N-CSRS/A 1 trusco.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

 

Investment Company Act file number: 811-03364

 

MAXIM SERIES FUND, INC.

(Exact name of registrant as specified in charter)

 

8515 E. Orchard Road, Greenwood Village, Colorado 80111

(Address of principal executive offices)

 

R. L. McFeetors

President and Chief Executive Officer

Great-West Life & Annuity Insurance Company

8515 E. Orchard Road

Greenwood Village, Colorado 80111

(Name and address of agent for service)

 

Registrant's telephone number, including area code: (303) 737-3000

 

Date of fiscal year end: December 31

 

Date of reporting period: June 30, 2006

 

 


 

 

MAXIM SERIES FUND, INC.

Financial Statements and Financial Highlights for the Six Months Ended June 30, 2006 and Year Ended December 31, 2005

 

Maxim Trusco Small-Cap Growth Portfolio

 


 

 

ITEM 1.

REPORTS TO STOCKHOLDERS

 

 

MAXIM SERIES FUND, INC.

 

Maxim Trusco Small-Cap Growth Portfolio

 

Semi-Annual Report

 

June 30, 2006

 

This report and the financial statements attached are submitted for general information and are not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. Nothing herein is to be considered an offer of the sale of any Portfolio of Maxim Series Fund, Inc. Such offering is made only by the prospectus(es) of Maxim Series Fund, Inc., which include details as to offering price and other information.

 

 


 

 

 

MAXIM SERIES FUND, INC.

 

 

 

 

 

 

MAXIM TRUSCO SMALL-CAP GROWTH PORTFOLIO

 

 

STATEMENT OF ASSETS AND LIABILITIES

 

 

JUNE 30, 2006

 

 

UNAUDITED

 

 

 

 

 

 

ASSETS:

 

 

 

Investments in securities, market value (1)

$

111,940,708

 

Cash denominated in foreign currencies (2)

 

0

 

Cash

 

14,194

 

Collateral for securities loaned

 

24,975,664

 

Dividends receivable

 

25,464

 

Subscriptions receivable

 

160,753

 

Receivable for investments sold

 

3,759,654

 

 

 

 

 

Total assets

 

140,876,437

 

 

 

 

LIABILITIES:

 

 

 

Due to investment adviser

 

99,550

 

Payable upon return of securities loaned

 

24,975,664

 

Redemptions payable

 

231,768

 

Payable for investments purchased

 

4,357,780

 

 

 

 

 

Total liabilities

 

29,664,762

 

 

 

 

NET ASSETS

$

111,211,675

 

 

 

 

NET ASSETS REPRESENTED BY:

 

 

 

Capital stock, $.10 par value

$

641,293

 

Additional paid-in capital

 

139,184,343

 

Net unrealized appreciation on investments

 

4,782,987

 

Undistributed net investment loss

 

(449,596)

 

Accumulated net realized loss on investments

 

(32,947,352)

 

 

 

 

NET ASSETS

$

111,211,675

 

 

 

 

NET ASSET VALUE PER OUTSTANDING SHARE

$

17.34

(Offering and Redemption Price)

 

 

 

 

 

 

SHARES OF CAPITAL STOCK:

 

 

 

Authorized

 

200,000,000

 

Outstanding

 

6,412,928

 

 

 

 

(1) Cost of investments in securities:

$

107,157,721

(2) Cost of cash denominated in foreign currencies:

 

0

 

 

 

 

See notes to financial statements.

 

 

 

 


 

 

 

MAXIM SERIES FUND, INC.

 

 

 

 

 

 

MAXIM TRUSCO SMALL-CAP GROWTH PORTFOLIO

 

 

STATEMENT OF OPERATIONS

 

 

SIX MONTHS ENDED JUNE 30, 2006

 

 

UNAUDITED

 

 

 

 

 

 

INVESTMENT INCOME:

 

 

 

Interest

$

59,251

 

Income from securities lending

 

64,975

 

Dividends

 

152,259

 

Foreign withholding tax

 

(4,751)

 

 

 

 

 

Total income

 

271,734

 

 

 

 

EXPENSES:

 

 

 

Audit fees

 

7,191

 

Bank and custodial fees

 

20,908

 

Investment administration

 

73,290

 

Management fees

 

520,304

 

Other expenses

 

12,687

 

 

 

 

 

Total expenses

 

634,380

 

 

 

 

 

Less amount reimbursed by investment adviser

 

31,923

 

 

 

 

 

Net expenses

 

602,457

 

 

 

 

NET INVESTMENT LOSS

 

(330,723)

 

 

 

 

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:

 

 

 

Net realized gain on investments

 

2,577,617

 

Change in net unrealized appreciation on investments

 

(456,599)

 

 

 

 

 

Net realized and unrealized gain on investments

 

2,121,018

 

 

 

 

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS

$

1,790,295

 

 

 

 

See notes to financial statements.

 

 

 

 


 

 

 

MAXIM SERIES FUND, INC.

 

 

 

 

 

 

 

 

 

 

MAXIM TRUSCO SMALL-CAP GROWTH PORTFOLIO

 

 

 

 

STATEMENT OF CHANGES IN NET ASSETS

 

 

 

 

SIX MONTHS ENDED JUNE 30, 2006 AND YEAR ENDED DECEMBER 31, 2005

 

 

 

 

 

 

 

 

 

 

 

 

2006

 

2005

 

 

 

UNAUDITED

 

 

INCREASE (DECREASE) IN NET ASSETS:

 

 

 

 

 

 

 

 

 

 

OPERATIONS:

 

 

 

 

 

Net investment loss

$

(330,723)

$

(833,244)

 

Net realized gain on investments

 

2,577,617

 

21,842,157

 

Change in net unrealized appreciation on investments

 

(456,599)

 

(22,512,801)

 

 

 

 

 

 

 

Net increase (decrease) in net assets resulting from operations

 

1,790,295

 

(1,503,888)

 

 

 

 

 

 

SHARE TRANSACTIONS:

 

 

 

 

 

Net proceeds from sales of shares

 

38,686,022

 

49,586,136

 

Redemptions of shares

 

(20,292,867)

 

(181,004,104)

 

 

 

 

 

 

 

Net increase (decrease) in net assets resulting from share transactions

 

18,393,155

 

(131,417,968)

 

 

 

 

 

 

 

Total increase (decrease) in net assets

 

20,183,450

 

(132,921,856)

 

 

 

 

 

 

NET ASSETS:

 

 

 

 

 

Beginning of period

 

91,028,225

 

223,950,081

 

 

 

 

 

 

 

End of period (1)

$

111,211,675

$

91,028,225

 

 

 

0

 

0

OTHER INFORMATION:

 

 

 

 

 

 

 

 

 

 

SHARES:

 

 

 

 

 

Sold

 

2,129,925

 

3,190,596

 

Redeemed

 

(1,122,215)

 

(11,693,631)

 

 

 

 

 

 

 

Net increase (decrease)

 

1,007,710

 

(8,503,035)

 

 

 

 

 

 

(1) Including undistributed net investment loss

$

(449,596)

$

(118,873)

 

 

 

 

 

 

See notes to financial statements.

 

 

 

 

 

 


 

 

 

MAXIM SERIES FUND, INC.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MAXIM TRUSCO SMALL-CAP GROWTH PORTFOLIO

 

 

 

 

 

 

 

 

 

 

FINANCIAL HIGHLIGHTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected data for a share of capital stock of the portfolio for the periods indicated are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended

 

Year Ended December 31,

 

 

 

June 30, 2006

 

2005

 

2004

 

2003

 

2002

 

2001

 

 

 

UNAUDITED

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Asset Value, Beginning of Period

$

16.84

$

16.10

$

15.19

$

11.60

$

16.80

$

21.77

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from Investment Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment loss

 

(0.05)

 

(0.02)

 

 

 

 

 

 

 

 

Net realized and unrealized gain (loss)

 

0.55

 

0.76

 

0.91

 

3.59

 

(5.20)

 

(4.97)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Income (Loss) From

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment Operations

 

0.50

 

0.74

 

0.91

 

3.59

 

(5.20)

 

(4.97)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Asset Value, End of Period

$

17.34

$

16.84

$

16.10

$

15.19

$

11.60

$

16.80

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

Total Return

 

2.97%

4.60%

 

5.99%

 

30.95%

 

(30.95%)

 

(22.85%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets, End of Period ($000)

$

111,212

$

91,028

$

223,950

$

213,441

$

127,625

$

155,751

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Expenses to Average Net Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

- Before Reimbursement

 

1.16%

*

1.11%

 

1.03%

 

1.05%

 

1.08%

 

1.07%

 

- After Reimbursement #

 

1.10%

*

1.08%

 

1.03%

 

1.04%

 

1.06%

 

1.06%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Net Investment Loss to

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Net Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

- Before Reimbursement

 

(0.66%)

*

(0.69%)

 

(0.76%)

 

(0.55%)

 

(0.74%)

 

(0.55%)

 

- After Reimbursement #

 

(0.60%)

*

(0.66%)

 

(0.76%)

 

(0.54%)

 

(0.72%)

 

(0.54%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Portfolio Turnover Rate

 

69.85%

228.65%

 

141.20%

 

174.65%

 

109.01%

 

99.01%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

#

Percentages are shown net of expenses reimbursed by Maxim Capital Management, LLC.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Based on operations for the period shown and, accordingly, are not representative of a full year.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*

Annualized

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See notes to financial statements.

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

MAXIM TRUSCO SMALL-CAP GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS

30-Jun-06

UNAUDITED

 

 

COMMON STOCK

 

Shares Value ($)

--------------------------------------------------------------------------------

 

AEROSPACE & DEFENSE --- 1.58%

11,550 Ceradyne Inc ^^* 571,610

17,850 Esterline Technologies Corp* 742,382

18,800 MTC Technologies Inc* 444,244

$1,758,236

 

AIR FREIGHT --- 0.37%

16,624 Hub Group Inc 407,787

$407,787

 

AIRLINES --- 0.18%

13,250 AirTran Holdings Inc* 196,895

$196,895

 

BANKS --- 2.69%

13,500 Central Pacific Financial Corp 522,450

20,000 Corus Bankshares Inc ^^ 523,600

16,050 First BanCorp ^^ 149,265

 

 

 


 

 

 

2,550 First Citizens Bancshares Inc Class A 511,275

4,556 Hanmi Financial Corp 88,569

21,600 Nara Bancorp Inc 405,000

7,800 South Finanical Group Inc 205,998

10,870 United Community Banks Inc ^^ 330,883

40,520 W Holding Co Inc ^^ 269,458

$3,006,498

 

BIOTECHNOLOGY --- 2.33%

52,350 Arena Pharmaceuticals Inc ^^* 606,213

25,800 LifeCell Corp ^^* 797,736

21,850 Meridian Bioscience Inc ^^ 545,158

27,450 PDL BioPharma Inc ^^* 505,355

50,600 Third Wave Technologies* 150,788

$2,605,250

 

BROADCAST/MEDIA --- 0.82%

26,000 General Cable Corp* 910,000

$910,000

 

BUILDING MATERIALS --- 2.85%

26,700 Builders FirstSource Inc ^^* 543,612

13,430 Craftmade International Inc 224,953

11,500 Eagle Materials Inc 546,250

13,600 Genlyte Group Inc* 985,048

12,852 Griffon Corp* 335,437

 

 

<PAGE>

 

 

 


 

 

 

 

 

15,332 Simpson Manufacturing Co Inc ^^ 552,719

$3,188,019

 

CHEMICALS --- 1.43%

23,349 A Schulman Inc 534,459

11,500 Albemarle Corp 550,620

58,600 PolyOne Corp* 514,508

$1,599,587

 

COMMUNICATIONS - EQUIPMENT --- 3.60%

39,694 Arris Group Inc* 520,785

16,900 Avocent Corp* 443,625

7,600 Black Box Corp 291,308

37,868 CalAmp Corp* 336,647

15,046 CommScope Inc ^^* 472,745

43,600 Ditech Networks Inc* 380,192

8,384 Multi-Fineline Electronix Inc ^^* 278,265

35,389 Radyne Corp* 402,727

38,000 TTM Technologies Inc* 549,860

35,770 Tollgrade Communications Inc* 346,969

$4,023,123

 

COMPUTER HARDWARE & SYSTEMS --- 0.53%

22,600 Xyratex Ltd ^^* 597,770

$597,770

 

COMPUTER SOFTWARE & SERVICES --- 13.43%

 

 

 


 

 

 

45,000 24/7 Real Media Inc* 395,100

114,300 @Road Inc* 630,936

210,079 AMICAS Inc* 68,085

11,650 ANSYS Inc* 557,103

80,031 Actuate Corp* 320,143

103,450 Art Technology Group Inc* 308,281

34,616 Aspen Technology Inc* 454,162

16,700 Blackbaud Inc 379,090

33,168 Bottomline Technologies Inc* 269,988

28,050 Click Commerce Inc ^^* 553,427

11,800 CryptoLogic Inc ^^ 285,796

29,800 Digitas Inc* 346,276

23,700 Epicor Software Corp* 249,561

15,375 Hyperion Solutions Corp 424,350

39,550 Infocrossing Inc ^^* 456,803

4,800 Kronos Inc* 173,808

60,000 LivePerson Inc* 291,000

30,500 Mentor Graphics Corp* 395,890

39,379 Nuance Communications Inc* 396,153

31,000 Omnicell Inc* 428,420

54,745 Packeteer Inc* 620,808

31,450 Per-Se Technologies Inc ^^* 791,911

34,450 Performance Technologies Inc* 237,705

32,700 Phase Forward Inc ^^* 376,704

26,100 Priceline.com Inc ^^* 779,346

33,700 RADVision Ltd* 537,178

47,240 Radiant Systems Inc* 499,327

19,950 Secure Computing Corp ^^* 171,570

37,300 SonicWALL Inc* 335,327

 

 

 


 

 

 

59,200 Stellent Inc 565,360

18,869 Transaction Systems Architects Inc Class A* 786,649

34,300 TriZetto Group Inc ^^* 507,297

17,740 Ultimate Software Group Inc* 339,898

23,400 Vignette Corp ^^* 341,172

9,600 Websense Inc 197,184

56,600 webMethods Inc ^^* 558,642

$15,030,450

 

CONTAINERS --- 0.18%

11,729 Myers Industries Inc 201,622

$201,622

 

DISTRIBUTORS --- 0.45%

20,100 Central European Distribution Corp ^^ 505,716

$505,716

 

ELECTRONIC INSTRUMENTS & EQUIP --- 7.19%

48,164 Aeroflex Inc* 562,074

25,600 Agilysys Inc 460,800

7,300 Checkpoint Systems Inc* 162,133

33,862 Comtech Group Inc ^^* 376,884

30,700 Ituran Location & Control Ltd 430,107

20,600 Molecular Devices Corp* 629,536

20,837 Orbotech Ltd* 477,792

16,279 Park Electrochemical Corp 419,184

18,700 Paxar Corp* 384,659

62,630 Power-One Inc ^^* 413,358

47,987 Presstek Inc ^^* 447,034

 

 

 


 

 

 

39,400 Quest Software Inc* 553,176

10,200 Rofin-Sinar Technologies Inc* 586,194

10,500 Rogers Corp* 591,570

19,739 Technitrol Inc 456,958

400 Thoratec Laboratories Corp* 5,548

12,650 Trimble Navigation Ltd* 564,696

17,100 Woodward Governor Co 521,721

$8,043,424

 

ELECTRONICS - SEMICONDUCTOR --- 4.51%

24,300 Advanced Energy Industries Inc* 321,732

112,400 Atmel Corp* 623,820

17,700 BTU International Inc* 240,189

55,374 Cirrus Logic Inc* 450,744

25,650 Credence Systems Corp* 89,775

10,250 Cree Inc ^^* 243,540

10,499 Cymer Inc* 487,784

17,850 Cypress Semiconductor Corp ^^* 259,539

16,750 FEI Co ^^* 379,890

18,550 Integrated Device Technology Inc* 263,039

14,463 Kopin Corp ^^* 52,211

42,622 MIPS Technologies Inc* 258,716

41,100 Micrel Inc* 411,411

8,230 Netlogic Microsystems Inc ^^* 265,418

29,400 Photronics Inc* 435,120

15,080 PortalPlayer Inc ^^* 147,935

 

 

<PAGE>

 

 

 


 

 

 

 

 

25,500 TriQuint Semiconductor Inc* 113,730

$5,044,593

 

ENGINEERING & CONSTRUCTION --- 1.26%

7,060 EMCOR Group Inc 343,610

12,100 Granite Construction Inc ^^ 547,767

22,899 Insituform Technologies Inc Class A ^^* 524,158

$1,415,535

 

FINANCIAL SERVICES --- 0.93%

13,300 BankUnited Financial Corp 405,916

15,900 CompuCredit Corp ^^* 611,196

2,369 Encore Capital Group Inc ^^* 29,068

$1,046,180

 

FOOD & BEVERAGES --- 0.24%

17,000 M&F Worldwide Corp* 273,700

$273,700

 

GOLD, METALS & MINING --- 1.94%

22,211 AMCOL International Corp 585,260

12,050 Aleris International Inc ^^* 552,493

4,700 Carpenter Technology Corp 542,850

16,870 Gibraltar Industries Inc 489,230

$2,169,833

 

HEALTH CARE RELATED --- 3.71%

 

 

 


 

 

 

11,400 Amedisys Inc ^^* 432,060

2,400 American Retirement Corp ^^* 78,648

20,607 Bentley Pharmaceuticals Inc ^^* 225,853

11,700 Chemed Corp 638,001

18,500 LHC Group Inc* 368,520

1,893 Matria Healthcare Inc ^^* 40,538

19,800 Palomar Medical Technologies Inc ^^* 903,474

28,600 Res-Care Inc* 572,000

31,250 inVentiv Health Inc* 899,375

$4,158,469

 

HOMEBUILDING --- 0.95%

10,460 Cavco Industries Inc* 464,842

54,700 Champion Enterprises Inc* 603,888

$1,068,730

 

HOUSEHOLD GOODS --- 1.04%

16,100 Ethan Allen Interiors Inc ^^ 588,455

29,442 Kimball International Inc Class B 580,302

$1,168,757

 

INSURANCE RELATED --- 3.94%

14,900 FPIC Insurance Group Inc* 577,375

5,923 Hanover Insurance Group Inc 281,106

12,595 Harleysville Group Inc 399,513

16,700 Infinity Property & Casualty Corp 684,700

11,700 Safety Insurance Group Inc 556,335

13,250 Selective Insurance Group Inc 740,278

11,100 Triad Guaranty Inc ^^* 542,568

 

 

 


 

 

 

15,890 Zenith National Insurance Corp 630,356

$4,412,231

 

LEISURE & ENTERTAINMENT --- 0.36%

14,800 WMS Industries Inc ^^* 405,372

$405,372

 

MACHINERY --- 2.61%

7,900 Albany International Corp Class A 334,881

21,966 Columbus McKinnon Corp* 477,541

15,686 Gardner Denver Inc 603,911

14,450 Toro Co ^^ 674,815

22,200 Wabtec Corp 830,280

$2,921,428

 

MANUFACTURING --- 3.23%

3,209 Ameron International Corp 215,067

29,892 Barnes Group Inc ^^ 596,345

62,461 Flow International Corp ^^* 878,826

13,000 Matthews International Corp Class A 448,110

13,050 Mueller Industries Inc 431,042

14,600 NCI Building Systems Inc ^^* 776,282

26,150 Ultralife Batteries Inc ^^* 264,900

$3,610,572

 

MEDICAL PRODUCTS --- 3.61%

28,970 Aspect Medical Systems Inc ^^* 505,237

23,371 Hologic Inc ^^ 1,153,593

6,250 ICU Medical Inc* 264,000

 

 

 


 

 

 

15,790 IRIS International Inc ^^* 207,796

28,608 Natus Medical Inc* 281,758

20,674 SurModics Inc ^^* 746,910

48,904 TriPath Imaging Inc ^^* 323,744

15,500 West Pharmaceutical Services Inc 562,340

$4,045,378

 

MISCELLANEOUS --- 0.31%

9,300 Speedway Motorsports Inc* 350,982

$350,982

 

OFFICE EQUIPMENT & SUPPLIES --- 0.50%

15,200 Brady Corp Class A 559,968

$559,968

 

OIL & GAS --- 6.19%

26,200 Allis-Chalmers Energy Inc* 356,058

1,815 Bill Barrett Corp* 53,742

691 Comstock Resources Inc* 20,633

8,500 Core Laboratories NV 518,840

3,400 Giant Industries Inc* 226,270

73,500 Grey Wolf Inc ^^* 565,950

14,180 Helix Energy Solutions Group Inc 572,305

16,200 Hornbeck Offshore Services Inc* 575,424

19,500 KCS Energy Inc* 579,150

11,600 Oceaneering International Inc 531,860

21,696 PetroQuest Energy Inc* 266,427

21,900 Pioneer Drilling Co* 338,136

14,060 RPC Inc ^^* 341,377

 

 

 


 

 

 

21,300 Superior Energy Services Inc* 722,070

12,900 TETRA Technologies Inc 390,741

8,800 Veritas DGC Inc* 453,904

8,297 W-H Energy Services Inc* 421,737

$6,934,624

 

PAPER & FOREST PRODUCTS --- 0.27%

19,100 PH Glatfelter Co 303,117

$303,117

 

PHARMACEUTICALS --- 1.66%

26,800 Cubist Pharmaceuticals Inc ^^* 674,824

24,704 Hi-Tech Pharmacal Co ^^ 409,345

20,500 Sciele Pharma Inc ^^* 475,395

35,099 ViroPharma Inc ^^* 302,860

$1,862,424

 

POLLUTION CONTROL --- 0.27%

9,900 Metal Management Inc 303,138

$303,138

 

RAILROADS --- 0.41%

16,600 Kansas City Southern ^^* 459,820

$459,820

 

RESTAURANTS --- 2.26%

12,832 Bob Evans Farms Inc 385,088

11,600 CBRL Group Inc ^^ 393,472

30,490 Luby's Inc ^^* 318,011

 

 

 


 

 

 

10,000 Panera Bread Co Class A* 672,400

18,689 Rare Hospitality International Inc* 537,496

10,900 Sonic Corp 226,611

$2,533,078

 

RETAIL --- 6.36%

26,400 Aaron Rents Inc 709,632

30,600 BEBE Stores Inc ^^ 471,852

10,800 Children's Place* 648,540

17,745 Conn's Inc ^^* 471,130

2,252 Dicks Sporting Goods Inc 89,179

23,960 Dress Barn Inc ^^ 607,386

17,700 Genesco Inc ^^* 599,499

12,337 Jos A Bank Clothiers Inc ^^ 295,595

14,000 Movado Group Inc 321,300

21,280 Rocky Brands Inc ^^* 452,200

30,400 Sonic Automotive Inc ^^ 674,272

23,180 Too Inc* 889,880

13,913 Under Armour Inc ^^* 592,972

15,288 Wild Oats Markets Inc* 299,645

$7,123,082

 

SHOES --- 0.85%

18,349 Steven Madden Ltd 543,497

31,100 Stride Rite Corp 410,209

$953,706

 

 

 

 

 

 


 

 

 

<PAGE>

 

 

SPECIALIZED SERVICES --- 5.49%

6,593 Access Integrated Technologies Inc ^^* 64,677

24,900 Barrett Business Services Inc* 456,915

66,300 CBIZ Inc ^^* 491,283

27,750 Copart Inc ^^* 681,540

15,400 Corrections Corp of America* 815,276

20,600 Kendle International Inc* 756,638

20,250 Labor Ready Inc* 458,663

13,500 Mobile Mini Inc 395,010

16,585 PetMed Express Inc ^^* 180,156

17,100 Providence Service Corp ^^* 465,633

17,680 Steiner Leisure Ltd* 698,890

3,100 Strayer Education Inc 301,072

41,026 SumTotal Systems Inc ^^* 257,233

9,956 WebSideStory Inc ^^* 121,829

$6,144,815

 

TELEPHONE & TELECOMMUNICATIONS --- 0.92%

42,900 ANADIGICS Inc ^^* 288,288

20,100 NICE Systems Ltd sponsored ADR 565,614

7,950 Tekelec* 98,183

35,587 Westell Technologies Inc Class A* 77,936

$1,030,021

 

TEXTILES --- 1.31%

22,500 Carter's Inc 594,675

 

 

 


 

 

 

22,750 Phillips-Van Heusen Corp 868,130

$1,462,805

 

TRANSPORTATION --- 0.23%

11,725 Marten Transport Ltd 254,902

$254,902

 

TOTAL COMMON STOCK --- 92.99% $104,091,637

(Cost $99,308,650)

 

SHORT-TERM INVESTMENTS

 

Par Value ($) Value ($)

--------------------------------------------------------------------------------

 

1,990,000 Fannie Mae 1,988,874

5.170%, July 5, 2006

5,162,000 Federal Home Loan Bank 5,160,595

4.970%, July 3, 2006

700,000 International Bank for Reconstruction & Development 699,602

5.200%, July 5, 2006

 

TOTAL SHORT-TERM INVESTMENTS --- 7.01% $7,849,071

(Cost $7,849,071)

 

TOTAL MAXIM TRUSCO SMALL-CAP GROWTH PORTFOLIO --- 100% $111,940,708

(Cost $107,157,721)

 

 

 

 

 


 

 

 

 

<PAGE>

 

 

Legend

* Non-income Producing Security

ADR - American Depository Receipt

^^ A portion or all of the security is on loan at June 31, 2006.

 

See Notes to Financial Statements.

 

 


 

 

 

Maxim Series Fund, Inc.

 

 

 

 

 

Summary of Investments by Sector

 

 

 

 

 

Maxim Trusco Small-Cap Growth Portfolio

 

 

June 30, 2006

 

 

 

 

Unaudited

 

 

 

 

 

 

 

 

 

 

 

 

 

% of Portfolio

Sector

 

Value ($)

 

Investments

Communications

$

5,963,144

 

5.33%

Consumer Products & Services

 

21,990,743

 

19.64%

Financial Services

 

8,464,909

 

7.56%

Health Care Related

 

12,671,521

 

11.32%

Industrial Products & Services

 

13,799,869

 

12.33%

Natural Resources

 

9,407,574

 

8.40%

Short Term Investments

 

7,849,071

 

7.01%

Technology

 

30,474,473

 

27.23%

Transportation

 

1,319,404

 

1.18%

 

$

111,940,708

 

100.00%

 

 


 

 

 

MAXIM SERIES FUND, INC.

 

 

MAXIM TRUSCO SMALL-CAP GROWTH PORTFOLIO

NOTES TO FINANCIAL STATEMENTS

JUNE 30, 2006

UNAUDITED

1.

 

1.

ORGANIZATION & SIGNIFICANT ACCOUNTING POLICIES

 

 

 


 

 

 

 


 

 

 

 

Maxim Series Fund, Inc. (the Fund) is a Maryland corporation organized on December 7, 1981 and is registered under the Investment Company Act of 1940 (the 1940 Act) as an open-end management investment company. The Fund presently consists of thirty-four portfolios. Interests in the Maxim Trusco Small-Cap Growth Portfolio (the Portfolio) are included herein and are represented by a separate class 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 Portfolio is available only as an investment option for certain variable annuity contracts and variable life policies issued by Great-West Life & Annuity Insurance Company (GWL&A), First Great-West Life & Annuity Insurance Company and New England Financial, and certain qualified retirement plans for which GWL&A, First Great-West Life & Annuity Insurance Company and New England Financial provide administrative services and for the Maxim Profile Portfolios.

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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.

Security Valuation

Short-term securities with a maturity of 60 days or less are valued on the basis of amortized cost.

 

For securities that are traded on an exchange, the last sale price as of the close of business of the principal exchange will be used. If the closing price is not available, the current bid will be used. For securities that principally trade on the NASDAQ National Market System, the NASDAQ official closing price will be used. In the event that trading on a security is halted prior to the end of the trading day due to a significant event, portfolio management will determine whether further pricing adjustment is necessary.

 

Fixed income and other securities are valued by independent pricing services approved by the Board of Directors.

 

Foreign securities are valued at the closing price on the security’s primary exchange. If the closing price is not available, the current bid will be used. Foreign equity securities are also subject to a fair value pricing review daily (see below). Foreign exchange rates are valued utilizing the New York closing rates.

 

Because developments that could affect the values of foreign securities may occur between the close of the foreign market where the security is principally traded and the valuation time, current market prices may not be readily available when the Portfolio determines the net asset value as of valuation time, and therefore, the Portfolio may adjust previous closing market prices of foreign securities to reflect what it believes to be the fair value of the securities as of the valuation time. While fair value determinations involve judgments that are inherently subjective, these determinations are made in good faith in accordance with procedures adopted by the Board of Directors. Factors used in the determination of fair value may include monitoring news to identify significant market or security specific events such as changes in the value of U.S. securities market, reviewing developments in foreign markets and evaluating the performance of ADRs, futures contracts and exchange-traded funds. The effect of fair value pricing as described above is that securities may not be priced on the basis of quotations from the primary market in which they are traded, but rather may be priced by another method that the board believes reflects fair value. This policy is intended to assure that the Portfolio’s net asset value fairly reflects security values at the time of pricing. Developments that might be considered significant events to trigger fair value pricing could be a natural disaster, government actions or significant fluctuations in domestic or foreign markets.

 

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.

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 does not 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. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and 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, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

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 currently qualifies, and intends to remain qualified, 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 accounting principles generally accepted in the United States of America.

2.

INVESTMENT ADVISORY AGREEMENT & OTHER TRANSACTIONS WITH AFFILIATES

 

The Fund has entered into an investment advisory agreement with GW Capital Management, LLC, doing business as Maxim Capital Management, LLC, a wholly-owned subsidiary of GWL&A. As compensation for its services to the Fund, the investment adviser receives monthly compensation at the annual rate of 0.95% 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 1.10% 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.

Effective April 1, 2006, GWFS Equities, Inc., a wholly-owned subsidiary of GWL&A, became the principal underwriter to distribute and market the Portfolio. Prior to that date, Greenwood Investments, LLC, a wholly-owned subsidiary of GWL&A, was the principal underwriter. FASCore, LLC, a wholly-owned subsidiary of GWL&A, performs transfer agent servicing functions for the Portfolio.

As of June 30, 2006, there were thirty-four Portfolios of the Fund for which the Directors served as Directors. The total compensation paid to the independent directors with respect to all funds for which they serve as Directors was $56,250 for the six months ended June 30, 2006. Certain officers of the Fund are also directors and/or officers of GWL&A or its subsidiaries. No officer or interested director of the Fund receives any compensation directly from the Fund.

3.

PURCHASES & SALES OF INVESTMENT SECURITIES

 

For the six months ended June 30, 2006, the aggregate cost of purchases and proceeds from sales of investment securities (excluding all U.S. Government securities and short-term securities) were $87,967,900 and $75,642,374, respectively. For the same period, there were no purchases or sales of long-term U.S. Government securities.

4.

UNREALIZED APPRECIATION (DEPRECIATION)

 

At June 30, 2006, the U.S. Federal income tax cost basis was $108,149,656. The Portfolio had gross appreciation of securities in which there was an excess of value over tax cost of $10,789,932 and gross depreciation of securities in which there was an excess of tax cost over value of $6,620,309 resulting in net appreciation of $4,169,623.

5.

SECURITIES LOANED

 

 

 


 

 

 

 

The Portfolio has entered into a securities lending agreement with its custodian. Under the terms of the agreement the Portfolio receives annual income, recorded monthly, after deductions of other amounts payable to the custodian or to the borrower from lending transactions. In exchange for such fees, the custodian is authorized to loan securities on behalf of the Portfolio against receipt of cash collateral at least equal in value at all times to the value of the securities loaned plus accrued interest. Cash collateral is invested by the custodian in securities approved by the Board of Directors and is disclosed as “Collateral for securities loaned” in the Statement of Assets and Liabilities. The Portfolio also continues to receive interest or dividends on the securities loaned. As of June 30, 2006, the Portfolio had securities on loan valued at $24,819,086 and received collateral of $24,975,664 for such loan. The Portfolio bears the risk of any deficiency in the amount of collateral available for return to a borrower due to a loss in an approved investment.

6.

DISTRIBUTIONS TO SHAREHOLDERS

 

Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes. The differences between book basis and tax basis are primarily due to tax deferral of losses on 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.

The Portfolio’s tax capital gains and losses are determined only at the end of each fiscal year. At December 31, 2005, the portfolio had available for federal income tax purposes unused capital loss carryforwards of $506,441 and $34,401,991, which expire in the years 2009 and 2010, respectively.

 

 

 


 

 

Investment Advisory Contract Approval

 

The Board of Directors (the "Board") of Maxim Series Fund, Inc. (the "Fund"), including the Directors who are not interested persons of the Fund (the "Independent Directors"), approved at a meeting held on April 18, 2006 (the "Meeting"), the continuation of the Investment Advisory Agreement between the Fund and GW Capital Management, LLC, doing business as Maxim Capital Management, LLC ("MCM") and the Sub-Advisory Agreements between MCM and each of the following Sub-Advisers: Alliance Capital Management, L.P.; Ariel Capital Management, LLC; BNY Investment Advisors; Federated Investment Management Company; INVESCO Global Asset Management (N.A.), Inc.; Franklin Advisers, Inc.; Janus Capital Management, LLC; Loomis, Sayles & Company, L.P.; Massachusetts Financial Services Company; Salomon Brothers Asset Management Company Inc.; T. Rowe Price Associates, Inc.; and Trusco Capital Management, Inc.

 

Based on its review of the Advisory Agreement and Sub-Advisory Agreements (collectively, the "Agreements"), the information described below, and such considerations as the Board deemed relevant, the Board concluded that the terms of the Agreements are fair and reasonable, and that the advisory and sub-advisory fee rates provided in the Agreements are fair and reasonable in relation to the services rendered.

 

The Independent Directors met separately on March 28, 2006, with independent legal counsel to review and evaluate in advance of the Meeting information furnished by MCM and the Sub-Advisers in connection with the proposed continuation of the Agreements. In approving the Agreements, the Board considered such information as the Board deemed reasonably necessary to evaluate the terms of the Agreements. The Board also noted that information regarding performance is provided to the Board on an ongoing basis at regular meetings of the Board held throughout the year. Discussed below are the principal factors considered by the Board in approving the Agreements. This discussion is not intended to be all-inclusive. In approving the Agreements, the Board did not identify any single factor as being determinative. Rather, the Board's approvals were based on each Director's business judgment after consideration of the information as a whole. Individual Directors may have weighted certain factors differently and assigned varying degrees of materiality to information considered by the Board.

 

Under the terms of the Advisory Agreement, MCM acts as investment adviser and, subject to oversight by the Board, directs the investments of each Portfolio in accordance with its investment objective, policies and limitations. MCM also provides, subject to oversight by the Board, the management and administrative services necessary for the operation of the Fund. In addition, the Fund operates under a manager-of-managers structure pursuant to an order issued by the United States Securities and Exchange Commission, which permits MCM to enter into and materially amend Sub-Advisory Agreements without shareholder approval. Under this structure, MCM is also responsible for monitoring and evaluating the performance of the Sub-Advisers and for recommending the hiring, termination and replacement of Sub-Advisers to the Board.

 

Under the terms of the Sub-Advisory Agreements noted above, each Sub-Adviser, subject to general supervision and oversight by MCM and the Board, is responsible for the day-to-day management of the Portfolio(s) sub-advised by it, and for making decisions to buy, sell, or hold any particular security. MCM is responsible for the day-to-day management of the Portfolios that do not have a Sub-Adviser.

 

 


 

 

Nature, Extent and Quality of Services.

 

The Board considered and concluded that it was satisfied with the nature, extent, and quality of services provided and to be provided by MCM to each Portfolio and by each Sub-Adviser to the applicable Portfolio(s). In this regard, the Board considered, among other things, MCM's and each Sub-Adviser's personnel, experience, resources and track record, their ability to provide or obtain such services as may be necessary in managing, acquiring and disposing of investments on behalf of the Portfolios, consulting by the Sub-Advisers as appropriate with MCM, and performing research and obtaining and evaluating the economic, statistical and financial data relevant to the investment policies of the Portfolios. The Board also considered MCM's and each Sub-Adviser's reputation for management of their specific investment strategies, MCM's and each Sub-Adviser's overall financial condition, technical resources, and operational capabilities. Consideration was given to the fact that at regular meetings of the Board held throughout the year, the Board meets with representatives of MCM and of the Sub-Advisers to discuss portfolio management strategies, benchmark index tracking for each Index Portfolio, and the performance of each Portfolio. The Board also considered MCM's and each Sub-Adviser's practices regarding the selection and compensation of brokers and dealers that execute portfolio transactions for the Portfolios and the procedures MCM and each Sub-Adviser use for obtaining best execution for transactions in the Portfolios. Consideration was also given to the Portfolios' turnover rates in relation to the quality of the services provided.

 

Investment Performance.

 

The Board considered and concluded that, as to each Portfolio, it was satisfied with the investment performance of the Portfolios or satisfied with the steps being taken to address under-performance. The Board reviewed information regarding the investment performance of each Portfolio, as compared against various benchmarks and the performance of similar funds. For each Portfolio, the performance information included the annualized returns for the one-, three-, five-, and ten-year periods ended December 31, 2005, to the extent applicable, risk-weighted performance measures, and the Portfolios' Morningstar category and overall ratings. The Board considered the composition of each Portfolio's "peer" funds, as determined by MCM, based on the Portfolio's Morningstar category. The Board noted in each case how the Portfolios performed relative to the short- and long-term returns of applicable benchmarks and peer funds.

 

Costs and Profitability.

 

The Board considered the cost of services to be provided and profits to be realized by MCM and each Sub-Adviser and their affiliates from their relationships with the Portfolios. The Board concluded that the cost of services and the profitability of MCM and, to the extent such information was available, the Sub-Advisers, were reasonable in relation to the nature, extent and quality of the services rendered. With respect to the cost of services, the Board considered the structure and the level of the applicable investment management fees and other expenses payable by the Portfolios, as well as the structure and level of the applicable sub-advisory fees payable by MCM to the Sub-Advisers. In evaluating the applicable management and sub-advisory fees, the Board considered the fees payable by and the total expense ratios of similar funds managed by other advisers, as determined by MCM based on each Portfolio's Morningstar category. The Board also considered each Portfolio's total expense ratio in comparison to the median expense ratio for all funds within the same Morningstar fund category as the Portfolio. Based on the information provided, the Board concluded that the total expenses of the Portfolios (including management fees) were within the range of fees paid by similar funds, and that the Portfolios' expense ratios were generally near or below the median expense ratio for the applicable Morningstar fund category. With respect to the sub-advisory fees, it was noted that the rates payable by MCM to the Sub-Advisers were the result of arms-length negotiations since none of the Sub-Advisers is an affiliate of MCM.

 

The Board considered the overall financial soundness of MCM and each Sub-Adviser and the profits to be realized by MCM and its affiliates and, to the extent practicable, the Sub-Adviser and its affiliates. The Board requested and reviewed the financial statements of and profitability information from MCM and, to the extent such information was available, the Sub-Advisers. In evaluating the information provided by MCM, the Board noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as MCM, and that it is difficult to make comparisons of profitability among advisers because comparative information is not generally available to the public and, when available, is qualified by various assumptions and other factors.

 

 


 

 

Economies of Scale.

 

The Board considered the extent to which economies of scale may be realized as the Portfolios grow and whether current fee levels reflect these economies of scale for the benefit of investors. In evaluating economies of scale, the Board considered, among other things, the current level of management and sub-advisory fees payable by the Portfolios and MCM, the profitability and financial condition of MCM, and the current level of Portfolio assets. The Board concluded that the Portfolios were not of sufficient size to identify economies of scale, and that no changes were currently necessary to reflect economies of scale.

 

Other Factors.

 

The Board also considered ancillary benefits derived or to be derived by MCM or the Sub-Advisers from their relationships with the Portfolios as part of the total mix of information evaluated by the Board. In this regard, the Board noted that certain Sub-Advisers received ancillary benefits from soft dollar arrangements by which brokers provide research to the Sub-Adviser in return for allocating Portfolios brokerage. The Board also noted where services were provided to the Portfolios by an affiliate of MCM or a Sub-Adviser, and took into account the fact that the Portfolios are used as funding vehicles under variable life and annuity contracts offered by insurance companies affiliated with MCM and as funding vehicles under retirement plans for which affiliates of MCM may provide various retirement plan services. The Board also considered the extent to which the Profile Funds may invest in certain fixed interest contracts issued and guaranteed by MCM's parent company, Great-West Life & Annuity Insurance Company ("GWL&A"), and the benefits derived or to be derived by GWL&A from such investments. The Board concluded that management and sub-advisory fees were reasonable, taking into account the ancillary benefits.

 

 

 


 

 

 

ITEM 2.

CODE OF ETHICS.

 

Not required in filing.

 

 

ITEM 3.

AUDIT COMMITTEE FINANCIAL EXPERT.

 

Not required in filing.

 

 

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

 

Not required in filing.

 

 

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.

 

Not required in filing.

 

 

ITEM 6.

SCHEDULE OF INVESTMENTS.

 

The schedule of investments is included as part of the report to shareholders filed under Item 1 of this Form.

 

ITEM 7.            DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

 

Not applicable.

 

ITEM 8.            PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

 

Not applicable.

 

ITEM 9.            PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

 

Not applicable.

 

 

ITEM 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

 

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.

 

 

ITEM 11.

CONTROLS AND PROCEDURES.

 

(a)

The registrant's principal executive officer and principal financial officer have concluded, based upon their evaluation of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures provide reasonable assurance that material information required to be disclosed by the registrant in the report it files or submits on Form N-CSR is recorded, processed, summarized and reported, within the time periods specified in the commission's rules and forms and that such material information is accumulated and communicated to the registrant's management, including its principal executive officer and principal financial officer, as appropriate, in order to allow timely decisions regarding required disclosure.

 

(b)

The registrant's principal executive officer and principal financial officer are aware of no changes in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

 

 

ITEM 12.

EXHIBITS.

 

(a)

(1) Not required in filing.

 

(2) A separate certification for each principal executive and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940 is attached hereto.

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

MAXIM SERIES FUND, INC.

 

By:

/s/ W. T. McCallum

 

 

W. T. McCallum

 

 

President

 

 

Date:   August 25, 2006

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By:

/s/ W. T. McCallum

 

 

W. T. McCallum

 

 

President

 

 

Date:   August 25, 2006

 

 

By:

/s/ G. R. McDonald

 

 

G. R. McDonald

 

 

Treasurer

 

 

Date:   August 25, 2006