6.76%
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Portfolio Turnover Rate 21.51% 51.82% 56.64% 55.54% 145.02% 185.57%
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
*Annualized
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
(Concluded)
-------------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
Financial Statements and Financial Highlights for
the Six Months Ended June 30, 2000 and the Year Ended December 31, 1999
(Section 5)
MAXIM SERIES FUND, INC.
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2000
----------------------------------------------------------------------------------------------
UNAUDITED
1. ORGANIZATION & SIGNIFICANT ACCOUNTING POLICIES
Maxim Series Fund, Inc. (the Fund) is a Maryland corporation organized on December 7,
1981 under the Investment Company Act of 1940 (the 1940 Act) as an open-end management
investment company and presently consists of thirty-six portfolios. Interests in the
Bond and U.S. Government Securities Portfolios (the Portfolios) are included herein
and are represented by separate classes of beneficial interest of the Fund. The
investment objective of each portfolio is: to seek maximum total return consistent
with preservation of capital for the Bond Portfolio and to seek the highest level of
return consistent with preservation of capital and substantial credit protection for
the U.S. Government Securities Portfolio. The Portfolios are diversified as defined
in the 1940 Act. The Fund is available only as an investment option for certain
variable annuity contracts, variable life policies and certain qualified retirement
plans issued by Great-West Life & Annuity Insurance Company (the Company) and New
England Financial.
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:
Security Valuation
Short-term and money market securities are valued at amortized cost which approximates
market value. Equity securities listed on an established exchange or on the NASDAQ
National Market System are valued at the last sale price as of the close of business.
Fixed income and other securities are valued by independent pricing services approved
by the Board of Directors. Securities 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.
Investments in securities of governmental agencies may only be guaranteed by the
respective agency's limited authority to borrow from the U.S. Government and may not
be guaranteed by the full faith and credit of the U.S. Government.
Restricted Securities
The Bond Portfolio 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, fair value and percent of net assets of these restricted
securities held at June 30, 2000 were $14,682,624, $12,809,506 and 21.78%,
respectively.
Interest Rate Swap Agreements
The Bond Portfolio has entered into an interest rate swap agreement to mitigate call
risk on the underlying investment. This agreement involves the exchange of amounts
based on a fixed interest rate for amounts based on variable interest rates over the
life of the agreement without the exchange of the underlying face amount. Interest
rate differentials paid or received under this agreement are recognized as an
adjustment to interest expense. Gains and losses on terminated swap agreements are
amortized over the original life of the agreements as adjustments to interest expense.
Option Writing
The Bond Portfolio has written call options in which an amount equal to the premium
received by the Bond Portfolio is recorded as a liability and is subsequently adjusted
to the current fair value of the option written. Premiums received from writing
options that expire unexercised are treated by the Bond Portfolio on the expiration
date as realized gains from investments. The difference between the premium and the
amount paid on effecting a closing purchase transaction, including brokerage
commissions, is also treated as a realized gain, or if the premium is less than the
amount paid for the closing purchase transaction, as a realized loss. If a call
option is exercised, the premium is added to the proceeds from the sale of the
underlying security in determining whether the Bond Portfolio has realized a gain or
loss. The Bond Portfolio as writer of an option bears market risk of an unfavorable
change in the price of the security underlying the written option.
Dividends
Dividends from net investment income of the Portfolios are declared and paid
quarterly. Income dividends are reinvested in additional shares at net asset value.
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 a specific lot selection.
Dividend income for the Portfolios is accrued as of the ex-dividend date and interest
income, including amortization of discounts and premiums, is recorded daily.
Federal Income Taxes
For federal income tax purposes, each Portfolio of the Fund qualifies as a regulated
investment company under the provisions of the Internal Revenue Code by distributing
substantially all of its taxable net income (both ordinary and capital gain) to its
shareholders and complying with other requirements for regulated investment
companies. Accordingly, no provision for federal income taxes has been made. At June
30, 2000, the Bond and U.S. Government Securities Portfolios had available for federal
income tax purposes unused capital loss carryovers of $924,367 and $2,022,431
respectively, which expire between 2002 and 2004.
Classification of Distributions to Shareholders
The character of distributions made during the year from net investment income or net
realized gains are determined in accordance with income tax regulations that may
differ from generally accepted accounting principles. These differences are primarily
due to differing treatments of deferral of wash sales, net operating losses and
capital loss carryforwards. 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 Portfolios.
2. 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 Portfolios. The management fee
encompasses fund operation expenses.
3. PURCHASES AND SALES OF INVESTMENT SECURITIES
For the six months ended June 30, 2000, the aggregate cost of purchases and proceeds
from sales of investment securities (excluding all U.S. Government securities and
short-term securities) were as follows:
Purchases Sales
-------------- --------------
Bond Portfolio $ $ 34,650,826
19,836,570
U.S. Government Securities Portfolio 5,902,766
5,897,234
For the six months ended June 30, 2000, the aggregate cost of purchases and proceeds
from sales of U.S. Government securities were as follows:
Purchases Sales
-------------- --------------
Bond Portfolio $ 9,547,963 $ 8,495,879
U.S. Government Securities Portfolio 9,903,370 10,374,529
4. UNREALIZED APPRECIATION (DEPRECIATION)
The aggregate cost of investments and the composition of unrealized appreciation and
depreciation of investment securities for federal income tax purposes as of June 30,
2000, were as follows:
Cost For
Income Net
Tax Gross Gross Unrealized
Purposes Appreciation Depreciation Depreciation
------------ -------------- -------------- --------------
Bond Portfolio $ $ 3,500 $ $
60,981,219 (3,114,906) (3,111,406)
U.S. Government
Securities 497,805
Portfolio 77,820,227 (1,949,132) (1,451,327)
5. INTEREST RATE SWAP AGREEMENT
As of June 30, 2000, the Bond Portfolio had an interest rate swap agreement with
Morgan Stanley Dean Witter Co. with a net face amount of $2,000,000 and a maturity
date of February 15, 2002. The Portfolio is receiving a floating interest rate of
LIBOR plus 1.75% equal to 8.47% at June 30, 2000, and is paying a fixed interest rate
of 3.00%.
6.
CALL OPTIONS WRITTEN
As of June 30, 2000, covered call options written by the Bond Portfolio were as
follows:
Number Strike Price
Of Notional as of
Options Amount Security June 30, 2000 Expiration
-------- ---------- ------------------- ------------ -------------
Bond 2,000 $ 2,000,000 CUC International $ 100.287 2/15/2002
Portfolio Inc,
3.000%,
2/15/2002
-----------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
JUNE 30, 2000
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
UNAUDITED
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
BOND
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
INDEX
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
PORTFOLIO
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
ASSETS:
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
Investments in securities, market value (1) $ 130,536,906
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
Cash 12,062
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
Dividends and interest receivable 1,835,836
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
Subscriptions receivable 477,817
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
Receivable for investments sold 1,245,000
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
Total assets 134,107,621
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
LIABILITIES:
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
Due to GW Capital Management 54,353
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
Redemptions payable 1,028,919
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
Payable for investments purchased 692,602
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
Total liabilities 1,775,874
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
NET ASSETS $ 132,331,747
----------------------------------------------------------------------------=============
----------------------------------------------------------------------------=============
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
NET ASSETS REPRESENTED BY:
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
Capital stock, $.10 par value $ 10,694,856
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
Additional paid-in capital 126,614,109
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
Net unrealized depreciation on investments (1,585,585)
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
Undistributed net investment income 75,766
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
Accumulated net realized loss on investments (3,467,399)
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
NET ASSETS $ 132,331,747
----------------------------------------------------------------------------=============
----------------------------------------------------------------------------=============
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
NET ASSET VALUE PER OUTSTANDING SHARE $ 1.2373
----------------------------------------------------------------------------=============
----------------------------------------------------------------------------=============
(Offering and Redemption Price)
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
SHARES OF CAPITAL STOCK:
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
Authorized 200,000,000
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
Outstanding 106,948,559
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
(1) Cost of investments in securities: $ 132,122,491
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
See notes to financial statements.
-----------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
SIX MONTHS ENDED JUNE 30, 2000
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
UNAUDITED
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
BOND
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
INDEX
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
PORTFOLIO
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
INVESTMENT INCOME:
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
Interest $ 4,291,379
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
EXPENSES:
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
Management fees 324,951
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
NET INVESTMENT INCOME 3,966,428
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
Net realized loss on investments (307,326)
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
Change in net unrealized depreciation on investments 1,269,384
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments 962,058
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 4,928,486
------------------------------------------------------------------------------==============
------------------------------------------------------------------------------==============
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
See notes to financial statements.
--------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
SIX MONTHS ENDED JUNE 30, 2000 AND YEAR ENDED DECEMBER 31, 1999
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
BOND INDEX
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
PORTFOLIO
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
2000 1999
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
UNAUDITED
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS:
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
OPERATIONS:
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Net investment income $ 3,966,428 $ 7,195,765
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Net realized gain (loss) on investments (307,326) (2,180,975)
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Change in net unrealized depreciation on investments 1,269,384 (5,385,762)
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from operatio4,928,486 (370,972)
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS:
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
From net investment income (3,915,762) (7,171,790)
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
From net realized gains 0 0
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Total distributions (3,915,762) (7,171,790)
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
SHARE TRANSACTIONS:
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Net proceeds from sales of shares 54,150,941 19,979,731
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Reinvestment of distributions 3,915,762 7,171,790
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Redemptions of shares (60,232,363) (16,560,974)
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from share t(2,165,660) 10,590,547
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Total increase (decrease) in net assets (1,152,936) 3,047,785
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
NET ASSETS:
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Beginning of period 133,484,683 130,436,898
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
End of period (1) $ 132,331,747$ 133,484,683
----------------------------------------------------------------===========--===========
----------------------------------------------------------------===========--===========
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
OTHER INFORMATION:
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
SHARES:
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Sold 43,879,605 15,695,770
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Issued in reinvestment of distributions 3,178,559 5,732,875
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Redeemed (48,845,965) (12,954,708)
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Net increase (decrease) (1,787,801) 8,473,937
----------------------------------------------------------------===========--===========
----------------------------------------------------------------===========--===========
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
(1) Including undistributed net investment income $ 75,766 $ 25,100
----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
BOND INDEX PORTFOLIO
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the six months ended June 30, 2000 and the years
ended December 31, 1999, 1998, 1997, 1996 and 1995 are as follows:
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
Six Months Ended Year Ended December 31,
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
June 30, 2000 1999 1998 1997 1996 1995
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
UNAUDITED
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
Net Asset Value, Beginning of P$riod 1.2276 $ 1.3010 $ 1.2856 $ 1.2774 $ 1.3161 $ 1.2019
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
Income from Investment Operations
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
Net investment income 0.0377 0.0695 0.0737 0.0769 0.0777 0.0794
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (los0.0092 (0.0736) 0.0154 0.0081 (0.0387) 0.1164
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
Total Income (Loss) From
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
Investment Operations 0.0469 (0.0041) 0.0891 0.0850 0.0390 0.1958
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
Less Distributions
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
From net investment income (0.0372) (0.0693) (0.0737) (0.0768) (0.0777) (0.0816)
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
Total Distributions (0.0372) (0.0693) (0.0737) (0.0768) (0.0777) (0.0816)
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $ 1.2373 $ 1.2276 $ 1.3010 $ 1.2856 $ 1.2774 $ 1.3161
---------------------------------===========--============--============---===========---===========--===========
---------------------------------===========--============--============---===========---===========--===========
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
Total Return 3.85% (0.31%) 7.08% 6.85% 3.14% 16.71%
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
Net Assets, End of Period $ 132,331,747$ 133,484,683 $ 130,436,898 $ 114,875,960 $ 100,722,152$ 95,210,404
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
Ratio of Expense to
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
Average Net Assets 0.50% * 0.56% 0.60% 0.60% 0.60% 0.60%
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
Ratio of Net Investment Income to
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
Average Net Assets 6.10% * 5.56% 5.69% 6.02% 6.08% 6.30%
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
Portfolio Turnover Rate 9.63% 127.95% 59.84% 140.35% 118.50% 159.21%
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
*Annualized
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
(Continued)
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
JUNE 30, 2000
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
UNAUDITED
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
SHORT-TERM
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
MATURITY
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
BOND
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
PORTFOLIO
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
ASSETS:
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
Investments in securities, market value (1) $ 141,690,000
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
Cash 14,486
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
Dividends and interest receivable 2,368,026
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
Subscriptions receivable 662,510
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
Receivable for investments sold 6,926,555
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
Total assets 151,661,577
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
LIABILITIES:
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
Due to GW Capital Management 70,362
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
Redemptions payable 521,857
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
Payable for investments purchased 6,281,391
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
Total liabilities 6,873,610
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
NET ASSETS $ 144,787,967
----------------------------------------------------------------------------=============
----------------------------------------------------------------------------=============
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
NET ASSETS REPRESENTED BY:
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
Capital stock, $.10 par value $ 14,538,920
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
Additional paid-in capital 132,654,993
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
Net unrealized depreciation on investments (2,063,304)
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
Undistributed net investment income 209,180
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
Accumulated net realized loss on investments (551,822)
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
NET ASSETS $ 144,787,967
----------------------------------------------------------------------------=============
----------------------------------------------------------------------------=============
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
NET ASSET VALUE PER OUTSTANDING SHARE $ 0.9959
----------------------------------------------------------------------------=============
----------------------------------------------------------------------------=============
(Offering and Redemption Price)
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
SHARES OF CAPITAL STOCK:
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
Authorized 200,000,000
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
Outstanding 145,389,198
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
(1) Cost of investments in securities: $ 143,753,304
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
See notes to financial statements.
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
-----------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS
-----------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------
SIX MONTHS ENDED JUNE 30, 2000
-----------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------
UNAUDITED
-----------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------
SHORT-TERM
-----------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------
MATURITY
-----------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------
BOND
-----------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------
PORTFOLIO
-----------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------
INVESTMENT INCOME:
-----------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------
Interest $ 4,411,281
-----------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------
EXPENSES:
-----------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------
Management fees 415,478
-----------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------
NET INVESTMENT INCOME 3,995,803
-----------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
-----------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------
Net realized loss on investments (435,549)
-----------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------
Change in net unrealized depreciation on investments (611,750)
-----------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments (1,047,299)
-----------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 2,948,504
---------------------------------------------------------------------------------==============
---------------------------------------------------------------------------------==============
-----------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------
See notes to financial statements.
-----------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
SIX MONTHS ENDED JUNE 30, 2000 AND YEAR ENDED DECEMBER 31, 1999
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
SHORT-TERM
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
MATURITY BOND
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
PORTFOLIO
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
2000 1999
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
UNAUDITED
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS:
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
OPERATIONS:
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
Net investment income $ 3,995,803 $ 6,569,907
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
Net realized gain (loss) on investments (435,549) (108,703)
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
Change in net unrealized depreciation on investments (611,750) (2,315,187)
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from ope2,948,504 4,146,017
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS:
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
From net investment income (3,865,658) (6,527,337)
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
From net realized gains 0 (33,580)
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
Total distributions (3,865,658) (6,560,917)
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
SHARE TRANSACTIONS:
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
Net proceeds from sales of shares 62,311,185 32,510,344
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
Reinvestment of distributions 3,865,658 6,560,917
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
Redemptions of shares (58,392,194) (9,652,980)
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from sha7,784,649ctions 29,418,281
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
Total increase (decrease) in net assets 6,867,495 27,003,381
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
NET ASSETS:
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
Beginning of period 137,920,472 110,917,091
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
End of period (1) $ 144,787,967 $ 137,920,472
-----------------------------------------------------------===========-----============
-----------------------------------------------------------===========-----============
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
OTHER INFORMATION:
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
SHARES:
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
Sold 62,078,416 31,924,776
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
Issued in reinvestment of distributions 3,877,405 6,511,646
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
Redeemed (58,203,288) (9,503,032)
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
Net increase (decrease) 7,752,533 28,933,390
-----------------------------------------------------------===========-----============
-----------------------------------------------------------===========-----============
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
(1) Including undistributed net investment income $ 209,180 $ 79,035
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
See notes to financial statements.
---------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
SHORT-TERM MATURITY BOND PORTFOLIO
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the six months ended June 30, 2000 and the years
ended December 31, 1999, 1998, 1997, 1996 and the period ended December 31, 1995 are as follows:
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
Six Months Ended Year Ended December 31,
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
June 30, 2000 1999 1998 1997 1996 1995
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
UNAUDITED
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
(A)
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
Net Asset Value, Beginning of P$riod 1.0021 $ 1.0204 $ 1.0134 $ 1.0065 $ 1.0092 $ 1.0000
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
Income from Investment Operations
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
Net investment income 0.0283 0.0520 0.0546 0.0534 0.0489 0.0194
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (los(0.0070) (0.0183) 0.0087 0.0070 (0.0027) 0.0105
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
Total Income From
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
Investment Operations 0.0213 0.0337 0.0633 0.0604 0.0462 0.0299
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
Less Distributions
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
From net investment income (0.0275) (0.0517) (0.0543) (0.0534) (0.0489) (0.0207)
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
From net realized gains 0.0000 (0.0003) (0.0020) (0.0001) 0.0000 0.0000
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
Total Distributions (0.0275) (0.0520) (0.0563) (0.0535) (0.0489) (0.0207)
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $ 0.9959 $ 1.0021 $ 1.0204 $ 1.0134 $ 1.0065 $ 1.0092
---------------------------------============--============--=============--===========--===========--===========-
---------------------------------============--============--=============--===========--===========--===========-
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
Total Return 2.14% 3.37% 6.36% 6.14% 4.70% 3.02%
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
Net Assets, End of Period $ 144,787,967 $ 137,920,472 $ 110,917,091 $ 78,367,545 $ 39,503,114 $ 15,618,670
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
Ratio of Expense to
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
Average Net Assets 0.60% * 0.60% 0.60% 0.60% 0.60% 0.53%
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
Ratio of Net Investment Income to
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
Average Net Assets 5.77% * 5.29% 5.45% 5.47% 5.15% 4.61%
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
Portfolio Turnover Rate 20.89% 45.60% 37.33% 84.59% 51.71% 97.87%
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
*Annualized
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
(A) The portfolio commenced operations on August 1, 1995.
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
(Continued)
------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
JUNE 30, 2000
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
UNAUDITED
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
U.S.
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
GOVERNMENT
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
MORTGAGE
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
SECURITIES
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
PORTFOLIO
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
ASSETS:
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
Investments in securities, market value (1) $ 175,288,485
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
Cash 12,224
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
Dividends and interest receivable 1,372,150
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
Subscriptions receivable 890,307
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
Receivable for investments sold 2,330,393
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
Total assets 179,893,559
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
LIABILITIES:
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
Due to GW Capital Management 86,664
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
Redemptions payable 814,871
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
Payable for investments purchased 2,364,641
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
Total liabilities 3,266,176
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
NET ASSETS $ 176,627,383
----------------------------------------------------------------------------===============
----------------------------------------------------------------------------===============
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
NET ASSETS REPRESENTED BY:
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
Capital stock, $.10 par value $ 15,677,615
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
Additional paid-in capital 167,498,067
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
Net unrealized depreciation on investments (4,393,630)
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
Undistributed net investment income 209,466
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
Accumulated net realized loss on investments (2,364,135)
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
NET ASSETS $ 176,627,383
----------------------------------------------------------------------------===============
----------------------------------------------------------------------------===============
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
NET ASSET VALUE PER OUTSTANDING SHARE $ 1.1266
----------------------------------------------------------------------------===============
----------------------------------------------------------------------------===============
(Offering and Redemption Price)
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
SHARES OF CAPITAL STOCK:
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
Authorized 300,000,000
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
Outstanding 156,776,147
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
(1) Cost of investments in securities: $ 179,682,115
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
See notes to financial statements.
-------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
SIX MONTHS ENDED JUNE 30, 2000
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
UNAUDITED
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
U.S.
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
GOVERNMENT
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
MORTGAGE
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
SECURITIES
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
PORTFOLIO
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
INVESTMENT INCOME:
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
Interest $ 6,021,112
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
EXPENSES:
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
Management fees 524,517
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
NET INVESTMENT INCOME 5,496,595
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
Net realized loss on investments (790,018)
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
Change in net unrealized depreciation on investments 946,225
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments 156,207
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 5,652,802
--------------------------------------------------------------------------------==============
--------------------------------------------------------------------------------==============
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
See notes to financial statements.
----------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
SIX MONTHS ENDED JUNE 30, 2000 AND YEAR ENDED DECEMBER 31, 1999
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
U.S. GOVERNMENT
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
MORTGAGE SECURITIES
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
PORTFOLIO
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
2000 1999
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
UNAUDITED
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS:
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
OPERATIONS:
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
Net investment income $ 5,496,595 $ 10,891,167
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
Net realized gain (loss) on investments (790,018) 712,364
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
Change in net unrealized depreciation on investments 946,225 (10,665,482)
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from operat5,652,802 938,049
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS:
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
From net investment income (5,415,950) (10,799,091)
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
From net realized gains 0 0
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
Total distributions (5,415,950) (10,799,091)
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
SHARE TRANSACTIONS:
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
Net proceeds from sales of shares 69,678,961 24,329,564
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
Reinvestment of distributions 5,415,950 10,799,091
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
Redemptions of shares (81,881,987) (34,392,283)
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from share(6,787,076)ns 736,372
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
Total increase (decrease) in net assets (6,550,224) (9,124,670)
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
NET ASSETS:
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
Beginning of period 183,177,607 192,302,277
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
End of period (1) $ 176,627,383 $ 183,177,607
--------------------------------------------------------------===========-----===========
--------------------------------------------------------------===========-----===========
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
OTHER INFORMATION:
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
SHARES:
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
Sold 61,913,491 20,844,366
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
Issued in reinvestment of distributions 4,829,796 9,439,676
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
Redeemed (72,791,217) (29,568,805)
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
Net increase (decrease) (6,047,930) 715,237
--------------------------------------------------------------===========-----===========
--------------------------------------------------------------===========-----===========
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
(1) Including undistributed net investment income $ 209,466 $ 128,821
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
See notes to financial statements.
-----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT MORTGAGE SECURITIES PORTFOLIO
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the six months ended June 30, 2000 and the years
ended December 31, 1999, 1998, 1997, 1996 and 1995 are as follows:
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
Six Months Ended Year Ended December 31,
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
June 30, 2000 1999 1998 1997 1996 1995
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
CONTINUED
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
Net Asset Value, Beginning of P$riod 1.1250 $ 1.1863 $ 1.1743 $ 1.1519 $ 1.1786 $ 1.0917
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
Income from Investment Operations
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
Net investment income 0.0356 0.0676 0.0700 0.0745 0.0751 0.0781
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (los0.0011 (0.0619) 0.0118 0.0224 (0.0267) 0.0869
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
Total Income From
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
Investment Operations 0.0367 0.0057 0.0818 0.0969 0.0484 0.1650
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
Less Distributions
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
From net investment income (0.0351) (0.0670) (0.0698) (0.0745) (0.0751) (0.0781)
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
Total Distributions (0.0351) (0.0670) (0.0698) (0.0745) (0.0751) (0.0781)
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $ 1.1266 $ 1.1250 $ 1.1863 $ 1.1743 $ 1.1519 $ 1.1786
---------------------------------===========--============--===========--============--============--===========
---------------------------------===========--============--===========--============--============--===========
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
Total Return 3.30% 0.51% 7.12% 8.64% 4.29% 15.55%
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
Net Assets, End of Period $ 176,627,383$ 183,177,607 $ 192,302,277$ 162,184,386 $ 138,465,908 $ 129,549,680
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
Ratio of Expense to
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
Average Net Assets 0.60% * 0.60% 0.60% 0.60% 0.60% 0.60%
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
Ratio of Net Investment Income to
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
Average Net Assets 6.29% * 5.86% 5.98% 6.44% 6.51% 6.84%
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
Portfolio Turnover Rate 18.92% 46.74% 108.19% 34.01% 94.63% 188.04%
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
*Annualized
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
(Concluded)
----------------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
Financial Statements and Financial Highlights for
the Six Months Ended June 30, 2000 and the Year Ended December 31, 1999
(Section 6)
MAXIM SERIES FUND, INC.
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2000
----------------------------------------------------------------------------------------------
UNAUDITED
1. ORGANIZATION & SIGNIFICANT ACCOUNTING POLICIES
Maxim Series Fund, Inc. (the Fund) is a Maryland corporation organized on December 7,
1981 under the Investment Company Act of 1940 (the 1940 Act) as an open-end management
investment company and presently consists of thirty-six portfolios. Interests in the
Bond Index, Short-Term Maturity Bond and U.S. Government Mortgage Securities
Portfolios (the Portfolios) are included herein and are represented by separate
classes of beneficial interest of the Fund. The investment objective of each Portfolio
is: to seek investment results that track the total return of the debt securities
that comprise the Lehman Aggregate Bond Index for the Bond Index Portfolio; to seek
maximum total return that is consistent with preservation of capital and liquidity for
the Short-Term Maturity Bond Portfolio; and to seek the highest level of return
consistent with preservation of capital and substantial credit protection for the U.S.
Government Mortgage Securities Portfolio. The Bond Index Portfolio is diversified and
the Short-Term Maturity Bond and U.S. Government Mortgage Securities Portfolios are
nondiversified as defined in the 1940 Act. The Fund is available only as an
investment option for certain variable annuity contracts, variable life policies and
certain qualified retirement plans issued by Great-West Life & Annuity Insurance
Company (the Company) and New England Financial.
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:
Security Valuation
Short-term and money market securities are valued at amortized cost which approximates
market value. Equity securities listed on an established exchange or on the NASDAQ
National Market System are valued at the last sale price as of the close of business.
Fixed income and other securities are valued by independent pricing services approved
by the Board of Directors. Securities 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.
Investments in securities of governmental agencies may only be guaranteed by the
respective agency's limited authority to borrow from the U.S. Government and may not
be guaranteed by the full faith and credit of the U.S. Government.
Restricted Securities
The Short-Term Maturity Bond Portfolio 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, fair value and percent of net
assets of these restricted securities held at June 30, 2000 were $3,056,922,
$3,004,290 and 2.07%, respectively.
Interest Rate Swap Agreements
The Short-Term Maturity Bond Portfolio has entered into an interest rate swap
agreement to mitigate call risk on the underlying investment. This agreement involves
the exchange of amounts based on a fixed interest rate for amounts based on variable
interest rates over the life of the agreement without the exchange of the underlying
face amount. Interest rate differentials paid or received under this agreement are
recognized as an adjustment to interest expense. Gains and losses on terminated swap
agreements are amortized over the original life of the agreements as adjustments to
interest expense.
Option Writing
The Short-Term Maturity Bond Portfolio has written call options in which an amount
equal to the premium received by the Short-Term Maturity Bond Portfolio is recorded as
a liability and is subsequently adjusted to the current fair value of the option
written. Premiums received from writing options that expire unexercised are treated
by the Short-Term Maturity Bond Portfolio on the expiration date as realized gains
from investments. The difference between the premium and the amount paid on effecting
a closing purchase transaction, including brokerage commissions, is also treated as a
realized gain, or if the premium is less than the amount paid for the closing purchase
transaction, as a realized loss. If a call option is exercised, the premium is added
to the proceeds from the sale of the underlying security in determining whether the
Short-Term Maturity Bond Portfolio has realized a gain or loss. The Short-Term
Maturity Bond Portfolio as writer of an option bears market risk of an unfavorable
change in the price of the security underlying the written option.
Dividends
Dividends from net investment income of the Bond Index, Short-Term Maturity Bond and
U.S. Government Mortgage Securities Portfolios are declared and paid quarterly. Income
dividends are reinvested in additional shares at net asset value. 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 a specific lot selection.
Dividend income for the Portfolios is accrued as of the ex-dividend date and interest
income, including amortization of discounts and premiums, is recorded daily.
Federal Income Taxes
For federal income tax purposes, each Portfolio of the Fund qualifies as a regulated
investment company under the provisions of the Internal Revenue Code by distributing
substantially all of its taxable net income (both ordinary and capital gain) to its
shareholders and complying with other requirements for regulated investment
companies. Accordingly, no provision for federal income taxes has been made. At June
30, 2000, the Bond Index, Short-Term Maturity Bond and U.S. Government Mortgage
Securities Portfolios had available for federal income tax purposes unused capital
loss carryovers of $3,127,342, $105,824 and $1,564,449, respectively, which expire
between 2002 and 2007.
Classification of Distributions to Shareholders
The character of distributions made during the year from net investment income or net
realized gains are determined in accordance with income tax regulations that may
differ from generally accepted accounting principles. These differences are primarily
due to differing treatments of deferral of wash sales, net operating losses and
capital loss carryforwards. 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 Portfolios.
2. 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
.50% of the average daily net assets of the Bond Index Portfolio and .60% of the
average daily net assets of the Short-Term Maturity Bond and U.S. Government Mortgage
Securities Portfolios. The management fee encompasses fund operation expenses.
3. PURCHASES AND SALES OF INVESTMENT SECURITIES
For the six months ended June 30, 2000, the aggregate cost of purchases and proceeds
from sales of investment securities (excluding all U.S. Government securities and
short-term securities) were as follows:
Purchases Sales
-------------- --------------
Bond Index Portfolio $ $
6,281,545 5,208,362
Short-Term Maturity Bond Portfolio 17,176,610 14,110,000
U.S. Government Mortgage Securities Portfolio 7,203,375
7,196,625
For the six months ended June 30, 2000, the aggregate cost of purchases and proceeds
from sales of U.S. Government securities were as follows:
Purchases Sales
-------------- --------------
Bond Index Portfolio $ $ 8,534,732
6,051,352
Short-Term Maturity Bond Portfolio 12,967,370 14,072,785
U.S. Government Mortgage Securities Portfolio 25,598,396 29,946,487
4. UNREALIZED APPRECIATION (DEPRECIATION)
The aggregate cost of investments and the composition of unrealized appreciation and
depreciation of investment securities for federal income tax purposes as of June 30,
2000, were as follows:
Cost For
Income Net
Tax Gross Gross Unrealized
Purposes Appreciation Depreciation Depreciation
------------- -------------- -------------- --------------
Bond Index Portfolio $ 132,155,222 $ 310,132 $ $
(1,928,448) (1,618,316)
Short-Term Maturity
Bond Portfolio 143,753,304 84,057
(2,147,361) (2,063,304)
U.S. Government
Mortgage
Securities 179,682,115 805,406
Portfolio (5,199,036) (4,393,630)
5. INTEREST RATE SWAP AGREEMENTS
As of June 30, 2000, the Short-Term Maturity Bond Portfolio had the following interest
rate swap agreements with Morgan Stanley Dean Witter Co.:
Floating Interest Fixed
Interest
Face Maturity Rate Received Rate Paying
Date
------------- ----------- ------------------- -------------
Short-Term Maturity $3,000,000 02/15/02 LIBOR plus 1.75% 3.00%
Bond Portfolio equal to 8.47%
$2,500,000 10/15/02 LIBOR plus 1.65% 5.00%
equal to 7.93%
5. CALL OPTIONS WRITTEN
As of June 30, 2000, covered call options written by the Short-Term Maturity Bond
Portfolio were as follows:
Strike
Price
Number as of
Of Notional June 30,
Options Amount Security 2000 Expiration
-------- ---------- ---------------------- --------- ---------
Short-Term
Maturity Bond 7,000 $ 7,000,000 Anadarko Petroleum $ 45.431
Portfolio Corp, 3/7/2003
Zero Coupon,
3/7/2020
3,000 3,000,000 CUC International 100.287 2/15/2002
Inc,
3.000%, 2/15/2002
2,500 2,500,000 Magna International 100.000 10/15/2002
Inc.
5.000%, 10/15/2002
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
--------------------------------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
JUNE 30, 2000
UNAUDITED
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
INVESCO
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
BALANCED
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
PORTFOLIO
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
ASSETS:
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Investments in securities, market value (1) $ 204,141,935
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Cash 12,917
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Dividends and interest receivable 1,031,107
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Subscriptions receivable 67,285
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Receivable for investments sold 10,214,544
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Total assets 215,467,788
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
LIABILITIES:
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Due to GW Capital Management 153,168
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Redemptions payable 45,892
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Payable for investments purchased 16,625,762
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Total liabilities 16,824,822
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
NET ASSETS $ 198,642,966
-----------------------------------------------------------------------------------------------------------=====================
-----------------------------------------------------------------------------------------------------------=====================
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
NET ASSETS REPRESENTED BY:
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Capital stock, $.10 par value $ 14,035,932
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Additional paid-in capital 158,902,340
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Net unrealized appreciation (depreciation) on investments and translation of assets
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
and liabilities denominated in foreign currencies 16,350,273
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Undistributed net investment income 8,117
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Accumulated net realized gain on investments 9,346,304
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
NET ASSETS $ 198,642,966
-----------------------------------------------------------------------------------------------------------=====================
-----------------------------------------------------------------------------------------------------------=====================
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE PER OUTSTANDING SHARE $ 1.4152
-----------------------------------------------------------------------------------------------------------=====================
-----------------------------------------------------------------------------------------------------------=====================
(Offering and Redemption Price)
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
SHARES OF CAPITAL STOCK:
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Authorized 200,000,000
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Outstanding 140,359,319
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
(1) Cost of investments in securities: $ 187,791,662
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
See notes to financial statements.
--------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED JUNE 30, 2000
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
UNAUDITED
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
INVESCO
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
BALANCED
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
PORTFOLIO
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
Interest $ 1,926,688
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
Dividends 473,284
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
Foreign withholding tax (1,157)
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
Total income 2,398,815
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
EXPENSES:
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
Audit fees
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
Investment administration
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
Bank and custodial fees
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
Other expenses
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
Management fees 850,500
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
Total expenses 850,500
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
Less amount reimbursed by GW Capital Management
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
Net expenses 850,500
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
0
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME 1,548,315
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
Net realized gain on investments 5,841,441
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on investments (5,919,072)
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
Change in net unrealized depreciation on translation of assets and liabilities
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
denominated in foreign currencies (4,894)
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
Net change in realized and unrealized loss on investments and translation of
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
assets and liabilities denominated in foreign currencies (82,525)
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 1,465,790
-----------------------------------------------------------------------------------------------------------===================
-----------------------------------------------------------------------------------------------------------===================
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
See notes to financial statements.
------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED JUNE 30, 2000 AND YEAR ENDED DECEMBER 31, 1999
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
INVESCO BALANCED
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
PORTFOLIO
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
2000 1999
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
UNAUDITED
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS:
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
OPERATIONS:
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
Net investment income $ 1,548,315 $ 3,511,199
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
Net realized gain on investments 5,841,441 27,419,339
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on investments (5,919,072) (1,951,024)
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
Change in net unrealized depreciation on translation of assets and
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
liabilities denominated in foreign currencies (4,894) 0
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from operations 1,465,790 28,979,514
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS:
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
From net investment income (1,527,934) (3,527,947)
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
From net realized gains 0 (26,286,865)
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
Total distributions (1,527,934) (29,814,812)
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
SHARE TRANSACTIONS:
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
Net proceeds from sales of shares 86,398,673 35,727,234
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
Reinvestment of distributions 1,527,934 29,814,812
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
Redemptions of shares (57,879,389) (71,686,636)
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from share transactions 30,047,218 (6,144,590)
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
Total increase (decrease) in net assets 29,985,074 (6,979,888)
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
NET ASSETS:
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
Beginning of period 168,657,892 175,637,780
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
End of period (1) $ 198,642,966 $ 168,657,892
------------------------------------------------------------------------------------=================-----=================
------------------------------------------------------------------------------------=================-----=================
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
OTHER INFORMATION:
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
SHARES:
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
Sold 61,354,577 23,845,221
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
Issued in reinvestment of distributions 1,087,468 21,088,347
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
Redeemed (41,211,528) (46,039,823)
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) 21,230,517 (1,106,255)
------------------------------------------------------------------------------------=================-----=================
------------------------------------------------------------------------------------=================-----=================
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
(1) Including undistributed (overdistributed) net investment income $ 8,117 $ (12,264)
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
See notes to financial statements.
---------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
INVESCO BALANCED PORTFOLIO
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the six months ended June 30, 2000, the years ended December 31,
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
1999, 1998, 1997, and the period ended December 31, 1996 are as follows:
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Six Months Ended Period Ended December 31,
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
June 30, 2000 1999 1998 1997 1996
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
UNAUDITED
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
(A)
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Net Asset Value, Beginning of Period $ 1.4158 $ 1.4608 $ 1.2588 $ 1.0408 $ 1.0000
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Income from Investment Operations
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Net investment income 0.0112 0.0271 0.0289 0.0187 0.0052
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) (0.0008) 0.2086 0.2020 0.2518 0.0420
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Total Income From Investment Operations 0.0104 0.2357 0.2309 0.2705 0.0472
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Less Distributions
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
From net investment income (0.0110) (0.0272) (0.0289) (0.0187) (0.0052)
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
From net realized gains 0.0000 (0.2535) (0.0338) (0.0012)
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Total Distributions (0.0110) (0.2807) (0.0289) (0.0525) (0.0064)
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $ 1.4152 $ 1.4158 $ 1.4608 $ 1.2588 $ 1.0408
----------------------------------------------==============---==============---================---===============---=============--
----------------------------------------------==============---==============---================---===============---=============--
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Total Return 0.74% 16.74% 18.42% 26.10% 4.60%
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Net Assets, End of Period $ 198,642,966 $ 168,657,892 $ 175,637,780 $ 127,072,586 $ 15,987,166
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Ratio of Expenses to Average Net Assets 1.00% * 1.00% 1.00% 1.00% 1.00% *
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Ratio of Net Investment Income to
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Average Net Assets 1.82% * 1.94% 2.18% 2.77% 2.84% *
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Portfolio Turnover Rate 61.72% 119.39% 119.95% 150.57% 17.14%
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
*Annualized
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
(A) The portfolio commenced operations on October 1, 1996.
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
(Continued)
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
JUNE 30, 2000
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
UNAUDITED
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
T. ROWE PRICE
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
EQUITY/INCOME
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
PORTFOLIO
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
ASSETS:
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Investments in securities, market value (1) $ 153,679,937
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Cash 26,555
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Dividends and interest receivable 386,436
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Subscriptions receivable 46,477
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Receivable for investments sold 7,221,105
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Total assets 161,360,510
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES:
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Due to GW Capital Management 121,211
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Redemptions payable 166,522
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Payable for investments purchased 6,738,136
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Total liabilities 7,025,869
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
NET ASSETS $ 154,334,641
---------------------------------------------------------------------------------------------------------------=====================
---------------------------------------------------------------------------------------------------------------=====================
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
NET ASSETS REPRESENTED BY:
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Capital stock, $.10 par value $ 9,701,804
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Additional paid-in capital 138,406,503
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Net unrealized appreciation (depreciation) on investments and translation of assets
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
and liabilities denominated in foreign currencies (6,723,599)
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Undistributed net investment income 15,115
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Accumulated net realized gain on investments 12,934,818
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
NET ASSETS $ 154,334,641
---------------------------------------------------------------------------------------------------------------=====================
---------------------------------------------------------------------------------------------------------------=====================
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE PER OUTSTANDING SHARE $ 1.5908
---------------------------------------------------------------------------------------------------------------=====================
---------------------------------------------------------------------------------------------------------------=====================
(Offering and Redemption Price)
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
SHARES OF CAPITAL STOCK:
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Authorized 200,000,000
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Outstanding 97,018,042
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
(1) Cost of investments in securities: $ 160,403,536
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
See notes to financial statements.
------------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED JUNE 30, 2000
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
UNAUDITED
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
T. ROWE PRICE
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
EQUITY/INCOME
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
PORTFOLIO
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
Interest $ 177,150
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
Dividends 2,351,370
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
Foreign withholding tax (17,938)
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
Total income 2,510,582
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
EXPENSES:
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
Audit fees 4,550
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
Investment administration 51,907
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
Bank and custodial fees 13,327
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
Other expenses 21,274
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
Management fees 649,783
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
Total expenses 740,841
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
Less amount reimbursed by GW Capital Management 10,441
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
Net expenses 730,400
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME 1,780,182
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
Net realized gain on investments 8,632,860
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on investments (16,771,770)
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
Change in net unrealized depreciation on translation of assets and liabilities
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
denominated in foreign currencies (12,465)
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
Net change in realized and unrealized loss on investments and translation of
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
assets and liabilities denominated in foreign currencies (8,151,375)
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ (6,371,193)
--------------------------------------------------------------------------------------------------------===================
--------------------------------------------------------------------------------------------------------===================
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
See notes to financial statements.
---------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED JUNE 30, 2000 AND YEAR ENDED DECEMBER 31, 1999
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
T. ROWE PRICE
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
EQUITY/INCOME
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
PORTFOLIO
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
2000 1999
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
UNAUDITED
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS:
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
OPERATIONS:
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
Net investment income $ 1,780,182 $ 3,765,372
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
Net realized gain on investments 8,632,860 18,212,311
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on investments (16,771,770) (15,424,684)
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
Change in net unrealized depreciation on translation of assets and 0
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
liabilities denominated in foreign currencies (12,465) (35,932)
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from operations (6,371,193) 6,517,067
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS:
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
From net investment income (1,769,738) (3,770,778)
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
From net realized gains 0 (15,952,803)
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
Total distributions (1,769,738) (19,723,581)
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
SHARE TRANSACTIONS:
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
Net proceeds from sales of shares 31,494,032 12,212,564
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
Reinvestment of distributions 1,769,738 19,723,581
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
Redemptions of shares (60,287,805) (38,932,748)
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from share transactions (27,024,035) (6,996,603)
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
Total increase (decrease) in net assets (35,164,966) (20,203,117)
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
NET ASSETS:
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
Beginning of period 189,499,607 209,702,724
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
End of period (1) $ 154,334,641 $ 189,499,607
---------------------------------------------------------------------------------=================-----=================
---------------------------------------------------------------------------------=================-----=================
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
OTHER INFORMATION:
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
SHARES:
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
Sold 19,658,004 6,613,589
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
Issued in reinvestment of distributions 1,088,466 11,760,794
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
Redeemed (38,200,921) (21,688,375)
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) (17,454,451) (3,313,992)
---------------------------------------------------------------------------------=================-----=================
---------------------------------------------------------------------------------=================-----=================
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
(1) Including undistributed (overdistributed) net investment income $ 15,115 $ 4,671
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
See notes to financial statements.
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
T. ROWE PRICE EQUITY/INCOME PORTFOLIO
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the six months ended June 30, 2000 and the years ended December 31,
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
1999, 1998, 1997, 1996 and 1995 are as follows:
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Six Months Ended Year Ended December 31,
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
June 30, 2000 1999 1998 1997 1996 1995
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
UNAUDITED
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Net Asset Value, Beginning of Period $ 1.6554 $ 1.7804 $ 1.7602 $ 1.4492 $ 1.2633 $ 0.9805
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Income from Investment Operations
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Net investment income 0.0186 0.0339 0.0370 0.0357 0.0299 0.0345
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) (0.0648) 0.0242 0.1177 0.3783 0.2130 0.2892
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Total Income (Loss) From
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Investment Operations (0.0462) 0.0581 0.1547 0.4140 0.2429 0.3237
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Less Distributions
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
From net investment income (0.0184) (0.0340) (0.0369) (0.0357) (0.0300) (0.0396)
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
From net realized gains 0.0000 (0.1491) (0.0976) (0.0673) (0.0270) (0.0013)
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Total Distributions (0.0184) (0.1831) (0.1345) (0.1030) (0.0570) (0.0409)
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $ 1.5908 $ 1.6554 $ 1.7804 $ 1.7602 $ 1.4492 $ 1.2633
-----------------------------------===============---==============---==============---==============--==============---============
-----------------------------------===============---==============---==============---==============--==============---============
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Total Return (2.82%) 3.39% 8.93% 28.82% 19.39% 33.42%
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Net Assets, End of Period $ 154,334,641 $ 189,499,607 $ 209,702,724 $ 167,154,169 $ 69,535,903 $ 10,950,195
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Ratio of Expenses to Average Net Assets:
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
- Before Reimbursement 0.91% * 0.88% 0.88% 0.93% 1.20% 1.82%
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
- After Reimbursement # 0.90% * 0.88% 0.88% 0.91% 0.95% 0.95%
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Ratio of Net Investment Income to
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Average Net Assets:
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
- Before Reimbursement 2.18% * 1.84% 2.14% 2.46% 2.60% 2.59%
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
- After Reimbursement # 2.19% * 1.84% 2.14% 2.48% 2.85% 3.46%
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Portfolio Turnover Rate 16.19% 44.02% 32.30% 25.35% 26.15% 14.00%
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
*Annualized
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
# Percentages are shown net of expenses reimbursed by The Great-West Life Assurance Company or GW Capital Management, LLC.
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
(Concluded)
------------------------------------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
Financial Statements and Financial Highlights for
the Six Months Ended June 30, 2000 and the Year Ended December 31, 1999
(Section 7)
MAXIM SERIES FUND, INC.
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2000
--------------------------------------------------------------------------------
UNAUDITED
1. ORGANIZATION & SIGNIFICANT ACCOUNTING POLICIES Maxim Series Fund, Inc. (the
Fund) is a Maryland corporation organized on December 7, 1981 under the
Investment Company Act of 1940 (the 1940 Act) as an open-end management
investment company and presently consists of thirty-six portfolios. Interests in
the INVESCO Balanced and T. Rowe Price Equity/Income Portfolios (the Portfolios)
are included herein and are represented by separate classes of beneficial
interest of the Fund. The investment objective of each Portfolio is: to seek
high total return through capital appreciation and current income for the
INVESCO Balanced Portfolio and to seek substantial dividend income and also
capital appreciation for the T. Rowe Price Equity/Income Portfolio. The
Portfolios are diversified as defined in the 1940 Act. The Fund is available
only as an investment option for certain variable annuity contracts, variable
life policies and certain qualified retirement plans issued by Great-West Life &
Annuity Insurance Company (the Company) and New England Financial.
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:
Security Valuation
Short-term and money market securities are valued at amortized cost which
approximates market value. Equity securities listed on an established exchange
or on the NASDAQ National Market System are valued at the last sale price as of
the close of business. Fixed income and other securities are valued by
independent pricing services approved by the Board of Directors. Securities 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.
Foreign Currency Translations
The accounting records of the 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 Portfolios isolate that portion of the results of operations resulting from
changes in foreign exchange rates on investments from the fluctuations arising
from changes in market prices of securities held.
Net realized foreign exchange gains or losses arise from sales of portfolio
securities, sales and maturities of short-term securities, 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 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 including investments in securities at fiscal
year end, resulting from changes in the exchange rate.
Dividends
Dividends from net investment income of the Portfolios are declared and paid
semi-annually. Income dividends are reinvested in additional shares at net asset
value. 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).
Dividend income for the Portfolios is accrued as of the ex-dividend date and
interest income, including amortization of discounts and premiums, is recorded
daily.
Federal Income Taxes
For federal income tax purposes, each Portfolio of the Fund qualifies as a
regulated investment company under the provisions of the Internal Revenue Code
by distributing substantially all of its taxable net income (both ordinary and
capital gain) to its shareholders and complying with other requirements for
regulated investment companies. Accordingly, no provision for federal income
taxes has been made.
Classification of Distributions to Shareholders
The character of distributions made during the year from net investment income
or net realized gains are determined in accordance with income tax regulations
that may differ from generally accepted accounting principles. These differences
are primarily due to differing treatments of deferral of wash sales, net
operating losses and capital loss carryforwards. 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 Portfolios.
2. 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 1.00% of the average daily net assets of the INVESCO
Balanced Portfolio and .80% of the average daily net assets of the T. Rowe Price
Equity/Income Portfolio. However, the investment adviser shall pay any expenses
which exceed an annual rate, including management fees, of .95% of the average
daily net assets of the T. Rowe Price Equity/Income Portfolio.
Expenses incurred by the Fund, which are not fund specific, are allocated based
on relative net assets or other appropriate allocation methods. For the INVESCO
Balanced Portfolio, the management fee encompasses fund operation expenses.
3. PURCHASES AND SALES OF INVESTMENT SECURITIES
For the six months ended June 30, 2000, the aggregate cost of purchases and
proceeds from sales of investment securities (excluding all U.S. Government
securities and short-term securities) were as follows:
Purchases Sales
------------------ ------------------
INVESCO Balanced Portfolio $ 127,409,433 $ 98,788,989
T. Rowe Price Equity/Income Portfolio 25,532,197 52,185,113
For the six months ended June 30, 2000, the aggregate cost of purchases and
proceeds from sales of U.S. Government securities were $1,862,500 and
$4,167,431, respectively, for the INVESCO Balanced Portfolio. There were no
purchases or sales of U.S. Government securities for the T. Rowe Price
Equity/Income Portfolio.
4. UNREALIZED APPRECIATION (DEPRECIATION)
The aggregate cost of investments and the composition of unrealized appreciation
and depreciation of investment securities for federal income tax purposes as of
June 30, 2000, were as follows:
Cost For Net
Income Unrealized
Tax Gross Gross Appreciation
Purposes Appreciation Depreciation (Depreciation)
---------------- ------------------ ------------------ ------------------
INVESCO Balanced
Portfolio $ 187,842,957 $ 22,418,840 $ (6,119,862) $$ 16,298,978
T. Rowe Price
Equity/Income
Portfolio 160,802,668 14,943,518 (22,066,249) (7,122,731)
------------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
JUNE 30, 2000
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
UNAUDITED
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
ARIEL
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
MIDCAP
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
VALUE
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
PORTFOLIO
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
ASSETS:
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Investments in securities, market value (1) $ 58,857,728
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Cash 10,770
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Dividends and interest receivable 101,210
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Subscriptions receivable 16,711
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Receivable for investments sold 1,200,580
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Total assets 60,186,999
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
LIABILITIES:
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Due to GW Capital Management 53,489
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Redemptions payable 28,035
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Payable for investments purchased 1,965,989
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Total liabilities 2,047,513
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
NET ASSETS $ 58,139,486
-------------------------------------------------------------------------------------------=================
-------------------------------------------------------------------------------------------=================
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
NET ASSETS REPRESENTED BY:
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Capital stock, $.10 par value $ 3,785,380
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Additional paid-in capital 60,382,885
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Net unrealized appreciation (depreciation) on investments (5,073,781)
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Overdistributed net investment income (loss) (1,730,518)
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Accumulated net realized gain on investments 775,520
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
NET ASSETS $ 58,139,486
-------------------------------------------------------------------------------------------=================
-------------------------------------------------------------------------------------------=================
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
NET ASSET VALUE PER OUTSTANDING SHARE $ 1.5359
-------------------------------------------------------------------------------------------=================
-------------------------------------------------------------------------------------------=================
(Offering and Redemption Price)
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
SHARES OF CAPITAL STOCK:
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Authorized 200,000,000
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Outstanding 37,853,796
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
(1) Cost of investments in securities: $ 63,931,509
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
See notes to financial statements.
------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED JUNE 30, 2000
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
UNAUDITED
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
ARIEL
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
MIDCAP
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
VALUE
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
PORTFOLIO
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
Interest $ 18,081
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
Dividends 489,701
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
Foreign withholding tax 0
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
Total income 507,782
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
EXPENSES:
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
Audit fees 4,560
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
Investment administration 51,908
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
Bank and custodial fees 5,174
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
Other expenses 20,902
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
Management fees 272,720
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
Total expenses 355,264
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
Less amount reimbursed by GW Capital Management 39,483
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
Net expenses 315,781
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME (LOSS) 192,001
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
Net realized gain on investments 712,231
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on investments (1,717,788)
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments (1,005,557)
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ (813,556)
----------------------------------------------------------------------------------------------------==================
----------------------------------------------------------------------------------------------------==================
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
See notes to financial statements.
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED JUNE 30, 2000 AND YEAR ENDED DECEMBER 31, 1999
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
ARIEL
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
MIDCAP VALUE
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
PORTFOLIO
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
2000 1999
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
UNAUDITED
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS:
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
OPERATIONS:
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Net investment income (loss) $ 192,001 $ 666,163
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Net realized gain on investments 712,231 114,294,155
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Net realized gain on forward currency contracts 0 159,661
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on investments (1,717,788) (90,170,801)
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation on translation of assets and 0
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
liabilities denominated in foreign currencies 0 (815,181)
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from operations (813,556) 24,133,997
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS:
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
From net investment income (192,133) (666,211)
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
From net realized gains 0 (128,292,164)
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Total distributions (192,133) (128,958,375)
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
SHARE TRANSACTIONS:
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Net proceeds from sales of shares 8,445,255 10,870,656
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Reinvestment of distributions 192,133 128,958,375
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Redemptions of shares (16,991,001) (285,053,809)
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from share transactions (8,353,613) (145,224,778)
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Total increase (decrease) in net assets (9,359,302) (250,049,156)
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
NET ASSETS:
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Beginning of period 67,498,788 317,547,944
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
End of period (1) $ 58,139,486 $ 67,498,788
--------------------------------------------------------------------------==============----==============
--------------------------------------------------------------------------==============----==============
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
OTHER INFORMATION:
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
SHARES:
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Sold 5,955,685 5,969,128
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Issued in reinvestment of distributions 123,058 8,668,039
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Redeemed (12,019,784) (143,259,553)
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Net increase (decrease) (5,941,041) (128,622,386)
--------------------------------------------------------------------------==============----==============
--------------------------------------------------------------------------==============----==============
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
(1) Including undistributed (overdistributed) net investment income (loss)$ (1,730,518) $ (1,730,386)
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
See notes to financial statements.
----------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
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, 2000 and the years ended December 31,
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
1999, 1998, 1997, 1996 and 1995 are as follows:
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Six Months Ended Year Ended December 31,
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
June 30, 2000 * 1999 * 1998 1997 1996 1995
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
UNAUDITED
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Net Asset Value, Beginning of Period $ 1.5412 $ 1.8417 $ 1.5532 $ 1.4327 $ 1.3538 $ 1.1003
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Income from Investment Operations
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Net investment income (loss) 0.0051 0.0115 (0.0092) (0.0437) (0.0083) 0.0018
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) (0.0053) 0.0029 0.5058 0.2257 0.0890 0.2893
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Total Income (Loss) From
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Investment Operations (0.0002) 0.0144 0.4966 0.1820 0.0807 0.2911
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Less Distributions
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
From net investment income (0.0051) (0.0115) 0.0000 0.0000 (0.0317)
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
From net realized gains 0.0000 (0.3034) (0.2081) (0.0615) (0.0018) (0.0059)
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Total Distributions (0.0051) (0.3149) (0.2081) (0.0615) (0.0018) (0.0376)
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $ 1.5359 $ 1.5412 $ 1.8417 $ 1.5532 $ 1.4327 $ 1.3538
------------------------------------=============---=============--===============---================--===============---===========
------------------------------------=============---=============--===============---================--===============---===========
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Total Return (0.02%) 0.26% 33.77% 12.95% 5.96% 26.50%
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Net Assets, End of Period $ 58,139,486 $ 67,498,788 $ 317,547,944 $ 233,939,911 $ 214,710,803 $ 148,264,194
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Ratio of Expenses to Average Net Assets:
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
- Before Reimbursement 1.24% * 1.04% 1.02% 1.06% 1.08% 1.15%
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
- After Reimbursement # 1.10% * 1.04% 1.02% 1.06% 1.07% 1.10%
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Ratio of Net Investment Income (Loss) to
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Average Net Assets:
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
- Before Reimbursement 0.53% * 0.36% (0.64%) (0.51%) (0.67%) 0.08%
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
- After Reimbursement # 0.67% * 0.36% (0.64%) (0.51%) (0.66%) 0.13%
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Portfolio Turnover Rate 15.11% 182.75% 87.81% 139.74% 80.31% 167.21%
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
*The per share information was computed based on average shares.
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
*Annualized
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
# Percentages are shown net of expenses reimbursed by The Great-West Life Assurance Company or GW Capital Management, LLC.
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
(Continued)
------------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
JUNE 30, 2000
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
UNAUDITED
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
INVESCO
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
ADR
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
PORTFOLIO
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
ASSETS:
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Investments in securities, market value (1) $ 116,673,983
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Cash 71,693
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Dividends and interest receivable 56,027
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Subscriptions receivable 338,583
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Receivable for investments sold 783,401
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Total assets 117,923,687
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
LIABILITIES:
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Due to GW Capital Management 110,765
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Redemptions payable 344,830
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Payable for investments purchased 836,520
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Total liabilities 1,292,115
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
NET ASSETS $ 116,631,572
----------------------------------------------------------------------------------------=================
----------------------------------------------------------------------------------------=================
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
NET ASSETS REPRESENTED BY:
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Capital stock, $.10 par value $ 6,072,773
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Additional paid-in capital 88,541,529
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Net unrealized appreciation (depreciation) on investments 12,627,562
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Overdistributed net investment income (loss) 589,308
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Accumulated net realized gain on investments 8,800,400
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
NET ASSETS $ 116,631,572
----------------------------------------------------------------------------------------=================
----------------------------------------------------------------------------------------=================
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
NET ASSET VALUE PER OUTSTANDING SHARE $ 1.9206
----------------------------------------------------------------------------------------=================
----------------------------------------------------------------------------------------=================
(Offering and Redemption Price)
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
SHARES OF CAPITAL STOCK:
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Authorized 200,000,000
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Outstanding 60,727,725
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
(1) Cost of investments in securities: $ 104,046,421
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
See notes to financial statements.
---------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED JUNE 30, 2000
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
UNAUDITED
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
INVESCO
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
ADR
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
PORTFOLIO
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
Interest $ 64,832
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
Dividends 1,380,064
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
Foreign withholding tax (170,417)
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
Total income 1,274,479
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
EXPENSES:
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
Audit fees 4,550
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
Investment administration 51,908
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
Bank and custodial fees 6,263
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
Other expenses 35,298
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
Management fees 595,330
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
Total expenses 693,349
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
Less amount reimbursed by GW Capital Management 17,912
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
Net expenses 675,437
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME (LOSS) 599,042
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
Net realized gain on investments 8,807,165
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on investments (14,464,123)
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments (5,656,958)
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ (5,057,916)
-----------------------------------------------------------------------------------------------------==================
-----------------------------------------------------------------------------------------------------==================
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
See notes to financial statements.
-----------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED JUNE 30, 2000 AND YEAR ENDED DECEMBER 31, 1999
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
INVESCO ADR
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
PORTFOLIO
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
2000 1999
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
UNAUDITED
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS:
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
OPERATIONS:
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Net investment income (loss) $ 599,042 $ 410,106
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Net realized gain on investments 8,807,165 815,014
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Net realized gain on forward currency contracts 0
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on investments (14,464,123) 23,294,792
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation on translation of assets and 0
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
liabilities denominated in foreign currencies 0 0
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from operations (5,057,916) 24,519,912
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS:
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
From net investment income 0 (410,322)
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
From net realized gains 0 (718,739)
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Total distributions 0 (1,129,061)
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
SHARE TRANSACTIONS:
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Net proceeds from sales of shares 45,193,699 97,601,014
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Reinvestment of distributions 0 1,129,061
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Redemptions of shares (65,274,193) (8,647,223)
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from share transaction (20,080,494) 90,082,852
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Total increase (decrease) in net assets (25,138,410) 113,473,703
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
NET ASSETS:
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Beginning of period 141,769,982 28,296,279
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
End of period (1) $ 116,631,572 $ 141,769,982
--------------------------------------------------------------------------=============----============
--------------------------------------------------------------------------=============----============
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
OTHER INFORMATION:
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
SHARES:
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Sold 24,277,500 58,762,129
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Issued in reinvestment of distributions 0 602,369
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Redeemed (35,264,472) (5,060,423)
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Net increase (decrease) (10,986,972) 54,304,075
--------------------------------------------------------------------------=============----============
--------------------------------------------------------------------------=============----============
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
(1) Including undistributed (overdistributed) net investment income (loss) $ 589,308 $ (9,734)
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
See notes to financial statements.
-------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
INVESCO ADR PORTFOLIO
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the six months ended June 30, 2000 and the years ended December 31,
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
1999, 1998, 1997, 1996 and 1995 are as follows:
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Six Months Ended Year Ended December 31,
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
June 30, 2000 1999 1998 1997 1996 1995
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
UNAUDITED
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Net Asset Value, Beginning of Period $ 1.9769 $ 1.6252 $ 1.4804 $ 1.3508 $ 1.1255 $ 0.9859
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Income from Investment Operations
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Net investment income 0.0098 0.0061 0.0123 0.0114 0.0112 0.0120
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) (0.0661) 0.3614 0.1453 0.1512 0.2266 0.1396
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Total Income (Loss) From
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Investment Operations (0.0563) 0.3675 0.1576 0.1626 0.2378 0.1516
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Less Distributions
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
From net investment income 0.0000 (0.0057) (0.0128) (0.0116) (0.0112) (0.0120)
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
From net realized gains 0.0000 (0.0101) 0.0000 (0.0214) (0.0013) 0.0000
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Total Distributions 0.0000 (0.0158) (0.0128) (0.0330) (0.0125) (0.0120)
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $ 1.9206 $ 1.9769 $ 1.6252 $ 1.4804 $ 1.3508 $ 1.1255
-----------------------------------------==============---==============--=============---=============--============---============
-----------------------------------------==============---==============--=============---=============--============---============
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Total Return (2.85%) 22.67% 10.64% 12.08% 21.17% 15.48%
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Net Assets, End of Period $ 116,631,572 $ 141,769,982 $ 28,296,279 $ 16,581,357 $ 7,694,858 $ 2,681,969
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Ratio of Expenses to Average Net Assets:
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
- Before Reimbursement 1.17% * 1.16% 1.32% 1.63% 2.29% 2.78%
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
- After Reimbursement # 1.14% * 1.14% 1.30% 1.30% 1.33% 1.50%
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Ratio of Net Investment Income (Loss) to
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Average Net Assets:
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
- Before Reimbursement 0.98% * 0.57% 0.84% 0.69% 0.24% (0.11%)
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
- After Reimbursement # 1.01% * 0.59% 0.86% 1.02% 1.20% 1.17%
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Portfolio Turnover Rate 15.24% 22.06% 28.66% 19.56% 15.25% 5.88%
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
*Annualized
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
# Percentages are shown net of expenses reimbursed by The Great-West Life Assurance Company or GW Capital Management, LLC.
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
(Continued)
------------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
JUNE 30, 2000
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
UNAUDITED
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
INVESCO
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
SMALL-CAP
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
GROWTH
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
PORTFOLIO
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
ASSETS:
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Investments in securities, market value (1) $ 253,994,713
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Cash 15,551
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Dividends and interest receivable 569
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Subscriptions receivable 237,523
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Receivable for investments sold 12,085,250
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Total assets 266,333,606
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
LIABILITIES:
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Due to GW Capital Management 194,825
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Redemptions payable 229,522
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Payable for investments purchased 12,901,257
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Total liabilities 13,325,604
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
NET ASSETS $ 253,008,002
----------------------------------------------------------------------------------------=================
----------------------------------------------------------------------------------------=================
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
NET ASSETS REPRESENTED BY:
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Capital stock, $.10 par value $ 8,214,932
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Additional paid-in capital 160,873,946
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Net unrealized appreciation (depreciation) on investments 52,012,591
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Overdistributed net investment income (loss) (954,772)
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Accumulated net realized gain on investments 32,861,305
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
NET ASSETS $ 253,008,002
----------------------------------------------------------------------------------------=================
----------------------------------------------------------------------------------------=================
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
NET ASSET VALUE PER OUTSTANDING SHARE $ 3.0799
----------------------------------------------------------------------------------------=================
----------------------------------------------------------------------------------------=================
(Offering and Redemption Price)
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
SHARES OF CAPITAL STOCK:
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Authorized 100,000,000
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Outstanding 82,149,315
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
(1) Cost of investments in securities: $ 201,982,122
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
See notes to financial statements.
---------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED JUNE 30, 2000
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
UNAUDITED
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
INVESCO
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
SMALL-CAP
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
GROWTH
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
PORTFOLIO
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
Interest $ 677,368
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
Dividends 52,584
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
Foreign withholding tax (437)
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
Total income 729,515
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
EXPENSES:
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
Audit fees 4,000
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
Investment administration 51,908
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
Bank and custodial fees 21,960
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
Other expenses 28,843
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
Management fees 1,032,998
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
Total expenses 1,139,709
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
Less amount reimbursed by GW Capital Management 13,421
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
Net expenses 1,126,288
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME (LOSS) (396,773)
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
Net realized gain on investments 13,580,399
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on investments 3,319,035
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments 16,899,434
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 16,502,661
-----------------------------------------------------------------------------------------------------=================
-----------------------------------------------------------------------------------------------------=================
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
See notes to financial statements.
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED JUNE 30, 2000 AND YEAR ENDED DECEMBER 31, 1999
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
INVESCO
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
SMALL-CAP GROWTH
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
PORTFOLIO
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
2000 1999
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
UNAUDITED
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS:
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
OPERATIONS:
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Net investment income (loss) $ (396,773) $ (342,113)
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Net realized gain on investments 13,580,399 41,595,333
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Net realized gain on forward currency contracts 0
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on investments 3,319,035 34,750,662
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation on translation of assets and 0 0
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
liabilities denominated in foreign currencies 0 (24,743)
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from operations 16,502,661 75,979,139
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS:
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
From net investment income 0 0
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
From net realized gains 0 (23,384,716)
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Total distributions 0 (23,384,716)
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
SHARE TRANSACTIONS:
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Net proceeds from sales of shares 164,355,207 39,718,435
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Reinvestment of distributions 0 23,384,716
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Redemptions of shares (109,078,537) (16,584,471)
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from share transactions 55,276,670 46,518,680
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Total increase (decrease) in net assets 71,779,331 99,113,103
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
NET ASSETS:
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Beginning of period 181,228,671 82,115,568
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
End of period (1) $ 253,008,002 $ 181,228,671
------------------------------------------------------------------------================----==============
------------------------------------------------------------------------================----==============
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
OTHER INFORMATION:
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
SHARES:
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Sold 54,928,801 18,451,687
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Issued in reinvestment of distributions 0 9,423,908
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Redeemed (36,716,468) (8,310,168)
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Net increase (decrease) 18,212,333 19,565,427
------------------------------------------------------------------------================----==============
------------------------------------------------------------------------================----==============
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
(1) Including undistributed (overdistributed) net investment income (loss) $ (954,772) $ (557,999)
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
See notes to financial statements.
----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
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, 2000 and the years ended December 31,
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
1999, 1998, 1997, 1996 and 1995 are as follows:
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
Six Months Ended Year Ended December 31,
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
June 30, 2000 1999 1998 1997 1996 1995
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
UNAUDITED
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
Net Asset Value, Beginning of Period $ 2.8345 $ 1.8506 $ 1.5955 $ 1.4330 $ 1.2734 $ 1.0054
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
Income from Investment Operations
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
Net investment income (loss) (0.0029) (0.0038) (0.0048) 0.0009 0.0024 0.0069
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain 0.2483 1.4263 0.2842 0.2612 0.3380 0.3118
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
Total Income From
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
Investment Operations 0.2454 1.4225 0.2794 0.2621 0.3404 0.3187
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
Less Distributions
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
From net investment income 0.0000 0.0000 0.0000 (0.0009) (0.0024) (0.0341)
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
From net realized gains 0.0000 (0.4386) (0.0243) (0.0987) (0.1784) (0.0166)
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
Total Distributions 0.0000 (0.4386) (0.0243) (0.0996) (0.1808) (0.0507)
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $ 3.0799 $ 2.8345 $ 1.8506 $ 1.5955 $ 1.4330 $ 1.2734
---------------------------------------==============---==============---=============--=============---============---============
---------------------------------------==============---==============---=============--=============---============---============
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
Total Return 8.66% 80.78% 17.62% 18.70% 26.73% 31.79%
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
Net Assets, End of Period $ 253,008,002 $ 181,228,671 $ 82,115,568 $ 62,251,873 $ 31,827,778 $ 6,385,180
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
Ratio of Expenses to Average Net Assets:
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
- Before Reimbursement 1.05% * 1.09% 1.11% 1.19% 1.46% 2.30%
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
- After Reimbursement # 1.03% * 1.07% 1.10% 1.10% 1.10% 1.10%
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
Ratio of Net Investment Income (Loss) to -0.03%
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
Average Net Assets:
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
- Before Reimbursement (0.38%)* (0.36%) (0.32%) (0.08%) (0.11%) (0.62%)
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
- After Reimbursement # (0.36%)* (0.34%) (0.31%) 0.01% 0.25% 0.58%
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
Portfolio Turnover Rate 75.65% 223.65% 149.15% 174.65% 265.05% 266.64%
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
*Annualized
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
# Percentages are shown net of expenses reimbursed by The Great-West Life Assurance Company or GW Capital Management, LLC.
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
(Concluded)
-----------------------------------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
Financial Statements and Financial Highlights for
the Six Months Ended June 30, 2000 and the Year Ended December 31, 1999
(Section 8)
MAXIM SERIES FUND, INC.
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2000
-------------------------------------------------------------------------------------------------------------------
UNAUDITED
1. ORGANIZATION & SIGNIFICANT ACCOUNTING POLICIES
Maxim Series Fund, Inc. (the Fund) is a Maryland corporation organized on December 7, 1981 under the
Investment Company Act of 1940 (the 1940 Act) as an open-end management investment company and presently
consists of thirty-six portfolios. Interests in the Ariel MidCap Value, INVESCO ADR and INVESCO Small-Cap
Growth Portfolios (the Portfolios) are included herein and are represented by separate classes of
beneficial interest of the Fund. The investment objective of each Portfolio is: to seek long-term
capital appreciation for the Ariel MidCap Value Portfolio; to seek high total return through capital
appreciation and current income, while reducing risk through diversification for the INVESCO ADR
Portfolio; and to seek long-term capital growth for the INVESCO Small-Cap Growth Portfolio. The Portfolios
are diversified as defined in the 1940 Act. The Fund is available only as an investment option for
certain variable annuity contracts, variable life policies and certain qualified retirement plans issued
by Great-West Life & Annuity Insurance Company (the Company) and New England Financial.
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:
Security Valuation
Short-term and money market securities are valued at amortized cost which approximates market value.
Equity securities listed on an established exchange or on the NASDAQ National Market System are valued at
the last sale price as of the close of business. Fixed income and other securities are valued by
independent pricing services approved by the Board of Directors. Securities 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.
Initial Public Offerings
The INVESCO Small-Cap Growth Portfolio may invest in initial public offerings (IPOs). IPOs and other
investment techniques may have a magnified performance impact on a fund with a small asset base. The
Portfolio may not experience similar performance as its assets grow.
Dividends
Dividends from net investment income of the Portfolios are declared and paid semi-annually. Income
dividends are reinvested in additional shares at net asset value. 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).
Dividend income for the Portfolios is accrued as of the ex-dividend date and interest income, including
amortization of discounts and premiums, is recorded daily.
Federal Income Taxes
For federal income tax purposes, each Portfolio of the Fund qualifies as a regulated investment company
under the provisions of the Internal Revenue Code by distributing substantially all of its taxable net
income (both ordinary and capital gain) to its shareholders and complying with other requirements for
regulated investment companies. Accordingly, no provision for federal income taxes has been made
Classification of Distributions to Shareholders
The character of distributions made during the year from net investment income or net realized gains are
determined in accordance with income tax regulations that may differ from generally accepted accounting
principles. These differences are primarily due to differing treatments of deferral of wash sales, net
operating losses and capital loss carryforwards. 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 Portfolios.
2. 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 .95% of the average daily net assets of the Ariel MidCap Value
and INVESCO Small-Cap Growth Portfolios, and 1.00% of the average daily net assets of the INVESCO ADR
Portfolio. However, the investment adviser shall pay any expenses which exceed an annual rate, including
management fees, of 1.10%, 1.30% and 1.10% of the average daily net assets of the Ariel MidCap Value,
INVESCO ADR and INVESCO Small-Cap Growth Portfolios, respectively.
Expenses incurred by the Fund, which are not fund specific, are allocated based on relative net assets or
other appropriate allocation methods.
3. PURCHASES AND SALES OF INVESTMENT SECURITIES
For the six months ended June 30, 2000, the aggregate cost of purchases and proceeds from sales of
investment securities (excluding all U.S. Government securities and short-term securities) were as follows:
Purchases Sales
------------------ ------------------
Ariel MidCap Value Portfolio $ 8,743,394 $ 16,413,456
INVESCO ADR Portfolio 18,070,358 36,628,472
INVESCO Small-Cap Growth Portfolio 199,548,965 149,579,923
For the six months ended June 30, 2000, the portfolios had no purchases and or sales of U.S. Government
securities.
4. UNREALIZED APPRECIATION (DEPRECIATION)
The aggregate cost of investments and the composition of unrealized appreciation and depreciation of
investment securities for federal income tax purposes as of June 30, 2000, were as follows:
Cost For Net
Income Unrealized
Tax Gross Gross Appreciation
Purposes Appreciation Depreciation (Depreciation)
---------------- ------------------ ------------------ ------------------
Ariel MidCap Value
Portfolio $ 64,227,655 $ 5,031,001 $ (10,400,928) $ (5,369,927)
INVESCO ADR Portfolio
104,046,421 18,572,022 (5,944,461) 12,627,562
INVESCO Small-Cap
Growth Portfolio
202,520,607 61,965,921 (10,491,815) 51,474,106
---------------------------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
JUNE 30, 2000
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
UNAUDITED
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
LOOMIS SAYLES
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
SMALL-CAP
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
VALUE
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
PORTFOLIO
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
ASSETS:
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
Investments in securities, market value (1) $ 91,073,860
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
Cash 26,916
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
Dividends and interest receivable 104,939
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
Subscriptions receivable 569,659
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
Receivable for investments sold 4,499,161
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
Total assets 96,274,535
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
LIABILITIES:
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
Due to GW Capital Management 90,231
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
Redemptions payable 497,537
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
Payable for investments purchased 4,617,113
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
Total liabilities 5,204,881
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
NET ASSETS $ 91,069,654
------------------------------------------------------------------------------------------------------=====================
------------------------------------------------------------------------------------------------------=====================
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
NET ASSETS REPRESENTED BY:
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
Capital stock, $.10 par value $ 6,327,050
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
Additional paid-in capital 75,903,476
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
Net unrealized appreciation on investments 10,096,878
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
Overdistributed net investment income (24,147)
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
Accumulated net realized loss on investments (1,233,603)
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
NET ASSETS $ 91,069,654
------------------------------------------------------------------------------------------------------=====================
------------------------------------------------------------------------------------------------------=====================
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE PER OUTSTANDING SHARE $ 1.4394
------------------------------------------------------------------------------------------------------=====================
------------------------------------------------------------------------------------------------------=====================
(Offering and Redemption Price)
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
SHARES OF CAPITAL STOCK:
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
Authorized 200,000,000
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
Outstanding 63,270,499
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
(1) Cost of investments in securities: $ 80,976,982
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
See notes to financial statements.
---------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
STATEMENT OF OPERATIONS
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED JUNE 30, 2000
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
UNAUDITED
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
LOOMIS SAYLES
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
SMALL-CAP
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
VALUE
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
PORTFOLIO
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
Interest $ 129,020
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
Dividends 642,493
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
Total income 771,513
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
EXPENSES:
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
Audit fees 4,000
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
Investment administration 51,908
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
Bank and custodial fees 22,203
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
Other expenses 21,667
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
Management fees 436,257
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
Total expenses 536,035
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
Less amount reimbursed by GW Capital Management 14,936
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
Net expenses 521,099
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME 250,414
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
Net realized loss on investments (191,535)
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation on investments 6,589,901
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain on investments 6,398,366
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 6,648,780
------------------------------------------------------------------------------------------------------==================----
------------------------------------------------------------------------------------------------------==================----
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
See notes to financial statements.
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED JUNE 30, 2000 AND YEAR ENDED DECEMBER 31, 1999
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
LOOMIS SAYLES
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
SMALL-CAP VALUE
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
PORTFOLIO
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
2000 1999
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS:
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
OPERATIONS:
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
Net investment income $ 250,414 $ 550,582
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
Net realized gain (loss) on investments (191,535) 2,450,018
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation on investments 6,589,901 (5,179,146)
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from operations 6,648,780 (2,178,546)
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS:
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
From net investment income (254,193) (585,006)
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
From net realized gains 0 (6,688,987)
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
Total distributions (254,193) (7,273,993)
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
SHARE TRANSACTIONS:
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
Net proceeds from sales of shares 35,582,279 7,127,686
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
Reinvestment of distributions 254,193 7,273,993
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
Redemptions of shares (44,249,311) (39,668,595)
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from share transactions (8,412,839) (25,266,916)
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
Total decrease in net assets (2,018,252) (34,719,455)
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
NET ASSETS:
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
Beginning of period 93,087,906 127,807,361
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
End of period (1) $ 91,069,654 $ 93,087,906
------------------------------------------------------------------------------------===================-----===================
------------------------------------------------------------------------------------===================-----===================
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
OTHER INFORMATION:
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
SHARES:
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
Sold 25,551,090 5,276,492
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
Issued in reinvestment of distributions 174,950 5,759,633
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
Redeemed (32,190,301) (29,555,462)
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
Net decrease (6,464,261) (18,519,337)
------------------------------------------------------------------------------------===================-----===================
------------------------------------------------------------------------------------===================-----===================
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
(1) Including overdistributed net investment income $ (24,147) $ (20,368)
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
See notes to financial statements.
-------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
LOOMIS SAYLES SMALL-CAP VALUE PORTFOLIO
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the six months ended June 30, 2000 and the years ended
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
December 31, 1999, 1998, 1997, 1996 and 1995 are as follows:
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Six Months EndedYear Ended December 31,
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
June 30, 2000 1999 1998 1997 1996 1995
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
UNAUDITED
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Net Asset Value, Beginning of Period $ 1.3349 $ 1.4482 $ 1.5316 $ 1.4028 $ 1.1605 $ 0.9755
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Income from Investment Operations
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Net investment income 0.0039 0.0079 0.0139 0.0103 0.0091 0.0075
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) 0.1046 (0.0219) (0.0492) 0.3273 0.3376 0.2840
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Total Income (Loss) From
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Investment Operations 0.1085 (0.0140) (0.0353) 0.3376 0.3467 0.2915
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Less Distributions
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
From net investment income (0.0040) (0.0084) (0.0138) (0.0100) (0.0091) (0.0945)
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
From net realized gains 0.0000 (0.0909) (0.0343) (0.1988) (0.0953) (0.0120)
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Total Distributions (0.0040) (0.0993) (0.0481) (0.2088) (0.1044) (0.1065)
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $ 1.4394 $ 1.3349 $ 1.4482 $ 1.5316 $ 1.4028 $ 1.1605
----------------------------------------=============---=============---==============---===============---==============--=========
----------------------------------------=============---=============---==============---===============---==============--=========
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Total Return 8.13% (0.43%) (2.28%) 24.50% 30.09% 29.96%
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Net Assets, End of Period $ 91,069,654 $ 93,087,906 $ 127,807,361 $ 183,322,635 $ 79,944,926 $ 28,594,611
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Ratio of Expenses to Average Net Assets:
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
- Before Reimbursement 1.23% * 1.15% 1.11% 1.11% 1.27% 1.46%
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
- After Reimbursement # 1.19% * 1.14% 1.11% 1.11% 1.26% 1.30%
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Ratio of Net Investment Income to
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Average Net Assets:
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
- Before Reimbursement 0.54% * 0.52% 0.81% 0.89% 0.97% 0.49%
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
- After Reimbursement # 0.58% * 0.53% 0.81% 0.89% 0.98% 0.65%
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Portfolio Turnover Rate 60.43% 105.57% 149.12% 93.28% 62.63% 99.48%
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
*Annualized
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
# Percentages are shown net of expenses reimbursed by The Great-West Life Assurance Company or GW Capital Management, LLC.
------------------------------------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
Financial Statements and Financial Highlights for
the Six Months Ended June 30, 2000 and the Year Ended December 31, 1999
(Section 9)
MAXIM SERIES FUND, INC.
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2000
-------------------------------------------------------------------------------------------------------------------
UNAUDITED
1. ORGANIZATION & SIGNIFICANT ACCOUNTING POLICIES
Maxim Series Fund, Inc. (the Fund) is a Maryland corporation organized on December 7, 1981 under the
Investment Company Act of 1940 (the 1940 Act) as an open-end management investment company and presently
consists of thirty-six portfolios. Interests in the Loomis Sayles Small-Cap Value Portfolio (the
Portfolio) are included herein and are represented by separate classes of beneficial interest of the
Fund. The investment objective of the Portfolio is to seek long-term capital growth. The Portfolio is
diversified as defined in the 1940 Act. The Fund is available only as an investment option for certain
variable annuity contracts, variable life policies and certain qualified retirement plans issued by
Great-West Life & Annuity Insurance Company (the Company) and New England Financial.
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:
Security Valuation
Short-term and money market securities are valued at amortized cost which approximates market value.
Equity securities listed on an established exchange or on the NASDAQ National Market System are valued at
the last sale price as of the close of business. Fixed income and other securities are valued by
independent pricing services approved by the Board of Directors. Securities 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.
Dividends
Dividends from net investment income of the Portfolio are declared and paid annually. Income dividends
are reinvested in additional shares at net asset value. Dividends from capital gains of the Portfolio, 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).
Dividend income for the Portfolio is accrued as of the ex-dividend date and interest income, including
amortization of discounts and premiums, is recorded daily.
Federal Income Taxes
For federal income tax purposes, the Portfolio qualifies as a regulated investment company under the
provisions of the Internal Revenue Code by distributing substantially all of its taxable net income (both
ordinary and capital gain) to its shareholders and complying with other requirements for regulated
investment companies. Accordingly, no provision for federal income taxes has been made.
Classification of Distributions to Shareholders
The character of distributions made during the year from net investment income or net realized gains are
determined in accordance with income tax regulations that may differ from generally accepted accounting
principles. These differences are primarily due to differing treatments of deferral of wash sales, net
operating losses and capital loss carryforwards. 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 Portfolios.
2. 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 1.00% of the average daily net assets of the Portfolio.
However, the investment adviser shall pay any expenses which exceed an annual rate, including management
fees, of 1.30% of the average daily net assets of the Portfolio.
Expenses incurred by the Fund, which are not fund specific, are allocated based on relative net assets or
other appropriate allocation methods.
3. PURCHASES AND SALES OF INVESTMENT SECURITIES
For the six months ended June 30, 2000, the aggregate cost of purchases and proceeds from sales of
investment securities (excluding all U.S. Government securities and short-term securities) were
$50,893,286 and $62,611,759, respectively. For the six months ending June 30, 2000, there were no
purchases or sales of U.S. Government securities.
4. UNREALIZED APPRECIATION (DEPRECIATION)
At June 30, 2000, the U.S. Federal income tax cost basis was $81,120,266. The Portfolio had gross
appreciation of securities in which there was an excess of value over tax cost of $14,170,698 and gross
depreciation of securities in which there was an excess of tax cost over value of $4,217,104, resulting in
net appreciation of $9,953,594.
--------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
JUNE 30, 2000
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
UNAUDITED
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
ARIEL
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
SMALL-CAP
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
VALUE
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
PORTFOLIO
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
ASSETS:
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
Investments in securities, market value (1) $ 38,317,768
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
Cash denominated in foreign currencies (2) 0
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
Cash 12,941
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
Dividends and interest receivable 66,837
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
Subscriptions receivable 130,082
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
Receivable for investments sold 2,069,000
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
Total assets 40,596,628
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
LIABILITIES:
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
Due to GW Capital Management 41,976
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
Redemptions payable 127,674
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
Payable for investments purchased 2,488,495
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
Variation margin on futures contracts 0
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
Total liabilities 2,658,145
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
NET ASSETS $ 37,938,483
-----------------------------------------------------------------------------------------===============
-----------------------------------------------------------------------------------------===============
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
NET ASSETS REPRESENTED BY:
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
Capital stock, $.10 par value $ 4,493,949
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
Additional paid-in capital 32,107,435
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
Net unrealized appreciation (depreciation) on investments, translation of
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
assets and liabilities denominated in foreign currencies and futures contracts (223,559)
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
Undistributed (overdistributed) net investment income (loss) 65
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
Accumulated net realized gain (loss) on investments and futures contracts 1,560,593
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
NET ASSETS $ 37,938,483
-----------------------------------------------------------------------------------------===============
-----------------------------------------------------------------------------------------===============
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
NET ASSET VALUE PER OUTSTANDING SHARE $ 0.8442
-----------------------------------------------------------------------------------------===============
-----------------------------------------------------------------------------------------===============
(Offering and Redemption Price)
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
SHARES OF CAPITAL STOCK:
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
Authorized 100,000,000
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
Outstanding 44,939,488
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
(1) Cost of investments in securities: $ 38,541,327
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
(2) Cost of cash denominated in foreign currencies:
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
See notes to financial statements.
--------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED JUNE 30, 2000
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
UNAUDITED
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
ARIEL
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
SMALL-CAP
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
VALUE
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
PORTFOLIO
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Interest $ 74,925
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Dividends 264,739
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Foreign withholding tax 0
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Total income 339,664
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
EXPENSES:
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Audit fees 4,000
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Investment administration 51,908
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Bank and custodial fees 7,005
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Other expenses 21,329
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Management fees 162,510
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Total expenses 246,752
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Less amount reimbursed by GW Capital Management 30,453
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Net expenses 216,299
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME (LOSS) 123,365
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Net realized gain on investments 1,189,749
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Net realized gain on futures contracts
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on investments 1,324,752
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Change in net unrealized depreciation on translation of assets and
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
liabilities denominated in foreign currencies 0
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Change in net unrealized depreciation on futures contracts
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments, translation of assets and
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
liabilities denominated in foreign currencies and futures contracts 2,514,501
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 2,637,866
--------------------------------------------------------------------------------------------===============
--------------------------------------------------------------------------------------------===============
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
See notes to financial statements.
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED JUNE 30, 2000 AND YEAR ENDED DECEMBER 31, 1999
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
ARIEL
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
SMALL-CAP VALUE
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
PORTFOLIO
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
2000 1999
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
UNAUDITED
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS:
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
OPERATIONS:
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Net investment income (loss) $ 123,365 $ 76,366
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Net realized gain (loss) on investments 1,189,749 4,233,838
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on investments 1,324,752 (6,440,835)
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Change in net unrealized depreciation on translation of assets and 0 0
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
liabilities denominated in foreign currencies 0 0
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from operations 2,637,866 (2,130,631)
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS:
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
From net investment income (121,633) (76,410)
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
From net realized gains 0 (4,235,288)
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Total distributions (121,633) (4,311,698)
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
SHARE TRANSACTIONS:
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Net proceeds from sales of shares 28,307,024 9,636,493
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Reinvestment of distributions 121,633 4,311,698
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Redemptions of shares (28,297,097) (10,962,224)
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from share transactions 131,560 2,985,967
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Total increase (decrease) in net assets 2,647,793 (3,456,362)
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
NET ASSETS:
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Beginning of period 35,290,690 38,747,052
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
End of period (1) $ 37,938,483 $ 35,290,690
-----------------------------------------------------------------------------=============---==============
-----------------------------------------------------------------------------=============---==============
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
OTHER INFORMATION:
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
SHARES:
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Sold 38,270,767 10,764,850
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Issued in reinvestment of distributions 140,753 5,721,210
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Redeemed (38,485,069) (12,097,021)
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Net increase (decrease) (73,549) 4,389,039
-----------------------------------------------------------------------------=============---==============
-----------------------------------------------------------------------------=============---==============
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
(1) Including undistributed (overdistributed) net investment income (loss) $ 65 $ (1,667)
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
See notes to financial statements.
-----------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
ARIEL SMALL-CAP VALUE PORTFOLIO
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the six months ended June 30, 2000 and the years ended
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
December 31, 1999, 1998, 1997, 1996 and 1995 are as follows:
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Six Months Ended Year Ended December 31,
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
June 30, 2000 1999 1998 1997 1996 1995
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
UNAUDITED
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Net Asset Value, Beginning of Period $ 0.7840 $ 0.9538 $ 0.9154 $ 1.2480 $ 1.0669 $ 0.9974
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Income from Investment Operations
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Net investment income 0.0027 0.0019 0.0022 0.0067 0.0095 0.0286
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) 0.0602 (0.0631) 0.0721 0.3223 0.1811 0.1234
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Total Income (Loss) From
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Investment Operations 0.0629 (0.0612) 0.0743 0.3290 0.1906 0.1520
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Less Distributions
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
From net investment income (0.0027) (0.0019) (0.0022) (0.0067) (0.0095) (0.0636)
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
From net realized gains 0.0000 (0.1067) (0.0337) (0.6549) 0.0000 (0.0189)
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Total Distributions (0.0027) (0.1086) (0.0359) (0.6616) (0.0095) (0.0825)
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $ 0.8442 $ 0.7840 $ 0.9538 $ 0.9154 $ 1.2480 $ 1.0669
-------------------------------------==============---==============---==============---==============---=============---===========
-------------------------------------==============---==============---==============---==============---=============---===========
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Total Return 8.02% (5.80%) 8.28% 27.86% 17.94% 15.51%
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Net Assets, End of Period $ 37,938,483 $ 35,290,690 $ 38,747,052 $ 22,526,242 $ 36,599,651 $ 20,769,579
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Ratio of Expenses to Average Net Assets:
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
- Before Reimbursement 1.52% * 1.28% 1.27% 1.33% 1.42% 1.52%
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
- After Reimbursement # 1.33% * 1.23% 1.26% 1.28% 1.31% 1.35%
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Ratio of Net Investment Income to
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Average Net Assets:
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
- Before Reimbursement 0.57% * 0.16% 0.26% 0.59% 0.79% 2.34%
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
- After Reimbursement # 0.76% * 0.21% 0.27% 0.64% 0.90% 2.51%
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Portfolio Turnover Rate 24.92% 46.17% 26.29% 82.83% 30.61% 17.78%
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
*Annualized
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
# Percentages are shown net of expenses reimbursed by The Great-West Life Assurance Company or GW Capital Management, LLC.
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
(Continued)
------------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
JUNE 30, 2000
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
UNAUDITED
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
FOUNDERS
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
GROWTH &
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
INCOME
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
PORTFOLIO
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
ASSETS:
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
Investments in securities, market value (1) $ 139,829,959
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
Cash denominated in foreign currencies (2) 33
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
Cash 13,425
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
Dividends and interest receivable 139,128
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
Subscriptions receivable 786,398
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
Receivable for investments sold 2,307,000
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
Total assets 143,075,943
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
LIABILITIES:
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
Due to GW Capital Management 129,122
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
Redemptions payable 799,597
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
Payable for investments purchased 2,294,682
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
Variation margin on futures contracts 0
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
Total liabilities 3,223,401
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
NET ASSETS $ 139,852,542
-----------------------------------------------------------------------------------===============
-----------------------------------------------------------------------------------===============
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
NET ASSETS REPRESENTED BY:
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
Capital stock, $.10 par value $ 11,858,310
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
Additional paid-in capital 109,504,902
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
Net unrealized appreciation (depreciation) on investments, translation of
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
assets and liabilities denominated in foreign currencies and futures contracts 13,099,455
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
Undistributed (overdistributed) net investment income (loss) (127,139)
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
Accumulated net realized gain (loss) on investments and futures contracts 5,517,014
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
NET ASSETS $ 139,852,542
-----------------------------------------------------------------------------------===============
-----------------------------------------------------------------------------------===============
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
NET ASSET VALUE PER OUTSTANDING SHARE $ 1.1794
-----------------------------------------------------------------------------------===============
-----------------------------------------------------------------------------------===============
(Offering and Redemption Price)
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
SHARES OF CAPITAL STOCK:
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
Authorized 200,000,000
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
Outstanding 118,583,104
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
(1) Cost of investments in securities: $ 126,730,504
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
(2) Cost of cash denominated in foreign currencies: 33
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
See notes to financial statements.
--------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED JUNE 30, 2000
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
UNAUDITED
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
FOUNDERS
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
GROWTH &
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
INCOME
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
PORTFOLIO
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Interest $ 209,710
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Dividends 442,673
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Foreign withholding tax (3,067)
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Total income 649,316
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
EXPENSES:
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Audit fees 3,980
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Investment administration 51,907
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Bank and custodial fees 12,046
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Other expenses 23,548
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Management fees 691,413
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Total expenses 782,894
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Less amount reimbursed by GW Capital Management 6,439
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Net expenses 776,455
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME (LOSS) (127,139)
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Net realized gain on investments 5,566,414
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Net realized gain on futures contracts
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on investments (12,456,811)
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Change in net unrealized depreciation on translation of assets and
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
liabilities denominated in foreign currencies 0
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Change in net unrealized depreciation on futures contracts
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments, translation of assets and
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
liabilities denominated in foreign currencies and futures contracts (6,890,397)
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ (7,017,536)
-------------------------------------------------------------------------------------------=================
-------------------------------------------------------------------------------------------=================
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
See notes to financial statements.
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED JUNE 30, 2000 AND YEAR ENDED DECEMBER 31, 1999
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
FOUNDERS
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
GROWTH & INCOME
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
PORTFOLIO
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
2000 1999
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
UNAUDITED
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS:
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
OPERATIONS:
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
Net investment income (loss) $ (127,139) $ 43,970
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
Net realized gain (loss) on investments 5,566,414 3,792,705
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on investments (12,456,811) 15,711,559
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
Change in net unrealized depreciation on translation of assets and 0
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
liabilities denominated in foreign currencies 0 (120,405)
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from operations (7,017,536) 19,427,829
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS:
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
From net investment income 0 (46,262)
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
From net realized gains 0 (7,375,236)
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
Total distributions 0 (7,421,498)
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
SHARE TRANSACTIONS:
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
Net proceeds from sales of shares 52,585,593 16,748,850
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
Reinvestment of distributions 1,352 7,420,146
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
Redemptions of shares (52,982,091) (9,797,340)
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from share transactions (395,146) 14,371,656
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
Total increase (decrease) in net assets (7,412,682) 26,377,987
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
NET ASSETS:
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
Beginning of period 147,265,224 120,887,237
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
End of period (1) $ 139,852,542 $ 147,265,224
------------------------------------------------------------------------------------=============----=============
------------------------------------------------------------------------------------=============----=============
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
OTHER INFORMATION:
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
SHARES:
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
Sold 43,949,557 15,017,299
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
Issued in reinvestment of distributions 1,089 6,605,086
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
Redeemed (43,979,326) (8,603,336)
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
Net increase (decrease) (28,680) 13,019,049
------------------------------------------------------------------------------------=============----=============
------------------------------------------------------------------------------------=============----=============
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
(1) Including undistributed (overdistributed) net investment income (loss) $ (127,139) $
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
See notes to financial statements.
------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
FOUNDERS GROWTH & INCOME PORTFOLIO
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the six months ended June 30, 2000, the years ended December 31,
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
1999 and 1998, and the period ended December 31, 1997 are as follows:
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
Six Months Ended Period Ended December 31,
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
June 30, 2000 1999 1998 1997
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
UNAUDITED
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
(A)
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
Net Asset Value, Beginning of Period $ 1.2416 $ 1.1448 $ 1.0228 $ 1.0000
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
Income from Investment Operations
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
Net investment income (loss) (0.0011) 0.0004 0.0157 0.0089
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) (0.0611) 0.1633 0.1655 0.0228
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
Total Income (Loss) From Investment Operations (0.0622) 0.1637 0.1812 0.0317
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
Less Distributions
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
From net investment income 0.0000 (0.0004) (0.0157) (0.0089)
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
From net realized gains 0.0000 (0.0665) (0.0435) 0.0000
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
Total Distributions 0.0000 (0.0669) (0.0592) (0.0089)
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $ 1.1794 $ 1.2416 $ 1.1448 $ 1.0228
------------------------------------------------------===============----==============----===============---===============---
------------------------------------------------------===============----==============----===============---===============---
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
Total Return (5.01%) 15.04% 17.85% 3.17%
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
Net Assets, End of Period $ 139,852,542 $ 147,265,224 $ 120,887,237 $ 94,206,892
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
Ratio of Expenses to Average Net Assets:
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
- Before Reimbursement 1.13% * 1.12% 1.15% 1.15% *
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
- After Reimbursement # 1.12% * 1.11% 1.15% 1.14% *
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
Ratio of Net Investment Income (Loss) to
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
Average Net Assets:
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
- Before Reimbursement (0.19%)* 0.02% 1.46% 1.77% *
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
- After Reimbursement # (0.18%)* 0.03% 1.46% 1.78% *
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
Portfolio Turnover Rate 107.69% 173.72% 287.17% 111.45%
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
*Annualized
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
# Percentages are shown net of expenses reimbursed by GW Capital Management, LLC.
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
(A) The portfolio commenced operations on July 1, 1997.
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
(Continued)
-------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
JUNE 30, 2000
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
UNAUDITED
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
LOOMIS
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
SAYLES
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
CORPORATE
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
BOND
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
PORTFOLIO
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
ASSETS:
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
Investments in securities, market value (1) $ 194,027,387
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
Cash denominated in foreign currencies (2) 400
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
Cash 13,363
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
Dividends and interest receivable 3,122,385
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
Subscriptions receivable 848,462
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
Receivable for investments sold 2,824,036
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
Total assets 200,836,033
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
LIABILITIES:
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
Due to GW Capital Management 142,780
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
Redemptions payable 838,809
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
Payable for investments purchased 2,949,542
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
Variation margin on futures contracts 0
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
Total liabilities 3,931,131
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
NET ASSETS $ 196,904,902
-------------------------------------------------------------------------------===================
-------------------------------------------------------------------------------===================
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
NET ASSETS REPRESENTED BY:
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
Capital stock, $.10 par value $ 18,633,313
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
Additional paid-in capital 197,789,263
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
Net unrealized appreciation (depreciation) on investments, translation of
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
assets and liabilities denominated in foreign currencies and futures contracts (17,550,316)
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
Undistributed (overdistributed) net investment income (loss) (224,714)
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
Accumulated net realized gain (loss) on investments and futures contracts (1,742,644)
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
NET ASSETS $ 196,904,902
-------------------------------------------------------------------------------===================
-------------------------------------------------------------------------------===================
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
NET ASSET VALUE PER OUTSTANDING SHARE $ 1.0567
-------------------------------------------------------------------------------===================
-------------------------------------------------------------------------------===================
(Offering and Redemption Price)
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
SHARES OF CAPITAL STOCK:
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
Authorized 300,000,000
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
Outstanding 186,333,127
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
(1) Cost of investments in securities: $ 211,577,686
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
(2) Cost of cash denominated in foreign currencies: 417
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
See notes to financial statements.
--------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED JUNE 30, 2000
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
UNAUDITED
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
LOOMIS
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
SAYLES
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
CORPORATE
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
BOND
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
PORTFOLIO
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Interest $ 8,260,473
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Dividends 169,080
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Foreign withholding tax 0
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Total income 8,429,553
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
EXPENSES:
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Audit fees
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Investment administration
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Bank and custodial fees
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Other expenses
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Management fees 851,413
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Total expenses 851,413
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Less amount reimbursed by GW Capital Management
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Net expenses 851,413
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME (LOSS) 7,578,140
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Net realized gain on investments 128,700
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Net realized gain on futures contracts
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on investments 51,001
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Change in net unrealized depreciation on translation of assets and
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
liabilities denominated in foreign currencies (1,614,732)
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Change in net unrealized depreciation on futures contracts
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments, translation of assets and
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
liabilities denominated in foreign currencies and futures contracts (1,435,031)
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 6,143,109
----------------------------------------------------------------------------------------=================
----------------------------------------------------------------------------------------=================
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
See notes to financial statements.
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED JUNE 30, 2000 AND YEAR ENDED DECEMBER 31, 1999
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
LOOMIS SAYLES
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
CORPORATE BOND
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
PORTFOLIO
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
2000 1999
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
UNAUDITED
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS:
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
OPERATIONS:
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
Net investment income (loss) $ 7,578,140 $ 15,890,222
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
Net realized gain (loss) on investments 128,700 (1,823,098)
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on investments 51,001 (6,106,516)
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
Change in net unrealized depreciation on translation of assets and 0
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
liabilities denominated in foreign currencies (1,614,732) 1,691,288
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from operations 6,143,109 9,651,896
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS:
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
From net investment income (7,487,599) (16,217,322)
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
From net realized gains 0 (2,072,616)
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
Total distributions (7,487,599) (18,289,938)
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
SHARE TRANSACTIONS:
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
Net proceeds from sales of shares 79,360,224 35,755,922
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
Reinvestment of distributions 7,487,599 18,289,938
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
Redemptions of shares (80,017,775) (53,374,507)
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from share transactions 6,830,048 671,353
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
Total increase (decrease) in net assets 5,485,558 (7,966,689)
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
NET ASSETS:
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
Beginning of period 191,419,344 199,386,033
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
End of period (1) $ 196,904,902 $ 191,419,344
---------------------------------------------------------------------------------==============---=============
---------------------------------------------------------------------------------==============---=============
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
OTHER INFORMATION:
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
SHARES:
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
Sold 73,442,276 31,964,887
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
Issued in reinvestment of distributions 7,148,207 16,940,382
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
Redeemed (74,119,399) (48,374,396)
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
Net increase (decrease) 6,471,084 530,873
---------------------------------------------------------------------------------==============---=============
---------------------------------------------------------------------------------==============---=============
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
(1) Including undistributed (overdistributed) net investment income (loss) $ (224,714) $ (315,255)
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
See notes to financial statements. (Continued)
---------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
LOOMIS SAYLES CORPORATE BOND PORTFOLIO
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the six months ended June 30, 2000 and the years ended
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
December 31, 1999,1998, 1997, 1996 and 1995 are as follows:
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Six Months Ended Year Ended December 31,
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
June 30, 2000 1999 1998 1997 1996 1995
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
UNAUDITED
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Net Asset Value, Beginning of Period $ 1.0643 $ 1.1118 $ 1.1981 $ 1.1618 $ 1.1521 $ 0.9716
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Income from Investment Operations
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Net investment income 0.0424 0.0873 0.0838 0.0764 0.0825 0.0842
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) (0.0082) (0.0344) (0.0429) 0.0689 0.0324 0.1994
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Total Income From
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Investment Operations 0.0342 0.0529 0.0409 0.1453 0.1149 0.2836
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Less Distributions
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
From net investment income (0.0418) (0.0892) (0.0839) (0.0762) (0.0825) (0.1001)
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
From net realized gains 0.0000 (0.0112) (0.0433) (0.0328) (0.0227) (0.0030)
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Total Distributions (0.0418) (0.1004) (0.1272) (0.1090) (0.1052) (0.1031)
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $ 1.0567 $ 1.0643 $ 1.1118 $ 1.1981 $ 1.1618 $ 1.1521
-------------------------------------===============---===============--=========---===============---=============---==============
------------------------------------===============---===============--==========---================---=============---=============
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Total Return 3.26% 4.87% 3.43% 12.70% 10.35% 30.19%
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Net Assets, End of Period $ 196,904,902 $ 191,419,344 $ 199,386,033 $ 158,884,389 $ 83,645,029 $ 45,530,190
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Ratio of Expense to
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Average Net Assets 0.90% * 0.90% 0.90% 0.90% 0.90% 0.90%
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Ratio of Net Investment Income to
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Average Net Assets 8.01% * 7.74% 7.41% 7.14% 7.68% 7.89%
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Portfolio Turnover Rate 11.46% 28.00% 55.47% 52.69% 40.02% 24.70%
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
*Annualized
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
(Continued)
------------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
JUNE 30, 2000
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
UNAUDITED
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
T. ROWE
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
PRICE
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
MIDCAP
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
GROWTH
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
PORTFOLIO
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
ASSETS:
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
Investments in securities, market value (1) $ 224,603,514
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
Cash denominated in foreign currencies (2)
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
Cash 27,791
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
Dividends and interest receivable 47,496
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
Subscriptions receivable 821,948
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
Receivable for investments sold 12,441,408
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
Total assets 237,942,157
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
LIABILITIES:
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
Due to GW Capital Management 196,990
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
Redemptions payable 869,027
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
Payable for investments purchased 12,391,827
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
Variation margin on futures contracts 0
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
Total liabilities 13,457,844
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
NET ASSETS $ 224,484,313
-----------------------------------------------------------------------------------================
-----------------------------------------------------------------------------------================
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
NET ASSETS REPRESENTED BY:
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
Capital stock, $.10 par value $ 13,358,381
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
Additional paid-in capital 148,281,355
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
Net unrealized appreciation (depreciation) on investments, translation of
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
assets and liabilities denominated in foreign currencies and futures contracts 46,776,876
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
Undistributed (overdistributed) net investment income (loss) (1,124,988)
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
Accumulated net realized gain (loss) on investments and futures contracts 17,192,689
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
NET ASSETS $ 224,484,313
-----------------------------------------------------------------------------------================
-----------------------------------------------------------------------------------================
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
NET ASSET VALUE PER OUTSTANDING SHARE $ 1.6805
-----------------------------------------------------------------------------------================
-----------------------------------------------------------------------------------================
(Offering and Redemption Price)
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
SHARES OF CAPITAL STOCK:
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
Authorized 200,000,000
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
Outstanding 133,583,807
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
(1) Cost of investments in securities: $ 177,826,638
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
(2) Cost of cash denominated in foreign currencies:
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
See notes to financial statements.
---------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED JUNE 30, 2000
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
UNAUDITED
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
T. ROWE
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
PRICE
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
MIDCAP
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
GROWTH
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
PORTFOLIO
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Interest $ 417,944
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Dividends 332,886
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Foreign withholding tax (2,307)
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Total income 748,523
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
EXPENSES:
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Audit fees 3,980
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Investment administration 51,907
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Bank and custodial fees 19,378
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Other expenses 27,151
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Management fees 1,059,578
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Total expenses 1,161,994
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Less amount reimbursed by GW Capital Management 49,437
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Net expenses 1,112,557
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME (LOSS) (364,034)
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Net realized gain on investments 14,341,533
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Net realized gain on futures contracts
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on investments (1,431,545)
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Change in net unrealized depreciation on translation of assets and
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
liabilities denominated in foreign currencies 0
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Change in net unrealized depreciation on futures contracts
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments, translation of assets and
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
liabilities denominated in foreign currencies and futures contracts 12,909,988
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 12,545,954
-------------------------------------------------------------------------------------------=================
-------------------------------------------------------------------------------------------=================
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
See notes to financial statements.
------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED JUNE 30, 2000 AND YEAR ENDED DECEMBER 31, 1999
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
T. ROWE PRICE
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
MIDCAP GROWTH
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
PORTFOLIO
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
2000 1999
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
UNAUDITED
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS:
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
OPERATIONS:
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Net investment income (loss) $ (364,034) $ (560,710)
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Net realized gain on investments 14,341,533 12,980,782
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Net realized gain (loss) on futures contracts
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation on investments (1,431,545) 25,009,620
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation on translation of 0
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
assets and liabilities denominated in foreign currencies 0 (173)
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on futures contracts 0
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from operations 12,545,954 37,429,519
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS:
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
From net investment income 0 0
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
From net realized gains 0 (10,536,959)
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Total distributions 0 (10,536,959)
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
SHARE TRANSACTIONS:
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Net proceeds from sales of shares 95,637,953 49,607,104
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Reinvestment of distributions 0 10,536,959
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Redemptions of shares (86,789,045) (23,709,610)
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from share transactions 8,848,908 36,434,453
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Total increase (decrease) in net assets 21,394,862 63,327,013
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
NET ASSETS:
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Beginning of period 203,089,451 139,762,438
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
End of period (1) $ 224,484,313 $ 203,089,451
--------------------------------------------------------------------------------------------==============-----==============
--------------------------------------------------------------------------------------------==============-----==============
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
OTHER INFORMATION:
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
SHARES:
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Sold 58,438,257 34,448,603
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Issued in reinvestment of distributions 0 7,243,388
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Redeemed (53,137,839) (17,154,750)
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) 5,300,418 24,537,241
--------------------------------------------------------------------------------------------==============-----==============
--------------------------------------------------------------------------------------------==============-----==============
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
(1) Including undistributed net investment income (loss) $ (1,124,988) $ (760,954)
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
See notes to financial statements.
-----------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
T. ROWE PRICE MIDCAP GROWTH PORTFOLIO
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the six months ended June 30, 2000, the years ended December 31,
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
1999 and 1998, and the period ended December 31, 1997 are as follows:
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
Six Months Ended Period Ended December 31,
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
June 30, 2000 1999 1998 1997
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
UNAUDITED
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
(A)
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
Net Asset Value, Beginning of Period $ 1.5831 $ 1.3472 $ 1.1069 $ 1.0000
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
Income from Investment Operations
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
0.0000
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
Net investment loss (0.0025) (0.0040) (0.0016) 0.0000
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain 0.0999 0.3274 0.2471 0.1086
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
Total Income From Investment Operations 0.0974 0.3234 0.2455 0.1086
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
Less Distributions
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
From net realized gains 0.0000 (0.0875) (0.0052) (0.0017)
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
Total Distributions 0.0000 (0.0875) (0.0052) (0.0017)
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $ 1.6805 $ 1.5831 $ 1.3472 $ 1.1069
--------------------------------------------------------==============---===============---==============---===============---
--------------------------------------------------------==============---===============---==============---===============---
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
Total Return 6.15% 24.60% 22.23% 10.86%
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
Net Assets, End of Period $ 224,484,313 $ 203,089,451 $ 139,762,438 $ 56,704,297
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
Ratio of Expenses to Average Net Assets:
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
- Before Reimbursement 1.10% * 1.11% 1.16% 1.30% *
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
- After Reimbursement # 1.05% * 1.05% 1.05% 1.05% *
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
Ratio of Net Investment Loss to
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
Average Net Assets:
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
- Before Reimbursement (0.39%)* (0.41%) (0.32%) (0.41%)*
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
- After Reimbursement # (0.34%)* (0.35%) (0.21%) (0.16%)*
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
Portfolio Turnover Rate 31.78% 66.80% 52.50% 24.28%
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
*Annualized
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
# Percentages are shown net of expenses reimbursed by GW Capital Management, LLC.
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
(A) The portfolio commenced operations on July 1, 1997.
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
(Continued)
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
JUNE 30, 2000
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
UNAUDITED
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
VALUE
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
INDEX
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
PORTFOLIO
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
ASSETS:
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
Investments in securities, market value (1) $ 356,862,106
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
Cash denominated in foreign currencies (2)
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
Cash 305,487
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
Dividends and interest receivable 594,622
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
Subscriptions receivable 1,287,077
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
Receivable for investments sold 7,405,518
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
Total assets 366,454,810
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
LIABILITIES:
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
Due to GW Capital Management 190,021
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
Redemptions payable 1,369,463
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
Payable for investments purchased 5,347,928
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
Variation margin on futures contracts 16,338
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
Total liabilities 6,923,750
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
NET ASSETS $ 359,531,060
---------------------------------------------------------------------------------===============
---------------------------------------------------------------------------------===============
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
NET ASSETS REPRESENTED BY:
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
Capital stock, $.10 par value $ 20,939,429
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
Additional paid-in capital 299,916,911
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
Net unrealized appreciation (depreciation) on investments, translation of
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
assets and liabilities denominated in foreign currencies and futures contracts 8,279,752
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
Undistributed (overdistributed) net investment income (loss) 26,018
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
Accumulated net realized gain (loss) on investments and futures contracts 30,368,950
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
NET ASSETS $ 359,531,060
---------------------------------------------------------------------------------===============
---------------------------------------------------------------------------------===============
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
NET ASSET VALUE PER OUTSTANDING SHARE $ 1.7170
---------------------------------------------------------------------------------===============
---------------------------------------------------------------------------------===============
(Offering and Redemption Price)
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
SHARES OF CAPITAL STOCK:
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
Authorized 300,000,000
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
Outstanding 209,394,286
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
(1) Cost of investments in securities: $ 348,498,449
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
(2) Cost of cash denominated in foreign currencies:
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
See notes to financial statements.
------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED JUNE 30, 2000
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
UNAUDITED
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
VALUE
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
INDEX
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
PORTFOLIO
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Interest $ 217,637
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Dividends 3,502,842
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Foreign withholding tax (37,574)
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Total income 3,682,905
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
EXPENSES:
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Audit fees
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Investment administration
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Bank and custodial fees
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Other expenses
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Management fees 1,131,163
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Total expenses 1,131,163
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Less amount reimbursed by GW Capital Management
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Net expenses 1,131,163
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME (LOSS) 2,551,742
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Net realized gain on investments 8,831,889
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Net realized gain on futures contracts 664,306
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on investments (24,971,104)
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Change in net unrealized depreciation on translation of assets and
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
liabilities denominated in foreign currencies 0
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Change in net unrealized depreciation on futures contracts (630,549)
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments, translation of assets and
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
liabilities denominated in foreign currencies and futures contracts (16,105,458)
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ (13,553,716)
----------------------------------------------------------------------------------------===============
----------------------------------------------------------------------------------------===============
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
See notes to financial statements.
-------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED JUNE 30, 2000 AND YEAR ENDED DECEMBER 31, 1999
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
VALUE INDEX
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
PORTFOLIO
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
2000 1999
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
UNAUDITED
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS:
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
OPERATIONS:
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Net investment income (loss) $ 2,551,742 $ 4,650,841
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Net realized gain on investments 8,831,889 65,939,796
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Net realized gain (loss) on futures contracts 664,306 (91,895)
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation on investments (24,971,104) (33,650,123)
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation on translation of 0 0
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
assets and liabilities denominated in foreign currencies 0 0
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on futures contracts (630,549) 401,419
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from operations (13,553,716) 37,250,038
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS:
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
From net investment income (2,539,421) (4,650,639)
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
From net realized gains 0 (50,703,284)
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Total distributions (2,539,421) (55,353,923)
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
SHARE TRANSACTIONS:
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Net proceeds from sales of shares 161,230,697 75,476,605
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Reinvestment of distributions 2,539,421 55,353,923
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Redemptions of shares (179,708,297) (47,503,765)
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from share transactions (15,938,179) 83,326,763
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Total increase (decrease) in net assets (32,031,316) 65,222,878
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
NET ASSETS:
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Beginning of period 391,562,376 326,339,498
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
End of period (1) $ 359,531,060 $ 391,562,376
----------------------------------------------------------------------------------------==============------==============
----------------------------------------------------------------------------------------==============------==============
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
OTHER INFORMATION:
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
SHARES:
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Sold 92,453,080 37,750,936
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Issued in reinvestment of distributions 1,449,954 31,276,764
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Redeemed (101,533,239) (24,182,360)
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) (7,630,205) 44,845,340
----------------------------------------------------------------------------------------==============------==============
----------------------------------------------------------------------------------------==============------==============
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
(1) Including undistributed net investment income (loss) $ 26,018 $ 13,697
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
See notes to financial statements. (Concluded)
--------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
VALUE INDEX PORTFOLIO
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the six months ended June 30, 2000 and the years
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
ended December 31, 1999,1998, 1997, 1996 and 1995 are as follows:
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Six Months Ended Year Ended December 31,
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
June 30, 2000 1999 1998 1997 1996 1995
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
UNAUDITED
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Net Asset Value, Beginning of Period $ 1.8042 $ 1.8953 $ 1.8136 $ 1.4538 $ 1.2623 $ 0.9614
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Income from Investment Operations
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Net investment income 0.0122 0.0243 0.0279 0.0278 0.0298 0.0305
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) (0.0872) 0.1779 0.2301 0.4631 0.2287 0.3198
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Total Income (Loss) From
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Investment Operations (0.0750) 0.2022 0.2580 0.4909 0.2585 0.3503
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Less Distributions
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
From net investment income (0.0122) (0.0243) (0.0278) (0.0278) (0.0298) (0.0359)
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
From net realized gains 0.0000 (0.2690) (0.1485) (0.1033) (0.0372) (0.0135)
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Total Distributions (0.0122) (0.2933) (0.1763) (0.1311) (0.0670) (0.0494)
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $ 1.7170 $ 1.8042 $ 1.8953 $ 1.8136 $ 1.4538 $ 1.2623
---------------------------------------===============---==============-===============-==================-===============--========
--------------------------------------===============---==============-===============--===============---===============--=========
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Total Return (4.17%) 11.39% 14.48% 34.08% 20.63% 36.80%
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Net Assets, End of Period $ 359,531,060 $ 391,562,376 $ 326,339,498 $ 237,421,804 $ 122,283,026 $ 65,183,898
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Ratio of Expense to
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Average Net Assets 0.60% * 0.60% 0.60% 0.60% 0.60% 0.60%
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Ratio of Net Investment Income to
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Average Net Assets 1.35% * 1.31% 1.54% 1.83% 2.38% 2.87%
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Portfolio Turnover Rate 19.72% 70.11% 39.67% 26.03% 16.31% 18.11%
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
*Annualized
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
(Concluded)
------------------------------------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
Financial Statements and Financial Highlights for
the Six Month Period Ended June 30, 2000 and the Year Ended December 31, 1999
(Section 10)
MAXIM SERIES FUND, INC.
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2000
-------------------------------------------------------------------------------------------------------------------
UNAUDITED
1. ORGANIZATION & SIGNIFICANT ACCOUNTING POLICIES
Maxim Series Fund, Inc. (the Fund) is a Maryland corporation organized on December 7, 1981 under the
Investment Company Act of 1940 (the 1940 Act) as an open-end management investment company and presently
consists of thirty-six portfolios. Interests in the Ariel Small-Cap Value, Founders Growth & Income,
Loomis Sayles Corporate Bond, T. Rowe Price MidCap Growth and Value Index Portfolios (the Portfolios) are
included herein and are represented by separate classes of beneficial interest of the Fund. The
investment objective of each Portfolio is: to seek long-term capital appreciation for the Ariel Small-Cap
Value Portfolio; to seek long-term growth of capital and income for the Founders Growth & Income
Portfolio; to seek the highest possible current income that is consistent with the primary goal of
insuring protection of capital for the Loomis Sayles Corporate Bond Portfolio; to seek long-term
appreciation for the T. Rowe Price MidCap Growth Portfolio; and to seek investment results that track the
total return of the common stocks that comprise the Standard & Poor's/BARRA Value Index for the Value
Index Portfolio. Each Portfolio is diversified as defined in the 1940 Act. The Fund is available only as
an investment option for certain variable annuity contracts, variable life policies and certain qualified
retirement plans issued by Great-West Life & Annuity Insurance Company (the Company) and New England
Financial.
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:
Security Valuation
Short-term and money market securities are valued at amortized cost which approximates market value.
Equity securities listed on an established exchange or on the NASDAQ National Market System are valued at
the last sale price as of the close of business. Fixed income and other securities are valued by
independent pricing services approved by the Board of Directors. Securities 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.
The Loomis Sayles Corporate Bond Portfolio may invest in high yield bonds, some of which may be rated
below investment grade. These high yield bonds may be more susceptible than higher grade bonds to real or
perceived adverse economic or industry conditions. The secondary market, on which high yield bonds are
traded, may also be less liquid than the market for higher grade bonds.
The Founders Growth & Income and Loomis Sayles Corporate Bond Portfolios may have elements of risk due to
concentrated investments in foreign issuers located in a specific country. Such concentrations may
subject the Portfolios to additional risks resulting from future political or economic conditions and/or
possible impositions of adverse foreign governmental laws or currency exchange restrictions.
Investments in securities of governmental agencies may only be guaranteed by the respective agency's
limited authority to borrow from the U.S. Government and may not be guaranteed by the full faith and
credit of the U.S. Government.
Restricted & Illiquid Securities
The Founders Growth & Income and the Loomis Sayles Corporate Bond 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, fair value and
percent of net assets of these restricted securities held at June 30, 2000 were $1,401,588, $1,670,625 and
1.19%, respectively, for the Founders Growth & Income Portfolio and $20,548,101, $21,358,147 and 10.85%,
respectively, for the Loomis Sayles Corporate Bond Portfolio.
The Loomis Sayles Corporate Bond Portfolio may own certain investment securities that have been deemed
"illiquid" because no quoted market exists. These securities are valued after giving due consideration to
pertinent factors including recent private sales, market conditions, and the issuer's financial
performance. It is possible that the estimated value may differ significantly from the amount that might
ultimately be realized in the near term and the difference could be material. Aggregate cost, fair value
and percent of net assets of these illiquid securities held at June 30, 2000 were $24,392,466, $16,321,230
and 8.29%, respectively.
Foreign Currency Translations
The accounting records of the Founders Growth & Income and Loomis Sayles Corporate Bond 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 Founders Growth & Income and Loomis Sayles Corporate Bond Portfolios isolate that portion of the
results of operations resulting from changes in foreign exchange rates on investments from the
fluctuations arising from changes in market prices of securities held.
Net realized foreign exchange gains or losses arise from sales of portfolio securities, sales and
maturities of short-term securities, 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 Founders Growth & Income and Loomis
Sayles Corporate Bond 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 including investments in securities at fiscal year end, resulting from changes in the exchange
rate.
Financial Futures Contracts
The Value Index Portfolio may invest in financial futures contracts as a substitute for a comparable
market position in the underlying securities. Upon entering into a financial futures contract, the
Portfolio is required to pledge to the broker an amount of cash and/or other assets equal to a certain
percentage of the contract amount (initial margin deposit). Receipts or payments, known 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. The use of futures contracts may involve risks such as the possibility
of illiquid markets or imperfect correlation between the value of the contracts and the underlying
securities, or that the counterparty will fail to perform its obligations.
Dividends
Dividends from net investment income of the Portfolios are declared and paid semi-annually. Income
dividends are reinvested in additional shares at net asset value. 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) for the Ariel
Small-Cap Value, Founders Growth & Income, T. Rowe Price MidCap Growth, Value Index Portfolios and
specific lot selection for the Loomis Sayles Corporate Bond Portfolio.
Dividend income for the Portfolios is accrued as of the ex-dividend date and interest income, including
amortization of discounts and premiums, is recorded daily.
Federal Income Taxes
For federal income tax purposes, each Portfolio of the Fund qualifies as a regulated investment company
under the provisions of the Internal Revenue Code by distributing substantially all of its taxable net
income (both ordinary and capital gain) to its shareholders and complying with other requirements for
regulated investment companies. Accordingly, no provision for federal income taxes has been made. At
June 30, 2000, the Loomis Sayles Corporate Bond Portfolio had available for federal income tax purposes an
unused capital loss carryover of $775,785 which expires in 2007.
Classification of Distributions to Shareholders
The character of distributions made during the year from net investment income or net realized gains are
determined in accordance with income tax regulations that may differ from generally accepted accounting
principles. These differences are primarily due to differing treatments of deferral of wash sales, net
operating losses and capital loss carryforwards. 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 Portfolios.
2. 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 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 Ariel Small-Cap Value, Founders Growth & Income and T. Rowe Price
MidCap Growth Portfolios. However, the investment advisor shall pay any expenses which exceed an annual
rate, including management fees, of 1.35%, 1.15% and 1.05% of the average daily net assets of the Ariel
Small-Cap Value, Founders Growth & Income and T. Rowe Price MidCap Growth Portfolios, respectively.
Expenses incurred by the Fund, which are not fund specific, are allocated based on relative net assets or
other appropriate allocation methods. For the Loomis Sayles Corporate Bond and Value Index Portfolios,
the management fee encompasses fund operation expenses.
3. PURCHASES AND SALES OF INVESTMENT SECURITIES
For the six months ended June 30, 2000, the aggregate cost of purchases and proceeds from sales of
investment securities (excluding all U.S. Government securities and short-term securities) were as follows:
Purchases Sales
------------------ ------------------
Ariel Small-Cap Value Portfolio $ 7,687,975 $ 10,556,496
Founders Growth & Income Portfolio 147,380,547 145,768,416
Loomis Sayles Corporate Bond Portfolio 23,251,951 13,124,292
T. Rowe Price MidCap Growth Portfolio 73,514,203 63,323,926
Value Index Portfolio 72,585,836 75,717,577
For the six months ended June 30, 2000, the aggregate cost of purchases and proceeds from sales of U.S.
Government securities were $0 and $8,226,295, respectively, for the Loomis Sayles Corporate Bond
Portfolio. There were no purchases or sales of U.S. Government securities in any other portfolio.
4. UNREALIZED APPRECIATION (DEPRECIATION)
The aggregate cost of investments and the composition of unrealized appreciation and depreciation of
investment securities for federal income tax purposes as of June 30, 2000, were as follows:
Cost For Net
Income Unrealized
Tax Gross Gross Appreciation
Purposes Appreciation Depreciation (Depreciation)
---------------- ------------------ ------------------ ------------------
Ariel Small-Cap Value
Portfolio $ 38,751,138 $ 5,579,683 $ (6,013,053) $ (433,370)
Founders Growth &
Income Portfolio 128,682,456 16,245,011 (5,097,508) 11,147,503
Loomis Sayles
Corporate Bond
Portfolio 211,577,686 7,607,973 (25,158,272) (17,550,299)
T. Rowe Price MidCap
Growth Portfolio
178,398,525 62,926,775 (16,721,786) 46,204,989
Value Index Portfolio
349,926,046 51,951,375 (45,015,314) 6,936,061
5. FUTURES CONTRACTS
As of June 30, 2000, the Value Index Portfolio had 15 open S&P 500 long futures contracts. The contracts
expire in September 2000, and the portfolio has recorded unrealized depreciation of $83,905 as of June 30,
2000.
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
-----------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
JUNE 30, 2000
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
UNAUDITED
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
GLOBAL
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
BOND
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
PORTFOLIO
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
ASSETS:
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Investments in securities, market value (1) $ 95,620,319
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Cash denominated in foreign currencies (2) 408,837
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Cash 371,582
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Margin deposits
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Dividends and interest receivable 1,623,923
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Subscriptions receivable 585,794
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Receivable for investments sold 0
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Variation margin on futures contracts
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Total assets 98,610,455
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
LIABILITIES:
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Due to GW Capital Management 102,439
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Redemptions payable 300,003
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Payable for investments purchased 358,794
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Variation margin on futures contracts 0
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Unrealized depreciation on forward foreign currency contracts 1,604,641
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Total liabilities 2,365,877
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
NET ASSETS $ 96,244,578
--------------------------------------------------------------------------------------===============
--------------------------------------------------------------------------------------===============
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
NET ASSETS REPRESENTED BY:
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Capital stock, $.10 par value $ 976,671
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Additional paid-in capital 96,504,851
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Net unrealized appreciation (depreciation) on investments, translation of assets
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
and liabilities denominated in foreign currencies, futures contracts and
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
forward foreign currency contracts (2,430,199)
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Undistributed (overdistributed) net investment income (loss) 33,096
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Accumulated net realized gain on investments, futures contracts
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
and forward foreign currency contracts 1,160,159
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
NET ASSETS $ 96,244,578
--------------------------------------------------------------------------------------===============
--------------------------------------------------------------------------------------===============
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
NET ASSET VALUE PER OUTSTANDING SHARE $ 9.8543
--------------------------------------------------------------------------------------===============
--------------------------------------------------------------------------------------===============
(Offering and Redemption Price)
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
SHARES OF CAPITAL STOCK:
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Authorized 100,000,000
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Outstanding 9,766,712
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
(1) Cost of investments in securities: $ 96,447,318
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
(2) Cost of cash denominated in foreign currencies: 407,396
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
See notes to financial statements.
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED JUNE 30, 2000
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
UNAUDITED
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
GLOBAL
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
BOND
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
PORTFOLIO
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
Interest $ 2,470,503
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
Dividends 0
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
Foreign withholding tax 0
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
Total income 2,470,503
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
EXPENSES:
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
Audit fees
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
Investment administration
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
Bank and custodial fees
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
Other expenses
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
Management fees 598,259
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
Total expenses 598,259
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
Less amount reimbursed by GW Capital Management
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
Net expenses 598,259
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME (LOSS) 1,872,244
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
Net realized gain (loss) on investments (6,507,349)
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
Net realized gain (loss) on futures contracts
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
Net realized gain on forward foreign currency contracts 8,254,201
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation on investments 3,729,544
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on translation of assets and
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
liabilities denominated in foreign currencies (1,874,896)
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on futures contracts
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
Change in net unrealized depreciation on forward foreign currency contracts (2,270,683)
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments, translation of assets and liabilities
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
denominated in foreign currencies, futures contracts and forward foreign currency contracts 1,330,817
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 3,203,061
-------------------------------------------------------------------------------------------------================
-------------------------------------------------------------------------------------------------================
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
See notes to financial statements.
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED JUNE 30, 2000 AND THE PERIOD ENDED DECEMBER 31, 1999
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
GLOBAL BOND
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
PORTFOLIO
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
2000 1999
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
UNAUDITED (A)
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS:
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
OPERATIONS:
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Net investment income $ 1,872,244 $ 1,522,169
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Net realized gain (loss) on investments (6,507,349) (1,948,761)
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Net realized gain on futures contracts
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Net realized gain on forward foreign currency contracts 8,254,201 1,362,068
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation on investments 3,729,544 (1,920,002)
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Change in net unrealized depreciation on translation of assets and liabilities
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
denominated in foreign currencies (1,874,896) (760,204)
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on futures contracts
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on forward foreign currency contracts(2,270,683) 666,042
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from operations 3,203,061 (1,078,688)
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS:
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
From net investment income (1,840,092) (1,521,225)
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
SHARE TRANSACTIONS:
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Net proceeds from sales of shares 42,367,329 94,639,845
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Reinvestment of distributions 1,840,092 1,521,225
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Redemptions of shares (41,120,911) (1,766,058)
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from share transactions 3,086,510 94,395,012
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Total increase in net assets 4,449,479 91,795,099
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
NET ASSETS:
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Beginning of period 91,795,099 0
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
End of period (1) $ 96,244,578 $ 91,795,099
-------------------------------------------------------------------------------------------==============-------=============
-------------------------------------------------------------------------------------------==============-------=============
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
OTHER INFORMATION:
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
SHARES:
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Sold 4,329,813 9,475,341
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Issued in reinvestment of distributions 186,885 156,476
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Redeemed (4,202,993) (178,810)
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Net increase 313,705 9,453,007
-------------------------------------------------------------------------------------------==============-------=============
-------------------------------------------------------------------------------------------==============-------=============
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
(1) Including undistributed (overdistributed) net investment income $ 33,096 $ 944
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
(A) Portfolio inception date: July 26, 1999.
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
See notes to financial statements.
-----------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
GLOBAL BOND PORTFOLIO
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the six months ended June 30, 2000 and the period
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
ended December 31, 1999 are as follows:
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Period Ended
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Six Months Ended December 31,
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
June 30, 2000 1999
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
UNAUDITED
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
(A)
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Net Asset Value, Beginning of Period $ 9.7107 $ 10.0000
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Income from Investment Operations
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
0.0000 0.0000
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Net investment income 0.1956 0.1641
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) 0.1403 (0.2894)
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Total Income (Loss) From Investment Operations 0.3359 (0.1253)
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Less Distributions
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
From net investment income (0.1923) (0.1640)
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Total Distributions (0.1923) (0.1640)
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $ 9.8543 $ 9.7107
------------------------------------------------------------------------------===============----------================---
------------------------------------------------------------------------------===============----------================---
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Total Return 3.46% (1.25%)
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Net Assets, End of Period $ 96,244,578 $ 91,795,099
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Ratio of Expenses to Average Net Assets 1.30% * 1.30% *
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Ratio of Net Investment Income to Average Net Assets 4.07% * 4.00% *
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Portfolio Turnover Rate 210.71% 86.93%
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
*Annualized
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
(A) The portfolio commenced operations on July 26, 1999.
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
(Continued)
--------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
JUNE 30, 2000
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
UNAUDITED
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
INDEX
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
400
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
PORTFOLIO
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
ASSETS:
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Investments in securities, market value (1) $ 11,481,385
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Cash denominated in foreign currencies (2)
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Cash 312,320
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Margin deposits
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Dividends and interest receivable 19,180
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Subscriptions receivable 27
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Receivable for investments sold 161,000
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Variation margin on futures contracts 0
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Total assets 11,973,912
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
LIABILITIES:
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Due to GW Capital Management 5,931
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Redemptions payable 0
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Payable for investments purchased 173,027
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Variation margin on futures contracts 13,800
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Unrealized depreciation on forward foreign currency contracts
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Total liabilities 192,758
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
NET ASSETS $ 11,781,154
------------------------------------------------------------------------------------------===============
------------------------------------------------------------------------------------------===============
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
NET ASSETS REPRESENTED BY:
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Capital stock, $.10 par value $ 102,006
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Additional paid-in capital 10,125,368
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Net unrealized appreciation (depreciation) on investments, translation of assets
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
and liabilities denominated in foreign currencies, futures contracts and
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
forward foreign currency contracts 68,517
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Undistributed (overdistributed) net investment income (loss) (34)
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Accumulated net realized gain on investments, futures contracts
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
and forward foreign currency contracts 1,485,297
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
NET ASSETS $ 11,781,154
------------------------------------------------------------------------------------------===============
------------------------------------------------------------------------------------------===============
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
NET ASSET VALUE PER OUTSTANDING SHARE $ 11.5495
------------------------------------------------------------------------------------------===============
------------------------------------------------------------------------------------------===============
(Offering and Redemption Price)
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
SHARES OF CAPITAL STOCK:
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Authorized 100,000,000
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Outstanding 1,020,060
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
(1) Cost of investments in securities: $ 11,396,868
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
(2) Cost of cash denominated in foreign currencies:
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
See notes to financial statements.
---------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED JUNE 30, 2000
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
UNAUDITED
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
INDEX
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
400
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
PORTFOLIO
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
Interest $ 34,265
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
Dividends 60,081
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
Foreign withholding tax 0
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
Total income 94,346
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
EXPENSES:
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
Audit fees
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
Investment administration
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
Bank and custodial fees
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
Other expenses
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
Management fees 33,817
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
Total expenses 33,817
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
Less amount reimbursed by GW Capital Management
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
Net expenses 33,817
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME (LOSS) 60,529
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
Net realized gain (loss) on investments 1,213,594
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
Net realized gain (loss) on futures contracts 99,013
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
Net realized gain on forward foreign currency contracts
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation on investments (389,674)
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on translation of assets and
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
liabilities denominated in foreign currencies 0
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on futures contracts (59,625)
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
Change in net unrealized depreciation on forward foreign currency contracts
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments, translation of assets and liabilities
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
denominated in foreign currencies, futures contracts and forward foreign currency contracts 863,308
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 923,837
----------------------------------------------------------------------------------------------------================
----------------------------------------------------------------------------------------------------================
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
See notes to financial statements.
--------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED JUNE 30, 2000 AND THE PERIOD ENDED DECEMBER 31, 1999
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
INDEX 400
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
PORTFOLIO
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
2000 1999
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
UNAUDITED (A)
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS:
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
OPERATIONS:
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
Net investment income $ 60,529 $ 39,298
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
Net realized gain (loss) on investments 1,213,594 133,241
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
Net realized gain on futures contracts 99,013 39,449
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
Net realized gain on forward foreign currency contracts 0
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation on investments (389,674) 474,191
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
Change in net unrealized depreciation on translation of assets and liabilities 0
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
denominated in foreign currencies 0 0
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on futures contracts (59,625) 43,625
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on forward foreign currency contracts 0
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from operations 923,837 729,804
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS:
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
From net investment income (60,616) (39,245)
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
SHARE TRANSACTIONS:
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
Net proceeds from sales of shares 130,549 10,000,022
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
Reinvestment of distributions 60,616 39,245
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
Redemptions of shares (3,058) 0
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from share transactions 188,107 10,039,267
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
Total increase in net assets 1,051,328 10,729,826
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
NET ASSETS:
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
Beginning of period 10,729,826 0
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
End of period (1) $ 11,781,154 $ 10,729,826
-----------------------------------------------------------------------------------------------==============------===============
-----------------------------------------------------------------------------------------------==============------===============
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
OTHER INFORMATION:
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
SHARES:
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
Sold 11,484 1,000,002
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
Issued in reinvestment of distributions 5,148 3,691
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
Redeemed (265) 0
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
Net increase 16,367 1,003,693
-----------------------------------------------------------------------------------------------==============------===============
-----------------------------------------------------------------------------------------------==============------===============
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
(1) Including undistributed (overdistributed) net investment income $ (34) $ 53
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
(A) Portfolio inception date: July 26, 1999. (Continued)
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
See notes to financial statements.
----------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
INDEX 400 PORTFOLIO
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the six months ended June 30, 2000 and the period
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
ended December 31, 1999 are as follows:
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Period Ended
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Six Months Ended December 31,
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
June 30, 2000 1999
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
UNAUDITED
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
(A)
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Net Asset Value, Beginning of Period $ 10.6903 $ 10.0000
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Income from Investment Operations
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
0.0000 0.0000
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Net investment income 0.0596 0.0393
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain 0.8593 0.6902
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Total Income From Investment Operations 0.9189 0.7295
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Less Distributions
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
From net investment income (0.0597) (0.0392)
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Total Distributions (0.0597) (0.0392)
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $ 11.5495 $ 10.6903
------------------------------------------------------------------------------===============----------================---
------------------------------------------------------------------------------===============----------================---
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Total Return 8.59% 7.30%
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Net Assets, End of Period $ 11,781,154 $ 10,729,826
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Ratio of Expenses to Average Net Assets 0.60% * 0.60% *
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Ratio of Net Investment Income to Average Net Assets 1.07% * 0.92% *
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Portfolio Turnover Rate 29.49% 26.41%
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
*Annualized
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
(A) The portfolio commenced operations on July 26, 1999.
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
(Continued)
--------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
JUNE 30, 2000
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
UNAUDITED
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
INDEX
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
EUROPEAN
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
PORTFOLIO
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
ASSETS:
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Investments in securities, market value (1) $ 137,284,896
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Cash denominated in foreign currencies (2) 665,596
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Cash 123,119
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Margin deposits 555
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Dividends and interest receivable 554,944
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Subscriptions receivable 696,930
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Receivable for investments sold 1,604,197
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Variation margin on futures contracts 0
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Total assets 140,930,237
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
LIABILITIES:
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Due to GW Capital Management 128,415
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Redemptions payable 722,104
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Payable for investments purchased 2,077,405
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Variation margin on futures contracts 23,675
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Unrealized depreciation on forward foreign currency contracts
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Total liabilities 2,951,599
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
NET ASSETS $ 137,978,638
---------------------------------------------------------------------------------------===============
---------------------------------------------------------------------------------------===============
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
NET ASSETS REPRESENTED BY:
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Capital stock, $.10 par value $ 1,236,120
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Additional paid-in capital 121,860,675
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Net unrealized appreciation (depreciation) on investments, translation of assets
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
and liabilities denominated in foreign currencies, futures contracts and
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
forward foreign currency contracts 14,155,278
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Undistributed (overdistributed) net investment income (loss) 498,269
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Accumulated net realized gain on investments, futures contracts
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
and forward foreign currency contracts 228,296
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
NET ASSETS $ 137,978,638
---------------------------------------------------------------------------------------===============
---------------------------------------------------------------------------------------===============
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
NET ASSET VALUE PER OUTSTANDING SHARE $ 11.1622
---------------------------------------------------------------------------------------===============
---------------------------------------------------------------------------------------===============
(Offering and Redemption Price)
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
SHARES OF CAPITAL STOCK:
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Authorized 100,000,000
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Outstanding 12,361,201
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
(1) Cost of investments in securities: $ 123,020,445
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
(2) Cost of cash denominated in foreign currencies: 653,662
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
See notes to financial statements.
------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED JUNE 30, 2000
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
UNAUDITED
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
INDEX
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
EUROPEAN
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
PORTFOLIO
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
Interest $ 98,080
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
Dividends 1,468,483
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
Foreign withholding tax (182,428)
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
Total income 1,384,135
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
EXPENSES:
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
Audit fees 6,440
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
Investment administration 56,702
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
Bank and custodial fees 141,945
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
Other expenses 72,668
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
Management fees 683,059
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
Total expenses 960,814
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
Less amount reimbursed by GW Capital Management 144,765
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
Net expenses 816,049
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME (LOSS) 568,086
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
Net realized gain (loss) on investments 425,301
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
Net realized gain (loss) on futures contracts (544,828)
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
Net realized gain on forward foreign currency contracts
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation on investments (4,547,250)
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on translation of assets and
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
liabilities denominated in foreign currencies (3,801,981)
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on futures contracts (271,713)
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
Change in net unrealized depreciation on forward foreign currency contracts
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments, translation of assets and liabilities
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
denominated in foreign currencies, futures contracts and forward foreign currency contracts (8,740,471)
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ (8,172,385)
----------------------------------------------------------------------------------------------------================
----------------------------------------------------------------------------------------------------================
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
See notes to financial statements.
--------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED JUNE 30, 2000 AND THE PERIOD ENDED DECEMBER 31, 1999
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
INDEX EUROPEAN
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
PORTFOLIO
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
2000 1999
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
UNAUDITED (A)
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS:
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
OPERATIONS:
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
Net investment income (loss) $ 568,086 $ (69,817)
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
Net realized gain on investments 425,301 478,780
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
Net realized gain (loss) on futures contracts (544,828) 179,464
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation on investments (4,547,250) 24,874,522
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on translation of 0 0
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
assets and liabilities denominated in foreign currencies (3,801,981) (2,248,906)
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on futures contracts (271,713) 150,606
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from operations (8,172,385) 23,364,649
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS:
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
From net investment income 0 0
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
From net realized gains 0 (310,421)
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
Total distributions 0 (310,421)
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
SHARE TRANSACTIONS:
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
Net proceeds from sales of shares 74,483,680 134,579,471
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
Reinvestment of distributions 0 310,421
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
Redemptions of shares (75,642,600) (10,634,177)
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from share transactions (1,158,920) 124,255,715
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
Total increase (decrease) in net assets (9,331,305) 147,309,943
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
NET ASSETS:
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
Beginning of period 147,309,943 0
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
End of period (1) $ 137,978,638 $ 147,309,943
------------------------------------------------------------------------------------==============-------=============
------------------------------------------------------------------------------------==============-------=============
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
OTHER INFORMATION:
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
SHARES:
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
Sold 6,572,334 13,406,517
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
Issued in reinvestment of distributions 0 27,470
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
Redeemed (6,674,807) (970,313)
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) (102,473) 12,463,674
------------------------------------------------------------------------------------==============-------=============
------------------------------------------------------------------------------------==============-------=============
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
(1) Including undistributed net investment income (loss) $ 498,269 $ (69,817)
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
(A) Portfolio inception date: July 26, 1999.
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
See notes to financial statements.
----------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
INDEX EUROPEAN PORTFOLIO
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the six months ended June 30, 2000 and the period
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
ended December 31, 1999 are as follows:
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
Period Ended
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
Six Months Ended December 31,
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
June 30, 2000 1999
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
UNAUDITED
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
(A)
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
Net Asset Value, Beginning of Period $ 11.8191 $ 10.0000
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
Income from Investment Operations
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
0.0000 0.0000
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
Net investment income (loss) 0.0459 (0.0005)
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) (0.7028) 1.8445
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
Total Income (Loss) From Investment Operations (0.6569) 1.8440
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
Less Distributions
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
From net investment income 0.0000 0.0000
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
From net realized gains 0.0000 (0.0249)
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
Total Distributions 0.0000 (0.0249)
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $ 11.1622 $ 11.8191
------------------------------------------------------------------------------================----------================---
------------------------------------------------------------------------------================----------================---
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
Total Return (5.56%) 18.44%
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
Net Assets, End of Period $ 137,978,638 $ 147,309,943
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
Ratio of Expenses to Average Net Assets:
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
- Before Reimbursement 1.41% * 1.39% *
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
- After Reimbursement # 1.20% * 1.20% *
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
Ratio of Net Investment Income (Loss) to Average Net Assets:
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
- Before Reimbursement 0.62% * (0.31%)*
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
- After Reimbursement # 0.83% * (0.12%)*
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
Portfolio Turnover Rate 35.66% 19.79%
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
*Annualized
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
# Percentages are shown net of expenses reimbursed by GW Capital Management, LLC.
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
(A) The portfolio commenced operations on July 26, 1999.
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
(Continued)
---------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
JUNE 30, 2000
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
UNAUDITED
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
INDEX
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
PACIFIC
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
PORTFOLIO
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
ASSETS:
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Investments in securities, market value (1) $ 165,941,828
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Cash denominated in foreign currencies (2) 180,737
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Cash 540,402
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Margin deposits 0
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Dividends and interest receivable 352,598
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Subscriptions receivable 646,862
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Receivable for investments sold 2,710,222
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Variation margin on futures contracts 11,516
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Total assets 170,384,165
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
LIABILITIES:
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Due to GW Capital Management 149,966
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Redemptions payable 2,963,731
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Payable for investments purchased 689,891
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Variation margin on futures contracts 0
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Unrealized depreciation on forward foreign currency contracts
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Total liabilities 3,803,588
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
NET ASSETS $ 166,580,577
-----------------------------------------------------------------------------------------=================
-----------------------------------------------------------------------------------------=================
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
NET ASSETS REPRESENTED BY:
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Capital stock, $.10 par value $ 1,417,196
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Additional paid-in capital 140,430,339
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Net unrealized appreciation (depreciation) on investments, translation of assets
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
and liabilities denominated in foreign currencies, futures contracts and
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
forward foreign currency contracts 18,491,768
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Undistributed (overdistributed) net investment income (loss) (154,757)
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Accumulated net realized gain on investments, futures contracts
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
and forward foreign currency contracts 6,396,031
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
NET ASSETS $ 166,580,577
-----------------------------------------------------------------------------------------=================
-----------------------------------------------------------------------------------------=================
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
NET ASSET VALUE PER OUTSTANDING SHARE $ 11.7542
-----------------------------------------------------------------------------------------=================
-----------------------------------------------------------------------------------------=================
(Offering and Redemption Price)
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
SHARES OF CAPITAL STOCK:
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Authorized 100,000,000
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Outstanding 14,171,955
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
(1) Cost of investments in securities: $ 147,500,195
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
(2) Cost of cash denominated in foreign currencies: 182,028
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
See notes to financial statements.
----------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED JUNE 30, 2000
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
UNAUDITED
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
INDEX
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
PACIFIC
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
PORTFOLIO
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
Interest $ 119,958
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
Dividends 904,612
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
Foreign withholding tax (107,796)
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
Total income 916,774
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
EXPENSES:
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
Audit fees 6,440
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
Investment administration 56,702
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
Bank and custodial fees 125,002
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
Other expenses 72,846
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
Management fees 855,138
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
Total expenses 1,116,128
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
Less amount reimbursed by GW Capital Management 111,559
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
Net expenses 1,004,569
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME (LOSS) (87,795)
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
Net realized gain (loss) on investments 4,607,164
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
Net realized gain (loss) on futures contracts (247,241)
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
Net realized gain on forward foreign currency contracts
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation on investments (22,551,770)
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on translation of assets and
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
liabilities denominated in foreign currencies (7,581,178)
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on futures contracts (82,998)
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
Change in net unrealized depreciation on forward foreign currency contracts
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments, translation of assets and liabilities
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
denominated in foreign currencies, futures contracts and forward foreign currency contracts (25,856,023)
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ (25,943,818)
----------------------------------------------------------------------------------------------------=================
----------------------------------------------------------------------------------------------------=================
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
See notes to financial statements.
---------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED JUNE 30, 2000 AND THE PERIOD ENDED DECEMBER 31, 1999
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
INDEX PACIFIC
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
PORTFOLIO
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
2000 1999
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
UNAUDITED (A)
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS:
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
OPERATIONS:
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
Net investment income (loss) $ (87,795) $ (5,537)
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
Net realized gain on investments 4,607,164 2,442,399
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
Net realized gain (loss) on futures contracts (247,241) 1,379,302
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation on investments (22,551,770) 36,192,783
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on translation of 0
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
assets and liabilities denominated in foreign currencies (7,581,178) 12,380,507
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on futures contracts (82,998) 134,424
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from operations (25,943,818) 52,523,878
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS:
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
From net investment income 0 (61,425)
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
From net realized gains 0 (1,785,593)
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
Total distributions 0 (1,847,018)
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
SHARE TRANSACTIONS:
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
Net proceeds from sales of shares 165,914,728 178,489,288
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
Reinvestment of distributions 0 1,847,018
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
Redemptions of shares (168,569,068) (35,834,431)
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from share transactions (2,654,340) 144,501,875
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
Total increase (decrease) in net assets (28,598,158) 195,178,735
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
NET ASSETS:
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
Beginning of period 195,178,735 0
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
End of period (1) $ 166,580,577 $ 195,178,735
--------------------------------------------------------------------------------------==============-------=============
--------------------------------------------------------------------------------------==============-------=============
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
OTHER INFORMATION:
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
SHARES:
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
Sold 13,515,063 17,176,701
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
Issued in reinvestment of distributions 0 145,318
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
Redeemed (13,604,033) (3,061,094)
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) (88,970) 14,260,925
--------------------------------------------------------------------------------------==============-------=============
--------------------------------------------------------------------------------------==============-------=============
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
(1) Including undistributed net investment income (loss) $ (154,757) $ (66,962)
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
(A) Portfolio inception date: July 26, 1999.
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
(Concluded)
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
See notes to financial statements.
------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
INDEX PACIFIC PORTFOLIO
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the six months ended June 30, 2000 and the period
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
ended December 31, 1999 are as follows:
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Period Ended
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Six Months Ended December 31,
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
June 30, 2000 1999
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
UNAUDITED
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
(A)
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Net Asset Value, Beginning of Period $ 13.6863 $ 10.0000
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Income from Investment Operations
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
0.0000 0.0000
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Net investment loss (0.0062) (0.0004)
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) (1.9259) 3.8172
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Total Income (Loss) From Investment Operations (1.9321) 3.8168
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Less Distributions
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
From net investment income 0.0000 (0.0043)
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
From net realized gains 0.0000 (0.1262)
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Total Distributions 0.0000 (0.1305)
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $ 11.7542 $ 13.6863
----------------------------------------------------------------------------=================---------=================---
----------------------------------------------------------------------------=================---------=================---
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Total Return (14.12%) 38.27%
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Net Assets, End of Period $ 166,580,577 $ 195,178,735
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Ratio of Expenses to Average Net Assets:
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
- Before Reimbursement 1.31% * 1.35% *
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
- After Reimbursement # 1.18% * 1.20% *
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Ratio of Net Investment Loss to Average Net Assets:
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
- Before Reimbursement (0.23%)* (0.16%)*
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
- After Reimbursement # (0.10%)* (0.01%)*
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Portfolio Turnover Rate 27.41% 18.94%
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
*Annualized
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
# Percentages are shown net of expenses reimbursed by GW Capital Management, LLC.
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
(A) The portfolio commenced operations on July 26, 1999.
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
(Concluded)
--------------------------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
Financial Statements and Financial Highlights for
the Six Months Ended June 30, 2000 and the Year Ended December 31, 1999
(Section 11)
MAXIM SERIES FUND, INC.
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2000
-------------------------------------------------------------------------------------------------------------------
UNAUDITED
1. ORGANIZATION & SIGNIFICANT ACCOUNTING POLICIES
Maxim Series Fund, Inc. (the Fund) is a Maryland corporation organized on December 7, 1981 under the
Investment Company Act of 1940 (the 1940 Act) as an open-end management investment company and presently
consists of thirty-six portfolios. Interests in the Global Bond, Index 400, Index European and Index
Pacific Portfolios (the Portfolios) are included herein and are represented by separate classes of
beneficial interest of the Fund. The investment objective of each Portfolio is to seek the highest total
return consistent with a reasonable degree of risk for the Global Bond Portfolio and to seek investment
results that track the total return of the common stocks that comprise the appropriate Benchmark Index for
each of the other Portfolios as follows: Standard & Poor's (S&P) 400 MidCap Index for the Index 400
Portfolio, FTSE World European Index for the Index European Portfolio, and FTSE World Pacific Index for
the Index Pacific Portfolio. Each Portfolio is diversified as defined in the 1940 Act, with the exception
of the Global Bond Portfolio, which is nondiversified. The Fund is available only as an investment option
for certain variable annuity contracts, variable life policies and certain qualified retirement plans
issued by Great-West Life & Annuity Insurance Company (the Company) and New England Financial.
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:
Security Valuation
Short-term and money market securities are valued at amortized cost which approximates market value.
Equity securities listed on an established exchange or on the NASDAQ National Market System are valued at
the last sale price as of the close of business. Fixed income and other securities are valued by
independent pricing services approved by the Board of Directors. Securities 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.
The Global Bond, Index European and Index Pacific Portfolios may have elements of risk due to concentrated
investments in foreign issuers located in a specific country. Such concentrations may subject the
Portfolio to additional risks resulting from future political or economic conditions and/or possible
impositions of adverse foreign governmental laws or currency exchange restrictions.
Foreign Currency Translations
The accounting records of the Global Bond, Index European and Index Pacific 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 Global Bond, Index European and Index Pacific Portfolios isolate that portion of the results of
operations resulting from changes in foreign exchange rates on investments from the fluctuations arising
from changes in market prices of securities held.
Net realized foreign exchange gains or losses arise from sales of portfolio securities, sales and
maturities of short-term securities, 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 Global Bond, Index European and Index
Pacific 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 including investments in securities at fiscal year end, resulting from changes in the exchange
rate.
Financial Futures Contracts
The Index 400, Index European and Index Pacific 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 Portfolios 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). Receipts or
payments, known as "variation margin", are made or received by the Portfolios each day, depending on the
daily fluctuations in the fair value of the underlying security. The use of futures contracts may involve
risks such as the possibility of illiquid markets or imperfect correlation between the value of the
contracts and the underlying securities, or that the counterparty will fail to perform its obligations.
Forward Currency Transactions
The Global Bond Portfolio enters into forward currency contracts in order to reduce their exposure to
changes in foreign currency exchange rates on their foreign security holdings and to lock in the U.S.
dollar cost of firm purchase and sale commitments for securities denominated in or exposed to foreign
currencies. A forward currency exchange contract is a commitment to purchase or sell a foreign currency
at a future date at a negotiated rate. The gain or loss arising from the difference between the U.S.
dollar cost of the original contracts and the value of the foreign currency in U.S. dollars upon closing
of such contract is shown separately on the Statement of Operations.
Dividends
Dividends from net investment income of the Portfolios are declared and paid semi-annually. Income
dividends are reinvested in additional shares at net asset value. 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) for the Index
400, Index European and Index Pacific Portfolios and specific lot selection for the Global Bond Portfolio.
Dividend income for the Portfolios is accrued as of the ex-dividend date and interest income, including
amortization of discounts and premiums, is recorded daily.
Federal Income Taxes
For federal income tax purposes, each Portfolio of the Fund qualifies as a regulated investment company
under the provisions of the Internal Revenue Code by distributing substantially all of its taxable net
income (both ordinary and capital gain) to its shareholders and complying with other requirements for
regulated investment companies. Accordingly, no provision for federal income taxes has been made.
Classification of Distributions to Shareholders
The character of distributions made during the year from net investment income or net realized gains are
determined in accordance with income tax regulations that may differ from generally accepted accounting
principles. These differences are primarily due to differing treatments of deferral of wash sales, net
operating losses and capital loss carryforwards. 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 Portfolios.
2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
The Fund has entered into an investment advisory agreement with GW Capital Management, LLC (GWCM), 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 1.30% of the average daily net assets of the
Global Bond Portfolio, .60% of the average daily net assets of the Index 400 Portfolio and 1.00% of the
average daily net assets of the Index European and Index Pacific Portfolios. However, the investment
advisor shall pay any expenses which exceed an annual rate, including management fees, of 1.20% of the
average daily net assets of the Index European and Index Pacific Portfolios.
Expenses incurred by the Fund, which are not fund specific, are allocated based on relative net assets or
other appropriate allocation methods. For the Global Bond and Index 400 Portfolios, the management fee
encompasses fund operation expenses.
3. PURCHASES AND SALES OF INVESTMENT SECURITIES
For the six months ended June 30, 2000, the aggregate cost of purchases and proceeds from sales of
investment securities (excluding all U.S. Government securities and short-term securities) were as follows:
Purchases Sales
------------------ ------------------
Global Bond Portfolio $ 181,489,059 $ 181,513,007
Index 400 Portfolio 3,473,404 2,994,810
Index European Portfolio 47,418,453 49,130,154
Index Pacific Portfolio 52,150,601 46,025,087
For the six months ended June 30, 2000, the aggregate cost of purchases and proceeds from sales of U.S.
Government securities were $7,826,614 and $213,018, respectively, for the Global Bond Portfolio. There
were no purchases or sales of U.S. Government securities in any other portfolio.
4. UNREALIZED APPRECIATION (DEPRECIATION)
The aggregate cost of investments and the composition of unrealized appreciation and depreciation of
investment securities for federal income tax purposes as of June 30, 2000, were as follows:
Cost For Net
Income Unrealized
Tax Gross Gross Appreciation
Purposes Appreciation Depreciation (Depreciation)
---------------- ------------------ ------------------ ------------------
Global Bond
Portfolio $ 96,513,659 $ 843,374 $ (1,736,715) $ (893,341)
Index 400 Portfolio
11,400,502 1,712,623 (1,631,740) 80,883
Index European
Portfolio 123,445,487 20,944,916 (7,105,507) 13,839,409
Index Pacific
Portfolio 148,368,289 24,683,376 (7,109,837) 17,573,539
5. FUTURES CONTRACTS
As of June 30, 2000, the Index 400, Index European and Index Pacific held open futures contracts as
follows:
Unrealized
Long Number of Expiration Appreciation
Contracts Long Contracts Date (Depreciation)
---------------- ------------------ ------------------ -----------------
Index 400 Portfolio S&P MidCap
400 3 September 2000 $ (16,000)
=================
Index European British Pound 12 September 2000 $ 3,288
Portfolio FTSE 100 12 September 2000 (36,417)
EURO 20 September 2000 (6,288)
MIB 30 2 September 2000 (2,861)
CAC 40 12 September 2000 (17,533)
DAX 6 September 2000 (61,296)
-----------------
$ (121,107)
=================
Index Pacific Japanese Yen 18 September 2000 (30,663)
Portfolio Nikkei 225 25 September 2000 $ 65,716
AUD SPI 9 September 2000 16,929
AUS Dollar 3 September 2000 (3,500)
HANG SENG 3 July 2000 2,944
-----------------
$ 51,426
=================
6. FORWARD FOREIGN CURRENCY CONTRACTS
As of June 30, 2000, the Global Bond Portfolio held the following forward foreign currency contracts:
Delivery Net Unrealized
Value Settlement Appreciation/
(Currency) Date (Depreciation)
------------------ -------------------- ------------------
Long Contracts:
Australian Dollar 20,860,000 December 20, 2000 $ (502,684)
$
British Pound 18,155,000 December 20, 2000 (236,052)
Canadian Dollar 17,800,000 December 20, 2000 15,017
Euro 42,200,000 December 20, 2000 (94,036)
Japanese Yen 342,500,000 December 20, 2000 10,626
New Zealand Dollar 14,655,000 December 20, 2000 (185,904)
Swedish Krona 171,400,000 December 20, 2000 (360,159)
Short Contracts:
Australian Dollar 14,700,000 December 20, 2000 (10,540)
British Pound 7,410,000 December 20, 2000 91,048
Canadian Dollar 4,627,625 December 20, 2000 7,761
Euro 13,279,000 December 20, 2000 69,797
Japanese Yen 529,000,000 December 20, 2000 (51,833)
New Zealand Dollar 4,550,000 December 20, 2000 (21,907)
Swedish Krona 109,200,000 December 20, 2000 (335,775)
------------------
Net Depreciation $ (1,604,641)
==================
----------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
JUNE 30, 2000
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
UNAUDITED
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
AGGRESSIVE
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
PROFILE
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
PORTFOLIO
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
ASSETS:
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
Investments in securities, market value (1) $ 24,711,661
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
Subscriptions receivable 5,601
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
Total assets 24,717,262
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
LIABILITIES:
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
Due to GW Capital Management 49,657
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
Dividends payable 15,062
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
Total liabilities 64,719
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
NET ASSETS $ 24,652,543
----------------------------------------------------------------------------------==================
----------------------------------------------------------------------------------==================
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
NET ASSETS REPRESENTED BY:
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
Capital stock, $.10 par value $ 2,056,393
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
Additional paid-in capital 20,872,815
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
Net unrealized appreciation (depreciation) on investments 833,410
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
Overdistributed net investment income (40,147)
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
Accumulated net realized gain (loss) on investments 930,072
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
NET ASSETS $ 24,652,543
----------------------------------------------------------------------------------==================
----------------------------------------------------------------------------------==================
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
NET ASSET VALUE PER OUTSTANDING SHARE $ 1.1988
----------------------------------------------------------------------------------==================
----------------------------------------------------------------------------------==================
(Offering and Redemption Price)
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
SHARES OF CAPITAL STOCK:
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
Authorized 100,000,000
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
Outstanding 20,563,933
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
(1) Cost of investments in securities: $ 23,878,251
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
See notes to financial statements.
----------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
STATEMENTS OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 2000
UNAUDITED
-----------------------------------------------------------------------------------------------------------
AGGRESSIVE
PROFILE
PORTFOLIO
----------------
INVESTMENT INCOME:
Income distributions received $ 41,749
----------------
EXPENSES:
Management fees 27,023
----------------
NET INVESTMENT INCOME 14,726
----------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments 150,247
Net capital gain distributions received 82,847
Change in net unrealized appreciation (depreciation) on investments (781,286)
----------------
Net realized and unrealized loss on investments (548,192)
----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ (533,466)
================
See notes to financial statements.
---------------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED JUNE 30, 2000 AND YEAR ENDED DECEMBER 31, 1999
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
AGGRESSIVE PROFILE PORTFOLIO
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
2000 1999
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
UNAUDITED
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS:
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
OPERATIONS:
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
Net investment income $ 14,726 $ 11,043
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
Net realized gain (loss) on investments 150,247 238,902
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
Net capital gain distributions received 82,847 1,492,154
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on investments (781,286) 1,280,891
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from operations (533,466) 3,022,990
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS:
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
From net investment income (15,062) (14,587)
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
From net realized gains 0 (1,147,854)
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
Total distributions (15,062) (1,162,441)
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
SHARE TRANSACTIONS:
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
Net proceeds from sales of shares 7,294,433 9,111,215
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
Reinvestment of distributions 0 1,162,441
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
Redemptions of shares (1,100,336) (735,683)
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from share transactions 6,194,097 9,537,973
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
Total increase (decrease) in net assets 5,645,569 11,398,522
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
NET ASSETS:
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
Beginning of period 19,006,974 7,608,452
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
End of period (1) $ 24,652,543 $ 19,006,974
-------------------------------------------------------------------------------===============---==============
-------------------------------------------------------------------------------===============---==============
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
OTHER INFORMATION:
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
SHARES:
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
Sold 6,077,645 8,046,973
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
Issued in reinvestment of distributions 0 950,808
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
Redeemed (919,507) (640,523)
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
Net increase (decrease) 5,158,138 8,357,258
-------------------------------------------------------------------------------===============---==============
-------------------------------------------------------------------------------===============---==============
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
(1) Including overdistributed net investment income $ (40,147) $ (39,811)
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
See notes to financial statements.
---------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
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, 2000, the years ended December 31,
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
1999, 1998, and the period ended December 31, 1997 are as follows:
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Six Months Ended Period Ended December 31,
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
June 30, 2000 1999 1998 1997
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
UNAUDITED
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
(A)
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Net Asset Value, Beginning of Period $ 1.2338 $ 1.0794 $ 0.9505 $ 1.0000
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Income from Investment Operations
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
0.0000
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Net investment income 0.0013 0.0036 0.0060 0.0047
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Capital gain distributions received 0.0040 0.0969 0.0286 0.0712
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Total distributions received 0.0053 0.1005 0.0346 0.0759
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments (0.0396) 0.1346 0.1061 (0.0432)
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Total Income (Loss) From Investment Operations (0.0343) 0.2351 0.1407 0.0327
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Less Distributions
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
From net investment income (0.0007) (0.0011) (0.0111) (0.0127)
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
From net realized gains 0.0000 (0.0796) (0.0007) (0.0695)
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Total Distributions (0.0007) (0.0807) (0.0118) (0.0822)
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $ 1.1988 $ 1.2338 $ 1.0794 $ 0.9505
----------------------------------------------------------==============----==============----==============---===============--
----------------------------------------------------------==============----==============----==============---===============--
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Total Return (2.77%) 21.83% 14.84% 3.31%
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Net Assets, End of Period $ 24,652,543 $ 19,006,974 $ 7,608,452 $ 697,434
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Ratio of Expenses to Average Net Assets 0.25% * 0.25% 0.25% 0.25% *
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Ratio of Net Investment Income to
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Average Net Assets 0.14% * 0.09% 0.97% 2.38% *
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Portfolio Turnover Rate 53.40% 77.51% 94.75% 59.90%
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
*Annualized
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
(A) The portfolio commenced operations on September 9, 1997.
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
(Continued)
--------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
JUNE 30, 2000
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
UNAUDITED
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
CONSERVATIVE
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
PROFILE
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
PORTFOLIO
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
ASSETS:
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
Investments in securities, market value (1) $ 16,410,700
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
Subscriptions receivable 6,180
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
Total assets 16,416,880
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
LIABILITIES:
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
Due to GW Capital Management 46,182
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
Dividends payable 365,486
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
Total liabilities 411,668
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
NET ASSETS $ 16,005,212
------------------------------------------------------------------------------===================
------------------------------------------------------------------------------===================
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
NET ASSETS REPRESENTED BY:
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
Capital stock, $.10 par value $ 1,596,603
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
Additional paid-in capital 15,112,437
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
Net unrealized appreciation (depreciation) on investments (237,744)
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
Overdistributed net investment income (303,613)
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
Accumulated net realized gain (loss) on investments (162,471)
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
NET ASSETS $ 16,005,212
------------------------------------------------------------------------------===================
------------------------------------------------------------------------------===================
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
NET ASSET VALUE PER OUTSTANDING SHARE $ 1.0025
------------------------------------------------------------------------------===================
------------------------------------------------------------------------------===================
(Offering and Redemption Price)
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
SHARES OF CAPITAL STOCK:
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
Authorized 100,000,000
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
Outstanding 15,966,025
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
(1) Cost of investments in securities: $ 16,648,444
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
See notes to financial statements.
-------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED JUNE 30, 2000
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
UNAUDITED
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
CONSERVATIVE
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
PROFILE
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
PORTFOLIO
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
Income distributions received $ 385,671
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
EXPENSES:
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
Management fees 20,406
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME 365,265
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
Net realized gain (loss) on investments (256,194)
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
Net capital gain distributions received 0
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on investments 95,425
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
Net realized and unrealized loss on investments (160,769)
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 204,496
--------------------------------------------------------------------------------------------===================
--------------------------------------------------------------------------------------------===================
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
See notes to financial statements.
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED JUNE 30, 2000 AND YEAR ENDED DECEMBER 31, 1999
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
CONSERVATIVE PROFILE PORTFOLIO
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
2000 1999
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
UNAUDITED
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS:
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
OPERATIONS:
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Net investment income $ 365,265 $ 652,137
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Net realized gain (loss) on investments (256,194) (29,786)
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Net capital gain distributions received 0 400,100
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on investments 95,425 (238,265)
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from operations 204,496 784,186
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
DISTRIBUTIONS:
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
From net investment income (365,486) (652,372)
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
From net realized gains 0 (445,803)
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Total distributions (365,486) (1,098,175)
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
SHARE TRANSACTIONS:
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Net proceeds from sales of shares 2,403,657 3,058,786
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Reinvestment of distributions 0 1,098,175
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Redemptions of shares (3,379,913) (2,220,077)
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from share transactions (976,256) 1,936,884
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Total increase (decrease) in net assets (1,137,246) 1,622,895
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
NET ASSETS:
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Beginning of period 17,142,458 15,519,563
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
End of period (1) $ 16,005,212 $ 17,142,458
--------------------------------------------------------------------------==============---===============
--------------------------------------------------------------------------==============---===============
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
OTHER INFORMATION:
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
SHARES:
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Sold 2,352,380 2,931,536
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Issued in reinvestment of distributions 0 1,080,312
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Redeemed (3,335,666) (2,129,121)
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Net increase (decrease) (983,286) 1,882,727
--------------------------------------------------------------------------==============---===============
--------------------------------------------------------------------------==============---===============
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
(1) Including overdistributed net investment income $ (303,613) $ (303,392)
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
See notes to financial statements.
----------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
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, 2000, the years ended December 31,
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
1999, 1998, and the period ended December 31, 1997 are as follows:
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Six Months Ended Period Ended December 31,
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
June 30, 2000 1999 1998 1997
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
UNAUDITED
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
(A)
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Net Asset Value, Beginning of Period $ 1.0114 $ 1.0301 $ 1.0088 $ 1.0000
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Income from Investment Operations
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
0.0000
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Net investment income 0.0218 0.0428 0.0412 0.0145
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Capital gain distributions received 0.0000 0.0236 0.0149 0.0121
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Total distributions received 0.0218 0.0664 0.0561 0.0266
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments (0.0078) (0.0169) 0.0266 0.0094
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Total Income From Investment Operations 0.0140 0.0495 0.0827 0.0360
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Less Distributions
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
From net investment income (0.0229) (0.0406) (0.0613) (0.0159)
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
From net realized gains 0.0000 (0.0276) (0.0001) (0.0113)
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Total Distributions (0.0229) (0.0682) (0.0614) (0.0272)
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $ 1.0025 $ 1.0114 $ 1.0301 $ 1.0088
---------------------------------------------------------===============----==============---===============---==============---
---------------------------------------------------------===============----==============---===============---==============---
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Total Return 1.38% 4.86% 8.25% 3.60%
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Net Assets, End of Period $ 16,005,212 $ 17,142,458 $ 15,519,563 $ 268,416
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Ratio of Expenses to Average Net Assets 0.25% * 0.25% 0.25% 0.25% *
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Ratio of Net Investment Income to
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Average Net Assets 4.48% * 3.94% 4.81% 8.83% *
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Portfolio Turnover Rate 50.01% 80.14% 99.16% 25.56%
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
*Annualized
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
(A) The portfolio commenced operations on September 9, 1997.
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
(Continued)
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
JUNE 30, 2000
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
UNAUDITED
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
MODERATE
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
PROFILE
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
PORTFOLIO
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
ASSETS:
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
Investments in securities, market value (1) $ 34,911,096
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
Subscriptions receivable 10,840
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
Total assets 34,921,936
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
LIABILITIES:
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
Due to GW Capital Management 73,621
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
Dividends payable 373,734
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
Total liabilities 447,355
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
NET ASSETS $ 34,474,581
---------------------------------------------------------------------------=================
---------------------------------------------------------------------------=================
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
NET ASSETS REPRESENTED BY:
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
Capital stock, $.10 par value $ 3,090,547
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
Additional paid-in capital 30,073,825
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
Net unrealized appreciation (depreciation) on investments 544,520
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
Overdistributed net investment income (103,779)
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
Accumulated net realized gain (loss) on investments 869,468
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
NET ASSETS $ 34,474,581
---------------------------------------------------------------------------=================
---------------------------------------------------------------------------=================
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
NET ASSET VALUE PER OUTSTANDING SHARE $ 1.1155
---------------------------------------------------------------------------=================
---------------------------------------------------------------------------=================
(Offering and Redemption Price)
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
SHARES OF CAPITAL STOCK:
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
Authorized 100,000,000
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
Outstanding 30,905,465
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
(1) Cost of investments in securities: $ 34,366,576
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
See notes to financial statements.
--------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
STATEMENTS OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 2000
UNAUDITED
---------------------------------------------------------------------------------------------------------------
MODERATE
PROFILE
PORTFOLIO
-----------------
INVESTMENT INCOME:
Income distributions received $ 412,091
-----------------
EXPENSES:
Management fees 38,829
-----------------
NET INVESTMENT INCOME 373,262
-----------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments 635,840
Net capital gain distributions received 72,650
Change in net unrealized appreciation (depreciation) on investments (1,015,719)
-----------------
Net realized and unrealized loss on investments (307,229)
-----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 66,033
=================
See notes to financial statements.
-------------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED JUNE 30, 2000 AND YEAR ENDED DECEMBER 31, 1999
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
MODERATE PROFILE PORTFOLIO
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
2000 1999
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
UNAUDITED
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS:
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
OPERATIONS:
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Net investment income $ 373,262 $ 374,106
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Net realized gain (loss) on investments 635,840 257,538
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Net capital gain distributions received 72,650 1,753,966
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on investments (1,015,719) 1,118,806
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from operations 66,033 3,504,416
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS:
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
From net investment income (373,734) (374,487)
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
From net realized gains 0 (1,800,475)
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Total distributions (373,734) (2,174,962)
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
SHARE TRANSACTIONS:
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Net proceeds from sales of shares 8,230,962 12,889,912
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Reinvestment of distributions 0 2,174,962
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Redemptions of shares (1,409,345) (1,034,559)
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from share transactions 6,821,617 14,030,315
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Total increase (decrease) in net assets 6,513,916 15,359,769
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
NET ASSETS:
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Beginning of period 27,960,665 12,600,896
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
End of period (1) $ 34,474,581 $ 27,960,665
-----------------------------------------------------------------------------==============---===============
-----------------------------------------------------------------------------==============---===============
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
OTHER INFORMATION:
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
SHARES:
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Sold 7,326,131 11,861,098
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Issued in reinvestment of distributions 0 1,946,879
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Redeemed (1,272,431) (953,870)
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Net increase (decrease) 6,053,700 12,854,107
-----------------------------------------------------------------------------==============---===============
-----------------------------------------------------------------------------==============---===============
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
(1) Including overdistributed net investment income $ (103,779) $ (103,307)
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
See notes to financial statements. (Continued)
-------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
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, 2000, the years ended December 31,
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
1999, 1998, and the period ended December 31, 1997 are as follows:
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Six Months Ended Period Ended December 31,
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
June 30, 2000 1999 1998 1997
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
UNAUDITED
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
(A)
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Net Asset Value, Beginning of Period $ 1.1251 $ 1.0503 $ 0.9661 $ 1.0000
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Income from Investment Operations
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
0.0000
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Net investment income 0.0129 0.0226 0.0171 0.0090
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Capital gain distributions received 0.0024 0.0706 0.0159 0.0477
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Total distributions received 0.0153 0.0932 0.0330 0.0567
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments (0.0128) 0.0780 0.0769 (0.0308)
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Total Income From Investment Operations 0.0025 0.1712 0.1099 0.0259
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Less Distributions
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
From net investment income (0.0121) (0.0182) (0.0257) (0.0144)
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
From net realized gains 0.0000 (0.0782) 0.0000 (0.0454)
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Total Distributions (0.0121) (0.0964) (0.0257) (0.0598)
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $ 1.1155 $ 1.1251 $ 1.0503 $ 0.9661
----------------------------------------------------------===============---==============---===============---==============---
----------------------------------------------------------===============---==============---===============---==============---
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Total Return 0.23% 16.43% 11.41% 2.60%
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Net Assets, End of Period $ 34,474,581 $ 27,960,665 $ 12,600,896 $ 1,044,081
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Ratio of Expenses to Average Net Assets 0.25% * 0.25% 0.25% 0.25% *
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Ratio of Net Investment Income to
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Average Net Assets 2.41% * 1.91% 2.27% 5.51% *
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Portfolio Turnover Rate 46.12% 105.60% 114.39% 31.39%
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
*Annualized
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
(A) The portfolio commenced operations on September 9, 1997.
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
(Continued)
--------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
JUNE 30, 2000
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
UNAUDITED
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
MODERATELY
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
AGGRESSIVE
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
PROFILE
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
PORTFOLIO
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
ASSETS:
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Investments in securities, market value (1) $ 47,909,367
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Subscriptions receivable 10,824
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Total assets 47,920,191
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
LIABILITIES:
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Due to GW Capital Management 96,383
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Dividends payable 217,631
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Total liabilities 314,014
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
NET ASSETS $ 47,606,177
----------------------------------------------------------------------------------===================
----------------------------------------------------------------------------------===================
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
NET ASSETS REPRESENTED BY:
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Capital stock, $.10 par value $ 3,963,322
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Additional paid-in capital 40,115,797
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Net unrealized appreciation (depreciation) on investments 1,387,063
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Overdistributed net investment income (115,521)
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Accumulated net realized gain (loss) on investments 2,255,516
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
NET ASSETS $ 47,606,177
----------------------------------------------------------------------------------===================
----------------------------------------------------------------------------------===================
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
NET ASSET VALUE PER OUTSTANDING SHARE $ 1.2012
----------------------------------------------------------------------------------===================
----------------------------------------------------------------------------------===================
(Offering and Redemption Price)
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
SHARES OF CAPITAL STOCK:
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Authorized 100,000,000
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Outstanding 39,633,217
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
(1) Cost of investments in securities: $ 46,522,304
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
See notes to financial statements.
-----------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
STATEMENTS OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 2000
UNAUDITED
-------------------------------------------------------------------------------------------------------------
MODERATELY
AGGRESSIVE
PROFILE
PORTFOLIO
-----------------
INVESTMENT INCOME:
Income distributions received $ 269,083
-----------------
EXPENSES:
Management fees 52,101
-----------------
NET INVESTMENT INCOME 216,982
-----------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments 941,075
Net capital gain distributions received 128,784
Change in net unrealized appreciation (depreciation) on investments (1,630,389)
-----------------
Net realized and unrealized loss on investments (560,530)
-----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ (343,548)
=================
See notes to financial statements.
---------------------------------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED JUNE 30, 2000 AND YEAR ENDED DECEMBER 31, 1999
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
MODERATELY AGGRESSIVE PROFILE PORTFOLIO
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
2000 1999
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
UNAUDITED
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS:
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
OPERATIONS:
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
Net investment income $ 216,982 $ 236,733
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
Net realized gain (loss) on investments 941,075 742,913
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
Net capital gain distributions received 128,784 2,298,966
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on investments (1,630,389) 2,539,941
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
#REF! (343,548) 5,818,553
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS:
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
From net investment income (217,631) (237,229)
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
From net realized gains 0 (2,043,180)
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
Total distributions (217,631) (2,280,409)
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
SHARE TRANSACTIONS:
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
Net proceeds from sales of shares 13,006,413 17,130,738
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
Reinvestment of distributions 0 2,280,409
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
Redemptions of shares (1,308,505) (1,545,929)
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from share transactions 11,697,908 17,865,218
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
Total increase in net assets 11,136,729 21,403,362
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
NET ASSETS:
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
Beginning of period 36,469,448 15,066,086
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
End of period (1) $ 47,606,177 $ 36,469,448
--------------------------------------------------------------------------------------------===============-------===============
--------------------------------------------------------------------------------------------===============-------===============
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
OTHER INFORMATION:
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
SHARES:
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
Sold 10,709,124 15,281,120
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
Issued in reinvestment of distributions 0 1,892,423
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
Redeemed (1,012,925) (1,358,866)
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
Net increase 9,696,199 15,814,677
--------------------------------------------------------------------------------------------===============-------===============
--------------------------------------------------------------------------------------------===============-------===============
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
# $ (115,521) $ (114,872)
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
See notes to financial statements.
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
MODERATELY AGGRESSIVE PROFILE PORTFOLIO
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the six months ended June 30, 2000, the years ended December 31,
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
1999, 1998, and the period ended December 31, 1997 are as follows:
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
Six Months Ended Period Ended December 31,
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
June 30, 2000 1999 1998 1997
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
UNAUDITED
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
(A)
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
Net Asset Value, Beginning of Period $ 1.2182 $ 1.0668 $ 0.9676 $ 1.0000
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
Income from Investment Operations
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
0.0000
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
Net investment income 0.0064 0.0142 0.0136 0.0075
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
Capital gain distributions received 0.0032 0.0768 0.0284 0.0568
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
Total distributions received 0.0096 0.0910 0.0420 0.0643
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments (0.0211) 0.1430 0.0790 (0.0279)
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
Total Income (Loss) From Investment Operations (0.0115) 0.2340 0.1210 0.0364
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
Less Distributions
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
From net investment income (0.0055) (0.0099) (0.0217) (0.0141)
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
From net realized gains 0.0000 (0.0727) (0.0001) (0.0547)
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
Total Distributions (0.0055) (0.0826) (0.0218) (0.0688)
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $ 1.2012 $ 1.2182 $ 1.0668 $ 0.9676
-----------------------------------------------------------==============---===============---==============----==============---
-----------------------------------------------------------==============---===============---==============----==============---
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
Total Return (0.94%) 22.05% 12.54% 3.66%
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
Net Assets, End of Period $ 47,606,177 $ 36,469,448 $ 15,066,086 $ 1,630,969
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
Ratio of Expenses to Average Net Assets 0.25% * 0.25% 0.25% 0.25% *
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
Ratio of Net Investment Income to
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
Average Net Assets 1.04% * 0.96% 1.80% 4.19% *
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
Portfolio Turnover Rate 41.57% 101.16% 123.12% 41.30%
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
*Annualized
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
(A) The portfolio commenced operations on September 9, 1997.
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
(Continued)
---------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
JUNE 30, 2000
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
UNAUDITED
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
MODERATELY
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
CONSERVATIVE
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
PROFILE
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
PORTFOLIO
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
ASSETS:
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Investments in securities, market value (1) $ 15,099,548
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Subscriptions receivable 6,221
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Total assets 15,105,769
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
LIABILITIES:
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Due to GW Capital Management 37,354
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Dividends payable 227,316
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Total liabilities 264,670
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
NET ASSETS $ 14,841,099
----------------------------------------------------------------------------------====================
----------------------------------------------------------------------------------====================
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
NET ASSETS REPRESENTED BY:
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Capital stock, $.10 par value $ 1,441,611
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Additional paid-in capital 13,688,397
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Net unrealized appreciation (depreciation) on investments (310,887)
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Overdistributed net investment income (120,908)
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Accumulated net realized gain (loss) on investments 142,886
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
NET ASSETS $ 14,841,099
----------------------------------------------------------------------------------====================
----------------------------------------------------------------------------------====================
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
NET ASSET VALUE PER OUTSTANDING SHARE $ 1.0295
----------------------------------------------------------------------------------====================
----------------------------------------------------------------------------------====================
(Offering and Redemption Price)
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
SHARES OF CAPITAL STOCK:
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Authorized 100,000,000
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Outstanding 14,416,109
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
(1) Cost of investments in securities: $ 15,410,435
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
See notes to financial statements.
------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
STATEMENTS OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 2000
UNAUDITED
-----------------------------------------------------------------------------------------------------------
MODERATELY
CONSERVATIVE
PROFILE
PORTFOLIO
-----------------
INVESTMENT INCOME:
Income distributions received $ 244,781
-----------------
EXPENSES:
Management fees 17,669
-----------------
NET INVESTMENT INCOME 227,112
-----------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments 126,840
Net capital gain distributions received 33,372
Change in net unrealized appreciation (depreciation) on investments (582,167)
-----------------
Net realized and unrealized loss on investments (421,955)
-----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ (194,843)
=================
See notes to financial statements.
------------------------------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED JUNE 30, 2000 AND YEAR ENDED DECEMBER 31, 1999
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
MODERATELY CONSERVATIVE PROFILE PORTFOLIO
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
2000 1999
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
UNAUDITED
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS:
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
OPERATIONS:
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
Net investment income $ 227,112 $ 327,716
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
Net realized gain (loss) on investments 126,840 (67,001)
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
Net capital gain distributions received 33,372 580,576
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on investments (582,167) 182,640
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
#REF! (194,843) 1,023,931
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS:
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
From net investment income (227,316) (327,902)
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
From net realized gains 0 (567,732)
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
Total distributions (227,316) (895,634)
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
SHARE TRANSACTIONS:
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
Net proceeds from sales of shares 2,675,853 4,114,880
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
Reinvestment of distributions 0 895,634
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
Redemptions of shares (1,085,078) (1,052,905)
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from share transactions 1,590,775 3,957,609
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
Total increase in net assets 1,168,616 4,085,906
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
NET ASSETS:
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
Beginning of period 13,672,483 9,586,577
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
End of period (1) $ 14,841,099 $ 13,672,483
----------------------------------------------------------------------------------------================------================
----------------------------------------------------------------------------------------================------================
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
OTHER INFORMATION:
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
SHARES:
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
Sold 2,555,525 3,873,320
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
Issued in reinvestment of distributions 0 846,178
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
Redeemed (1,040,575) (974,819)
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
Net increase 1,514,950 3,744,679
----------------------------------------------------------------------------------------================------================
----------------------------------------------------------------------------------------================------================
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
# $ (120,908) $ (120,704)
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
See notes to financial statements. (Concluded)
------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
MODERATELY CONSERVATIVE PROFILE PORTFOLIO
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the six months ended June 30, 2000, the years ended December 31,
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
1999, 1998, and the period ended December 31, 1997 are as follows:
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Six Months Ended Period Ended December 31,
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
June 30, 2000 1999 1998 1997
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
UNAUDITED
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
(A)
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Net Asset Value, Beginning of Period $ 1.0598 $ 1.0470 $ 0.9909 $ 1.0000
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Income from Investment Operations
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
0.0000
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Net investment income 0.0168 0.0309 0.0266 0.0132
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Capital gain distributions received 0.0023 0.0450 0.0121 0.0182
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Total distributions received 0.0191 0.0759 0.0387 0.0314
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments (0.0336) 0.0104 0.0576 (0.0085)
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Total Income (Loss) From Investment Operations (0.0145) 0.0863 0.0963 0.0229
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Less Distributions
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
From net investment income (0.0158) (0.0271) (0.0398) (0.0151)
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
From net realized gains 0.0000 (0.0464) (0.0004) (0.0169)
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Total Distributions (0.0158) (0.0735) (0.0402) (0.0320)
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $ 1.0295 $ 1.0598 $ 1.0470 $ 0.9909
----------------------------------------------------------===============---==============---===============---==============---
----------------------------------------------------------===============---==============---===============---==============---
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Total Return (1.37%) 8.34% 9.75% 2.29%
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Net Assets, End of Period $ 14,841,099 $ 13,672,483 $ 9,586,577 $ 534,975
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Ratio of Expenses to Average Net Assets 0.25% * 0.25% 0.25% 0.25% *
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Ratio of Net Investment Income to
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Average Net Assets 3.22% * 2.70% 3.41% 6.02% *
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Portfolio Turnover Rate 48.46% 116.96% 112.09% 32.97%
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
*Annualized
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
(A) The portfolio commenced operations on September 9, 1997.
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
(Concluded)
--------------------------------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
Financial Statements and Financial Highlights for
the Six Months Ended June 30, 2000 and the Year Ended December 31, 1999
(Section 12)
MAXIM SERIES FUND, INC.
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2000
-------------------------------------------------------------------------------------------------------------------
UNAUDITED
1. ORGANIZATION & SIGNIFICANT ACCOUNTING POLICIES
Maxim Series Fund, Inc. (the Fund) is a Maryland corporation organized on December 7, 1981 under the
Investment Company Act of 1940 (the 1940 Act) as an open-end management investment company and presently
consists of thirty-six portfolios. Interests in the Aggressive Profile, Conservative Profile, Moderate
Profile, Moderately Aggressive Profile and Moderately Conservative Profile Portfolios (the Portfolios) are
included herein and are represented by separate classes of beneficial interest of the Fund. The
investment objective of each Portfolio is: to seek long-term capital appreciation primarily through
investments in underlying portfolios of the Fund that emphasize equity investments for the Aggressive
Profile; to seek long-term capital appreciation primarily through investments in underlying portfolios of
the Fund that emphasize fixed income investments for the Conservative Profile; to seek long-term capital
appreciation primarily through investments in underlying portfolios of the Fund with a relatively equal
emphasis on equity and fixed income investments for the Moderate Profile; to seek long-term capital
appreciation primarily through investments in underlying portfolios of the Fund that emphasize equity
investments, and to a lesser degree, in those that emphasize fixed income investments for the Moderately
Aggressive Profile; and to seek capital appreciation primarily through investments in underlying
portfolios of the Fund that emphasize fixed income investments, and to a lesser degree, in those that
emphasize equity investments for the Moderately Conservative Portfolio. Each Portfolio is diversified as
defined in the 1940 Act. The Fund is available only as an investment option for certain variable annuity
contracts, variable life policies and certain qualified retirement plans issued by Great-West Life &
Annuity Insurance Company (the Company) and New England Financial.
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:
Security Valuation
Investments in shares of the portfolios of the Maxim Series Fund, Inc. are carried at fair value (i.e.,
net asset value).
Dividends
Dividends from net investment income of the Portfolios are declared and paid semi-annually. Income
dividends are reinvested in additional shares at net asset value. 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).
Dividend income for the Portfolios is accrued as of the ex-dividend date and interest income, including
amortization of discounts and premiums, is recorded daily.
Federal Income Taxes
For federal income tax purposes, each Portfolio of the Fund qualifies as a regulated investment company
under the provisions of the Internal Revenue Code by distributing substantially all of its taxable net
income (both ordinary and capital gain) to its shareholders and complying with other requirements for
regulated investment companies. Accordingly, no provision for federal income taxes has been made.
Classification of Distributions to Shareholders
The character of distributions made during the year from net investment income or net realized gains are
determined in accordance with income tax regulations that may differ from generally accepted accounting
principles. These differences are primarily due to differing treatments of deferral of wash sales, net
operating losses and capital loss carryforwards. 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 Portfolios.
2. 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 .25% of the average daily net assets of the Portfolios. The
Portfolios will also bear the indirect expense of the underlying investments. The total expenses at June
30, 2000 for each of the underlying investments were 1.34% of the average daily net assets of the American
Century VP International Portfolio; 0.50% of the average daily net assets of the Maxim Bond Index
Portfolio; 0.60% of the average daily net assets of the Maxim Index 600, Maxim Short-Term Maturity Bond,
Maxim Stock Index, Maxim U.S. Government Securities and Maxim Value Index Portfolios; 0.90% of the average
daily net assets of the Maxim Loomis Sayles Corporate Bond Portfolio; 1.05% of the average daily net
assets of the Maxim T. Rowe Price MidCap Growth Portfolio; 1.03% of the average daily net assets of the
Maxim INVESCO Small-Cap Growth Portfolio; and 1.12% of the average daily net assets of the Maxim Founders
Growth & Income Portfolio.
3. UNREALIZED APPRECIATION (DEPRECIATION)
The aggregate cost of investments and the composition of unrealized appreciation and depreciation of
investment securities for federal income tax purposes as of June 30, 2000, were as follows:
Cost For Net
Income Unrealized
Tax Gross Gross Appreciation
Purposes Appreciation Depreciation (Depreciation)
---------------- ------------------ ------------------ ------------------
Aggressive Profile
Portfolio $ 23,934,582 $ 1,579,375 $ (802,296) $ 777,079
Conservative Profile
Portfolio 16,709,002 116,086 (414,388) (298,302)
Moderate Profile
Portfolio 34,438,896 1,545,575 (1,073,375) 472,200
Moderately Aggressive
Profile Portfolio
46,589,061 2,692,873 (1,372,567) 1,320,306
Moderately
Conservative
Profile Portfolio 15,487,518 214,338 (602,308) (387,970)
4. INVESTMENT IN SHARES OF MUTUAL FUNDS
Shares owned and related values at June 30, 2000 were as follows:
Shares Value
Aggressive Profile Portfolio
American Century VP International Portfolio 544,024 $ 6,288,918
Maxim INVESCO Small-Cap Growth Portfolio 931,594 2,869,174
Maxim Index 600 Portfolio 2,927,016 2,475,164
Maxim Stock Index Portfolio 597,322 2,407,814
Maxim T. Rowe Price Mid-Cap Growth Portfolio 4,340,860 7,294,708
Maxim Value Index Portfolio 1,966,146 3,375,883
------------------
$ 24,711,661
==================
Conservative Profile Portfolio
Maxim Bond Index Portfolio 1,347,883 $ 1,667,790
Maxim Loomis Sayles Corporate Bond Portfolio 1,590,855 1,681,113
Maxim Short-Term Maturity Bond Portfolio 5,752,456 5,728,668
Maxim Stock Index Portfolio 414,157 1,669,476
Maxim U.S. Government Securities Portfolio 3,172,427 3,324,513
Maxim Value Index Portfolio 1,362,337 2,339,140
------------------
$ 16,410,700
==================
Moderate Profile Portfolio
---------------------------------------------------------------------
American Century VP International Portfolio 465,899 $ 5,385,787
-----
Maxim INVESCO Small-Cap Growth Portfolio 1,329,290 4,094,022
-----
Maxim Loomis Sayles Corporate Bond Portfolio 3,279,789 3,465,871
-----
Maxim Short-Term Maturity Bond Portfolio 5,086,801 5,065,766
-----
Maxim Stock Index Portfolio 853,328 3,439,779
-----
Maxim T. Rowe Price MidCap Growth Portfolio 3,099,068 5,207,908
-----
Maxim U.S. Government Securities Portfolio 3,270,574 3,427,365
-----
Maxim Value Index Portfolio 2,809,892 4,824,598
----- ------------------
-----
$ 34,911,096
----- ==================
-----
Moderately Aggressive Profile Portfolio
---------------------------------------------------------------------
American Century VP International Portfolio 848,351 9,806,935
-----
Maxim Founders Growth & Income Portfolio 4,014,451 4,734,496
-----
Maxim INVESCO Small-Cap Growth Portfolio 1,815,112 5,590,282
-----
Maxim Stock Index Portfolio 1,164,807 4,695,355
-----
Maxim T. Rowe Price MidCap Growth Portfolio 5,641,981 9,481,211
-----
Maxim U.S. Government Securities Portfolio 6,694,853 7,015,805
-----
Maxim Value Index Portfolio 3,835,331 6,585,283
----- ------------------
-----
$ 47,909,367
----- ==================
Shares Value
-----
Moderately Conservative Profile Portfolio
---------------------------------------------------------------------
American Century VP International Portfolio 205,981 2,381,140
-----
Maxim Loomis Sayles Corporate Bond Portfolio 1,448,970 1,531,178
-----
Maxim Stock Index Portfolio 377,058 1,519,929
-----
Maxim Short-Term Maturity Bond Portfolio 3,744,982 3,729,495
-----
Maxim T. Rowe Price MidCap Growth Portfolio 913,182 1,534,580
-----
Maxim U.S. Government Securities Portfolio 2,167,336 2,271,238
-----
Maxim Value Index Portfolio 1,241,690 2,131,988
----- ------------------
-----
$ 15,099,548
----- ==================
-----
-----
---------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
JUNE 30, 2000
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
UNAUDITED
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
AGGRESSIVE
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
PROFILE II
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
PORTFOLIO
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
ASSETS:
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Investments in securities, market value (1) $ 21,981,128
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Subscriptions receivable 6,928
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Total assets 21,988,056
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
LIABILITIES:
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Dividends Payable 21,554
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Due to GW Capital Management 5,453
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Redemptions payable 0
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Total liabilities 27,007
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
NET ASSETS $ 21,961,049
---------------------------------------------------------------------------==================
---------------------------------------------------------------------------==================
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
NET ASSETS REPRESENTED BY:
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Capital stock, $.10 par value $ 198,903
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Additional paid-in capital 21,497,085
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Net unrealized appreciation on investments 480,939
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Undistributed net investment income 530
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Accumulated net realized gain (loss) on investments (216,408)
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
NET ASSETS $ 21,961,049
---------------------------------------------------------------------------==================
---------------------------------------------------------------------------==================
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
NET ASSET VALUE PER OUTSTANDING SHARE $ 11.0411
---------------------------------------------------------------------------==================
---------------------------------------------------------------------------==================
(Offering and Redemption Price)
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
SHARES OF CAPITAL STOCK:
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Authorized 100,000,000
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Outstanding 1,989,026
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
(1) Cost of investments in securities: $ 21,500,189
---------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED JUNE 30, 2000
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
UNAUDITED
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
AGGRESSIVE
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
PROFILE II
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
PORTFOLIO
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Income distributions received $ 27,324
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
EXPENSES:
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Management fees 5,228
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME 22,096
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Net realized gain (loss) on investments (290,047)
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation on investments 436,205
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments 146,158
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 168,254
---------------------------------------------------------------------------------------===================
---------------------------------------------------------------------------------------===================
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED JUNE 30, 2000 AND THE PERIOD ENDING DECEMBER 31, 1999
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
AGGRESSIVE PROFILE II
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
PORTFOLIO
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
2000 1999
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
UNAUDITED (A)
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS:
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
OPERATIONS:
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
Net investment income $ 22,096 $ 3,659
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
Net realized gain (loss) on investments (290,047) 19,163
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
Net capital gain distributions received 0 126,231
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on investments 436,205 44,734
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations 168,254 193,787
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS:
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
From net investment income (21,554) (3,671)
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
From net realized gains 0 (71,755)
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
Total distributions (21,554) (75,426)
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
SHARE TRANSACTIONS:
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
Net proceeds from sales of shares 19,945,932 2,004,558
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
Reinvestment of distributions 0 75,426
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
Redemptions of shares (327,313) (2,615)
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from share transactions 19,618,619 2,077,369
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
Total increase in net assets 19,765,319 2,195,730
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
NET ASSETS:
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
Beginning of period 2,195,730 0
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
End of period (1) $ 21,961,049 $ 2,195,730
---------------------------------------------------------------------------------==============----==============
---------------------------------------------------------------------------------==============----==============
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
OTHER INFORMATION:
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
SHARES:
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
Sold 1,819,799 192,692
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
Issued in reinvestment of distributions 0 6,900
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
Redeemed (30,120) (245)
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
Net increase 1,789,679 199,347
---------------------------------------------------------------------------------==============----==============
---------------------------------------------------------------------------------==============----==============
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
(1) Including undistributed (overdistributed) net investment income $ 530 $ (12)
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
Portfolio inception dates: (A): September 16, 1999; (B): September 30, 1999.
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
See notes to financial statements.
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
AGGRESSIVE PROFILE II PORTFOLIO
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the six months ended June 30, 2000 and the period ended
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
December 31, 1999 are as follows:
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Period Ended
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Six Months Ended December 31,
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
June 30, 2000 1999
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
UNAUDITED (A)
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Net Asset Value, Beginning of Period $ 11.0146 9.7751
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Income from Investment Operations
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
0.0000 0.0000
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Net investment income 0.0119 0.0191
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Capital gain distributions received 0.0000 0.6332
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Total distributions received 0.0119 0.6523
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain on investments 0.0261 0.9792
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Total Income From Investment Operations 0.0380 1.6315
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Less Distributions
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
From net investment income (0.0115) (0.0191)
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
From net realized gains 0.0000 (0.3729)
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Total Distributions (0.0115) (0.3920)
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $ 11.0411 11.0146
-----------------------------------------------------------------------------====================------===================---
-----------------------------------------------------------------------------====================------===================---
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Total Return 0.35% 16.72%
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Net Assets, End of Period $ 21,961,049 2,195,730
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Ratio of Expenses to Average Net Assets 0.10% * 0.10% *
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Ratio of Net Investment Income to Average Net Assets 0.42% * 1.63% *
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Portfolio Turnover Rate 63.54% 114.40%
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
*Annualized
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
(A) The portfolio commenced operations on September 16, 1999.
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
(Continued)
-----------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
JUNE 30, 2000
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
UNAUDITED
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
CONSERVATIVE
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
PROFILE II
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
PORTFOLIO
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
ASSETS:
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Investments in securities, market value (1) $ 2,255,364
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Subscriptions receivable 2,005
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Total assets 2,257,369
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
LIABILITIES:
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Dividends Payable 36,271
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Due to GW Capital Management 725
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Redemptions payable 0
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Total liabilities 36,996
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
NET ASSETS $ 2,220,373
---------------------------------------------------------------------------==================
---------------------------------------------------------------------------==================
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
NET ASSETS REPRESENTED BY:
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Capital stock, $.10 par value $ 21,744
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Additional paid-in capital 2,191,622
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Net unrealized appreciation on investments 8,511
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Undistributed net investment income 214
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Accumulated net realized gain (loss) on investments (1,718)
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
NET ASSETS $ 2,220,373
---------------------------------------------------------------------------==================
---------------------------------------------------------------------------==================
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
NET ASSET VALUE PER OUTSTANDING SHARE $ 10.2117
---------------------------------------------------------------------------==================
---------------------------------------------------------------------------==================
(Offering and Redemption Price)
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
SHARES OF CAPITAL STOCK:
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Authorized 100,000,000
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Outstanding 217,435
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
(1) Cost of investments in securities: $ 2,246,853
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED JUNE 30, 2000
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
UNAUDITED
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
CONSERVATIVE
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
PROFILE II
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
PORTFOLIO
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Income distributions received $ 37,073
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
EXPENSES:
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Management fees 624
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME 36,449
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Net realized gain (loss) on investments (19,351)
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation on investments 17,199
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments (2,152)
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 34,297
--------------------------------------------------------------------------------------====================
--------------------------------------------------------------------------------------====================
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED JUNE 30, 2000 AND THE PERIOD ENDING DECEMBER 31, 1999
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
CONSERVATIVE PROFILE II
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
PORTFOLIO
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
2000 1999
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
UNAUDITED (B)
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS:
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
OPERATIONS:
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
Net investment income $ 36,449 $ 8,319
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
Net realized gain (loss) on investments (19,351) 8,248
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
Net capital gain distributions received 0 13,224
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on investments 17,199 (8,688)
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations 34,297 21,103
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS:
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
From net investment income (36,271) (8,283)
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
From net realized gains 0 (3,839)
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
Total distributions (36,271) (12,122)
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
SHARE TRANSACTIONS:
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
Net proceeds from sales of shares 1,924,010 717,823
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
Reinvestment of distributions 0 12,122
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
Redemptions of shares (440,589) 0
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from share transactions 1,483,421 729,945
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
Total increase in net assets 1,481,447 738,926
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
NET ASSETS:
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
Beginning of period 738,926 0
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
End of period (1) $ 2,220,373 $ 738,926
------------------------------------------------------------------------------==============----==============
------------------------------------------------------------------------------==============----==============
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
OTHER INFORMATION:
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
SHARES:
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
Sold 188,908 71,017
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
Issued in reinvestment of distributions 0 1,185
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
Redeemed (43,675) 0
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
Net increase 145,233 72,202
------------------------------------------------------------------------------==============----==============
------------------------------------------------------------------------------==============----==============
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
(1) Including undistributed (overdistributed) net investment income $ 214 $ 36
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
Portfolio inception dates: (A): September 16, 1999; (B): September 30, 1999.
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
See notes to financial statements.
--------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
CONSERVATIVE PROFILE II PORTFOLIO
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the six months ended June 30, 2000 and the period ended
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
December 31, 1999 are as follows:
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
Period Ended
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
Six Months Ended December 31,
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
June 30, 2000 1999
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
UNAUDITED (A)
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
Net Asset Value, Beginning of Period $ 10.2341 $ 9.9102
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
Income from Investment Operations
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
0.0000 0.0000
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
Net investment income 0.1820 0.1177
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
Capital gain distributions received 0.0000 0.1832
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
Total distributions received 0.1820 0.3009
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments (0.0229) 0.1945
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
Total Income From Investment Operations 0.1591 0.4954
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
Less Distributions
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
From net investment income (0.1815) (0.1172)
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
From net realized gains 0.0000 (0.0543)
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
Total Distributions (0.1815) (0.1715)
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $ 10.2117 $ 10.2341
-----------------------------------------------------------------------------====================-----===================---
-----------------------------------------------------------------------------====================-----===================---
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
Total Return 1.56% 5.00%
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
Net Assets, End of Period $ 2,220,373 $ 738,926
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
Ratio of Expenses to Average Net Assets 0.10% * 0.10% *
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
Ratio of Net Investment Income to Average Net Assets 5.82% * 8.24% *
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
Portfolio Turnover Rate 57.68% 176.32%
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
*Annualized
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
(A) The portfolio commenced operations on September 30, 1999.
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
(Continued)
----------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
JUNE 30, 2000
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
UNAUDITED
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
MODERATE
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
PROFILE II
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
PORTFOLIO
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
ASSETS:
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
Investments in securities, market value (1) $ 14,559,477
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
Subscriptions receivable 1,978
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
Total assets 14,561,455
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
LIABILITIES:
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
Dividends Payable 131,744
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
Due to GW Capital Management 4,395
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
Redemptions payable 0
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
Total liabilities 136,139
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
NET ASSETS $ 14,425,316
---------------------------------------------------------------------------------================
---------------------------------------------------------------------------------================
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
NET ASSETS REPRESENTED BY:
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
Capital stock, $.10 par value $ 138,804
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
Additional paid-in capital 14,063,007
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
Net unrealized appreciation on investments 46,219
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
Undistributed net investment income 778
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
Accumulated net realized gain (loss) on investments 176,508
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
NET ASSETS $ 14,425,316
---------------------------------------------------------------------------------================
---------------------------------------------------------------------------------================
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
NET ASSET VALUE PER OUTSTANDING SHARE $ 10.3925
---------------------------------------------------------------------------------================
---------------------------------------------------------------------------------================
(Offering and Redemption Price)
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
SHARES OF CAPITAL STOCK:
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
Authorized 100,000,000
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
Outstanding 1,388,044
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
(1) Cost of investments in securities: $ 14,513,258
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED JUNE 30, 2000
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
UNAUDITED
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
MODERATE
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
PROFILE II
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
PORTFOLIO
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
Income distributions received $ 136,554
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
EXPENSES:
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
Management fees 4,090
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME 132,464
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
Net realized gain (loss) on investments 108,538
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation on investments 28,480
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments 137,018
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 269,482
---------------------------------------------------------------------------------------=================
---------------------------------------------------------------------------------------=================
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED JUNE 30, 2000 AND THE PERIOD ENDING DECEMBER 31, 1999
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
MODERATE PROFILE II
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
PORTFOLIO
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
2000 1999
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
UNAUDITED (A)
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS:
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
OPERATIONS:
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Net investment income $ 132,464 $ 17,434
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Net realized gain (loss) on investments 108,538 22,276
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Net capital gain distributions received 0 91,974
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on investments 28,480 17,739
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations 269,482 149,423
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS:
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
From net investment income (131,744) (17,376)
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
From net realized gains 0 (46,280)
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Total distributions (131,744) (63,656)
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
SHARE TRANSACTIONS:
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Net proceeds from sales of shares 14,065,765 2,560,625
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Reinvestment of distributions 0 63,656
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Redemptions of shares (2,483,736) (4,499)
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from share transactions 11,582,029 2,619,782
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Total increase in net assets 11,719,767 2,705,549
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
NET ASSETS:
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Beginning of period 2,705,549 0
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
End of period (1) $ 14,425,316 $ 2,705,549
-------------------------------------------------------------------------------=============---==============
-------------------------------------------------------------------------------=============---==============
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
OTHER INFORMATION:
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
SHARES:
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Sold 1,350,594 255,116
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Issued in reinvestment of distributions 0 6,161
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Redeemed (223,390) (437)
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Net increase 1,127,204 260,840
-------------------------------------------------------------------------------=============---==============
-------------------------------------------------------------------------------=============---==============
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
(1) Including undistributed (overdistributed) net investment income $ 778 $ 58
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Portfolio inception dates: (A): September 16, 1999; (B): September 30, 1999.
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
See notes to financial statements. (Continued)
-------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
MODERATE PROFILE II PORTFOLIO
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the six months ended June 30, 2000 and the period ended
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
December 31, 1999 are as follows:
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Period Ended
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Six Months Ended December 31,
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
June 30, 2000 1999
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
UNAUDITED (A)
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Net Asset Value, Beginning of Period $ 10.3724 9.7937
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Income from Investment Operations
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
0.0000 0.0000
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Net investment income 0.0988 0.0685
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Capital gain distributions received 0.0000 0.3526
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Total distributions received 0.0988 0.4211
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain on investments 0.0196 0.4076
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Total Income From Investment Operations 0.1184 0.8287
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Less Distributions
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
From net investment income (0.0984) (0.0683)
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
From net realized gains 0.0000 (0.1817)
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Total Distributions (0.0984) (0.2500)
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $ 10.3924 10.3724
-----------------------------------------------------------------------------====================------===================---
-----------------------------------------------------------------------------====================------===================---
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Total Return 1.15% 8.47%
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Net Assets, End of Period $ 14,425,316 2,705,549
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Ratio of Expenses to Average Net Assets 0.10% * 0.10% *
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Ratio of Net Investment Income to Average Net Assets 3.25% * 5.72% *
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Portfolio Turnover Rate 121.51% 113.22%
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
*Annualized
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
(A) The portfolio commenced operations on September 16, 1999.
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
(Continued)
-----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
JUNE 30, 2000
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
UNAUDITED
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
MODERATELY
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
AGGRESSIVE
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
PROFILE II
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
PORTFOLIO
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
ASSETS:
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
Investments in securities, market value (1) $ 18,472,026
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
Subscriptions receivable 0
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
Total assets 18,472,026
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
LIABILITIES:
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
Dividends Payable 108,731
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
Due to GW Capital Management 4,764
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
Redemptions payable 3,571
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
Total liabilities 117,066
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
NET ASSETS $ 18,354,960
------------------------------------------------------------------------------------================
------------------------------------------------------------------------------------================
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
NET ASSETS REPRESENTED BY:
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
Capital stock, $.10 par value $ 172,128
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
Additional paid-in capital 17,914,735
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
Net unrealized appreciation on investments 349,655
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
Undistributed net investment income 979
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
Accumulated net realized gain (loss) on investments (82,537)
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
NET ASSETS $ 18,354,960
------------------------------------------------------------------------------------================
------------------------------------------------------------------------------------================
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
NET ASSET VALUE PER OUTSTANDING SHARE $ 10.6636
------------------------------------------------------------------------------------================
------------------------------------------------------------------------------------================
(Offering and Redemption Price)
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
SHARES OF CAPITAL STOCK:
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
Authorized 100,000,000
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
Outstanding 1,721,276
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
(1) Cost of investments in securities: $ 18,122,371
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED JUNE 30, 2000
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
UNAUDITED
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
MODERATELY
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
AGGRESSIVE
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
PROFILE II
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
PORTFOLIO
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Income distributions received $ 114,055
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
EXPENSES:
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Management fees 4,425
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME 109,630
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Net realized gain (loss) on investments (166,538)
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation on investments 314,161
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments 147,623
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 257,253
-----------------------------------------------------------------------------------====================
-----------------------------------------------------------------------------------====================
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED JUNE 30, 2000 AND THE PERIOD ENDING DECEMBER 31, 1999
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
MODERATELY AGGRESSIVE
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
PROFILE II PORTFOLIO
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
2000 1999
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
UNAUDITED (A)
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
##
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
OPERATIONS:
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
Net investment income $ 109,630 $ 16,137
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
Net realized gain (loss) on investments (166,538) 21,083
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
Net capital gain distributions received 0 138,956
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on investments 314,161 35,494
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations 257,253 211,670
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS:
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
From net investment income (108,731) (16,057)
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
From net realized gains 0 (76,038)
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
Total distributions (108,731) (92,095)
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
SHARE TRANSACTIONS:
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
Net proceeds from sales of shares 15,419,075 3,567,306
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
Reinvestment of distributions 0 92,095
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
Redemptions of shares (977,734) (13,879)
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from share transactions 14,441,341 3,645,522
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
Total increase in net assets 14,589,863 3,765,097
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
NET ASSETS:
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
Beginning of period 3,765,097 0
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
End of period (1) $ 18,354,960 $ 3,765,097
-------------------------------------------------------------------------------------===============-----================
-------------------------------------------------------------------------------------===============-----================
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
OTHER INFORMATION:
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
SHARES:
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
Sold 1,462,308 344,181
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
Issued in reinvestment of distributions 0 8,644
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
Redeemed (92,573) (1,284)
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
Net increase 1,369,735 351,541
-------------------------------------------------------------------------------------===============-----================
-------------------------------------------------------------------------------------===============-----================
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
(1) Including undistributed net investment income $ 979 $ 80
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
Portfolio inception dates: (A): September 16, 1999; (B): September 27, 1999.
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
##
-------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
MODERATELY AGGRESSIVE PROFILE II PORTFOLIO
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the six months ended June 30, 2000 and the period ended
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
December 31, 1999 are as follows:
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Period Ended
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Six Months Ended December 31,
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
June 30, 2000 1999
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
UNAUDITED (A)
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Net Asset Value, Beginning of Period $ 10.7103 9.8559
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Income from Investment Operations
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
0.0000 0.0000
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Net investment income 0.0665 0.0471
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Capital gain distributions received 0.0000 0.3953
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Total distributions received 0.0665 0.4424
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments (0.0471) 0.6808
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Total Income From Investment Operations 0.0194 1.1232
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Less Distributions
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
From net investment income (0.0661) (0.0469)
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
From net realized gains 0.0000 (0.2219)
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Total Distributions (0.0661) (0.2688)
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $ 10.6636 10.7103
-----------------------------------------------------------------------------====================------===================---
-----------------------------------------------------------------------------====================------===================---
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Total Return 0.19% 11.41%
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Net Assets, End of Period $ 18,354,960 3,765,097
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Ratio of Expenses to Average Net Assets 0.10% * 0.10% *
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Ratio of Net Investment Income to Average Net Assets 2.49% * 4.76% *
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Portfolio Turnover Rate 61.98% 105.09%
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
*Annualized
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
(A) The portfolio commenced operations on September 16, 1999.
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
(Continued)
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
JUNE 30, 2000
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
UNAUDITED
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
MODERATELY
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
CONSERVATIVE
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
PROFILE II
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
PORTFOLIO
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
ASSETS:
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
Investments in securities, market value (1) $ 4,311,008
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
Subscriptions receivable 0
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
Total assets 4,311,008
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
LIABILITIES:
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
Dividends Payable 53,467
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
Due to GW Capital Management 1,368
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
Redemptions payable 4,719
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
Total liabilities 59,554
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
NET ASSETS $ 4,251,454
----------------------------------------------------------------------===================
----------------------------------------------------------------------===================
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
NET ASSETS REPRESENTED BY:
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
Capital stock, $.10 par value $ 41,412
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
Additional paid-in capital 4,189,590
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
Net unrealized appreciation on investments 37,606
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
Undistributed net investment income 282
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
Accumulated net realized gain (loss) on investments (17,436)
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
NET ASSETS $ 4,251,454
----------------------------------------------------------------------===================
----------------------------------------------------------------------===================
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
NET ASSET VALUE PER OUTSTANDING SHARE $ 10.2663
----------------------------------------------------------------------===================
----------------------------------------------------------------------===================
(Offering and Redemption Price)
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
SHARES OF CAPITAL STOCK:
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
Authorized 100,000,000
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
Outstanding 414,118
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
(1) Cost of investments in securities: $ 4,273,402
-----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED JUNE 30, 2000
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
UNAUDITED
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
MODERATELY
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
CONSERVATIVE
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
PROFILE II
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
PORTFOLIO
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Income distributions received $ 54,990
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
EXPENSES:
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Management fees 1,269
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME 53,721
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Net realized gain (loss) on investments (36,952)
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation on investments 42,026
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments 5,074
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 58,795
--------------------------------------------------------------------------------------====================
--------------------------------------------------------------------------------------====================
----------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED JUNE 30, 2000 AND THE PERIOD ENDING DECEMBER 31, 1999
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
MODERATELY CONSERVATIVE
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
PROFILE II PORTFOLIO
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
2000 1999
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
UNAUDITED (B)
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
##
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
OPERATIONS:
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Net investment income $ 53,721 $ 7,491
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Net realized gain (loss) on investments (36,952) 6,439
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Net capital gain distributions received 0 23,646
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on investments 42,026 (4,420)
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations 58,795 33,156
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS:
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
From net investment income (53,467) (7,463)
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
From net realized gains 0 (10,569)
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Total distributions (53,467) (18,032)
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
SHARE TRANSACTIONS:
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Net proceeds from sales of shares 3,498,593 874,946
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Reinvestment of distributions 0 18,032
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Redemptions of shares (160,569) 0
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from share transactions 3,338,024 892,978
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Total increase in net assets 3,343,352 908,102
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
NET ASSETS:
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Beginning of period 908,102 0
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
End of period (1) $ 4,251,454 $ 908,102
-----------------------------------------------------------------------------------===============--------================
-----------------------------------------------------------------------------------===============--------================
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
OTHER INFORMATION:
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
SHARES:
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Sold 342,222 86,278
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Issued in reinvestment of distributions 0 1,752
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Redeemed (16,134) 0
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Net increase 326,088 88,030
-----------------------------------------------------------------------------------===============--------================
-----------------------------------------------------------------------------------===============--------================
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
(1) Including undistributed net investment income $ 282 $ 28
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Portfolio inception dates: (A): September 16, 1999; (B): September 27, 1999.
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
## (Concluded)
--------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
MODERATELY CONSERVATIVE PROFILE II PORTFOLIO
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the six months ended June 30, 2000 and the period ended
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
December 31, 1999 are as follows:
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Period Ended
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Six Months Ended December 31,
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
June 30, 2000 1999
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
UNAUDITED (A)
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Net Asset Value, Beginning of Period $ 10.3158 9.7877
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Income from Investment Operations
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
0.0000 0.0000
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Net investment income 0.1363 0.0870
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Capital gain distributions received 0.0000 0.2686
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Total distributions received 0.1363 0.3556
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments (0.0499) 0.3819
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Total Income From Investment Operations 0.0864 0.7375
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Less Distributions
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
From net investment income (0.1359) (0.0867)
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
From net realized gains 0.0000 (0.1227)
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Total Distributions (0.1359) (0.2094)
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $ 10.2663 10.3158
-----------------------------------------------------------------------------====================------===================---
-----------------------------------------------------------------------------====================------===================---
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Total Return 0.85% 7.54%
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Net Assets, End of Period $ 4,251,454 908,102
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Ratio of Expenses to Average Net Assets 0.10% * 0.10% *
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Ratio of Net Investment Income to Average Net Assets 4.26% * 7.54% *
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Portfolio Turnover Rate 43.17% 84.96%
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
*Annualized
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
(A) The portfolio commenced operations on September 27, 1999.
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
MAXIM SERIES FUND, INC.
Financial Statements and Financial Highlights for
the Six Months Ended June 30, 2000 and the Year Ended December 31, 1999
(Section 13)
MAXIM SERIES FUND, INC.
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2000
------------------------------------------------------------------------------------------------------------------------------------
UNAUDITED
1. ORGANIZATION & SIGNIFICANT ACCOUNTING POLICIES
Maxim Series Fund, Inc. (the Fund) is a Maryland corporation organized on
December 7, 1981 under the Investment Company Act of 1940 (the 1940 Act) as an
open-end management investment company and presently consists of thirty-six
portfolios. Interests in the Aggressive Profile II, Conservative Profile II,
Moderate Profile II, Moderately Aggressive Profile II and Moderately
Conservative Profile II Portfolios (the Portfolios) are included herein and are
represented by separate classes of beneficial interest of the Fund. The
investment objective of each Portfolio is: to seek long-term capital
appreciation primarily through investments in underlying portfolios of the Fund
that emphasize equity investments for the Aggressive Profile II; to seek
long-term capital appreciation primarily through investments in underlying
portfolios of the Fund that emphasize fixed income investments for the
Conservative Profile II; to seek long-term capital appreciation primarily
through investments in underlying portfolios of the Fund with a relatively equal
emphasis on equity and fixed income investments for the Moderate Profile II; to
seek long-term capital appreciation primarily through investments in underlying
portfolios of the Fund that emphasize equity investments, and to a lesser
degree, in those that emphasize fixed income investments for the Moderately
Aggressive Profile II; and to seek capital appreciation primarily through
investments in underlying portfolios of the Fund that emphasize fixed income
investments, and to a lesser degree, in those that emphasize equity investments
for the Moderately Conservative Profile II Portfolio. Each Portfolio is
diversified as defined in the 1940 Act. The Fund is available only as an
investment option for certain variable annuity contracts, variable life policies
and certain qualified retirement plans issued by Great-West Life & Annuity
Insurance Company (the Company) and New England Financial.
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:
Security Valuation
Investments in shares of the underlying funds are carried at fair value (i.e.,
net asset value).
Dividends
Dividends from net investment income of the Portfolios are declared and paid
semi-annually. Income dividends are reinvested in additional shares at net asset
value. 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).
Dividend income for the Portfolios is accrued as of the ex-dividend date and
interest income, including amortization of discounts and premiums, is recorded
daily.
Federal Income Taxes
For federal income tax purposes, each Portfolio of the Fund qualifies as a
regulated investment company under the provisions of the Internal Revenue Code
by distributing substantially all of its taxable net income (both ordinary and
capital gain) to its shareholders and complying with other requirements for
regulated investment companies. Accordingly, no provision for federal income
taxes has been made.
Classification of Distributions to Shareholders
The character of distributions made during the year from net investment income
or net realized gains are determined in accordance with income tax regulations
that may differ from generally accepted accounting principles. These differences
are primarily due to differing treatments of deferral of wash sales, net
operating losses and capital loss carryforwards. 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 Portfolios.
2. 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 .10% of the average daily net assets of the Portfolios.
The Portfolios will also bear the indirect expense of the underlying
investments. The total expenses at June 30, 2000 for each of the underlying
investments, as a percentage of average daily net assets of each of the
underlying funds, were as follows:
American Century Income & Growth Fund - Adv 0.93%
Dreyfus Aggressive Value Fund 1.27%
Dreyfus Emerging Leaders Fund 1.38%
Fidelity Advisor Growth Opportunities Fund - T 1.11%
INVESCO Blue Chip Growth Fund 1.03%
INVESCO Select Income Fund 1.06%
Janus Twenty Fund 0.87%
Janus Worldwide Fund 0.88%
Lord Abbett Bond Debenture - A 0.88%
Maxim Global Bond Portfolio 1.30%
Maxim Growth Index Portfolio 0.60%
Maxim INVESCO Small-Cap Growth Portfolio 1.03%
Maxim Loomis Sayles Corporate Bond Portfolio 0.90%
Maxim Loomis Sayles Small-Cap Value Portfolio 1.19%
Maxim Short-Term Maturity Bond Portfolio 0.60%
Maxim Stock Index Portfolio 0.60%
Maxim U.S. Government Mortgage Securities Portfolio 0.60%
Maxim Value Index Portfolio 0.60%
MFS Capital Opportunities Fund - A 1.18%
Nvest Growth & Income Fund - A 1.21%
Orchard S&P 500 Index Fund 0.60%
Orchard Index 600 Fund 0.60%
Putnam Fund for Growth & Income - A 0.79%
-------------------------------------------------------------------------------------------- ------------------
---------------------------------------------------------------------------------------------------------------------
3. UNREALIZED APPRECIATION (DEPRECIATION)
The aggregate cost of investments and the composition of unrealized appreciation
and depreciation of investment securities for federal income tax purposes as of
June 30, 2000, were as follows:
Cost For Net
Income Unrealized
Tax Gross Gross Appreciation
Purposes Appreciation Depreciation (Depreciation)
---------------- ------------------ ------------------ ------------------
Aggressive Profile II
Portfolio $ 21,558,888 $ 500,096 $ (77,856) $ 422,240
Conservative Profile
II Portfolio 2,269,843 14,416 (28,895) (14,479)
Moderate Profile II
Portfolio 14,633,309 106,756 (180,588) (73,832)
Moderately Aggressive
Profile II Portfolio
18,199,756 374,736 (102,466) 272,270
Moderately
Conservative
Profile II Portfolio
4,294,148 52,781 (35,921) 16,860
4. INVESTMENT IN SHARES OF MUTUAL FUNDS
Shares owned and related values at June 30, 2000 were as follows:
Shares Value
------------------ ------------------
Aggressive Profile II Portfolio
American Century Income & Growth Fund Adv 12,704 $ 415,280
Dreyfus Emerging Leaders Fund 18,146 718,215
Fidelity Advisor Growth Opportunities Fund - T 9,909 440,833
INVESCO Blue Chip Growth Fund 93,503 816,278
Janus Twenty Fund 9,549 737,347
Janus Worldwide Fund 70,810 5,540,207
Maxim Growth Index Portfolio 253,097 740,454
Maxim INVESCO Small-Cap Growth Portfolio 534,741 1,646,924
Maxim Loomis Sayles Small-Cap Value Portfolio 973,796 1,401,652
Maxim Stock Index Portfolio 261,288 1,053,257
Maxim Value Index Portfolio 231,837 398,065
MFS Capital Opportunities Fund - A 241,201 5,470,441
Orchard S&P 500 Index Fund 59,369 1,059,943
Orchard Index 600 Fund 55,280 723,171
Nvest Growth & Income Fund - A 28,408 416,456
Putnam Fund for Growth & Income A 22,392 402,605
------------------
$ 21,981,128
==================
Shares Value
------------------ ------------------
Conservative Profile II Portfolio
American Century Income & Growth Fund Adv 1,151 $& 37,629
Fidelity Advisor Growth Opportunities Fund - T 860 38,256
INVESCO Blue Chip Growth Fund 7,735 67,525
INVESCO Select Income Fund 27,994 167,686
Janus Twenty Fund 784 60,564
Lord Abbett Bond Debenture - A 19,166 167,322
Maxim Global Bond Portfolio 23,074 227,377
Maxim Growth Index Portfolio 22,456 65,696
Maxim Loomis Sayles Corporate Bond Portfolio 158,179 167,153
Maxim Short-Term Maturity Bond Portfolio 784,458 781,214
Maxim Stock Index Portfolio 40,356 162,677
Maxim U.S. Government Mortgage Securities Portfolio 150,421 169,468
Maxim Value Index Portfolio 21,741 37,329
Nvest Growth & Income Fund - A 2,564 37,591
Orchard S&P 500 Index Fund 1,684 30,067
Putnam Fund for Growth & Income A 2,103 37,810
------------------
$ 2,255,364
==================
-----
Moderate Profile II Portfolio
---------------------------------------------------------------------
American Century Income & Growth Fund Adv 7,119 $ 232,730
-----
Dreyfus Emerging Leaders Fund 6,141 243,059
-----
Fidelity Advisor Growth Opportunities Fund - T 5,564 247,547
-----
INVESCO Blue Chip Growth Fund 52,409 457,531
-----
INVESCO Select Income Fund 89,703 537,319
-----
Janus Twenty Fund 5,358 413,745
-----
Janus Worldwide Fund 28,788 2,252,340
-----
Lord Abbett Bond Debenture - A 61,292 535,081
-----
Maxim Global Bond Portfolio 145,018 1,429,056
-----
Maxim Growth Index Portfolio 142,707 417,500
-----
Maxim INVESCO Small-Cap Growth Portfolio 180,951 557,303
-----
Maxim Loomis Sayles Corporate Bond Portfolio 511,107 540,105
-----
Maxim Loomis Sayles Small-Cap Value Portfolio 328,385 472,667
-----
Maxim Short-Term Maturity Bond Portfolio 2,109,709 2,100,985
-----
Maxim Stock Index Portfolio 147,564 594,834
-----
Maxim U.S. Government Mortgage Securities Portfolio 475,227 535,401
-----
Maxim Value Index Portfolio 130,653 224,332
-----
MFS Capital Opportunities Fund - A 64,854 1,470,890
-----
Nvest Growth & Income Fund - A 15,866 232,589
-----
Orchard S&P 500 Index Fund 33,332 595,105
-----
Orchard Index 600 Fund 18,687 244,461
-----
Putnam Fund for Growth & Income A 12,508 224,897
-----
-----
$ 14,559,477
----- --------------------------------------------------------------- ------------------ -- ==================
Shares Value
---------------------------------------------------------------------
Moderately Aggressive Profile II Portfolio
---------------------------------------------------------------------
American Century Income & Growth Fund Adv 8,993 $ 293,970
-----
Dreyfus Aggressive Value Fund 29 739
-----
Dreyfus Emerging Leaders Fund 7,741 306,405
-----
Fidelity Advisor Growth Opportunities Fund - T 7,013 311,999
-----
INVESCO Blue Chip Growth Fund 65,566 572,391
-----
INVESCO Select Income Fund 113,264 678,451
-----
Janus Twenty Fund 6,738 520,325
-----
Janus Worldwide Fund 48,234 3,773,833
-----
Lord Abbett Bond Debenture - A 77,382 675,543
-----
Maxim Global Bond Portfolio 180,717 1,780,844
-----
Maxim Growth Index Portfolio 179,797 526,009
-----
Maxim INVESCO Small-Cap Growth Portfolio 225,980 695,986
-----
Maxim Loomis Sayles Corporate Bond Portfolio 644,824 681,408
-----
Maxim Loomis Sayles Small-Cap Value Portfolio 414,710 596,922
-----
Maxim Stock Index Portfolio 186,169 750,451
-----
Maxim U.S. Government Mortgage Securities Portfolio 599,988 675,959
-----
Maxim Value Index Portfolio 165,316 283,849
-----
MFS Capital Opportunities Fund A 163,489 3,707,934
-----
Nvest Growth & Income Fund - A 20,075 294,303
-----
Orchard S&P 500 Index Fund 42,102 751,668
-----
Orchard Index 600 Fund 23,561 308,229
-----
Putnam Fund Growth & Income A 15,840 284,808
-----
-----
$ 18,472,026
----- ==================
-----
Moderately Conservative Profile II Portfolio
---------------------------------------------------------------------
American Century Income & Growth Fund Adv 2,136 $ 69,814
-----
Fidelity Advisor Opportunities Fund - T 1,662 73,963
-----
INVESCO Blue Chip Growth Fund 15,815 138,062
-----
INVESCO Select Income Fund 35,694 213,805
-----
Janus Twenty Fund 1,614 124,628
-----
Janus Worldwide Fund 5,781 452,309
-----
Lord Abbett Bond Debenture - A 24,331 212,408
-----
Maxim Global Bond Portfolio 64,795 638,514
-----
Maxim Growth Index Portfolio 42,703 124,931
-----
Maxim Loomis Sayles Corporate Bond Portfolio 202,956 214,471
-----
Maxim Short-Term Maturity Bond Portfolio 841,669 838,189
-----
Maxim Stock Index Portfolio 44,030 177,486
-----
Maxim U.S. Government Mortgage Securities Portfolio 188,700 212,594
-----
Maxim Value Index Portfolio 38,925 66,834
-----
MFS Capital Opportunities Fund - A 19,340 438,635
-----
Nvest Growth & Income Fund A 4,738 69,455
-----
Orchard S&P 500 Index Fund 9,961 177,837
-----
Putnam Fund for Growth & Income A 3,370 67,073
-----
-----
$ 4,311,008
----- --------------------------------------------------------------- ------------------ -- ==================
</TABLE>
The Maxim Series Fund
INVESCO ADR Portfolio
COMMON STOCK
AUSTRALIA --- 5.0%
BROADCAST/MEDIA
20,000 News Corp Ltd sponsored ADR 1,090,000
$1,090,000
FOREIGN BANKS
38,000 National Australia Bank Ltd sponsored ADR 3,144,500
$3,144,500
GOLD, METALS & MINING
25,000 Rio Tinto Ltd sponsored ADR 1,612,500
$1,612,500
TOTAL AUSTRALIA --- 5.0% $5,847,000
DENMARK --- 1.4%
PHARMACEUTICALS
20,000 Novo-Nordisk A/S sponsored ADR 1,690,000
$1,690,000
TOTAL DENMARK --- 1.4% $1,690,000
FRANCE --- 2.0%
INSURANCE RELATED
30,000 AXA sponsored ADR 2,386,860
$2,386,860
TOTAL FRANCE --- 2.0% $2,386,860
FRANCE --- 6.2%
FOREIGN BANKS
220,000 Societe Generale sponsored ADR 2,585,000
$2,585,000
MISCELLANEOUS
70,000 Vivendi sponsored ADR 1,216,250
$1,216,250
OIL & GAS
45,000 Total Fina Elf sponsored ADR 3,456,540
$3,456,540
TOTAL FRANCE --- 6.2% $7,257,790
GERMANY --- 7.3%
AUTOMOBILES
25,000 DaimlerChrysler AG 1,301,550
$1,301,550
CHEMICALS
50,000 BASF AG sponsored ADR 2,018,750
40,000 Bayer AG sponsored ADR 1,555,000
$3,573,750
COMPUTER SOFTWARE & SERVICES
35,082 SAP AG sponsored ADR 1,646,644
$1,646,644
FOREIGN BANKS
25,000 Deutsche Bank AG sponsored ADR 2,050,000
$2,050,000
TOTAL GERMANY --- 7.3% $8,571,944
ITALY --- 5.7%
FOREIGN BANKS
70,000 San Paolo-IMI SpA sponsored ADR 2,476,250
$2,476,250
OIL & GAS
25,000 ENI SpA sponsored ADR 1,454,675
$1,454,675
TELEPHONE & TELECOMMUNICATIONS
20,000 Telecom Italia SpA sponsored ADR* 2,751,240
$2,751,240
TOTAL ITALY --- 5.7% $6,682,165
JAPAN --- 1.6%
ELECTRONIC INSTRUMENTS & EQUIP
20,000 Sony Corp sponsored ADR 1,886,240
$1,886,240
TOTAL JAPAN --- 1.6% $1,886,240
JAPAN --- 22.5%
AUTOMOBILES
20,000 Honda Motor Co Ltd sponsored ADR 1,375,000
16,000 Toyota Motor Corp sponsored ADR* 1,490,992
$2,865,992
ELECTRONIC INSTRUMENTS & EQUIP
15,000 Hitachi Ltd sponsored ADR 2,161,875
17,500 Kyocera Corp sponsored ADR 3,006,710
5,000 Matsushita Electric Industrial Co Ltd sponsored ADR 1,285,000
$6,453,585
FOREIGN BANKS
135,000 Bank of Tokyo-Mitsubishi Ltd ADR* 1,636,875
$1,636,875
OFFICE EQUIPMENT & SUPPLIES
75,000 Canon Inc sponsored ADR 3,778,125
$3,778,125
PHARMACEUTICALS
60,000 Eisai Co Ltd sponsored ADR 1,912,500
$1,912,500
PHOTOGRAPHY/IMAGING
65,000 Fuji Photo Film Co Ltd 2,754,375
$2,754,375
TELEPHONE & TELECOMMUNICATIONS
50,000 Nippon Telegraph & Telephone Corp sponsored ADR 3,418,750
$3,418,750
TEXTILES
20,000 Ito-Yokado Co Ltd sponsored ADR* 1,238,740
$1,238,740
TOYS
100,000 Nintendo Co Ltd ADR 2,197,510
$2,197,510
TOTAL JAPAN --- 22.5% $26,256,452
KOREA --- 2.4%
ELECTRIC COMPANIES
70,000 Korea Electric Power Corp sponsored ADR* 1,290,590
$1,290,590
TELEPHONE & TELECOMMUNICATIONS
30,000 Korea Telecom Corp sponsored ADR 1,451,250
$1,451,250
TOTAL KOREA --- 2.4% $2,741,840
MEXICO --- 1.7%
TELEPHONE & TELECOMMUNICATIONS
35,000 Telefonos de Mexico SA sponsored ADR Class L 1,999,375
$1,999,375
TOTAL MEXICO --- 1.7% $1,999,375
NETHERLANDS --- 8.4%
ELECTRONIC INSTRUMENTS & EQUIP
60,000 Koninklijke Philips Electronics NV NY Shrs 2,850,000
$2,850,000
FOOD & BEVERAGES
55,000 Unilever NV NY Shrs 2,365,000
$2,365,000
FOREIGN BANKS
75,000 ABN Amro Holding NV sponsored ADR 1,842,150
40,000 ING Groep NV sponsored ADR 2,700,000
$4,542,150
TOTAL NETHERLANDS --- 8.4% $9,757,150
PORTUGAL --- 2.2%
TELEPHONE & TELECOMMUNICATIONS
225,000 Portugal Telecom SA sponsored ADR 2,531,250
$2,531,250
TOTAL PORTUGAL --- 2.2% $2,531,250
SPAIN --- 4.0%
ELECTRIC COMPANIES
120,000 Endesa SA sponsored ADR 2,340,000
$2,340,000
OIL & GAS
120,000 Repsol YPF SA sponsored ADR 2,377,440
$2,377,440
TOTAL SPAIN --- 4.0% $4,717,440
SWITZERLAND --- 6.0%
FOOD & BEVERAGES
30,000 Nestle SA sponsored ADR 2,985,000
$2,985,000
INSURANCE RELATED
20,000 Zurich Allied AG sponsored ADR 1,980,000
$1,980,000
PHARMACEUTICALS
52,000 Novartis AG ADR 2,080,000
$2,080,000
TOTAL SWITZERLAND --- 6.0% $7,045,000
UNITED KINGDOM --- 1.4%
FOOD & BEVERAGES
45,000 Diageo PLC sponsored ADR 1,600,290
$1,600,290
TOTAL UNITED KINGDOM --- 1.4% $1,600,290
UNITED KINGDOM --- 21.3%
AIRLINES
30,000 British Airways PLC sponsored ADR 1,725,000
$1,725,000
BROADCAST/MEDIA
35,000 Carlton Communications PLC sponsored ADR 2,275,000
$2,275,000
ELECTRIC COMPANIES
45,000 PowerGen PLC sponsored ADR 1,575,000
50,000 Scottish Power PLC ADR 1,671,850
$3,246,850
FOREIGN BANKS
51,734 Abbey National PLC sponsored ADR 1,228,683
60,000 HSBC Holdings PLC sponsored ADR 3,476,219
$4,704,902
GOLD, METALS & MINING
75,000 Corus Group PLC sponsored ADR 1,078,125
$1,078,125
OIL & GAS
50,000 Shell Transport & Trading Co ADR 2,496,850
$2,496,850
PHARMACEUTICALS
40,000 AstraZeneca Group PLC sponsored ADR 1,860,000
35,000 Glaxo Wellcome PLC sponsored ADR 2,023,420
30,000 SmithKline Beecham PLC sponsored ADR 1,955,610
$5,839,030
RETAIL
60,000 Marks & Spencer PLC sponsored ADR 1,252,500
$1,252,500
TELEPHONE & TELECOMMUNICATIONS
17,000 British Telecommunications PLC sponsored ADR 2,248,250
$2,248,250
TOTAL UNITED KINGDOM --- 21.3% $24,866,507
TOTAL COMMON STOCK --- 99.3% $115,837,303
(Cost $103,209,741)
SHORT-TERM INVESTMENTS
UNITED STATES --- 0.7%
FINANCIAL SERVICES
837,000 Associates Corp of North America 836,680
$836,680
TOTAL UNITED STATES --- 0.7% $836,680
TOTAL SHORT-TERM INVESTMENTS --- 0.7% $836,680
(Cost $836,680)
TOTAL INVESCO ADR PORTFOLIO --- 100.0% $116,673,983
(Cost $104,046,421)
The Maxim Series Fund
Index European Portfolio
COMMON STOCK
AUSTRIA --- 0.3%
BUILDING MATERIALS
1,768 Wienerberger Baustoffindustrie 40,319
$40,319
ELECTRIC COMPANIES
876 EVN AG 32,750
404 Oest Elektrizatswirts Class A 41,632
$74,382
ENGINEERING & CONSTRUCTION
352 VA Technologie AG 18,619
$18,619
FOREIGN BANKS
2,306 Bank Austria AG 112,781
300 Erste Bank der Oesterreichischen Sparkassen AG 12,769
$125,550
GOLD, METALS & MINING
854 Voest-Alpine Stahl AG 25,665
$25,665
OIL & GAS
704 OMV AG 61,412
$61,412
TOBACCO
300 Austria Tabakwerke AG 11,158
$11,158
TOTAL AUSTRIA --- 0.3% $357,105
BELGIUM --- 1.5%
CHEMICALS
2,200 Solvay SA 148,679
$148,679
ELECTRIC COMPANIES
1,350 Electrabel SA 335,045
$335,045
FINANCIAL SERVICES
18,586 Fortis (B) 543,048
$543,048
FOREIGN BANKS
2,050 Dexia 303,613
7,540 KBC Bancassurance Holding NV 333,204
$636,817
INVESTMENT BANK/BROKERAGE FIRM
4,950 Almanij NV 199,767
600 Groupe Bruxelles Lambart SA 150,404
$350,171
MISCELLANEOUS
250 Electrafina SA 34,510
$34,510
TOTAL BELGIUM --- 1.5% $2,048,270
DENMARK --- 1.0%
FOREIGN BANKS
1,400 Den Danske Bank Group 169,100
1,444 Kapital Holding 45,830
$214,930
MANUFACTURING
2,700 Vestas Wind Systems A/S* 99,571
$99,571
PHARMACEUTICALS
1,663 Novo-Nordisk A/S 284,204
$284,204
SPECIALIZED SERVICES
1,000 ISS A/S* 76,455
$76,455
TELEPHONE & TELECOMMUNICATIONS
1,000 GN Store Nord A/S 101,383
5,427 Tele Danmark A/S 366,802
$468,185
TRANSPORTATION
10 A/S Dampskibsselskabet Svendborg Class B 148,412
14 D/S 1912 149,311
$297,723
TOTAL DENMARK --- 1.0% $1,441,068
FINLAND --- 0.3%
TELEPHONE & TELECOMMUNICATIONS
7,900 Sonera OYJ 361,608
$361,608
TOTAL FINLAND --- 0.3% $361,608
FRANCE --- 14.9%
BROADCAST/MEDIA
3,150 Canal Plus 531,448
$531,448
COMPUTER SOFTWARE & SERVICES
3,050 Cap Gemini SA 539,428
$539,428
COSMETICS & PERSONAL CARE
1,700 L'oreal SA 1,478,065
$1,478,065
ELECTRONICS - SEMICONDUCTOR
21,850 STMicroelectronics NV 1,382,397
$1,382,397
ENGINEERING & CONSTRUCTION
825 Bouygues SA 553,592
$553,592
FOOD & BEVERAGES
2,460 Louis Vuitton Moet Hennessy 1,018,488
$1,018,488
FOREIGN BANKS
11,377 Banque Nationale de Paris 1,099,324
$1,099,324
INSURANCE RELATED
9,865 AXA 1,560,337
$1,560,337
MISCELLANEOUS
15,120 Vivendi SA 1,339,973
$1,339,973
OIL & GAS
18,309 Total Fina Elf 2,818,692
$2,818,692
PHARMACEUTICALS
19,700 Aventis SA 1,443,714
18,500 Sanofi-Synthelabo SA 884,932
$2,328,646
RETAIL
17,640 Carrefour SA 1,210,735
2,975 Pinault-Printemps-Redoute SA 663,622
$1,874,357
TELEPHONE & TELECOMMUNICATIONS
28,600 Alcatel 1,883,476
8,150 France Telecom SA 1,143,763
$3,027,239
WATER
5,016 Suez Lyonnaise des Eaux 882,330
$882,330
TOTAL FRANCE --- 14.9% $20,434,316
GERMANY --- 9.6%
AUTOMOBILES
25,623 DaimlerChrysler AG (registered) 1,365,659
$1,365,659
CHEMICALS
15,750 BASF AG 640,908
18,450 Bayer AG 721,596
$1,362,504
COMPUTER SOFTWARE & SERVICES
4,650 SAP AG 706,066
$706,066
ELECTRONICS - SEMICONDUCTOR
7,800 Infineon Technologies AG* 638,543
$638,543
FOREIGN BANKS
15,500 Deutsche Bank AG (registered) 1,300,844
$1,300,844
INSURANCE RELATED
6,200 Allianz AG 2,212,698
4,550 Muenchener Rueckver AG (registered) 1,430,615
$3,643,313
MANUFACTURING
15,000 Siemans AG 2,254,627
$2,254,627
TELEPHONE & TELECOMMUNICATIONS
32,150 Deutsche Telekom AG (registered) 1,861,467
$1,861,467
TOTAL GERMANY --- 9.6% $13,133,023
GREECE --- 0.9%
BUILDING MATERIALS
1,300 Heracles General Cement SA* 28,484
1,000 Titan Cement Co SA 38,130
$66,614
COMPUTER SOFTWARE & SERVICES
1,600 Altec SA Information & Communications Systems* 20,465
1,500 Delta Informatics SA 16,817
1,200 Intrasoft SA 25,115
$62,397
FOOD & BEVERAGES
3,200 Hellenic Bottling Co SA 51,037
$51,037
FOREIGN BANKS
4,050 Alpha Bank SA 160,707
3,100 Bank of Piraues 54,162
2,100 Commercial Bank of Greece 91,068
3,300 EFG Eurobank 87,611
3,120 Ergo Bank SA 59,705
1,000 NIBID SA 24,799
5,390 National Bank of Greece SA 214,569
$692,621
INSURANCE RELATED
900 Ethniki General Insurance Co 25,354
$25,354
OIL & GAS
2,400 Hellenic Petroleum SA 27,078
$27,078
PRINTING & PUBLISHING
1,900 Lambrakis Press SA 55,795
$55,795
TELEPHONE & TELECOMMUNICATIONS
6,000 Hellenic Telecommunications Organization SA 146,999
2,480 Intracom SA 92,974
3,000 Panafon Hellenic Telecom SA 34,232
$274,205
TOTAL GREECE --- 0.9% $1,255,101
IRELAND --- 0.8%
AIRLINES
8,400 Ryanair Holding PLC* 61,197
$61,197
BUILDING MATERIALS
9,689 CRH PLC 175,541
$175,541
FOREIGN BANKS
21,339 Allied Irish Banks PLC 191,873
24,382 Bank of Ireland 153,210
$345,083
HEALTH CARE RELATED
6,700 Elan Corp PLC* 313,745
$313,745
TELEPHONE & TELECOMMUNICATIONS
54,276 Eircom PLC* 145,681
$145,681
TOTAL IRELAND --- 0.8% $1,041,247
ITALY --- 7.2%
BROADCAST/MEDIA
29,000 Mediaset SpA 444,790
$444,790
ELECTRIC COMPANIES
103,000 Enel SpA 458,134
$458,134
FOREIGN BANKS
119,000 Banca Intesa SpA 535,004
30,000 Bipop-Carire SpA 236,966
34,630 Istituto Bancario San Paolo di Tornio 617,120
124,000 UnCredito Italiano SpA 595,521
$1,984,611
INSURANCE RELATED
31,350 Assicurazioni Generali 1,078,871
$1,078,871
OIL & GAS
198,000 ENI SpA 1,148,307
$1,148,307
PRINTING & PUBLISHING
51,000 Seat-Pagine Gialle SpA 176,977
$176,977
TELEPHONE & TELECOMMUNICATIONS
119,000 Olivetti SpA* 434,620
72,000 Tecnost SpA* 272,626
164,500 Telecom Italia Mobile SpA 1,687,280
130,111 Telecom Italia SpA 1,796,031
53,116 Telecom Italia SpA RNC 353,873
$4,544,430
TOTAL ITALY --- 7.2% $9,836,120
JAPAN --- 4.4%
TELEPHONE & TELECOMMUNICATIONS
118,000 Nokia OYJ 6,045,986
$6,045,986
TOTAL JAPAN --- 4.4% $6,045,986
LUXEMBOURG --- 0.1%
BROADCAST/MEDIA
800 Audiofina 103,529
600 Societe Europeenne des Satellite 99,215
$202,744
TOTAL LUXEMBOURG --- 0.1% $202,744
NETHERLANDS --- 7.9%
BROADCAST/MEDIA
5,500 United Pan-Europe Communications NV* 144,408
$144,408
COMPUTER HARDWARE & SYSTEMS
5,000 Equant NV* 203,990
$203,990
ELECTRONIC INSTRUMENTS & EQUIP
34,240 Koninklijke Philips Electronics NV 1,621,430
$1,621,430
FOOD & BEVERAGES
14,432 Unilever NV 664,748
$664,748
FOREIGN BANKS
37,057 ABN AMRO Holding NV 911,516
23,996 ING Groep NV 1,628,582
$2,540,098
INSURANCE RELATED
33,768 Aegon NV 1,206,430
$1,206,430
OIL & GAS
54,177 Royal Dutch Petroleum Co 3,380,908
$3,380,908
TELEPHONE & TELECOMMUNICATIONS
24,320 Koninklijke KPN NV 1,092,221
$1,092,221
TOTAL NETHERLANDS --- 7.9% $10,854,233
NORWAY --- 0.4%
COMPUTER SOFTWARE & SERVICES
2,100 EDB Business Partner ASA* 28,745
$28,745
ELECTRONIC INSTRUMENTS & EQUIP
200 Opticom ASA* 21,550
$21,550
FOOD & BEVERAGES
5,100 Orkla ASA 97,254
$97,254
FOREIGN BANKS
8,900 Christiania Bank Og Kreditdasse 48,000
8,800 DNB Holding ASA 36,651
$84,651
INSURANCE RELATED
6,400 Storebrand ASA 46,422
$46,422
MANUFACTURING
3,033 Norsk Hydro ASA 127,740
$127,740
OIL & GAS
2,400 Petroleum Geo-Services ASA* 41,134
$41,134
POLLUTION CONTROL
1,900 Tomra Systems ASA 50,569
$50,569
PRINTING & PUBLISHING
1,600 Schibsted ASA 29,762
$29,762
TELEPHONE & TELECOMMUNICATIONS
1,100 NetCom ASA* 59,583
$59,583
TOTAL NORWAY --- 0.4% $587,410
PORTUGAL --- 0.5%
ELECTRIC COMPANIES
7,400 Electricidade de Portugal SA 134,921
$134,921
FOREIGN BANKS
25,200 Banco Comercial Portugues SA 131,654
800 Banco Espirito Santo SA (registered) 19,709
$151,363
RETAIL
40,000 Sonae SGPS SA 70,553
10,000 Sonae SGPS SA (rights)* 9,556
$80,109
TELEPHONE & TELECOMMUNICATIONS
23,600 Portugal Telecom SA (registered) 266,046
5,400 Telecel-Comunicacoes Pessoai* 82,305
$348,351
TOTAL PORTUGAL --- 0.5% $714,744
SPAIN --- 3.8%
COMPUTER SOFTWARE & SERVICES
1,700 Terra Networks SA* 66,000
$66,000
ELECTRIC COMPANIES
26,700 Endesa SA 519,315
$519,315
FOREIGN BANKS
79,553 Banco Bilbao Vizcaya Argentaria SA 1,193,461
103,514 Banco Santander Central Hispano 1,096,475
$2,289,936
OIL & GAS
30,050 Repsol YPF SA 600,604
$600,604
TELEPHONE & TELECOMMUNICATIONS
83,300 Telefonica SA* 1,796,656
$1,796,656
TOTAL SPAIN --- 3.8% $5,272,511
SWEDEN --- 4.4%
COMMUNICATIONS - EQUIPMENT
16,400 Ericsson LM Class A 323,475
170,800 Ericsson LM Class B 3,398,085
$3,721,560
FOREIGN BANKS
68,485 Nordic Baltic Holding AB 519,240
$519,240
HEAVY TRUCKS & PARTS
3,300 Volvo AB Class A 69,604
3,700 Volvo AB Class A (sales rights)* 3,248
7,200 Volvo AB Class B 157,200
7,600 Volvo AB Class B (sales rights)* 6,672
$236,724
INSURANCE RELATED
24,400 Skandia Forsakrings AB 648,182
$648,182
INVESTMENT BANK/BROKERAGE FIRM
7,400 Investor AB Class A 100,399
10,800 Investor AB Class B 148,375
$248,774
RETAIL
17,400 Hennes & Mauritz AB Class B 365,021
$365,021
TELEPHONE & TELECOMMUNICATIONS
35,700 Telia AB* 337,829
$337,829
TOTAL SWEDEN --- 4.4% $6,077,330
SWITZERLAND --- 8.0%
ENGINEERING & CONSTRUCTION
7,600 ABB Ltd 912,552
$912,552
FINANCIAL SERVICES
10,875 UBS AG 1,598,380
$1,598,380
FOOD & BEVERAGES
995 Nestle SA 1,997,832
$1,997,832
FOREIGN BANKS
6,930 Credit Suisse Group (registered) 1,382,932
$1,382,932
PHARMACEUTICALS
1,820 Novartis AG (registered) 2,892,122
177 Roche Holding AG 1,728,528
20 Roche Holding AG Bearer 212,226
$4,832,876
TELEPHONE & TELECOMMUNICATIONS
640 Swisscom 222,373
$222,373
TOTAL SWITZERLAND --- 8.0% $10,946,945
UNITED KINGDOM --- 31.1%
AEROSPACE & DEFENSE
36,635 BAE Systems PLC 228,502
$228,502
BROADCAST/MEDIA
45,000 British Sky Broadcasting Group PLC* 880,181
15,377 Pearson PLC 488,864
35,266 Reuters Group PLC 601,696
71,600 Telewest Communications PLC* 247,141
$2,217,882
ELECTRIC COMPANIES
37,000 National Grid Group PLC 291,835
45,000 Scottish Power PLC 381,503
$673,338
FINANCIAL SERVICES
10,000 Anglo American PLC 479,906
$479,906
FOOD & BEVERAGES
49,577 Cadbury Schweppes PLC 325,737
83,922 Diageo PLC 753,404
71,478 Unilever PLC 432,842
$1,511,983
FOREIGN BANKS
35,000 Abbey National PLC 418,593
36,565 Barclays PLC 909,495
210,415 HSBC Holdings PLC 2,406,625
55,200 Halifax Group PLC 529,817
135,606 Lloyds TSB Group PLC 1,281,034
62,949 Royal Bank of Scotland Group PLC 1,054,001
26,396 Standard Chartered PLC 328,878
$6,928,443
GOLD, METALS & MINING
27,492 Rio Tinto PLC 449,497
$449,497
INSURANCE RELATED
38,828 Allied Zurich PLC 459,379
55,468 CGNU PLC 923,703
127,000 Legal & General Group PLC 297,050
48,566 Prudential PLC 711,713
$2,391,845
INVESTMENT BANK/BROKERAGE FIRM
15,000 3I Group PLC 308,609
$308,609
MANUFACTURING
86,339 Invensys PLC 324,157
$324,157
MISCELLANEOUS
46,426 Granada Group PLC 463,877
$463,877
OIL & GAS
561,123 BP Amoco PLC 5,385,729
245,512 Shell Transport & Trading Co PLC 2,049,819
$7,435,548
PHARMACEUTICALS
43,650 AstraZeneca Group PLC 2,038,622
89,550 Glaxo Wellcome PLC 2,612,429
138,951 SmithKline Beecham PLC 1,819,596
$6,470,647
RETAIL
168,750 Tesco PLC 524,992
$524,992
SPECIALIZED SERVICES
19,000 WPP Group PLC 277,574
$277,574
TELEPHONE & TELECOMMUNICATIONS
160,535 British Telecommunications PLC 2,075,510
17,000 COLT Telecom Group PLC* 566,199
68,522 Cable & Wireless PLC 1,160,800
8,000 Energis PLC* 300,116
67,471 Marconi PLC 878,441
1,517,368 Vodafone AirTouch PLC 6,133,365
$11,114,431
UTILITIES
85,862 BG Group PLC 555,042
99,000 Centrica PLC 330,477
$885,519
TOTAL UNITED KINGDOM --- 31.1% $42,686,750
UNITED STATES --- 0.1%
TELEPHONE & TELECOMMUNICATIONS
1,178 NTL Inc* 70,509
$70,509
TOTAL UNITED STATES --- 0.1% $70,509
TOTAL COMMON STOCK --- 97.1% $133,367,020
(Cost $119,146,507)
PREFERRED STOCK
GERMANY --- 0.5%
COMPUTER SOFTWARE & SERVICES
3,300 SAP AG 619,390
$619,390
TOTAL GERMANY --- 0.5% $619,390
GREECE --- 0.0%
FOREIGN BANKS
500 NIBID SA 12,264
$12,264
TOTAL GREECE --- 0.0% $12,264
TOTAL PREFERRED STOCK --- 0.5% $631,654
(Cost $587,716)
SHORT-TERM INVESTMENTS
UNITED STATES --- 2.4%
FINANCIAL SERVICES
1,297,000 Associates Corp of North America 1,296,504
$1,296,504
U.S. GOVERNMENTS
2,000,000 United States of America (1) 1,989,718
$1,989,718
TOTAL UNITED STATES --- 2.4% $3,286,222
TOTAL SHORT-TERM INVESTMENTS --- 2.4% $3,286,222
(Cost $3,286,222)
TOTAL INDEX EUROPEAN PORTFOLIO --- 100.0% $137,284,896
(Cost $123,020,445)
The Maxim Series Fund
Index Pacific Portfolio
COMMON STOCK
AUSTRALIA --- 6.3%
BROADCAST/MEDIA
49,271 News Corp Ltd 680,393
7,900 Publishing & Broadcasting Ltd 60,950
$741,343
FINANCIAL SERVICES
30,962 Lend Lease Corp Ltd 396,107
$396,107
FOOD & BEVERAGES
104,600 Foster's Brewing Group Ltd 295,169
100 Lion Nathan Ltd* 229
$295,398
FOREIGN BANKS
91,938 Australia & New Zealand Banking Group Ltd 707,107
75,863 Commonwealth Bank of Australia 1,261,234
90,490 National Australia Bank Ltd 1,515,709
110,288 Westpac Banking Corp Ltd 797,914
$4,281,964
GOLD, METALS & MINING
107,080 Broken Hill Proprietary Co Ltd 1,269,744
29,976 Rio Tinto Ltd 497,075
69,504 WMC Ltd 311,850
$2,078,669
INSURANCE RELATED
66,113 AMP Ltd 674,802
$674,802
MISCELLANEOUS
13,800 Brambles Industries Ltd 425,345
$425,345
RETAIL
70,355 Coles Myer Ltd 270,935
$270,935
TELEPHONE & TELECOMMUNICATIONS
228,000 Cable & Wireless Optus Ltd* 681,718
136,200 Telstra Corp Ltd 554,431
$1,236,149
TOTAL AUSTRALIA --- 6.3% $10,400,712
HONG KONG --- 7.0%
ELECTRIC COMPANIES
125,500 CLP Holdings Ltd 584,410
$584,410
FOREIGN BANKS
115,600 Hang Seng Bank Ltd 1,097,379
$1,097,379
MISCELLANEOUS
135,000 Citic Pacific Ltd 706,580
257,700 Hutchison Whampoa Ltd 3,239,721
$3,946,301
REAL ESTATE
140,000 Cheung Kong Holdings Ltd 1,549,010
145,157 Sun Hung Kai Properties Ltd 1,042,781
$2,591,791
TELEPHONE & TELECOMMUNICATIONS
734,955 Cable & Wireless HKT Ltd 1,616,933
206,000 China Telecom Ltd* 1,816,800
$3,433,733
TOTAL HONG KONG --- 7.0% $11,653,614
INDONESIA --- 0.3%
FOOD & BEVERAGES
109,000 PT Indofood Sukses Makmur TBK* 59,466
$59,466
PAPER & FOREST PRODUCTS
322,500 PT Indah Kiat Pulp & Paper Corp TBK* 65,403
$65,403
TELEPHONE & TELECOMMUNICATIONS
61,000 PT Indosat TBK 71,785
202,500 PT Telekomunikasi Indonesia 71,144
$142,929
TOBACCO
114,500 PT Gudang Garam TBK 185,110
55,000 PT Hanjaya Mandala Sampoerna TBK 79,806
$264,916
TOTAL INDONESIA --- 0.3% $532,714
JAPAN --- 81.5%
AUTO PARTS & EQUIPMENT
52,000 Bridgestone Corp 1,103,350
55,000 DENSO Corp 1,341,146
$2,444,496
AUTOMOBILES
59,000 Honda Motor Co Ltd 2,013,043
240,000 Nissan Motor Co Ltd* 1,417,702
230,000 Toyota Motor Corp 10,499,511
$13,930,256
BROADCAST/MEDIA
13 Fuji Television Network Inc 203,960
140 Nippon Television Network Corp 91,300
140 Nippon Television Newtork Corp New Shares* 91,565
$386,825
BUILDING MATERIALS
71,000 Asahi Glass Co Ltd 795,189
$795,189
CHEMICALS
87,000 Asahi Chemical Industry Co Ltd 616,701
25,000 Shin-Etsu Chemical Co Ltd 1,271,206
$1,887,907
COMPUTER HARDWARE & SYSTEMS
119,000 Fujitsu Ltd 4,127,688
8,000 TDK Corp 1,152,308
$5,279,996
COMPUTER SOFTWARE & SERVICES
19,549 Softbank Corp 2,660,608
$2,660,608
COSMETICS & PERSONAL CARE
38,000 Kao Corp 1,163,650
$1,163,650
DISTRIBUTORS
95,000 Mitsubishi Corp 861,065
96,000 Mitsui & Co Ltd 734,937
64,000 Sumitomo Corp 721,629
$2,317,631
ELECTRIC COMPANIES
44,400 Chubu Electric Power Co Inc 791,021
59,200 Kansai Electric Power Co Inc 1,061,969
81,800 Tokyo Electric Power Co Inc 1,998,516
$3,851,506
ELECTRONIC INSTRUMENTS & EQUIP
6,000 Advantest Corp 1,341,146
14,500 Fanuc Ltd 1,478,711
202,000 Hitachi Ltd 2,921,034
2,420 Keyence Corp 800,529
11,500 Kyocera Corp 1,955,342
126,000 Matsushita Electric Industrial Co Ltd 3,274,892
130,000 Mitsubishi Electric Corp 1,410,519
15,000 Murata Manufacturing Co Ltd 2,157,743
98,000 NEC Corp 3,084,353
113,000 Sanyo Electric Co Ltd 1,018,874
14,000 Secom Co Ltd 1,025,471
68,000 Sharp Corp 1,205,047
55,020 Sony Corp 5,148,131
45,000 Sumitomo Electric Industries Ltd 773,215
195,000 Toshiba Corp 2,206,087
$29,801,094
ELECTRONICS - SEMICONDUCTOR
7,000 Rohm Co Ltd 2,050,943
11,000 Tokyo Electron Ltd 1,509,569
$3,560,512
FOOD & BEVERAGES
61,000 Kirin Brewery Co Ltd 763,905
$763,905
FOREIGN BANKS
170,000 Asahi Bank Ltd 716,601
283,000 Bank of Tokyo-Mitsubishi Ltd 3,426,331
189,000 Dai-Ichi Kangyo Bank Ltd 1,437,975
208,000 Fuji Bank Ltd 1,584,500
160,000 Industrial Bank of Japan Ltd 1,215,822
78,000 Mitsubishi Trust & Banking Corp 606,720
247,000 Sakura Bank Ltd 1,711,176
175,000 Sanwa Bank Ltd 1,399,272
190,000 Sumitomo Bank Ltd 2,334,483
87,000 Sumitomo Trust & Banking Co Ltd 620,812
136,000 Tokai Bank Ltd 672,256
$15,725,948
GOLD, METALS & MINING
411,000 Nippon Steel Corp 866,244
$866,244
INSURANCE RELATED
94,000 Tokio Marine & Fire Insurance Co Ltd 1,087,434
$1,087,434
INVESTMENT BANK/BROKERAGE FIRM
80,000 Daiwa Securities Group Inc 1,058,551
112,000 Nikko Securities Co Ltd 1,111,479
119,000 Nomura Securities Co Ltd 2,918,624
25,000 Yamaichi Securities Co Ltd @* 0
$5,088,654
LEISURE & ENTERTAINMENT
6,000 Oriental Land Co Ltd 614,149
$614,149
MACHINERY
4,200 SMC Corp 791,929
$791,929
MANUFACTURING
204,000 Mitsubishi Heavy Industries Ltd 906,195
$906,195
MEDICAL PRODUCTS
7,000 Hoya Corp 628,515
$628,515
OFFICE EQUIPMENT & SUPPLIES
53,000 Canon Inc 2,644,866
42,000 Ricoh Co Ltd 891,168
$3,536,034
PERSONAL LOANS
8,800 ACOM Co Ltd 741,893
$741,893
PHARMACEUTICALS
28,000 Sankyo Co Ltd 633,807
21,000 Taisho Pharmaceutical Co Ltd 754,218
54,000 Takeda Chemical Industries Ltd 3,552,195
21,000 Yamanouchi Pharmaceutical Co Ltd 1,149,190
$6,089,410
PHOTOGRAPHY/IMAGING
31,000 Fuji Photo Film Co Ltd 1,271,584
22,000 Nikon Corp 817,164
$2,088,748
PRINTING & PUBLISHING
46,000 Dai Nippon Printing Co Ltd 812,570
42,000 Toppan Printing Co Ltd 445,385
$1,257,955
RAILROADS
135 Central Japan Railway Co 765,559
242 East Japan Railway Co 1,408,931
$2,174,490
REAL ESTATE
79,000 Mitsubishi Estate Co Ltd 931,827
$931,827
RETAIL
25,000 Ito-Yokado Co Ltd 1,507,490
50,000 Seven-Eleven Japan Co Ltd 4,191,673
$5,699,163
TELEPHONE & TELECOMMUNICATIONS
138 DDI Corp 1,330,372
39 Japan Telecom Co Ltd 1,695,572
11,000 Matsushita Communication Industrial Co Ltd 1,287,085
170 NTT Data Corp 1,751,335
268 NTT DoCoMo Inc 7,269,631
192 Nippon Telegraph & Telephone Corp 2,558,669
$15,892,664
TOYS
9,000 Nintendo Co Ltd 1,575,351
$1,575,351
TRANSPORTATION
27,000 Yamato Transport Co Ltd 672,416
$672,416
TOTAL JAPAN --- 81.5% $135,212,594
NEW ZEALAND --- 0.4%
BROADCAST/MEDIA
22,100 Sky Network Television Ltd* 42,659
$42,659
ELECTRIC COMPANIES
36,400 Contact Energy Ltd 48,841
$48,841
FOOD & BEVERAGES
32,200 Lion Nathan Ltd 72,009
$72,009
OIL & GAS
20,009 Fletcher Challenge Energy 65,471
$65,471
PAPER & FOREST PRODUCTS
97,300 Carter Holt Harvey Ltd 84,746
$84,746
TELEPHONE & TELECOMMUNICATIONS
99,889 Telecom Corp of New Zealand Ltd 350,357
$350,357
TOTAL NEW ZEALAND --- 0.4% $664,083
PHILIPPINES --- 0.2%
FOOD & BEVERAGES
41,582 San Miguel Corp Class B 51,460
$51,460
FOREIGN BANKS
18,800 Bank of the Philippine Islands 33,921
19,000 Equitable PCI Bank 19,338
5,128 Metropolitan Bank & Trust Co 23,962
$77,221
MISCELLANEOUS
275,280 Ayala Corp 50,942
$50,942
REAL ESTATE
241,572 Ayala Land Inc 30,734
141,700 SM Prime Holdings 17,045
$47,779
TELEPHONE & TELECOMMUNICATIONS
2,800 Philippine Long Distance Telephone Co 50,197
$50,197
TOTAL PHILIPPINES --- 0.2% $277,599
SINGAPORE --- 2.2%
AIRLINES
75,800 Singapore Airlines Ltd 749,670
$749,670
ENGINEERING & CONSTRUCTION
69,000 Singapore Technologies Engineering Ltd 101,365
$101,365
FOREIGN BANKS
72,283 DBS Group Holdings Ltd 928,099
77,923 Oversea-Chinese Banking Corp Ltd 536,312
60,000 Overseas Union Bank Ltd 232,504
63,400 United Overseas Bank Ltd 414,355
$2,111,270
PRINTING & PUBLISHING
10,645 Singapore Press Holdings Ltd 166,232
$166,232
REAL ESTATE
48,000 City Developments Ltd 186,003
$186,003
TELEPHONE & TELECOMMUNICATIONS
189,000 Singapore Telecommunications Ltd 276,559
$276,559
TOTAL SINGAPORE --- 2.2% $3,591,099
THAILAND --- 0.2%
BROADCAST/MEDIA
5,700 BEC World Public Co Ltd 33,423
$33,423
BUILDING MATERIALS
1,800 Siam Cement Public Co Ltd* 33,774
$33,774
COMPUTER HARDWARE & SYSTEMS
5,700 Shin Corp Public Co Ltd* 27,610
$27,610
FOREIGN BANKS
21,400 Bangkok Bank Public Co Ltd* 26,187
163,000 Krung Thai Bank Public Co Ltd* 55,061
34,300 Thai Farmers Bank Public Co Ltd* 28,857
$110,105
OIL & GAS
9,300 PTT Exploration & Production Public Co Ltd 45,048
$45,048
TELEPHONE & TELECOMMUNICATIONS
5,500 Advanced Info Service Public Co Ltd* 50,758
6,800 TelecomAsia Corp Public Co Ltd Local Shares* 7,194
56,700 TelecomAsia Corp Public Co Ltd Foreign Shares* 62,880
$120,832
TOTAL THAILAND --- 0.2% $370,792
TOTAL COMMON STOCK --- 98.0% $162,703,207
(Cost $144,475,653)
PREFERRED STOCK
AUSTRALIA --- 0.4%
BROADCAST/MEDIA
51,717 News Corp Ltd (vtg) 626,141
$626,141
TOTAL AUSTRALIA --- 0.4% $626,141
TOTAL PREFERRED STOCK --- 0.4% $626,141
(Cost $412,062)
SHORT-TERM INVESTMENTS
UNITED STATES --- 0.4%
FINANCIAL SERVICES
623,000 Associates Corp of North America 622,761
$622,761
TOTAL UNITED STATES --- 0.4% $622,761
UNITED STATES --- 1.2%
U.S. GOVERNMENTS
2,000,000 United States of America (1) 1,989,719
$1,989,719
TOTAL UNITED STATES --- 1.2% $1,989,719
TOTAL SHORT-TERM INVESTMENTS --- 1.6% $2,612,480
(Cost $2,612,480)
TOTAL INDEX PACIFIC PORTFOLIO --- 100.0% $165,941,828
(Cost $147,500,195)
The Maxim Series Fund
Templeton International Equity Portfolio
BONDS
FRANCE --- 0.5%
INSURANCE RELATED
483,450 AXA SA # 510,483
Convertible
2.500% January 1, 2014
$510,483
TOTAL FRANCE --- 0.5% $510,483
TOTAL BONDS --- 0.5% $510,483
(Cost $546,879)
COMMON STOCK
ARGENTINA --- 0.7%
OIL & GAS
42,338 PC Holdings SA sponsored ADR 775,293
$775,293
TOTAL ARGENTINA --- 0.7% $775,293
AUSTRALIA --- 1.9%
FOREIGN BANKS
263,630 Australia & New Zealand Banking Group Ltd 2,027,611
$2,027,611
TOTAL AUSTRALIA --- 1.9% $2,027,611
AUSTRIA --- 0.3%
ELECTRIC COMPANIES
8,100 EVN AG 302,822
$302,822
TOTAL AUSTRIA --- 0.3% $302,822
BERMUDA --- 1.8%
FINANCIAL SERVICES
79,500 Mutual Risk Management Ltd 1,376,304
$1,376,304
INSURANCE RELATED
10,400 XL Capital Ltd Class A 562,900
$562,900
TOTAL BERMUDA --- 1.8% $1,939,204
BRAZIL --- 2.9%
FOREIGN BANKS
6,568,000 Banco Itau SA 573,426
$573,426
GOLD, METALS & MINING
33,740 Companhia Vale do Rio Doce sponsored ADR* 953,155
$953,155
TELEPHONE & TELECOMMUNICATIONS
1,505 Tele Sudeste Celular Participacoes SA ADR* 45,903
7,525 Telecomunicacoes Brasileiras SA sponsored ADR 730,866
39,425 Telesp-Telecomunicacoes de Sao Paulo SA* 729,363
$1,506,132
TOTAL BRAZIL --- 2.9% $3,032,713
CANADA --- 4.3%
COMMUNICATIONS - EQUIPMENT
18,300 Nortel Networks Corp 1,248,975
$1,248,975
GOLD, METALS & MINING
59,300 Barrick Gold Corp 1,078,489
$1,078,489
OIL & GAS
57,500 Renaissance Energy Ltd* 556,877
$556,877
TRANSPORTATION
44,400 Canadian National Railway Co 1,291,517
$1,291,517
UTILITIES
49,800 TransCanada PipeLines Ltd 379,793
$379,793
TOTAL CANADA --- 4.3% $4,555,651
CHILE --- 0.7%
FOOD & BEVERAGES
41,700 Embotelladora Andina SA ADR Class B 398,735
$398,735
TELEPHONE & TELECOMMUNICATIONS
16,100 Compania de Telecomunicaciones de Chile SA sponsored ADR 291,813
$291,813
TOTAL CHILE --- 0.7% $690,548
CHINA --- 0.4%
ELECTRIC COMPANIES
76,600 Shandong Huaneng Power Co Ltd sponsored ADR 320,724
$320,724
HOUSEHOLD GOODS
203,000 Guangdong Kelon Electrical Holdings Co Ltd 110,025
$110,025
TOTAL CHINA --- 0.4% $430,749
FRANCE --- 9.2%
FOREIGN BANKS
14,038 Banque Nationale de Paris 1,356,448
$1,356,448
INSURANCE RELATED
9,730 AXA 1,538,984
$1,538,984
OIL & GAS
8,042 Total Fina Elf 1,238,075
$1,238,075
PHARMACEUTICALS
37,806 Aventis SA 2,770,612
$2,770,612
TELEPHONE & TELECOMMUNICATIONS
43,000 Alcatel 2,831,800
$2,831,800
TOTAL FRANCE --- 9.2% $9,735,919
GERMANY --- 4.8%
AUTOMOBILES
17,900 Volkswagen AG 691,505
$691,505
FOREIGN BANKS
16,300 Deutsche Bank AG (registered) 1,367,985
$1,367,985
INSURANCE RELATED
3,248 Muenchener Rueckver AG (registered) 1,021,239
$1,021,239
MISCELLANEOUS
40,020 Veba AG 1,971,867
$1,971,867
TOTAL GERMANY --- 4.8% $5,052,596
HONG KONG --- 5.3%
ELECTRIC COMPANIES
60,000 CLP Holdings Ltd 279,399
255,700 Hongkong Electric Holdings Ltd 823,326
$1,102,725
FOREIGN BANKS
90,461 HSBC Holdings PLC 1,032,806
$1,032,806
INVESTMENT BANK/BROKERAGE FIRM
932,000 Peregrine Investments Holdings Ltd* 1
$1
MISCELLANEOUS
101,255 Hutchison Whampoa Ltd 1,272,945
$1,272,945
REAL ESTATE
161,000 Cheung Kong Holdings Ltd 1,781,362
$1,781,362
SHOES
158,700 Yue Yuen Industrial Holdings Ltd 352,201
$352,201
TOTAL HONG KONG --- 5.3% $5,542,040
IRELAND --- 1.8%
HEALTH CARE RELATED
39,450 Elan Corp PLC sponsored ADR* 1,910,840
$1,910,840
TOTAL IRELAND --- 1.8% $1,910,840
ITALY --- 4.9%
AUTOMOBILES
18,148 Fiat SpA 472,842
$472,842
FOREIGN BANKS
316,880 Banca Nazionale del Lavoro 1,120,879
$1,120,879
OIL & GAS
283,400 ENI SpA 1,643,587
$1,643,587
TELEPHONE & TELECOMMUNICATIONS
284,200 Telecom Italia SpA RNC 1,893,417
$1,893,417
TOTAL ITALY --- 4.9% $5,130,725
JAPAN --- 9.2%
ELECTRONIC INSTRUMENTS & EQUIP
13,400 Sony Corp 1,253,816
$1,253,816
GOLD, METALS & MINING
134,000 Yamato Kogyo Co Ltd 620,576
$620,576
INVESTMENT BANK/BROKERAGE FIRM
53,000 Nomura Securities Co Ltd 1,299,891
$1,299,891
MACHINERY
231,000 Komatsu Ltd 1,628,713
$1,628,713
TELEPHONE & TELECOMMUNICATIONS
151 Nippon Telegraph & Telephone Corp 2,012,287
$2,012,287
TRANSPORTATION
172,000 Nippon Express Co Ltd 1,058,286
$1,058,286
WATER
84,000 Kurita Water Industries Ltd 1,853,788
$1,853,788
TOTAL JAPAN --- 9.2% $9,727,357
KOREA --- 2.0%
ELECTRIC COMPANIES
67,300 Korea Electric Power Corp sponsored ADR* 1,240,810
$1,240,810
TELEPHONE & TELECOMMUNICATIONS
17,700 Korea Telecom Corp sponsored ADR 856,238
$856,238
TOTAL KOREA --- 2.0% $2,097,048
MEXICO --- 1.8%
MISCELLANEOUS
824,600 Desc SA de CV Series B 519,380
373,610 Desc SA de CV Series C 235,321
$754,701
TELEPHONE & TELECOMMUNICATIONS
20,400 Telefonos de Mexico SA sponsored ADR Class L 1,165,350
$1,165,350
TOTAL MEXICO --- 1.8% $1,920,051
NETHERLANDS --- 8.9%
AIR FREIGHT
35,223 TNT Post Group NV 953,855
$953,855
CHEMICALS
46,260 Akzo Nobel NV 1,973,345
$1,973,345
ELECTRONIC INSTRUMENTS & EQUIP
39,095 Koninklijke Philips Electronics NV 1,851,337
$1,851,337
FOREIGN BANKS
35,130 ING Groep NV 2,384,234
$2,384,234
MACHINERY
51,200 CNH Global NV* 473,600
$473,600
PRINTING & PUBLISHING
66,900 Wolters Kluwer NV 1,789,236
$1,789,236
TOTAL NETHERLANDS --- 8.9% $9,425,607
NEW ZEALAND --- 1.6%
PAPER & FOREST PRODUCTS
994,500 Carter Holt Harvey Ltd 866,190
$866,190
TELEPHONE & TELECOMMUNICATIONS
230,400 Telecom Corp of New Zealand Ltd 808,119
$808,119
TOTAL NEW ZEALAND --- 1.6% $1,674,309
NORWAY --- 0.6%
MANUFACTURING
15,900 Norsk Hydro ASA 669,654
$669,654
TOTAL NORWAY --- 0.6% $669,654
PHILIPPINES --- 0.5%
TELEPHONE & TELECOMMUNICATIONS
28,700 Philippine Long Distance Telephone Co sponsored ADR 509,425
$509,425
TOTAL PHILIPPINES --- 0.5% $509,425
PORTUGAL --- 0.8%
TELEPHONE & TELECOMMUNICATIONS
71,700 Portugal Telecom SA (registered) 808,284
$808,284
TOTAL PORTUGAL --- 0.8% $808,284
SINGAPORE --- 0.6%
PAPER & FOREST PRODUCTS
118,200 Asia Pulp & Paper Co Ltd sponsored ADR* 598,328
$598,328
TOTAL SINGAPORE --- 0.6% $598,328
SPAIN --- 4.8%
ELECTRIC COMPANIES
102,200 Iberdrola SA 1,322,580
$1,322,580
FOREIGN BANKS
36,600 Banco Popular Espanol SA 1,136,746
$1,136,746
OIL & GAS
95,930 Repsol YPF SA 1,917,335
$1,917,335
TELEPHONE & TELECOMMUNICATIONS
29,300 Telefonica SA* 631,957
$631,957
TOTAL SPAIN --- 4.8% $5,008,618
SWEDEN --- 5.7%
FOREIGN BANKS
87,900 ForeningsSparbanken AB 1,292,794
224,860 Nordic Baltic Holding AB 1,704,844
159,222 Nordic Baltic Holding AB FDR 1,163,042
72,060 Svenska Handelsbanken AB Class A 1,051,611
$5,212,291
HEAVY TRUCKS & PARTS
35,400 Volvo AB Class B 772,899
$772,899
TOTAL SWEDEN --- 5.7% $5,985,190
THAILAND --- 0.3%
FOREIGN BANKS
405,800 Thai Farmers Bank Public Co Ltd* 341,400
$341,400
TOTAL THAILAND --- 0.3% $341,400
UNITED KINGDOM --- 17.7%
AEROSPACE & DEFENSE
291,000 BAE Systems PLC 1,815,045
376,700 Rolls-Royce PLC 1,347,301
$3,162,346
AIRLINES
204,600 British Airways PLC 1,177,027
$1,177,027
BIOTECHNOLOGY
129,508 Celltech Group PLC* 2,509,596
$2,509,596
CHEMICALS
121,415 Imperial Chemical Industries PLC* 964,084
$964,084
ELECTRIC COMPANIES
207,110 National Power PLC 1,320,020
$1,320,020
FOOD & BEVERAGES
71,400 Unilever PLC 432,370
$432,370
INSURANCE RELATED
96,800 Allied Zurich PLC 1,145,253
169,000 Old Mututal PLC 371,621
$1,516,874
MACHINERY
257,300 Weir Group PLC 712,833
$712,833
MANUFACTURING
304,339 Invensys PLC 1,150,139
$1,150,139
MEDICAL PRODUCTS
195,070 Nycomed Amersham PLC 1,937,276
$1,937,276
RETAIL
221,000 Marks & Spencer PLC 777,043
155,300 Safeway PLC 604,229
$1,381,272
TRANSPORTATION
86,000 Peninsular & Oriental Steam Navigation Co 736,906
369,600 Stagecoach Holdings PLC 408,462
$1,145,368
WATER
99,500 Thames Water PLC* 1,287,913
$1,287,913
TOTAL UNITED KINGDOM --- 17.7% $18,697,118
UNITED STATES --- 1.1%
INSURANCE RELATED
39,600 ACE Ltd 1,108,800
$1,108,800
TOTAL UNITED STATES --- 1.1% $1,108,800
TOTAL COMMON STOCK --- 94.6% $99,697,900
(Cost $83,944,423)
PREFERRED STOCK
AUSTRALIA --- 1.7%
BROADCAST/MEDIA
148,631 News Corp Ltd (vtg) 1,799,486
$1,799,486
TOTAL AUSTRALIA --- 1.7% $1,799,486
TOTAL PREFERRED STOCK --- 1.7% $1,799,486
(Cost $750,453)
SHORT-TERM INVESTMENTS
UNITED STATES --- 3.2%
FINANCIAL SERVICES
3,399,000 Associates Corp of North America 3,397,699
$3,397,699
TOTAL UNITED STATES --- 3.2% $3,397,699
TOTAL SHORT-TERM INVESTMENTS --- 3.2% $3,397,699
(Cost $3,397,699)
TOTAL TEMPLETON INTERNATIONAL EQUITY PORTFOLIO --- 100.0% $105,405,568
(Cost $88,639,454)
The Maxim Series Fund
Ariel MidCap Value Portfolio
COMMON STOCK
CHEMICALS --- 1.5%
13,500 Avery Dennison Corp 906,188
$906,188
COMPUTER SOFTWARE & SERVICES --- 5.9%
92,500 Equifax Inc 2,428,125
3,099 Per-Se Technologies Inc (wts) @* 0
34,300 SunGard Data Systems Inc* 1,063,300
$3,491,425
DISTRIBUTORS --- 2.6%
20,500 Cardinal Health Inc 1,517,000
$1,517,000
FINANCIAL SERVICES --- 12.2%
53,000 Franklin Resources Inc 1,609,875
51,200 MBIA Inc 2,467,174
78,900 MBNA Corp 2,140,163
23,100 T Rowe Price Associates Inc 981,750
$7,198,962
FOOD & BEVERAGES --- 7.6%
39,600 Bob Evans Farms Inc 591,505
65,200 McCormick & Co Inc (nonvtg) 2,119,000
140,900 Whitman Corp 1,743,638
$4,454,143
HOTELS/MOTELS --- 1.6%
47,600 Carnival Corp 928,200
$928,200
HOUSEHOLD GOODS --- 12.0%
43,450 Clorox Co 1,947,081
38,700 Fortune Brands Inc 892,499
99,600 Leggett & Platt Inc 1,643,400
25,800 Libbey Inc 828,825
67,200 Newell Rubbermaid Inc 1,730,400
$7,042,205
INSURANCE RELATED --- 4.1%
18,100 Arthur J Gallagher & Co 760,200
30,200 XL Capital Ltd Class A 1,634,575
$2,394,775
LEISURE & ENTERTAINMENT --- 3.9%
86,100 International Game Technology* 2,281,650
$2,281,650
MANUFACTURING --- 2.1%
45,800 Specialty Equipment Cos Inc* 1,242,325
$1,242,325
MEDICAL PRODUCTS --- 2.8%
82,700 Sybron International Corp* 1,638,452
$1,638,452
OFFICE EQUIPMENT & SUPPLIES --- 6.8%
90,900 Herman Miller Inc 2,352,038
40,900 Pitney Bowes Inc 1,636,000
$3,988,038
PRINTING & PUBLISHING --- 16.1%
48,500 Central Newspapers Inc Class A 3,067,624
53,800 Houghton Mifflin Co 2,511,761
83,400 Lee Enterprises Inc 1,944,221
27,800 McClatchy Co Class A 920,875
29,600 Tribune Co 1,036,000
$9,480,481
REAL ESTATE --- 4.5%
106,800 Rouse Co REIT 2,643,300
$2,643,300
RETAIL --- 2.4%
65,500 Longs Drug Stores Corp 1,424,625
$1,424,625
SPECIALIZED SERVICES --- 5.1%
41,800 Galileo International Inc 872,575
28,000 H&R Block Inc 906,500
47,800 Harte-Hanks Inc 1,195,000
$2,974,075
TELEPHONE & TELECOMMUNICATIONS --- 3.6%
73,600 CenturyTel Inc 2,116,000
$2,116,000
TOYS --- 3.8%
148,800 Hasbro Inc 2,241,226
$2,241,226
TOTAL COMMON STOCK --- 98.5% $57,963,070
(Cost $63,036,851)
SHORT-TERM INVESTMENTS
FINANCIAL SERVICES --- 1.5%
895,000 Associates Corp of North America 894,658
$894,658
TOTAL SHORT-TERM INVESTMENTS --- 1.5% $894,658
(Cost $894,658)
TOTAL ARIEL MIDCAP VALUE PORTFOLIO --- 100.0% $58,857,728
(Cost $63,931,509)
The Maxim Series Fund
Ariel Small-Cap Value Portfolio
COMMON STOCK
ELECTRONIC INSTRUMENTS & EQUIP --- 4.4%
34,600 Littelfuse Inc* 1,695,400
$1,695,400
FINANCIAL SERVICES --- 4.3%
34,100 MBIA Inc 1,643,177
$1,643,177
FOOD & BEVERAGES --- 8.1%
82,500 Bob Evans Farms Inc 1,232,303
50,100 McCormick & Co Inc (nonvtg) 1,628,250
19,000 Whitman Corp 235,125
$3,095,678
HOUSEHOLD GOODS --- 6.3%
75,700 Leggett & Platt Inc 1,249,050
36,800 Libbey Inc 1,182,200
$2,431,250
INSURANCE RELATED --- 6.9%
12,600 Arthur J Gallagher & Co 529,200
59,800 HCC Insurance Holdings Inc 1,128,725
66,500 Horace Mann Educators Corp 997,500
$2,655,425
LEISURE & ENTERTAINMENT --- 4.3%
62,400 International Game Technology* 1,653,600
$1,653,600
MANUFACTURING --- 17.1%
54,100 Brady Corp Class A 1,758,250
38,000 Graco Inc 1,235,000
47,800 IDEX Corp 1,508,664
3,700 Matthews International Corp Class A* 107,300
71,900 Specialty Equipment Cos Inc* 1,950,288
$6,559,502
OFFICE EQUIPMENT & SUPPLIES --- 5.4%
40,386 General Binding Corp 270,061
60,100 Herman Miller Inc 1,555,088
23,100 Hunt Corp 239,663
$2,064,812
PRINTING & PUBLISHING --- 10.7%
37,600 Central Newspapers Inc Class A 2,378,198
73,700 Lee Enterprises Inc 1,718,094
$4,096,292
REAL ESTATE --- 5.7%
72,300 Rouse Co REIT 1,789,425
11,200 Urban Shopping Centers Inc REIT 377,294
$2,166,719
RETAIL --- 3.6%
63,700 Longs Drug Stores Corp 1,385,475
$1,385,475
SPECIALIZED SERVICES --- 6.7%
43,500 Department 56 Inc* 478,500
2,410 Grey Advertising Inc 1,214,640
78,500 ServiceMaster Co* 892,938
$2,586,078
TEXTILES --- 1.1%
113,450 Interface Inc 432,471
$432,471
TOYS --- 4.1%
105,050 Hasbro Inc 1,582,263
$1,582,263
TOTAL COMMON STOCK --- 88.9% $34,048,142
(Cost $34,271,701)
SHORT-TERM INVESTMENTS
FINANCIAL SERVICES --- 8.0%
200,000 American Express Credit Corp 199,849
1,872,000 Associates Corp of North America 1,871,283
1,000,000 Ford Motor Credit Co 999,627
$3,070,759
OIL & GAS --- 3.1%
1,200,000 Chevron Corp 1,198,867
$1,198,867
TOTAL SHORT-TERM INVESTMENTS --- 11.1% $4,269,626
(Cost $4,269,626)
TOTAL ARIEL SMALL-CAP VALUE PORTFOLIO --- 100.0% $38,317,768
(Cost $38,541,327)
The Maxim Series Fund
Bond Index Portfolio
BONDS
AEROSPACE & DEFENSE --- 1.1%
1,400,000 Northrop Grumman Corp 1,442,476
Notes
8.625% October 15, 2004
$1,442,476
AGENCY --- 38.4%
464,379 Fannie Mae 460,506
Pool #124654
7.000% December 1, 2007
600,000 Fannie Mae 559,542
6.000% May 15, 2008
3,236,270 Fannie Mae 3,196,853
Pool #323688
7.500% March 1, 2029
993,453 Fannie Mae 919,868
Pool 486700
5.500% March 1, 2014
600,000 Fannie Mae 552,096
5.750% February 15, 2008
385,543 Fannie Mae 389,518
Pool #323102
8.000% December 1, 2012
183,254 Fannie Mae 185,144
Pool #323265
8.000% June 1, 2012
1,830,915 Fannie Mae 1,849,792
Pool #124562
8.000% November 1, 2022
2,363,896 Fannie Mae 2,246,434
Pool #214037
6.500% December 1, 2023
2,773,275 Fannie Mae 2,720,388
Pool #510483
7.000% August 1, 2014
600,000 Fannie Mae 580,992
AGENCY NOTES
5.750% April 15, 2003
600,000 Fannie Mae 559,314
Notes
4.750% November 14, 2003
1,729,684 Fannie Mae 1,686,528
Pool #313567
6.500% November 1, 2009
2,495,970 Fannie Mae 2,284,586
Pool #323821
6.000% July 1, 2029
1,812,027 Fannie Mae 1,764,498
Pool #252771
7.000% June 1, 2022
600,000 Fannie Mae 586,686
7.550% March 27, 2007
600,000 Fannie Mae 594,936
5.625% March 15, 2001
4,746,740 Fannie Mae 4,479,736
Pool #489505
6.500% July 1, 2029
1,035,371 Fannie Mae 1,000,427
Pool #504712
7.000% July 1, 2029
600,000 Federal Home Loan Bank 593,532
4.875% January 26, 2001
600,000 Federal Home Loan Bank 567,654
JUMBO NOTES
5.125% September 15, 2003
500,000 Federal Home Loan Bank 484,920
4.875% January 22, 2002
3,376,096 Freddie Mac 3,190,411
Pool #C25252
6.500% April 1, 2029
1,000,000 Freddie Mac 947,190
Global Notes
5.950% January 19, 2006
1,000,000 Freddie Mac 976,410
Global Notes
6.700% January 5, 2007
600,000 Freddie Mac 525,096
5.125% October 15, 2008
492,517 Freddie Mac 451,269
Pool C26896
6.000% April 1, 2029
2,120,312 Freddie Mac 2,003,695
Pool C29179
6.500% July 1, 2029
884,694 Freddie Mac 847,280
Pool #E20199
6.000% September 1, 2010
515,280 Freddie Mac 491,448
Pool #E63038
6.000% February 1, 2011
750,933 Ginnie Mae 746,705
Pool #413320
7.500% September 15, 2025
1,323,513 Ginnie Mae 1,291,246
Pool #780189
7.000% July 15, 2025
84,811 Ginnie Mae 85,924
Pool #312989
8.000% January 15, 2007
108,037 Ginnie Mae 109,454
Pool #316037
8.000% December 15, 2006
395,747 Ginnie Mae 393,519
Pool #340847
7.500% November 15, 2025
525,828 Ginnie Mae 549,327
Pool #192881
9.000% January 15, 2017
112,970 Ginnie Mae 114,452
Pool #323073
8.000% April 15, 2007
182,837 Ginnie Mae 185,235
Pool # 323133
8.000% June 15, 2007
1,925,916 Ginnie Mae 1,827,809
Pool #490201
6.500% June 15, 2029
244,355 Ginnie Mae 238,397
Pool # 344196
7.000% January 15, 2023
59,709 Ginnie Mae 60,493
Pool #312963
8.000% August 15, 2006
69,662 Ginnie Mae 70,576
Pool #321871
8.000% March 15, 2007
1,491,567 Ginnie Mae 1,481,723
Pool #502858
7.500% November 15, 2029
1,983,696 Ginnie Mae 1,970,604
Pool #513364
7.500% August 15, 2029
625,397 Ginnie Mae 621,876
Pool #408165
7.500% December 15, 2025
648,485 Ginnie Mae 677,459
Pool #780398
9.000% April 15, 2021
89,033 Ginnie Mae 86,862
Pool # 345300
7.000% March 15, 2023
469,742 Ginnie Mae 458,290
Pool #343591
7.000% February 15, 2023
1,477,616 Ginnie Mae II 1,460,535
Pool #002853
7.500% December 20, 2029
$50,127,235
AUTOMOBILES --- 0.8%
1,200,000 Ford Motor Co 1,010,460
Bonds
6.625% October 1, 2028
$1,010,460
BANKS --- 1.7%
2,300,000 Wells Fargo & Co 2,216,970
Subordinated Notes
6.875% April 1, 2006
$2,216,970
BROADCAST/MEDIA --- 0.9%
1,300,000 News America Inc 1,191,970
Senior Notes
6.625% January 9, 2008
$1,191,970
CANADIAN - PROVINCIAL --- 1.0%
1,300,000 Province of Ontario 1,320,800
Bonds
7.625% June 22, 2004
$1,320,800
COMMERCIAL MORTGAGE BACKED --- 1.5%
945,486 Commercial Mortgage Acceptance Corp 923,768
Series 1999-C1 Class A1
6.790% August 15, 2008
1,000,000 DLJ Commercial Mortgage Corp 990,010
Series 1999-CG3 Class A1B
7.340% September 10, 2009
$1,913,778
DISTRIBUTORS --- 1.1%
1,500,000 SUPERVALU Inc 1,494,408
Notes
7.625% September 15, 2004
$1,494,408
ELECTRIC COMPANIES --- 2.5%
1,000,000 Empresa Nacional de Electricidad SA 932,570
Notes
7.750% July 15, 2008
1,300,000 Niagara Mohawk Power Corp 1,302,067
1st Mortgage
7.875% April 1, 2024
1,000,000 Tokyo Electric Power Co 971,850
Secured Notes
7.000% February 13, 2007
$3,206,487
FINANCIAL SERVICES --- 3.2%
1,500,000 General Electric Capital Corp 1,518,090
Notes
7.375% January 19, 2010
1,400,000 General Motors Acceptance Corp 1,439,648
Notes
9.625% December 15, 2001
1,200,000 Morgan Stanley Dean Witter & Co 1,184,436
Notes
6.875% March 1, 2003
$4,142,174
FOREIGN BANKS --- 3.5%
1,300,000 Abbey National PLC 1,256,710
Subordinated Notes
6.690% October 17, 2005
1,300,000 African Development Bank 1,274,442
Subordinated Notes
6.875% October 15, 2015
1,000,000 Export-Import Bank of Korea 911,770
Senior Unsubordinated Notes
6.375% February 15, 2006
1,200,000 National Australia Bank Ltd 1,147,452
Subordinated Notes
6.600% December 10, 2007
$4,590,374
INSURANCE RELATED --- 0.8%
1,200,000 Hartford Financial Services Group Inc 1,091,472
Senior Notes
6.375% November 1, 2008
$1,091,472
MISCELLANEOUS --- 1.2%
1,500,000 Archer-Daniels-Midland Co 1,601,670
Debentures
8.875% April 15, 2011
$1,601,670
OFFICE EQUIPMENT & SUPPLIES --- 1.0%
1,300,000 Xerox Corp 1,241,565
Notes
6.250% November 15, 2026
$1,241,565
OIL & GAS --- 0.9%
1,300,000 KN Energy Inc/Kinder Morgan Inc 1,216,566
Senior Notes
6.800% March 1, 2008
$1,216,566
OTHER ASSET-BACKED --- 1.1%
1,500,000 Citibank Credit Card Master Trust I 1,410,465
Series 1998-9 Class A
5.300% January 9, 2006
$1,410,465
PAPER & FOREST PRODUCTS --- 0.9%
1,300,000 Union Camp Corp 1,182,844
Notes
6.500% November 15, 2007
$1,182,844
RAILROADS --- 0.7%
1,000,000 Union Pacific Corp 934,546
Notes
6.790% November 9, 2007
$934,546
RETAIL --- 1.0%
1,300,000 Wal-Mart Stores Inc 1,321,177
Notes
7.500% May 15, 2004
$1,321,177
U.S. GOVERNMENTS --- 36.1%
7,300,000 United States of America 9,479,707
Treasury Notes
9.000% November 15, 2018
1,100,000 United States of America 1,081,091
Treasury Notes
5.875% November 15, 2005
5,300,000 United States of America 5,357,134
Treasury Notes
6.500% May 15, 2005
4,700,000 United States of America 4,668,416
Treasury Notes
6.125% August 15, 2007
17,100,000 United States of America 16,798,014
Treasury Notes
5.625% December 31, 2002
4,400,000 United States of America 4,734,796
Treasury Bonds
6.750% August 15, 2026
5,400,000 United States of America 5,067,576
Treasury Notes
4.250% November 15, 2003
$47,186,734
TOTAL BONDS --- 99.5% $129,844,171
(Cost $131,429,756)
SHORT-TERM INVESTMENTS
FINANCIAL SERVICES --- 0.5%
693,000 Associates Corp of North America 692,735
$692,735
TOTAL SHORT-TERM INVESTMENTS --- 0.5% $692,735
(Cost $692,735)
TOTAL BOND INDEX PORTFOLIO --- 100.0% $130,536,906
(Cost $132,122,491)
The Maxim Series Fund
Bond Portfolio
BONDS
AGENCY --- 8.4%
5,500,000 Fannie Mae 4,847,754
Notes
5.250% January 15, 2009
$4,847,754
AIR FREIGHT --- 4.4%
2,571,976 American Trans Air # 2,527,996
Series 1996-1 Class 1C
7.820% March 26, 2004
$2,527,996
BANKS --- 4.9%
3,000,000 Credit Suisse First Boston # 2,829,480
Subordinated Notes
6.500% May 1, 2008
$2,829,480
BROADCAST/MEDIA --- 4.9%
3,000,000 News America Inc 2,854,740
Company Guaranteed Notes
6.703% May 21, 2004
$2,854,740
FINANCIAL SERVICES --- 7.6%
3,000,000 Associates Corp of North America 2,918,100
Senior Notes
7.240% August 15, 2006
1,500,000 Greenpoint Bank 1,462,500
Senior Notes
6.700% July 15, 2002
$4,380,600
HEAVY TRUCKS & PARTS --- 3.3%
2,000,000 Dana Corp 1,890,200
Notes
6.250% March 1, 2004
$1,890,200
OIL & GAS --- 11.6%
3,000,000 Columbia Energy Group 2,915,880
Notes
6.610% November 28, 2002
1,000,000 Consolidated Natural Gas Co 905,500
Debentures
6.625% December 1, 2013
3,000,000 Occidental Petroleum Corp 2,897,340
Senior Notes
6.400% April 1, 2003
$6,718,720
OTHER ASSET-BACKED --- 10.1%
3,000,000 Delta Funding Home Equity Loan Trust 2,947,980
Series 1999-2 Class A5F
7.070% November 15, 2027
939,119 Green Tree Consumer Trust 905,809
Series 1998-A Class BH
8.410% May 15, 2029
2,000,000 World Financial Network Credit Card Master Trust 1,985,000
Series 1996-B Class A
6.950% April 15, 2006
$5,838,789
PERSONAL LOANS --- 5.0%
3,000,000 Takefuji Corp # 2,876,700
Senior Notes
7.300% November 1, 2004
$2,876,700
RAILROADS --- 5.0%
3,000,000 National Rail Corp # 2,886,900
Debentures
7.470% August 8, 2010
$2,886,900
REAL ESTATE --- 4.9%
3,000,000 Highwoods Properties Inc REIT 2,808,660
Notes
6.750% December 1, 2003
$2,808,660
RETAIL --- 5.0%
3,000,000 ShopKo Stores Inc 2,869,530
Senior Notes
6.500% August 15, 2003
$2,869,530
SPECIALIZED SERVICES --- 3.5%
2,000,000 CUC International Inc/Cedant Corp 2,000,000
Convertible
3.000% February 15, 2002
$2,000,000
TRANSPORTATION --- 2.9%
2,936,400 Zhuhai Highway Co Ltd # 1,688,430
Senior Notes
9.125% July 1, 2006
$1,688,430
U.S. GOVERNMENTS --- 16.5%
1,500,000 United States of America 1,947,885
Treasury Notes
9.000% November 15, 2018
900,000 United States of America 968,481
Treasury Bonds
6.750% August 15, 2026
950,000 United States of America 943,616
Treasury Notes
6.125% August 15, 2007
3,450,000 United States of America 3,389,073
Treasury Notes
5.625% December 31, 2002
1,250,000 United States of America 1,263,475
Treasury Notes
6.500% May 15, 2005
1,100,000 United States of America 1,032,284
Treasury Notes
4.250% November 15, 2003
$9,544,814
TOTAL BONDS --- 97.7% $56,563,313
(Cost $59,674,719)
SHORT-TERM INVESTMENTS
FINANCIAL SERVICES --- 2.3%
1,307,000 Associates Corp of North America 1,306,500
$1,306,500
TOTAL SHORT-TERM INVESTMENTS --- 2.3% $1,306,500
(Cost $1,306,500)
TOTAL BOND PORTFOLIO --- 100.0% $57,869,813
(Cost $60,981,219)
The Maxim Series Fund
Founders Growth & Income Portfolio
BONDS
COMPUTER HARDWARE & SYSTEMS --- 1.2%
1,500,000 Redback Networks Inc # 1,670,625
Convertible
5.000% April 1, 2007
$1,670,625
COMPUTER SOFTWARE & SERVICES --- 1.3%
1,600,000 Juniper Networks 1,750,000
Convertible
4.750% March 15, 2007
$1,750,000
TOTAL BONDS --- 2.4% $3,420,625
(Cost $2,983,796)
COMMON STOCK
BANKS --- 3.7%
29,425 Bank of New York Co Inc 1,368,263
19,675 Chase Manhattan Corp 906,270
15,850 Fifth Third Bancorp 1,002,513
5,475 Northern Trust Corp 356,214
2,825 State Street Corp 299,625
30,500 Wells Fargo & Co 1,181,875
$5,114,760
BIOTECHNOLOGY --- 0.5%
3,725 Genentech Inc* 640,700
$640,700
BROADCAST/MEDIA --- 4.5%
30,725 AMFM Inc* 2,120,025
24,175 AT&T Corp Liberty Media Group Class A* 586,244
36,850 Comcast Corp Class A* 1,492,425
16,225 General Motors Corp Class H* 1,423,744
33,450 USA Networks Inc* 723,356
$6,345,794
COMMUNICATIONS - EQUIPMENT --- 10.4%
77,600 Cisco Systems Inc* 4,932,411
10,375 Corning Inc 2,799,953
35,925 Lucent Technologies Inc 2,128,556
5,225 Network Appliance Inc* 420,613
42,055 Nortel Networks Corp 2,870,254
21,025 Tellabs Inc* 1,438,888
$14,590,675
COMPUTER HARDWARE & SYSTEMS --- 6.0%
15,100 Apple Computer Inc* 790,863
28,250 Dell Computer Corp* 1,393,064
38,100 EMC Corp* 2,931,300
12,200 Gateway Inc* 692,350
9,600 International Business Machines Corp 1,051,795
17,225 Sun Microsystems Inc* 1,566,390
$8,425,762
COMPUTER SOFTWARE & SERVICES --- 7.3%
23,350 Automatic Data Processing Inc 1,250,673
8,500 Computer Sciences Corp* 634,840
21,050 First Data Corp 1,044,606
10,300 Foundry Networks Inc* 1,138,150
8,375 Mercury Interactive Corp* 810,281
30,325 Oracle Corp* 2,549,180
2,175 Siebel Systems Inc* 355,747
8,300 VERITAS Software Corp* 938,025
6,300 VeriSign Inc* 1,111,950
2,975 Yahoo! Inc* 368,528
$10,201,980
COSMETICS & PERSONAL CARE --- 0.3%
13,800 Gillette Co 482,131
$482,131
ELECTRIC COMPANIES --- 0.5%
6,175 Duke Energy Corp 348,116
11,675 Montana Power Co 412,268
$760,384
ELECTRONIC INSTRUMENTS & EQUIP --- 3.1%
2,216 Agilent Technologies Inc* 163,430
64,900 General Electric Co 3,439,700
4,750 Sanmina Corp* 406,125
5,000 Vitesse Semiconductor Corp* 367,810
$4,377,065
ELECTRONICS - SEMICONDUCTOR --- 7.1%
24,725 Analog Devices Inc* 1,879,100
6,525 Applied Micro Circuits Corp* 644,344
37,250 Intel Corp 4,979,841
5,625 National Semiconductor Corp* 319,219
29,925 Texas Instruments Inc 2,055,458
$9,877,962
FINANCIAL SERVICES --- 2.8%
17,000 American Express Co 886,125
50,937 Citigroup Inc 3,068,954
$3,955,079
FOOD & BEVERAGES --- 1.4%
8,950 Anheuser-Busch Cos Inc 668,449
21,400 Coca-Cola Co 1,229,152
$1,897,601
HEALTH CARE RELATED --- 2.8%
35,275 Abbott Laboratories 1,571,925
11,325 Amgen Inc* 795,581
14,500 Bristol-Myers Squibb Co 844,625
9,400 MedImmune Inc* 695,600
$3,907,731
HOUSEHOLD GOODS --- 0.6%
14,025 Colgate-Palmolive Co 839,747
$839,747
INSURANCE RELATED --- 1.7%
16,625 American International Group Inc 1,953,438
4,150 Marsh & McLennan Cos Inc 433,414
$2,386,852
INVESTMENT BANK/BROKERAGE FIRM --- 0.1%
5,100 Charles Schwab Corp 171,488
$171,488
LEISURE & ENTERTAINMENT --- 4.6%
11,600 Harley-Davidson Inc 446,600
27,925 Time Warner Inc 2,122,300
45,250 Viacom Inc Class B* 3,085,462
19,250 Walt Disney Co 747,131
$6,401,493
MANUFACTURING --- 3.4%
13,450 Danaher Corp 664,928
27,175 Jabil Circuit Inc* 1,348,559
56,725 Tyco International Ltd 2,687,347
$4,700,834
MEDICAL PRODUCTS --- 2.9%
27,025 Baxter International Inc 1,900,182
21,125 Guidant Corp* 1,045,688
13,950 Medtronic Inc 694,877
5,825 PE Corp-PE Biosystems Group 383,722
$4,024,469
MISCELLANEOUS --- 2.1%
26,375 AES Corp* 1,203,359
185 Berkshire Hathaway Inc Class B* 325,600
7,200 Nextel Communications Inc Class A* 440,546
15,750 Sprint PCS* 937,125
$2,906,630
OIL & GAS --- 5.5%
8,300 Chevron Corp 703,940
23,475 Coastal Corp 1,429,041
19,300 Enron Corp 1,244,850
28,579 Exxon Mobil Corp 2,243,452
27,825 Halliburton Co 1,312,978
11,550 Royal Dutch Petroleum Co NY Shrs 711,041
$7,645,302
PHARMACEUTICALS --- 7.8%
19,700 Eli Lilly & Co 1,967,538
24,075 Merck & Co Inc 1,844,747
108,037 Pfizer Inc 5,185,768
15,681 Pharmacia Corp 810,504
21,250 Schering-Plough Corp 1,073,125
$10,881,682
RETAIL --- 5.8%
34,700 Costco Wholesale Corp* 1,145,100
20,600 Home Depot Inc 1,028,702
7,425 Kohl's Corp* 413,016
33,800 Kroger Co* 745,696
14,175 Lowe's Cos Inc 582,054
14,450 Safeway Inc* 652,056
11,075 Target Corp 642,350
37,175 Wal-Mart Stores Inc 2,142,209
23,900 Walgreen Co 769,269
$8,120,452
SPECIALIZED SERVICES --- 0.7%
13,175 DeVry Inc* 348,307
7,525 Omnicom Group Inc 670,192
$1,018,499
TELEPHONE & TELECOMMUNICATIONS --- 10.3%
17,175 ALLTEL Corp 1,063,768
8,875 E-Tek Dynamics Inc* 2,341,332
9,825 JDS Uniphase Corp* 1,177,772
32,975 LM Ericsson AB sponsored ADR* 659,500
6,525 Level 3 Communications Inc* 574,200
63,275 Nokia OYJ sponsored ADR 3,159,764
28,000 Qwest Communications International Inc* 1,391,236
37,025 SBC Communications Inc 1,601,331
7,475 Sprint Corp 381,225
16,100 Verizon Communications 1,002,225
17,485 Vodafone AirTouch PLC sponsored ADR 724,526
3,115 VoiceStream Wireless Corp* 362,262
$14,439,141
TOTAL COMMON STOCK --- 95.9% $134,114,213
(Cost $121,451,587)
SHORT-TERM INVESTMENTS
FINANCIAL SERVICES --- 1.6%
2,296,000 Associates Corp of North America 2,295,121
$2,295,121
TOTAL SHORT-TERM INVESTMENTS --- 1.6% $2,295,121
(Cost $2,295,121)
TOTAL FOUNDERS GROWTH & INCOME PORTFOLIO --- 100.0% $139,829,959
(Cost $126,730,504)
The Maxim Series Fund
Global Bond Portfolio
BONDS
CANADIAN - FEDERAL --- 4.4%
2,100,000 Canadian Government 1,796,445
Bonds
8.000% June 1, 2023
3,600,000 Canadian Government 2,370,115
Bonds
5.500% June 1, 2009
$4,166,560
CANADIAN - PROVINCIAL --- 4.1%
2,600,000 Province of Ontario 3,906,225
Unsubordinated Notes
6.375% June 10, 2004
$3,906,225
FINANCIAL SERVICES --- 17.1%
17,000,000 CIE Financement Foncier 16,335,311
Pfandbriefe
6.125% February 23, 2015
$16,335,311
FOREIGN BANKS --- 25.3%
38,000,000 AB Spintab 4,514,384
Bonds
6.750% May 5, 2014
2,740,000 Bank Nederlandse Gemeenten NV 4,077,569
Senior Unsubordinated Notes
6.375% March 30, 2005
382,000,000 DSL Bank AG 3,610,415
Senior Unsubordinated Notes
1.750% October 7, 2009
4,000,000 DePfa Deutsche Pfandbriefbank AG 3,338,612
Jumbo Pfandbriefe
4.500% January 15, 2014
3,600,000 DePfa Deutsche Pfandbriefbank AG 3,327,416
Jumbo Pfandbriefe
5.500% January 15, 2013
2,670,000 Eurohypo AG 4,092,639
Pfandbriefe
7.250% December 30, 2002
133,000,000 Oesterreichische Kontrollbank AG 1,269,599
Global Bonds
1.800% March 22, 2010
$24,230,634
FOREIGN GOVERNMENTS --- 19.9%
5,160,000 Government of France 4,607,549
Debentures
3.000% July 25, 2009
303,700,000 Government of Japan 2,980,009
Bonds
2.400% March 20, 2020
10,770,000 Government of New Zealand 4,760,109
Bonds
6.000% November 15, 2011
5,000,000 Government of Sweden 612,532
Debentures
6.500% May 5, 2008
18,000,000 Government of Sweden 2,221,285
Bonds
4.000% December 1, 2008
1,530,000 United Kingdom Treasury 2,484,428
Bonds
9.750% August 27, 2002
800,000 United Kingdom Treasury 1,372,805
Bonds
8.500% December 7, 2005
$19,038,717
INVESTMENT BANK/BROKERAGE FIRM --- 2.9%
1,890,000 KFW International Finance 2,764,703
Bank Guaranteed Notes
5.500% June 18, 2004
$2,764,703
PHARMACEUTICALS --- 3.4%
1,980,000 Glaxo Wellcome PLC 3,271,346
Unsubordinated Notes
8.750% December 1, 2005
$3,271,346
TELEPHONE & TELECOMMUNICATIONS --- 3.9%
6,300,000 Telstra Corp Ltd 3,704,600
Senior Unsubordinated Notes
7.250% March 30, 2010
$3,704,600
U.S. GOVERNMENTS --- 12.7%
11,785,000 United States of America 12,117,809
Inflation Index Bond
3.875% January 15, 2009
$12,117,809
TOTAL BONDS --- 93.6% $89,535,905
(Cost $90,362,904)
SHORT-TERM INVESTMENTS
CANADIAN - FEDERAL --- 5.5%
7,800,000 Canada Treasury Bill 5,227,201
$5,227,201
FINANCIAL SERVICES --- 0.4%
359,000 Associates Corp of North America 358,863
$358,863
INVESTMENT BANK/BROKERAGE FIRM --- 0.5%
500,000 Centauri Corp 498,350
$498,350
TOTAL SHORT-TERM INVESTMENTS --- 6.4% $6,084,414
(Cost $6,084,414)
TOTAL GLOBAL BOND PORTFOLIO --- 100.0% $95,620,319
(Cost $96,447,318)
The Maxim Series Fund
Growth Index Portfolio
COMMON STOCK
AIRLINES --- 0.0%
4,200 US Airways Group Inc* 163,800
$163,800
BROADCAST/MEDIA --- 0.5%
57,900 Comcast Corp Class A* 2,344,950
$2,344,950
BUILDING MATERIALS --- 0.0%
3,700 Owens Corning 34,225
$34,225
CHEMICALS --- 0.1%
7,400 Avery Dennison Corp 496,725
4,300 WR Grace & Co* 52,138
$548,863
COMMUNICATIONS - EQUIPMENT --- 14.7%
21,800 ADC Telecommunications Inc* 1,828,475
448,700 Cisco Systems Inc* 28,520,269
10,000 Comverse Technology Inc* 930,000
17,700 Corning Inc 4,776,788
210,150 Lucent Technologies Inc 12,451,388
19,600 Network Appliance Inc* 1,577,800
191,200 Nortel Networks Corp 13,049,400
47,800 QUALCOMM Inc* 2,868,000
26,500 Tellabs Inc* 1,813,581
$67,815,701
COMPUTER HARDWARE & SYSTEMS --- 9.2%
166,100 Dell Computer Corp* 8,190,723
140,100 EMC Corp* 10,778,874
20,840 Gateway Inc* 1,182,670
114,300 International Business Machines Corp 12,522,937
8,400 Lexmark International Group Inc Class A* 564,900
102,300 Sun Microsystems Inc* 9,302,855
$42,542,959
COMPUTER SOFTWARE & SERVICES --- 14.8%
7,800 Adobe Systems Inc 1,014,000
148,224 America Online Inc* 7,818,816
40,400 Automatic Data Processing Inc 2,163,905
15,700 BMC Software Inc* 572,799
12,000 Citrix Systems Inc* 227,244
37,925 Computer Associates International Inc 1,941,267
23,200 Compuware Corp* 240,700
9,100 Equifax Inc 238,875
5,100 Mercury Interactive Corp* 493,425
339,500 Microsoft Corp* 27,160,000
183,050 Oracle Corp* 15,387,549
17,800 Parametric Technology Corp* 195,800
23,910 Paychex Inc 1,004,220
17,800 PeopleSoft Inc* 298,150
35 Per-Se Technologies Inc (wts) @* 0
3,800 Sapient Corp* 406,361
12,900 Siebel Systems Inc* 2,109,950
25,200 VERITAS Software Corp* 2,847,978
35,100 Yahoo! Inc* 4,348,013
$68,469,052
COSMETICS & PERSONAL CARE --- 0.7%
15,300 Avon Products Inc 680,850
67,264 Gillette Co 2,350,002
$3,030,852
DISTRIBUTORS --- 0.2%
21,400 SYSCO Corp 901,475
$901,475
ELECTRONIC INSTRUMENTS & EQUIP --- 8.4%
29,100 Agilent Technologies Inc* 2,146,125
12,500 American Power Conversion Corp* 510,150
638,300 General Electric Co 33,829,891
9,600 Sanmina Corp* 820,800
38,400 Solectron Corp* 1,608,000
$38,914,966
ELECTRONICS - SEMICONDUCTOR --- 10.2%
12,800 Altera Corp* 1,304,794
52,200 Applied Materials Inc* 4,730,625
14,062 Conexant Systems Inc* 683,765
216,000 Intel Corp 28,876,392
20,000 Linear Technology Corp 1,278,740
18,300 Maxim Integrated Products Inc* 1,243,247
105,500 Texas Instruments Inc 7,246,479
20,700 Xilinx Inc* 1,709,033
$47,073,075
FINANCIAL SERVICES --- 0.4%
51,700 MBNA Corp 1,402,363
10,100 SLM Holding Corp 378,114
$1,780,477
FOOD & BEVERAGES --- 5.3%
29,100 Anheuser-Busch Cos Inc 2,173,392
17,700 Bestfoods 1,225,725
27,200 Campbell Soup Co 792,200
159,600 Coca-Cola Co 9,166,945
18,800 General Mills Inc 719,100
22,650 HJ Heinz Co 990,938
26,100 Kellogg Co 776,475
92,900 PepsiCo Inc 4,128,197
8,400 Quaker Oats Co 631,050
19,700 Ralston-Ralston Purina Group 392,759
56,100 Sara Lee Corp 1,083,403
36,800 Unilever NV NY Shrs 1,582,400
7,300 Wm Wrigley Jr Co 585,365
$24,247,949
GOLD, METALS & MINING --- 0.0%
10,300 Freeport-McMoRan Copper & Gold Inc Class B* 95,275
$95,275
HEALTH CARE RELATED --- 6.0%
99,900 Abbott Laboratories 4,451,744
8,300 Allergan Inc 618,350
66,200 Amgen Inc* 4,650,550
9,500 Biogen Inc* 612,750
127,200 Bristol-Myers Squibb Co 7,409,400
89,676 Johnson & Johnson 9,135,743
13,500 MedImmune Inc* 999,000
$27,877,537
HOTELS/MOTELS --- 0.0%
23,700 Hilton Hotels Corp 222,188
$222,188
HOUSEHOLD GOODS --- 2.0%
37,200 Colgate-Palmolive Co 2,227,350
35,760 Kimberly-Clark Corp 2,051,730
5,000 Maytag Corp 184,375
84,300 Procter & Gamble Co 4,826,175
3,900 Tupperware Corp 85,800
$9,375,430
INVESTMENT BANK/BROKERAGE FIRM --- 0.6%
87,900 Charles Schwab Corp 2,955,638
$2,955,638
LEISURE & ENTERTAINMENT --- 1.6%
19,500 Harley-Davidson Inc 750,750
84,950 Time Warner Inc 6,456,200
$7,206,950
MANUFACTURING --- 1.2%
2,900 Millipore Corp 218,588
5,315 Sealed Air Corp* 278,373
108,900 Tyco International Ltd 5,159,138
$5,656,099
MEDICAL PRODUCTS --- 1.2%
19,700 Guidant Corp* 975,150
77,216 Medtronic Inc 3,846,283
13,600 PE Corp-PE Biosystems Group 895,900
$5,717,333
MISCELLANEOUS --- 1.4%
49,000 Nextel Communications Inc Class A* 2,998,163
59,100 Sprint PCS* 3,516,450
$6,514,613
OFFICE EQUIPMENT & SUPPLIES --- 0.1%
16,600 Pitney Bowes Inc 664,000
$664,000
PERSONAL LOANS --- 0.2%
9,350 Providian Financial Corp 841,500
$841,500
PHARMACEUTICALS --- 9.3%
72,900 Eli Lilly & Co 7,280,888
148,300 Merck & Co Inc 11,363,488
406,300 Pfizer Inc 19,502,400
94,400 Schering-Plough Corp 4,767,200
$42,913,976
PRINTING & PUBLISHING --- 0.1%
5,700 Dow Jones & Co Inc 417,525
$417,525
RESTAURANTS --- 0.2%
11,800 Starbucks Corp* 450,607
9,430 Tricon Global Restaurants Inc* 266,398
$717,005
RETAIL --- 6.9%
9,000 Bed Bath & Beyond Inc* 326,250
13,100 Best Buy Co Inc* 828,575
54,800 Gap Inc 1,712,500
149,200 Home Depot Inc 7,450,600
21,000 Kohl's Corp* 1,168,125
53,800 Kroger Co* 1,186,936
12,000 Radioshack Corp 568,500
287,500 Wal-Mart Stores Inc 16,567,188
65,000 Walgreen Co 2,092,155
$31,900,829
SPECIALIZED SERVICES --- 0.6%
10,400 Dun & Bradstreet Corp 297,700
19,100 IMS Health Inc 343,800
19,500 Interpublic Group of Cos Inc 838,500
11,400 Omnicom Group Inc 1,015,307
4,700 Young & Rubicam Inc 268,779
$2,764,086
TELEPHONE & TELECOMMUNICATIONS --- 2.7%
219,429 SBC Communications Inc 9,490,304
32,700 US WEST Inc 2,804,025
$12,294,329
TOBACCO --- 0.0%
10,400 UST Inc 152,745
$152,745
TOTAL COMMON STOCK --- 98.8% $456,155,402
(Cost $321,853,735)
SHORT-TERM INVESTMENTS
FINANCIAL SERVICES --- 0.7%
3,334,000 Associates Corp of North America 3,332,724
$3,332,724
U.S. GOVERNMENTS --- 0.4%
2,000,000 United States of America (1) 1,982,656
$1,982,656
TOTAL SHORT-TERM INVESTMENTS --- 1.2% $5,315,380
(Cost $5,315,380)
TOTAL GROWTH INDEX PORTFOLIO --- 100.0% $461,470,782
(Cost $327,169,115)
The Maxim Series Fund
INVESCO Balanced Portfolio
BONDS
AGENCY --- 3.4%
1,992,252 Freddie Mac 1,880,187
Pool #C36506
6.500% February 1, 2030
3,177,755 Freddie Mac 3,077,434
6.500% November 1, 2012
1,363,243 Freddie Mac 1,320,205
Gold Pool #E00501
6.500% July 1, 2012
1,000,000 Resolution Funding Corp (3) (6) 564,439
Zero Coupon
0.000% April 15, 2009
$6,842,265
BROADCAST/MEDIA --- 1.6%
1,000,000 Paramount Communications Inc 970,150
Debentures
8.250% August 1, 2022
1,250,000 Tele-Communications Inc 1,420,163
Debentures
9.800% February 1, 2012
1,000,000 Time Warner Entertainment LP 967,210
Debentures
7.250% September 1, 2008
$3,357,523
BUILDING MATERIALS --- 0.7%
1,500,000 USG Corp 1,484,085
Senior Notes
8.500% August 1, 2005
$1,484,085
ELECTRIC COMPANIES --- 9.6%
500,000 Appalachian Power Co 505,835
1st Mortgage
8.000% June 1, 2025
1,350,000 Central Power & Light Co 1,255,001
1st Mortgage
7.500% April 1, 2023
500,000 Commonwealth Edison Co 481,520
1st Mortgage
7.000% July 1, 2005
1,000,000 Commonwealth Edison Co 1,006,140
1st Mortgage
8.250% October 1, 2006
500,000 Commonwealth Edison Co 491,135
1st Mortgage
8.375% February 15, 2023
1,250,000 Consumers Energy Co 1,080,075
1st Mortgage
7.375% September 15, 2023
800,000 Duquesne Light Co 746,176
Collateral Trust
7.550% June 15, 2025
1,000,000 El Paso Electric Co 1,027,630
1st Mortgage
8.900% February 1, 2006
500,000 Indiana Michigan Power Co 526,290
1st Mortgage
8.500% December 15, 2022
500,000 Jersey Central Power & Light 472,080
1st Mortgage
7.500% May 1, 2023
750,000 Jersey Central Power & Light 756,945
1st Mortgage
7.980% February 16, 2023
500,000 Kentucky Utilities Co Class R 468,865
1st Mortgage
7.550% June 1, 2025
500,000 Metropolitan Edison Co 500,660
1st Mortgage
8.150% January 30, 2023
1,600,000 New York State Electric & Gas Corp 1,618,432
1st Mortgage
8.300% December 15, 2022
2,000,000 Niagara Mohawk Power Corp 1,994,060
1st Mortgage
7.750% May 15, 2006
500,000 Pennsylvania Power Co 493,320
1st Mortgage
8.500% July 15, 2022
500,000 Potomac Edison Co 479,515
1st Mortgage
7.750% May 1, 2025
1,000,000 Potomac Electric Power Co 1,034,540
1st Mortgage
8.500% May 15, 2027
1,500,000 TXU Electric Capital V 1,495,170
Company Guaranteed Notes
8.175% January 30, 2037
500,000 Texas Utilities Electric Co 526,030
1st Mortgage
8.750% November 1, 2023
1,500,000 Texas Utilities Electric Co 1,404,405
1st Mortgage
7.875% April 1, 2024
500,000 Union Electric Co 510,965
1st Mortgage
8.250% October 15, 2022
750,000 Union Electric Co 786,293
1st Mortgage
8.750% December 1, 2021
$19,661,082
FINANCIAL SERVICES --- 1.5%
500,000 Associates Corp of North America 494,294
Senior Notes
7.375% June 11, 2007
2,500,000 Cental Capital/Sprint Corp 2,665,800
Debentures
9.000% October 15, 2019
$3,160,094
HEALTH CARE RELATED --- 0.4%
845,000 FHP International Corp/PacifiCare Health Systems Inc 807,651
Senior Notes
7.000% September 15, 2003
$807,651
HOTELS/MOTELS --- 0.2%
500,000 Hilton Hotels Corp 440,190
Senior Notes
7.200% December 15, 2009
$440,190
INSURANCE RELATED --- 1.7%
1,785,000 Equitable Cos/AXA Financial Inc 1,863,433
Senior Notes
9.000% December 15, 2004
2,000,000 Progressive Corp 1,581,760
Senior Notes
6.625% March 1, 2029
$3,445,193
OIL & GAS --- 1.1%
1,205,000 Atlantic Richfield Co 1,396,137
Debentures
10.875% July 15, 2005
500,000 Gulf Canada Resources Ltd 491,250
Senior Notes
8.375% November 15, 2005
300,000 NorAm Energy Corp 261,000
Convertible
6.000% March 15, 2012
$2,148,387
PAPER & FOREST PRODUCTS --- 1.0%
500,000 Bowater Inc 517,925
Debentures
9.000% August 1, 2009
1,500,000 Chesapeake Corp 1,426,260
Debentures
7.200% March 15, 2005
$1,944,185
TELEPHONE & TELECOMMUNICATIONS --- 4.0%
1,000,000 AT&T Corp 889,210
Notes
6.000% March 15, 2009
1,000,000 British Telecom PLC (2) 925,000
Step Bond 0%/12.500%
10.290% February 1, 2007
500,000 Esat Telecom Group PLC 588,485
Senior Notes
11.875% December 1, 2008
1,350,000 GTE Corp 1,264,734
Debentures
7.900% February 1, 2027
4,000,000 Metronet Communications/AT&T Canada Inc (2) 3,244,480
Step Bond 0%/9.950%
8.790% June 15, 2008
750,000 Rogers Cantel Inc 810,000
Debentures
9.750% June 1, 2016
500,000 US West Communications 460,900
Notes
5.650% November 1, 2004
$8,182,809
U.S. GOVERNMENTS --- 3.4%
1,000,000 United States of America 992,030
Treasury Notes
6.000% August 15, 2009
5,250,000 United States of America 5,064,621
Treasury Notes
5.625% May 15, 2008
1,000,000 United States of America 956,870
Notes
5.500% May 15, 2009
$7,013,521
TOTAL BONDS --- 28.7% $58,486,985
(Cost $61,814,004)
COMMON STOCK
BANKS --- 5.2%
42,000 Bank of America Corp 1,806,000
53,000 Bank of New York Co Inc 2,464,500
48,650 Chase Manhattan Corp 2,240,916
17,100 JP Morgan & Co Inc 1,883,138
55,500 Wells Fargo & Co 2,150,625
$10,545,179
BIOTECHNOLOGY --- 1.5%
17,600 Genentech Inc* 3,027,200
$3,027,200
BROADCAST/MEDIA --- 4.0%
91,200 AT&T Corp Liberty Media Group Class A* 2,211,600
40,500 Clear Channel Communications Inc* 3,037,500
34,400 General Motors Corp Class H* 3,018,600
$8,267,700
COMMUNICATIONS - EQUIPMENT --- 2.5%
31,600 Cisco Systems Inc* 2,008,559
44,200 Nortel Networks Corp 3,016,650
$5,025,209
COMPUTER HARDWARE & SYSTEMS --- 4.0%
39,600 EMC Corp* 3,046,705
14,400 Redback Networks Inc* 2,563,200
27,000 Sun Microsystems Inc* 2,455,299
$8,065,204
COMPUTER SOFTWARE & SERVICES --- 2.5%
52,200 America Online Inc* 2,753,550
48,300 SAP AG sponsored ADR 2,267,057
$5,020,607
CONGLOMERATES --- 0.5%
17,400 Textron Inc 945,029
$945,029
CONTAINERS --- 0.7%
34,000 Temple-Inland Inc 1,428,000
$1,428,000
COSMETICS & PERSONAL CARE --- 1.0%
59,300 Gillette Co 2,071,764
$2,071,764
ELECTRIC COMPANIES --- 0.9%
48,700 Unicom Corp 1,884,057
$1,884,057
ELECTRONIC INSTRUMENTS & EQUIP --- 2.5%
44,800 Gemstar International Group Ltd* 2,753,099
42,600 General Electric Co 2,257,800
$5,010,899
ELECTRONICS - SEMICONDUCTOR --- 3.6%
18,800 Intel Corp 2,513,316
44,500 Maxim Integrated Products Inc* 3,023,197
27,600 Texas Instruments Inc 1,895,761
$7,432,274
FINANCIAL SERVICES --- 2.5%
47,300 Citigroup Inc 2,849,825
26,500 Morgan Stanley Dean Witter & Co 2,206,125
$5,055,950
FOOD & BEVERAGES --- 0.8%
22,500 Anheuser-Busch Cos Inc 1,680,458
$1,680,458
HEALTH CARE RELATED --- 2.4%
40,000 American Home Products Corp 2,350,000
25,100 Johnson & Johnson 2,557,063
$4,907,063
HOTELS/MOTELS --- 1.1%
108,700 Harrah's Entertainment Inc* 2,275,852
$2,275,852
HOUSEHOLD GOODS --- 0.9%
30,100 Colgate-Palmolive Co 1,802,238
$1,802,238
INSURANCE RELATED --- 1.3%
50,900 Allmerica Financial Corp 2,665,888
$2,665,888
MISCELLANEOUS --- 1.9%
18,200 Minnesota Mining & Mftg Co 1,501,500
39,800 Nextel Communications Inc Class A* 2,435,243
$3,936,743
OIL & GAS --- 6.6%
34,200 Apache Corp 2,011,370
34,500 BP Amoco PLC sponsored ADR 1,951,389
51,000 Canadian Natural Resources Ltd* 1,480,057
33,500 Coastal Corp 2,039,313
30,200 Exxon Mobil Corp 2,370,700
19,300 Schlumberger Ltd 1,440,263
64,000 Unocal Corp 2,120,000
$13,413,092
PHARMACEUTICALS --- 5.1%
26,000 Forest Laboratories Inc* 2,626,000
37,700 Merck & Co Inc 2,888,763
61,625 Pfizer Inc 2,958,000
36,000 Pharmacia Corp 1,860,732
$10,333,495
RAILROADS --- 1.3%
30,900 Kansas City Southern Industries Inc 2,740,428
$2,740,428
RETAIL --- 3.9%
37,700 Kohl's Corp* 2,097,063
69,300 Radioshack Corp 3,283,084
44,000 Target Corp 2,552,000
$7,932,147
SPECIALIZED SERVICES --- 1.2%
26,600 Omnicom Group Inc 2,369,049
$2,369,049
TELEPHONE & TELECOMMUNICATIONS --- 7.1%
27,300 Amdocs Ltd* 2,095,275
43,200 Cable & Wireless PLC sponsored ADR 2,162,678
53,000 Crown Castle International Corp* 1,934,500
45,600 EchoStar Communications Corp Class A* 1,509,770
101,900 McLeodUSA Inc Class A* 2,108,005
48,700 Qwest Communications International Inc* 2,419,757
50,400 SBC Communications Inc 2,179,800
$14,409,785
TOTAL COMMON STOCK --- 64.8% $132,245,310
(Cost $112,568,018)
SHORT-TERM INVESTMENTS
FINANCIAL SERVICES --- 6.6%
9,419,000 Associates Corp of North America 9,415,394
3,000,000 Ford Motor Credit Co 2,994,998
1,000,000 Prudential Funding Corp 999,248
$13,409,640
TOTAL SHORT-TERM INVESTMENTS --- 6.6% $13,409,640
(Cost $13,409,640)
TOTAL INVESCO BALANCED PORTFOLIO --- 100.0% $204,141,935
(Cost $187,791,662)
The Maxim Series Fund
INVESCO Small-Cap Growth Portfolio
COMMON STOCK
AEROSPACE & DEFENSE --- 1.2%
74,000 REMEC Inc* 3,098,750
$3,098,750
AIR FREIGHT --- 0.7%
51,400 Atlas Air Inc* 1,843,975
$1,843,975
BANKS --- 1.0%
70,300 City National Corp 2,442,925
$2,442,925
BIOTECHNOLOGY --- 3.2%
31,600 Cephalon Inc* 1,892,050
30,200 Gene Logic Inc* 1,077,747
20,700 Inhale Therapeutic Systems Inc* 2,100,388
19,700 Invitrogen Corp* 1,481,499
9,300 Protein Design Labs Inc* 1,534,063
$8,085,747
BROADCAST/MEDIA --- 2.5%
54,300 Citadel Comunications Corp* 1,897,079
42,600 Emmis Communications Corp Class A* 1,762,575
53,800 Pegasus Communications Corp* 2,639,536
$6,299,190
COMMUNICATIONS - EQUIPMENT --- 3.7%
23,300 ANADIGICS Inc* 793,645
31,700 DSET Corp* 962,888
95,500 Digital Microwave Corp* 3,640,938
64,500 Manufacturers Services Ltd* 1,326,249
27,300 Polycom Inc* 2,568,739
$9,292,459
COMPUTER SOFTWARE & SERVICES --- 20.0%
29,700 Accrue Software Inc* 1,054,350
32,700 Agile Software Corp* 2,311,465
15,500 Alteon Websystems Inc* 1,550,961
48,000 AppNet Inc* 1,728,000
20,800 Art Technology Group Inc* 2,099,490
23,300 Business Objects SA sponsored ADR* 2,053,313
27,400 CacheFlow Inc* 1,686,799
25,100 Entrust Technologies Inc* 2,077,025
60,400 FileNET Corp* 1,109,850
52,300 IONA Technologies PLC ADR* 3,294,900
28,200 ISS Group Inc* 2,784,299
78,510 IntraNet Solutions Inc* 3,012,821
62,000 JDA Software Group Inc* 1,189,594
57,200 Jack Henry & Associates Inc 2,867,150
16,000 Macromedia Inc* 1,546,992
37,800 Mercator Software Inc* 2,598,750
22,200 Mercury Interactive Corp* 2,147,850
50,908 NetIQ Corp* 3,035,390
22,100 Numerical Technologies Inc* 1,074,613
26,600 OTG Software Inc* 759,749
31,300 Packeteer Inc* 911,613
39,000 Peregrine Systems Inc* 1,352,793
10,700 Precise Software Solutions Ltd* 256,800
52,900 Proxicom Inc* 2,532,588
40,500 SmartForce PLC sponsored ADR* 1,944,000
55,800 Titan Corp* 2,497,050
25,700 Tumbleweed Communications Corp* 1,307,488
$50,785,693
ELECTRONIC INSTRUMENTS & EQUIP --- 7.3%
79,200 Aeroflex Inc* 3,935,210
28,800 Alpha Industries Inc* 1,268,986
50,700 C-COR.net Corp* 1,368,900
20,000 Cymer Inc* 955,000
24,700 Molecular Devices Corp* 1,708,919
30,200 Plexus Corp* 3,412,600
44,500 Semtech Corp* 3,403,538
31,150 TranSwitch Corp* 2,404,375
$18,457,528
ELECTRONICS - SEMICONDUCTOR --- 7.9%
56,200 American Xtal Technology Inc* 2,430,650
8,500 Cree Inc* 1,134,750
19,300 Elantec Semiconductor Inc* 1,343,763
35,100 Exar Corp* 3,060,264
44,900 Integrated Silicon Solution Inc* 1,706,200
49,100 LTX Corp* 1,715,407
147,000 Oak Technology Inc* 3,169,614
57,200 TelCom Semiconductor Inc* 2,309,450
26,600 Virata Corp* 1,586,025
23,400 Zoran Corp* 1,542,926
$19,999,049
ENGINEERING & CONSTRUCTION --- 1.1%
60,150 Dycom Industries Inc* 2,766,900
$2,766,900
HEALTH CARE RELATED --- 2.9%
53,700 Accredo Health Inc* 1,855,979
30,000 Alkermes Inc* 1,413,750
35,000 Emisphere Technologies Inc* 1,491,315
74,900 Province Healthcare Co* 2,705,763
$7,466,807
HOTELS/MOTELS --- 0.7%
90,800 Harrah's Entertainment Inc* 1,901,080
$1,901,080
INVESTMENT BANK/BROKERAGE FIRM --- 1.6%
42,000 Affiliated Managers Group Inc* 1,911,000
30,800 Dain Rauscher Corp 2,032,800
$3,943,800
LEISURE & ENTERTAINMENT --- 1.3%
141,800 Callaway Golf Co 2,313,042
58,700 JAKKS Pacific Inc* 865,825
$3,178,867
MACHINERY --- 0.5%
20,600 Advanced Energy Industries Inc* 1,214,102
$1,214,102
MANUFACTURING --- 1.3%
30,000 Brooks Automation Inc* 1,918,110
28,000 California Amplifier Inc* 1,281,000
$3,199,110
MEDICAL PRODUCTS --- 0.9%
21,000 ArthroCare Corp* 1,118,250
34,000 ORATEC Interventions Inc* 1,134,750
$2,253,000
MISCELLANEOUS --- 0.5%
113,000 Playtex Products Inc* 1,278,256
$1,278,256
OIL & GAS --- 6.1%
35,700 Atwood Oceanics Inc* 1,584,188
48,600 Dril-Quip Inc* 2,272,050
56,600 Evergreen Resources Inc* 1,676,775
89,000 Louis Dreyfus Natural Gas Corp* 2,786,768
36,550 Newfield Exploration Co* 1,430,019
50,400 Precision Drilling Corp* 1,946,700
143,500 Stolt Offshore SA* 2,026,938
140,000 Unit Corp* 1,890,000
$15,613,438
PHARMACEUTICALS --- 5.6%
32,800 Celgene Corp* 1,931,100
72,120 DUSA Pharmaceuticals Inc 2,127,540
53,650 Jones Pharma Inc 2,142,620
51,200 MGI Pharma Inc* 1,472,768
6,000 Medarex Inc* 507,000
66,100 NPS Pharmaceuticals Inc* 1,768,175
78,900 Noven Pharmaceuticals Inc* 2,371,892
26,200 Trimeris Inc* 1,832,349
$14,153,444
POLLUTION CONTROL --- 0.9%
100,300 Tetra Tech Inc* 2,294,363
$2,294,363
REAL ESTATE --- 1.5%
58,500 Intrawest Corp 1,111,500
50,500 Pinnacle Holdings Inc REIT* 2,727,000
$3,838,500
RETAIL --- 3.2%
54,250 Cost Plus Inc* 1,556,270
72,700 Insight Enterprises Inc* 4,311,971
79,500 Linens 'n Things Inc* 2,156,438
$8,024,679
SPECIALIZED SERVICES --- 2.3%
11,300 Corporate Executive Board Co* 676,588
58,900 Professional Detailing Inc* 2,006,252
76,500 ProsoftTraining.com* 1,286,118
77,700 Steiner Leisure Ltd* 1,757,963
$5,726,921
TELEPHONE & TELECOMMUNICATIONS --- 13.1%
4,800 Accelerated Networks Inc* 202,498
29,250 Anaren Microwave Inc* 3,838,595
57,300 BreezeCom Ltd* 2,492,550
44,300 CTC Communications Group Inc* 1,594,800
50,500 Com21 Inc* 1,262,500
22,700 Digital Lightwave Inc* 2,281,350
53,000 FirstCom Corp* 798,286
11,800 Gilat Satellite Networks Ltd* 818,625
20,700 Inet Technologies Inc* 1,122,975
136,300 International FiberCom Inc* 3,475,650
40,000 Leap Wireless International Inc* 1,880,000
25,000 NICE Systems Ltd sponsored ADR* 1,929,675
29,600 Natural MicroSystems Corp* 3,328,135
48,400 Primus Telecommunciations Group Inc* 1,203,950
59,200 Tekelec* 2,852,670
15,100 Tollgrade Communications Inc* 2,000,750
19,900 ViaSat Inc* 1,079,575
79,600 Westell Technologies Inc Class A* 1,194,000
$33,356,584
TOTAL COMMON STOCK --- 90.8% $230,515,167
(Cost $178,502,576)
SHORT-TERM INVESTMENTS
FINANCIAL SERVICES --- 7.9%
3,000,000 American Express Credit Corp 2,995,095
300,000 American Express Credit Corp 299,729
11,907,000 Associates Corp of North America 11,902,443
1,500,000 Ciesco LP 1,494,838
1,000,000 Ford Motor Credit Co 999,273
2,000,000 Ford Motor Credit Co 1,996,700
300,000 Ford Motor Credit Co 299,075
$19,987,153
INVESTMENT BANK/BROKERAGE FIRM --- 1.4%
3,500,000 American General Finance Corp 3,492,393
$3,492,393
TOTAL SHORT-TERM INVESTMENTS --- 9.2% $23,479,546
(Cost $23,479,546)
TOTAL INVESCO SMALL-CAP GROWTH PORTFOLIO --- 100.0% $253,994,713
(Cost $201,982,122)
The Maxim Series Fund
Index 400 Portfolio
COMMON STOCK
AEROSPACE & DEFENSE --- 0.4%
570 Litton Industries Inc* 23,940
310 Precision Castparts Corp 14,028
130 Sequa Corp Class A* 4,964
$42,932
AGRICULTURE --- 0.1%
360 Universal Corp 7,605
$7,605
AIR FREIGHT --- 0.2%
620 Airborne Freight Corp 11,741
610 CNF Transportation Inc 13,878
$25,619
AIRLINES --- 0.1%
330 Alaska Air Group Inc* 8,951
$8,951
AUTO PARTS & EQUIPMENT --- 0.7%
1,110 ArvinMeritor Inc 14,250
270 Bandag Inc 6,548
330 Borg-Warner Automotive Inc 11,591
900 Federal-Mogul Corp 8,606
830 Lear Corp* 16,600
370 Modine Manufacturing Co 9,990
330 Superior Industries International Inc 8,498
$76,083
BANKS --- 4.6%
869 Associated Banc-Corp 18,955
1,815 Banknorth Group Inc* 27,791
600 City National Corp 20,850
1,530 Compass Bancshares Inc 26,105
2,490 First Security Corp 33,769
1,640 First Tennessee National Corp 27,162
610 First Virginia Banks Inc 21,235
1,120 FirstMerit Corp 23,940
2,020 Hibernia Corp 21,968
620 Keystone Financial Inc 13,175
1,320 Marshall & Ilsley Corp 54,780
860 Mercantile Bankshares Corp 25,638
1,870 National Commerce Bancorp 40,505
2,200 North Fork Bancorp Inc 33,275
1,000 Pacific Century Financial Corp 14,625
610 Provident Financial Group Inc 14,525
1,020 TCF Financial Corp 26,201
460 Westamerica Bancorp 12,018
400 Wilmington Trust Corp 17,100
1,080 Zions Bancorp 49,561
$523,178
BIOTECHNOLOGY --- 3.8%
2,270 Chiron Corp* 107,825
1,070 Genzyme Corp* 63,598
560 Gilead Sciences Inc* 39,830
560 IDEC Pharmaceuticals Corp* 65,695
400 Incyte Genomics Inc* 32,875
1,160 Millennium Pharmaceuticals Inc* 129,775
$439,598
BROADCAST/MEDIA --- 2.2%
440 Chris-Craft Industries Inc* 29,067
1,380 Hispanic Broadcasting Corp* 45,713
1,300 Univision Communications Inc Class A* 134,526
1,420 Westwood One Inc* 48,458
$257,764
BUILDING MATERIALS --- 1.0%
340 Granite Construction Inc 8,330
590 Martin Marietta Materials Inc 23,858
725 Quanta Services Inc* 39,875
450 Southdown Inc 25,988
600 USG Corp 18,225
$116,276
CHEMICALS --- 2.2%
380 A Schulman Inc 4,584
880 Airgas Inc* 5,005
580 Albemarle Corp 11,455
850 Cabot Corp 23,163
1,445 Crompton Corp 17,701
520 Cytec Industries Inc* 12,837
290 Dexter Corp 13,920
1,050 Ethyl Corp 2,625
440 Ferro Corp 9,240
390 Georgia Gulf Corp 8,117
170 HB Fuller Co 7,746
1,450 IMC Global Inc 18,850
680 Lubrizol Corp 14,280
1,490 Lyondell Chemical Co 24,958
620 MA Hanna Co 5,580
260 Minerals Technologies Inc 11,960
570 Olin Corp 9,405
1,330 RPM Inc 13,466
1,380 Solutia Inc 18,975
540 Valspar Corp* 18,225
$252,092
COMMUNICATIONS - EQUIPMENT --- 1.7%
490 ADTRAN Inc* 29,339
470 ANTEC Corp* 19,534
645 CommScope Inc* 26,445
870 Harris Corp 28,493
415 L-3 Communications Holdings Inc* 23,681
440 Polycom Inc* 41,401
540 Sawtek Inc* 31,083
$199,976
COMPUTER HARDWARE & SYSTEMS --- 0.4%
800 Mentor Graphics Corp* 15,900
2,030 Quantum Corp-DLT & Storage Systems* 19,665
1,270 Storage Technology Corp* 13,890
$49,455
COMPUTER SOFTWARE & SERVICES --- 7.3%
730 ACNielsen Corp* 16,060
620 Affiliated Computer Services Inc Class A* 20,498
3,110 Cadence Design Systems Inc* 63,366
790 Cambridge Technology Partners Inc* 6,887
1,930 Comdisco Inc 43,062
810 Electronic Arts Inc* 59,079
1,100 Gartner Group Inc Class B* 10,863
3,550 Informix Corp* 26,401
2,550 Intuit Inc* 105,506
390 Investment Technology Group Inc* 15,405
890 Keane Inc* 19,246
1,100 Legato Systems Inc* 16,638
620 Macromedia Inc* 59,946
1,860 MarchFirst Inc* 33,945
1,760 Network Associates Inc* 35,860
450 Policy Management Systems Corp* 6,919
1,120 Rational Software Corp* 104,089
450 Structural Dynamics Research Corp* 6,778
1,660 SunGard Data Systems Inc* 51,460
1,130 Sybase Inc* 25,990
540 Sykes Enterprises Inc* 6,953
750 Symantec Corp* 40,453
890 Synopsys Inc* 30,760
640 Titan Corp* 28,640
410 Transaction Systems Architects Inc Class A* 7,021
$841,825
ELECTRIC COMPANIES --- 6.1%
1,400 Allegheny Energy Inc 38,325
1,000 Alliant Energy Corp 26,000
270 Black Hills Corp 6,092
410 CMP Group Inc 12,018
280 Cleco Corp 9,380
1,150 Conectiv Inc 17,896
1,672 DPL Inc 36,679
860 DQE Inc 33,970
1,570 Energy East Corp 29,927
410 Hawaiian Electric Industries Inc 13,453
470 IDACORP Inc 15,158
1,080 IPALCO Enterprises Inc 21,735
780 Kansas City Power & Light Co 17,550
1,640 LG&E Energy Corp 39,155
930 Minnesota Power Inc 16,100
1,340 Montana Power Co 47,318
710 NSTAR 28,888
1,540 NiSource Inc 28,683
1,880 Northeast Utilities 40,890
980 OGE Energy Corp 18,130
1,500 Potomac Electric Power Co 37,500
500 Public Service Co of New Mexico 7,719
1,080 Puget Sound Energy Inc 23,017
1,320 Scana Corp 31,845
990 Sierra Pacific Resources 12,436
1,590 Teco Energy Inc 31,899
1,180 UtiliCorp United Inc 23,453
1,520 Wisconsin Energy Corp 30,114
$695,330
ELECTRONIC INSTRUMENTS & EQUIP --- 10.4%
1,220 Arrow Electronics Inc* 37,820
2,810 Atmel Corp* 103,619
560 Avnet Inc 33,180
710 Burr-Brown Corp* 61,548
830 Cirrus Logic Inc* 13,280
1,510 Cypress Semiconductor Corp* 63,798
800 Hubbell Inc Class B 20,400
1,180 Integrated Device Technology Inc* 70,653
290 MagneTek Inc* 2,320
1,060 Micrel Inc* 46,043
990 Microchip Technology Inc* 57,682
780 NVIDIA Corp* 49,578
930 QLogic Corp* 61,438
1,830 SCI Systems Inc* 71,712
400 SPX Corp* 48,375
410 Semtech Corp* 31,358
510 TranSwitch Corp* 39,365
480 TriQuint Semiconductor Inc* 45,930
1,740 Vishay Intertechnology Inc* 66,010
2,365 Vitesse Semiconductor Corp* 173,974
800 Waters Corp* 99,850
$1,197,933
FINANCIAL SERVICES --- 1.7%
880 Ambac Financial Group Inc 48,235
660 Astoria Financial Corp 16,995
1,410 Dime Bancorp Inc 22,208
770 Finova Group Inc 10,010
1,310 GreenPoint Financial Corp 24,563
320 NCO Group Inc* 7,400
555 PMI Group Inc 26,363
2,860 Sovereign Bancorp Inc 20,109
670 Webster Financial Corp 14,865
$190,748
FOOD & BEVERAGES --- 2.1%
470 Bob Evans Farms Inc 7,020
450 Dean Foods Co 14,259
700 Dole Food Co Inc 9,800
350 Dreyer's Grand Ice Cream Inc 7,350
1,260 Flowers Industries Inc 25,121
1,790 Hormel Foods Corp 30,093
1,340 IBP Inc 20,686
230 International Multifoods Corp 3,982
840 Interstate Bakeries Corp 11,760
360 JM Smucker Co Class A 6,930
370 Lance Inc 3,330
870 McCormick & Co Inc (nonvtg) 28,275
370 Suiza Foods Corp* 18,084
2,860 Tyson Foods Inc Class A 25,025
630 Universal Foods Corp 11,655
1,730 Whitman Corp 21,409
$244,779
GOLD, METALS & MINING --- 0.3%
1,410 AK Steel Holding Corp 11,280
270 Carpenter Technology Corp 5,704
130 Cleveland-Cliffs Inc 3,356
80 Maxxam Inc* 1,420
310 Ryerson Tull Inc 3,216
570 UCAR International Inc* 7,445
$32,421
HEALTH CARE RELATED --- 2.6%
660 Apria Healthcare Group Inc* 8,085
1,700 Bergen Brunswig Corp Class A 9,350
1,280 Beverly Enterprises Inc* 3,599
720 Covance Inc* 6,345
480 Express Scripts Inc Class A* 29,820
600 First Health Group Corp* 19,687
1,550 Foundation Health Systems Inc Class A* 20,150
3,160 Health Management Associates Inc Class A* 41,276
670 Lincare Holdings Inc* 16,499
1,160 Omnicare Inc 10,512
1,040 Oxford Health Plans Inc* 24,764
900 PSS World Medical Inc* 6,046
450 PacifiCare Health Systems Inc* 27,084
550 Quest Diagnostics Inc* 41,113
900 Quorum Health Group Inc* 9,281
480 Trigon Healthcare Inc* 24,750
$298,361
HOMEBUILDING --- 0.1%
1,750 Clayton Homes Inc 14,000
$14,000
INDEPENDENT POWER PRODUCTS --- 0.9%
1,610 Calpine Corp* 105,858
$105,858
INSURANCE RELATED --- 2.0%
680 Allmerica Financial Corp 35,615
740 American Financial Group Inc 18,361
580 Everst Re Group Ltd 19,068
360 HSB Group Inc 11,205
510 Horace Mann Educators Corp 7,650
760 Ohio Casualty Corp 8,075
1,510 Old Republic International Corp 24,915
810 Protective Life Corp 21,566
1,130 ReliaStar Financial Corp 59,254
870 Unitrin Inc 25,556
$231,265
INVESTMENT BANK/BROKERAGE FIRM --- 1.6%
1,130 AG Edwards Inc 44,070
3,700 E*TRADE Group Inc* 61,050
795 Legg Mason Inc 39,750
1,040 Waddell & Reed Financial Class A 34,124
$178,994
LEISURE & ENTERTAINMENT --- 1.5%
970 Callaway Golf Co 15,823
440 GTECH Holdings Corp* 9,982
920 International Game Technology* 24,380
670 International Speedway Corp Class A 27,721
1,150 Mandalay Resort Group* 23,000
3,850 Park Place Entertainment Corp* 46,920
990 Premier Parks Inc* 22,523
$170,349
MANUFACTURING --- 3.7%
750 AGCO Corp 9,188
386 Albany International Corp Class A* 5,597
890 American Standard Cos Inc* 36,490
400 Ametek Inc 7,000
380 Carlisle Cos Inc 17,100
900 Diebold Inc 25,088
580 Donaldson Co Inc 11,455
570 Federal Signal Corp 9,405
470 Flowserve Corp 7,079
620 Furniture Brands International Inc* 9,378
500 Harsco Corp 12,750
790 Hillenbrand Industries Inc 24,736
450 Imation Corp* 13,219
2,400 Jabil Circuit Inc* 119,100
380 Kaydon Corp 7,980
380 Kennametal Inc 8,146
560 Mark IV Industries Inc 11,690
60 NCH Corp 2,171
200 Nordson Corp 10,125
610 Pentair Inc 21,655
350 Stewart & Stevenson Services Inc 5,272
240 Tecumseh Products Co Class A 9,165
480 Teleflex Inc 17,160
490 Trinity Industries Inc 9,065
480 York International Corp 12,120
$422,134
MEDICAL PRODUCTS --- 2.4%
350 Acuson Corp* 4,725
370 Beckman Coulter Inc 21,599
650 Dentsply International Inc 20,028
730 Edwards Lifesciences Corp* 13,505
400 MiniMed Inc* 47,200
850 Steris Corp* 7,544
2,470 Stryker Corp 108,063
1,320 Sybron International Corp* 26,152
770 VISX Inc* 21,608
$270,424
MISCELLANEOUS --- 1.8%
610 Blyth Industries Inc 17,995
570 Carter-Wallace Inc 11,471
480 Church & Dwight Co Inc 8,640
1,210 Dial Corp 12,554
1,270 Energizer Holdings Inc* 23,178
490 Lancaster Colony Corp 9,402
930 Perrigo Co* 5,870
970 Sensormatic Electronics Corp* 15,338
740 Sotheby's Holdings Inc Class A 12,950
1,725 Symbol Technologies Inc 93,150
$210,548
OFFICE EQUIPMENT & SUPPLIES --- 0.6%
760 HON Industries Inc 17,860
990 Herman Miller Inc 25,616
970 Reynolds & Reynolds Co Class A 17,703
340 Standard Register Co 4,845
510 Wallace Computer Services Inc 5,036
$71,060
OIL & GAS --- 7.3%
1,050 BJ Services Co* 65,625
1,090 Devon Energy Corp 61,244
1,740 ENSCO International Inc 62,313
2,220 Global Marine Inc* 62,575
1,370 Grant Prideco Inc* 34,250
730 Hanover Compressor Co* 27,740
630 Helmerich & Payne Inc 23,546
570 Murphy Oil Corp 33,879
1,840 Nabors Industries Inc* 76,474
700 Noble Affiliates Inc 26,075
1,690 Noble Drilling Corp* 69,606
2,120 Ocean Energy Inc* 30,076
990 Pennzoil-Quaker State Co 11,941
1,260 Pioneer Natural Resources Co* 16,065
2,310 Santa Fe Snyder Corp* 26,276
640 Smith International Inc* 46,600
760 Tidewater Inc 27,360
1,100 Ultramar Diamond Shamrock Corp 27,293
710 Valero Energy Corp 22,543
1,156 Varco International Inc* 26,871
1,370 Weatherford International Inc 54,542
$832,894
PAPER & FOREST PRODUCTS --- 1.4%
650 Bowater Inc 28,681
210 Chesapeake Corp 6,221
1,150 Consolidated Papers Inc 42,046
1,020 Georgia-Pacific Group 22,058
650 Longview Fibre Co 7,190
530 PH Glatfelter Co 5,399
340 Rayonier Inc 12,198
1,260 Sonoco Products Co 25,908
650 Wausau-Mosinee Paper Corp 5,565
$155,266
PHARMACEUTICALS --- 3.1%
1,070 Forest Laboratories Inc* 108,070
1,000 ICN Pharmaceuticals Inc 27,812
1,970 IVAX Corp* 81,755
1,640 Mylan Laboratories Inc 29,930
920 Sepracor Inc* 110,975
$358,542
PRINTING & PUBLISHING --- 1.7%
1,500 AH Belo Corp Class A 25,968
400 Houghton Mifflin Co 18,675
560 Lee Enterprises Inc 13,055
320 Media General Inc Class A 15,540
1,330 Reader's Digest Association Inc Class A 52,868
210 Scholastic Corp* 12,836
115 Washington Post Co Class B 54,970
$193,912
RAILROADS --- 0.1%
630 Wisconsin Central Transportation Corp* 8,190
$8,190
RESTAURANTS --- 0.7%
820 Brinker International Inc* 23,985
520 Buffets Inc* 6,597
740 CBRL Group Inc 10,868
335 Lone Star Steakhouse & Saloon Inc 3,392
980 Outback Steakhouse Inc* 28,665
320 Papa John's International Inc* 7,840
$81,347
RETAIL --- 4.1%
1,290 Abercrombie & Fitch Co* 15,721
590 American Eagle Outfitters Inc* 8,260
930 BJ's Wholesale Club Inc* 30,690
840 Barnes & Noble Inc* 18,690
980 Borders Group Inc* 15,251
1,100 CDW Computer Centers Inc* 68,750
650 Claire's Stores Inc 12,513
1,283 Dollar Tree Stores Inc* 50,738
2,170 Family Dollar Stores Inc 42,450
480 Fastenal Co 24,300
540 Hannaford Brothers Co 38,813
380 Lands' End Inc* 12,683
620 Neiman Marcus Group Inc* 18,328
1,430 OfficeMax Inc* 7,150
282 Payless ShoeSource Inc* 14,453
1,120 Ross Stores Inc 19,109
580 Ruddick Corp 6,851
1,810 Saks Inc* 19,005
660 Tech Data Corp* 28,751
710 Williams-Sonoma Inc* 23,030
$475,536
SPECIALIZED SERVICES --- 6.7%
1,090 Acxiom Corp* 29,703
950 Apollo Group Inc Class A* 26,600
320 Banta Corp 6,060
670 COMSAT Corp 15,745
660 CSG Systems International Inc* 37,001
740 CheckFree Holdings Corp* 38,156
2,115 Cintas Corp 77,593
2,690 Concord EFS Inc* 69,940
790 DST Systems Inc* 60,139
880 DeVry Inc* 23,265
1,550 Fiserv Inc* 67,038
1,160 Galileo International Inc 24,215
860 Harte-Hanks Inc 21,500
330 Jacobs Engineering Group Inc* 10,787
450 Kelly Services Inc Class A 10,406
960 Manpower Inc 30,720
1,220 Modis Professional Services Inc* 9,303
890 NOVA Corp* 24,864
520 Navigant Consulting Inc* 2,210
630 Ogden Corp* 5,670
650 Pittston Brink's Group 8,897
770 Powerwave Technologies Inc* 33,880
2,250 Robert Half International Inc* 64,125
380 Rollins Inc 5,653
1,350 Stewart Enterprises Inc Class A 4,767
530 Sylvan Learning Systems Inc* 7,288
690 Valassis Communications Inc* 26,306
1,180 Viad Corp 32,155
$773,986
TELEPHONE & TELECOMMUNICATIONS --- 1.3%
2,700 Broadwing Inc 70,030
760 Telephone & Data Systems Inc 76,190
$146,220
TEXTILES --- 0.9%
660 Burlington Industries Inc* 1,113
1,510 Jones Apparel Group Inc* 35,485
680 Mohawk Industries Inc* 14,790
1,645 Shaw Industries Inc 20,563
730 Unifi Inc* 9,034
680 Warnaco Group Inc 5,270
400 Wellman Inc 6,475
630 WestPoint Stevens Inc 7,009
$99,739
TOBACCO --- 0.3%
1,320 RJ Reynolds Tobacco Holdings Inc 36,877
$36,877
TRANSPORTATION --- 0.9%
530 Alexander & Baldwin Inc 11,693
310 Arnold Industries Inc 3,739
530 CH Robinson Worldwide Inc 26,235
600 GATX Corp 20,400
450 JB Hunt Transport Services Inc 6,947
400 Newport News Shipbuilding Inc 14,700
430 Overseas Shipholding Group Inc 10,589
800 Swift Transportation Co Inc* 11,200
$105,503
UTILITIES --- 2.9%
690 AGL Resources Inc 10,997
1,925 Dynegy Inc Class A 131,501
1,690 KeySpan Corp 51,968
1,440 Kinder Morgan Inc 49,769
1,080 MCN Energy Group Inc 23,085
490 National Fuel Gas Co 23,888
1,020 Questar Corp 19,763
770 Vectren Corp 13,283
590 Washington Gas Light Co 14,197
$338,451
WATER --- 0.3%
1,240 American Water Works Co Inc 31,000
$31,000
TOTAL COMMON STOCK --- 94.2% $10,813,021
(Cost $10,728,504)
SHORT-TERM INVESTMENTS
FINANCIAL SERVICES --- 1.5%
171,000 Associates Corp of North America 170,935
$170,935
U.S. GOVERNMENTS --- 4.3%
500,000 United States of America (1) 497,429
$497,429
TOTAL SHORT-TERM INVESTMENTS --- 5.8% $668,364
(Cost $668,364)
TOTAL INDEX 400 PORTFOLIO --- 100.0% $11,481,385
(Cost $11,396,868)
The Maxim Series Fund
Index 600 Portfolio
COMMON STOCK
AEROSPACE & DEFENSE --- 0.5%
2,040 AAR Corp 24,480
680 Alliant Techsystems Inc* 45,857
1,880 BE Aerospace Inc* 12,925
2,880 Orbital Sciences Corp* 35,099
2,000 Teledyne Technologies Inc* 33,500
$151,861
AGRICULTURE --- 0.5%
2,670 Corn Products International Inc 70,755
3,350 DIMON Inc 7,119
2,946 Delta & Pine Land Co 73,833
$151,707
AIR FREIGHT --- 1.1%
1,300 Circle International Group Inc 32,663
2,210 EGL Inc* 67,958
3,900 Expeditors International of Washington Inc 185,250
2,800 Fritz Cos Inc* 28,874
$314,745
AIRLINES --- 0.5%
1,380 Atlantic Coast Airlines Holdings Inc* 43,815
2,500 Mesa Air Group Inc* 13,828
1,100 Midwest Express Holdings Inc* 23,650
1,860 SkyWest Inc 68,935
$150,228
AUTO PARTS & EQUIPMENT --- 1.2%
1,530 Applied Industrial Technologies Inc 25,054
5,650 Gentex Corp* 141,956
1,900 Intermet Corp 13,063
3,430 MascoTech Inc 37,085
1,200 Midas Inc 24,000
1,350 Simpson Industries Inc 10,167
920 Standard Motor Products Inc 7,820
1,650 TBC Corp* 7,631
2,540 Tenneco Automotive Inc 13,335
3,580 Tower Automotive Inc* 44,750
1,375 Wynn's International Inc 31,195
$356,056
BANKS --- 4.0%
2,990 Centura Banks Inc 101,472
2,200 Chittenden Corp 53,761
2,370 Commerce Bancorp Inc 109,020
4,245 Commercial Federal Corp 66,061
3,670 Community First Bankshares Inc 59,865
3,970 Cullen/Frost Bankers Inc 104,459
2,010 First BanCorp 37,310
3,110 First Midwest Bancorp Inc 72,308
3,899 Hudson United Bancorp 87,482
2,011 Provident Bankshares Corp 27,149
2,200 Riggs National Corp 27,775
3,520 Silicon Valley Bancshares* 150,040
3,230 South Finanical Group Inc 46,835
2,200 Southwest Bancorp of Texas Inc* 45,650
2,950 Susquehanna Bancshares Inc 42,038
4,100 TrustCo Bank Corp NY 51,250
3,220 United Bankshares Inc 58,562
1,740 Whitney Holding Corp 59,485
$1,200,522
BIOTECHNOLOGY --- 4.9%
4,590 Advanced Tissue Sciences Inc* 36,862
3,600 Alliance Pharmaceutical Corp* 40,500
4,160 Bio-Technology General Corp* 54,858
1,760 Biomatrix Inc* 39,820
2,000 COR Therapeutics Inc* 170,624
2,550 Cephalon Inc* 152,681
1,926 Enzo Biochem Inc* 132,894
2,720 IDEXX Laboratories Inc* 62,220
2,100 Immune Response Corp* 22,838
2,630 Organogenesis Inc* 30,079
1,450 Protein Design Labs Inc* 239,182
2,690 Regeneron Pharmaceuticals Inc* 80,194
1,580 Techne Corp* 205,400
1,950 Vertex Pharmaceuticals Inc* 205,487
$1,473,639
BUILDING MATERIALS --- 0.4%
2,070 Apogee Enterprises Inc 7,309
1,540 Elcor Corp 35,420
870 Simpson Manufacturing Co Inc* 41,596
1,490 Universal Forest Products Inc 20,488
$104,813
CHEMICALS --- 1.5%
1,700 Arch Chemicals Inc 37,188
1,870 Cambrex Corp 84,150
1,190 ChemFirst Inc 28,709
1,800 Geon Co 33,300
1,770 Lilly Industries Inc Class A 53,210
2,340 MacDermid Inc 54,990
1,190 Material Sciences Corp* 11,900
730 McWhorter Technologies Inc* 14,189
1,961 Mississippi Chemical Corp 9,315
1,810 OM Group Inc 79,640
3,060 Omnova Solutions Inc 19,125
580 Penford Corp 12,470
670 Quaker Chemical Corp 11,641
$449,827
COMMUNICATIONS - EQUIPMENT --- 3.6%
2,800 Adaptive Broadband Corp* 102,900
2,160 Allen Telecom Inc* 38,204
2,800 Anixter International Inc* 74,200
3,880 Aspect Communications Corp* 152,531
1,700 Audiovox Corp Class* 37,505
4,190 Brightpoint Inc* 36,269
2,190 Cable Design Technologies Corp* 73,365
1,000 Davox Corp* 12,937
5,310 Digital Microwave Corp* 202,444
2,050 Inter-Tel Inc 32,927
5,900 P-Com Inc* 33,553
1,270 Plantronics Inc* 146,685
940 Proxim Inc* 93,030
1,170 SymmetriCom Inc* 29,543
$1,066,093
COMPUTER HARDWARE & SYSTEMS --- 1.1%
1,610 Apex Inc* 70,438
2,240 Auspex Systems Inc* 11,059
1,150 Digi International Inc* 7,475
3,870 National Instruments Corp* 168,829
1,660 Network Equipment Technologies Inc* 16,703
1,200 Standard Microsystems Corp* 18,450
1,230 Telxon Corp* 21,986
$314,940
COMPUTER SOFTWARE & SERVICES --- 7.6%
2,400 AVT Corp* 17,700
3,200 American Management Systems Inc* 105,050
1,730 Analysts International Corp 16,110
2,000 Aspen Technology Inc* 77,000
1,900 Avid Technology Inc* 22,800
1,700 Aware Inc* 86,913
1,090 BARRA Inc* 54,023
4,550 CIBER Inc* 60,288
480 Centigram Communications Corp* 12,270
1,620 Computer Task Group Inc 8,200
1,210 Concord Communications Inc* 48,249
1,415 Cybex Computer Products Corp* 60,845
2,990 Dendrite International Inc* 99,603
3,200 Epicor Software Corp* 8,000
1,740 Exabyte Corp* 7,830
1,090 Fair Isaac & Co Inc 47,960
2,560 FileNET Corp* 47,040
1,700 Gerber Scientific Inc 19,550
1,550 Great Plains Software Inc* 30,419
2,050 HNC Software Inc* 126,588
1,870 Hutchinson Technology Inc* 26,648
2,475 Hyperion Solutions Corp* 80,282
1,140 Innovex Inc 11,115
2,430 InterVoice-Brite Inc* 15,946
3,058 Jack Henry & Associates Inc 153,282
4,170 Komag Inc* 7,298
900 Kronos Inc* 23,400
1,340 MICROS Systems Inc* 24,873
2,000 Phoenix Technologies Ltd* 32,624
2,700 Progress Software Corp* 48,430
1,660 Project Software & Development Inc* 29,880
1,160 QRS Corp* 28,492
3,050 RSA Security Inc* 211,213
1,300 RadiSys Corp* 73,775
3,760 Read-Rite Corp* 8,340
2,350 Remedy Corp* 131,013
2,200 SAGA SYSTEMS Inc* 27,361
2,500 Systems & Computer Tech Corp* 50,000
1,480 THQ Inc* 18,037
2,400 Verity Inc* 91,200
1,900 Visual Networks Inc* 54,150
2,290 Xircom Inc* 108,775
3,720 eLoyalty Corp* 47,430
1,800 ePresence Inc* 13,050
$2,273,052
COSMETICS & PERSONAL CARE --- 0.1%
5,060 NBTY Inc* 32,258
1,275 Nature's Sunshine Products Inc 8,925
$41,183
DISTRIBUTORS --- 1.6%
2,646 Bindley Western Industries Inc 69,952
2,970 Fleming Cos Inc 38,794
900 Morrison Management Specialists Inc* 25,368
900 Nash-Finch Co 7,425
2,450 Owens & Minor Inc 42,108
2,540 Patterson Dental Co* 129,540
1,000 Performance Food Group Co* 32,000
1,694 Priority Healthcare Corp* 125,885
1,360 United Natural Foods Inc* 18,700
$489,772
ELECTRIC COMPANIES --- 0.7%
570 Bangor-Hydro Electric Co 13,359
1,270 CH Energy Group Inc 43,100
900 Central Vermont Public Service Corp 9,900
440 Green Mountain Power Corp 3,630
1,770 NorthWestern Corp 40,931
2,500 UniSource Energy Corp 37,500
1,110 United Illuminating Co 48,563
$196,983
ELECTRONIC INSTRUMENTS & EQUIP --- 7.9%
1,790 AO Smith Corp 37,477
1,600 Aeroflex Inc* 79,499
2,980 Alpha Industries Inc* 131,305
1,000 Analogic Corp 40,000
2,870 Artesyn Technologies Inc* 79,820
2,580 Baldor Electric Co 48,053
1,850 Belden Inc 47,406
1,230 Benchmark Electronics Inc* 44,971
1,510 Black Box Corp* 119,548
2,020 C&D Technologies Inc 114,130
2,540 C-COR.net Corp* 68,580
2,300 Checkpoint Systems Inc* 17,250
1,920 Coherent Inc* 161,040
1,500 Cohu Inc 40,452
2,010 Electro Scientific Industries Inc* 88,502
1,340 Harman International Industries Inc 81,740
900 Harmon Industries Inc 11,925
1,100 Itron Inc* 9,075
6,580 KEMET Corp* 164,908
2,090 Kent Electronics Corp* 62,307
1,600 Mercury Computer Systems Inc* 51,699
2,660 Methode Electronics Inc Class A 102,743
770 Park Electrochemical Corp 27,768
2,025 Pioneer-Standard Electronics Inc 29,869
1,360 Plexus Corp* 153,680
2,580 SLI Inc 31,283
1,270 Technitrol Inc 123,031
1,564 Three-Five Systems Inc* 92,276
1,730 Trimble Navigation Ltd* 84,445
3,210 Vicor Corp* 111,747
2,040 Watsco Inc 25,500
1,650 X-Rite Inc 15,056
1,280 ZixIt Corp* 58,959
$2,356,044
ELECTRONICS - SEMICONDUCTOR --- 5.3%
1,800 Actel Corp* 82,125
3,200 Alliance Semiconductor Corp* 78,598
1,390 American Xtal Technology Inc* 60,118
3,380 C-Cube Microsystems Inc* 66,333
4,560 Dallas Semiconductor Corp 185,820
3,150 ESS Technology Inc* 45,675
1,570 Electroglas Inc* 33,755
2,840 General Semiconductor Inc* 41,890
1,710 Helix Technology Corp 66,690
4,700 International Rectifier Corp* 263,158
1,790 Kulicke & Soffa Industries Inc* 106,281
3,740 Lattice Semiconductor Corp* 258,528
2,230 Photronics Inc* 63,276
6,930 S3 Inc* 102,218
2,600 Silicon Valley Group Inc* 67,275
2,270 SpeedFam-IPEC Inc* 41,284
1,560 Ultratech Stepper Inc* 23,205
$1,586,229
ENGINEERING & CONSTRUCTION --- 1.1%
550 Butler Manufacturing Co 9,350
2,945 Dycom Industries Inc* 135,470
1,400 Florida Rock Industries Inc 49,875
3,100 Foster Wheeler Corp 26,738
3,930 Morrison Knudsen Corp* 28,493
1,630 Texas Industries Inc 47,066
1,200 URS Corp* 18,300
$315,292
FINANCIAL SERVICES --- 2.1%
5,760 AmeriCredit Corp* 97,920
1,916 Cash America International Inc 14,131
2,680 Eaton Vance Corp 123,950
2,300 Investors Financial Services Corp 91,280
3,180 Mutual Risk Management Ltd 55,052
1,990 Pioneer Group Inc* 84,326
4,040 SEI Investments Co 160,840
$627,499
FOOD & BEVERAGES --- 2.0%
760 Agribrands International Inc* 31,872
1,400 American Italian Pasta Co Class A* 28,962
1,500 Beringer Wine Estates Holdings Inc Class B* 52,968
1,350 Canandaigua Brands Inc Class A* 68,090
5,080 Chiquita Brands International Inc 20,000
660 Coca-Cola Bottling Co Consolidated 28,390
3,200 Earthgrains Co 62,198
2,200 Hain Celestial Group Inc* 80,711
670 J&J Snack Foods Corp* 11,976
1,490 Michael Foods Inc 36,505
2,250 Ralcorp Holdings Inc* 27,563
4,280 Smithfield Foods Inc* 120,105
1,800 Triarc Cos Inc* 36,900
$606,240
GOLD, METALS & MINING --- 0.8%
1,075 AM Castle & Co 8,935
2,000 AMCOL International Corp 33,000
2,390 Birmingham Steel Corp 9,261
2,850 Coeur d'Alene Mines Corp* 6,945
1,113 Commercial Metals Co 30,608
1,250 Commonwealth Industries Inc 7,344
1,150 IMCO Recycling Inc 6,253
1,100 Quanex Corp 16,363
3,700 Steel Dynamics Inc* 33,529
800 Steel Technologies Inc 5,700
2,900 Stillwater Mining Co* 80,838
1,100 WHX Corp* 6,050
$244,826
HARDWARE & TOOLS --- 0.5%
2,110 Scotts Co Class A* 77,015
1,000 Toro Co 32,937
1,190 WD-40 Co 24,693
$134,645
HEALTH CARE RELATED --- 2.0%
1,650 Advance Paradigm Inc* 33,825
4,460 Coventry Health Care Inc* 59,443
640 Curative Health Services Inc* 3,860
1,500 Hanger Orthopedic Group Inc* 7,406
4,980 Hooper Holmes Inc 39,840
1,640 MAXIMUS Inc* 36,285
3,660 Orthodontic Centers of America Inc* 82,808
1,900 PAREXEL International Corp* 18,168
1,190 Pediatrix Medical Group Inc* 13,834
1,870 Pharmaceutical Product Development Inc* 39,270
3,440 Renal Care Group Inc* 84,118
2,010 Sierra Health Services Inc* 6,406
6,950 US Oncology Inc* 34,750
2,250 Universal Health Services Inc Class B* 147,375
$607,388
HEAVY TRUCKS & PARTS --- 0.3%
1,300 Oshkosh Truck Corp 46,475
900 Spartan Motors Inc 3,768
1,620 Titan International Inc 8,605
1,750 Wabash National Corp 20,890
$79,738
HOMEBUILDING --- 1.0%
3,630 Champion Enterprises Inc* 17,696
4,680 DR Horton Inc 63,470
2,500 Fleetwood Enterprises Inc 35,625
1,600 MDC Holdings Inc 29,800
700 NVR Inc* 39,900
3,590 Oakwood Homes Corp 6,505
1,010 Ryland Group Inc 22,346
680 Skyline Corp 14,620
2,180 Standard Pacific Corp 21,800
2,800 Toll Brothers Inc* 57,400
$309,162
HOTELS/MOTELS --- 0.2%
2,200 Marcus Corp 26,675
3,400 Prime Hospitality Corp* 32,086
$58,761
HOUSEHOLD GOODS --- 0.9%
1,700 Applica Inc* 19,230
880 Bassett Furniture Industries Inc 11,110
2,990 Ethan Allen Interiors Inc 71,760
2,690 Fedders Corp 15,634
4,700 La-Z-Boy Inc 65,800
1,110 Libbey Inc 35,659
566 National Presto Industries Inc 17,405
1,200 Royal Appliance Manufacturing Co* 6,824
900 Salton Inc* 33,188
$276,610
INSURANCE RELATED --- 2.4%
2,840 Arthur J Gallagher & Co 119,280
1,519 Delphi Financial Group Inc Class A* 51,550
1,030 EW Blanch Holdings Inc 20,921
2,900 Enhance Financial Services Group Inc 41,688
5,114 Fidelity National Financial Inc 93,648
4,840 First American Financial Corp 69,270
5,340 Fremont General Corp 21,024
1,030 Hilb Rogal & Hamilton Co 35,728
700 RLI Corp 24,325
2,860 Radian Group Inc 148,005
700 SCPIE Holdings Inc 14,350
1,950 Selective Insurance Group Inc 37,050
1,380 Trenwick Group Inc 20,096
1,300 Zenith National Insurance Corp 27,625
$724,560
INVESTMENT BANK/BROKERAGE FIRM --- 0.9%
990 Dain Rauscher Corp 65,340
1,820 Jefferies Group Inc 36,740
2,200 Morgan Keegan Inc 32,450
1,300 National Discount Brokers Group Inc* 41,438
3,510 Raymond James Financial Inc 78,975
$254,943
LEISURE & ENTERTAINMENT --- 1.4%
870 Anchor Gaming* 41,705
1,900 Arctic Cat Inc 22,563
3,180 Aztar Corp* 49,290
900 Carmike Cinemas Inc Class A* 3,488
1,200 Coachmen Industries Inc 13,800
600 GC Cos Inc* 13,425
750 Huffy Corp 3,234
1,400 JAKKS Pacific Inc* 20,650
1,315 K2 Inc* 10,930
2,818 Midway Games Inc* 22,719
1,400 Monaco Coach Corp* 19,075
1,960 Pinnacle Entertainment Inc* 38,097
1,850 Polaris Industries Inc 59,200
1,300 SCP Pool Corp* 30,550
2,000 Sturm Ruger & Co Inc 17,750
970 Thor Industries Inc 20,370
1,600 Winnebago Industries Inc 20,899
$407,745
MACHINERY --- 0.7%
2,975 Applied Power Inc Class A 99,663
1,160 Gardner Denver Inc* 20,735
1,845 Manitowoc Co Inc 49,354
2,700 Milacron Inc 39,150
$208,902
MANUFACTURING --- 5.6%
670 Amcast Industrial Corp 5,863
2,710 AptarGroup Inc 73,170
1,500 Astec Industries Inc* 38,063
2,040 BMC Industries Inc 8,286
1,400 Barnes Group Inc 22,837
1,730 Brady Corp Class A 56,225
1,230 Brush Engineered Materials Inc 19,219
1,830 CLARCOR Inc 36,371
2,150 CTS Corp 96,750
1,200 CUNO Inc* 27,750
3,230 Cognex Corp* 167,153
1,710 Dionex Corp* 45,743
1,300 Esterline Technologies Corp* 19,338
1,130 Flow International Corp* 11,300
3,160 GenCorp Inc 25,280
1,500 Graco Inc 48,750
2,300 Griffon Corp* 12,793
2,280 IDEX Corp 71,961
1,900 Insituform Technologies Inc Class A* 51,538
630 Insteel Industries Inc 3,898
986 Intermagnetics General Corp* 18,672
1,220 Ionics Inc* 37,363
3,400 JLG Industries Inc 40,375
1,780 Kaman Corp Class A 19,023
760 Lawson Products Inc 18,715
890 Lindsay Manufacturing Co 17,466
1,200 Lydall Inc* 12,750
2,620 Mueller Industries Inc* 73,360
1,462 Myers Industries Inc 15,717
3,441 Paxar Corp* 41,075
1,600 RTI International Metals Inc* 18,200
1,630 Regal-Beloit Corp 26,181
2,070 Reliance Steel & Aluminum Co 39,589
800 Robbins & Myers Inc 18,250
2,320 Roper Industries Inc 59,450
1,000 SPS Technologies Inc* 41,062
1,240 Scott Technologies Inc* 21,312
1,200 Shaw Group Inc* 56,550
1,420 Specialty Equipment Cos Inc* 38,518
910 Standex International Corp 14,446
1,200 Thomas Industries Inc 21,224
2,850 Tredegar Corp 54,150
2,600 Valence Technology Inc* 47,936
1,790 Valmont Industries Inc 35,576
1,980 Watts Industries Inc Class A 24,998
910 Wolverine Tube Inc* 15,470
$1,669,716
MEDICAL PRODUCTS --- 2.6%
1,600 ADAC Laboratories* 38,400
234 Baxter International Inc 16,440
1,200 CONMED Corp* 31,050
1,090 Cooper Cos Inc 39,649
1,160 Datascope Corp 41,760
1,070 Diagnostic Products Corp 34,240
1,170 Hologic Inc* 7,898
2,300 Invacare Corp 60,375
1,890 Laser Vision Centers Inc* 11,693
1,850 Mentor Corp 50,296
1,100 Osteotech Inc* 11,550
2,300 ResMed Inc* 61,525
2,200 Respironics Inc* 39,600
1,880 Sola International Inc* 9,165
700 Spacelabs Medical Inc* 7,875
3,450 Summit Technology Inc* 65,119
1,700 Sunrise Medical Inc* 8,288
950 Syncor International Corp* 68,400
2,280 Theragenics Corp* 19,521
2,340 Varian Medical Systems Inc* 91,553
980 Vital Signs Inc 17,763
1,310 Wesley Jessen VisionCare Inc* 49,206
$781,366
OFFICE EQUIPMENT & SUPPLIES --- 0.3%
480 Nashua Corp 3,960
980 New England Business Service Inc 15,925
2,600 United Stationers Inc* 84,175
$104,060
OIL & GAS --- 6.0%
2,370 Atmos Energy Corp 41,475
1,000 Atwood Oceanics Inc* 44,375
2,470 Barrett Resources Corp* 75,179
2,150 Cabot Oil & Gas Corp Class A 45,552
1,190 Cal Dive International Inc* 64,483
800 Cascade Natural Gas Corp 13,350
3,500 Cross Timbers Oil Co 77,438
1,300 Dril-Quip Inc* 60,775
2,300 Energen Corp 50,168
3,734 Friede Goldman Halter Inc* 33,371
1,400 HS Resources Inc* 42,000
3,900 Input/Output Inc* 32,904
1,400 Laclede Gas Co 26,950
3,100 Louis Dreyfus Natural Gas Corp* 97,067
1,330 New Jersey Resources Corp 50,622
3,240 Newfield Exploration Co* 126,765
1,890 Northwest Natural Gas Co 42,289
1,300 Nuevo Energy Co* 24,538
1,680 Oceaneering International Inc* 31,920
1,640 Offshore Logistics Inc* 23,575
2,380 Piedmont Natural Gas Co Inc 63,218
1,330 Plains Resources Inc* 21,280
3,060 Pogo Producing Co 67,703
4,930 Pride International Inc* 122,018
1,650 Remington Oil & Gas Corp* 12,375
1,315 SEACOR SMIT Inc* 50,873
1,750 Seitel Inc* 14,219
3,757 Southern Union Co* 59,408
2,360 Southwest Gas Corp 41,300
1,890 Southwestern Energy Co 11,813
900 St Mary Land & Exploration Co 37,856
1,420 Stone Energy Corp* 84,845
2,100 UGI Corp 43,050
2,000 Veritas DGC Inc* 52,000
4,760 Vintage Petroleum Inc 107,395
$1,794,149
PAPER & FOREST PRODUCTS --- 0.4%
2,640 Buckeye Technologies Inc* 57,914
1,910 Caraustar Industries Inc 28,889
900 Deltic Timber Corp 19,238
1,150 Pope & Talbot Inc 18,400
850 Republic Group Inc 7,650
$132,091
PHARMACEUTICALS --- 2.5%
2,594 Alpharma Inc Class A 161,477
2,625 Barr Laboratories Inc* 117,632
1,970 Cygnus Inc* 28,073
3,400 Dura Pharmaceuticals Inc* 48,875
4,940 Jones Pharma Inc 197,289
2,230 Medicis Pharmaceutical Corp Class A* 127,110
1,670 Noven Pharmaceuticals Inc* 50,204
$730,660
PHOTOGRAPHY/IMAGING --- 0.7%
1,500 Lason Inc* 3,750
3,820 Pinnacle Systems Inc* 85,889
2,390 Zebra Technologies Corp Class A* 105,906
$195,545
POLLUTION CONTROL --- 0.4%
1,710 ABM Industries Inc 39,330
1,060 TETRA Technologies Inc* 15,038
2,925 Tetra Tech Inc* 66,909
$121,277
PRINTING & PUBLISHING --- 0.5%
2,850 Bowne & Co Inc 28,677
1,100 Consolidated Graphics Inc* 10,313
2,120 John H Harland Co 31,666
2,400 Penton Media Inc 84,000
1,075 Thomas Nelson Inc 9,204
$163,860
RESTAURANTS --- 1.6%
2,030 Applebee's International Inc 61,533
2,020 CEC Entertainment Inc* 51,763
3,810 CKE Restaurants Inc 11,430
2,305 Cheesecake Factory Inc* 63,388
2,256 Consolidated Products Inc* 20,304
1,480 IHOP Corp* 24,790
2,920 Jack In The Box Inc* 71,905
1,880 Landry's Seafood Restaurants Inc 15,980
1,700 Luby's Inc 13,600
980 Panera Bread Co Class A* 9,923
4,640 Ruby Tuesday Inc 58,288
2,500 Ryan's Family Steak Houses Inc* 21,093
1,380 Sonic Corp* 40,538
840 Taco Cabana Inc Class A* 5,565
$470,100
RETAIL --- 4.6%
2,533 99 Cents Only Stores* 101,003
2,250 Ames Department Stores Inc* 17,438
2,400 AnnTaylor Stores Corp* 79,500
2,800 Bombay Co Inc* 8,224
1,350 Books-A-Million Inc* 6,244
1,000 Building Materials Holding Corp* 8,812
3,850 Casey's General Stores Inc 39,944
1,990 Cato Corp Class A 23,134
1,600 Cost Plus Inc* 45,899
450 DAMARK International Inc Class A* 9,675
1,260 Discount Auto Parts Inc* 12,600
1,380 Dress Barn Inc* 30,533
1,530 Footstar Inc* 50,873
2,500 Goody's Family Clothing Inc* 13,750
1,000 Gottschalks Inc* 6,312
1,750 Group 1 Automotive Inc* 21,000
1,850 Gymboree Corp* 5,550
1,400 Hancock Fabrics Inc 5,950
1,790 Hughes Supply Inc 35,353
2,040 Insight Enterprises Inc* 120,996
1,100 J Baker Inc 6,393
1,340 Jo-Ann Stores Inc Class A* 9,380
680 Lillian Vernon Corp 7,140
3,000 Linens 'n Things Inc* 81,375
1,760 Mayor's Jewelers Inc* 4,180
3,155 Men's Wearhouse Inc* 70,394
2,340 Michaels Stores Inc* 107,200
3,910 O'Reilly Automotive Inc* 54,251
2,380 Pacific Sunwear of California Inc* 44,625
4,000 Pep Boys - Manny Moe & Jack 24,000
7,217 Pier 1 Imports Inc 70,366
2,220 ShopKo Stores Inc* 34,133
2,430 Sports Authority Inc* 2,734
3,230 Stein Mart Inc* 33,108
1,080 Wet Seal Inc Class A* 14,175
1,970 Whole Foods Market Inc* 81,385
2,640 Zale Corp* 96,360
$1,383,989
SAVINGS & LOANS --- 0.9%
1,900 Anchor Bancorp Wisconsin Inc 29,093
2,091 Downey Financial Corp 60,639
1,720 MAF Bancorp Inc 31,282
1,550 Queens County Bancorp Inc 28,577
2,800 Staten Island Bancorp Inc 49,350
4,000 Washington Federal Inc* 73,000
$271,941
SHOES --- 0.8%
1,360 Brown Shoe Co Inc 17,680
2,000 Justin Industries Inc 43,750
790 K-Swiss Inc 12,590
3,320 Stride Rite Corp 20,335
1,530 Timberland Co Class A* 108,342
3,200 Wolverine World Wide Inc 31,600
$234,297
SPECIALIZED SERVICES --- 8.0%
1,550 ADVO Inc* 65,100
1,290 AT Cross Co Class A* 6,369
1,470 Aaron Rents Inc 18,466
1,280 Action Performance Cos Inc* 9,280
1,000 Administaff Inc* 63,500
650 Angelica Corp 5,200
2,080 BISYS Group Inc* 127,920
3,170 Billing Concepts Corp* 14,065
1,400 CDI Corp* 28,525
630 CPI Corp 13,309
1,420 Catalina Marketing Corp* 144,840
2,730 Central Parking Corp 64,666
2,540 Cerner Corp* 69,215
770 Chemed Corp 21,704
3,057 ChoicePoint Inc* 136,037
4,100 Copart Inc* 65,600
1,200 Cyrk Inc* 6,000
1,100 Department 56 Inc* 12,100
2,270 Edgewater Technolgy Inc* 15,179
1,060 Enesco Group Inc 5,035
1,100 FYI Inc* 37,056
2,420 FactSet Research Systems Inc 68,365
2,440 Fossil Inc* 47,426
1,600 Franklin Covey Co* 11,099
1,600 G&K Services Inc Class A 40,099
4,800 HA-LO Industries Inc* 27,000
1,500 Heidrick & Struggles International Inc* 94,688
2,190 Information Resources Inc* 8,622
930 Insurance Auto Auctions Inc* 19,646
1,700 Kroll-O'Gara Co* 11,368
3,300 Labor Ready Inc* 21,863
4,371 Lennox International Inc 57,909
992 MedQuist Inc* 33,728
1,200 MemberWorks Inc* 40,350
2,420 National Computer Systems Inc 119,185
2,460 National Data Corp 56,580
1,700 On Assignment Inc* 51,850
1,800 Pegasus Solutions Inc* 19,575
1,730 Pre-Paid Legal Services Inc* 51,684
1,572 Primark Corp* 58,557
3,780 Profit Recovery Group International Inc* 62,843
3,050 Regis Corp 38,125
1,600 Russ Berrie & Co Inc 30,800
5,440 Snyder Communications Inc 129,200
4,830 Spherion Corp* 85,733
1,100 StarTek Inc* 55,413
600 Swiss Army Brands Inc* 3,075
3,760 True North Communications Inc 165,440
1,160 Volt Information Sciences Inc* 38,207
$2,377,596
TELEPHONE & TELECOMMUNICATIONS --- 0.2%
3,900 General Communication Inc Class A* 19,988
1,060 Metrocall Inc (rights) @* 0
4,965 TALK.com Inc* 28,857
$48,845
TEXTILES --- 0.7%
1,000 Ashworth Inc* 4,468
1,900 Cone Mills Corp* 11,755
900 Dixie Group Inc* 3,488
1,410 Guilford Mills Inc 5,993
460 Haggar Corp 5,405
2,240 Hartmarx Corp* 5,739
3,940 Interface Inc 15,019
1,850 Kellwood Co 39,081
2,600 Nautica Enterprises Inc* 27,786
910 OshKosh B'Gosh Inc Class A 14,901
590 Oxford Industries Inc 10,620
2,100 Phillips-Van Heusen Corp 19,950
1,060 Pillowtex Corp 4,505
1,740 Quiksilver Inc* 27,078
$195,788
TOBACCO --- 0.1%
1,200 Schweitzer-Mauduit International Inc 15,000
$15,000
TRANSPORTATION --- 1.2%
2,430 American Freightways Corp* 35,235
1,460 Arkansas Best Corp* 14,508
1,200 Frozen Food Express Industries Inc 3,600
1,884 Heartland Express Inc* 31,438
1,850 Kirby Corp* 39,313
700 Landstar System Inc* 41,693
880 MS Carriers Inc* 15,510
1,500 Roadway Express Inc* 35,156
4,440 Rollins Truck Leasing Corp 30,800
1,980 USFreightways Corp 48,633
3,622 Werner Enterprises Inc 41,878
1,880 Yellow Corp* 27,730
$365,494
WATER --- 0.6%
670 American States Water Co 19,933
3,099 Philadelphia Suburban Corp 63,530
2,970 United Water Resources Inc 103,579
$187,042
TOTAL COMMON STOCK --- 96.6% $28,776,821
(Cost $25,823,260)
SHORT-TERM INVESTMENTS
FINANCIAL SERVICES --- 3.4%
1,022,000 Associates Corp of North America 1,021,609
$1,021,609
TOTAL SHORT-TERM INVESTMENTS --- 3.4% $1,021,609
(Cost $1,021,609)
TOTAL INDEX 600 PORTFOLIO --- 100.0% $29,798,430
(Cost $26,844,869)
The Maxim Series Fund
Loomis Sayles Corporate Bond Portfolio
BONDS
AEROSPACE & DEFENSE --- 2.1%
1,000,000 Lockheed Martin Corp 1,009,780
Bonds
8.500% December 1, 2029
1,000,000 Milit-Air Inc 643,511
Bonds
5.750% June 30, 2019
2,150,000 Raytheon Co Class B 1,767,193
Debentures
6.400% December 15, 2018
750,000 Raytheon Co Class B 669,053
Bonds
6.150% November 1, 2008
$4,089,537
AGENCY --- 2.2%
14,150,000 Fannie Mae ^ (3) 3,767,259
Zero Coupon
6.625% October 29, 2007
500,000 Freddie Mac 440,310
Series 2059 Class HA
5.750% December 15, 2025
$4,207,569
AIRLINES --- 0.4%
900,000 Delta Air Lines Inc 786,915
Notes
8.300% December 15, 2029
70,300 NWA Trust Series B 73,551
Subordinated Notes
9.360% March 10, 2006
$860,466
AUTO PARTS & EQUIPMENT --- 0.7%
1,000,000 Delphi Automotive Systems Corp 852,570
Debentures
7.125% May 1, 2029
50,000 Exide Corp # 24,250
Convertible
2.900% December 15, 2005
600,000 Magna International Inc 541,500
Convertible
4.875% February 15, 2005
$1,418,320
AUTOMOBILES --- 0.6%
1,260,000 Hyundai Motor Co Ltd # 1,150,531
Senior Notes
7.600% July 15, 2007
$1,150,531
BANKS --- 0.7%
500,000 FleetBoston Financial Corp 413,535
Subordinated Debentures
6.700% July 15, 2028
1,000,000 Keycorp Capital III 849,370
Company Guaranteed Notes
7.750% July 15, 2029
$1,262,905
BIOTECHNOLOGY --- 0.9%
750,000 Centocor Inc 1,011,563
Convertible
4.750% February 15, 2005
50,000 Glycomed Inc 40,000
Convertible
7.500% January 1, 2003
750,000 Human Genome Sciences Inc # 620,625
Convertible
3.750% March 15, 2007
$1,672,188
BROADCAST/MEDIA --- 1.9%
1,850,000 CBS Corp/Westinghouse Electric 1,796,720
Debentures
7.875% September 1, 2023
250,000 CBS Inc 224,543
Senior Notes
7.125% November 1, 2023
500,000 Century Communications Corp Class A 391,250
Senior Notes
8.375% November 15, 2017
500,000 Charter Communications LLC (2) 287,500
Step Bond 0%/9.920%
12.170% April 1, 2011
1,000,000 Multicanal SA 750,000
Senior Notes
10.500% April 15, 2018
300,000 Rogers Communications Inc 293,019
Convertible
2.000% November 26, 2005
$3,743,032
BUILDING MATERIALS --- 0.9%
2,750,000 Owens Corning 1,698,923
Bonds
7.500% August 1, 2018
$1,698,923
CANADIAN - FEDERAL --- 3.5%
35,550,000 Canadian Government (3) 5,935,775
Zero Coupon
6.260% June 1, 2025
4,650,000 Canadian Government (3) 874,641
Zero Coupon
6.400% June 1, 2022
$6,810,416
CANADIAN - PROVINCIAL --- 14.3%
1,500,000 New Brunswick FM Project # 821,118
Bonds
6.470% November 30, 2027
15,900,000 Ontario Hydro (3) 2,740,676
Zero Coupon
6.790% October 15, 2021
1,450,000 Province of Alberta 904,799
Debentures
5.000% December 16, 2008
4,841,473 Province of Alberta 3,185,497
Debentures
5.930% September 16, 2016
1,760,000 Province of British Columbia 1,088,713
Debentures
5.700% June 18, 2029
275,000 Province of British Columbia 210,876
Bonds
7.875% November 30, 2023
6,500,000 Province of British Columbia (3) 1,882,399
Zero Coupon
8.500% August 23, 2013
1,400,000 Province of British Columbia (3) 385,220
Zero Coupon
6.860% June 9, 2014
9,815,000 Province of British Columbia (3) 1,607,681
Zero Coupon
9.500% June 9, 2022
5,000,000 Province of British Columbia (3) 720,456
Zero Coupon
6.780% August 23, 2024
5,000,000 Province of British Columbia (3) 609,435
Zero Coupon
6.760% November 19, 2027
2,500,000 Province of British Columbia (3) 458,595
Zero Coupon
6.780% September 5, 2020
11,415,000 Province of British Columbia (3) 1,849,728
Zero Coupon
6.790% August 19, 2022
5,373,000 Province of Manitoba 4,215,649
Bonds
7.750% December 22, 2025
5,000,000 Province of Manitoba (3) 530,134
Zero Coupon
6.740% March 5, 2031
3,800,000 Province of Manitoba ^ 2,576,419
Notes
6.500% September 22, 2017
500,000 Province of Newfoundland 319,123
Debentures
6.150% April 17, 2028
4,800,000 Province of Ontario (3) 788,824
Zero Coupon
6.740% July 13, 2022
3,650,000 Province of Ontario (3) 494,894
Zero Coupon
6.740% December 2, 2025
11,300,000 Province of Ontario (3) 1,468,077
Zero Coupon
6.680% June 2, 2027
6,615,000 Province of Saskatchewan (3) 915,662
Zero Coupon
34.180% May 30, 2025
$27,773,975
COMMUNICATIONS - EQUIPMENT --- 0.3%
1,000,000 Broadband Technologies Inc/Pliant Systems Inc ^ 500,000
Convertible
5.000% May 15, 2001
$500,000
COMPUTER HARDWARE & SYSTEMS --- 2.8%
400,000 Maxtor Corp 280,000
Convertible
5.750% March 1, 2012
2,000,000 Seagate Technology Inc 1,873,180
Debentures
7.450% March 1, 2037
2,500,000 Seagate Technology Inc 2,238,475
Senior Notes
7.370% March 1, 2007
1,000,000 Seagate Technology Inc 904,196
Debentures
7.875% March 1, 2017
62,332 StreamLogic Corp (5) 623
Notes
14.000% October 7, 2000
100,000 Telxon Corp 87,625
Convertible
5.750% January 1, 2003
$5,384,099
ELECTRIC COMPANIES --- 2.2%
500,000 Boston Edison Co 460,180
Debentures
7.800% March 15, 2023
186,000 Commonwealth Edison Co 153,757
Debentures
4.750% December 1, 2011
968,836 Korea Electric Power Corp 883,084
Debentures
7.400% April 1, 2016
500,000 Quezon Power Philippines Ltd 395,000
Bonds
8.860% June 15, 2017
2,750,000 Tenaga Nasional Berhad # 2,206,050
Debentures
7.500% November 1, 2025
250,000 Texas - New Mexico Power Co 215,343
Senior Notes
6.250% January 15, 2009
$4,313,414
ELECTRONIC INSTRUMENTS & EQUIP --- 3.4%
250,000 EDO Corp 192,188
Convertible
7.000% December 15, 2011
800,000 Kent Electronics Corp 702,120
Convertible
4.500% September 1, 2004
750,000 Pioneer-Standard Electronics Inc 721,352
Senior Notes
8.500% August 1, 2006
1,750,000 Samsung Electronics # 1,312,500
Private Placement
7.700% October 1, 2027
100,000 Thermedics Inc (3) 71,000
Zero Coupon
16.580% June 1, 2003
3,915,000 Thermo Electron Corp # 3,611,588
Private Placement
4.250% January 1, 2003
248,000 Zenith Electronics Corp 79,360
Debentures
8.190% November 1, 2009
$6,690,108
ELECTRONICS - SEMICONDUCTOR --- 0.5%
650,000 Cirrus Logic Inc 572,813
Convertible
6.000% December 15, 2003
500,000 Hyundai Semiconductor # 417,579
Senior Notes
8.625% May 15, 2007
50,000 Richardson Electronics Ltd 42,000
Convertible
7.250% December 15, 2006
$1,032,392
ENGINEERING & CONSTRUCTION --- 0.1%
350,000 Empresa ICA Controladora SA de CV 175,000
Convertible
5.000% March 15, 2004
$175,000
FINANCIAL SERVICES --- 2.1%
1,200,000 APP Finance VII Mauritius 880,500
Convertible
3.500% April 30, 2003
375,000 APP Finance VII Mauritius # 275,625
Convertible
3.500% April 30, 2003
2,750,000 App Finance IV Mauritius (3) 450,313
Zero Coupon
13.940% November 18, 2012
700,000 Bell Atlantic Financial Services Inc 685,125
Convertible
5.750% April 1, 2003
250,000 Cerro Negro Finance Ltd # 203,472
Bonds
7.900% December 1, 2020
200,000 DR Structured Finance Corp 168,914
Pass Through Certificates
8.550% August 15, 2019
350,000 DR Structured Finance Corp 267,663
Debentures
7.430% August 15, 2018
750,000 Merey Sweeney LP # 734,775
Senior Notes
8.850% December 18, 2019
550,000 Petrozuata Finance Inc # 423,500
Company Guaranteed Notes
8.220% April 1, 2017
$4,089,887
FOOD & BEVERAGES --- 1.1%
450,000 Burns Philp Treasury 261,000
Convertible
5.500% April 30, 2004
250,000 Compania Alimentos Fargo 213,750
Senior Notes
13.250% August 1, 2008
1,000,000 ConAgra Inc 799,860
Senior Notes
7.000% October 1, 2028
1,000,000 Pepsi Bottling Group Inc 897,189
Senior Notes
7.000% March 1, 2029
$2,171,799
FOREIGN BANKS --- 7.2%
2,250,000 Bangko Sentral Pilipinas 1,597,500
Bonds
8.600% June 15, 2027
1,600,000 Bangkok Bank Public Co Ltd 848,000
Convertible
4.589% March 3, 2004
4,150,000 Bangkok Bank Public Co Ltd # 3,112,500
Subordinated Notes
9.025% March 15, 2029
1,000,000 International Bank for Reconstruction & Development 483,041
Senior Notes
8.000% May 23, 2007
19,425,000 International Bank for Reconstruction & Development^ (3) 5,391,148
Zero Coupon
10.820% August 20, 2007
400,000 Siam Commercial Bank Public Co Ltd 201,000
Convertible
3.250% January 24, 2004
500,000 Siam Commercial Bank Public Co Ltd # 415,000
Private Placement
7.500% March 15, 2006
2,625,000 Thai Farmers Bank Public Co Ltd # 1,995,000
Private Placement
8.250% August 21, 2016
$14,043,189
FOREIGN GOVERNMENTS --- 5.4%
250,000 Republic of Argentina (2) 165,938
Step Bond
6.000% March 31, 2023
6,550,000 Republic of Brazil 5,158,125
Bonds
10.125% May 15, 2027
615,681 Republic of Brazil 451,787
Bonds
8.000% April 15, 2014
7,450,000 Republic of South Africa 1,026,184
Bonds
13.000% August 31, 2010
4,500,000 Republic of South Africa 620,827
Bonds
12.500% December 21, 2006
2,500,000 Republic of South Africa 354,398
Bonds
13.500% September 15, 2015
4,250,000 Republic of Venezuela 2,794,375
Bonds
9.250% September 15, 2027
$10,571,634
GOLD, METALS & MINING --- 0.0%
500,000 Geneva Steel Co Class A ^ (5) 85,000
Senior Notes
9.500% January 15, 2004
$85,000
HEALTH CARE RELATED --- 1.1%
2,000,000 Columbia/HCA Healthcare Corp 1,480,000
Debentures
7.050% December 1, 2027
250,000 Columbia/HCA Healthcare Corp 201,250
Notes
7.580% September 15, 2025
250,000 HEALTHSOUTH Corp 196,250
Convertible
3.250% April 1, 2003
250,000 Tenet Healthcare Corp 207,500
Convertible
6.000% December 1, 2005
$2,085,000
HOMEBUILDING --- 0.4%
500,000 Pulte Corp 449,765
Senior Notes
7.300% October 24, 2005
450,000 Schuler Homes Inc 360,000
Convertible
6.500% January 15, 2003
$809,765
INSURANCE RELATED --- 3.5%
7,855,000 Loews Corp 6,756,557
Convertible
3.125% September 15, 2007
$6,756,557
INVESTMENT BANK/BROKERAGE FIRM --- 0.3%
750,000 Federal Realty Investment Trust 673,266
Convertible
5.250% October 28, 2003
$673,266
LEISURE & ENTERTAINMENT --- 1.1%
24,000 Bell Sports Corp 21,600
Convertible
4.250% November 15, 2000
750,000 Time Warner Inc 697,163
Debentures
7.570% February 1, 2024
1,650,000 Time Warner Inc 1,361,960
Company Guaranteed Bonds
6.625% May 15, 2029
$2,080,723
MACHINERY --- 0.0%
200,000 Intevac Inc 90,500
Convertible
6.500% March 1, 2004
$90,500
MANUFACTURING --- 0.4%
750,000 Borden Inc 554,033
Debentures
7.875% February 15, 2023
100,000 Hexcel Corp 86,000
Convertible
7.000% August 1, 2003
75,000 Hexcel Corp 53,438
Convertible
7.000% August 1, 2011
$693,471
MEDICAL PRODUCTS --- 0.5%
1,250,000 Bausch & Lomb Inc 955,413
Debentures
7.125% August 1, 2028
$955,413
MISCELLANEOUS --- 0.9%
500,000 AES Corp 410,000
Senior Subordinated Debentures
8.875% November 1, 2027
495,000 Ogden Corp 420,131
Convertible
5.750% October 20, 2002
500,000 TRW Inc 382,950
Debentures
6.650% January 15, 2028
600,000 Thermo TerraTech Inc # ^ 534,000
Private Placement
4.625% May 1, 2003
$1,747,081
OFFICE EQUIPMENT & SUPPLIES --- 1.0%
3,900,000 Xerox Corp 2,028,000
Convertible
.570% April 21, 2018
$2,028,000
OIL & GAS --- 9.8%
250,000 Anadarko Petroleum Corp 228,058
Debentures
7.200% March 15, 2029
5,150,000 Baker Hughes Inc (3) 4,013,910
Zero Coupon
4.410% May 5, 2008
300,000 Diamond Offshore Drilling Inc 314,421
Convertible
3.750% February 15, 2007
1,150,000 Global Marine Inc 999,235
Notes
7.000% June 1, 2028
2,000,000 KN Capital Trust III 1,674,986
Company Guaranteed Notes
7.630% April 15, 2028
1,000,000 KN Energy Inc/Kinder Morgan Inc 894,180
Debentures
7.250% March 1, 2028
500,000 Kerr-McGee Corp 476,250
Convertible
7.500% May 15, 2014
400,000 Key Energy Services Inc 314,000
Convertible
5.000% September 15, 2004
132,500 NorAm Energy Corp 115,275
Convertible
6.000% March 15, 2012
500,000 Pennzoil-Quaker State Co 357,180
Debentures
7.375% April 1, 2029
750,000 Perez Companc SA # 628,125
Private Placement
8.125% July 15, 2007
250,000 Petro Mexicanos/Petroleos Mexicanos 241,485
Company Guaranteed Notes
9.250% March 30, 2018
200,000 Petro Mexicanos/Petroleos Mexicanos # 174,000
Debentures
8.625% December 1, 2023
1,000,000 Phillips 66 Capital Trust II 869,610
Company Guaranteed Notes
8.000% January 15, 2037
500,000 Phillips Petroleum Co 439,845
Debentures
7.000% March 30, 2029
600,000 Pioneer Natural Resources Co 518,634
Company Guaranteed Notes
6.500% January 15, 2008
4,000,000 R&B Falcon Corp 3,120,000
Senior Notes
7.375% April 15, 2018
750,000 R&B Falcon Corp 665,625
Senior Notes
6.750% April 15, 2005
350,000 Ssangyong Oil Corp 234,500
Convertible
3.000% December 31, 2004
1,250,000 Tennessee Gas Pipeline Co 1,094,863
Debentures
7.000% October 15, 2028
700,000 Union Pacific Resources Group Inc 694,232
Debentures
7.950% April 15, 2029
1,150,000 Union Pacific Resources Group Inc 1,040,624
Debentures
7.050% May 15, 2018
$19,109,038
PAPER & FOREST PRODUCTS --- 3.2%
1,000 APP China Group Ltd # 632,500
Private Placement
14.000% March 15, 2010
2,250,000 Georgia-Pacific Group 2,027,363
Notes
7.750% November 15, 2029
1,000,000 International Paper Co 840,290
Debentures
6.875% November 1, 2023
1,100,000 Pindo Deli Finance Mauritius 660,000
Company Guaranteed Notes
10.750% October 1, 2007
2,900,000 Pindo Deli Finance Mauritius ^ 1,421,000
Company Guaranteed Notes
10.875% October 1, 2027
875,000 Tjiwi Kimia FN Mauritius 560,000
Company Guaranteed Notes
10.000% August 1, 2004
$6,141,153
PHARMACEUTICALS --- 0.8%
1,335,000 Dura Pharmaceuticals Inc 1,081,350
Convertible
3.500% July 15, 2002
525,000 Nabi Inc 446,250
Convertible
6.500% February 1, 2003
$1,527,600
PRINTING & PUBLISHING --- 0.3%
600,000 Scholastic Corp # 615,582
Private Placement
5.000% August 15, 2005
$615,582
RAILROADS --- 0.1%
350,000 Missouri Pacific Railroad Co 185,500
Debentures
5.000% January 1, 2045
$185,500
REAL ESTATE --- 7.7%
1,000,000 AMP Property LP 880,790
Company Guaranteed Bonds
7.500% June 30, 2018
500,000 EOP Operating LP 434,450
Notes
7.500% April 19, 2029
2,500,000 First Industrial Realty Trust Inc 2,122,125
Notes
7.500% December 1, 2017
2,000,000 First Industrial Realty Trust Inc 1,671,120
Notes
7.600% July 15, 2028
1,500,000 Highwoods Properties Inc REIT 1,261,155
Senior Notes
7.500% April 15, 2018
750,000 Meditrust Cos REIT 502,500
Notes
7.000% August 15, 2007
1,100,000 Rockefeller Center Properties ^ (3) 924,000
Zero Coupon
23.610% December 31, 2000
1,875,000 SUSA Partnership LP 1,544,269
Debentures
7.500% December 1, 2027
1,000,000 SUSA Partnership LP 852,520
Debentures
7.450% July 1, 2018
2,500,000 Security Capital Group Inc 2,113,900
Notes
7.700% June 15, 2028
2,000,000 Security Capital Industrial Trust/ProLogis Trust 1,757,400
Debentures
7.625% July 1, 2017
250,000 Sizeler Property Investors Inc 221,875
Convertible
8.000% July 15, 2003
1,000,000 TriNet Corporate Realty Trust Inc 709,340
Senior Notes
7.700% July 15, 2017
$14,995,444
RESTAURANTS --- 0.1%
250,000 Einstein/Noah Bagel Corp ^ (5) 115,000
Convertible
7.250% June 1, 2004
$115,000
RETAIL --- 1.0%
275,000 CML Group Inc ^ (5) 165
Convertible
5.500% January 15, 2003
500,000 JC Penney Co Inc 354,385
Debentures
7.125% November 15, 2023
500,000 JC Penney Co Inc 397,165
Debentures
7.650% August 15, 2016
100,000 Jacobson Stores Inc 68,250
Convertible
6.750% December 15, 2011
750,000 Kmart Corp 584,010
Debentures
7.950% February 1, 2023
750,000 Venator Group Inc/Woolworth Corp 502,500
Debentures
8.500% January 15, 2022
$1,906,475
TELEPHONE & TELECOMMUNICATIONS --- 6.1%
700,000 Clearnet Communications Inc (2) 263,380
Step Bond 0%/10.750%
13.600% February 15, 2009
1,400,000 Clearnet Communications Inc (2) 654,316
Step Bond 0%/11.750%
13.960% August 13, 2007
500,000 Clearnet Communications Inc (2) 204,157
Step Bond 0%/10.400%
13.650% May 15, 2008
2,500,000 Intermedia Communications Inc (2) 1,531,250
Step Bond 0%/12.250%
13.010% March 1, 2009
125,000 Jazztel PLC # 120,125
Private Placement
14.000% July 15, 2010
1,050,000 Loxley Public Co Ltd ^ 346,500
Convertible
2.500% April 4, 2001
500,000 NEXTLINK Communications Inc (2) 312,500
Step Bond 0%/9.450%
12.720% April 15, 2008
500,000 NEXTLINK Communications Inc (2) 310,000
Step Bond 0%/12.250%
12.410% June 1, 2009
1,775,000 Nextel Communications Inc Class A (2) 1,331,250
Step Bond 0%/9.750%
10.830% October 31, 2007
1,400,000 Nextel International Inc (2) 917,000
Step Bond 0%/12.125%
13.630% April 15, 2008
1,475,000 RCN Corp (2) 921,875
Step Bond 0%/11.125%
14.930% October 15, 2007
2,100,000 RCN Corp (2) 1,170,750
Step Bond 0%/11.000%
15.040% July 1, 2008
1,750,000 RCN Corp (2) 966,875
Step Bond 0%/9.800%
15.280% February 15, 2008
2,250,000 Teligent Inc (2) 1,051,875
Step Bond 0%/11.500%
19.130% March 1, 2008
950,000 Total Access Communication Public Co Ltd # 802,750
Bonds
8.375% November 4, 2006
1,000,000 US West Capital Funding Inc 844,140
Company Guaranteed Notes
6.500% November 15, 2018
$11,748,743
TEXTILES --- 0.7%
1,000,000 Burlington Industries Inc 711,040
Debentures
7.250% August 1, 2027
76,000 Dixie Group Inc ^ 48,640
Convertible
7.000% May 15, 2012
125,000 Fieldcrest Cannon Inc 35,000
Convertible
6.000% March 15, 2012
550,000 Fruit of the Loom Ltd (5) 277,750
Debentures
7.375% November 15, 2023
250,000 Kellwood Co 192,623
Debentures
7.625% October 15, 2017
250,000 Phillips-Van Heusen Corp 183,750
Debentures
7.750% November 15, 2023
$1,448,803
TOBACCO --- 2.3%
5,185,000 Philip Morris Cos Inc 4,393,043
Debentures
7.750% January 15, 2027
$4,393,043
TRANSPORTATION --- 0.4%
100,000 APL Ltd 40,000
Debentures
8.000% January 15, 2024
175,000 Builders Transport Inc ^ (5) 228
Convertible
8.000% August 15, 2005
500,000 Hvide Marine Inc # ^ 440,000
Private Placement
12.500% June 30, 2007
100,000 Preston Corp/Yellow Corp 76,000
Convertible
7.000% May 1, 2011
225,000 Worldway Corp 182,250
Convertible
6.250% April 15, 2011
$738,478
U.S. MUNICIPAL --- 0.3%
2,000,000 Orange County California Pension (3) 574,100
Zero Coupon
8.090% September 1, 2016
$574,100
TOTAL BONDS --- 95.4% $185,163,119
(Cost $201,081,964)
COMMON STOCK
COMPUTER HARDWARE & SYSTEMS --- 0.0%
550 StreamLogic Corp @* 0
$0
RESTAURANTS --- 0.0%
62,980 Advantica Restaurant Group Inc ^* 60,965
$60,965
TRANSPORTATION --- 0.1%
2,822 Hvide Marine Inc (wts) # ^* 7,055
625 Hvide Marine Inc (wts) ^* 938
17,333 Hvide Marine Inc ^* 102,913
$110,906
TOTAL COMMON STOCK --- 0.1% $171,871
(Cost $1,720,988)
PREFERRED STOCK
CHEMICALS --- 0.0%
1,000 EI du Pont de Nemours & Co 52,250
$52,250
CONTAINERS --- 0.1%
4,500 Owens-Illinois Inc 100,125
$100,125
ELECTRIC COMPANIES --- 0.5%
1,304 Entergy Louisiana Inc 57,702
917 MDU Resources Group Inc # 79,898
2,255 New York State Electric & Gas Corp 87,945
2,850 Niagara Mohawk Power Corp 171,889
300 Northern States Power Co 14,081
15,000 Southern California Edison Co* 193,125
5,000 Union Electric Co* 282,500
$887,140
FINANCIAL SERVICES --- 0.1%
6,000 Owens Corning Capital 143,250
$143,250
GOLD, METALS & MINING --- 0.2%
25,850 Bethlehem Steel Corp 374,825
$374,825
INVESTMENT BANK/BROKERAGE FIRM --- 0.0%
2,100 Prologis Trust* 43,050
$43,050
OIL & GAS --- 1.1%
3,750 Chesapeake Energy Corp* 240,000
40,000 Weatherford International Inc 1,840,000
$2,080,000
REAL ESTATE --- 0.4%
4,900 AMB Property Corp 103,513
1,600 Archstone Communities Trust 36,500
2,200 Centerpoint Properties Corp* 49,775
8,300 Developers Diversified Realty Corp 186,227
6,500 Equity Residential Properties Trust Series G 146,250
6,600 Equity Residential Properties Trust Series L 128,700
5,000 Highwood Properties Inc 94,375
$745,340
TELEPHONE & TELECOMMUNICATIONS --- 0.5%
1,189 Adelphia Business Solutions Inc 1,034,500
$1,034,500
TRANSPORTATION --- 0.2%
10,000 Coltec Cap Trust 400,000
$400,000
TOTAL PREFERRED STOCK --- 3.0% $5,860,480
(Cost $5,942,818)
SHORT-TERM INVESTMENTS
FINANCIAL SERVICES --- 1.5%
2,833,000 Associates Corp of North America 2,831,916
$2,831,916
TOTAL SHORT-TERM INVESTMENTS --- 1.5% $2,831,916
(Cost $2,831,916)
TOTAL LOOMIS SAYLES CORPORATE BOND PORTFOLIO --- 100.0% $194,027,386
(Cost $211,577,686)
The Maxim Series Fund
Loomis Sayles Small-Cap Value Portfolio
COMMON STOCK
AEROSPACE & DEFENSE --- 1.0%
8,500 Alliant Techsystems Inc* 573,215
7,900 REMEC Inc* 330,813
$904,028
AGRICULTURE --- 1.0%
35,600 Corn Products International Inc 943,400
$943,400
AIR FREIGHT --- 0.6%
16,000 Atlas Air Inc* 574,000
$574,000
BANKS --- 3.8%
13,600 City National Corp 472,600
36,300 Colonial BancGroup Inc 326,700
11,970 Commerce Bancorp Inc 550,620
26,350 Commercial Federal Corp 410,059
22,300 First Midwest Bancorp Inc 518,475
23,200 Hudson United Bancorp 520,538
14,700 Wilmington Trust Corp 628,425
$3,427,417
BIOTECHNOLOGY --- 1.3%
31,500 IDEXX Laboratories Inc* 720,563
3,200 Myriad Genetics Inc* 473,850
$1,194,413
BROADCAST/MEDIA --- 1.8%
14,000 Adelphia Communications Corp Class A* 656,250
11,000 EW Scripps Co Class A* 541,750
49,600 Regent Communications Inc* 426,213
$1,624,213
CHEMICALS --- 4.4%
9,700 Cabot Microelectronics Corp* 443,775
16,800 Cytec Industries Inc* 414,742
5,200 Dexter Corp 249,600
29,400 Ferro Corp 617,400
18,900 Great Lakes Chemical Corp 595,350
30,700 IMC Global Inc 399,100
8,100 OM Group Inc 356,400
25,200 Olin Corp 415,800
20,700 Spartech Corp 558,900
$4,051,067
COMMUNICATIONS - EQUIPMENT --- 2.7%
10,191 ADC Telecommunications Inc* 854,770
21,500 CommScope Inc* 881,500
20,800 Davox Corp* 269,090
14,600 Harris Corp 478,150
$2,483,510
COMPUTER HARDWARE & SYSTEMS --- 0.5%
10,300 National Instruments Corp* 449,338
$449,338
COMPUTER SOFTWARE & SERVICES --- 5.0%
25,500 ACNielsen Corp* 561,000
25,600 Complete Business Solutions Inc* 449,587
8,900 Great Plains Software Inc* 174,663
11,200 Hyperion Solutions Corp* 363,294
16,300 Investment Technology Group Inc* 643,850
6,000 NetRatings Inc* 153,750
46,500 Per-Se Technologies Inc* 435,938
24,000 Progress Software Corp* 430,488
23,400 SunGard Data Systems Inc* 725,400
15,100 Sybase Inc* 347,300
5,700 Xircom Inc* 270,750
$4,556,020
ELECTRIC COMPANIES --- 1.5%
20,000 Alliant Energy Corp 520,000
3,900 MDU Resources Group Inc* 84,338
18,000 NSTAR 732,366
$1,336,704
ELECTRONIC INSTRUMENTS & EQUIP --- 6.8%
8,100 C-COR.net Corp* 218,700
8,300 DSP Group Inc* 464,800
10,300 Harman International Industries Inc 628,300
11,600 Integrated Device Technology Inc* 694,550
21,900 Kent Electronics Corp* 652,883
8,450 Microchip Technology Inc* 492,339
4,900 SCI Systems Inc* 192,016
6,800 SPX Corp* 822,372
6,440 Sanmina Corp* 550,620
10,800 Tektronix Inc 799,200
18,196 Vishay Intertechnology Inc* 690,302
$6,206,082
ELECTRONICS - SEMICONDUCTOR --- 4.7%
19,500 Actel Corp* 889,688
15,900 C-Cube Microsystems Inc* 312,038
15,400 Dallas Semiconductor Corp 627,550
8,400 DuPont Photomasks Inc* 575,400
13,700 International Rectifier Corp* 767,200
17,200 Varian Semiconductor Equipment Associates Inc* 1,080,366
$4,252,242
FINANCIAL SERVICES --- 1.8%
28,900 AmeriCredit Corp* 491,300
24,800 Astoria Financial Corp 638,600
24,100 Heller Financial Inc 494,050
$1,623,950
FOOD & BEVERAGES --- 2.3%
14,700 International Multifoods Corp 254,486
44,200 Michael Foods Inc 1,082,900
25,100 Pepsi Bottling Group Inc 732,594
$2,069,980
GOLD, METALS & MINING --- 0.9%
20,400 Newmont Mining Corp 441,150
38,200 Worthington Industries Inc 401,100
$842,250
HARDWARE & TOOLS --- 0.6%
14,400 Scotts Co Class A* 525,600
$525,600
HEALTH CARE RELATED --- 2.5%
23,600 AmeriSource Health Corp Class A* 731,600
39,400 Health Management Associates Inc Class A* 514,643
31,500 Renal Care Group Inc* 770,270
5,700 Trigon Healthcare Inc* 293,903
$2,310,416
HEAVY TRUCKS & PARTS --- 0.9%
23,100 Oshkosh Truck Corp 825,825
$825,825
HOMEBUILDING --- 0.5%
36,500 DR Horton Inc 495,013
$495,013
INSURANCE RELATED --- 5.2%
26,300 Annuity & Life Re Holdings Ltd 644,350
22,400 Arthur J Gallagher & Co 940,800
15,100 CNA Surety Corp 180,249
16,700 HSB Group Inc 519,788
50,700 Old Republic International Corp 836,550
30,800 Protective Life Corp 820,050
15,900 Radian Group Inc 822,825
$4,764,612
INVESTMENT BANK/BROKERAGE FIRM --- 1.6%
10,600 Affiliated Managers Group Inc* 482,300
17,300 American Capital Strategies Ltd* 413,038
16,600 Federated Investors Inc Class B 582,029
$1,477,367
MACHINERY --- 0.5%
30,700 Milacron Inc 445,150
$445,150
MANUFACTURING --- 5.1%
14,300 Astec Industries Inc* 362,863
14,700 CTS Corp 661,500
25,200 CUNO Inc* 582,750
15,500 Crane Co 376,836
17,200 Diebold Inc 479,450
14,700 Dionex Corp* 393,225
23,300 Harsco Corp 594,150
21,000 Maverick Tube Corp* 611,625
16,300 Pentair Inc 578,650
$4,641,049
MEDICAL PRODUCTS --- 4.3%
29,400 Acuson Corp* 396,900
11,800 Beckman Coulter Inc 688,825
28,525 CONMED Corp* 738,084
66,500 EndoSonics Corp* 374,063
46,200 Respironics Inc* 831,600
51,600 Steris Corp* 457,950
10,900 Varian Medical Systems Inc* 426,463
$3,913,885
MISCELLANEOUS --- 0.2%
14,300 Sensormatic Electronics Corp* 226,112
$226,112
OFFICE EQUIPMENT & SUPPLIES --- 1.1%
17,100 HON Industries Inc 401,850
18,700 United Stationers Inc* 605,413
$1,007,263
OIL & GAS --- 3.7%
8,500 New Jersey Resources Corp 323,527
16,000 Patterson Energy Inc* 456,000
24,300 Santa Fe International Corp 848,981
50,700 Santa Fe Snyder Corp* 576,713
16,800 Tidewater Inc 604,800
21,200 Veritas DGC Inc* 551,200
$3,361,221
PAPER & FOREST PRODUCTS --- 0.3%
8,200 Chesapeake Corp 242,925
$242,925
PHARMACEUTICALS --- 1.5%
12,300 Medicis Pharmaceutical Corp Class A* 701,100
26,400 PathoGenesis Corp* 686,400
$1,387,500
POLLUTION CONTROL --- 1.1%
25,700 Republic Services Inc* 411,200
25,675 Tetra Tech Inc* 587,316
$998,516
PRINTING & PUBLISHING --- 1.4%
8,000 Deluxe Corp 188,496
8,700 Harcourt General Inc 473,063
6,900 Houghton Mifflin Co 322,140
12,800 John Wiley & Sons Inc Class A 288,000
$1,271,699
REAL ESTATE --- 5.3%
19,000 Avalonbay Communities Inc 793,250
45,600 Liberty Property Trust REIT 1,182,717
43,936 MeriStar Hospitality Corp REIT 922,656
27,300 Pacific Gulf Properties Inc REIT 684,193
13,100 Prentiss Properties Trust REIT 314,400
38,800 Reckson Associates Realty Corp REIT 921,500
$4,818,716
RESTAURANTS --- 2.2%
26,000 Ruby Tuesday Inc 326,612
23,300 Sonic Corp* 684,438
55,100 Wendy's International Inc 981,441
$1,992,491
RETAIL --- 1.9%
52,900 Charming Shoppes Inc* 269,420
35,000 Family Dollar Stores Inc 684,670
17,200 Men's Wearhouse Inc* 383,766
40,100 Pier 1 Imports Inc 390,975
$1,728,831
SPECIALIZED SERVICES --- 6.5%
22,000 ADVO Inc* 924,000
45,400 Burns International Services Corp* 567,500
36,400 Fossil Inc* 707,507
28,800 Harte-Hanks Inc 720,000
5,300 Information Resources Inc* 20,866
16,100 Manpower Inc 515,200
10,900 National Computer Systems Inc 536,825
11,300 National Service Industries Inc 220,350
55,300 RH Donnelley Corp* 1,071,438
24,600 Viad Corp 670,350
$5,954,036
TELEPHONE & TELECOMMUNICATIONS --- 1.5%
30,700 ITC DeltaCom Inc* 684,978
13,800 Tekelec* 664,981
$1,349,959
TEXTILES --- 1.2%
19,300 Liz Claiborne Inc 680,325
19,900 Russell Corp 398,000
$1,078,325
TRANSPORTATION --- 2.2%
25,600 GATX Corp 870,400
22,100 Newport News Shipbuilding Inc 812,175
13,500 USFreightways Corp 331,587
$2,014,162
UTILITIES --- 1.4%
18,800 AGL Resources Inc 299,616
32,025 Vectren Corp 552,431
16,600 Washington Gas Light Co 399,429
$1,251,476
WATER --- 0.5%
16,000 American States Water Co 476,000
$476,000
TOTAL COMMON STOCK --- 93.4% $85,096,763
(Cost $74,999,885)
SHORT-TERM INVESTMENTS
FINANCIAL SERVICES --- 6.6%
3,181,000 Associates Corp of North America 3,179,783
2,200,000 Ford Motor Credit Co 2,197,972
600,000 Ford Motor Credit Co 599,342
$5,977,097
TOTAL SHORT-TERM INVESTMENTS --- 6.6% $5,977,097
(Cost $5,977,097)
TOTAL LOOMIS SAYLES SMALL-CAP VALUE PORTFOLIO --- 100.0% $91,073,860
(Cost $80,976,982)
The Maxim Series Fund
Money Market Portfolio
BONDS
AGENCY --- 3.0%
5,000,000 Federal Home Loan Bank 5,000,000
5.705% July 14, 2000
5,000,000 Federal Home Loan Bank 5,000,000
5.900% September 22, 2000
10,000,000 Freddie Mac 9,883,219
5.000% February 15, 2001
260,000 Tennessee Valley Authority 259,823
6.000% November 1, 2000
$20,143,042
ASSET BACKED SECURITY --- 3.0%
10,000,000 Copelco Capital Funding Corp (4) 10,000,000
Series 2000-A Class A2A
6.649% March 19, 2001
10,000,000 Peoplefirst.com 10,000,000
Series 2000-1 Class A1
6.713% July 15, 2001
$20,000,000
FINANCIAL SERVICES --- 0.9%
3,250,000 Household Finance Corp 3,254,535
Senior Subordinated Notes
9.625% July 15, 2000
3,012,052 Huntington Auto Trust 3,012,052
Series 2000-A Class A1
6.316% April 15, 2001
$6,266,587
FOREIGN BANKS --- 1.6%
10,912,000 International Bank for Reconstruction & Development 10,781,056
Senior Unsubordinated Notes
5.500% February 2, 2001
$10,781,056
INVESTMENT BANK/BROKERAGE FIRM --- 0.3%
1,000,000 Bear Stearns Cos Inc (4) 1,011,317
Notes
6.829% December 18, 2000
1,000,000 Lehman Brothers Inc 1,008,828
Senior Subordinated Notes
9.875% October 15, 2000
$2,020,145
TOTAL BONDS --- 8.8% $59,210,830
(Cost $669,479,442)
SHORT-TERM INVESTMENTS
AUTOMOBILES --- 0.6%
4,000,000 Toyota Motor Credit Corp 3,991,593
$3,991,593
CHEMICALS --- 4.3%
5,000,000 EI du Pont de Nemours & Co 4,982,000
14,000,000 EI du Pont de Nemours & Co 13,974,683
10,000,000 EI du Pont de Nemours & Co 9,942,133
$28,898,816
ELECTRIC COMPANIES --- 10.1%
10,000,000 Duke Energy Corp 9,950,950
22,000,000 Duke Energy Corp 21,960,271
2,700,000 Pacific Gas & Electric Co 2,695,110
3,100,000 Pacific Gas & Electric Co 3,093,263
7,159,000 Pacific Gas & Electric Co 7,144,716
3,870,000 South Carolina Electric & Gas 3,860,804
4,447,000 Southern California Edison Co 4,386,852
15,000,000 Southern California Edison Co 14,828,208
$67,920,174
ELECTRONIC INSTRUMENTS & EQUIP --- 0.7%
5,000,000 Motorola Credit Corp 4,927,144
$4,927,144
ELECTRONICS - SEMICONDUCTOR --- 1.5%
2,868,000 Motorola Inc 2,825,475
5,000,000 Motorola Inc 4,927,144
2,000,000 Motorola Inc 1,980,714
$9,733,333
FINANCIAL SERVICES --- 37.9%
5,000,000 American Express Credit Corp 4,962,815
15,000,000 American Express Credit Corp 14,970,117
5,000,000 American Express Credit Corp 4,983,725
7,500,000 American General Finance Corp 7,454,900
6,520,000 Associates Corp of North America 6,517,504
10,000,000 Ciesco LP 9,956,533
5,000,000 Ciesco LP 4,996,372
10,000,000 Ciesco LP 14,937,517
10,600,000 Ford Motor Credit Co 10,536,453
6,500,000 Ford Motor Credit Co 6,478,778
1,900,000 Ford Motor Credit Co 1,901,801
10,000,000 Halifax PLC 9,877,725
12,000,000 Halifax PLC 11,956,533
11,000,000 Halifax PLC 10,988,047
15,000,000 Household Finance Corp 14,973,417
9,000,000 International Lease Finance Co 8,808,705
8,000,000 International Lease Finance Co 7,936,347
3,000,000 PACCAR Financial Corp 2,998,920
2,000,000 PACCAR Financial Corp 1,998,644
4,000,000 PACCAR Financial Corp 3,976,093
2,020,000 PACCAR Financial Corp 2,008,293
2,000,000 PACCAR Financial Corp 1,986,598
12,575,000 PACCAR Financial Corp 12,483,203
2,900,000 PACCAR Financial Corp 2,890,005
5,000,000 PACCAR Financial Corp 4,927,913
15,000,000 Prudential Funding Corp 14,879,917
10,000,000 Prudential Funding Corp 9,993,233
8,000,000 Prudential Funding Corp 7,912,287
10,000,000 Salomon Smith Barney Holdings 9,823,733
5,000,000 Salomon Smith Barney Holdings 4,931,447
10,000,000 Salomon Smith Barney Holdings 9,919,700
8,000,000 Salomon Smith Barney Holdings 7,921,913
3,000,000 TransAmerica Financial Corp 2,997,554
$253,886,742
FOOD & BEVERAGES --- 3.1%
14,000,000 Campbell Soup Co 13,957,510
7,000,000 HJ Heinz Co 6,977,110
150,000 HJ Heinz Co 149,700
$21,084,320
FOREIGN BANKS --- 2.2%
5,000,000 Bank of Nova Scotia 4,855,483
10,000,000 Bank of Nova Scotia 9,879,183
$14,734,666
INSURANCE RELATED --- 4.5%
15,000,000 AIG Funding Inc 14,969,550
15,000,000 Metlife Funding Inc 14,870,358
$29,839,908
INVESTMENT BANK/BROKERAGE FIRM --- 16.0%
15,000,000 American General Finance Corp 14,989,133
10,000,000 American General Finance Corp 9,943,597
10,000,000 Caisse Central Desjardins 9,885,472
5,500,000 First Bank of South Dakota/US Bank NA (4) 5,505,140
6,000,000 KFW International Finance 5,905,543
10,000,000 Merrill Lynch & Co Inc 9,945,250
10,000,000 Merrill Lynch & Co Inc 9,947,214
10,000,000 Merrill Lynch & Co Inc 9,956,667
16,000,000 Morgan Stanley Dean Witter & Co 15,953,422
5,000,000 Morgan Stanley Dean Witter & Co 4,946,672
10,000,000 Morgan Stanley Dean Witter & Co 9,843,289
$106,821,399
SPECIALIZED SERVICES --- 1.5%
10,000,000 Nestle Capital Corp 9,969,683
$9,969,683
TELEPHONE & TELECOMMUNICATIONS --- 4.0%
5,000,000 AT&T Corp 4,927,803
10,000,000 AT&T Corp 9,828,189
11,950,000 AT&T Corp 11,804,229
$26,560,221
TRANSPORTATION --- 4.8%
15,000,000 DaimlerChrysler 14,972,225
5,000,000 DaimlerChrysler 4,983,982
5,000,000 DaimlerChrysler 4,956,792
7,000,000 DaimlerChrysler 6,987,614
$31,900,613
TOTAL SHORT-TERM INVESTMENTS --- 91.2% $610,268,612
(Cost )
TOTAL MONEY MARKET PORTFOLIO --- 100.0% $669,479,442
(Cost )
The Maxim Series Fund
Short-Term Maturity Bond Portfolio
BONDS
AGENCY --- 21.3%
13,500,000 Fannie Mae 13,295,340
Notes
6.250% November 15, 2002
4,000,000 Freddie Mac 3,940,640
Notes
6.250% October 15, 2002
13,000,000 Freddie Mac 12,997,920
Notes
7.000% February 15, 2003
$30,233,900
AUTO PARTS & EQUIPMENT --- 1.8%
2,500,000 Magna International Inc 2,500,000
Convertible
5.000% October 15, 2002
$2,500,000
BANKS --- 4.2%
2,000,000 Bank One Corp 1,958,320
Notes
6.400% August 1, 2002
2,000,000 Mercantile Safe Deposit & Trust 1,997,600
Deposit Notes
7.400% April 3, 2002
2,000,000 Wells Fargo & Co 1,971,380
Notes
6.500% September 3, 2002
$5,927,300
BROADCAST/MEDIA --- 1.5%
2,100,000 Media One Group Certficates (4) 2,100,000
Sets Trust 99-10
6.250% August 27, 2001
$2,100,000
ELECTRIC COMPANIES --- 17.4%
2,000,000 Boston Edison Co 1,956,360
Debentures
6.800% March 15, 2003
5,000,000 Hydro-Quebec 4,952,000
Government Guaranteed Notes
6.350% January 15, 2002
2,500,000 Ohio Edison Co 2,516,875
1st Mortgage
8.250% April 1, 2002
3,000,000 PP&L Inc 2,968,920
1st Mortgage
6.125% May 1, 2001
2,500,000 PSI Energy Inc 2,524,375
1st Mortgage
7.610% January 7, 2002
3,000,000 Public Service Co of Colorado 2,879,820
Bonds
6.000% April 15, 2003
4,000,000 Sierra Pacific Power Co 3,917,120
Notes
5.470% December 17, 2001
3,000,000 Washington Water Power Co 2,994,480
1st Mortgage
6.240% October 2, 2000
$24,709,950
ELECTRONICS - SEMICONDUCTOR --- 1.4%
2,000,000 Texas Instruments Inc 1,997,040
Notes
6.875% July 15, 2000
$1,997,040
FINANCIAL SERVICES --- 22.5%
2,500,000 AT&T Capital Corp 2,471,000
Company Guaranteed Notes
6.250% May 15, 2001
3,000,000 Associates Corp of North America 2,963,130
Notes
5.875% May 16, 2001
2,000,000 Countrywide Funding Corp 1,994,340
Company Guaranteed Notes
6.430% October 23, 2000
2,500,000 Finova Capital Corp 2,250,000
Notes
9.125% February 27, 2002
2,500,000 Ford Motor Credit Co 2,460,375
Senior Unsubordinated Notes
6.500% February 28, 2002
2,000,000 General Electric Capital Corp 1,999,400
Notes
6.040% August 16, 2000
3,000,000 General Motors Acceptance Corp 2,912,190
Notes
5.350% December 7, 2001
4,000,000 IBM Credit Corp 3,953,560
Notes
5.760% May 15, 2001
3,000,000 International Lease Finance Corp 2,910,600
Notes
5.400% January 22, 2002
3,000,000 MBNA America Bank NA 2,949,900
Notes
6.080% August 10, 2001
2,000,000 National Rural Utilities Corp 2,000,000
Notes
6.260% July 10, 2000
3,000,000 Sanwa Business Credit # 3,004,290
Notes
7.250% September 15, 2001
$31,868,785
INSURANCE RELATED --- 3.2%
2,000,000 Conseco Inc 1,520,000
Notes
6.400% June 15, 2001
3,000,000 Travelers Property Casualty Corp 2,991,390
Notes
6.750% April 15, 2001
$4,511,390
INVESTMENT BANK/BROKERAGE FIRM --- 5.2%
2,500,000 Lehman Brothers Inc 2,479,075
Senior Subordinated Notes
6.125% February 1, 2001
3,000,000 Merrill Lynch & Co 2,924,040
Notes
5.730% February 26, 2002
2,000,000 Morgan Stanley Dean Witter & Co 2,026,820
Notes
8.100% June 24, 2002
$7,429,935
MANUFACTURING --- 4.2%
3,000,000 Cooper Industries Inc 2,971,200
Notes
5.640% February 15, 2001
3,000,000 Tyco International Group SA 2,953,710
Company Guaranteed Notes
6.125% June 15, 2001
$5,924,910
OIL & GAS --- 2.2%
7,000,000 Anadarko Petroleum Corp (3) 3,157,000
Zero Coupon
0.000% March 7, 2020
$3,157,000
RETAIL --- 2.7%
4,000,000 Dillard's Inc Class A 3,831,120
Notes
6.170% August 1, 2001
$3,831,120
SAVINGS & LOANS --- 2.1%
3,000,000 Dime Bancorp Inc 2,969,310
Senior Notes
7.000% July 25, 2001
$2,969,310
SPECIALIZED SERVICES --- 2.9%
3,000,000 CUC International Inc/Cendant Corp 3,000,000
Convertible
3.000% February 15, 2002
1,200,000 Comdisco Inc 1,159,128
Senior Notes
7.250% September 1, 2002
$4,159,128
TELEPHONE & TELECOMMUNICATIONS --- 2.9%
1,635,000 Ameritech Capital Funding 1,622,738
Company Guaranteed Notes
5.650% January 15, 2001
2,500,000 WorldCom Inc 2,464,900
Senior Notes
6.125% August 15, 2001
$4,087,638
TOTAL BONDS --- 95.6% $135,407,406
(Cost $137,470,710)
SHORT-TERM INVESTMENTS
FINANCIAL SERVICES --- 4.4%
6,285,000 Associates Corp of North America 6,282,594
$6,282,594
TOTAL SHORT-TERM INVESTMENTS --- 4.4% $6,282,594
(Cost $6,282,594)
TOTAL SHORT-TERM MATURITY BOND PORTFOLIO --- 100.0% $141,690,000
(Cost $143,753,304)
The Maxim Series Fund
Stock Index Portfolio
COMMON STOCK
AEROSPACE & DEFENSE --- 0.8%
9,180 BF Goodrich Co 312,689
77,876 Boeing Co 3,256,151
17,300 General Dynamics Corp 903,925
4,000 Litton Industries Inc* 168,000
34,382 Lockheed Martin Corp 853,086
6,000 Northrop Grumman Corp 397,500
2,150 Precision Castparts Corp 97,288
29,200 Raytheon Co Class B 562,100
16,100 Rockwell International Corp 507,150
900 Sequa Corp Class A* 34,368
40,290 United Technologies Corp 2,372,074
$9,464,331
AGENCY --- 0.6%
86,400 Fannie Mae (nonvtg) 4,508,957
59,600 Freddie Mac 2,413,800
$6,922,757
AGRICULTURE --- 0.0%
2,400 Universal Corp 50,700
$50,700
AIR FREIGHT --- 0.0%
4,300 Airborne Freight Corp 81,429
4,200 CNF Transportation Inc 95,550
$176,979
AIRLINES --- 0.2%
12,900 AMR Corp 341,037
2,300 Alaska Air Group Inc* 62,388
10,500 Delta Air Lines Inc 530,901
42,580 Southwest Airlines Co 806,337
5,700 US Airways Group Inc* 222,300
$1,962,963
AUTO PARTS & EQUIPMENT --- 0.2%
7,700 ArvinMeritor Inc 99,363
1,900 Bandag Inc 46,075
2,300 Borg-Warner Automotive Inc 80,788
6,300 Cooper Tire & Rubber Co 70,088
48,245 Delphi Automotive Systems Corp 702,544
6,000 Federal-Mogul Corp 57,372
15,375 Genuine Parts Co 307,500
13,500 Goodyear Tire & Rubber Co 270,000
5,800 Lear Corp* 116,000
2,600 Modine Manufacturing Co 70,200
2,300 Superior Industries International Inc 59,225
13,535 Visteon Corp* 164,113
$2,043,268
AUTOMOBILES --- 0.4%
103,400 Ford Motor Co 4,446,200
$4,446,200
BANKS --- 4.3%
33,800 AmSouth Bancorp 532,350
6,075 Associated Banc-Corp 132,508
30,000 BB&T Corp 716,250
98,347 Bank One Corp 2,612,293
142,158 Bank of America Corp 6,112,794
63,500 Bank of New York Co Inc 2,952,750
12,700 Banknorth Group Inc* 194,462
106,188 Chase Manhattan Corp 4,891,232
4,100 City National Corp 142,475
13,450 Comerica Inc 603,569
10,400 Compass Bancshares Inc 177,445
26,625 Fifth Third Bancorp 1,684,031
16,912 First Security Corp 229,361
11,200 First Tennessee National Corp 185,494
84,100 First Union Corp 2,086,689
4,250 First Virginia Banks Inc 147,951
7,700 FirstMerit Corp 164,588
83,240 Firstar Corp 1,753,201
77,348 FleetBoston Financial Corp 2,629,832
13,800 Hibernia Corp 150,075
18,987 Huntington Bancshares Inc 300,222
13,900 JP Morgan & Co Inc 1,530,738
37,304 KeyCorp 657,483
4,300 Keystone Financial Inc 91,375
8,900 Marshall & Ilsley Corp 369,350
42,112 Mellon Financial Corp 1,534,435
5,900 Mercantile Bankshares Corp 175,891
51,940 National City Corp 886,200
12,800 National Commerce Bancorp 278,877
14,850 North Fork Bancorp Inc 224,606
19,200 Northern Trust Corp 1,249,190
11,977 Old Kent Financial Corp 320,394
24,900 PNC Financial Services Group 1,167,188
6,900 Pacific Century Financial Corp 100,913
4,200 Provident Financial Group Inc 100,010
19,000 Regions Financial Corp 377,625
14,512 SouthTrust Corp 328,334
13,900 State Street Corp 1,474,262
15,150 Summit Bancorp 373,069
25,876 SunTrust Banks Inc 1,182,197
24,300 Synovus Financial Corp 428,288
6,900 TCF Financial Corp 177,240
64,473 US Bancorp 1,241,105
11,600 Union Planters Corp 324,069
17,433 Wachovia Corp 945,740
138,200 Wells Fargo & Co 5,355,250
3,300 Westamerica Bancorp 86,213
2,800 Wilmington Trust Corp 119,700
7,400 Zions Bancorp 339,586
$49,838,900
BIOTECHNOLOGY --- 0.3%
15,400 Chiron Corp* 731,500
7,300 Genzyme Corp* 433,890
3,900 Gilead Sciences Inc* 277,388
3,900 IDEC Pharmaceuticals Corp* 457,517
2,800 Incyte Genomics Inc* 230,124
7,900 Millennium Pharmaceuticals Inc* 883,813
$3,014,232
BROADCAST/MEDIA --- 0.8%
3,063 Chris-Craft Industries Inc* 202,348
29,200 Clear Channel Communications Inc* 2,190,000
77,000 Comcast Corp Class A* 3,118,500
45,900 General Motors Corp Class H 2,665,046
4,600 Hispanic Broadcasting Corp* 152,375
8,900 Univision Communications Inc Class A* 921,150
9,700 Westwood One Inc* 331,013
$9,580,432
BUILDING MATERIALS --- 0.2%
2,425 Granite Construction Inc 59,413
4,100 Martin Marietta Materials Inc 165,792
38,600 Masco Corp 697,193
4,800 Owens Corning 44,400
5,000 Quanta Services Inc* 275,000
14,000 Sherwin-Williams Co 296,618
3,100 Southdown Inc 179,025
4,000 USG Corp 121,500
8,700 Vulcan Materials Co 371,377
$2,210,318
CHEMICALS --- 1.1%
2,675 A Schulman Inc 32,266
19,800 Air Products & Chemicals Inc 610,078
6,100 Airgas Inc* 34,691
4,050 Albemarle Corp 79,988
9,700 Avery Dennison Corp 651,113
5,800 Cabot Corp 158,050
9,698 Crompton Corp 118,801
3,600 Cytec Industries Inc* 88,873
2,000 Dexter Corp 96,000
57,200 Dow Chemical Co 1,726,696
90,007 EI du Pont de Nemours & Co 3,937,806
6,700 Eastman Chemical Co 319,925
11,000 Engelhard Corp 187,682
7,300 Ethyl Corp 18,250
2,700 FMC Corp* 156,600
3,100 Ferro Corp 65,100
2,700 Georgia Gulf Corp 56,192
4,800 Great Lakes Chemical Corp 151,200
1,300 HB Fuller Co 59,231
9,300 Hercules Inc 130,777
9,900 IMC Global Inc 128,700
4,700 Lubrizol Corp 98,700
10,100 Lyondell Chemical Co 169,175
4,300 MA Hanna Co 38,700
1,800 Minerals Technologies Inc 82,800
3,900 Olin Corp 64,350
15,000 PPG Industries Inc 664,680
13,700 Praxair Inc 512,887
9,081 RPM Inc 91,945
18,604 Rohm & Haas Co 641,838
7,300 Sigma-Aldrich Corp 213,525
9,480 Solutia Inc 130,350
11,600 Union Carbide Corp 574,200
3,700 Valspar Corp* 124,875
5,700 WR Grace & Co* 69,113
$12,285,157
COMMUNICATIONS - EQUIPMENT --- 8.2%
30,150 3Com Corp* 1,737,394
29,000 ADC Telecommunications Inc* 2,432,375
3,400 ADTRAN Inc* 203,575
3,300 ANTEC Corp* 137,155
6,937 Andrew Corp* 232,820
15,700 Cabletron Systems Inc* 396,425
597,100 Cisco Systems Inc* 37,952,870
4,400 CommScope Inc* 180,400
13,200 Comverse Technology Inc* 1,227,600
23,800 Corning Inc 6,423,025
6,000 Harris Corp 196,500
2,838 L-3 Communications Holdings Inc* 161,942
279,528 Lucent Technologies Inc 16,562,034
26,300 Network Appliance Inc* 2,117,150
254,288 Nortel Networks Corp 17,355,156
3,100 Polycom Inc* 291,688
63,700 QUALCOMM Inc* 3,822,000
3,700 Sawtek Inc* 212,979
13,700 Scientific-Atlanta Inc 1,020,650
35,200 Tellabs Inc* 2,408,982
$95,072,720
COMPUTER HARDWARE & SYSTEMS --- 6.5%
28,000 Apple Computer Inc* 1,466,500
145,717 Compaq Computer Corp 3,724,818
221,100 Dell Computer Corp* 10,902,883
186,274 EMC Corp* 14,331,363
27,700 Gateway Inc* 1,571,975
85,826 Hewlett-Packard Co 10,717,522
152,106 International Business Machines Corp 16,665,038
11,100 Lexmark International Group Inc Class A* 746,475
5,600 Mentor Graphics Corp* 111,300
8,331 NCR Corp* 324,384
13,800 Quantum Corp-DLT & Storage Systems* 133,681
19,540 Seagate Technology Inc* 1,074,700
8,700 Storage Technology Corp* 95,152
136,200 Sun Microsystems Inc* 12,385,619
26,800 Unisys Corp* 390,262
$74,641,672
COMPUTER SOFTWARE & SERVICES --- 8.9%
4,966 ACNielsen Corp* 109,252
10,300 Adobe Systems Inc 1,339,000
4,300 Affiliated Computer Services Inc Class A* 142,167
197,200 America Online Inc* 10,402,300
5,000 Autodesk Inc 173,435
53,800 Automatic Data Processing Inc 2,881,636
21,100 BMC Software Inc* 769,812
21,150 Cadence Design Systems Inc* 430,931
5,400 Cambridge Technology Partners Inc* 47,077
12,500 Ceridian Corp* 300,775
15,900 Citrix Systems Inc* 301,098
13,150 Comdisco Inc 293,403
50,681 Computer Associates International Inc 2,594,208
14,400 Computer Sciences Corp* 1,075,493
31,100 Compuware Corp* 322,663
5,600 Electronic Arts Inc* 408,447
39,900 Electronic Data Systems Corp 1,645,875
12,200 Equifax Inc 320,250
35,294 First Data Corp 1,751,465
7,662 Gartner Group Inc Class B* 75,662
24,100 Informix Corp* 179,232
17,400 Intuit Inc* 719,925
2,700 Investment Technology Group Inc* 106,650
6,200 Keane Inc* 134,075
7,500 Legato Systems Inc* 113,438
4,300 Macromedia Inc* 415,754
12,700 MarchFirst Inc* 231,775
6,900 Mercury Interactive Corp* 667,575
451,700 Microsoft Corp* 36,136,000
11,999 Network Associates Inc* 244,480
28,300 Novell Inc* 261,775
243,674 Oracle Corp* 20,483,724
23,700 Parametric Technology Corp* 260,700
31,946 Paychex Inc 1,341,732
23,700 PeopleSoft Inc* 396,975
504 Per-Se Technologies Inc (wts) @* 0
3,100 Policy Management Systems Corp* 47,663
7,700 Rational Software Corp* 715,615
11,133 Sabre Holdings Corp 317,291
5,100 Sapient Corp* 545,379
2,300 Shared Medical Systems Corp 167,755
17,200 Siebel Systems Inc* 2,813,266
3,100 Structural Dynamics Research Corp* 46,692
11,300 SunGard Data Systems Inc* 350,300
7,700 Sybase Inc* 177,100
3,700 Sykes Enterprises Inc* 47,638
5,150 Symantec Corp* 277,776
6,100 Synopsys Inc* 210,828
4,400 Titan Corp* 196,900
2,900 Transaction Systems Architects Inc Class A* 49,663
33,600 VERITAS Software Corp* 3,797,304
46,700 Yahoo! Inc* 5,784,963
$102,624,892
CONGLOMERATES --- 0.1%
12,300 Textron Inc 668,038
$668,038
CONTAINERS --- 0.1%
2,600 Ball Corp 83,686
4,600 Bemis Co Inc 154,675
10,900 Crown Cork & Seal Co Inc 163,500
12,500 Owens-Illinois Inc* 146,088
14,500 Pactiv Corp* 114,188
4,400 Temple-Inland Inc 184,800
$846,937
COSMETICS & PERSONAL CARE --- 0.4%
4,800 Alberto-Culver Co Class B 146,698
20,300 Avon Products Inc 903,350
89,500 Gillette Co 3,126,862
8,800 International Flavors & Fragrances Inc 265,646
$4,442,556
DISTRIBUTORS --- 0.3%
23,570 Cardinal Health Inc 1,744,180
24,269 McKesson HBOC Inc 508,120
11,200 SUPERVALU Inc 213,494
28,600 SYSCO Corp 1,204,775
$3,670,569
ELECTRIC COMPANIES --- 1.8%
9,500 Allegheny Energy Inc 260,063
6,846 Alliant Energy Corp 177,996
11,800 Ameren Corp 398,250
27,680 American Electric Power Co Inc 820,020
1,900 Black Hills Corp 42,868
2,800 CMP Group Inc 82,074
9,400 CMS Energy Corp 207,975
13,800 CP&L Energy Inc 440,731
13,693 Cinergy Corp 348,309
2,000 Cleco Corp 67,000
7,725 Conectiv Inc 120,216
18,100 Consolidated Edison Inc 536,213
12,900 Constellation Energy Group 420,050
11,274 DPL Inc 247,318
5,800 DQE Inc 229,100
12,200 DTE Energy Co 372,856
20,468 Dominion Resources Inc 877,566
31,638 Duke Energy Corp 1,783,592
28,500 Edison International 584,250
10,700 Energy East Corp 203,963
19,700 Entergy Corp 535,584
15,200 FPL Group Inc 752,400
19,799 FirstEnergy Corp 462,802
8,500 Florida Progress Corp 398,438
10,600 GPU Inc 286,857
2,800 Hawaiian Electric Industries Inc 91,874
3,300 IDACORP Inc 106,425
7,400 IPALCO Enterprises Inc 148,925
5,400 Kansas City Power & Light Co 121,500
11,200 LG&E Energy Corp 267,400
6,400 Minnesota Power Inc 110,797
9,000 Montana Power Co 317,808
4,800 NSTAR 195,298
10,080 New Century Energies Inc 302,400
10,300 NiSource Inc 191,838
14,700 Niagara Mohawk Holdings Inc* 204,874
12,800 Northeast Utilities 278,400
13,500 Northern States Power Co 272,525
6,700 OGE Energy Corp 123,950
14,500 PECO Energy Co 584,524
33,153 PG&E Corp 816,393
12,446 PPL Corp 273,028
7,300 Pinnacle West Capital Corp 247,288
10,200 Potomac Electric Power Co 255,000
3,300 Public Service Co of New Mexico 50,942
18,500 Public Service Enterprise Group Inc 640,563
7,400 Puget Sound Energy Inc 157,709
25,467 Reliant Energy Inc 752,855
9,050 Scana Corp 218,331
6,800 Sierra Pacific Resources 85,422
55,600 Southern Co 1,296,147
22,575 TXU Corp 665,963
10,700 Teco Energy Inc 214,663
15,200 Unicom Corp 588,042
8,100 UtiliCorp United Inc 160,988
10,400 Wisconsin Energy Corp 206,045
$20,604,408
ELECTRONIC INSTRUMENTS & EQUIP --- 5.6%
39,009 Agilent Technologies Inc* 2,876,914
16,700 American Power Conversion Corp* 681,560
8,300 Arrow Electronics Inc* 257,300
19,100 Atmel Corp* 704,313
3,800 Avnet Inc 225,150
4,900 Burr-Brown Corp* 424,766
5,700 Cirrus Logic Inc* 91,200
8,100 Cooper Industries Inc 263,752
10,300 Cypress Semiconductor Corp* 435,175
36,600 Emerson Electric Co 2,209,725
849,200 General Electric Co 45,007,548
5,300 Hubbell Inc Class B 135,150
8,100 Integrated Device Technology Inc* 484,988
2,100 MagneTek Inc* 16,800
7,400 Micrel Inc* 321,434
6,800 Microchip Technology Inc* 396,202
16,885 Molex Inc 812,591
5,400 NVIDIA Corp* 343,235
4,300 PerkinElmer Inc 284,338
6,400 QLogic Corp* 422,797
12,500 SCI Systems Inc* 489,838
2,799 SPX Corp* 338,503
12,800 Sanmina Corp* 1,094,400
2,800 Semtech Corp* 214,155
51,200 Solectron Corp* 2,144,000
4,200 Tektronix Inc 310,800
5,000 Thomas & Betts Corp 95,625
3,500 TranSwitch Corp* 270,155
3,300 TriQuint Semiconductor Inc* 315,767
11,813 Vishay Intertechnology Inc* 448,150
16,100 Vitesse Semiconductor Corp* 1,184,348
8,100 WW Grainger Inc 249,577
5,500 Waters Corp* 686,466
$64,236,722
ELECTRONICS - SEMICONDUCTOR --- 7.0%
9,000 Adaptec Inc* 204,750
13,200 Advanced Micro Devices Inc* 1,019,700
17,200 Altera Corp* 1,753,316
30,432 Analog Devices Inc* 2,312,832
69,400 Applied Materials Inc* 6,289,375
18,712 Conexant Systems Inc* 909,871
287,400 Intel Corp 38,421,644
16,000 KLA-Tencor Corp* 936,992
26,400 LSI Logic Corp* 1,428,900
26,800 Linear Technology Corp 1,713,512
24,300 Maxim Integrated Products Inc* 1,650,869
47,700 Micron Technology Inc* 4,200,557
184,775 Motorola Inc 5,369,931
15,200 National Semiconductor Corp* 862,600
11,300 Novellus Systems Inc* 639,151
14,900 Teradyne Inc* 1,095,150
140,500 Texas Instruments Inc 9,650,524
27,700 Xilinx Inc* 2,286,967
$80,746,641
ENGINEERING & CONSTRUCTION --- 0.0%
6,600 Fluor Corp 208,725
$208,725
FINANCIAL SERVICES --- 3.5%
22,924 AFLAC Inc 1,053,060
6,000 Ambac Financial Group Inc 328,872
114,600 American Express Co 5,973,525
21,321 American General Corp 1,300,581
62,488 Associates First Capital Corp Class A 1,394,232
4,400 Astoria Financial Corp 113,300
289,562 Citigroup Inc 17,446,111
9,600 Dime Bancorp Inc 151,200
5,300 Finova Group Inc 68,900
20,850 Franklin Resources Inc 633,319
8,800 GreenPoint Financial Corp 165,000
8,600 MBIA Inc 414,408
68,727 MBNA Corp 1,864,220
97,062 Morgan Stanley Dean Witter & Co 8,080,412
2,200 NCO Group Inc* 50,875
3,850 PMI Group Inc 182,875
13,400 SLM Holding Corp 501,656
19,400 Sovereign Bancorp Inc 136,401
10,400 T Rowe Price Associates Inc 442,000
4,600 Webster Financial Corp 102,060
$40,403,007
FOOD & BEVERAGES --- 3.2%
3,200 Adolph Coors Co Class B 193,600
38,700 Anheuser-Busch Cos Inc 2,890,387
23,500 Bestfoods 1,627,375
3,100 Bob Evans Farms Inc 46,305
5,900 Brown-Forman Corp Class B 317,125
36,200 Campbell Soup Co 1,054,325
212,400 Coca-Cola Co 12,199,619
36,000 Coca-Cola Enterprises Inc 587,232
42,200 ConAgra Inc 804,416
3,200 Dean Foods Co 101,398
4,900 Dole Food Co Inc 68,600
2,500 Dreyer's Grand Ice Cream Inc 52,500
8,675 Flowers Industries Inc 172,953
25,000 General Mills Inc 956,250
30,200 HJ Heinz Co 1,321,250
11,900 Hershey Foods Corp 577,150
12,300 Hormel Foods Corp 206,788
9,200 IBP Inc 142,020
1,700 International Multifoods Corp 29,430
5,600 Interstate Bakeries Corp 78,400
2,500 JM Smucker Co Class A 48,125
34,900 Kellogg Co 1,038,275
2,600 Lance Inc 23,400
5,800 McCormick & Co Inc (nonvtg) 188,500
28,100 Nabisco Group Holdings Corp 728,830
123,600 PepsiCo Inc 5,492,413
11,200 Quaker Oats Co 841,400
26,400 Ralston-Ralston Purina Group 526,337
74,600 Sara Lee Corp 1,440,675
2,400 Suiza Foods Corp* 117,300
19,550 Tyson Foods Inc Class A 171,063
49,239 Unilever NV NY Shrs 2,117,277
4,400 Universal Foods Corp 81,400
11,600 Whitman Corp 143,550
9,700 Wm Wrigley Jr Co 777,814
$37,163,482
GOLD, METALS & MINING --- 0.5%
9,600 AK Steel Holding Corp 76,800
18,900 Alcan Aluminium Ltd 585,900
74,220 Alcoa Inc 2,152,380
7,175 Allegheny Technologies Inc 129,150
34,016 Barrick Gold Corp 618,649
11,350 Bethlehem Steel Corp* 40,429
1,900 Carpenter Technology Corp 40,138
1,000 Cleveland-Cliffs Inc 25,812
13,694 Freeport-McMoRan Copper & Gold Inc Class B* 126,670
22,400 Homestake Mining Co 154,000
15,550 Inco Ltd* 239,081
600 Maxxam Inc* 10,650
14,424 Newmont Mining Corp 311,919
7,200 Nucor Corp 238,946
6,670 Phelps Dodge Corp 248,037
28,200 Placer Dome Inc 269,648
2,188 Ryerson Tull Inc 22,701
3,900 UCAR International Inc* 50,942
7,600 USX-US Steel Group 141,071
7,350 Worthington Industries Inc 77,175
$5,560,098
HARDWARE & TOOLS --- 0.1%
7,500 Black & Decker Corp 294,840
5,100 Snap-on Inc 135,788
7,700 Stanley Works 182,875
$613,503
HEALTH CARE RELATED --- 4.5%
8,900 ALZA Corp* 526,213
133,000 Abbott Laboratories 5,926,746
12,052 Aetna Inc 773,582
11,300 Allergan Inc 841,850
111,900 American Home Products Corp 6,574,125
88,200 Amgen Inc* 6,196,050
4,500 Apria Healthcare Group Inc* 55,125
11,600 Bergen Brunswig Corp Class A 63,800
8,700 Beverly Enterprises Inc* 24,464
12,700 Biogen Inc* 819,150
169,300 Bristol-Myers Squibb Co 9,861,725
5,075 Covance Inc* 44,721
3,300 Express Scripts Inc Class A* 205,013
4,200 First Health Group Corp* 137,810
10,570 Foundation Health Systems Inc Class A* 137,410
47,763 HCA - The Healthcare Co 1,450,801
33,004 HEALTHSOUTH Corp* 237,200
21,450 Health Management Associates Inc Class A* 280,180
14,400 Humana Inc* 70,200
119,283 Johnson & Johnson 12,151,956
4,700 Lincare Holdings Inc* 115,738
5,900 Mallinckrodt Inc 256,278
8,850 Manor Care Inc* 61,950
18,000 MedImmune Inc* 1,332,000
8,000 Omnicare Inc 72,496
7,100 Oxford Health Plans Inc* 169,065
6,200 PSS World Medical Inc* 41,652
2,991 PacifiCare Health Systems Inc* 180,019
3,700 Quest Diagnostics Inc* 276,575
9,900 Quintiles Transnational Corp* 139,838
6,200 Quorum Health Group Inc* 63,934
26,900 Tenet Healthcare Corp 726,300
3,400 Trigon Healthcare Inc* 175,311
13,850 UnitedHealth Group Inc 1,187,638
5,500 Wellpoint Health Networks Inc* 398,404
$51,575,319
HEAVY TRUCKS & PARTS --- 0.1%
3,600 Cummins Engine Co Inc 98,100
13,061 Dana Corp 276,723
6,300 Eaton Corp 422,100
5,490 Navistar International Corp* 170,530
6,740 PACCAR Inc 267,490
$1,234,943
HOMEBUILDING --- 0.0%
5,100 Centex Corp 119,850
12,020 Clayton Homes Inc 96,160
4,200 Kaufman & Broad Home Corp 83,210
3,500 Pulte Corp 75,688
$374,908
HOTELS/MOTELS --- 0.2%
51,800 Carnival Corp 1,010,100
10,450 Harrah's Entertainment Inc* 218,792
31,539 Hilton Hotels Corp 295,678
20,550 Marriott International Inc Class A 741,074
$2,265,644
HOUSEHOLD GOODS --- 1.3%
3,500 Armstrong Holdings Inc 53,592
20,082 Clorox Co 899,915
49,400 Colgate-Palmolive Co 2,957,825
17,600 Fort James Corp 407,000
13,500 Fortune Brands Inc 311,337
47,880 Kimberly-Clark Corp 2,747,115
16,900 Leggett & Platt Inc 278,850
6,700 Maytag Corp 247,063
22,815 Newell Rubbermaid Inc 587,486
112,200 Procter & Gamble Co 6,423,450
5,000 Tupperware Corp 110,000
6,400 Whirlpool Corp 298,400
$15,322,033
INDEPENDENT POWER PRODUCTS --- 0.1%
11,000 Calpine Corp* 723,250
$723,250
INSURANCE RELATED --- 2.6%
4,700 Allmerica Financial Corp 246,163
63,840 Allstate Corp 1,420,440
5,100 American Financial Group Inc 126,541
132,211 American International Group Inc 15,534,793
22,075 Aon Corp 685,694
13,900 CIGNA Corp 1,299,650
15,200 Chubb Corp 934,800
13,700 Cincinnati Financial Corp 430,687
27,914 Conseco Inc 272,162
4,000 Everst Re Group Ltd 131,500
2,550 HSB Group Inc 79,369
18,400 Hartford Financial Services Group Inc 1,029,241
3,600 Horace Mann Educators Corp 54,000
9,000 Jefferson-Pilot Corp 507,933
16,400 Lincoln National Corp 592,450
8,400 Loews Corp 504,000
9,100 MGIC Investment Corp 414,050
23,200 Marsh & McLennan Cos Inc 2,422,938
5,300 Ohio Casualty Corp 56,313
10,100 Old Republic International Corp 166,650
6,350 Progressive Corp 469,900
5,600 Protective Life Corp 149,100
7,700 ReliaStar Financial Corp 403,765
10,900 SAFECO Corp 216,638
18,148 St Paul Cos Inc 619,301
10,900 Torchmark Corp 269,088
6,100 Unitrin Inc 179,188
20,652 UnumProvident Corp 414,320
$29,630,674
INVESTMENT BANK/BROKERAGE FIRM --- 0.9%
7,725 AG Edwards Inc 301,275
9,399 Bear Stearns Cos Inc 391,233
116,911 Charles Schwab Corp 3,931,132
25,100 E*TRADE Group Inc* 414,150
5,400 Legg Mason Inc 270,000
10,400 Lehman Brothers Holdings Inc 983,445
33,300 Merrill Lynch & Co Inc 3,829,500
12,550 Paine Webber Group Inc 571,025
7,100 Waddell & Reed Financial Class A 232,965
$10,924,725
LEISURE & ENTERTAINMENT --- 2.5%
7,500 Brunswick Corp 124,215
6,600 Callaway Golf Co 107,659
3,000 GTECH Holdings Corp* 68,061
26,100 Harley-Davidson Inc 1,004,850
6,100 International Game Technology* 161,650
4,600 International Speedway Corp Class A 190,325
7,800 Mandalay Resort Group* 156,000
26,000 Park Place Entertainment Corp* 316,862
6,800 Premier Parks Inc* 154,700
37,500 Seagram Co Ltd 2,175,000
113,000 Time Warner Inc 8,588,000
130,825 Viacom Inc Class B* 8,920,564
178,490 Walt Disney Co 6,927,554
$28,895,440
MACHINERY --- 0.2%
2,000 Briggs & Stratton Corp 68,500
29,900 Caterpillar Inc 1,012,863
20,200 Deere & Co 747,400
13,850 Ingersoll-Rand Co 557,463
13,325 Thermo Electron Corp* 280,651
5,300 Timken Co 98,713
$2,765,590
MANUFACTURING --- 1.5%
5,200 AGCO Corp 63,700
2,636 Albany International Corp Class A* 38,222
6,100 American Standard Cos Inc* 250,100
2,850 Ametek Inc 49,875
2,600 Carlisle Cos Inc 117,000
5,100 Crane Co 123,991
12,300 Danaher Corp 608,075
6,112 Diebold Inc 170,372
4,000 Donaldson Co Inc 79,000
17,600 Dover Corp 713,891
4,033 Federal Signal Corp 66,545
3,300 Flowserve Corp 49,705
4,300 Furniture Brands International Inc* 65,038
3,500 Harsco Corp 89,250
5,400 Hillenbrand Industries Inc 169,085
68,512 Honeywell International Inc 2,307,964
7,600 ITT Industries Inc 230,850
25,883 Illinois Tool Works Inc 1,475,331
3,190 Imation Corp* 93,706
16,300 Jabil Circuit Inc* 808,888
7,400 Johnson Controls Inc 379,709
2,700 Kaydon Corp 56,700
2,700 Kennametal Inc 57,880
3,811 Mark IV Industries Inc 79,555
4,000 Millipore Corp 301,500
500 NCH Corp 18,094
1,400 Nordson Corp 70,875
10,700 Pall Corp 197,950
9,675 Parker-Hannifin Corp 331,369
4,200 Pentair Inc 149,100
7,205 Sealed Air Corp* 377,362
2,500 Stewart & Stevenson Services Inc 37,655
1,700 Tecumseh Products Co Class A 64,918
3,300 Teleflex Inc 117,975
3,400 Trinity Industries Inc 62,900
144,828 Tyco International Ltd 6,861,227
3,400 York International Corp 85,850
$16,821,207
MEDICAL PRODUCTS --- 1.2%
2,400 Acuson Corp* 32,400
4,600 Bausch & Lomb Inc 355,925
24,900 Baxter International Inc 1,750,769
2,600 Beckman Coulter Inc 151,775
21,700 Becton Dickinson & Co 622,508
10,200 Biomet Inc 392,057
34,960 Boston Scientific Corp* 766,918
4,400 CR Bard Inc 211,750
4,600 Dentsply International Inc 141,735
5,000 Edwards Lifesciences Corp* 92,500
26,500 Guidant Corp* 1,311,750
102,700 Medtronic Inc 5,115,692
2,800 MiniMed Inc* 330,400
17,900 PE Corp-PE Biosystems Group 1,179,163
7,211 St Jude Medical Inc* 330,805
5,900 Steris Corp* 52,363
16,800 Stryker Corp 735,000
9,000 Sybron International Corp* 178,308
5,200 VISX Inc* 145,922
$13,897,740
MISCELLANEOUS --- 1.4%
36,556 AES Corp* 1,667,868
5,600 American Greetings Corp Class A 106,400
51,657 Archer-Daniels-Midland Co 506,858
4,200 Blyth Industries Inc 123,900
3,900 Carter-Wallace Inc 78,488
3,400 Church & Dwight Co Inc 61,200
8,100 Dial Corp 84,038
8,733 Energizer Holdings Inc* 159,377
3,398 Lancaster Colony Corp 65,197
33,900 Minnesota Mining & Mftg Co 2,796,750
65,100 Nextel Communications Inc Class A* 3,983,274
6,400 Perrigo Co* 40,397
6,650 Sensormatic Electronics Corp* 105,150
5,100 Sotheby's Holdings Inc Class A 89,250
78,650 Sprint PCS* 4,679,675
11,793 Symbol Technologies Inc 636,822
10,600 TRW Inc 459,775
$15,644,419
OFFICE EQUIPMENT & SUPPLIES --- 0.2%
5,200 HON Industries Inc 122,200
6,800 Herman Miller Inc 175,950
22,100 Pitney Bowes Inc 884,000
6,600 Reynolds & Reynolds Co Class A 120,450
2,400 Standard Register Co 34,200
3,400 Wallace Computer Services Inc 33,575
57,300 Xerox Corp 1,188,975
$2,559,350
OIL & GAS --- 6.3%
7,800 Amerada Hess Corp 481,650
32,766 Anadarko Petroleum Corp 1,021,284
9,850 Apache Corp 579,298
6,100 Ashland Inc 213,878
7,100 BJ Services Co* 443,750
28,410 Baker Hughes Inc 909,120
18,458 Burlington Resources Inc 706,019
55,900 Chevron Corp 4,740,991
18,400 Coastal Corp 1,120,100
7,000 Columbia Energy Group 459,375
53,549 Conoco Inc Class B 1,315,271
7,500 Devon Energy Corp 421,403
11,900 ENSCO International Inc 426,163
2,400 Eastern Enterprises 151,200
19,868 El Paso Energy Corp 1,012,016
62,920 Enron Corp 4,058,340
298,862 Exxon Mobil Corp 23,460,667
15,100 Global Marine Inc* 425,624
9,369 Grant Prideco Inc* 234,225
38,150 Halliburton Co 1,800,184
5,000 Hanover Compressor Co* 190,000
4,300 Helmerich & Payne Inc 160,713
8,190 Kerr-McGee Corp 482,694
5,200 McDermott International Inc 45,822
3,900 Murphy Oil Corp 231,804
4,100 NICOR Inc 133,763
12,550 Nabors Industries Inc* 521,603
4,900 Noble Affiliates Inc 182,525
11,500 Noble Drilling Corp* 473,651
2,700 ONEOK Inc 70,030
31,700 Occidental Petroleum Corp 667,665
14,398 Ocean Energy Inc* 204,264
6,830 Pennzoil-Quaker State Co 82,383
3,100 Peoples Energy Corp 100,363
21,800 Phillips Petroleum Co 1,104,977
8,700 Pioneer Natural Resources Co* 110,925
8,100 Rowan Cos Inc* 246,038
184,000 Royal Dutch Petroleum Co NY Shrs 11,327,408
15,600 Santa Fe Snyder Corp* 177,450
48,848 Schlumberger Ltd 3,645,282
17,600 Sempra Energy 299,200
4,400 Smith International Inc* 320,373
7,500 Sunoco Inc 220,778
47,300 Texaco Inc 2,518,725
5,200 Tidewater Inc 187,200
12,500 Tosco Corp 353,900
18,085 Transocean Sedco Forex Inc 966,408
26,800 USX-Marathon Group 671,662
7,486 Ultramar Diamond Shamrock Corp 185,743
20,900 Unocal Corp 692,313
4,900 Valero Energy Corp 155,575
7,924 Varco International Inc* 184,221
9,369 Weatherford International Inc 372,999
37,924 Williams Cos Inc 1,580,938
$72,849,953
PAPER & FOREST PRODUCTS --- 0.4%
5,000 Boise Cascade Corp 129,375
4,500 Bowater Inc 198,563
1,500 Chesapeake Corp 44,438
7,900 Consolidated Papers Inc 288,840
7,100 Georgia-Pacific Corp (Timber Group) 153,538
14,700 Georgia-Pacific Group 385,875
41,608 International Paper Co 1,240,405
4,500 Longview Fibre Co 49,779
8,900 Louisiana-Pacific Corp 96,788
8,900 Mead Corp 224,725
3,700 PH Glatfelter Co 37,692
2,500 Potlatch Corp 82,813
2,400 Rayonier Inc 86,100
8,497 Sonoco Products Co 174,715
4,491 Wausau-Mosinee Paper Corp 38,452
8,650 Westvaco Corp 214,624
19,900 Weyerhaeuser Co 855,700
9,600 Willamette Industries Inc 261,600
$4,564,022
PERSONAL LOANS --- 0.3%
16,800 Capital One Financial Corp 749,700
9,800 Countrywide Credit Industries Inc 297,058
40,652 Household International Inc 1,689,578
12,250 Providian Financial Corp 1,102,500
$3,838,836
PHARMACEUTICALS --- 5.7%
97,000 Eli Lilly & Co 9,687,875
7,300 Forest Laboratories Inc* 737,300
6,900 ICN Pharmaceuticals Inc 191,903
13,375 IVAX Corp* 555,063
197,356 Merck & Co Inc 15,122,404
11,200 Mylan Laboratories Inc 204,400
540,272 Pfizer Inc 25,933,056
108,955 Pharmacia Corp 5,631,557
125,600 Schering-Plough Corp 6,342,800
6,300 Sepracor Inc* 759,938
8,300 Watson Pharmaceuticals Inc* 446,125
$65,612,421
PHOTOGRAPHY/IMAGING --- 0.1%
26,500 Eastman Kodak Co 1,576,750
3,900 Polaroid Corp 70,442
$1,647,192
POLLUTION CONTROL --- 0.1%
16,300 Allied Waste Industries Inc* 163,000
53,395 Waste Management Inc 1,014,505
$1,177,505
PRINTING & PUBLISHING --- 0.6%
10,300 AH Belo Corp Class A 178,314
6,300 Deluxe Corp 148,441
7,700 Dow Jones & Co Inc 564,025
22,800 Gannett Co Inc 1,363,714
6,200 Harcourt General Inc 337,125
2,800 Houghton Mifflin Co 130,724
6,700 Knight-Ridder Inc 356,353
3,800 Lee Enterprises Inc 88,586
16,600 McGraw-Hill Cos Inc 896,400
2,100 Media General Inc Class A 101,980
4,400 Meredith Corp 148,500
14,740 New York Times Co Class A 582,230
10,400 RR Donnelley & Sons Co 234,645
9,200 Reader's Digest Association Inc Class A 365,700
1,500 Scholastic Corp* 91,688
39,000 Tribune Co 1,365,000
900 Washington Post Co Class B 430,200
$7,383,625
RAILROADS --- 0.3%
36,700 Burlington Northern Santa Fe Corp 841,788
18,800 CSX Corp 398,316
9,600 Kansas City Southern Industries Inc 851,395
32,900 Norfolk Southern Corp 489,388
21,400 Union Pacific Corp 795,802
4,200 Wisconsin Central Transportation Corp* 54,600
$3,431,289
RESTAURANTS --- 0.5%
5,600 Brinker International Inc* 163,800
3,700 Buffets Inc 46,942
5,100 CBRL Group Inc 74,904
10,600 Darden Restaurants Inc 172,250
2,300 Lone Star Steakhouse & Saloon Inc 23,288
114,600 McDonald's Corp 3,774,580
6,700 Outback Steakhouse Inc* 195,975
2,100 Papa John's International Inc* 51,450
15,800 Starbucks Corp* 603,355
12,580 Tricon Global Restaurants Inc* 355,385
9,700 Wendy's International Inc 172,776
$5,634,705
RETAIL --- 5.5%
8,800 Abercrombie & Fitch Co* 107,246
36,539 Albertson's Inc 1,214,922
4,100 American Eagle Outfitters Inc* 57,400
11,400 AutoZone Inc* 250,800
6,400 BJ's Wholesale Club Inc* 211,200
5,600 Barnes & Noble Inc* 124,600
12,100 Bed Bath & Beyond Inc* 438,625
17,600 Best Buy Co Inc* 1,113,200
6,700 Borders Group Inc* 104,265
7,600 CDW Computer Centers Inc* 475,000
33,420 CVS Corp 1,336,800
17,500 Circuit City Stores-Circuit City Group 580,773
4,425 Claire's Stores Inc 85,181
9,524 Consolidated Stores Corp* 114,288
38,442 Costco Wholesale Corp* 1,268,586
8,000 Dillard's Inc Class A 98,000
28,175 Dollar General Corp 549,413
8,850 Dollar Tree Stores Inc* 350,124
14,600 Family Dollar Stores Inc 285,605
3,300 Fastenal Co 167,063
18,400 Federated Department Stores Inc* 621,000
72,975 Gap Inc 2,280,469
3,400 Great Atlantic & Pacific Tea Co Inc 56,525
3,800 Hannaford Brothers Co 273,125
198,650 Home Depot Inc 9,919,985
22,500 JC Penney Co Inc 414,833
41,200 Kmart Corp* 280,654
28,100 Kohl's Corp* 1,563,063
71,600 Kroger Co* 1,579,639
2,600 Lands' End Inc* 86,775
36,990 Limited Inc 799,909
3,400 Longs Drug Stores Corp 73,950
33,000 Lowe's Cos Inc 1,355,046
28,700 May Department Stores Co 688,800
4,200 Neiman Marcus Group Inc* 124,160
11,600 Nordstrom Inc 279,850
27,137 Office Depot Inc* 169,606
9,750 OfficeMax Inc* 48,750
2,030 Payless ShoeSource Inc* 104,038
16,000 Radioshack Corp 758,000
22,300 Rite Aid Corp 146,333
7,700 Ross Stores Inc 131,377
4,100 Ruddick Corp 48,429
42,600 Safeway Inc* 1,922,325
12,384 Saks Inc* 130,032
30,200 Sears Roebuck & Co 985,275
41,582 Staples Inc* 639,323
25,700 TJX Cos Inc 481,875
39,200 Target Corp 2,273,600
4,500 Tech Data Corp* 196,029
6,300 Tiffany & Co 425,250
18,500 Toys R Us Inc* 269,397
382,500 Wal-Mart Stores Inc 22,041,563
86,500 Walgreen Co 2,784,176
4,900 Williams-Sonoma Inc* 158,941
12,600 Winn-Dixie Stores Inc 180,331
$63,225,524
SAVINGS & LOANS --- 0.2%
17,909 Charter One Financial Inc 411,907
13,500 Golden West Financial Corp 550,962
46,958 Washington Mutual Inc 1,355,912
$2,318,781
SHOES --- 0.1%
23,400 NIKE Inc Class B 931,601
4,900 Reebok International Ltd* 78,091
$1,009,692
SPECIALIZED SERVICES --- 1.0%
7,500 Acxiom Corp* 204,375
6,500 Apollo Group Inc Class A* 182,000
2,300 Banta Corp 43,555
4,600 COMSAT Corp 108,100
4,500 CSG Systems International Inc* 252,279
61,890 Cendant Corp* 866,460
4,900 CheckFree Holdings Corp* 252,654
14,450 Cintas Corp 530,127
18,300 Concord EFS Inc* 475,800
13,200 Convergys Corp* 684,750
5,500 DST Systems Inc* 418,688
6,000 DeVry Inc* 158,622
13,900 Dun & Bradstreet Corp 397,888
11,200 Ecolab Inc 437,494
10,562 Fiserv Inc* 456,807
7,900 Galileo International Inc 164,913
8,500 H&R Block Inc 275,188
5,900 Harte-Hanks Inc 147,500
25,500 IMS Health Inc 459,000
25,900 Interpublic Group of Cos Inc 1,113,700
2,300 Jacobs Engineering Group Inc* 75,180
3,150 Kelly Services Inc Class A 72,844
6,600 Manpower Inc 211,200
8,400 Modis Professional Services Inc* 64,050
5,900 NOVA Corp* 164,828
3,500 National Service Industries Inc 68,250
3,600 Navigant Consulting Inc* 15,300
4,300 Ogden Corp* 38,700
15,300 Omnicom Group Inc 1,362,649
4,500 Pittston Brink's Group 61,592
5,300 Powerwave Technologies Inc* 233,200
15,400 Robert Half International Inc* 438,900
2,600 Rollins Inc 38,675
9,200 Stewart Enterprises Inc Class A 32,485
3,700 Sylvan Learning Systems Inc* 50,875
4,800 Valassis Communications Inc* 183,000
8,200 Viad Corp 223,450
6,200 Young & Rubicam Inc 354,559
$11,319,637
TELEPHONE & TELECOMMUNICATIONS --- 5.7%
27,106 ALLTEL Corp 1,678,864
323,164 AT&T Corp Liberty Media Group Class A 10,220,062
161,400 BellSouth Corp 6,879,675
18,300 Broadwing Inc 474,647
12,050 CenturyTel Inc 346,438
75,785 Global Crossing Ltd* 1,994,093
291,913 SBC Communications Inc 12,625,237
75,300 Sprint Corp 3,840,300
5,300 Telephone & Data Systems Inc 531,325
43,611 US WEST Inc 3,739,643
215,176 Verizon Communications 11,878,302
245,742 WorldCom Inc* 11,273,414
$65,482,000
TEXTILES --- 0.1%
4,600 Burlington Industries Inc* 7,760
10,153 Jones Apparel Group Inc* 238,596
4,600 Liz Claiborne Inc 162,150
4,700 Mohawk Industries Inc* 102,225
2,900 Russell Corp 58,000
11,000 Shaw Industries Inc 137,500
1,600 Springs Industries Inc Class A 51,200
4,800 Unifi Inc* 59,400
9,800 VF Corp 233,358
4,500 Warnaco Group Inc 34,875
2,700 Wellman Inc 43,705
4,200 WestPoint Stevens Inc 46,725
$1,175,494
TOBACCO --- 0.5%
196,200 Philip Morris Cos Inc 5,211,464
8,866 RJ Reynolds Tobacco Holdings Inc 247,689
13,900 UST Inc 204,149
$5,663,302
TOYS --- 0.1%
14,675 Hasbro Inc 221,035
36,541 Mattel Inc 481,866
$702,901
TRANSPORTATION --- 0.2%
3,700 Alexander & Baldwin Inc 81,629
2,200 Arnold Industries Inc 26,536
3,700 CH Robinson Worldwide Inc 183,150
24,980 FedEx Corp* 949,240
4,200 GATX Corp 142,800
3,100 JB Hunt Transport Services Inc 47,855
2,720 Newport News Shipbuilding Inc 99,960
3,000 Overseas Shipholding Group Inc 73,875
5,200 Ryder System Inc 98,472
5,600 Swift Transportation Co Inc* 78,400
$1,781,917
UTILITIES --- 0.2%
4,600 AGL Resources Inc 73,310
13,100 Dynegy Inc Class A 894,887
11,500 KeySpan Corp 353,625
9,850 Kinder Morgan Inc 340,436
7,400 MCN Energy Group Inc 158,175
3,400 National Fuel Gas Co 165,750
6,800 Questar Corp 131,750
5,333 Vectren Corp 91,994
4,000 Washington Gas Light Co 96,248
$2,306,175
WATER --- 0.0%
8,400 American Water Works Co Inc 210,000
$210,000
TOTAL COMMON STOCK --- 99.2% $1,147,470,420
(Cost $559,948,605)
SHORT-TERM INVESTMENTS
FINANCIAL SERVICES --- 0.6%
6,928,000 Associates Corp of North America 6,925,348
$6,925,348
U.S. GOVERNMENTS --- 0.2%
2,000,000 United States of America (1) 1,982,656
$1,982,656
TOTAL SHORT-TERM INVESTMENTS --- 0.8% $8,908,004
(Cost $8,908,004)
TOTAL STOCK INDEX PORTFOLIO --- 100.0% $1,156,378,424
(Cost $568,856,609)
The Maxim Series Fund
T. Rowe Price Equity/Income Portfolio
COMMON STOCK
AEROSPACE & DEFENSE --- 2.5%
15,700 Boeing Co 656,448
84,300 Lockheed Martin Corp 2,091,652
33,800 Rockwell International Corp 1,064,700
$3,812,800
AGENCY --- 1.2%
36,000 Fannie Mae (nonvtg) 1,878,732
$1,878,732
AUTO PARTS & EQUIPMENT --- 0.7%
51,050 Genuine Parts Co 1,021,000
$1,021,000
BANKS --- 9.0%
54,210 Bank One Corp 1,439,926
20,400 Bank of America Corp 877,200
31,000 Firstar Corp 652,922
67,604 FleetBoston Financial Corp 2,298,536
15,500 JP Morgan & Co Inc 1,706,938
19,700 KeyCorp 347,213
99,800 Mellon Financial Corp 3,636,413
31,900 Mercantile Bankshares Corp 951,003
29,000 National City Corp 494,798
35,200 Wells Fargo & Co 1,364,000
$13,768,949
CHEMICALS --- 3.3%
23,400 Dow Chemical Co 706,376
34,700 EI du Pont de Nemours & Co 1,518,125
33,600 Great Lakes Chemical Corp 1,058,400
52,000 Hercules Inc 731,224
15,700 Imperial Chemical Industries PLC sponsored ADR 483,748
14,000 PPG Industries Inc 620,368
$5,118,241
COMPUTER HARDWARE & SYSTEMS --- 0.8%
32,300 Compaq Computer Corp 825,653
24,700 Unisys Corp* 359,681
$1,185,334
COMPUTER SOFTWARE & SERVICES --- 1.2%
15,700 BMC Software Inc* 572,799
15,600 Microsoft Corp* 1,248,000
$1,820,799
COSMETICS & PERSONAL CARE --- 1.5%
20,700 Gillette Co 723,196
53,000 International Flavors & Fragrances Inc 1,599,911
$2,323,107
ELECTRIC COMPANIES --- 5.4%
30,800 Duke Energy Corp 1,736,350
22,600 Entergy Corp 614,426
46,410 FirstEnergy Corp 1,084,834
37,000 Niagara Mohawk Holdings Inc* 515,669
32,500 Reliant Energy Inc 960,765
20,320 Scottish Power PLC ADR 679,440
57,700 Southern Co 1,345,102
35,400 Unicom Corp 1,369,520
$8,306,106
ELECTRONIC INSTRUMENTS & EQUIP --- 0.9%
9,411 Cooper Industries Inc 306,441
40,400 Hubbell Inc Class B 1,030,200
$1,336,641
ELECTRONICS - SEMICONDUCTOR --- 0.4%
19,700 Motorola Inc 572,521
$572,521
FINANCIAL SERVICES --- 2.5%
29,500 American General Corp 1,799,500
33,025 Citigroup Inc 1,989,756
$3,789,256
FOOD & BEVERAGES --- 8.4%
12,500 Anheuser-Busch Cos Inc 933,588
23,200 Brown-Forman Corp Class B 1,247,000
37,100 Campbell Soup Co 1,080,538
71,300 General Mills Inc 2,727,225
47,000 HJ Heinz Co 2,056,250
42,600 Hershey Foods Corp 2,066,100
22,600 Kellogg Co 672,350
43,000 McCormick & Co Inc (nonvtg) 1,397,500
15,700 Unilever NV 723,153
$12,903,704
GOLD, METALS & MINING --- 0.8%
28,286 Newmont Mining Corp 611,685
15,300 Phelps Dodge Corp 568,961
$1,180,646
HARDWARE & TOOLS --- 0.7%
42,400 Stanley Works 1,007,000
$1,007,000
HEALTH CARE RELATED --- 2.9%
35,100 Abbott Laboratories 1,564,126
49,100 American Home Products Corp 2,884,625
$4,448,751
HEAVY TRUCKS & PARTS --- 0.7%
14,000 Dana Corp 296,618
12,500 Eaton Corp 837,500
$1,134,118
HOTELS/MOTELS --- 1.8%
89,600 Hilton Hotels Corp 840,000
59,352 Starwood Hotels & Resorts Worldwide Inc 1,932,620
$2,772,620
HOUSEHOLD GOODS --- 4.1%
29,700 Armstrong Holdings Inc 454,766
68,300 Fort James Corp 1,579,438
36,500 Fortune Brands Inc 841,763
37,400 Kimberly-Clark Corp 2,145,825
15,600 Procter & Gamble Co 893,100
18,200 Tupperware Corp 400,400
$6,315,292
INSURANCE RELATED --- 3.9%
23,900 Chubb Corp 1,469,850
25,200 Lincoln National Corp 910,350
39,100 SAFECO Corp 777,113
44,972 St Paul Cos Inc 1,534,670
67,900 UnumProvident Corp 1,362,210
$6,054,193
LEISURE & ENTERTAINMENT --- 1.2%
47,000 Walt Disney Co 1,824,164
$1,824,164
MANUFACTURING --- 0.8%
67,200 Pall Corp 1,243,200
$1,243,200
MEDICAL PRODUCTS --- 0.5%
27,400 Becton Dickinson & Co 786,024
$786,024
MISCELLANEOUS --- 1.3%
24,050 Minnesota Mining & Mftg Co 1,984,125
$1,984,125
OFFICE EQUIPMENT & SUPPLIES --- 0.8%
57,800 Xerox Corp 1,199,350
$1,199,350
OIL & GAS --- 13.6%
23,500 Amerada Hess Corp 1,451,125
79,522 BP Amoco PLC sponsored ADR 4,497,919
39,700 Baker Hughes Inc 1,270,400
29,750 Chevron Corp 2,523,157
51,648 Exxon Mobil Corp 4,054,368
35,700 Royal Dutch Petroleum Co NY Shrs 2,197,763
41,600 Texaco Inc 2,215,200
35,650 USX-Marathon Group 893,460
53,300 Unocal Corp 1,765,563
$20,868,955
PAPER & FOREST PRODUCTS --- 1.2%
4,000 Consolidated Papers Inc 146,248
58,783 International Paper Co 1,752,439
$1,898,687
PHARMACEUTICALS --- 2.3%
14,300 Merck & Co Inc 1,095,738
46,962 Pharmacia Corp 2,427,325
$3,523,063
PHOTOGRAPHY/IMAGING --- 1.2%
30,900 Eastman Kodak Co 1,838,550
$1,838,550
POLLUTION CONTROL --- 1.0%
76,930 Waste Management Inc 1,461,670
$1,461,670
PRINTING & PUBLISHING --- 2.8%
12,500 Dow Jones & Co Inc 915,625
28,300 Knight-Ridder Inc 1,505,192
38,700 RR Donnelley & Sons Co 873,149
23,500 Reader's Digest Association Inc Class A 934,125
$4,228,091
RAILROADS --- 1.9%
83,200 Norfolk Southern Corp 1,237,600
44,750 Union Pacific Corp 1,664,118
$2,901,718
REAL ESTATE --- 1.4%
38,400 Rouse Co REIT 950,400
53,796 Simon Property Group Inc REIT 1,193,572
$2,143,972
RETAIL --- 1.9%
26,400 JC Penney Co Inc 486,737
29,000 May Department Stores Co 696,000
117,000 Toys R Us Inc* 1,703,754
$2,886,491
SPECIALIZED SERVICES --- 1.1%
36,100 Dun & Bradstreet Corp 1,033,363
21,200 H&R Block Inc 686,350
$1,719,713
TELEPHONE & TELECOMMUNICATIONS --- 8.4%
35,100 ALLTEL Corp 2,173,989
27,350 AT&T Corp 864,944
24,600 BellSouth Corp 1,048,575
73,313 SBC Communications Inc 3,170,787
7,800 US WEST Inc 668,850
79,000 Verizon Communications 4,477,387
11,700 Vodafone AirTouch PLC sponsored ADR 484,813
$12,889,345
TOBACCO --- 1.5%
48,750 Philip Morris Cos Inc 1,294,898
65,900 UST Inc 967,873
$2,262,771
TOYS --- 0.4%
44,600 Hasbro Inc 671,765
$671,765
TOTAL COMMON STOCK --- 95.7% $147,081,464
(Cost $153,805,063)
SHORT-TERM INVESTMENTS
FINANCIAL SERVICES --- 4.3%
6,601,000 Associates Corp of North America 6,598,473
$6,598,473
TOTAL SHORT-TERM INVESTMENTS --- 4.3% $6,598,473
(Cost $6,598,473)
TOTAL T. ROWE PRICE EQUITY/INCOME PORTFOLIO --- 100.0% $153,679,937
(Cost $160,403,536)
The Maxim Series Fund
T. Rowe Price Mid-Cap Growth Portfolio
COMMON STOCK
AIR FREIGHT --- 0.3%
15,700 Expeditors International of Washington Inc 745,750
$745,750
BANKS --- 0.4%
63,500 North Fork Bancorp Inc 960,438
$960,438
BIOTECHNOLOGY --- 3.0%
7,200 Affymetrix Inc* 1,188,900
40,000 Gilead Sciences Inc* 2,845,000
15,400 IDEC Pharmaceuticals Corp* 1,806,605
10,400 Incyte Genomics Inc* 854,745
$6,695,250
BROADCAST/MEDIA --- 1.6%
57,500 Charter Communications Inc Class A* 945,128
48,000 Rogers Communications Inc Class B* 1,368,000
12,500 Univision Communications Inc Class A* 1,293,750
$3,606,878
BUILDING MATERIALS --- 0.5%
30,400 Martin Marietta Materials Inc 1,229,285
$1,229,285
COMPUTER HARDWARE & SYSTEMS --- 0.6%
38,000 Internet Capital Group Inc* 1,406,570
$1,406,570
COMPUTER SOFTWARE & SERVICES --- 13.6%
67,400 Affiliated Computer Services Inc Class A* 2,228,379
86,500 CIBER Inc* 1,146,125
38,000 CNET Networks Inc* 933,356
38,300 Cambridge Technology Partners Inc* 333,899
73,500 Ceridian Corp* 1,768,557
15,600 Commerce One Inc* 708,084
22,500 Covad Communications Group Inc* 362,813
1,300 CyberSource Corp* 17,956
17,400 Digex Inc* 1,182,104
35,000 DoubleClick Inc* 1,334,375
23,000 Electronic Arts Inc* 1,677,551
43,000 HomeStore.com Inc* 1,255,041
14,400 ISS Group Inc* 1,421,770
17,900 Informatica Corp* 1,466,672
68,000 Intuit Inc* 2,813,500
75,000 Keane Inc* 1,621,875
11,600 Macromedia Inc* 1,121,569
10,000 Mercury Interactive Corp* 967,500
19,000 NetIQ Corp* 1,132,862
58,000 Peregrine Systems Inc* 2,011,846
39,000 Rhythms NetConnections Inc* 489,918
700 Storagenetworks Inc* 63,175
54,000 SunGard Data Systems Inc* 1,674,000
43,000 USinternetworking Inc* 878,791
20,400 Vitria Technology Inc* 1,246,950
16,200 Xpedior Inc* 223,754
19,000 eLoyalty Corp* 242,250
5,200 eSPEED Inc Class A* 225,872
$30,550,544
ELECTRONIC INSTRUMENTS & EQUIP --- 4.5%
20,000 Flextronics International Ltd* 1,373,740
36,875 Molex Inc 1,290,625
49,300 SCI Systems Inc* 1,931,919
23,000 Sanmina Corp* 1,966,500
28,900 Waters Corp* 3,607,067
$10,169,851
ELECTRONICS - SEMICONDUCTOR --- 7.6%
59,600 Analog Devices Inc* 4,529,594
31,000 KLA-Tencor Corp* 1,815,422
30,500 Lattice Semiconductor Corp* 2,108,313
41,000 Maxim Integrated Products Inc* 2,785,417
14,000 PMC-Sierra Inc* 2,487,618
39,500 Xilinx Inc* 3,261,199
$16,987,563
FINANCIAL SERVICES --- 0.9%
95,500 Heller Financial Inc 1,957,750
17,000 NextCard Inc* 144,500
$2,102,250
GOLD, METALS & MINING --- 0.3%
38,000 Allegheny Technologies Inc 684,000
$684,000
HEALTH CARE RELATED --- 5.7%
4,300 ALZA Corp* 254,238
116,500 AmeriSource Health Corp Class A* 3,611,500
77,000 Lincare Holdings Inc* 1,896,125
42,300 MedImmune Inc* 3,130,200
174,500 Omnicare Inc 1,581,319
32,900 Wellpoint Health Networks Inc* 2,383,177
$12,856,559
HEAVY TRUCKS & PARTS --- 0.4%
33,000 ITT Industries Inc 1,002,375
$1,002,375
INSURANCE RELATED --- 3.0%
68,000 ACE Ltd 1,904,000
36,000 MGIC Investment Corp 1,638,000
47,500 Protective Life Corp 1,264,688
37,000 Radian Group Inc 1,914,750
$6,721,438
INVESTMENT BANK/BROKERAGE FIRM --- 4.5%
80,000 E*TRADE Group Inc* 1,320,000
91,500 Federated Investors Inc Class B 3,208,173
127,500 Waddell & Reed Financial Class A 4,183,530
48,000 Waddell & Reed Financial Class B 1,394,976
$10,106,679
LEISURE & ENTERTAINMENT --- 0.7%
64,000 Premier Parks Inc* 1,456,000
11,000 Royal Caribbean Cruises Ltd 203,500
$1,659,500
MANUFACTURING --- 3.5%
6,400 CTS Corp 288,000
31,000 Danaher Corp 1,532,547
23,000 Jabil Circuit Inc* 1,141,375
15,500 Millipore Corp 1,168,313
65,500 Pentair Inc 2,325,250
39,000 Teleflex Inc 1,394,250
$7,849,735
MEDICAL PRODUCTS --- 0.9%
98,500 Sybron International Corp* 1,951,482
$1,951,482
OIL & GAS --- 6.1%
38,000 BJ Services Co* 2,375,000
62,000 Devon Energy Corp 3,483,594
38,000 Diamond Offshore Drilling Inc 1,334,750
152,000 Ocean Energy Inc* 2,156,424
27,500 Smith International Inc* 2,002,330
66,000 Tidewater Inc 2,376,000
$13,728,098
PERSONAL LOANS --- 0.8%
38,000 Capital One Financial Corp 1,695,750
$1,695,750
PHARMACEUTICALS --- 5.8%
7,600 Abgenix Inc* 910,928
20,000 QLT PhotoTherapeutics Inc* 1,546,240
28,600 Sepracor Inc* 3,449,875
54,500 Shire Pharmaceuticals Group PLC ADR* 2,827,188
58,000 Teva Pharmaceutical Industries Ltd sponsored ADR 3,215,346
19,000 Watson Pharmaceuticals Inc* 1,021,250
$12,970,827
POLLUTION CONTROL --- 1.2%
173,000 Republic Services Inc* 2,768,000
$2,768,000
REAL ESTATE --- 0.8%
34,000 Pinnacle Holdings Inc REIT* 1,836,000
$1,836,000
RESTAURANTS --- 0.8%
64,500 Outback Steakhouse Inc* 1,886,625
$1,886,625
RETAIL --- 8.5%
65,000 BJ's Wholesale Club Inc* 2,145,000
46,500 Borders Group Inc* 723,633
82,500 Circuit City Stores-Circuit City Group 2,737,928
77,600 Consolidated Stores Corp* 931,200
121,000 Family Dollar Stores Inc 2,367,002
49,000 HomeGrocer.com Inc* 295,519
51,000 MSC Industrial Direct Co Inc Class A* 1,067,787
74,000 O'Reilly Automotive Inc* 1,026,750
30,300 Priceline.Com Inc* 1,150,915
37,900 ShopKo Stores Inc* 582,713
113,500 TJX Cos Inc 2,128,125
58,500 Tech Data Corp* 2,548,377
33,500 Whole Foods Market Inc* 1,383,952
$19,088,901
SPECIALIZED SERVICES --- 10.4%
10,000 BISYS Group Inc* 615,000
22,200 Catalina Marketing Corp* 2,264,400
112,200 Concord EFS Inc* 2,917,200
13,600 Fiserv Inc* 588,200
76,100 Galileo International Inc 1,588,588
51,500 Hertz Corp 1,445,193
19,300 Lamar Advertising Co* 835,922
65,000 Manpower Inc 2,080,000
102,900 NOVA Corp* 2,874,717
114,000 Robert Half International Inc* 3,249,000
18,000 TMP Worldwide Inc* 1,328,616
66,300 United Rentals Inc* 1,135,388
89,800 Viad Corp 2,447,050
$23,369,274
TELEPHONE & TELECOMMUNICATIONS --- 5.8%
33,000 AT&T Canada Inc* 1,095,171
11,250 Allegiance Telecom Inc* 720,000
56,500 Crown Castle International Corp* 2,062,250
6,700 Efficient Networks Inc* 492,865
43,500 McLeodUSA Inc Class A* 899,885
28,000 VoiceStream Wireless Corp* 3,256,288
81,000 Western Wireless Corp Class A* 4,414,500
$12,940,959
TEXTILES --- 0.6%
57,500 Jones Apparel Group Inc* 1,351,250
$1,351,250
TRANSPORTATION --- 0.4%
16,800 CH Robinson Worldwide Inc 831,600
$831,600
TOTAL COMMON STOCK --- 93.4% $209,753,431
(Cost $162,976,555)
SHORT-TERM INVESTMENTS
FINANCIAL SERVICES --- 6.6%
600,000 American Express Credit Corp 599,322
11,060,000 Associates Corp of North America 11,055,767
300,000 Ford Motor Credit Co 299,728
2,900,000 Ford Motor Credit Co 2,895,266
$14,850,083
TOTAL SHORT-TERM INVESTMENTS --- 6.6% $14,850,083
(Cost $14,850,083)
TOTAL T. ROWE PRICE MID-CAP GROWTH PORTFOLIO --- 100.0% $224,603,514
(Cost $177,826,638)
The Maxim Series Fund
U.S. Government Mortgage Securities Portfolio
BONDS
AGENCY --- 89.8%
325,960 Fannie Mae 321,781
Pool #340841
7.000% April 1, 2011
2,889,812 Fannie Mae 2,848,257
Pool #518180
7.500% October 1, 2029
5,493,141 Fannie Mae 5,198,466
Pool #447033
6.500% November 1, 2028
1,000,000 Fannie Mae 1,004,060
Pool #541216
8.000% June 1, 2030
562,060 Fannie Mae 559,930
Pool #367209
7.500% June 1, 2016
177,960 Fannie Mae 179,682
Pool #339260
8.000% April 1, 2021
267,138 Fannie Mae 275,093
Pool #316711
9.000% September 1, 2019
269,565 Fannie Mae 272,341
Pool #302587
8.000% December 1, 2024
792,988 Fannie Mae 809,411
Pool #303583
8.500% April 1, 2025
4,000,000 Fannie Mae 3,525,640
AGENCY BENCHMARK NOTE
5.250% January 15, 2009
1,335,849 Fannie Mae 1,361,323
Pool #525116
8.500% November 1, 2026
6,449,952 Fannie Mae 6,226,203
Pool #510598
7.000% August 1, 2029
1,895,124 Fannie Mae 1,788,524
Pool #499203
6.500% July 1, 2029
2,500,000 Fannie Mae 2,476,500
CMO SER.1993-15 CL.H
7.000% December 25, 2007
520,154 Fannie Mae 517,033
CMO SER.1993-63 CL.D
6.500% May 25, 2008
1,250,000 Fannie Mae 1,253,375
CMO SER.97-28 CL.PD
7.500% July 18, 2023
2,000,000 Fannie Mae 1,935,000
CMO SER1998-W2 CL.A6
6.500% August 25, 2021
1,782,709 Fannie Mae 1,633,407
Pool #415745
6.000% April 1, 2028
1,929,349 Fannie Mae 1,825,646
Pool #426665
6.500% June 1, 2028
4,199,613 Fannie Mae 3,977,790
Pool #426085
6.000% May 1, 2013
1,839,415 Fannie Mae 1,841,310
Pool #426798
7.500% July 1, 2008
3,757,700 Fannie Mae 3,546,329
Pool 252439
6.500% May 1, 2029
912,736 Fannie Mae 870,230
6.500% February 1, 2019
2,500,000 Fannie Mae 2,474,750
CMO SER.1998-W5 CL.A5
6.500% February 25, 2018
338,593 Fannie Mae 335,844
Pool #050796
7.500% September 1, 2023
2,439,950 Fannie Mae 2,303,460
Pool #431017
6.500% July 1, 2028
3,348,208 Fannie Mae 3,160,909
Pool #431718
6.500% June 1, 2028
2,827,976 Fannie Mae 2,588,475
Pool #443161
6.000% September 1, 2028
588,740 Fannie Mae 560,209
Pool #266412
6.500% January 1, 2024
720,276 Fannie Mae 695,967
Pool #288916
6.500% May 1, 2011
814,952 Fannie Mae 808,351
Pool #288769
7.500% November 1, 2024
1,054,351 Fannie Mae 1,061,268
Pool #367215
8.000% September 1, 2026
354,534 Fannie Mae 354,407
Pool#374210
6.718% March 1, 2027
3,000,000 Fannie Mae 2,800,200
ABS SER.1998-65 CL.A2
5.850% September 16, 2028
75,023 Fannie Mae 78,594
Pool #091122
9.500% March 1, 2020
29 Fannie Mae 29
Pool #250060
7.500% June 1, 2024
871,365 Fannie Mae 887,703
Pool #250111
8.500% August 1, 2024
3,307,904 Fannie Mae 3,133,181
Pool #251760
6.000% June 1, 2013
2,518,331 Fannie Mae 2,433,337
7.000% November 1, 2028
2,575,189 Fannie Mae 2,450,395
Pool #261017
6.500% December 1, 2023
2,802,800 Fannie Mae 2,701,198
Pool #252567
6.500% July 1, 2014
861,217 Fannie Mae 894,288
Pool #446394
9.500% September 1, 2020
552,352 Fannie Mae 530,324
Pool #291650
6.500% December 1, 2017
409,824 Fannie Mae 417,902
Pool #335658
8.500% August 1, 2021
1,416,378 Fannie Mae 1,344,228
Pool #347434
6.500% June 1, 2026
231,071 Freddie Mac 240,314
Pool #884018
9.500% September 1, 2020
576,096 Freddie Mac 599,140
Pool #884002
9.500% June 1, 2020
44,936 Freddie Mac 45,681
Pool #730326
8.500% November 1, 2006
4,360,091 Freddie Mac 4,218,388
7.000% May 1, 2028
609,754 Freddie Mac 582,315
Pool #N30345
6.500% July 1, 2026
385,963 Freddie Mac 393,991
Pool #G10289
8.500% February 1, 2008
4,534,223 Freddie Mac 4,306,605
Pool #O20005
6.500% January 1, 2018
885,923 Freddie Mac 835,080
Pool #O30006
6.000% February 1, 2009
505,515 Freddie Mac 506,481
Pool #D91201
7.500% October 1, 2015
298,387 Freddie Mac 303,860
Pool #D91202
8.500% February 1, 2013
3,266,659 Freddie Mac 3,206,422
Pool #E00810
7.000% March 1, 2015
3,474,067 Freddie Mac 3,427,375
Pool #C37836
7.500% April 1, 2030
2,000,000 Freddie Mac 1,793,740
CMO SER.2102 CL.VB
6.000% August 15, 2013
2,000,000 Freddie Mac 1,952,200
CMO SER.28 CL.PE
6.800% September 25, 2022
231,200 Freddie Mac 240,448
Pool #N70005
9.500% November 1, 2020
543,679 Freddie Mac 562,708
10.500% October 1, 2005
1,045,147 Freddie Mac 1,060,302
Pool #G00256
8.000% November 1, 2023
1,048,833 Freddie Mac 1,097,131
Pool #G00300
9.500% April 1, 2025
559,690 Freddie Mac 577,002
Pool #G10006
10.000% January 1, 2006
569,211 Freddie Mac 616,882
Co-Op Pool #N70008
11.000% June 1, 2020
1,409,706 Freddie Mac 1,383,711
Pool #E00757
7.000% November 1, 2014
648,138 Freddie Mac 702,419
Co-Op Pool #N70013
11.000% August 1, 2020
806,928 Freddie Mac 815,247
Pool #D64588
8.000% August 1, 2024
437,137 Freddie Mac 428,355
Pool #E00177
6.500% December 1, 2007
1,205,066 Freddie Mac 1,177,759
Pool #E00219
6.500% June 1, 2008
429,590 Freddie Mac 442,340
Pool #C90085
9.000% December 1, 2014
1,602,108 Ginnie Mae 1,557,537
Pool #460784
7.000% March 15, 2028
2,885,703 Ginnie Mae 2,809,030
7.000% November 15, 2026
875,086 Ginnie Mae 884,931
Pool #365382
8.000% June 15, 2025
745,850 Ginnie Mae 742,352
Pool #362184
7.500% January 15, 2024
2,525,957 Ginnie Mae 2,462,808
Pool #368293
7.000% January 15, 2024
2,999,120 Ginnie Mae 3,039,398
Pool #780077
8.000% March 15, 2025
168,684 Ginnie Mae 168,000
Pool #339079
7.500% February 15, 2023
82,363 Ginnie Mae 75,877
Pool #475894
6.000% July 15, 2028
301,537 Ginnie Mae 294,375
Pool #332076
7.000% November 15, 2022
849,323 Ginnie Mae 828,091
Pool #370412
7.000% April 15, 2024
530,463 Ginnie Mae 527,976
Pool #376514
7.500% May 15, 2024
584,029 Ginnie Mae 581,290
Pool #376533
7.500% June 15, 2024
79,405 Ginnie Mae 77,420
Pool #379840
7.000% March 15, 2024
177,952 Ginnie Mae 182,399
Pool #380118
8.500% July 15, 2024
799,086 Ginnie Mae 813,813
Pool #208728
8.000% May 15, 2017
1,687,668 Ginnie Mae 1,694,520
15 Year Pool #780899
7.500% October 15, 2013
279,611 Ginnie Mae 272,795
Pool #343630
7.000% July 15, 2023
30,951 Ginnie Mae 30,826
Pool #360300
7.500% June 15, 2023
73,127 Ginnie Mae 72,830
Pool #360618
7.500% July 15, 2023
181,456 Ginnie Mae 177,032
Pool #361826
7.000% September 15, 2023
1,938,426 Ginnie Mae 1,883,898
Pool #469924
7.000% January 15, 2029
225,276 Ginnie Mae 219,644
Pool #346023
7.000% February 15, 2024
3,089,778 Ginnie Mae 3,077,234
Pool #348622
7.500% April 15, 2023
532,673 Ginnie Mae 530,510
Pool #351163
7.500% August 15, 2023
74,129 Ginnie Mae 73,782
Pool #352835
7.500% February 15, 2024
36,321 Ginnie Mae 36,219
Pool #355360
7.500% October 15, 2021
530,157 Ginnie Mae 528,004
Pool #357659
7.500% May 15, 2023
417,022 Ginnie Mae 406,855
Pool #358062
7.000% August 15, 2023
303,281 Ginnie Mae 301,573
Pool #404064
7.500% March 15, 2025
236,259 Ginnie Mae 230,499
Pool #345116
7.000% December 15, 2023
2,755,167 Ginnie Mae 2,538,197
Pool #471205
6.000% May 15, 2028
52,768 Ginnie Mae II 53,791
Pool #002158
8.500% January 20, 2026
32,582 Ginnie Mae II 33,213
Pool #002142
8.500% December 20, 2025
195,181 Ginnie Mae II 196,582
Pool #001477
8.000% November 20, 2023
1,356,660 Ginnie Mae II 1,312,569
7.000% February 20, 2029
305,632 Ginnie Mae II 311,362
Pool #002345
8.500% December 20, 2026
165,183 Ginnie Mae II 168,281
Pool #002235
8.500% June 20, 2026
107,407 Ginnie Mae II 109,421
Pool #002250
8.500% July 20, 2026
95,480 Ginnie Mae II 97,271
Pool #002220
8.500% May 20, 2026
86,154 Ginnie Mae II 86,638
Pool #002059
8.000% August 20, 2025
6,979,000 US Department of Veterans Affairs 7,085,081
VENDEE TRUST SER.1997-2 CL.K
7.500% February 15, 2010
1,354,000 US Department of Veterans Affairs 1,330,034
VENDEE TRUST SER.1996-3 CL.1E
6.750% August 15, 2020
2,000,000 US Department of Veterans Affairs 2,026,800
VENDEE TRUST SER.1997-3 CL.2D
7.500% January 15, 2025
5,000,000 US Department of Veterans Affairs 4,832,500
VENDEE TRUST SER.1998-3 CL.B
6.500% May 15, 2020
3,000,000 US Department of Veterans Affairs 2,918,700
VENDEE TRUST SER.1998-1 CL.2D
7.000% July 15, 2025
2,000,000 US Department of Veterans Affairs 1,926,200
VENDEE TRUST SER.1999-1 CL.2B
6.500% August 15, 2020
$157,386,404
U.S. GOVERNMENTS --- 8.9%
2,200,000 United States of America 1,952,500
Treasury Notes
5.250% February 15, 2029
8,400,000 United States of America 8,687,447
Treasury Notes
6.500% February 15, 2010
2,000,000 United States of America 1,986,560
Treasury Notes
6.125% August 15, 2007
3,000,000 United States of America 2,910,480
Treasury Notes
5.625% February 15, 2006
$15,536,987
TOTAL BONDS --- 98.7% $172,923,391
(Cost $177,317,021)
SHORT-TERM INVESTMENTS
FINANCIAL SERVICES --- 1.3%
2,366,000 Associates Corp of North America 2,365,094
$2,365,094
TOTAL SHORT-TERM INVESTMENTS --- 1.3% $2,365,094
(Cost $2,365,094)
TOTAL U.S. GOVERNMENT MORTGAGE SECURITIES PORTFOLIO --- 100.0% $175,288,485
(Cost $179,682,115)
The Maxim Series Fund
U.S. Government Securities Portfolio
BONDS
AGENCY --- 81.9%
338,140 Fannie Mae 317,547
CM0 SER.1993-68 CL.Z
6.000% May 25, 2008
2,932,547 Fannie Mae 2,890,377
Pool #515611
7.500% December 1, 2029
1,911,308 Fannie Mae 1,845,598
Pool #251812
6.500% July 1, 2013
1,000,000 Fannie Mae 1,004,060
Pool #541216
8.000% June 1, 2030
1,000,000 Fannie Mae 967,500
CMO SER1998-W2 CL.A6
6.500% August 25, 2021
233,408 Fannie Mae 240,197
Pool #039271
8.950% December 1, 2016
359,178 Fannie Mae 366,290
Pool #124652
8.500% July 1, 2022
434,229 Fannie Mae 430,712
Pool #288761
7.500% October 1, 2024
1,067,747 Fannie Mae 1,089,860
Pool #303583
8.500% April 1, 2025
812,130 Fannie Mae 769,745
Pool #331689
6.500% February 1, 2026
1,782,709 Fannie Mae 1,633,407
Pool #415745
6.000% April 1, 2028
1,839,415 Fannie Mae 1,841,310
Pool #426798
7.500% July 1, 2008
2,797,482 Fannie Mae 2,640,124
Pool# 449466
6.500% November 1, 2028
538,305 Fannie Mae 558,976
Pool #446394
9.500% September 1, 2020
473,781 Fannie Mae 447,131
Pool #499203
6.500% July 1, 2029
2,971,494 Fannie Mae 2,805,268
6.500% August 1, 2028
1,098,674 Fannie Mae 1,061,594
7.000% November 1, 2028
679,408 Fannie Mae 656,478
Pool #288916
6.500% May 1, 2011
222,865 Fannie Mae 212,234
Pool #288735
7.500% August 1, 2024
903,111 Fannie Mae 895,796
Pool #288748
7.500% September 1, 2024
3,108,000 Fannie Mae 2,921,520
CMO SER.1999-T1 CL.A5
6.000% January 25, 2039
2,000,000 Fannie Mae 1,923,400
CMO SER.1998-W3 CL.A3
6.500% July 25, 2028
1,066,909 Fannie Mae 1,029,898
Pool #510598
7.000% August 1, 2029
1,825,472 Fannie Mae 1,740,460
6.500% February 1, 2019
3,000,000 Fannie Mae 2,644,230
AGENCY BENCHMARK NOTE
5.250% January 15, 2009
1,000,000 Freddie Mac 896,870
CMO SER.2102 CL.VB
6.000% August 15, 2013
127,949 Freddie Mac 123,046
Pool #E55428
6.000% January 1, 2009
41,254 Freddie Mac 42,840
Pool #730105
10.000% July 1, 2005
802,611 Freddie Mac 814,249
Pool #G00256
8.000% November 1, 2023
617,451 Freddie Mac 691,545
Pool #N70016
11.000% July 1, 2020
369,855 Freddie Mac 355,875
Pool #M70044
6.000% March 1, 2009
280,694 Freddie Mac 291,590
Pool #260025
10.250% October 1, 2010
228,317 Freddie Mac 238,831
Pool #G00300
9.500% April 1, 2025
882,352 Freddie Mac 889,517
Pool #G00411
8.000% November 1, 2025
224,444 Freddie Mac 215,843
Pool #G10257
6.000% July 1, 2009
911,579 Freddie Mac 876,647
Pool #G10331
6.000% September 1, 2009
677,780 Freddie Mac 664,163
Pool #E00177
6.500% December 1, 2007
61,085 Freddie Mac 58,987
Pool #E00241
6.000% October 1, 2008
1,490,949 Freddie Mac 1,407,083
Gold Pool #C30347
6.500% August 1, 2029
508,027 Freddie Mac 488,805
Pool #E57977
6.000% April 1, 2009
414,345 Freddie Mac 398,468
Pool #E58713
6.000% May 1, 2009
657,675 Freddie Mac 636,912
Pool #E67684
6.500% September 1, 2012
816,867 Freddie Mac 780,108
Pool #30148
6.500% August 1, 2023
124,026 Freddie Mac 124,553
Pool #220010
8.750% August 1, 2001
4,309,668 Ginnie Mae 4,192,488
Pool #417239
7.000% February 15, 2026
1,602,108 Ginnie Mae 1,557,537
Pool #460784
7.000% March 15, 2028
1,453,819 Ginnie Mae 1,412,923
Pool #469924
7.000% January 15, 2029
875,347 Ginnie Mae 869,604
Pool #399917
7.500% April 15, 2026
994,836 Ginnie Mae 998,875
15 Year Pool #780899
7.500% October 15, 2013
374,451 Ginnie Mae 389,429
Pool #248357
9.000% July 15, 2018
455,000 Ginnie Mae II 463,532
Pool #002345
8.500% December 20, 2026
436,296 Ginnie Mae II 438,748
Pool #002059
8.000% August 20, 2025
751,190 Ginnie Mae II 742,506
Pool #2691
7.500% December 20, 2028
1,356,660 Ginnie Mae II 1,312,569
7.000% February 20, 2029
1,411,783 Ginnie Mae II 1,396,352
Pool #2660
7.500% October 20, 2028
53,976 Ginnie Mae II 56,128
Pool #001831
9.500% May 20, 2022
2,492,000 US Department of Veterans Affairs 2,477,048
SER.1996-1 CL.1D
6.750% October 15, 2016
513,031 US Department of Veterans Affairs 511,107
VENDEE TRUST SER.94-1 CL.2G
6.150% January 15, 2001
302,088 US Department of Veterans Affairs 301,614
VENDEE TRUST SER.1995-3 CL.1C
7.250% July 15, 2014
1,000,000 US Department of Veterans Affairs 1,004,500
VENDEE TRUST SER.1997-3 CL.2B
7.500% August 15, 2018
1,550,000 US Department of Veterans Affairs 1,522,565
VENDEE TRUST SER.1996-3 CL.1E
6.750% August 15, 2020
$62,577,169
U.S. GOVERNMENTS --- 15.0%
1,000,000 United States of America 887,500
Treasury Notes
5.250% February 15, 2029
2,500,000 United States of America 2,463,675
Treasury Notes
5.875% November 15, 2004
5,900,000 United States of America 6,101,897
Treasury Notes
6.500% February 15, 2010
2,000,000 United States of America 1,986,560
Treasury Notes
6.125% August 15, 2007
$11,439,632
TOTAL BONDS --- 96.9% $74,016,801
(Cost $75,393,642)
SHORT-TERM INVESTMENTS
FINANCIAL SERVICES --- 3.1%
2,353,000 Associates Corp of North America 2,352,099
$2,352,099
TOTAL SHORT-TERM INVESTMENTS --- 3.1% $2,352,099
(Cost $2,352,099)
TOTAL U.S. GOVERNMENT SECURITIES PORTFOLIO --- 100.0% $76,368,900
(Cost $77,745,741)
The Maxim Series Fund
Value Index Portfolio
COMMON STOCK
AEROSPACE & DEFENSE --- 1.9%
7,000 BF Goodrich Co 238,434
58,348 Boeing Co 2,439,647
13,000 General Dynamics Corp 679,250
25,738 Lockheed Martin Corp 638,611
4,500 Northrop Grumman Corp 298,125
21,900 Raytheon Co Class B 421,575
12,200 Rockwell International Corp 384,300
30,211 United Technologies Corp 1,778,673
$6,878,615
AGENCY --- 1.5%
64,700 Fannie Mae (nonvtg) 3,376,499
44,800 Freddie Mac 1,814,400
$5,190,899
AIRLINES --- 0.4%
9,700 AMR Corp 256,439
7,800 Delta Air Lines Inc 394,384
31,875 Southwest Airlines Co 603,617
$1,254,440
AUTO PARTS & EQUIPMENT --- 0.3%
4,700 Cooper Tire & Rubber Co 52,288
36,352 Delphi Automotive Systems Corp 529,358
11,400 Genuine Parts Co 228,000
10,100 Goodyear Tire & Rubber Co 202,000
$1,011,646
AUTOMOBILES --- 0.9%
77,700 Ford Motor Co 3,341,100
$3,341,100
BANKS --- 9.7%
25,287 AmSouth Bancorp 398,270
22,440 BB&T Corp 535,755
73,753 Bank One Corp 1,959,027
106,534 Bank of America Corp 4,580,962
47,500 Bank of New York Co Inc 2,208,750
79,498 Chase Manhattan Corp 3,661,837
10,150 Comerica Inc 455,481
19,937 Fifth Third Bancorp 1,261,015
62,988 First Union Corp 1,562,858
62,333 Firstar Corp 1,312,858
57,907 FleetBoston Financial Corp 1,968,838
14,229 Huntington Bancshares Inc 224,989
10,400 JP Morgan & Co Inc 1,145,300
27,864 KeyCorp 491,103
31,584 Mellon Financial Corp 1,150,826
38,980 National City Corp 665,077
14,300 Northern Trust Corp 930,387
8,925 Old Kent Financial Corp 238,744
18,865 PNC Financial Services Group 884,297
14,287 Regions Financial Corp 283,954
10,850 SouthTrust Corp 245,481
10,400 State Street Corp 1,103,045
11,400 Summit Bancorp 280,725
19,392 SunTrust Banks Inc 885,962
18,200 Synovus Financial Corp 320,775
48,384 US Bancorp 931,392
8,633 Union Planters Corp 241,180
13,042 Wachovia Corp 707,529
103,530 Wells Fargo & Co 4,011,788
$34,648,205
BROADCAST/MEDIA --- 1.0%
21,888 Clear Channel Communications Inc* 1,641,600
34,400 General Motors Corp Class H 1,997,333
$3,638,933
BUILDING MATERIALS --- 0.3%
28,900 Masco Corp 521,992
10,600 Sherwin-Williams Co 224,582
6,500 Vulcan Materials Co 277,466
$1,024,040
CHEMICALS --- 2.1%
14,800 Air Products & Chemicals Inc 456,018
42,700 Dow Chemical Co 1,288,985
67,373 EI du Pont de Nemours & Co 2,947,569
5,000 Eastman Chemical Co 238,750
8,200 Engelhard Corp 139,908
2,100 FMC Corp* 121,800
3,500 Great Lakes Chemical Corp 110,250
6,800 Hercules Inc 95,622
11,200 PPG Industries Inc 496,294
10,200 Praxair Inc 381,857
14,023 Rohm & Haas Co 483,794
5,400 Sigma-Aldrich Corp 157,950
8,700 Union Carbide Corp 430,650
$7,349,447
COMMUNICATIONS - EQUIPMENT --- 0.7%
22,600 3Com Corp* 1,302,325
5,200 Andrew Corp* 174,522
11,800 Cabletron Systems Inc* 297,950
10,300 Scientific-Atlanta Inc 767,350
$2,542,147
COMPUTER HARDWARE & SYSTEMS --- 3.7%
21,000 Apple Computer Inc* 1,099,875
109,200 Compaq Computer Corp 2,791,370
64,300 Hewlett-Packard Co 8,029,463
6,200 NCR Corp* 241,409
14,700 Seagate Technology Inc* 808,500
20,100 Unisys Corp* 292,696
$13,263,313
COMPUTER SOFTWARE & SERVICES --- 1.2%
3,700 Autodesk Inc 128,342
9,400 Ceridian Corp* 226,183
10,800 Computer Sciences Corp* 806,620
29,900 Electronic Data Systems Corp 1,233,375
26,500 First Data Corp 1,315,063
21,200 Novell Inc* 196,100
8,326 Sabre Holdings Corp 237,291
1,800 Shared Medical Systems Corp 131,287
$4,274,261
CONGLOMERATES --- 0.1%
9,200 Textron Inc 499,670
$499,670
CONTAINERS --- 0.2%
2,100 Ball Corp 67,593
3,600 Bemis Co Inc 121,050
8,200 Crown Cork & Seal Co Inc 123,000
9,400 Owens-Illinois Inc* 109,858
10,800 Pactiv Corp* 85,050
3,300 Temple-Inland Inc 138,600
$645,151
COSMETICS & PERSONAL CARE --- 0.1%
3,500 Alberto-Culver Co Class B 106,967
6,700 International Flavors & Fragrances Inc 202,253
$309,220
DISTRIBUTORS --- 0.5%
17,668 Cardinal Health Inc 1,307,432
18,200 McKesson HBOC Inc 381,053
8,400 SUPERVALU Inc 160,121
$1,848,606
ELECTRIC COMPANIES --- 3.3%
8,857 Ameren Corp 298,924
20,760 American Electric Power Co Inc 615,015
7,000 CMS Energy Corp 154,875
10,300 CP&L Energy Inc 328,951
10,316 Cinergy Corp 262,408
13,600 Consolidated Edison Inc 402,900
9,700 Constellation Energy Group 315,851
9,300 DTE Energy Co 284,227
15,327 Dominion Resources Inc 657,145
23,645 Duke Energy Corp 1,332,987
21,300 Edison International 436,650
14,779 Entergy Corp 401,797
11,500 FPL Group Inc 569,250
14,952 FirstEnergy Corp 349,503
6,400 Florida Progress Corp 300,000
7,900 GPU Inc 213,790
7,500 New Century Energies Inc 225,000
11,000 Niagara Mohawk Holdings Inc* 153,307
10,200 Northern States Power Co 205,907
10,900 PECO Energy Co 439,401
24,852 PG&E Corp 611,981
9,298 PPL Corp 203,970
5,500 Pinnacle West Capital Corp 186,313
14,000 Public Service Enterprise Group Inc 484,750
19,019 Reliant Energy Inc 562,240
41,700 Southern Co 972,110
16,917 TXU Corp 499,052
11,400 Unicom Corp 441,032
$11,909,336
ELECTRONIC INSTRUMENTS & EQUIP --- 0.9%
6,000 Cooper Industries Inc 195,372
27,400 Emerson Electric Co 1,654,275
12,675 Molex Inc 609,984
3,200 PerkinElmer Inc 211,600
3,200 Tektronix Inc 236,800
3,700 Thomas & Betts Corp 70,763
6,100 WW Grainger Inc 187,953
$3,166,747
ELECTRONICS - SEMICONDUCTOR --- 3.8%
6,600 Adaptec Inc* 150,150
9,900 Advanced Micro Devices Inc* 764,775
22,800 Analog Devices Inc* 1,732,800
12,000 KLA-Tencor Corp* 702,744
19,800 LSI Logic Corp* 1,071,675
35,700 Micron Technology Inc* 3,143,813
138,475 Motorola Inc 4,024,360
11,400 National Semiconductor Corp* 646,950
8,400 Novellus Systems Inc* 475,121
11,200 Teradyne Inc* 823,200
$13,535,588
ENGINEERING & CONSTRUCTION --- 0.0%
4,900 Fluor Corp 154,963
$154,963
FINANCIAL SERVICES --- 7.7%
17,100 AFLAC Inc 785,523
85,900 American Express Co 4,477,538
16,025 American General Corp 977,525
46,904 Associates First Capital Corp Class A 1,046,522
217,050 Citigroup Inc 13,077,263
15,600 Franklin Resources Inc 473,850
6,400 MBIA Inc 308,397
72,740 Morgan Stanley Dean Witter & Co 6,055,605
7,800 T Rowe Price Associates Inc 331,500
$27,533,723
FOOD & BEVERAGES --- 0.7%
2,500 Adolph Coors Co Class B 151,250
4,500 Brown-Forman Corp Class B 241,875
27,000 Coca-Cola Enterprises Inc 440,424
31,700 ConAgra Inc 604,265
8,900 Hershey Foods Corp 431,650
21,074 Nabisco Group Holdings Corp 546,596
$2,416,060
GOLD, METALS & MINING --- 1.1%
14,100 Alcan Aluminium Ltd 437,100
55,548 Alcoa Inc 1,610,892
5,300 Allegheny Technologies Inc 95,400
25,500 Barrick Gold Corp 463,769
8,400 Bethlehem Steel Corp* 29,921
16,700 Homestake Mining Co 114,813
11,600 Inco Ltd* 178,350
10,827 Newmont Mining Corp 234,134
5,600 Nucor Corp 185,847
5,210 Phelps Dodge Corp 193,744
21,000 Placer Dome Inc 200,802
5,600 USX-US Steel Group 103,947
5,500 Worthington Industries Inc 57,750
$3,906,469
HARDWARE & TOOLS --- 0.1%
5,500 Black & Decker Corp 216,216
3,700 Snap-on Inc 98,513
5,600 Stanley Works 133,000
$447,729
HEALTH CARE RELATED --- 2.6%
6,600 ALZA Corp* 390,225
9,200 Aetna Inc 590,520
84,000 American Home Products Corp 4,935,000
35,800 HCA - The Healthcare Co 1,087,425
24,800 HEALTHSOUTH Corp* 178,238
10,700 Humana Inc* 52,163
4,300 Mallinckrodt Inc 186,779
6,500 Manor Care Inc* 45,500
7,400 Quintiles Transnational Corp* 104,525
20,187 Tenet Healthcare Corp 545,049
10,400 UnitedHealth Group Inc 891,800
4,000 Wellpoint Health Networks Inc* 289,748
$9,296,972
HEAVY TRUCKS & PARTS --- 0.3%
2,600 Cummins Engine Co Inc 70,850
9,724 Dana Corp 206,022
4,700 Eaton Corp 314,900
5,600 ITT Industries Inc 170,100
3,900 Navistar International Corp* 121,142
5,030 PACCAR Inc 199,626
$1,082,640
HOMEBUILDING --- 0.1%
3,800 Centex Corp 89,300
3,000 Kaufman & Broad Home Corp 59,436
2,600 Pulte Corp 56,225
$204,961
HOTELS/MOTELS --- 0.4%
38,800 Carnival Corp 756,600
7,800 Harrah's Entertainment Inc* 163,309
15,400 Marriott International Inc Class A 555,355
$1,475,264
HOUSEHOLD GOODS --- 0.6%
2,500 Armstrong Holdings Inc 38,280
15,200 Clorox Co 681,142
13,200 Fort James Corp 305,250
10,100 Fortune Brands Inc 232,926
12,700 Leggett & Platt Inc 209,550
17,100 Newell Rubbermaid Inc 440,325
4,700 Whirlpool Corp 219,138
$2,126,611
INSURANCE RELATED --- 5.9%
47,806 Allstate Corp 1,063,684
99,086 American International Group Inc 11,642,605
16,550 Aon Corp 514,076
10,400 CIGNA Corp 972,400
11,300 Chubb Corp 694,950
10,251 Cincinnati Financial Corp 322,261
20,899 Conseco Inc 203,765
13,800 Hartford Financial Services Group Inc 771,931
6,700 Jefferson-Pilot Corp 378,128
12,500 Lincoln National Corp 451,563
6,300 Loews Corp 378,000
6,900 MGIC Investment Corp 313,950
17,400 Marsh & McLennan Cos Inc 1,817,204
4,700 Progressive Corp 347,800
8,300 SAFECO Corp 164,963
13,562 St Paul Cos Inc 462,803
8,400 Torchmark Corp 207,371
15,511 UnumProvident Corp 311,182
$21,018,636
INVESTMENT BANK/BROKERAGE FIRM --- 1.2%
7,252 Bear Stearns Cos Inc 301,865
7,800 Lehman Brothers Holdings Inc 737,584
25,000 Merrill Lynch & Co Inc 2,875,000
9,450 Paine Webber Group Inc 429,975
$4,344,424
LEISURE & ENTERTAINMENT --- 3.8%
5,600 Brunswick Corp 92,747
28,100 Seagram Co Ltd 1,629,800
98,105 Viacom Inc Class B* 6,689,486
133,700 Walt Disney Co 5,189,164
$13,601,197
MACHINERY --- 0.6%
1,600 Briggs & Stratton Corp 54,800
22,400 Caterpillar Inc 758,800
15,100 Deere & Co 558,700
10,500 Ingersoll-Rand Co 422,625
10,100 Thermo Electron Corp* 212,726
3,900 Timken Co 72,638
$2,080,289
MANUFACTURING --- 1.3%
3,825 Crane Co 92,993
9,200 Danaher Corp 454,820
13,100 Dover Corp 531,362
51,400 Honeywell International Inc 1,731,512
19,400 Illinois Tool Works Inc 1,105,800
5,600 Johnson Controls Inc 287,347
7,900 Pall Corp 146,150
7,250 Parker-Hannifin Corp 248,313
$4,598,297
MEDICAL PRODUCTS --- 0.9%
3,500 Bausch & Lomb Inc 270,813
18,700 Baxter International Inc 1,314,834
16,300 Becton Dickinson & Co 467,598
7,700 Biomet Inc 295,965
26,200 Boston Scientific Corp* 574,749
3,200 CR Bard Inc 154,000
5,400 St Jude Medical Inc* 247,725
$3,325,684
MISCELLANEOUS --- 1.2%
27,400 AES Corp* 1,250,125
4,100 American Greetings Corp Class A 77,900
38,667 Archer-Daniels-Midland Co 379,401
25,600 Minnesota Mining & Mftg Co 2,112,000
8,000 TRW Inc 347,000
$4,166,426
OFFICE EQUIPMENT & SUPPLIES --- 0.2%
42,900 Xerox Corp 890,175
$890,175
OIL & GAS --- 14.1%
5,900 Amerada Hess Corp 364,325
24,600 Anadarko Petroleum Corp 767,890
7,400 Apache Corp 435,209
4,500 Ashland Inc 157,779
21,300 Baker Hughes Inc 681,600
13,972 Burlington Resources Inc 534,429
41,900 Chevron Corp 3,553,623
13,800 Coastal Corp 840,075
5,200 Columbia Energy Group 341,250
40,250 Conoco Inc Class B 988,621
1,900 Eastern Enterprises 119,700
14,900 El Paso Energy Corp 758,961
47,116 Enron Corp 3,038,982
223,920 Exxon Mobil Corp 17,577,695
28,600 Halliburton Co 1,349,548
6,100 Kerr-McGee Corp 359,516
3,800 McDermott International Inc 33,486
2,900 NICOR Inc 94,613
1,800 ONEOK Inc 46,687
23,800 Occidental Petroleum Corp 501,276
2,200 Peoples Energy Corp 71,225
16,400 Phillips Petroleum Co 831,267
6,000 Rowan Cos Inc* 182,250
137,900 Royal Dutch Petroleum Co NY Shrs 8,489,400
36,600 Schlumberger Ltd 2,731,275
13,233 Sempra Energy 224,961
5,800 Sunoco Inc 170,735
35,501 Texaco Inc 1,890,428
9,300 Tosco Corp 263,302
13,537 Transocean Sedco Forex Inc 723,377
20,100 USX-Marathon Group 503,746
15,700 Unocal Corp 520,063
28,461 Williams Cos Inc 1,186,454
$50,333,748
PAPER & FOREST PRODUCTS --- 0.7%
3,600 Boise Cascade Corp 93,150
11,000 Georgia-Pacific Group 288,750
31,364 International Paper Co 935,010
6,600 Louisiana-Pacific Corp 71,775
6,600 Mead Corp 166,650
2,000 Potlatch Corp 66,250
6,450 Westvaco Corp 160,037
15,100 Weyerhaeuser Co 649,300
7,200 Willamette Industries Inc 196,200
$2,627,122
PERSONAL LOANS --- 0.6%
12,600 Capital One Financial Corp 562,275
7,300 Countrywide Credit Industries Inc 221,278
30,526 Household International Inc 1,268,722
$2,052,275
PHARMACEUTICALS --- 1.3%
81,688 Pharmacia Corp 4,222,208
6,300 Watson Pharmaceuticals Inc* 338,625
$4,560,833
PHOTOGRAPHY/IMAGING --- 0.3%
19,900 Eastman Kodak Co 1,184,050
2,800 Polaroid Corp 50,574
$1,234,624
POLLUTION CONTROL --- 0.2%
12,100 Allied Waste Industries Inc* 121,000
40,000 Waste Management Inc 760,000
$881,000
PRINTING & PUBLISHING --- 1.1%
4,600 Deluxe Corp 108,385
17,100 Gannett Co Inc 1,022,785
4,700 Harcourt General Inc 255,563
5,000 Knight-Ridder Inc 265,935
12,600 McGraw-Hill Cos Inc 680,400
3,200 Meredith Corp 108,000
11,000 New York Times Co Class A 434,500
7,800 RR Donnelley & Sons Co 175,984
29,400 Tribune Co 1,029,000
$4,080,552
RAILROADS --- 0.7%
27,446 Burlington Northern Santa Fe Corp 629,529
14,100 CSX Corp 298,737
7,200 Kansas City Southern Industries Inc 638,546
24,700 Norfolk Southern Corp 367,413
15,956 Union Pacific Corp 593,356
$2,527,581
RESTAURANTS --- 0.9%
7,900 Darden Restaurants Inc 128,375
85,900 McDonald's Corp 2,829,288
7,300 Wendy's International Inc 130,028
$3,087,691
RETAIL --- 3.7%
27,255 Albertson's Inc 906,229
8,800 AutoZone Inc* 193,600
25,200 CVS Corp 1,008,000
13,100 Circuit City Stores-Circuit City Group 434,750
7,100 Consolidated Stores Corp* 85,200
28,800 Costco Wholesale Corp* 950,400
6,000 Dillard's Inc Class A 73,500
21,225 Dollar General Corp 413,888
13,800 Federated Department Stores Inc* 465,750
2,600 Great Atlantic & Pacific Tea Co Inc 43,225
16,800 JC Penney Co Inc 309,742
30,900 Kmart Corp* 210,491
27,700 Limited Inc 599,013
2,700 Longs Drug Stores Corp 58,725
24,600 Lowe's Cos Inc 1,010,125
21,450 May Department Stores Co 514,800
8,700 Nordstrom Inc 209,888
20,250 Office Depot Inc* 126,563
16,600 Rite Aid Corp 108,929
31,900 Safeway Inc* 1,439,488
22,600 Sears Roebuck & Co 737,325
31,200 Staples Inc* 479,700
19,200 TJX Cos Inc 360,000
29,400 Target Corp 1,705,200
4,700 Tiffany & Co 317,250
13,900 Toys R Us Inc* 202,412
9,200 Winn-Dixie Stores Inc 131,670
$13,095,863
SAVINGS & LOANS --- 0.5%
13,500 Charter One Financial Inc 310,500
10,100 Golden West Financial Corp 412,201
35,149 Washington Mutual Inc 1,014,927
$1,737,628
SHOES --- 0.2%
17,700 NIKE Inc Class B 704,672
3,600 Reebok International Ltd* 57,373
$762,045
SPECIALIZED SERVICES --- 0.5%
46,400 Cendant Corp* 649,600
9,800 Convergys Corp* 508,375
8,400 Ecolab Inc 328,121
6,300 H&R Block Inc 203,963
2,800 National Service Industries Inc 54,600
10,171 Visteon Corp* 123,323
$1,867,982
TELEPHONE & TELECOMMUNICATIONS --- 10.1%
20,300 ALLTEL Corp 1,257,321
243,035 AT&T Corp 7,685,982
121,100 BellSouth Corp 5,161,888
9,075 CenturyTel Inc 260,906
56,800 Global Crossing Ltd* 1,494,550
56,400 Sprint Corp 2,876,400
161,200 Verizon Communications 8,898,907
184,179 WorldCom Inc* 8,449,212
$36,085,166
TEXTILES --- 0.1%
3,500 Liz Claiborne Inc 123,375
2,000 Russell Corp 40,000
1,300 Springs Industries Inc Class A 41,600
7,300 VF Corp 173,828
$378,803
TOBACCO --- 1.1%
147,000 Philip Morris Cos Inc 3,904,614
$3,904,614
TOYS --- 0.1%
11,000 Hasbro Inc 165,682
27,400 Mattel Inc 361,324
$527,006
TRANSPORTATION --- 0.2%
18,740 FedEx Corp* 712,120
3,800 Ryder System Inc 71,961
$784,081
TOTAL COMMON STOCK --- 97.9% $349,530,498
(Cost $341,166,841)
SHORT-TERM INVESTMENTS
FINANCIAL SERVICES --- 1.5%
5,351,000 Associates Corp of North America 5,348,952
$5,348,952
U.S. GOVERNMENTS --- 0.6%
2,000,000 United States of America (1) 1,982,656
$1,982,656
TOTAL SHORT-TERM INVESTMENTS --- 2.1% $7,331,608
(Cost $7,331,608)
TOTAL VALUE INDEX PORTFOLIO --- 100.0% $356,862,106
(Cost $348,498,449)
