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Previous: NEW JERSEY RESOURCES CORP, U-3A-2, 2000-02-28 |
Next: MAXIM SERIES FUND INC, 485BPOS, 2000-02-28 |
MAXIM SERIES FUND, INC.
Financial Statements and Financial Highlights for
the Years Ended December 31, 1999 and 1998
(Section 1)
MAXIM SERIES FUND, INC.
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1999
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
GROWTH MONEY
INDEX MARKET
PORTFOLIO PORTFOLIO
ASSETS:
Investments in securities, market value (1) 498,848,223 712,996,331
Cash 300,596 12,904
Dividends and interest receivable 328,676 2,718,203
Subscriptions receivable 1,214,996 9,830,816
Variation margin on futures contracts 23,375 0
Total assets 500,715,866 725,558,254
LIABILITIES:
Dividends payable 0 91,294
Due to GW Capital Management 246,750 270,349
Redemptions payable 795,882 2,499,356
Payable for investments purchased 61,009 0
Total liabilities 1,103,641 2,860,999
NET ASSETS 499,612,225 722,697,255
NET ASSETS REPRESENTED BY:
Capital stock, $.10 par value 17,448,225 72,233,038
Additional paid-in capital 318,300,738 650,562,102
Net unrealized appreciation on investments and futures contracts 166,114,540 0
Undistributed net investment income 2,520 0
Accumulated net realized loss on investments and futures contracts (2,253,798) (97,885)
NET ASSETS 499,612,225 722,697,255
NET ASSET VALUE PER OUTSTANDING SHARE 2.8634 1.0005
(Offering and Redemption Price)
SHARES OF CAPITAL STOCK:
Authorized 300,000,000 800,000,000
Outstanding 174,482,245 722,330,378
(1) Cost of investments in securities: 332,869,490 712,996,331
See notes to financial statements.
</TABLE>
MAXIM SERIES FUND, INC.
STATEMENTS OF OPERATIONS
YEAR ENDED DECEMBER 31, 1999
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
GROWTH MONEY
INDEX MARKET
PORTFOLIO PORTFOLIO
INVESTMENT INCOME:
Interest 424,486 33,352,497
Dividends 2,997,828
Total income 3,422,314 33,352,497
EXPENSES:
Management fees 2,392,749 2,958,143
NET INVESTMENT INCOME 1,029,565 30,394,354
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain on investments 25,699,761
Net realized gain on futures contracts 964,951
Change in net unrealized appreciation on investments 73,081,916
Change in net unrealized appreciation on futures contracts 71,749
Net realized and unrealized gain on investments and futures contracts 99,818,377 0
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 100,847,942 30,394,354
See notes to financial statements.
</TABLE>
MAXIM SERIES FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
YEARS ENDED DECEMBER 31, 1999 AND 1998
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
GROWTH INDEX MONEY MARKET
PORTFOLIO PORTFOLIO
1999 1998 1999 1998
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income $ 1,029,565 775,714 30,394,354 $ 26,773,802
Net realized gain (loss) on investments 25,699,761 13,925,743 (97,885)
Net realized gain on futures contracts 964,951 931,303
Change in net unrealized appreciation on investments 73,081,916 55,966,904
Change in net unrealized appreciation on futures contracts 71,749 64,058
Net increase in net assets resulting from operations 100,847,942 71,663,722 30,394,354 26,675,917
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (1,020,969) (781,425) (30,394,354) (26,773,802)
From net realized gains (31,979,072) (11,684,037)
Total distributions (33,000,041) (12,465,462) (30,394,354) (26,773,802)
SHARE TRANSACTIONS:
Net proceeds from sales of shares 128,000,396 90,630,253 373,590,733 388,326,943
Reinvestment of distributions 33,000,041 12,465,462 30,303,060 26,835,320
Redemptions of shares (26,406,342) (28,099,506) (300,613,202) (248,802,924)
Net increase in net assets resulting from share transactions 134,594,095 74,996,209 103,280,591 166,359,339
Total increase in net assets 202,441,996 134,194,469 103,280,591 166,261,454
NET ASSETS:
Beginning of period 297,170,229 162,975,760 619,416,664 453,155,210
End of period (1) $ 499,612,225 297,170,229 722,697,255 $ 619,416,664
OTHER INFORMATION:
SHARES:
Sold 50,043,992 42,355,796 373,401,079 388,077,079
Issued in reinvestment of distributions 12,008,874 5,408,194 30,287,677 26,818,379
Redeemed (9,985,977) (13,410,542) (300,460,596) (248,642,003
Net increase 52,066,889 34,353,448 103,228,160 166,253,455
(1) Including undistributed (overdistributed) net investment income 2,520 (6,076)
See notes to financial statements.
</TABLE>
MAXIM SERIES FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 1999
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
STOCK
INDEX
PORTFOLIO
ASSETS:
Investments in securities, market value (1) 1,166,949,214
Cash 351,573
Dividends and interest receivable 951,752
Subscriptions receivable 412,682
Variation margin on futures contracts 42,500
Total assets 1,168,707,721
LIABILITIES:
Due to GW Capital Management 577,926
Redemptions payable 1,821,368
Payable for investments purchased 236,275
Total liabilities 2,635,569
NET ASSETS 1,166,072,152
NET ASSETS REPRESENTED BY:
Capital stock, $.10 par value 28,831,670
Additional paid-in capital 481,245,341
Net unrealized appreciation on investments and futures contracts 631,574,466
Overdistributed net investment income (16,997)
Accumulated net realized gain on investments and futures contracts 24,437,672
NET ASSETS 1,166,072,152
NET ASSET VALUE PER OUTSTANDING SHARE 4.0444
(Offering and Redemption Price)
SHARES OF CAPITAL STOCK:
Authorized 400,000,000
Outstanding 288,316,701
(1) Cost of investments in securities: 535,511,180
See notes to financial statements.
</TABLE>
MAXIM SERIES FUND, INC.
STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 1999
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
STOCK
INDEX
PORTFOLIO
INVESTMENT INCOME:
Interest 558,981
Dividends 13,899,646
Foreign withholding tax (170,259)
Total income 14,288,368
EXPENSES:
Management fees 6,539,655
NET INVESTMENT INCOME 7,748,713
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain on investments 74,747,273
Net realized gain on futures contracts 2,347,408
Change in net unrealized appreciation on investments 114,172,287
Change in net unrealized appreciation on futures contracts (160,231)
Net realized and unrealized gain on investments and futures contracts 191,106,737
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 198,855,450
See notes to financial statements.
</TABLE>
MAXIM SERIES FUND, INC.
STATEMENT OF CHANGES IN NET ASSETS
YEARS ENDED DECEMBER 31, 1999 AND 1998
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
STOCK INDEX
PORTFOLIO
1999 1998
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income $ 7,748,713 8,022,739
Net realized gain on investments 74,747,273 33,601,051
Net realized gain on futures contracts 2,347,408 930,237
Change in net unrealized appreciation on investments 114,172,287 174,632,135
Change in net unrealized appreciation on futures contracts (160,231) 296,663
Net increase in net assets resulting from operations 198,855,450 217,482,825
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (7,720,964) (8,071,829)
From net realized gains (56,987,082) (33,057,427)
Total distributions (64,708,046) (41,129,256)
SHARE TRANSACTIONS:
Net proceeds from sales of shares 35,938,883 62,173,700
Reinvestment of distributions 64,708,046 41,129,256
Redemptions of shares (98,444,652) (67,320,622)
Net increase in net assets resulting from share transactions 2,202,277 35,982,334
Total increase in net assets 136,349,681 212,335,903
NET ASSETS:
Beginning of period 1,029,722,471 817,386,568
End of period (1) $ 1,166,072,152 $1,029,722,471
OTHER INFORMATION:
SHARES:
Sold 9,671,554 19,149,154
Issued in reinvestment of distributions 16,628,427 11,953,425
Redeemed (25,446,699) (20,965,088)
Net increase 853,282 10,137,491
(1) Including overdistributed net investment income $ (16,997) (44,746)
See notes to financial statements.
</TABLE>
MAXIM SERIES FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 1999
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
INDEX
600
PORTFOLIO
ASSETS:
Investments in securities, market value (1) $ 24,821,431
Cash 362,650
Dividends and interest receivable 39,789
Subscriptions receivable 49,374
Receivable for investments sold 17,279
Variation margin on futures contracts 14,400
Total assets 25,304,923
LIABILITIES:
Due to GW Capital Management 12,097
Redemptions payable 17,810
Payable for investments purchased 106,376
Total liabilities 136,283
NET ASSETS $ 25,168,640
NET ASSETS REPRESENTED BY:
Capital stock, $.10 par value $ 3,146,571
Additional paid-in capital 18,780,446
Net unrealized appreciation on investments and futures contracts 3,558,873
Undistributed net investment income 948
Accumulated net realized loss on investments and futures contracts (318,198)
NET ASSETS $ 25,168,640
NET ASSET VALUE PER OUTSTANDING SHARE $ 0.7999
(Offering and Redemption Price)
SHARES OF CAPITAL STOCK:
Authorized 100,000,000
Outstanding 31,465,707
(1) Cost of investments in securities: $ 21,324,358
See notes to financial statements.
</TABLE>
MAXIM SERIES FUND, INC.
STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 1999
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
INDEX
600
PORTFOLIO
INVESTMENT INCOME:
Interest $ 123,037
Dividends 166,953
Total income 289,990
EXPENSES:
Management fees 138,515
NET INVESTMENT INCOME 151,475
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain on investments 1,679,780
Net realized gain on futures contracts 201,595
Change in net unrealized appreciation on investments 584,755
Change in net unrealized appreciation on futures contracts 61,800
Net realized and unrealized gain on investments and futures contracts 2,527,930
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 2,679,405
See notes to financial statements.
</TABLE>
MAXIM SERIES FUND, INC.
STATEMENT OF CHANGES IN NET ASSETS
YEARS ENDED DECEMBER 31, 1999 AND 1998
<TABLE>
<S> <C>
INDEX 600
PORTFOLIO
1999 1998
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income $ 151,475 297,956
Net realized gain on investments 1,679,780 215,482
Net realized gain on futures contracts 201,595 0
Change in net unrealized appreciation on investments 584,755 (8,073,517)
Change in net unrealized appreciation on futures contracts 61,800 0
Net increase (decrease) in net assets resulting from operations 2,679,405 (7,560,079)
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (150,476) (298,862)
From net realized gains (2,136,570) (8,566,173)
Total distributions (2,287,046) (8,865,035)
SHARE TRANSACTIONS:
Net proceeds from sales of shares 4,705,739 38,199,521
Reinvestment of distributions 2,287,046 8,865,035
Redemptions of shares (5,835,132) (128,475,619)
Net increase (decrease) in net assets resulting from share transactions1,157,653 (81,411,063)
Total increase (decrease) in net assets 1,550,012 (97,836,177)
NET ASSETS:
Beginning of period 23,618,628 121,454,805
End of period (1) $ 25,168,640 23,618,628
OTHER INFORMATION:
SHARES:
Sold 6,227,749 32,299,544
Issued in reinvestment of distributions 3,084,185 11,289,381
Redeemed (7,664,538) (110,255,398)
Net increase (decrease) 1,647,396 (66,666,473)
(1) Including undistributed (overdistributed) net investment income 948 (51)
See notes to financial statements.
</TABLE>
MAXIM SERIES FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 1999
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
TEMPLETON
INTERNATIONAL
EQUITY
PORTFOLIO
ASSETS:
Investments in securities, market value (1) $ 101,045,913
Cash 102,618
Dividends and interest receivable 283,026
Subscriptions receivable 77,594
Total assets 101,509,151
LIABILITIES:
Due to GW Capital Management 107,231
Redemptions payable 47,739
Total liabilities 154,970
NET ASSETS $ 101,354,181
NET ASSETS REPRESENTED BY:
Capital stock, $.10 par value $ 6,672,743
Additional paid-in capital 68,755,731
Net unrealized appreciation on investments and translation of assets and liabilities
denominated in foreign currencies 22,878,376
Undistributed net investment income 2,071
Accumulated net realized gain on investments 3,045,260
NET ASSETS $ 101,354,181
NET ASSET VALUE PER OUTSTANDING SHARE $ 1.5189
(Offering and Redemption Price)
SHARES OF CAPITAL STOCK:
Authorized 200,000,000
Outstanding 66,727,429
(1) Cost of investments in securities: $ 78,167,537
See notes to financial statements.
</TABLE>
MAXIM SERIES FUND, INC.
STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 1999
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
TEMPLETON
INTERNATIONAL
EQUITY
PORTFOLIO
INVESTMENT INCOME:
Interest $ 189,625
Dividends 2,336,749
Foreign withholding tax (156,416)
Total income 2,369,958
EXPENSES:
Audit fees 10,000
Investment administration 132,063
Bank and custodial fees 82,722
Other expenses 33,006
Management fees 1,089,717
Total expenses 1,347,508
Less amount reimbursed by GW Capital Management 1,815
Net expenses 1,345,693
NET INVESTMENT INCOME 1,024,265
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain on investments 12,413,367
Change in net unrealized appreciation on investments 14,478,275
Change in net unrealized depreciation on translation of
assets and liabilities denominated in foreign currencies 677,358
Net realized and unrealized gain on investments and translation of
assets and liabilities denominated in foreign currencies 27,569,000
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 28,593,265
See notes to financial statements.
</TABLE>
MAXIM SERIES FUND, INC.
STATEMENT OF CHANGES IN NET ASSETS
YEARS ENDED DECEMBER 31, 1999 AND 1998
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
TEMPLETON
INTERNATIONAL EQUITY
PORTFOLIO
1999 1998
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income $ 1,024,265 $ 2,681,666
Net realized gain (loss) on investments 12,413,367 (8,417,681)
Change in net unrealized appreciation on investments 14,478,275 0
Change in net unrealized depreciation on translation of 0
assets and liabilities denominated in foreign currencies 677,358 (837,618)
Net increase (decrease) in net assets resulting from operations 28,593,265 (6,573,633)
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (1,015,421) (2,692,270)
From net realized gains (506,073) 0
Total distributions (1,521,494) (2,692,270)
SHARE TRANSACTIONS:
Net proceeds from sales of shares 18,003,695 18,384,123
Reinvestment of distributions 1,521,494 2,692,270
Redemptions of shares (65,624,421) (24,203,359)
Net decrease in net assets resulting from share transactions (46,099,232) (3,126,966)
Total decrease in net assets (19,027,461) (12,392,869)
NET ASSETS:
Beginning of period 120,381,642 132,774,511
End of period (1) $ 101,354,181 $ 120,381,642
OTHER INFORMATION:
SHARES:
Sold 13,721,357 14,299,688
Issued in reinvestment of distributions 1,023,130 2,274,210
Redeemed (49,398,525) (19,038,552)
Net decrease (34,654,038) (2,464,654)
(1) Including undistributed (overdistributed) net investment inco$e 2,071 $ (6,773)
See notes to financial statements.
</TABLE>
MAXIM SERIES FUND, INC.
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1999
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
U.S. GOVERNMENT
BOND SECURITIES
PORTFOLIO PORTFOLIO
ASSETS:
Investments in securities, market value (1) 69,201,636 75,976,534
Cash 11,170 10,915
Dividends and interest receivable 1,086,850 621,103
Subscriptions receivable 21,542 64,310
Receivable for investments sold 0 11,271
Total assets 70,321,198 76,684,133
LIABILITIES:
Due to GW Capital Management 36,038 39,268
Redemptions payable 29,512 53,008
Total liabilities 65,550 92,276
NET ASSETS 70,255,648 76,591,857
NET ASSETS REPRESENTED BY:
Capital stock, $.10 par value 6,151,616 7,322,975
Additional paid-in capital 68,903,921 73,051,100
Net unrealized depreciation on investments (3,906,772) (1,860,522)
Undistributed net investment income 31,250 100,735
Accumulated net realized loss on investments (924,367) (2,022,431)
NET ASSETS 70,255,648 76,591,857
NET ASSET VALUE PER OUTSTANDING SHARE 1.1421 1.0459
(Offering and Redemption Price)
SHARES OF CAPITAL STOCK:
Authorized 200,000,000 200,000,000
Outstanding 61,516,163 73,229,751
(1) Cost of investments in securities: 73,108,408 77,837,056
See notes to financial statements.
</TABLE>
MAXIM SERIES FUND, INC.
STATEMENTS OF OPERATIONS
YEAR ENDED DECEMBER 31, 1999
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
U.S. GOVERNMENT
BOND SECURITIES
PORTFOLIO PORTFOLIO
INVESTMENT INCOME:
Interest 4,703,427 4,629,767
EXPENSES:
Management fees 426,077 432,608
NET INVESTMENT INCOME 4,277,350 4,197,159
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain on investments 91,183 218,065
Change in net unrealized depreciation on investments (4,625,826) (4,301,787)
Net realized and unrealized loss on investments (4,534,643) (4,083,722)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS (257,293) 113,437
See notes to financial statements.
</TABLE>
MAXIM SERIES FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
YEARS ENDED DECEMBER 31, 1999 AND 1998
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
BOND U.S. GOVERNMENT
PORTFOLIO SECURITIES PORTFOLIO
1999 1998 1999 1998
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income $ 4,277,350 4,374,156 $ 4,197,159 3,976,658
Net realized gain (loss) on investments 91,183 (83,131) 218,065 160,452
Change in net unrealized depreciation on investments (4,625,826) 368,889 (4,301,787) 517,123
Net increase (decrease) in net assets resulting from operations (257,293) 4,659,914 113,437 4,654,233
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (4,245,286) (4,376,390) (4,122,117) (3,950,965)
SHARE TRANSACTIONS:
Net proceeds from sales of shares 10,835,072 12,486,775 19,735,610 25,817,032
Reinvestment of distributions 4,245,286 4,376,390 4,122,117 3,950,965
Redemptions of shares (16,422,013) (11,330,510) (22,132,316) (9,908,056)
Net increase (decrease) in net assets resulting from share transa(1,341,655) 5,532,655 1,725,411 19,859,941
Total increase (decrease) in net assets (5,844,234) 5,816,179 (2,283,269) 20,563,209
NET ASSETS:
Beginning of period 76,099,882 70,283,703 78,875,126 58,311,917
End of period (1) $ 70,255,648 76,099,882 $ 76,591,857 78,875,126
OTHER INFORMATION:
SHARES:
Sold 9,148,767 10,188,308 18,353,435 23,360,364
Issued in reinvestment of distributions 3,646,051 3,595,220 3,876,733 3,595,269
Redeemed (13,816,116) (9,239,039) (20,387,391) (8,979,194)
Net increase (decrease) (1,021,298) 4,544,489 1,842,777 17,976,439
(1) Including undistributed (overdistributed) net investment$income 31,250 (814) $ 100,735 25,693
See notes to financial statements.
</TABLE>
MAXIM SERIES FUND, INC.
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1999
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
BOND FOREIGN
INDEX EQUITY
PORTFOLIO PORTFOLIO
ASSETS:
Investments in securities, market value (1) $ 131,578,083 $ 1,804,617
Cash denominated in foreign currencies (2) 563
Cash 492,528 52,527
Dividends and interest receivable 1,409,367 145,313
Subscriptions receivable 312,102 202
Receivable for investments sold 0 0
Total assets 133,792,080 2,003,222
LIABILITIES:
Due to GW Capital Management 56,290 2,145
Redemptions payable 251,107 0
Payables for investments purchased 0 0
Payable to custodian 0 0
Total liabilities 307,397 2,145
NET ASSETS $ 133,484,683 $ 2,001,077
NET ASSETS REPRESENTED BY:
Capital stock, $.10 par value $ 10,873,636 $ 157,861 $
Additional paid-in capital 128,600,989 985,185
Net unrealized appreciation (depreciation) on investments and
translation of assets and liabilities denominated in foreign currency(2,854,969) 331,682
Undistributed (overdistributed) net investment income 25,100 (35,786)
Accumulated net realized gain (loss) on investments (3,160,073) 562,135
NET ASSETS $ 133,484,683 $ 2,001,077
NET ASSET VALUE PER OUTSTANDING SHARE $ 1.2276 $ 1.2676
(Offering and Redemption Price)
SHARES OF CAPITAL STOCK:
Authorized 200,000,000 100,000,000
Outstanding 108,736,360 1,578,607
(1) Cost of investments of securities: $ 134,433,052 $ 1,472,918
(2) Cost of cash denominated in foreign currencies: 580
See notes to financial statements.
</TABLE>
MAXIM SERIES FUND, INC.
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1999
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
U.S.
SHORT-TERM GOVERNMENT
MATURITY MORTGAGE
BOND SECURITIES
PORTFOLIO PORTFOLIO
ASSETS:
Investments in securities, market value (1) $ 135,018,091 $ 184,937,856
Cash denominated in foreign currencies (2)
Cash 0 11,034
Dividends and interest receivable 2,602,183 1,334,827
Subscriptions receivable 420,616 494,602
Receivable for investments sold 3,150,000 9,788
Total assets 141,190,890 186,788,107
LIABILITIES:
Due to GW Capital Management 68,810 92,725
Redemptions payable 212,405 221,579
Payables for investments purchased 0 3,296,196
Payable to custodian 2,989,203
Total liabilities 3,270,418 3,610,500
NET ASSETS $ 137,920,472 $ 183,177,607
NET ASSETS REPRESENTED BY:
Capital stock, $.10 par value 13,763,667 $ 16,282,408
Additional paid-in capital 125,645,597 173,680,350
Net unrealized appreciation (depreciation) on investments and
translation of assets and liabilities denominated in foreign currency (1,451,554) (5,339,855)
Undistributed (overdistributed) net investment income 79,035 128,821
Accumulated net realized gain (loss) on investments (116,273) (1,574,117)
NET ASSETS $ 137,920,472 $ 183,177,607
NET ASSET VALUE PER OUTSTANDING SHARE $ 1.0021 $ 1.1250
(Offering and Redemption Price)
SHARES OF CAPITAL STOCK:
Authorized 200,000,000 300,000,000
Outstanding 137,636,665 162,824,077
(1) Cost of investments of securities: $ $ 136,469,645 $ 190,277,711
(2) Cost of cash denominated in foreign currencies:
See notes to financial statements.
</TABLE>
MAXIM SERIES FUND, INC.
STATEMENTS OF OPERATIONS
YEAR ENDED DECEMBER 31, 1999
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
SHORT-TERM
BOND FOREIGN MATURITY
INDEX EQUITY BOND
PORTFOLIO PORTFOLIO PORTFOLIO
INVESTMENT INCOME:
Interest $ 7,915,653 693,578 7,314,164
Dividends 536,156
Foreign withholding tax (96,925)
Total income 7,915,653 1,132,809 7,314,164
EXPENSES:
Audit fees 7,500
Investment administration 115,279
Bank and custodial fees 54,038
Other expenses 14,149
Management fees 719,888 461,721 744,257
Total expenses 719,888 652,687 744,257
Less amount reimbursed by GW Capital Management 66,648
Net expenses 719,888 586,039 744,257
NET INVESTMENT INCOME 7,195,765 546,770 6,569,907
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments (2,180,975) 5,422,420 (108,703)
Change in net unrealized appreciation (depreciation) on investments (5,385,762) (1,164,145) (2,315,187)
Change in net unrealized depreciation on translation of assets and
liabilities denominated in foreign currencies (2,185,307)
Net realized and unrealized gain (loss) on investments and translation of
assets and liabilities denominated in foreign currencies (7,566,737) 2,072,968 (2,423,890)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ (370,972) 2,619,738 4,146,017
See notes to financial statements.
</TABLE>
MAXIM SERIES FUND, INC.
STATEMENTS OF OPERATIONS
YEAR ENDED DECEMBER 31, 1999
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
U.S.
GOVERNMENT
MORTGAGE
SECURITIES
PORTFOLIO
INVESTMENT INCOME:
Interest 12,007,342
Dividends
Foreign withholding tax
Total income 12,007,342
EXPENSES:
Audit fees
Investment administration
Bank and custodial fees
Other expenses
Management fees 1,116,175
Total expenses 1,116,175
Less amount reimbursed by GW Capital Management
Net expenses 1,116,175
NET INVESTMENT INCOME 10,891,167
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments 712,364
Change in net unrealized appreciation (depreciation) on investments (10,665,482)
Change in net unrealized depreciation on translation of assets and
liabilities denominated in foreign currencies
Net realized and unrealized gain (loss) on investments and translation of
assets and liabilities denominated in foreign currencies (9,953,118)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 938,049
See notes to financial statements.
</TABLE>
MAXIM SERIES FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
YEARS ENDED DECEMBER 31, 1999 AND 1998
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
BOND INDEX FOREIGN EQUITY
PORTFOLIO PORTFOLIO
1999 1998 1999 1998
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income $ 7,195,765 $ 6,775,687 546,770 $ 441,125
Net realized gain (loss) on investments (2,180,975) 67,961 5,422,420 249,487
Change in net unrealized appreciation (depreciation) on investments (5,385,762) 1,255,675 (1,164,145) (583,829)
Change in net unrealized appreciation (depreciation) on translation
of assets and liabilities denominated in foreign currencies (2,185,307) 4,908,215
Net increase (decrease) in net assets resulting from operations (370,972) 8,099,323 2,619,738 5,014,998
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (7,171,790) (6,779,905) (352,053) (671,628)
From net realized gains (3,600,888) (1,186,496)
Total distributions (7,171,790) (6,779,905) (3,952,941) (1,858,124)
SHARE TRANSACTIONS:
Net proceeds from sales of shares 19,979,731 27,851,131 9,397,711 19,550,684
Reinvestment of distributions 7,171,790 6,779,905 3,952,941 1,858,124
Redemptions of shares (16,560,974) (20,389,516) (88,525,464) (10,731,362)
Net increase (decrease) in net assets resulting from share 10,590,547 14,241,520 (75,174,812) 10,677,446
transations
Total increase (decrease) in net assets 3,047,785 15,560,938 (76,508,015) 13,834,320
NET ASSETS:
Beginning of period 130,436,898 114,875,960 78,509,092 64,674,772
End of period (1) $ 133,484,683 $ 130,436,898 $ 2,001,077 $78,509,092
OTHER INFORMATION:
SHARES:
Sold 15,695,770 21,297,579 9,592,821 19,794,335
Issued in reinvestment of distributions 5,732,875 5,240,290 376,235 1,937,061
Redeemed (12,954,708) (15,629,695) (88,930,860) (10,905,538)
Net increase (decrease) 8,473,937 10,908,174 (78,961,804) 10,825,858
(1) Including undistributed (overdistributed) net investment income 25,100 $ 1,125 $ (35,786) (230,503)
See notes to financial statements. (Continued)
</TABLE>
MAXIM SERIES FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
YEARS ENDED DECEMBER 31, 1999 AND 1998
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
SHORT-TERM U.S. GOVERNMENT
MATURITY BOND MORTGAGE SECURITIES
PORTFOLIO PORTFOLIO
1999 1998 1999 1998
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income 6,569,907 $ 5,197,415 10,891,167 10,176,499
Net realized gain (loss) on investments (108,703) 208,232 712,364 797,035
Change in net unrealized appreciation (depreciation) on investments (2,315,187) 418,746 (10,665,482) 702,266
Change in net unrealized appreciation (depreciation) on translation
of assets and liabilities denominated in foreign currencies
Net increase (decrease) in net assets resulting from operations 4,146,017 5,824,393 938,049 11,675,800
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (6,527,337) (5,161,244) (10,799,091) (10,144,022)
From net realized gains (33,580) (211,582)
Total distributions (6,560,917) (5,372,826) (10,799,091) (10,144,022)
SHARE TRANSACTIONS:
Net proceeds from sales of shares 32,510,344 45,669,905 24,329,564 45,946,024
Reinvestment of distributions 6,560,917 5,372,826 10,799,091 10,144,022
Redemptions of shares (9,652,980) (18,944,752) (34,392,283) (27,503,933)
Net increase (decrease) in net assets resulting from share 29,418,281 32,097,979 736,372 28,586,113
transations
Total increase (decrease) in net assets 27,003,381 32,549,546 (9,124,670) 30,117,891
NET ASSETS:
Beginning of period 110,917,091 78,367,545 192,302,277 162,184,386
End of period (1) $ 137,920.472 $110,917,091 $ 183,177,607 $192,302,277
OTHER INFORMATION:
SHARES:
Sold 31,924,776 44,511,698 20,844,366 38,528,791
Issued in reinvestment of distributions 6,511,646 5,264,745 9,439,676 8,581,036
Redeemed (9,503,032) (18,403,703) (29,568,805) (23,116,758)
Net increase (decrease) 28,933,390 31,372,740 715,237 23,993,069
(1) Including undistributed (overdistributed) net investment income 79,035 36,465 128,821 36,745
See notes to financial statements. (Concluded)
</TABLE>
(Concluded)
MAXIM SERIES FUND, INC.
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1999
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
INVESCO T. ROWE PRICE
BALANCED EQUITY/INCOME
PORTFOLIO PORTFOLIO
ASSETS:
Investments in securities, market value (1) 168,053,813 191,873,936
Cash denominated in foreign currencies (2) 0 3,671
Cash 10,979 44,833
Dividends and interest receivable 1,045,998 315,465
Subscriptions receivable 111,120 140,370
Receivable for investments sold 0 177,920
Total assets 169,221,910 192,556,195
LIABILITIES:
Due to GW Capital Management 140,226 153,345
Redemptions payable 94,334 435,014
Payable for investments purchased 329,458 2,468,229
Total liabilities 564,018 3,056,588
NET ASSETS 168,657,892 189,499,607
NET ASSETS REPRESENTED BY:
Capital stock, $.10 par value 11,912,880 11,447,249
Additional paid-in capital 130,978,174 163,685,093
Net unrealized appreciation on investments and translation of assets
and liabilities denominated in foreign currencies 22,274,239 10,060,636
Undistributed (overdistributed) net investment income (12,264) 4,671
Accumulated net realized gain on investments 3,504,863 4,301,958
NET ASSETS 168,657,892 189,499,607
NET ASSET VALUE PER OUTSTANDING SHARE 1.4158 1.6554
(Offering and Redemption Price)
SHARES OF CAPITAL STOCK:
Authorized 200,000,000 200,000,000
Outstanding 119,128,802 114,472,493
(1) Cost of investments in securities: 145,779,574 181,813,265
(2) Cost of cash denominated in foreign currencies: 3,706
See notes to financial statements.
</TABLE>
MAXIM SERIES FUND, INC.
STATEMENTS OF OPERATIONS
YEAR ENDED DECEMBER 31, 1999
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
INVESCO T. ROWE PRICE
BALANCED EQUITY/INCOME
PORTFOLIO PORTFOLIO
INVESTMENT INCOME:
Interest 3,977,130 524,919
Dividends 1,349,909 5,059,530
Foreign withholding tax (7,191) (22,130)
Total income 5,319,848 5,562,319
EXPENSES:
Audit fees 6,500
Investment administration 100,606
Bank and custodial fees 25,504
Other expenses 40,390
Management fees 1,808,649 1,635,613
Total expenses 1,808,649 1,808,613
Less amount reimbursed by GW Capital Management 11,666
Net expenses 1,808,649 1,796,947
NET INVESTMENT INCOME 3,511,199 3,765,372
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain on investments 27,419,339 18,212,311
Change in net unrealized appreciation on investments (1,951,024) (15,424,684)
Change in net unrealized depreciation on translation of assets and liabilities
denominated in foreign currencies
Net change in realized and unrealized gain on investments and translation of assets
and liabilities denominated in foreign currencies 25,468,315 2,751,695
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 28,979,514 6,517,067
See notes to financial statements.
</TABLE>
MAXIM SERIES FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
YEARS ENDED DECEMBER 31, 1999 AND 1998
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
T. ROWE PRICE
INVESCO BALANCED EQUITY/INCOME
PORTFOLIO PORTFOLIO
1999 1998 1999 1998
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income $ 3,511,199 3,390,572 3,765,372 4,257,033
Net realized gain on investments 27,419,339 3,322,654 18,212,311 12,336,541
Change in net unrealized appreciation on investments (1,951,024) 19,584,389 (15,424,684) (886,352)(868,651)
Change in net unrealized depreciation on translation of assets and liabilities
denominated in foreign currencies 24,959 (35,932) 17,701
Net increase in net assets resulting from operations 28,979,514 26,322,574 6,517,067 15,724,923
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (3,527,947) (3,386,088) (3,770,778) (4,246,957)
From net realized gains (26,286,865) 0 (15,952,803) (10,771,098)
Total distributions (29,814,812) (3,386,088) (19,723,581) (15,018,055)
SHARE TRANSACTIONS:
Net proceeds from sales of shares 35,727,234 34,038,087 12,212,564 56,501,667
Reinvestment of distributions 29,814,812 3,386,088 19,723,581 15,018,055
Redemptions of shares (71,686,636) (11,795,467) (38,932,748) (29,678,035)
Net increase (decrease) in net assets resulting from share transact(6,144,590) 25,628,708 (6,996,603) 41,841,687
Total increase (decrease) in net assets (6,979,888) 48,565,194 (20,203,117) 42,548,555
NET ASSETS:
Beginning of period 175,637,780 127,072,586 209,702,724 167,154,169
End of period (1) $ 168,657,892 175,637,780 189,499,607 209,702,724
OTHER INFORMATION:
SHARES:
Sold 23,845,221 25,602,669 6,613,589 30,840,056
Issued in reinvestment of distributions 21,088,347 2,387,872 11,760,794 8,435,194
Redeemed (46,039,823) (8,703,402) (21,688,375) (16,453,419)
Net increase (decrease) (1,106,255) 19,287,139 (3,313,992) 22,821,831
(1) Including undistributed (overdistributed) net investment income$ (12,264) 4,484 4,671 10,077
See notes to financial statements.
</TABLE>
MAXIM SERIES FUND, INC.
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1999
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
ARIEL INVESCO
MIDCAP INVESCO SMALL-CAP
VALUE ADR GROWTH
PORTFOLIO PORTFOLIO PORTFOLIO
ASSETS:
Investments in securities, market value (1) 66,673,126 141,879,377 182,731,487
Cash 0 12,408 410,885
Dividends and interest receivable 66,652 7,028 1,174
Subscriptions receivable 13,149 312,574 507,519
Receivable for investments sold 1,031,466 0 2,016,791
Total assets 67,784,393 142,211,387 185,667,856
LIABILITIES:
Due to GW Capital Management 61,687 122,537 145,572
Redemptions payable 108,177 318,868 644,324
Payable for investments purchased 0 0 3,649,289
Payable to custodian 115,741 0 0
Total liabilities 285,605 441,405 4,439,185
NET ASSETS 67,498,788 141,769,982 181,228,671
NET ASSETS REPRESENTED BY:
Capital stock, $.10 par value 4,379,484 7,171,470 6,393,698
Additional paid-in capital 68,142,394 107,523,326 107,418,510
Net unrealized appreciation (depreciation) on investments and translation
of assets and liabilities denominated in foreign currencies (3,355,993) 27,091,685 48,693,556
Overdistributed net investment income (loss) (1,730,386) (9,734) (557,999)
Accumulated net realized gain (loss) on investments 63,289 (6,765) 19,280,906
NET ASSETS 67,498,788 141,769,982 181,228,671
NET ASSET VALUE PER OUTSTANDING SHARE 1.5412 1.9769 2.8345
(Offering and Redemption Price)
SHARES OF CAPITAL STOCK:
Authorized 200,000,000 200,000,000 100,000,000
Outstanding 43,794,837 71,714,697 63,936,982
(1) Cost of investments in securities: 70,029,119 114,787,692 134,037,931
See notes to financial statements.
(1) 1 0
</TABLE>
MAXIM SERIES FUND, INC.
STATEMENTS OF OPERATIONS
YEAR ENDED DECEMBER 31, 1999
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
ARIEL INVESCO
MIDCAP INVESCO SMALL-CAP
VALUE ADR GROWTH
PORTFOLIO PORTFOLIO PORTFOLIO
INVESTMENT INCOME:
Interest 1,078,528 165,812 673,796
Dividends 1,525,767 1,131,798 70,160
Foreign withholding tax (95,422) (686)
Total income 2,604,295 1,202,188 743,270
EXPENSES:
Audit fees 6,500 6,500 6,500
Investment administration 98,092 84,914 86,345
Bank and custodial fees 29,411 16,121 30,804
Other expenses 32,738 12,429 18,575
Management fees 1,785,216 687,989 957,033
Total expenses 1,951,957 807,953 1,099,257
Less amount reimbursed by GW Capital Management 13,825 15,871 13,874
Net expenses 1,938,132 792,082 1,085,383
NET INVESTMENT INCOME (LOSS) 666,163 410,106 (342,113)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain on investments 114,294,155 815,014 41,595,333
Net realized gain on forward currency contracts 159,661
Change in net unrealized appreciation (depreciation) on investments (90,170,801) 23,294,792 34,750,662
Change in net unrealized appreciation on translation of assets and
liabilities denominated in foreign currencies (815,181) (24,743)
Net realized and unrealized gain on investments, translation of assets and
liabilities denominated in foreign currencies and forward currency contracts 23,467,834 24,109,806 76,321,252
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 24,133,997 24,519,912 75,979,139
</TABLE>
MAXIM SERIES FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
YEARS ENDED DECEMBER 31, 1999 AND 1998
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
ARIEL INVESCO
MIDCAP ADR
VALUE PORTFOLIO PORTFOLIO
1999 1998 1999 1998
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income (loss) 666,163 (1,615,189) 410,106 211,289
Net realized gain (loss) on investments 114,294,155 43,378,187 815,014 (19,680)
Net realized gain (loss) on forward currency contracts 159,661 (673,619)
Change in net unrealized appreciation (depreciation) on investments (90,170,801) 39,217,323 23,294,792 1,550,111
Change in net unrealized appreciation on translation of assets and
liabilities denominated in foreign currencies (815,181) (291,794) 0 0
Net increase in net assets resulting from operations 24,133,997 80,014,908 24,519,912 1,741,720
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (666,211) 0 (410,322) (220,807)
From net realized gains (128,292,164) (32,187,842) (718,739) 0
Total distributions (128,958,375) (32,187,842) (1,129,061) (220,807)
SHARE TRANSACTIONS:
Net proceeds from sales of shares 10,870,656 31,100,336 97,601,014 14,471,413
Reinvestment of distributions 128,958,375 32,187,842 1,129,061 220,807
Redemptions of shares (285,053,809) (27,507,211) (8,647,223) (4,498,211)
Net increase (decrease) in net assets resulting from share transactions (145,224,778) 35,780,967 90,082,852 10,194,009
Total increase (decrease) in net assets (250,049,156) 83,608,033 113,473,703 11,714,922
NET ASSETS:
Beginning of period 317,547,944 233,939,911 28,296,279 16,581,357
End of period (1) 67,498,788 317,547,944 141,769,982 28,296,279
OTHER INFORMATION:
SHARES:
Sold 5,969,128 18,971,881 58,762,129 8,908,100
Issued in reinvestment of distributions 8,668,039 19,521,113 602,369 135,617
Redeemed (143,259,553) (16,691,647) (5,060,423) (2,833,631)
Net increase (decrease) (128,622,386) 21,801,347 54,304,075 6,210,086
(1) Including undistributed (overdistributed) net investment income (loss) (1,730,386) (1,730,338) (9,734) (9,518)
See notes to financial statements.
</TABLE>
STATEMENTS OF CHANGES IN NET ASSETS
YEARS ENDED DECEMBER 31, 1999 AND 1998
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
INVESCO
SMALL-CAP GROWTH
PORTFOLIO
1999 1998
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income (loss) (342,113) $ (215,886)
Net realized gain (loss) on investments 41,595,333 1,088,126
Net realized gain (loss) on forward currency contracts
Change in net unrealized appreciation (depreciation) on investments 34,750,662 11,264,834
Change in net unrealized appreciation on translation of assets and
liabilities denominated in foreign currencies (24,743) 20,388
Net increase in net assets resulting from operations 75,979,139 12,157,462
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income 0 0
From net realized gains (23,384,716) (975,921)
Total distributions (23,384,716) (975,921)
SHARE TRANSACTIONS:
Net proceeds from sales of shares 39,718,435 24,252,928
Reinvestment of distributions 23,384,716 975,921
Redemptions of shares (16,584,471) (16,546,695)
Net increase (decrease) in net assets resulting from share transactions 46,518,680 8,682,154
Total increase (decrease) in net assets 99,113,103 19,863,695
NET ASSETS:
Beginning of period 82,115,568 62,251,873
End of period (1) 181,228,671 $ 82,115,568
OTHER INFORMATION:
SHARES:
Sold 18,451,687 15,050,431
Issued in reinvestment of distributions 9,423,908 567,649
Redeemed (8,310,168) (10,263,531)
Net increase (decrease) 19,565,427 5,354,549
(1) Including undistributed (overdistributed) net investment income (loss) (557,999) $ (215,886)
See notes to financial statements.
</TABLE>
MAXIM SERIES FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 1999
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
LOOMIS SAYLES
SMALL-CAP
VALUE
PORTFOLIO
ASSETS:
Investments in securities, market value (1) $ 93,226,870
Cash 40,796
Dividends and interest receivable 47,421
Subscriptions receivable 277,552
Total assets 93,592,639
LIABILITIES:
Due to GW Capital Management 96,256
Redemptions payable 227,524
Payable for investments purchased 180,953
Total liabilities 504,733
NET ASSETS $ 93,087,906
NET ASSETS REPRESENTED BY:
Capital stock, $.10 par value $ 6,973,476
Additional paid-in capital 83,669,889
Net unrealized appreciation on investments 3,506,977
Overdistributed net investment income (20,368)
Accumulated net realized loss on investments (1,042,068)
NET ASSETS $ 93,087,906
NET ASSET VALUE PER OUTSTANDING SHARE $ 1.3349
(Offering and Redemption Price)
SHARES OF CAPITAL STOCK:
Authorized 200,000,000
Outstanding 69,734,760
(1) Cost of investments in securities: $ 89,719,893
See notes to financial statements.
</TABLE>
MAXIM SERIES FUND, INC.
STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 1999
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
LOOMIS SAYLES
SMALL-CAP
VALUE
PORTFOLIO
INVESTMENT INCOME:
Interest $ 293,719
Dividends 1,453,646
Total income 1,747,365
EXPENSES:
Audit fees 6,500
Investment administration 84,389
Bank and custodial fees 43,621
Other expenses 19,693
Management fees 1,050,263
Total expenses 1,204,466
Less amount reimbursed by GW Capital Management 7,683
Net expenses 1,196,783
NET INVESTMENT INCOME 550,582
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain on investments 2,450,018
Change in net unrealized appreciation on investments (5,179,146)
Net realized and unrealized loss on investments (2,729,128)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS $ (2,178,546)
See notes to financial statements.
</TABLE>
MAXIM SERIES FUND, INC.
STATEMENT OF CHANGES IN NET ASSETS
YEARS ENDED DECEMBER 31, 1999 AND 1998
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
LOOMIS SAYLES
SMALL-CAP VALUE
PORTFOLIO
1999 1998
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income $ 550,582 $ 1,230,704
Net realized gain on investments 2,450,018 4,751,360
Change in net unrealized appreciation on investments (5,179,146) (7,327,869)
Net decrease in net assets resulting from operations (2,178,546) (1,345,805)
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (585,006) (1,232,324)
From net realized gains (6,688,987) (3,509,230)
Total distributions (7,273,993) (4,741,554)
SHARE TRANSACTIONS:
Net proceeds from sales of shares 7,127,686 28,654,708
Reinvestment of distributions 7,273,993 4,741,554
Redemptions of shares (39,668,595) (82,824,177)
Net decrease in net assets resulting from share transactions (25,266,916) (49,427,915)
Total decrease in net assets (34,719,455) (55,515,274)
NET ASSETS:
Beginning of period 127,807,361 183,322,635
End of period (1) $ 93,087,906 $ 127,807,361
OTHER INFORMATION:
SHARES:
Sold 5,276,492 19,301,617
Issued in reinvestment of distributions 5,759,633 3,235,880
Redeemed (29,555,462) (53,979,348)
Net decrease (18,519,337) (31,441,851)
(1) Including undistributed (overdistributed) net investment i$come (20,368) $ 14,056
See notes to financial statements.
</TABLE>
MAXIM SERIES FUND, INC.
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1999
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
ARIEL FOUNDERS
SMALL-CAP GROWTH &
VALUE INCOME
PORTFOLIO PORTFOLIO
ASSETS:
Investments in securities, market value (1) $ 35,335,169 $ 146,940,177
Cash denominated in foreign currencies (2)
Cash 12,116 0
Dividends and interest receivable 29,041 129,423
Subscriptions receivable 203,089 275,026
Receivable for investments sold 0 299,788
Variation margin on futures contracts
Total assets 35,579,415 147,644,414
LIABILITIES:
Dividends payable 1,352
Due to GW Capital Management 37,649 138,236
Redemptions payable 113,295 198,800
Payable for investments purchased 137,781 0
Payable to custodian 0 40,802
Total liabilities 288,725 379,190
NET ASSETS $ 35,290,690 $ 147,265,224
NET ASSETS REPRESENTED BY:
Capital stock, $.10 par value $ 4,501,304 $ 11,861,178
Additional paid-in capital 31,968,520 109,897,180
Net unrealized appreciation (depreciation) on investments, translation of
assets liabilities denominated in foreign currencies and futures contracts (1,548,311) 25,556,266
Undistributed (overdistributed) net investment income (loss) (1,667) 0
Accumulated net realized gain (loss) on investments and futures contracts 370,844 (49,400)
NET ASSETS $ 35,290,690 $ 147,265,224
NET ASSET VALUE PER OUTSTANDING SHARE $ 0.7840 $ 1.2416
(Offering and Redemption Price)
SHARES OF CAPITAL STOCK:
Authorized 100,000,000 200,000,000
Outstanding 45,013,037 118,611,784
(1) Cost of investments in securities: $ 36,883,480 $ 121,383,911
(2) Cost of cash denominated in foreign currencies:
See notes to financial statements.
</TABLE>
MAXIM SERIES FUND, INC.
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1999
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
LOOMIS T. ROWE
SAYLES PRICE
CORPORATE MIDCAP VALUE
BOND GROWTH INDEX
PORTFOLIO PORTFOLIO PORTFOLIO
ASSETS:
Investments in securities, market value (1) 192,594,539 202,674,243 389,215,322
Cash denominated in foreign currencies (2) 20,256
Cash 28,851 0 1,817,426
Dividends and interest receivable 3,036,959 45,452 480,419
Subscriptions receivable 364,858 509,489 908,477
Receivable for investments sold 3,747,536 773,905 65,780
Variation margin on futures contracts 46,750
Total assets 199,792,999 204,003,089 392,534,174
LIABILITIES:
Dividends payable 0 0 0
Due to GW Capital Management 144,392 167,027 189,585
Redemptions payable 255,719 381,174 571,349
Payable for investments purchased 7,973,544 301,125 210,864
Payable to custodian 0 64,312 0
Total liabilities 8,373,655 913,638 971,798
NET ASSETS 191,419,344 203,089,451 391,562,376
NET ASSETS REPRESENTED BY:
Capital stock, $.10 par value 17,986,204 12,828,339 21,702,449
Additional paid-in capital 191,606,324 139,962,489 315,092,070
Net unrealized appreciation (depreciation) on investments, translation of
assets liabilities denominated in foreign currencies and futures contracts (15,986,585) 48,208,421 33,881,405
Undistributed (overdistributed) net investment income (loss) (315,255) (760,954) 13,697
Accumulated net realized gain (loss) on investments and futures contracts (1,871,344) 2,851,156 20,872,755
NET ASSETS 191,419,344 203,089,451 391,562,376
NET ASSET VALUE PER OUTSTANDING SHARE 1.0643 1.5831 1.8042
(Offering and Redemption Price)
SHARES OF CAPITAL STOCK:
Authorized 300,000,000 200,000,000 300,000,000
Outstanding 179,862,043 128,283,389 217,024,491
(1) Cost of investments in securities: 208,581,240 154,465,822 355,880,561
(2) Cost of cash denominated in foreign currencies: 20,140
See notes to financial statements.
</TABLE>
MAXIM SERIES FUND, INC.
STATEMENTS OF OPERATIONS
YEAR ENDED DECEMBER 31, 1999
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
LOOMIS
ARIEL FOUNDERS SAYLES
SMALL-CAP GROWTH & CORPORATE
VALUE INCOME BOND
PORTFOLIO PORTFOLIO PORTFOLIO
INVESTMENT INCOME:
Interest 72,677 331,078 17,527,620
Dividends 452,207 1,139,794 210,381
Total income 524,884 1,470,872 17,738,001
EXPENSES:
Audit fees 6,500 6,400
Investment administration 73,688 89,544
Bank and custodial fees 14,209 30,002
Other expenses 6,581 23,425
Management fees 364,316 1,279,462 1,847,779
Total expenses 465,294 1,428,833 1,847,779
Less amount reimbursed by GW Capital Management 16,776 1,931
Net expenses 448,518 1,426,902 1,847,779
NET INVESTMENT INCOME (LOSS) 76,366 43,970 15,890,222
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments 4,233,838 3,792,705 (1,823,098)
Net realized loss on futures contracts
Change in net unrealized appreciation (depreciation) on investments (6,440,835) 15,711,559 (6,106,516)
Change in net unrealized appreciation (depreciation) on translation of
assets and liabilities denominated in foreign currencies (120,405) 1,691,288
Change in net unrealized appreciation on futures contracts
Net realized and unrealized gain (loss) on investments, translation of
assets and liabilities denominated in foreign currencies and futures contracts (2,206,997) 19,383,859 (6,238,326)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS (2,130,631) 19,427,829 9,651,896
See notes to financial statements.
</TABLE>
MAXIM SERIES FUND, INC.
STATEMENTS OF OPERATIONS
YEAR ENDED DECEMBER 31, 1999
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
T. ROWE
PRICE
MIDCAP VALUE
GROWTH INDEX
PORTFOLIO PORTFOLIO
INVESTMENT INCOME:
Interest 607,172 $ 351,009
Dividends 501,866 6,422,847
Total income 1,109,038 6,773,856
EXPENSES:
Audit fees 6,400
Investment administration 103,366
Bank and custodial fees 36,960
Other expenses 28,261
Management fees 1,590,236 2,123,015
Total expenses 1,765,223 2,123,015
Less amount reimbursed by GW Capital Management 95,475
Net expenses 1,669,748 2,123,015
NET INVESTMENT INCOME (LOSS) (560,710) 4,650,841
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments 12,980,782 65,939,796
Net realized loss on futures contracts (91,895)
Change in net unrealized appreciation (depreciation) on investments 25,009,620 (33,650,123)
Change in net unrealized appreciation (depreciation) on translation of
assets and liabilities denominated in foreign currencies (173)
Change in net unrealized appreciation on futures contracts 401,419
Net realized and unrealized gain (loss) on investments, translation of
assets and liabilities denominated in foreign currencies and futures contracts 37,990,229 32,599,197
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 37,429,519 $ 37,250,038
See notes to financial statements.
</TABLE>
MAXIM SERIES FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
YEARS ENDED DECEMBER 31, 1999 AND 1998
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
ARIEL FOUNDERS
SMALL-CAP VALUE GROWTH & INCOME
PORTFOLIO PORTFOLIO
1999 1998 1999 1998
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income 76,366 82,477 $ 43,970 1,552,635
Net realized gain (loss) on investments 4,233,838 1,286,818 3,792,705 8,440,873
Change in net unrealized appreciation (depreciation) on investments (6,440,835) 1,058,543 15,711,559 7,270,419
Change in net unrealized appreciation (depreciation) on translation of
assets and liabilities denominated in foreign currencies (120,405) 168,942
Net increase (decrease) in net assets resulting from operations (2,130,631) 2,427,838 19,427,829 17,432,869
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (76,410) (84,100) (46,262) (1,554,563)
From net realized gains (4,235,288) (1,192,181) (7,375,236) (4,438,285)
Total distributions (4,311,698) (1,276,281) (7,421,498) (5,992,848)
SHARE TRANSACTIONS:
Net proceeds from sales of shares 9,636,493 19,459,672 16,748,850 20,747,162
Reinvestment of distributions 4,311,698 1,276,281 7,420,146 5,992,848
Redemptions of shares (10,962,224) (5,666,700) (9,797,340) (11,499,686)
Net increase in net assets resulting from share transactions 2,985,967 15,069,253 14,371,656 15,240,324
Total increase (decrease) in net assets (3,456,362) 16,220,810 26,377,987 26,680,345
NET ASSETS:
Beginning of period 38,747,052 22,526,242 120,887,237 94,206,892
End of period (1) 35,290,690 38,747,052 $147,265,224 $120,887,237
OTHER INFORMATION:
SHARES:
Sold 10,764,850 20,994,492 15,017,299 18,643,931
Issued in reinvestment of distributions 5,721,210 1,385,681 6,605,086 5,291,379
Redeemed (12,097,021) (6,364,575) (8,603,336) (10,452,412)
Net increase 4,389,039 16,015,598 13,019,049 13,482,898
(1) Including undistributed (overdistributed) net investment income (1,667) (1,623) 2,292
See notes to financial statements.
</TABLE>
MAXIM SERIES FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
YEARS ENDED DECEMBER 31, 1999 AND 1998
<S> <C> <C> <C> <C> <C> <C>
LOOMIS SAYLES T. ROWE PRICE
CORPORATE BOND MIDCAP GROWTH
PORTFOLIO PORTFOLIO
1999 1998 1999 1998
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income 15,890,222 14,075,781 (560,710) (200,244)
Net realized gain (loss) on investments (1,823,098) 7,554,267 12,980,782 467,938
Change in net unrealized appreciation (depreciation) on investments (6,106,516) (13,161,728) 25,009,620 19,760,107
Change in net unrealized appreciation (depreciation) on translation of
assets and liabilities denominated in foreign currencies 1,691,288 (2,824,657) (173) 173
Net increase (decrease) in net assets resulting from operations 9,651,896 5,643,663 37,429,519 20,027,974
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (16,217,322) (14,094,784)
From net realized gains (2,072,616) (7,012,326) (10,536,959) (294,457)
Total distributions (18,289,938) (21,107,110) (10,536,959) (294,457)
SHARE TRANSACTIONS:
Net proceeds from sales of shares 35,755,922 60,838,322 49,607,104 69,818,529
Reinvestment of distributions 18,289,938 21,107,110 10,536,959 294,457
Redemptions of shares (53,374,507) (25,980,341) (23,709,610) (6,788,362)
Net increase in net assets resulting from share transactions 671,353 55,965,091 36,434,453 63,324,624
Total increase (decrease) in net assets (7,966,689) 40,501,644 63,327,013 83,058,141
NET ASSETS:
Beginning of period 199,386,033 158,884,389 139,762,238 56,704,297
End of period (1) $191,419,344 $199,386,033 $203,089,451 $139,762,238
OTHER INFORMATION:
SHARES:
Sold 31,964,887 50,636,522 34,448,603 57,966,149
Issued in reinvestment of distributions 16,940,382 18,325,016 7,243,388 244,195
Redeemed (48,374,396) (22,243,835) (17,154,750) (5,694,415)
Net increase 530,873 46,717,703 24,537,241 52,515,929
(1) Including undistributed (overdistributed) net investment income (315,255) 11,845 (760,954) (200,244)
See notes to financial statements. (Continued)
</TABLE>
MAXIM SERIES FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
YEARS ENDED DECEMBER 31, 1999 AND 1998
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
VALUE INDEDX
PORTFOLIO
1999 1998
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income 4,650,841 $ 4,399,216
Net realized gain (loss) on investments 65,939,796 28,395,214
Change in net unrealized appreciation (depreciation) on investments (33,650,123) 7,825,212
Change in net unrealized appreciation (depreciation) on translation of
assets and liabilities denominated in foreign currencies
Net increase (decrease) in net assets resulting from operations 37,250,038 41,469,221
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (4,650,639) (4,386,350)
From net realized gains (50,703,284) (23,740,601)
Total distributions (55,353,923) (28,126,951)
SHARE TRANSACTIONS:
Net proceeds from sales of shares 75,476,605 96,458,972
Reinvestment of distributions 55,353,923 28,126,951
Redemptions of shares (47,503,765) (49,010,499)
Net increase in net assets resulting from share transactions 83,326,763 75,575,424
Total increase (decrease) in net assets 65,222,878 88,917,694
NET ASSETS:
Beginning of period 326,339,498 237,421,804
End of period (1) $391,562,376 $ 326,339,498
OTHER INFORMATION:
SHARES:
Sold 37,750,936 51,633,241
Issued in reinvestment of distributions 31,276,764 15,012,711
Redeemed (24,182,361) (25,378,077)
Net increase 44,845,339 41,267,875
(1) Including undistributed (overdistributed) net investment income 13,697 13,495
See notes to financial statements.
</TABLE>
MAXIM SERIES FUND, INC.
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1999
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
GLOBAL INDEX
BOND 400
PORTFOLIO PORTFOLIO
ASSETS:
Investments in securities, market value (1) 88,800,154 $ 10,394,324
Cash denominated in foreign currencies (2) 224,567
Cash 301,595 290,661
Margin deposits
Dividends and interest receivable 1,836,146 19,817
Subscriptions receivable 229,217 0
Receivable for investments sold 0 33,914
Due from affiliate (see Note 2)
Variation margin on futures contracts 7,000
Unrealized appreciation on forward foreign currency contracts (see Note 6) 666,042 0
Total assets 92,057,721 10,745,716
LIABILITIES:
Due to GW Capital Management 100,042 5,250
Redemptions payable 162,580 0
Payable for investments purchased 0 10,640
Total liabilities 262,622 15,890
NET ASSETS 91,795,099 $ 10,729,826
NET ASSETS REPRESENTED BY:
Capital stock, $.10 par value 945,301 $ 100,369
Additional paid-in capital 93,449,711 9,938,898
Net unrealized appreciation (depreciation) on investments, translation of
assets and liabilities denominated in foreign currencies, futures contracts
and forward foreign currency contracts (2,014,164) 517,816
Undistributed (overdistributed) net investment income (loss) 944 53
Accumulated net realized gain (loss) on investments, futures contracts
and forward foreign currency contracts (586,693) 172,690
NET ASSETS 91,795,099 $ 10,729,826
NET ASSET VALUE PER OUTSTANDING SHARE 9.7107 $ 10.6903
(Offering and Redemption Price)
SHARES OF CAPITAL STOCK:
Authorized 100,000,000 100,000,000
Outstanding 9,453,007 1,003,693
(1) Cost of investments in securities: 91,481,802 $ 9,920,133
(2) Cost of cash denominated in foreign currencies: 223,125
See notes to financial statements.
</TABLE>
MAXIM SERIES FUND, INC.
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1999
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
INDEX INDEX
EUROPEAN PACIFIC
PORTFOLIO PORTFOLIO
ASSETS:
Investments in securities, market value (1) 144,973,889 $ 186,671,498
Cash denominated in foreign currencies (2) 1,290,735 1,201,742
Cash 395,828 265,134
Margin deposits 319,730 0
Dividends and interest receivable 382,215 82,726
Subscriptions receivable 336,589 1,018,963
Receivable for investments sold 76,616 5,721,907
Due from affiliate (see Note 2) 2,107,948
Variation margin on futures contracts 2,219 90,975
Unrealized appreciation on forward foreign currency contracts (see Note 6) 0 0
Total assets 147,777,821 197,160,893
LIABILITIES:
Due to GW Capital Management 137,280 180,796
Redemptions payable 329,033 1,801,362
Payable for investments purchased 1,565 0
Total liabilities 467,878 1,982,158
NET ASSETS 147,309,943 $ 195,178,735
NET ASSETS REPRESENTED BY:
Capital stock, $.10 par value 1,246,367 $ 1,426,093
Additional paid-in capital 123,009,348 143,075,782
Net unrealized appreciation (depreciation) on investments, translation of
assets and liabilities denominated in foreign currencies, futures contracts
and forward foreign currency contracts 22,776,222 48,707,714
Undistributed (overdistributed) net investment income (loss) (69,817) (66,962)
Accumulated net realized gain (loss) on investments, futures contracts
and forward foreign currency contracts 347,823 2,036,108
NET ASSETS 147,309,943 $ 195,178,735
NET ASSET VALUE PER OUTSTANDING SHARE 11.8191 $ 13.6863
(Offering and Redemption Price)
SHARES OF CAPITAL STOCK:
Authorized 100,000,000 100,000,000
Outstanding 12,463,674 14,260,925
(1) Cost of investments in securities: 122,325,041 $ 138,108,724
(2) Cost of cash denominated in foreign currencies: 1,313,967 1,191,226
See notes to financial statements.
</TABLE>
MAXIM SERIES FUND, INC.
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
STATEMENTS OF OPERATIONS
PERIOD ENDED DECEMBER 31, 1999
GLOBAL INDEX
BOND 400
PORTFOLIO PORTFOLIO
(A) (A)
INVESTMENT INCOME:
Interest 1,822,956 18,322
Dividends 190,644 46,404
Foreign withholding tax
Total income 2,013,600 64,726
EXPENSES:
Audit fees
Investment administration
Bank and custodial fees
Other expenses
Management fees 491,431 25,428
Total expenses 491,431 25,428
Less amount reimbursed by GW Capital Management
Net expenses 491,431 25,428
NET INVESTMENT INCOME (LOSS) 1,522,169 39,298
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments (1,948,761) 133,241
Net realized gain on futures contracts 39,449
Net realized gain on forward foreign currency contracts 1,362,068
Change in net unrealized appreciation (depreciation) on investments (1,920,002) 474,191
Change in net unrealized appreciation (depreciation) on translation of assets and
liabilities denominated in foreign currencies (760,204)
Change in net unrealized gain on futures contracts 43,625
Change in net unrealized gain on forward foreign currency contracts 666,042
Net realized and unrealized gain (loss) on investments, translation of assets and liabilities
denominated in foreign currencies, futures contracts and forward foreign currency contracts (2,600,857) 690,506
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS (1,078,688) 729,804
(A) Portfolio inception date: July 26, 1999.
See notes to financial statements.
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
MAXIM SERIES FUND, INC.
STATEMENTS OF OPERATIONS
PERIOD ENDED DECEMBER 31, 1999
INDEX INDEX
EUROPEAN PACIFIC
PORTFOLIO PORTFOLIO
(A) (A)
INVESTMENT INCOME:
Interest 44,573 190,900
Dividends 663,661 712,722
Foreign withholding tax (78,091) (104,286)
Total income 630,143 799,336
EXPENSES:
Audit fees 5,000 5,000
Investment administration 127,298 128,482
Bank and custodial fees 46,430 56,561
Other expenses 43,300 43,300
Management fees 583,300 670,728
Total expenses 805,328 904,071
Less amount reimbursed by GW Capital Management 105,368 99,198
Net expenses 699,960 804,873
NET INVESTMENT INCOME (LOSS) (69,817) (5,537)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments 478,780 2,442,399
Net realized gain on futures contracts 179,464 1,379,302
Net realized gain on forward foreign currency contracts
Change in net unrealized appreciation (depreciation) on investments 24,874,522 36,192,783
Change in net unrealized appreciation (depreciation) on translation of assets and
liabilities denominated in foreign currencies (2,248,906) 12,380,507
Change in net unrealized gain on futures contracts 150,606 134,424
Change in net unrealized gain 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 23,434,466 52,529,415
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 23,364,649 52,523,878
(A) Portfolio inception date: July 26, 1999.
See notes to financial statements.
</TABLE>
MAXIM SERIES FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
PERIOD ENDED DECEMBER 31, 1999
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
GLOBAL BOND INDEX 400
PORTFOLIO PORTFOLIO
1999 1999
INCREASE (DECREASE) IN NET ASSETS: (A) (A)
OPERATIONS:
Net investment income (loss) 1,522,169 39,298
Net realized gain (loss) on investments (1,948,761) 133,241
Net realized gain on futures contracts 39,449
Net realized gain on forward foreign currency contracts 1,362,068
Change in net unrealized appreciation (depreciation) on investments (1,920,002) 474,191
Change in net unrealized appreciation (depreciation) on translation of assets and
liabilities denominated in foreign currencies (760,204)
Change in net unrealized gain on futures contracts 43,625
Change in net unrealized gain on forward foreign currency contracts 666,042
Net increase (decrease) in net assets resulting from operations (1,078,688) 729,804
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (1,521,225) (39,245)
From net realized gains
Total distributions (1,521,225) (39,245)
SHARE TRANSACTIONS:
Net proceeds from sales of shares 94,639,845 10,000,022
Reinvestment of distributions 1,521,225 39,245
Redemptions of shares (1,766,058)
Net increase in net assets resulting from share transactions 94,395,012 10,039,267
Total increase in net assets 91,795,099 10,729,826
NET ASSETS:
Beginning of period 0 0
End of period (1) 91,795,099 10,729,826
OTHER INFORMATION:
SHARES:
Sold 9,475,341 1,000,002
Issued in reinvestment of distributions 156,476 3,691
Redeemed (178,810)
Net increase 9,453,007 1,003,693
(1) Including undistributed (overdistributed) net investment income (loss) 944 53
(A) Portfolio inception date: July 26, 1999.
See notes to financial statements.
</TABLE>
MAXIM SERIES FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
PERIOD ENDED DECEMBER 31, 1999
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
INDEX EUROPEAN INDEX PACIFIC
PORTFOLIO PORTFOLIO
1999 1999
INCREASE (DECREASE) IN NET ASSETS: (A) (A)
OPERATIONS:
Net investment income (loss) (69,817) (5,537)
Net realized gain (loss) on investments 478,780 2,442,399
Net realized gain on futures contracts 179,464 1,379,302
Net realized gain on forward foreign currency contracts
Change in net unrealized appreciation (depreciation) on investments 24,874,522 36,192,783
Change in net unrealized appreciation (depreciation) on translation of assets and
liabilities denominated in foreign currencies (2,248,906) 12,380,507
Change in net unrealized gain on futures contracts 150,606 134,424
Change in net unrealized gain on forward foreign currency contracts
Net increase (decrease) in net assets resulting from operations 23,364,649 52,523,878
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (61,425)
From net realized gains (310,421) (1,785,593)
Total distributions (310,421) (1,847,018)
SHARE TRANSACTIONS:
Net proceeds from sales of shares 134,579,471 178,489,288
Reinvestment of distributions 310,421 1,847,018
Redemptions of shares (10,634,177) (35,834,431)
Net increase in net assets resulting from share transactions 124,255,715 144,501,875
Total increase in net assets 147,309,943 195,178,735
NET ASSETS:
Beginning of period 0 0
End of period (1) 147,309,943 195,178,735
OTHER INFORMATION:
SHARES:
Sold 13,406,517 17,176,701
Issued in reinvestment of distributions 27,470 145,318
Redeemed (970,313) (3,061,094)
Net increase 12,463,674 14,260,925
(1) Including undistributed (overdistributed) net investment income (loss) (69,817) (66,962)
(A) Portfolio inception date: July 26, 1999.
See notes to financial statements.
</TABLE>
MAXIM SERIES FUND, INC.
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1999
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
AGGRESSIVE CONSERVATIVE MODERATE
PROFILE PROFILE PROFILE
PORTFOLIO PORTFOLIO PORTFOLIO
ASSETS:
Investments in securities, market value (1) $ 19,029,608 $ 17,168,234 $ 27,995,457 $
LIABILITIES:
Due to GW Capital Management 22,634 25,776 34,792
NET ASSETS $ 19,006,974 $ 17,142,458 $ 27,960,665 $
NET ASSETS REPRESENTED BY:
Capital stock, $.10 par value $ 1,540,579 $ 1,694,931 $ 2,485,177 $
Additional paid-in capital 15,194,532 15,990,365 23,857,578
Net unrealized appreciation (depreciation) on investments 1,614,696 (333,169) 1,560,239
Overdistributed net investment income (39,811) (303,392) (103,307)
Accumulated net realized gain on investments 696,978 93,723 160,978
NET ASSETS $ 19,006,974 $ 17,142,458 $ 27,960,665 $
NET ASSET VALUE PER OUTSTANDING SHARE $ 1.2338 $ 1.0114 $ 1.1251 $
(Offering and Redemption Price)
SHARES OF CAPITAL STOCK:
Authorized 100,000,000 100,000,000 100,000,000
Outstanding 15,405,795 16,949,311 24,851,765
(1) Cost of investments in securities: $ 17,414,912 $ 17,501,403 $ 26,435,218 $
</TABLE>
See notes to financial statements.
MAXIM SERIES FUND, INC.
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1999
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
MODERATELY MODERATELY
AGGRESSIVE CONSERVATIVE
PROFILE PROFILE
PORTFOLIO PORTFOLIO
ASSETS:
Investments in securities, market value (1) 36,513,730 $ 13,692,167
LIABILITIES:
Due to GW Capital Management 44,282 19,684
NET ASSETS 36,469,448 $ 13,672,483
NET ASSETS REPRESENTED BY:
Capital stock, $.10 par value 2,993,702 $ 1,290,116
Additional paid-in capital 29,387,509 12,249,117
Net unrealized appreciation (depreciation) on investments 3,017,452 271,280
Overdistributed net investment income (114,872) (120,704)
Accumulated net realized gain on investments 1,185,657 (17,326)
NET ASSETS 36,469,448 $ 13,672,483
NET ASSET VALUE PER OUTSTANDING SHARE 1.2182 $ 1.0598
(Offering and Redemption Price)
SHARES OF CAPITAL STOCK:
Authorized 100,000,000 100,000,000
Outstanding 29,937,018 12,901,159
(1) Cost of investments in securities: 33,496,278 $ 13,420,887
See notes to financial statements.
</TABLE>
MAXIM SERIES FUND, INC.
STATEMENTS OF OPERATIONS
YEAR ENDED DECEMBER 31, 1999
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
AGGRESSIVE CONSERVATIVE MODERATE
PROFILE PROFILE PROFILE
PORTFOLIO PORTFOLIO PORTFOLIO
INVESTMENT INCOME:
Income distributions received $ 42,537 $ 693,469 $ 423,190
EXPENSES:
Management fees 31,494 41,332 49,084
NET INVESTMENT INCOME 11,043 652,137 374,106
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments 238,902 (29,786) 257,538
Net capital gain distributions received 1,492,154 400,100 1,753,966
Change in net unrealized appreciation (depreciation) on investments 1,280,891 (238,265) 1,118,806
Net realized and unrealized gain on investments 3,011,947 132,049 3,130,310
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 3,022,990 $ 784,186 $ 3,504,416
See notes to financial statements.
MAXIM SERIES FUND, INC.
STATEMENTS OF OPERATIONS
YEAR ENDED DECEMBER 31, 1999
MODERATELY MODERATELY
AGGRESSIVE CONSERVATIVE
PROFILE PROFILE
PORTFOLIO PORTFOLIO
INVESTMENT INCOME:
Income distributions received 298,704 $ 358,021 $
EXPENSES:
Management fees 61,971 30,305
NET INVESTMENT INCOME 236,733 327,716
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments 742,913 (67,001)
Net capital gain distributions received 2,298,966 580,576
Change in net unrealized appreciation (depreciation) on investments 2,539,941 182,640
Net realized and unrealized gain on investments 5,581,820 696,215
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 5,818,553 $ 1,023,931 $
See notes to financial statements.
</TABLE>
MAXIM SERIES FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
YEARS ENDED DECEMBER 31, 1999 AND 1998
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
MODERATELY AGGRESSIVE PROFILE PORTFOLIO
1999 1998
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income $ 236,733 $ 152,709 $
Net realized gain (loss) on investments 742,913 (213,258)
Net capital gain distributions received 2,298,966 400,742
Change in net unrealized appreciation (depreciation) on investments 2,539,941 563,470
Net increase in net assets resulting from operations 5,818,553 903,663
DISTRIBUTIONS:
From net investment income (237,229) (267,074)
From net realized gains (2,043,180) (194)
Total distributions (2,280,409) (267,268)
SHARE TRANSACTIONS:
Net proceeds from sales of shares 17,130,738 12,734,238
Reinvestment of distributions 2,280,409 267,268
Redemptions of shares (1,545,929) (202,784)
Net increase in net assets resulting from share transactions 17,865,218 12,798,722
Total increase in net assets 21,403,362 13,435,117
NET ASSETS:
Beginning of period 15,066,086 1,630,969
End of period (1) $ 36,469,448 $ 15,066,086 $
OTHER INFORMATION:
SHARES:
Sold 15,281,120 12,389,055
Issued in reinvestment of distributions 1,892,423 252,502
Redeemed (1,358,866) (204,800)
Net increase 15,814,677 12,436,757
(1) Including overdistributed net investment income $ (114,872) $ (114,376) $
See notes to financial statements.
MAXIM SERIES FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
YEARS ENDED DECEMBER 31, 1999 AND 1998
MODERATELY CONSERVATIVE PROFILE PORTFOLIO
1999 1998
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income 327,716 $ 221,070
Net realized gain (loss) on investments (67,001) (74,304)
Net capital gain distributions received 580,576 111,137
Change in net unrealized appreciation (depreciation) on investments 182,640 105,861
Net increase in net assets resulting from operations 1,023,931 363,764
DISTRIBUTIONS:
From net investment income (327,902) (341,585)
From net realized gains (567,732) (1,060)
Total distributions (895,634) (342,645)
SHARE TRANSACTIONS:
Net proceeds from sales of shares 4,114,880 8,966,737
Reinvestment of distributions 895,634 342,645
Redemptions of shares (1,052,905) (278,899)
Net increase in net assets resulting from share transactions 3,957,609 9,030,483
Total increase in net assets 4,085,906 9,051,602
NET ASSETS:
Beginning of period 9,586,577 534,975
End of period (1) 13,672,483 $ 9,586,577
OTHER INFORMATION:
SHARES:
Sold 3,873,320 8,559,794
Issued in reinvestment of distributions 846,178 327,507
Redeemed (974,819) (270,729)
Net increase 3,744,679 8,616,572
(1) Including overdistributed net investment income (120,704) $ (120,518)
See notes to financial statements. (Concluded)
</TABLE>
MAXIM SERIES FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
YEARS ENDED DECEMBER 31, 1999 AND 1998
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
AGGRESSIVE PROFILE PORTFOLIO CONSERVATIVE PROFILE PORTFOLIO
1999 1998 1999 1998
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income $ 11,043 $ 37,537 $ 652,137 585,480
Net realized gain (loss) on investments 238,902 (81,917) (29,786) (54,558)
Net capital gain distributions received 1,492,154 201,496 400,100 223,759
Change in net unrealized appreciation (depreciation) on investments 1,280,891 384,387 (238,265) (90,103)
Net increase in net assets resulting from operations 3,022,990 541,503 784,186 664,578
DISTRIBUTIONS:
From net investment income (14,587) (73,799) (652,372) (888,635)
From net realized gains (1,147,854) (753) (445,803) (424)
Total distributions (1,162,441) (74,552) (1,098,175) (889,059)
SHARE TRANSACTIONS:
Net proceeds from sales of shares 9,111,215 6,546,943 3,058,786 16,165,787
Reinvestment of distributions 1,162,441 74,552 1,098,175 889,059
Redemptions of shares (735,683) (177,428) (2,220,077) (1,579,218)
Net increase in net assets resulting from share transactions 9,537,973 6,444,067 1,936,884 15,475,628
Total increase in net assets 11,398,522 6,911,018 1,622,895 15,251,147
NET ASSETS:
Beginning of period 7,608,452 697,434 15,519,563 268,416
End of period (1) $ 19,006,974 $7,608,452 $ 17,142,458 15,519,563
OTHER INFORMATION:
SHARES:
Sold 8,046,973 6,422,925 2,931,536 15,458,649
Issued in reinvestment of distributions 950,808 70,232 1,080,312 859,780
Redeemed (640,523) (178,387) (2,129,121) (1,517,925)
Net increase 8,357,258 6,314,770 1,882,727 14,800,504
(1) Including overdistributed net investment income $ (39,811) $ (36,267) $ (303,392) (303,157)
See notes to financial statements.
</TABLE>
MAXIM SERIES FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
YEARS ENDED DECEMBER 31, 1999 AND 1998
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
MODERATE PROFILE PORTFOLIO
1999 1998
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income $ 374,106 $ 174,649
Net realized gain (loss) on investments 257,538 (239,491)
Net capital gain distributions received 1,753,966 191,267
Change in net unrealized appreciation (depreciation) on investments 1,118,806 496,041
Net increase in net assets resulting from operations 3,504,416 622,466
DISTRIBUTIONS:
From net investment income (374,487) (277,567)
From net realized gains (1,800,475) 0
Total distributions (2,174,962) (277,567)
SHARE TRANSACTIONS:
Net proceeds from sales of shares 12,889,912 11,422,709
Reinvestment of distributions 2,174,962 277,567
Redemptions of shares (1,034,559) (488,360)
Net increase in net assets resulting from share transactions 14,030,315 11,211,916
Total increase in net assets 15,359,769 11,556,815
NET ASSETS:
Beginning of period 12,600,896 1,044,081
End of period (1) $ 27,960,665 $ 12,600,896
OTHER INFORMATION:
SHARES:
Sold 11,861,098 11,136,318
Issued in reinvestment of distributions 1,946,879 265,848
Redeemed (953,870) (485,178)
Net increase 12,854,107 10,916,988
(1) Including overdistributed net investment income $ (103,307) $ (102,926)
See notes to financial statements. (Continued)
</TABLE>
MAXIM SERIES FUND, INC.
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1999
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
AGGRESSIVE CONSERVATIVE MODERATE
PROFILE II PROFILE II PROFILE II
PORTFOLIO PORTFOLIO PORTFOLIO
ASSETS:
Investments in securities, market value (1) 2,195,525 $ 738,658 $ 2,712,150
Subscriptions receivable 6,102 999 0
Total assets 2,201,627 739,657 2,712,150
LIABILITIES:
Due to GW Capital Management 5,897 731 5,005
Redemptions payable 1,596
Total liabilities 5,897 731 6,601
NET ASSETS 2,195,730 $ 738,926 $ 2,705,549
NET ASSETS REPRESENTED BY:
Capital stock, $.10 par value 19,935 $ 7,220 $ 26,084
Additional paid-in capital 2,057,434 722,725 2,593,698
Net unrealized appreciation (depreciation) on investments 44,734 (8,688) 17,739
Undistributed (overdistributed) net investment income (12) 36 58
Accumulated net realized gain on investments 73,639 17,633 67,970
NET ASSETS 2,195,730 $ 738,926 $ 2,705,549
NET ASSET VALUE PER OUTSTANDING SHARE 11.0146 $ 10.2341 $ 10.3724
(Offering and Redemption Price)
SHARES OF CAPITAL STOCK:
Authorized 100,000,000 100,000,000 100,000,000
Outstanding 199,347 72,202 260,840
(1) Cost of investments in securities: 2,150,791 $ 747,346 $ 2,694,411
See notes to financial statements.
</TABLE>
MAXIM SERIES FUND, INC.
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1999
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
MODERATELY MODERATELY
AGGRESSIVE CONSERVATIVE
PROFILE II PROFILE II
PORTFOLIO PORTFOLIO
ASSETS:
Investments in securities, market value (1) 3,761,690 $ 909,039
Subscriptions receivable 9,650 286
Total assets 3,771,340 909,325
LIABILITIES:
Due to GW Capital Management 6,243 1,223
Redemptions payable 0
Total liabilities 6,243 1,223
NET ASSETS 3,765,097 $ 908,102
NET ASSETS REPRESENTED BY:
Capital stock, $.10 par value 35,154 $ 8,803
Additional paid-in capital 3,610,368 884,175
Net unrealized appreciation (depreciation) on investments 35,494 (4,420)
Undistributed (overdistributed) net investment income 80 28
Accumulated net realized gain on investments 84,001 19,516
NET ASSETS 3,765,097 $ 908,102
NET ASSET VALUE PER OUTSTANDING SHARE 10.7103 $ 10.3158
(Offering and Redemption Price)
SHARES OF CAPITAL STOCK:
Authorized 100,000,000 100,000,000
Outstanding 351,541 88,030
(1) Cost of investments in securities: 3,726,196 $ 913,459
See notes to financial statements.
</TABLE>
MAXIM SERIES FUND, INC.
<TABLE>
STATEMENTS OF OPERATIONS
PERIOD ENDED DECEMBER 31, 1999
<S> <C> <C> <C> <C> <C> <C>
AGGRESSIVE CONSERVATIVE MODERATE
PROFILE II PROFILE II PROFILE II
PORTFOLIO PORTFOLIO PORTFOLIO
(A) (B) (A)
INVESTMENT INCOME:
Income distributions received 3,884 $ 8,419 $ 17,738
EXPENSES:
Management fees 225 100 304
NET INVESTMENT INCOME 3,659 8,319 17,434
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain on investments 19,163 8,248 22,276
Net capital gain distributions received 126,231 13,224 91,974
Change in net unrealized appreciation (depreciation) on investments 44,734 (8,688) 17,739
Net realized and unrealized gain on investments 190,128 12,784 131,989
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 193,787 $ 21,103 $ 149,423
Portfolio inception dates: (A): September 16, 1999
(B): September 30, 1999
(C): September 27, 1999
See notes to financial statements.
</TABLE>
MAXIM SERIES FUND, INC.
STATEMENTS OF OPERATIONS
PERIOD ENDED DECEMBER 31, 1999
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
MODERATELY MODERATELY
AGGRESSIVE CONSERVATIVE
PROFILE II PROFILE II
PORTFOLIO PORTFOLIO
(A) (C)
INVESTMENT INCOME:
Income distributions received 16,476 $ 7,590
EXPENSES:
Management fees 339 99
NET INVESTMENT INCOME 16,137 7,491
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain on investments 21,083 6,439
Net capital gain distributions received 138,956 23,646
Change in net unrealized appreciation (depreciation) on investments 35,494 (4,420)
Net realized and unrealized gain on investments 195,533 25,665
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 211,670 $ 33,156
Portfolio inception dates: (A): September 16, 1999
(B): September 30, 1999
(C): September 27, 1999
See notes to financial statements.
</TABLE>
MAXIM SERIES FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
YEAR ENDED DECEMBER 31, 1999
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
AGGRESSIVE CONSERVATIVE MODERATE
PROFILE II PROFILE II PROFILE II
PORTFOLIO PORTFOLIO PORTFOLIO
1999 1999 1999
INCREASE IN NET ASSETS: (A) (B) (A)
OPERATIONS:
Net investment income $ 3,659 $ 8,319 $ 17,434
Net realized gain on investments 19,163 8,248 22,276
Net capital gain distributions received 126,231 13,224 91,974
Change in net unrealized appreciation (depreciation) on investments 44,734 (8,688) 17,739
Net increase in net assets resulting from operations 193,787 21,103 149,423
DISTRIBUTIONS:
From net investment income (3,671) (8,283) (17,376)
From net realized gains (71,755) (3,839) (46,280)
Total distributions (75,426) (12,122) (63,656)
SHARE TRANSACTIONS:
Net proceeds from sales of shares 2,004,558 717,823 2,560,625
Reinvestment of distributions 75,426 12,122 63,656
Redemptions of shares (2,615) 0 (4,499)
Net increase in net assets resulting from share transactions 2,077,369 729,945 2,619,782
Total increase in net assets 2,195,730 738,926 2,705,549
NET ASSETS:
Beginning of period 0 0 0
End of period (1) $ 2,195,730 $ 738,926 $ 2,705,549
OTHER INFORMATION:
SHARES:
Sold 192,692 71,017 255,116
Issued in reinvestment of distributions 6,900 1,185 6,161
Redeemed (245) 0 (437)
Net increase 199,347 72,202 260,840
(1) Including undistributed (overdistributed) net investment income (12) $ 36 $ 58
Portfolio inception dates:
(A): September 16, 1999; (B): September 30, 1999; (C): September 27, 1999.
See notes to financial statements.
</TABLE>
MAXIM SERIES FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
YEAR ENDED DECEMBER 31, 1999
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
MODERATELY MODERATELY
AGGRESSIVE CONSERVATIVE
PROFILE II PROFILE II
PORTFOLIO PORTFOLIO
1999 1999
INCREASE IN NET ASSETS: (A) (C)
OPERATIONS:
Net investment income $ 16,137 $ 7,491
Net realized gain on investments 21,083 6,439
Net capital gain distributions received 138,956 23,646
Change in net unrealized appreciation (depreciation) on investments 35,494 (4,420)
Net increase in net assets resulting from operations 211,670 33,156
DISTRIBUTIONS:
From net investment income (16,057) (7,463)
From net realized gains (76,038) (10,569)
Total distributions (92,095) (18,032)
SHARE TRANSACTIONS:
Net proceeds from sales of shares 3,567,306 874,946
Reinvestment of distributions 92,095 18,032
Redemptions of shares (13,879) 0
Net increase in net assets resulting from share transactions 3,645,522 892,978
Total increase in net assets 3,765,097 908,102
NET ASSETS:
Beginning of period 0 0
End of period (1) $ 3,765,097 $ 908,102
OTHER INFORMATION:
SHARES:
Sold 344,181 86,278
Issued in reinvestment of distributions 8,644 1,752
Redeemed (1,284)
Net increase 351,541 88,030
(1) Including undistributed (overdistributed) net investment income 80 $ 28
Portfolio inception dates:
(A): September 16, 1999; (B): September 30, 1999; (C): September 27, 1999.
See notes to financial statements.
</TABLE>
MAXIM SERIES FUND, INC.
GROWTH INDEX PORTFOLIO
FINANCIAL HIGHLIGHTS
Selected data for a share of capital stock of the portfolio for the years ended
December 31, 1999, 1998, 1997, 1996 and 1995 are as follows:
<TABLE>
Year Ended December 31,
<S> <C> <C> <C> <C> <C>
1999 1998 1997 1996 1995
Net Asset Value, Beginning of Period $ 2.4276 $ 1.8507 $ 1.4852 $ 1.3459 $ 1.0120
Income from Investment Operations
Net investment income 0.0061 0.0070 0.0085 0.0114 0.0127
Net realized and unrealized gain 0.6347 0.6769 0.4241 0.2851 0.3432
Total Income From Investment Operations 0.6408 0.6839 0.4326 0.2965 0.3559
Less Distributions
From net investment income (0.0061) (0.0070) (0.0085) (0.0114) (0.0165)
From net realized gains (0.1989) (0.1000) (0.0586) (0.1458) (0.0055)
Total Distributions (0.2050) (0.1070) (0.0671) (0.1572) (0.0220)
Net Asset Value, End of Period $ 2.8634 $ 2.4276 $ 1.8507 $ 1.4852 $ 1.3459
Total Return 26.87% 37.28% 29.26% 22.10% 35.29%
Net Assets, End of Period $ 499,612,225 $ 297,170,229 $ 162,975,760 $ 83,743,210 $ 43,515,299
Ratio of Expenses to Average Net Assets 0.60% 0.60% 0.60% 0.60% 0.60%
Ratio of Net Investment Income to
Average Net Assets 0.26% 0.36% 0.54% 0.83% 1.15%
Portfolio Turnover Rate 54.24% 26.48% 21.52% 41.55% 17.90%
</TABLE>
(Continued)
MAXIM SERIES FUND, INC.
MONEY MARKET PORTFOLIO
FINANCIAL HIGHLIGHTS
Selected data for a share of capital stock of the portfolio for the years ended
December 31, 1999, 1998, 1997, 1996 and 1995 are as follows:
<TABLE>
Year Ended December 31,
<S> <C> <C> <C> <C> <C>
1999 1998 1997 1996 1995
Net Asset Value, Beginning of Period $ 1.0005 $ 1.0007 $ 1.0007 $ 1.0007 $ 1.0007
Income from Investment Operations
Net investment income 0.0471 0.0505 0.0512 0.0493 0.0555
Net realized loss (0.0002)
Total Income From Investment Operations 0.0471 0.0503 0.0512 0.0493 0.0555
Less Distributions
From net investment income (0.0471) (0.0505) (0.0512) (0.0493) (0.0555)
Total Distributions (0.0471) (0.0505) (0.0512) (0.0493) (0.0555)
Net Asset Value, End of Period $ 1.0005 $ 1.0005 $ 1.0007 $ 1.0007 $ 1.0007
Total Return/Yield 4.81% 5.15% 5.24% 5.04% 5.62%
Net Assets, End of Period $ 722,697,255 $619,416,664 $453,155,210 $396,453,188 $277,257,289
Ratio of Expenses to Average Net Assets 0.46% 0.46% 0.46% 0.46% 0.46%
Ratio of Net Investment Income to
Average Net Assets 4.73% 5.05% 5.14% 4.99% 5.55%
</TABLE>
(Concluded)
MAXIM SERIES FUND, INC.
STOCK INDEX PORTFOLIO
FINANCIAL HIGHLIGHTS
Selected data for a share of capital stock of the portfolio for the years ended
December 31, 1999, 1998, 1997, 1996 and 1995 are as follows:
<TABLE>
Year Ended December 31,
<S> <C> <C> <C> <C> <C>
1999 1998 1997 1996 1995
Net Asset Value, Beginning of Period $ 3.5821 $ 2.9474 $ 2.3650 $ 1.9796 $ 1.4978
Income from Investment Operations
Net investment income 0.0272 0.0283 0.0364 0.0336 0.0334
Net realized and unrealized gain 0.6682 0.7538 0.7196 0.3960 0.4963
Total Income From Investment Operations 0.6954 0.7821 0.7560 0.4296 0.5297
Less Distributions
From net investment income (0.0271) (0.0284) (0.0364) (0.0336) (0.0332)
From net realized gains (0.2060) (0.1190) (0.1372) (0.0106) (0.0147)
Total Distributions (0.2331) (0.1474) (0.1736) (0.0442) (0.0479)
Net Asset Value, End of Period $ 4.0444 $ 3.5821 $ 2.9474 $ 2.3650 $ 1.9796
Total Return 19.73% 26.79% 32.20% 21.81% 35.60%
Net Assets, End of Period $ 1,166,072,152 $ 1,029,722,471 $ 817,386,568 $ 936,806,358 $ 707,459,637
Ratio of Expenses to Average Net Assets 0.60% 0.60% 0.60% 0.60% 0.60%
Ratio of Net Investment Income to
Average Net Assets 0.71% 0.87% 1.15% 1.58% 1.91%
Portfolio Turnover Rate 10.69% 12.91% 17.30% 3.31% 5.25%
</TABLE>
MAXIM SERIES FUND, INC.
INDEX 600 PORTFOLIO
FINANCIAL HIGHLIGHTS
Selected data for a share of capital stock of the portfolio for the years ended
December 31, 1999, 1998, 1997, 1996 and 1995 are as follows:
<TABLE>
Year Ended December 31,
<S> <C> <C> <C> <C> <C>
1999 1998 1997 1996 1995
Net Asset Value, Beginning of Period $ 0.7921 $ 1.2588 $ 1.2370 $ 1.1680 $ 0.9540
Income from Investment Operations
Net investment income 0.0049 0.0069 0.0081 0.0124 0.0102
Net realized and unrealized gain (loss) 0.0809 (0.0532) 0.2419 0.1659 0.2393
Total Income (Loss) From 0.0858 (0.0463) 0.2500 0.1783 0.2495
Investment Operations
Less Distributions
From net investment income (0.0049) (0.0069) (0.0081) (0.0124) (0.0197)
From net realized gains (0.0731) (0.4135) (0.2201) (0.0969) (0.0158)
Total Distributions (0.0780) (0.4204) (0.2282) (0.1093) (0.0355)
Net Asset Value, End of Period $ 0.7999 $ 0.7921 $ 1.2588 $ 1.2370 $ 1.1680
Total Return 11.85% (1.58%) 21.00% 15.30% 26.24%
Net Assets, End of Period $ 25,168,640 $ 23,618,628 $ 121,454,805 $ 80,783,692 $ 51,610,284
Ratio of Expenses to Average Net Assets 0.60% 0.60% 0.60% 0.60% 0.60%
Ratio of Net Investment Income to
Average Net Assets 0.66% 0.25% 0.66% 1.04% 1.00%
Portfolio Turnover Rate 37.75% 59.18% 102.45% 39.66% 30.17%
</TABLE>
MAXIM SERIES FUND, INC.
TEMPLETON INTERNATIONAL EQUITY PORTFOLIO
FINANCIAL HIGHLIGHTS
Selected data for a share of capital stock of the portfolio for the years ended
December 31, 1999, 1998, 1997, 1996 and 1995 are as follows:
<TABLE>
Year Ended December 31,
<S> <C> <C> <C> <C> <C>
1999 1998 1997 1996 1995
Net Asset Value, Beginning of Period $ 1.1874 $ 1.2786 $ 1.3229 $ 1.1395 $ 1.0673
Income from Investment Operations
Net investment income 0.0155 0.0270 0.0205 0.0136 0.0190
Net realized and unrealized gain (loss) 0.3391 (0.0911) 0.0053 0.2087 0.0756
Total Income (Loss) From
Investment Operations 0.3546 (0.0641) 0.0258 0.2223 0.0946
Less Distributions
From net investment income (0.0154) (0.0271) (0.0204) (0.0136) (0.0224)
From net realized gains (0.0077) (0.0497) (0.0253)
Total Distributions (0.0231) (0.0271) (0.0701) (0.0389) (0.0224)
Net Asset Value, End of Period $ 1.5189 $ 1.1874 $ 1.2786 $ 1.3229 $ 1.1395
Total Return 29.91% (5.00%) 1.99% 19.59% 8.93%
Net Assets, End of Period $ 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 1.24% 1.21% 1.21% 1.42% 1.62%
- - After Reimbursement # 1.23% 1.20% 1.20% 1.39% 1.50%
Ratio of Net Investment Income to
Average Net Assets:
- - Before Reimbursement 0.93% 2.04% 1.69% 1.21% 1.58%
- - After Reimbursement # 0.94% 2.05% 1.70% 1.24% 1.70%
Portfolio Turnover Rate 58.75% 40.02% 34.30% 22.21% 20.28%
</TABLE>
# Percentages are shown net of expenses reimbursed by The Great-West Life
Assurance Company or GW Capital Management, LLC.
MAXIM SERIES FUND, INC.
BOND PORTFOLIO
FINANCIAL HIGHLIGHTS
Selected data for a share of capital stock of the portfolio for the years ended
December 31, 1999, 1998, 1997, 1996 and 1995 are as follows:
<TABLE>
Year Ended December 31,
<S> <C> <C> <C> <C> <C>
1999 1998 1997 1996 1995
Net Asset Value, Beginning of Period $ 1.2169 $ 1.2119 $ 1.2059 $ 1.2301 $ 1.1352
Income from Investment Operations
Net investment income 0.0718 0.0740 0.0767 0.0745 0.0736
Net realized and unrealized gain (loss) (0.0753) 0.0050 0.0060 (0.0242) 0.0949
Total Income (Loss) From
Investment Operations (0.0035) 0.0790 0.0827 0.0503 0.1685
Less Distributions
From net investment income (0.0713) (0.0740) (0.0767) (0.0745) (0.0736)
Total Distributions (0.0713) (0.0740) (0.0767) (0.0745) (0.0736)
Net Asset Value, End of Period $ 1.1421 $ 1.2169 $ 1.2119 $ 1.2059 $ 1.2301
Total Return (0.27%) 6.65% 7.07% 4.26% 15.21%
Net Assets, End of Period $ 70,255,648 $ 76,099,882 $ 70,283,703 $ 78,093,109 $ 80,025,099
Ratio of Expenses to Average Net Assets 0.60% 0.60% 0.60% 0.60% 0.60%
Ratio of Net Investment Income to
Average Net Assets 6.03% 6.00% 6.22% 6.10% 6.16%
Portfolio Turnover Rate 67.43% 42.50% 90.81% 117.39% 191.58%
</TABLE>
(Continued)
MAXIM SERIES FUND, INC.
U.S. GOVERNMENT SECURITIES PORTFOLIO
FINANCIAL HIGHLIGHTS
Selected data for a share of capital stock of the portfolio for the years ended
December 31, 1999, 1998, 1997, 1996 and 1995 are as follows:
<TABLE>
Year Ended December 31,
<S> <C> <C> <C> <C> <C>
1999 1998 1997 1996 1995
Net Asset Value, Beginning of Period $ 1.1049 $ 1.0918 $ 1.0738 $ 1.1001 $ 1.0138
Income from Investment Operations
Net investment income 0.0630 0.0646 0.0707 0.0675 0.0723
Net realized and unrealized gain (loss) (0.0600) 0.0126 0.0180 (0.0263) 0.0863
Total Income From Investment Operations 0.0030 0.0772 0.0887 0.0412 0.1586
Less Distributions
From net investment income (0.0620) (0.0641) (0.0707) (0.0675) (0.0723)
Total Distributions (0.0620) (0.0641) (0.0707) (0.0675) (0.0723)
Net Asset Value, End of Period $ 1.0459 $ 1.1049 $ 1.0918 $ 1.0738 $ 1.1001
Total Return 0.30% 7.24% 8.51% 3.92% 16.09%
Net Assets, End of Period $ 76,591,857 $ 78,875,126 $ 58,311,917 $ 64,077,863 $ 62,473,959
Ratio of Expenses to Average Net Assets 0.60% 0.60% 0.60% 0.60% 0.60%
Ratio of Net Investment Income to
Average Net Assets 5.83% 5.91% 6.32% 6.22% 6.76%
Portfolio Turnover Rate 51.82% 56.64% 55.54% 145.02% 185.57%
</TABLE>
(Concluded)
MAXIM SERIES FUND, INC.
BOND INDEX PORTFOLIO
FINANCIAL HIGHLIGHTS
<TABLE>
Selected data for a share of capital stock of the portfolio for the years ended
December 31, 1999, 1998, 1997, 1996 and 1995 are as follows:
Year Ended December 31,
<S> <C> <C> <C> <C> <C>
1999 1998 1997 1996 1995
Net Asset Value, Beginning of Period $ 1.3010 $ 1.2856 $ 1.2774 $ 1.3161 $ 1.2019
Income from Investment Operations
Net investment income 0.0695 0.0737 0.0769 0.0777 0.0794
Net realized and unrealized gain (loss) (0.0736) 0.0154 0.0081 (0.0387) 0.1164
Total Income (Loss) From
Investment Operations (0.0041) 0.0891 0.0850 0.0390 0.1958
Less Distributions
From net investment income (0.0693) (0.0737) (0.0768) (0.0777) (0.0816)
Total Distributions (0.0693) (0.0737) (0.0768) (0.0777) (0.0816)
Net Asset Value, End of Period $ 1.2276 $ 1.3010 $ 1.2856 $ 1.2774 $ 1.3161
Total Return (0.31%) 7.08% 6.85% 3.14% 16.71%
Net Assets, End of Period $ 133,484,683 $ 130,436,898 $ 114,875,960 $ 100,722,152 $ 95,210,404
Ratio of Expenses to Average Net Assets 0.56% 0.60% 0.60% 0.60% 0.60%
Ratio of Net Investment Income to
Average Net Assets 5.56% 5.69% 6.02% 6.08% 6.30%
Portfolio Turnover Rate 127.95% 59.84% 140.35% 118.50% 159.21%
</TABLE>
(Continued)
MAXIM SERIES FUND, INC.
FOREIGN EQUITY PORTFOLIO
FINANCIAL HIGHLIGHTS
Selected data for a share of capital stock of the portfolio for the years ended
December 31, 1999, 1998, 1997, 1996 and 1995 are as follows:
<TABLE>
Year Ended December 31,
<S> <C> <C> <C> <C> <C>
1999* 1998 1997 1996 1995
Net Asset Value, Beginning of Period $ 0.9748 $ 0.9277 $ 1.0580 $ 0.9871 $ 0.9515
Income from Investment Operations
Net investment income (loss) 0.0085 0.0057 (0.0017) 0.0041 0.0073
Net realized and unrealized gain (loss) 0.2887 0.0649 (0.0593) 0.0709 0.0398
Total Income (Loss) From
Investment Operations 0.2972 0.0706 (0.0610) 0.0750 0.0471
Less Distributions
From net investment income (0.0044) (0.0086)
From net realized gains (0.0149) (0.0693) (0.0041) (0.0115)
Total Distributions (0.0044) (0.0235) (0.0693) (0.0041) (0.0115)
Net Asset Value, End of Period $ 1.2676 $ 0.9748 $ 0.9277 $ 1.0580 $ 0.9871
Total Return 30.65% 7.67% (5.69%) 7.61% 5.02%
Net Assets, End of Period $ 2,001,077 $ 78,509,092 $ 64,674,772 $ 80,106,459 $ 64,403,868
Ratio of Expenses to Average Net Assets:
- - Before Reimbursement 1.43% 1.31% 1.35% 1.45% 1.51%
- - After Reimbursement # 1.29% 1.30% 1.33% 1.45% 1.50%
Ratio of Net Investment Income (Loss) to
Average Net Assets:
- - Before Reimbursement 1.06% 0.62% (0.25%) 0.41% 0.68%
- - After Reimbursement # 1.20% 0.63% (0.23%) 0.41% 0.69%
Portfolio Turnover Rate 150.02% 129.82% 200.82% 75.65% 119.98%
</TABLE>
*The per share information was computed based on average shares.
# Percentages are shown net of expenses reimbursed by The Great-West Life
Assurance Company or GW Capital Management, LLC.
(Continued)
MAXIM SERIES FUND, INC.
SHORT-TERM MATURITY BOND PORTFOLIO
FINANCIAL HIGHLIGHTS
Selected data for a share of capital stock of the portfolio for the years ended
December 31, 1999, 1998, 1997 and 1996, and the period ended December 31, 1995
are as follows:
<TABLE>
Period Ended December 31,
<S> <C> <C> <C> <C> <C>
1999 1998 1997 1996 1995
(A)
Net Asset Value, Beginning of Period $ 1.0204 $ 1.0134 $ 1.0065 $ 1.0092 $ 1.0000
Income from Investment Operations
Net investment income 0.0520 0.0546 0.0534 0.0489 0.0194
Net realized and unrealized gain (loss) (0.0183) 0.0087 0.0070 (0.0027) 0.0105
Total Income From Investment Operations 0.0337 0.0633 0.0604 0.0462 0.0299
Less Distributions
From net investment income (0.0517) (0.0543) (0.0534) (0.0489) (0.0207)
From net realized gains (0.0003) (0.0020) (0.0001)
Total Distributions (0.0520) (0.0563) (0.0535) (0.0489) (0.0207)
Net Asset Value, End of Period $ 1.0021 $ 1.0204 $ 1.0134 $ 1.0065 $ 1.0092
Total Return 3.37% 6.36% 6.14% 4.70% 3.02%
Net Assets, End of Period $ 137,920,472 $ 110,917,091 $ 78,367,545 $ 39,503,114 $ 15,618,670
Ratio of Expenses to Average Net Assets 0.60% 0.60% 0.60% 0.60% 0.53% *
Ratio of Net Investment Income to
Average Net Assets 5.29% 5.45% 5.47% 5.15% 4.61% *
Portfolio Turnover Rate 45.60% 37.33% 84.59% 51.71% 97.87%
</TABLE>
*Annualized
(A) The portfolio commenced operations on August 1, 1995.
(Continued)
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 years ended
December 31, 1999, 1998, 1997, 1996 and 1995 are as follows:
<TABLE>
Year Ended December 31,
<S> <C> <C> <C> <C> <C>
1999 1998 1997 1996 1995
Net Asset Value, Beginning of Period $ 1.1863 $ 1.1743 $ 1.1519 $ 1.1786 $ 1.0917
Income from Investment Operations
Net investment income 0.0676 0.0700 0.0745 0.0751 0.0781
Net realized and unrealized gain (loss) (0.0619) 0.0118 0.0224 (0.0267) 0.0869
Total Income From Investment Operations 0.0057 0.0818 0.0969 0.0484 0.1650
Less Distributions
From net investment income (0.0670) (0.0698) (0.0745) (0.0751) (0.0781)
Total Distributions (0.0670) (0.0698) (0.0745) (0.0751) (0.0781)
Net Asset Value, End of Period $ 1.1250 $ 1.1863 $ 1.1743 $ 1.1519 $ 1.1786
Total Return 0.51% 7.12% 8.64% 4.29% 15.55%
Net Assets, End of Period $ 183,177,607 $ 192,302,277 $ 162,184,386 $ 138,465,908 $ 129,549,680
Ratio of Expenses to Average Net Assets 0.60% 0.60% 0.60% 0.60% 0.60%
Ratio of Net Investment Income to
Average Net Assets 5.86% 5.98% 6.44% 6.51% 6.84%
Portfolio Turnover Rate 46.74% 108.19% 34.01% 94.63% 188.04%
</TABLE>
(Concluded)
MAXIM SERIES FUND, INC.
INVESCO BALANCED PORTFOLIO
FINANCIAL HIGHLIGHTS
Selected data for a share of capital stock of the portfolio for the years ended
December 31, 1999, 1998 and 1997, and the period ended December 31, 1996 are as
follows:
<TABLE>
Period Ended December 31,
<S> <C> <C> <C> <C>
1999 1998 1997 1996
(A)
Net Asset Value, Beginning of Period $ 1.4608 $ 1.2588 $ 1.0408 $ 1.0000
Income from Investment Operations
Net investment income 0.0271 0.0289 0.0187 0.0052
Net realized and unrealized gain 0.2086 0.2020 0.2518 0.0420
Total Income From Investment Operations 0.2357 0.2309 0.2705 0.0472
Less Distributions
From net investment income (0.0272) (0.0289) (0.0187) (0.0052)
From net realized gains (0.2535) (0.0338) (0.0012)
Total Distributions (0.2807) (0.0289) (0.0525) (0.0064)
Net Asset Value, End of Period $ 1.4158 $ 1.4608 $ 1.2588 $ 1.0408
Total Return 16.74% 18.42% 26.10% 4.60%
Net Assets, End of Period $ 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% *
Ratio of Net Investment Income to
Average Net Assets 1.94% 2.18% 2.77% 2.84% *
Portfolio Turnover Rate 119.39% 119.95% 150.57% 17.14%
</TABLE>
*Annualized
(A) The portfolio commenced operations on October 1, 1996.
(Continued)
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 years ended
December 31, 1999, 1998, 1997, 1996 and 1995 are as follows:
<TABLE>
Year Ended December 31,
<S> <C> <C> <C> <C> <C>
1999 1998 1997 1996 1995
Net Asset Value, Beginning of Period $ 1.7804 $ 1.7602 $ 1.4492 $ 1.2633 $ 0.9805
Income from Investment Operations
Net investment income 0.0339 0.0370 0.0357 0.0299 0.0345
Net realized and unrealized gain 0.0242 0.1177 0.3783 0.2130 0.2892
Total Income From Investment Operations 0.0581 0.1547 0.4140 0.2429 0.3237
Less Distributions
From net investment income (0.0340) (0.0369) (0.0357) (0.0300) (0.0396)
From net realized gains (0.1491) (0.0976) (0.0673) (0.0270) (0.0013)
Total Distributions (0.1831) (0.1345) (0.1030) (0.0570) (0.0409)
Net Asset Value, End of Period $ 1.6554 $ 1.7804 $ 1.7602 $ 1.4492 $ 1.2633
Total Return 3.39% 8.93% 28.82% 19.39% 33.42%
Net Assets, End of Period $ 189,499,607 $ 209,702,724 $ 167,154,169 $ 69,535,903 $ 10,950,195
Ratio of Expenses to Average Net Assets:
- - Before Reimbursement 0.88% 0.88% 0.93% 1.20% 1.82%
- - After Reimbursement # 0.88% 0.88% 0.91% 0.95% 0.95%
Ratio of Net Investment Income to
Average Net Assets:
- - Before Reimbursement 1.84% 2.14% 2.46% 2.60% 2.59%
- - After Reimbursement # 1.84% 2.14% 2.48% 2.85% 3.46%
Portfolio Turnover Rate 44.02% 32.30% 25.35% 26.15% 14.00%
</TABLE>
# Percentages are shown net of expenses reimbursed by The Great-West Life
Assurance Company or GW Capital Management, LLC.
(Concluded)
MAXIM SERIES FUND, INC.
ARIEL MIDCAP VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the years ended
December 31, 1999, 1998, 1997, 1996 and 1995 are as follows:
<TABLE>
Year Ended December 31,
<S> <C> <C> <C> <C> <C> <C>
------------------------------------------------------------------------------------
------------------------------------------------------------------------------------
1999* 1998 1997 1996 1995
--------------- --------------- -------------- --------------- --------------
--------------- --------------- -------------- --------------- --------------
Net Asset Value, Beginning of Period $ 1.8417 $ 1.5532 $ 1.4327 $ 1.3538 $ 1.1003
Income from Investment Operations
Net investment income (loss) 0.0115 (0.0092) (0.0437) (0.0083) 0.0018
Net realized and unrealized gain 0.0029 0.5058 0.2257 0.0890 0.2893
--------------- --------------- -------------- --------------- --------------
--------------- --------------- -------------- --------------- --------------
Total Income From Investment Operations 0.0144 0.4966 0.1820 0.0807 0.2911
--------------- --------------- -------------- --------------- --------------
--------------- --------------- -------------- --------------- --------------
Less Distributions
From net investment income (0.0115) (0.0317)
From net realized gains (0.3034) (0.2081) (0.0615) (0.0018) (0.0059)
--------------- --------------- -------------- --------------- --------------
--------------- --------------- -------------- --------------- --------------
Total Distributions (0.3149) (0.2081) (0.0615) (0.0018) (0.0376)
--------------- --------------- -------------- --------------- --------------
--------------- --------------- -------------- --------------- --------------
Net Asset Value, End of Period $ 1.5412 $ 1.8417 $ 1.5532 $ 1.4327 $ 1.3538
=============== =============== ============== =============== ==============
=============== =============== ============== =============== ==============
Total Return 0.26% 33.77% 12.95% 5.96% 26.50%
Net Assets, End of Period $ 67,498,788 $ 317,547,944 $ 233,939,911 $ 214,710,803 $ 148,264,194
Ratio of Expenses to Average Net Assets:
- - Before Reimbursement 1.04% 1.02% 1.06% 1.08% 1.15%
- - After Reimbursement # 1.04% 1.02% 1.06% 1.07% 1.10%
Ratio of Net Investment Income (Loss) to
Average Net Assets:
- - Before Reimbursement 0.36% (0.64%) (0.51%) (0.67%) 0.08%
- - After Reimbursement # 0.36% (0.64%) (0.51%) (0.66%) 0.13%
Portfolio Turnover Rate 182.75% 87.81% 139.74% 80.31% 167.21%
</TABLE>
*The per share information was computed based on average shares.
# Percentages are shown net of expenses reimbursed by The Great-West Life
Assurance Company or GW Capital Management, LLC.
(Continued)
MAXIM SERIES FUND, INC.
INVESCO ADR PORTFOLIO
<TABLE>
FINANCIAL HIGHLIGHTS
<S> <C> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the years ended
December 31, 1999, 1998, 1997, 1996 and 1995 are as follows:
Year Ended December 31,
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
1999 1998 1997 1996 1995
--------------- -------------- -------------- ------------- --------------
--------------- -------------- -------------- ------------- --------------
Net Asset Value, Beginning of Period $ 1.6252 $ 1.4804 $ 1.3508 $ 1.1255 $ 0.9859
Income from Investment Operations
Net investment income 0.0061 0.0123 0.0114 0.0112 0.0120
Net realized and unrealized gain 0.3614 0.1453 0.1512 0.2266 0.1396
--------------- -------------- -------------- ------------- --------------
--------------- -------------- -------------- ------------- --------------
Total Income From Investment Operations 0.3675 0.1576 0.1626 0.2378 0.1516
--------------- -------------- -------------- ------------- --------------
--------------- -------------- -------------- ------------- --------------
Less Distributions
From net investment income (0.0057) (0.0128) (0.0116) (0.0112) (0.0120)
From net realized gains (0.0101) (0.0214) (0.0013)
--------------- -------------- -------------- ------------- --------------
--------------- -------------- -------------- ------------- --------------
Total Distributions (0.0158) (0.0128) (0.0330) (0.0125) (0.0120)
--------------- -------------- -------------- ------------- --------------
--------------- -------------- -------------- ------------- --------------
Net Asset Value, End of Period $ 1.9769 $ 1.6252 $ 1.4804 $ 1.3508 $ 1.1255
=============== ============== ============== ============= ==============
=============== ============== ============== ============= ==============
Total Return 22.67% 10.64% 12.08% 21.17% 15.48%
Net Assets, End of Period $ 141,769,982 $ 28,296,279 $ 16,581,357 $ 7,694,858 $ 2,681,969
Ratio of Expenses to Average Net Assets:
- - Before Reimbursement 1.16% 1.32% 1.63% 2.29% 2.78%
- - After Reimbursement # 1.14% 1.30% 1.30% 1.33% 1.50%
Ratio of Net Investment Income (Loss) to
Average Net Assets:
- - Before Reimbursement 0.57% 0.84% 0.69% 0.24% (0.11%)
- - After Reimbursement # 0.59% 0.86% 1.02% 1.20% 1.17%
Portfolio Turnover Rate 22.06% 28.66% 19.56% 15.25% 5.88%
</TABLE>
# Percentages are shown net of expenses reimbursed by The Great-West Life
Assurance Company or GW Capital Management, LLC.
(Continued)
MAXIM SERIES FUND, INC.
INVESCO SMALL-CAP GROWTH PORTFOLIO
<TABLE>
FINANCIAL HIGHLIGHTS
<S> <C> <C> <C> <C> <C> <C>
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the years ended
December 31, 1999, 1998, 1997, 1996 and 1995 are as follows:
Year Ended December 31,
------------------------------------------------------------------------------------
------------------------------------------------------------------------------------
1999 1998 1997 1996 1995
-------------- --------------- --------------- -------------- ---------------
-------------- --------------- --------------- -------------- ---------------
Net Asset Value, Beginning of Period $ 1.8506 $ 1.5955 $ 1.4330 $ 1.2734 $ 1.0054
Income from Investment Operations
Net investment income (loss) (0.0038) (0.0048) 0.0009 0.0024 0.0069
Net realized and unrealized gain 1.4263 0.2842 0.2612 0.3380 0.3118
-------------- --------------- --------------- -------------- ---------------
-------------- --------------- --------------- -------------- ---------------
Total Income From Investment Operations 1.4225 0.2794 0.2621 0.3404 0.3187
-------------- --------------- --------------- -------------- ---------------
-------------- --------------- --------------- -------------- ---------------
Less Distributions
From net investment income (0.0009) (0.0024) (0.0341)
From net realized gains (0.4386) (0.0243) (0.0987) (0.1784) (0.0166)
-------------- --------------- --------------- -------------- ---------------
-------------- --------------- --------------- -------------- ---------------
Total Distributions (0.4386) (0.0243) (0.0996) (0.1808) (0.0507)
-------------- --------------- --------------- -------------- ---------------
-------------- --------------- --------------- -------------- ---------------
Net Asset Value, End of Period $ 2.8345 $ 1.8506 $ 1.5955 $ 1.4330 $ 1.2734
============== =============== =============== ============== ===============
============== =============== =============== ============== ===============
Total Return 80.78% 17.62% 18.70% 26.73% 31.79%
Net Assets, End of Period $ 181,228,671 $ 82,115,568 $ 62,251,873 $ 31,827,778 $ 6,385,180
Ratio of Expenses to Average Net Assets:
- - Before Reimbursement 1.09% 1.11% 1.19% 1.46% 2.30%
- - After Reimbursement # 1.07% 1.10% 1.10% 1.10% 1.10%
Ratio of Net Investment Income (Loss) to
Average Net Assets:
- - Before Reimbursement (0.36%) (0.32%) (0.08%) (0.11%) (0.62%)
- - After Reimbursement # (0.34%) (0.31%) 0.01% 0.25% 0.58%
Portfolio Turnover Rate 223.65% 149.15% 174.65% 265.05% 266.64%
</TABLE>
# Percentages are shown net of expenses reimbursed by The Great-West Life
Assurance Company or GW Capital Management, LLC.
(Concluded)
MAXIM SERIES FUND, INC.
LOOMIS SAYLES SMALL-CAP VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the years ended
December 31, 1999, 1998, 1997, 1996 and 1995 are as follows:
Year Ended December 31,
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
1999 1998 1997 1996 1995
--------------- --------------- -------------- -------------- --------------
--------------- --------------- -------------- -------------- --------------
Net Asset Value, Beginning of Period $ 1.4482 $ 1.5316 $ 1.4028 $ 1.1605 $ 0.9755
Income from Investment Operations
Net investment income 0.0079 0.0139 0.0103 0.0091 0.0075
Net realized and unrealized gain (loss) (0.0219) (0.0492) 0.3273 0.3376 0.2840
--------------- --------------- -------------- -------------- --------------
--------------- --------------- -------------- -------------- --------------
Total Income (Loss) From
Investment Operations (0.0140) (0.0353) 0.3376 0.3467 0.2915
--------------- --------------- -------------- -------------- --------------
--------------- --------------- -------------- -------------- --------------
Less Distributions
From net investment income (0.0084) (0.0138) (0.0100) (0.0091) (0.0945)
From net realized gains (0.0909) (0.0343) (0.1988) (0.0953) (0.0120)
--------------- --------------- -------------- -------------- --------------
--------------- --------------- -------------- -------------- --------------
Total Distributions (0.0993) (0.0481) (0.2088) (0.1044) (0.1065)
--------------- --------------- -------------- -------------- --------------
--------------- --------------- -------------- -------------- --------------
Net Asset Value, End of Period $ 1.3349 $ 1.4482 $ 1.5316 $ 1.4028 $ 1.1605
=============== =============== ============== ============== ==============
=============== =============== ============== ============== ==============
Total Return (0.43%) (2.28%) 24.50% 30.09% 29.96%
Net Assets, End of Period $ 93,087,906 $ 127,807,361 $ 183,322,635 $ 79,944,926 $ 28,594,611
Ratio of Expenses to Average Net Assets:
- - Before Reimbursement 1.15% 1.11% 1.11% 1.27% 1.46%
- - After Reimbursement # 1.14% 1.11% 1.11% 1.26% 1.30%
Ratio of Net Investment Income to
Average Net Assets:
- - Before Reimbursement 0.52% 0.81% 0.89% 0.97% 0.49%
- - After Reimbursement # 0.53% 0.81% 0.89% 0.98% 0.65%
Portfolio Turnover Rate 105.57% 149.12% 93.28% 62.63% 99.48%
</TABLE>
# Percentages are shown net of expenses reimbursed by The Great-West Life
Assurance Company or GW Capital Management, LLC.
MAXIM SERIES FUND, INC.
ARIEL SMALL-CAP VALUE PORTFOLIO
<TABLE>
FINANCIAL HIGHLIGHTS
<S> <C> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the years ended
December 31, 1999, 1998, 1997, 1996 and 1995 are as follows:
Year Ended December 31,
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
1999 1998 1997 1996 1995
-------------- -------------- -------------- -------------- --------------
-------------- -------------- -------------- -------------- --------------
Net Asset Value, Beginning of Period $ 0.9538 $ 0.9154 $ 1.2480 $ 1.0669 $ 0.9974
Income from Investment Operations
Net investment income 0.0019 0.0022 0.0067 0.0095 0.0286
Net realized and unrealized gain (loss) (0.0631) 0.0721 0.3223 0.1811 0.1234
-------------- -------------- -------------- -------------- --------------
-------------- -------------- -------------- -------------- --------------
Total Income (Loss) From
Investment Operations (0.0612) 0.0743 0.3290 0.1906 0.1520
-------------- -------------- -------------- -------------- --------------
-------------- -------------- -------------- -------------- --------------
Less Distributions
From net investment income (0.0019) (0.0022) (0.0067) (0.0095) (0.0636)
From net realized gains (0.1067) (0.0337) (0.6549) (0.0189)
-------------- -------------- -------------- -------------- --------------
-------------- -------------- -------------- -------------- --------------
Total Distributions (0.1086) (0.0359) (0.6616) (0.0095) (0.0825)
-------------- -------------- -------------- -------------- --------------
-------------- -------------- -------------- -------------- --------------
Net Asset Value, End of Period $ 0.7840 $ 0.9538 $ 0.9154 $ 1.2480 $ 1.0669
============== ============== ============== ============== ==============
============== ============== ============== ============== ==============
Total Return (5.80%) 8.28% 27.86% 17.94% 15.51%
Net Assets, End of Period $ 35,290,690 $ 38,747,052 $ 22,526,242 $ 36,599,651 $ 20,769,579
Ratio of Expenses to Average Net Assets:
- - Before Reimbursement 1.28% 1.27% 1.33% 1.42% 1.52%
- - After Reimbursement # 1.23% 1.26% 1.28% 1.31% 1.35%
Ratio of Net Investment Income to
Average Net Assets:
- - Before Reimbursement 0.16% 0.26% 0.59% 0.79% 2.34%
- - After Reimbursement # 0.21% 0.27% 0.64% 0.90% 2.51%
Portfolio Turnover Rate 46.17% 26.29% 82.83% 30.61% 17.78%
</TABLE>
# Percentages are shown net of expenses reimbursed by The Great-West Life
Assurance Company or GW Capital Management, LLC.
(Continued)
MAXIM SERIES FUND, INC.
FOUNDERS GROWTH & INCOME PORTFOLIO
<TABLE>
FINANCIAL HIGHLIGHTS
<S> <C> <C> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the years ended
December 31, 1999 and 1998, and the period ended December 31, 1997 are as
follows:
Period Ended December 31,
---------------------------------------------------------------
---------------------------------------------------------------
1999 1998 1997
----------------- ----------------- ------------------
----------------- ----------------- ------------------
(A)
Net Asset Value, Beginning of Period $ 1.1448 $ 1.0228 $ 1.0000
Income from Investment Operations
Net investment income 0.0004 0.0157 0.0089
Net realized and unrealized gain 0.1633 0.1655 0.0228
----------------- ----------------- ------------------
----------------- ----------------- ------------------
Total Income From Investment Operations 0.1637 0.1812 0.0317
----------------- ----------------- ------------------
----------------- ----------------- ------------------
Less Distributions
From net investment income (0.0004) (0.0157) (0.0089)
From net realized gains (0.0665) (0.0435)
----------------- ----------------- ------------------
----------------- ----------------- ------------------
Total Distributions (0.0669) (0.0592) (0.0089)
----------------- ----------------- ------------------
----------------- ----------------- ------------------
Net Asset Value, End of Period $ 1.2416 $ 1.1448 $ 1.0228
================= ================= ==================
================= ================= ==================
Total Return 15.04% 17.85% 3.17%
Net Assets, End of Period $ 147,265,224 $ 120,887,237 $ 94,206,892
Ratio of Expenses to Average Net Assets:
- - Before Reimbursement 1.12% 1.15% 1.15% *
- - After Reimbursement # 1.11% 1.15% 1.14% *
Ratio of Net Investment Income to
Average Net Assets:
- - Before Reimbursement 0.02% 1.46% 1.77% *
- - After Reimbursement # 0.03% 1.46% 1.78% *
Portfolio Turnover Rate 173.72% 287.17% 111.45%
</TABLE>
*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.
LOOMIS SAYLES CORPORATE BOND PORTFOLIO
<TABLE>
FINANCIAL HIGHLIGHTS
<S> <C> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the years ended
December 31, 1999, 1998, 1997, 1996 and 1995 are as follows:
Year Ended December 31,
-------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------
1999 1998 1997 1996 1995
--------------- --------------- --------------- --------------- --------------
--------------- --------------- --------------- --------------- --------------
Net Asset Value, Beginning of Period $ 1.1118 $ 1.1981 $ 1.1618 $ 1.1521 $ 0.9716
Income from Investment Operations
Net investment income 0.0873 0.0838 0.0764 0.0825 0.0842
Net realized and unrealized gain (loss) (0.0344) (0.0429) 0.0689 0.0324 0.1994
--------------- --------------- --------------- --------------- --------------
--------------- --------------- --------------- --------------- --------------
Total Income From Investment Operations 0.0529 0.0409 0.1453 0.1149 0.2836
--------------- --------------- --------------- --------------- --------------
--------------- --------------- --------------- --------------- --------------
Less Distributions
From net investment income (0.0892) (0.0839) (0.0762) (0.0825) (0.1001)
From net realized gains (0.0112) (0.0433) (0.0328) (0.0227) (0.0030)
--------------- --------------- --------------- --------------- --------------
--------------- --------------- --------------- --------------- --------------
Total Distributions (0.1004) (0.1272) (0.1090) (0.1052) (0.1031)
--------------- --------------- --------------- --------------- --------------
--------------- --------------- --------------- --------------- --------------
Net Asset Value, End of Period $ 1.0643 $ 1.1118 $ 1.1981 $ 1.1618 $ 1.1521
=============== =============== =============== =============== ==============
=============== =============== =============== =============== ==============
Total Return 4.87% 3.43% 12.70% 10.35% 30.19%
Net Assets, End of Period $ 191,419,344 $ 199,386,033 $ 158,884,389 $ 83,645,029 $ 45,530,190
Ratio of Expenses to Average Net Assets 0.90% 0.90% 0.90% 0.90% 0.90%
Ratio of Net Investment Income to
Average Net Assets 7.74% 7.41% 7.14% 7.68% 7.89%
Portfolio Turnover Rate 28.00% 55.47% 52.69% 40.02% 24.70%
</TABLE>
(Continued)
MAXIM SERIES FUND, INC.
T. ROWE PRICE MIDCAP GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the years ended
December 31, 1999 and 1998, and the period ended December 31, 1997 are as
follows:
Period Ended December 31,
--------------------------------------------------------------
--------------------------------------------------------------
1999 1998 1997
------------------ ------------------ ------------------
------------------ ------------------ ------------------
(A)
Net Asset Value, Beginning of Period $ 1.3472 $ 1.1069 $ 1.0000
Income from Investment Operations
0.0000
Net investment income (loss) (0.0040) (0.0016) 0.0000
Net realized and unrealized gain 0.3274 0.2471 0.1086
------------------ ------------------ ------------------
------------------ ------------------ ------------------
Total Income From Investment Operations 0.3234 0.2455 0.1086
------------------ ------------------ ------------------
------------------ ------------------ ------------------
Less Distributions
From net realized gains (0.0875) (0.0052) (0.0017)
------------------ ------------------ ------------------
------------------ ------------------ ------------------
Total Distributions (0.0875) (0.0052) (0.0017)
------------------ ------------------ ------------------
------------------ ------------------ ------------------
Net Asset Value, End of Period $ 1.5831 $ 1.3472 $ 1.1069
================== ================== ==================
================== ================== ==================
Total Return 24.60% 22.23% 10.86%
Net Assets, End of Period $ 203,089,451 $ 139,762,438 $ 56,704,297
Ratio of Expenses to Average Net Assets:
- - Before Reimbursement 1.11% 1.16% 1.30% *
- - After Reimbursement # 1.05% 1.05% 1.05% *
Ratio of Net Investment Loss to
Average Net Assets:
- - Before Reimbursement (0.41%) (0.32%) (0.41%)*
- - After Reimbursement # (0.35%) (0.21%) (0.16%)*
Portfolio Turnover Rate 66.80% 52.50% 24.28%
</TABLE>
*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.
VALUE INDEX PORTFOLIO
<TABLE>
FINANCIAL HIGHLIGHTS
<S> <C> <C> <C> <C> <C> <C>
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the years ended
December 31, 1999, 1998, 1997, 1996 and 1995 are as follows:
Year Ended December 31,
-------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------
1999 1998 1997 1996 1995
--------------- --------------- --------------- --------------- --------------
--------------- --------------- --------------- --------------- --------------
Net Asset Value, Beginning of Period $ 1.8953 $ 1.8136 $ 1.4538 $ 1.2623 $ 0.9614
Income from Investment Operations
Net investment income 0.0243 0.0279 0.0278 0.0298 0.0305
Net realized and unrealized gain 0.1779 0.2301 0.4631 0.2287 0.3198
--------------- --------------- --------------- --------------- --------------
--------------- --------------- --------------- --------------- --------------
Total Income From Investment Operations 0.2022 0.2580 0.4909 0.2585 0.3503
--------------- --------------- --------------- --------------- --------------
--------------- --------------- --------------- --------------- --------------
Less Distributions
From net investment income (0.0243) (0.0278) (0.0278) (0.0298) (0.0359)
From net realized gains (0.2690) (0.1485) (0.1033) (0.0372) (0.0135)
--------------- --------------- --------------- --------------- --------------
--------------- --------------- --------------- --------------- --------------
Total Distributions (0.2933) (0.1763) (0.1311) (0.0670) (0.0494)
--------------- --------------- --------------- --------------- --------------
--------------- --------------- --------------- --------------- --------------
Net Asset Value, End of Period $ 1.8042 $ 1.8953 $ 1.8136 $ 1.4538 $ 1.2623
=============== =============== =============== =============== ==============
=============== =============== =============== =============== ==============
Total Return 11.39% 14.48% 34.08% 20.63% 36.80%
Net Assets, End of Period $ 391,562,376 $ 326,339,498 $ 237,421,804 $ 122,283,026 $ 65,183,898
Ratio of Expenses to Average Net Assets 0.60% 0.60% 0.60% 0.60% 0.60%
Ratio of Net Investment Income to
Average Net Assets 1.31% 1.54% 1.83% 2.38% 2.87%
Portfolio Turnover Rate 70.11% 39.67% 26.03% 16.31% 18.11%
</TABLE>
(Concluded)
MAXIM SERIES FUND, INC.
GLOBAL BOND PORTFOLIO
<TABLE>
FINANCIAL HIGHLIGHTS
<S> <C> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the period ended
December 31, 1999 is as follows:
Period Ended
December 31,
--------------------
--------------------
1999
--------------------
--------------------
(A)
Net Asset Value, Beginning of Period $ 10.0000
Income from Investment Operations
Net investment income 0.1641
Net realized and unrealized loss (0.2894)
--------------------
--------------------
Total Loss From Investment Operations (0.1253)
--------------------
--------------------
Less Distributions
From net investment income (0.1640)
--------------------
--------------------
Total Distributions (0.1640)
--------------------
--------------------
Net Asset Value, End of Period $ 9.7107
====================
====================
Total Return (1.25%)
Net Assets, End of Period $ 91,795,099
Ratio of Expenses to Average Net Assets 1.30% *
Ratio of Net Investment Income to Average Net Assets 4.00% *
Portfolio Turnover Rate 86.93%
*Annualized
</TABLE>
(A) The portfolio commenced operations on July 26, 1999.
(Continued)
MAXIM SERIES FUND, INC.
INDEX 400 PORTFOLIO
<TABLE>
FINANCIAL HIGHLIGHTS
<S> <C> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the period ended
December 31, 1999 is as follows:
Period Ended
December 31,
--------------------
--------------------
1999
--------------------
--------------------
(A)
Net Asset Value, Beginning of Period $ 10.0000
Income from Investment Operations
Net investment income 0.0393
Net realized and unrealized gain 0.6902
--------------------
--------------------
Total Income From Investment Operations 0.7295
--------------------
--------------------
Less Distributions
From net investment income (0.0392)
--------------------
--------------------
Total Distributions (0.0392)
--------------------
--------------------
Net Asset Value, End of Period $ 10.6903
====================
====================
Total Return 7.30%
Net Assets, End of Period $ 10,729,826
Ratio of Expenses to Average Net Assets 0.60% *
Ratio of Net Investment Income to Average Net Assets 0.92% *
Portfolio Turnover Rate 26.41%
</TABLE>
*Annualized
(A) The portfolio commenced operations on July 26, 1999.
(Continued)
MAXIM SERIES FUND, INC.
INDEX EUROPEAN PORTFOLIO
<TABLE>
FINANCIAL HIGHLIGHTS
<S> <C> <C> <C> <C> <C> <C>
- --------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the period ended
December 31, 1999 is as follows:
Period Ended
December 31,
--------------------
--------------------
1999
--------------------
--------------------
(A)
Net Asset Value, Beginning of Period $ 10.0000
Income from Investment Operations
Net investment loss (0.0005)
Net realized and unrealized gain 1.8445
--------------------
--------------------
Total Income From Investment Operations 1.8440
--------------------
--------------------
Less Distributions
From net realized gains (0.0249)
--------------------
--------------------
Total Distributions (0.0249)
--------------------
--------------------
Net Asset Value, End of Period $ 11.8191
====================
====================
Total Return 18.44%
Net Assets, End of Period $ 147,309,943
Ratio of Expenses to Average Net Assets:
- - Before Reimbursement 1.39% *
- - After Reimbursement # 1.20% *
Ratio of Net Investment Loss to Average Net Assets:
- - Before Reimbursement (0.31%)*
- - After Reimbursement # (0.12%)*
Portfolio Turnover Rate 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.
INDEX PACIFIC PORTFOLIO
FINANCIAL HIGHLIGHTS
- ---------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the period ended
December 31, 1999 is as follows:
Period Ended
December 31,
--------------------
--------------------
1999
--------------------
--------------------
(A)
Net Asset Value, Beginning of Period $ 10.0000
Income from Investment Operations
Net investment loss (0.0004)
Net realized and unrealized gain 3.8172
--------------------
--------------------
Total Income From Investment Operations 3.8168
--------------------
--------------------
Less Distributions
From net investment income (0.0043)
From net realized gains (0.1262)
--------------------
--------------------
Total Distributions (0.1305)
--------------------
--------------------
Net Asset Value, End of Period $ 13.6863
====================
====================
Total Return 38.27%
Net Assets, End of Period $ 195,178,735
Ratio of Expenses to Average Net Assets:
- - Before Reimbursement 1.35% *
- - After Reimbursement # 1.20% *
Ratio of Net Investment Loss to Average Net Assets:
- - Before Reimbursement (0.16%)*
- - After Reimbursement # (0.01%)*
Portfolio Turnover Rate 18.94%
*Annualized
</TABLE>
# 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.
AGGRESSIVE PROFILE PORTFOLIO
<TABLE>
FINANCIAL HIGHLIGHTS
<S> <C> <C> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the years ended
December 31, 1999, 1998 and the period ended December 31, 1997 are as follows:
Period Ended December 31,
----------------------------------------------------------------
----------------------------------------------------------------
1999 1998 1997
----------------- ----------------- ------------------
----------------- ----------------- ------------------
(A)
Net Asset Value, Beginning of Period $ 1.0794 $ 0.9505 $ 1.0000
Income from Investment Operations
Net investment income 0.0036 0.0060 0.0047
Capital gain distributions received 0.0969 0.0286 0.0712
----------------- ----------------- ------------------
----------------- ----------------- ------------------
Total distributions received 0.1005 0.0346 0.0759
Net realized and unrealized gain (loss) on investments 0.1346 0.1061 (0.0432)
----------------- ----------------- ------------------
----------------- ----------------- ------------------
Total Income From Investment Operations 0.2351 0.1407 0.0327
----------------- ----------------- ------------------
----------------- ----------------- ------------------
Less Distributions
From net investment income (0.0011) (0.0111) (0.0127)
From net realized gains (0.0796) (0.0007) (0.0695)
----------------- ----------------- ------------------
----------------- ----------------- ------------------
Total Distributions (0.0807) (0.0118) (0.0822)
----------------- ----------------- ------------------
----------------- ----------------- ------------------
Net Asset Value, End of Period $ 1.2338 $ 1.0794 $ 0.9505
================= ================= ==================
================= ================= ==================
Total Return 21.83% 14.84% 3.31%
Net Assets, End of Period $ 19,006,974 $ 7,608,452 $ 697,434
Ratio of Expenses to Average Net Assets 0.25% 0.25% 0.25% *
Ratio of Net Investment Income to
Average Net Assets 0.09% 0.97% 2.38% *
Portfolio Turnover Rate 77.51% 94.75% 59.90%
</TABLE>
*Annualized
(A) The portfolio commenced operations on September 9, 1997.
(Continued)
MAXIM SERIES FUND, INC.
CONSERVATIVE PROFILE PORTFOLIO
<TABLE>
FINANCIAL HIGHLIGHTS
<S> <C> <C> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the years ended
December 31, 1999, 1998 and the period ended December 31, 1997 are as follows:
Period Ended December 31,
----------------------------------------------------------------
----------------------------------------------------------------
1999 1998 1997
----------------- ----------------- ------------------
----------------- ----------------- ------------------
(A)
Net Asset Value, Beginning of Period $ 1.0301 $ 1.0088 $ 1.0000
Income from Investment Operations
Net investment income 0.0428 0.0412 0.0145
Capital gain distributions received 0.0236 0.0149 0.0121
----------------- ----------------- ------------------
----------------- ----------------- ------------------
Total distributions received 0.0664 0.0561 0.0266
Net realized and unrealized gain (loss) on investments (0.0169) 0.0266 0.0094
----------------- ----------------- ------------------
----------------- ----------------- ------------------
Total Income From Investment Operations 0.0495 0.0827 0.0360
----------------- ----------------- ------------------
----------------- ----------------- ------------------
Less Distributions
From net investment income (0.0406) (0.0613) (0.0159)
From net realized gains (0.0276) (0.0001) (0.0113)
----------------- ----------------- ------------------
----------------- ----------------- ------------------
Total Distributions (0.0682) (0.0614) (0.0272)
----------------- ----------------- ------------------
----------------- ----------------- ------------------
Net Asset Value, End of Period $ 1.0114 $ 1.0301 $ 1.0088
================= ================= ==================
================= ================= ==================
Total Return 4.86% 8.25% 3.60%
Net Assets, End of Period $ 17,142,458 $ 15,519,563 $ 268,416
Ratio of Expenses to Average Net Assets 0.25% 0.25% 0.25% *
Ratio of Net Investment Income to
Average Net Assets 3.94% 4.81% 8.83% *
Portfolio Turnover Rate 80.14% 99.16% 25.56%
</TABLE>
*Annualized
(A) The portfolio commenced operations on September 9, 1997.
(Continued)
MAXIM SERIES FUND, INC.
MODERATE PROFILE PORTFOLIO
<TABLE>
FINANCIAL HIGHLIGHTS
<S> <C> <C> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the years ended
December 31, 1999, 1998 and the period ended December 31, 1997 are as follows:
Period Ended December 31,
----------------------------------------------------------------
----------------------------------------------------------------
1999 1998 1997
----------------- ----------------- ------------------
----------------- ----------------- ------------------
(A)
Net Asset Value, Beginning of Period $ 1.0503 $ 0.9661 $ 1.0000
Income from Investment Operations
Net investment income 0.0226 0.0171 0.0090
Capital gain distributions received 0.0706 0.0159 0.0477
----------------- ----------------- ------------------
----------------- ----------------- ------------------
Total distributions received 0.0932 0.0330 0.0567
Net realized and unrealized gain (loss) on investments 0.0780 0.0769 (0.0308)
----------------- ----------------- ------------------
----------------- ----------------- ------------------
Total Income From Investment Operations 0.1712 0.1099 0.0259
----------------- ----------------- ------------------
----------------- ----------------- ------------------
Less Distributions
From net investment income (0.0182) (0.0257) (0.0144)
From net realized gains (0.0782) (0.0454)
----------------- ----------------- ------------------
----------------- ----------------- ------------------
Total Distributions (0.0964) (0.0257) (0.0598)
----------------- ----------------- ------------------
----------------- ----------------- ------------------
Net Asset Value, End of Period $ 1.1251 $ 1.0503 $ 0.9661
================= ================= ==================
================= ================= ==================
Total Return 16.43% 11.41% 2.60%
Net Assets, End of Period $ 27,960,665 $ 12,600,896 $ 1,044,081
Ratio of Expenses to Average Net Assets 0.25% 0.25% 0.25% *
Ratio of Net Investment Income to
Average Net Assets 1.91% 2.27% 5.51% *
Portfolio Turnover Rate 105.60% 114.39% 31.39%
</TABLE>
*Annualized
(A) The portfolio commenced operations on September 9, 1997.
(Continued)
MAXIM SERIES FUND, INC.
MODERATELY AGGRESSIVE PROFILE PORTFOLIO
<TABLE>
FINANCIAL HIGHLIGHTS
<S> <C> <C> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the years ended
December 31, 1999, 1998 and the period ended December 31, 1997 are as follows:
Period Ended December 31,
----------------------------------------------------------------
----------------------------------------------------------------
1999 1998 1997
----------------- ----------------- ------------------
----------------- ----------------- ------------------
(A)
Net Asset Value, Beginning of Period $ 1.0668 $ 0.9676 $ 1.0000
Income from Investment Operations
Net investment income 0.0142 0.0136 0.0075
Capital gain distributions received 0.0768 0.0284 0.0568
----------------- ----------------- ------------------
----------------- ----------------- ------------------
Total distributions received 0.0910 0.0420 0.0643
Net realized and unrealized gain (loss) on investments 0.1430 0.0790 (0.0279)
----------------- ----------------- ------------------
----------------- ----------------- ------------------
Total Income From Investment Operations 0.2340 0.1210 0.0364
----------------- ----------------- ------------------
----------------- ----------------- ------------------
Less Distributions
From net investment income (0.0099) (0.0217) (0.0141)
From net realized gains (0.0727) (0.0001) (0.0547)
----------------- ----------------- ------------------
----------------- ----------------- ------------------
Total Distributions (0.0826) (0.0218) (0.0688)
----------------- ----------------- ------------------
----------------- ----------------- ------------------
Net Asset Value, End of Period $ 1.2182 $ 1.0668 $ 0.9676
================= ================= ==================
================= ================= ==================
Total Return 22.05% 12.54% 3.66%
Net Assets, End of Period $ 36,469,448 $ 15,066,086 $ 1,630,969
Ratio of Expenses to Average Net Assets 0.25% 0.25% 0.25% *
Ratio of Net Investment Income to
Average Net Assets 0.96% 1.80% 4.19% *
Portfolio Turnover Rate 101.16% 123.12% 41.30%
</TABLE>
*Annualized
(A) The portfolio commenced operations on September 9, 1997.
(Continued)
MAXIM SERIES FUND, INC.
MODERATELY CONSERVATIVE PROFILE PORTFOLIO
<TABLE>
FINANCIAL HIGHLIGHTS
<S> <C> <C> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the years ended
December 31, 1999, 1998 and the period ended December 31, 1997 are as follows:
Period Ended December 31,
----------------------------------------------------------------
----------------------------------------------------------------
1999 1998 1997
----------------- ----------------- ------------------
----------------- ----------------- ------------------
(A)
Net Asset Value, Beginning of Period $ 1.0470 $ 0.9909 $ 1.0000
Income from Investment Operations
Net investment income 0.0309 0.0266 0.0132
Capital gain distributions received 0.0450 0.0121 0.0182
----------------- ----------------- ------------------
----------------- ----------------- ------------------
Total distributions received 0.0759 0.0387 0.0314
Net realized and unrealized gain (loss) on investments 0.0104 0.0576 (0.0085)
----------------- ----------------- ------------------
----------------- ----------------- ------------------
Total Income From Investment Operations 0.0863 0.0963 0.0229
----------------- ----------------- ------------------
----------------- ----------------- ------------------
Less Distributions
From net investment income (0.0271) (0.0398) (0.0151)
From net realized gains (0.0464) (0.0004) (0.0169)
----------------- ----------------- ------------------
----------------- ----------------- ------------------
Total Distributions (0.0735) (0.0402) (0.0320)
----------------- ----------------- ------------------
----------------- ----------------- ------------------
Net Asset Value, End of Period $ 1.0598 $ 1.0470 $ 0.9909
================= ================= ==================
================= ================= ==================
Total Return 8.34% 9.75% 2.29%
Net Assets, End of Period $ 13,672,483 $ 9,586,577 $ 534,975
Ratio of Expenses to Average Net Assets 0.25% 0.25% 0.25% *
Ratio of Net Investment Income to
Average Net Assets 2.70% 3.41% 6.02% *
Portfolio Turnover Rate 116.96% 112.09% 32.97%
*Annualized
(A) The portfolio commenced operations on September 9, 1997.
(Concluded)
</TABLE>
MAXIM SERIES FUND, INC.
AGGRESSIVE PROFILE II PORTFOLIO
<TABLE>
FINANCIAL HIGHLIGHTS
<S> <C> <C> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the period ended
December 31, 1999 is as follows:
Period Ended
December 31,
--------------------
--------------------
1999
--------------------
--------------------
(A)
Net Asset Value, Beginning of Period $ 9.7751
Income from Investment Operations
Net investment income 0.0191
Capital gain distributions received 0.6332
--------------------
--------------------
Total distributions received 0.6523
Net realized and unrealized gain on investments 0.9792
--------------------
--------------------
Total Income From Investment Operations 1.6315
--------------------
--------------------
Less Distributions
From net investment income (0.0191)
From net realized gains (0.3729)
--------------------
--------------------
Total Distributions (0.3920)
--------------------
--------------------
Net Asset Value, End of Period $ 11.0146
====================
====================
Total Return 16.72%
Net Assets, End of Period $ 2,195,730
Ratio of Expenses to Average Net Assets 0.10% *
Ratio of Net Investment Income to Average Net Assets 1.63% *
Portfolio Turnover Rate 114.40%
*Annualized
(A) The portfolio commenced operations on September 16, 1999.
</TABLE>
(Continued)
MAXIM SERIES FUND, INC.
CONSERVATIVE PROFILE II PORTFOLIO
<TABLE>
FINANCIAL HIGHLIGHTS
<S> <C> <C> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the period ended
December 31, 1999 is as follows:
Period Ended
December 31,
1999
--------------------
--------------------
(A)
Net Asset Value, Beginning of Period $ 9.9102
Income from Investment Operations
Net investment income 0.1177
Capital gain distributions received 0.1832
--------------------
--------------------
Total distributions received 0.3009
Net realized and unrealized gain on investments 0.1945
--------------------
--------------------
Total Income From Investment Operations 0.4954
--------------------
--------------------
Less Distributions
From net investment income (0.1172)
From net realized gains (0.0543)
--------------------
--------------------
Total Distributions (0.1715)
--------------------
--------------------
Net Asset Value, End of Period $ 10.2341
====================
====================
Total Return 5.00%
Net Assets, End of Period $ 738,926
Ratio of Expenses to Average Net Assets 0.10% *
Ratio of Net Investment Income to Average Net Assets 8.24% *
Portfolio Turnover Rate 176.32%
</TABLE>
*Annualized
(A) The portfolio commenced operations on September 30, 1999.
(Continued)
MAXIM SERIES FUND, INC.
MODERATE PROFILE II PORTFOLIO
<TABLE>
FINANCIAL HIGHLIGHTS
<S> <C> <C> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the period ended
December 31, 1999 is as follows:
Period Ended
December 31,
1999
--------------------
--------------------
(A)
Net Asset Value, Beginning of Period $ 9.7937
Income from Investment Operations
Net investment income 0.0685
Capital gain distributions received 0.3526
--------------------
--------------------
Total distributions received 0.4211
Net realized and unrealized gain on investments 0.4076
--------------------
--------------------
Total Income From Investment Operations 0.8287
--------------------
--------------------
Less Distributions
From net investment income (0.0683)
From net realized gains (0.1817)
--------------------
--------------------
Total Distributions (0.2500)
--------------------
--------------------
Net Asset Value, End of Period $ 10.3724
====================
====================
Total Return 8.47%
Net Assets, End of Period $ 2,705,549
Ratio of Expenses to Average Net Assets 0.10% *
Ratio of Net Investment Income to Average Net Assets 5.72% *
Portfolio Turnover Rate 113.22%
</TABLE>
*Annualized
(A) The portfolio commenced operations on September 16, 1999.
(Continued)
MAXIM SERIES FUND, INC.
MODERATELY AGGRESSIVE PROFILE II PORTFOLIO
<TABLE>
FINANCIAL HIGHLIGHTS
<S> <C> <C> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the period ended
December 31, 1999 is as follows:
Period Ended
December 31,
1999
--------------------
--------------------
(A)
Net Asset Value, Beginning of Period $ 9.8559
Income from Investment Operations
Net investment income 0.0471
Capital gain distributions received 0.3953
--------------------
--------------------
Total distributions received 0.4424
Net realized and unrealized gain on investments 0.6808
--------------------
--------------------
Total Income From Investment Operations 1.1232
--------------------
--------------------
Less Distributions
From net investment income (0.0469)
From net realized gains (0.2219)
--------------------
--------------------
Total Distributions (0.2688)
--------------------
--------------------
Net Asset Value, End of Period $ 10.7103
====================
====================
Total Return 11.41%
Net Assets, End of Period $ 3,765,097
Ratio of Expenses to Average Net Assets 0.10% *
Ratio of Net Investment Income to Average Net Assets 4.76% *
Portfolio Turnover Rate 105.09%
</TABLE>
*Annualized
(A) The portfolio commenced operations on September 16, 1999.
(Continued)
MAXIM SERIES FUND, INC.
MODERATELY CONSERVATIVE PROFILE II PORTFOLIO
<TABLE>
FINANCIAL HIGHLIGHTS
<S> <C> <C> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
Selected data for a share of capital stock of the portfolio for the period ended
December 31, 1999 is as follows:
Period Ended
December 31,
--------------------
--------------------
1999
--------------------
--------------------
(A)
Net Asset Value, Beginning of Period $ 9.7877
Income from Investment Operations
Net investment income 0.0870
Capital gain distributions received 0.2686
--------------------
--------------------
Total distributions received 0.3556
Net realized and unrealized gain on investments 0.3819
--------------------
--------------------
Total Income From Investment Operations 0.7375
--------------------
--------------------
Less Distributions
From net investment income (0.0867)
From net realized gains (0.1227)
--------------------
--------------------
Total Distributions (0.2094)
--------------------
--------------------
Net Asset Value, End of Period $ 10.3158
====================
====================
Total Return 7.54%
Net Assets, End of Period $ 908,102
Ratio of Expenses to Average Net Assets 0.10% *
Ratio of Net Investment Income to Average Net Assets 7.54% *
Portfolio Turnover Rate 84.96%
</TABLE>
*Annualized
(A) The portfolio commenced operations on September 27, 1999.
<PAGE>
MAXIM SERIES FUND, INC.
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 1999 AND 1998
- -------------------------------------------------------------------------------
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 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 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 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.
<PAGE>
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 December 31, 1999, the Money
Market Portfolio had available for federal income tax purposes an unused
capital loss carryover of $97,885, which expires in 2006.
Classification of Distributions to Shareholders
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 year ended December 31, 1999, the aggregate cost of purchases and
proceeds from sales of investment securities (excluding all U.S.
Government securities and short-term securities) were $303,500,854 and
$209,811,917, respectively, for the Growth Index Portfolio. For the year
ended December 31, 1999, there were no purchases and or sales of U.S.
Government securities.
4. UNREALIZED APPRECIATION (DEPRECIATION)
At December 31, 1999, the U.S. Federal income tax cost basis was
$333,107,620 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 $174,776,115 and gross depreciation of securities in
which there was an excess of tax cost over value of $9,035,512, resulting
in net appreciation of $165,740,603.
5. FUTURES CONTRACTS
As of December 31, 1999, the Growth Index Portfolio had 27 open S&P 500
long futures contracts. The contracts expire in March 2000, and the
Portfolio has recorded unrealized appreciation of $135,807 as of December
31, 1999.
MAXIM SERIES FUND, INC.
Financial Statements and Financial Highlights for
the Years Ended December 31, 1999 and 1998
(Section 2)
MAXIM SERIES FUND, INC.
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 1999 AND 1998
- --------------------------------------------------------------------------------
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 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 year ended December 31, 1999, the aggregate cost of purchases and
proceeds from sales of investment securities (excluding all U.S. Government
securities and short-term securities) were $114,601,624 and $186,507,902,
respectively. For the year ended December 31, 1999, there were no purchases
and or sales of U.S. Government securities.
4. UNREALIZED APPRECIATION (DEPRECIATION)
At December 31, 1999, the U.S. Federal income tax cost basis was $536,143,470.
The Portfolio had gross appreciation of securities in which there was an
excess of value over tax cost of $661,843,333 and gross depreciation of
securities in which there was an excess of tax cost over value of
$31,037,589, resulting in net appreciation of $630,805,744.
5. FUTURES CONTRACTS
As of December 31, 1999, the Portfolio had 50 open S&P 500 long futures
contracts. The contracts expire in March, 2000, and the Portfolio has
recorded unrealized appreciation of $136,432 as of December 31, 1999.
MAXIM SERIES FUND, INC.
Financial Statements and Financial Highlights for
the Years Ended December 31, 1999 and 1998
(Section 3)
MAXIM SERIES FUND, INC.
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 1999 AND 1998
- --------------------------------------------------------------------------------
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.
Effective May 1, 1999, the Small-Cap Index Portfolio changed its name to
Index 600 Portfolio. 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 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 year ended December 31, 1999, the aggregate cost of purchases and
proceeds from sales of investment securities (excluding all U.S. Government
securities and short-term securities) were $8,217,187 and $10,225,311,
respectively. For the year ended December 31, 1999, there were no purchases
and or sales of U.S. Government securities.
4. UNREALIZED APPRECIATION (DEPRECIATION)
At December 31, 1999, the U.S. Federal income tax cost basis was $21,813,713.
The Portfolio had gross appreciation of securities in which there was an
excess of value over tax cost of $6,335,071 and gross depreciation of
securities in which there was an excess of tax cost over value of
$3,327,353, resulting in net appreciation of $3,007,718.
5. FUTURES CONTRACTS
As of December 31, 1999, the Portfolio had 3 open Russell 2000 long futures
contracts. The contracts expire in March, 2000, and the portfolio has
recorded unrealized appreciation of $61,800 as of December 31, 1999.
MAXIM SERIES FUND, INC.
Financial Statements and Financial Highlights for
the Years Ended December 31, 1999 and 1998
(Section 4)
MAXIM SERIES FUND, INC.
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 1999 AND 1998
- --------------------------------------------------------------------------------
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 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 and fair value of these restricted
securities held at December 31, 1999 were as follows:
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Templeton
International
Equity
Portfolio
--------------
Aggregate Cost $ 546,879
Aggregate Fair Value $ 492,540
Percent of Net Assets
0.49%
</TABLE>
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 year ended December 31, 1999, the aggregate cost of purchases and
proceeds from sales of investment securities (excluding all U.S. Government
securities and short-term securities) were $60,959,540 and $124,408,414,
respectively. For the year ended December 31, 1999, there were no purchases
and or sales of U.S. Government securities.
4. UNREALIZED APPRECIATION (DEPRECIATION)
At December 31, 1999, the U.S. Federal income tax cost basis was $78,203,807.
The Portfolio had gross appreciation of securities in which there was an
excess of value over tax cost of $31,376,649 and gross depreciation of
securities in which there was an excess of tax cost over value of
$8,534,543, resulting in net appreciation of $22,842,106.
MAXIM SERIES FUND, INC.
Financial Statements and Financial Highlights for
the Years Ended December 31, 1999 and 1998
(Section 5)
MAXIM SERIES FUND, INC.
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 1999 AND 1998
- --------------------------------------------------------------------------------
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 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
and fair value of these restricted securities held at December 31, 1999
were as follows:
Bond
Portfolio
--------------
Aggregate Cost $ 12,150,617
Aggregate Fair Value $ 10,494,900
Percent of Net Assets 14.94%
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 December 31, 1999, 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 year ended December 31, 1999, 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 $ 42,642,568
28,892,010
U.S. Government Securities Portfolio
3,507,246
0
For the year ended December 31, 1999, the aggregate cost of purchases and
proceeds from sales of U.S. Government securities were as follows:
Purchases Sales
-------------- --------------
Bond Portfolio $ 4,310,864
17,630,486
U.S. Government Securities Portfolio 36,136,363
36,372,710
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 December 31, 1999, were as follows:
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Cost For
Income Net
Tax Gross Gross Unrealized
Purposes Appreciation Depreciation Depreciation
------------ -------------- -------------- --------------
Bond Portfolio $ $ 49,124 $ $
73,108,408 (3,955,896) (3,906,772)
U.S. Government
Securities 438,171
Portfolio 77,837,056 (2,298,693) (1,860,522)
</TABLE>
MAXIM SERIES FUND, INC.
Financial Statements and Financial Highlights for
the Years Ended December 31, 1999 and 1998
(Section 6)
MAXIM SERIES FUND, INC.
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 1999 AND 1998
- -------------------------------------------------------------------------------
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, Foreign Equity, 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. Effective July 26, 1999, the Investment Grade
Corporate Bond Portfolio changed its name to Bond Index Portfolio. 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 total return
from long-term growth of capital and dividend income for the Foreign Equity
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. Each Portfolio is diversified as
defined in the 1940 Act, with the exception of Short-Term Maturity Bond and
U.S. Government Mortgage Securities Portfolios, which are 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 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 Foreign Equity 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.
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 Index and Short-Term Maturity 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 and fair value of these restricted
securities held at December 31, 1999 were as follows:
Bond Short-Term
Index Maturity
Portfolio Bond
Portfolio
-------------- --------------
Aggregate Cost 1,504,544 $ 3,079,586
Aggregate Fair Value 1,487,595 $ 3,022,530
Percent of Net Assets 2.19%
1.11%
Foreign Currency Translations
The accounting records of the Foreign Equity Portfolio are maintained in U.S.
dollars. Investment securities, and other assets and liabilities
denominated in a foreign currency are translated into U.S. dollars at the
current exchange rate. Purchases and sales of securities, income receipts
and expense payments are translated into U.S. dollars at the exchange rate
on the dates of the transactions.
The Foreign Equity Portfolio 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 Foreign Equity Portfolio and the U.S. dollar equivalent of the amounts
actually received or paid. Net unrealized foreign exchange gains and losses
arise from changes in the fair values of assets and liabilities including
investments in securities at fiscal year end, resulting from changes in the
exchange rate.
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.
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. Dividends from net investment income of the Foreign Equity
Portfolio are declared and paid 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 Foreign Equity Portfolio
and specific lot selection for the Bond Index, Short-Term Maturity Bond and
U.S. Government Mortgage Securities Portfolios.
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 U.S. Government Mortgage Securities Portfolio may enter into repurchase
agreements which settle at a specified future date. Amounts owing to
brokers under these agreements are included in Payables for Investments
Purchased in the accompanying financial statements. This liability was
$3,296,196 at December 31, 1999, and was collaterized by securities of
approximately the same value.
Federal Income Taxes
For federal income tax purposes, each Portfolio of the Fund qualifies as a
regulated investment company under the provisions of the Internal Revenue
Code by distributing substantially all of its taxable net income (both
ordinary and capital gain) to its shareholders and complying with other
requirements for regulated investment companies. Accordingly, no provision
for federal income taxes has been made. At December 31, 1999, 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, .60% of the average daily net assets of the Short-Term
Maturity Bond and U.S. Government Mortgage Securities Portfolios, and 1.00%
of the average daily net assets of the Foreign Equity Portfolio. Prior to
July 26, 1999, the investment advisor received monthly compensation at the
annual rate of .60% for the Bond Index Portfolio. However, the investment
advisor shall pay any expenses which exceed an annual rate, including
management fees, of 1.50% of the average daily net assets of the Foreign
Equity 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
Bond Index, Short-Term Maturity Bond and U.S. Government Securities
Portfolios, the management fee encompasses fund operation expenses.
3. PURCHASES AND SALES OF INVESTMENT SECURITIES
For the year ended December 31, 1999, 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:
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Purchases Sales
-------------- --------------
Bond Index Portfolio $ 49,202,333 $ 122,074,696
Foreign Equity Portfolio 52,854,366 161,984,325
Short-Term Maturity Bond Portfolio 48,362,740 34,297,350
U.S. Government Mortgage Securities Portfolio 4,008,282 4,015,000
For the year ended December 31, 1999, the aggregate cost of purchases and proceeds
from sales of U.S. Government securities were as follows:
Purchases Sales
-------------- --------------
Bond Index Portfolio $ 118,363,822 $ 35,369,554
Foreign Equity Portfolio
0 0
Short-Term Maturity Bond Portfolio 34,222,917 20,135,274
U.S. Government Mortgage Securities Portfolio * 83,415,107 80,787,691
*Includes purchases and sales of repurchase agreements of $19,315,156 and $16,125,505,
respectively.
</TABLE>
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 December 31, 1999, were as follows:
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Cost For Net
Income Unrealized
Tax Gross Gross Appreciation
Purposes Appreciation Depreciation (Depreciation)
------------- -------------- -------------- --------------
Bond Index Portfolio $ 134,465,783 $ 15,340 $ $
(2,903,040) (2,887,700)
Foreign Equity
Portfolio 1,472,918 384,535 (52,836) 331,699
Short-Term Maturity
Bond Portfolio 136,469,645 86,185
(1,537,739) (1,451,554)
U.S. Government
Mortgage
Securities 190,277,711 630,185
Portfolio (5,970,040) (5,339,855)
</TABLE>
5. INTEREST RATE SWAP AGREEMENT
As of December 31, 1999, the Short-Term Maturity Bond Portfolio had an
interest rate swap agreement with Morgan Stanley Dean Witter Co. with a net
face amount of $2,500,000 and a maturity date of October 15, 2002. The
Portfolio is receiving a floating interest rate of LIBOR plus 1.65%, equal
to 7.826% at December 31, 1999, and is paying a fixed interest rate of
5.00%.
MAXIM SERIES FUND, INC.
Financial Statements and Financial Highlights for
the Years Ended December 31, 1999 and 1998
(Section 7)
MAXIM SERIES FUND, INC.
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 1999 AND 1998
- --------------------------------------------------------------------------------
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 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 T. Rowe Price Equity/Income 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 T. Rowe Price Equity/Income 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 T. Rowe Price Equity/Income 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 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 year ended December 31, 1999, 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:
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Purchases Sales
-------------- --------------
INVESCO Balanced Portfolio $ 189,840,351 $ 216,553,319
T. Rowe Price Equity/Income Portfolio 85,246,276 104,715,006
For the year ended December 31, 1999, the aggregate cost of purchases and proceeds
from sales of U.S. Government securities were as follows:
Purchases Sales
-------------- --------------
INVESCO Balanced Portfolio $ 12,526,660 $ 14,184,774
T. Rowe Price Equity/Income Portfolio 2,058,773
0
</TABLE>
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 December 31, 1999, were as follows:
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Cost For Net
Income Unrealized
Tax Gross Gross Appreciation
Purposes Appreciation Depreciation (Depreciation)
------------ -------------- -------------- --------------
INVESCO Balanced
Portfolio $ $ 26,607,786 $ $$ 22,145,677
145,908,136 (4,462,109)
T. Rowe Price
Equity/Income
Portfolio 26,743,129 10,018,736
181,855,200 (16,724,393)
</TABLE>
MAXIM SERIES FUND, INC.
Financial Statements and Financial Highlights for
the Years Ended December 31, 1999 and 1998
(Section 8)
MAXIM SERIES FUND, INC.
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 1999 AND 1998
- --------------------------------------------------------------------------------
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 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 Ariel MidCap Value and INVESCO Small-Cap Growth 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.
Foreign Currency Translations
The accounting records of the Ariel MidCap Value and INVESCO Small-Cap Growth
Portfolios are maintained in U.S. dollars. Investment securities, and other
assets and liabilities denominated in a foreign currency are translated
into U.S. dollars at the current exchange rate. Purchases and sales of
securities, income receipts and expense payments are translated into U.S.
dollars at the exchange rate on the dates of the transactions.
The Ariel MidCap Value and INVESCO Small-Cap Growth 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 Ariel MidCap Value and INVESCO Small-Cap Growth 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.
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%, 1.50% 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 year ended December 31, 1999, 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 307,896,220 $ 565,303,579
INVESCO ADR Portfolio 103,303,727 14,788,607
INVESCO Small-Cap Growth Portfolio 212,928,959 202,098,773
For the year ended December 31, 1999, 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 December 31, 1999, were as follows:
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Cost For Net
Income Unrealized
Tax Gross Gross Appreciation
Purposes Appreciation Depreciation (Depreciation)
------------ -------------- -------------- --------------
Ariel MidCap Value
Portfolio $ $ 3,493,266 $ (7,035,256) $ (3,541,990)
70,215,116
INVESCO ADR
Portfolio 30,852,935 (3,761,250) 27,091,685
114,787,692
INVESCO Small-Cap
Growth Portfolio
50,508,905 (2,006,298) 48,502,607
134,228,880
</TABLE>
MAXIM SERIES FUND, INC.
Financial Statements and Financial Highlights for
the Years Ended December 31, 1999 and 1998
(Section 9)
MAXIM SERIES FUND, INC.
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 1999 AND 1998
- --------------------------------------------------------------------------------
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 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 year ended December 31, 1999, the aggregate cost of purchases and
proceeds from sales of investment securities (excluding all U.S. Government
securities and short-term securities) were $106,541,380 and $135,493,700,
respectively. For the year ended December 31, 1999, there were no purchases
and or sales of U.S. Government securities.
4. UNREALIZED APPRECIATION (DEPRECIATION)
At December 31, 1999, the U.S. Federal income tax cost basis was $89,981,966.
The Portfolio had gross appreciation of securities in which there was an
excess of value over tax cost of $11,515,776 and gross depreciation of
securities in which there was an excess of tax cost over value of
$8,270,872, resulting in net appreciation of $3,244,904.
MAXIM SERIES FUND, INC.
Financial Statements and Financial Highlights for
the Years Ended December 31, 1999 and 1998
(Section 10)
MAXIM SERIES FUND, INC.
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 1999 AND 1998
- --------------------------------------------------------------------------------
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. Effective July 26, 1999, the Founders Blue Chip
Portfolio changed its name to Founders Growth & Income Portfolio. 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 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. Fixedincome 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, Loomis Sayles Corporate Bond and T. Rowe
Price MidCap Growth 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 Loomis Sayles Corporate 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 and fair value
of these restricted securities held at December 31, 1999 were as
follows:
Loomis
Sayles
Corporate
Bond
Portfolio
--------------
Aggregate Cost 18,897,280
Aggregate Fair Value 19,370,709
Percent of Net Assets 10.12%
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 and fair value of these illiquid securities
held at December 31, 1999 were as follows:
Loomis
Sayles
Corporate
Bond
Portfolio
--------------
Aggregate Cost $ 6,490,260
Aggregate Fair Value $ 3,288,168
Percent of Net Assets
1.72%
Foreign Currency Translations
The accounting records of the Founders Growth & Income, Loomis Sayles
Corporate Bond and T. Rowe Price MidCap Growth 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, Loomis Sayles Corporate Bond and T. Rowe
Price MidCap Growth 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, Loomis
Sayles Corporate Bond and T. Rowe Price MidCap Growth 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
December 31, 1999, 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 year ended December 31, 1999, 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:
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Purchases Sales
-------------- --------------
Ariel Small-Cap Value Portfolio $ $ 16,369,236
16,302,850
Founders Growth & Income Portfolio 201,224,705
212,833,515
Loomis Sayles Corporate Bond Portfolio 59,456,606
42,357,256
T. Rowe Price MidCap Growth Portfolio 99,317,766
116,794,713
Value Index Portfolio 241,041,734
252,868,152
For the year ended December 31, 1999, the aggregate cost of purchases and proceeds
from sales of U.S. Government securities were as follows:
Purchases Sales
-------------- --------------
Ariel Small-Cap Value Portfolio $ $
0 0
Founders Growth & Income Portfolio 12,529,643
0
Loomis Sayles Corporate Bond Portfolio 4,978,902
12,943,632
T. Rowe Price MidCap Growth Portfolio
0 0
Value Index Portfolio
0 0
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 December
31, 1999, were as follows:
Cost For Net
Income Unrealized
Tax Gross Gross Appreciation
Purposes Appreciation Depreciation (Depreciation)
------------ -------------- -------------- --------------
Ariel Small-Cap
Value Portfolio $ $ 3,527,769 $ $
36,897,784 (5,090,384) (1,562,615)
Founders Growth &
Income Portfolio 30,034,816
121,660,324 (4,754,963) 25,279,853
Loomis Sayles
Corporate Bond
Portfolio 6,553,353
208,581,240 (22,540,054) (15,986,701)
T. Rowe Price
MidCap Growth
Portfolio 59,854,936
155,108,372 (12,289,065) 47,565,871
Value Index
Portfolio 57,527,392
357,133,555 (25,445,625) 32,081,767
</TABLE>
5. FUTURES CONTRACTS
As of December 31, 1999, the Value Index Portfolio had 55 open S&P 500
long futures contracts. The contracts expire in March 2000, and the
portfolio has recorded unrealized appreciation of $546,644 as of
December 31, 1999.
MAXIM SERIES FUND, INC.
Financial Statements and Financial Highlights for
the Years Ended December 31, 1999 and 1998
(Section 11)
MAXIM SERIES FUND, INC.
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 1999 AND 1998
- --------------------------------------------------------------------------------
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, Financial
Times (FT)/S&P Actuaries Large-Cap European Index for the Index
European Portfolio, and FT/S&P Actuaries Large-Cap 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 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.
Related to a transfer of assets from the Orchard Index Pacific Fund,
another fund advised by GWCM, to the Maxim Index Pacific Portfolio,
Malaysian Ringits held in the account of the Orchard Index Pacific
Fund experienced processing delays during transfer due to Malaysian
government controls. This process is expected to be completed in
February 2000.
3. PURCHASES AND SALES OF INVESTMENT SECURITIES
For the year ended December 31, 1999, 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:
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Purchases Sales
-------------- --------------
Global Bond Portfolio $ 157,020,841 $ 69,343,392
Index 400 Portfolio 11,152,786 2,388,735
Index European Portfolio 146,411,367 25,515,619
Index Pacific Portfolio 162,117,452 27,316,257
For the year ended December 31, 1999, the aggregate cost of purchases and proceeds
from sales of U.S. Government securities were as follows:
Purchases Sales
-------------- --------------
Global Bond Portfolio $ 4,309,320 $
0
Index 400 Portfolio
0 0
Index European Portfolio
0
0
Index Pacific Portfolio
0
0
</TABLE>
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 December 31, 1999, were as follows:
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Cost For Net
Income Unrealized
Tax Gross Gross Appreciation
Purposes Appreciation Depreciation (Depreciation)
------------ -------------- -------------- --------------
Global Bond
Portfolio $ $ 521,543 $ $
91,505,494 (3,226,883) (2,705,340)
Index 400
Portfolio 1,564,743 472,242
9,922,082 (1,092,501)
Index European
Portfolio 25,556,053 22,626,281
122,347,608 (2,929,772)
Index Pacific
Portfolio 53,439,453 48,347,207
138,324,291 (5,092,246)
5. FUTURES CONTRACTS
As of December 31, 1999, the Index 400, Index European and Index Pacific held open
futures contracts as follows:
Long Number of Expiration Unrealized
Contracts Long Date Appreciation
Contracts
------------ -------------- -------------- -------------
Index 400
Portfolio MidCap 400 5 March 2000 $ 43,625
Index British 18 March 2000
European Pound 16 March 2000 (505)
Portfolio FTSE 100 151,111
-------------
150,606
Index Pacific Japanese 93 March 2000
Portfolio Yen 123 March 2000 (30,400)
Nikkei 225 164,824
-------------
134,424
6.
FORWARD FOREIGN CURRENCY CONTRACTS
As of December 31, 1999, the Global Bond Portfolio held the following forward foreign
currency contracts:
Net
Unrealized
Delivery Settlement Appreciation/
Value Date (Depreciation)
-------------- -------------- --------------
Long Contracts:
Australian Dollar June 15, $ (343,287)
16,520,000 2000 $
British Pound June 15, (2,081)
3,400,000 2000
Euro June 15, 1,091,935
52,370,000 2000
Japanese Yen June 15, (30,272)
387,000,000 2000
New Zealand Dollar June 15, (127,753)
13,505,000 2000
Swedish Krona June 15, 193,994
90,200,000 2000
Short Contracts:
British Pound June 15, (51,886)
4,193,000 2000
Euro June 15, (56,027)
3,100,000 2000
Japanese Yen June 15, 42,906
282,000,000 2000
Swedish Krona June 15, (51,487)
56,200,000 2000
--------------
Net Appreciation $ 666,042
==============
</TABLE>
MAXIM SERIES FUND, INC.
Financial Statements and Financial Highlights for
the Years Ended December 31, 1999 and 1998
(Section 12)
MAXIM SERIES FUND, INC.
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 1999 AND 1998
- --------------------------------------------------------------------------------
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 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 in 1999 for each of the underlying investments were 0.60% of
the average daily net assets of the Bond, Growth Index, Index 600,
Short-Term Maturity Bond, Stock Index, U.S. Government Securities and
Value Index Portfolios; 0.88% of the average daily net assets of the
T. Rowe Price Equity/Income Portfolio; 0.90% of the average daily net
assets of the Loomis Sayles Corporate Bond Portfolio; 1.04% of the
average daily net assets of the Ariel MidCap Value Portfolio; 1.05% of
the average daily net assets of the T. Rowe MidCap Growth Portfolio;
1.07% of the average daily net assets of the INVESCO Small-Cap Growth
Portfolio; 1.11% of the average daily net assets of the Founders
Growth & Income Portfolio; 1.14% of the average daily net assets of
the INVESCO ADR and Loomis Sayles Small-Cap Value Portfolios; 1.23% of
the average daily net assets of the Ariel Small-Cap Value Portfolio;
and 1.23% of the average daily net assets of the Templeton
International Equity 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 December 31, 1999, were as follows:
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Cost For Net
Income Unrealized
Tax Gross Gross Appreciation
Purposes Appreciation Depreciation (Depreciation)
------------ -------------- -------------- --------------
Aggressive Profile
Portfolio $ $ 2,021,418 $ $ 1,580,397
17,449,211 (441,021)
Conservative
Profile 209,308 (370,986)
Portfolio 17,539,220 (580,294)
Moderate Profile
Portfolio 2,016,209 1,544,185
26,451,272 (472,024)
Moderately
Aggressive
Profile 3,446,480 2,999,062
Portfolio 33,514,668 (447,418)
Moderately
Conservative
Profile 224,920
Portfolio 13,467,247 557,983 (333,063)
4. INVESTMENT IN SHARES OF MAXIM SERIES FUND, INC.
Shares owned and related values at December 31, 1999 were as follows:
Shares Value
Aggressive Profile Portfolio
Ariel Small-Cap Value Portfolio 2,318,739 $ 1,817,915
Growth Index Portfolio 963,212 2,758,062
INVESCO ADR Portfolio 2,453,244 4,849,722
INVESCO Small-Cap Growth Portfolio 760,016 2,154,259
T. Rowe Price Mid-Cap Growth Portfolio 3,591,183 5,685,314
Value Index Portfolio 977,888 1,764,336
--------------
$ 19,029,608
==============
Conservative Profile Portfolio
Bond Portfolio 2,228,048 $ 2,544,582
Growth Index Portfolio 939,045 2,688,860
Short-Term Maturity Bond Portfolio 5,965,838 5,978,139
U.S. Government Securities Portfolio 4,052,732 4,238,800
Value Index Portfolio 952,124 1,717,853
--------------
$ 17,168,234
==============
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Shares Value
-----
Moderate Profile Portfolio
---------------------------------------------------------
Bond Portfolio 2,301,694 $ 2,628,691
-----
Growth Index Portfolio 1,454,461 4,164,702
-----
INVESCO ADR Portfolio 2,222,883 4,394,331
-----
INVESCO Small-Cap Growth Portfolio 1,148,408 3,255,151
-----
Short-Term Maturity Bond Portfolio 3,961,850 3,970,019
-----
T. Rowe Price MidCap Growth Portfolio 2,711,165 4,292,130
-----
U.S. Government Securities Portfolio 2,512,207 2,627,546
-----
Value Index Portfolio 1,475,912 2,662,887
-----
-----
$ 27,995,457
----- ==============
-----
Moderately Aggressive Profile Portfolio
---------------------------------------------------------
Growth Index Portfolio 1,874,337 5,366,975
-----
INVESCO ADR Portfolio 3,819,416 7,550,455
-----
INVESCO Small-Cap Growth Portfolio 1,480,041 4,195,160
-----
Stock Index Portfolio 869,449 3,516,411
-----
T. Rowe MidCap Growth Portfolio 4,658,351 7,374,782
-----
U.S. Government Securities Portfolio 4,855,598 5,078,527
-----
Value Index Portfolio 1,901,874 3,431,420
-----
-----
$ 36,513,730
----- ==============
-----
Moderately Conservative Profile Portfolio
---------------------------------------------------------
Bond Portfolio 1,155,189 1,319,305
-----
Growth Index Portfolio 730,604 2,092,010
-----
INVESCO ADR Portfolio 1,117,112 2,208,375
-----
Short-Term Maturity Bond Portfolio 3,314,236 3,321,070
-----
T. Rowe MidCap Growth Portfolio 907,837 1,437,225
-----
U.S. Government Securities Portfolio 1,891,193 1,978,021
-----
Value Index Portfolio 740,571 1,336,161
-----
-----
$ 13,692,167
----- ==============
-----
----- --------------------------------------------------- -------------- -- --------------
</TABLE>
MAXIM SERIES FUND, INC.
Financial Statements and Financial Highlights for
the Years Ended December 31, 1999 and 1998
(Section 13
MAXIM SERIES FUND, INC.
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 1999 AND 1998
- --------------------------------------------------------------------------------
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 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 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 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 in 1999 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 Equity Income Fund 1.00%
American Century Income & Growth Fund 0.94%
Dreyfus Emerging Leaders Fund 1.38%
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 Ariel MidCap Value Portfolio 1.04%
Maxim Ariel Small-Cap Value Portfolio 1.23%
Maxim Bond Portfolio 0.60%
Maxim Global Bond Portfolio 1.30%
Maxim Growth Index Portfolio 0.60%
Maxim Index Pacific Portfolio 1.20%
Maxim INVESCO ADR Portfolio 1.14%
Maxim INVESCO Small-Cap Growth Portfolio 1.07%
Maxim Loomis Sayles Corporate Bond Portfolio 0.90%
Maxim Loomis Sayles Small-Cap Value Portfolio 1.14%
Maxim Short-Term Maturity Bond Portfolio 0.60%
Maxim Stock Index Portfolio 0.60%
Maxim T. Rowe Price MidCap Growth Portfolio 1.05%
Maxim U.S. Government Mortgage Securities Portfolio 0.60%
Maxim Value Index Portfolio 0.60%
MFS Capital Opportunities Fund - A 1.23%
New England Growth & Income Fund - A 1.23%
Putnam Investments Growth & Income Fund 0.84%
--------------------------------------------------------------------------
- -----------------------------------------------------------------------------
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 December 31, 1999, were as follows:
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Cost For Net
Income Unrealized
Tax Gross Gross Appreciation
Purposes Appreciation Depreciation (Depreciation)
------------ -------------- -------------- --------------
Aggressive Profile
II Portfolio $ $ 100,197 $ (57,097) $ 43,100
2,152,425
Conservative
Profile II 748,984 4,400 (14,726) (10,326)
Portfolio
Moderate Profile
II Portfolio 72,769 (56,629) 16,140
2,696,010
Moderately
Aggressive
Profile II
Portfolio 110,181 (78,878) 31,303
3,730,387
Moderately
Conservative
Profile II
Portfolio 913,777 14,280 (19,018) (4,738)
</TABLE>
4. INVESTMENT IN SHARES OF MUTUAL FUNDS
Shares owned and related values at December 31, 1999 were as follows:
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Shares Value
-------------- --------------
Aggressive Profile II Portfolio
American Century Equity Income Fund 44,122 $ 247,087
American Century Income & Growth Fund 2,310 78,644
Dreyfus Emerging Leaders Fund 4,065 149,315
INVESCO Blue Chip Growth Fund 13,570 110,051
Janus Twenty Fund 1,383 115,421
Janus Worldwide Fund 3,867 295,517
Maxim Ariel MidCap Value Portfolio 1,184 1,825
Maxim Ariel Small-Cap Value Portfolio 90,262 70,767
Maxim Growth Index Portfolio 36,836 105,476
Maxim Index Pacific Portfolio 20,053 274,449
Maxim INVESCO ADR Portfolio 12 24
Maxim INVESCO Small-Cap Growth Portfolio 57,672 163,470
Maxim Loomis Sayles Small-Cap Value Portfolio 51,319 68,504
Maxim T. Rowe Price MidCap Growth Portfolio 6 10
Maxim Value Index Portfolio 43,134 77,823
MFS Capital Opportunities Fund - A 13,496 283,557
New England Growth & Income Fund - A 5,116 78,482
Putnam Growth & Income Fund 4,006 75,103
--------------
$
==============
Shares Value
-------------- --------------
Conservative Profile II Portfolio
American Century Income & Growth Fund 692 $& 23,551
INVESCO Blue Chip Growth Fund 4,062 32,939
INVESCO Select Income Fund 8,973 54,464
Janus Twenty Fund 416 34,687
Lord Abbett Bond Debenture - A 6,132 55,554
Maxim Bond Portfolio 131 150
Maxim Global Bond Portfolio 7,481 72,649
Maxim Growth Index Portfolio 11,013 31,534
Maxim Loomis Sayles Corporate Bond Portfolio 51,761 55,087
Maxim Short-Term Maturity Bond Portfolio 254,788 255,252
Maxim Stock Index Portfolio 26 106
Maxim U.S. Government Mortgage Securities 48,303 54,342
Portfolio
Maxim Value Index Portfolio 12,610 22,752
New England Growth & Income Fund - A 1,525 23,388
Putnam Investments Growth & Income Fund 1,184 22,203
--------------
$ 738,658
==============
-----
Moderate Profile II Portfolio
---------------------------------------------------------
American Century Equity Income Fund 22,413 $ 125,511
-----
American Century Income & Growth Fund 2,454 83,546
-----
Dreyfus Emerging Leaders Fund 2,573 94,521
-----
INVESCO Blue Chip Growth Fund 14,369 116,532
-----
INVESCO Select Income Fund 15,928 96,681
-----
Janus Twenty Fund 1,469 122,568
-----
Janus Worldwide Fund 2,954 225,799
-----
Lord Abbett Bond Debenture - A 10,875 98,527
-----
Maxim Ariel MidCap Value Portfolio 1,267 1,954
-----
Maxim Ariel Small-Cap Value Portfolio 58,711 46,030
-----
Maxim Global Bond Portfolio 26,585 258,158
-----
Maxim Growth Index Portfolio 39,009 111,698
-----
Maxim Index Pacific Portfolio 15,547 212,786
-----
Maxim INVESCO ADR Portfolio 13 25
-----
Maxim INVESCO Small-Cap Growth Portfolio 36,803 104,317
-----
Maxim Loomis Sayles Corporate Bond Portfolio 91,922 97,828
-----
Maxim Loomis Sayles Small-Cap Value Portfolio 32,676 43,619
-----
Maxim Short-Term Maturity Bond Portfolio 387,686 388,377
-----
Maxim Stock Index Portfolio 86 349
-----
Maxim U.S. Government Mortgage Securities 85,961 96,706
Portfolio
-----
Maxim Value Index Portfolio 44,814 80,854
-----
MFS Capital Opportunities Fund - A 6,847 143,862
-----
New England Growth & Income Fund - A 5,406 82,924
-----
Putnam Investments Growth & Income Fund 4,212 78,978
-----
-----
$
----- --------------------------------------------------- -------------- -- ==============
Shares Value
---------------------------------------------------------
Moderately Aggressive Profile II Portfolio
---------------------------------------------------------
American Century Equity Income Fund 62,685 $ 351,034
-----
American Century Income & Growth Fund 3,391 115,480
-----
Dreyfus Emerging Leaders Fund 3,523 129,413
-----
INVESCO Blue Chip Growth Fund 19,678 159,588
-----
INVESCO Select Income Fund 22,096 134,123
-----
Janus Twenty Fund 1,994 166,344
-----
Janus Worldwide Fund 5,325 406,834
-----
Lord Abbett Bond Debenture - A 15,050 136,356
-----
Maxim Ariel MidCap Value Portfolio 1,369 2,110
-----
Maxim Ariel Small-Cap Value Portfolio 80,752 63,310
-----
Maxim Global Bond Portfolio 36,873 358,064
-----
Maxim Growth Index Portfolio 53,821 154,110
-----
Maxim Index Pacific Portfolio 27,998 383,189
-----
Maxim INVESCO ADR Portfolio 10 20
-----
Maxim INVESCO Small-Cap Growth Portfolio 49,604 140,603
-----
Maxim Loomis Sayles Corporate Bond Portfolio 127,287 135,466
-----
Maxim Loomis Sayles Small-Cap Value Portfolio 45,442 60,660
-----
Maxim Stock Index Portfolio 94 380
-----
Maxim T. Rowe Price MidCap Growth Portfolio 6 10
-----
Maxim U.S. Government Mortgage Securities 119,284 134,194
Portfolio
-----
Maxim Value Index Portfolio 62,307 112,416
-----
MFS Capital Opportunities Fund - A 18,711 393,122
-----
New England Growth & Income Fund - A 7,478 114,708
-----
Putnam Investments Growth & Income Fund 5,875 110,156
-----
-----
$
----- ==============
-----
Moderately Conservative Profile II Portfolio
---------------------------------------------------------
-----
American Century Equity Income Fund 7,662 $ 42,908
-----
American Century Income & Growth Fund 836 28,464
-----
INVESCO Blue Chip Growth Fund 4,895 39,696
-----
INVESCO Select Income Fund 7,260 44,065
-----
Janus Twenty Fund 500 41,677
-----
Janus Worldwide Fund 669 51,167
-----
Lord Abbett Bond Debenture - A 4,954 44,886
-----
Maxim Ariel MidCap Value Portfolio 412 635
-----
Maxim Global Bond Portfolio 13,605 132,117
-----
Maxim Growth Index Portfolio 13,280 38,025
-----
Maxim Index Pacific Portfolio 3,525 48,251
-----
Maxim INVESCO ADR Portfolio 3 6
-----
Maxim Loomis Sayles Corporate Bond Portfolio 41,799 44,485
-----
Maxim Short-Term Maturity Bond Portfolio 176,338 176,652
-----
Maxim Stock Index Portfolio 28 114
-----
Maxim U.S. Government Mortgage Securities 39,053 43,934
Portfolio
-----
Maxim Value Index Portfolio 15,291 27,588
-----
MFS Capital Opportunities Fund - A 2,333 49,010
-----
New England Growth & Income Fund - A 1,847 28,330
-----
Putnam Investments Growth & Income Fund 1,441 27,029
-----
-----
$
----- --------------------------------------------------- -------------- -- ==============
</TABLE>
The Maxim Series Fund
Foreign Equity Portfolio
COMMON STOCK
CANADA --- 4.1%
OIL & GAS
3,000 Petro-Canada* 42,516
$42,516
TRANSPORTATION
1,200 Canadian National Railway Co 31,767
$31,767
TOTAL CANADA --- 4.1% $74,283
FINLAND --- 2.9%
MFTG - INDUSTRIAL PRODS.
3,000 Stora Enso OY (registered) 52,241
$52,241
TOTAL FINLAND --- 2.9% $52,241
FRANCE --- 10.0%
MFTG - CONSUMER PRODS.
1,000 Hachette Filipacchi Medias* 63,378
$63,378
MFTG - INDUSTRIAL PRODS.
180 Compagnie de Saint Gobain 33,808
700 Pechiney International SA Class A 49,963
700 Renault SA 33,703
$117,474
TOTAL FRANCE --- 10.0% $180,852
GERMANY --- 12.3%
ELECTRONICS - HIGH TECH
450 Siemans AG 57,493
$57,493
FOREIGN BANKS
2,450 Dresdner Bank AG 132,847
$132,847
INDUSTRIAL PRODS & SVCS
650 Veba AG 31,551
$31,551
TOTAL GERMANY --- 12.3% $221,891
ITALY --- 1.5%
OIL & GAS
5,000 ENI SpA 27,464
$27,464
TOTAL ITALY --- 1.5% $27,464
JAPAN --- 17.4%
COMMUNICATIONS
4 NTT Mobile Communications Network Inc 153,952
$153,952
ELECTRONICS - HIGH TECH
3,000 NEC Corp 71,540
300 Sony Corp 89,022
$160,562
TOTAL JAPAN --- 17.4% $314,514
NETHERLANDS --- 2.0%
MFTG - CONSUMER PRODS.
650 Unilever NV 35,860
$35,860
TOTAL NETHERLANDS --- 2.0% $35,860
PORTUGAL --- 5.2%
COMMUNICATIONS
4,500 Portugal Telecom SA (registered) 49,299
$49,299
FINANCIAL SERVICES
10,470 BPI-SGPS SA 44,554
$44,554
TOTAL PORTUGAL --- 5.2% $93,853
SINGAPORE --- 2.3%
ELECTRONICS - HIGH TECH
8,000 NatSteel Electronics Ltd* 42,270
$42,270
TOTAL SINGAPORE --- 2.3% $42,270
SWEDEN --- 4.4%
MFTG - INDUSTRIAL PRODS.
2,500 Sandvik AB B Shares 79,729
$79,729
TOTAL SWEDEN --- 4.4% $79,729
SWITZERLAND --- 2.8%
RETAIL TRADE
65 Hilti AG* 50,502
$50,502
TOTAL SWITZERLAND --- 2.8% $50,502
UNITED KINGDOM --- 9.6%
CONSUMER SERVICES
4,500 SmithKline Beecham PLC 57,406
$57,406
OIL & GAS
3,200 BP Amoco PLC 32,167
$32,167
RETAIL TRADE
2,600 Diageo PLC 20,908
$20,908
TRANSPORTATION EQUIPMENT
9,500 British Aerospace PLC 62,896
$62,896
TOTAL UNITED KINGDOM --- 9.6% $173,377
TOTAL COMMON STOCK --- 74.6% $1,346,836
(Cost $1,015,918)
PREFERRED STOCK
BRAZIL --- 0.0%
COMMUNICATIONS
42,661 Telemig Celular SA* 781
$781
TOTAL BRAZIL --- 0.0% $781
TOTAL PREFERRED STOCK --- 0.0% $781
(Cost $0)
SHORT-TERM INVESTMENTS
CANADA --- 25.3%
FOREIGN BANKS
457,000 Canadian Imperial Bank of Commerce 457,000
$457,000
TOTAL CANADA --- 25.3% $457,000
TOTAL SHORT-TERM INVESTMENTS --- 25.3% $457,000
(Cost $457,000)
TOTAL FOREIGN EQUITY PORTFOLIO --- 100.0% $1,804,617
(Cost $1,472,918)
The Maxim Series Fund
INVESCO ADR Portfolio
COMMON STOCK
AUSTRALIA --- 5.2%
COMMUNICATIONS
60,000 News Corporation Ltd 2,295,000
$2,295,000
FOREIGN BANKS
45,000 National Australia Bank Ltd sponsored ADR 3,431,250
$3,431,250
MINING
20,000 Rio Tinto Ltd sponsored ADR 1,715,000
$1,715,000
TOTAL AUSTRALIA --- 5.2% $7,441,250
DENMARK --- 3.1%
FOREIGN BANKS
25,000 Den Danske Bank 2,775,000
$2,775,000
MFTG - INDUSTRIAL PRODS.
25,000 Novo-Nordisk A/S 1,615,625
$1,615,625
TOTAL DENMARK --- 3.1% $4,390,625
FRANCE --- 5.5%
MFTG - CONSUMER PRODS.
45,000 Groupe Danone 2,095,290
$2,095,290
OIL & GAS
45,000 Total SA 3,116,250
$3,116,250
SECURITIES & COMMODITIES
55,000 Societe Generale Paris 2,530,000
$2,530,000
TOTAL FRANCE --- 5.5% $7,741,540
GERMANY --- 10.4%
FOREIGN BANKS
25,000 Deutsche Bank sponsored ADR 2,125,000
$2,125,000
INDUSTRIAL SERVICES
45,000 SAP AG 2,342,790
$2,342,790
MFTG - INDUSTRIAL PRODS.
50,000 BASF AG* 2,581,250
40,000 Bayer AG 1,890,000
$4,471,250
OIL & GAS
30,000 RWE AG 1,155,000
$1,155,000
RETAIL TRADE
23,000 DaimlerChrysler AG 1,799,750
$1,799,750
TELEPHONE
40,000 Deutsche Telekom AG 2,840,000
$2,840,000
TOTAL GERMANY --- 10.4% $14,733,790
ITALY --- 5.4%
FINANCIAL SERVICES
90,000 San Paolo-IMI SPa sponsored ADR* 2,463,750
$2,463,750
HOLDING & INVEST. OFFICES
25,000 Telecom Italia SpA* 3,500,000
$3,500,000
OIL & GAS
30,000 ENI SPA sponsored ADR 1,653,750
$1,653,750
TOTAL ITALY --- 5.4% $7,617,500
JAPAN --- 22.9%
CONSUMER SERVICES
60,000 Eisai Company Ltd sponsored ADR 1,132,500
135,000 Nintendo of America Inc 2,784,375
$3,916,875
CREDIT INSTITUTIONS
75,000 Bank of Tokyo-Mitsubishi Ltd* 1,045,275
$1,045,275
ELECTRONICS - HIGH TECH
95,000 Canon Inc sponsored ADR 3,853,390
65,000 Fuji Photo Film Company Ltd 2,486,250
20,000 Hitachi Ltd 3,237,500
6,000 Matsushita Electric Industries Company Ltd 1,674,000
$11,251,140
MFTG - INDUSTRIAL PRODS.
45,000 Kyocera Corp 11,790,000
$11,790,000
TELEPHONE
35,000 Nippon Telegraph & Telephone Co 3,014,375
$3,014,375
TRANSPORTATION EQUIPMENT
20,000 Honda Motor Co Ltd 1,530,000
$1,530,000
TOTAL JAPAN --- 22.9% $32,547,665
MEXICO --- 2.0%
TELEPHONE
25,000 Telefonos de Mexico SA sponsored ADR Class L 2,812,500
$2,812,500
TOTAL MEXICO --- 2.0% $2,812,500
NETHERLANDS --- 8.2%
ELECTRONICS - HIGH TECH
20,000 Koninklijke Philips Electronics NV* 2,700,000
$2,700,000
FOREIGN BANKS
75,000 ABN Amro Holding NV 1,898,400
50,000 ING Groep NV 3,050,000
$4,948,400
MFTG - CONSUMER PRODS.
45,000 Unilever NV 2,449,665
$2,449,665
MFTG - INDUSTRIAL PRODS.
30,000 Akzo Nobel NV 1,492,500
$1,492,500
TOTAL NETHERLANDS --- 8.2% $11,590,565
SPAIN --- 7.4%
ELECTRIC
170,000 Endesa sponsored ADR 3,431,790
$3,431,790
OIL & GAS
150,000 Repsol SA sponsored ADR 3,487,500
$3,487,500
TELEPHONE
325,000 Portugal Telecom SA 3,534,375
$3,534,375
TOTAL SPAIN --- 7.4% $10,453,665
SWITZERLAND --- 5.0%
CONSUMER SERVICES
35,000 Novartis AG 2,563,750
$2,563,750
HOLDING & INVEST. OFFICES
15,000 Zurich Allied AG sponsored ADR 1,710,000
$1,710,000
MFTG - CONSUMER PRODS.
30,000 Nestle SA 2,752,500
$2,752,500
TOTAL SWITZERLAND --- 5.0% $7,026,250
UNITED KINGDOM --- 20.7%
AIR
25,000 British Airways PLC 1,609,375
$1,609,375
COMMUNICATIONS
55,000 Carlton Communications PLC sponsored ADR 2,619,375
$2,619,375
CONSUMER SERVICES
30,000 SmithKline Beecham PLC 1,933,110
$1,933,110
ELECTRIC
55,000 PowerGen PLC 1,739,375
50,000 Scottish Power 1,400,000
$3,139,375
FOREIGN BANKS
60,000 HSBC Holdings PLC 4,282,500
$4,282,500
HOLDING & INVEST. OFFICES
75,001 AstraZeneca Group PLC 3,131,292
$3,131,292
INDUSTRIAL PRODS & SVCS
75,000 Corus Group PLC sponsored ADR 1,940,625
$1,940,625
MFTG - CONSUMER PRODS.
250,000 Associated British Foods Ltd 1,325,000
$1,325,000
MFTG - INDUSTRIAL PRODS.
35,000 Glaxo Wellcome PLC 1,955,625
$1,955,625
OIL & GAS
50,000 Shell Transport and Trading Co 2,462,500
$2,462,500
RETAIL TRADE
60,000 Marks & Spencer PLC 1,695,000
$1,695,000
TELEPHONE
14,000 British Telecommunications PLC 3,332,000
$3,332,000
TOTAL UNITED KINGDOM --- 20.7% $29,425,777
UNITED STATES --- 3.0%
CONSUMER SERVICES
15,000 Sony Corp 4,271,250
$4,271,250
TOTAL UNITED STATES --- 3.0% $4,271,250
TOTAL COMMON STOCK --- 98.7% $140,052,377
(Cost $112,960,692)
SHORT-TERM INVESTMENTS
CANADA --- 1.3%
FOREIGN BANKS
1,827,000 Canadian Imperial Bank of Commerce 1,827,000
$1,827,000
TOTAL CANADA --- 1.3% $1,827,000
TOTAL SHORT-TERM INVESTMENTS --- 1.3% $1,827,000
(Cost $1,827,000)
TOTAL INVESCO ADR PORTFOLIO --- 100.0% $141,879,377
(Cost $114,787,692)
The Maxim Series Fund
Index European Portfolio
COMMON STOCK
AUSTRIA --- 0.2%
CONSTRUCTION
1,168 Wienerberger Baustoffindustrie 25,368
$25,368
ELECTRIC
192 EVN AG 28,973
254 Oest Elektrizatswirts Class A* 35,646
$64,619
FINANCIAL SERVICES
1,706 Bank Austria AG 96,109
$96,109
FOREIGN BANKS
500 Erste Bank Der Oesterreichischen Sparkassen AG 22,132
$22,132
INDUSTRIAL PRODS & SVCS
252 VA Technologie AG 16,605
$16,605
MFTG - CONSUMER PRODS.
500 Austria Tabak AG 24,144
$24,144
MFTG - INDUSTRIAL PRODS.
554 Voest-Alpine Stahl AG 21,568
$21,568
OIL & GAS
454 OMV AG 44,074
$44,074
TOTAL AUSTRIA --- 0.2% $314,619
BELGIUM --- 1.5%
ELECTRIC
1,250 Electrabel SA 408,688
$408,688
FINANCIAL SERVICES
700 Dexia Belgium 112,038
7,840 KBC Bancassurance Holding 421,957
$533,995
HOLDING & INVEST. OFFICES
5,500 Almanij NV 290,483
$290,483
INSURANCE
17,586 Fortis (B) 633,710
$633,710
MFTG - CONSUMER PRODS.
4,000 UCB SA 173,233
$173,233
MFTG - INDUSTRIAL PRODS.
1,900 Solvay SA 156,735
$156,735
TOTAL BELGIUM --- 1.5% $2,196,844
DENMARK --- 1.0%
FINANCIAL SERVICES
1,284 Unidanmark A/S 90,424
$90,424
FOREIGN BANKS
1,400 Den Danske Bank Group 153,577
$153,577
HOLDING & INVEST. OFFICES
1,704 Kapital Holding 81,924
200 Ratin A/S Class A 21,005
$102,929
MFTG - CONSUMER PRODS.
594 Carlsberg A/S Class A 21,881
498 Carlsberg A/S Class B 18,884
1,609 Danisco A/S 62,757
$103,522
MFTG - INDUSTRIAL PRODS.
1,678 Novo-Nordisk A/S 222,706
$222,706
TELEPHONE
5,712 Tele Danmark A/S 424,693
$424,693
TRANSPORTATION EQUIPMENT
10 A/S Dampskibsselskabet Svendborg 166,579
10 D/S 1912 117,824
$284,403
TOTAL DENMARK --- 1.0% $1,382,254
FINLAND --- 3.5%
COMMUNICATIONS
28,200 Nokia Oyj 5,106,456
$5,106,456
TOTAL FINLAND --- 3.5% $5,106,456
FRANCE --- 13.6%
COMMUNICATIONS
8,100 France Telecom SA 1,069,911
$1,069,911
CONSUMER SERVICES
18,600 Sanofi-Synthelabo SA* 773,538
13,770 Vivendi 1,241,887
$2,015,425
ELECTRONICS - HIGH TECH
7,000 STMicroelectionics NV 1,076,018
$1,076,018
FOREIGN BANKS
15,677 Banque Nationale de Paris 1,444,629
2,750 Societe Generale 639,062
$2,083,691
HOLDING & INVEST. OFFICES
2,769 Banque Nationale de Paris* 12,758
15 Compagnie Financiere de Paribas 1,673
$14,431
INDUSTRIAL PRODS & SVCS
5,600 Alcatel 1,284,461
6,641 Suez Lyonnaise des Eaux 1,062,923
$2,347,384
INSURANCE
9,215 Axa 1,283,008
$1,283,008
MFTG - CONSUMER PRODS.
2,000 Danone 470,808
1,800 L'oreal 1,442,302
2,510 Louis Vuitton Moet Hennessy 1,122,894
$3,036,004
MFTG - INDUSTRIAL PRODS.
2,215 Air Liquide 370,342
9,900 Aventis SA 574,657
2,450 Compagnie de Saint Gobain 460,159
$1,405,158
OIL & GAS
7 Elf Aquitaine SA 1,077
2,700 Total Fina SA 27
19,909 Total SA Class B 2,653,770
$2,654,874
RETAIL TRADE
7,570 Carrefour SA 1,394,383
3,125 Pinault-Printemps-Redoute SA 823,663
510 Promodes 551,540
$2,769,586
UTILITIES
2,600 Suez Lyonnaise-Strip VVPR 26
$26
TOTAL FRANCE --- 13.6% $19,755,516
GERMANY --- 13.6%
COMMUNICATIONS
25,200 Deutsche Telekom AG 1,770,781
$1,770,781
ELECTRONICS - HIGH TECH
1,600 SAP AG 785,485
15,500 Siemans AG 1,980,311
$2,765,796
FINANCIAL SERVICES
16,000 Deutsche Bank AG 1,352,869
$1,352,869
FOREIGN BANKS
13,500 Dresdner Bank AG 732,016
10,800 HypoVereinsbank 736,633
$1,468,649
INDUSTRIAL PRODS & SVCS
13,292 Mannesmann AG 3,214,659
12,250 RWE AG 479,384
13,100 Veba AG 635,867
$4,329,910
INSURANCE
6,400 Allianz AG 2,147,206
4,600 Muenchener Rueckver AG (registered) 1,170,783
$3,317,989
MFTG - INDUSTRIAL PRODS.
16,250 BASF AG 833,723
19,000 Bayer AG 898,358
823 Celanese AG* 15,234
25,823 DaimlerChrysler AG 2,023,681
15,000 Hoechst AG 468,545
8,000 Volkswagen AG 450,688
$4,690,229
TOTAL GERMANY --- 13.6% $19,696,223
GREECE --- 0.9%
COMMUNICATIONS
4,500 Hellenic Telecommunications Organization SA 107,074
3,080 Intracom SA (rights) 141,355
2,000 Panafon Hellenic Telecom SA 26,984
$275,413
FOREIGN BANKS
3,000 Alpha Credit Bank 236,081
2,750 Commercial Bank of Greece SA 212,546
1,040 Ergo Bank SA 100,571
3,300 National Bank of Greece SA 243,773
$792,971
INDUSTRIAL PRODS & SVCS
1,200 Titan Cement Co SA 71,081
$71,081
MFTG - CONSUMER PRODS.
3,300 Hellenic Bottling Co SA 76,809
$76,809
MFTG - INDUSTRIAL PRODS.
1,600 Heracles General Cement SA 51,526
$51,526
TOTAL GREECE --- 0.9% $1,267,800
IRELAND --- 0.5%
CONSTRUCTION
10,631 CRH PLC 228,868
$228,868
CREDIT INSTITUTIONS
21,439 Allied Irish Banks PLC* 243,714
$243,714
FOREIGN BANKS
26,312 Bank of Ireland 209,112
$209,112
TOTAL IRELAND --- 0.5% $681,694
ITALY --- 6.5%
ELECTRIC
68,000 Anglo American PLC* 284,577
$284,577
FOREIGN BANKS
47,000 Banca Commerciale Italiana 255,323
51,000 Banca Intesa SpA 206,763
19,000 Banca Intesa SpA RNC 38,610
56,000 Banca Monte Dei Paschi Siena* 218,020
36,630 Istituto Bancario San Paolo di Tornio 497,104
11,000 Rolo Banca 1473 SpA 213,352
127,000 Uncredito Italiano SpA 623,479
$2,052,651
HOLDING & INVEST. OFFICES
137,111 Telecom Italia SpA 1,931,071
57,116 Telecom Italia SpA RNC 347,625
$2,278,696
INSURANCE
27,000 Assicurazioni Generali 890,914
105,000 Istituto Nazionale delle Assicurazioni 277,807
$1,168,721
OIL & GAS
209,000 ENI SpA 1,147,987
$1,147,987
REAL ESTATE
36,630 Beni Stabili SpA* 12,897
$12,897
TELEPHONE
173,500 Telecom Italia Mobile SpA 1,935,660
41,000 Telecom Italia Mobile SpA RNC 195,094
$2,130,754
TRANSPORTATION EQUIPMENT
10,060 Fiat SpA 286,912
1,870 Fiat SpA RNC 27,466
$314,378
TOTAL ITALY --- 6.5% $9,390,661
NETHERLANDS --- 8.0%
COMMUNICATIONS
12,800 KPN NV 1,247,762
$1,247,762
ELECTRONICS - HIGH TECH
5,000 Equant NV* 566,881
8,341 Koninklijke Philips Electronics NV 1,132,791
$1,699,672
FINANCIAL SERVICES
38,276 ABN AMRO Holding NV 954,940
$954,940
FOREIGN BANKS
25,148 ING Groep NV 1,516,415
$1,516,415
INSURANCE
15,378 Aegon NV 1,483,599
$1,483,599
MFTG - CONSUMER PRODS.
15,003 Unilever NV 827,701
$827,701
OIL & GAS
56,178 Royal Dutch Petroleum Co 3,438,942
$3,438,942
RETAIL TRADE
16,808 Koninklijke Ahold NV 496,951
$496,951
TOTAL NETHERLANDS --- 8.0% $11,665,982
NORWAY --- 0.4%
COMMUNICATIONS
1,200 NetCom ASA* 59,644
$59,644
FOREIGN BANKS
6,800 Christiania Bank Og Kreditdasse 33,376
7,900 DNB Holding ASA 32,296
$65,672
INSURANCE
6,800 Storebrand ASA* 51,542
$51,542
MFTG - CONSUMER PRODS.
4,700 Orkla ASA 80,593
$80,593
MFTG - INDUSTRIAL PRODS.
4,133 Norsk Hydro ASA 172,555
700 Norske Skogindustrier ASA Class A 36,358
500 Norske Skogindustrier ASA Class B 20,937
$229,850
OIL & GAS
2,200 Petroleum Geo-Services ASA* 39,091
$39,091
RETAIL TRADE
2,000 Tomra Systems ASA 33,798
$33,798
TOTAL NORWAY --- 0.4% $560,190
PORTUGAL --- 0.5%
COMMUNICATIONS
18,500 Portugal Telecom SA (registered) 202,674
5,000 Telecel-Comunicacoes Pessoai 87,069
$289,743
ELECTRIC
7,000 Electricdidade de Portugal SA 122,038
$122,038
FINANCIAL SERVICES
11,500 BPI-SGPS SA 48,937
$48,937
FOREIGN BANKS
25,000 Banco Comercial Portugues 138,577
800 Banco Espirito Santo SA 22,454
$161,031
MFTG - CONSUMER PRODS.
2,100 Jeronimo Martins SGPS SA 53,660
$53,660
TOTAL PORTUGAL --- 0.5% $675,409
SPAIN --- 4.3%
ELECTRIC
28,400 Endesa SA 563,123
24,149 Iberdrola SA 334,284
$897,407
FOREIGN BANKS
13,200 Argentina SA 309,804
56,620 Banco Bilbao Vizcaya SA 805,410
98,314 Banco Santander Central Hispano 1,111,680
$2,226,894
OIL & GAS
31,850 Repsol SA 737,586
$737,586
TELEPHONE
85,700 Telefonica SA* 2,138,112
$2,138,112
UTILITIES
11,800 Gas Natural SDG SA 271,485
$271,485
TOTAL SPAIN --- 4.3% $6,271,484
SWEDEN --- 3.9%
COMMUNICATIONS
3,800 Ericsson LM Class A 251,768
45,100 Ericsson LM Class B 2,903,172
$3,154,940
FINANCIAL SERVICES
32,200 Nordic Baltic Holding 189,467
$189,467
FOREIGN BANKS
13,350 ForeningsSparbanken AB 196,381
1,500 Svenska Handelsbanken AB B Shares 17,741
16,500 Svenska Handelsbanken AB A Shares 207,767
$421,889
HOLDING & INVEST. OFFICES
7,600 Investor AB A Shares 108,220
10,400 Investor AB B Shares 146,867
$255,087
INSURANCE
12,900 Skandia Forsakrings AB 390,150
$390,150
MFTG - CONSUMER PRODS.
8,970 Electrolux AB Class B 225,899
18,400 Hennes & Mauritz AB 617,123
$843,022
MFTG - INDUSTRIAL PRODS.
4,500 Sandvik AB 141,130
1,500 Sandvik AB Class B 47,838
3,300 Volvo AB Class A 83,495
7,700 Volvo AB Class B 199,353
$471,816
TOTAL SWEDEN --- 3.9% $5,726,371
SWITZERLAND --- 7.8%
FINANCIAL SERVICES
7,100 Credit Suisse Group 1,411,438
5,550 UBS AG 1,498,964
$2,910,402
INSURANCE
390 SCHW Rueckversicherungs 801,262
$801,262
MFTG - CONSUMER PRODS.
1,040 Nestle SA 1,905,458
1,900 Novartis AG 2,790,151
$4,695,609
MFTG - INDUSTRIAL PRODS.
186 Roche Holding AG 2,208,027
43 Roche Holdings AG Bearer 702,217
$2,910,244
TOTAL SWITZERLAND --- 7.8% $11,317,517
UNITED KINGDOM --- 32.6%
AIR
28,560 BAA PLC 200,616
$200,616
COMMUNICATIONS
45,000 British Sky Broadcasting Group 724,117
64,673 Cable and Wireless PLC 1,095,512
48,973 Granada Group PLC 496,237
70,336 Marconi PLC 1,244,253
37,266 Reuters Group PLC 511,205
834,505 Vodafone Group PLC 4,133,636
$8,204,960
CONSUMER SERVICES
141,809 Smithkline Beecham PLC 1,809,046
$1,809,046
ELECTRIC
39,000 National Grid Group PLC 296,623
32,000 Scottish Power PLC 242,349
$538,972
ENVIRONMENTAL SERVICES
75,000 Rentokil Initial PLC 273,406
$273,406
FINANCIAL SERVICES
136,868 Lloyds TSB Group PLC 1,711,757
26,874 Standard Chartered PLC 417,037
$2,128,794
FOREIGN BANKS
37,000 Abbey National PLC 591,501
32,661 Bank of Scotland 379,208
40,218 Barclays PLC 1,157,303
219,548 HSBC Holdings PLC 3,059,560
59,200 Halifax PLC 656,268
41,649 National Westminster Bank PLC 894,489
23,817 Royal Bank of Scotland Group PLC 422,287
$7,160,616
HOLDING & INVEST. OFFICES
11,000 Enel SpA 730,939
$730,939
INDUSTRIAL SERVICES
100,442 Invensys PLC 546,593
$546,593
INSURANCE
41,828 Allied Zurich PLC 492,732
35,637 CGU PLC 574,028
136,000 Legal & General Group PLC 370,048
51,000 Norwich Union PLC 377,597
51,809 Prudential Corp PLC 1,020,666
38,402 Royal & Sun Alliance Insurance Group PLC 292,384
$3,127,455
MFTG - CONSUMER PRODS.
22,827 Bass PLC 284,017
42,528 British American Tobacco PLC 241,562
54,782 Cadbury Schweppes PLC 330,848
16,277 Pearson PLC 526,733
76,478 Unilever PLC 562,527
$1,945,687
MFTG - INDUSTRIAL PRODS.
45,650 AstraZeneca Group PLC 1,893,017
91,557 Glaxo Wellcome PLC 2,587,309
5,635 Nycomed Amersham PLC 35,078
$4,515,404
MINING
28,910 Rio Tinto PLC 697,924
$697,924
OIL & GAS
92,862 BG Group PLC 599,816
524,770 BP Amoco PLC 5,275,057
250,000 Shell Transport & Trading Co 2,077,037
$7,951,910
RETAIL TRADE
24,670 Boots Co PLC 239,819
87,629 Diageo PLC 704,686
50,335 J Sainsbury PLC 283,874
36,262 Kingfisher PLC 402,279
75,265 Marks and Spencer PLC 358,233
179,392 Tesco PLC 545,327
$2,534,218
TELEPHONE
165,036 British Telecommunications PLC 4,032,147
39,000 Cable & Wireless Communications PLC* 560,497
$4,592,644
TRANSPORTATION EQUIPMENT
53,635 British Aerospace PLC 355,100
$355,100
TOTAL UNITED KINGDOM --- 32.6% $47,314,284
TOTAL COMMON STOCK --- 98.9% $143,323,304
(Cost $120,886,620)
PREFERRED STOCK
GERMANY --- 0.6%
ELECTRONICS - HIGH TECH
1,150 SAP AG 700,503
$700,503
INDUSTRIAL PRODS & SVCS
2,100 RWE AG 64,646
$64,646
MFTG - INDUSTRIAL PRODS.
2,500 Volkswagen AG 80,480
$80,480
TOTAL GERMANY --- 0.6% $845,629
ITALY --- 0.0%
TRANSPORTATION EQUIPMENT
2,560 Fiat SpA 36,956
$36,956
TOTAL ITALY --- 0.0% $36,956
TOTAL PREFERRED STOCK --- 0.6% $882,585
(Cost $670,421)
SHORT-TERM INVESTMENTS
CANADA --- 0.5%
FOREIGN BANKS
768,000 Canadian Imperial Bank of Commerce 768,000
$768,000
TOTAL CANADA --- 0.5% $768,000
TOTAL SHORT-TERM INVESTMENTS --- 0.5% $768,000
(Cost $768,000)
TOTAL INDEX EUROPEAN PORTFOLIO --- 100.0% $144,973,889
(Cost $122,325,041)
The Maxim Series Fund
Index Pacific Portfolio
COMMON STOCK
AUSTRALIA --- 5.5%
COMMUNICATIONS
208,300 Cable & Wireless Optus Ltd* 695,522
$695,522
FINANCIAL SERVICES
51,478 Colonial Ltd 229,971
$229,971
FOREIGN BANKS
88,688 Australia & New Zealand Banking Group Ltd 644,685
35,500 Commonwealth Bank of Australia 610,844
83,990 National Australia Bank 1,283,775
101,420 Westpac Banking Corp Ltd 699,047
$3,238,351
INSURANCE
60,100 AMP Ltd 663,533
27,957 Lend Lease Corporation Ltd 391,371
$1,054,904
MFTG - CONSUMER PRODS.
56,686 Coca-Cola Amatil Ltd 154,694
95,200 Foster's Brewing Group Ltd 272,912
44,639 News Corp Ltd 433,098
$860,704
MINING
97,580 Broken Hill Proprietary Co Ltd 1,280,314
32,377 Rio Tinto Ltd 694,972
$1,975,286
OIL & GAS
63,104 WMC Ltd 347,728
36,800 Woodside Petroleum Ltd 271,584
$619,312
OTHER TRANS. SERVICES
12,600 Brambles Industries Ltd 348,172
$348,172
RETAIL TRADE
64,017 Coles Myer Ltd 330,418
63,324 Woolworths Ltd 217,672
$548,090
TELEPHONE
124,400 Telstra Ltd 675,701
$675,701
TOTAL AUSTRALIA --- 5.5% $10,246,013
HONG KONG --- 7.6%
AIR
187,000 Cathay Pacific Air 333,198
$333,198
COMMUNICATIONS
668,955 Cable & Wireless HKT Ltd 1,932,078
189,000 China Telecom Ltd* 1,181,706
$3,113,784
CONSUMER SERVICES
132,157 Sun Hung Kai Properties 1,377,167
52,000 Swire Pacific Ltd Series A 307,063
168,500 Swire Pacific Ltd Series B 148,492
$1,832,722
ELECTRONICS - HIGH TECH
113,810 Hong Kong Electric Holdings Ltd 355,794
$355,794
FOREIGN BANKS
105,500 Hang Seng Bank Ltd 1,204,570
$1,204,570
GAS
259,502 Hong Kong and China Gas Company Ltd 355,551
$355,551
HOLDING & INVEST. OFFICES
115,000 CPL Holdings Ltd 529,654
117,000 Citic Pacific Ltd 440,274
95,000 Henderson Land Development Company Ltd 609,867
214,000 Hutchison Whampoa Ltd 3,111,025
117,023 New World Development Company Ltd 263,464
$4,954,284
REAL ESTATE
127,000 Cheung Kong Holdings Ltd 1,613,438
133,000 Hong Kong Land Holdings Ltd 196,840
129,000 Wharf Holdings Ltd 299,556
$2,109,834
TOTAL HONG KONG --- 7.6% $14,259,737
INDONESIA --- 0.2%
COMMUNICATIONS
53,000 PT Indosat 117,277
119,000 PT Telekomunikasi Indonesia 67,096
$184,373
MFTG - CONSUMER PRODS.
98,000 Gudang Garam Perus 261,333
7,000 PT Hanjaya Mandala Sampoerna* 17,649
$278,982
TOTAL INDONESIA --- 0.2% $463,355
JAPAN --- 81.0%
AIR
33,000 Japan Airlines 97,924
$97,924
COMMUNICATIONS
125 DDI Corp 1,713,838
12 Fuji Television Network Inc 164,528
10,000 Matsushita Communication Ltd 2,644,207
143 NTT Data Corp 3,291,059
243 NTT Mobile Communications Network Inc 9,352,561
177,000 Toshiba Corp 1,352,071
$18,518,264
CONSUMER SERVICES
16,000 Eisai Ltd 307,903
34,000 Kao Corp 970,620
5,000 Oriental Land Comapny Ltd 429,929
25,000 Sankyo Company Ltd 514,151
6,000 Sony Music Entertainment Inc 1,197,532
19,000 Taisho Pharmaceutical Co 558,222
49,000 Takeda Chemical Industry 2,423,367
19,000 Yamanouchi Pharmaceutical Company Ltd 664,284
24,000 Yamato Transport Company Ltd 930,761
$7,996,769
ELECTRIC
40,400 Chubu Electric Power Co Inc 658,760
53,700 Kansai Electric Power Co Inc 936,634
26,400 Kyushu Electric Power Co 390,403
27,600 Tohoku Electric Power 410,851
74,300 Tokyo Electric Power 1,993,752
$4,390,400
ELECTRONICS - HIGH TECH
5,500 Advantest Corp 1,454,314
48,000 Canon Inc 1,908,530
50,000 Denso Corp 1,194,790
13,200 Fanuc 1,681,833
183,000 Hitachi Ltd 2,939,183
6,000 Hoya Corp 473,019
2,200 Keyence Corp 894,134
113,000 Matsushita Electric Industrial Company Ltd 3,131,819
118,000 Mitsubishi Electric Corp 762,707
89,000 NEC Corp 2,122,368
8,000 Nintendo Corporation Ltd 1,330,330
104,000 Sanyo Electric Co 422,681
19,000 Secom 2,093,331
62,000 Sharp Corp 1,587,797
22,500 Sony Corp 6,676,623
40,000 Sumitomo Electric Industries 462,638
10,000 Tokyo Electronics 1,371,070
$30,507,167
FINANCIAL SERVICES
7,000 Promise Company Ltd 356,478
$356,478
FOREIGN BANKS
132,000 Asahi Bank 814,416
257,000 Bank of Tokyo-Mitsubishi 3,584,056
171,000 Dai-Ichi Kangyo Bank Ltd 1,599,305
165,000 Fuji Bank Ltd 1,604,593
145,000 Industrial Bank of Japan 1,398,737
72,000 Mitsubishi Trust & Banking 634,610
89,000 Nikko Securities Company Ltd 1,126,990
202,000 Sakura Bank Ltd 1,171,129
159,000 Sanwa Bank Ltd 1,935,530
43,000 Shizuoka Bank Ltd 441,328
1,000 Shohkoh Fund & Co Ltd 396,141
173,000 Sumitomo Bank 2,370,258
79,000 Sumitomo Trust & Banking 533,836
115,000 Tokai Bank 725,296
$18,336,225
GAS
137,000 Osaka Gas Co 330,056
154,000 Tokyo Gas Co 375,536
$705,592
INDUSTRIAL SERVICES
58,000 Sumitomo Corp 562,903
$562,903
INSURANCE
85,000 Tokio Marine & Fire Insurance Co 994,761
$994,761
LEASING
8,100 Acom Company Ltd 794,055
$794,055
MFTG - CONSUMER PRODS.
36,000 Ajinomoto Co 375,477
27,000 Asahi Breweries Ltd 295,622
42,000 Dai Nippon Printing Company Ltd 670,453
37 Japan Tobacco Inc 283,361
56,000 Kirin Brewery Company Ltd 589,560
38,000 Toppan Printing Company Ltd 379,591
$2,594,064
MFTG - INDUSTRIAL PRODS.
79,000 Asahi Chemical Industry Co Ltd 406,180
65,000 Asahi Glass Co Ltd 503,526
179,000 Kawasaki Steel Corp 320,801
10,500 Kyocera Corp 2,725,002
120,000 Mitsubishi Chemical Corp 423,073
185,000 Mitsubishi Heavy Industries Ltd 617,814
13,000 Murata Manufacturing Company Ltd 3,055,528
57,000 New Oji Paper Co 343,306
374,000 Nippon Steel Co 875,389
218,000 Nissan Motor Company Ltd 858,251
38,000 Ricoh Corporation Ltd 716,756
6,000 Rohm Company Ltd 2,467,927
3,700 SMC Corp 819,283
23,000 Shin-Etsu Chemical Co 991,088
89,000 Sumitomo Chemical Co 418,372
7,000 TDK Corp 967,290
77,000 Toray Industries Inc 298,619
$16,808,205
RAILROADS
123 Central Japan Railway Co 772,138
220 East Japan Railway Co 1,187,151
89,000 Kinki Nippon Railway 357,360
24,000 Seibu Railway 326,706
$2,643,355
REAL ESTATE
71,000 Mitsubishi Estate Company Ltd 693,243
39,000 Sekisui House Ltd 345,657
$1,038,900
RETAIL TRADE
23,000 Ito-Yokado Company Ltd 2,500,245
20,000 Marui Co 298,893
40,000 Matsushita Electric Works 395,652
46,000 Seven - Eleven Japan 7,298,012
$10,492,802
SECURITIES & COMMODITIES
73,000 Daiwa Securities Company Ltd 1,143,150
108,000 Nomura Securities Comapny Ltd 1,951,425
25,000 Yamaichi Securities Company Ltd* 2
$3,094,577
TELEPHONE
35 Japan Telecom Co 1,405,347
174 Nippon Telegraph & Telephone Corp 2,982,078
$4,387,425
TRANSPORTATION EQUIPMENT
54,000 Honda Motor Ltd 2,009,597
67,000 Mazda Motor Corp 298,551
59,000 Nippon Express Company Ltd 326,462
27,000 Suzuki Motor Ltd 394,251
209,000 Toyota Motor Corp 10,131,718
$13,160,579
WHOLESALE TRADE - INDL
103,000 Fujitsu 4,700,617
86,000 Mitsubishi Corp 664,519
87,000 Mitsui & Co 609,196
6,000 Softbank Corp 5,746,744
$11,721,076
WHOLESALE TRADE -CONSUMER
47,000 Bridgestone Corp 1,035,648
28,000 Fuji Photo Film 1,022,819
$2,058,467
TOTAL JAPAN --- 81.0% $151,259,988
MALAYSIA --- 0.0%
CONSUMER SERVICES
7,200 United Engineers (wts) ^* 5,553
$5,553
TOTAL MALAYSIA --- 0.0% $5,553
NEW ZEALAND --- 0.5%
COMMUNICATIONS
18,900 Sky Network Television Ltd* 31,006
91,200 Telecom Corporation of New Zealand Ltd 427,473
$458,479
HOLDING & INVEST. OFFICES
152,000 Brierley Investments Ltd* 31,665
$31,665
MFTG - CONSUMER PRODS.
50,800 Lion Nathan Ltd 117,732
$117,732
MFTG - INDUSTRIAL PRODS.
90,200 Carter Holt Harvey Ltd 117,440
$117,440
OIL & GAS
18,362 Fletcher Challenge Energy 47,815
$47,815
OTHER UTILITIES
31,400 Contact Energy Limited 54,783
$54,783
RETAIL TRADE
7,400 The Warehouse Group Ltd 33,144
$33,144
TOTAL NEW ZEALAND --- 0.5% $861,058
PHILIPPINES --- 0.3%
CONSUMER SERVICES
275,700 SM Prime Holdings 52,084
50,182 San Miguel Corp 71,101
$123,185
FOREIGN BANKS
16,900 Bank of the Philippine Islands 48,730
17,100 Equitable PCI Bank 38,043
6,128 Metropolitan Bank & Trust Co 44,175
$130,948
REAL ESTATE
353,280 Ayala Corp 103,183
180,810 Ayala Land Inc 47,191
$150,374
TELEPHONE
3,100 Philippine Long Distance 78,983
$78,983
TOTAL PHILIPPINES --- 0.3% $483,490
SINGAPORE --- 2.4%
AIR
72,400 Singapore Airlines 821,591
$821,591
COMMUNICATIONS
176,000 Singapore Telecommunications Ltd 363,518
$363,518
CONSUMER SERVICES
60,000 Singapore Technologies Engineering Ltd 92,945
$92,945
FINANCIAL SERVICES
73,923 Oversea-Chinese Banking 679,090
60,400 United Overseas Bank 533,101
$1,212,191
FOREIGN BANKS
65,283 DBS Group Holdings Ltd* 1,070,085
56,000 Oversea Union Bank Ltd 327,829
$1,397,914
MFTG - CONSUMER PRODS.
10,145 Singapore Press Holdings Ltd 219,895
$219,895
REAL ESTATE
49,000 City Developments Ltd 286,851
$286,851
TOTAL SINGAPORE --- 2.4% $4,394,905
THAILAND --- 0.3%
COMMUNICATIONS
4,900 Advanced Info Service Public Company Ltd* 58,800
5,100 BEC World Public Company Ltd 36,176
$94,976
ELECTRONICS - HIGH TECH
3,700 Shin Corp Public Company Ltd* 35,125
1,400 Shinawatra Computer Co* 11,797
$46,922
FOREIGN BANKS
35,100 Bangkok Bank Public Company Ltd* 88,920
145,300 Krung Thai Bank Public Company Ltd* 76,525
30,600 Thai Farmers Bank Public Company Ltd* 51,408
$216,853
MFTG - INDUSTRIAL PRODS.
1,500 Siam Cement Public Company Ltd* 50,080
$50,080
OIL & GAS
7,900 PTT Explorationn & Production Public Company Ltd* 48,875
49,700 Thai Petrochemical Industry Public Company Ltd* 23,193
$72,068
TELEPHONE
56,700 TelecomAsia Public Company Ltd* 73,710
$73,710
TOTAL THAILAND --- 0.3% $554,609
TOTAL COMMON STOCK --- 97.8% $182,528,708
(Cost $134,027,370)
PREFERRED STOCK
AUSTRALIA --- 0.2%
MFTG - CONSUMER PRODS.
47,066 News Corp Ltd (vtg) 402,923
$402,923
TOTAL AUSTRALIA --- 0.2% $402,923
TOTAL PREFERRED STOCK --- 0.2% $402,923
(Cost $341,487)
SHORT-TERM INVESTMENTS
CANADA --- 0.9%
FOREIGN BANKS
1,739,000 Canadian Imperial Bank of Commerce 1,739,000
$1,739,000
TOTAL CANADA --- 0.9% $1,739,000
UNITED STATES --- 1.1%
U.S. GOVERNMENT
2,000,000 United States of America (1) 2,000,867
$2,000,867
TOTAL UNITED STATES --- 1.1% $2,000,867
TOTAL SHORT-TERM INVESTMENTS --- 2.0% $3,739,867
(Cost $3,739,867)
TOTAL INDEX PACIFIC PORTFOLIO --- 100.0% $186,671,498
(Cost $138,108,724)
The Maxim Series Fund
Templeton International Equity Portfolio
BONDS
FRANCE --- 0.5%
INSURANCE
483,450 Axa SA # 492,540
Euro Convertible Notes
2.500% January 1, 2014
$492,540
TOTAL FRANCE --- 0.5% $492,540
TOTAL BONDS --- 0.5% $492,540
(Cost $546,879)
COMMON STOCK
ARGENTINA --- 1.4%
OIL & GAS
152,000 Perez Companc SA 778,240
$778,240
TELEPHONE
31,500 Nortel Inversora ADR 610,313
$610,313
TOTAL ARGENTINA --- 1.4% $1,388,553
AUSTRALIA --- 2.5%
CONSUMER SERVICES
195,800 Mayne Nickless Ltd 504,788
$504,788
FOREIGN BANKS
145,100 Australia & New Zealand Banking Group Ltd 1,054,752
$1,054,752
INSURANCE
69,600 Lend Lease Corp Ltd 974,333
$974,333
TOTAL AUSTRALIA --- 2.5% $2,533,873
AUSTRIA --- 0.4%
ELECTRIC
2,700 EVN AG 407,430
$407,430
TOTAL AUSTRIA --- 0.4% $407,430
BERMUDA --- 0.7%
INSURANCE
39,600 ACE Ltd 660,805
$660,805
TOTAL BERMUDA --- 0.7% $660,805
BERMUDA --- 2.3%
INSURANCE
79,500 Mutual Risk Management Ltd 1,336,554
12,700 PartnerRe Ltd 411,950
10,400 XL Capital Ltd 539,500
$2,288,004
TOTAL BERMUDA --- 2.3% $2,288,004
BRAZIL --- 4.3%
ELECTRIC
72,900 Centrais Eletricas Brasileiras sponsored ADR 811,012
$811,012
FOREIGN BANKS
6,568,000 Banco Itau 566,207
$566,207
TELEPHONE
17,050 Telecomunicacoes Brasileiras SA sponsored ADR 2,190,925
31,900 Telesp Participacoes SA 779,540
$2,970,465
TOTAL BRAZIL --- 4.3% $4,347,684
CANADA --- 6.3%
COMMUNICATIONS
26,400 Nortel Networks Corp 2,666,400
$2,666,400
ELECTRONICS - HIGH TECH
41,800 Newbridge Networks Corp* 943,092
$943,092
INDEPENDENT POWER PROD
49,800 TransCanada Pipelines Ltd 431,393
$431,393
MINING
53,400 Barrick Gold Corp 944,486
$944,486
OIL & GAS
57,500 Renaissance Energy Ltd* 577,789
$577,789
TRANSPORTATION
32,200 Canadian National Railway Co 852,419
$852,419
TOTAL CANADA --- 6.3% $6,415,579
CHILE --- 0.9%
CONSUMER SERVICES
41,700 Embotelladora Andina SA 609,863
$609,863
TELEPHONE
16,100 CIA Telecom Chile sponsored ADR 293,825
$293,825
TOTAL CHILE --- 0.9% $903,688
DENMARK --- 0.7%
FINANCIAL SERVICES
9,700 Unidanmark A/S 683,108
$683,108
TOTAL DENMARK --- 0.7% $683,108
FINLAND --- 0.9%
FINANCIAL SERVICES
156,100 Merita PLC* 917,094
$917,094
TOTAL FINLAND --- 0.9% $917,094
FRANCE --- 9.5%
FOREIGN BANKS
10,538 Banque Nationale de Paris 971,072
$971,072
INDUSTRIAL PRODS & SVCS
14,500 Alcatel 3,325,836
$3,325,836
INSURANCE
8,982 Axa 1,250,567
$1,250,567
MFTG - INDUSTRIAL PRODS.
37,807 Aventis SA 2,194,552
$2,194,552
OIL & GAS
10 Elf Aquitaine SA 1,539
14,173 Total Fina SA Class B 1,889,190
$1,890,729
TOTAL FRANCE --- 9.5% $9,632,756
GERMANY --- 4.3%
FINANCIAL SERVICES
14,800 Deutsche Bank AG 1,251,404
$1,251,404
INDUSTRIAL PRODS & SVCS
25,200 Veba AG 1,223,195
$1,223,195
INSURANCE
3,248 Muenchener Rueckver AG registered 826,674
$826,674
MFTG - INDUSTRIAL PRODS.
2,120 Celanese AG* 39,242
17,900 Volkswagen AG 1,008,414
$1,047,656
TOTAL GERMANY --- 4.3% $4,348,929
HONG KONG --- 7.0%
COMMUNICATIONS
48,400 Television Broadcasts Ltd 330,014
$330,014
ELECTRIC
88,100 Shandong Huaneng Power 379,887
$379,887
ELECTRONICS - HIGH TECH
255,700 Hong Kong Electric Holdings Ltd 799,371
$799,371
HOLDING & INVEST. OFFICES
60,000 CPL Holdings Ltd 276,341
75,261 HSBC Holdings PLC 1,055,377
114,200 Hutchison Whampoa Ltd 1,660,183
932,000 Peregrine Investments Holdings Ltd* 1
158,700 Yue Yuen Industrial Holdings 379,753
$3,371,655
MFTG - CONSUMER PRODS.
203,000 Guangdong Kelon Electrical Holdings Ltd 154,085
$154,085
REAL ESTATE
161,000 Cheung Kong Holdings Ltd 2,045,381
$2,045,381
TOTAL HONG KONG --- 7.0% $7,080,393
ISRAEL --- 1.4%
CONSUMER SERVICES
19,500 Teva Pharmaceutical Industries Ltd 1,397,897
$1,397,897
TOTAL ISRAEL --- 1.4% $1,397,897
ITALY --- 3.3%
FOREIGN BANKS
316,880 Banca Nazionale del Lavoro* 1,055,166
$1,055,166
HOLDING & INVEST. OFFICES
284,200 Telecom Italia SpA RNC 1,729,726
$1,729,726
TRANSPORTATION EQUIPMENT
18,148 Fiat SpA 517,583
$517,583
TOTAL ITALY --- 3.3% $3,302,475
JAPAN --- 11.7%
ELECTRONICS - HIGH TECH
15,100 Sony Corp 4,480,756
$4,480,756
MFTG - INDUSTRIAL PRODS.
134,000 Yamato Kogyo Co Ltd 604,975
$604,975
SECURITIES & COMMODITIES
147,000 Nomura Securities Co Ltd 2,656,106
$2,656,106
TELEPHONE
151 Nippon Telegraph & Telephone Corp 2,587,895
$2,587,895
WATER
92,000 Kurita Water Industries Ltd 1,463,206
$1,463,206
TOTAL JAPAN --- 11.7% $11,792,938
KOREA --- 1.3%
COMMUNICATIONS
17,700 Korea Telecom Corp sponsored ADR 1,323,075
$1,323,075
TOTAL KOREA --- 1.3% $1,323,075
MEXICO --- 2.1%
MFTG - INDUSTRIAL PRODS.
824,600 Desc SA de CV Series B* 677,753
373,610 Desc SA de CV Series C* 311,014
$988,767
TELEPHONE
10,200 Telefonos de Mexico SA sponsored ADR Class L 1,147,500
$1,147,500
TOTAL MEXICO --- 2.1% $2,136,267
NETHERLANDS --- 8.2%
ELECTRONICS - HIGH TECH
17,020 Koninklijke Philips Electronics NV 2,311,486
$2,311,486
FOREIGN BANKS
20,230 ING Groep NV 1,219,862
$1,219,862
INDUSTRIAL PRODS & SVCS
51,200 CNH Global NV 681,574
$681,574
MFTG - CONSUMER PRODS.
28,500 Wolters Kluwer NV* 963,346
$963,346
MFTG - INDUSTRIAL PRODS.
25,200 Akzo Nobel NV 1,262,490
$1,262,490
TRANSPORTATION
35,223 TNT Post Group NV 1,008,107
$1,008,107
TRANSPORTATION EQUIPMENT
28,300 Koninklijke Nedlloyd NV 791,460
$791,460
TOTAL NETHERLANDS --- 8.2% $8,238,325
NEW ZEALAND --- 0.6%
MFTG - CONSUMER PRODS.
38,000 Fletcher Challenge Building 55,809
$55,809
MFTG - INDUSTRIAL PRODS.
428,800 Carter Holt Harvey Ltd 558,298
$558,298
TOTAL NEW ZEALAND --- 0.6% $614,107
NORWAY --- 0.7%
MFTG - INDUSTRIAL PRODS.
15,900 Norsk Hydro ASA 663,834
$663,834
TOTAL NORWAY --- 0.7% $663,834
PORTUGAL --- 1.6%
COMMUNICATIONS
143,000 Portugal Telecom SA (registered) 1,566,614
$1,566,614
TOTAL PORTUGAL --- 1.6% $1,566,614
SINGAPORE --- 0.5%
MFTG - INDUSTRIAL PRODS.
63,900 Asia Pulp & Paper* 503,213
$503,213
TOTAL SINGAPORE --- 0.5% $503,213
SPAIN --- 3.4%
ELECTRIC
44,939 Endesa SA 891,062
102,200 Iberdrola SA 1,414,710
$2,305,772
FOREIGN BANKS
5,700 Banco Popular Espanol SA 371,289
$371,289
TELEPHONE
29,300 Telefonica SA* 731,000
$731,000
TOTAL SPAIN --- 3.4% $3,408,061
SWEDEN --- 2.6%
FOREIGN BANKS
95,550 Svenska Handelsbanken AB 1,203,160
$1,203,160
MFTG - INDUSTRIAL PRODS.
26,693 Granges AB 557,577
35,400 Volvo AB Class B 916,505
$1,474,082
TOTAL SWEDEN --- 2.6% $2,677,242
SWITZERLAND --- 2.6%
INDUSTRIAL SERVICES
12,922 ABB Ltd* 1,580,654
$1,580,654
MFTG - CONSUMER PRODS.
682 Novartis AG 1,001,517
$1,001,517
TOTAL SWITZERLAND --- 2.6% $2,582,171
THAILAND --- 0.7%
FOREIGN BANKS
405,800 Thai Farmers Bank PLC* 681,744
$681,744
TOTAL THAILAND --- 0.7% $681,744
UNITED KINGDOM --- 12.0%
AIR
130,900 British Airways PLC 853,964
$853,964
CONSUMER SERVICES
456,200 Medeva PLC 1,281,809
1,013,600 Skyepharma PLC* 793,829
$2,075,638
ELECTRIC
109,010 National Power PLC 631,065
$631,065
HOLDING & INVEST. OFFICES
169,000 Old Mututal PLC* 459,839
$459,839
INDUSTRIAL SERVICES
306,339 Invensys PLC 1,667,059
$1,667,059
INSURANCE
96,800 Allied Zurich PLC 1,140,301
$1,140,301
MFTG - CONSUMER PRODS.
155,300 Safeway PLC 531,650
$531,650
MFTG - INDUSTRIAL PRODS.
8,945 AstraZeneca Group PLC 370,932
195,070 Nycomed Amersham PLC 1,214,321
257,300 The Weir Group PLC 926,538
$2,511,791
RETAIL TRADE
181,100 Marks and Spencer PLC 861,968
$861,968
TRANSPORTATION
86,000 Peninsular & Oriental Steam Navigation Co 1,434,556
$1,434,556
TOTAL UNITED KINGDOM --- 12.0% $12,167,831
TOTAL COMMON STOCK --- 93.7% $94,663,690
(Cost $72,845,032)
PREFERRED STOCK
AUSTRALIA --- 2.4%
MFTG - CONSUMER PRODS.
280,661 News Corp Ltd (vtg) 2,402,683
$2,402,683
TOTAL AUSTRALIA --- 2.4% $2,402,683
TOTAL PREFERRED STOCK --- 2.4% $2,402,683
(Cost $1,288,626)
SHORT-TERM INVESTMENTS
CANADA --- 3.5%
FOREIGN BANKS
3,487,000 Canadian Imperial Bank of Commerce 3,487,000
$3,487,000
TOTAL CANADA --- 3.5% $3,487,000
TOTAL SHORT-TERM INVESTMENTS --- 3.5% $3,487,000
(Cost $3,487,000)
TOTAL TEMPLETON INTERNATIONAL EQUITY PORTFOLIO --- 100.0% $101,045,913
(Cost $78,167,537)
The Maxim Series Fund
Ariel MidCap Value Portfolio
COMMON STOCK
CONSUMER SERVICES --- 5.4%
13,400 Allergan Inc 666,650
28,500 Carnival Corp 1,362,642
52,000 Galileo International Inc 1,556,724
$3,586,016
CREDIT INSTITUTIONS --- 3.6%
89,000 MBNA Corp 2,425,250
$2,425,250
ELECTRONICS - HIGH TECH --- 3.8%
125,700 International Game Technology 2,553,218
$2,553,218
INDUSTRIAL SERVICES --- 5.1%
98,700 Equifax Inc 2,325,569
20,500 Pitney Bowes Inc 990,396
3,700 Sungard Data System Inc* 87,875
$3,403,840
INSURANCE --- 8.8%
16,300 Arthur J Gallagher & Co 1,055,425
58,700 MBIA Inc 3,100,064
32,600 XL Capital Ltd 1,691,125
$5,846,614
MFTG - CONSUMER PRODS. --- 38.4%
71,600 Central Newspapers Inc 2,819,250
43,150 Clorox Co 2,173,681
60,000 Harte-Hanks Inc 1,305,000
128,800 Hasbro Inc 2,455,186
112,500 Herman Miller Inc 2,587,500
65,600 Houghton Mifflin Co 2,767,467
97,300 Lee Enterprises Inc 3,107,470
109,000 Leggett & Platt Inc 2,336,633
19,500 McClatchy Newspapers Inc Class A 843,375
84,700 McCormick & Company Inc (nonvtg) 2,519,825
202,300 Whitman Corp 2,718,305
$25,633,692
MFTG - INDUSTRIAL PRODS. --- 7.8%
68,950 Hussmann International Inc 1,038,525
25,800 Libbey Inc 741,750
86,000 Shorewood Packaging Corp* 1,628,582
45,800 Specialty Equipment Companies Inc* 1,096,315
20,350 WH Brady Co Class A 690,618
$5,195,790
REAL ESTATE --- 4.2%
132,000 The Rouse Co 2,805,000
$2,805,000
RETAIL TRADE --- 7.1%
75,200 Bob Evans Farms Inc 1,160,862
74,500 Longs Drug Stores Corp 1,922,994
58,000 Newell Rubbermaid Inc 1,682,000
$4,765,856
SECURITIES & COMMODITIES --- 4.3%
66,400 Franklin Resources Inc 2,128,917
20,000 T Rowe Price & Associates Inc 738,740
$2,867,657
TELEPHONE --- 4.5%
62,800 CenturyTel Inc 2,975,150
$2,975,150
WHOLESALE TRADE - INDL --- 4.3%
115,800 Sybron International Corp* 2,858,755
$2,858,755
WHOLESALE TRADE -CONSUMER --- 2.6%
24,100 Avery Dennison Corp 1,756,288
$1,756,288
TOTAL COMMON STOCK --- 100.0% $66,673,126
(Cost $70,029,119)
TOTAL ARIEL MIDCAP VALUE PORTFOLIO --- 100.0% $66,673,126
(Cost $70,029,119)
The Maxim Series Fund
Ariel Small-Cap Value Portfolio
COMMON STOCK
CONSUMER SERVICES --- 3.3%
30,700 Wesley Jessen VisionCare* 1,162,763
$1,162,763
ELECTRONICS - HIGH TECH --- 7.7%
81,300 International Game Technology 1,651,366
43,700 Littelfuse Inc* 1,060,381
$2,711,747
INDUSTRIAL SERVICES --- 2.7%
2,345 Grey Advertising Inc 938,000
$938,000
INSURANCE --- 11.7%
7,800 Arthur J Gallagher & Co 505,050
67,300 HCC Insurance Holdings Inc 887,485
54,800 Horace Mann Educators Corp 1,075,450
31,500 MBIA Inc 1,663,578
$4,131,563
MFTG - CONSUMER PRODS. --- 29.3%
43,800 Central Newspapers Inc 1,724,625
72,050 Hasbro Inc 1,373,417
60,100 Herman Miller Inc 1,382,300
113,450 Interface Inc Class A 652,338
58,200 Lee Enterprises Inc 1,858,733
45,500 Leggett & Platt Inc 975,384
42,200 McCormick & Company Inc (nonvtg) 1,255,450
83,600 Whitman Corp 1,123,333
$10,345,580
MFTG - INDUSTRIAL PRODS. --- 28.8%
30,800 Day Runner Inc* 120,305
37,386 General Binding Corp 439,286
25,200 Graco Inc 904,050
23,100 Hunt Corp 219,450
75,500 Hussmann International Inc 1,137,181
43,700 IDEX Corp 1,327,388
39,800 Libbey Inc 1,144,250
73,500 Shorewood Packaging Corp* 1,391,870
65,300 Specialty Equipment Companies Inc* 1,563,086
57,100 WH Brady Co Class A 1,937,799
$10,184,665
REAL ESTATE --- 4.5%
74,300 The Rouse Co 1,578,875
$1,578,875
RETAIL TRADE --- 6.6%
82,400 Bob Evans Farms Inc 1,272,009
41,600 Longs Drug Stores Corp 1,073,779
$2,345,788
WHOLESALE TRADE -CONSUMER --- 2.8%
43,500 Department 56 Inc* 984,188
$984,188
TOTAL COMMON STOCK --- 97.3% $34,383,169
(Cost $35,931,480)
SHORT-TERM INVESTMENTS
FOREIGN BANKS --- 2.7%
952,000 Canadian Imperial Bank of Commerce 952,000
$952,000
TOTAL SHORT-TERM INVESTMENTS --- 2.7% $952,000
(Cost $952,000)
TOTAL ARIEL SMALL-CAP VALUE PORTFOLIO --- 100.0% $35,335,169
(Cost $36,883,480)
The Maxim Series Fund
Bond Index Portfolio
BONDS
AGENCY --- 40.1%
600,000 Fannie Mae 557,064
Notes
4.750% November 14, 2003
1,911,960 Fannie Mae 1,868,674
Pool #313567
6.500% November 1, 2009
4,835,873 Fannie Mae 4,556,262
Pool #489505
6.500% July 1, 2029
2,914,621 Fannie Mae 2,880,899
Pool #510483
7.000% August 1, 2014
1,086,007 Fannie Mae 1,050,027
Pool #504712
7.000% July 1, 2029
600,000 Fannie Mae 587,622
7.550% March 27, 2007
600,000 Fannie Mae 594,468
5.625% March 15, 2001
600,000 Fannie Mae 553,782
5.750% February 15, 2008
600,000 Fannie Mae 561,750
6.000% May 15, 2008
433,066 Fannie Mae 440,034
Pool #323102
8.000% December 1, 2012
1,988,088 Fannie Mae 2,013,337
Pool #124562
8.000% November 1, 2022
2,474,176 Fannie Mae 2,357,420
Pool #214037
6.500% December 1, 2023
513,856 Fannie Mae 508,553
Pool #124654
7.000% December 1, 2007
1,019,395 Fannie Mae 945,488
Pool #486700
5.500% March 1, 2014
600,000 Fannie Mae 601,122
8.500% February 1, 2005
600,000 Fannie Mae 582,750
Notes
5.750% April 15, 2003
1,957,648 Fannie Mae 1,903,813
Pool #252771
7.000% June 1, 2022
3,458,010 Fannie Mae 3,424,502
Pool #323688
7.500% March 1, 2029
600,000 Federal Home Loan Bank 589,782
4.875% January 26, 2001
600,000 Federal Home Loan Bank 567,936
Notes
5.125% September 15, 2003
500,000 Federal Home Loan Bank 483,750
4.875% January 22, 2002
1,000,000 Freddie Mac 948,440
Global Notes
5.950% January 19, 2006
2,185,011 Freddie Mac 2,060,050
Pool #C29179
6.500% July 1, 2029
549,615 Freddie Mac 525,569
Pool #E63038
6.000% February 1, 2011
3,476,800 Freddie Mac 3,277,961
Pool #C25252
6.500% April 1, 2029
496,542 Freddie Mac 454,490
Pool #C26896
6.000% April 1, 2029
600,000 Freddie Mac 525,750
5.125% October 15, 2008
1,000,000 Freddie Mac 978,590
Global Notes
6.700% January 5, 2007
2,565,770 Freddie Mac 2,346,858
Pool #323821
6.000% July 1, 2029
205,782 Freddie Mac 209,093
Pool #323265
8.000% June 1, 2012
955,219 Freddie Mac 913,428
Pool #E20199
6.000% September 1, 2010
119,495 Ginnie Mae 121,291
Pool #316037
8.000% December 15, 2006
1,967,838 Ginnie Mae 1,846,678
Pool #490201
6.500% June 15, 2029
784,228 Ginnie Mae 776,629
Pool #413320
7.500% September 15, 2025
1,993,184 Ginnie Mae 1,975,046
Pool #513364
7.500% August 15, 2029
708,328 Ginnie Mae 747,279
Pool #780398
9.000% April 15, 2021
674,119 Ginnie Mae 667,586
Pool #408165
7.500% December 15, 2025
74,296 Ginnie Mae 75,413
Pool #321871
8.000% March 15, 2007
418,150 Ginnie Mae 414,098
Pool #340847
7.500% November 15, 2025
591,313 Ginnie Mae 623,463
Pool #192881
9.000% January 15, 2017
125,253 Ginnie Mae 127,405
Pool #323073
8.000% April 15, 2007
194,232 Ginnie Mae 197,569
Pool #323133
8.000% June 15, 2007
254,450 Ginnie Mae 247,453
Pool #344196
7.000% January 15, 2023
63,487 Ginnie Mae 64,441
Pool #312963
8.000% August 15, 2006
1,394,383 Ginnie Mae 1,356,038
Pool #780189
7.000% July 15, 2025
94,174 Ginnie Mae 95,590
Pool #312989
8.000% January 15, 2007
1,498,915 Ginnie Mae 1,485,275
Pool #502858
7.500% November 15, 2029
100,382 Ginnie Mae 97,621
Pool #345300
7.000% March 15, 2023
475,732 Ginnie Mae 462,649
Pool #343591
7.000% February 15, 2023
1,500,000 Ginnie Mae II 1,477,500
Pool #002853
7.500% December 20, 2029
$52,728,288
AIR --- 1.1%
1,400,000 United Air Lines Inc 1,439,354
Debentures
9.125% January 15, 2012
$1,439,354
CANADIAN - PROVINCIAL --- 1.0%
1,300,000 Ontario Province 1,328,444
Global Notes
7.625% June 22, 2004
$1,328,444
COMMERCIAL MORTGAGE BACKED --- 1.5%
976,451 Commercial Mortgage Acceptance Corp 956,736
Series 1999-C1 Class A1
6.790% August 15, 2008
1,000,000 DLJ Commercial Mortgage Corp 987,240
Series 1999-CG3 Class A1B
7.340% September 10, 2009
$1,943,976
COMMUNICATIONS --- 0.9%
1,300,000 News America Inc 1,208,844
Senior Notes
6.625% January 9, 2008
$1,208,844
CREDIT INSTITUTIONS --- 3.1%
1,300,000 General Electric Capital Corp 1,301,521
Notes
6.660% May 1, 2000
1,400,000 General Motors Acceptance Corp 1,466,122
Notes
9.625% December 15, 2001
1,300,000 Wells Fargo & Co 1,266,746
Subordinated Notes
6.875% April 1, 2006
$4,034,389
ELECTRIC --- 2.5%
1,000,000 Empresa Nacional de Electricidad SA 944,870
Yankee Notes
7.750% July 15, 2008
1,300,000 Niagara Mohawk Power Corp 1,321,008
1st Mortgage
7.875% April 1, 2024
1,000,000 Tokyo Electric Power Co 983,700
Eurodollar Notes
7.000% February 13, 2007
$3,249,578
FOREIGN BANKS --- 3.4%
1,300,000 Abbey National PLC 1,248,715
Global Notes
6.690% October 17, 2005
1,300,000 African Development Bank 1,192,386
Subordinated Notes
6.875% October 15, 2015
1,000,000 Export-Import Bank of Korea 920,110
Global Notes
6.375% February 15, 2006
1,200,000 National Australia Bank 1,126,764
Subordinated Notes
6.600% December 10, 2007
$4,487,975
GAS --- 0.9%
1,300,000 KN Energy Inc 1,219,166
Senior Notes
6.800% March 1, 2008
$1,219,166
INSURANCE --- 0.8%
1,200,000 Hartford Financial Services Group Inc 1,103,760
Senior Notes
6.375% November 1, 2008
$1,103,760
MFTG - CONSUMER PRODS. --- 1.2%
1,500,000 Archer-Daniels-Midland Co 1,620,480
Debentures
8.875% April 15, 2011
$1,620,480
MFTG - INDUSTRIAL PRODS. --- 1.9%
1,300,000 Union Camp Corp 1,205,282
Notes
6.500% November 15, 2007
1,300,000 Xerox Corp 1,247,532
Medium Term Notes
6.250% November 15, 2026
$2,452,814
RETAIL TRADE --- 1.0%
1,300,000 Wal-Mart Stores Inc 1,325,727
Notes
7.500% May 15, 2004
$1,325,727
SECURITIES & COMMODITIES --- 0.9%
1,200,000 Dean Witter Discover & Co 1,187,976
Notes
6.875% March 1, 2003
$1,187,976
TELEPHONE --- 0.8%
1,200,000 Bellsouth Telecommunications 1,057,608
Debentures
6.750% October 15, 2033
$1,057,608
TRANSPORTATION EQUIPMENT --- 1.9%
1,200,000 Ford Motor Co 1,041,024
Bonds
6.625% October 1, 2028
1,400,000 Northrop Grumman Corp 1,446,522
Notes
8.625% October 15, 2004
$2,487,546
U.S. GOVERNMENT --- 35.0%
7,300,000 United States of America 8,973,306
Treasury Notes
9.000% November 15, 2018
3,700,000 United States of America 3,607,500
Treasury Notes
6.125% August 15, 2007
4,400,000 United States of America 4,420,636
Treasury Bonds
6.750% August 15, 2026
1,100,000 United States of America 1,067,858
Treasury Notes
5.875% November 15, 2005
5,900,000 United States of America 5,900,944
Treasury Notes
6.250% October 31, 2001
5,300,000 United States of America 5,301,643
Treasury Notes
6.500% May 15, 2005
17,100,000 United States of America 16,784,676
Treasury Notes
5.625% December 31, 2002
$46,056,563
WHOLESALE TRADE -CONSUMER --- 1.1%
1,500,000 SUPERVALU Inc # 1,487,595
Notes
7.625% September 15, 2004
$1,487,595
TOTAL BONDS --- 99.1% $130,420,083
(Cost $133,275,052)
SHORT-TERM INVESTMENTS
FOREIGN BANKS --- 0.9%
1,158,000 Canadian Imperial Bank of Commerce 1,158,000
$1,158,000
TOTAL SHORT-TERM INVESTMENTS --- 0.9% $1,158,000
(Cost $1,158,000)
TOTAL BOND INDEX PORTFOLIO --- 100.0% $131,578,083
(Cost $134,433,052)
The Maxim Series Fund
Bond Portfolio
BONDS
AGENCY --- 7.0%
5,500,000 Fannie Mae 4,851,165
Notes
5.250% January 15, 2009
$4,851,165
AIR --- 4.0%
2,819,839 American Trans Air 2,789,385
Series 1996-1 Class 1C
7.820% March 26, 2004
$2,789,385
CANADIAN - PROVINCIAL --- 4.3%
3,000,000 Manitoba 2,987,160
Debentures
6.750% March 1, 2003
$2,987,160
COMMUNICATIONS --- 6.3%
1,500,000 Cable & Wireless Communications PLC 1,481,835
Notes
6.375% March 6, 2003
3,000,000 News America Inc 2,865,210
Company Guaranteed Notes
6.703% May 21, 2004
$4,347,045
CREDIT INSTITUTIONS --- 14.5%
3,000,000 Associates Corporation of North America 2,917,200
Medium Term Senior Notes
7.240% August 15, 2006
3,000,000 Countrywide Funding Corp 2,912,610
Medium Term Notes
6.280% January 15, 2003
3,000,000 Credit Suisse First Boston # 2,733,300
Medium Term Subordinated Notes
6.500% May 1, 2008
1,500,000 Greenpoint Bank 1,464,420
Medium Term Senior Bank Notes
6.700% July 15, 2002
$10,027,530
ENVIRONMENTAL SERVICES --- 1.7%
1,210,000 WMX Technologies Inc 1,199,884
Notes
6.650% May 15, 2005
$1,199,884
FOREIGN BANKS --- 4.2%
3,000,000 Takefuji Corp # 2,889,000
Notes
7.300% November 1, 2004
$2,889,000
GAS --- 5.5%
3,000,000 Columbia Energy Group 2,925,060
Debentures
6.610% November 28, 2002
1,000,000 Consolidated Natural Gas Co 914,700
Debentures
6.625% December 1, 2013
$3,839,760
HIGHWAYS --- 2.8%
3,000,000 Zhuhai Highway Company Ltd # 1,935,000
Senior Notes
9.125% July 1, 2006
$1,935,000
OIL & GAS --- 4.2%
3,000,000 Occidental Petroleum Corp 2,874,000
Senior Notes
6.400% April 1, 2003
$2,874,000
OTHER ASSET-BACKED --- 5.8%
3,000,000 Delta Funding Home Equity Loan Trust 2,929,336
Series 1999-2 Class A5F
7.070% November 15, 2027
1,095,609 Green Tree Consumer Trust 1,072,071
Subordinated Bonds
8.410% May 15, 2029
$4,001,407
REAL ESTATE --- 4.1%
3,000,000 Highwoods Properties Inc 2,820,030
Notes
6.750% December 1, 2003
$2,820,030
RETAIL TRADE --- 6.9%
2,000,000 General Motors Acceptance Corp 1,904,320
Global Notes
5.750% November 10, 2003
3,000,000 ShopKo Stores Inc 2,855,010
Senior Notes
6.500% August 15, 2003
$4,759,330
SECURITIES & COMMODITIES --- 4.3%
1,000,000 Lehman Brothers Inc 990,080
Senior Subordinated Notes
7.360% December 15, 2003
2,000,000 World Financial Network Credit Card Master Trust 1,985,200
Series 1996-B Class A
6.950% April 15, 2006
$2,975,280
TELEPHONE --- 4.3%
3,000,000 MCI Communications Corp 2,951,340
Notes
6.125% April 15, 2002
$2,951,340
TRANSPORTATION --- 4.2%
3,000,000 National Rail Corp # 2,937,600
Debentures
7.470% August 8, 2010
$2,937,600
TRANSPORTATION EQUIPMENT --- 2.7%
2,000,000 Dana Corp 1,902,140
Notes
6.250% March 1, 2004
$1,902,140
U.S. GOVERNMENT --- 12.2%
9,000,000 United States of America 8,465,580
Treasury Notes
5.625% May 15, 2008
$8,465,580
TOTAL BONDS --- 99.1% $68,552,636
(Cost $72,459,408)
SHORT-TERM INVESTMENTS
FOREIGN BANKS --- 0.9%
649,000 Canadian Imperial Bank of Commerce 649,000
$649,000
TOTAL SHORT-TERM INVESTMENTS --- 0.9% $649,000
(Cost $649,000)
TOTAL BOND PORTFOLIO --- 100.0% $69,201,636
(Cost $73,108,408)
The Maxim Series Fund
Founders Growth & Income Portfolio
COMMON STOCK
AGENCY --- 0.9%
20,975 Fannie Mae 1,309,616
$1,309,616
COMMUNICATIONS --- 15.9%
45,050 AMFM Inc* 3,525,163
43,750 AT&T Corp* 2,482,813
8,900 CBS Corp* 569,039
27,100 Comcast Corp Class A 1,370,230
7,569 Cox Communications Inc* 389,804
15,850 Gannett Company Inc 1,292,758
9,525 Lucent Technologies Inc 712,584
26,625 MediaOne Group Inc 2,045,120
4,575 Nextel Communications Inc* 471,797
9,750 Nokia OYJ 1,852,500
17,575 Nortel Networks Corp 1,775,075
4,225 OmniPoint Corp* 509,641
36,850 Time Warner Inc 2,669,303
42,675 Viacom Inc Class B* 2,579,149
9,935 Vodafone AirTouch PLC* 491,783
4,825 VoiceStream Wireless Corp* 686,655
$23,423,414
CONSUMER SERVICES --- 6.4%
10,675 Amgen Inc* 641,162
9,825 Baxter International Inc 617,128
29,800 Bristol-Myers Squibb Co 1,912,773
6,525 Carnival Corp 311,973
31,875 Cendant Corp* 846,664
12,400 DeVry Inc* 230,950
7,275 Genetch Inc* 978,488
52,575 IMS Health Inc 1,429,357
11,600 Johnson & Johnson 1,080,250
19,125 Merck & Co Inc 1,282,561
$9,331,306
CREDIT INSTITUTIONS --- 1.1%
3,175 American Express Co 527,844
11,875 Associates First Capital Corp 325,814
10,975 SunTrust Banks Inc 755,212
$1,608,870
ELECTRIC --- 2.0%
33,525 Duke Energy Corp 1,680,441
11,650 Edison International 305,079
11,000 Montana Power Co 396,682
24,125 Southern Co 566,938
$2,949,140
ELECTRONICS - HIGH TECH --- 19.3%
21,075 Apple Computer Inc* 2,166,763
55,175 Cisco Systems Inc* 5,910,622
6,025 Comverse Technology Inc* 872,119
13,975 EMC Corp* 1,526,769
8,925 EchoStar Communications Corp Class A* 870,188
40,375 General Electric Co 6,248,031
7,800 Hewlett-Packard Co 888,709
14,400 Infonet Services Corp* 378,000
27,975 Intel Corp 2,302,678
6,400 International Business Machines Corp 691,200
5,100 Linear Technology Corp 364,966
5,900 Motorola Inc 868,775
4,800 Solectron Corp* 456,600
24,725 Sun Microsystems Inc* 1,914,630
5,825 Tellabs Inc* 373,889
11,350 Texas Instruments Inc 1,099,531
3,325 Yahoo! Inc* 1,438,684
$28,372,154
HOLDING & INVEST. OFFICES --- 6.4%
24,075 Bank of America Corp 1,208,252
360 Berkshire Hathaway Inc* 658,800
12,375 Chase Manhattan Corp 961,377
49,912 Citigroup Inc 2,773,211
19,250 Fifth Third Bancorp 1,412,469
14,675 Northern Trust Corp 777,775
40,475 Wells Fargo Co 1,636,688
$9,428,572
INDUSTRIAL PRODS & SVCS --- 0.9%
15,200 General Instrument Corp* 1,292,000
$1,292,000
INDUSTRIAL SERVICES --- 10.5%
18,625 America Online Inc* 1,405,014
34,950 Automatic Data Processing Inc 1,882,931
11,450 BMC Software Inc* 915,279
6,000 Cintas Corp 318,750
5,500 Computer Sciences Corp* 520,438
5,325 Electronic Data Systems Corp 356,440
11,750 Fiserv Inc* 450,166
8,575 Interpublic Group of Companies Inc 494,666
60,600 Microsoft Corp* 7,075,040
18,575 Oracle Systems Corp* 2,081,552
$15,500,276
INSURANCE --- 2.1%
15,675 American International Group Inc 1,694,859
14,200 Marsh & McLennan Companies Inc 1,358,755
$3,053,614
MFTG - CONSUMER PRODS. --- 4.3%
22,500 Coca-Cola Co 1,310,625
13,225 Colgate-Palmolive Co 859,625
45,750 Dial Corp 1,112,274
13,000 Gillette Co 535,431
9,525 PepsiCo Inc 335,756
14,050 Procter & Gamble Co 1,539,346
14,800 Seagram Company Ltd 665,068
$6,358,125
MFTG - INDUSTRIAL PRODS. --- 6.4%
15,450 Abbott Laboratories 561,020
17,100 American Home Products Corp 674,373
12,675 Danaher Corp 611,569
8,675 Deere & Co 376,278
14,775 EI du Pont de Nemours & Co 973,303
15,075 Great Lakes Chemical Corp 575,669
10,700 Honeywell International Inc 617,251
6,650 PE Corp-PE Biosystems Group 800,075
19,750 Pfizer Inc 640,631
12,400 Pharmacia & Upjohn Inc 558,000
41,525 Tyco International Ltd 1,614,284
17,225 Warner-Lambert Co 1,411,365
$9,413,818
OIL & GAS --- 6.9%
13,625 Chevron Corp 1,180,266
37,825 Conoco Inc 936,169
36,725 Enron Corp 1,629,672
45,929 Exxon Mobil Corp 3,700,132
25,750 Royal Dutch Petroleum Co ADR 1,556,253
21,700 Texaco Inc 1,178,570
$10,181,062
RETAIL TRADE --- 4.0%
27,375 Home Depot Inc 1,876,885
16,443 Intimate Brands Inc 709,104
5,500 Kohl's Corp* 397,029
16,725 McDonald's Corp 674,218
5,025 Tandy Corp 247,165
28,625 Wal-Mart Stores Inc 1,978,703
$5,883,104
SECURITIES & COMMODITIES --- 1.6%
11,325 Charles Schwab Corp 434,597
12,100 Merrill Lynch & Co Inc 1,010,350
6,250 Morgan Stanley Dean Witter & Co 892,188
$2,337,135
TELEPHONE --- 5.4%
16,200 ALLTEL Corp 1,339,529
20,000 BellSouth Corp 936,240
27,600 GTE Corp 1,947,511
33,713 MCI WorldCom Inc* 1,788,853
28,950 SBC Communications Inc 1,411,313
7,050 Sprint Corp 474,550
$7,897,996
TRANSPORTATION --- 0.4%
7,875 United Parcel Service Inc* 543,375
$543,375
TRANSPORTATION EQUIPMENT --- 1.9%
21,975 General Motors Corp Class H* 2,109,600
10,000 United Technologies Corp 650,000
$2,759,600
WHOLESALE TRADE -CONSUMER --- 0.8%
12,800 Costco Wholesale Corp* 1,168,000
$1,168,000
TOTAL COMMON STOCK --- 97.2% $142,811,177
(Cost $117,254,911)
SHORT-TERM INVESTMENTS
FOREIGN BANKS --- 2.8%
4,129,000 Canadian Imperial Bank of Commerce 4,129,000
$4,129,000
TOTAL SHORT-TERM INVESTMENTS --- 2.8% $4,129,000
(Cost $4,129,000)
TOTAL FOUNDERS GROWTH & INCOME PORTFOLIO --- 100.0% $146,940,177
(Cost $121,383,911)
The Maxim Series Fund
Global Bond Portfolio
BONDS
FOREIGN BANKS --- 14.7%
139,000,000 DSL Bank AG 1,336,025
Senior Unsubordinated Notes
1.750% October 7, 2009
4,000,000 European Investment Bank 3,566,270
Senior Unsubordinated Notes
4.000% April 15, 2009
4,450,000 Rheinische Hypothekenbank AG 4,073,797
Jumbo Pfandbrief
4.250% September 24, 2008
4,490,000 Wuerttembergische Hypothekenbank AG 4,087,379
Jumbo Pfandbrief
4.250% October 2, 2008
$13,063,471
FOREIGN GOVERNMENTS --- 75.1%
15,407,000 Australian Government 10,507,307
Bonds
7.500% September 15, 2009
3,720,000 Federal Republic of Germany 3,596,744
Bonds
4.750% July 4, 2008
4,100,000 Government of Belgium 3,595,414
Bonds
3.750% March 28, 2009
8,650,000 Government of France 8,258,538
Notes
3.500% July 12, 2004
941,000 Government of France 952,326
Debentures
6.000% October 25, 2025
1,260,000 Government of France 1,257,420
Bonds
5.250% April 25, 2008
461,500,000 Government of Japan 3,964,611
Bonds
1.500% March 20, 2019
13,840,000 Government of New Zealand 6,424,456
Bonds
6.000% November 15, 2011
3,970,000 Government of Spain 3,885,436
Bonds
5.150% July 30, 2009
3,135,000 Government of the Netherlands 3,297,308
Bonds
6.000% January 15, 2006
2,055,000 Government of the Netherlands 2,135,552
Bonds
5.750% January 15, 2004
33,900,000 Kingdom of Sweden 4,197,257
Bonds
4.000% December 1, 2008
7,400,000 Netherlands Government 7,381,123
Bonds
5.250% July 15, 2008
869,000 New Zealand Government 442,441
Bonds
7.000% July 15, 2009
3,600,000 Republic of Austria 3,534,682
Bonds
5.000% January 15, 2008
4,170,000 United Mexican States 3,273,450
Bonds
6.250% December 31, 2019
$66,704,065
U.S. GOVERNMENT --- 4.8%
4,300,000 United States of America 4,262,618
Bonds
3.875% January 15, 2009
$4,262,618
TOTAL BONDS --- 94.6% $84,030,154
(Cost $86,711,802)
SHORT-TERM INVESTMENTS
FOREIGN BANKS --- 5.4%
4,770,000 Canadian Imperial Bank of Commerce 4,770,000
$4,770,000
TOTAL SHORT-TERM INVESTMENTS --- 5.4% $4,770,000
(Cost $4,770,000)
TOTAL GLOBAL BOND PORTFOLIO --- 100.0% $88,800,154
(Cost $91,481,802)
The Maxim Series Fund
Growth Index Portfolio
COMMON STOCK
AIR --- 0.0%
5,100 US Air Group Inc* 163,516
$163,516
COMMUNICATIONS --- 9.8%
56,200 Comcast Corp Class A 2,841,584
234,150 Lucent Technologies Inc 17,517,230
27,200 Nextel Communications Inc* 2,805,000
99,900 Nortel Networks Corp 10,089,900
49,600 QUALCOMM Inc* 8,735,800
96,150 Time Warner Inc 6,964,818
$48,954,332
CONSUMER SERVICES --- 9.1%
9,400 Allergan Inc 467,650
76,400 Amgen Inc* 4,588,737
148,300 Bristol-Myers Squibb Co 9,518,932
81,500 Eli Lilly & Co 5,419,750
26,300 Hilton Hotels Corp 253,138
22,300 IMS Health Inc 606,270
103,976 Johnson & Johnson 9,682,765
89,416 Medtronic Inc 3,258,051
174,700 Merck & Co Inc 11,715,731
$45,511,024
CREDIT INSTITUTIONS --- 0.3%
60,000 MBNA Corp 1,635,000
$1,635,000
ELECTRONICS - HIGH TECH --- 31.1%
8,700 Adobe Systems Inc 585,075
28,300 Applied Materials Inc* 3,585,242
244,500 Cisco Systems Inc* 26,192,063
6,700 Citrix Systems Inc* 824,100
5,400 Comverse Technology Inc* 781,650
189,900 Dell Computer Corp* 9,684,900
76,100 EMC Corp* 8,313,925
23,740 Gateway Inc* 1,710,752
245,300 General Electric Co 37,960,175
249,700 Intel Corp 20,553,306
134,800 International Business Machines Corp 14,558,400
9,600 Lexmark International Group Inc Class A* 868,800
6,200 Maytag Corp 297,600
11,200 Network Appliance Inc* 930,294
21,900 Solectron Corp* 2,083,238
116,800 Sun Microsystems Inc* 9,044,642
30,100 Tellabs Inc* 1,932,029
60,000 Texas Instruments Inc 5,812,500
24,000 Xilinx Inc* 1,091,232
19,700 Yahoo! Inc* 8,523,934
$155,333,857
HOLDING & INVEST. OFFICES --- 0.1%
11,500 SLM Holding Corp 485,875
$485,875
INDUSTRIAL SERVICES --- 16.7%
167,124 America Online Inc* 12,607,333
46,800 Automatic Data Processing Inc 2,521,350
18,200 BMC Software Inc* 1,454,853
40,325 Computer Associates International Inc 2,820,210
26,800 Compuware Corp* 998,300
11,500 Dun & Bradstreet Corp 339,250
10,200 Equifax Inc 240,332
21,000 Interpublic Group of Companies Inc 1,211,427
385,700 Microsoft Corp* 45,030,470
13,300 Omnicom Group Inc 1,330,000
106,425 Oracle Systems Corp* 11,926,198
19,400 Parametric Technology Corp* 525,003
18,507 Paychex Inc 740,280
20,100 PeopleSoft Inc* 428,371
19,900 Pitney Bowes Inc 961,409
$83,134,786
INSURANCE --- 0.2%
10,650 Providian Financial Corp 969,810
$969,810
MFTG - CONSUMER PRODS. --- 9.3%
34,800 Anheuser-Busch Companies Inc 2,466,450
18,100 Avon Products Inc 597,300
20,900 Bestfoods 1,098,546
32,000 Campbell Soup Co 1,237,984
184,600 Coca-Cola Co 10,752,950
43,600 Colgate-Palmolive Co 2,834,000
6,500 Dow Jones & Company Inc 442,000
22,800 General Mills Inc 815,100
80,264 Gillette Co 3,305,833
26,850 HJ Heinz Co 1,068,952
2,400 Jostens Inc 58,349
30,300 Kellogg Co 933,604
108,800 PepsiCo Inc 3,835,200
98,300 Procter & Gamble Co 10,769,945
9,600 Quaker Oats Co 630,000
24,200 Ralston-Ralston Purina Group 674,575
68,000 Sara Lee Corp 1,500,216
4,100 Tupperware Corp 69,442
12,400 UST Inc 312,319
42,800 Unilever NV ADR 2,329,904
8,700 Wm Wrigley Jr Co 721,552
$46,454,221
MFTG - INDUSTRIAL PRODS. --- 7.2%
114,900 Abbott Laboratories 4,172,249
18,300 Corning Inc 2,359,547
23,000 Guidant Corp* 1,081,000
40,760 Kimberly-Clark Corp 2,659,590
3,200 Millipore Corp 123,600
3,900 Owens Corning 75,317
7,800 PE Corp-PE Biosystems Group 938,434
289,400 Pfizer Inc 9,387,268
109,800 Schering-Plough Corp 4,632,133
5,915 Sealed Air Corp* 306,468
126,300 Tyco International Ltd 4,909,913
5,100 WR Grace & Co* 70,763
64,200 Warner-Lambert Co 5,260,355
$35,976,637
MINING --- 0.0%
11,700 Freeport-McMoran Copper & Gold Inc Class B* 247,163
$247,163
RETAIL TRADE --- 8.9%
10,000 Bed Bath & Beyond Inc* 347,500
15,400 Best Buy Inc* 772,880
64,000 Gap Inc 2,944,000
172,200 Home Depot Inc 11,806,376
12,200 Kohl's Corp* 880,681
62,200 Kroger Co* 1,174,025
14,500 Tandy Corp 713,212
10,930 Tricon Global Restaurants* 422,171
332,600 Wal-Mart Stores Inc 22,990,975
75,000 Walgreen Co 2,193,750
$44,245,570
SECURITIES & COMMODITIES --- 0.5%
61,300 Charles Schwab Corp 2,352,388
$2,352,388
TELEPHONE --- 3.9%
11,200 ADC Telecommunications Inc* 812,694
255,029 SBC Communications Inc 12,432,664
32,300 Sprint Corp 3,310,750
37,800 US WEST Inc 2,721,600
$19,277,708
WHOLESALE TRADE -CONSUMER --- 0.3%
8,100 Avery Dennison Corp 590,288
24,700 SYSCO Corp 977,181
$1,567,469
TOTAL COMMON STOCK --- 97.5% $486,309,356
(Cost $320,330,623)
SHORT-TERM INVESTMENTS
FOREIGN BANKS --- 2.1%
10,538,000 Canadian Imperial Bank of Commerce 10,538,000
$10,538,000
U.S. GOVERNMENT --- 0.4%
2,000,000 United States of America (1) 2,000,867
$2,000,867
TOTAL SHORT-TERM INVESTMENTS --- 2.5% $12,538,867
(Cost $12,538,867)
TOTAL GROWTH INDEX PORTFOLIO --- 100.0% $498,848,223
(Cost $332,869,490)
The Maxim Series Fund
INVESCO Balanced Portfolio
BONDS
AGENCY --- 2.8%
1,457,167 Freddie Mac 1,415,273
Gold Pool #E00501
6.500% July 1, 2012
3,401,848 Freddie Mac 3,299,793
6.500% November 1, 2012
$4,715,066
COMMUNICATIONS --- 2.0%
1,000,000 AT&T Corp 907,120
Notes
6.000% March 15, 2009
1,250,000 Tele-Communications Inc 1,460,425
Debentures
9.800% February 1, 2012
1,000,000 Time Warner Entertainment LP 973,700
Notes
7.250% September 1, 2008
$3,341,245
CONSUMER SERVICES --- 1.3%
845,000 FHP International Corp 828,244
Debentures
7.000% September 15, 2003
500,000 Hilton Hotels Corp 437,345
Senior Notes
7.200% December 15, 2009
1,000,000 Paramount Communications Inc 951,580
Senior Debentures
8.250% August 1, 2022
$2,217,169
CREDIT INSTITUTIONS --- 0.3%
500,000 Associates Corporation of North America 496,930
Senior Notes
7.375% June 11, 2007
$496,930
ELECTRIC --- 8.6%
1,350,000 Central Power & Light Co 1,227,002
1st Mortgage
7.500% April 1, 2023
1,000,000 Citizens Utilities Co 887,080
Debentures
7.000% November 1, 2025
500,000 Commonwealth Edison Co 491,300
1st Mortgage
7.000% July 1, 2005
1,000,000 Commonwealth Edison Co 1,026,260
1st Mortgage
8.250% October 1, 2006
1,250,000 Consumers Energy Co 1,102,300
1st Mortgage
7.375% September 15, 2023
1,000,000 El Paso Electric Co 1,040,330
1st Mortgage
8.900% February 1, 2006
1,000,000 Gulf States Utilities Co 973,020
1st Mortgage
8.700% April 1, 2024
500,000 Jersey Central Power & Light 477,255
Debentures
7.500% May 1, 2023
750,000 Jersey Central Power & Light Co 753,570
1st Mortgage
7.980% February 16, 2023
500,000 Kentucky Utilities Co 479,340
1st Mortgage
7.550% June 1, 2025
500,000 Metropolitan Edison Co 485,915
1st Mortgage
8.150% January 30, 2023
1,600,000 New York State Electric & Gas Corp 1,571,280
1st Mortgage
8.300% December 15, 2022
260,000 Niagara Mohawk Power Corp 251,207
1st Mortgage
8.500% July 1, 2023
2,000,000 Niagara Mohawk Power Corp 2,010,540
1st Mortgage
7.750% May 15, 2006
500,000 Potomac Edison Co 489,350
1st Mortgage
7.750% May 1, 2025
500,000 Union Electric Co 500,205
1st Mortgage
8.250% October 15, 2022
750,000 Union Electric Co 761,213
1st Mortgage
8.750% December 1, 2021
$14,527,167
ELECTRONICS - HIGH TECH --- 1.3%
2,750,000 Metronet Communications (2) 2,171,180
Step Bond 0%/9.950%
8.570% June 15, 2008
$2,171,180
FORESTRY --- 0.9%
1,500,000 Chesapeake Corp 1,440,930
Debentures
7.200% March 15, 2005
$1,440,930
HOLDING & INVEST. OFFICES --- 1.1%
1,785,000 Equitable Companies Inc 1,894,171
Senior Notes
9.000% December 15, 2004
$1,894,171
INSURANCE --- 1.0%
2,000,000 Progressive Corp 1,682,300
Senior Notes
6.625% March 1, 2029
$1,682,300
MFTG - INDUSTRIAL PRODS. --- 1.2%
500,000 Bowater Inc 528,190
Debentures
9.000% August 1, 2009
1,500,000 USG Corp 1,480,920
Senior Notes
8.500% August 1, 2005
$2,009,110
OIL & GAS --- 0.8%
1,205,000 Atlantic Richfield Co 1,411,501
Debentures
10.875% July 15, 2005
$1,411,501
TELEPHONE --- 3.8%
2,000,000 Bellsouth Telecommunications 1,946,200
Debentures
8.250% July 1, 2032
2,500,000 Cental Capital 2,734,125
Debentures
9.000% October 15, 2019
1,350,000 GTE Corp 1,290,047
Callable Debentures
7.900% February 1, 2027
500,000 US West Communications 464,715
Callable Notes
5.650% November 1, 2004
$6,435,087
U.S. GOVERNMENT --- 6.4%
1,000,000 United States of America 968,750
Treasury Notes
6.000% August 15, 2009
9,500,000 United States of America 8,935,890
Treasury Notes
5.625% May 15, 2008
1,000,000 United States of America 931,720
Treasury Notes
5.500% May 15, 2009
$10,836,360
TOTAL BONDS --- 31.6% $53,178,216
(Cost $57,374,057)
COMMON STOCK
COMMUNICATIONS --- 8.2%
35,000 AT&T Corp 1,776,250
43,500 AT&T Corporation Liberty Media Group* 2,468,625
42,100 Cable & Wireless PLC sponsored ADR* 2,228,648
21,800 Clear Channel Communications Inc* 1,945,650
25,600 Lucent Technologies Inc 1,915,187
16,600 Nextel Communications Inc* 1,711,875
24,000 Qwest Communications International Inc* 1,032,000
17,000 TV Guide Inc* 731,000
$13,809,235
CONSUMER SERVICES --- 7.3%
21,800 Bristol-Myers Squibb Co 1,399,277
31,000 Gemstar International Group Ltd* 2,208,750
80,400 Harrah's Entertainment Inc* 2,125,535
16,700 Johnson & Johnson 1,555,188
46,000 Medtronic Inc 1,676,102
28,600 Merck & Co Inc 1,917,973
22,300 SmithKline Beecham PLC 1,436,945
$12,319,770
CREDIT INSTITUTIONS --- 2.5%
57,600 Bank of New York Company Inc 2,304,000
15,000 JP Morgan & Co Inc 1,899,375
$4,203,375
ELECTRIC --- 1.0%
51,400 Unicom Corp 1,721,900
$1,721,900
ELECTRONICS - HIGH TECH --- 9.1%
12,500 Comverse Technology Inc* 1,809,375
45,900 Dell Computer Corp* 2,340,900
17,200 General Electric Co 2,661,695
25,900 Intel Corp 2,131,881
50,600 Maxim Integrated Products Inc* 2,387,662
16,500 Motorola Inc 2,429,625
16,200 Texas Instruments Inc 1,569,375
$15,330,513
FORESTRY --- 0.9%
20,700 Weyerhaeuser Co 1,486,508
$1,486,508
HOLDING & INVEST. OFFICES --- 3.9%
30,100 Chase Manhattan Corp 2,338,379
45,800 Citigroup Inc 2,544,740
41,000 Wells Fargo Co 1,657,917
$6,541,036
INDUSTRIAL SERVICES --- 4.1%
29,600 America Online Inc* 2,232,935
21,200 Microsoft Corp* 2,475,100
40,800 SAP AG 2,124,130
$6,832,165
INSURANCE --- 1.1%
34,600 Allmerica Financial Corp 1,924,625
$1,924,625
MFTG - CONSUMER PRODS. --- 4.3%
22,500 Anheuser-Busch Companies Inc 1,594,688
34,000 Coca-Cola Co 1,980,500
28,700 Colgate-Palmolive Co 1,865,500
15,600 Procter & Gamble Co 1,709,167
$7,149,855
MFTG - INDUSTRIAL PRODS. --- 4.3%
20,700 Champion International Corp 1,282,096
30,000 Honeywell International Inc 1,730,610
37,300 Praxair Inc 1,876,638
28,300 Warner-Lambert Co 2,318,817
$7,208,161
OIL & GAS --- 3.6%
36,100 Apache Corp 1,333,426
27,000 BP Amoco PLC 1,601,424
23,100 Exxon Mobil Corp 1,860,982
19,300 Schlumberger Ltd 1,085,625
3,744 Transocean Sedco Forex Inc 126,131
$6,007,588
RAILROADS --- 1.9%
43,600 Kansas City Southern Industries Inc 3,253,650
$3,253,650
RETAIL TRADE --- 7.5%
22,800 Amazon.com Inc* 1,735,650
42,000 Circuit City Stores-Circuit City Group 1,892,604
35,200 Dayton Hudson Corp 2,584,982
48,000 McDonald's Corp 1,934,976
43,500 Tandy Corp 2,139,635
33,200 Wal-Mart Stores Inc 2,294,950
$12,582,797
SECURITIES & COMMODITIES --- 1.4%
16,400 Morgan Stanley Dean Witter & Co 2,341,100
$2,341,100
TELEPHONE --- 2.7%
41,200 BellSouth Corp 1,928,654
37,300 SBC Communications Inc 1,818,375
11,000 US WEST Inc 792,000
$4,539,029
TRANSPORTATION EQUIPMENT --- 2.5%
27,200 General Motors Corp Class H* 2,611,200
20,800 Textron Inc 1,595,090
$4,206,290
TOTAL COMMON STOCK --- 66.3% $111,457,597
(Cost $84,987,517)
SHORT-TERM INVESTMENTS
FOREIGN BANKS --- 2.0%
3,418,000 Canadian Imperial Bank of Commerce 3,418,000
$3,418,000
TOTAL SHORT-TERM INVESTMENTS --- 2.0% $3,418,000
(Cost $3,418,000)
TOTAL INVESCO BALANCED PORTFOLIO --- 100.0% $168,053,813
(Cost $145,779,574)
The Maxim Series Fund
INVESCO Small-Cap Growth Portfolio
COMMON STOCK
COMMUNICATIONS --- 9.6%
32,000 24/7 Media Inc* 1,800,000
13,300 Airnet Communications Corp* 483,788
11,400 AudioCodes Ltd* 1,048,800
50,000 CTC Communications Group Inc* 1,950,750
25,300 Citadel Comunications Corp* 1,641,338
28,200 Cumulus Media Inc* 1,431,150
10,300 Emmis Communications Corp Class A* 1,283,792
35,000 FirstCom Corp* 1,286,250
34,400 Galileo Technology Ltd* 829,900
12,300 Inet Technologies Inc* 859,463
66,200 Interep National Radio Sales Inc* 885,425
27,900 Jupiter Communications Inc* 843,975
58,600 Salem Communications Corp Class A* 1,325,825
14,700 Tumbleweed Commications Corp* 1,245,825
12,900 ViaSat Inc* 643,388
$17,559,669
CONSTRUCTION --- 0.8%
31,300 Dycom Industries Inc* 1,379,141
$1,379,141
CONSUMER SERVICES --- 9.9%
33,300 AHL Services Inc* 695,138
34,000 Accredo Health Inc* 1,045,500
9,600 Corporate Executive Board Co* 536,400
26,100 Cytyc Corp* 1,593,718
55,400 DUSA Pharmaceuticals Inc* 1,578,900
46,700 Harrah's Entertainment Inc* 1,234,608
18,800 Incyte Pharmaceuticals Inc* 1,128,000
16,700 Intraware Inc* 1,334,948
15,700 Invitrogen Corp* 942,000
27,700 Jones Pharma Inc 1,203,205
40,800 PROVANT Inc* 1,030,200
28,300 Polycom Inc* 1,802,342
35,900 Province Healthcare Co* 682,100
86,400 Regis Corp 1,630,800
47,700 Steiner Leisure Ltd* 795,970
35,600 Trimeris Inc* 841,050
$18,074,879
CREDIT INSTITUTIONS --- 0.8%
44,300 City National Corp 1,459,109
$1,459,109
ELECTRONICS - HIGH TECH --- 31.8%
17,000 AGENCY.COM Ltd* 867,000
34,900 ANADIGICS Inc* 1,646,826
8,200 About.com Inc* 735,950
17,300 Advanced Digital Info Corp* 841,213
24,100 Anaren Microwave Inc* 1,304,413
7,000 Broadbase Software Inc* 787,500
35,000 Brooks Automation Inc* 1,139,670
6,300 Business Objects SA sponsored ADR* 841,838
11,700 C-COR.net Corp* 896,513
28,000 C-bridge Internet Solutions Inc* 1,361,500
23,500 CBT Group PLC sponsored ADR* 787,250
13,000 Caliper Technologies Corp* 867,750
10,600 Cree Research Inc* 904,975
20,600 DII Group Inc* 1,461,941
55,900 DSET Corp* 2,089,263
27,000 Digital Impact Inc* 1,353,375
87,500 Digital Microwave Corp* 2,050,738
17,000 Entrust Technologies Inc* 1,018,929
50,000 GRIC Communications Inc* 1,268,750
9,300 Gilat Satellite Networks Ltd 1,104,375
12,500 Harmonic Lightwaves Inc* 1,186,713
30,100 IONA Technologies PLC* 1,640,450
25,700 ISS Group Inc* 1,827,913
77,200 InterVoice-Brite Inc* 1,794,900
29,400 LTX Corp* 657,825
18,700 MTI Technology Corp* 689,563
9,000 Macromedia Inc* 658,125
22,000 Mediaplex Inc* 1,380,500
44,600 Metamor Worldwide Inc* 1,298,975
4,400 Micromuse Inc* 748,000
20,000 Mission Critical Software Inc* 1,400,000
24,000 NICE Systems Ltd sponsored ADR* 1,180,488
43,800 Natural Microsystems Corp* 2,050,366
20,500 NetIQ Corp* 1,067,271
20,500 Open Market Inc* 925,063
6,000 Pegasus Systems Inc* 361,872
9,550 Peregrine Systems Inc* 803,986
24,000 Pilot Network Services Inc* 576,000
10,100 Proxim Inc* 1,111,000
7,000 QLogic Corp* 1,119,125
7,400 Quest Software Inc* 754,800
18,800 Quintus Corp* 862,450
14,800 S1 Corp* 1,156,250
26,500 Semtech Corp* 1,381,313
5,500 SilverStream Software Inc* 654,500
30,500 Sykes Enterprises Inc* 1,338,188
21,100 TranSwitch Corp* 1,531,058
22,900 Universal Electronics Inc* 1,053,400
15,000 Visual Networks Inc* 1,188,750
25,800 WorldGate Communications Inc* 1,227,100
22,100 Zoran Corp* 1,232,075
$58,187,788
FINANCIAL SERVICES --- 0.9%
42,000 Affiliated Managers Group Inc* 1,698,354
$1,698,354
INDUSTRIAL PRODS & SVCS --- 0.6%
20,800 TSI International Software Ltd* 1,177,800
$1,177,800
INDUSTRIAL SERVICES --- 11.0%
21,000 AppNet Inc* 918,750
23,000 Aspect Development Inc* 1,575,500
46,500 BindView Development Corp* 2,310,446
15,200 Celgene Corp* 1,064,000
31,900 E-Stamp Corp* 709,775
28,700 Getty Images Inc* 1,402,713
58,800 Intranet Solutions Inc* 2,175,600
22,100 Jack Henry & Associates Inc 1,186,483
8,500 Mercury Interactive Corp* 917,465
37,650 NCO Group Inc* 1,134,206
18,400 National Information Consortium Inc* 588,800
28,000 NetRatings Inc* 1,347,500
62,500 Precision Response Corp* 1,515,625
13,000 Primus Knowledge Solutions Inc* 589,056
32,400 Technology Solutions Co* 1,061,100
12,300 USinternetworking Inc* 859,463
25,900 eSoft Inc* 754,338
$20,110,820
MFTG - CONSUMER PRODS. --- 2.8%
17,000 Cymer Inc* 782,000
39,500 Linens 'N Things Inc* 1,170,188
58,000 Playtex Products Inc* 891,750
32,500 Quiksilver Inc* 503,750
83,200 Topps Company Inc* 863,200
41,250 Wild Oats Markets Inc* 915,214
$5,126,102
MFTG - INDUSTRIAL PRODS. --- 7.6%
30,600 Advanced Energy Industries Inc* 1,507,050
20,700 Alkermes Inc* 1,016,888
21,900 Asyst Technologies Inc* 1,435,808
96,800 Callaway Golf Co 1,712,102
23,100 MICROS Systems Inc* 1,709,400
12,200 Pharmacyclics Inc* 503,250
55,500 Pinnacle Holdings Inc* 2,351,796
13,300 Protein Design Labs Inc* 931,000
62,000 REMEC Inc* 1,581,000
15,700 Xircom Inc* 1,177,500
$13,925,794
OIL & GAS --- 4.3%
24,700 Atwood Oceanics Inc* 954,038
52,700 Basin Exploration Inc* 928,838
30,600 Dril-Quip Inc* 929,475
56,600 Evergreen Resources Inc* 1,117,850
54,000 Louis Dreyfus Natural Gas Corp* 978,750
33,550 Newfield Exploration Co* 897,463
35,400 Precision Drilling Corp* 909,320
140,000 Unit Corp* 1,076,180
$7,791,914
REAL ESTATE --- 0.5%
52,500 Intrawest Corp 908,880
$908,880
RETAIL TRADE --- 6.4%
30,250 Cost Plus Inc* 1,077,656
36,900 HotJobs.com Ltd* 1,612,050
46,700 Insight Enterprises Inc* 1,897,188
24,500 InterTAN Inc* 640,063
58,700 JAKKS Pacific Inc* 1,096,927
40,000 O'Reilly Automotive Inc* 860,000
48,800 Pacific Sunwear of California Inc* 1,555,500
38,200 Rex Stores Corp* 1,337,000
55,800 The Men's Wearhouse Inc* 1,639,125
$11,715,509
TELEPHONE --- 2.5%
12,200 Esat Telecom Group PLC ADR* 1,116,300
79,200 Tekelec* 1,782,000
30,600 Viatel Inc* 1,640,925
$4,539,225
TOTAL COMMON STOCK --- 89.6% $163,654,984
(Cost $114,961,428)
SHORT-TERM INVESTMENTS
CREDIT INSTITUTIONS --- 1.7%
3,200,000 Ford Motor Credit Co 3,194,213
$3,194,213
FOREIGN BANKS --- 4.9%
8,896,000 Canadian Imperial Bank of Commerce 8,896,000
$8,896,000
HOLDING & INVEST. OFFICES --- 1.6%
3,000,000 American General Finance Corp 2,994,042
$2,994,042
SECURITIES & COMMODITIES --- 2.2%
500,000 Merrill Lynch & Co Inc 498,324
3,500,000 Morgan Stanley Dean Witter & Co 3,493,924
$3,992,248
TOTAL SHORT-TERM INVESTMENTS --- 10.4% $19,076,503
(Cost $19,076,503)
TOTAL INVESCO SMALL-CAP GROWTH PORTFOLIO --- 100.0% $182,731,487
(Cost $134,037,931)
The Maxim Series Fund
Index 400 Portfolio
COMMON STOCK
AGRICULTURE --- 0.2%
610 AGCO Corp 8,197
570 Dole Food Company Inc 9,263
$17,460
AIR --- 0.3%
500 Airborne Freight Corp 11,000
270 Alaska Air Group Inc* 9,484
420 Pittston Burlington Group 9,240
$29,724
COMMUNICATIONS --- 3.9%
1,210 AH Belo Corp Class A 23,065
2,210 Broadwing Inc 81,494
540 COMSAT Corp 10,733
340 Chris-Craft Industries Inc* 24,523
560 Hispanic Broadcasting Corp* 51,642
750 NOVA Corp* 23,672
630 Telephone & Data Systems Inc 79,380
1,040 Univision Communications Inc* 106,274
$400,783
CONSTRUCTION --- 0.2%
1,430 Clayton Homes Inc 13,137
280 Granite Construction Inc 5,162
$18,299
CONSUMER SERVICES --- 9.1%
270 Acuson Corp* 3,392
790 Apollo Group Inc Class A* 15,849
530 Apria Healthcare Group Inc* 9,507
300 Beckman Coulter Inc 15,263
1,050 Beverly Enterprises Inc* 4,594
1,530 Biogen Inc* 129,285
460 Carter-Wallace Inc 8,251
560 CheckFree Holdings Corp* 58,520
1,560 Convergys Corp* 47,970
600 Covance Inc* 6,487
710 DeVry Inc* 13,224
500 First Health Group Corp* 13,438
850 Forest Laboratories Inc* 52,221
1,250 Foundation Health Systems* 12,421
850 Genzyme Corp 38,250
2,590 Health Management Associates Inc* 34,641
1,080 IVAX Corp* 27,810
540 International Speedway Corp 27,203
550 Lincare Holdings Inc* 19,078
930 Mandalay Resort Group* 18,716
450 Millennium Pharmaceuticals* 54,900
320 MiniMed Inc* 23,440
980 Modis Professional Services* 13,965
430 Navigant Consulting Co* 4,676
500 Ogden Corp 5,969
930 Omnicare Inc 11,160
720 PSS World Medical Inc* 6,795
440 Pacific Health Systems* 23,320
3,100 Park Place Entertainment Corp* 38,750
340 Polycom Inc* 21,654
800 Premier Parks Inc* 23,100
720 Quorum Health Group Inc* 6,705
1,110 Stewart Enterprises Inc Class A 5,273
990 Stryker Corp 68,929
320 Suiza Foods Corp* 12,680
520 Sylvan Learning Systems Inc* 6,760
830 Total Renal Care Holdings Inc* 5,550
400 Trigon Healthcare Inc* 11,800
570 Westwood One Inc* 43,320
$944,866
CREDIT INSTITUTIONS --- 5.3%
650 Associated Banc-Corp 22,263
560 Astoria Financial Corp 17,045
410 CCB Financial Corp 17,860
2,165 Charter One Financial Inc 41,406
460 City National Corp 15,151
1,160 Compass Bancshares Inc 25,882
2,100 Concord EFS Inc* 54,075
2,000 First Security Corp 51,062
1,330 First Tennessee National Corp 37,905
510 First Virginia Banks Inc 21,930
920 FirstMerit Corp 21,160
1,090 Marshall & Ilsley Corp 68,465
700 Mercantile Bankshares Corp 22,356
1,330 North Fork Bancorporation Inc 23,275
820 Pacific Century Financial Corp 15,323
850 TCF Financial Corp 21,144
380 WestAmerica Bancorp 10,616
330 Wilmington Trust Co 15,923
870 Zions Bancorp 51,493
$554,334
ELECTRIC --- 5.6%
1,130 Allegheny Energy Inc 30,439
800 Alliant Energy Corp 22,000
220 Black Hills Corp 4,881
330 CMP Group Inc 9,095
230 Cleco Corp 7,374
950 Conectiv Inc 15,971
1,620 DPL Inc 28,045
770 DQE Inc 26,661
1,170 Energy East Corp 24,350
330 Hawaiian Electric Industries Inc 9,529
380 IDACORP Inc 10,189
710 Illinova Corp 24,673
880 Ipalco Enterprises Inc 15,015
630 Kansas City Power & Light Co 13,899
1,320 LG&E Energy Corp 23,017
610 MidAmerican Energy Holdings Co* 20,549
750 Minnesota Power & Light Co 12,703
1,130 Montana Power Co 40,750
600 New England Electric System 31,050
1,280 NiSource Inc 22,880
1,340 Northeast Utilities 27,553
1,210 Potomac Electric Power Co 27,754
420 Public Service Company of New Mexico 6,825
860 Puget Sound Power & Light Co 16,663
1,060 Scana Corp 28,488
800 Sierra Pacific Resources 13,850
1,320 Teco Energy Inc 24,502
950 UtiliCorp United Inc 18,465
1,200 Wisconsin Energy Corp 23,100
$580,270
ELECTRONICS - HIGH TECH --- 20.1%
400 Adtran Inc* 20,575
1,970 American Power Conversion Corp* 51,959
2,060 Atmel Corp* 60,898
430 Avnet Inc 26,015
640 Calpine Corp* 40,960
670 Cirrus Logic Inc* 8,919
1,120 Cypress Semiconductor Corp* 36,260
650 DST Systems Inc* 49,603
540 Dentsply International Inc 12,758
700 Diebold Inc 16,450
470 Federal Signal Corp 7,549
800 Harris Corp 21,350
660 Hubbell Inc Class B 17,985
370 Imation Corp* 12,418
930 Integrated Device Technology Inc* 26,970
910 International Game Technology 18,484
900 Jabil Circuit Inc* 65,700
870 Legato Systems Inc* 59,866
1,580 Linear Technology Corp 113,068
470 Litton Industries Inc* 23,441
250 MagneTek Inc* 1,922
480 Mark IV Industries Inc 8,490
2,800 Maxim Integrated Products Inc* 132,124
660 Mentor Graphics Corp* 8,703
990 NCR Corp* 37,496
1,420 Network Associates Inc* 37,896
370 QLogic Corp* 59,154
1,680 Quantum Corp* 25,410
890 Rational Software Corp* 43,721
740 SCI Systems Inc* 60,818
600 Sanmina Corp* 59,925
780 Sensormatic Electronics Corp* 13,601
340 Sepracor Inc* 33,724
1,970 Siebel Systems Inc* 165,480
690 Steris Corp* 7,115
900 Sterling Commerce Inc* 30,656
1,020 Storage Technology Corp* 18,806
430 Sykes Enterprises Inc* 18,866
900 Symbol Technologies Inc 57,206
390 Teleflex Inc 12,212
660 VISX Inc* 34,155
2,645 Veritas Software Corp* 378,538
860 Vishay Intertechnology Inc* 27,198
1,560 Vitesse Semiconductor Corp* 81,802
630 Waters Corp* 33,390
400 York International Corp 10,975
$2,090,611
ENVIRONMENTAL SERVICES --- 0.0%
310 Rollins Inc 4,650
$4,650
FORESTRY --- 0.3%
180 Chesapeake Corp 5,490
850 Georgia-Pacific Group 20,931
530 Longview Fibre Co 7,553
$33,974
GAS --- 1.1%
580 AGL Resources Inc 9,860
300 Indiana Energy Inc 5,325
1,370 KeySpan Corp 31,766
870 MCN Corp 20,663
400 National Fuel Gas Co 18,600
840 Questar Corp 12,600
470 Washington Gas Light Co 12,925
$111,739
HIGHWAYS --- 0.1%
250 Arnold Industries Inc 3,516
660 Swift Transportation Company Inc* 11,633
$15,149
HOLDING & INVEST. OFFICES --- 2.2%
1,130 Dime Bancorp Inc 17,091
2,500 E Trade Group Inc* 65,313
630 Finova Group Inc 22,365
1,100 Green Point Financial Corp 26,193
1,640 Hibernia Corp 17,425
500 Keystone Financial Inc 10,531
1,090 National Commerce Bancorp 24,729
440 Provident Financial Group Inc 15,785
2,240 Sovereign Bancorp Inc 16,695
460 Webster Financial Corp 10,839
$226,966
INDEPENDENT POWER PROD --- 0.1%
790 OGE Energy Corp 15,010
$15,010
INDUSTRIAL SERVICES --- 9.5%
590 AC Nielsen Corp* 14,529
880 Acxiom Corp* 21,120
500 Affiliated Computer Services Inc Class A* 23,000
2,040 Altera Corp* 101,106
980 Arrow Electronics Inc* 24,868
440 CDW Computer Centers Inc* 34,595
2,490 Cadence Design Systems Inc* 59,760
610 Cambridge Technology Partners Inc* 16,013
1,130 Cintas Corp 60,031
1,560 Comdisco Inc 58,110
650 Electronic Arts Inc* 54,600
1,250 Fiserv Inc* 47,890
360 GTECH Holdings Corp* 7,920
2,060 Informix Corp* 23,433
1,990 Intuit Inc* 119,275
260 Jacobs Engineering Group Inc* 8,450
730 Keane Inc* 23,178
370 Kelly Services Inc Class A 9,296
770 Manpower Inc 28,971
250 NCO Group Inc* 7,531
830 Olsten Corp 9,389
360 Policy Management Systems Corp* 9,202
790 Reynolds & Reynolds Co Class A 17,775
920 Robert Half International Inc* 26,277
600 Sotheby's Holdings Inc Class A 18,000
280 Standard Register Co 5,425
860 Sterling Software Inc* 27,090
360 Structural Dynamics Research Corp* 4,590
1,310 Sungard Data System Inc* 31,113
590 Symantec Corp* 34,589
720 Synopsys Inc* 48,060
330 Transaction Systems Inc Class A* 9,240
430 Wallace Computer Services Inc 7,149
$991,575
INSURANCE --- 2.5%
550 Allmerica Financial Corp 30,594
710 Ambac Inc 37,053
600 American Financial Group Inc 15,825
480 Everest Reinsurance Holdings Inc 10,710
300 HSB Group Inc 10,144
420 Horace Mann Educators Corp 8,243
610 Ohio Casualty Corp 9,798
1,290 Old Republic International Corp 17,576
830 Oxford Health Plans Inc* 10,530
660 Protective Life Corp 20,996
910 ReliaStar Financial Corp 35,660
455 The PMI Group Inc 22,209
740 Unitrin Inc 27,843
$257,181
MFTG - CONSUMER PRODS. --- 7.5%
270 Banta Corp 6,092
540 Burlington Industries Inc* 2,160
400 Church & Dwight Inc 10,675
940 CompUSA Inc* 4,818
400 Dean Foods Co 15,900
1,080 Dial Corp 26,257
280 Dreyer's Grand Ice Cream Inc 4,760
1,020 Flowers Industries Inc 16,256
900 Gartner Group Inc Class A* 12,431
620 HON Industries Inc 13,601
700 Harte-Hanks Inc 15,225
820 Herman Miller Inc 18,860
670 Hillenbrand Industries Inc 21,230
740 Hormel Foods Corp 30,063
320 Houghton Mifflin Co 13,500
940 IBP Inc 16,920
190 International Multifoods Corp 2,518
720 Interstate Bakeries Co 13,050
300 JM Smucker Co Class A 5,850
1,250 Jones Apparel Group Inc* 33,906
410 Lancaster Colony Corp 13,581
310 Lance Inc 3,100
310 Land's End Inc* 10,773
450 Lee Enterprises Inc 14,372
720 McCormick & Company Inc (nonvtg) 21,420
270 Media General Inc Class A 14,040
620 Mohawk Industries Inc* 16,353
1,110 RJ Reynolds Tobacco Holdings Inc 19,564
1,090 Readers Digest Association Inc Class A 31,883
170 Scholastic Corp* 10,572
1,370 Shaw Industries Inc 21,149
1,860 Starbucks Corp* 45,105
740 Tiffany & Co 66,045
2,340 Tyson Foods Inc Class A 38,025
1,020 US Foodservice Inc* 17,085
600 Unifi Inc* 7,387
320 Universal Corp 7,300
510 Universal Foods Corp 10,391
970 Viad Corp 27,039
460 Vlasic Foods International Inc* 2,616
570 Warnaco Group Inc Class A 7,018
100 Washington Post Co Class B 55,588
530 Wausau-Mosinee Paper Corp 6,194
550 Westpoint Stevens Inc 9,625
1,440 Whitman Corp 19,349
$779,646
MFTG - INDUSTRIAL PRODS. --- 9.8%
320 A Schulman Inc 5,220
1,050 AK Steel Holding Corp 19,819
720 Airgas Inc* 6,840
306 Albany International Corp Class A* 4,746
480 Albemarle Corp 9,210
720 American Standard Companies Inc* 33,030
330 Ametek Inc 6,290
260 Arvin Industries Inc 7,378
220 Bandag Inc 5,500
500 Blyth Industries Inc* 12,281
530 Bowater Inc 28,785
1,215 CK Witco Corp 16,251
680 Cabot Corp 13,855
780 Callaway Golf Co 13,796
310 Carlisle Companies Inc 11,160
220 Carpenter Technology Corp 6,036
1,850 Chiron Corp* 78,394
930 Consolidated Papers Inc 29,585
370 Cordant Technologies Inc 12,210
430 Cytec Industries Inc* 9,944
240 Dexter Corp 9,540
850 Ethyl Corp 3,346
360 Ferro Corp 7,920
380 Flowserve Corp 6,460
320 Georgia Gulf Corp 9,740
450 Gilead Sciences Inc* 24,356
140 HB Fuller Co 7,831
410 Harsco Corp 13,018
800 ICN Pharmaceuticals Inc 20,250
1,170 IMC Global Inc 19,159
310 Kaydon Corp 8,312
310 Kennametal Inc 10,424
690 Lear Corp* 22,080
560 Lubrizol Corp 17,290
1,200 Lyondell Chemical Co 15,300
500 MA Hanna Co 5,469
480 Martin Marietta Materials Inc 19,680
690 Medimmune Inc* 114,454
710 Meritor Automotive Inc 13,756
520 Microchip Technology Inc* 35,587
220 Minerals Technologies Inc 8,814
300 Modine Manufacturing Co 7,500
1,320 Mylan Laboratories Inc 33,247
50 NCH Corp 2,228
170 Nordson Corp 8,203
400 Novellus Systems Inc* 49,012
460 Olin Corp 9,114
260 Oregon Steel Mills Inc 2,064
430 PH Glatfelter Co 6,262
490 Pentair Inc 18,865
750 Perrigo Co* 6,000
250 Precision Castparts Corp 6,563
1,100 RPM Inc 11,206
250 Ryerson Tull Inc 4,859
110 Sequa Corp Class A* 5,933
1,120 Solutia Inc 17,289
1,040 Sonoco Products Co 23,660
370 Southdown Inc 19,101
290 Stewart & Stevenson Services Inc 3,434
200 Tecumseh Products Co Class A 9,437
400 Trinity Industries Inc 11,375
460 UCAR International Inc* 8,194
500 USG Corp 23,563
670 Varco International Inc* 6,825
350 Wellman Inc 6,519
$1,023,569
MINING --- 0.1%
110 Cleveland-Cliffs Inc 3,424
70 Maxxam Inc* 3,001
$6,425
OIL & GAS --- 4.2%
720 BJ Services Company USA* 30,105
880 Devon Energy Corp 28,930
1,400 Ensco International Inc 32,025
1,780 Global Marine Inc* 29,593
290 Hanover Compressor Co* 10,948
500 Helmerich & Payne Inc 10,906
1,150 Kinder Morgan Inc 23,215
460 Murphy Oil Corp 26,393
1,420 Nabors Industries Inc* 43,931
580 Noble Affiliates Inc 12,433
1,340 Noble Drilling Corp* 43,885
1,700 Ocean Energy Inc* 13,175
800 Pennzoil-Quakers State Co 8,150
1,020 Pioneer Natural Resources Co* 9,116
1,850 Santa Fe Snyder Corp* 14,800
500 Smith International Inc* 24,844
880 Ultramar Diamond Shamrock Corp 19,965
570 Valero Energy Corp 11,329
1,100 Weatherford International* 43,931
$437,674
OTHER TRANS. SERVICES --- 0.6%
440 Alexander & Baldwin Inc 10,037
500 GATX Corp 16,875
360 JB Hunt Transport Services Inc 4,983
340 Overseas Shipholding Group Inc 5,036
570 Tidewater Inc 20,520
$57,451
RAILROADS --- 0.1%
520 Wisconsin Central Transportation Corp* 6,987
$6,987
RETAIL TRADE --- 4.6%
1,050 Abercrombie & Fitch Co* 28,021
480 American Eagle Outfitters* 21,600
750 BJ Wholesale Club Inc* 27,375
710 Barnes & Noble Inc* 14,644
400 Bob Evans Farms Inc 6,175
800 Borders Group Inc* 12,850
670 Brinker International Inc* 16,080
430 Buffets Inc* 4,300
600 CBRL Group Inc 5,822
520 Claire's Stores Inc 11,635
630 Dollar Tree Stores Inc* 30,515
470 Donaldson Company Inc 11,309
390 Express Scripts Inc* 24,960
1,770 Family Dollar Stores Inc 28,872
390 Fastenal Co 17,525
500 Furniture Brands International Inc* 11,000
430 Hannaford Brothers Co 29,804
610 Heilig-Meyers Co 1,678
340 Lone Star Steakhouse & Saloon Inc* 3,033
370 Micro Warehouse Inc* 6,845
500 Neiman Marcus Group Inc* 13,969
1,160 OfficeMax Inc* 6,380
770 Outback Steakhouse Inc* 19,971
310 Papa John's International Inc* 8,079
320 Payless Shoesource Inc* 15,040
920 Ross Stores Inc 16,502
470 Ruddick Corp 7,285
320 SPX Corp* 25,860
1,480 Saks Inc* 23,032
570 Williams-Sonoma Inc* 26,220
$476,381
SECURITIES & COMMODITIES --- 0.6%
940 AG Edwards Inc 30,138
320 Investment Technology Group Inc* 9,200
580 Legg Mason Inc 21,025
$60,363
TRANSPORTATION --- 0.2%
490 CNF Transportation Inc 16,905
$16,905
TRANSPORTATION EQUIPMENT --- 1.4%
270 Borg-Warner Automotive Inc 10,935
750 Federal-Mogul Corp 15,094
1,550 Harley-Davidson Inc 99,296
340 Newport News Shipbuilding Inc 9,350
270 Superior Industries International Inc 7,239
$141,914
UTILITIES --- 0.2%
610 NSTAR 24,705
$24,705
WATER --- 0.2%
990 American Water Works Company Inc 21,038
$21,038
WHOLESALE TRADE - INDL --- 0.3%
1,060 Sybron International Corp* 26,168
$26,168
WHOLESALE TRADE -CONSUMER --- 0.4%
1,370 Bergen Brunswig Corp Class A 11,387
280 Rayonier Inc 13,527
530 Tech Data Corp* 14,376
$39,290
TOTAL COMMON STOCK --- 90.5% $9,411,107
(Cost $8,936,916)
SHORT-TERM INVESTMENTS
FOREIGN BANKS --- 4.6%
483,000 Canadian Imperial Bank of Commerce 483,000
$483,000
U.S. GOVERNMENT --- 4.8%
500,000 United States of America (1) 500,217
$500,217
TOTAL SHORT-TERM INVESTMENTS --- 9.5% $983,217
(Cost $983,217)
TOTAL INDEX 400 PORTFOLIO --- 100.0% $10,394,324
(Cost $9,920,133)
The Maxim Series Fund
Index 600 Portfolio
COMMON STOCK
AGRICULTURE --- 0.3%
660 Agribrands International Inc* 30,360
2,446 Delta & Pine Land Co 42,499
$72,859
AIR --- 1.1%
2,175 Air Express International Corp 70,279
1,180 Atlantic Coast Airlines Holdings Inc* 28,025
1,810 Eagle USA Airfreight Inc* 78,056
2,100 Mesa Air Group Inc* 9,975
900 Midwest Express Holdings Inc* 28,688
1,340 Offshore Logistics Inc* 12,563
1,300 Pittston Burlington Group 13,813
1,560 Skywest Inc 43,680
$285,079
COMMUNICATIONS --- 2.1%
1,020 Adaptive Broadband Corp* 75,288
1,760 Allen Group Inc* 20,349
3,080 Aspect Communications Corp* 120,505
3,220 CommScope Inc* 129,805
910 Concord Communications Inc* 40,381
3,200 General Communication Inc Class A* 14,000
3,100 HA-LO Industries Inc* 23,250
1,060 Metrocall Inc @* 0
2,580 PictureTel Corp* 11,125
4,100 TALK.com Inc* 72,775
500 Teledyne Technologies Inc* 4,719
$512,197
CONSTRUCTION --- 1.6%
1,770 Apogee Enterprises Inc 8,960
4,080 DR Horton Inc 56,353
1,630 Dycom Industries Inc* 71,821
1,500 Geon Co 48,750
1,600 Insituform Technologies Inc Class A* 45,200
1,400 MDC Holdings Inc 21,962
3,330 Morrison Knudsen Corp* 26,014
700 Southern Energy Homes Inc* 1,640
1,880 Standard Pacific Corp 20,680
910 The Ryland Group Inc 20,986
2,300 Toll Brothers Inc* 42,838
1,000 URS Corp* 21,687
870 US Home Corp* 22,239
$409,130
CONSUMER SERVICES --- 8.3%
1,350 Advanced Paradigm Corp* 29,109
770 Anchor Gaming Co* 33,446
550 Angelica Corp 5,363
2,780 Aztar Corp* 30,233
1,460 Biomatrix Inc* 28,105
630 CPI Corp 14,214
700 Carmike Cinemas Inc Class A* 5,468
2,330 Central Parking Corp 44,561
890 Cooper Companies Inc 26,811
3,760 Coventry Health Care Inc* 25,380
640 Curative Technologies Inc* 4,960
1,200 DBT Online Inc* 29,250
960 Datascope Corp 38,400
2,490 Dendrite International Inc* 84,349
870 Diagnostic Products Corp 21,315
1,576 Enzo Biochem Inc* 71,018
2,600 Epicor Software Corp* 13,161
1,300 Franklin Covey Co* 9,750
1,300 G&K Services Inc Class A 42,088
500 GC Companies Inc* 12,938
3,090 Genesis Health Ventures Inc* 6,372
1,660 Hollywood Park Inc* 37,245
1,840 Hooper Holmes Inc 47,380
2,680 IDEC Pharmaceuticals Corp* 263,310
1,800 Incyte Pharmaceuticals Inc* 108,000
730 Insurance Auto Actions Inc* 11,498
4,030 Interim Services Inc* 99,743
2,760 Jones Pharmaceuticals Inc 119,886
2,700 Labor Ready Inc* 32,738
1,590 Laser Vision Centers Inc* 16,794
2,000 Magellan Health Services Inc* 12,624
1,830 Medicis Pharmaceutical Corp Class A* 77,888
2,280 Medquist Inc* 58,851
1,300 NCS HealthCare Inc Class A* 3,128
1,425 NFO Worldwide Inc* 31,884
2,090 North American Vaccine Inc* 9,405
3,060 Orthodontic Centers of America Inc* 36,527
900 Osteotech Inc* 12,038
990 Pediatrix Medical Group* 6,930
2,030 Players International Inc* 16,683
3,100 Prime Hospitality Corp* 27,317
1,394 Priority Healthcare Corp* 40,338
2,450 Regis Corp 46,244
2,840 Renal Care Group Inc* 66,385
3,640 Rollins Truck Leasing Corp 43,451
1,710 Sierra Health Services Inc* 11,435
1,870 Staffmark Inc* 14,141
1,900 The Marcus Corp 25,530
1,880 Theragenics Corp* 17,037
5,450 US Oncology Inc* 26,907
1,950 Universal Health Services Inc Class B* 70,200
1,940 Varian Medical Systems Inc 57,835
1,110 Wesley Jessen Visioncare* 42,041
$2,067,704
CREDIT INSTITUTIONS --- 3.5%
1,600 Anchor Bancorp Wisconsin Inc 24,200
1,630 Carolina First Corp 29,748
1,781 Commerce Bancorp Inc 72,018
3,745 Commercial Federal Corp 66,706
3,370 Cullen/Frost Bankers Inc 86,778
1,810 First BanCorp 37,558
2,610 First Midwest Bancorp Inc 69,165
920 Investors Financial Services Corp 42,320
2,020 Premier Bancshares Inc 27,523
1,800 Riggs National Corp 23,737
2,350 Susquehanna Bancshares Inc 37,306
3,400 Trustco Bank Corp 45,050
1,190 US Trust Corp 95,423
2,710 UST Corp 86,043
2,720 United Bankshares Inc 64,940
1,440 Whitney Holding Corp 53,369
$861,884
ELECTRIC --- 1.0%
470 Bangor Hydro Electric Co 7,667
1,070 CH Engergy Group Inc 35,310
700 Central Vermont Public Service Corp 7,438
1,300 Eastern Utilities Associates 39,406
1,900 Energen Corp 34,318
340 Green Mountain Power Corp 2,529
1,470 NorthWestern Corp 32,340
860 TNP Enterprises Inc 35,475
910 United Illuminating Co 46,751
$241,234
ELECTRONICS - HIGH TECH --- 20.4%
1,300 ADAC Laboratories* 13,975
640 Alliant Techsystems Inc* 39,880
1,240 Alpha Industries Inc* 71,067
1,190 American Xtal Technology Inc* 20,750
800 Analogic Corp 26,400
2,300 Anixter International Inc* 47,438
2,370 Artesyn Technologies Inc* 49,770
1,600 Aspen Technology Inc* 42,299
1,740 Auspex Systems Inc* 17,835
2,280 Baldor Electric Co 41,325
1,030 Benchmark Electronics Inc* 23,625
1,210 Black Box Corp* 81,070
3,525 Burr Brown Corp* 127,341
970 C COR Electronics Inc* 74,326
2,580 C-Cube Microsystems Inc* 160,605
1,750 CTS Corp 131,906
1,790 Cable Design Technologies Co* 41,170
380 Centigram Communications Corp* 6,365
1,900 Checkpoint Systems Inc* 19,355
1,500 Clarify Inc* 189,000
2,630 Cognex Corp* 102,570
1,520 Coherent Inc* 40,660
1,000 Conmed Corp* 25,875
810 Cybex Computer Products Corp* 32,805
1,830 Dallas Semiconductor Corp 117,920
950 Digi International Inc* 9,915
4,310 Digital Microwave Corp* 101,013
1,410 Dionex Corp* 58,074
830 Electro Scientific Industries Inc* 60,590
1,270 Electroglas Inc* 32,226
1,100 Esterline Technologies Corp* 12,718
1,370 Etec Systems Inc* 61,479
1,440 Exabyte Corp* 10,800
1,010 FactSet Research Systems Inc 80,421
2,340 General Semiconductor Inc* 33,198
1,000 Great Plains Software Inc* 74,750
1,550 HNC Software Inc* 163,913
870 Hadco Corp* 44,370
1,200 Hanger Orthopedic Group* 12,000
2,460 Harbinger Corp* 78,258
1,100 Harman International Industries Inc 61,738
700 Harmon Industries Inc 8,488
970 Hologic Inc* 5,578
1,570 Hutchinson Technology Inc* 33,363
2,892 InaCom Corp* 21,146
3,200 Input/Output Inc* 16,198
1,650 Inter-Tel Inc 41,250
3,300 International Rectifier Corp* 85,800
2,030 Intervoice Inc* 47,198
1,900 Invacare Corp 38,118
2,520 Kemet Corp* 113,556
1,790 Kent Electronics Corp* 40,723
3,470 Komag Inc* 10,844
1,400 Kroll-O'Gara Co* 23,100
3,040 Lattice Semiconductor Corp* 143,260
3,150 Macromedia Inc* 230,344
1,550 Mentor Corp 40,009
2,260 Methode Electronics Inc Class A 72,603
2,610 Micrel Inc* 148,606
2,020 National Computer Systems Inc 76,003
1,360 Network Equipment Technologies Inc* 16,064
1,100 Oak Industries Inc* 116,738
4,100 P-Com Inc* 36,256
670 Park Electrochemical Corp 17,797
1,510 Pinnacle Systems Inc* 61,437
1,725 Pioneer-Standard Electronics Inc 24,904
1,050 Plantronics Inc* 75,140
1,110 Plexus Corp* 48,840
1,360 Project Software & Development Inc* 75,480
740 Proxim Inc* 81,400
3,160 Read-Rite Corp* 15,010
1,850 Remedy Corp* 87,644
1,900 Respironics Inc* 15,139
1,100 Royal Appliance Manufacturing Co* 5,363
3,650 Safeskin Corp* 44,256
600 Spacelabs Inc* 11,137
1,000 Standard Microsystems Corp* 10,812
2,950 Summit Technology Inc* 34,477
1,400 Sunrise Medical Inc* 8,662
970 SymmetriCom Inc* 9,639
1,030 Technitrol Inc 45,835
1,030 Telxon Corp 16,480
1,000 Thomas Industries Inc 20,437
737 Three Five Systems Inc* 30,203
1,430 Trimble Navigation Ltd* 30,924
2,000 Valence Technology Inc* 38,000
1,900 Verity Inc* 80,868
2,610 Vicor Corp* 105,705
1,910 Visio Corp* 90,725
780 Vital Signs Inc 17,843
420 Watkins Johnson Co 16,800
1,350 X-Rite Inc 8,438
1,990 Zebra Technologies Corp Class A* 116,415
$5,051,850
ENVIRONMENTAL SERVICES --- 0.1%
1,410 ABM Industries Inc 28,729
860 Tetra Technologies Inc* 6,235
$34,964
GAS --- 2.0%
1,970 Atmos Energy Corp 40,261
700 Cascade Natural Gas Corp 11,288
660 Connecticut Energy Corp 25,658
1,130 New Jersey Resources Corp 44,140
1,590 Northwest Natural Gas Co 34,880
1,980 Piedmont Natural Gas Company Inc 59,895
2,560 Pogo Producing Co 52,480
1,300 Public Service Company of North Carolina Inc 42,006
3,083 Southern Union Co* 58,962
1,960 Southwest Gas Corp 45,080
1,590 Southwestern Energy Co 10,434
2,390 Wicor Inc 69,757
$494,841
HOLDING & INVEST. OFFICES --- 2.7%
1,490 Banknorth Group Inc 39,858
1,790 Centura Banks Inc 78,984
1,800 Chittenden Corp 53,325
3,170 Community First Bancshares Inc 49,928
790 Dain Rauscher Corp 36,735
2,280 Eaton Vance Corp 86,640
3,199 Hudson United Bancorp 81,773
600 JSB Financial Inc 31,125
1,520 MAF Bancorp Inc 31,824
1,690 Pioneer Group Inc* 26,618
1,620 Provident Bankshares Corp 28,045
1,350 Queens County Bancorp Inc 36,619
1,410 Silicon Valley Bancshares* 69,795
900 WHX Corp* 8,100
$659,369
INDUSTRIAL SERVICES --- 11.7%
1,270 Aaron Rents Inc 22,543
3,590 Advanced Tissue Sciences Inc* 8,975
1,350 Advo Inc* 32,063
2,600 American Management Systems Inc* 81,575
1,430 Analysts International Corp 17,875
1,310 Apex Inc* 42,248
1,500 Avid Technology Inc* 19,593
890 Barra Inc* 28,258
2,370 Billing Information Concepts* 15,405
1,730 Bisys Group Inc* 112,883
1,200 CDI Corp* 28,950
2,140 Cerner Corp* 42,130
1,870 ChoicePoint Inc* 77,371
3,750 Ciber Inc* 103,125
1,320 Computer Task Group Inc 19,552
890 Fair Isaac & Co Inc 47,170
2,060 FileNET Corp* 52,530
1,975 Hyperion Solutions Corp* 85,913
1,790 Information Resources Inc* 16,558
900 Itron Inc* 5,513
1,279 Jack Henry & Associates Inc 68,666
1,200 Lason Inc* 13,200
1,340 Maximus Inc* 45,476
2,430 Mercury Interactive Corp* 262,234
2,160 National Data Corp 73,304
3,170 National Instruments Corp* 121,253
1,570 Pharmaceutical Product Development Inc* 18,644
1,430 Prepaid Legal Services Inc* 34,320
1,272 Primark Corp* 35,377
1,100 Progress Software Corp* 62,425
860 QRS Corp* 90,300
2,450 RSA Security Inc* 189,875
4,830 S3 Inc* 55,844
1,120 SEI Investments Cos 133,297
1,150 Service Experts Inc* 6,684
2,117 Shire Pharmaceuticals* 61,646
4,540 Snyder Communications Inc 87,395
830 Stone & Webster Inc 13,954
1,180 THQ Inc* 27,361
2,720 Technology Solutions Co* 89,080
2,425 Tetra Tech Inc* 37,284
3,080 The Profit Recovery Group International Inc* 81,811
3,060 True North Communications Inc 136,742
1,750 Vantive Corp* 31,719
960 Volt Information Sciences Inc* 22,920
3,590 Whittman Hart Inc* 192,514
980 ZixIt Corp* 38,833
$2,892,388
INSURANCE --- 2.4%
1,495 Ace Ltd 24,947
1,170 Arthur J Gallagher & Co 75,758
1,319 Delphi Financial Group Inc Class A* 39,570
830 EW Blanch Holdings 50,838
2,400 Enhance Financial Services Group Inc 39,000
1,814 Fidelity National Financial Inc 26,076
4,140 First American Financial Corp 51,489
4,440 Fremont General Corp 32,745
2,210 Frontier Insurance Group Inc 7,596
830 Hilb Rogal & Hamilton Co 23,448
2,780 Mutual Risk Management Ltd 46,737
2,360 Radian Group Inc 112,690
1,750 Selective Insurance Group Inc 30,077
1,180 Trenwick Group Inc 19,986
1,100 Zenith National Insurance Corp 22,688
$603,645
MFTG - CONSUMER PRODS. --- 6.5%
1,080 Action Performance Companies Inc* 12,420
900 Ashworth Inc* 3,713
780 Bassett Furniture Industries Inc 12,480
2,350 Bowne & Company Inc 31,725
1,150 Canandaigua Wine Co Inc Class B* 58,650
1,160 Catalina Marketing Corp* 134,270
3,030 Champion Enterprises Inc* 25,943
4,180 Chiquita Brands International Inc 19,855
560 Coca-Cola Bottling Co 26,530
1,600 Cone Mills Corp* 7,200
1,000 Consolidated Graphics Inc* 14,937
2,370 Corn Products International Inc 77,618
1,000 Cyrk Inc* 11,875
2,750 Dimon Inc 8,938
2,700 Earthgrains Co 43,538
1,240 Elcor Corp 37,355
2,590 Ethan Allen Interiors Inc 83,041
1,000 Gibson Greetings Inc* 8,968
1,410 Guilford Mills Inc 10,223
1,550 Gymboree Corp* 8,719
460 Haggar Corp 5,233
1,940 Hartmarx Corp* 7,880
940 Innovex Inc 8,813
3,340 Interface Inc Class A 19,205
570 J&J Snack Foods Corp* 11,685
1,920 John H Harland Co 35,159
1,900 Just For Feet Inc* 2,314
1,600 Justin Industries Inc 23,800
690 K-Swiss Inc 12,819
1,115 K2 Inc 8,502
1,750 Kellwood Co 34,015
3,300 La-Z-Boy Inc 55,480
2,500 Linens 'N Things Inc* 74,063
1,000 Lydall Inc* 6,625
1,290 Michael Foods Inc 31,766
466 National Presto Industries Inc 16,543
1,075 Nature's Sunshine Products Inc 8,600
880 New England Business Service Inc 21,505
2,990 Oakwood Homes Corp 9,529
810 Oshkosh B'Gosh Inc Class A 17,060
490 Oxford Industries Inc 9,708
780 Panera Bread Co* 6,045
1,600 ParExel International Corp* 18,899
900 Performance Food Group Co* 21,938
1,700 Phillips-Van Heusen Corp 14,130
860 Pillowtex Corp 5,321
1,440 Quicksilver Inc* 22,320
1,950 Ralcorp Holdings Inc* 38,877
1,000 Schweitzer-Mauduit International Inc 13,437
2,880 Smithfield Foods Inc* 69,120
1,580 Sola International Inc* 21,923
2,920 Stride Rite Corp 18,980
500 Swiss Army Brands Inc* 3,563
2,140 Tenneco Automotive Inc 19,928
700 The Dixie Group Inc* 5,163
1,330 The Timberland Co Class A* 70,324
1,320 Titan International Inc 8,580
880 USA Detergents Inc* 2,420
1,290 Universal Forest Products Inc 19,028
3,570 Valassis Communications Inc* 150,833
2,600 Wolverine World Wide Inc 28,436
$1,617,567
MFTG - INDUSTRIAL PRODS. --- 14.6%
1,090 AT Cross Co Class A* 4,905
2,800 Alliance Pharmaceutical Corp* 20,650
1,884 Alpharma Inc Class A 57,933
570 Amcast Industrial Corp 9,334
2,475 Applied Power Inc Class A 90,956
2,310 Aptargroup Inc 58,039
1,200 Astec Industries Inc* 22,574
1,740 BMC Industries Inc 8,483
1,450 Barr Labs Inc* 45,494
1,550 Belden Inc 32,550
3,360 Bio-Technology General Corp* 51,240
1,890 Birmingham Steel Corp 10,040
1,030 Brush Wellman Inc 17,316
2,240 Buckeye Technologies Inc* 33,320
450 Butler Manufacturing Co 10,040
810 C&D Technologies Inc 34,425
1,600 COR Therapeutics Inc* 43,000
1,570 Cambrex Corp 54,066
1,610 Caraustar Industries Inc 38,640
2,050 Cephalon Inc* 70,852
1,160 ChemFirst Inc 25,375
670 Chemed Corp 19,179
1,530 Clarcor Inc 27,540
1,050 Commonwealth Industries Inc 13,650
1,570 Cygnus Inc* 28,653
2,800 Dura Pharmaceuticals Inc* 39,024
2,290 Fedders Corp 12,595
1,200 Florida Rock Industries Inc 41,324
930 Flow International Corp* 10,579
2,040 Fossil Inc* 47,175
960 Gardner Denver Machinery Inc* 16,020
1,400 Gerber Scientific Inc 30,712
1,400 Global Industries Technologies Inc* 18,025
1,300 Graco Inc 46,638
1,900 Griffon Corp* 14,843
1,410 Helix Technology Corp 63,185
1,880 IDEX Corp 57,105
2,320 IDEXX Laboratories Inc* 37,410
1,050 IMCO Recycling Inc 13,256
1,600 Immune Response Corp* 6,949
530 Insteel Industries Inc 4,803
786 Intermagnetics General Corp* 6,878
1,600 Intermet Corp 18,600
1,020 Ionics Inc* 28,688
2,800 JLG Industries Inc 44,624
800 Kronos Inc* 48,000
1,490 Kulicke & Soffa Industries Inc* 63,417
1,010 Libbey Inc 29,038
1,470 Lilly Industries Inc Class A 19,752
790 Lindsay Manufacturing Co 14,418
2,490 Liposome Company Inc* 30,385
1,040 MICROS Systems Inc* 76,960
1,600 MacDermid Inc 65,699
990 Material Sciences Corp* 10,085
630 McWhorter Technologies Inc* 10,080
1,661 Mississippi Chemical Corp 10,277
2,220 Mueller Industries Inc* 80,475
1,262 Myers Industries Inc 19,877
4,260 NBTY Inc* 49,254
380 Nashua Corp* 2,850
1,370 Noven Pharmaceuticals Inc* 24,831
1,510 OM Group Inc 52,000
1,930 Organogenesis Inc* 16,766
2,941 Paxar Corp* 24,813
480 Penford Corp 8,280
1,500 Photronics Inc* 42,938
1,550 Polaris Industries Inc 56,188
950 Pope & Talbot Inc 15,200
1,280 Powerwave Technologies Inc* 74,720
1,190 Protein Design Labs Inc* 83,300
570 Quaker Chemical Corp 8,123
900 Quanex Corp 22,950
1,300 RTI International Metals Inc* 9,750
590 RailTex Inc* 10,546
1,330 Regal-Beloit Corp 27,431
1,990 Regeneron Pharmaceuticals Inc* 25,373
1,770 Reliance Steel & Aluminum Co 41,483
750 Republic Group Inc 11,344
950 ResMed Inc* 39,663
700 Robbins & Myers Inc 15,838
1,920 Roper Industries Inc 72,599
1,300 Russ Berrie & Company Inc 34,125
2,280 SLI Inc* 30,921
800 SPS Technologies Inc* 25,550
1,140 Scott Technologies Inc* 21,518
1,810 Scotts Co Class A* 72,853
1,750 Shorewood Packaging Corp* 33,140
2,100 Silicon Valley Group Inc* 37,275
1,220 Specialty Equipment Companies Inc* 29,203
1,870 SpeedFam-IPEC Inc* 24,192
810 Standex International Corp 16,959
700 Steel Technologies Inc 10,150
1,700 Sturm Ruger Company Inc 15,088
1,280 Techne Corp* 70,479
1,330 Texas Industries Inc 56,608
1,645 The Manitowoc Company Inc 55,930
875 Thomas Nelson Inc 8,094
800 Toro Co 29,850
2,980 Tower Automotive Inc* 46,002
2,350 Tredegar Industries Inc 48,614
1,360 Ultratech Stepper Inc* 21,930
1,490 Valmont Industries Inc 23,932
1,620 Vertex Pharmaceuticals Inc* 56,700
990 WD-40 Co 21,904
1,430 WH Brady Co Class A 48,530
1,680 Watts Industries Inc Class A 24,780
810 Wolverine Tube Inc* 11,441
1,175 Wynn's International Inc 16,597
1,790 Xircom Inc* 134,250
$3,628,005
MINING --- 0.4%
1,700 AMCOL International Corp 27,413
1,850 Coeur D'Alene Mines Co* 6,358
2,400 Stillwater Mining Co* 76,500
$110,271
OIL & GAS --- 2.4%
900 Atwood Oceanics Inc* 34,763
2,070 Barrett Resources Corp* 60,935
1,800 Benton Oil & Gas Co* 3,487
1,600 Cabot Oil & Gas Corp 25,699
990 Cal Dive International Inc* 32,794
3,100 Cross Timbers Oil Co 28,092
1,100 Dril-Quip Inc* 33,413
2,534 Friede Goldman Halter Inc* 17,578
1,200 HS Resources Inc* 20,700
2,640 Newfield Exploration Co* 70,620
1,480 Oceaneering International Inc* 22,107
1,130 Plains Resources Inc* 14,125
3,830 Pride International Inc* 56,014
1,350 Remington Oil & Gas Corp* 5,231
1,550 Seitel Inc 10,463
700 St Mary Land & Exploration Co 17,325
1,170 Stone Energy Corp* 41,681
2,800 Tuboscope Vetco International Corp* 44,450
3,960 Vintage Petroleum Inc* 47,766
$587,243
OTHER TRANS. SERVICES --- 1.9%
2,030 American Freightways Corp* 32,860
1,260 Arkansas Best Corp* 15,120
3,390 Brightpoint Inc* 44,494
3,200 Expeditors International of Washington Inc 140,198
2,300 Fritz Companies Inc* 24,150
1,000 Frozen Food Express Industries Inc 3,875
1,884 Heartland Express Inc* 29,673
600 Landstar System Inc* 25,687
780 MS Carriers Inc* 18,623
900 Rural/Metro Corp* 3,853
1,680 USFreightways Corp 80,430
3,022 Werner Enterprises Inc 42,495
$461,458
REAL ESTATE --- 0.0%
3,100 Amresco Inc* 4,359
$4,359
RETAIL TRADE --- 7.5%
1,600 99 Cents Only Stores* 61,200
4,660 AmeriCredit Corp* 86,210
1,850 Ames Department Stores Inc* 53,302
2,000 AnnTaylor Stores Corp* 68,874
1,730 Applebee's International Inc 51,035
2,300 Bombay Company Inc* 10,350
1,150 Books-A-Million Inc* 9,559
1,160 Brown Shoe Co 16,385
800 Builders Material Holding Corp* 8,200
1,720 CEC Entertainment Inc* 48,805
3,310 CKE Restaurants Inc 19,446
3,350 Casey's General Stores Inc 34,964
1,616 Cash America International Inc 15,756
1,690 Cato Corp Class A 21,336
1,270 Cheesecake Factory Inc* 44,450
1,857 Consolidated Products Inc* 18,800
1,700 Copart Inc* 73,950
1,300 Cost Plus Inc* 46,313
350 Danmark International Inc* 5,513
1,060 Discount Auto Parts Inc* 19,146
860 Enesco Group Inc 9,513
1,330 Footstar Inc* 40,565
2,660 GenCorp Inc 26,268
2,100 Goody's Family Clothing Inc* 11,288
800 Gottschalks Inc* 5,950
1,350 Group 1 Automotive Inc* 18,815
1,200 Hancock Fabrics Inc 3,750
1,280 IHOP Corp* 21,359
1,640 Insight Enterprises Inc* 66,625
900 J Baker Inc 5,400
2,420 Jack In The Box Inc* 50,063
1,560 Jan Bell Marketing Inc* 4,485
1,140 Jo-Ann Stores Inc Class A* 12,825
1,580 Landry's Seafood Restaurant Co* 13,725
580 Lillian Vernon Corp 6,453
1,400 Luby's Cafeterias Inc 15,925
1,840 Michaels Stores Inc* 52,440
2,418 Midway Games Inc* 57,880
3,210 O'Reilly Automotive Inc* 69,015
2,660 Omnova Solutions Inc 20,615
1,980 Pacific Sunwear of California Inc* 63,113
6,117 Pier 1 Imports Inc 38,996
1,970 Ruby Tuesday Inc 35,828
2,300 Ryan's Family Steak Houses Inc* 19,550
1,920 ShopKo Stores Inc* 44,160
1,180 Sonic Corp* 33,630
2,830 Stein Mart Inc* 16,094
1,460 TCBY Enterprises Inc 5,566
990 TJ International Inc 41,580
840 Taco Cabana Inc* 6,825
1,280 The Dress Barn Inc* 21,280
2,655 The Men's Wearhouse Inc* 77,991
2,030 The Sports Authority Inc* 4,060
1,500 Triarc Companies Inc Class A* 27,563
880 Wet Seal Inc Class A* 10,780
1,670 Whole Foods Market Inc* 77,446
2,240 Zale Corp* 108,360
$1,859,375
SECURITIES & COMMODITIES --- 0.5%
1,791 Downey Financial Corp 36,155
1,520 Jefferies Group Inc 33,440
3,010 Raymond James Financial Inc 56,248
$125,843
TRANSPORTATION EQUIPMENT --- 2.1%
1,740 AAR Corp 31,210
1,490 AO Smith Corp 32,594
1,600 Arctic Cat Inc 16,000
960 Aviation Sales Co* 15,840
1,580 BE Aerospace Inc* 13,330
1,000 Coachmen Industries Inc 15,125
4,650 Gentex Corp* 129,038
650 Huffy Corp 3,413
2,830 MascoTech Inc 35,904
1,200 Monaco Coach Corp* 30,674
2,380 Orbital Sciences Corp* 44,178
1,150 Simpson Industries Inc 12,938
580 Skyline Corp 13,630
800 Spartan Motors Inc 3,500
820 Standard Motor Products Inc 13,223
770 Thor Industries Inc 23,436
1,450 Wabash National Corp 21,750
1,400 Winnebago Industries Inc 28,087
1,580 Yellow Corp* 26,563
$510,433
WATER --- 1.0%
570 American States Water Co 20,520
730 Aquarion Co 27,010
1,550 Kirby Corp* 31,775
2,599 Philadelphia Suburban Corp 53,766
720 Seacor Holdings Inc* 37,260
2,470 United Water Resources Inc 84,442
$254,773
WHOLESALE TRADE - INDL --- 0.8%
875 AM Castle & Co 10,281
1,330 Applied Industrial Technology Inc 22,111
2,146 Bindley Western Industries Inc 32,323
660 Lawson Products Inc 15,263
1,300 MicroAge Inc* 4,550
2,200 Nautica Enterprises Inc* 24,886
2,140 Patterson Dental Co* 91,218
1,350 TBC Corp* 8,438
$209,070
WHOLESALE TRADE -CONSUMER --- 1.1%
1,200 Barnes Group Inc 19,574
913 Commercial Metals Co 30,984
1,100 Department 56 Inc* 24,888
2,470 Fleming Companies Inc 25,318
1,490 Hughes Supply Inc 32,127
1,480 Kaman Corp Class A 19,055
700 Nash Finch Co 4,463
2,050 Owens & Minor Inc 18,321
770 Simpson Manufacturing Company Inc* 33,688
750 Syncor International Corp* 21,844
1,160 United Natural Foods Inc* 13,920
1,840 Watsco Inc 21,274
$265,456
TOTAL COMMON STOCK --- 96.0% $23,820,997
(Cost $20,323,924)
SHORT-TERM INVESTMENTS
U.S. GOVERNMENT --- 4.0%
1,000,000 United States of America (1) 1,000,434
$1,000,434
TOTAL SHORT-TERM INVESTMENTS --- 4.0% $1,000,434
(Cost $1,000,434)
TOTAL INDEX 600 PORTFOLIO --- 100.0% $24,821,431
(Cost $21,324,358)
The Maxim Series Fund
Loomis Sayles Corporate Bond Portfolio
BONDS
AGENCY --- 6.0%
14,150,000 Fannie Mae 3,873,315
Zero Coupon
8.390% October 29, 2007
8,000,000 Fannie Mae (3) 7,756,000
Zero Coupon
6.625% September 15, 2009
$11,629,315
AIR --- 0.0%
73,900 Northwest Airlines Corp 78,057
Notes
9.360% March 10, 2006
$78,057
CANADIAN - FEDERAL --- 3.4%
5,000,000 BC Generic Residual (3) 542,966
Zero Coupon
6.760% November 19, 2027
35,550,000 Canadian Residual (3) 5,141,570
Zero Coupon
6.260% June 1, 2025
4,650,000 Canadian Residual (3) 784,990
Zero Coupon
6.400% June 1, 2022
$6,469,526
CANADIAN - PROVINCIAL --- 11.8%
1,760,000 British Columbia 1,050,194
Debentures
5.700% June 18, 2029
5,000,000 British Columbia (3) 668,746
Zero Coupon
6.780% August 23, 2024
9,815,000 British Columbia (3) 1,520,203
Zero Coupon
9.500% June 9, 2022
1,400,000 British Columbia (3) 365,863
Zero Coupon
6.860% June 9, 2014
11,415,000 British Columbia (3) 1,745,079
Zero Coupon
6.790% August 19, 2022
6,500,000 British Columbia (3) 1,793,694
Zero Coupon
8.500% August 23, 2013
2,500,000 British Columbia (3) 435,551
Zero Coupon
6.780% September 5, 2020
275,000 British Columbia Providence 211,195
Debentures
7.875% November 30, 2023
5,000,000 Hydro-Quebec (3) 841,130
Zero Coupon
6.980% August 15, 2020
5,000,000 MP Generic Residual (3) 437,976
Zero Coupon
6.740% March 5, 2031
5,373,000 Manitoba 4,180,179
Bonds
7.750% December 22, 2025
3,800,000 Manitoba Province 2,571,781
Debentures
6.500% September 22, 2017
1,500,000 New Brunswick FM Project # (3) 777,755
Zero Coupon
6.470% November 30, 2027
500,000 Newfoundland 311,771
Debentures
6.150% April 17, 2028
11,300,000 Ontario Residual (3) 1,288,967
Zero Coupon
6.680% June 2, 2027
4,800,000 Ontario Residual (3) 746,778
Zero Coupon
6.740% July 13, 2022
3,650,000 Ontario Residual (3) 453,784
Zero Coupon
6.740% December 2, 2025
4,927,386 Province of Alberta 3,276,046
Debentures
5.930% September 16, 2016
$22,676,692
COMMUNICATIONS --- 9.1%
1,850,000 CBS Corp 1,816,848
Notes
7.875% September 1, 2023
250,000 CBS Inc 214,353
Notes
7.125% November 1, 2023
500,000 Century Communications Corp Class A 442,500
Senior Notes
8.375% November 15, 2017
500,000 Charter Communication Holdings (2) 306,250
Step Bond 0%/9.920%
10.790% April 1, 2011
700,000 Clearnet Communications (2) 282,571
Step Bond 0%/10.750%
12.160% February 15, 2009
500,000 Clearnet Communications (2) 219,161
Step Bond 0%/10.400%
12.050% May 15, 2008
1,400,000 Clearnet Communications (2) 691,268
Step Bond 0%/11.750%
12.390% August 13, 2007
2,900,000 Fox Family Worldwide Inc (2) 1,877,750
Step Bond 0%/10.250%
12.580% November 1, 2007
2,500,000 Intermedia Communications Inc (2) 1,500,000
Step Bond 0%/12.250%
12.450% March 1, 2009
1,000,000 Multicanal SA 780,000
Notes
10.500% April 15, 2018
1,775,000 Nextel Communications Inc (2) 1,264,688
Step Bond 0%/9.750%
9.370% October 31, 2007
1,400,000 Nextel International Inc (2) 826,000
Step Bond 0%/12.125%
14.210% April 15, 2008
500,000 Nextlink Communications Inc (2) 317,500
Step Bond 0%/9.450%
11.600% April 15, 2008
500,000 Nextlink Communications Inc (2) 307,500
Step Bond 0%/12.250%
11.750% June 1, 2009
1,750,000 RCN Corp (2) 1,155,000
Step Bond 0%/9.800%
11.510% February 15, 2008
1,475,000 RCN Corp (2) 1,043,563
Step Bonds 0%/11.125%
11.810% October 15, 2007
2,100,000 RCN Corp (2) 1,380,750
Step Bond 0%/11.000%
11.630% July 1, 2008
300,000 Rogers Communications Inc 258,750
Convertible Debentures
2.000% November 26, 2005
1,650,000 Time Warner Inc 1,406,922
Company Guaranteed Debentures
6.625% May 15, 2029
750,000 Time Warner Inc 718,493
Company Guaranteed Debentures
7.570% February 1, 2024
950,000 Total Access Communication PLC # 728,175
Bonds
8.375% November 4, 2006
$17,538,042
CONSTRUCTION --- 0.5%
350,000 Empresa ICA SA 203,000
Convertible Subordinated Debentures
5.000% March 15, 2004
500,000 Pulte Corp 455,925
Senior Notes
7.300% October 24, 2005
450,000 Schuler Homes Inc 366,750
Convertible Subordinated Debentures
6.500% January 15, 2003
$1,025,675
CONSUMER SERVICES --- 1.9%
1,250,000 Bausch & Lomb Inc 1,073,013
Debentures
7.125% August 1, 2028
2,000,000 Columbia/HCA Healthcare Corp 1,520,000
Debentures
7.050% December 1, 2027
250,000 Columbia/HCA Healthcare Corp 202,500
Medium Term Notes
7.580% September 15, 2025
250,000 HEALTHSOUTH Corp 197,500
Convertible Subordinated Debentures
3.250% April 1, 2003
495,000 Ogden Corp 421,369
Convertible Subordinated Debentures
5.750% October 20, 2002
250,000 Tenet Healthcare Corp 201,875
Subordinated Notes
6.000% December 1, 2005
$3,616,257
CREDIT INSTITUTIONS --- 0.7%
200,000 DR Structured Finance Corp 181,360
Debentures
8.550% August 15, 2019
350,000 DR Structured Finance Corp 291,508
Debentures
7.430% August 15, 2018
950,000 Sappi BVI Finance Ltd 895,375
Convertible Bonds
7.500% August 1, 2002
$1,368,243
ELECTRIC --- 2.5%
500,000 AES Corp 427,500
Senior Subordinated Debentures
8.875% November 1, 2027
500,000 BEC Energy 472,200
Debentures
7.800% March 15, 2023
208,000 Commonwealth Edison Co 159,496
Debentures
4.750% December 1, 2011
984,560 Korea Electric Power Corp 870,893
Debentures
7.400% April 1, 2016
500,000 Quezon Power Ltd 372,120
Senior Bonds
8.860% June 15, 2017
2,750,000 Tenaga Nasional Bhd # 2,319,265
Debentures
7.500% November 1, 2025
250,000 Texas - New Mexico Power Co 210,993
Senior Notes
6.250% January 15, 2009
$4,832,467
ELECTRONICS - HIGH TECH --- 8.3%
1,000,000 BroadBand Technologies Inc ^ 490,000
Convertible Subordinated Notes
5.000% May 15, 2001
650,000 Cirrus Logic Inc 543,563
Subordinated Notes
6.000% December 15, 2003
250,000 EDO Corp 195,000
Convertible Subordinated Debentures
7.000% December 15, 2011
500,000 Hyundai Semiconductor # 414,001
Senior Notes
8.625% May 15, 2007
200,000 Intevac Inc 109,000
Convertible Subordinated Notes
6.500% March 1, 2004
800,000 Kent Electronics Corp 666,000
Convertible Subordinated Notes
4.500% September 1, 2004
900,000 Lam Research Corp 1,231,875
Notes
5.000% September 1, 2002
400,000 Maxtor Corp ^ 280,000
Convertible Subordinated Debentures
5.750% March 1, 2012
750,000 Pioneer-Standard Electronics Inc 688,966
Senior Notes
8.500% August 1, 2006
150,000 Raytheon Co 124,949
Debentures
6.400% December 15, 2018
950,000 Read-Rite Corp 346,750
Convertible Subordinated Notes
6.500% September 1, 2004
50,000 Richardson Electronics Ltd 36,188
Convertible Subordinated Debentures
7.250% December 15, 2006
750,000 Samsung Electronics (3) 1,406,288
Zero Coupon
0.000% December 31, 2007
1,750,000 Samsung Electronics Co # 1,303,750
Debentures
7.700% October 1, 2027
1,000,000 Seagate Technology Inc 755,020
Senior Debentures
7.875% March 1, 2017
2,000,000 Seagate Technology Inc 1,742,740
Debentures
7.450% March 1, 2037
2,500,000 Seagate Technology Inc 2,205,225
Senior Notes
7.370% March 1, 2007
62,332 StreamLogic Corp 623
Notes
14.000% October 7, 2000
100,000 Telxon Corp 83,250
Convertible Subordinated Notes
5.750% January 1, 2003
3,915,000 Thermo Electron Corp # 3,303,281
Convertible Subordinated Debentures
4.250% January 1, 2003
248,791 Zenith Electronics Corp 124,396
Debentures
8.190% November 1, 2009
$16,050,865
FINANCIAL SERVICES --- 4.9%
1,000,000 AMP Property LP 887,030
Notes
7.500% June 30, 2018
2,000,000 APP Finance VI Mauritius (3) 352,500
Zero Coupon
13.940% November 18, 2012
1,200,000 APP Finance VII Mauritius 879,060
Convertible Notes
3.500% April 30, 2003
375,000 APP Finance VII Mauritius # ^ 276,094
Guaranteed Convertible Notes
3.500% April 30, 2003
700,000 Bell Atlantic Financial Services 710,500
Convertible Notes
5.750% April 1, 2003
250,000 Cerro Negro Finance Ltd # 165,503
Bonds
7.900% December 1, 2020
500,000 Fleet Financial Group Inc 426,800
Subordinated Debentures
6.700% July 15, 2028
2,000,000 KN Capital Trust III 1,749,184
Company Guaranteed Notes
7.630% April 15, 2028
244,750 PYCSA Panama # ^ 144,403
Senior Bonds
10.280% December 15, 2012
2,900,000 Pindo Deli Fin Mauritius 1,848,750
Senior Debentures
10.875% October 1, 2027
1,100,000 Pindo Deli Fin Mauritius 811,250
Senior Notes
10.750% October 1, 2007
400,000 Siam Commercial Bank Public Company Ltd 199,000
Convertible Bonds
3.250% January 24, 2004
500,000 Siam Commercial Bank Public Company Ltd # 415,000
Subordinated Notes
7.500% March 15, 2006
875,000 Tjiwi Kimia FN Mauritius 643,125
Senior Notes
10.000% August 1, 2004
$9,508,199
FOREIGN BANKS --- 6.3%
1,600,000 Bangkok Bank Public Co (2) 854,000
Step Bond
4.589% March 3, 2004
4,150,000 Bangkok Bank Public Co Ltd # 3,204,838
Notes
9.025% March 15, 2029
1,000,000 International Bank for Reconstruction & Development 517,701
Debentures
8.000% May 23, 2007
19,425,000 International Bank for Reconstruction & Development (3) 5,538,806
Zero Coupon
10.820% August 20, 2007
2,625,000 Thai Farmers Bank Public Company Limited # 2,014,688
Subordinated Bonds
8.250% August 21, 2016
$12,130,033
FOREIGN GOVERNMENTS --- 8.0%
1,000,000 Bangko Sentral Pilipinas 842,975
Bonds
8.600% June 15, 2027
15,900,000 Ontario Hydro Generic Residual (3) 2,571,767
Zero Coupon
6.790% October 15, 2021
7,500,000 Republic Of South Africa 1,165,894
Bonds
12.000% February 28, 2005
250,000 Republic of Argentina (2) 164,688
Step Bond
6.000% March 31, 2023
303,279 Republic of Brazil 230,043
Capitalization Bonds
8.000% April 15, 2014
6,550,000 Republic of Brazil 5,600,250
Global Bonds
10.125% May 15, 2027
2,500,000 Republic of South Africa 402,163
Bonds
13.500% September 15, 2015
4,500,000 Republic of South Africa 694,146
Bonds
12.500% December 21, 2006
6,615,000 SCDA Generic Residual (3) 829,740
Zero Coupon
34.180% May 30, 2025
4,250,000 Venezuela 2,821,150
Global Bonds
9.250% September 15, 2027
$15,322,816
GAS --- 1.1%
1,000,000 KN Energy Inc 900,920
Senior Debentures
7.250% March 1, 2028
132,500 NorAm Energy Corp 113,950
Convertible Subordianted Debentures
6.000% March 15, 2012
1,250,000 Tennessee Gas Pipeline Co 1,094,175
Debentures
7.000% October 15, 2028
$2,109,045
HOLDING & INVEST. OFFICES --- 0.6%
750,000 Federal Realty Investment Trust 637,500
Convertible Bonds
5.250% October 28, 2003
750,000 Meditrust Cos 562,500
Notes
7.000% August 15, 2007
$1,200,000
INDUSTRIAL PRODS & SVCS --- 0.4%
750,000 Merey Sweeney LP # 720,188
Senior Bonds
8.850% December 18, 2019
$720,188
INSURANCE --- 3.3%
7,855,000 Loews Corp 6,352,714
Subordinated Notes
3.125% September 15, 2007
$6,352,714
MFTG - CONSUMER PRODS. --- 4.3%
24,000 Bell Sports Corp 19,440
Convertible Subordinated Debentures
4.250% November 15, 2000
750,000 Borden Inc 573,015
Debentures
7.875% February 15, 2023
1,000,000 Burlington Industries Inc ^ 739,960
Debentures
7.250% August 1, 2027
450,000 Burns Philp Treasury 247,500
Convertible Notes
5.500% April 30, 2004
1,000,000 ConAgra Inc 878,840
Senior Notes
7.000% October 1, 2028
125,000 Fieldcrest Cannon Inc 42,500
Convertible Subordinated Debentures
6.000% March 15, 2012
550,000 Fruit of the Loom Inc Class A 187,000
Debentures
7.375% November 15, 2023
250,000 Kellwood Co 211,370
Debentures
7.625% October 15, 2017
5,185,000 Philip Morris Companies Inc 4,662,559
Debentures
7.750% January 15, 2027
250,000 Phillips-Van Heusen Corp 188,338
Debentures
7.750% November 15, 2023
600,000 Scholastic Corp # 549,750
Convertible Subordinated Debentures
5.000% August 15, 2005
84,000 The Dixie Group Inc 58,800
Convertible Subordinated Debentures
7.000% May 15, 2012
$8,359,072
MFTG - INDUSTRIAL PRODS. --- 3.2%
750,000 Centocor Inc 998,438
Convertible Subordinated Debentures
4.750% February 15, 2005
150,000 Chiron Corp # 222,375
Convertible Subordinated Notes
1.900% November 17, 2000
250,000 Compania Alimentos Fargo 215,625
Senior Notes
13.250% August 1, 2008
1,335,000 Dura Pharmaceuticals Inc 1,039,631
Convertible Subordinated Notes
3.500% July 15, 2002
50,000 Exide Corp # 26,250
Senior Subordinated Notes
2.900% December 15, 2005
500,000 Geneva Steel Co Class A 55,000
Senior Notes
9.500% January 15, 2004
50,000 Glycomed Inc 41,250
Convertible Subordinated Debentures
7.500% January 1, 2003
75,000 Hexcel Corp 57,094
Convertible Subordinated Debentures
7.000% August 1, 2011
100,000 Hexcel Corp 70,000
Convertible Subordinated Notes
7.000% August 1, 2003
525,000 Nabi 390,469
Convertible Subordinated Notes
6.500% February 1, 2003
2,250,000 Owens Corning 1,904,513
Debentures
7.500% August 1, 2018
100,000 Thermedics Inc (3) 58,000
Zero Coupon
16.580% June 1, 2003
600,000 Thermo TerraTech Inc # 492,750
Convertible Subordinated Debentures
4.625% May 1, 2003
1,050,000 Xerox Corp 538,125
Convertible Subordinated Debentures
0.570% April 21, 2018
$6,109,520
MINING --- 0.5%
1,000,000 Banpu Public Company Ltd 990,000
Convertible Bonds
2.750% April 10, 2003
$990,000
OIL & GAS --- 6.8%
250,000 Anadarko Petroleum Corp 225,835
Debentures
7.200% March 15, 2029
5,150,000 Baker Hughes Inc (3) 3,579,250
Zero Coupon
4.410% May 5, 2008
300,000 Diamond Offshore Drilling Inc 296,625
Convertible Subordinated Notes
3.750% February 15, 2007
1,150,000 Global Marine Inc 999,419
Notes
7.000% June 1, 2028
400,000 Key Energy Services Inc 273,500
Convertible Subordinated Notes
5.000% September 15, 2004
500,000 Pennzoil-Quakers State Co 433,620
Debentures
7.375% April 1, 2029
750,000 Perez Companc SA # 633,750
Notes
8.125% July 15, 2007
200,000 Petro Mexicanos # 173,500
Medium Term Notes
8.625% December 1, 2023
250,000 Petroleos Mexicanos 245,000
Global Bonds
9.500% September 15, 2027
600,000 Pioneer Natural Resources Co 502,164
Senior Notes
6.500% January 15, 2008
750,000 R&B Falcon Corp 660,000
Senior Notes
6.750% April 15, 2005
4,000,000 R&B Falcon Corp 3,120,000
Senior Notes
7.375% April 15, 2018
350,000 Ssangyong Oil Refining Company Ltd 245,000
Convertible Unsubordinated Debentures
3.000% December 31, 2004
700,000 Union Pacific Resources Group Inc 679,497
Debentures
7.950% April 15, 2029
1,150,000 Union Pacific Resources Group Inc 1,025,559
Debentures
7.050% May 15, 2018
$13,092,719
OTHER ASSET-BACKED --- 0.2%
500,000 Freddie Mac 432,340
CMO Series 2059 Class HA
5.750% December 15, 2025
$432,340
OTHER TRANS. SERVICES --- 0.1%
250,000 Worldway Corp 202,500
Convertible Subordinated Debentures
6.250% April 15, 2011
$202,500
RAILROADS --- 0.1%
350,000 Missouri Pacific Railroad Co 183,313
Debentures
5.000% January 1, 2045
$183,313
REAL ESTATE --- 6.5%
2,500,000 First Industrial Realty Trust Inc 2,105,178
Medium Term Notes
7.500% December 1, 2017
2,000,000 First Industrial Realty Trust Inc 1,637,480
Notes
7.600% July 15, 2028
1,000,000 Highwoods Properties Inc 806,350
Notes
7.500% April 15, 2018
2,000,000 ProLogis Trust 1,768,580
Notes
7.625% July 1, 2017
1,100,000 Rockefeller Center Properties (3) 880,000
Zero Coupon
23.610% December 31, 2000
2,500,000 Security Capital Group Inc 2,010,375
Notes
7.700% June 15, 2028
250,000 Sizeler Property Investors Inc 227,500
Convertible Subordinated Debentures
8.000% July 15, 2003
1,000,000 Susa Partnership 853,980
Debentures
7.450% July 1, 2018
1,875,000 Susa Partnership 1,541,231
Debentures
7.500% December 1, 2027
1,000,000 TriNet Corporate Realty Trust Inc 682,910
Notes
7.700% July 15, 2017
$12,513,584
RETAIL TRADE --- 1.4%
275,000 CML Group Inc ^ 358
Convertible Subordinated Notes
5.500% January 15, 2003
250,000 Einstein/Noah Bagel Corp 120,000
Convertible Bonds
7.250% June 1, 2004
100,000 Jacobson Stores Inc 68,250
Convertible Subordinated Debentures
6.750% December 15, 2011
750,000 Kmart Corp 682,500
Debentures
7.950% February 1, 2023
1,000,000 Pepsi Bottling Group Inc 902,662
Guaranteed Senior Notes
7.000% March 1, 2029
2,350,000 Shoney's Inc ^ (3) 376,000
Zero Coupon
47.740% April 11, 2004
750,000 Venator Group Inc 465,000
Debentures
8.500% January 15, 2022
$2,614,770
TELEPHONE --- 1.1%
2,250,000 Teligent Inc (2) 1,321,875
Step Bond 0%/11.500%
14.170% March 1, 2008
1,000,000 US West Capital Funding Inc 864,380
Debentures
6.500% November 15, 2018
$2,186,255
TRANSPORTATION --- 0.7%
100,000 APL Ltd ^ 58,125
Senior Debentures
8.000% January 15, 2024
175,000 Builders Transport Inc ^ 228
Convertible Subordinated Debentures
8.000% August 15, 2005
500,000 Hvide Marine Inc # ^ 450,000
Bonds
12.500% June 30, 2007
500,000 Hvide Marine Inc ^ 200,000
Senior Notes
8.375% February 15, 2008
1,000,000 Milit-Air Inc 638,857
Bonds
5.750% June 30, 2019
100,000 Yellow Corp 76,000
Convertible Subordinated Debentures
7.000% May 1, 2011
$1,423,210
TRANSPORTATION EQUIPMENT --- 1.0%
1,260,000 Hyundai Motor Company Ltd # 1,035,392
Notes
7.600% July 15, 2007
500,000 Magna International Inc 425,000
Convertible Subordinated Debentures
4.875% February 15, 2005
500,000 TRW Inc 410,115
Debentures
6.650% January 15, 2028
$1,870,507
U.S. GOVERNMENT --- 0.3%
2,600,000 United States of America (3) 559,078
Zero Coupon
6.250% August 15, 2023
$559,078
U.S. MUNICIPAL --- 0.3%
2,000,000 Orange County California Pension (3) 533,322
Zero Coupon
8.090% September 1, 2016
$533,322
WHOLESALE TRADE - INDL --- 0.1%
1,050,000 Loxley PLC ^ 273,000
Convertible Bonds
2.500% April 4, 2001
$273,000
TOTAL BONDS --- 95.5% $183,971,324
(Cost $198,649,937)
COMMON STOCK
ELECTRONICS - HIGH TECH --- 0.0%
550 StreamLogic Corp @* 0
$0
RETAIL TRADE --- 0.1%
62,980 Advantica Restaurant Group Inc* 110,215
$110,215
TRANSPORTATION --- 0.0%
2,822 Hvide Marine Inc (wts) # ^ @* 0
$0
TOTAL COMMON STOCK --- 0.1% $110,215
(Cost $809,135)
PREFERRED STOCK
COMMUNICATIONS --- 0.6%
1,118 Adelphia Business Solutions Inc* 1,089,914
$1,089,914
ELECTRIC --- 0.2%
1,304 Entergy Louisiana Inc 66,178
1,023 MDU Resources Group Inc 85,932
2,255 New York State Electric & Gas Corp 96,965
2,850 Niagara Mohawk Power Corp 188,100
300 Northern States Power Co 13,219
$450,394
FINANCIAL SERVICES --- 0.0%
2,500 Owens Corning Capital 85,938
$85,938
HOLDING & INVEST. OFFICES --- 0.0%
11,500 Hvide Capital Trust* 8,625
$8,625
MFTG - INDUSTRIAL PRODS. --- 0.4%
25,850 Bethlehem Steel Corp 723,800
1,000 EI du Pont de Nemours & Co 56,750
$780,550
OIL & GAS --- 0.5%
3,750 Chesapeake Energy Corp* 95,625
20,000 Weatherford International Inc 797,500
$893,125
REAL ESTATE --- 0.1%
4,900 AMB Property Corp* 97,079
6,500 Equity Residential Properties Trust 128,375
$225,454
TOTAL PREFERRED STOCK --- 1.8% $3,534,000
(Cost $4,143,168)
SHORT-TERM INVESTMENTS
FOREIGN BANKS --- 2.6%
4,979,000 Canadian Imperial Bank of Commerce 4,979,000
$4,979,000
TOTAL SHORT-TERM INVESTMENTS --- 2.6% $4,979,000
(Cost $4,979,000)
TOTAL LOOMIS SAYLES CORPORATE BOND PORTFOLIO --- 100.0% $192,594,539
(Cost $208,581,240)
The Maxim Series Fund
Loomis Sayles Small-Cap Value Portfolio
COMMON STOCK
COMMUNICATIONS --- 1.6%
11,200 DSL.net Inc* 161,694
29,400 NOVA Corp* 927,923
22,100 TALK.com Inc* 392,275
$1,481,892
CONSUMER SERVICES --- 8.9%
15,700 Beckman Coulter Inc 798,738
34,000 Burns International Services* 367,608
26,900 Cheap Tickets Inc* 368,180
33,400 Covance Inc* 361,121
67,400 EndoSonics Corp* 303,300
16,200 First Health Group Corp* 435,375
47,900 Health Management Associates Inc* 640,663
11,200 Interim Services Inc* 277,200
29,700 Lincare Holdings Inc* 1,030,204
20,900 Medicis Pharmaceutical Corp Class A* 889,546
20,100 Modis Professional Services* 286,425
12,400 OneMain.com Inc* 186,000
22,200 Per-Se Technologies Inc* 186,613
26,400 Republic Services Inc* 379,500
41,500 Theragenics Corp* 376,073
19,600 Trigon Healthcare Inc* 578,200
28,800 Varian Medical Systems Inc 858,586
$8,323,332
CREDIT INSTITUTIONS --- 4.7%
26,300 Bay View Capital Corp* 373,118
23,000 City National Corp 757,551
35,700 Colonial BancGroup Inc 370,388
9,700 Commerce Bancorp Inc 392,239
30,050 Commercial Federal Corp 535,251
18,800 DVI Inc* 285,516
10,800 First Midwest Bancorp Inc 286,200
19,700 FirstMerit Corp 453,100
108,800 Imperial Credit Industries Inc* 680,000
5,200 Wilmington Trust Co 250,900
$4,384,263
ELECTRONICS - HIGH TECH --- 15.3%
28,400 Actel Corp* 681,600
8,500 Alliant Techsystems Inc* 529,652
8,300 C-COR.net Corp* 635,988
35,525 Conmed Corp* 919,209
21,500 Davox Corp* 421,938
15,300 Diebold Inc 359,550
7,200 DuPont Photomasks Inc* 347,400
15,000 Etec Systems Inc* 673,125
22,900 Federal Signal Corp 367,820
16,900 Hadco Corp* 861,900
18,900 Harman International Industries Inc 1,060,763
15,100 Hutchinson Technology Inc* 320,875
30,100 Inter-Tel Inc 752,500
19,300 International Rectifier Corp* 501,800
23,000 J D Edwards & Co* 687,125
16,200 Litton Industries Inc* 807,975
7,400 National Computer Systems Inc 278,425
96,800 P-Com Inc* 856,002
70,200 Pairgain Technologies Inc* 995,927
47,400 Respironics Inc* 377,683
6,700 SCI Systems Inc* 550,653
5,900 Segue Software Inc* 147,500
14,300 Sensormatic Electronics Corp* 249,349
11,100 Tektronix Inc 431,513
13,731 Vishay Intertechnology Inc* 434,243
$14,250,515
ENVIRONMENTAL SERVICES --- 0.3%
27,500 Safety-Kleen Corp* 311,080
$311,080
FINANCIAL SERVICES --- 0.3%
5,800 Affiliated Managers Group* 234,535
$234,535
FORESTRY --- 0.2%
6,100 Chesapeake Corp 186,050
$186,050
GAS --- 2.2%
14,400 AGL Resources Inc 244,800
14,800 MCN Corp 351,500
8,500 New Jersey Resources Corp 332,027
21,300 Public Service Company of North Carolina Inc 688,246
17,100 Washington Gas Light Co 470,250
$2,086,823
HOLDING & INVEST. OFFICES --- 6.2%
63,200 Anthracite Capital Inc 402,900
17,000 Chittenden Corp 503,625
26,900 Community First Bancshares Inc 423,675
32,100 Federated Investors Inc 643,990
42,353 Healthcare Realty Trust Co 661,766
28,970 Hudson United Bancorp 740,531
14,800 Liberty Financial Companies Inc 339,468
27,700 Liberty Property Trust 671,725
29,900 Local Financial Corp* 310,213
24,400 Staten Island Bancorp Inc 439,200
19,300 Sun Communities Inc 621,209
$5,758,302
INDUSTRIAL SERVICES --- 11.3%
38,100 AC Nielsen Corp* 938,213
60,700 Acclaim Entertainment Inc* 311,088
14,900 Advo Inc* 353,875
21,400 Ciber Inc* 588,500
18,300 Complete Business Solutions Inc* 459,788
17,500 Computer Horizons Corp* 283,273
16,700 Deluxe Corp 458,198
32,300 FileNET Corp* 823,650
26,200 Hyperion Solutions Corp* 1,139,700
49,800 Information Resources Inc* 460,650
71,500 Informix Corp* 813,313
13,900 Manpower Inc 522,988
6,200 Manugistics Group Inc* 200,334
14,200 National Service Industries Inc 418,900
4,100 NetRatings Inc* 197,313
12,100 Policy Management Systems Corp* 309,300
52,600 RH Donnelley Corp* 992,825
32,100 Sungard Data System Inc* 762,375
26,375 Tetra Tech Inc* 405,516
7,700 The 3DO Co* 70,016
$10,509,815
INSURANCE --- 4.6%
17,200 AmerUs Life Holdings Inc 395,600
15,700 Annuity & Life RE Ltd 410,163
11,500 Arthur J Gallagher & Co 744,625
41,200 CNA Surety Corp 535,600
17,000 Protective Life Corp 540,804
10,600 Radian Group Inc 506,150
20,900 Reinsurance Group America Co 579,975
22,700 StanCorp Financial Group Inc 571,745
$4,284,662
MFTG - CONSUMER PRODS. --- 7.5%
60,900 Burlington Industries Inc* 243,600
34,200 CompUSA Inc* 175,275
14,800 Corn Products International Inc 484,700
22,300 Dial Corp 542,158
21,700 Earthgrains Co 349,913
17,600 HON Industries Inc 386,091
10,900 Houghton Mifflin Co 459,838
36,900 International Multifoods Corp 488,925
7,600 Jostens Inc 184,771
22,200 Liz Claiborne Inc 835,275
57,000 Michael Foods Inc 1,403,609
18,000 ParExel International Corp* 212,616
6,900 Russell Corp 115,575
9,700 Springs Industries Inc Class A 387,389
25,300 Viad Corp 705,238
$6,974,973
MFTG - INDUSTRIAL PRODS. --- 11.5%
8,800 Applied Power Inc Class A 323,400
13,900 Consolidated Papers Inc 442,187
14,100 Cordant Technologies Inc 465,300
12,300 Crane Co 244,463
23,200 Cuno Inc* 480,310
26,500 Cytec Industries Inc* 612,813
10,600 Dexter Corp 421,350
15,100 Dura Pharmaceuticals Inc* 210,449
24,400 Ferro Corp 536,800
10,300 Great Lakes Chemical Corp 393,326
23,900 Harsco Corp 758,825
16,600 Hussmann International Inc 250,029
15,800 IDEXX Laboratories Inc* 254,775
14,600 Maverick Tube Corp* 360,430
38,900 Milacron Inc 598,088
18,600 OM Group Inc 640,528
20,200 Olin Corp 400,202
16,100 Pentair Inc 619,850
12,700 Regal-Beloit Corp 261,938
23,800 Remec Inc* 606,900
10,700 Scotts Co Class A* 430,675
21,600 Tower Automotive Inc* 333,439
33,100 Unova Inc* 430,300
39,200 Worthington Industries Inc 649,230
$10,725,607
OIL & GAS --- 3.6%
11,400 Cooper Cameron Corp* 557,882
28,500 Newfield Exploration Co* 762,375
45,800 Patterson Energy Inc* 595,400
29,800 Plains Resources Inc* 372,500
25,000 Santa Fe International Corp 646,875
23,300 Valero Energy Corp 463,088
$3,398,120
OTHER TRANS. SERVICES --- 1.0%
17,100 GATX Corp 577,125
9,500 Tidewater Inc 342,000
$919,125
RAILROADS --- 0.3%
19,800 Wisconsin Central Transportation Corp* 266,053
$266,053
REAL ESTATE --- 2.4%
34,700 Brandywine Realty Trust 568,213
51,100 Capital Automotive REIT 622,756
32,536 MeriStar Hospitality Corp 520,576
27,700 Pacific Gulf Properties Inc 560,925
$2,272,470
RETAIL TRADE --- 8.8%
17,500 AmeriCredit Corp* 323,750
6,900 Ames Department Stores Inc* 198,803
14,600 Barnes & Noble Inc* 301,125
18,100 Brinker International Inc* 434,400
32,000 Burlington Coat Factory Warehouse Corp 444,000
21,550 CEC Entertainment Inc* 611,481
52,900 Charming Shoppes Inc* 350,463
27,900 Family Dollar Stores Inc 455,105
32,100 Furniture Brands International Inc* 706,200
3,800 Hannaford Brothers Co 263,386
8,200 Michaels Stores Inc* 233,700
29,400 Pepsi Bottling Group Inc 486,923
39,200 Ruby Tuesday Inc 712,930
4,300 SPX Corp* 347,492
15,000 Saks Inc* 233,430
25,300 Shopnow.com Inc* 479,106
14,400 Sonic Corp* 410,400
24,900 The Men's Wearhouse Inc* 731,438
22,000 Wendy's International Inc 453,750
$8,177,882
SECURITIES & COMMODITIES --- 0.2%
7,300 Investment Technology Group Inc* 209,875
$209,875
TELEPHONE --- 0.8%
34,700 Tekelec* 780,750
$780,750
TRANSPORTATION --- 0.5%
13,200 CNF Transportation Inc 455,400
$455,400
TRANSPORTATION EQUIPMENT --- 1.5%
13,050 AO Smith Corp 285,469
22,100 Newport News Shipbuilding Inc 607,750
16,900 Oshkosh Truck Corp* 495,373
$1,388,592
UTILITIES --- 0.8%
17,800 NSTAR 720,900
$720,900
WATER --- 0.6%
16,300 American States Water Co 586,800
$586,800
WHOLESALE TRADE -CONSUMER --- 1.9%
33,300 Daisytek International Corp* 776,290
33,500 SUPERVALU Inc 670,000
9,900 United Stationers Inc* 282,764
$1,729,054
TOTAL COMMON STOCK --- 97.0% $90,416,870
(Cost $86,909,893)
SHORT-TERM INVESTMENTS
FOREIGN BANKS --- 3.0%
2,810,000 Canadian Imperial Bank of Commerce 2,810,000
$2,810,000
TOTAL SHORT-TERM INVESTMENTS --- 3.0% $2,810,000
(Cost $2,810,000)
TOTAL LOOMIS SAYLES SMALL-CAP VALUE PORTFOLIO --- 100.0% $93,226,870
(Cost $89,719,893)
The Maxim Series Fund
Money Market Portfolio
SHORT-TERM INVESTMENTS
CREDIT INSTITUTIONS --- 13.9%
10,000,000 American Express Credit Corp 9,951,084
10,000,000 American Express Credit Corp 9,989,333
2,350,000 American General Finance Corp 2,351,414
1,500,000 Associates Corporation of North America 1,513,777
500,000 Chrysler Financial Corp 500,465
1,900,000 Ford Motor Credit Co 1,910,515
13,000,000 Ford Motor Credit Co 12,993,121
3,100,000 Ford Motor Credit Co 3,137,254
4,000,000 Ford Motor Credit Co 4,004,596
2,000,000 Ford Motor Credit Co 2,005,263
5,000,000 General Motors Acceptance Corp 5,009,082
500,000 General Motors Acceptance Corp 500,233
5,200,000 General Motors Acceptance Corp 5,278,071
15,000,000 Halifax PLC 14,784,546
1,135,000 PACCAR Financial Corp 1,121,948
20,000,000 Toyota Motor Credit Corp 19,971,000
4,000,000 TransAmerica Financial Corp 3,988,856
$99,010,558
ELECTRIC --- 5.0%
11,000,000 Duke Energy Corp 10,903,872
10,000,000 Electricity de France 9,985,425
15,000,000 Southern California Edison Co 14,895,792
$35,785,089
ELECTRONICS - HIGH TECH --- 4.2%
793,000 International Business Machines Corp 793,370
10,000,000 Motorola Credit Corp 9,864,028
9,700,000 Motorola Inc 9,567,875
10,000,000 Sharp Electronics Corp 9,971,431
$30,196,704
FINANCIAL SERVICES --- 8.5%
15,000,000 Ciesco LP 14,952,738
3,250,000 Household Finance Corp 3,315,349
15,000,000 Household Finance Corp 14,966,417
10,000,000 KFW International Finance 9,903,797
10,000,000 Salomon Smith Barney Holdings 9,970,700
2,500,000 TransAmerica Financial Corp 2,515,692
5,000,000 Xerox Credit Corp 5,002,139
$60,626,832
FOREIGN BANKS --- 1.5%
5,000,000 Bank of Nova Scotia 4,946,736
5,551,000 Canadian Imperial Bank of Commerce 5,551,000
$10,497,736
HOLDING & INVEST. OFFICES --- 1.5%
10,500,000 American General Finance Corp 10,466,633
$10,466,633
INSURANCE --- 5.1%
4,800,000 AIG Funding Inc 4,728,053
7,000,000 American General Corp 6,924,867
25,000,000 Metlife Funding Inc 24,923,024
$36,575,944
MFTG - CONSUMER PRODS. --- 2.7%
1,173,000 Campbell Soup Co 1,167,086
10,000,000 General Mills Inc 9,993,478
8,000,000 HJ Heinz Co 7,978,089
$19,138,653
MFTG - INDUSTRIAL PRODS. --- 5.4%
7,315,000 American Home Products Corp 7,335,613
6,250,000 EI du Pont de Nemours & Co 6,303,243
20,000,000 EI du Pont de Nemours & Co 19,938,883
5,000,000 John Deere Capital Corp 5,001,040
$38,578,779
OIL & GAS --- 1.4%
10,000,000 Chevron USA Inc 9,983,500
$9,983,500
RETAIL TRADE --- 0.1%
1,000,000 Wal-Mart Stores Inc 1,000,435
$1,000,435
SECURITIES & COMMODITIES --- 1.4%
1,000,000 Bear Stearns Companies Inc (4) 1,000,377
1,000,000 Lehman Brothers Inc 1,024,409
1,274,000 Merrill Lynch & Co Inc 1,278,211
6,000,000 Merrill Lynch & Co Inc 5,983,000
900,000 Morgan Stanley Dean Witter & Co 898,628
$10,184,625
TRANSPORTATION EQUIPMENT --- 2.8%
20,000,000 Daimler-Benz 19,797,467
$19,797,467
U.S. GOVERNMENT --- 5.8%
5,000,000 Federal Home Loan Bank 5,000,000
5,000,000 Federal Home Loan Bank 5,000,000
5,000,000 Federal Home Loan Bank 5,000,000
3,000,000 Federal Home Loan Bank 3,000,000
5,000,000 Federal Home Loan Bank 5,000,000
5,000,000 Federal Home Loan Bank 5,000,000
8,000,000 Federal Home Loan Bank 8,000,000
5,000,000 Federal Home Loan Bank (4) 5,000,000
260,000 Tennessee Valley Authority 259,561
$41,259,561
WHOLESALE TRADE -CONSUMER --- 1.4%
10,000,000 Cargill Inc 9,979,344
$9,979,344
TOTAL SHORT-TERM INVESTMENTS --- 60.7% $433,081,860
(Cost $712,996,331)
TOTAL MONEY MARKET PORTFOLIO --- 100.0% $712,996,331
(Cost $712,996,331)
The Maxim Series Fund
Short-Term Maturity Bond Portfolio
BONDS
AGENCY --- 23.3%
4,500,000 Fannie Mae 4,391,010
Notes
5.375% March 15, 2002
13,500,000 Fannie Mae 13,375,530
Global Notes
6.250% November 15, 2002
9,000,000 Freddie Mac 8,783,460
Notes
5.500% May 15, 2002
5,000,000 Freddie Mac 4,954,700
Global Notes
6.250% October 15, 2002
$31,504,700
COMMUNICATIONS --- 3.4%
2,500,000 MCI WorldCom Inc 2,472,975
Senior Notes
6.125% August 15, 2001
2,100,000 Media One Group Certificates (4) 2,100,000
Sets Trust No 1999-10
7.320% February 28, 2002
$4,572,975
CREDIT INSTITUTIONS --- 21.3%
2,500,000 AT&T Capital Corp 2,476,075
Medium Term Notes
6.250% May 15, 2001
3,000,000 Associates Corporation of North America 2,962,740
Notes
5.875% May 16, 2001
2,000,000 Countrywide Funding Corp 1,992,580
Medium Term Notes
6.430% October 23, 2000
2,500,000 Ford Motor Credit Co 2,473,750
Global Notes
6.500% February 28, 2002
2,000,000 General Electric Capital Corp 1,996,400
Medium Term Notes
6.040% August 16, 2000
3,000,000 General Motors Acceptance Corp 2,913,150
Medium Term Notes
5.350% December 7, 2001
2,000,000 Household Finance Corp 2,005,920
Medium Term Notes
7.150% June 15, 2000
4,000,000 IBM Credit Corp 3,960,080
Notes
5.760% May 15, 2001
3,000,000 MBNA America Bank NA 2,942,400
Bank Notes
6.080% August 10, 2001
3,000,000 Sanwa Business Credit # 3,022,530
Medium Term Notes
7.250% September 15, 2001
2,000,000 Wells Fargo & Co 1,977,480
Notes
6.500% September 3, 2002
$28,723,105
ELECTRIC --- 15.1%
1,500,000 Idaho Power Co 1,500,000
1st Mortgage
8.650% January 1, 2000
2,000,000 Monogahela Power 1,996,580
1st Mortgage
5.625% April 1, 2000
2,000,000 National Rural Utilities Corp 1,999,200
Medium Term Notes
6.260% July 10, 2000
2,500,000 Ohio Edison Co 2,557,650
1st Mortgage
8.250% April 1, 2002
2,500,000 PSI Energy Inc 2,527,550
1st Mortgage
7.610% January 7, 2002
3,000,000 Pennsylvania Power & Light Co 2,977,650
1st Mortgage
6.125% May 1, 2001
4,000,000 Sierra Pacific Power Co 3,886,880
1st Mortgage
5.470% December 17, 2001
3,000,000 Washington Water Power Co 2,995,860
1st Mortgage
6.240% October 2, 2000
$20,441,370
ELECTRONICS - HIGH TECH --- 1.5%
2,000,000 Texas Instruments Inc 2,002,580
Notes
6.875% July 15, 2000
$2,002,580
FOREIGN GOVERNMENTS --- 3.7%
5,000,000 Hydro-Quebec 4,933,700
Medium Term Notes
6.350% January 15, 2002
$4,933,700
HOLDING & INVEST. OFFICES --- 2.9%
2,000,000 Bank One Corp 1,966,120
Global Notes
6.400% August 1, 2002
2,000,000 Dime Bancorp Inc 1,970,640
Notes
7.000% July 25, 2001
$3,936,760
INDUSTRIAL SERVICES --- 0.9%
1,200,000 Comdisco Inc 1,186,788
Senior Notes
7.250% September 1, 2002
$1,186,788
INSURANCE --- 4.4%
3,000,000 Conseco Inc ** 2,909,010
MOPPRS
6.400% June 15, 2001
3,000,000 Travelers Property Casualty Corp 2,998,170
Notes
6.750% April 15, 2001
$5,907,180
LEASING --- 2.1%
3,000,000 International Lease Finance Corp 2,902,200
Medium Term Notes
5.400% January 22, 2002
$2,902,200
MFTG - INDUSTRIAL PRODS. --- 5.9%
2,000,000 Alcan Aluminium Ltd 1,999,540
Notes
5.875% April 1, 2000
3,000,000 Cooper Industries Inc 2,965,800
Medium Term Notes
5.640% February 15, 2001
3,000,000 Tyco International Group SA 2,949,240
Notes
6.125% June 15, 2001
$7,914,580
RAILROADS --- 1.5%
2,000,000 SNCB Belgium Rail 2,002,700
Medium Term Notes
8.250% February 2, 2000
$2,002,700
RETAIL TRADE --- 2.9%
4,000,000 Dillards Inc Class A 3,919,720
Notes
6.170% August 1, 2001
$3,919,720
SECURITIES & COMMODITIES --- 5.5%
2,500,000 Lehman Brothers Inc 2,471,825
Notes
6.125% February 1, 2001
3,000,000 Merrill Lynch & Co 2,925,570
Medium Term Notes
5.730% February 26, 2002
2,000,000 Morgan Stanley Dean Witter & Co 2,042,060
Global Notes
8.100% June 24, 2002
$7,439,455
TELEPHONE --- 1.2%
1,635,000 Ameritech Capital Funding 1,619,778
Notes
5.650% January 15, 2001
$1,619,778
TRANSPORTATION EQUIPMENT --- 1.9%
2,500,000 Magna International Inc 2,500,000
Converitible Subordinated Debentures
5.000% October 15, 2002
$2,500,000
WHOLESALE TRADE -CONSUMER --- 2.2%
3,000,000 Cargill Inc 3,001,500
Eurodollar Medium Term Notes
6.250% March 13, 2000
$3,001,500
TOTAL BONDS --- 99.6% $134,509,091
(Cost $135,960,645)
SHORT-TERM INVESTMENTS
FOREIGN BANKS --- 0.4%
509,000 Canadian Imperial Bank of Commerce 509,000
$509,000
TOTAL SHORT-TERM INVESTMENTS --- 0.4% $509,000
(Cost $509,000)
TOTAL SHORT-TERM MATURITY BOND PORTFOLIO --- 100.0% $135,018,091
(Cost $136,469,645)
The Maxim Series Fund
Stock Index Portfolio
COMMON STOCK
AGENCY --- 0.7%
88,500 Fannie Mae 5,525,674
60,000 Freddie Mac 2,823,720
$8,349,394
AGRICULTURE --- 0.0%
5,100 AGCO Corp 68,529
4,800 Dole Food Company Inc 78,000
$146,529
AIR --- 0.3%
12,800 AMR Corp* 857,600
4,200 Airborne Freight Corp 92,400
2,300 Alaska Air Group Inc* 80,788
11,500 Delta Air Lines Inc 572,838
25,780 FDX Corp* 1,055,356
3,500 Pittston Burlington Group 77,000
43,580 Southwest Airlines Co 705,429
6,200 US Air Group Inc* 198,784
$3,640,195
COMMUNICATIONS --- 7.9%
10,200 AH Belo Corp Class A 194,432
275,804 AT&T Corp 13,997,053
18,700 Broadwing Inc 689,563
65,765 CBS Corp* 4,204,817
4,600 COMSAT Corp 91,425
15,600 Cabletron Systems Inc* 405,600
2,877 Chris-Craft Industries Inc* 207,504
29,200 Clear Channel Communications Inc* 2,606,100
64,900 Comcast Corp Class A 3,281,474
24,100 Gannett Company Inc 1,965,644
15,000 General Instrument Corp* 1,275,000
4,700 Hispanic Broadcasting Corp* 433,425
270,428 Lucent Technologies Inc 20,231,260
52,800 MediaOne Group Inc 4,055,674
6,400 NOVA Corp* 201,997
31,350 Nextel Communications Inc* 3,232,969
115,294 Nortel Networks Corp 11,644,694
56,800 QUALCOMM Inc* 10,003,900
24,214 Teledyne Technologies Inc* 228,508
5,300 Telephone & Data Systems Inc 667,800
111,000 Time Warner Inc 8,040,507
8,800 Univision Communications Inc* 899,246
60,106 Viacom Inc Class B* 3,632,626
$92,191,218
CONSTRUCTION --- 0.0%
5,100 Centex Corp 125,904
12,120 Clayton Homes Inc 111,347
2,325 Granite Construction Inc 42,866
4,100 Kaufman & Broad Home Corp 99,167
3,700 Pulte Corp 83,250
$462,534
CONSUMER SERVICES --- 6.9%
2,300 Acuson Corp* 28,893
11,300 Allergan Inc 562,175
88,200 Amgen Inc* 5,297,468
6,700 Apollo Group Inc Class A* 134,415
4,500 Apria Healthcare Group Inc* 80,717
5,000 Bausch & Lomb Inc 342,185
25,100 Baxter International Inc 1,576,581
2,500 Beckman Coulter Inc 127,188
21,600 Becton Dickinson & Co 577,800
8,900 Beverly Enterprises Inc* 38,938
13,000 Biogen Inc* 1,098,500
9,700 Biomet Inc 388,000
171,200 Bristol-Myers Squibb Co 10,988,814
4,400 CR Bard Inc 233,200
33,820 CVS Corp 1,350,669
53,200 Carnival Corp 2,543,598
3,900 Carter-Wallace Inc 69,954
61,390 Cendant Corp* 1,630,641
4,700 CheckFree Holdings Corp* 491,150
48,663 Columbia/HCA Healthcare Corp 1,426,410
13,200 Convergys Corp* 405,900
5,075 Covance Inc* 54,871
6,000 DeVry Inc* 111,750
94,100 Eli Lilly & Co 6,257,650
4,200 First Health Group Corp* 112,875
7,200 Forest Laboratories Inc* 442,346
10,570 Foundation Health Systems* 105,034
7,300 Genzyme Corp 328,500
8,400 H&R Block Inc 367,500
33,304 HEALTHSOUTH Corp* 179,009
11,050 Harrah's Entertainment Inc* 292,129
21,850 Health Management Associates Inc* 292,244
31,840 Hilton Hotels Corp 306,456
14,500 Humana Inc* 118,712
26,600 IMS Health Inc 723,174
9,150 IVAX Corp* 235,613
4,600 International Speedway Corp 231,725
119,983 Johnson & Johnson 11,173,417
4,700 Lincare Holdings Inc* 163,029
7,800 Mandalay Resort Group* 156,975
8,850 Manor Care Inc* 141,600
21,450 Marriott International Inc 677,005
24,269 McKesson HBOC Inc 547,557
103,200 Medtronic Inc 3,760,298
201,756 Merck & Co Inc 13,530,161
3,800 Millennium Pharmaceuticals* 463,600
2,700 MiniMed Inc* 197,775
16,650 Mirage Resorts Inc* 254,945
8,300 Modis Professional Services* 118,275
3,600 Navigant Consulting Co* 39,150
4,300 Ogden Corp 51,329
7,900 Omnicare Inc 94,800
6,100 PSS World Medical Inc* 57,566
3,791 Pacific Health Systems* 200,923
14,800 Pactiv Corp* 157,250
26,300 Park Place Entertainment Corp* 328,750
2,800 Polycom Inc* 178,324
6,800 Premier Parks Inc* 196,350
6,100 Quorum Health Group Inc* 56,803
23,500 Service Corporation International 163,020
7,311 St Jude Medical Inc* 224,353
9,400 Stewart Enterprises Inc Class A 44,650
8,400 Stryker Corp 584,850
2,700 Suiza Foods Corp* 106,988
4,400 Sylvan Learning Systems Inc* 57,200
26,900 Tenet Healthcare Corp* 632,150
177,990 The Walt Disney Co 5,206,208
7,000 Total Renal Care Holdings Inc* 46,809
3,400 Trigon Healthcare Inc* 100,300
14,650 United HealthCare Corp 778,281
5,500 Wellpoint Health Networks* 362,654
4,800 Westwood One Inc* 364,800
$80,770,929
CREDIT INSTITUTIONS --- 3.3%
33,800 AmSouth Bancorp 652,746
38,600 American Express Co 6,417,250
5,550 Associated Banc-Corp 190,088
62,888 Associates First Capital Corp 1,725,458
4,700 Astoria Financial Corp 143,054
28,600 BB&T Corp 782,925
63,600 Bank of New York Company Inc 2,544,000
3,500 CCB Financial Corp 152,467
17,000 Capital One Financial Corp 819,179
18,309 Charter One Financial Inc 350,160
3,900 City National Corp 128,454
13,450 Comerica Inc 627,940
9,800 Compass Bancshares Inc 218,658
17,700 Concord EFS Inc* 455,775
9,800 Countrywide Credit Industries Inc 247,450
16,912 First Security Corp 431,780
11,300 First Tennessee National Corp 322,050
85,200 First Union Corp 2,795,582
4,250 First Virginia Banks Inc 182,750
7,800 FirstMerit Corp 179,400
13,900 Golden West Financial Corp 465,650
40,552 Household International Inc 1,510,562
19,787 Huntington Bancshares Inc 472,415
14,900 JP Morgan & Co Inc 1,886,713
38,604 KeyCorp 854,114
69,227 MBNA Corp 1,886,436
9,200 Marshall & Ilsley Corp 577,870
5,900 Mercantile Bankshares Corp 188,428
53,240 National City Corp 1,261,096
11,250 North Fork Bancorporation Inc 196,875
10,207 Old Kent Financial Corp 361,073
25,400 PNC Bank Corp 1,130,300
6,900 Pacific Century Financial Corp 128,940
18,900 Regions Financial Corp 474,863
13,800 State Street Corp 1,008,256
27,576 SunTrust Banks Inc 1,897,560
24,100 Synovus Financial Corp 478,988
7,200 TCF Financial Corp 179,100
12,200 Union Planters Corp 481,131
17,533 Wachovia Corp 1,192,244
49,858 Washington Mutual Inc 1,296,308
3,200 WestAmerica Bancorp 89,398
2,800 Wilmington Trust Co 135,100
7,400 Zions Bancorp 437,984
$37,958,570
ELECTRIC --- 1.8%
17,778 AES Corp* 1,328,906
9,500 Allegheny Energy Inc 255,902
6,746 Alliant Energy Corp 185,515
11,800 Ameren Corp 386,450
16,800 American Electric Power Company Inc 539,700
1,800 Black Hills Corp 39,937
2,800 CMP Group Inc 77,174
10,000 CMS Energy Corp 311,870
13,800 Carolina Power & Light Co 420,031
18,400 Central & South West Corp 368,000
13,693 Cinergy Corp 330,344
1,900 Cleco Corp 60,918
8,025 Conectiv Inc 134,916
19,100 Consolidated Edison Inc 658,950
12,900 Constellation Energy Group 374,100
13,700 DPL Inc 237,174
6,500 DQE Inc 225,063
12,500 DTE Energy Co 392,188
16,500 Dominion Resources Inc 647,625
31,538 Duke Energy Corp 1,580,842
30,000 Edison International 785,610
9,900 Energy East Corp 206,039
21,300 Entergy Corp 548,475
15,500 FPL Group Inc 663,586
20,099 FirstEnergy Corp 455,986
8,500 Florida Progress Corp 359,652
10,700 GPU Inc 320,326
2,800 Hawaiian Electric Industries Inc 80,850
3,200 IDACORP Inc 85,798
6,000 Illinova Corp 208,500
7,400 Ipalco Enterprises Inc 126,259
5,300 Kansas City Power & Light Co 116,929
11,200 LG&E Energy Corp 195,294
5,200 MidAmerican Energy Holdings Co* 175,172
6,300 Minnesota Power & Light Co 106,703
9,500 Montana Power Co 342,589
5,100 New England Electric System 263,925
10,800 NiSource Inc 193,050
16,200 Niagara Mohawk Holdings Inc* 225,779
11,400 Northeast Utilities 234,407
13,400 Northern States Power Co 261,300
6,700 OGE Energy Corp 127,300
16,000 PECO Energy Co 556,000
12,446 PP&L Resources Inc 284,702
7,300 Pinnacle West Capital Corp 223,103
10,200 Potomac Electric Power Co 233,957
3,500 Public Service Company of New Mexico 56,875
18,900 Public Service Enterprise Group Inc 657,947
7,300 Puget Sound Power & Light Co 141,438
8,950 Scana Corp 240,531
6,800 Sierra Pacific Resources 117,722
58,100 Southern Co 1,365,350
11,200 Teco Energy Inc 207,894
23,875 Texas Utilities Co 849,043
18,800 Unicom Corp 629,800
8,000 UtiliCorp United Inc 155,496
10,200 Wisconsin Energy Corp 196,350
$20,555,342
ELECTRONICS - HIGH TECH --- 20.6%
8,800 Adaptec Inc* 438,900
10,400 Adobe Systems Inc 699,400
3,400 Adtran Inc* 174,886
12,700 Advanced Micro Devices Inc* 367,500
16,600 American Power Conversion Corp* 437,825
15,066 Analog Devices Inc* 1,401,138
7,037 Andrew Corp* 133,260
13,900 Apple Computer Inc* 1,429,087
32,700 Applied Materials Inc* 4,142,665
17,400 Atmel Corp* 514,379
3,600 Avnet Inc 217,800
7,500 Black & Decker Corp 391,875
35,760 Boston Scientific Corp* 782,250
2,000 Briggs & Stratton Corp 107,250
5,400 Calpine Corp* 345,600
5,700 Cirrus Logic Inc* 75,878
282,300 Cisco Systems Inc* 30,241,388
7,700 Citrix Systems Inc* 947,100
146,717 Compaq Computer Corp 3,970,455
6,200 Comverse Technology Inc* 897,450
9,400 Cypress Semiconductor Corp* 304,325
5,500 DST Systems Inc* 419,716
219,300 Dell Computer Corp* 11,184,300
4,600 Dentsply International Inc 108,675
5,912 Diebold Inc 138,932
87,837 EMC Corp* 9,596,192
27,200 Eastman Kodak Co 1,802,000
37,500 Emerson Electric Co 2,151,563
3,933 Federal Signal Corp 63,172
27,300 Gateway Inc* 1,967,293
283,200 General Electric Co 43,825,200
6,900 Harris Corp 184,140
87,926 Hewlett-Packard Co 10,018,025
5,600 Hubbell Inc Class B 152,600
3,090 Imation Corp* 103,707
7,900 Integrated Device Technology Inc* 229,100
288,300 Intel Corp 23,730,550
155,606 International Business Machines Corp 16,805,448
7,800 International Game Technology 158,434
7,600 Jabil Circuit Inc* 554,800
7,400 Johnson Controls Inc 420,875
7,800 KLA-Tencor Corp* 868,725
12,800 LSI Logic Corp* 864,000
7,300 Legato Systems Inc* 502,328
11,000 Lexmark International Group Inc Class A* 995,500
13,300 Linear Technology Corp 951,775
3,900 Litton Industries Inc* 194,513
2,100 MagneTek Inc* 16,143
4,011 Mark IV Industries Inc 70,943
23,600 Maxim Integrated Products Inc* 1,113,613
7,300 Maytag Corp 350,400
5,500 Mentor Graphics Corp* 72,529
23,300 Micron Technology Inc* 1,811,575
13,508 Molex Inc 765,728
52,600 Motorola Inc 7,745,350
8,331 NCR Corp* 315,537
14,800 National Semiconductor Corp* 633,618
12,900 Network Appliance Inc* 1,071,500
11,999 Network Associates Inc* 320,217
28,700 Novell Inc* 1,146,192
33,153 PG&E Corp 679,637
4,000 PerkinElmer Inc 166,748
3,800 Polaroid Corp 71,486
3,200 QLogic Corp* 511,600
14,200 Quantum Corp* 214,775
7,500 Rational Software Corp* 368,438
29,200 Raytheon Co 775,610
6,200 SCI Systems Inc* 509,559
5,000 Sanmina Corp* 499,375
6,800 Scientific-Atlanta Inc 378,250
17,940 Seagate Technology Inc* 835,322
6,550 Sensormatic Electronics Corp* 114,212
2,900 Sepracor Inc* 287,642
16,600 Siebel Systems Inc* 1,394,400
15,900 Silicon Graphics Inc* 156,011
25,300 Solectron Corp* 2,406,663
5,800 Steris Corp* 59,810
7,600 Sterling Commerce Inc* 258,871
8,600 Storage Technology Corp* 158,558
134,800 Sun Microsystems Inc* 10,438,508
3,700 Sykes Enterprises Inc* 162,338
7,662 Symbol Technologies Inc 487,012
4,100 Tektronix Inc 159,388
3,300 Teleflex Inc 103,330
34,700 Tellabs Inc* 2,227,289
14,800 Teradyne Inc* 976,800
69,200 Texas Instruments Inc 6,703,750
13,625 Thermo Electron Corp* 204,375
5,000 Thomas & Betts Corp 159,375
26,700 Unisys Corp* 852,718
5,600 VISX Inc* 289,800
22,400 Veritas Software Corp* 3,206,000
7,342 Vishay Intertechnology Inc* 232,191
13,200 Vitesse Semiconductor Corp* 692,168
8,100 WW Grainger Inc 387,277
5,400 Waters Corp* 286,200
6,400 Whirlpool Corp 416,397
27,600 Xilinx Inc* 1,254,917
22,700 Yahoo! Inc* 9,821,995
3,400 York International Corp 93,286
$240,447,400
ENVIRONMENTAL SERVICES --- 0.1%
16,300 Allied Waste Industries Inc* 143,636
2,600 Rollins Inc 39,000
53,495 Waste Management Inc 919,419
$1,102,055
FINANCIAL SERVICES --- 0.4%
79,048 Fleet Boston Financial Corp 2,751,819
43,912 Mellon Financial Services 1,495,731
$4,247,550
FORESTRY --- 0.4%
4,900 Boise Cascade Corp 198,450
1,500 Chesapeake Corp 45,750
7,200 Georgia-Pacific Corp (Timber Group) 177,300
14,800 Georgia-Pacific Group 751,100
35,737 International Paper Co 2,016,889
4,500 Longview Fibre Co 64,125
9,200 Louisiana-Pacific Corp 131,100
2,400 Rayonier Inc 115,949
20,300 Weyerhaeuser Co 1,457,784
$4,958,447
GAS --- 0.4%
4,900 AGL Resources Inc 83,300
7,000 Columbia Energy Group 442,750
8,300 Consolidated Natural Gas Co 538,977
2,300 Eastern Enterprises 132,105
2,533 Indiana Energy Inc 44,961
11,600 KeySpan Corp 268,969
7,400 MCN Corp 175,750
4,100 NICOR Inc 133,250
3,300 National Fuel Gas Co 153,450
9,980 New Century Energies Inc 303,143
2,700 ONEOK Inc 67,838
3,100 Peoples Energy Corp 103,850
7,100 Questar Corp 106,500
25,567 Reliant Energy Inc 584,845
4,000 Washington Gas Light Co 110,000
37,524 Williams Companies Inc 1,146,808
$4,396,496
HIGHWAYS --- 0.0%
2,100 Arnold Industries Inc 29,530
5,500 Ryder System Inc 134,404
5,600 Swift Transportation Company Inc* 98,700
$262,634
HOLDING & INVEST. OFFICES --- 4.2%
98,947 Bank One Corp 3,172,439
147,358 Bank of America Corp 7,395,456
71,192 Chase Manhattan Corp 5,530,693
14,200 Cincinnati Financial Corp 442,855
290,962 Citigroup Inc 16,166,431
9,600 Dime Bancorp Inc 145,200
21,100 E Trade Group Inc* 551,238
26,625 Fifth Third Bancorp 1,953,609
5,300 Finova Group Inc 188,150
84,640 Firstar Corp 1,788,020
9,300 Green Point Financial Corp 221,452
13,800 Hibernia Corp 146,625
4,200 Keystone Financial Inc 88,460
9,100 MGIC Investment Corp 547,702
9,300 National Commerce Bancorp 210,989
19,200 Northern Trust Corp 1,017,600
3,800 Provident Financial Group Inc 136,325
9,000 Republic New York Corp 648,000
13,700 SLM Holding Corp 578,825
14,512 SouthTrust Corp 548,728
18,900 Sovereign Bancorp Inc 140,862
15,050 Summit Bancorp 460,906
62,773 U S Bancorp 1,494,751
3,900 Webster Financial Corp 91,892
141,700 Wells Fargo Co 5,729,923
$49,397,131
INDUSTRIAL PRODS & SVCS --- 0.0%
8,075 Allegheny Technologies Inc 181,179
$181,179
INDUSTRIAL SERVICES --- 9.6%
4,966 AC Nielsen Corp* 122,288
7,400 Acxiom Corp* 177,600
4,300 Affiliated Computer Services Inc Class A* 197,800
17,200 Altera Corp* 852,466
192,900 America Online Inc* 14,551,797
8,300 Arrow Electronics Inc* 210,613
5,300 Autodesk Inc 178,875
53,900 Automatic Data Processing Inc 2,903,863
20,900 BMC Software Inc* 1,670,683
3,700 CDW Computer Centers Inc* 290,913
21,050 Cadence Design Systems Inc* 505,200
5,200 Cambridge Technology Partners Inc* 136,500
12,500 Ceridian Corp* 269,525
9,600 Cintas Corp 510,000
13,250 Comdisco Inc 493,563
46,525 Computer Associates International Inc 3,253,819
14,400 Computer Sciences Corp* 1,362,600
30,900 Compuware Corp* 1,151,025
6,300 Deluxe Corp 172,853
13,900 Dun & Bradstreet Corp 410,050
5,500 Electronic Arts Inc* 462,000
40,600 Electronic Data Systems Corp 2,717,642
12,200 Equifax Inc 287,456
36,194 First Data Corp 1,784,799
10,562 Fiserv Inc* 404,651
6,600 Fluor Corp 302,775
3,500 Foster Wheeler Corp 31,063
3,000 GTECH Holdings Corp* 66,000
17,400 Informix Corp* 197,925
24,200 Interpublic Group of Companies Inc 1,396,025
16,900 Intuit Inc* 1,012,935
2,200 Jacobs Engineering Group Inc* 71,500
6,200 Keane Inc* 196,850
3,050 Kelly Services Inc Class A 76,631
6,500 Manpower Inc 244,563
445,300 Microsoft Corp* 51,988,727
2,200 NCO Group Inc* 66,275
3,500 National Service Industries Inc 103,250
7,050 Olsten Corp 79,750
15,300 Omnicom Group Inc 1,530,000
122,837 Oracle Systems Corp* 13,765,360
23,200 Parametric Technology Corp* 627,838
21,264 Paychex Inc 850,560
23,200 PeopleSoft Inc 494,438
22,900 Pitney Bowes Inc 1,106,345
3,100 Policy Management Systems Corp* 79,242
9,900 Quintiles Transnational Corp* 185,001
6,700 Reynolds & Reynolds Co Class A 150,750
7,700 Robert Half International Inc* 219,927
2,300 Shared Medical Systems Corp 117,155
5,100 Sotheby's Holdings Inc Class A 153,000
2,400 Standard Register Co 46,500
7,300 Sterling Software Inc* 229,950
3,100 Structural Dynamics Research Corp* 39,525
11,100 Sungard Data System Inc* 263,625
5,050 Symantec Corp* 296,056
6,100 Synopsys Inc* 407,175
2,800 Transaction Systems Inc Class A* 78,400
3,600 Wallace Computer Services Inc 59,850
$111,613,547
INSURANCE --- 2.9%
22,924 AFLAC Inc 1,081,715
22,175 AON Corp 887,000
12,952 Aetna Inc 722,877
4,700 Allmerica Financial Corp 261,438
69,540 Allstate Corp 1,668,960
6,000 Ambac Inc 313,122
5,000 American Financial Group Inc 131,875
21,321 American General Corp 1,617,731
133,611 American International Group Inc 14,446,689
15,200 Chubb Corp 855,942
16,000 Cigna Corp 1,288,992
28,214 Conseco Inc 504,325
4,100 Everest Reinsurance Holdings Inc 91,479
2,550 HSB Group Inc 86,221
19,100 Hartford Financial Services Group Inc 904,863
3,500 Horace Mann Educators Corp 68,688
9,000 Jefferson-Pilot Corp 614,250
16,900 Lincoln National Corp 676,000
9,200 Loews Corp 558,320
8,600 MBIA Inc 454,183
23,000 Marsh & McLennan Companies Inc 2,200,801
5,200 Ohio Casualty Corp 83,522
10,900 Old Republic International Corp 148,513
7,000 Oxford Health Plans Inc* 88,809
6,350 Progressive Corp 464,344
5,600 Protective Life Corp 178,147
12,250 Providian Financial Corp 1,115,510
7,700 Reliastar Financial Corp 301,740
11,200 SAFECO Corp 278,600
19,648 St Paul Companies Inc 661,882
3,850 The PMI Group Inc 187,926
11,400 Torchmark Corp 331,307
6,200 Unitrin Inc 233,275
20,752 UnumProvident Corp 665,351
$34,174,397
MFTG - CONSUMER PRODS. --- 6.8%
3,200 Adolph Coors Co Class B 168,000
4,800 Alberto-Culver Co Class B 123,898
5,600 American Greetings Corp Class A 132,300
40,200 Anheuser-Busch Companies Inc 2,849,175
52,457 Archer-Daniels-Midland Co 639,294
20,900 Avon Products Inc 689,700
2,300 Banta Corp 51,893
24,100 Bestfoods 1,266,744
5,900 Brown-Forman Corp Class B 337,775
7,900 Brunswick Corp 175,775
4,600 Burlington Industries Inc* 18,400
36,900 Campbell Soup Co 1,427,550
3,300 Church & Dwight Inc 88,067
20,382 Clorox Co 1,026,743
213,200 Coca-Cola Co 12,418,900
36,700 Coca-Cola Enterprises Inc 738,588
50,300 Colgate-Palmolive Co 3,269,500
8,000 CompUSA Inc* 41,000
42,500 ConAgra Inc 958,885
3,400 Dean Foods Co 135,150
9,100 Dial Corp 221,239
7,700 Dow Jones & Company Inc 523,600
2,400 Dreyer's Grand Ice Cream Inc 40,800
8,675 Flowers Industries Inc 138,254
7,562 Gartner Group Inc Class A* 104,446
26,200 General Mills Inc 936,650
92,600 Gillette Co 3,813,916
30,900 HJ Heinz Co 1,230,191
5,200 HON Industries Inc 114,072
5,900 Harte-Hanks Inc 128,325
16,675 Hasbro Inc 317,859
6,900 Herman Miller Inc 158,700
11,900 Hershey Foods Corp 565,250
5,700 Hillenbrand Industries Inc 180,616
6,300 Hormel Foods Corp 255,938
2,700 Houghton Mifflin Co 113,905
8,000 IBP Inc 144,000
12,900 Ikon Office Solutions Inc 87,875
9,100 International Flavors & Fragrances Inc 343,525
1,600 International Multifoods Corp 21,200
6,100 Interstate Bakeries Co 110,563
2,500 JM Smucker Co Class A 48,750
10,553 Jones Apparel Group Inc* 286,250
2,900 Jostens Inc 70,505
35,000 Kellogg Co 1,078,420
7,200 Knight-Ridder Inc 428,400
3,498 Lancaster Colony Corp 115,871
2,600 Lance Inc 26,000
2,600 Land's End Inc* 90,350
3,800 Lee Enterprises Inc 121,361
16,900 Leggett & Platt Inc 362,285
5,100 Liz Claiborne Inc 191,888
38,600 Masco Corp 979,475
36,341 Mattel Inc 476,976
6,100 McCormick & Company Inc (nonvtg) 181,475
16,900 McGraw-Hill Companies Inc 1,041,463
2,300 Media General Inc Class A 119,600
4,500 Meredith Corp 187,592
5,200 Mohawk Industries Inc* 137,150
28,100 Nabisco Group Holdings Corp 298,563
14,740 New York Times Co Class A 724,103
125,600 PepsiCo Inc 4,427,400
204,200 Philip Morris Companies Inc 4,734,785
113,400 Procter & Gamble Co 12,424,331
11,500 Quaker Oats Co 754,688
9,466 RJ Reynolds Tobacco Holdings Inc 166,838
10,900 RR Donnelley & Sons Co 270,451
27,900 Ralston-Ralston Purina Group 777,713
9,200 Readers Digest Association Inc Class A 269,100
2,800 Russell Corp 46,900
78,400 Sara Lee Corp 1,729,661
1,400 Scholastic Corp* 87,062
37,400 Seagram Company Ltd 1,680,644
11,500 Shaw Industries Inc 177,526
1,500 Springs Industries Inc Class A 59,905
15,700 Starbucks Corp* 380,725
6,200 Tiffany & Co 553,350
5,200 Times Mirror Co Class A 348,400
20,500 Tribune Co 1,128,771
5,000 Tupperware Corp 84,685
19,850 Tyson Foods Inc Class A 322,563
8,800 US Foodservice Inc* 147,400
14,800 UST Inc 372,768
5,100 Unifi Inc* 62,791
49,339 Unilever NV ADR 2,685,867
2,700 Universal Corp 61,592
4,300 Universal Foods Corp 87,613
10,200 VF Corp 306,000
8,200 Viad Corp 228,575
3,890 Vlasic Foods International Inc* 22,122
4,800 Warnaco Group Inc Class A 59,098
800 Washington Post Co Class B 444,700
4,391 Wausau-Mosinee Paper Corp 51,318
4,600 Westpoint Stevens Inc 80,500
12,200 Whitman Corp 163,931
9,600 Willamette Industries Inc 445,795
10,000 Wm Wrigley Jr Co 829,370
$79,549,676
MFTG - INDUSTRIAL PRODS. --- 8.5%
29,750 3Com Corp* 1,398,250
2,675 A Schulman Inc 43,635
8,900 AK Steel Holding Corp 167,988
8,800 ALZA Corp* 304,700
132,700 Abbott Laboratories 4,818,602
19,800 Air Products & Chemicals Inc 664,528
6,100 Airgas Inc* 57,950
2,637 Albany International Corp Class A* 40,868
4,050 Albemarle Corp 77,707
18,900 Alcan Aluminium Ltd 778,434
112,700 American Home Products Corp 4,444,550
6,100 American Standard Companies Inc* 279,838
2,750 Ametek Inc 52,420
3,500 Armstrong World Industries Inc 116,813
2,200 Arvin Industries Inc 62,425
9,480 BF Goodrich Co 260,700
2,600 Ball Corp 102,375
1,900 Bandag Inc 47,500
4,500 Bemis Company Inc 156,938
11,350 Bethlehem Steel Corp* 95,056
4,200 Blyth Industries Inc* 103,160
4,500 Bowater Inc 244,404
10,298 CK Witco Corp 137,736
5,700 Cabot Corp 116,138
6,600 Callaway Golf Co 116,734
2,600 Carlisle Companies Inc 93,600
1,900 Carpenter Technology Corp 52,130
30,700 Caterpillar Inc 1,444,803
8,300 Champion International Corp 514,077
15,700 Chiron Corp* 665,288
7,800 Consolidated Papers Inc 248,134
8,100 Cooper Industries Inc 327,540
6,500 Cooper Tire & Rubber Co 101,153
3,200 Cordant Technologies Inc 105,600
21,100 Corning Inc 2,720,571
5,700 Crane Co 113,288
10,500 Crown Cork & Seal Company Inc 234,938
3,600 Cytec Industries Inc* 83,250
12,300 Danaher Corp 593,475
20,200 Deere & Co 876,175
2,000 Dexter Corp 79,500
17,600 Dover Corp 798,600
18,900 Dow Chemical Co 2,525,513
90,107 EI du Pont de Nemours & Co 5,935,799
6,800 Eastman Chemical Co 324,272
11,200 Ecolab Inc 438,200
10,900 Engelhard Corp 205,738
7,300 Ethyl Corp 28,740
3,000 Ferro Corp 66,000
3,200 Flowserve Corp 54,400
18,700 Fort James Corp 511,913
2,700 Georgia Gulf Corp 82,180
3,800 Gilead Sciences Inc* 205,675
13,500 Goodyear Tire & Rubber Co 380,525
5,000 Great Lakes Chemical Corp 190,935
26,500 Guidant Corp* 1,245,500
1,200 HB Fuller Co 67,124
3,500 Harsco Corp 111,125
9,200 Hercules Inc 256,450
68,312 Honeywell International Inc 3,940,714
6,800 ICN Pharmaceuticals Inc 172,122
9,900 IMC Global Inc 162,113
7,600 ITT Industries Inc 254,121
25,983 Illinois Tool Works Inc 1,755,463
14,150 Ingersoll-Rand Co 779,127
2,600 Kaydon Corp 69,711
2,600 Kennametal Inc 87,425
46,980 Kimberly-Clark Corp 3,065,445
5,800 Lear Corp* 185,600
4,700 Lubrizol Corp 145,113
10,100 Lyondell Chemical Co 128,775
4,200 MA Hanna Co 45,935
6,000 Mallinckrodt Inc 190,872
4,000 Martin Marietta Materials Inc 164,000
8,900 Mead Corp 386,589
5,800 Medimmune Inc* 962,075
6,000 Meritor Automotive Inc 116,250
4,400 Microchip Technology Inc* 301,123
3,150 Milacron Inc 48,431
3,900 Millipore Corp 150,638
1,800 Minerals Technologies Inc 72,112
34,600 Minnesota Mining & Manufacturing Co 3,386,475
2,500 Modine Manufacturing Co 62,500
54,800 Monsanto Co 1,952,250
11,200 Mylan Laboratories Inc 282,094
700 NACCO Industries Inc Class A 38,893
500 NCH Corp 22,281
1,400 Nordson Corp 67,550
3,400 Novellus Systems Inc* 416,605
7,500 Nucor Corp 411,090
3,900 Olin Corp 77,267
2,200 Oregon Steel Mills Inc 17,461
4,700 Owens Corning 90,766
13,000 Owens-Illinois Inc* 325,806
8,900 PE Corp-PE Biosystems Group 1,070,777
3,600 PH Glatfelter Co 52,423
15,000 PPG Industries Inc 938,430
10,700 Pall Corp 230,713
9,675 Parker-Hannifin Corp 496,444
4,200 Pentair Inc 161,700
6,300 Perrigo Co* 50,400
334,100 Pfizer Inc 10,837,202
44,760 Pharmacia & Upjohn Inc 2,014,200
2,500 Potlatch Corp 111,563
13,700 Praxair Inc 689,274
2,150 Precision Castparts Corp 56,438
9,281 RPM Inc 94,546
5,500 Reynolds Metals Co 421,438
16,400 Rockwell International Corp 785,150
18,904 Rohm & Haas Co 769,147
2,188 Ryerson Tull Inc 42,528
126,800 Schering-Plough Corp 5,349,312
7,205 Sealed Air Corp* 373,305
900 Sequa Corp Class A* 48,543
14,300 Sherwin-Williams Co 300,300
8,700 Sigma-Aldrich Corp 261,539
5,100 Snap-on Inc 135,466
9,480 Solutia Inc 146,343
8,797 Sonoco Products Co 200,132
3,100 Southdown Inc 160,038
7,700 Stanley Works 231,963
2,400 Stewart & Stevenson Services Inc 28,423
1,700 Tecumseh Products Co Class A 80,218
4,800 Temple-Inland Inc 316,498
5,300 The Timken Co 108,316
3,400 Trinity Industries Inc 96,686
145,728 Tyco International Ltd 5,665,176
3,900 UCAR International Inc* 69,467
4,300 USG Corp 202,638
26,800 USX-Marathon Group 661,612
7,600 USX-US Steel Group 250,800
11,600 Union Carbide Corp 774,300
5,600 Varco International Inc* 57,047
6,200 WR Grace & Co* 86,025
74,090 Warner-Lambert Co 6,070,712
8,300 Watson Pharmaceuticals Inc* 297,240
2,900 Wellman Inc 54,013
8,650 Westvaco Corp 282,206
7,650 Worthington Industries Inc 126,699
57,300 Xerox Corp 1,299,965
$99,263,807
MINING --- 0.5%
31,642 Alcoa Inc 2,626,286
34,016 Barrick Gold Corp 601,641
1,000 Cleveland-Cliffs Inc 31,125
14,094 Freeport-McMoran Copper & Gold Inc Class B* 297,736
22,500 Homestake Mining Co 175,770
16,550 Inco Ltd* 388,925
600 Maxxam Inc* 25,725
14,424 Newmont Mining Corp 353,388
6,970 Phelps Dodge Corp 467,861
28,100 Placer Dome Inc 302,075
8,600 Vulcan Materials Co 343,458
$5,613,990
OIL & GAS --- 5.7%
7,800 Amerada Hess Corp 442,650
11,000 Anadarko Petroleum Corp 375,375
9,850 Apache Corp 363,829
6,200 Ashland Inc 204,209
27,900 Atlantic Richfield Co 2,413,350
6,100 BJ Services Company USA* 255,053
28,410 Baker Hughes Inc 598,371
18,758 Burlington Resources Inc 620,177
56,600 Chevron Corp 4,902,975
18,400 Coastal Corp 652,041
54,049 Conoco Inc 1,344,469
7,400 Devon Energy Corp 243,275
19,668 El Paso Energy Corp 763,354
61,720 Enron Corp 2,738,825
11,900 Ensco International Inc 272,213
298,062 Exxon Mobil Corp 24,012,471
15,100 Global Marine Inc* 251,038
38,150 Halliburton Co 1,535,538
2,500 Hanover Compressor Co* 94,375
4,300 Helmerich & Payne Inc 93,792
7,490 Kerr-McGee Corp 464,380
9,750 Kinder Morgan Inc 196,823
5,100 McDermott International Inc 46,216
3,900 Murphy Oil Corp 223,763
11,950 Nabors Industries Inc* 369,697
4,900 Noble Affiliates Inc 105,041
11,300 Noble Drilling Corp* 370,075
31,700 Occidental Petroleum Corp 685,513
14,398 Ocean Energy Inc* 111,585
6,730 Pennzoil-Quakers State Co 68,559
21,900 Phillips Petroleum Co 1,029,300
8,700 Pioneer Natural Resources Co* 77,752
7,200 Rowan Companies Inc* 156,146
185,100 Royal Dutch Petroleum Co ADR 11,186,889
15,900 Santa Fe Snyder Corp* 127,200
47,448 Schlumberger Ltd 2,668,950
20,780 Sempra Energy 361,052
4,200 Smith International Inc* 208,685
7,800 Sunoco Inc 183,300
47,700 Texaco Inc 2,590,682
12,400 Tosco Corp 337,119
17,905 Transocean Sedco Forex Inc 603,163
7,486 Ultramar Diamond Shamrock Corp 169,835
21,766 Union Pacific Resources Group Inc 277,517
20,900 UnoCal Corp 701,446
4,800 Valero Energy Corp 95,400
9,369 Weatherford International* 374,170
$65,967,638
OTHER TRANS. SERVICES --- 0.1%
3,700 Alexander & Baldwin Inc 84,404
2,600 FMC Corp* 149,011
4,200 GATX Corp 141,750
3,100 JB Hunt Transport Services Inc 42,913
2,900 Overseas Shipholding Group Inc 42,955
4,800 Tidewater Inc 172,800
$633,833
RAILROADS --- 0.3%
39,400 Burlington Northern Santa Fe Corp 955,450
18,800 CSX Corp 589,850
9,500 Kansas City Southern Industries Inc 708,938
32,900 Norfolk Southern Corp 674,450
21,500 Union Pacific Corp 937,938
4,400 Wisconsin Central Transportation Corp* 59,123
$3,925,749
RETAIL TRADE --- 7.0%
8,900 Abercrombie & Fitch Co* 237,514
36,539 Albertson's Inc 1,178,383
4,000 American Eagle Outfitters* 180,000
12,500 AutoZone Inc* 403,900
9,700 Avery Dennison Corp 706,888
6,400 BJ Wholesale Club Inc* 233,600
6,000 Barnes & Noble Inc* 123,750
12,100 Bed Bath & Beyond Inc* 420,475
17,700 Best Buy Inc* 888,310
3,400 Bob Evans Farms Inc 52,486
6,700 Borders Group Inc* 107,615
5,600 Brinker International Inc* 134,400
3,600 Buffets Inc* 36,000
5,100 CBRL Group Inc 49,485
17,500 Circuit City Stores-Circuit City Group 788,585
4,425 Claire's Stores Inc 99,009
9,524 Consolidated Stores Corp* 154,765
11,300 Darden Restaurants Inc 204,813
38,000 Dayton Hudson Corp 2,790,606
9,300 Dillards Inc Class A 187,739
22,960 Dollar General Corp 522,340
5,400 Dollar Tree Stores Inc* 261,560
4,000 Donaldson Company Inc 96,248
3,300 Express Scripts Inc* 211,200
14,900 Family Dollar Stores Inc 243,049
3,300 Fastenal Co 148,292
18,100 Federated Department Stores Inc* 915,172
14,200 Fortune Brands Inc 469,480
4,300 Furniture Brands International Inc* 94,600
73,875 Gap Inc 3,398,250
15,375 Genuine Parts Co 381,485
3,300 Great Atlantic & Pacific Tea Company Inc 91,988
3,600 Hannaford Brothers Co 249,523
6,100 Harcourt General Inc 245,525
5,225 Heilig-Meyers Co 14,369
198,750 Home Depot Inc 13,626,698
22,500 JC Penney Co Inc 448,583
42,600 Kmart Corp* 428,641
14,100 Kohl's Corp* 1,017,837
71,800 Kroger Co* 1,355,225
18,495 Limited Inc 801,055
2,800 Lone Star Steakhouse & Saloon Inc* 24,979
3,400 Longs Drug Stores Corp 87,761
33,000 Lowe's Companies Inc 1,971,750
28,800 May Department Stores Co 928,800
116,900 McDonald's Corp 4,712,473
3,100 Micro Warehouse Inc* 57,350
24,200 NIKE Inc Class B 1,199,400
4,200 Neiman Marcus Group Inc* 117,335
24,315 Newell Rubbermaid Inc 705,135
12,000 Nordstrom Inc 314,244
28,437 Office Depot Inc* 311,015
9,750 OfficeMax Inc* 53,625
6,500 Outback Steakhouse Inc* 168,591
2,600 Papa John's International Inc* 67,761
2,716 Payless Shoesource Inc* 127,652
4,524 Pep Boys - Manny Moe & Jack 41,282
4,900 Reebok International Ltd* 40,116
22,300 Rite Aid Corp 249,470
7,800 Ross Stores Inc 139,909
4,000 Ruddick Corp 62,000
2,699 SPX Corp* 218,112
43,900 Safeway Inc* 1,561,172
12,484 Saks Inc* 194,276
32,600 Sears Roebuck & Co 992,246
40,082 Staples Inc* 831,702
26,800 TJX Companies Inc 547,712
16,700 Tandy Corp 821,423
21,100 Toys R Us Inc* 301,983
13,280 Tricon Global Restaurants* 512,940
384,100 Wal-Mart Stores Inc 26,550,913
86,600 Walgreen Co 2,533,050
10,300 Wendy's International Inc 212,438
4,800 Williams-Sonoma Inc* 220,800
12,800 Winn-Dixie Stores Inc 306,394
$81,185,252
SECURITIES & COMMODITIES --- 1.3%
7,925 AG Edwards Inc 254,091
10,299 Bear Stearns Companies Inc 440,282
70,774 Charles Schwab Corp 2,715,952
21,750 Franklin Resources Inc 697,348
2,700 Investment Technology Group Inc* 77,625
4,900 Legg Mason Inc 177,625
10,400 Lehman Brothers Holdings Inc 880,745
32,000 Merrill Lynch & Co Inc 2,672,000
48,081 Morgan Stanley Dean Witter & Co 6,863,563
12,350 Paine Webber Group Inc 479,328
10,300 T Rowe Price & Associates Inc 380,451
$15,639,010
TELEPHONE --- 5.8%
12,900 ADC Telecommunications Inc* 936,050
27,106 ALLTEL Corp 2,241,314
133,976 Bell Atlantic Corp 8,247,831
162,500 BellSouth Corp 7,606,950
12,050 CenturyTel Inc 570,869
83,900 GTE Corp 5,920,152
65,485 Global Crossing Ltd* 3,274,250
244,943 MCI WorldCom Inc* 12,997,139
294,413 SBC Communications Inc 14,352,634
75,200 Sprint Corp 5,061,862
37,225 Sprint PCS 3,815,563
43,611 US WEST Inc 3,139,992
$68,164,606
TRANSPORTATION --- 0.0%
4,200 CNF Transportation Inc 144,900
$144,900
TRANSPORTATION EQUIPMENT --- 2.0%
2,300 Borg-Warner Automotive Inc 93,150
3,600 Cummins Engine Company Inc 173,923
14,161 Dana Corp 423,938
48,745 Delphi Automotive Systems Corp 767,734
6,400 Eaton Corp 464,800
6,400 Federal-Mogul Corp 128,800
2,800 Fleetwood Enterprises Inc 57,750
104,200 Ford Motor Co 5,568,135
17,300 General Dynamics Corp 912,575
55,300 General Motors Corp 4,019,591
13,100 Harley-Davidson Inc 839,212
34,182 Lockheed Martin Corp 747,731
5,490 Navistar International Corp* 260,089
2,820 Newport News Shipbuilding Inc 77,550
6,000 Northrop Grumman Corp 324,372
6,740 PACCAR Inc 298,663
2,300 Superior Industries International Inc 61,668
10,500 TRW Inc 545,339
12,800 Textron Inc 981,594
80,676 The Boeing Co 3,353,056
41,290 United Technologies Corp 2,683,850
$22,783,520
UTILITIES --- 0.0%
5,200 NSTAR 210,600
$210,600
WATER --- 0.0%
8,400 American Water Works Company Inc 178,500
$178,500
WHOLESALE TRADE - INDL --- 0.0%
9,000 Sybron International Corp* 222,183
$222,183
WHOLESALE TRADE -CONSUMER --- 0.4%
11,600 Bergen Brunswig Corp Class A 96,419
24,170 Cardinal Health Inc 1,157,139
19,171 Costco Wholesale Corp* 1,749,354
12,000 SUPERVALU Inc 240,000
28,400 SYSCO Corp 1,123,561
4,500 Tech Data Corp* 122,063
$4,488,536
TOTAL COMMON STOCK --- 97.9% $1,142,827,347
(Cost $511,389,313)
SHORT-TERM INVESTMENTS
FOREIGN BANKS --- 1.9%
22,121,000 Canadian Imperial Bank of Commerce 22,121,000
$22,121,000
U.S. GOVERNMENT --- 0.2%
2,000,000 United States of America (1) 2,000,867
$2,000,867
TOTAL SHORT-TERM INVESTMENTS --- 2.1% $24,121,867
(Cost $24,121,867)
TOTAL STOCK INDEX PORTFOLIO --- 100.0% $1,166,949,214
(Cost $535,511,180)
The Maxim Series Fund
T. Rowe Price Equity/Income Portfolio
COMMON STOCK
AGENCY --- 1.1%
34,200 Fannie Mae 2,135,345
$2,135,345
COMMUNICATIONS --- 0.5%
17,550 AT&T Corp 890,663
$890,663
CONSUMER SERVICES --- 3.9%
15,400 Becton Dickinson & Co 411,950
24,200 H&R Block Inc 1,058,750
74,400 Hilton Hotels Corp 716,100
12,100 Merck & Co Inc 811,450
239,300 Smith & Nephew PLC 803,757
59,352 Starwood Hotels & Resorts Worldwide Inc 1,394,772
77,000 The Walt Disney Co 2,252,250
$7,449,029
CREDIT INSTITUTIONS --- 2.2%
15,500 JP Morgan & Co Inc 1,962,688
23,000 KeyCorp 508,875
32,800 Mercantile Bankshares Corp 1,047,534
29,600 National City Corp 701,135
$4,220,232
ELECTRIC --- 4.2%
26,787 DQE Inc 927,500
28,400 Duke Energy Corp 1,423,550
22,600 Entergy Corp 581,950
46,410 FirstEnergy Corp 1,052,904
28,600 Niagara Mohawk Holdings Inc* 398,598
28,420 Scottish Power 795,760
52,700 Southern Co 1,238,450
24,100 Teco Energy Inc 447,344
35,400 Unicom Corp 1,185,900
$8,051,956
ELECTRONICS - HIGH TECH --- 3.4%
32,300 Compaq Computer Corp 874,103
30,900 Eastman Kodak Co 2,047,125
15,400 Hewlett-Packard Co 1,754,630
32,500 Hubbell Inc Class B 885,625
15,500 Whirlpool Corp 1,008,461
$6,569,944
ENVIRONMENTAL SERVICES --- 0.6%
68,930 Waste Management Inc 1,184,700
$1,184,700
FINANCIAL SERVICES --- 3.0%
67,604 Fleet Boston Financial Corp 2,353,430
99,800 Mellon Financial Services 3,399,388
$5,752,818
FORESTRY --- 1.8%
60,383 International Paper Co 3,407,835
$3,407,835
GAS --- 0.4%
32,500 Reliant Energy Inc 743,438
$743,438
HOLDING & INVEST. OFFICES --- 4.2%
42,210 Bank One Corp 1,353,337
21,500 Bank of America Corp 1,079,021
7,692 Chase Manhattan Corp 597,568
49,825 Citigroup Inc 2,768,377
31,000 Firstar Corp 654,875
39,000 Wells Fargo Co 1,577,043
$8,030,221
INDUSTRIAL SERVICES --- 0.6%
37,500 Dun & Bradstreet Corp 1,106,250
$1,106,250
INSURANCE --- 5.0%
27,700 American General Corp 2,101,738
23,900 Chubb Corp 1,345,857
25,200 Lincoln National Corp 1,008,000
39,100 SAFECO Corp 972,613
59,572 St Paul Companies Inc 2,006,802
45,600 UnumProvident Corp 1,462,027
12,600 XL Capital Ltd 653,625
$9,550,662
MFTG - CONSUMER PRODS. --- 13.8%
27,700 Anheuser-Busch Companies Inc 1,963,238
22,700 Brown-Forman Corp Class B 1,299,575
30,700 Campbell Soup Co 1,187,691
18,500 Dow Jones & Company Inc 1,258,000
75,300 General Mills Inc 2,691,975
43,100 HJ Heinz Co 1,715,897
44,600 Hasbro Inc 850,165
34,600 Hershey Foods Corp 1,643,500
50,000 International Flavors & Fragrances Inc 1,887,500
29,400 Kellogg Co 905,873
31,900 Knight-Ridder Inc 1,898,050
45,100 McCormick & Company Inc (nonvtg) 1,341,725
63,950 Philip Morris Companies Inc 1,482,809
21,700 Quaker Oats Co 1,424,063
32,100 RR Donnelley & Sons Co 796,465
30,200 Readers Digest Association Inc Class A 883,350
26,200 Tupperware Corp 443,749
60,500 UST Inc 1,523,814
21,600 Unilever NV 1,191,651
$26,389,090
MFTG - INDUSTRIAL PRODS. --- 17.1%
34,600 Abbott Laboratories 1,256,395
74,300 American Home Products Corp 2,930,169
29,700 Armstrong World Industries Inc 991,238
35,951 CK Witco Corp 480,845
39,200 Consolidated Papers Inc 1,247,030
23,511 Cooper Industries Inc 950,714
13,900 Dow Chemical Co 1,857,388
37,600 EI du Pont de Nemours & Co 2,476,900
61,600 Fort James Corp 1,686,300
33,600 Great Lakes Chemical Corp 1,283,083
52,000 Hercules Inc 1,449,500
9,737 Honeywell International Inc 561,698
20,200 Imperial Chemical Industries PLC 859,752
41,300 Kimberly-Clark Corp 2,694,825
23,050 Minnesota Mining & Manufacturing Co 2,256,019
19,900 PPG Industries Inc 1,244,984
75,000 Pall Corp 1,617,150
50,012 Pharmacia & Upjohn Inc 2,250,540
15,400 Reynolds Metals Co 1,180,025
42,400 Stanley Works 1,277,300
38,550 USX-Marathon Group 951,684
57,800 Xerox Corp 1,311,309
$32,814,848
MINING --- 1.4%
30,900 Inco Ltd* 726,150
41,186 Newmont Mining Corp 1,009,057
15,300 Phelps Dodge Corp 1,027,013
$2,762,220
OIL & GAS --- 13.6%
33,100 Amerada Hess Corp 1,878,425
36,800 Atlantic Richfield Co 3,183,200
53,938 BP Amoco PLC 3,199,171
85,300 Baker Hughes Inc 1,796,589
29,150 Chevron Corp 2,525,119
79,548 Exxon Mobil Corp 6,408,539
16,700 Phillips Petroleum Co 784,900
37,100 Royal Dutch Petroleum Co ADR 2,242,213
41,600 Texaco Inc 2,259,379
55,400 UnoCal Corp 1,859,335
$26,136,870
OTHER TRANS. SERVICES --- 0.2%
10,800 GATX Corp 364,500
$364,500
RAILROADS --- 2.0%
19,100 Burlington Northern Santa Fe Corp 463,175
78,800 Norfolk Southern Corp 1,615,400
41,750 Union Pacific Corp 1,821,344
$3,899,919
REAL ESTATE --- 1.4%
59,796 Simon Property Group Inc 1,371,541
38,400 The Rouse Co 816,000
15,400 Vornado Realty Trust 500,500
$2,688,041
RETAIL TRADE --- 2.7%
27,500 Fortune Brands Inc 909,205
45,650 Genuine Parts Co 1,132,668
26,400 JC Penney Co Inc 526,337
28,500 May Department Stores Co 919,125
46,200 Rite Aid Corp 516,839
76,700 Toys R Us Inc* 1,097,730
$5,101,904
TELEPHONE --- 9.0%
33,900 ALLTEL Corp 2,803,089
28,000 BCE Inc 2,525,236
36,600 Bell Atlantic Corp 2,253,169
19,100 BellSouth Corp 894,109
43,600 GTE Corp 3,076,503
73,413 SBC Communications Inc 3,578,884
30,800 US WEST Inc 2,217,600
$17,348,590
TRANSPORTATION EQUIPMENT --- 2.8%
15,500 Dana Corp 464,024
11,000 General Motors Corp 799,557
79,100 Lockheed Martin Corp 1,730,313
19,100 TRW Inc 991,997
31,300 The Boeing Co 1,300,891
$5,286,782
TOTAL COMMON STOCK --- 94.8% $181,885,857
(Cost $171,825,186)
SHORT-TERM INVESTMENTS
CREDIT INSTITUTIONS --- 0.9%
1,700,000 American Express Co 1,699,079
$1,699,079
FOREIGN BANKS --- 4.3%
8,289,000 Canadian Imperial Bank of Commerce 8,289,000
$8,289,000
TOTAL SHORT-TERM INVESTMENTS --- 5.2% $9,988,079
(Cost $9,988,079)
TOTAL T. ROWE PRICE EQUITY/INCOME PORTFOLIO --- 100.0% $191,873,936
(Cost $181,813,265)
The Maxim Series Fund
T. Rowe Price MidCap Growth Portfolio
COMMON STOCK
COMMUNICATIONS --- 10.9%
5,500 Allegiance Telecom Inc* 507,375
57,000 Charter Communications Inc Class A* 1,246,875
50,000 Infinity Broadcasting Corp Class A* 1,809,350
116,000 NOVA Corp* 3,661,192
38,000 Rogers Communications Inc Class B* 940,500
4,000 Tritel Inc* 126,748
12,500 Univision Communications Inc Class A* 1,277,338
48,000 VoiceStream Wireless Corp* 6,830,965
85,000 Western Wireless Corp* 5,673,750
$22,074,093
CONSUMER SERVICES --- 10.6%
10,900 Apollo Group Inc Class A* 218,676
22,000 Biogen Inc* 1,859,000
59,000 Galileo International Inc 1,766,283
40,500 Henry Schein Inc* 539,136
46,500 Hertz Corp 2,330,813
173,000 Omnicare Inc 2,076,000
64,000 Premier Parks Inc* 1,848,000
12,300 QLT PhotoTherapeutics Inc* 722,625
135,500 Republic Services Inc* 1,947,813
37,000 Royal Caribbean Cruises Ltd 1,824,544
41,500 Teva Pharmaceutical Industries Ltd 2,975,011
66,300 United Rentals Inc* 1,135,388
34,000 Wellpoint Health Networks Inc* 2,241,858
$21,485,147
CREDIT INSTITUTIONS --- 2.1%
38,500 Capital One Financial Corp 1,855,200
17,150 Concord EFS Inc* 441,613
18,500 First Tennessee National Corp 527,250
77,500 North Fork Bancorporation Inc 1,356,250
$4,180,313
ELECTRONICS - HIGH TECH --- 16.0%
47,500 Analog Devices Inc* 4,417,500
9,000 Citrix Systems Inc* 1,107,000
9,500 EarthLink Network Inc* 403,750
13,500 KLA-Tencor Corp* 1,503,563
15,500 Lattice Semiconductor Corp* 730,438
51,000 MSC Industrial Direct Company Inc Class A* 675,750
44,000 Maxim Integrated Products Inc* 2,076,228
42,500 Molex Inc 1,923,125
58,000 Novell Inc* 2,316,346
12,000 PMC-Sierra Inc* 1,923,744
19,000 PSINet Inc* 1,173,250
14,000 Peregrine Systems Inc* 1,178,618
56,000 Quantum Corporation-DLT & Storage Systems* 847,000
51,000 SCI Systems Inc* 4,191,537
1,000 Safeguard Scientifics Inc* 162,062
11,500 Sanmina Corp* 1,148,563
14,600 Sepracor Inc* 1,448,130
38,300 Teleflex Inc 1,199,250
27,000 Waters Corp* 1,431,000
52,000 Xilinx Inc* 2,364,336
5,000 eSPEED Inc Class A* 177,810
$32,399,000
FINANCIAL SERVICES --- 1.6%
57,000 CIT Group Inc Class A 1,204,125
91,000 Heller Financial Inc 1,825,642
10,000 NextCard Inc* 288,750
$3,318,517
HOLDING & INVEST. OFFICES --- 3.2%
90,000 Federated Investors Inc 1,805,580
27,000 MGIC Investment Corp 1,625,049
85,000 Waddell & Reed Financial Class A 2,305,625
32,000 Waddell & Reed Financial Class B 804,000
$6,540,254
INDUSTRIAL SERVICES --- 12.2%
66,000 Affiliated Computer Services Inc Class A* 3,036,000
100,500 CIBER Inc 2,763,750
7,000 CNET Inc* 397,250
87,500 Ceridian Corp* 1,886,675
38,000 Intuit Inc 2,277,606
68,500 Keane Inc* 2,174,875
50,500 Manpower Inc 1,900,063
52,500 National Data Corp 1,781,693
63,500 Parametric Technology Corp* 1,718,437
28,500 Robert Half International Inc* 814,017
50,500 Shire Pharmaceuticals Group PLC* 1,470,813
21,500 Sotheby's Holdings Inc Class A 645,000
68,100 SunGard Data Systems Inc* 1,617,375
34,000 Synopsys Inc* 2,269,500
$24,753,054
INSURANCE --- 2.7%
68,000 Ace Ltd 1,134,716
17,500 EW Blanch Holdings 1,071,875
47,500 Protective Life Corp 1,511,070
35,000 Radian Group Inc 1,671,250
$5,388,911
MFTG - CONSUMER PRODS. --- 4.8%
22,200 Catalina Marketing Corp* 2,569,650
83,500 Jones Apparel Group Inc* 2,264,938
147,000 US Foodservice* 2,462,250
78,500 Viad Corp 2,188,188
22,500 Warnaco Group Inc Class A 277,020
$9,762,046
MFTG - INDUSTRIAL PRODS. --- 8.3%
7,700 Affymetrix Inc* 1,306,590
31,000 Danaher Corp 1,495,750
34,000 Gilead Sciences Inc* 1,840,250
27,100 Great Lakes Chemical Corp 1,034,868
25,000 Martin Marietta Materials Inc 1,025,000
16,500 MedImmune Inc* 2,736,938
46,500 Millipore Corp 1,796,063
68,000 Mylan Laboratories Inc 1,712,716
54,500 Pentair Inc 2,098,250
37,100 Pinnacle Holdings Inc* 1,572,113
8,000 Watson Pharmaceuticals Inc* 286,496
$16,905,034
OIL & GAS --- 4.3%
79,500 BJ Services Co* 3,324,054
62,000 Devon Energy Corp 2,038,250
128,000 Ocean Energy Inc* 992,000
46,500 Smith International Inc* 2,310,446
$8,664,750
OTHER TRANS. SERVICES --- 0.7%
23,400 CH Robinson Worldwide Inc 930,150
9,700 Expeditors International of Washington Inc 424,976
$1,355,126
RETAIL TRADE --- 9.6%
73,500 BJ's Wholesale Club Inc* 2,682,750
50,000 Borders Group Inc* 803,100
89,000 Circuit City Stores-Circuit City Group 4,010,518
77,600 Consolidated Stores Corp* 1,261,000
116,500 Family Dollar Stores Inc 1,900,348
68,000 O'Reilly Automotive Inc* 1,462,000
60,000 Outback Steakhouse Inc* 1,556,220
62,000 ShopKo Stores Inc* 1,426,000
87,000 TJX Companies Inc 1,778,019
54,000 Whole Foods Market Inc* 2,504,250
$19,384,205
TELEPHONE --- 2.0%
18,580 ADC Telecommunications Inc* 1,348,216
58,900 Crown Castle International Corp* 1,892,163
13,500 McLeodUSA Inc Class A* 794,813
$4,035,192
WHOLESALE TRADE - INDL --- 1.0%
85,000 Sybron International Corp* 2,098,395
$2,098,395
WHOLESALE TRADE -CONSUMER --- 2.1%
116,000 AmeriSource Health Corp Class A* 1,761,692
13,500 Costco Wholesale Corp* 1,231,875
48,500 Tech Data Corp* 1,315,563
$4,309,130
TOTAL COMMON STOCK --- 92.1% $186,653,167
(Cost $138,444,746)
SHORT-TERM INVESTMENTS
FOREIGN BANKS --- 4.3%
8,738,000 Canadian Imperial Bank of Commerce 8,738,000
$8,738,000
OIL & GAS --- 1.0%
2,100,000 Chevron USA Inc 2,098,163
$2,098,163
SECURITIES & COMMODITIES --- 2.6%
5,200,000 Merrill Lynch & Co Inc 5,184,913
$5,184,913
TOTAL SHORT-TERM INVESTMENTS --- 7.9% $16,021,076
(Cost $16,021,076)
TOTAL T. ROWE PRICE MIDCAP GROWTH PORTFOLIO --- 100.0% $202,674,243
(Cost $154,465,822)
The Maxim Series Fund
U.S. Government Mortgage Securities Portfolio
BONDS
AGENCY --- 86.6%
3,000,000 Fannie Mae 2,828,400
ABS SER.1998-65 CL.A2
5.850% September 16, 2028
2,037,036 Fannie Mae 2,057,407
Fnma Pool #426798
7.500% July 1, 2008
1,796,419 Fannie Mae 1,643,149
Pool #415745
6.000% April 1, 2028
5,448,743 Fannie Mae 5,137,973
Pool #426665
6.500% June 1, 2028
4,000,000 Fannie Mae 3,528,120
AGENCY BENCHMARK NOTE
5.250% January 15, 2009
357,717 Fannie Mae 354,448
Pool#374210
6.718% March 1, 2027
573,513 Fannie Mae 570,468
Pool #367209
7.500% June 1, 2016
181,841 Fannie Mae 183,296
Pool #339260
8.000% April 1, 2021
1,479,800 Fannie Mae 1,408,119
Pool #347434
6.500% June 1, 2026
2,938,346 Fannie Mae 2,850,196
Pool #252567
6.500% July 1, 2014
994,348 Fannie Mae 1,052,418
Pool #446394
9.500% September 1, 2020
3,888,744 Fannie Mae 3,663,897
Pool 252439
6.500% May 1, 2029
948,548 Fannie Mae 903,786
6.500% February 1, 2019
6,519,888 Fannie Mae 6,303,884
Pool #510598
7.000% August 1, 2029
1,945,681 Fannie Mae 1,833,182
Pool #499203
6.500% July 1, 2029
823,301 Fannie Mae 819,950
CMO SER.G92-39 CL.ZA
7.000% January 25, 2018
2,500,000 Fannie Mae 2,480,250
CMO SER.1993-15 CL.H
7.000% December 25, 2007
1,250,000 Fannie Mae 1,255,496
CMO SER.97-28 CL.PD
7.500% July 18, 2023
2,000,000 Fannie Mae 1,955,000
6.500% August 25, 2021
2,500,000 Fannie Mae 2,500,000
CMO SER.1998-W5 CL.A5
6.500% February 25, 2018
595,516 Fannie Mae 567,575
Pool #266412
6.500% January 1, 2024
818,253 Fannie Mae 797,797
Pool #288916
6.500% May 1, 2011
820,412 Fannie Mae 813,521
Pool #288769
7.500% November 1, 2024
563,596 Fannie Mae 538,206
Pool #291650
6.500% December 1, 2017
271,252 Fannie Mae 274,643
Pool #302587
8.000% December 1, 2024
362,276 Fannie Mae 360,012
Pool #050796
7.500% September 1, 2023
2,718,808 Fannie Mae 2,745,996
Mf Pool #73232
6.720% November 1, 2002
79,254 Fannie Mae 81,235
Pool #091122
9.500% March 1, 2020
31 Fannie Mae 31
Pool #250060
7.500% June 1, 2024
969,971 Fannie Mae 1,001,495
Pool #250111
8.500% August 1, 2024
3,489,934 Fannie Mae 3,313,238
Pool #251760
6.000% June 1, 2013
2,763,566 Fannie Mae 2,678,172
7.000% November 1, 2028
2,692,617 Fannie Mae 2,566,280
Pool #265477
6.500% December 1, 2023
852,481 Fannie Mae 880,186
Pool #303583
8.500% April 1, 2025
2,058,878 Fannie Mae 2,053,731
Pool #313017
7.000% July 1, 2003
302,491 Fannie Mae 316,859
Pool #316711
9.000% September 1, 2019
4,484,542 Fannie Mae 4,257,490
Pool #426085
6.000% May 1, 2013
2,604,230 Fannie Mae 2,453,653
Pool #429036
6.500% July 1, 2028
2,924,392 Fannie Mae 2,674,883
Pool #443161
6.000% September 1, 2028
5,591,783 Fannie Mae 5,297,845
Pool# 449466
6.500% November 1, 2028
537,297 Fannie Mae 537,297
CMO SER.1993-63 CL.D
6.500% May 25, 2008
2,960,138 Fannie Mae 2,926,837
Pool #518180
7.500% October 1, 2029
361,767 Fannie Mae 357,751
Pool #340841
7.000% April 1, 2011
3,300,000 Fannie Mae 3,267,990
TBA
7.000% December 1, 2011
540,203 Fannie Mae 556,409
Pool #335658
8.500% August 1, 2021
1,066,626 Fannie Mae 1,077,623
Pool #367215
8.000% September 1, 2026
2,000,000 Freddie Mac 1,917,600
CMO SER.28 CL.PE
6.800% September 25, 2022
2,000,000 Freddie Mac 1,771,240
CMO SER.2102 CL.VB
6.000% August 15, 2013
234,080 Freddie Mac 246,370
Pool #884018
9.500% September 1, 2020
4,612,781 Freddie Mac 4,390,122
Pool #O20005
6.500% January 1, 2018
621,630 Freddie Mac 641,249
Pool #G10006
10.000% January 1, 2006
479,947 Freddie Mac 489,402
Pool #G10289
8.500% February 1, 2008
1,327,554 Freddie Mac 1,302,530
Pool #E00219
6.500% June 1, 2008
479,049 Freddie Mac 500,606
Pool #C90085
9.000% December 1, 2014
48,874 Freddie Mac 50,067
Pool #730326
8.500% November 1, 2006
673,457 Freddie Mac 708,813
Pool #884002
9.500% June 1, 2020
521,074 Freddie Mac 518,468
Pool #D91201
7.500% October 1, 2015
327,556 Freddie Mac 338,628
Pool #D91202
8.500% February 1, 2013
852,768 Freddie Mac 864,707
Pool #D64588
8.000% August 1, 2024
4,563,942 Freddie Mac 4,417,029
7.000% May 1, 2028
480,954 Freddie Mac 471,888
Pool #E00177
6.500% December 1, 2007
235,618 Freddie Mac 251,522
Pool #N70005
9.500% November 1, 2020
635,847 Freddie Mac 668,593
10.500% October 1, 2005
1,152,454 Freddie Mac 1,178,384
Pool #G00256
8.000% November 1, 2023
1,495,316 Freddie Mac 1,478,494
Pool #E00757
7.000% November 1, 2014
618,017 Freddie Mac 587,116
Pool #N30345
6.500% July 1, 2026
1,208,310 Freddie Mac 1,278,875
Pool #G00300
9.500% April 1, 2025
928,457 Freddie Mac 882,099
Pool #O30006
6.000% February 1, 2009
329,323 Ginnie Mae 320,332
Pool #334996
7.000% November 15, 2022
200,195 Ginnie Mae 198,944
Pool #339079
7.500% February 15, 2023
191,709 Ginnie Mae 186,437
Pool #361826
7.000% September 15, 2023
32,646 Ginnie Mae 32,442
Pool #360300
7.500% June 15, 2023
94,684 Ginnie Mae 86,103
Pool #475894
6.000% July 15, 2028
445,665 Ginnie Mae 433,409
Pool #358062
7.000% August 15, 2023
80,587 Ginnie Mae 80,007
Pool #352835
7.500% February 15, 2024
37,521 Ginnie Mae 37,315
Pool #355360
7.500% October 15, 2021
1,950,607 Ginnie Mae 1,883,545
Pool #469924
7.000% January 15, 2029
305,552 Ginnie Mae 297,149
Pool #343630
7.000% July 15, 2023
263,584 Ginnie Mae 256,336
Pool #345116
7.000% December 15, 2023
227,531 Ginnie Mae 221,130
Pool #346023
7.000% February 15, 2024
3,275,627 Ginnie Mae 3,283,393
Pool #348622
7.500% April 15, 2023
305,920 Ginnie Mae 302,956
Pool #404064
7.500% March 15, 2025
590,450 Ginnie Mae 586,758
Pool #338887
7.500% May 15, 2023
89,470 Ginnie Mae 86,953
Pool #379840
7.000% March 15, 2024
667,825 Ginnie Mae 663,023
Pool #379462
7.500% June 15, 2024
227,762 Ginnie Mae 235,779
Pool #380118
8.500% July 15, 2024
780,384 Ginnie Mae 774,774
Pool #369426
7.500% January 15, 2024
2,656,448 Ginnie Mae 2,581,722
Pool #371006
7.000% January 15, 2024
876,969 Ginnie Mae 852,299
Pool #371136
7.000% April 15, 2024
571,367 Ginnie Mae 567,260
Pool #376514
7.500% May 15, 2024
583,737 Ginnie Mae 580,088
Pool #351163
7.500% August 15, 2023
2,775,270 Ginnie Mae 2,523,747
6.000% May 15, 2028
81,851 Ginnie Mae 81,339
Pool #360618
7.500% July 15, 2023
881,188 Ginnie Mae 894,670
Pool #365382
8.000% June 15, 2025
878,223 Ginnie Mae 894,137
Pool #208728
8.000% May 15, 2017
3,041,860 Ginnie Mae 2,948,688
7.000% November 15, 2026
1,655,607 Ginnie Mae 1,598,687
Pool #460784
7.000% March 15, 2028
3,225,877 Ginnie Mae 3,263,298
Pool #780077
8.000% March 15, 2025
36,441 Ginnie Mae II 37,364
Pool #002142
8.500% December 20, 2025
59,762 Ginnie Mae II 61,275
Pool #002158
8.500% January 20, 2026
125,639 Ginnie Mae II 128,819
Pool #002220
8.500% May 20, 2026
199,240 Ginnie Mae II 204,283
Pool #002235
8.500% June 20, 2026
119,427 Ginnie Mae II 122,450
Pool #002250
8.500% July 20, 2026
340,668 Ginnie Mae II 348,334
Pool #002345
8.500% December 20, 2026
1,418,500 Ginnie Mae II 1,363,093
7.000% February 20, 2029
93,779 Ginnie Mae II 94,566
Pool #002059
8.000% August 20, 2025
208,305 Ginnie Mae II 210,950
Pool #001477
8.000% November 20, 2023
1,354,000 US Department of Veterans Affairs 1,340,460
VENDEE TRUST SER.1996-3 CL.1E
6.750% August 15, 2020
2,000,000 US Department of Veterans Affairs 1,940,000
VENDEE SER.1999-1 CL.2B
6.500% August 15, 2020
3,000,000 US Department of Veterans Affairs 2,932,500
VENDEE TRUST SER.1998-1 CL.2D
7.000% July 15, 2025
6,979,000 US Department of Veterans Affairs 7,092,758
VENDEE TRUST SER.1997-2 CL.K
7.500% February 15, 2010
2,000,000 US Department of Veterans Affairs 2,032,600
VENDEE TRUST SER.1997-3 CL.2D
7.500% January 15, 2025
5,000,000 US Department of Veterans Affairs 4,856,500
VENDEE SER.1998-3 CL.B
6.500% May 15, 2020
$160,198,668
U.S. GOVERNMENT --- 9.2%
2,500,000 United States of America 2,394,925
Treasury Notes
5.250% May 15, 2004
2,500,000 United States of America 2,451,175
Treasury Notes
5.875% November 15, 2004
9,600,000 United States of America 9,360,000
Treasury Notes
6.125% August 15, 2007
3,000,000 United States of America 2,870,160
Treasury Notes
5.625% February 15, 2006
$17,076,260
TOTAL BONDS --- 95.9% $177,274,928
(Cost $182,614,783)
SHORT-TERM INVESTMENTS
FOREIGN BANKS --- 2.4%
4,376,000 Canadian Imperial Bank of Commerce 4,376,000
$4,376,000
HOLDING & INVEST. OFFICES --- 1.8%
3,300,000 American General Finance Corp 3,286,928
$3,286,928
TOTAL SHORT-TERM INVESTMENTS --- 4.1% $7,662,928
(Cost $7,662,928)
TOTAL U.S. GOVERNMENT MORTGAGE SECURITIES PORTFOLIO --- 100.0% $184,937,856
(Cost $190,277,711)
The Maxim Series Fund
U.S. Government Securities Portfolio
BONDS
AGENCY --- 86.2%
3,000,000 Fannie Mae 2,646,090
AGENCY BENCHMARK NOTE
5.250% January 15, 2009
237,095 Fannie Mae 248,950
Pool #039271
8.950% December 1, 2016
1,000,000 Fannie Mae 977,500
6.500% August 25, 2021
878,930 Fannie Mae 833,612
Pool #331689
6.500% February 1, 2026
2,000,000 Fannie Mae 1,945,000
CMO SER.1998-W3 CL.A3
6.500% July 25, 2028
1,796,419 Fannie Mae 1,643,149
Pool #415745
6.000% April 1, 2028
2,871,718 Fannie Mae 2,715,497
Pool# 449466
6.500% November 1, 2028
2,012,842 Fannie Mae 1,952,457
Pool #251812
6.500% July 1, 2013
3,108,000 Fannie Mae 2,952,600
CMO SER.1999-T1 CL.A5
6.000% January 25, 2039
422,922 Fannie Mae 437,589
Pool #124652
8.500% July 1, 2022
3,149,566 Fannie Mae 2,967,457
6.500% August 1, 2028
1,205,663 Fannie Mae 1,168,408
7.000% November 1, 2028
771,825 Fannie Mae 752,530
Pool #288916
6.500% May 1, 2011
224,319 Fannie Mae 222,435
Pool #288735
7.500% August 1, 2024
908,887 Fannie Mae 901,252
Pool #288748
7.500% September 1, 2024
436,916 Fannie Mae 433,246
Pool #288761
7.500% October 1, 2024
2,037,036 Fannie Mae 2,057,407
Fnma Pool #426798
7.500% July 1, 2008
1,147,852 Fannie Mae 1,185,158
Pool #303583
8.500% April 1, 2025
338,140 Fannie Mae 338,140
CMO Series 1993-68 Class Z
6.000% May 25, 2008
486,420 Fannie Mae 458,295
Pool #499203
6.500% July 1, 2029
1,078,478 Fannie Mae 1,042,748
Pool #510598
7.000% August 1, 2029
1,897,096 Fannie Mae 1,807,572
6.500% February 1, 2019
621,519 Fannie Mae 657,816
Pool #446394
9.500% September 1, 2020
3,000,000 Fannie Mae 2,966,250
Pool #515611
7.500% December 1, 2029
742,104 Freddie Mac 719,841
Pool #E67684
6.500% September 1, 2012
885,017 Freddie Mac 904,930
Pool #G00256
8.000% November 1, 2023
263,033 Freddie Mac 278,395
Pool #G00300
9.500% April 1, 2025
966,029 Freddie Mac 976,587
Pool #G00411
8.000% November 1, 2025
445,947 Freddie Mac 429,772
Pool #G10205
6.000% May 1, 2009
241,179 Freddie Mac 232,431
Pool #G10257
6.000% July 1, 2009
1,000,000 Freddie Mac 967,810
Gold Pool #C18249
7.000% November 1, 2028
1,500,000 Freddie Mac 1,414,215
Gold Pool #C30347
6.500% August 1, 2029
261,207 Freddie Mac 251,734
Pool #E57977
6.000% April 1, 2009
879,609 Freddie Mac 835,629
Pool #30148
6.500% August 1, 2023
671,159 Freddie Mac 748,343
Pool #N70016
11.000% July 1, 2020
406,753 Freddie Mac 392,516
Pool #M70044
6.000% March 1, 2009
988,968 Freddie Mac 953,098
Pool #G10331
6.000% September 1, 2009
745,718 Freddie Mac 731,661
Pool #E00177
6.500% December 1, 2007
66,681 Freddie Mac 64,262
Pool #E00241
6.000% October 1, 2008
282,373 Freddie Mac 272,131
Pool #E00291
6.000% April 1, 2009
319,301 Freddie Mac 334,707
Pool #260025
10.250% October 1, 2010
134,754 Freddie Mac 137,827
Pool #220010
8.750% August 1, 2001
48,129 Freddie Mac 50,008
Pool #730105
10.000% July 1, 2005
134,623 Freddie Mac 129,740
Pool #E55428
6.000% January 1, 2009
1,000,000 Freddie Mac 885,620
CMO SER.2102 CL.VB
6.000% August 15, 2013
1,655,607 Ginnie Mae 1,598,687
Pool #460784
7.000% March 15, 2028
1,462,955 Ginnie Mae 1,412,659
Pool #469924
7.000% January 15, 2029
460,845 Ginnie Mae 484,855
Pool #248357
9.000% July 15, 2018
979,001 Ginnie Mae 973,616
Pool #399917
7.500% April 15, 2026
4,529,795 Ginnie Mae 4,399,790
Pool #417239
7.000% February 15, 2026
507,160 Ginnie Mae II 518,572
Pool #002345
8.500% December 20, 2026
815,907 Ginnie Mae II 803,669
Pool #2691
7.500% December 20, 2028
1,418,500 Ginnie Mae II 1,363,093
7.000% February 20, 2029
54,397 Ginnie Mae II 56,932
Pool #001831
9.500% May 20, 2022
474,910 Ginnie Mae II 478,899
Pool #002059
8.000% August 20, 2025
1,506,688 Ginnie Mae II 1,484,088
Pool #2660
7.500% October 20, 2028
1,000,000 US Department of Veterans Affairs 1,017,500
VENDEE TRUST SER.1997-3 CL.2B
7.500% August 15, 2018
1,550,000 US Department of Veterans Affairs 1,534,500
VENDEE TRUST SER.1996-3 CL.1E
6.750% August 15, 2020
645,753 US Department of Veterans Affairs 645,953
VENDEE TRUST SER.1995-3 CL.1C
7.250% July 15, 2014
967,341 US Department of Veterans Affairs 963,104
VENDEE TRUST SER.94-1 CL.2G
6.150% January 15, 2001
243,571 US Department of Veterans Affairs 243,037
VENDEE TRUST SER.1992-2 CL.D
7.000% September 15, 2015
2,492,000 US Department of Veterans Affairs 2,494,492
VENDEE TRUST SER.1996-1 CL.1D
6.750% October 15, 2016
$65,495,861
U.S. GOVERNMENT --- 11.8%
2,500,000 United States of America 2,451,175
Treasury Notes
5.875% November 15, 2004
6,700,000 United States of America 6,532,498
Treasury Notes
6.125% August 15, 2007
$8,983,673
TOTAL BONDS --- 98.0% $74,479,534
(Cost $76,340,056)
SHORT-TERM INVESTMENTS
FOREIGN BANKS --- 2.0%
1,497,000 Canadian Imperial Bank of Commerce 1,497,000
$1,497,000
TOTAL SHORT-TERM INVESTMENTS --- 2.0% $1,497,000
(Cost $1,497,000)
TOTAL U.S. GOVERNMENT SECURITIES PORTFOLIO --- 100.0% $75,976,534
(Cost $77,837,056)
The Maxim Series Fund
Value Index Portfolio
COMMON STOCK
AGENCY --- 1.6%
64,900 Fannie Mae 4,052,161
44,000 Freddie Mac 2,070,728
$6,122,889
AIR --- 0.6%
9,400 AMR Corp* 629,800
8,400 Delta Air Lines Inc 418,421
18,940 FDX Corp* 775,347
31,975 Southwest Airlines Co 517,579
$2,341,147
COMMUNICATIONS --- 6.1%
202,400 AT&T Corp 10,271,800
48,255 CBS Corp* 3,085,280
11,400 Cabletron Systems Inc* 296,400
21,488 Clear Channel Communications Inc* 1,917,804
17,700 Gannett Company Inc 1,443,647
11,000 General Instrument Corp* 935,000
38,800 MediaOne Group Inc 2,980,306
44,200 Viacom Inc Class B* 2,671,315
$23,601,552
CONSTRUCTION --- 0.1%
3,800 Centex Corp 93,811
3,000 Kaufman & Broad Home Corp 72,561
2,700 Pulte Corp 60,750
$227,122
CONSUMER SERVICES --- 3.8%
3,700 Bausch & Lomb Inc 253,217
18,400 Baxter International Inc 1,155,741
15,900 Becton Dickinson & Co 425,325
7,100 Biomet Inc 284,000
3,200 CR Bard Inc 169,600
24,800 CVS Corp 990,438
39,100 Carnival Corp 1,869,449
45,000 Cendant Corp* 1,195,290
35,700 Columbia/HCA Healthcare Corp 1,046,438
6,200 H&R Block Inc 271,250
24,500 HEALTHSOUTH Corp* 131,688
8,100 Harrah's Entertainment Inc* 214,140
10,600 Humana Inc* 86,782
6,500 Manor Care Inc* 104,000
15,800 Marriott International Inc 498,680
17,800 McKesson HBOC Inc 401,604
12,200 Mirage Resorts Inc* 186,806
10,900 Pactiv Corp* 115,813
17,200 Service Corporation International 119,316
5,300 St Jude Medical Inc* 162,641
19,687 Tenet Healthcare Corp* 462,645
130,700 The Walt Disney Co 3,822,975
10,800 United HealthCare Corp 573,750
4,000 Wellpoint Health Networks* 263,748
$14,805,336
CREDIT INSTITUTIONS --- 5.9%
24,787 AmSouth Bancorp 478,687
28,400 American Express Co 4,721,500
46,104 Associates First Capital Corp 1,264,955
20,940 BB&T Corp 573,233
46,700 Bank of New York Company Inc 1,868,000
12,500 Capital One Financial Corp 602,338
9,950 Comerica Inc 464,536
7,200 Countrywide Credit Industries Inc 181,800
62,588 First Union Corp 2,053,637
10,200 Golden West Financial Corp 341,700
29,826 Household International Inc 1,111,019
14,529 Huntington Bancshares Inc 346,880
11,000 JP Morgan & Co Inc 1,392,875
28,364 KeyCorp 627,554
39,080 National City Corp 925,688
7,500 Old Kent Financial Corp 265,313
18,665 PNC Bank Corp 830,593
13,887 Regions Financial Corp 348,911
10,100 State Street Corp 737,926
20,292 SunTrust Banks Inc 1,396,333
17,700 Synovus Financial Corp 351,788
8,933 Union Planters Corp 352,291
12,842 Wachovia Corp 873,256
36,549 Washington Mutual Inc 950,274
$23,061,087
ELECTRIC --- 2.9%
13,100 AES Corp* 979,225
8,657 Ameren Corp 283,517
12,300 American Electric Power Company Inc 395,138
7,300 CMS Energy Corp 227,665
10,100 Carolina Power & Light Co 307,414
13,500 Central & South West Corp 270,000
10,116 Cinergy Corp 244,049
14,000 Consolidated Edison Inc 483,000
9,500 Constellation Energy Group 275,500
9,200 DTE Energy Co 288,650
12,100 Dominion Resources Inc 474,925
23,145 Duke Energy Corp 1,160,143
22,000 Edison International 576,114
15,679 Entergy Corp 403,734
11,400 FPL Group Inc 488,057
14,752 FirstEnergy Corp 334,679
6,200 Florida Progress Corp 262,334
7,800 GPU Inc 233,509
11,900 Niagara Mohawk Holdings Inc* 165,850
9,800 Northern States Power Co 191,100
11,800 PECO Energy Co 410,050
9,098 PP&L Resources Inc 208,117
5,400 Pinnacle West Capital Corp 165,035
13,800 Public Service Enterprise Group Inc 480,406
42,600 Southern Co 1,001,100
17,517 Texas Utilities Co 622,940
13,800 Unicom Corp 462,300
$11,394,551
ELECTRONICS - HIGH TECH --- 8.2%
6,500 Adaptec Inc* 324,188
9,300 Advanced Micro Devices Inc* 269,114
11,100 Analog Devices Inc* 1,032,300
5,200 Andrew Corp* 98,472
10,200 Apple Computer Inc* 1,048,682
5,500 Black & Decker Corp 287,375
26,300 Boston Scientific Corp* 575,313
1,500 Briggs & Stratton Corp 80,438
107,700 Compaq Computer Corp 2,914,577
20,000 Eastman Kodak Co 1,325,000
27,500 Emerson Electric Co 1,577,813
64,600 Hewlett-Packard Co 7,360,330
5,400 Johnson Controls Inc 307,125
5,700 KLA-Tencor Corp* 634,838
9,400 LSI Logic Corp* 634,500
17,100 Micron Technology Inc* 1,329,525
9,900 Molex Inc 561,201
38,600 Motorola Inc 5,683,850
10,900 National Semiconductor Corp* 466,651
21,100 Novell Inc* 842,671
24,352 PG&E Corp 499,216
2,900 PerkinElmer Inc 120,892
2,800 Polaroid Corp 52,674
21,400 Raytheon Co 568,427
5,000 Scientific-Atlanta Inc 278,125
13,200 Seagate Technology Inc* 614,618
11,600 Silicon Graphics Inc* 113,819
3,000 Tektronix Inc 116,625
10,800 Teradyne Inc* 712,800
10,000 Thermo Electron Corp* 150,000
3,700 Thomas & Betts Corp 117,938
19,600 Unisys Corp* 625,965
5,900 WW Grainger Inc 282,091
4,700 Whirlpool Corp 305,791
$31,912,944
ENVIRONMENTAL SERVICES --- 0.2%
12,000 Allied Waste Industries Inc* 105,744
39,300 Waste Management Inc 675,449
$781,193
FINANCIAL SERVICES --- 0.8%
58,007 Fleet Boston Financial Corp 2,019,340
32,184 Mellon Financial Services 1,096,251
$3,115,591
FORESTRY --- 0.9%
3,600 Boise Cascade Corp 145,800
10,800 Georgia-Pacific Group 548,100
26,249 International Paper Co 1,481,415
6,700 Louisiana-Pacific Corp 95,475
14,900 Weyerhaeuser Co 1,069,999
$3,340,789
GAS --- 0.7%
5,100 Columbia Energy Group 322,575
6,100 Consolidated Natural Gas Co 396,116
1,700 Eastern Enterprises 97,643
3,000 NICOR Inc 97,500
7,300 New Century Energies Inc 221,738
2,000 ONEOK Inc 50,250
2,200 Peoples Energy Corp 73,700
18,719 Reliant Energy Inc 428,197
27,561 Williams Companies Inc 842,319
$2,530,038
HIGHWAYS --- 0.0%
4,100 Ryder System Inc 100,192
$100,192
HOLDING & INVEST. OFFICES --- 8.8%
72,653 Bank One Corp 2,329,400
108,134 Bank of America Corp 5,426,921
52,232 Chase Manhattan Corp 4,057,747
10,351 Cincinnati Financial Corp 322,817
213,650 Citigroup Inc 11,870,821
19,537 Fifth Third Bancorp 1,433,527
62,133 Firstar Corp 1,312,560
6,700 MGIC Investment Corp 403,253
14,100 Northern Trust Corp 747,300
6,600 Republic New York Corp 475,200
10,650 SouthTrust Corp 402,698
11,100 Summit Bancorp 339,938
46,084 U S Bancorp 1,097,352
104,030 Wells Fargo Co 4,206,661
$34,426,195
INDUSTRIAL PRODS & SVCS --- 0.0%
5,900 Allegheny Technologies Inc 132,378
$132,378
INDUSTRIAL SERVICES --- 1.4%
3,900 Autodesk Inc 131,625
9,200 Ceridian Corp* 198,370
10,500 Computer Sciences Corp* 993,563
4,700 Deluxe Corp 128,954
29,800 Electronic Data Systems Corp 1,994,723
26,500 First Data Corp 1,306,768
4,800 Fluor Corp 220,200
2,600 Foster Wheeler Corp 23,075
2,600 National Service Industries Inc 76,700
7,300 Quintiles Transnational Corp* 136,415
1,700 Shared Medical Systems Corp 86,593
$5,296,986
INSURANCE --- 5.8%
16,900 AFLAC Inc 797,460
16,250 AON Corp 650,000
9,500 Aetna Inc 530,214
51,006 Allstate Corp 1,224,144
15,625 American General Corp 1,185,547
98,086 American International Group Inc 10,605,549
11,100 Chubb Corp 625,063
11,800 Cigna Corp 950,632
20,699 Conseco Inc 369,995
14,000 Hartford Financial Services Group Inc 663,250
6,600 Jefferson-Pilot Corp 450,450
12,400 Lincoln National Corp 496,000
6,700 Loews Corp 406,603
6,300 MBIA Inc 332,716
16,900 Marsh & McLennan Companies Inc 1,617,110
4,600 Progressive Corp 336,375
8,200 SAFECO Corp 203,975
14,362 St Paul Companies Inc 483,813
8,300 Torchmark Corp 241,215
15,211 UnumProvident Corp 487,695
$22,657,806
MFTG - CONSUMER PRODS. --- 3.9%
2,300 Adolph Coors Co Class B 120,750
3,500 Alberto-Culver Co Class B 90,342
4,100 American Greetings Corp Class A 96,863
38,567 Archer-Daniels-Midland Co 470,016
4,300 Brown-Forman Corp Class B 246,175
5,800 Brunswick Corp 129,050
15,000 Clorox Co 755,625
27,000 Coca-Cola Enterprises Inc 543,375
31,200 ConAgra Inc 703,934
12,300 Hasbro Inc 234,463
8,800 Hershey Foods Corp 418,000
9,400 Ikon Office Solutions Inc 64,033
6,700 International Flavors & Fragrances Inc 252,925
5,300 Knight-Ridder Inc 315,350
12,400 Leggett & Platt Inc 265,819
3,700 Liz Claiborne Inc 139,213
28,300 Masco Corp 718,113
26,700 Mattel Inc 350,438
12,400 McGraw-Hill Companies Inc 764,150
3,300 Meredith Corp 137,567
17,700 NIKE Inc Class B 877,247
20,674 Nabisco Group Holdings Corp 219,661
10,800 New York Times Co Class A 530,550
149,900 Philip Morris Companies Inc 3,475,731
8,000 RR Donnelley & Sons Co 198,496
3,600 Reebok International Ltd* 29,473
2,100 Russell Corp 35,175
27,500 Seagram Company Ltd 1,235,768
1,100 Springs Industries Inc Class A 43,931
3,800 Times Mirror Co Class A 254,600
15,100 Tribune Co 831,436
7,500 VF Corp 225,000
7,100 Willamette Industries Inc 329,703
$15,102,972
MFTG - INDUSTRIAL PRODS. --- 9.2%
21,900 3Com Corp* 1,029,300
6,500 ALZA Corp* 225,063
14,500 Air Products & Chemicals Inc 486,649
13,900 Alcan Aluminium Ltd 572,499
82,700 American Home Products Corp 3,261,440
2,500 Armstrong World Industries Inc 83,438
7,000 BF Goodrich Co 192,500
1,900 Ball Corp 74,813
3,300 Bemis Company Inc 115,088
8,300 Bethlehem Steel Corp* 69,513
22,500 Caterpillar Inc 1,058,895
6,100 Champion International Corp 377,816
6,000 Cooper Industries Inc 242,622
4,800 Cooper Tire & Rubber Co 74,698
4,125 Crane Co 81,984
7,700 Crown Cork & Seal Company Inc 172,288
9,000 Danaher Corp 434,250
14,800 Deere & Co 641,950
12,900 Dover Corp 585,338
13,900 Dow Chemical Co 1,857,388
66,173 EI du Pont de Nemours & Co 4,359,146
5,000 Eastman Chemical Co 238,435
8,200 Ecolab Inc 320,825
8,000 Engelhard Corp 151,000
13,700 Fort James Corp 375,038
9,900 Goodyear Tire & Rubber Co 279,051
3,600 Great Lakes Chemical Corp 137,473
6,700 Hercules Inc 186,763
50,100 Honeywell International Inc 2,890,119
5,600 ITT Industries Inc 187,247
19,000 Illinois Tool Works Inc 1,283,678
10,400 Ingersoll-Rand Co 572,645
4,400 Mallinckrodt Inc 139,973
6,500 Mead Corp 282,341
2,300 Milacron Inc 35,363
25,400 Minnesota Mining & Manufacturing Co 2,486,025
40,200 Monsanto Co 1,432,125
500 NACCO Industries Inc Class A 27,781
5,500 Nucor Corp 301,466
9,500 Owens-Illinois Inc* 238,089
11,000 PPG Industries Inc 688,182
7,900 Pall Corp 170,340
7,050 Parker-Hannifin Corp 361,750
32,800 Pharmacia & Upjohn Inc 1,476,000
1,800 Potlatch Corp 80,325
10,100 Praxair Inc 508,151
4,000 Reynolds Metals Co 306,500
12,100 Rockwell International Corp 579,288
13,823 Rohm & Haas Co 562,416
10,500 Sherwin-Williams Co 220,500
6,400 Sigma-Aldrich Corp 192,397
3,700 Snap-on Inc 98,279
5,700 Stanley Works 171,713
3,500 Temple-Inland Inc 230,780
3,900 The Timken Co 79,704
19,700 USX-Marathon Group 486,334
5,600 USX-US Steel Group 184,800
8,500 Union Carbide Corp 567,375
6,100 Watson Pharmaceuticals Inc* 218,453
6,350 Westvaco Corp 207,169
5,600 Worthington Industries Inc 92,747
42,100 Xerox Corp 955,123
$36,000,441
MINING --- 1.0%
23,216 Alcoa Inc 1,926,928
25,000 Barrick Gold Corp 442,175
16,500 Homestake Mining Co 128,898
12,200 Inco Ltd* 286,700
10,627 Newmont Mining Corp 260,362
5,110 Phelps Dodge Corp 343,009
20,600 Placer Dome Inc 221,450
6,300 Vulcan Materials Co 251,603
$3,861,125
OIL & GAS --- 11.7%
5,700 Amerada Hess Corp 323,475
8,100 Anadarko Petroleum Corp 276,413
7,200 Apache Corp 265,946
4,600 Ashland Inc 151,510
20,400 Atlantic Richfield Co 1,764,600
20,900 Baker Hughes Inc 440,196
13,772 Burlington Resources Inc 455,330
41,600 Chevron Corp 3,603,600
13,500 Coastal Corp 478,400
39,650 Conoco Inc 986,294
14,500 El Paso Energy Corp 562,774
45,316 Enron Corp 2,010,898
218,820 Exxon Mobil Corp 17,628,549
28,000 Halliburton Co 1,127,000
5,500 Kerr-McGee Corp 341,000
3,800 McDermott International Inc 34,436
23,300 Occidental Petroleum Corp 503,863
16,000 Phillips Petroleum Co 752,000
5,300 Rowan Companies Inc* 114,941
135,800 Royal Dutch Petroleum Co ADR 8,207,345
34,800 Schlumberger Ltd 1,957,500
15,219 Sempra Energy 264,430
5,700 Sunoco Inc 133,950
35,001 Texaco Inc 1,900,974
9,100 Tosco Corp 247,402
6,400 Transocean Offshore Inc 215,597
6,751 Transocean Sedco Forex Inc 227,428
16,000 Union Pacific Resources Group Inc 204,000
15,400 UnoCal Corp 516,855
$45,696,706
OTHER TRANS. SERVICES --- 0.0%
1,900 FMC Corp* 108,893
$108,893
RAILROADS --- 0.7%
28,946 Burlington Northern Santa Fe Corp 701,941
13,800 CSX Corp 432,975
7,000 Kansas City Southern Industries Inc 522,375
24,100 Norfolk Southern Corp 494,050
15,756 Union Pacific Corp 687,356
$2,838,697
RETAIL TRADE --- 4.5%
26,855 Albertson's Inc 866,074
9,100 AutoZone Inc* 294,039
12,900 Circuit City Stores-Circuit City Group 581,300
7,000 Consolidated Stores Corp* 113,750
8,300 Darden Restaurants Inc 150,438
27,900 Dayton Hudson Corp 2,048,892
6,800 Dillards Inc Class A 137,272
16,900 Dollar General Corp 384,475
13,300 Federated Department Stores Inc* 672,475
10,400 Fortune Brands Inc 343,845
11,300 Genuine Parts Co 280,376
2,400 Great Atlantic & Pacific Tea Company Inc 66,900
4,500 Harcourt General Inc 181,125
16,500 JC Penney Co Inc 328,961
31,300 Kmart Corp* 314,941
13,600 Limited Inc 589,043
2,500 Longs Drug Stores Corp 64,530
24,200 Lowe's Companies Inc 1,445,950
21,150 May Department Stores Co 682,088
85,800 McDonald's Corp 3,458,770
17,900 Newell Rubbermaid Inc 519,100
8,800 Nordstrom Inc 230,446
20,850 Office Depot Inc* 228,036
3,313 Pep Boys - Manny Moe & Jack 30,231
16,400 Rite Aid Corp 183,467
32,200 Safeway Inc* 1,145,096
23,900 Sears Roebuck & Co 727,444
29,400 Staples Inc* 610,050
19,600 TJX Companies Inc 400,565
15,500 Toys R Us Inc* 221,836
7,600 Wendy's International Inc 156,750
9,400 Winn-Dixie Stores Inc 225,008
$17,683,273
SECURITIES & COMMODITIES --- 2.3%
7,552 Bear Stearns Companies Inc 322,848
16,000 Franklin Resources Inc 512,992
7,600 Lehman Brothers Holdings Inc 643,621
23,500 Merrill Lynch & Co Inc 1,962,250
35,320 Morgan Stanley Dean Witter & Co 5,041,930
9,050 Paine Webber Group Inc 351,249
7,600 T Rowe Price & Associates Inc 280,721
$9,115,611
TELEPHONE --- 8.7%
19,900 ALLTEL Corp 1,645,471
98,400 Bell Atlantic Corp 6,057,701
119,200 BellSouth Corp 5,579,990
8,875 CenturyTel Inc 420,453
61,600 GTE Corp 4,346,619
48,100 Global Crossing Ltd* 2,405,000
179,780 MCI WorldCom Inc* 9,539,460
55,200 Sprint Corp 3,715,622
$33,710,316
TRANSPORTATION EQUIPMENT --- 4.1%
2,600 Cummins Engine Company Inc 125,611
10,424 Dana Corp 312,063
35,752 Delphi Automotive Systems Corp 563,094
4,700 Eaton Corp 341,338
2,100 Fleetwood Enterprises Inc 43,313
76,500 Ford Motor Co 4,087,931
12,700 General Dynamics Corp 669,925
40,600 General Motors Corp 2,951,092
25,038 Lockheed Martin Corp 547,706
4,000 Navistar International Corp* 189,500
4,400 Northrop Grumman Corp 237,873
4,930 PACCAR Inc 218,458
7,700 TRW Inc 399,915
9,400 Textron Inc 720,858
59,248 The Boeing Co 2,462,465
30,311 United Technologies Corp 1,970,215
$15,841,357
WHOLESALE TRADE -CONSUMER --- 0.6%
17,768 Cardinal Health Inc 850,643
14,100 Costco Wholesale Corp* 1,286,625
8,800 SUPERVALU Inc 176,000
$2,313,268
TOTAL COMMON STOCK --- 94.6% $368,120,455
(Cost $334,785,694)
SHORT-TERM INVESTMENTS
FOREIGN BANKS --- 4.9%
19,094,000 Canadian Imperial Bank of Commerce 19,094,000
$19,094,000
U.S. GOVERNMENT --- 0.5%
2,000,000 United States of America (1) 2,000,867
$2,000,867
TOTAL SHORT-TERM INVESTMENTS --- 5.4% $21,094,867
(Cost $21,094,867)
TOTAL VALUE INDEX PORTFOLIO --- 100.0% $389,215,322
(Cost $355,880,561)
<TABLE> <S> <C>
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Maxim Series Fund
</LEGEND>
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<NAME> Maxim Series Fund
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<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.46
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Maxim Series Fund
</LEGEND>
<CIK> 0000356476
<NAME> Maxim Series Fund
<SERIES>
<NUMBER> 2
<NAME> Bond
<MULTIPLIER> 1000
<CURRENCY> U.S. Dollar
<S> <C>
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<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-1-1999
<PERIOD-END> DEC-31-1999
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<TOTAL-ASSETS> 70321
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<TOTAL-LIABILITIES> 65
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<PAID-IN-CAPITAL-COMMON> 75056
<SHARES-COMMON-STOCK> 61516
<SHARES-COMMON-PRIOR> 62537
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<OVERDISTRIBUTION-GAINS> 924
<ACCUM-APPREC-OR-DEPREC> (3907)
<NET-ASSETS> 70256
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<NET-INVESTMENT-INCOME> 4277
<REALIZED-GAINS-CURRENT> 92
<APPREC-INCREASE-CURRENT> (4626)
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<NET-CHANGE-IN-ASSETS> (5844)
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<GROSS-EXPENSE> 426
<AVERAGE-NET-ASSETS> 70964
<PER-SHARE-NAV-BEGIN> 1.217
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<PER-SHARE-NAV-END> 1.142
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Maxim Series Fund
</LEGEND>
<CIK> 0000356476
<NAME> Maxim Series Fund
<SERIES>
<NUMBER> 3
<NAME> Stock Index
<MULTIPLIER> 1000
<CURRENCY> U.S. Dollar
<S> <C>
<PERIOD-TYPE> 12-MOS
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<PERIOD-START> JAN-1-1999
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<INVESTMENTS-AT-VALUE> 1166949
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<PAYABLE-FOR-SECURITIES> 236
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<TOTAL-LIABILITIES> 2636
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 510077
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<SHARES-COMMON-PRIOR> 287464
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<ACCUM-APPREC-OR-DEPREC> 631574
<NET-ASSETS> 1166072
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<PER-SHARE-NAV-END> 4.044
<EXPENSE-RATIO> 0.60
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Maxim Series Fund
</LEGEND>
<CIK> 0000356476
<NAME> Maxim Series Fund
<SERIES>
<NUMBER> 4
<NAME> US Government Securities
<MULTIPLIER> 1000
<CURRENCY> U.S. Dollar
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-1-1999
<PERIOD-END> DEC-31-1999
<EXCHANGE-RATE> 1
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<INVESTMENTS-AT-VALUE> 75976
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 76684
<PAYABLE-FOR-SECURITIES> 0
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<TOTAL-LIABILITIES> 92
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 80374
<SHARES-COMMON-STOCK> 73230
<SHARES-COMMON-PRIOR> 71387
<ACCUMULATED-NII-CURRENT> 101
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<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 2022
<ACCUM-APPREC-OR-DEPREC> (1861)
<NET-ASSETS> 76592
<DIVIDEND-INCOME> 0
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<NET-INVESTMENT-INCOME> 4197
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<APPREC-INCREASE-CURRENT> (4302)
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<NET-CHANGE-IN-ASSETS> (2283)
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<GROSS-EXPENSE> 433
<AVERAGE-NET-ASSETS> 72021
<PER-SHARE-NAV-BEGIN> 1.105
<PER-SHARE-NII> 0.063
<PER-SHARE-GAIN-APPREC> (0.060)
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<PER-SHARE-NAV-END> 1.046
<EXPENSE-RATIO> 0.60
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Maxim Series Fund
</LEGEND>
<CIK> 0000356476
<NAME> Maxim Series Fund
<SERIES>
<NUMBER> 5
<NAME> Bond index
<MULTIPLIER> 1000
<CURRENCY> U.S. Dollar
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-1-1999
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<SHARES-COMMON-PRIOR> 100262
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<ACCUM-APPREC-OR-DEPREC> (2855)
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<NET-INVESTMENT-INCOME> 7196
<REALIZED-GAINS-CURRENT> (2181)
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<ACCUMULATED-NII-PRIOR> 1
<ACCUMULATED-GAINS-PRIOR> (979)
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<PER-SHARE-NAV-END> 1.228
<EXPENSE-RATIO> 0.56
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Maxim Series Fund
</LEGEND>
<CIK> 0000356476
<NAME> Maxim Series Fund
<SERIES>
<NUMBER> 6
<NAME> US Government Mortgage
<MULTIPLIER> 1000
<CURRENCY> U.S. Dollar
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-1-1999
<PERIOD-END> DEC-31-1999
<EXCHANGE-RATE> 1
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<SHARES-COMMON-STOCK> 162824
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<ACCUM-APPREC-OR-DEPREC> (5340)
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<APPREC-INCREASE-CURRENT> (10665)
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<PER-SHARE-GAIN-APPREC> (0.062)
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<PER-SHARE-NAV-END> 1.125
<EXPENSE-RATIO> 0.60
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Maxim Series Fund
</LEGEND>
<CIK> 0000356476
<NAME> Maxim Series Fund
<SERIES>
<NUMBER> 7
<NAME> Index 600
<MULTIPLIER> 1000
<CURRENCY> U.S. Dollar
<S> <C>
<PERIOD-TYPE> 12-MOS
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Maxim Series Fund
</LEGEND>
<CIK> 0000356476
<NAME> Maxim Series Fund
<SERIES>
<NUMBER> 8
<NAME> International Equity
<MULTIPLIER> 1000
<CURRENCY> U.S. Dollar
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-1-1999
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<NET-INVESTMENT-INCOME> 1024
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<NET-CHANGE-IN-ASSETS> (19028)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Maxim Series Fund
</LEGEND>
<CIK> 0000356476
<NAME> Maxim Series Fund
<SERIES>
<NUMBER> 9
<NAME> Ariel Mid-cap value
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<CURRENCY> U.S. Dollar
<S> <C>
<PERIOD-TYPE> 12-MOS
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Maxim Series Fund
</LEGEND>
<CIK> 0000356476
<NAME> Maxim Series Fund
<SERIES>
<NUMBER> 10
<NAME> Value Index
<MULTIPLIER> 1000
<CURRENCY> U.S. Dollar
<S> <C>
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2123
<AVERAGE-NET-ASSETS> 354209
<PER-SHARE-NAV-BEGIN> 1.895
<PER-SHARE-NII> 0.024
<PER-SHARE-GAIN-APPREC> 0.178
<PER-SHARE-DIVIDEND> 0.024
<PER-SHARE-DISTRIBUTIONS> 0.269
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 0.000
<EXPENSE-RATIO> 0.60
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Maxim Series Fund
</LEGEND>
<CIK> 0000356476
<NAME> Maxim Series Fund
<SERIES>
<NUMBER> 11
<NAME> Growth Index
<MULTIPLIER> 1000
<CURRENCY> U.S. Dollar
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-1-1999
<PERIOD-END> DEC-31-1999
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 332869
<INVESTMENTS-AT-VALUE> 498848
<RECEIVABLES> 1567
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 500716
<PAYABLE-FOR-SECURITIES> 61
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1043
<TOTAL-LIABILITIES> 1104
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 335749
<SHARES-COMMON-STOCK> 174482
<SHARES-COMMON-PRIOR> 122415
<ACCUMULATED-NII-CURRENT> 2
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3060
<OVERDISTRIBUTION-GAINS> 5314
<ACCUM-APPREC-OR-DEPREC> 166115
<NET-ASSETS> 499612
<DIVIDEND-INCOME> 2998
<INTEREST-INCOME> 424
<OTHER-INCOME> 0
<EXPENSES-NET> 2393
<NET-INVESTMENT-INCOME> 1029
<REALIZED-GAINS-CURRENT> 26665
<APPREC-INCREASE-CURRENT> 73154
<NET-CHANGE-FROM-OPS> 100848
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1021
<DISTRIBUTIONS-OF-GAINS> 31979
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<NUMBER-OF-SHARES-SOLD> 50044
<NUMBER-OF-SHARES-REDEEMED> 9986
<SHARES-REINVESTED> 12009
<NET-CHANGE-IN-ASSETS> 202442
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 3061
<OVERDISTRIB-NII-PRIOR> 6
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2393
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2393
<AVERAGE-NET-ASSETS> 399576
<PER-SHARE-NAV-BEGIN> 2.427
<PER-SHARE-NII> 0.006
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<PER-SHARE-DISTRIBUTIONS> 0.199
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 2.863
<EXPENSE-RATIO> 0.60
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Maxim Series Fund
</LEGEND>
<CIK> 0000356476
<NAME> Maxim Series Fund
<SERIES>
<NUMBER> 12
<NAME> Ariel Small cap value
<MULTIPLIER> 1000
<CURRENCY> U.S. Dollar
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-1-1999
<PERIOD-END> DEC-31-1999
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 36883
<INVESTMENTS-AT-VALUE> 35335
<RECEIVABLES> 233
<ASSETS-OTHER> 12
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 35580
<PAYABLE-FOR-SECURITIES> 138
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 151
<TOTAL-LIABILITIES> 289
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 36470
<SHARES-COMMON-STOCK> 45013
<SHARES-COMMON-PRIOR> 40624
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 2
<ACCUMULATED-NET-GAINS> 371
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1548)
<NET-ASSETS> 35291
<DIVIDEND-INCOME> 452
<INTEREST-INCOME> 73
<OTHER-INCOME> 0
<EXPENSES-NET> 449
<NET-INVESTMENT-INCOME> 76
<REALIZED-GAINS-CURRENT> 4234
<APPREC-INCREASE-CURRENT> (6441)
<NET-CHANGE-FROM-OPS> (2131)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 76
<DISTRIBUTIONS-OF-GAINS> 4235
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10765
<NUMBER-OF-SHARES-REDEEMED> 12097
<SHARES-REINVESTED> 5721
<NET-CHANGE-IN-ASSETS> (3456)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 372
<OVERDISTRIB-NII-PRIOR> 2
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 364
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 465
<AVERAGE-NET-ASSETS> 36425
<PER-SHARE-NAV-BEGIN> 0.954
<PER-SHARE-NII> 0.002
<PER-SHARE-GAIN-APPREC> (0.063)
<PER-SHARE-DIVIDEND> 0.002
<PER-SHARE-DISTRIBUTIONS> 0.107
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 0.784
<EXPENSE-RATIO> 1.23
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Maxim Series Fund
</LEGEND>
<CIK> 0000356476
<NAME> Maxim Series Fund
<SERIES>
<NUMBER> 13
<NAME> Foreign Equity
<MULTIPLIER> 1000
<CURRENCY> U.S. Dollar
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-1-1999
<PERIOD-END> DEC-31-1999
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 1473
<INVESTMENTS-AT-VALUE> 1805
<RECEIVABLES> 146
<ASSETS-OTHER> 52
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2003
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2
<TOTAL-LIABILITIES> 2
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1143
<SHARES-COMMON-STOCK> 1579
<SHARES-COMMON-PRIOR> 80540
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 36
<ACCUMULATED-NET-GAINS> 562
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 332
<NET-ASSETS> 2001
<DIVIDEND-INCOME> 439
<INTEREST-INCOME> 694
<OTHER-INCOME> 0
<EXPENSES-NET> 586
<NET-INVESTMENT-INCOME> 547
<REALIZED-GAINS-CURRENT> 5422
<APPREC-INCREASE-CURRENT> (3349)
<NET-CHANGE-FROM-OPS> 2620
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 352
<DISTRIBUTIONS-OF-GAINS> 3601
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9593
<NUMBER-OF-SHARES-REDEEMED> 88931
<SHARES-REINVESTED> 376
<NET-CHANGE-IN-ASSETS> (76508)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (231)
<OVERDIST-NET-GAINS-PRIOR> (1259)
<GROSS-ADVISORY-FEES> 462
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 653
<AVERAGE-NET-ASSETS> 45558
<PER-SHARE-NAV-BEGIN> 0.975
<PER-SHARE-NII> 0.009
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<PER-SHARE-DIVIDEND> 0.004
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.267
<EXPENSE-RATIO> 1.29
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Maxim Series Fund
</LEGEND>
<CIK> 0000356476
<NAME> Maxim Series Fund
<SERIES>
<NUMBER> 14
<NAME> Loomis Sayles Small cap value
<MULTIPLIER> 1000
<CURRENCY> U.S. Dollar
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-1-1999
<PERIOD-END> DEC-31-1999
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 89720
<INVESTMENTS-AT-VALUE> 93227
<RECEIVABLES> 325
<ASSETS-OTHER> 41
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 93593
<PAYABLE-FOR-SECURITIES> 181
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 324
<TOTAL-LIABILITIES> 505
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 90643
<SHARES-COMMON-STOCK> 69735
<SHARES-COMMON-PRIOR> 88254
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 20
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 1042
<ACCUM-APPREC-OR-DEPREC> 3507
<NET-ASSETS> 93088
<DIVIDEND-INCOME> 1454
<INTEREST-INCOME> 294
<OTHER-INCOME> 0
<EXPENSES-NET> 1198
<NET-INVESTMENT-INCOME> 550
<REALIZED-GAINS-CURRENT> 2450
<APPREC-INCREASE-CURRENT> (5179)
<NET-CHANGE-FROM-OPS> (2179)
<EQUALIZATION> 0
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<DISTRIBUTIONS-OF-GAINS> 6689
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5276
<NUMBER-OF-SHARES-REDEEMED> 29555
<SHARES-REINVESTED> 5760
<NET-CHANGE-IN-ASSETS> (34719)
<ACCUMULATED-NII-PRIOR> 14
<ACCUMULATED-GAINS-PRIOR> 3197
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1050
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1204
<AVERAGE-NET-ASSETS> 104902
<PER-SHARE-NAV-BEGIN> 1.448
<PER-SHARE-NII> 0.008
<PER-SHARE-GAIN-APPREC> (0.022)
<PER-SHARE-DIVIDEND> 0.008
<PER-SHARE-DISTRIBUTIONS> 0.091
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.335
<EXPENSE-RATIO> 1.14
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Maxim Series Fund
</LEGEND>
<CIK> 0000356476
<NAME> Maxim Series Fund
<SERIES>
<NUMBER> 15
<NAME> Loomis Sayles Corporate Bond
<MULTIPLIER> 1000
<CURRENCY> U.S. Dollar
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-1-1999
<PERIOD-END> DEC-31-1999
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 208581
<INVESTMENTS-AT-VALUE> 192595
<RECEIVABLES> 7149
<ASSETS-OTHER> 49
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 199793
<PAYABLE-FOR-SECURITIES> 7974
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 400
<TOTAL-LIABILITIES> 8374
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 209592
<SHARES-COMMON-STOCK> 179862
<SHARES-COMMON-PRIOR> 179331
<ACCUMULATED-NII-CURRENT> 0
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<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 1871
<ACCUM-APPREC-OR-DEPREC> (15987)
<NET-ASSETS> 191419
<DIVIDEND-INCOME> 210
<INTEREST-INCOME> 17528
<OTHER-INCOME> 0
<EXPENSES-NET> 1848
<NET-INVESTMENT-INCOME> 15890
<REALIZED-GAINS-CURRENT> (1823)
<APPREC-INCREASE-CURRENT> (4415)
<NET-CHANGE-FROM-OPS> 9652
<EQUALIZATION> 0
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<DISTRIBUTIONS-OF-GAINS> 2073
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 31965
<NUMBER-OF-SHARES-REDEEMED> 48374
<SHARES-REINVESTED> 16940
<NET-CHANGE-IN-ASSETS> (7967)
<ACCUMULATED-NII-PRIOR> 12
<ACCUMULATED-GAINS-PRIOR> 2024
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1848
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1848
<AVERAGE-NET-ASSETS> 205393
<PER-SHARE-NAV-BEGIN> 1.112
<PER-SHARE-NII> 0.087
<PER-SHARE-GAIN-APPREC> (0.034)
<PER-SHARE-DIVIDEND> 0.089
<PER-SHARE-DISTRIBUTIONS> 0.011
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.064
<EXPENSE-RATIO> 0.90
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Maxim Series Fund
</LEGEND>
<CIK> 0000356476
<NAME> Maxim Series Fund
<SERIES>
<NUMBER> 16
<NAME> T. Rowe Price Equity Income
<MULTIPLIER> 1000
<CURRENCY> U.S. Dollar
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-1-1999
<PERIOD-END> DEC-31-1999
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 181813
<INVESTMENTS-AT-VALUE> 191874
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<ASSETS-OTHER> 48
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 192556
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<OTHER-ITEMS-LIABILITIES> 588
<TOTAL-LIABILITIES> 3056
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 175132
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<SHARES-COMMON-PRIOR> 117786
<ACCUMULATED-NII-CURRENT> 5
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<ACCUMULATED-NET-GAINS> 4302
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 10061
<NET-ASSETS> 189500
<DIVIDEND-INCOME> 5037
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<EXPENSES-NET> 1797
<NET-INVESTMENT-INCOME> 3765
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<APPREC-INCREASE-CURRENT> (15460)
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<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6614
<NUMBER-OF-SHARES-REDEEMED> 21688
<SHARES-REINVESTED> 11761
<NET-CHANGE-IN-ASSETS> (20203)
<ACCUMULATED-NII-PRIOR> 10
<ACCUMULATED-GAINS-PRIOR> 2042
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1636
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1809
<AVERAGE-NET-ASSETS> 204400
<PER-SHARE-NAV-BEGIN> 1.780
<PER-SHARE-NII> 0.034
<PER-SHARE-GAIN-APPREC> 0.024
<PER-SHARE-DIVIDEND> 0.034
<PER-SHARE-DISTRIBUTIONS> 0.149
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.655
<EXPENSE-RATIO> 0.88
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Maxim Series Fund
</LEGEND>
<CIK> 0000356476
<NAME> Maxim Series Fund
<SERIES>
<NUMBER> 17
<NAME> INVESCO Small cap growth
<MULTIPLIER> 1000
<CURRENCY> U.S. Dollar
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-1-1999
<PERIOD-END> DEC-31-1999
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 134038
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<OTHER-ITEMS-ASSETS> 0
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<TOTAL-LIABILITIES> 4439
<SENIOR-EQUITY> 0
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<SHARES-COMMON-PRIOR> 44372
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 48694
<NET-ASSETS> 181229
<DIVIDEND-INCOME> 69
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<NET-INVESTMENT-INCOME> (342)
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<SHARES-REINVESTED> 9424
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<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 1070
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<GROSS-EXPENSE> 1099
<AVERAGE-NET-ASSETS> 101036
<PER-SHARE-NAV-BEGIN> 1.851
<PER-SHARE-NII> (0.004)
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<PER-SHARE-NAV-END> 2.835
<EXPENSE-RATIO> 1.07
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Maxim Series Fund
</LEGEND>
<CIK> 0000356476
<NAME> Maxim Series Fund
<SERIES>
<NUMBER> 18
<NAME> INVESCO ADR
<MULTIPLIER> 1000
<CURRENCY> U.S. Dollar
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-1-1999
<PERIOD-END> DEC-31-1999
<EXCHANGE-RATE> 1
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<OTHER-ITEMS-ASSETS> 0
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<SENIOR-EQUITY> 0
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<SHARES-COMMON-STOCK> 71715
<SHARES-COMMON-PRIOR> 17411
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<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 7
<ACCUM-APPREC-OR-DEPREC> 27092
<NET-ASSETS> 141770
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<NET-CHANGE-IN-ASSETS> 113474
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 10
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<GROSS-EXPENSE> 808
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<PER-SHARE-NAV-BEGIN> 1.625
<PER-SHARE-NII> 0.006
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<PER-SHARE-DISTRIBUTIONS> 0.010
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<PER-SHARE-NAV-END> 1.977
<EXPENSE-RATIO> 1.14
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Maxim Series Fund
</LEGEND>
<CIK> 0000356476
<NAME> Maxim Series Fund
<SERIES>
<NUMBER> 19
<NAME> Short term marturity bond
<MULTIPLIER> 1000
<CURRENCY> U.S. Dollar
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-1-1999
<PERIOD-END> DEC-31-1999
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 136470
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<OTHER-ITEMS-ASSETS> 0
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<TOTAL-LIABILITIES> 3270
<SENIOR-EQUITY> 0
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<SHARES-COMMON-STOCK> 137637
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<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 116
<ACCUM-APPREC-OR-DEPREC> (1452)
<NET-ASSETS> 137920
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<INTEREST-INCOME> 7314
<OTHER-INCOME> 0
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<NET-INVESTMENT-INCOME> 6570
<REALIZED-GAINS-CURRENT> (109)
<APPREC-INCREASE-CURRENT> (2315)
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<NUMBER-OF-SHARES-SOLD> 31925
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<SHARES-REINVESTED> 6512
<NET-CHANGE-IN-ASSETS> 27003
<ACCUMULATED-NII-PRIOR> 36
<ACCUMULATED-GAINS-PRIOR> 26
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<GROSS-EXPENSE> 744
<AVERAGE-NET-ASSETS> 124154
<PER-SHARE-NAV-BEGIN> 1.020
<PER-SHARE-NII> 0.052
<PER-SHARE-GAIN-APPREC> (0.018)
<PER-SHARE-DIVIDEND> 0.052
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.002
<EXPENSE-RATIO> 0.60
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Maxim Series Fund
</LEGEND>
<CIK> 0000356476
<NAME> Maxim Series Fund
<SERIES>
<NUMBER> 20
<NAME> INVESCO Balanced
<MULTIPLIER> 1000
<CURRENCY> U.S. Dollar
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-1-1999
<PERIOD-END> DEC-31-1999
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 145780
<INVESTMENTS-AT-VALUE> 168054
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<ASSETS-OTHER> 11
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 169222
<PAYABLE-FOR-SECURITIES> 329
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 235
<TOTAL-LIABILITIES> 564
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 142891
<SHARES-COMMON-STOCK> 119129
<SHARES-COMMON-PRIOR> 120235
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 12
<ACCUMULATED-NET-GAINS> 3505
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 22274
<NET-ASSETS> 168658
<DIVIDEND-INCOME> 1343
<INTEREST-INCOME> 3977
<OTHER-INCOME> 0
<EXPENSES-NET> 1809
<NET-INVESTMENT-INCOME> 3511
<REALIZED-GAINS-CURRENT> 27420
<APPREC-INCREASE-CURRENT> (1951)
<NET-CHANGE-FROM-OPS> 28980
<EQUALIZATION> 0
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<DISTRIBUTIONS-OF-GAINS> 26287
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 23845
<NUMBER-OF-SHARES-REDEEMED> 46040
<SHARES-REINVESTED> 21088
<NET-CHANGE-IN-ASSETS> (6980)
<ACCUMULATED-NII-PRIOR> 4
<ACCUMULATED-GAINS-PRIOR> 2372
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1809
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<GROSS-EXPENSE> 1809
<AVERAGE-NET-ASSETS> 180991
<PER-SHARE-NAV-BEGIN> 1.461
<PER-SHARE-NII> 0.027
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<PER-SHARE-DISTRIBUTIONS> 0.254
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.416
<EXPENSE-RATIO> 1.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Maxim Series Fund
</LEGEND>
<CIK> 0000356476
<NAME> Maxim Series Fund
<SERIES>
<NUMBER> 21
<NAME> T.Rowe Price Midcap Growth
<MULTIPLIER> 1000
<CURRENCY> U.S. Dollar
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-1-1999
<PERIOD-END> DEC-31-1999
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 154466
<INVESTMENTS-AT-VALUE> 202674
<RECEIVABLES> 1329
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 204003
<PAYABLE-FOR-SECURITIES> 301
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 613
<TOTAL-LIABILITIES> 914
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 152791
<SHARES-COMMON-STOCK> 128283
<SHARES-COMMON-PRIOR> 103746
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 761
<ACCUMULATED-NET-GAINS> 2851
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 48208
<NET-ASSETS> 203089
<DIVIDEND-INCOME> 502
<INTEREST-INCOME> 607
<OTHER-INCOME> 0
<EXPENSES-NET> 1670
<NET-INVESTMENT-INCOME> (561)
<REALIZED-GAINS-CURRENT> 12981
<APPREC-INCREASE-CURRENT> 25010
<NET-CHANGE-FROM-OPS> 37430
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 10537
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 34449
<NUMBER-OF-SHARES-REDEEMED> 17155
<SHARES-REINVESTED> 7243
<NET-CHANGE-IN-ASSETS> 63327
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 407
<OVERDISTRIB-NII-PRIOR> 200
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1590
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1765
<AVERAGE-NET-ASSETS> 158726
<PER-SHARE-NAV-BEGIN> 1.347
<PER-SHARE-NII> (0.004)
<PER-SHARE-GAIN-APPREC> 0.327
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.088
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.583
<EXPENSE-RATIO> 1.05
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Maxim Series Fund
</LEGEND>
<CIK> 0000356476
<NAME> Maxim Series Fund
<SERIES>
<NUMBER> 22
<NAME> Founders Growth Income
<MULTIPLIER> 1000
<CURRENCY> U.S. Dollar
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-1-1999
<PERIOD-END> DEC-31-1999
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 121384
<INVESTMENTS-AT-VALUE> 146940
<RECEIVABLES> 704
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 147644
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 379
<TOTAL-LIABILITIES> 379
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 121758
<SHARES-COMMON-STOCK> 118612
<SHARES-COMMON-PRIOR> 105593
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 49
<ACCUM-APPREC-OR-DEPREC> 25556
<NET-ASSETS> 147265
<DIVIDEND-INCOME> 1140
<INTEREST-INCOME> 331
<OTHER-INCOME> 0
<EXPENSES-NET> 1427
<NET-INVESTMENT-INCOME> 44
<REALIZED-GAINS-CURRENT> 3793
<APPREC-INCREASE-CURRENT> 15591
<NET-CHANGE-FROM-OPS> 19428
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 46
<DISTRIBUTIONS-OF-GAINS> 7375
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 15017
<NUMBER-OF-SHARES-REDEEMED> 8603
<SHARES-REINVESTED> 6605
<NET-CHANGE-IN-ASSETS> 26378
<ACCUMULATED-NII-PRIOR> 2
<ACCUMULATED-GAINS-PRIOR> 3533
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1279
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1429
<AVERAGE-NET-ASSETS> 128080
<PER-SHARE-NAV-BEGIN> 1.145
<PER-SHARE-NII> 0.000
<PER-SHARE-GAIN-APPREC> 0.163
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.067
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.242
<EXPENSE-RATIO> 1.11
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Maxim Series Fund
</LEGEND>
<CIK> 0000356476
<NAME> Maxim Series Fund
<SERIES>
<NUMBER> 23
<NAME> Index European
<MULTIPLIER> 1000
<CURRENCY> U.S. Dollar
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-1-1999
<PERIOD-END> DEC-31-1999
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 122325
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<RECEIVABLES> 798
<ASSETS-OTHER> 2006
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 147778
<PAYABLE-FOR-SECURITIES> 2
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 466
<TOTAL-LIABILITIES> 468
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 124256
<SHARES-COMMON-STOCK> 12464
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 70
<ACCUMULATED-NET-GAINS> 348
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 22776
<NET-ASSETS> 147310
<DIVIDEND-INCOME> 586
<INTEREST-INCOME> 44
<OTHER-INCOME> 0
<EXPENSES-NET> 700
<NET-INVESTMENT-INCOME> (70)
<REALIZED-GAINS-CURRENT> 659
<APPREC-INCREASE-CURRENT> 22776
<NET-CHANGE-FROM-OPS> 23365
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
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<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 13407
<NUMBER-OF-SHARES-REDEEMED> 970
<SHARES-REINVESTED> 27
<NET-CHANGE-IN-ASSETS> 147310
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 583
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 805
<AVERAGE-NET-ASSETS> 133335
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> (0.000)
<PER-SHARE-GAIN-APPREC> 1.845
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.025
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 11.819
<EXPENSE-RATIO> 1.20
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Maxim Series Fund
</LEGEND>
<CIK> 0000356476
<NAME> Maxim Series Fund
<SERIES>
<NUMBER> 24
<NAME> Index Pacific
<MULTIPLIER> 1000
<CURRENCY> U.S. Dollar
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-1-1999
<PERIOD-END> DEC-31-1999
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 138109
<INVESTMENTS-AT-VALUE> 186671
<RECEIVABLES> 9023
<ASSETS-OTHER> 1467
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 197161
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1982
<TOTAL-LIABILITIES> 1982
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 144502
<SHARES-COMMON-STOCK> 14261
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 67
<ACCUMULATED-NET-GAINS> 2036
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 48708
<NET-ASSETS> 195179
<DIVIDEND-INCOME> 608
<INTEREST-INCOME> 191
<OTHER-INCOME> 0
<EXPENSES-NET> 805
<NET-INVESTMENT-INCOME> (6)
<REALIZED-GAINS-CURRENT> 3822
<APPREC-INCREASE-CURRENT> 48708
<NET-CHANGE-FROM-OPS> 52524
<EQUALIZATION> 0
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<DISTRIBUTIONS-OF-GAINS> 1786
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 17177
<NUMBER-OF-SHARES-REDEEMED> 3061
<SHARES-REINVESTED> 145
<NET-CHANGE-IN-ASSETS> 195179
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 904
<AVERAGE-NET-ASSETS> 153909
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> (0.000)
<PER-SHARE-GAIN-APPREC> 3.817
<PER-SHARE-DIVIDEND> 0.004
<PER-SHARE-DISTRIBUTIONS> 0.126
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 13.686
<EXPENSE-RATIO> 1.20
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Maxim Series Fund
</LEGEND>
<CIK> 0000356476
<NAME> Maxim Series Fund
<SERIES>
<NUMBER> 25
<NAME> Global Bond
<MULTIPLIER> 1000
<CURRENCY> U.S. Dollar
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-1-1999
<PERIOD-END> DEC-31-1999
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 91482
<INVESTMENTS-AT-VALUE> 88800
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 92058
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 263
<TOTAL-LIABILITIES> 263
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 94395
<SHARES-COMMON-STOCK> 9453
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 1
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 587
<ACCUM-APPREC-OR-DEPREC> (2014)
<NET-ASSETS> 91795
<DIVIDEND-INCOME> 190
<INTEREST-INCOME> 1823
<OTHER-INCOME> 0
<EXPENSES-NET> 491
<NET-INVESTMENT-INCOME> 1522
<REALIZED-GAINS-CURRENT> (587)
<APPREC-INCREASE-CURRENT> (2014)
<NET-CHANGE-FROM-OPS> (1079)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1521
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 9475
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<SHARES-REINVESTED> 156
<NET-CHANGE-IN-ASSETS> 91795
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 491
<AVERAGE-NET-ASSETS> 87351
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> 0.164
<PER-SHARE-GAIN-APPREC> (0.289)
<PER-SHARE-DIVIDEND> 0.164
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.711
<EXPENSE-RATIO> 1.30
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Maxim Series Fund
</LEGEND>
<CIK> 0000356476
<NAME> Maxim Series Fund
<SERIES>
<NUMBER> 26
<NAME> Index 400
<MULTIPLIER> 1000
<CURRENCY> U.S. Dollar
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-1-1999
<PERIOD-END> DEC-31-1999
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 9920
<INVESTMENTS-AT-VALUE> 10394
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<TOTAL-ASSETS> 10746
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<OTHER-ITEMS-LIABILITIES> 5
<TOTAL-LIABILITIES> 16
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10039
<SHARES-COMMON-STOCK> 1004
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 518
<NET-ASSETS> 10730
<DIVIDEND-INCOME> 46
<INTEREST-INCOME> 18
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<EXPENSES-NET> 25
<NET-INVESTMENT-INCOME> 39
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<APPREC-INCREASE-CURRENT> 518
<NET-CHANGE-FROM-OPS> 730
<EQUALIZATION> 0
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<NUMBER-OF-SHARES-SOLD> 1000
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<SHARES-REINVESTED> 4
<NET-CHANGE-IN-ASSETS> 10730
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 25
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 25
<AVERAGE-NET-ASSETS> 9798
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> 0.039
<PER-SHARE-GAIN-APPREC> 0.690
<PER-SHARE-DIVIDEND> 0.039
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.690
<EXPENSE-RATIO> 0.60
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Maxim Series Fund
</LEGEND>
<CIK> 0000356476
<NAME> Maxim Series Fund
<SERIES>
<NUMBER> 27
<NAME> Conservative Profile I
<MULTIPLIER> 1000
<CURRENCY> U.S. Dollar
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-1-1999
<PERIOD-END> DEC-31-1999
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 17501
<INVESTMENTS-AT-VALUE> 17168
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 17168
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<OTHER-ITEMS-LIABILITIES> 26
<TOTAL-LIABILITIES> 26
<SENIOR-EQUITY> 0
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<SHARES-COMMON-STOCK> 16949
<SHARES-COMMON-PRIOR> 15066
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<ACCUMULATED-NET-GAINS> 94
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (333)
<NET-ASSETS> 17142
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<OTHER-INCOME> 0
<EXPENSES-NET> 41
<NET-INVESTMENT-INCOME> 652
<REALIZED-GAINS-CURRENT> 370
<APPREC-INCREASE-CURRENT> (238)
<NET-CHANGE-FROM-OPS> 784
<EQUALIZATION> 0
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<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2932
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<SHARES-REINVESTED> 1080
<NET-CHANGE-IN-ASSETS> 1623
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 169
<OVERDISTRIB-NII-PRIOR> 303
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 41
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 41
<AVERAGE-NET-ASSETS> 16536
<PER-SHARE-NAV-BEGIN> 1.030
<PER-SHARE-NII> 0.043
<PER-SHARE-GAIN-APPREC> 0.007
<PER-SHARE-DIVIDEND> 0.041
<PER-SHARE-DISTRIBUTIONS> 0.028
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.011
<EXPENSE-RATIO> 0.25
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Maxim Series Fund
</LEGEND>
<CIK> 0000356476
<NAME> Maxim Series Fund
<SERIES>
<NUMBER> 28
<NAME> Moderately Conservative Profile I
<MULTIPLIER> 1000
<CURRENCY> U.S. Dollar
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-1-1999
<PERIOD-END> DEC-31-1999
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 13421
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<OTHER-ITEMS-ASSETS> 0
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<TOTAL-LIABILITIES> 20
<SENIOR-EQUITY> 0
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<SHARES-COMMON-STOCK> 12901
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<NET-CHANGE-FROM-OPS> 1024
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<GROSS-EXPENSE> 30
<AVERAGE-NET-ASSETS> 12124
<PER-SHARE-NAV-BEGIN> 1.047
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<PER-SHARE-DIVIDEND> 0.027
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<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.060
<EXPENSE-RATIO> 0.25
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Maxim Series Fund
</LEGEND>
<CIK> 0000356476
<NAME> Maxim Series Fund
<SERIES>
<NUMBER> 29
<NAME> Moderate Profile I
<MULTIPLIER> 1000
<CURRENCY> U.S. Dollar
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-1-1999
<PERIOD-END> DEC-31-1999
<EXCHANGE-RATE> 1
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<INVESTMENTS-AT-VALUE> 27995
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 27995
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<TOTAL-LIABILITIES> 35
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<SHARES-COMMON-STOCK> 24852
<SHARES-COMMON-PRIOR> 11998
<ACCUMULATED-NII-CURRENT> 0
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<ACCUM-APPREC-OR-DEPREC> 1560
<NET-ASSETS> 27961
<DIVIDEND-INCOME> 423
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<OTHER-INCOME> 0
<EXPENSES-NET> 49
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<REALIZED-GAINS-CURRENT> 2011
<APPREC-INCREASE-CURRENT> 1119
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<DISTRIBUTIONS-OF-GAINS> 1800
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<NUMBER-OF-SHARES-SOLD> 11861
<NUMBER-OF-SHARES-REDEEMED> 954
<SHARES-REINVESTED> 1947
<NET-CHANGE-IN-ASSETS> 15360
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<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 303
<OVERDIST-NET-GAINS-PRIOR> 50
<GROSS-ADVISORY-FEES> 49
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 49
<AVERAGE-NET-ASSETS> 19640
<PER-SHARE-NAV-BEGIN> 1.050
<PER-SHARE-NII> 0.023
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<PER-SHARE-NAV-END> 1.125
<EXPENSE-RATIO> 0.25
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Maxim Series Fund
</LEGEND>
<CIK> 0000356476
<NAME> Maxim Series Fund
<SERIES>
<NUMBER> 30
<NAME> Moderately Agressive Profile I
<MULTIPLIER> 1000
<CURRENCY> U.S. Dollar
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-1-1999
<PERIOD-END> DEC-31-1999
<EXCHANGE-RATE> 1
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<INVESTMENTS-AT-VALUE> 36514
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 36514
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<TOTAL-LIABILITIES> 44
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<SHARES-COMMON-STOCK> 29937
<SHARES-COMMON-PRIOR> 11998
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3017
<NET-ASSETS> 36469
<DIVIDEND-INCOME> 299
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<EXPENSES-NET> 62
<NET-INVESTMENT-INCOME> 237
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<APPREC-INCREASE-CURRENT> 2540
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<NUMBER-OF-SHARES-SOLD> 15281
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<SHARES-REINVESTED> 1892
<NET-CHANGE-IN-ASSETS> 21403
<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> 114
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<GROSS-EXPENSE> 62
<AVERAGE-NET-ASSETS> 24790
<PER-SHARE-NAV-BEGIN> 1.067
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<PER-SHARE-DISTRIBUTIONS> 0.073
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.218
<EXPENSE-RATIO> 0.25
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Maxim Series Fund
</LEGEND>
<CIK> 0000356476
<NAME> Maxim Series Fund
<SERIES>
<NUMBER> 31
<NAME> Agressive Profile I
<MULTIPLIER> 1000
<CURRENCY> U.S. Dollar
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-1-1999
<PERIOD-END> DEC-31-1999
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 17415
<INVESTMENTS-AT-VALUE> 19030
<RECEIVABLES> 0
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 19030
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<TOTAL-LIABILITIES> 23
<SENIOR-EQUITY> 0
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<SHARES-COMMON-STOCK> 15406
<SHARES-COMMON-PRIOR> 7049
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1615
<NET-ASSETS> 19007
<DIVIDEND-INCOME> 42
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<OTHER-INCOME> 0
<EXPENSES-NET> 31
<NET-INVESTMENT-INCOME> 11
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<NET-CHANGE-FROM-OPS> 3023
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<NUMBER-OF-SHARES-SOLD> 8047
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<NET-CHANGE-IN-ASSETS> 11399
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<GROSS-EXPENSE> 31
<AVERAGE-NET-ASSETS> 12607
<PER-SHARE-NAV-BEGIN> 1.079
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<PER-SHARE-NAV-END> 1.234
<EXPENSE-RATIO> 0.25
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Maxim Series Fund
</LEGEND>
<CIK> 0000356476
<NAME> Maxim Series Fund
<SERIES>
<NUMBER> 32
<NAME> Agressive Profile II
<MULTIPLIER> 1000
<CURRENCY> U.S. Dollar
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-1-1999
<PERIOD-END> DEC-31-1999
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 2151
<INVESTMENTS-AT-VALUE> 2196
<RECEIVABLES> 6
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<OTHER-ITEMS-ASSETS> 0
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<TOTAL-LIABILITIES> 6
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<DIVIDEND-INCOME> 4
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<EXPENSES-NET> 0
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<GROSS-EXPENSE> 0
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<PER-SHARE-NAV-BEGIN> 9.775
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<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 11.015
<EXPENSE-RATIO> 0.10
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Maxim Series Fund
</LEGEND>
<CIK> 0000356476
<NAME> Maxim Series Fund
<SERIES>
<NUMBER> 33
<NAME> Moderately Agressive Profile II
<MULTIPLIER> 1000
<CURRENCY> U.S. Dollar
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-1-1999
<PERIOD-END> DEC-31-1999
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 3726
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<RECEIVABLES> 9
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<OTHER-ITEMS-ASSETS> 0
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<TOTAL-LIABILITIES> 6
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<NET-ASSETS> 3765
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<GROSS-EXPENSE> 0
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<PER-SHARE-NAV-END> 10.710
<EXPENSE-RATIO> 0.10
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Maxim Series Fund
</LEGEND>
<CIK> 0000356476
<NAME> Maxim Series Fund
<SERIES>
<NUMBER> 34
<NAME> Moderate Profile II
<MULTIPLIER> 1000
<CURRENCY> U.S. Dollar
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-1-1999
<PERIOD-END> DEC-31-1999
<EXCHANGE-RATE> 1
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<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.372
<EXPENSE-RATIO> 0.10
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Maxim Series Fund
</LEGEND>
<CIK> 0000356476
<NAME> Maxim Series Fund
<SERIES>
<NUMBER> 35
<NAME> Moderately Conservative Profile II
<MULTIPLIER> 1000
<CURRENCY> U.S. Dollar
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-1-1999
<PERIOD-END> DEC-31-1999
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 913
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<TOTAL-LIABILITIES> 1
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<ACCUM-APPREC-OR-DEPREC> (4)
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<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 7
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<APPREC-INCREASE-CURRENT> (4)
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<GROSS-EXPENSE> 0
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<PER-SHARE-NAV-BEGIN> 9.788
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<RETURNS-OF-CAPITAL> 0.000
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<EXPENSE-RATIO> 0.10
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Maxim Series Fund
</LEGEND>
<CIK> 0000356476
<NAME> Maxim Series Fund
<SERIES>
<NUMBER> 36
<NAME> Moderately Conservative Profile II
<MULTIPLIER> 1000
<CURRENCY> U.S. Dollar
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-1-1999
<PERIOD-END> DEC-31-1999
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<INVESTMENTS-AT-COST> 747
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<ACCUM-APPREC-OR-DEPREC> (9)
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<NET-INVESTMENT-INCOME> 8
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<APPREC-INCREASE-CURRENT> (9)
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<SHARES-REINVESTED> 1
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<GROSS-EXPENSE> 0
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<EXPENSE-RATIO> 0.10
</TABLE>
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