UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-03364

MAXIM SERIES FUND, INC.

(Exact name of registrant as specified in charter)

8515 East Orchard Road

Greenwood Village, Colorado 80111

(Address of principal executive offices)

Mitchell T.G. Graye

President and Chief Executive Officer

Maxim Series Fund, Inc.

8515 E. Orchard Road

Greenwood Village, Colorado 80111

(Name and address of agent for service)

Registrant's telephone number, including area code: (866) 831-7129

Date of fiscal year end:  December 31

Date of reporting period:  March 31, 2010

Item 1.  Schedule of Investments:

MAXIM SERIES FUND, INC.

MAXIM MONEY MARKET PORTFOLIO

SCHEDULE OF INVESTMENTS

MARCH 31, 2010

UNAUDITED

BONDS
Par Value ($)			Value ($)
Agency --- 15.83%
	15,000,000	Fannie Mae		15,007,312
		2.50% April 9, 2010
	3,000,000	Fannie Mae		3,008,658
		1.50% July 6, 2010
	11,500,000	Fannie Mae		11,857,553
		4.75% December 15, 2010
	8,000,000	Fannie Mae		8,105,702
		1.75% March 23, 2011
	5,000,000	Fannie Mae *		5,002,392
		0.14% July 13, 2010
	1,500,000	Fannie Mae		1,515,498
		3.25% August 12, 2010
	300,000	Federal Farm Credit Bank		305,351
		4.00% September 24, 2010
	425,000	Federal Home Loan Bank		426,159
		4.08% April 26, 2010
	150,000	Federal Home Loan Bank		151,164
		4.25% June 11, 2010
	100,000	Federal Home Loan Bank		101,650
		4.71% August 16, 2010
	2,500,000	Federal Home Loan Bank		2,528,581
		3.38% August 13, 2010
	510,000	Federal Home Loan Bank		511,932
		3.38% May 14, 2010
	250,000	Federal Home Loan Bank		253,545
		4.13% August 13, 2010
	300,000	Federal Home Loan Bank		300,245
		0.60% June 15, 2010
	3,000,000	Federal Home Loan Bank		3,067,429
		3.63% December 17, 2010
	500,000	Federal Home Loan Bank		508,617
		4.88% August 16, 2010
	300,000	Federal Home Loan Bank		305,347
		4.79% August 26, 2010
	500,000	Federal Home Loan Bank		514,951
		4.75% December 10, 2010
	2,150,000	Federal Home Loan Bank		2,160,221
		1.38% August 27, 2010
	200,000	Federal Home Loan Bank		203,749
		4.38% September 17, 2010
	4,000,000	Freddie Mac		4,021,603
		2.88% June 28, 2010
	6,000,000	Freddie Mac		6,112,468
		5.13% August 23, 2010
	10,000,000	Freddie Mac		10,032,765
		2.38% May 28, 2010
			$	76,002,892
Agency Asset Backed --- 0.01%
	53,408	Freddie Mac *		53,408
		Series T-20 Class A7
		0.55% December 25, 2029
			$	53,408
Agency Mortgage Backed --- 0.02%
	99,091	Fannie Mae *		98,262
		Series 2002-W5 Class A9
		0.65% November 25, 2030
			$	98,262
TOTAL BONDS --- 15.86%			$	76,154,562
(Cost $76,154,562)
SHORT-TERM INVESTMENTS
Par Value ($)			Value ($)
	24,000,000	World Bank		23,996,159
		0.16% May 7, 2010
	15,500,000	Fannie Mae		15,497,326
		0.14% May 17, 2010
	500,000	Fannie Mae		499,901
		0.17% May 13, 2010
	17,062,000	Fannie Mae		17,059,051
		0.16% May 12, 2010
	10,500,000	Fannie Mae		10,497,806
		0.17% May 19, 2010
	1,400,000	Fannie Mae		1,399,798
		0.16% May 5, 2010
	17,700,000	Fannie Mae		17,695,943
		0.15% May 26, 2010
	2,220,000	Fannie Mae		2,219,444
		0.17% May 24, 2010
	17,500,000	Fannie Mae		17,500,000
		0.09% April 1, 2010
	24,687,000	Fannie Mae		24,685,517
		0.12% April 19, 2010
	2,000,000	Fannie Mae		1,999,889
		0.10% April 21, 2010
	16,052,000	Fannie Mae		16,050,381
		0.15% April 28, 2010
	4,641,000	Fannie Mae		4,640,794
		0.16% April 14, 2010
	17,400,000	Fannie Mae		17,399,845
		0.08% April 5, 2010
	5,000,000	Fannie Mae		4,999,905
		0.11% April 7, 2010
	30,362,000	Fannie Mae		30,361,021
		0.11% April 12, 2010
	5,000,000	Fannie Mae		4,998,467
		0.16% June 9, 2010
	9,800,000	Federal Farm Credit Bank		9,798,628
		0.09% May 27, 2010
	3,979,000	Federal Farm Credit Bank		3,978,275
		0.16% May 12, 2010
	3,000,000	Federal Farm Credit Bank		3,000,000
		0.09% April 1, 2010
	3,500,000	Federal Farm Credit Bank		3,495,568
		0.31% August 26, 2010
	3,000,000	Federal Home Loan Bank		2,999,936
		0.07% April 12, 2010
	1,900,000	Federal Home Loan Bank		1,899,958
		0.10% April 9, 2010
	6,000,000	Federal Home Loan Bank		5,998,800
		0.15% May 19, 2010
	17,000,000	Federal Home Loan Bank		16,999,140
		0.14% April 14, 2010
	2,275,000	Federal Home Loan Bank		2,274,762
		0.13% April 30, 2010
	15,100,000	Federal Home Loan Bank		15,097,819
		0.13% May 11, 2010
	400,000	Federal Home Loan Bank		399,924
		0.16% May 14, 2010
	1,600,000	Federal Home Loan Bank		1,599,856
		0.13% April 26, 2010
	9,701,000	Federal Home Loan Bank		9,700,427
		0.12% April 16, 2010
	4,500,000	Federal Home Loan Bank		4,499,700
		0.12% April 21, 2010
	5,000,000	Federal Home Loan Bank		4,999,542
		0.15% April 23, 2010
	600,000	Freddie Mac		599,987
		0.13% April 7, 2010
	1,675,000	Freddie Mac		1,674,967
		0.14% April 6, 2010
	1,200,000	Freddie Mac		1,199,984
		0.12% April 5, 2010
	1,123,000	Freddie Mac		1,122,952
		0.14% April 12, 2010
	3,400,000	Freddie Mac		3,399,398
		0.17% May 10, 2010
	12,950,000	Freddie Mac		12,948,180
		0.15% May 4, 2010
	4,350,000	Freddie Mac		4,349,607
		0.13% April 26, 2010
	18,645,000	Tennessee Valley Authority		18,644,601
		0.11% April 8, 2010
	15,000,000	United States of America		14,999,242
		0.13% April 15, 2010
	23,800,000	United States of America		23,797,407
		0.11% May 6, 2010
Joint Repurchase Agreements
	22,420,000	Undivided interest of 100.00% in a repurchase agreement (Principal Amount/Value $22,420,000 with a maturity value of $22,420,019) with Credit Suisse, 0.03%, dated 3/31/10, to be repurchased at $22,420,019 on 04/01/10, collateralized by Freddie Mac, 5.50%, 6/01/34, with a value of $22,869,064.		22,420,000
TOTAL SHORT-TERM INVESTMENTS --- 84.03%			$	403,399,907
(Cost $403,399,907)
OTHER ASSETS & LIABILITIES --- 0.11%			$	521,352
TOTAL NET ASSETS --- 100%			$	480,075,821
(Cost $479,554,469)

Legend

* Represents the current interest rate for variable rate security.

The value of assets in the Portfolio is determined as of the close of trading on each valuation date.

Investments held by the Portfolio are valued at the amortized cost method of valuation permitted in accordance with Rule 2a-7 under the 1940 Act and certain conditions therein.  Under the amortized cost method, which does not take into account unrealized capital gains or losses, an instrument is initially valued at its cost and thereafter assumes a constant accretion/amortization to maturity of any discount or premium.  

The Portfolio classifies its valuations into three levels based upon the transparency of inputs to the valuation of the Portfolio’s investments.  The three levels are defined as follows:

Level 1 – Valuations based on quoted prices for identical securities in active markets.

Level 2 – Valuations based on either directly or indirectly observable inputs.  These may include quoted prices in markets that are not active or quoted prices for similar assets in active markets.  Valuations may also be based on inputs other than quoted prices that are observable for the asset, such as interest rates and yield curves.  Additional inputs may be used such as benchmark yields, reported trades, broker/dealer quotes, issuer spreads, prepayment speeds and benchmark securities. 

Level 3 – Valuations based on inputs that are unobservable and significant to the fair value measurement. 

As of March 31, 2010 and throughout the period, 100% of the Portfolio’s investments were valued using amortized cost.  Amortized cost closely approximates a security’s current fair value, but since the value is not derived from a quoted price in an active market, amortized securities are considered to be valued using Level 2 inputs.  See Schedule of Investments for values in each industry.

Management determines the Portfolio's industry classifications using one or more widely recognized market indexes or ratings group indexes.  Industries are shown as a percent of total net assets.  These industry classifications are unaudited.

MAXIM SERIES FUND, INC.

MAXIM STOCK INDEX PORTFOLIO

SCHEDULE OF INVESTMENTS

MARCH 31, 2010

UNAUDITED

COMMON STOCK
Shares			Value ($)
Aerospace & Defense --- 2.74%
	848	Alliant Techsystems Inc *		68,942
	2,582	BE Aerospace Inc *		78,622
	19,520	Boeing Co		1,417,347
	9,933	General Dynamics Corp		766,828
	3,251	Goodrich Corp		229,260
	19,842	Honeywell International Inc		898,247
	4,783	ITT Corp		256,417
	2,961	L-3 Communications Holdings Inc		271,316
	8,118	Lockheed Martin Corp		675,580
	7,784	Northrop Grumman Corp		510,397
	3,694	Precision Castparts Corp		468,067
	9,750	Raytheon Co		556,920
	4,061	Rockwell Collins Inc		254,178
	24,155	United Technologies Corp		1,778,050
			$	8,230,171
Agriculture --- 0.18%
	16,678	Archer-Daniels-Midland Co		481,994
	1,888	Corn Products International Inc		65,438
			$	547,432
Air Freight --- 0.95%
	4,261	CH Robinson Worldwide Inc		237,977
	5,541	Expeditors International of Washington Inc		204,574
	8,123	FedEx Corp		758,688
	25,609	United Parcel Service Inc Class B		1,649,476
			$	2,850,715
Airlines --- 0.12%
	3,364	AirTran Holdings Inc *		17,089
	1,020	Alaska Air Group Inc *		42,054
	5,707	JetBlue Airways Corp *		31,845
	19,412	Southwest Airlines Co		256,627
			$	347,615
Auto Parts & Equipment --- 0.28%
	3,102	BorgWarner Inc *		118,434
	3,529	Gentex Corp		68,533
	6,425	Goodyear Tire & Rubber Co *		81,212
	17,425	Johnson Controls Inc		574,851
			$	843,030
Automobiles --- 0.43%
	86,833	Ford Motor Co *		1,091,491
	6,027	Harley-Davidson Inc		169,178
	995	Thor Industries Inc		30,059
			$	1,290,728
Banks --- 3.13%
	3,586	Associated Banc-Corp		49,487
	2,033	Bancorpsouth Inc		42,612
	1,201	Bank of Hawaii Corp		53,985
	17,851	BB&T Corp		578,194
	1,389	Cathay General Bancorp		16,182
	1,075	City National Corp		58,018
	4,027	Comerica Inc		153,187
	1,956	Commerce Bancshares Inc		80,470
	1,548	Cullen/Frost Bankers Inc		86,378
	20,828	Fifth Third Bancorp		283,053
	5,969	First Horizon National Corp		83,860
	2,314	FirstMerit Corp		49,913
	4,925	Fulton Financial Corp †		50,186
	15,247	Huntington Bancshares Inc		81,876
	1,423	International Bancshares Corp		32,715
	22,597	KeyCorp		175,127
	2,127	M&T Bank Corp †		168,841
	13,335	Marshall & Ilsley Corp		107,347
	688	PacWest Bancorp		15,700
	13,109	PNC Financial Services Group Inc		782,607
	1,209	Prosperity Bancshares Inc		49,569
	31,046	Regions Financial Corp		243,711
	12,810	SunTrust Banks Inc		343,180
	925	SVB Financial Group *		43,160
	7,876	Synovus Financial Corp †		25,912
	3,161	TCF Financial Corp †		50,386
	1,368	Trustmark Corp		33,420
	49,333	US Bancorp		1,276,738
	3,977	Valley National Bancorp †		61,126
	1,792	Webster Financial Corp		31,342
	133,746	Wells Fargo & Co ~		4,162,176
	819	Westamerica Bancorp †		47,215
	1,943	Wilmington Trust Corp		32,196
	3,233	Zions Bancorp		70,544
			$	9,420,413
Biotechnology --- 2.08%
	1,982	Affymetrix Inc *		14,548
	25,256	Amgen Inc *		1,509,299
	6,924	Biogen Idec Inc *		397,161
	538	Bio-Rad Laboratories Inc Class A *		55,694
	11,838	Celgene Corp *		733,482
	1,989	Cephalon Inc *		134,814
	1,692	Charles River Laboratories International Inc *		66,512
	1,700	Covance Inc *		104,363
	6,833	Genzyme Corp *		354,154
	23,422	Gilead Sciences Inc *		1,065,233
	4,667	Life Technologies Corp *		243,944
	895	Mettler-Toledo International Inc *		97,734
	1,478	Millipore Corp *		156,077
	1,456	OSI Pharmaceuticals Inc *		86,705
	2,986	PerkinElmer Inc		71,365
	3,031	Pharmaceutical Product Development Inc		71,986
	956	Techne Corp		60,888
	10,604	Thermo Fisher Scientific Inc *		545,470
	1,198	United Therapeutics Corp *		66,285
	809	Varian Inc *		41,890
	4,856	Vertex Pharmaceuticals Inc *		198,465
	2,467	Waters Corp *		166,621
			$	6,242,690
Broadcast/Media --- 2.62%
	17,725	CBS Corp Class B		247,087
	73,165	Comcast Corp Class A		1,376,965
	24,086	DIRECTV Class A *		814,348
	7,382	Discovery Communications Inc Class A *		249,438
	1,915	DreamWorks Animation SKG Inc Class A *		75,432
	1,069	Harte-Hanks Inc		13,747
	12,372	Interpublic Group of Cos Inc *		102,935
	1,319	Lamar Advertising Co Class A *		45,308
	58,036	News Corp Class A		836,299
	7,959	Omnicom Group Inc		308,889
	2,400	Scripps Networks Interactive Inc		106,440
	9,058	Time Warner Cable Inc		482,882
	29,635	Time Warner Inc		926,686
	15,614	Viacom Inc Class B *		536,809
	50,086	Walt Disney Co		1,748,502
			$	7,871,767
Building Materials --- 0.07%
	1,321	Lennox International Inc		58,547
	9,211	Masco Corp		142,954
			$	201,501
Chemicals --- 2.02%
	5,448	Air Products & Chemicals Inc		402,880
	2,174	Airgas Inc		138,310
	2,429	Albemarle Corp		103,548
	1,907	Ashland Inc		100,632
	1,631	Cabot Corp		49,583
	1,290	CF Industries Holdings Inc		117,622
	1,323	Cytec Industries Inc		61,837
	29,748	Dow Chemical Co		879,648
	1,937	Eastman Chemical Co		123,348
	6,144	Ecolab Inc		270,029
	23,284	EI du Pont de Nemours & Co		867,096
	1,931	FMC Corp		116,903
	2,097	International Flavors & Fragrances Inc		99,964
	1,088	Intrepid Potash Inc * †		32,999
	1,806	Lubrizol Corp		165,646
	525	Minerals Technologies Inc		27,216
	14,062	Monsanto Co		1,004,308
	2,185	Olin Corp		42,870
	4,248	PPG Industries Inc		277,819
	7,884	Praxair Inc		654,372
	3,317	RPM International Inc		70,785
	1,234	Scotts Miracle-Gro Co Class A		57,196
	1,366	Sensient Technologies Corp		39,696
	3,173	Sigma-Aldrich Corp		170,263
	2,656	Terra Industries Inc		121,539
	2,596	Valspar Corp		76,530
			$	6,072,639
Communications - Equipment --- 2.43%
	9,946	3Com Corp *		76,485
	2,709	ADC Telecommunications Inc *		19,803
	1,539	ADTRAN Inc		40,553
	2,556	Ciena Corp *		38,953
	147,809	Cisco Systems Inc * ~		3,847,468
	2,368	CommScope Inc *		66,351
	2,095	F5 Networks Inc *		128,863
	3,388	Harris Corp		160,896
	5,562	JDS Uniphase Corp *		69,692
	13,495	Juniper Networks Inc *		414,027
	59,418	Motorola Inc *		417,114
	4,473	Palm Inc * †		16,819
	1,371	Plantronics Inc		42,885
	2,118	Polycom Inc *		64,768
	43,499	QUALCOMM Inc		1,826,523
	9,836	Tellabs Inc		74,459
			$	7,305,659
Computer Hardware & Systems --- 5.24%
	23,413	Apple Inc * ~		5,500,416
	44,747	Dell Inc *		671,652
	1,657	Diebold Inc		52,626
	53,065	EMC Corp *		957,293
	60,763	Hewlett-Packard Co ~		3,229,553
	33,535	International Business Machines Corp ~		4,300,864
	1,974	Lexmark International Inc Class A *		71,222
	3,990	NCR Corp *		55,062
	8,771	NetApp Inc *		285,584
	2,919	QLogic Corp *		59,256
	5,878	SanDisk Corp *		203,555
	4,393	Teradata Corp *		126,914
	5,900	Western Digital Corp *		230,041
			$	15,744,038
Computer Software & Services --- 5.77%
	982	ACI Worldwide Inc *		20,239
	13,470	Adobe Systems Inc *		476,434
	439	Advent Software Inc *		19,645
	4,369	Akamai Technologies Inc *		137,230
	2,342	ANSYS Inc *		101,034
	2,900	AOL Inc *		73,312
	5,908	Autodesk Inc *		173,813
	4,790	BMC Software Inc *		182,020
	10,379	CA Inc		243,595
	7,391	Cadence Design Systems Inc *		49,224
	4,723	Citrix Systems Inc *		224,201
	5,795	Compuware Corp *		48,678
	1,071	Digital River Inc *		32,451
	29,238	eBay Inc *		787,964
	8,360	Electronic Arts Inc *		155,998
	1,028	Equinix Inc *		100,066
	1,066	FactSet Research Systems Inc		78,212
	1,111	Fair Isaac Corp		28,153
	6,238	Google Inc Class A * ~		3,537,008
	2,442	Informatica Corp *		65,592
	8,188	Intuit Inc *		281,176
	2,350	Jack Henry & Associates Inc		56,541
	4,040	McAfee Inc *		162,125
	2,641	Mentor Graphics Corp *		21,181
	2,041	MICROS Systems Inc *		67,108
	197,018	Microsoft Corp ~		5,766,717
	9,682	Novell Inc *		57,995
	100,875	Oracle Corp		2,591,479
	3,250	Parametric Technology Corp *		58,663
	1,725	Quest Software Inc *		30,688
	4,823	Red Hat Inc *		141,169
	2,621	Rovi Corp *		97,318
	2,872	Salesforce.com Inc *		213,820
	1,755	Solera Holdings Inc		67,831
	2,175	Sybase Inc *		101,399
	20,686	Symantec Corp *		350,007
	3,704	Synopsys Inc *		82,858
	2,439	ValueClick Inc *		24,731
	4,648	VeriSign Inc *		120,895
	30,594	Yahoo! Inc *		505,719
			$	17,334,289
Conglomerates --- 2.25%
	18,434	3M Co		1,540,529
	1,536	Carlisle Cos Inc		58,522
	275,480	General Electric Co ~		5,013,736
	7,219	Textron Inc		153,259
			$	6,766,046
Containers --- 0.30%
	1,732	AptarGroup Inc		68,154
	2,386	Ball Corp		127,365
	2,802	Bemis Co Inc		80,473
	960	Greif Inc Class A		52,723
	4,316	Owens-Illinois Inc *		153,391
	2,591	Packaging Corp of America		63,764
	3,503	Pactiv Corp *		88,206
	4,222	Sealed Air Corp		89,000
	716	Silgan Holdings Inc		43,125
	2,579	Sonoco Products Co		79,407
	2,666	Temple-Inland Inc		54,466
			$	900,074
Cosmetics & Personal Care --- 0.32%
	2,150	Alberto-Culver Co		56,222
	10,970	Avon Products Inc		371,554
	3,042	Estee Lauder Cos Inc Class A		197,335
	5,104	Mead Johnson Nutrition Co		265,561
	1,544	NBTY Inc *		74,081
			$	964,753
Distributors --- 0.23%
	3,440	Fastenal Co †		165,086
	1,324	GATX Corp		37,933
	4,162	Genuine Parts Co		175,803
	3,575	LKQ Corp *		72,572
	1,153	MSC Industrial Direct Co Inc Class A		58,480
	1,686	United Rentals Inc *		15,815
	1,626	WW Grainger Inc		175,803
			$	701,492
Electric Companies --- 1.82%
	4,509	Allegheny Energy Inc		103,707
	12,279	American Electric Power Co Inc		419,696
	1,694	Cleco Corp		44,976
	3,078	DPL Inc		83,691
	33,886	Duke Energy Corp		553,019
	8,347	Edison International		285,217
	4,857	Entergy Corp		395,117
	16,992	Exelon Corp		744,420
	7,815	FirstEnergy Corp		305,488
	10,732	FPL Group Inc		518,678
	3,475	Great Plains Energy Inc		64,531
	2,271	Hawaiian Electric Industries Inc †		50,984
	1,322	IDACORP Inc		45,768
	4,671	Northeast Utilities		129,106
	2,839	NSTAR		100,557
	6,045	NV Energy Inc		74,535
	5,871	Pepco Holdings Inc		100,688
	2,690	Pinnacle West Capital Corp		101,494
	2,429	PNM Resources Inc		30,435
	9,885	PPL Corp		273,913
	7,329	Progress Energy Inc		288,469
	20,798	Southern Co		689,662
	2,745	Westar Energy Inc		61,213
			$	5,465,364
Electronic Instruments & Equipment --- 1.26%
	9,040	Agilent Technologies Inc *		310,886
	2,862	AMETEK Inc		118,658
	4,480	Amphenol Corp Class A		189,011
	3,176	Arrow Electronics Inc *		95,693
	4,025	Avnet Inc *		120,750
	40,458	Corning Inc		817,656
	19,388	Emerson Electric Co		975,992
	1,289	First Solar Inc * †		158,096
	4,038	FLIR Systems Inc *		113,872
	1,582	Hubbell Inc Class B		79,780
	4,149	Ingram Micro Inc Class A *		72,815
	1,031	Itron Inc *		74,820
	1,569	National Instruments Corp		52,326
	700	Regal-Beloit Corp		41,587
	3,717	Rockwell Automation Inc		209,490
	2,424	Roper Industries Inc		140,204
	1,262	Tech Data Corp *		52,878
	1,306	Thomas & Betts Corp *		51,247
	4,598	Vishay Intertechnology Inc *		47,038
	1,541	Woodward Governor Co		49,281
			$	3,772,080
Electronics - Semiconductor --- 2.49%
	14,928	Advanced Micro Devices Inc *		138,383
	7,612	Altera Corp		185,048
	7,633	Analog Devices Inc		219,983
	34,513	Applied Materials Inc		465,235
	11,391	Atmel Corp *		57,297
	11,068	Broadcom Corp Class A		367,236
	2,689	Cree Inc *		188,822
	3,473	Fairchild Semiconductor International Inc *		36,987
	4,636	Integrated Device Technology Inc *		28,419
	142,584	Intel Corp ~		3,173,920
	2,012	International Rectifier Corp *		46,075
	3,428	Intersil Holding Corp Class A		50,597
	4,387	KLA-Tencor Corp		135,646
	3,376	Lam Research Corp *		125,992
	5,742	Linear Technology Corp		162,384
	17,332	LSI Corp *		106,072
	5,754	MEMC Electronic Materials Inc *		88,209
	4,881	Microchip Technology Inc †		137,449
	22,231	Micron Technology Inc *		230,980
	6,023	National Semiconductor Corp		87,032
	2,482	Novellus Systems Inc *		62,050
	14,350	NVIDIA Corp *		249,403
	7,455	RF Micro Devices Inc *		37,126
	1,711	Semtech Corp *		29,823
	1,253	Silicon Laboratories Inc *		59,730
	4,855	Teradyne Inc *		54,230
	31,985	Texas Instruments Inc		782,673
	7,230	Xilinx Inc		184,365
			$	7,491,166
Engineering & Construction --- 0.37%
	3,053	Aecom Technology Corp *		86,614
	4,683	Fluor Corp		217,806
	933	Granite Construction Inc		28,195
	3,187	Jacobs Engineering Group Inc *		144,020
	4,255	KBR Inc		94,291
	1,185	Martin Marietta Materials Inc †		99,007
	5,468	Quanta Services Inc *		104,767
	2,144	Shaw Group Inc *		73,796
	2,175	URS Corp *		107,902
	3,269	Vulcan Materials Co		154,428
			$	1,110,826
Financial Services --- 5.51%
	1,067	Affiliated Managers Group Inc *		84,293
	6,682	Ameriprise Financial Inc		303,096
	3,989	Apollo Investment Corp		50,780
	258,996	Bank of America Corp ~		4,623,079
	31,324	Bank of New York Mellon Corp		967,285
	507,833	Citigroup Inc *		2,056,724
	1,727	CME Group Inc		545,922
	3,122	Eaton Vance Corp		104,712
	2,335	Federated Investors Inc Class B †		61,597
	3,811	Franklin Resources Inc		422,640
	1,914	IntercontinentalExchange Inc *		214,713
	10,961	Invesco Ltd		240,155
	4,576	Janus Capital Group Inc		65,391
	102,573	JPMorgan Chase & Co ~		4,590,142
	4,332	Legg Mason Inc		124,198
	4,809	Leucadia National Corp *		119,311
	5,116	Moody's Corp		152,201
	2,742	MSCI Inc Class A *		98,986
	3,855	NASDAQ OMX Group Inc *		81,418
	6,200	Northern Trust Corp		342,612
	6,784	NYSE Euronext		200,874
	3,464	SEI Investments Co		76,104
	12,851	State Street Corp		580,094
	6,757	T Rowe Price Group Inc		371,162
	2,191	Waddell & Reed Financial Inc Class A		78,964
			$	16,556,453
Food & Beverages --- 5.56%
	1,394	BJ's Wholesale Club Inc *		51,564
	2,824	Brown-Forman Corp Class B		167,887
	4,889	Campbell Soup Co		172,826
	59,501	Coca-Cola Co ~		3,272,555
	8,296	Coca-Cola Enterprises Inc		229,467
	11,461	ConAgra Foods Inc		287,327
	5,065	Constellation Brands Inc Class A *		83,269
	11,333	Costco Wholesale Corp		676,693
	4,564	Dean Foods Co *		71,609
	6,637	Dr Pepper Snapple Group Inc		233,423
	1,951	Flowers Foods Inc		48,268
	8,485	General Mills Inc		600,653
	895	Green Mountain Coffee Roasters Inc *		86,654
	1,836	Hansen Natural Corp *		79,646
	4,281	Hershey Co		183,270
	8,118	HJ Heinz Co		370,262
	1,797	Hormel Foods Corp		75,492
	3,110	JM Smucker Co		187,409
	6,542	Kellogg Co		349,539
	44,780	Kraft Foods Inc Class A		1,354,147
	16,675	Kroger Co		361,180
	557	Lancaster Colony Corp		32,841
	3,487	McCormick & Co Inc		133,761
	4,107	Molson Coors Brewing Co Class B		172,740
	42,177	PepsiCo Inc		2,790,430
	1,379	Ralcorp Holdings Inc *		93,469
	1,102	Ruddick Corp		34,867
	9,945	Safeway Inc		247,233
	18,244	Sara Lee Corp		254,139
	3,332	Smithfield Foods Inc *		69,106
	5,626	SUPERVALU Inc		93,842
	15,225	Sysco Corp		449,138
	766	Tootsie Roll Industries Inc †		20,714
	7,921	Tyson Foods Inc Class A		151,687
	55,072	Wal-Mart Stores Inc ~		3,062,003
	4,367	Whole Foods Market Inc *		157,867
			$	16,706,977
Gold, Metals & Mining --- 1.11%
	2,760	AK Steel Holding Corp		63,094
	25,561	Alcoa Inc		363,989
	2,606	Allegheny Technologies Inc		140,698
	1,235	Carpenter Technology Corp		45,201
	3,370	Cliffs Natural Resources Inc		239,101
	3,155	Commercial Metals Co		47,514
	11,092	Freeport-McMoRan Copper & Gold Inc		926,626
	12,736	Newmont Mining Corp		648,644
	8,083	Nucor Corp		366,807
	1,647	Reliance Steel & Aluminum Co		81,082
	5,579	Steel Dynamics Inc		97,465
	2,387	Titanium Metals Corp * †		39,600
	3,743	United States Steel Corp		237,755
	1,682	Worthington Industries Inc		29,082
			$	3,326,658
Health Care Related --- 2.31%
	11,065	Aetna Inc		388,492
	7,435	AmerisourceBergen Corp		215,020
	9,394	Cardinal Health Inc		338,466
	1,741	Cerner Corp *		148,089
	7,160	CIGNA Corp		261,913
	2,399	Community Health Systems Inc *		88,595
	3,976	Coventry Health Care Inc *		98,287
	2,666	DaVita Inc *		169,024
	7,139	Express Scripts Inc *		726,465
	6,917	Health Management Associates Inc Class A *		59,486
	2,661	Health Net Inc *		66,179
	2,322	Henry Schein Inc *		136,766
	4,443	Humana Inc *		207,799
	842	Kindred Healthcare Inc *		15,198
	2,740	Laboratory Corp of America Holdings *		207,445
	1,524	LifePoint Hospitals Inc *		56,053
	1,793	Lincare Holdings Inc *		80,470
	6,922	McKesson Corp		454,914
	11,951	Medco Health Solutions Inc *		771,556
	3,030	Omnicare Inc		85,719
	1,168	Owens & Minor Inc		54,183
	2,356	Patterson Cos Inc		73,154
	1,577	Psychiatric Solutions Inc *		46,995
	3,840	Quest Diagnostics Inc		223,834
	11,711	Tenet Healthcare Corp *		66,987
	29,828	UnitedHealth Group Inc		974,481
	2,602	Universal Health Services Inc Class B		91,304
	2,121	VCA Antech Inc *		59,452
	1,184	WellCare Health Plans Inc *		35,283
	11,429	WellPoint Inc *		735,799
			$	6,937,408
Homebuilding --- 0.18%
	7,312	DR Horton Inc		92,131
	2,075	KB Home †		34,756
	3,959	Lennar Corp Class A		68,134
	1,037	MDC Holdings Inc		35,891
	155	NVR Inc *		112,608
	8,548	Pulte Group Inc *		96,165
	1,207	Ryland Group Inc		27,085
	3,704	Toll Brothers Inc *		77,043
			$	543,813
Hotels/Motels --- 0.33%
	11,149	Carnival Corp		433,473
	6,535	Marriott International Inc Class A		205,983
	4,882	Starwood Hotels & Resorts Worldwide Inc		227,697
	4,745	Wyndham Worldwide Corp		122,089
			$	989,242
Household Goods --- 2.67%
	1,105	American Greetings Corp Class A		23,028
	1,873	Church & Dwight Co Inc		125,397
	3,658	Clorox Co		234,624
	12,726	Colgate-Palmolive Co		1,085,019
	1,848	Energizer Holdings Inc *		115,981
	3,924	Fortune Brands Inc		190,353
	1,778	Harman International Industries Inc		83,175
	10,795	Kimberly-Clark Corp		678,790
	3,725	Leggett & Platt Inc		80,609
	1,418	Mohawk Industries Inc *		77,111
	7,397	Newell Rubbermaid Inc		112,434
	74,991	Procter & Gamble Co ~		4,744,681
	4,025	Stanley Black & Decker Inc		231,075
	1,610	Tupperware Brands Corp		77,634
	1,912	Whirlpool Corp		166,822
			$	8,026,733
Independent Power Producer --- 0.18%
	17,231	AES Corp *		189,541
	5,175	Constellation Energy Group Inc		181,694
	14,207	Dynegy Inc Class A *		17,901
	6,592	NRG Energy Inc *		137,773
			$	526,909
Insurance Related --- 3.90%
	12,157	Aflac Inc		660,003
	13,784	Allstate Corp		445,361
	2,110	American Financial Group Inc		60,029
	3,413	American International Group Inc * †		116,520
	6,837	Aon Corp		292,008
	2,810	Arthur J Gallagher & Co		68,985
	2,937	Assurant Inc		100,974
	42,719	Berkshire Hathaway Inc Class B * ~		3,471,773
	3,255	Brown & Brown Inc		58,330
	8,441	Chubb Corp		437,666
	4,333	Cincinnati Financial Corp		125,224
	1,572	Everest Re Group Ltd		127,222
	6,198	Fidelity National Financial Inc		91,854
	2,615	First American Corp		88,492
	12,150	Genworth Financial Inc *		222,831
	1,276	Hanover Insurance Group Inc †		55,646
	10,929	Hartford Financial Services Group Inc		310,602
	2,977	HCC Insurance Holdings Inc		82,165
	1,098	Horace Mann Educators Corp		16,536
	7,793	Lincoln National Corp		239,245
	9,102	Loews Corp		339,322
	13,662	Marsh & McLennan Cos Inc		333,626
	998	Mercury General Corp		43,633
	21,102	MetLife Inc		914,561
	6,167	Old Republic International Corp		78,198
	8,223	Principal Financial Group Inc		240,194
	17,218	Progressive Corp		328,692
	2,400	Protective Life Corp		52,776
	12,057	Prudential Financial Inc		729,448
	1,934	Reinsurance Group of America Inc		101,574
	1,231	StanCorp Financial Group Inc		58,632
	2,200	Torchmark Corp		117,722
	1,621	Transatlantic Holdings Inc		85,589
	13,222	Travelers Cos Inc		713,195
	1,383	Unitrin Inc		38,793
	8,662	Unum Group		214,558
	3,223	WR Berkley Corp		84,088
	8,804	XL Capital Ltd Class A		166,396
			$	11,712,463
Investment Bank/Brokerage Firm --- 1.36%
	25,033	Charles Schwab Corp		467,867
	40,698	E*TRADE Financial Corp *		67,152
	13,580	Goldman Sachs Group Inc		2,317,155
	535	Greenhill & Co Inc		43,918
	3,033	Jefferies Group Inc †		71,791
	36,033	Morgan Stanley		1,055,407
	2,495	Raymond James Financial Inc		66,716
			$	4,090,006
Leisure & Entertainment --- 0.27%
	1,430	Bally Technologies Inc *		57,972
	1,569	Boyd Gaming Corp * †		15,502
	3,230	Hasbro Inc		123,644
	7,628	International Game Technology		140,737
	779	International Speedway Corp Class A		20,075
	994	Life Time Fitness Inc * †		27,931
	9,445	Mattel Inc		214,779
	1,815	Scientific Games Corp Class A *		25,555
	1,204	WMS Industries Inc *		50,496
	1,791	Wynn Resorts Ltd *		135,812
			$	812,503
Machinery --- 1.99%
	2,385	AGCO Corp *		85,550
	2,000	Bucyrus International Inc		131,980
	16,200	Caterpillar Inc		1,018,170
	1,327	Crane Co		47,109
	5,163	Cummins Inc		319,848
	6,757	Danaher Corp		539,952
	10,991	Deere & Co		653,525
	2,051	Donaldson Co Inc		92,541
	4,869	Dover Corp		227,626
	4,241	Eaton Corp		321,341
	1,365	Federal Signal Corp		12,299
	1,434	Flowserve Corp		158,127
	1,679	Graco Inc		53,728
	2,059	Harsco Corp		65,764
	2,073	IDEX Corp		68,616
	9,943	Illinois Tool Works Inc		470,900
	2,626	Joy Global		148,632
	2,052	Kennametal Inc		57,702
	1,067	Lincoln Electric Holdings Inc		57,970
	840	Nordson Corp		57,053
	2,279	Oshkosh Corp		91,935
	9,352	PACCAR Inc		405,316
	2,972	Pall Corp		120,336
	4,207	Parker-Hannifin Corp		272,361
	2,607	Pentair Inc		92,861
	1,455	Snap-on Inc		63,060
	1,267	SPX Corp		84,027
	2,714	Terex Corp *		61,635
	2,101	Timken Co		63,051
	2,204	Trinity Industries Inc †		43,992
	500	Valmont Industries Inc		41,415
	1,185	Wabtec Corp		49,912
			$	5,978,334
Manufacturing --- 0.08%
	5,188	Jabil Circuit Inc		83,994
	3,643	Molex Inc		75,993
	3,056	Trimble Navigation Ltd *		87,768
			$	247,755
Medical Products --- 2.09%
	15,527	Baxter International Inc		903,671
	1,827	Beckman Coulter Inc		114,736
	6,058	Becton Dickinson & Co		476,946
	39,631	Boston Scientific Corp *		286,136
	4,537	CareFusion Corp *		119,913
	2,443	CR Bard Inc		211,613
	3,733	DENTSPLY International Inc		130,095
	1,437	Edwards Lifesciences Corp *		142,091
	1,338	Gen-Probe Inc *		66,900
	1,755	Hill-Rom Holdings Inc		47,754
	6,828	Hologic Inc *		126,591
	4,242	Hospira Inc *		240,309
	1,554	IDEXX Laboratories Inc * †		89,433
	1,975	Immucor Inc *		44,220
	1,002	Intuitive Surgical Inc *		348,826
	1,548	Kinetic Concepts Inc *		74,010
	1,355	Masimo Corp		35,975
	28,482	Medtronic Inc		1,282,544
	1,903	ResMed Inc *		121,126
	8,346	St Jude Medical Inc *		342,603
	1,639	STERIS Corp		55,169
	7,258	Stryker Corp		415,303
	1,000	Teleflex Inc		64,070
	1,584	Thoratec Corp *		52,985
	3,247	Varian Medical Systems Inc *		179,656
	5,460	Zimmer Holdings Inc *		323,232
			$	6,295,907
Miscellaneous --- 0.16%
	3,496	Cintas Corp		98,203
	1,793	Copart Inc *		63,831
	956	Corporate Executive Board Co		25,420
	1,325	Dun & Bradstreet Corp		98,606
	1,301	FTI Consulting Inc *		51,155
	4,805	Iron Mountain Inc		131,657
	1,351	Navigant Consulting Inc *		16,388
			$	485,260
Office Equipment & Supplies --- 0.24%
	3,005	Avery Dennison Corp		109,412
	1,508	Herman Miller Inc		27,234
	1,258	HNI Corp		33,501
	836	Mine Safety Appliances Co		23,375
	5,525	Pitney Bowes Inc		135,086
	34,992	Xerox Corp		341,172
	1,462	Zebra Technologies Corp Class A *		43,275
			$	713,055
Oil & Gas --- 10.37%
	12,689	Anadarko Petroleum Corp		924,140
	8,670	Apache Corp		880,005
	4,318	Arch Coal Inc		98,666
	1,373	Atwood Oceanics Inc *		47,547
	8,135	Baker Hughes Inc		381,043
	1,045	Bill Barrett Corp *		32,092
	7,556	BJ Services Co		161,698
	2,759	Cabot Oil & Gas Corp		101,531
	6,086	Cameron International Corp *		260,846
	16,809	Chesapeake Energy Corp		397,365
	51,846	Chevron Corp ~		3,931,482
	2,220	Cimarex Energy Co		131,824
	1,303	Comstock Resources Inc *		41,435
	38,360	ConocoPhillips		1,962,881
	5,673	CONSOL Energy Inc		242,010
	10,372	Denbury Resources Inc *		174,976
	11,550	Devon Energy Corp		744,167
	1,814	Diamond Offshore Drilling Inc †		161,101
	18,329	El Paso Corp		198,686
	6,557	EOG Resources Inc		609,408
	1,751	Exterran Holdings Inc *		42,322
	121,919	Exxon Mobil Corp ~		8,166,135
	3,190	FMC Technologies Inc *		206,170
	2,848	Forest Oil Corp *		73,535
	2,938	Frontier Oil Corp		39,663
	23,449	Halliburton Co		706,518
	2,385	Helix Energy Solutions Group Inc *		31,077
	2,808	Helmerich & Payne Inc		106,929
	7,484	Hess Corp		468,124
	18,386	Marathon Oil Corp		581,733
	2,814	Mariner Energy Inc *		42,126
	2,269	Massey Energy Co		118,646
	5,001	Murphy Oil Corp		281,006
	7,396	Nabors Industries Ltd *		145,183
	10,753	National-Oilwell Varco Inc		436,357
	3,469	Newfield Exploration Co *		180,561
	4,550	Noble Energy Inc		332,150
	20,945	Occidental Petroleum Corp		1,770,690
	1,456	Oceaneering International Inc *		92,441
	671	Overseas Shipholding Group Inc		26,323
	2,072	Patriot Coal Corp *		42,393
	3,931	Patterson-UTI Energy Inc		54,916
	7,024	Peabody Energy Corp		320,997
	2,940	Pioneer Natural Resources Co		165,581
	3,708	Plains Exploration & Production Co *		111,203
	4,481	Pride International Inc *		134,923
	3,176	Quicksilver Resources Inc *		44,686
	4,122	Range Resources Corp		193,198
	2,926	Rowan Cos Inc *		85,176
	30,871	Schlumberger Ltd		1,959,074
	5,987	Smith International Inc		256,363
	3,192	Southern Union Co		80,981
	8,880	Southwestern Energy Co *		361,594
	16,618	Spectra Energy Corp		374,404
	3,100	Sunoco Inc		92,101
	2,191	Superior Energy Services Inc *		46,055
	3,880	Tesoro Corp		53,932
	1,322	Tidewater Inc		62,491
	1,010	Unit Corp *		42,703
	14,788	Valero Energy Corp		291,324
	14,970	Williams Cos Inc		345,807
	15,086	XTO Energy Inc		711,757
			$	31,162,251
Paper & Forest Products --- 0.22%
	11,347	International Paper Co		279,250
	2,560	Louisiana-Pacific Corp *		23,168
	4,563	MeadWestvaco Corp		116,585
	5,531	Weyerhaeuser Co		250,388
			$	669,391
Personal Loans --- 0.73%
	30,953	American Express Co		1,277,121
	2,422	AmeriCredit Corp *		57,547
	11,815	Capital One Financial Corp		489,259
	13,998	Discover Financial Services		208,570
	12,650	SLM Corp *		158,378
			$	2,190,875
Pharmaceuticals --- 5.62%
	40,062	Abbott Laboratories		2,110,466
	7,906	Allergan Inc		516,420
	44,189	Bristol-Myers Squibb Co		1,179,846
	26,304	Eli Lilly & Co		952,731
	2,995	Endo Pharmaceuticals Holdings Inc *		70,951
	7,900	Forest Laboratories Inc *		247,744
	71,048	Johnson & Johnson ~		4,632,330
	6,581	King Pharmaceuticals Inc *		77,393
	1,593	Medicis Pharmaceutical Corp Class A		40,080
	80,410	Merck & Co Inc		3,003,313
	7,856	Mylan Inc * †		178,410
	2,054	Perrigo Co		120,611
	208,328	Pfizer Inc ~		3,572,825
	1,719	Valeant Pharmaceuticals International *		73,762
	2,814	Watson Pharmaceuticals Inc *		117,541
			$	16,894,423
Photography/Imaging --- 0.01%
	7,522	Eastman Kodak Co		43,552
			$	43,552
Pollution Control --- 0.30%
	556	Clean Harbors Inc *		30,891
	8,457	Republic Services Inc		245,422
	1,148	Rollins Inc		24,889
	2,156	Stericycle Inc *		117,502
	2,022	Waste Connections Inc *		68,667
	12,458	Waste Management Inc		428,929
			$	916,300
Printing & Publishing --- 0.25%
	1,433	Deluxe Corp		27,829
	6,123	Gannett Co Inc		101,152
	1,192	John Wiley & Sons Inc Class A		51,590
	8,255	McGraw-Hill Cos Inc		294,291
	1,010	Meredith Corp		34,754
	3,270	New York Times Co Class A *		36,395
	5,471	RR Donnelley & Sons Co		116,806
	714	Scholastic Corp		19,992
	153	Washington Post Co Class B		67,959
			$	750,768
Railroads --- 0.69%
	10,029	CSX Corp		510,476
	2,568	Kansas City Southern *		92,885
	9,505	Norfolk Southern Corp		531,234
	13,019	Union Pacific Corp		954,293
			$	2,088,888
Real Estate --- 1.78%
	1,104	Alexandria Real Estate Equities Inc REIT		74,630
	3,886	AMB Property Corp REIT		105,855
	2,924	Apartment Investment & Management Co Class A REIT		53,831
	2,079	AvalonBay Communities Inc REIT		179,522
	3,631	Boston Properties Inc REIT		273,923
	1,437	BRE Properties Inc REIT		51,373
	1,646	Camden Property Trust REIT		68,523
	6,636	CB Richard Ellis Group Inc Class A *		105,181
	1,609	Corporate Office Properties Trust REIT		64,569
	1,279	Cousins Properties Inc REIT		10,628
	5,754	Duke Realty Corp REIT		71,350
	1,040	Equity One Inc REIT		19,646
	7,228	Equity Residential REIT		282,976
	770	Essex Property Trust Inc REIT		69,262
	1,563	Federal Realty Investment Trust REIT		113,802
	7,669	HCP Inc REIT		253,077
	3,202	Health Care Inc REIT		144,826
	1,780	Highwoods Properties Inc REIT		56,479
	3,136	Hospitality Properties Trust REIT		75,107
	16,722	Host Hotels & Resorts Inc REIT		244,977
	1,058	Jones Lang LaSalle Inc		77,118
	10,036	Kimco Realty Corp REIT		156,963
	2,961	Liberty Property Trust REIT †		100,496
	2,328	Macerich Co REIT †		89,186
	2,022	Mack-Cali Realty Corp REIT		71,276
	2,877	Nationwide Health Properties Inc REIT		101,127
	2,311	Omega Healthcare Investors Inc REIT		45,041
	4,187	Plum Creek Timber Co Inc REIT †		162,916
	1,115	Potlatch Corp REIT		39,070
	11,989	ProLogis REIT		158,255
	3,479	Public Storage REIT		320,033
	2,101	Rayonier Inc REIT		95,448
	2,683	Realty Income Corp REIT †		82,341
	2,068	Regency Centers Corp REIT		77,488
	3,133	Senior Housing Properties Trust REIT		69,396
	7,406	Simon Property Group Inc REIT		621,363
	2,042	SL Green Realty Corp REIT		116,945
	3,853	UDR Inc REIT		67,967
	4,090	Ventas Inc REIT		194,193
	4,108	Vornado Realty Trust REIT		310,976
	2,740	Weingarten Realty Investors REIT		59,074
			$	5,336,209
Restaurants --- 1.10%
	861	Bob Evans Farms Inc		26,614
	2,530	Brinker International Inc		48,778
	1,648	Burger King Holdings Inc		35,037
	1,685	Cheesecake Factory Inc *		45,596
	838	Chipotle Mexican Grill Inc *		94,417
	3,635	Darden Restaurants Inc		161,903
	27,757	McDonald's Corp		1,851,947
	873	Panera Bread Co Class A *		66,776
	19,109	Starbucks Corp *		463,775
	9,713	Wendy's/Arby's Group Inc		48,565
	12,059	Yum! Brands Inc		462,222
			$	3,305,630
Retail --- 4.43%
	1,314	99 Cents Only Stores *		21,418
	1,505	Aaron's Inc		50,177
	2,337	Abercrombie & Fitch Co		106,661
	2,329	Advance Auto Parts Inc		97,632
	2,523	Aeropostale Inc *		72,738
	8,823	Amazon.com Inc *		1,197,546
	5,372	American Eagle Outfitters Inc		99,489
	1,642	AnnTaylor Stores Corp *		33,989
	2,482	AutoNation Inc *		44,875
	778	AutoZone Inc *		134,664
	1,035	Barnes & Noble Inc		22,377
	6,714	Bed Bath & Beyond Inc *		293,805
	8,796	Best Buy Co Inc		374,182
	2,114	Big Lots Inc *		76,992
	5,660	CarMax Inc *		142,179
	4,558	Chicos FAS Inc		65,726
	1,332	Coldwater Creek Inc * †		9,244
	1,797	Collective Brands Inc *		40,864
	35,851	CVS Caremark Corp		1,310,713
	2,396	Dick's Sporting Goods Inc *		62,560
	2,259	Dollar Tree Inc *		133,778
	5,399	Expedia Inc		134,759
	3,554	Family Dollar Stores Inc		130,112
	3,884	Foot Locker Inc		58,415
	4,387	GameStop Corp Class A *		96,119
	12,308	Gap Inc		284,438
	1,528	Guess? Inc		71,785
	43,850	Home Depot Inc		1,418,548
	1,456	J Crew Group Inc *		66,830
	6,150	JC Penney Co Inc		197,845
	7,878	Kohl's Corp *		431,557
	6,875	Limited Brands Inc		169,262
	37,928	Lowe's Cos Inc		919,375
	10,991	Macy's Inc		239,274
	1,149	Netflix Inc *		84,727
	4,309	Nordstrom Inc		176,023
	6,803	Office Depot Inc *		54,288
	3,497	O'Reilly Automotive Inc *		145,860
	3,319	PetSmart Inc		106,075
	1,133	priceline.com Inc *		288,915
	3,208	RadioShack Corp		72,597
	1,851	Rent-A-Center Inc *		43,776
	3,261	Ross Stores Inc		174,366
	4,049	Saks Inc *		34,821
	1,263	Sears Holdings Corp *		136,947
	2,341	Sherwin-Williams Co		158,439
	18,731	Staples Inc		438,118
	19,389	Target Corp		1,019,861
	3,196	Tiffany & Co		151,778
	10,786	TJX Cos Inc		458,621
	3,451	Urban Outfitters Inc *		131,242
	25,381	Walgreen Co		941,381
	2,653	Williams-Sonoma Inc		69,747
			$	13,297,510
Savings & Loans --- 0.23%
	2,286	Astoria Financial Corp		33,147
	4,200	First Niagara Financial Group Inc		59,724
	12,168	Hudson City Bancorp Inc		172,299
	11,125	New York Community Bancorp Inc †		184,007
	2,995	NewAlliance Bancshares Inc		37,797
	9,437	People's United Financial Inc		147,595
	2,469	Washington Federal Inc		50,170
			$	684,739
Shoes --- 0.26%
	10,126	NIKE Inc Class B		744,261
	1,275	Timberland Co Class A *		27,209
			$	771,470
Specialized Services --- 2.09%
	1,919	Acxiom Corp *		34,427
	1,411	Alliance Data Systems Corp * †		90,290
	3,316	Apollo Group Inc Class A *		203,238
	13,107	Automatic Data Processing Inc		582,737
	1,135	Brink's Co		32,041
	1,142	Brink's Home Security Holdings Inc *		48,592
	3,371	Broadridge Financial Solutions Inc		72,072
	1,815	Career Education Corp *		57,427
	7,733	Cognizant Technology Solutions Corp Class A *		394,228
	3,986	Computer Sciences Corp *		217,197
	3,440	Convergys Corp *		42,174
	2,440	Corinthian Colleges Inc * †		42,920
	3,053	Corrections Corp of America *		60,633
	1,645	DeVry Inc		107,254
	1,029	DST Systems Inc		42,652
	3,362	Equifax Inc		120,360
	8,454	Fidelity National Information Services Inc		198,162
	3,888	Fiserv Inc *		197,355
	1,667	Gartner Inc *		37,074
	2,145	Global Payments Inc		97,705
	8,763	H&R Block Inc		155,981
	2,201	Hewitt Associates Inc Class A *		87,556
	803	ITT Educational Services Inc *		90,322
	1,254	Korn/Ferry International *		22,133
	2,560	Lender Processing Services Inc		96,640
	2,086	Manpower Inc		119,152
	589	ManTech International Corp Class A *		28,761
	2,495	Mastercard Inc Class A		633,730
	854	Matthews International Corp Class A		30,317
	3,135	Monster Worldwide Inc *		52,072
	2,027	NeuStar Inc *		51,080
	8,422	Paychex Inc		258,555
	1,230	Regis Corp		22,976
	3,861	Robert Half International Inc †		117,490
	8,070	SAIC Inc *		142,839
	6,299	Service Corp International		57,825
	1,665	Sotheby's †		51,765
	1,183	SRA International Inc Class A *		24,595
	370	Strayer Education Inc †		90,102
	5,239	Total System Services Inc		82,043
	1,052	Towers Watson & Co Class A		49,970
	11,504	Visa Inc Class A		1,047,209
	17,496	Western Union Co		296,732
			$	6,288,383
Telephone & Telecommunications --- 2.62%
	10,420	American Tower Corp Class A *		443,996
	152,366	AT&T Inc ~		3,937,137
	7,795	CenturyTel Inc		276,411
	6,025	Cincinnati Bell Inc *		20,545
	7,982	Frontier Communications Corp †		59,386
	7,100	MetroPCS Communications Inc *		50,268
	38,242	Qwest Communications International Inc		199,623
	76,762	Sprint Nextel Corp *		291,696
	1,895	Syniverse Holdings Inc *		36,896
	2,310	Telephone & Data Systems Inc		78,194
	3,996	tw telecom Inc *		72,527
	73,172	Verizon Communications Inc		2,269,795
	11,675	Windstream Corp		127,141
			$	7,863,615
Textiles --- 0.30%
	8,054	Coach Inc		318,294
	1,250	Fossil Inc *		47,175
	2,393	Hanesbrands Inc *		66,573
	1,297	Phillips-Van Heusen Corp		74,396
	1,495	Polo Ralph Lauren Corp		127,135
	1,029	Under Armour Inc Class A * †		30,263
	2,318	VF Corp		185,788
	1,136	Warnaco Group Inc *		54,198
			$	903,822
Tobacco --- 1.40%
	53,925	Altria Group Inc		1,106,541
	3,968	Lorillard Inc		298,552
	48,541	Philip Morris International Inc		2,531,899
	4,424	Reynolds American Inc		238,807
	701	Universal Corp		36,936
			$	4,212,735
Transportation --- 0.12%
	1,150	Alexander & Baldwin Inc		38,007
	1,299	Con-way Inc		45,621
	2,299	JB Hunt Transport Services Inc		82,488
	1,326	Kirby Corp *		50,587
	1,288	Landstar System Inc		54,070
	1,318	Ryder System Inc		51,086
	1,204	Werner Enterprises Inc		27,897
			$	349,756
Utilities --- 1.61%
	1,992	AGL Resources Inc		76,991
	2,934	Alliant Energy Corp		97,585
	6,239	Ameren Corp		162,713
	2,337	Atmos Energy Corp		66,768
	1,088	Black Hills Corp		33,021
	10,314	CenterPoint Energy Inc		148,109
	5,943	CMS Energy Corp		91,879
	7,214	Consolidated Edison Inc		321,312
	15,518	Dominion Resources Inc		637,945
	4,309	DTE Energy Co		192,181
	1,904	Energen Corp		88,593
	3,366	EQT Corp		138,006
	2,026	Integrys Energy Group Inc		95,992
	4,903	MDU Resources Group Inc		105,807
	2,135	National Fuel Gas Co		107,924
	1,113	Nicor Inc		46,657
	7,329	NiSource Inc		115,798
	2,565	OGE Energy Corp		99,881
	2,808	ONEOK Inc		128,185
	9,537	PG&E Corp		404,559
	12,991	Public Service Enterprise Group Inc		383,494
	4,558	Questar Corp		196,906
	2,934	SCANA Corp		110,289
	6,464	Sempra Energy		322,554
	5,673	TECO Energy Inc		90,144
	2,797	UGI Corp		74,232
	1,996	Vectren Corp		49,341
	1,406	WGL Holdings Inc		48,718
	3,005	Wisconsin Energy Corp		148,477
	11,958	Xcel Energy Inc		253,510
			$	4,837,571
Water --- 0.02%
	3,429	Aqua America Inc		60,248
			$	60,248
TOTAL COMMON STOCK --- 99.19%			$	298,052,100
(Cost $270,775,651)
SHORT-TERM INVESTMENTS
Par Value ($)			Value ($)
Agency --- 0.62%
	1,855,000	Federal Home Loan Bank		1,855,000
		0.01% April 1, 2010
	320,000	United States of America		319,912
		0.15% June 10, 2010
TOTAL SHORT-TERM INVESTMENTS --- 0.72%			$	2,174,912
(Cost $2,174,912)
SECURITIES LENDING COLLATERAL
Par Value ($)			Value ($)
	748,979	BNP Paribas Securities Corp		748,979
		Repurchase Agreement
		0.01%  April 1, 2010
	703,981	Bank of America LLC		703,980
		Repurchase Agreement
		0.02%  April 1, 2010
	703,981	Household Bank Securities Inc		703,981
		Repurchase Agreement
		0.01%  April 1, 2010
	735,980	Barclays Capital Inc		735,980
		Repurchase Agreement
		0.01%  April 1, 2010
TOTAL SECURITIES LENDING COLLATERAL --- 0.96%			$	2,892,920
(Cost $2,892,920)
OTHER ASSETS & LIABILITIES --- (0.87%)			$	(2,640,238	)
TOTAL NET ASSETS --- 100%			$	300,479,694
(Cost $275,843,483)

At March 31, 2010, the Portfolio had the following outstanding future contracts:

Description	Number of Contracts		Notional Value		Expiration Date	Unrealized Appreciation
S&P 500 Emini Long Futures		40		2,330,400	June 2010		4,835
S&P Mid 400 Emini Long Futures		3	$	236,430	June 2010	$	1,245

Net Unrealized Appreciation/(Depreciation) on futures contracts is included in “Other Assets and Liabilities”.

Legend

*	Non-income Producing Security
†	A portion or all of the security is on loan at March 31, 2010.
REIT	Real Estate Investment Trust
~	Collateral or Segregated Assets for Futures.

The value of assets in the Portfolio is determined as of the close of trading on each valuation date.

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

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.

Independent pricing services are utilized when possible and approved by the Board of Directors.  In some instances valuations from independent pricing services are not available or do not reflect significant events in the market between the time the market closed and the valuation time and therefore fair valuation procedures are implemented.  Developments that might be considered significant events to trigger fair value pricing could be natural disasters, government actions or significant fluctuations in domestic or foreign markets.

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.

The Portfolio classifies its valuations into three levels based upon the transparency of inputs to the valuation of the Portfolio’s investments.  The three levels are defined as follows:

Level 1 – Valuations based on quoted prices for identical securities in active markets.

Level 2 – Valuations based on either directly or indirectly observable inputs.  These may include quoted prices in markets that are not active or quoted prices for similar assets in active markets.  Valuations may also be based on inputs other than quoted prices that are observable for the asset, such as interest rates and yield curves.  Additional inputs may be used such as benchmark yields, reported trades, broker/dealer quotes, issuer spreads, prepayment speeds and benchmark securities. 

Level 3 – Valuations based on inputs that are unobservable and significant to the fair value measurement. 

As of March 31, 2010, the inputs used to value the Portfolio’s investments were as detailed in the following table:

Description	Level 1		Level 2		Level 3		Total
Assets	$		$		$		$
Common Stock
Aerospace & defense		8,230,171		-		-		8,230,171
Agriculture		547,432		-		-		547,432
Air freight		2,850,715		-		-		2,850,715
Airlines		347,615		-		-		347,615
Auto parts & equipment		843,030		-		-		843,030
Automobiles		1,290,728		-		-		1,290,728
Banks		9,420,413		-		-		9,420,413
Biotechnology		6,242,690		-		-		6,242,690
Broadcast/media		7,871,767		-		-		7,871,767
Building materials		201,501		-		-		201,501
Chemicals		6,072,639		-		-		6,072,639
Communications - equipment		7,305,659		-		-		7,305,659
Computer hardware &
systems		15,744,038		-		-		15,744,038
Computer software &
services		17,334,289		-		-		17,334,289
Conglomerates		6,766,046		-		-		6,766,046
Containers		900,074		-		-		900,074
Cosmetics & personal care		964,753		-		-		964,753
Distributors		701,492		-		-		701,492
Electric companies		5,465,364		-		-		5,465,364
Electronic instruments &
equipment		3,772,080		-		-		3,772,080
Electronics - semiconductor		7,491,166		-		-		7,491,166
Engineering & construction		1,110,826		-		-		1,110,826
Financial services		16,556,453		-		-		16,556,453
Food & beverages		16,706,977		-		-		16,706,977
Gold, metals & mining		3,326,658		-		-		3,326,658
Health care related		6,937,408		-		-		6,937,408
Homebuilding		543,813		-		-		543,813
Hotels/motels		989,242		-		-		989,242
Household goods		8,026,733		-		-		8,026,733
Independent power producer		526,909		-		-		526,909
Insurance related		11,712,463		-		-		11,712,463
Investment bank/brokerage
firm		4,090,006		-		-		4,090,006
Leisure & entertainment		812,503		-		-		812,503
Machinery		5,978,334		-		-		5,978,334
Manufacturing		247,755		-		-		247,755
Medical products		6,295,907		-		-		6,295,907
Miscellaneous		485,260		-		-		485,260
Office equipment & supplies		713,055		-		-		713,055
Oil & gas		31,162,251		-		-		31,162,251
Paper & forest products		669,391		-		-		669,391
Personal loans		2,190,875		-		-		2,190,875
Pharmaceuticals		16,894,423		-		-		16,894,423
Photography/imaging		43,552		-		-		43,552
Pollution control		916,300		-		-		916,300
Printing & publishing		750,768		-		-		750,768
Railroads		2,088,888		-		-		2,088,888
Real estate		5,336,209		-		-		5,336,209
Restaurants		3,305,630		-		-		3,305,630
Retail		13,297,510		-		-		13,297,510
Savings & loans		684,739		-		-		684,739
Shoes		771,470		-		-		771,470
Specialized services		6,288,383		-		-		6,288,383
Telephone &
telecommunications		7,863,615		-		-		7,863,615
Textiles		903,822		-		-		903,822
Tobacco		4,212,735		-		-		4,212,735
Transportation		349,756		-		-		349,756
Utilities		4,837,571		-		-		4,837,571
Water		60,248		-		-		60,248
Short-term Investments		2,892,920		2,174,912		-		5,067,832
Total Assets		300,945,020		2,174,912		-		303,119,932
Liabilities
Other Financial Instruments*		7,835		-		-		7,835
Total Liabilities		7,835		-		-		7,835
Total	$	300,937,185	$	2,174,912	$	-	$	303,112,097

*Other financial instruments consist of futures.  Futures are reported at their variation margin as of March 31, 2010.

At March 31, 2010, the U.S. Federal income tax cost basis was $288,326,506.  The Maxim Stock Index Portfolio had gross appreciation of securities in which there was an excess of value over tax cost of $71,573,784 and gross depreciation of securities in which there was an excess of tax cost over value of $56,780,359, resulting in net appreciation of $14,793,425.

Management determines the Portfolio's industry classifications using one or more widely recognized market indexes or ratings group indexes.  Industries are shown as a percent of total net assets.  These industry classifications are unaudited.

MAXIM SERIES FUND, INC.

MAXIM BOND INDEX PORTFOLIO

SCHEDULE OF INVESTMENTS

MARCH 31, 2010

UNAUDITED

BONDS
Par Value ($)			Value ($)
Aerospace & Defense --- 0.14%
	500,000	ITT Corp		531,003
		4.90% May 1, 2014
			$	531,003
Agency --- 7.74%
	4,000,000	Fannie Mae		4,353,680
		4.63% October 15, 2013
	2,700,000	Fannie Mae		2,934,109
		5.00% May 11, 2017
	900,000	Fannie Mae		975,456
		4.75% February 21, 2013
	2,000,000	Fannie Mae		2,125,116
		5.00% October 15, 2011
	750,000	Fannie Mae		754,266
		2.50% May 15, 2014
	400,000	Fannie Mae		441,419
		5.25% September 15, 2016
	1,250,000	Fannie Mae		1,330,896
		3.88% July 12, 2013
	1,100,000	Federal Home Loan Bank		1,166,569
		3.88% June 14, 2013
	2,000,000	Federal Home Loan Bank		2,022,166
		1.63% July 27, 2011
	500,000	Federal Home Loan Bank		555,620
		5.38% May 18, 2016
	1,300,000	Federal Home Loan Bank		1,445,495
		5.25% June 18, 2014
	2,800,000	Freddie Mac		2,995,964
		4.13% September 27, 2013
	500,000	Freddie Mac		487,767
		3.75% March 27, 2019
	1,500,000	Freddie Mac		1,533,220
		3.00% July 28, 2014
	1,900,000	Freddie Mac		2,027,895
		5.50% September 15, 2011
	1,300,000	Freddie Mac		1,407,145
		4.50% January 15, 2014
	500,000	Freddie Mac		553,024
		5.25% April 18, 2016
	450,000	Freddie Mac		485,227
		4.63% October 25, 2012
	500,000	Freddie Mac		559,859
		5.50% July 18, 2016
	500,000	Resolution Funding Corp		683,008
		9.38% October 15, 2020
			$	28,837,901
Agency - Pass Through --- 32.89%
	2,531,281	Fannie Mae		2,673,172
		5.50% April 1, 2036
	239,598	Fannie Mae		259,358
		6.00% May 1, 2021
	722,124	Fannie Mae		770,765
		6.00% July 1, 2036
	621,867	Fannie Mae		665,504
		6.00% April 1, 2036
	890,549	Fannie Mae		945,108
		5.50% February 1, 2035
	2,058,231	Fannie Mae		2,175,967
		5.50% November 1, 2035
	1,494,893	Fannie Mae		1,551,072
		5.00% September 1, 2033
	762,635	Fannie Mae		822,823
		6.00% February 1, 2035
	3,493,196	Fannie Mae		3,616,607
		5.00% September 1, 2035
	333,193	Fannie Mae		344,674
		5.00% October 1, 2035
	420,935	Fannie Mae		436,140
		4.00% April 1, 2019
	3,002,562	Fannie Mae		3,206,313
		5.50% March 1, 2034
	1,823,185	Fannie Mae		1,891,702
		5.00% December 1, 2033
	760,552	Fannie Mae		806,037
		5.50% January 1, 2034
	2,039	Fannie Mae		2,163
		8.00% December 1, 2012
	487	Fannie Mae		514
		8.00% June 1, 2012
	56,143	Fannie Mae		60,604
		6.50% December 1, 2013
	12,959	Fannie Mae		13,178
		7.00% May 1, 2011
	895,835	Fannie Mae		934,437
		5.00% January 1, 2024
	2,380,219	Fannie Mae		2,512,654
		5.50% November 1, 2036
	76,596	Fannie Mae		87,726
		8.00% November 1, 2022
	179,609	Fannie Mae		190,795
		5.00% June 1, 2018
	448,936	Fannie Mae		479,562
		5.50% May 1, 2033
	811,669	Fannie Mae		842,172
		5.00% July 1, 2033
	579,218	Fannie Mae		650,473
		6.50% August 1, 2032
	352,418	Fannie Mae		393,578
		6.50% June 1, 2032
	272,386	Fannie Mae		309,988
		7.00% July 1, 2032
	219,916	Fannie Mae		239,402
		6.00% July 1, 2017
	867,243	Fannie Mae		895,770
		5.00% March 1, 2039
	1,929,350	Fannie Mae		1,960,454
		4.00% July 1, 2024
	1,436,648	Fannie Mae		1,441,543
		4.50% April 1, 2039
	769,235	Fannie Mae		811,632
		5.50% November 1, 2038
	974,427	Fannie Mae		1,006,479
		5.00% November 1, 2039
	1,178,650	Fannie Mae		1,253,991
		6.00% August 1, 2037
	332,306	Fannie Mae †		349,473
		5.36% August 1, 2037
	273,728	Fannie Mae		278,141
		4.00% February 1, 2025
	1,235,283	Fannie Mae		1,262,661
		4.50% January 1, 2030
	351,642	Fannie Mae		382,691
		6.00% January 1, 2029
	496,867	Fannie Mae †		509,727
		3.64% December 1, 2039
	2,936,011	Fannie Mae		2,946,015
		4.50% August 1, 2039
	1,849,299	Fannie Mae		1,951,038
		5.50% August 1, 2039
	2,477,074	Fannie Mae		2,485,514
		4.50% October 1, 2039
	698,192	Fannie Mae		738,131
		5.50% December 1, 2035
	443,046	Fannie Mae		477,817
		6.00% December 1, 2035
	1,023,525	Fannie Mae		1,095,347
		6.00% February 1, 2036
	667,119	Fannie Mae		713,932
		6.00% October 1, 2035
	205,232	Fannie Mae		218,374
		5.00% October 1, 2020
	534,690	Fannie Mae		553,113
		5.00% July 1, 2035
	344,632	Fannie Mae		368,816
		6.00% November 1, 2035
	464,234	Fannie Mae		504,499
		6.50% August 1, 2036
	983,328	Fannie Mae		1,020,282
		5.00% July 1, 2037
	712,714	Fannie Mae		736,229
		5.00% May 1, 2037
	195,955	Fannie Mae		211,871
		6.00% December 1, 2021
	646,657	Fannie Mae		695,411
		6.00% June 1, 2036
	2,688,947	Fannie Mae		2,842,762
		5.50% May 1, 2036
	685,735	Fannie Mae		729,569
		6.00% March 1, 2038
	62,883	Freddie Mac		71,698
		7.50% May 1, 2027
	1,973,122	Freddie Mac		2,085,878
		5.50% May 1, 2037
	616,291	Freddie Mac		662,006
		6.00% April 1, 2038
	1,788,598	Freddie Mac		1,923,887
		6.00% August 1, 2037
	674,438	Freddie Mac		725,453
		6.00% December 1, 2036
	1,356,258	Freddie Mac		1,404,260
		5.00% September 1, 2035
	1,879,237	Freddie Mac		1,945,749
		5.00% June 1, 2036
	1,674,332	Freddie Mac		1,731,143
		5.00% June 1, 2038
	435,314	Freddie Mac		450,041
		5.00% May 1, 2039
	2,008,310	Freddie Mac		2,076,453
		5.00% February 1, 2039
	443,914	Freddie Mac		458,932
		5.00% April 1, 2039
	826,774	Freddie Mac		887,725
		5.50% June 1, 2022
	1,446,621	Freddie Mac		1,504,273
		4.50% May 1, 2023
	2,024,007	Freddie Mac		2,174,143
		6.00% June 1, 2038
	255,675	Freddie Mac †		270,728
		5.53% March 1, 2037
	402,611	Freddie Mac		433,904
		6.00% April 1, 2036
	1,144,868	Freddie Mac		1,246,492
		6.50% November 1, 2037
	1,452,825	Freddie Mac		1,626,329
		6.50% November 1, 2032
	698,473	Freddie Mac		728,204
		5.00% September 1, 2024
	492,751	Freddie Mac		526,306
		5.00% August 1, 2018
	582,939	Freddie Mac		629,401
		6.00% March 1, 2036
	395,229	Freddie Mac		424,366
		5.50% May 1, 2021
	565,582	Freddie Mac		602,329
		5.00% April 1, 2021
	239,109	Freddie Mac		254,644
		5.00% May 1, 2021
	1,460,728	Freddie Mac		1,545,427
		5.50% May 1, 2036
	932,974	Freddie Mac		1,003,544
		6.00% November 1, 2036
	419,219	Freddie Mac		426,829
		4.00% January 1, 2021
	465,159	Freddie Mac		495,382
		5.00% December 1, 2020
	1,121,604	Freddie Mac		1,159,549
		5.00% August 1, 2039
	1,976,739	Freddie Mac		1,983,474
		4.50% September 1, 2039
	4,928,606	Freddie Mac		4,945,399
		4.50% November 1, 2039
	1,918,955	Freddie Mac		1,925,493
		4.50% March 1, 2039
	1,000,000	Freddie Mac		1,003,407
		4.50% June 1, 2039
	710,907	Freddie Mac		734,958
		5.00% June 1, 2039
	3,979,044	Freddie Mac		3,860,977
		4.00% December 1, 2039
	372,849	Freddie Mac		401,185
		5.50% February 1, 2018
	377,649	Freddie Mac		406,424
		5.50% May 1, 2018
	460,706	Freddie Mac		478,451
		5.00% July 1, 2034
	1,248,459	Freddie Mac		1,252,713
		4.50% February 1, 2040
	81,097	Freddie Mac		89,512
		6.50% April 1, 2029
	434,474	Freddie Mac		461,710
		5.00% December 1, 2017
	1,216,238	Freddie Mac †		1,258,640
		4.90% July 1, 2035
	529,106	Freddie Mac †		559,800
		5.75% March 1, 2037
	1,041,554	Freddie Mac †		1,101,550
		5.74% May 1, 2037
	224,253	Freddie Mac		237,024
		5.00% March 1, 2023
	1,420,529	Freddie Mac		1,477,141
		4.50% March 1, 2023
	1,293,023	Freddie Mac		1,342,938
		4.50% April 1, 2024
	549,074	Freddie Mac		582,602
		5.50% June 1, 2027
	7,786	Freddie Mac		8,896
		7.50% August 1, 2030
	1,376,310	Freddie Mac		1,460,845
		5.50% June 1, 2033
	593,615	Freddie Mac		600,832
		4.50% August 1, 2033
	2,596,727	Freddie Mac		2,696,968
		4.50% October 1, 2024
	468,092	Freddie Mac †		496,922
		5.99% October 1, 2036
	476,452	Freddie Mac †		503,929
		5.68% November 1, 2036
	33,820	Ginnie Mae		37,912
		9.00% January 15, 2017
	561,125	Ginnie Mae		596,965
		5.50% December 15, 2035
	65,884	Ginnie Mae		73,624
		7.00% July 15, 2025
	1,477,896	Ginnie Mae		1,548,292
		5.00% November 15, 2033
	38,731	Ginnie Mae		43,223
		9.00% April 15, 2021
	591,714	Ginnie Mae		628,198
		5.50% April 15, 2037
	556,937	Ginnie Mae		594,341
		5.00% September 15, 2018
	33,854	Ginnie Mae		38,229
		7.50% December 15, 2025
	980,048	Ginnie Mae II †		1,017,871
		4.00% October 20, 2039
	1,075,736	Ginnie Mae II		1,155,370
		6.00% January 20, 2036
	584,305	Ginnie Mae II		609,045
		5.00% December 20, 2035
	1,481,236	Ginnie Mae II		1,570,923
		5.50% February 20, 2036
			$	122,584,628
Automobiles --- 0.15%
	500,000	DaimlerChrysler NA Holding Corp		554,320
		6.50% November 15, 2013
			$	554,320
Banks --- 0.79%
	500,000	Bank of America NA		462,654
		6.00% October 15, 2036
	1,000,000	US Bancorp		996,927
		2.13% February 15, 2013
	500,000	Wachovia Bank NA		514,631
		4.80% November 1, 2014
	500,000	Wells Fargo & Co		464,823
		5.38% February 7, 2035
	500,000	Wells Fargo & Co		518,885
		5.13% September 15, 2016
			$	2,957,920
Broadcast/Media --- 0.86%
	569,000	Comcast Corp		626,905
		6.30% November 15, 2017
	500,000	Cox Communications Inc		540,473
		5.45% December 15, 2014
	375,000	News America Holdings Inc		440,638
		9.25% February 1, 2013
	500,000	News America Inc		547,860
		5.30% December 15, 2014
	500,000	Time Warner Inc		549,978
		6.88% May 1, 2012
	500,000	Viacom Inc		516,595
		4.38% September 15, 2014
			$	3,222,449
Canadian - Federal --- 0.28%
	500,000	Export Development Canada		536,592
		4.50% October 25, 2012
	500,000	Government of Canada		499,056
		2.38% September 10, 2014
			$	1,035,648
Canadian - Provincial --- 0.28%
	500,000	Province of Manitoba		505,264
		2.13% April 22, 2013
	500,000	Province of Ontario		533,122
		4.38% February 15, 2013
			$	1,038,386
Chemicals --- 0.86%
	500,000	Airgas Inc		498,893
		2.85% October 1, 2013
	500,000	Chevron Phillips Chemical Co LLC ‡		563,280
		7.00% June 15, 2014
	1,000,000	EI du Pont de Nemours & Co		1,079,120
		5.25% December 15, 2016
	500,000	FMC Corp		504,117
		5.20% December 15, 2019
	500,000	Potash Corp of Saskatchewan Inc		540,550
		5.25% May 15, 2014
			$	3,185,960
Commercial Mortgage Backed --- 4.13%
	1,330,000	Bear Stearns Commercial Mortgage Securities Inc †		1,374,362
		Series 2005-T20 Class A4A
		5.15% October 12, 2042
	500,000	Bear Stearns Commercial Mortgage Securities Inc †		523,600
		Series 2003-PWR2 Class A4
		5.19% May 11, 2039
	1,000,000	Greenwich Capital Commercial Funding Corp		1,055,618
		Series 2003-C Class A4
		4.92% January 5, 2036
	1,250,000	GS Mortgage Securities Corp II		1,240,476
		Series 2005-GG4 Class A4
		4.76% July 10, 2039
	1,000,000	GS Mortgage Securities Corp II		1,009,635
		Series 2005-GG4 Class A4A
		4.75% July 10, 2039
	482,827	JP Morgan Chase Commercial Mortgage Securities Corp		499,967
		Series 2005-LDP2 Class ASB
		4.66% July 15, 2042
	2,000,000	Morgan Stanley Capital I †		2,035,867
		Series 2007-T25 Class A3
		5.51% November 12, 2049
	3,000,000	Morgan Stanley Capital I †		3,102,259
		Series 2007-T27 Class A4
		5.65% June 13, 2042
	1,000,000	Morgan Stanley Capital I †		1,046,671
		Series 2005-IQ10 Class AAB
		5.18% September 15, 2042
	1,250,000	Morgan Stanley Capital I †		1,282,186
		Series 2006-T21 Class A4
		5.16% October 12, 2052
	1,641,725	Salomon Brothers Mortgage Securities VII		1,692,707
		Series 2001-C1 Class A3
		6.43% December 18, 2035
	500,000	Wachovia Bank Commercial Mortgage Trust		519,191
		Series 2004-C10 Class A4
		4.75% February 15, 2041
			$	15,382,539
Computer Hardware & Systems --- 0.21%
	250,000	Hewlett-Packard Co		281,540
		6.13% March 1, 2014
	400,000	International Business Machines Corp		516,531
		8.38% November 1, 2019
			$	798,071
Conglomerates --- 0.14%
	500,000	General Electric Co		538,986
		5.00% February 1, 2013
			$	538,986
Cosmetics & Personal Care --- 0.30%
	500,000	Avon Products Inc		548,239
		5.63% March 1, 2014
	500,000	Estee Lauder Co Inc		581,210
		7.75% November 1, 2013
			$	1,129,449
Electric Companies --- 2.51%
	500,000	Commonwealth Edison Co		552,565
		6.15% September 15, 2017
	500,000	Duke Energy Carolinas LLC		557,020
		5.75% November 15, 2013
	500,000	Duke Energy Corp		546,918
		5.30% October 1, 2015
	500,000	Enel Finance International SA ‡		506,499
		3.88% October 7, 2014
	500,000	Entergy Louisiana LLC		500,754
		5.40% November 1, 2024
	500,000	Jersey Central Power & Light Co		506,110
		6.15% June 1, 2037
	500,000	Ohio Power Co		528,911
		4.85% January 15, 2014
	500,000	Pacific Gas & Electric Co		514,907
		6.05% March 1, 2034
	250,000	PECO Energy Co		269,099
		5.00% October 1, 2014
	500,000	Pennsylvania Electric Co		500,651
		5.20% April 1, 2020
	493,000	Pnpp II Funding Corp		577,801
		8.83% May 30, 2016
	250,000	Potomac Electric Power Co		264,944
		4.65% April 15, 2014
	500,000	PPL Electric Utilities Corp		578,672
		7.13% November 30, 2013
	683,000	Public Service Co of Oklahoma		689,004
		5.15% December 1, 2019
	500,000	Southwestern Electric Power Co		538,683
		6.45% January 15, 2019
	500,000	Southwestern Public Service Co		623,041
		8.75% December 1, 2018
	500,000	Westar Energy Inc		551,685
		6.00% July 1, 2014
	500,000	Wisconsin Electric Power Co		556,753
		6.00% April 1, 2014
			$	9,364,017
Electronic Instruments & Equipment --- 0.14%
	500,000	Amphenol Corp		514,345
		4.75% November 15, 2014
			$	514,345
Engineering & Construction --- 0.14%
	500,000	Holcim US Finance Sarl & Cie SCS ‡		519,247
		6.00% December 30, 2019
			$	519,247
Financial Services --- 2.54%
	500,000	Bank of America Corp		504,171
		4.50% April 1, 2015
	500,000	Bank of America Corp		512,637
		5.75% December 1, 2017
	500,000	Bank of New York Mellon Corp		544,716
		6.38% April 1, 2012
	1,495,334	BGS CTL		1,467,382
		6.36% June 15, 2033
	500,000	BlackRock Inc		549,994
		6.25% September 15, 2017
	500,000	Citigroup Inc		454,005
		5.85% December 11, 2034
	500,000	Citigroup Inc		514,335
		6.13% November 21, 2017
	500,000	Citigroup Inc		499,296
		5.00% September 15, 2014
	500,000	CME Group Inc		548,908
		5.75% February 15, 2014
	500,000	CME Group Index Services LLC ‡		490,108
		4.40% March 15, 2018
	500,000	General Electric Capital Corp		529,453
		5.38% October 20, 2016
	250,000	General Electric Capital Corp		264,495
		6.75% March 15, 2032
	1,000,000	General Electric Capital Corp		1,045,012
		5.63% May 1, 2018
	500,000	JPMorgan Chase & Co		528,200
		5.13% September 15, 2014
	500,000	JPMorgan Chase Bank NA		533,081
		6.00% October 1, 2017
	500,000	NASDAQ OMX Group Inc		497,612
		4.00% January 15, 2015
			$	9,483,405
Food & Beverages --- 1.34%
	500,000	Anheuser-Busch Co Inc		496,863
		5.95% January 15, 2033
	500,000	Anheuser-Busch InBev Worldwide Inc ‡		504,659
		3.63% April 15, 2015
	500,000	Anheuser-Busch InBev Worldwide Inc		515,791
		5.38% January 15, 2020
	500,000	Campbell Soup Co		508,754
		4.50% February 15, 2019
	500,000	Coca-Cola Enterprises Inc		584,211
		7.38% March 3, 2014
	500,000	Kellogg Co		531,044
		4.45% May 30, 2016
	500,000	Kroger Co		506,132
		3.90% October 1, 2015
	250,000	SABMiller PLC ‡		274,007
		6.50% July 1, 2016
	500,000	Safeway Inc		553,788
		6.35% August 15, 2017
	500,000	Wal-Mart Stores Inc		536,426
		4.50% July 1, 2015
			$	5,011,675
Foreign Banks --- 0.55%
	500,000	Bank of Nova Scotia		503,289
		3.40% January 22, 2015
	500,000	Barclays Bank PLC		513,935
		5.00% September 22, 2016
	500,000	Credit Suisse AG		503,908
		5.40% January 14, 2020
	500,000	KfW Bankengruppe		543,039
		4.88% January 17, 2017
			$	2,064,171
Foreign Governments --- 0.38%
	500,000	Government of Italy		524,785
		4.50% January 21, 2015
	300,000	Government of Italy		344,056
		6.88% September 27, 2023
	500,000	Government of Mexico		550,000
		6.75% September 27, 2034
			$	1,418,841
Gold, Metals & Mining --- 0.59%
	500,000	BHP Billiton Finance USA Ltd		545,291
		5.25% December 15, 2015
	500,000	Cliffs Natural Resources Inc		512,066
		5.90% March 15, 2020
	500,000	Newmont Mining Corp		502,981
		5.13% October 1, 2019
	500,000	Rio Tinto Finance USA Ltd		641,715
		9.00% May 1, 2019
			$	2,202,053
Health Care Related --- 0.56%
	500,000	Quest Diagnostics Inc		489,149
		4.75% January 30, 2020
	500,000	Roche Holdings Inc ‡		540,065
		5.00% March 1, 2014
	500,000	UnitedHealth Group Inc		527,361
		5.00% August 15, 2014
	500,000	WellPoint Inc		527,128
		5.25% January 15, 2016
			$	2,083,703
Hotels/Motels --- 0.14%
	500,000	Hyatt Hotels Corp ‡		510,286
		5.75% August 15, 2015
			$	510,286
Household Goods --- 0.29%
	500,000	Procter & Gamble Co		505,575
		5.55% March 5, 2037
	500,000	Stanley Black & Decker Inc		557,788
		6.15% October 1, 2013
			$	1,063,363
Insurance Related --- 1.84%
	500,000	Allstate Corp		468,764
		5.35% June 1, 2033
	500,000	American International Group Inc		436,016
		6.25% May 1, 2036
	500,000	Berkshire Hathaway Finance Corp		546,040
		5.00% August 15, 2013
	500,000	Berkshire Hathaway Inc		504,268
		3.20% February 11, 2015
	700,000	First American Corp		676,738
		5.70% August 1, 2014
	1,000,000	Hartford Financial Services Group Inc		1,046,781
		6.30% March 15, 2018
	500,000	Lincoln National Corp		521,359
		6.25% February 15, 2020
	500,000	MetLife Inc		560,326
		6.75% June 1, 2016
	500,000	New York Life Insurance Co ‡		547,783
		6.75% November 15, 2039
	500,000	Pacific LifeCorp ‡		488,037
		6.00% February 10, 2020
	500,000	Prudential Financial Inc		528,785
		6.10% June 15, 2017
	500,000	Teachers Insurance & Annuity Association of America ‡		542,366
		6.85% December 16, 2039
			$	6,867,263
Investment Bank/Brokerage Firm --- 1.78%
	500,000	Ameriprise Financial Inc		505,821
		5.30% March 15, 2020
	500,000	Bear Stearns Cos Inc		544,505
		5.70% November 15, 2014
	500,000	Goldman Sachs Capital I		461,678
		6.35% February 15, 2034
	500,000	Goldman Sachs Group Inc		529,040
		6.15% April 1, 2018
	500,000	Goldman Sachs Group Inc		534,474
		5.75% October 1, 2016
	500,000	Jefferies Group Inc		554,671
		8.50% July 15, 2019
	500,000	Lehman Brothers Holdings Inc § ^		116,250
		4.80% March 13, 2014
	500,000	Merrill Lynch & Co Inc		509,826
		6.05% May 16, 2016
	500,000	Morgan Stanley		510,538
		4.75% April 1, 2014
	750,000	Morgan Stanley		810,103
		6.00% May 13, 2014
	500,000	Morgan Stanley		533,289
		6.63% April 1, 2018
	500,000	Nomura Holdings Inc		511,108
		5.00% March 4, 2015
	500,000	Xstrata Finance Canada Ltd ‡		521,674
		5.80% November 15, 2016
			$	6,642,977
Leisure & Entertainment --- 0.07%
	250,000	Hasbro Inc		274,297
		6.13% May 15, 2014
			$	274,297
Machinery --- 0.43%
	500,000	Caterpillar Inc		548,624
		5.70% August 15, 2016
	500,000	Deere & Co		495,958
		4.38% October 16, 2019
	500,000	Dover Corp		543,004
		4.88% October 15, 2015
			$	1,587,586
Medical Products --- 0.42%
	500,000	Baxter International Inc		504,542
		4.50% August 15, 2019
	500,000	Beckman Coulter Inc		544,316
		6.00% June 1, 2015
	500,000	CareFusion Corp		530,636
		5.13% August 1, 2014
			$	1,579,494
Miscellaneous --- 0.14%
	500,000	Brambles USA Inc ‡		502,685
		5.35% April 1, 2020
			$	502,685
Office Equipment & Supplies --- 0.14%
	500,000	Xerox Corp		536,275
		5.65% May 15, 2013
			$	536,275
Oil & Gas --- 2.22%
	500,000	Cenovus Energy Inc ‡		521,649
		4.50% September 15, 2014
	500,000	ConocoPhillips		518,404
		5.90% October 15, 2032
	500,000	Gulfstream Natural Gas System LLC ‡		561,735
		6.95% June 1, 2016
	500,000	Hess Corp		570,777
		7.00% February 15, 2014
	250,000	Husky Energy Inc		272,070
		5.90% June 15, 2014
	500,000	Marathon Oil Corp		560,589
		6.50% February 15, 2014
	500,000	Motiva Enterprises LLC ‡		523,400
		5.75% January 15, 2020
	500,000	Northwest Pipeline GP		582,587
		7.13% December 1, 2025
	500,000	Petrobras International Finance Co		512,246
		5.75% January 20, 2020
	500,000	Questar Market Resources Inc		543,910
		6.80% March 1, 2020
	500,000	Shell International Finance BV		502,486
		3.25% September 22, 2015
	250,000	Smith International Inc		297,857
		8.63% March 15, 2014
	250,000	Sunoco Logistics Partners Operations LP		289,921
		8.75% February 15, 2014
	500,000	Total Capital SA		496,631
		3.13% October 2, 2015
	500,000	Valero Energy Corp		520,445
		6.13% June 15, 2017
	500,000	Valero Energy Corp		515,309
		7.50% April 15, 2032
	500,000	Williams Partners LP ‡		499,103
		3.80% February 15, 2015
			$	8,289,119
Other Asset-Backed --- 0.93%
	500,000	ACE Securities Corp ‡		332,464
		Series 2007-D1 Class A2
		6.34% February 25, 2038
	140,000	Chase Issuance Trust		150,411
		Series 2008-A4 Class A4
		4.65% March 15, 2015
	750,000	Citibank Credit Card Issuance Trust		814,173
		Series 2009-A4 Class A4
		4.90% June 23, 2016
	950,275	Citigroup Residential Mortgage Trust		917,968
		Series 2006-1 Class A6
		5.84% July 25, 2036
	696,674	Countrywide Asset Backed Certificates		348,337
		Series 2006-S8 Class A6
		5.51% April 25, 2036
	800,000	Residential Funding Mortgage Securities II Inc		613,250
		Series 2006-HI5 Class A3
		5.50% August 25, 2025
	410,000	Residential Funding Mortgage Securities II Inc		301,776
		Series 2006-HI2 Class A3
		5.79% February 25, 2036
			$	3,478,379
Paper & Forest Products --- 0.14%
	500,000	International Paper Co		528,173
		5.30% April 1, 2015
			$	528,173
Personal Loans --- 1.00%
	500,000	American Express Co		566,634
		7.25% May 20, 2014
	500,000	American Express Co		567,896
		7.00% March 19, 2018
	500,000	American General Finance Corp		468,158
		5.85% June 1, 2013
	500,000	American Honda Finance Corp ‡		557,170
		6.70% October 1, 2013
	500,000	HSBC Finance Corp		531,992
		6.38% October 15, 2011
	500,000	HSBC Finance Corp		525,227
		5.50% January 19, 2016
	500,000	HSBC Finance Corp		520,693
		5.00% June 30, 2015
			$	3,737,770
Pharmaceuticals --- 0.45%
	500,000	Pfizer Inc		550,928
		5.35% March 15, 2015
	500,000	Schering-Plough Corp		562,671
		6.00% September 15, 2017
	500,000	Wyeth		551,576
		5.50% February 1, 2014
			$	1,665,175
Pollution Control --- 0.08%
	250,000	Waste Management Inc		279,761
		6.38% March 11, 2015
			$	279,761
Printing & Publishing --- 0.15%
	500,000	Thomson Reuters Corp		552,586
		5.95% July 15, 2013
			$	552,586
Railroads --- 1.03%
	500,000	Burlington Northern Santa Fe LLC		571,798
		7.00% February 1, 2014
	500,000	Canadian National Railway Co		546,996
		5.85% November 15, 2017
	500,000	Canadian Pacific Railway Co		568,021
		7.25% May 15, 2019
	500,000	CSX Corp		527,902
		5.60% May 1, 2017
	500,000	Norfolk Southern Corp		552,835
		5.75% January 15, 2016
	500,000	Union Pacific Corp		538,849
		5.38% May 1, 2014
	500,000	Union Pacific Corp		545,323
		6.63% February 1, 2029
			$	3,851,724
Real Estate --- 0.61%
	500,000	Brandywine Operating Partnership LP		502,244
		5.40% November 1, 2014
	745,000	Camden Property Trust		742,130
		5.00% June 15, 2015
	500,000	Duke Realty LP		508,899
		6.75% March 15, 2020
	500,000	Simon Property Group LP **		501,270
		4.20% February 1, 2015
			$	2,254,543
Retail --- 0.28%
	467,102	CVS Caremark Corp ‡		504,027
		7.77% January 10, 2012
	500,000	Home Depot Inc		540,299
		5.40% March 1, 2016
			$	1,044,326
Specialized Services --- 0.42%
	500,000	Computer Sciences Corp		553,557
		6.50% March 15, 2018
	500,000	Equifax Inc		514,493
		4.45% December 1, 2014
	500,000	Teco Finance Inc		492,712
		4.00% March 15, 2016
			$	1,560,762
Supranationals --- 0.15%
	500,000	European Investment Bank		550,381
		5.13% September 13, 2016
			$	550,381
Telephone & Telecommunications --- 1.22%
	500,000	ALLTEL Corp		571,233
		7.00% March 15, 2016
	500,000	AT&T Inc		548,160
		5.63% June 15, 2016
	500,000	Cellco Partnership		578,359
		7.38% November 15, 2013
	500,000	Deutsche Telekom International Finance BV		640,355
		8.25% June 15, 2030
	1,000,000	Rogers Communications Inc		1,137,549
		6.80% August 15, 2018
	500,000	Telecom Italia Capital SA		534,448
		6.18% June 18, 2014
	500,000	Vodafone Group PLC		535,036
		5.63% February 27, 2017
			$	4,545,140
Transportation --- 0.15%
	500,000	Ryder System Inc		562,687
		7.20% September 1, 2015
			$	562,687
U.S. Governments --- 26.75%
	1,000,000	United States of America		1,004,102
		0.88% April 30, 2011
	500,000	United States of America		493,946
		1.88% April 30, 2014
	2,000,000	United States of America		2,015,546
		1.38% February 15, 2012
	2,100,000	United States of America		2,068,500
		1.75% March 31, 2014
	750,000	United States of America		759,433
		3.25% May 31, 2016
	2,000,000	United States of America		2,032,656
		1.88% June 15, 2012
	1,000,000	United States of America		1,006,172
		1.38% May 15, 2012
	2,250,000	United States of America		2,142,950
		3.13% May 15, 2019
	2,900,000	United States of America		2,908,836
		3.50% February 15, 2018
	1,000,000	United States of America		1,027,422
		2.50% March 31, 2013
	2,200,000	United States of America		2,341,625
		3.88% October 31, 2012
	2,000,000	United States of America		2,118,124
		3.63% December 31, 2012
	1,000,000	United States of America		1,001,719
		2.00% November 30, 2013
	1,600,000	United States of America		1,581,875
		1.75% January 31, 2014
	2,000,000	United States of America		2,050,468
		3.88% May 15, 2018
	1,600,000	United States of America		1,669,501
		3.13% August 31, 2013
	1,500,000	United States of America		1,516,875
		3.25% June 30, 2016
	3,000,000	United States of America		3,021,564
		2.63% December 31, 2014
	1,000,000	United States of America		996,797
		1.38% January 15, 2013
	2,000,000	United States of America		1,944,844
		2.75% November 30, 2016
	1,000,000	United States of America		1,001,328
		3.25% December 31, 2016
	1,000,000	United States of America		982,969
		3.63% February 15, 2020
	1,000,000	United States of America		994,140
		1.38% March 15, 2013
	1,500,000	United States of America		1,498,242
		0.88% January 31, 2012
	3,500,000	United States of America		3,483,592
		1.38% February 15, 2013
	1,500,000	United States of America		1,507,734
		1.00% July 31, 2011
	1,000,000	United States of America		987,812
		3.63% August 15, 2019
	1,500,000	United States of America		1,520,508
		2.63% July 31, 2014
	1,000,000	United States of America		1,010,391
		3.25% July 31, 2016
	500,000	United States of America		499,336
		2.38% October 31, 2014
	1,000,000	United States of America		1,004,609
		1.00% August 31, 2011
	2,000,000	United States of America		2,004,688
		2.38% August 31, 2014
	500,000	United States of America		501,094
		1.38% September 15, 2012
	1,000,000	United States of America		1,068,750
		4.13% August 31, 2012
	600,000	United States of America		766,781
		6.88% August 15, 2025
	900,000	United States of America		1,105,735
		6.38% August 15, 2027
	500,000	United States of America		644,375
		7.13% February 15, 2023
	800,000	United States of America		961,375
		6.25% August 15, 2023
	700,000	United States of America		774,375
		5.38% February 15, 2031
	900,000	United States of America		879,047
		4.50% February 15, 2036
	900,000	United States of America		1,078,031
		6.13% November 15, 2027
	1,300,000	United States of America		1,591,281
		6.25% May 15, 2030
	300,000	United States of America		414,938
		8.50% February 15, 2020
	600,000	United States of America		845,625
		8.75% May 15, 2020
	1,350,000	United States of America		1,676,109
		7.25% May 15, 2016
	500,000	United States of America		672,344
		8.13% August 15, 2019
	1,650,000	United States of America		2,248,125
		8.00% November 15, 2021
	400,000	United States of America		519,875
		7.25% August 15, 2022
	400,000	United States of America		565,375
		8.75% August 15, 2020
	1,750,000	United States of America		2,396,679
		8.13% May 15, 2021
	500,000	United States of America		506,875
		4.75% February 15, 2037
	1,250,000	United States of America		1,321,094
		5.13% June 30, 2011
	2,000,000	United States of America		2,216,406
		4.88% August 15, 2016
	500,000	United States of America		539,844
		4.25% August 15, 2015
	2,100,000	United States of America		2,294,578
		4.50% November 15, 2015
	5,100,000	United States of America		5,521,943
		4.88% June 30, 2012
	1,000,000	United States of America		1,093,828
		4.75% August 15, 2017
	1,000,000	United States of America		1,060,703
		4.63% October 31, 2011
	800,000	United States of America		848,875
		4.50% November 30, 2011
	2,800,000	United States of America		2,968,218
		5.00% August 15, 2011
	2,500,000	United States of America		2,683,008
		4.88% February 15, 2012
	1,250,000	United States of America		1,158,202
		4.25% May 15, 2039
	1,000,000	United States of America		945,625
		4.38% November 15, 2039
	500,000	United States of America		552,031
		4.75% May 15, 2014
	2,400,000	United States of America		2,569,500
		4.00% February 15, 2015
	1,000,000	United States of America		1,074,531
		4.38% August 15, 2012
	3,200,000	United States of America		3,439,251
		4.00% February 15, 2014
			$	99,702,730
U.S. Municipal --- 0.27%
	500,000	Indianapolis Local Public Improvement Bond Bank		505,290
		6.00% January 15, 2040
	500,000	New York State Dormitory Authority		491,235
		4.55% February 15, 2021
			$	996,525
Utilities --- 0.31%
	500,000	EQT Corp		594,019
		8.13% June 1, 2019
	500,000	Kansas Gas & Electric Co ‡		562,647
		6.70% June 15, 2019
			$	1,156,666
TOTAL BONDS --- 98.93%			$	368,779,390
(Cost $357,114,300)
SHORT-TERM INVESTMENTS
Par Value ($)			Value ($)
Joint Repurchase Agreements
	1,260,000	Undivided interest of 11.66% in a repurchase agreement (Principal Amount/Value $10,805,000 with a maturity value of $10,805,015) with Bank of America, 0.05%, dated 3/31/10, to be repurchased at $1,260,002 on 04/01/10.		1,260,000
TOTAL SHORT-TERM INVESTMENTS --- 0.34%			$	1,260,000
(Cost $1,260,000)
SECURITIES LENDING COLLATERAL
Par Value ($)			Value ($)
	184,000	Barclays Capital Inc		184,000
		Repurchase Agreement
		0.01%  April 1, 2010
	191,000	BNP Paribas Securities Corp		191,000
		Repurchase Agreement
		0.01%  April 1, 2010
	140,000	Household Bank Securities Inc		140,000
		Repurchases Agreement
		0.01%  April 1, 2010
TOTAL SECURITIES LENDING COLLATERAL --- 0.14%			$	515,000
(Cost $515,000)
OTHER ASSETS & LIABILITIES --- 0.59%			$	2,196,031
TOTAL NET ASSETS --- 100%			$	372,750,421
(Cost $358,889,300)

Legend

	†	Represents the current interest rate for variable rate security.
	‡	The Maxim Bond Index Portfolio may own certain investment securities which are restricted as to resale under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.  These securities are valued after giving due consideration to pertinent factors including recent private sales, market conditions, and the issuer’s financial performance.  Aggregate cost, fair value and percent of net assets of these restricted securities held at March 31, 2010 were $13,297,840, $13,675,151 and 3.67%, respectively.
	§	Security in default at March 31, 2010.
^		Security in bankruptcy at March 31, 2010.
	**	A portion or all of the security is on loan at March 31, 2010.

The value of assets in the Portfolio is determined as of the close of trading on each valuation date.

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

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.

Fixed income investments are normally valued on the basis of quotations from brokers or dealers or pricing services, which take into account appropriate factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data.

Independent pricing services are utilized when possible and approved by the Board of Directors.  In some instances valuations from independent pricing services are not available or do not reflect significant events in the market between the time the market closed and the valuation time and therefore fair valuation procedures are implemented.  Developments that might be considered significant events to trigger fair value pricing could be natural disasters, government actions or significant fluctuations in domestic or foreign markets.

For fixed income securities, factors used in the determination of fair value, but are not limited to, market data incorporating available trade, bid and other market information such as benchmark curves, benchmarking of like securities, sector groupings and matrix pricing.  Model processes such as Option Adjusted Spread models are used to develop prepayment and interest rate scenarios.  Price evaluators gather information from market sources and integrate relevant credit information, perceived market movements and sector news into the evaluated pricing applications and models.

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.

The Portfolio classifies its valuations into three levels based upon the transparency of inputs to the valuation of the Portfolio’s investments.  The three levels are defined as follows:

Level 1 – Valuations based on quoted prices for identical securities in active markets.

Level 2 – Valuations based on either directly or indirectly observable inputs.  These may include quoted prices in markets that are not active or quoted prices for similar assets in active markets.  Valuations may also be based on inputs other than quoted prices that are observable for the asset, such as interest rates and yield curves.  Additional inputs may be used such as benchmark yields, reported trades, broker/dealer quotes, issuer spreads, prepayment speeds and benchmark securities. 

Level 3 – Valuations based on inputs that are unobservable and significant to the fair value measurement.  The prices of the majority of Level 3 securities were obtained from single broker quotes.

As of March 31, 2010, the inputs used to value the Portfolio’s investments were as follows:

Description	Level 1		Level 2		Level 3		Total
Assets
Bonds
Commercial mortgage-backed	$	-	$	15,382,539	$	-	$	15,382,539
Corporate		503,289		93,250,142		-		93,753,431
Foreign government		-		3,492,875		-		3,492,875
Obligations of US states and
their subdivisions		-		996,525		-		996,525
Residential mortgage-backed		-		122,584,628		-		122,584,628
U.S. government		-		128,540,632		-		128,540,632
Other debt		-		4,028,760		-		4,028,760
Short-term Investments		515,000		1,260,000		-		1,775,000
Total	$	1,018,289	$	369,536,101	$	-	$	370,554,390

At March 31, 2010, the U.S. Federal income tax cost basis was $358,323,370.  The Maxim Bond Index Portfolio had gross appreciation of securities in which there was an excess of value over tax cost of $13,960,999 and gross depreciation of securities in which there was an excess of tax cost over value of $1,729,979, resulting in net appreciation of $12,231,020.

Management determines the Portfolio's industry classifications using one or more widely recognized market indexes or ratings group indexes.  Industries are shown as a percent of total net assets.  These industry classifications are unaudited.

MAXIM SERIES FUND, INC.

MAXIM U.S. GOVERNMENT MORTGAGE SECURITIES PORTFOLIO

SCHEDULE OF INVESTMENTS

MARCH 31, 2010

UNAUDITED

BONDS
Par Value ($)			Value ($)
Agency --- 2.21%
	2,500,000	Federal Home Loan Bank		2,695,543
		4.63% October 10, 2012
	1,000,000	Federal Home Loan Bank		1,056,161
		3.63% October 18, 2013
	1,600,000	Federal Home Loan Bank		1,779,070
		5.25% June 18, 2014
	2,000,000	Federal Home Loan Bank		2,121,034
		3.88% June 14, 2013
	1,000,000	Federal Home Loan Bank		1,074,711
		4.50% November 15, 2012
			$	8,726,519
Agency - Pass Through --- 75.77%
	243,662	Fannie Mae		277,224
		7.00% January 1, 2032
	1,156,653	Fannie Mae		1,298,968
		6.50% December 1, 2031
	940,242	Fannie Mae		1,026,241
		6.50% February 1, 2017
	1,071,874	Fannie Mae		1,196,343
		6.50% February 1, 2032
	3,226,957	Fannie Mae		3,411,548
		5.50% January 1, 2036
	21,534	Fannie Mae		25,043
		8.50% August 1, 2024
	2,441,400	Fannie Mae		2,741,795
		6.50% January 1, 2032
	2,995	Fannie Mae		3,473
		9.50% March 1, 2020
	653,688	Fannie Mae		711,786
		6.00% March 1, 2017
	826,969	Fannie Mae		858,047
		5.00% November 1, 2033
	620,238	Fannie Mae		659,173
		6.00% February 1, 2033
	1,878,491	Fannie Mae		1,985,945
		5.50% May 1, 2035
	1,691,179	Fannie Mae		1,794,789
		5.50% September 1, 2033
	2,824,250	Fannie Mae		3,011,575
		5.00% May 1, 2018
	1,159,320	Fannie Mae		1,282,216
		6.00% March 1, 2033
	255,660	Fannie Mae		271,620
		5.00% June 1, 2018
	2,118,168	Fannie Mae		2,284,673
		5.50% April 1, 2018
	83,635	Fannie Mae		90,570
		6.50% July 1, 2014
	125,842	Fannie Mae		143,784
		9.50% September 1, 2020
	103,466	Fannie Mae		120,087
		8.50% November 1, 2026
	1,861,592	Fannie Mae		1,980,587
		6.00% May 1, 2037
	28,053	Fannie Mae		31,493
		8.50% August 1, 2021
	220,147	Fannie Mae		250,418
		7.00% February 1, 2031
	491,224	Fannie Mae		556,504
		7.00% December 1, 2031
	4,080,246	Fannie Mae		4,330,222
		5.50% July 1, 2033
	3,483,219	Fannie Mae		3,702,316
		5.00% August 1, 2018
	1,220,627	Fannie Mae		1,302,847
		6.00% February 1, 2036
	5,688,082	Fannie Mae		5,901,844
		5.00% September 1, 2033
	947,016	Fannie Mae		1,005,035
		5.50% December 1, 2033
	154,381	Fannie Mae		166,461
		5.50% January 1, 2018
	5,729,073	Fannie Mae		6,069,481
		5.50% February 1, 2035
	2,032,782	Fannie Mae		2,152,874
		5.50% December 1, 2034
	2,899,321	Fannie Mae		3,102,771
		6.00% January 1, 2036
	1,351,095	Fannie Mae		1,430,915
		5.50% March 1, 2034
	3,727,698	Fannie Mae		3,947,922
		5.50% October 1, 2034
	3,552,105	Fannie Mae		3,801,361
		6.00% December 1, 2035
	2,361,387	Fannie Mae †		2,437,251
		4.26% September 1, 2039
	1,891,948	Fannie Mae		1,997,916
		5.00% June 1, 2023
	1,436,648	Fannie Mae		1,441,543
		4.50% April 1, 2039
	4,594,154	Fannie Mae		4,745,730
		5.00% February 1, 2039
	10,757,522	Fannie Mae		10,794,175
		4.50% March 1, 2039
	3,345,533	Fannie Mae		3,357,266
		4.50% February 1, 2039
	3,365,627	Fannie Mae		3,551,124
		5.50% March 1, 2038
	1,266,755	Fannie Mae		1,308,423
		5.00% November 1, 2039
	5,138,019	Fannie Mae		5,155,525
		4.50% August 1, 2039
	1,987,725	Fannie Mae		2,031,768
		4.50% February 1, 2030
	4,460,321	Fannie Mae		4,607,035
		5.00% December 1, 2039
	300,551	Fannie Mae		341,966
		7.00% September 1, 2031
	1,500,000	Fannie Mae		1,505,111
		4.50% March 1, 2040
	1,849,299	Fannie Mae		1,951,038
		5.50% August 1, 2039
	2,455,165	Fannie Mae †		2,536,612
		3.95% September 1, 2039
	4,750,000	Fannie Mae		4,766,185
		4.50% November 1, 2039
	993,735	Fannie Mae †		1,019,454
		3.64% December 1, 2039
	1,855,921	Fannie Mae		1,962,085
		5.50% January 1, 2037
	3,358,515	Fannie Mae		3,479,483
		5.00% April 1, 2034
	2,145,995	Fannie Mae		2,291,862
		5.50% November 1, 2033
	1,904,827	Fannie Mae		2,017,359
		5.50% January 1, 2035
	421,291	Fannie Mae		446,180
		5.50% April 1, 2034
	6,213,548	Fannie Mae		6,568,979
		5.50% April 1, 2036
	1,259,061	Fannie Mae		1,347,411
		6.00% March 1, 2036
	1,101,513	Fannie Mae †		1,154,688
		5.68% October 1, 2036
	3,143,430	Fannie Mae		3,318,331
		5.50% June 1, 2036
	501,759	Fannie Mae		519,047
		5.00% August 1, 2035
	2,091,950	Fannie Mae		2,170,567
		5.00% September 1, 2035
	1,057,887	Fannie Mae		1,129,145
		6.00% December 1, 2036
	1,826,721	Fannie Mae		1,895,371
		5.00% July 1, 2037
	755,356	Fannie Mae		798,565
		5.50% March 1, 2036
	1,075,032	Fannie Mae		1,136,526
		5.50% November 1, 2035
	2,498,950	Fannie Mae		2,585,053
		5.00% October 1, 2035
	3,112,044	Fannie Mae		3,290,060
		5.50% May 1, 2036
	1,577,684	Fannie Mae		1,665,467
		5.50% February 1, 2036
	6,852,581	Freddie Mac		7,117,110
		4.50% May 1, 2024
	2,715,838	Freddie Mac		2,820,678
		4.50% December 1, 2024
	2,043,722	Freddie Mac		2,166,057
		5.50% October 1, 2034
	593,908	Freddie Mac		638,275
		6.00% May 1, 2038
	2,623,120	Freddie Mac		2,712,124
		5.00% June 1, 2038
	842,830	Freddie Mac		904,965
		5.50% April 1, 2022
	669,798	Freddie Mac		708,075
		5.50% May 1, 2038
	3,373,345	Freddie Mac		3,623,572
		6.00% June 1, 2038
	3,700,172	Freddie Mac		3,825,351
		5.00% May 1, 2039
	2,444,710	Freddie Mac		2,531,236
		5.00% August 1, 2035
	965,072	Freddie Mac		1,021,634
		5.50% September 1, 2035
	3,683,179	Freddie Mac		3,976,738
		6.00% January 1, 2036
	1,514,346	Freddie Mac		1,628,891
		6.00% August 1, 2037
	51,013	Freddie Mac		59,735
		9.50% April 1, 2025
	370,471	Freddie Mac		418,822
		7.00% September 1, 2032
	354,641	Freddie Mac		406,582
		7.50% March 1, 2032
	23,653	Freddie Mac		27,390
		11.00% June 1, 2020
	102,366	Freddie Mac		118,886
		11.00% August 1, 2020
	65,105	Freddie Mac		75,612
		11.00% July 1, 2020
	1,590,050	Freddie Mac		1,714,180
		6.00% July 1, 2036
	3,117,559	Freddie Mac		3,353,371
		6.00% November 1, 2036
	7,131,935	Freddie Mac		7,384,357
		5.00% September 1, 2035
	319,684	Freddie Mac		345,378
		5.50% March 1, 2017
	6,088,881	Freddie Mac		6,304,386
		5.00% December 1, 2035
	3,273,427	Freddie Mac		3,534,328
		6.00% March 1, 2036
	1,976,739	Freddie Mac		1,983,474
		4.50% September 1, 2039
	1,478,047	Freddie Mac		1,483,083
		4.50% November 1, 2039
	998,767	Freddie Mac		1,002,170
		4.50% February 1, 2040
	2,398,694	Freddie Mac		2,406,867
		4.50% March 1, 2039
	7,294,491	Freddie Mac		7,319,346
		4.50% April 1, 2039
	1,121,604	Freddie Mac		1,159,549
		5.00% August 1, 2039
	33,508	Freddie Mac		39,100
		9.50% June 1, 2020
	8,268	Freddie Mac		8,944
		9.50% September 1, 2020
	2,500,000	Freddie Mac		2,505,470
		4.50%  TBA
	3,534,892	Freddie Mac		3,752,010
		5.50% August 1, 2033
	1,365,485	Freddie Mac		1,449,355
		5.50% September 1, 2033
	37,019	Freddie Mac		42,360
		9.00% December 1, 2014
	1,221,306	Freddie Mac		1,296,321
		5.50% June 1, 2033
	8,620,156	Freddie Mac		8,952,919
		4.50% April 1, 2024
	1,058,213	Freddie Mac †		1,119,601
		5.75% March 1, 2037
	996,200	Freddie Mac		1,034,656
		4.50% February 1, 2025
	1,750,826	Freddie Mac		1,810,233
		5.00% February 1, 2039
	3,773,272	Freddie Mac		3,900,924
		5.00% April 1, 2039
	2,097,003	Freddie Mac		2,177,953
		4.50% March 1, 2024
	460,191	Freddie Mac †		485,377
		5.42% June 1, 2037
	712,810	Freddie Mac		756,592
		5.50% January 1, 2034
	1,835,022	Freddie Mac		1,947,731
		5.50% May 1, 2033
	2,447,610	Freddie Mac		2,487,451
		4.00% December 1, 2024
	936,185	Freddie Mac †		993,844
		5.99% October 1, 2036
	1,761,246	Freddie Mac †		1,856,226
		5.42% March 1, 2037
	4,406,361	Ginnie Mae		4,590,255
		5.00% April 15, 2039
	988,329	Ginnie Mae		1,029,576
		5.00% October 15, 2039
	9,035,243	Ginnie Mae		9,412,319
		5.00% May 15, 2039
	23,097	Ginnie Mae		24,528
		7.50% October 15, 2013
	12,341	Ginnie Mae		14,034
		9.00% July 15, 2018
	4,398,172	Ginnie Mae		4,607,839
		5.00% June 15, 2033
	3,481,966	Ginnie Mae		3,530,353
		4.50% August 15, 2039
	5,731	Ginnie Mae II		6,562
		9.50% May 20, 2022
	1,209,767	Ginnie Mae II		1,263,008
		5.00% February 20, 2034
	7,194	Ginnie Mae II		8,101
		7.50% December 20, 2028
	2,276,598	Ginnie Mae II		2,472,207
		6.00% December 20, 2033
	11,179	Ginnie Mae II		12,811
		8.00% November 20, 2023
	15,632	Ginnie Mae II		17,604
		7.50% October 20, 2028
	1,168,609	Ginnie Mae II		1,218,091
		5.00% December 20, 2035
	786,162	Ginnie Mae II		832,325
		5.50% May 20, 2039
	867,969	Ginnie Mae II		902,035
		5.00% February 20, 2039
	1,273,364	Ginnie Mae II		1,330,616
		5.00% October 20, 2033
	853,890	Ginnie Mae II		887,424
		5.00% June 20, 2039
	881,592	Ginnie Mae II		936,934
		5.50% April 20, 2035
	624,340	Ginnie Mae II		663,533
		5.50% February 20, 2035
	1,204,062	Ginnie Mae II		1,281,086
		5.50% November 20, 2034
			$	298,682,782
Agency Asset Backed --- 0.06%
	237,437	Freddie Mac †		222,746
		Series T-34 Class A1V
		0.49% July 25, 2031
			$	222,746
Agency Mortgage Backed --- 4.00%
	1,052	Fannie Mae †		1,051
		Series 2004-W8 Class 1AF
		0.50% June 25, 2044
	967,987	Fannie Mae		1,028,184
		Series 2004-W1 Class 1A7
		5.68% November 25, 2043
	3,261,184	US Department of Veterans Affairs		3,484,372
		Series 2003-1 Class G
		5.75% March 15, 2030
	4,769,237	US Department of Veterans Affairs		5,009,189
		Series 2008-1 Class GD
		5.25% January 15, 2032
	1,426,668	US Department of Veterans Affairs		1,534,560
		Series 2002-1 Class 1A
		6.00% October 15, 2031
	1,343,972	US Department of Veterans Affairs †		1,434,270
		Series 1993-3 Class 1
		5.82% September 15, 2023
	2,978,402	US Department of Veterans Affairs		3,270,657
		Series 1996-3 Class 1Z
		6.75% September 15, 2026
			$	15,762,283
Banks --- 0.47%
	1,475,000	State Street Bank & Trust Co		1,596,502
		5.30% January 15, 2016
	250,000	Wells Fargo & Co		248,048
		3.63% April 15, 2015
			$	1,844,550
Chemicals --- 0.14%
	500,000	Potash Corp of Saskatchewan Inc		540,551
		5.25% May 15, 2014
			$	540,551
Commercial Mortgage Backed --- 5.41%
	500,000	Bear Stearns Commercial Mortgage Securities Inc		508,179
		Series 2004-PWR5 Class A3
		4.57% July 11, 2042
	1,934,532	GS Mortgage Securities Corp II		2,001,688
		Series 2005-GG4 Class AABA
		4.68% July 10, 2039
	3,500,000	JP Morgan Chase Commercial Mortgage Securities Corp		3,659,593
		Series 2003-ML1A Class A2
		4.77% March 12, 2039
	5,000,000	JP Morgan Chase Commercial Mortgage Securities Corp †		5,176,018
		Series 2005-LPD5 Class A4
		5.18% December 15, 2044
	1,000,000	JP Morgan Chase Commercial Mortgage Securities Corp		1,020,351
		Series 2004-CB8 Class A3
		4.01% January 12, 2039
	1,180,000	JP Morgan Chase Commercial Mortgage Securities Corp		1,239,689
		Series 2002-C3 Class A2
		4.99% July 12, 2035
	1,000,000	Morgan Stanley Capital I †		1,046,671
		Series 2005-IQ10 Class AAB
		5.18% September 15, 2042
	2,462,588	Salomon Brothers Mortgage Securities VII		2,539,061
		Series 2001-C1 Class A3
		6.43% December 18, 2035
	4,000,000	Wachovia Bank Commercial Mortgage Trust		4,153,532
		Series 2004-C10 Class A4
		4.75% February 15, 2041
			$	21,344,782
Electric Companies --- 0.24%
	393,000	Pnpp II Funding Corp		460,600
		8.83% May 30, 2016
	425,000	Westar Energy Inc		468,933
		6.00% July 1, 2014
			$	929,533
Financial Services --- 0.90%
	250,000	Bank of America Corp		252,085
		4.50% April 1, 2015
	1,207,370	BGS CTL		1,184,802
		6.36% June 15, 2033
	1,000,000	BlackRock Inc		1,099,989
		6.25% September 15, 2017
	500,000	Citigroup Inc		534,152
		6.38% August 12, 2014
	500,000	CME Group Index Services LLC ‡		490,108
		4.40% March 15, 2018
			$	3,561,136
Foreign Banks --- 0.07%
	250,000	Barclays Bank PLC		266,959
		5.20% July 10, 2014
			$	266,959
Health Care Related --- 0.26%
	500,000	Quest Diagnostics Inc		489,149
		4.75% January 30, 2020
	500,000	Roche Holdings Inc ‡		540,064
		5.00% March 1, 2014
			$	1,029,213
Insurance Related --- 0.32%
	1,000,000	Farmers Insurance Exchange ‡		1,075,407
		8.63% May 1, 2024
	210,000	First American Corp		203,021
		5.70% August 1, 2014
			$	1,278,428
Investment Bank/Brokerage Firm --- 0.37%
	500,000	Jefferies Group Inc		554,672
		8.50% July 15, 2019
	250,000	Morgan Stanley		270,034
		6.00% May 13, 2014
	602,500	Xstrata Finance Canada Ltd ‡		628,617
		5.80% November 15, 2016
			$	1,453,323
Leisure & Entertainment --- 0.07%
	250,000	Hasbro Inc		274,297
		6.13% May 15, 2014
			$	274,297
Miscellaneous --- 0.06%
	250,000	Brambles USA Inc ‡		251,342
		5.35% April 1, 2020
			$	251,342
Oil & Gas --- 0.50%
	500,000	Gulfstream Natural Gas System LLC ‡		561,735
		6.95% June 1, 2016
	250,000	Husky Energy Inc		272,070
		5.90% June 15, 2014
	500,000	Marathon Oil Corp		560,589
		6.50% February 15, 2014
	250,000	Smith International Inc		297,857
		8.63% March 15, 2014
	250,000	Sunoco Logistics Partners Operations LP		289,921
		8.75% February 15, 2014
			$	1,982,172
Other Asset-Backed --- 2.55%
	1,500,000	ACE Securities Corp ‡		997,392
		Series 2007-D1 Class A2
		6.34% February 25, 2038
	250,000	Citicorp Residential Mortgage Trust		233,568
		Series 2006-2 Class A4
		5.78% September 25, 2036
	1,900,176	Citicorp Residential Mortgage Trust		1,779,572
		Series 2006-2 Class A6
		5.67% September 25, 2036
	950,275	Citigroup Residential Mortgage Trust		917,968
		Series 2006-1 Class A6
		5.84% July 25, 2036
	696,674	Countrywide Asset Backed Certificates		348,337
		Series 2006-S8 Class A6
		5.51% April 25, 2036
	2,000,000	Discover Card Master Trust I		2,191,136
		Series 2007-A1 Class A1
		5.65% March 16, 2020
	2,700,000	HSBC Home Equity Loan Trust		2,656,452
		Series 2007-2 Class A3F
		5.81% July 20, 2036
	800,000	Residential Funding Mortgage Securities II Inc		613,250
		Series 2006-HI5 Class A3
		5.50% August 25, 2025
	410,000	Residential Funding Mortgage Securities II Inc		301,777
		Series 2006-HI2 Class A3
		5.79% February 25, 2036
			$	10,039,452
Pollution Control --- 0.07%
	250,000	Waste Management Inc		279,761
		6.38% March 11, 2015
			$	279,761
Real Estate --- 0.13%
	500,000	Duke Realty LP		508,899
		6.75% March 15, 2020
			$	508,899
U.S. Governments --- 4.27%
	3,000,000	United States of America		2,917,266
		2.75% November 30, 2016
	1,500,000	United States of America		1,447,383
		3.38% November 15, 2019
	1,000,000	United States of America		993,130
		2.38% February 28, 2015
	3,000,000	United States of America		2,948,907
		3.63% February 15, 2020
	2,000,000	United States of America		2,137,500
		4.13% August 31, 2012
	2,000,000	United States of America		2,208,124
		4.75% May 15, 2014
	1,000,000	United States of America		998,672
		2.38% October 31, 2014
	3,000,000	United States of America		3,177,186
		3.63% December 31, 2012
			$	16,828,168
Whole Loan --- 0.56%
	128,350	Cendant Mortgage Corp		129,106
		Series 2003-9 Class 1A6
		5.25% November 25, 2033
	267,578	Chase Mortgage Finance Corp		265,790
		Series 2004-S2 Class 2A9
		5.00% February 25, 2034
	448,954	Chase Mortgage Finance Corp		461,686
		Series 2002-S6 Class 2A1
		6.00% May 25, 2017
	1,333,082	Master Asset Securitization Trust		1,338,289
		Series 2003-7 Class 4A33
		5.25% September 25, 2033
			$	2,194,871
TOTAL BONDS --- 98.43%			$	388,001,767
(Cost $376,088,853)
SHORT-TERM INVESTMENTS
Par Value ($)			Value ($)
Joint Repurchase Agreements
	3,870,000	Undivided interest of 35.82% in a repurchase agreement (Principal Amount/Value $10,805,000 with a maturity value of $10,805,015) with Bank of America, 0.05%, dated 3/31/10, to be repurchased at $3,870,005 on 04/01/10.		3,870,000
	2,500,000	Undivided interest of 100.00% in a repurchase agreement (Principal Amount/Value $2,500,000 with a maturity value of $2,500,135) with Credit Suisse, 0.13%, dated 3/29/10, to be repurchased at $2,500,135 on 04/13/10, collateralized by Freddie Mac, 5.00%, 2/01/34, with a value of $2,550,029.		2,500,000
TOTAL SHORT-TERM INVESTMENTS --- 1.62%			$	6,370,000
(Cost $6,370,000)
OTHER ASSETS & LIABILITIES --- (0.05%)			$	(182,165	)
TOTAL NET ASSETS --- 100%			$	394,189,602
(Cost $382,458,853)

Legend

†

Represents the current interest rate for variable rate security.

‡

The Maxim U.S. Government Mortgage Securities Portfolio may own certain investment securities which are restricted as to resale under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.  These securities are valued after giving due consideration to pertinent factors including recent private sales, market conditions, and the issuer’s financial performance.  Aggregate cost, fair value and percent of net assets of these restricted securities held at March 31, 2010 were $5,033,689, $4,544,665 and 1.15%, respectively.

The value of assets in the Portfolio is determined as of the close of trading on each valuation date.

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

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.

Fixed income investments are normally valued on the basis of quotations from brokers or dealers or pricing services, which take into account appropriate factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data.

Independent pricing services are utilized when possible and approved by the Board of Directors.  In some instances valuations from independent pricing services are not available or do not reflect significant events in the market between the time the market closed and the valuation time and therefore fair valuation procedures are implemented.  Developments that might be considered significant events to trigger fair value pricing could be natural disasters, government actions or significant fluctuations in domestic or foreign markets.

For fixed income securities, factors used in the determination of fair value may include, but are not limited to, market data incorporating available trade, bid and other market information such as benchmark curves, benchmarking of like securities, sector groupings and matrix pricing.  Model processes such as Option Adjusted Spread models are used to develop prepayment and interest rate scenarios.  Price evaluators gather information from market sources and integrate relevant credit information, perceived market movements and sector news into the evaluated pricing applications and models.

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.

The Portfolio classifies its valuations into three levels based upon the transparency of inputs to the valuation of the Portfolio’s investments.  The three levels are defined as follows:

Level 1 – Valuations based on quoted prices for identical securities in active markets.

Level 2 – Valuations based on either directly or indirectly observable inputs.  These may include quoted prices in markets that are not active or quoted prices for similar assets in active markets.  Valuations may also be based on inputs other than quoted prices that are observable for the asset, such as interest rates and yield curves.  Additional inputs may be used such as benchmark yields, reported trades, broker/dealer quotes, issuer spreads, prepayment speeds and benchmark securities. 

Level 3 – Valuations based on inputs that are unobservable and significant to the fair value measurement. 

As of March 31, 2010, the inputs used to value the Portfolio’s investments were as follows:

Description	Level 1		Level 2		Level 3		Total
Assets
Bonds
Commercial mortgage-backed	$	-	$	21,344,782	$	-	$	21,344,782
Corporate		-		14,200,164		-		14,200,164
Residential mortgage-backed		-		316,639,936		-		316,639,936
U.S. government		-		25,554,687		-		25,554,687
Other debt		-		10,262,198		-		10,262,198
Short-term Investments		-		6,370,000		-		6,370,000
Total	$	-	$	394,371,767	$	-	$	394,371,767

At March 31, 2010 the U.S. Federal income tax cost basis was $382,004,965.  The Maxim U.S. Government Mortgage Securities Portfolio had gross appreciation of securities in which there was an excess of value over tax cost of $14,006,257 and gross depreciation of securities in which there was an excess of tax cost over value of $1,639,455, resulting in net appreciation of $12,366,802.

Management determines the Portfolio's industry classifications using one or more widely recognized market indexes or ratings group indexes.  Industries are shown as a percent of total net assets.  These industry classifications are unaudited.

MAXIM SERIES FUND, INC.

MAXIM INDEX 600 PORTFOLIO

SCHEDULE OF INVESTMENTS

MARCH 31, 2010

UNAUDITED

COMMON STOCK
Shares			Value ($)
Aerospace & Defense --- 2.88%
	20,980	AAR Corp * †		520,724
	7,957	Aerovironment Inc * †		207,757
	4,855	American Science & Engineering Inc		363,737
	6,942	Applied Signal Technology Inc		135,924
	13,722	Ceradyne Inc †		311,352
	8,373	Cubic Corp		301,428
	24,659	Curtiss-Wright Corp		858,133
	16,058	Esterline Technologies Corp †		793,747
	27,744	GenCorp Inc * †		159,805
	24,421	Moog Inc Class A †		864,992
	30,682	Orbital Sciences Corp †		583,265
	8,633	Stanley Inc †		244,228
	19,493	Teledyne Technologies Inc †		804,476
	8,977	Triumph Group Inc		629,198
			$	6,778,766
Agriculture --- 0.17%
	44,351	Darling International Inc †		397,385
			$	397,385
Air Freight --- 0.42%
	15,463	Forward Air Corp		406,677
	20,510	Hub Group Inc Class A †		573,870
			$	980,547
Airlines --- 0.38%
	8,098	Allegiant Travel Co †		468,550
	30,201	SkyWest Inc		431,270
			$	899,820
Auto Parts & Equipment --- 0.26%
	10,086	Drew Industries Inc †		222,094
	17,966	Spartan Motors Inc		100,610
	9,947	Standard Motor Products Inc		98,674
	12,151	Superior Industries International Inc		195,388
			$	616,766
Automobiles --- 0.10%
	15,593	Winnebago Industries Inc †		227,814
			$	227,814
Banks --- 6.24%
	7,031	Bank of the Ozarks Inc		247,421
	34,731	Boston Private Financial Holdings Inc		255,967
	8,586	City Holding Co		294,414
	15,020	Columbia Banking System Inc		305,056
	17,478	Community Bank System Inc		398,149
	49,656	East West Bancorp Inc		865,008
	40,120	First BanCorp *		96,689
	41,170	First Commonwealth Financial Corp		276,251
	26,444	First Financial Bancorp		470,439
	11,227	First Financial Bankshares Inc *		578,752
	39,888	First Midwest Bancorp Inc		540,482
	37,978	Glacier Bancorp Inc		578,405
	15,284	Hancock Holding Co		639,024
	28,312	Hanmi Financial Corp * †		67,949
	10,440	Home Bancshares Inc		276,034
	11,191	Independent Bank Corp (MA)		275,970
	17,048	Nara Bancorp Inc †		149,341
	67,877	National Penn Bancshares Inc		468,351
	18,326	NBT Bancorp Inc		418,749
	46,967	Old National Bancorp		561,256
	17,631	Pinnacle Financial Partners Inc †		266,404
	31,237	PrivateBancorp Inc		427,947
	13,046	S&T Bancorp Inc *		272,661
	21,853	Signature Bank †		809,654
	8,339	Simmons First National Corp		229,906
	114,157	South Financial Group Inc		78,917
	14,363	Sterling Bancorp		144,348
	53,072	Sterling Bancshares Inc		296,142
	63,677	Susquehanna Bancshares Inc		624,671
	4,055	Tompkins Financial Corp		147,926
	16,117	UMB Financial Corp		654,350
	61,589	Umpqua Holdings Corp		816,670
	20,596	United Bankshares Inc *		540,027
	43,296	United Community Banks Inc		190,935
	51,935	Whitney Holding Corp		716,184
	10,622	Wilshire Bancorp Inc *		117,161
	16,237	Wintrust Financial Corp		604,179
			$	14,701,789
Biotechnology --- 1.98%
	14,572	ArQule Inc †		83,935
	14,945	Cambrex Corp †		60,527
	31,220	Cubist Pharmaceuticals Inc †		703,699
	9,519	Dionex Corp †		711,831
	8,770	Emergent Biosolutions Inc †		147,248
	17,454	Enzo Biochem Inc †		105,073
	22,219	eResearchTechnology Inc †		153,533
	7,834	Kendle International Inc †		136,938
	17,743	Martek Biosciences Corp †		399,395
	31,278	PAREXEL International Corp †		729,090
	34,718	Regeneron Pharmaceuticals Inc †		919,680
	36,084	Savient Pharmaceuticals Inc †		521,414
			$	4,672,363
Broadcast/Media --- 0.16%
	14,166	Arbitron Inc *		377,666
			$	377,666
Building Materials --- 0.98%
	6,568	AAON Inc		148,568
	14,987	Apogee Enterprises Inc		236,945
	16,136	Gibraltar Industries Inc †		203,475
	23,814	Griffon Corp †		296,722
	9,530	NCI Building Systems Inc †		105,211
	20,421	Quanex Building Products Corp		337,559
	20,754	Simpson Manufacturing Co Inc		576,131
	10,332	Universal Forest Products Inc		397,989
			$	2,302,600
Chemicals --- 2.05%
	14,084	A Schulman Inc		344,635
	11,342	American Vanguard Corp		92,437
	13,529	Arch Chemicals Inc		465,262
	15,098	Balchem Corp		372,166
	30,165	Calgon Carbon Corp †		516,425
	26,241	HB Fuller Co		609,054
	6,308	NewMarket Corp		649,661
	16,463	OM Group Inc †		557,766
	6,036	Penford Corp		61,869
	49,876	PolyOne Corp †		510,730
	5,841	Quaker Chemical Corp		158,350
	4,086	Stepan Co		228,367
	11,566	Zep Inc		253,064
			$	4,819,786
Communications - Equipment --- 2.20%
	67,487	Arris Group Inc †		810,519
	6,140	Bel Fuse Inc Class B		123,721
	9,386	Black Box Corp		288,713
	22,407	Blue Coat Systems Inc †		695,513
	15,238	Comtech Telecommunications Corp †		487,464
	13,016	Digi International Inc †		138,490
	8,067	EMS Technologies Inc †		133,912
	52,105	Harmonic Inc †		328,783
	18,801	NETGEAR Inc †		490,706
	16,329	Network Equipment Technologies Inc †		89,973
	9,534	PC-Tel Inc †		58,920
	23,053	Symmetricom Inc †		134,399
	36,319	Tekelec †		659,553
	6,884	Tollgrade Communications Inc †		43,301
	20,479	ViaSat Inc †		708,778
			$	5,192,745
Computer Hardware & Systems --- 0.96%
	64,549	Adaptec Inc †		211,075
	14,941	Avid Technology Inc †		205,887
	12,347	Compellent Technologies Inc †		216,690
	12,814	Hutchinson Technology Inc †		79,959
	26,559	Intermec Inc †		376,607
	11,553	Intevac Inc †		159,662
	16,262	Novatel Wireless Inc †		109,443
	15,508	Smith Micro Software Inc †		137,091
	10,941	Stratasys Inc * †		266,742
	17,911	Synaptics Inc * †		494,523
			$	2,257,679
Computer Software & Services --- 3.89%
	23,998	Blackbaud Inc		604,510
	22,938	CommVault Systems Inc †		489,726
	12,999	comScore Inc †		216,953
	23,126	Concur Technologies Inc † ~		948,397
	21,570	DealerTrack Holdings Inc †		368,416
	16,173	Ebix Inc * †		258,283
	24,899	Epicor Software Corp †		238,034
	17,426	EPIQ Systems Inc †		216,605
	18,553	InfoSpace Inc †		205,011
	6,901	Interactive Intelligence Inc †		128,980
	24,340	j2 Global Communications Inc †		569,556
	19,135	JDA Software Group Inc †		532,336
	15,801	Knot Inc †		123,564
	12,041	Manhattan Associates Inc †		306,805
	18,262	Netscout Systems Inc †		270,095
	16,145	Perficient Inc †		181,954
	18,151	Phoenix Technologies Ltd †		58,446
	22,223	Progress Software Corp †		698,469
	14,466	Radiant Systems Inc †		206,430
	16,548	Sonic Solutions Inc †		155,055
	44,847	Take-Two Interactive Software Inc †		441,743
	20,672	Taleo Corp †		535,611
	36,150	THQ Inc †		253,411
	14,973	Tyler Technologies Inc †		280,594
	45,856	United Online Inc		343,003
	23,044	Websense Inc †		524,712
			$	9,156,699
Conglomerates --- 0.16%
	6,520	Standex International Corp		168,020
	11,626	Tredegar Corp		198,572
			$	366,592
Containers --- 0.47%
	14,870	Myers Industries Inc		155,838
	20,888	Rock-Tenn Co Class A ~		951,866
			$	1,107,704
Cosmetics & Personal Care --- 0.01%
	8,475	Mannatech Inc *		28,306
			$	28,306
Distributors --- 0.83%
	20,096	Applied Industrial Technologies Inc		499,386
	10,195	Audiovox Corp Class A †		79,317
	13,913	Kaman Corp		347,964
	2,006	Lawson Products Inc		31,033
	17,400	Watsco Inc ~		989,712
			$	1,947,412
Electric Companies --- 0.94%
	16,142	ALLETE Inc		540,434
	6,165	Central Vermont Public Service Corp		124,348
	23,678	El Paso Electric Co †		487,767
	16,137	UIL Holdings Corp		443,767
	19,361	UniSource Energy Corp		608,710
			$	2,205,026
Electronic Instruments & Equipment --- 5.43%
	23,365	Acuity Brands Inc ~		986,237
	10,593	Agilysys Inc		118,324
	15,544	Anixter International Inc †		728,236
	12,270	AO Smith Corp		645,034
	6,590	AZZ Inc		223,072
	22,585	Baldor Electric Co		844,679
	25,129	Belden Inc		690,042
	34,292	Benchmark Electronics Inc †		711,216
	28,207	Brady Corp Class A		877,802
	37,242	Brightpoint Inc †		280,432
	21,076	Checkpoint Systems Inc †		466,201
	21,170	Cognex Corp		391,433
	17,843	CTS Corp		168,081
	18,150	Daktronics Inc *		138,303
	9,446	DTS Inc †		321,542
	14,928	Electro Scientific Industries Inc †		191,228
	10,109	Encore Wire Corp		210,267
	8,651	FARO Technologies Inc †		222,763
	13,402	Gerber Scientific Inc †		83,226
	13,918	II-VI Inc †		470,985
	24,763	Insight Enterprises Inc †		355,597
	7,392	Keithley Instruments Inc		48,787
	11,612	Littelfuse Inc †		441,372
	9,688	LoJack Corp †		40,011
	16,766	Magnetek Inc †		28,167
	8,881	MTS Systems Corp		257,815
	19,641	Newport Corp †		245,513
	11,090	Park Electrochemical Corp		318,727
	21,412	Plexus Corp †		771,474
	4,603	Powell Industries Inc †		149,736
	12,361	RadiSys Corp †		110,755
	8,431	Rogers Corp †		244,583
	14,181	ScanSource Inc †		408,129
	11,366	SYNNEX Corp †		335,979
	22,317	Technitrol Inc *		117,834
	10,710	Vicor Corp * †		147,905
			$	12,791,487
Electronics - Semiconductor --- 5.49%
	13,783	Actel Corp †		190,895
	17,763	Advanced Energy Industries Inc †		294,155
	17,040	ATMI Inc †		329,042
	34,857	Brooks Automation Inc †		307,439
	12,708	Cabot Microelectronics Corp †		480,744
	12,340	Cohu Inc		169,922
	16,175	Cymer Inc †		603,327
	87,183	Cypress Semiconductor Corp † ~		1,002,605
	18,631	Diodes Inc †		417,334
	12,539	DSP Group Inc †		104,450
	22,955	Exar Corp †		161,833
	20,424	FEI Co †		467,914
	11,561	Hittite Microwave Corp †		508,337
	34,882	Kopin Corp †		129,063
	37,705	Kulicke & Soffa Industries Inc †		273,361
	23,253	Micrel Inc		247,877
	44,658	Microsemi Corp †		774,370
	26,689	MKS Instruments Inc †		522,838
	13,488	Pericom Semiconductor Corp †		144,456
	16,352	Rudolph Technologies Inc †		140,137
	14,376	Sigma Designs Inc * †		168,630
	94,532	Skyworks Solutions Inc † ~		1,474,699
	11,899	Standard Microsystems Corp †		277,009
	6,932	Supertex Inc †		177,390
	26,841	Tessera Technologies Inc †		544,335
	82,656	TriQuint Semiconductor Inc †		578,592
	12,456	Ultratech Inc †		169,402
	40,000	Varian Semiconductor Equipment Associates Inc † ~		1,324,800
	21,490	Veeco Instruments Inc * †		934,815
			$	12,919,771
Engineering & Construction --- 1.34%
	20,456	Comfort Systems USA Inc		255,495
	20,437	Dycom Industries Inc †		179,233
	23,599	Eagle Materials Inc		626,318
	35,637	EMCOR Group Inc †		877,739
	32,365	Headwaters Inc †		148,555
	21,084	Insituform Technologies Inc Class A †		561,045
	14,953	Texas Industries Inc *		510,944
			$	3,159,329
Financial Services --- 0.21%
	9,038	Portfolio Recovery Associates Inc * †		495,915
			$	495,915
Food & Beverages --- 2.08%
	9,778	Andersons Inc		327,367
	5,413	Boston Beer Co Inc Class A †		282,883
	6,205	Calavo Growers Inc *		113,179
	6,821	Cal-Maine Foods Inc *		231,164
	11,390	Diamond Foods Inc		478,836
	22,025	Hain Celestial Group Inc †		382,134
	7,643	J&J Snack Foods Corp		332,241
	17,112	Lance Inc		395,801
	6,741	Nash Finch Co		226,835
	9,444	Sanderson Farms Inc		506,293
	11,807	Spartan Stores Inc		170,257
	18,491	TreeHouse Foods Inc †		811,200
	23,201	United Natural Foods Inc †		652,644
			$	4,910,834
Gold, Metals & Mining --- 0.76%
	9,045	AM Castle & Co		118,308
	13,405	AMCOL International Corp		364,616
	10,849	Brush Engineered Materials Inc †		244,862
	30,624	Century Aluminum Co †		421,386
	4,758	Olympic Steel Inc		155,349
	16,017	RTI International Metals Inc †		485,796
			$	1,790,317
Health Care Related --- 6.78%
	5,700	Air Methods Corp †		193,800
	4,283	Almost Family Inc †		161,426
	15,223	Amedisys Inc * †		840,614
	27,498	AMERIGROUP Corp †		914,033
	17,072	AMN Healthcare Services Inc †		150,234
	16,668	AmSurg Corp †		359,862
	6,361	Bio-Reference Laboratories Inc †		279,693
	20,763	Catalyst Health Solutions Inc †		859,173
	26,372	Centene Corp †		633,983
	12,245	Chemed Corp		665,883
	5,233	Computer Programs & Systems Inc		204,506
	3,947	Corvel Corp †		141,105
	16,133	Cross Country Healthcare Inc †		163,105
	30,802	Eclipsys Corp †		612,344
	9,370	Genoptix Inc †		332,541
	15,802	Gentiva Health Services Inc †		446,881
	16,931	Hanger Orthopedic Group Inc †		307,806
	26,380	Healthspring Inc †		464,288
	18,252	Healthways Inc †		293,310
	13,853	HMS Holdings Corp †		706,364
	18,232	inVentiv Health Inc †		409,491
	7,252	IPC The Hospitalist Co Inc †		254,618
	5,064	Landauer Inc		330,274
	10,239	LCA-Vision Inc †		85,188
	8,093	LHC Group Inc †		271,358
	18,597	Magellan Health Services Inc †		808,598
	9,758	MedCath Corp * †		102,166
	25,293	MEDNAX Inc † ~		1,471,800
	6,993	Molina Healthcare Inc †		176,014
	6,527	MWI Veterinary Supply Inc †		263,691
	17,882	Odyssey HealthCare Inc †		323,843
	17,092	Omnicell Inc †		239,801
	16,365	PharMerica Corp †		298,170
	23,379	Phase Forward Inc †		305,563
	31,704	PSS World Medical Inc †		745,361
	10,193	Quality Systems Inc *		626,258
	13,159	RehabCare Group Inc †		358,846
	13,964	Res-Care Inc †		167,428
			$	15,969,419
Homebuilding --- 0.34%
	9,964	M/I Homes Inc †		145,973
	16,967	Meritage  Homes Corp †		356,307
	3,468	Skyline Corp		64,505
	52,099	Standard Pacific Corp †		235,487
			$	802,272
Hotels/Motels --- 0.19%
	21,149	Interval Leisure Group Inc †		307,929
	11,013	Marcus Corp		143,059
			$	450,988
Household Goods --- 0.99%
	3,229	Blyth Inc		100,906
	34,292	Central Garden & Pet Co †		314,115
	14,055	Ethan Allen Interiors Inc		289,955
	16,497	Helen of Troy Ltd †		429,912
	9,463	Kid Brands Inc †		81,855
	27,813	La-Z-Boy Inc †		348,775
	2,592	National Presto Industries Inc		308,215
	7,201	Universal Electronics Inc †		160,870
	8,958	WD-40 Co		294,091
			$	2,328,694
Insurance Related --- 2.78%
	4,788	American Physicians Capital Inc		152,977
	9,885	AMERISAFE Inc †		161,817
	25,636	Delphi Financial Group Inc Class A		645,002
	12,495	eHealth Inc †		196,796
	23,742	Employers Holdings Inc		352,569
	7,342	Infinity Property & Casualty Corp		333,620
	22,357	National Financial Partners Corp †		315,234
	7,048	Navigators Group Inc †		277,198
	10,943	Presidential Life Corp		109,102
	17,442	ProAssurance Corp † ~		1,021,055
	9,347	RLI Corp *		532,966
	8,127	Safety Insurance Group Inc		306,144
	28,662	Selective Insurance Group Inc		475,789
	9,842	Stewart Information Services Corp		135,819
	24,242	Tower Group Inc		537,445
	11,968	United Fire & Casualty Co		215,304
	20,394	Zenith National Insurance Corp		781,498
			$	6,550,335
Investment Bank/Brokerage Firm --- 1.03%
	23,727	Investment Technology Group Inc †		396,004
	23,596	LaBranche & Co Inc * †		124,115
	22,936	optionsXpress Holdings Inc		373,627
	8,531	Piper Jaffray Cos Inc †		343,799
	16,623	Stifel Financial Corp †		893,486
	15,526	SWS Group Inc		179,015
	17,806	TradeStation Group Inc †		124,820
			$	2,434,866
Leisure & Entertainment --- 2.09%
	6,482	Arctic Cat Inc †		70,330
	47,618	Brunswick Corp		760,460
	34,770	Callaway Golf Co		306,671
	14,971	JAKKS Pacific Inc †		195,372
	76,536	Live Nation Entertainment Inc † ~		1,109,772
	5,734	Monarch Casino & Resort Inc †		48,968
	14,242	Multimedia Games Inc †		55,544
	11,638	Nautilus Inc †		35,147
	32,441	Pinnacle Entertainment Inc * †		315,975
	17,692	Polaris Industries Inc		905,123
	26,483	Pool Corp *		599,575
	11,252	RC2 Corp †		168,442
	28,673	Shuffle Master Inc †		234,832
	10,070	Sturm Ruger & Co Inc *		120,739
			$	4,926,950
Machinery --- 4.11%
	36,540	Actuant Corp Class A		714,357
	14,816	Albany International Corp Class A		318,989
	10,716	Astec Industries Inc †		310,335
	8,085	Badger Meter Inc		311,353
	23,072	Barnes Group Inc		448,750
	26,944	Briggs & Stratton Corp		525,408
	4,815	Cascade Corp		155,091
	9,082	CIRCOR International Inc		301,613
	27,133	CLARCOR Inc		935,817
	10,957	EnPro Industries Inc †		318,630
	14,255	ESCO Technologies Inc		453,452
	28,084	Gardner Denver Inc ~		1,236,819
	15,214	John Bean Technologies Corp		266,854
	18,062	Kaydon Corp		679,131
	6,637	Lindsay Corp		274,838
	9,277	Lydall Inc †		72,825
	20,289	Mueller Industries Inc		543,542
	17,750	Robbins & Myers Inc		422,805
	18,098	Toro Co		889,879
	15,818	Watts Water Technologies Inc Class A		491,307
			$	9,671,795
Manufacturing --- 0.24%
	12,293	Mercury Computer Systems Inc †		168,660
	20,080	Methode Electronics Inc		198,792
	23,124	TTM Technologies Inc †		205,341
			$	572,793
Medical Products --- 3.84%
	11,921	Abaxis Inc †		324,132
	36,450	Align Technology Inc †		704,943
	40,444	American Medical Systems Holdings Inc †		751,450
	6,883	Analogic Corp		294,111
	6,719	Cantel Medical Corp		133,372
	15,538	CONMED Corp †		369,960
	24,448	Cooper Cos Inc ~		950,538
	15,383	CryoLife Inc †		99,528
	12,776	Cyberonics Inc †		244,788
	12,404	Greatbatch Inc †		262,841
	13,526	Haemonetics Corp †		773,011
	6,440	ICU Medical Inc †		221,858
	11,131	Integra LifeSciences Holdings Corp †		487,872
	17,427	Invacare Corp		462,513
	5,841	Kensey Nash Corp †		137,789
	21,891	Meridian Bioscience Inc		445,920
	14,734	Merit Medical Systems Inc †		224,693
	15,209	Natus Medical Inc †		241,975
	11,905	Neogen Corp †		298,815
	9,772	Osteotech Inc †		38,306
	10,089	Palomar Medical Technologies Inc †		109,567
	9,368	SurModics Inc * †		196,166
	18,738	Symmetry Medical Inc †		188,129
	18,162	Theragenics Corp †		30,149
	17,824	West Pharmaceutical Services Inc		747,717
	11,531	Zoll Medical Corp †		303,957
			$	9,044,100
Miscellaneous --- 0.81%
	10,700	ATC Technology Corp †		183,612
	7,377	Exponent Inc †		210,392
	9,954	G&K Services Inc Class A		257,610
	23,432	Healthcare Services Group Inc		524,642
	19,582	Mobile Mini Inc †		303,325
	8,587	School Specialty Inc †		195,011
	11,012	Viad Corp		226,297
			$	1,900,889
Office Equipment & Supplies --- 0.68%
	30,133	Interface Inc Class A		348,940
	21,714	Sykes Enterprises Inc †		495,948
	12,925	United Stationers Inc †		760,636
			$	1,605,524
Oil & Gas --- 5.00%
	12,009	BASiC Energy Services Inc * †		92,589
	19,349	Bristow Group Inc †		730,038
	10,308	CARBO Ceramics Inc		642,601
	16,260	Dril-Quip Inc † ~		989,258
	7,473	Gulf Island Fabrication Inc		162,538
	23,452	Holly Corp		654,545
	12,452	Hornbeck Offshore Services Inc †		231,234
	64,092	ION Geophysical Corp †		315,333
	8,039	Lufkin Industries Inc		636,287
	13,797	Matrix Service Co †		148,456
	26,824	Oil States International Inc † ~		1,216,200
	24,464	Penn Virginia Corp		599,368
	10,294	Petroleum Development Corp †		238,512
	28,267	PetroQuest Energy Inc †		142,183
	28,955	Pioneer Drilling Co †		203,843
	12,170	SEACOR Holdings Inc †		981,632
	6,136	Seahawk Drilling Inc †		115,663
	33,777	St Mary Land & Exploration Co ~		1,175,777
	22,745	Stone Energy Corp †		403,724
	9,645	Superior Well Services Inc †		129,050
	20,213	Swift Energy Co †		621,348
	40,731	TETRA Technologies Inc †		497,733
	31,966	World Fuel Services Corp		851,574
			$	11,779,486
Paper & Forest Products --- 0.69%
	20,730	Buckeye Technologies Inc †		271,148
	6,138	Clearwater Paper Corp †		302,297
	5,726	Deltic Timber Corp		252,230
	7,997	Neenah Paper Inc		126,673
	9,540	Schweitzer-Mauduit International Inc		453,722
	26,198	Wausau Paper Corp †		223,731
			$	1,629,801
Personal Loans --- 0.79%
	15,918	Cash America International Inc		628,442
	26,258	EZCORP Inc Class A †		540,915
	14,337	First Cash Financial Services Inc †		309,249
	4,640	Rewards Network Inc		62,176
	8,859	World Acceptance Corp * †		319,633
			$	1,860,415
Pharmaceuticals --- 0.91%
	18,835	Par Pharmaceutical Cos Inc †		467,108
	29,873	Salix Pharmaceuticals Ltd † ~		1,112,769
	41,739	ViroPharma Inc †		568,903
			$	2,148,780
Pollution Control --- 0.55%
	25,180	ABM Industries Inc		533,816
	33,208	Tetra Tech Inc †		765,112
			$	1,298,928
Printing & Publishing --- 0.28%
	21,120	Bowne & Co Inc		235,699
	5,971	Consolidated Graphics Inc †		247,259
	15,624	EW Scripps Co †		132,023
	7,142	Standard Register Co		38,210
			$	653,191
Real Estate --- 6.62%
	21,637	Acadia Realty Trust REIT		386,437
	53,466	BioMed Realty Trust Inc REIT		884,328
	29,231	Cedar Shopping Centers Inc REIT		231,217
	35,745	Colonial Properties Trust REIT		460,396
	66,890	DiamondRock Hospitality Co REIT		676,258
	14,449	EastGroup Properties Inc REIT		545,305
	23,022	Entertainment Properties Trust REIT ~		946,895
	46,715	Extra Space Storage Inc REIT		592,346
	19,631	Forestar Group Inc †		370,633
	36,498	Franklin Street Properties Corp REIT *		526,666
	33,050	Healthcare Realty Trust Inc REIT		769,734
	18,821	Home Properties Inc REIT		880,823
	38,711	Inland Real Estate Corp REIT		354,206
	23,206	Kilroy Realty Corp REIT		715,673
	33,209	Kite Realty Group Trust REIT		157,078
	37,142	LaSalle Hotel Properties REIT		865,409
	59,545	Lexington Realty Trust REIT *		387,638
	12,582	LTC Properties Inc REIT		340,469
	43,347	Medical Properties Trust Inc REIT *		454,276
	15,661	Mid-America Apartment Communities Inc REIT		811,083
	44,619	National Retail Properties Inc REIT ~		1,018,652
	11,586	Parkway Properties Inc REIT		217,585
	21,452	Pennsylvania Real Estate Investment Trust REIT *		267,506
	26,182	Post Properties Inc REIT		576,528
	9,724	PS Business Parks Inc REIT		519,262
	14,831	Sovran Self Storage Inc REIT		517,009
	21,763	Tanger Factory Outlet Centers Inc REIT		939,291
	11,641	Urstadt Biddle Properties Inc REIT		184,044
			$	15,596,747
Restaurants --- 2.65%
	11,429	BJ's Restaurants Inc †		266,296
	9,612	Buffalo Wild Wings Inc †		462,433
	12,677	California Pizza Kitchen Inc †		212,847
	11,966	CEC Entertainment Inc †		455,785
	29,517	CKE Restaurants Inc		326,753
	12,328	Cracker Barrel Old Country Store Inc		571,773
	8,222	DineEquity Inc †		325,016
	29,760	Jack In The Box Inc †		700,848
	4,273	Landry's Restaurants Inc * †		76,572
	10,194	O'Charley's Inc †		91,134
	11,241	Papa John's International Inc †		289,006
	6,954	Peet's Coffee & Tea Inc †		275,726
	12,357	PF Chang's China Bistro Inc * †		545,314
	8,453	Red Robin Gourmet Burgers Inc †		206,591
	34,486	Ruby Tuesday Inc †		364,517
	11,345	Ruth's Hospitality Group Inc †		60,129
	32,960	Sonic Corp †		364,208
	656	Steak N Shake Co †		250,113
	27,830	Texas Roadhouse Inc †		386,559
			$	6,231,620
Retail --- 6.39%
	11,334	Big 5 Sporting Goods Corp		172,503
	7,768	Blue Nile Inc * †		427,395
	23,134	Brown Shoe Co Inc		358,114
	13,582	Buckle Inc *		499,274
	21,528	Cabela's Inc * †		376,525
	27,406	Casey's General Stores Inc		860,548
	15,967	Cato Corp Class A		342,332
	14,753	Children's Place Retail Stores Inc †		657,246
	18,976	Christopher & Banks Corp		151,808
	32,130	Dress Barn Inc †		840,521
	30,519	Finish Line Inc Class A		498,070
	21,013	Fred's Inc Class A		251,736
	12,815	Genesco Inc †		397,393
	15,870	Great Atlantic & Pacific Tea Co Inc * †		121,723
	13,208	Group 1 Automotive Inc †		420,807
	16,133	Gymboree Corp †		832,947
	10,181	Haverty Furniture Cos Inc		166,154
	15,460	Hibbett Sports Inc †		395,467
	23,342	HOT Topic Inc †		151,723
	21,456	HSN Inc †		631,665
	14,436	Jo-Ann Stores Inc †		606,023
	9,859	Jos A Bank Clothiers Inc †		538,794
	11,193	Lithia Motors Inc Class A †		71,635
	8,413	Lumber Liquidators Holdings Inc †		224,375
	11,594	MarineMax Inc †		124,751
	28,153	Men's Wearhouse Inc		673,983
	7,771	Midas Inc †		87,657
	10,517	Monro Muffler Brake Inc		376,088
	16,525	NutriSystem Inc *		294,310
	45,569	OfficeMax Inc †		748,243
	24,936	Pep Boys - Manny Moe & Jack *		250,607
	12,351	PetMed Express Inc *		273,822
	21,226	Sonic Automotive Inc †		233,486
	20,363	Stage Stores Inc		313,387
	5,907	Stamps.com Inc †		59,661
	14,076	Stein Mart Inc †		127,106
	19,422	Tractor Supply Co ~		1,127,447
	17,165	Tuesday Morning Corp †		113,117
	11,740	Zale Corp * †		32,168
	10,997	Zumiez Inc * †		225,329
			$	15,055,940
Savings & Loans --- 0.39%
	24,426	Bank Mutual Corp		158,769
	31,859	Brookline Bancorp Inc		338,980
	13,394	Dime Community Bancshares		169,166
	41,019	TrustCo Bank Corp NY *		253,087
			$	920,002
Shoes --- 1.50%
	46,215	Crocs Inc †		405,305
	6,929	Deckers Outdoor Corp †		956,202
	38,467	Iconix Brand Group Inc †		590,853
	14,258	K-Swiss Inc Class A †		149,139
	18,071	Skechers USA Inc Class A †		656,339
	26,812	Wolverine World Wide Inc		781,838
			$	3,539,676
Specialized Services --- 3.98%
	12,024	Administaff Inc		256,592
	9,719	American Public Education Inc †		452,905
	16,225	CACI International Inc Class A †		792,591
	7,834	Capella Education Co †		727,309
	6,871	CDI Corp		100,729
	36,668	CIBER Inc †		137,138
	16,767	Coinstar Inc * †		544,928
	19,227	CSG Systems International Inc †		402,998
	37,999	CyberSource Corp †		670,302
	7,933	Forrester Research Inc †		238,545
	27,818	Geo Group Inc †		551,353
	20,248	Heartland Payment Systems Inc		376,613
	9,132	Heidrick & Struggles International Inc		255,970
	33,515	Hillenbrand Inc		736,995
	9,395	Integral Systems Inc †		90,474
	14,376	Kelly Services Inc Class A †		239,504
	9,302	MAXIMUS Inc		566,771
	3,589	NCI Inc Class A †		108,495
	19,645	On Assignment Inc †		140,069
	3,607	Pre-Paid Legal Services Inc †		136,525
	27,907	SFN Group Inc †		223,535
	6,280	StarTek Inc * †		43,646
	17,039	TeleTech Holdings Inc †		291,026
	23,752	TrueBlue Inc †		368,156
	10,957	Universal Technical Institute Inc †		250,039
	6,170	Volt Information Sciences Inc †		62,996
	20,582	Wright Express Corp †		619,930
			$	9,386,134
Telephone & Telecommunications --- 0.58%
	14,553	Cbeyond Inc †		199,085
	23,507	General Communication Inc Class A †		135,635
	17,788	Iowa Telecommunications Services Inc		297,060
	1,060	Metrocall Inc (rights) † §		0
	18,158	Neutral Tandem Inc †		290,165
	16,279	NTELOS Holdings Corp		289,603
	11,921	USA Mobility Inc		151,039
			$	1,362,587
Textiles --- 1.39%
	31,686	Carter's Inc †		955,333
	50,774	Liz Claiborne Inc * †		377,251
	11,581	Maidenform Brands Inc †		253,045
	9,430	Movado Group Inc		106,370
	7,313	Oxford Industries Inc		148,673
	5,519	Perry Ellis International Inc †		125,005
	69,431	Quiksilver Inc †		328,409
	13,555	True Religion Apparel Inc * †		411,530
	7,651	Unifirst Corp		394,027
	8,733	Volcom Inc †		170,468
			$	3,270,111
Tobacco --- 0.10%
	47,676	Alliance One International Inc * †		242,671
			$	242,671
Transportation --- 0.87%
	13,646	Arkansas Best Corp		407,743
	28,358	Heartland Express Inc		467,907
	31,414	Knight Transportation Inc		662,521
	15,072	Old Dominion Freight Line Inc †		503,254
			$	2,041,425
Utilities --- 2.27%
	29,507	Avista Corp		611,090
	8,529	CH Energy Group Inc		348,324
	11,831	Laclede Group Inc		398,941
	22,295	New Jersey Resources Corp		837,400
	14,281	Northwest Natural Gas Co		665,495
	39,340	Piedmont Natural Gas Co Inc ~		1,084,997
	16,056	South Jersey Industries Inc		674,192
	24,353	Southwest Gas Corp		728,642
			$	5,349,081
Water --- 0.15%
	9,992	American States Water Co		346,722
			$	346,722
TOTAL COMMON STOCK --- 99.38%			$	234,077,060
(Cost $238,783,164)
SHORT-TERM INVESTMENTS
Par Value ($)			Value ($)
	5,646,000	Federal Home Loan Bank		5,646,000
		0.01% April 1, 2010
	345,000	United States of America		344,902
		0.15% June 10, 2010
TOTAL SHORT-TERM INVESTMENTS --- 2.54%			$	5,990,902
(Cost $5,990,902)
SECURITIES LENDING COLLATERAL
Par Value ($)			Value ($)
	3,239,884	Household Bank Securities Inc		3,239,884
		Repurchase Agreement
		0.01%  April 1, 2010
	3,174,886	BNP Paribas Securities Corp		3,174,887
		Repurchase Agreement
		0.01%  April 1, 2010
	3,239,884	Bank of America LLC		3,239,884
		Repurchase Agreement
		0.02%  April 1, 2010
	3,241,884	Barclays Capital Inc		3,241,884
		Repurchase Agreement
		0.01%  April 1, 2010
TOTAL SECURITIES LENDING COLLATERAL --- 5.48%			$	12,896,539
(Cost $12,896,539)
OTHER ASSETS & LIABILITIES --- (7.40%)			$	(17,428,389	)
TOTAL NET ASSETS --- 100%			$	235,536,112
(Cost $257,670,605)

At March 31, 2010, the Portfolio had the following outstanding future contracts:

Description	Number of Contracts		Notional Value		Expiration Date	Unrealized Depreciation
Russell 2000 Mini Long Futures		23	$	1,557,330	June 2010	$	55

Net Unrealized Appreciation/(Depreciation) on futures contracts is included in “Other Assets and Liabilities”.

Legend

*	A portion or all of the security is on loan at March 31, 2010.
†	Non-income Producing Security
REIT	Real Estate Investment Trust
~	Collateral or Segregated Assets for Futures.
§	Security has no market value at March 31, 2010.

The value of assets in the Portfolio is determined as of the close of trading on each valuation date.

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

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.

Independent pricing services are utilized when possible and approved by the Board of Directors.  In some instances valuations from independent pricing services are not available or do not reflect significant events in the market between the time the market closed and the valuation time and therefore fair valuation procedures are implemented.  Developments that might be considered significant events to trigger fair value pricing could be natural disasters, government actions or significant fluctuations in domestic or foreign markets.

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.

The Portfolio classifies its valuations into three levels based upon the transparency of inputs to the valuation of the Portfolio’s investments.  The three levels are defined as follows:

Level 1 – Valuations based on quoted prices for identical securities in active markets.

Level 2 – Valuations based on either directly or indirectly observable inputs.  These may include quoted prices in markets that are not active or quoted prices for similar assets in active markets.  Valuations may also be based on inputs other than quoted prices that are observable for the asset, such as interest rates and yield curves.  Additional inputs may be used such as benchmark yields, reported trades, broker/dealer quotes, issuer spreads, prepayment speeds and benchmark securities. 

Level 3 – Valuations based on inputs that are unobservable and significant to the fair value measurement. 

As of March 31, 2010, the inputs used to value the Portfolio’s investments were as follows:

Description	Level 1		Level 2		Level 3		Total
Assets	$		$		$		$
Common Stock
Aerospace & defense		6,778,766		-		-		6,778,766
Agriculture		397,385		-		-		397,385
Air freight		980,547		-		-		980,547
Airlines		899,820		-		-		899,820
Auto parts & equipment		616,766		-		-		616,766
Automobiles		227,814		-		-		227,814
Banks		14,701,789		-		-		14,701,789
Biotechnology		4,672,363		-		-		4,672,363
Broadcast/media		377,666		-		-		377,666
Building materials		2,302,600		-		-		2,302,600
Chemicals		4,819,786		-		-		4,819,786
Communications - equipment		5,192,745		-		-		5,192,745
Computer hardware &
systems		2,257,679		-		-		2,257,679
Computer software &
services		9,156,699		-		-		9,156,699
Conglomerates		366,592		-		-		366,592
Containers		1,107,704		-		-		1,107,704
Cosmetics & personal care		28,306		-		-		28,306
Distributors		1,947,412		-		-		1,947,412
Electric companies		2,205,026		-		-		2,205,026
Electronic instruments &
equipment		12,791,487		-		-		12,791,487
Electronics - semiconductor		12,919,771		-		-		12,919,771
Engineering & construction		3,159,329		-		-		3,159,329
Financial services		495,915		-		-		495,915
Food & beverages		4,910,834		-		-		4,910,834
Gold, metals & mining		1,790,317		-		-		1,790,317
Health care related		15,969,419		-		-		15,969,419
Homebuilding		802,272		-		-		802,272
Hotels/motels		450,988		-		-		450,988
Household goods		2,328,694		-		-		2,328,694
Insurance related		6,550,335		-		-		6,550,335
Investment bank/brokerage
firm		2,434,866		-		-		2,434,866
Leisure & entertainment		4,926,950		-		-		4,926,950
Machinery		9,671,795		-		-		9,671,795
Manufacturing		572,793		-		-		572,793
Medical products		9,044,100		-		-		9,044,100
Miscellaneous		1,900,889		-		-		1,900,889
Office equipment & supplies		1,605,524		-		-		1,605,524
Oil & gas		11,779,486		-		-		11,779,486
Paper & forest products		1,629,801		-		-		1,629,801
Personal loans		1,860,415		-		-		1,860,415
Pharmaceuticals		2,148,780		-		-		2,148,780
Pollution control		1,298,928		-		-		1,298,928
Printing & publishing		653,191		-		-		653,191
Real estate		15,596,747		-		-		15,596,747
Restaurants		6,231,620		-		-		6,231,620
Retail		15,055,940		-		-		15,055,940
Savings & loans		920,002		-		-		920,002
Shoes		3,539,676		-		-		3,539,676
Specialized services		9,386,134		-		-		9,386,134
Telephone &
telecommunications		1,362,587		-		-		1,362,587
Textiles		3,270,111		-		-		3,270,111
Tobacco		242,671		-		-		242,671
Transportation		2,041,425		-		-		2,041,425
Utilities		5,349,081		-		-		5,349,081
Water		346,722		-		-		346,722
Short-term Investments		12,896,539		5,990,902		-		18,887,441
Total Assets		246,973,599		5,990,902		-		252,964,501
Liabilities
Other Financial Instruments*		8,494		-		-		8,494
Total Liabilities		8,494		-		-		8,494
Total	$	246,965,105	$	5,990,902	$	-	$	252,956,007

*Other financial instruments consist of futures.  Futures are reported at their variation margin as of March 31, 2010.

At March 31, 2010, the U.S. Federal income tax cost basis was $261,129,016.  The Maxim Index 600 Portfolio had gross appreciation of securities in which there was an excess of value over tax cost of $30,660,521 and gross depreciation of securities in which there was an excess of tax cost over value of $38,825,036, resulting in net depreciation of $8,164,515.

Management determines the Portfolio's industry classifications using one or more widely recognized market indexes or ratings group indexes.  Industries are shown as a percent of total net assets.  These industry classifications are unaudited.

MAXIM SERIES FUND, INC.

MAXIM PUTNAM HIGH YIELD BOND PORTFOLIO

SCHEDULE OF INVESTMENTS

MARCH 31, 2010

UNAUDITED

BONDS
Par Value ($)			Value ($)
Aerospace & Defense --- 1.09%
	105,000	Alliant Techsystems Inc		122,194
		3.00% August 15, 2024
	150,000	L-3 Communications Corp		157,875
		3.00% August 1, 2035
	25,000	L-3 Communications Corp		25,656
		6.38% October 15, 2015
	105,000	L-3 Communications Corp		106,838
		5.88% January 15, 2015
	55,000	TransDigm Inc *		56,375
		7.75% July 15, 2014
	240,000	TransDigm Inc		245,400
		7.75% July 15, 2014
	90,000	Triumph Group Inc		90,000
		8.00% November 15, 2017
			$	804,338
Auto Parts & Equipment --- 2.17%
	125,000	Affinia Group Inc *		136,250
		10.75% August 15, 2016
	372,800	Allison Transmission Inc *		397,964
		11.25% November 1, 2015
	55,000	American Axle & Manufacturing Inc		51,287
		7.88% March 1, 2017
	185,000	Goodyear Tire & Rubber Co		199,800
		10.50% May 15, 2016
	135,000	Lear Corp		137,194
		8.13% March 15, 2020
	30,000	Lear Corp		30,338
		7.88% March 15, 2018
	110,000	Tenneco Inc		112,475
		8.13% November 15, 2015
	215,000	TRW Automotive Inc		278,776
		6.38% March 15, 2014
	150,000	TRW Automotive Inc * ~		194,494
		6.38% March 15, 2014
	30,000	Visteon Corp * † @		31,800
		12.25% December 31, 2016
	25,000	Visteon Corp † @		24,000
		7.00% March 10, 2014
			$	1,594,378
Automobiles --- 0.42%
	75,000	Ford Motor Co		112,219
		4.25% November 15, 2016
	275,000	Motors Liquidation Co † @		101,750
		8.25% July 15, 2023
	245,000	Motors Liquidation Co † ‡ @		91,875
		8.38% July 15, 2033
			$	305,844
Bank Loans --- 3.27%
	155,000	Ardent Health TLB ~		152,985
		5.44% February 19, 2016
	85,000	Cengage Learning Acquisitions Inc §		74,800
		3.19% July 3, 2014
	249,616	Claire's Stores Inc §		219,038
		3.19% May 29, 2014
	80,456	Clear Channel Communications Inc §		65,144
		4.83% January 29, 2016
	675	Federal Mogul Corp §		25
		2.22% December 27, 2015
	60,000	Harrah's Operating Co Inc		61,992
		7.75% October 15, 2016
	84,788	Hub International Holdings Inc		83,982
		5.14% June 13, 2014
	87,500	Ineos Holdings Ltd		85,777
		5.44% December 16, 2014
	87,500	Ineos Holdings Ltd		85,777
		4.94% December 16, 2013
	205,000	Lyondell Chemical Co § ~		217,915
		5.13% June 3, 2010
	40,271	Manitowoc Co Inc §		39,491
		4.75% April 14, 2013
	44,888	Meg Energy Corp		44,293
		4.25% April 3, 2016
	9,959	QVC Inc §		9,959
		4.94% March 30, 2014
	110,000	Revlon Consumer Products ~		108,694
		4.44% August 15, 2015
	95,000	Reynolds Consumer Products Inc		95,792
		4.81% November 2, 2015
	270,000	Six Flags Theme Parks ~		267,300
		4.04% June 13, 2016
	314,773	Swift Transportation Co Inc §		300,433
		5.50% May 10, 2014
	315,000	Texas Competitive Electric Holdings Co LLC §		255,323
		3.75% October 10, 2014
	45,000	TowerCo LLC		45,263
		6.00% November 17, 2014
	190,000	Universal City Development Partners Ltd		191,582
		4.69% October 29, 2014
			$	2,405,565
Banks --- 0.86%
	105,000	BAC Capital Trust VI		86,696
		5.63% March 8, 2035
	85,000	BAC Capital Trust XI		77,649
		6.63% May 23, 2036
	355,000	GMAC Inc		360,923
		7.25% March 2, 2011
	130,000	Royal Bank of Scotland Group PLC §		108,875
		7.65% Perpetual
			$	634,143
Biotechnology --- 0.26%
	190,000	Talecris Biotherapeutics Holdings Corp *		190,950
		7.75% November 15, 2016
			$	190,950
Broadcast/Media --- 5.17%
	125,000	Affinion Group Inc		128,125
		11.50% October 15, 2015
	60,000	Affinion Group Inc		61,500
		10.13% October 15, 2013
	40,000	Belo Corp		41,700
		8.00% November 15, 2016
	195,000	Cablevision Systems Corp NY Group *		206,212
		8.63% September 15, 2017
	166,430	CCH II LLC * ~		198,468
		13.50% November 30, 2016
	170,000	Cequel Communications Holdings I LLC * ~		174,675
		8.63% November 15, 2017
	225,000	Charter Communications Operating LLC *		251,719
		10.88% September 15, 2014
	65,000	Clear Channel Communications Inc ‡		64,756
		7.65% September 15, 2010
	85,000	Clear Channel Communications Inc		53,975
		5.50% September 15, 2014
	90,000	Clear Channel Communications Inc ‡		70,425
		10.75% August 1, 2016
	210,000	Clear Channel Worldwide Holdings Inc *		219,044
		9.25% December 15, 2017
	40,000	CMP Susquehanna Corp * ~		850
		0.40% May 15, 2014
	40,000	CSC Holdings LLC *		42,400
		8.50% June 15, 2015
	200,000	DirecTV Holdings LLC		207,750
		6.38% June 15, 2015
	140,000	DISH DBS Corp		145,600
		7.88% September 1, 2019
	145,000	EchoStar DBS Corp		147,719
		7.13% February 1, 2016
	245,000	Liberty Media LLC		245,000
		5.70% May 15, 2013
	150,000	Marquee Holdings Inc		125,625
		12.00% August 15, 2014
	100,000	Mediacom LLC *		103,125
		9.13% August 15, 2019
	95,000	Sirius XM Radio Inc *		102,600
		9.75% September 1, 2015
	45,000	Sirius XM Radio Inc		42,863
		3.25% October 15, 2011
	285,000	Univision Communications Inc *		312,075
		12.00% July 1, 2014
	300,000	Visant Holding Corp		307,500
		8.75% December 1, 2013
	155,000	WMG Acquisition Corp *		165,656
		9.50% June 15, 2016
	85,000	WMG Acquisition Corp		81,600
		7.38% April 15, 2014
	45,000	WMG Holdings Corp ‡		45,337
		9.50% December 15, 2014
	75,000	XM Satellite Radio Inc *		72,938
		7.00% December 1, 2014
	165,000	XM Satellite Radio Inc *		185,831
		13.00% August 1, 2013
			$	3,805,068
Building Materials --- 2.06%
	65,000	AMH Holdings Inc		66,869
		11.25% March 1, 2014
	165,000	Associated Materials LLC		178,200
		9.88% November 15, 2016
	120,000	Building Materials Corp of America * ~		119,700
		7.50% March 15, 2020
	125,000	Building Materials Corp of America * ~		126,563
		7.00% February 15, 2020
	195,000	Goodman Global Group Inc * ~ **		114,075
		11.75% December 15, 2014
	210,000	Goodman Global Inc		234,675
		13.50% February 15, 2016
	246,288	Nortek Inc		264,144
		11.00% December 1, 2013
	350,000	Owens Corning Inc		412,442
		9.00% June 15, 2019
			$	1,516,668
Chemicals --- 2.17%
	60,000	Hexion Finance Escrow LLC *		59,100
		8.88% February 1, 2018
	115,000	Hexion US Finance Corp ‡		117,300
		9.75% November 15, 2014
	230,000	Huntsman International LLC		314,534
		6.88% November 15, 2013
	70,000	Huntsman International LLC * ~		70,350
		8.63% March 15, 2020
	70,000	Ineos Group Holdings PLC		74,219
		7.88% February 15, 2016
	165,000	Momentive Performance Materials Inc ‡		165,000
		9.75% December 1, 2014
	190,000	Rhodia SA §		245,718
		3.43% October 15, 2013
	175,000	Rohm & Haas Co		190,189
		7.85% July 15, 2029
	45,000	Scotts Miracle-Gro Co		45,900
		7.25% January 15, 2018
	75,000	Solutia Inc		79,125
		8.75% November 1, 2017
	75,000	Solutia Inc		75,938
		7.88% March 15, 2020
	130,000	Terra Capital Inc		156,975
		7.75% November 1, 2019
			$	1,594,348
Communications - Equipment --- 0.31%
	20,000	Brocade Communications Systems Inc *		20,400
		6.88% January 15, 2020
	15,000	Brocade Communications Systems Inc *		15,263
		6.63% January 15, 2018
	180,000	CC Holdings GS V LLC *		196,200
		7.75% May 1, 2017
			$	231,863
Computer Software & Services --- 0.87%
	80,000	Equinix Inc		82,800
		8.13% March 1, 2018
	310,000	SunGard Data Systems Inc		325,887
		10.25% August 15, 2015
	175,000	SunGard Data Systems Inc		179,375
		9.13% August 15, 2013
	50,000	Unisys Corp		55,375
		12.50% January 15, 2016
			$	643,437
Containers --- 0.94%
	271,000	Berry Plastics Corp		264,564
		8.88% September 15, 2014
	115,000	Berry Plastics Corp		115,719
		8.25% November 15, 2015
	135,000	Crown Americas LLC		140,400
		7.75% November 15, 2015
	200,000	Smurfit Kappa Treasury Funding Ltd ~		175,000
		7.50% November 20, 2025
			$	695,683
Cosmetics & Personal Care --- 0.39%
	200,000	Elizabeth Arden Inc		200,500
		7.75% January 15, 2014
	85,000	Revlon Consumer Products Corp *		87,762
		9.75% November 15, 2015
			$	288,262
Electric Companies --- 1.64%
	630,000	Edison Mission Energy		403,200
		7.63% May 15, 2027
	171,008	Energy Future Holdings Corp ~		116,286
		11.25% November 1, 2017
	141,000	Energy Future Intermediate Holding Co LLC		139,590
		9.75% October 15, 2019
	205,000	NV Energy Inc		210,125
		8.63% March 15, 2014
	55,000	PNM Resources Inc		58,506
		9.25% May 15, 2015
	190,000	Texas Competitive Electric Holdings Co LLC ‡		130,150
		10.50% November 1, 2016
	215,000	Texas Competitive Electric Holdings Co LLC ~		149,425
		10.25% November 1, 2015
			$	1,207,282
Electronic Instruments & Equipment --- 1.13%
	100,000	Baldor Electric Co		105,750
		8.63% February 15, 2017
	75,000	General Cable Corp §		67,312
		2.63% April 1, 2015
	290,000	Legrand France SA		336,002
		8.50% February 15, 2025
	135,000	NXP BV ‡		133,650
		9.50% October 15, 2015
	195,000	NXP BV		190,125
		7.88% October 15, 2014
			$	832,839
Electronics - Semiconductor --- 1.03%
	115,000	Advanced Micro Devices Inc *		118,450
		8.13% December 15, 2017
	90,000	Advanced Micro Devices Inc		86,287
		6.00% May 1, 2015
	60,000	Amkor Technology Inc		60,450
		7.75% May 15, 2013
	165,000	Freescale Semiconductor Inc ‡		146,025
		10.13% December 15, 2016
	80,000	Freescale Semiconductor Inc * ~		86,100
		10.13% March 15, 2018
	149,612	Freescale Semiconductor Inc ‡		143,628
		9.13% December 15, 2014
	120,000	Freescale Semiconductor Inc ‡		114,600
		8.88% December 15, 2014
			$	755,540
Engineering & Construction --- 0.27%
	40,000	Heidelbergcement AG		56,660
		7.50% October 31, 2014
	60,000	Heidelbergcement AG		84,382
		8.00% January 31, 2017
	40,000	Heidelbergcement AG		56,389
		8.50% October 31, 2019
			$	197,431
Financial Services --- 3.48%
	35,000	BankAmerica Capital II		35,175
		8.00% December 15, 2026
	54,661	CIT Group Inc		50,425
		7.00% May 1, 2016
	76,526	CIT Group Inc		70,595
		7.00% May 1, 2017
	67,796	CIT Group Inc		63,220
		7.00% May 1, 2015
	451,864	CIT Group Inc ‡		439,438
		7.00% May 1, 2013
	32,796	CIT Group Inc ‡		30,992
		7.00% May 1, 2014
	80,000	GMAC Inc *		84,000
		8.30% February 12, 2015
	70,000	GMAC Inc * ~		71,750
		8.00% March 15, 2020
	70,000	GMAC Inc		71,225
		7.00% February 1, 2012
	680,000	GMAC Inc		649,400
		8.00% November 1, 2031
	88,000	GMAC LLC ‡		87,446
		6.75% December 1, 2014
	275,000	Icahn Enterprises LP *		265,031
		8.00% January 15, 2018
	180,000	Leucadia National Corp		186,525
		8.13% September 15, 2015
	130,000	National Money Mart Co *		137,962
		10.38% December 15, 2016
	40,000	NB Capital Trust IV		40,400
		8.25% April 15, 2027
	210,000	Pinnacle Foods Finance LLC		215,250
		9.25% April 1, 2015
	65,000	Pinnacle Foods Finance LLC *		66,625
		9.25% April 1, 2015
			$	2,565,459
Food & Beverages --- 2.23%
	205,000	Chiquita Brands International Inc ‡		211,663
		7.50% November 1, 2014
	175,000	Constellation Brands Inc		179,375
		7.25% May 15, 2017
	160,000	Dole Food Co Inc *		164,000
		8.00% October 1, 2016
	64,000	Dole Food Co Inc		64,640
		8.88% March 15, 2011
	185,000	Great Atlantic & Pacific Tea Co Inc *		182,225
		11.38% August 1, 2015
	50,000	JBS USA LLC * ~		57,000
		11.63% May 1, 2014
	110,000	Reddy Ice Corp * ~		115,500
		11.25% March 15, 2015
	280,000	Smithfield Foods Inc *		312,200
		10.00% July 15, 2014
	140,000	SUPERVALU Inc		141,750
		8.00% May 1, 2016
	25,000	TreeHouse Foods Inc		25,938
		7.75% March 1, 2018
	155,000	Tyson Foods Inc		184,062
		10.50% March 1, 2014
			$	1,638,353
Foreign Banks --- 0.09%
	70,000	Royal Bank of Scotland Group PLC		66,280
		5.05% January 8, 2015
			$	66,280
Gold, Metals & Mining --- 3.83%
	200,000	Compass Minerals International Inc *		208,000
		8.00% June 1, 2019
	245,000	FMG Finance Pty Ltd *		282,362
		10.63% September 1, 2016
	565,000	Freeport-McMoRan Copper & Gold  Inc		628,563
		8.38% April 1, 2017
	130,000	Metals USA Inc		136,500
		11.13% December 1, 2015
	135,000	Novelis Inc		145,294
		11.50% February 15, 2015
	210,000	Novelis Inc		202,650
		7.25% February 15, 2015
	205,000	Ryerson Holding Corp * ~ **		93,787
		16.33% February 1, 2015
	275,000	Ryerson Inc		288,750
		12.00% November 1, 2015
	70,000	Steel Dynamics Inc		86,100
		5.13% June 15, 2014
	50,000	Steel Dynamics Inc * ~		51,250
		7.63% March 15, 2020
	80,000	Steel Dynamics Inc		80,600
		6.75% April 1, 2015
	135,000	Steel Dynamics Inc		140,400
		7.38% November 1, 2012
	205,000	Teck Resources Ltd		251,125
		10.75% May 15, 2019
	120,000	Teck Resources Ltd		142,800
		10.25% May 15, 2016
	70,000	Teck Resources Ltd		82,950
		9.75% May 15, 2014
			$	2,821,131
Health Care Related --- 6.09%
	160,000	Community Health Systems Inc		165,600
		8.88% July 15, 2015
	305,000	DaVita Inc		306,906
		6.63% March 15, 2013
	796,000	HCA Inc		852,719
		9.63% November 15, 2016
	325,000	HCA Inc		345,516
		9.25% November 15, 2016
	200,000	Health Management Associates Inc		190,500
		6.13% April 15, 2016
	500,000	IASIS Healthcare LLC		509,375
		8.75% June 15, 2014
	1,695,000	Leiner Health Products Inc † @		152,550
		11.00% June 1, 2012
	50,000	Omnicare Inc		49,875
		6.13% June 1, 2013
	310,000	Psychiatric Solutions Inc		315,813
		7.75% July 15, 2015
	170,000	Select Medical Corp		161,925
		7.63% February 1, 2015
	115,000	Sun Healthcare Group Inc		118,162
		9.13% April 15, 2015
	438,100	Surgical Care Affiliates Inc * ~		438,100
		8.88% July 15, 2015
	229,000	Tenet Healthcare Corp *		247,892
		8.88% July 1, 2019
	195,000	Tenet Healthcare Corp *		210,113
		9.00% May 1, 2015
	85,000	United Surgical Partners International Inc		88,188
		8.88% May 1, 2017
	165,000	US Oncology Holdings Inc §		156,337
		5.39% March 15, 2012
	120,000	US Oncology Inc		125,400
		9.13% August 15, 2017
	50,000	Vanguard Health Holding Co II LLC *		48,625
		8.00% February 1, 2018
			$	4,483,596
Homebuilding --- 0.90%
	75,000	Beazer Homes USA Inc		71,531
		6.50% November 15, 2013
	195,000	Beazer Homes USA Inc		194,513
		8.38% April 15, 2012
	110,000	M/I Homes Inc		106,700
		6.88% April 1, 2012
	105,000	Standard Pacific Corp ~		111,694
		10.75% September 15, 2016
	90,000	Standard Pacific Corp		83,025
		6.25% April 1, 2014
	95,000	Standard Pacific Corp		94,050
		7.75% March 15, 2013
			$	661,513
Hotels/Motels --- 0.29%
	100,000	Travelport LLC ‡		109,625
		11.88% September 1, 2016
	100,000	Travelport LLC		104,500
		9.88% September 1, 2014
			$	214,125
Household Goods --- 1.00%
	160,000	Central Garden & Pet Co		162,200
		8.25% March 1, 2018
	80,000	Jarden Corp		83,800
		8.00% May 1, 2016
	190,000	Jarden Corp		192,612
		7.50% May 1, 2017
	50,000	Jarden Corp		67,871
		7.50% January 15, 2020
	60,000	Libbey Glass Inc *		63,150
		10.00% February 15, 2015
	147,000	Sealy Mattress Co * ~		164,640
		10.88% April 15, 2016
			$	734,273
Independent Power Producer --- 3.16%
	430,000	AES Corp		436,450
		8.00% October 15, 2017
	50,000	AES Corp		51,938
		8.88% February 15, 2011
	125,000	Dynegy Holdings Inc		94,375
		7.75% June 1, 2019
	230,000	Dynegy Roseton		223,532
		7.67% November 8, 2016
	460,000	Mirant North America LLC		458,850
		7.38% December 31, 2013
	730,000	NRG Energy Inc		724,525
		7.38% February 1, 2016
	65,000	NRG Energy Inc		64,350
		7.38% January 15, 2017
	275,000	Orion Power Holdings Inc		276,031
		12.00% May 1, 2010
			$	2,330,051
Investment Bank/Brokerage Firm --- 0.61%
	159,000	E*TRADE Financial Corp		190,005
		12.50% November 30, 2017
	120,000	E*TRADE Financial Corp		115,200
		7.38% September 15, 2013
	150,000	Nuveen Investments Inc		145,500
		10.50% November 15, 2015
			$	450,705
Leisure & Entertainment --- 2.93%
	180,000	American Casino & Entertainment Properties LLC ‡		168,750
		11.00% June 15, 2014
	100,000	Boyd Gaming Corp ‡		83,500
		7.13% February 1, 2016
	185,000	Fontainebleau Las Vegas Holdings LLC * † @		2,081
		10.25% June 15, 2015
	165,000	GWR Operating Partnership LLP * ~		157,369
		10.88% April 1, 2017
	555,000	Harrah's Operating Co Inc		598,012
		11.25% June 1, 2017
	70,000	MGM Mirage *		78,750
		11.13% November 15, 2017
	30,000	MGM Mirage * ~		30,900
		9.00% March 15, 2020
	30,000	MGM Mirage *		33,075
		10.38% May 15, 2014
	15,000	MGM Mirage ‡		15,094
		8.50% September 15, 2010
	70,000	MGM Mirage ‡		57,925
		6.63% July 15, 2015
	190,000	MTR Gaming Group Inc		187,625
		12.63% July 15, 2014
	50,000	Penn National Gaming Inc *		50,750
		8.75% August 15, 2019
	375,000	Pinnacle Entertainment Inc *		366,562
		8.63% August 1, 2017
	470,000	Station Casinos Inc † @		31,725
		6.00% April 1, 2012
	975,000	Station Casinos Inc † @		1,219
		6.50% February 1, 2014
	275,000	Yonkers Racing Corp * ~		297,000
		11.38% July 15, 2016
			$	2,160,337
Machinery --- 1.48%
	190,000	Altra Holdings Inc *		193,088
		8.13% December 1, 2016
	220,000	Mueller Water Products Inc		198,550
		7.38% June 1, 2017
	275,000	Navistar International Corp		280,500
		8.25% November 1, 2021
	45,000	Oshkosh Corp *		46,575
		8.50% March 1, 2020
	140,000	SPX Corp ~		146,475
		7.63% December 15, 2014
	120,000	Thermadyne Holdings Corp		120,300
		11.50% February 1, 2014
	95,000	Titan International Inc *		104,025
		5.63% January 15, 2017
			$	1,089,513
Medical Products --- 0.45%
	300,000	Biomet Inc		330,000
		10.38% October 15, 2017
			$	330,000
Miscellaneous --- 1.27%
	185,000	ARAMARK Corp		189,163
		8.50% February 1, 2015
	201,050	Ceridian Corp ‡		193,008
		12.25% November 15, 2015
	135,000	Ceridian Corp		129,262
		11.25% November 15, 2015
	85,000	Iron Mountain Inc		88,400
		8.38% August 15, 2021
	110,000	Iron Mountain Inc		112,750
		8.00% June 15, 2020
	65,000	Quintiles Transnational Corp * ~		66,300
		9.50% December 30, 2014
	150,000	Reynolds Group Issuer Inc *		154,125
		7.75% October 15, 2016
			$	933,008
Office Equipment & Supplies --- 0.19%
	125,000	Acco Brands Corp *		136,563
		10.63% March 15, 2015
			$	136,563
Oil & Gas --- 11.42%
	375,000	Arch Western Finance LLC		376,406
		6.75% July 1, 2013
	250,000	Chaparral Energy Inc		228,125
		8.50% December 1, 2015
	215,000	Chesapeake Energy Corp		204,787
		6.25% January 15, 2018
	225,000	Chesapeake Energy Corp		221,063
		6.38% June 15, 2015
	165,000	Complete Production Services Inc		163,350
		8.00% December 15, 2016
	315,000	Compton Petroleum Finance Corp		266,569
		7.63% December 1, 2013
	180,000	Comstock Resources Inc		184,950
		8.38% October 15, 2017
	200,000	Comstock Resources Inc		199,500
		6.88% March 1, 2012
	340,000	Connacher Oil & Gas Ltd *		375,700
		11.75% July 15, 2014
	270,000	Consol Energy Inc * ~		277,425
		8.25% April 1, 2020
	160,000	Consol Energy Inc * ~		164,400
		8.00% April 1, 2017
	160,000	Crosstex Energy LP *		165,000
		8.88% February 15, 2018
	110,000	Denbury Resources Inc		116,600
		8.25% February 15, 2020
	250,000	Denbury Resources Inc		255,000
		7.50% December 15, 2015
	210,000	El Paso Corp		206,394
		7.80% August 1, 2031
	170,000	El Paso Corp		198,900
		12.00% December 12, 2013
	70,000	Encore Acquisition Co		75,687
		9.50% May 1, 2016
	100,000	Expro Finance Luxembourg SCA * ~		101,000
		8.50% December 15, 2016
	295,000	Forest Oil Corp		311,225
		8.50% February 15, 2014
	395,000	Helix Energy Solutions Group Inc *		406,850
		9.50% January 15, 2016
	90,000	Hercules Offshore Inc *		89,775
		10.50% October 15, 2017
	145,000	Hilcorp Energy I LP * ~		143,188
		7.75% November 1, 2015
	30,000	International Coal Group Inc		30,450
		9.13% April 1, 2018
	250,000	Key Energy Services Inc		252,812
		8.38% December 1, 2014
	390,000	Newfield Exploration Co		396,825
		6.63% April 15, 2016
	135,000	OPTI Canada Inc		126,225
		7.88% December 15, 2014
	260,000	OPTI Canada Inc		244,400
		8.25% December 15, 2014
	315,000	Peabody Energy Corp		333,112
		7.38% November 1, 2016
	235,000	Petrohawk Energy Corp		245,281
		9.13% July 15, 2013
	190,000	Petroleum Development Corp		201,400
		12.00% February 15, 2018
	240,000	Plains Exploration & Production Co		265,200
		10.00% March 1, 2016
	80,000	Plains Exploration & Production Co		78,800
		7.00% March 15, 2017
	135,000	Quicksilver Resources Inc		154,575
		11.75% January 1, 2016
	65,000	Quicksilver Resources Inc		66,300
		8.25% August 1, 2015
	50,000	Range Resources Corp		51,500
		7.50% October 1, 2017
	265,000	Sabine Pass LNG LP		249,100
		7.25% November 30, 2013
	380,000	SandRidge Energy Inc *		361,000
		8.00% June 1, 2018
	160,000	Stallion Oilfield Holdings Ltd *		157,200
		10.50% February 15, 2015
	200,000	Stallion Oilfield Services * ~ † @		128,000
		9.75% February 1, 2015
	145,000	Whiting Petroleum Corp		148,444
		7.00% February 1, 2014
	167,000	Williams Cos Inc		187,345
		7.75% June 15, 2031
			$	8,409,863
Paper & Forest Products --- 1.55%
	70,000	Catalyst Paper Corp		48,650
		7.38% March 1, 2014
	245,000	Georgia-Pacific LLC *		267,050
		8.25% May 1, 2016
	65,000	NewPage Corp		64,675
		11.38% December 31, 2014
	249,868	NewPage Holding Corp §		64,966
		7.56% November 1, 2013
	250,000	PE Paper Escrow GmbH *		282,500
		12.00% August 1, 2014
	50,000	Smurfit Kappa Acqusition * ~		70,579
		7.75% November 15, 2019
	30,000	Verso Paper Holdings LLC ‡		26,175
		11.38% August 1, 2016
	260,000	Verso Paper Holdings LLC *		280,800
		11.50% July 1, 2014
	45,000	Verso Paper Holdings LLC §		38,362
		4.00% August 1, 2014
			$	1,143,757
Personal Loans --- 2.55%
	285,000	American General Finance Corp		249,634
		6.90% December 15, 2017
	200,000	American General Finance Corp		195,630
		5.63% August 17, 2011
	90,000	American General Finance Corp		84,783
		4.88% July 15, 2012
	200,000	Ford Motor Credit Co LLC		209,794
		8.13% January 15, 2020
	575,000	Ford Motor Credit Co LLC		686,950
		12.00% May 15, 2015
	115,000	SLM Corp		111,982
		8.00% March 25, 2020
	355,000	SLM Corp		339,152
		5.00% October 1, 2013
			$	1,877,925
Pharmaceuticals --- 0.32%
	240,000	Elan Finance PLC *		237,600
		8.75% October 15, 2016
			$	237,600
Printing & Publishing --- 1.14%
	190,000	Cengage Learning Acquisitions Inc * ~		182,400
		10.50% January 15, 2015
	110,000	Cenveo Corp *		111,238
		8.88% February 1, 2018
	130,000	McClatchy Co *		132,762
		11.50% February 15, 2017
	85,000	Nielsen Finance LLC		89,037
		10.00% August 1, 2014
	340,000	Nielsen Finance LLC ††		323,000
		Step Bond 0% - 12.50%
		0.00% August 1, 2016
			$	838,437
Railroads --- 0.15%
	104,000	RailAmerica Inc		110,890
		9.25% July 1, 2017
			$	110,890
Real Estate --- 1.72%
	155,000	CB Richard Ellis Services Inc		173,600
		11.63% June 15, 2017
	245,000	Felcor Lodging LP ‡		252,350
		10.00% October 1, 2014
	85,000	Host Hotels & Resorts LP		84,362
		6.38% March 15, 2015
	65,000	iStar Financial Inc		52,000
		5.95% October 15, 2013
	80,507	Realogy Corp ‡		70,444
		11.00% April 15, 2014
	310,000	Realogy Corp ‡		267,375
		10.50% April 15, 2014
	60,000	Ventas Inc *		69,525
		3.88% November 15, 2011
	290,000	Ventas Realty LP		297,742
		6.75% April 1, 2017
			$	1,267,398
Restaurants --- 0.42%
	600,000	Buffets Inc §§		0
		12.50% November 1, 2014
	290,000	Wendy's/Arby's Restaurants LLC		311,750
		10.00% July 15, 2016
			$	311,750
Retail --- 4.85%
	45,000	AutoNation Inc		44,320
		6.75% April 15, 2018
	95,000	Blockbuster Inc * ‡ ~		70,063
		11.75% October 1, 2014
	200,000	Bon-Ton Department Stores Inc ‡		195,000
		10.25% March 15, 2014
	158,000	Burlington Coat Factory Warehouse Corp ‡		167,085
		11.13% April 15, 2014
	169,000	Dollar General Corp		185,478
		10.63% July 15, 2015
	380,000	Ferrellgas Escrow LLC		376,200
		6.75% May 1, 2014
	45,000	Ferrellgas Partners LP		45,000
		8.63% June 15, 2020
	85,000	Inergy LP		87,550
		8.25% March 1, 2016
	255,000	Inergy LP		255,000
		6.88% December 15, 2014
	265,000	Michaels Stores Inc ‡		279,575
		10.00% November 1, 2014
	100,000	Neiman Marcus Group Inc ‡		103,250
		10.38% October 15, 2015
	455,000	Neiman Marcus Group Inc		404,950
		7.13% June 1, 2028
	255,000	Pantry Inc		225,037
		3.00% November 15, 2012
	210,000	Penske Automotive Group Inc		202,125
		7.75% December 15, 2016
	35,000	QVC Inc * ~		35,700
		7.50% October 1, 2019
	80,000	QVC Inc * ~		80,400
		7.38% October 15, 2020
	60,000	Rite Aid Corp ‡		64,050
		10.25% October 15, 2019
	375,000	Rite Aid Corp		347,812
		7.50% March 1, 2017
	225,000	Toys R Us Property Co I LLC *		250,875
		10.75% July 15, 2017
	145,000	Toys R Us Property Co LLC *		150,437
		8.50% December 1, 2017
			$	3,569,907
Savings & Loans --- 0.63%
	80,000	Ocwen Capital Trust I		71,000
		10.88% August 1, 2027
	80,000	Provident Funding Associates * ~		80,000
		10.25% April 15, 2017
	315,000	Residential Capital LLC ‡		310,275
		9.63% May 15, 2015
			$	461,275
Specialized Services --- 5.41%
	365,000	CCM Merger Inc *		317,550
		8.00% August 1, 2013
	250,000	Corrections Corp of America		261,250
		7.75% June 1, 2017
	240,000	First Data Corp ‡		192,000
		11.25% March 31, 2016
	208,748	First Data Corp		176,392
		10.55% September 24, 2015
	300,000	First Data Corp		258,750
		9.88% September 24, 2015
	115,000	Inmarsat Finance PLC * ~		119,600
		7.38% December 1, 2017
	395,000	LBI Escrow Corp * ~		409,813
		8.00% November 1, 2017
	160,000	New Communications Holdings Inc * ~		162,800
		8.25% April 15, 2017
	220,000	New Communications Holdings Inc * ~		221,650
		8.50% April 15, 2020
	95,000	Prestige Brands Inc * ~		97,375
		8.25% April 1, 2018
	15,000	RSC Equipment Rental Inc *		15,900
		10.00% July 15, 2017
	245,000	Sabre Holdings Corp		232,750
		6.35% March 15, 2016
	290,000	Service Corp International		265,350
		7.50% April 1, 2027
	40,000	Smurfit Kappa Funding PLC		39,200
		7.75% April 1, 2015
	265,000	Stewart Enterprises Inc		261,025
		6.25% February 15, 2013
	120,000	Trico Shipping AS *		114,600
		11.88% November 1, 2014
	285,000	Unisys Corp *		339,862
		14.25% September 15, 2015
	65,000	Universal City Development Partners Ltd *		65,487
		8.88% November 15, 2015
	45,000	Universal City Development Partners Ltd *		47,025
		10.88% November 15, 2016
	105,000	Virgin Media Finance PLC		111,563
		9.13% August 15, 2016
	265,000	Yankee Acquisition Corp		272,950
		8.50% February 15, 2015
			$	3,982,892
Telephone & Telecommunications --- 8.62%
	60,000	Cincinnati Bell Inc		60,525
		8.75% March 15, 2018
	160,000	Cincinnati Bell Telephone Co LLC		126,400
		6.30% December 1, 2028
	160,000	Clearwire Communications LLC ~		162,800
		12.00% December 1, 2015
	165,000	Clearwire Communications LLC * ~		168,300
		12.00% December 1, 2015
	150,000	Cricket Communications Inc		155,625
		7.75% May 15, 2016
	115,000	Cricket Communications Inc		117,013
		9.38% November 1, 2014
	135,000	Digicel Group Ltd *		132,637
		8.88% January 15, 2015
	100,000	Digicel Group Ltd * ‡ ~		103,750
		10.50% April 15, 2018
	155,000	Digicel Ltd * ~		153,450
		8.25% September 1, 2017
	185,000	Frontier Communications Corp		193,325
		8.25% May 1, 2014
	20,000	Global Crossing Ltd *		22,200
		12.00% September 15, 2015
	1,035,000	Hawaiian Telcom Communications Inc † @		103
		12.50% May 1, 2015
	285,000	Intelsat Corp		292,125
		9.25% August 15, 2014
	285,000	Intelsat Intermediate Holding Co SA		294,975
		9.50% February 1, 2015
	270,000	Intelsat Jackson Holdings SA		292,275
		11.25% June 15, 2016
	195,000	Intelsat Jackson Holdings SA		209,625
		11.50% June 15, 2016
	50,000	Intelsat Luxembourg SA		52,875
		11.25% February 4, 2017
	150,000	Leap Wireless International Inc		130,500
		4.50% July 15, 2014
	115,000	Level 3 Communications Inc		105,944
		3.50% June 15, 2012
	45,000	Level 3 Communications Inc		43,819
		5.25% December 15, 2011
	280,000	Level 3 Financing Inc		273,000
		9.25% November 1, 2014
	335,000	MetroPCS Wireless Inc ‡		342,262
		9.25% November 1, 2014
	285,000	NII Capital Corp *		312,075
		10.00% August 15, 2016
	90,000	PAETEC Holding Corp *		92,475
		8.88% June 30, 2017
	405,000	Qwest Communications International Inc		412,087
		7.50% February 15, 2014
	75,000	Qwest Corp		84,375
		8.38% May 1, 2016
	25,000	Qwest Corp		27,375
		8.88% March 15, 2012
	80,000	SBA Telecommunications Inc *		85,200
		8.25% August 15, 2019
	165,000	SBA Telecommunications Inc *		173,662
		8.00% August 15, 2016
	410,000	Sprint Capital Corp		380,275
		8.75% March 15, 2032
	140,000	Sprint Capital Corp		112,700
		6.88% November 15, 2028
	105,000	Sprint Nextel Corp		105,525
		8.38% August 15, 2017
	90,000	tw telecom holdings inc * ~		92,025
		8.00% March 1, 2018
	65,000	Virgin Media Finance PLC		71,013
		9.50% August 15, 2016
	100,000	Virgin Media Inc ‡		122,625
		6.50% November 15, 2016
	215,000	West Corp		220,913
		9.50% October 15, 2014
	195,000	Wind Acquisition Finance SA *		215,475
		11.75% July 15, 2017
	10,000	Wind Acquisition Finance SA *		10,800
		10.75% December 1, 2015
	385,000	Windstream Corp		393,663
		8.63% August 1, 2016
			$	6,345,791
Textiles --- 0.54%
	100,000	Hanesbrands Inc		103,500
		8.00% December 15, 2016
	250,000	Hanesbrands Inc §		238,750
		3.83% December 15, 2014
	55,000	Levi Strauss & Co		57,475
		8.88% April 1, 2016
			$	399,725
Transportation --- 0.84%
	35,000	Avis Budget Car Rental LLC * ~		36,575
		9.63% March 15, 2018
	325,000	Avis Budget Car Rental LLC		321,750
		7.63% May 15, 2014
	250,000	Hertz Corp		256,875
		8.88% January 1, 2014
			$	615,200
TOTAL BONDS --- 92.21%			$	67,890,956
(Cost $67,777,807)
COMMON STOCK
Shares			Value ($)
Auto Parts & Equipment --- 0.14%
	3,525	TRW Automotive Holdings Corp ‡‡		100,745
			$	100,745
Biotechnology --- 0.13%
	4,875	Talecris Biotherapeutics Holdings Corp ‡‡		97,110
			$	97,110
Broadcast/Media --- 0.31%
	4,793	Charter Communications Inc Class A ‡‡		165,359
	696	Charter Communications Inc Class A (warrants) ‡‡		2,784
	10,767	CMP Susquehanna Radio Holdings Corp (warrants) * ~ §§ ‡‡		0
	7,450	Interpublic Group of Cos Inc ‡‡		61,984
			$	230,127
Building Materials --- 0.07%
	1,165	Nortek Inc ‡‡		46,600
	2,304	Nortek Inc (warrants) ‡‡		5,760
			$	52,360
Financial Services --- 0.10%
	1,881	CIT Group Inc ‡‡		73,284
			$	73,284
Health Care Related --- 0.18%
	23,212	Alliance HealthCare Services Inc ‡‡		130,451
			$	130,451
Homebuilding --- 0.01%
	493	M/I Homes Inc ‡‡		7,222
			$	7,222
Household Goods --- 0.39%
	41,860	Sealy Corp ‡‡		146,510
	5,165	Spectrum Brands Inc ‡‡		141,418
			$	287,928
Independent Power Producer --- 0.10%
	6,360	AES Corp ‡‡		69,960
			$	69,960
Oil & Gas --- 0.27%
	8,100	El Paso Corp		87,804
	5,590	Petrohawk Energy Corp ‡‡		113,365
	1	Turbo Cayman Ltd (warrants) ‡‡ §§		0
			$	201,169
Paper & Forest Products --- 0.15%
	12,165	Louisiana-Pacific Corp ‡‡		110,093
			$	110,093
Real Estate --- 0.08%
	10,655	FelCor Lodging Trust Inc REIT ‡‡		60,734
			$	60,734
Restaurants --- –%
	507	Buffets Restaurants Holdings Inc ‡‡ §§		0
			$	0
Telephone & Telecommunications --- 0.13%
	18,800	Qwest Communications International Inc		98,136
			$	98,136
Transportation --- 0.07%
	4,795	Avis Budget Group Inc ‡‡		55,142
			$	55,142
Utilities --- 0.17%
	4,115	Public Service Enterprise Group Inc		121,475
			$	121,475
TOTAL COMMON STOCK --- 2.30%			$	1,695,936
(Cost $3,234,777)
PREFERRED STOCK
Par Value ($)			Value ($)
Agency --- 0.02%
	13,425	Fannie Mae Series S		17,050
			$	17,050
Banks --- 0.23%
	216	GMAC Inc * ~		164,646
			$	164,646
Broadcast/Media --- 0.00%
	9,422	CMP Susquehanna Radio Holdings Corp * ~ § ‡‡ §§		0
			$	0
Food & Beverages --- 0.10%
	6,220	2009 Dole Food Automatic Common Exchange Security Trust * ~ ##		75,029
			$	75,029
Insurance Related --- 0.15%
	4,255	Hartford Financial Services Group Inc ‡‡		112,587
			$	112,587
TOTAL PREFERRED STOCK --- 0.50%			$	369,312
(Cost $578,254)
SECURITIES LENDING COLLATERAL
Par Value ($)			Value ($)
	1,346,413	BNP Paribas Securities Corp		1,346,412
		Repurchase Agreement
		0.01%  April 1, 2010
	1,346,413	Bank of America LLC		1,346,413
		Repurchase Agreement
		0.02%  April 1, 2010
	1,347,413	Barclays Capital Inc		1,347,413
		Repurchase Agreement
		0.01%  April 1, 2010
	1,346,413	Household Bank Securities Inc		1,346,413
		Repurchase Agreement
		0.01%  April 1, 2010
TOTAL SECURITIES LENDING COLLATERAL --- 7.32%			$	5,386,651
(Cost $5,386,651)
OTHER ASSETS & LIABILITIES --- (2.33%)			$	(1,713,105	)
TOTAL NET ASSETS --- 100%			$	73,629,750
(Cost $76,977,489)

Legend

	*	The Maxim Putnam High Yield Bond Portfolio may own certain investment securities which are restricted as to resale under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.  These securities are valued after giving due consideration to pertinent factors including recent private sales, market conditions, and the issuer’s financial performance.  Aggregate cost, fair value and percent of net assets of these restricted securities held at March 31, 2010 were $16,566,551, $17,460,192 and 23.96%, respectively.
~		The Maxim Putnam High Yield Bond Portfolio may own certain investment securities that have been deemed “illiquid” because no quoted market exists.  These securities are valued after giving due consideration to pertinent factors including recent private sales, market conditions, and the issuer’s financial performance.  It is possible that the estimated value may differ significantly from the amount that might ultimately be realized in the near term and the difference could be material.  Aggregate cost, fair value and percent of net assets of these illiquid securities held at March 31, 2010 were $7,080,135, $7,375,610 and 10.02%, respectively.
	†	Security in default at March 31, 2010.
@		Security in bankruptcy at March 31, 2010.
	‡	A portion or all of the security is on loan at March 31, 2010.
	§	Represents the current interest rate for variable rate security.
	**	For zero coupon bond, the interest rate shown is the effective yield on date of purchase.
	††	Denotes a step bond:  a zero coupon bond that converts to a fixed rate or variable interest rate at a designated future date.  Rate disclosed represents effective yield at March 31, 2010.
	§§	Security has no market value at March 31, 2010.
	‡‡	Non-income Producing Security
REIT		Real Estate Investment Trust

The value of assets in the Portfolio is determined as of the close of trading on each valuation date.

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

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.

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 exchange rates are determined by utilizing the New York closing rates.

Independent pricing services are utilized when possible and approved by the Board of Directors.  In some instances valuations from independent pricing services are not available or do not reflect significant events in the market between the time the market closed and the valuation time and therefore fair valuation procedures are implemented.  Developments that might be considered significant events to trigger fair value pricing could be natural disasters, government actions or significant fluctuations in domestic or foreign markets.

For foreign equity securities, 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 the U.S. securities market, reviewing developments in foreign markets and evaluating the performance of ADRs, futures contracts and exchange-traded funds.

For fixed income securities, factors used in the determination of fair value may include, but are not limited to, market data incorporating available trade, bid and other market information such as benchmark curves, benchmarking of like securities, sector groupings and matrix pricing.  Model processes such as Option Adjusted Spread models are used to develop prepayment and interest rate scenarios.  Price evaluators gather information from market sources and integrate relevant credit information, perceived market movements and sector news into the evaluated pricing applications and models.

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.

The Portfolio classifies its valuations into three levels based upon the transparency of inputs to the valuation of the Portfolio’s investments.  The three levels are defined as follows:

Level 1 – Valuations based on quoted prices for identical securities in active markets.

Level 2 – Valuations based on either directly or indirectly observable inputs.  These may include quoted prices in markets that are not active or quoted prices for similar assets in active markets.  Valuations may also be based on inputs other than quoted prices that are observable for the asset, such as interest rates and yield curves.  Additional inputs may be used such as benchmark yields, reported trades, broker/dealer quotes, issuer spreads, prepayment speeds and benchmark securities. 

Level 3 – Valuations based on inputs that are unobservable and significant to the fair value measurement.  The prices of the majority of Level 3 securities were obtained from single broker quotes.

As of March 31, 2010, the inputs used to value the Portfolio’s investments were as follows:

Description	Level 1		Level 2		Level 3		Total
Assets	$		$		$		$
Bonds
Corporate		-		67,890,956		-		67,890,956
Common Stock								-
Auto parts & equipment		100,745		-		-		100,745
Biotechnology		97,110		-		-		97,110
Broadcast/media		227,343		-		-		227,343
Building materials		-		46,600		-		46,600
Financial services		73,284		-		-		73,284
Health care related		130,451		-		-		130,451
Homebuilding		7,222		-		-		7,222
Household goods		287,928		-		-		287,928
Independent power producer		69,960		-		-		69,960
Oil & gas		201,169		-		-		201,169
Paper & forest products		110,093		-		-		110,093
Real estate		60,734		-		-		60,734
Telephone &
telecommunications		98,136		-		-		98,136
Transportation		55,142		-		-		55,142
Utilities		121,475		-		-		121,475
Preferred Stock
Agency		-		17,050		-		17,050
Banks		-		164,646		-		164,646
Food & beverages		-		75,029		-		75,029
Insurance related		112,587		-		-		112,587
Short-term Investments		5,386,651		-		-		5,386,651
Other Financial Instruments *		2,784		3,193		5,760		11,737
Total	$	7,142,814	$	68,197,474	$	5,760	$	75,346,048

*Other financial instruments consist of warrants and forward foreign currency contracts.  Warrants are reported at their market value as of March 31, 2010.  Forward foreign currency contracts are reported at their unrealized appreciation/depreciation as of March 31, 2010.

As of March 31, 2010, the Maxim Putnam High Yield Bond Portfolio held the following forward foreign currency contracts:

							Net
	Quantity of						Unrealized
	Currency			Quantity of		Settlement	Appreciation
Currency Purchased	Purchased		Currency Sold	Currency Sold		Date	(Depreciation)
Euro		151,600	U.S. Dollar		205,115	April 2010	$	(302	)
U.S. Dollar		1,763,723	Euro		1,302,900	April 2010		3,495
Net Appreciation							$	3,193

At March 31, 2010, the U.S. Federal income tax cost basis was $77,204,129.  The Maxim Putnam High Yield Bond Portfolio had gross appreciation of securities in which there was an excess of value over tax cost of $5,287,804 and gross depreciation of securities in which there was an excess of tax cost over value of $7,149,083, resulting in net depreciation of $1,861,279.

Management determines the Portfolio's industry classifications using one or more widely recognized market indexes or ratings group indexes.  Industries are shown as a percent of total net assets.  These industry classifications are unaudited.

MAXIM SERIES FUND, INC.

MAXIM JANUS LARGE CAP GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS

MARCH 31, 2010

UNAUDITED

COMMON STOCK
Shares			Value ($)
Aerospace & Defense --- 4.12%
	123,895	Precision Castparts Corp		15,698,735
			$	15,698,735
Air Freight --- 1.43%
	84,765	United Parcel Service Inc Class B		5,459,714
			$	5,459,714
Automobiles --- 0.99%
	300,890	Ford Motor Co *		3,782,187
			$	3,782,187
Biotechnology --- 10.40%
	328,035	Celgene Corp *		20,325,049
	366,443	Gilead Sciences Inc *		16,665,828
	63,820	Vertex Pharmaceuticals Inc *		2,608,323
			$	39,599,200
Broadcast/Media --- 3.32%
	877,630	News Corp Class A		12,646,648
			$	12,646,648
Chemicals --- 2.56%
	274,773	Israel Chemicals Ltd		3,717,419
	84,327	Monsanto Co		6,022,634
			$	9,740,053
Communications - Equipment --- 8.27%
	710,355	Cisco Systems Inc *		18,490,541
	175,987	Research in Motion Ltd *		13,014,238
			$	31,504,779
Computer Hardware & Systems --- 8.93%
	144,811	Apple Inc *		34,020,448
			$	34,020,448
Computer Software & Services --- 9.26%
	19,825	Google Inc Class A *		11,240,973
	601,859	Oracle Corp		15,461,758
	19,014	Salesforce.com Inc *		1,415,592
	432,950	Yahoo! Inc *		7,156,664
			$	35,274,987
Electronic Instruments & Equipment --- 2.13%
	78,725	Amphenol Corp Class A		3,321,408
	236,805	Corning Inc		4,785,829
			$	8,107,237
Financial Services --- 8.53%
	867,378	Bank of America Corp		15,482,697
	25,435	CME Group Inc		8,040,258
	200,415	JPMorgan Chase & Co		8,968,571
			$	32,491,526
Food & Beverages --- 5.11%
	385,976	Anheuser-Busch InBev NV		19,442,685
			$	19,442,685
Foreign Banks --- 1.64%
	229,374	Standard Chartered PLC		6,258,376
			$	6,258,376
Gold, Metals & Mining --- 1.36%
	160,590	Vale SA sponsored ADR		5,169,392
			$	5,169,392
Household Goods --- 1.95%
	42,605	Colgate-Palmolive Co		3,632,502
	69,006	Reckitt Benckiser Group PLC		3,787,592
			$	7,420,094
Insurance Related --- 1.53%
	111,105	ACE Ltd		5,810,791
			$	5,810,791
Investment Bank/Brokerage Firm --- 4.05%
	435,058	Charles Schwab Corp		8,131,234
	42,605	Goldman Sachs Group Inc		7,269,691
			$	15,400,925
Medical Products --- 1.89%
	44,575	Alcon Inc		7,201,537
			$	7,201,537
Oil & Gas --- 3.69%
	182,475	BG Group PLC		3,158,104
	164,870	Petroleo Brasileiro SA ADR		7,335,066
	90,164	Petroleo Brasileiro SA sponsored ADR		3,569,593
			$	14,062,763
Real Estate --- 0.71%
	668,000	Hang Lung Properties Ltd		2,692,907
			$	2,692,907
Retail --- 4.70%
	231,375	CVS Caremark Corp		8,459,070
	54,310	Kohl's Corp *		2,975,102
	262,710	Limited Brands Inc		6,467,920
			$	17,902,092
Telephone & Telecommunications --- 3.73%
	69,910	America Movil SAB de CV ADR Series L		3,519,269
	162,990	Crown Castle International Corp *		6,231,108
	244,670	tw telecom Inc *		4,440,761
			$	14,191,138
TOTAL COMMON STOCK --- 90.30%			$	343,878,214
(Cost $250,534,729)
SHORT-TERM INVESTMENTS
Par Value ($)			Value ($)
	676,000	Fannie Mae		675,989
		0.08% April 5, 2010
	17,090,000	Federal Home Loan Bank		17,090,000
		0.01% April 1, 2010
	11,500,000	Federal Home Loan Bank		11,499,751
		0.13% April 7, 2010
	6,396,000	Freddie Mac		6,395,900
		0.12% April 5, 2010
	1,000,000	Freddie Mac		999,981
		0.14% April 6, 2010
TOTAL SHORT-TERM INVESTMENTS --- 9.63%			$	36,661,621
(Cost $36,661,621)
OTHER ASSETS & LIABILITIES --- 0.07%			$	259,380
TOTAL NET ASSETS --- 100%			$	380,799,215
(Cost $287,196,350)

Legend

*	Non-income Producing Security
ADR	American Depository Receipt

The value of assets in the Portfolio is determined as of the close of trading on each valuation date.

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

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.

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 exchange rates are determined by utilizing the New York closing rates.

Independent pricing services are utilized when possible and approved by the Board of Directors.  In some instances valuations from independent pricing services are not available or do not reflect significant events in the market between the time the market closed and the valuation time and therefore fair valuation procedures are implemented.  Developments that might be considered significant events to trigger fair value pricing could be natural disasters, government actions or significant fluctuations in domestic or foreign markets.

For foreign equity securities, 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 the 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.

The Portfolio classifies its valuations into three levels based upon the transparency of inputs to the valuation of the Portfolio’s investments.  The three levels are defined as follows:

Level 1 – Valuations based on quoted prices for identical securities in active markets.

Level 2 – Valuations based on either directly or indirectly observable inputs.  These may include quoted prices in markets that are not active or quoted prices for similar assets in active markets.  Valuations may also be based on inputs other than quoted prices that are observable for the asset, such as interest rates and yield curves.  Additional inputs may be used such as benchmark yields, reported trades, broker/dealer quotes, issuer spreads, prepayment speeds and benchmark securities. 

Level 3 – Valuations based on inputs that are unobservable and significant to the fair value measurement. 

As of March 31, 2010, the inputs used to value the Portfolio’s investments were as follows:

Description	Level 1		Level 2		Level 3		Total
Assets	$		$		$		$
Common Stock
Aerospace & defense		15,698,735		-		-		15,698,735
Air freight		5,459,714		-		-		5,459,714
Automobiles		3,782,187		-		-		3,782,187
Biotechnology		39,599,200		-		-		39,599,200
Broadcast/media		12,646,648		-		-		12,646,648
Chemicals		9,740,053		-		-		9,740,053
Communications - equipment		31,504,779		-		-		31,504,779
Computer hardware &
systems		34,020,448		-		-		34,020,448
Computer software &
services		35,274,987		-		-		35,274,987
Electronic instruments &
equipment		8,107,237		-		-		8,107,237
Financial services		32,491,526		-		-		32,491,526
Food & beverages		19,442,685		-		-		19,442,685
Foreign banks		6,258,376		-		-		6,258,376
Gold, metals & mining		5,169,392		-		-		5,169,392
Household goods		7,420,094		-		-		7,420,094
Insurance related		5,810,791		-		-		5,810,791
Investment bank/brokerage
firm		15,400,925		-		-		15,400,925
Medical products		7,201,537		-		-		7,201,537
Oil & gas		14,062,763		-		-		14,062,763
Real estate		2,692,907		-		-		2,692,907
Retail		17,902,092		-		-		17,902,092
Telephone &
telecommunications		14,191,138		-		-		14,191,138
Short-term Investments		-		36,661,621		-		36,661,621
Total	$	343,878,214	$	36,661,621	$	-	$	380,539,835

At March 31, 2010, the U.S. Federal income tax cost basis was $288,258,492.  The Maxim Janus Large Cap Growth Portfolio had gross appreciation of securities in which there was an excess of value over tax cost of $94,113,386 and gross depreciation of securities in which there was an excess of tax cost over value of $1,832,043, resulting in net appreciation of $92,281,343.

Management determines the Portfolio's industry classifications using one or more widely recognized market indexes or ratings group indexes.  Industries are shown as a percent of total net assets.  These industry classifications are unaudited.

MAXIM SERIES FUND, INC.

MAXIM MFS INTERNATIONAL GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS

MARCH 31, 2010

UNAUDITED

COMMON STOCK
Shares			Value ($)
Air Freight --- 1.58%
	115,894	TNT NV		3,323,198
			$	3,323,198
Broadcast/Media --- 2.39%
	35,780	Vivendi SA		957,590
	391,242	WPP PLC		4,055,029
			$	5,012,619
Chemicals --- 9.29%
	31,689	Air Liquide SA		3,804,152
	28,150	Akzo Nobel NV		1,604,297
	4,254	Givaudan SA		3,731,933
	59,510	Linde AG		7,100,561
	56,400	Shin-Etsu Chemical Co Ltd		3,275,773
			$	19,516,716
Computer Software & Services --- 0.78%
	34,000	SAP AG		1,646,776
			$	1,646,776
Conglomerates --- 1.08%
	131,942	Smiths Group PLC		2,274,517
			$	2,274,517
Cosmetics & Personal Care --- 1.29%
	45,460	Beiersdorf AG		2,719,139
			$	2,719,139
Distributors --- 0.89%
	379,200	Li & Fung Ltd		1,865,659
			$	1,865,659
Electric Companies --- 0.64%
	36,380	E.ON AG		1,343,158
			$	1,343,158
Electronic Instruments & Equipment --- 6.46%
	10,700	Hirose Electric Co Ltd		1,233,779
	161,300	HOYA Corp		4,432,342
	59,170	Legrand SA		1,869,292
	51,464	Schneider Electric SA		6,036,270
			$	13,571,683
Electronics - Semiconductor --- 3.09%
	8,312	Samsung Electronics Co Ltd GDR *		3,044,270
	229,827	Taiwan Semiconductor Manufacturing Co Ltd sponsored ADR		2,410,885
	15,600	Tokyo Electron Ltd		1,034,549
			$	6,489,704
Financial Services --- 5.01%
	40,520	Deutsche Boerse AG		3,003,509
	281,762	ING Groep NV		2,813,129
	98,263	Julius Baer Group Ltd		3,564,643
	69,888	UBS AG		1,136,078
			$	10,517,359
Food & Beverages --- 14.18%
	49,954	Danone SA		3,009,196
	265,020	Diageo PLC		4,447,967
	125,520	Heineken NV		6,450,790
	54,200	LAWSON Inc		2,313,167
	172,997	Nestle SA		8,859,861
	37,915	Pernod-Ricard SA		3,219,585
	227,320	Tesco PLC		1,501,772
			$	29,802,338
Foreign Banks --- 6.75%
	59,160	Banco Santander Brasil SA ADR		735,359
	29,491	Erste Group Bank AG		1,238,783
	408,976	HSBC Holdings PLC		4,146,361
	37,380	ICICI Bank Ltd ‡		1,596,126
	252,473	Intesa Sanpaolo SpA		940,320
	6,828	Komercni Banka AS		1,385,693
	151,905	Standard Chartered PLC		4,144,666
			$	14,187,308
Household Goods --- 3.84%
	27,900	Kao Corp		707,273
	134,010	Reckitt Benckiser Group PLC		7,355,522
			$	8,062,795
Insurance Related --- 1.75%
	124,900	AXA SA		2,778,442
	18,107	Swiss Reinsurance Co Ltd		891,268
			$	3,669,710
Investment Bank/Brokerage Firm --- 0.56%
	160,200	Nomura Holdings Inc		1,180,638
			$	1,180,638
Leisure & Entertainment --- 0.84%
	274,396	Ladbrokes PLC		661,652
	346,880	William Hill PLC		1,111,734
			$	1,773,386
Machinery --- 1.19%
	23,600	FANUC Ltd		2,504,139
			$	2,504,139
Medical Products --- 2.53%
	7,753	Sonova Holding AG		963,243
	34,940	Synthes Inc		4,360,872
			$	5,324,115
Office Equipment & Supplies --- 2.32%
	78,350	Canon Inc		3,628,789
	107,000	Konica Minolta Holdings Inc		1,248,658
			$	4,877,447
Oil & Gas --- 5.49%
	853,000	CNOOC Ltd		1,404,043
	500	Inpex Corp		3,668,841
	117,850	Royal Dutch Shell PLC		3,413,998
	52,560	Total SA		3,051,175
			$	11,538,057
Paper & Forest Products --- 0.66%
	98,000	Svenska Cellulosa AB		1,381,658
			$	1,381,658
Personal Loans --- 0.46%
	82,000	AEON Credit Service Co Ltd		973,580
			$	973,580
Pharmaceuticals --- 7.59%
	23,919	Actelion Ltd §		1,088,197
	61,263	Bayer AG		4,143,887
	25,470	Merck KGaA		2,064,075
	53,330	Roche Holding AG		8,648,928
			$	15,945,087
Printing & Publishing --- 1.57%
	152,250	Wolters Kluwer NV		3,301,512
			$	3,301,512
Railroads --- 2.86%
	99,110	Canadian National Railway Co		6,005,075
			$	6,005,075
Retail --- 0.52%
	139,400	Esprit Holdings Ltd		1,099,688
			$	1,099,688
Specialized Services --- 2.02%
	607,190	Hays PLC		1,000,650
	54,920	Infosys Technologies Ltd sponsored ADR		3,232,042
			$	4,232,692
Telephone & Telecommunications --- 2.13%
	13,430	America Movil SAB de CV ADR Series L		676,066
	100,990	MTN Group Ltd		1,552,893
	992,604	Singapore Telecommunications Ltd		2,249,226
			$	4,478,185
Textiles --- 5.80%
	180,740	Burberry Group PLC		1,958,305
	76,060	Compagnie Financiere Richemont SA		2,945,305
	62,270	LVMH Moet Hennessy Louis Vuitton SA		7,278,486
			$	12,182,096
Utilities --- 1.81%
	98,498	GDF SUEZ		3,804,861
			$	3,804,861
TOTAL COMMON STOCK --- 97.37%			$	204,604,895
(Cost $188,019,570)
SHORT-TERM INVESTMENTS
Par Value ($)			Value ($)
	3,259,000	Federal Home Loan Bank		3,259,000
		0.01% April 1, 2010
TOTAL SHORT-TERM INVESTMENTS --- 1.55%			$	3,259,000
(Cost $3,259,000)
OTHER ASSETS & LIABILITIES --- 1.08%			$	2,276,673
TOTAL NET ASSETS --- 100%			$	210,140,568
(Cost $191,278,570)

Legend

	*	The Maxim MFS International Growth Portfolio may own certain investment securities which are restricted as to resale under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.  These securities are valued after giving due consideration to pertinent factors including recent private sales, market conditions, and the issuer’s financial performance.  Aggregate cost, fair value and percent of net assets of these restricted securities held at March 31, 2010 were $2,491,255, $3,044,270 and 1.45%, respectively.
GDR		Global Depository Receipt
ADR		American Depository Receipt
	§	Non-income Producing Security

 The value of assets in the Portfolio is determined as of the close of trading on each valuation date.

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

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.

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 exchange rates are determined by utilizing the New York closing rates.

Independent pricing services are utilized when possible and approved by the Board of Directors.  In some instances valuations from independent pricing services are not available or do not reflect significant events in the market between the time the market closed and the valuation time and therefore fair valuation procedures are implemented.  Developments that might be considered significant events to trigger fair value pricing could be natural disasters, government actions or significant fluctuations in domestic or foreign markets.

For foreign equity securities, 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 the U.S. securities market, reviewing developments in foreign markets and evaluating the performance of ADRs, futures contracts and exchange-traded funds.

Investments in securities of non-U.S. issuers have unique risks not present in securities of U.S. issuers.

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.

The Portfolio classifies its valuations into three levels based upon the transparency of inputs to the valuation of the Portfolio’s investments.  The three levels are defined as follows:

Level 1 – Valuations based on quoted prices for identical securities in active markets.

Level 2 – Valuations based on either directly or indirectly observable inputs.  These may include quoted prices in markets that are not active or quoted prices for similar assets in active markets.  Valuations may also be based on inputs other than quoted prices that are observable for the asset, such as interest rates and yield curves.  Additional inputs may be used such as benchmark yields, reported trades, broker/dealer quotes, issuer spreads, prepayment speeds and benchmark securities. 

Level 3 – Valuations based on inputs that are unobservable and significant to the fair value measurement.

As of March 31, 2010, the inputs used to value the Portfolio’s investments were as follows:

Description	Level 1		Level 2		Level 3		Total
Assets	$		$		$		$
Common Stock
Air freight		3,323,198		-		-		3,323,198
Broadcast/media		5,012,619		-		-		5,012,619
Chemicals		19,516,716		-		-		19,516,716
Computer software &
services		1,646,776		-		-		1,646,776
Conglomerates		2,274,517		-		-		2,274,517
Cosmetics & personal care		2,719,139		-		-		2,719,139
Distributors		1,865,659		-		-		1,865,659
Electric companies		1,343,158		-		-		1,343,158
Electronic instruments &
equipment		13,571,683		-		-		13,571,683
Electronics - semiconductor		6,489,704		-		-		6,489,704
Financial services		10,517,359		-		-		10,517,359
Food & beverages		29,802,338		-		-		29,802,338
Foreign banks		14,187,308		-		-		14,187,308
Household goods		8,062,795		-		-		8,062,795
Insurance related		3,669,710		-		-		3,669,710
Investment bank/brokerage
firm		1,180,638		-		-		1,180,638
Leisure & entertainment		1,773,386		-		-		1,773,386
Machinery		2,504,139		-		-		2,504,139
Medical products		5,324,115		-		-		5,324,115
Office equipment & supplies		4,877,447		-		-		4,877,447
Oil & gas		11,538,057		-		-		11,538,057
Paper & forest products		1,381,658		-		-		1,381,658
Personal loans		973,580		-		-		973,580
Pharmaceuticals		15,945,087		-		-		15,945,087
Printing & publishing		3,301,512		-		-		3,301,512
Railroads		6,005,075		-		-		6,005,075
Retail		1,099,688		-		-		1,099,688
Specialized services		4,232,692		-		-		4,232,692
Telephone &
telecommunications		4,478,185		-		-		4,478,185
Textiles		12,182,096		-		-		12,182,096
Utilities		3,804,861		-		-		3,804,861
Short-term Investments		-		3,259,000		-		3,259,000
Total	$	204,604,895	$	3,259,000	$	-	$	207,863,895

At March 31, 2010, the U.S. Federal income tax cost basis was $193,400,137.  The Maxim MFSInternational Growth Portfolio had gross appreciation of securities in which there was an excess of value over tax cost of $26,030,854 and gross depreciation of securities in which there was an excess of tax cost over value of $11,567,096, resulting in net appreciation of $14,463,758.

Management determines the Portfolio's industry classifications using one or more widely recognized market indexes or ratings group indexes.  Industries are shown as a percent of total net assets.  These industry classifications are unaudited.

MAXIM SERIES FUND, INC.

MAXIM MFS INTERNATIONAL GROWTH PORTFOLIO

SUMMARY OF INVESTMENTS BY COUNTRY

MARCH 31, 2010

UNAUDITED

			% of Portfolio
Country	Values ($)		Investment
Austria		1,238,783		0.60	%
Bermuda		1,099,688		0.53	%
Brazil		735,359		0.35	%
Canada		6,005,075		2.89	%
Czech Republic		1,385,693		0.67	%
France		35,809,049		17.23	%
Germany		22,021,105		10.59	%
Hong Kong		3,269,702		1.57	%
India		4,828,168		2.32	%
Italy		940,320		0.45	%
Japan		26,201,528		12.61	%
Mexico		676,066		0.33	%
Netherlands		17,492,926		8.42	%
Singapore		2,249,226		1.08	%
South Africa		1,552,893		0.75	%
South Korea		3,044,270		1.46	%
Sweden		1,381,658		0.66	%
Switzerland		31,829,456		15.31	%
Taiwan		2,410,885		1.16	%
United Kingdom		36,072,173		17.35	%
United States		7,619,872		3.67	%
		207,863,895		100.00	%

MAXIM SERIES FUND, INC.

MAXIM FEDERATED BOND PORTFOLIO

SCHEDULE OF INVESTMENTS

MARCH 31, 2010

UNAUDITED

BONDS
Par Value ($)			Value ($)
Aerospace & Defense --- 0.52%
	100,000	Alliant Techsystems Inc		100,500
		6.75% April 1, 2016
	100,000	Embraer Overseas Ltd		101,750
		6.38% January 15, 2020
	150,000	Embraer Overseas Ltd		154,875
		6.38% January 24, 2017
	150,000	L-3 Communications Corp		152,625
		6.13% January 15, 2014
	300,000	Lockheed Martin Corp		316,520
		4.12% March 14, 2013
	250,000	Raytheon Co		272,652
		5.38% April 1, 2013
			$	1,098,922
Agency --- 2.06%
	2,500,000	Federal Home Loan Bank		2,732,358
		5.00% November 17, 2017
	1,500,000	Freddie Mac		1,604,980
		4.13% September 27, 2013
			$	4,337,338
Agency - Pass Through --- 19.67%
	755,230	Fannie Mae		797,251
		5.50% March 1, 2036
	686,580	Fannie Mae		732,827
		6.00% February 1, 2036
	488,692	Fannie Mae		531,078
		6.50% June 1, 2036
	208,430	Fannie Mae		210,443
		4.50% August 1, 2035
	591,304	Fannie Mae		641,667
		6.50% August 1, 2037
	485,888	Fannie Mae		518,520
		5.00% February 1, 2018
	742,382	Fannie Mae		781,596
		4.50% June 1, 2018
	3,495,774	Fannie Mae *		3,669,703
		5.54% March 1, 2047
	15,270	Fannie Mae		16,570
		6.50% April 1, 2037
	7,912,860	Fannie Mae		7,939,821
		4.50% July 1, 2039
	1,063,140	Fannie Mae		1,131,097
		6.00% August 1, 2037
	1,826,255	Fannie Mae		1,949,269
		6.00% February 1, 2037
	1,807,538	Fannie Mae		1,923,078
		6.00% March 1, 2037
	200,441	Freddie Mac		216,416
		6.00% April 1, 2035
	157,193	Freddie Mac		170,704
		6.00% November 1, 2033
	1,819,267	Freddie Mac		1,925,892
		5.50% August 1, 2035
	110,832	Freddie Mac		121,085
		6.50% February 1, 2036
	368,252	Freddie Mac		371,118
		4.50% November 1, 2035
	475,039	Freddie Mac		478,736
		4.50% May 1, 2035
	460,085	Freddie Mac		511,083
		7.00% August 1, 2037
	178,999	Freddie Mac		194,154
		6.00% May 1, 2021
	349,404	Freddie Mac		352,123
		4.50% March 1, 2036
	1,436,267	Freddie Mac		1,519,548
		5.50% August 1, 2036
	772,695	Freddie Mac		817,499
		5.50% June 1, 2036
	380,671	Freddie Mac		409,108
		6.00% August 1, 2037
	3,929,254	Freddie Mac		4,062,797
		5.00% April 1, 2037
	5,317,074	Freddie Mac		5,620,925
		5.50% May 1, 2038
	575,641	Freddie Mac *		607,807
		5.91% July 1, 2036
	168,925	Freddie Mac		175,868
		4.50% July 1, 2021
	485,090	Freddie Mac		521,957
		5.50% February 1, 2018
	1,502,121	Freddie Mac *		1,570,722
		4.42% May 1, 2037
	241,701	Freddie Mac		255,592
		5.00% March 1, 2022
	222,652	Freddie Mac		239,493
		6.00% March 1, 2036
	123,510	Freddie Mac		128,587
		4.50% April 1, 2021
	341,028	Freddie Mac		347,219
		4.00% December 1, 2020
			$	41,461,353
Auto Parts & Equipment --- 0.34%
	50,000	Affinia Group Inc †		54,500
		10.75% August 15, 2016
	50,000	American Axle & Manufacturing Holdings Inc †		53,375
		9.25% January 15, 2017
	50,000	ArvinMeritor Inc		51,750
		10.63% March 15, 2018
	250,000	Johnson Controls Inc		249,397
		5.00% March 30, 2020
	50,000	Lear Corp		50,562
		7.88% March 15, 2018
	100,000	Tenneco Inc ‡		101,500
		8.63% November 15, 2014
	50,000	TRW Automotive Inc †		51,813
		8.88% December 1, 2017
	100,000	United Components Inc		100,500
		9.38% June 15, 2013
			$	713,397
Automobiles --- 0.26%
	300,000	DaimlerChrysler NA Holding Corp		302,174
		4.88% June 15, 2010
	185,000	DaimlerChrysler NA Holding Corp		205,099
		6.50% November 15, 2013
	100,000	Motors Liquidation Co § @		36,000
		7.40% September 1, 2025
			$	543,273
Banks --- 0.59%
	250,000	PNC Funding Corp		257,958
		5.63% February 1, 2017
	250,000	US Bank NA		266,148
		4.95% October 30, 2014
	700,000	Wachovia Bank NA		720,483
		4.80% November 1, 2014
			$	1,244,589
Biotechnology --- 0.22%
	200,000	Genentech Inc		213,526
		4.75% July 15, 2015
	250,000	Life Technologies Corp		251,381
		3.38% March 1, 2013
			$	464,907
Broadcast/Media --- 2.26%
	50,000	Belo Corp		52,125
		8.00% November 15, 2016
	36,669	CCH II LLC ‡		44,094
		13.50% November 30, 2016
	50,000	CCO Holdings LLC		51,250
		8.75% November 15, 2013
	75,000	Cinemark USA Inc		79,031
		8.63% June 15, 2019
	75,000	Clear Channel Worldwide Holdings Inc †		78,375
		9.25% December 15, 2017
	350,000	Cox Communications Inc		378,331
		5.45% December 15, 2014
	250,000	Cox Communications Inc		279,415
		7.13% October 1, 2012
	100,000	DISH DBS Corp		100,750
		6.63% October 1, 2014
	250,000	Grupo Televisa SA		252,543
		6.63% March 18, 2025
	500,000	Historic TW Inc		564,737
		6.88% June 15, 2018
	75,000	Interpublic Group of Cos Inc		84,844
		10.00% July 15, 2017
	75,000	Kabel Deutschland GmbH		78,656
		10.63% July 1, 2014
	100,000	Lamar Media Corp		96,125
		6.63% August 15, 2015
	50,000	MDC Partners Inc †		54,063
		11.00% November 1, 2016
	500,000	News America Holdings Inc		587,517
		9.25% February 1, 2013
	19,000	Nexstar Broadcasting Inc		15,390
		7.00% January 15, 2014
	55,719	Nexstar Broadcasting Inc †		45,132
		0.50% January 15, 2014
	50,000	Regal Cinemas Corp		52,625
		8.63% July 15, 2019
	50,000	Sirius XM Radio Inc † ‡		49,813
		8.75% April 1, 2015
	250,000	Time Warner Cable Inc		310,045
		8.75% February 14, 2019
	200,000	Time Warner Cable Inc		214,150
		5.85% May 1, 2017
	315,000	Time Warner Inc		334,299
		5.50% November 15, 2011
	50,000	Truvo Subsidiary Corp † #		3,000
		8.38% December 1, 2014
	55,387	Umbrella Acquisition Inc †		47,771
		9.75% March 15, 2015
	50,000	Videotron Ltee		50,375
		6.38% December 15, 2015
	50,000	Videotron Ltee		55,563
		9.13% April 15, 2018
	275,000	Visant Holding Corp		281,875
		8.75% December 1, 2013
	75,000	Visant Holding Corp		77,250
		10.25% December 1, 2013
	350,000	Walt Disney Co		371,009
		5.70% July 15, 2011
	75,000	XM Satellite Radio Inc †		84,469
		13.00% August 1, 2013
			$	4,774,622
Building Materials --- 0.36%
	50,000	Building Materials Corp of America †		49,875
		7.50% March 15, 2020
	75,000	Goodman Global Group Inc † **		43,875
		11.75% December 15, 2014
	50,000	Goodman Global Inc		55,875
		13.50% February 15, 2016
	300,000	Masco Corp		303,054
		7.13% March 15, 2020
	50,222	Nortek Inc		53,863
		11.00% December 1, 2013
	50,000	Ply Gem Industries Inc		52,750
		11.75% June 15, 2013
	200,000	Voto-Votorantim Overseas Trading Operations NV		200,500
		6.63% September 25, 2019
			$	759,792
Chemicals --- 1.42%
	384,000	Albemarle Corp ‡		401,642
		5.10% February 1, 2015
	50,000	Ashland Inc †		56,000
		9.13% June 1, 2017
	50,000	Chemtura Corp § @ #		58,750
		6.88% June 1, 2016
	500,000	Dow Chemical Co		604,870
		8.55% May 15, 2019
	325,000	EI du Pont de Nemours & Co		350,933
		5.00% January 15, 2013
	50,000	Hexion Finance Escrow LLC †		49,250
		8.88% February 1, 2018
	50,000	Hexion US Finance Corp ‡		51,000
		9.75% November 15, 2014
	50,000	Huntsman International LLC †		50,250
		8.63% March 15, 2020
	75,000	Huntsman International LLC †		68,062
		5.50% June 30, 2016
	250,000	Incitec Pivot Finance LLC †		252,662
		6.00% December 10, 2019
	50,000	Koppers Inc †		51,500
		7.88% December 1, 2019
	50,000	Nalco Co †		53,125
		8.25% May 15, 2017
	100,000	Nalco Co		103,000
		8.88% November 15, 2013
	250,000	Praxair Inc		266,408
		4.63% March 30, 2015
	200,000	Rohm & Haas Co		212,486
		6.00% September 15, 2017
	225,000	RPM International Inc		234,540
		6.50% February 15, 2018
	125,000	Solutia Inc		131,875
		8.75% November 1, 2017
			$	2,996,353
Commercial Mortgage Backed --- 5.68%
	500,000	Banc of America Commercial Mortgage Inc *		485,159
		Series 2007-4 Class A4
		5.74% July 10, 2017
	1,900,000	Banc of America Commercial Mortgage Inc		1,961,503
		Series 2007-1 Class A2
		5.38% January 15, 2049
	2,700,000	Citigroup/Deustche Bank Commercial Mortgage Trust *		2,699,733
		Series 2007-CD5 Class A4
		5.89% August 15, 2017
	1,900,000	Citigroup/Deustche Bank Commercial Mortgage Trust		1,864,117
		Series 2007-CD4 Class A3
		5.29% December 11, 2049
	450,000	Credit Suisse First Boston Mortgage Securities Corp *		454,369
		Series 2005-C6 Class A2FX
		5.21% December 15, 2040
	1,200,000	Credit Suisse Mortgage Capital Certificates		1,246,996
		Series 2006-C4 Class AAB
		5.44% September 15, 2039
	750,000	LB-UBS Commercial Mortgage Trust *		785,312
		Series 2008-C1 Class A2
		6.15% April 15, 2041
	200,000	Merrill Lynch Mortgage Trust *		160,573
		Series MLMT2008-C1 Class AM
		6.27% February 12, 2051
	200,000	Merrill Lynch Mortgage Trust		208,513
		Series MLMT 2008-C1 Class A2
		5.43% February 12, 2051
	1,000,000	ML-CFC Commercial Mortgage Trust *		916,798
		Series 2007-6 Class A4
		5.49% March 12, 2051
	750,000	Morgan Stanley Capital I *		740,821
		Series 2007-IQ15 Class A4
		5.88% June 11, 2049
	440,000	Morgan Stanley Capital I		442,549
		Series 2006-IQ12 Class A4
		5.33% December 15, 2043
			$	11,966,443
Communications - Equipment --- 0.39%
	100,000	Cisco Systems Inc		111,431
		5.50% February 22, 2016
	275,000	Cisco Systems Inc		286,196
		5.25% February 22, 2011
	400,000	Harris Corp		431,468
		5.95% December 1, 2017
			$	829,095
Computer Hardware & Systems --- 0.93%
	75,000	Activant Solutions Inc		72,000
		9.50% May 1, 2016
	500,000	Dell Inc		556,541
		7.10% April 15, 2028
	150,000	Hewlett-Packard Co		168,924
		6.13% March 1, 2014
	200,000	Hewlett-Packard Co		216,071
		5.40% March 1, 2017
	175,000	Hewlett-Packard Co		187,867
		5.25% March 1, 2012
	500,000	International Business Machines Corp		615,592
		7.63% October 15, 2018
	100,000	Seagate Technology HDD Holdings		100,250
		6.80% October 1, 2016
	50,000	Viasystems Inc †		54,125
		12.00% January 15, 2015
			$	1,971,370
Computer Software & Services --- 0.65%
	300,000	Adobe Systems Inc		301,190
		3.25% February 1, 2015
	100,000	BMC Software Inc		109,780
		7.25% June 1, 2018
	75,000	CompuCom Systems Inc †		79,500
		12.50% October 1, 2015
	75,000	GXS Worldwide Inc †		72,187
		9.75% June 15, 2015
	50,000	JDA Software Group Inc †		52,000
		8.00% December 15, 2014
	100,000	Oracle Corp		110,378
		6.50% April 15, 2038
	250,000	Oracle Corp		274,202
		5.75% April 15, 2018
	50,000	SERENA Software Inc		48,750
		10.38% March 15, 2016
	50,000	SS&C Technologies Inc		53,063
		11.75% December 1, 2013
	75,000	SunGard Data Systems Inc		81,750
		10.63% May 15, 2015
	125,000	SunGard Data Systems Inc		131,406
		10.25% August 15, 2015
	50,000	Terremark Worldwide Inc †		57,500
		12.00% June 15, 2017
			$	1,371,706
Conglomerates --- 0.49%
	850,000	General Electric Co		916,277
		5.00% February 1, 2013
	110,000	Koninklijke Philips Electronics NV		117,322
		5.75% March 11, 2018
			$	1,033,599
Containers --- 0.30%
	50,000	Ball Corp		50,875
		6.75% September 15, 2020
	50,000	Ball Corp		53,125
		7.13% September 1, 2016
	100,000	Berry Plastics Corp		97,625
		8.88% September 15, 2014
	50,000	Cascades Inc †		50,250
		7.88% January 15, 2020
	100,000	Crown Americas LLC		104,000
		7.75% November 15, 2015
	50,000	Graham Packaging Co LP †		50,375
		8.25% January 1, 2017
	125,000	Graphic Packaging International Inc		128,125
		9.50% August 15, 2013
	50,000	Greif Inc		52,000
		7.75% August 1, 2019
	50,000	Rock-Tenn Co		54,500
		9.25% March 15, 2016
			$	640,875
Distributors --- 0.19%
	50,000	Baker & Taylor Inc †		26,500
		11.50% July 1, 2013
	50,000	Interline Brands Inc		51,500
		8.13% June 15, 2014
	100,000	McJunkin Red Man Corp †		102,125
		9.50% December 15, 2016
	100,000	SGS International Inc		105,125
		12.00% December 15, 2013
	104,218	VWR Funding Inc		110,471
		10.25% July 15, 2015
			$	395,721
Electric Companies --- 2.58%
	250,000	Cleveland Electric Illuminating Co		239,763
		5.95% December 15, 2036
	450,000	Commonwealth Edison Co		486,722
		5.80% March 15, 2018
	300,000	Consolidated Edison Co of New York		328,711
		5.50% September 15, 2016
	300,000	Duke Energy Indiana Inc		326,382
		6.05% June 15, 2016
	300,000	EDF SA †		289,572
		5.60% January 27, 2040
	75,000	Edison Mission Energy		52,312
		7.00% May 15, 2017
	500,000	Exelon Generation Co LLC		533,146
		5.35% January 15, 2014
	250,000	FirstEnergy Solutions Corp		250,323
		6.05% August 15, 2021
	300,000	FPL Group Capital Inc		323,866
		5.35% June 15, 2013
	300,000	MidAmerican Energy Co		319,205
		4.65% October 1, 2014
	300,000	MidAmerican Energy Holdings Co		295,337
		5.95% May 15, 2037
	200,000	Northern States Power Co		209,427
		5.25% March 1, 2018
	500,000	Pacific Gas & Electric Co		514,689
		4.20% March 1, 2011
	125,000	PPL Energy Supply LLC		113,215
		6.00% December 15, 2036
	350,000	PSE&G Power LLC		373,380
		7.75% April 15, 2011
	100,000	Texas Competitive Electric Holdings Co LLC ‡		69,500
		10.25% November 1, 2015
	200,000	Union Electric Co		211,914
		6.00% April 1, 2018
	200,000	Virginia Electric & Power Co		217,684
		5.10% November 30, 2012
	300,000	Westar Energy Inc		292,448
		5.88% July 15, 2036
			$	5,447,596
Electronic Instruments & Equipment --- 0.46%
	75,000	Baldor Electric Co		79,313
		8.63% February 15, 2017
	75,000	Belden Inc		73,875
		7.00% March 15, 2017
	90,000	Emerson Electric Co		94,152
		4.88% October 15, 2019
	200,000	Emerson Electric Co		214,815
		5.75% November 1, 2011
	31,358	FPL Energy National Wind Portfolio LLC †		30,170
		6.13% March 25, 2019
	100,000	General Cable Corp		99,125
		7.13% April 1, 2017
	120,000	Hubbell Inc		123,658
		5.95% June 1, 2018
	185,000	Roper Industries Inc		206,184
		6.63% August 15, 2013
	50,000	Sensus USA Inc		51,000
		8.63% December 15, 2013
			$	972,292
Electronics - Semiconductor --- 0.23%
	75,000	Advanced Micro Devices Inc †		77,250
		8.13% December 15, 2017
	50,000	Freescale Semiconductor Inc ‡		47,750
		8.88% December 15, 2014
	40,000	Freescale Semiconductor Inc ‡		38,400
		9.13% December 15, 2014
	300,000	KLA-Tencor Corp		325,432
		6.90% May 1, 2018
			$	488,832
Engineering & Construction --- 0.03%
	75,000	Esco Corp * †		66,563
		4.13% December 15, 2013
			$	66,563
Financial Services --- 3.10%
	250,000	Bank of America Corp		262,400
		5.38% June 15, 2014
	100,000	Bank of America Corp		100,834
		4.50% April 1, 2015
	400,000	BlackRock Inc		439,996
		6.25% September 15, 2017
	500,000	Boeing Capital Corp		546,220
		6.50% February 15, 2012
	100,000	CIT Group Funding Co of Delaware LLC ‡		103,500
		10.25% May 1, 2017
	175,000	CIT Group Inc		161,437
		7.00% May 1, 2017
	150,000	Citigroup Inc		153,263
		5.13% May 5, 2014
	100,000	CME Group Index Services LLC †		98,022
		4.40% March 15, 2018
	325,000	Eaton Vance Corp		349,999
		6.50% October 2, 2017
	300,000	General Electric Capital Corp		315,247
		4.88% March 4, 2015
	50,000	GMAC Inc		47,750
		8.00% November 1, 2031
	50,000	GMAC Inc †		52,500
		8.30% February 12, 2015
	192,000	GMAC Inc		195,120
		6.88% September 15, 2011
	88,000	GMAC Inc		89,540
		7.00% February 1, 2012
	50,000	Icahn Enterprises LP † ‡		48,188
		8.00% January 15, 2018
	50,000	International Lease Finance Corp †		51,113
		8.63% September 15, 2015
	200,000	International Lease Finance Corp		199,998
		4.88% September 1, 2010
	100,000	International Lease Finance Corp †		102,303
		8.75% March 15, 2017
	250,000	Invesco Ltd		260,405
		5.63% April 17, 2012
	50,000	Janus Capital Group Inc		49,712
		6.70% June 15, 2017
	50,000	Janus Capital Group Inc		51,717
		6.25% June 15, 2012
	500,000	JPMorgan Chase & Co		542,851
		6.00% January 15, 2018
	250,000	NASDAQ OMX Group Inc		248,618
		5.55% January 15, 2020
	250,000	NASDAQ OMX Group Inc		248,806
		4.00% January 15, 2015
	400,000	National Rural Utilities Cooperative Finance Corp		422,548
		5.45% February 1, 2018
	50,000	Pinnacle Foods Finance LLC ‡		52,875
		10.63% April 1, 2017
	75,000	Pinnacle Foods Finance LLC		76,875
		9.25% April 1, 2015
	250,000	State Street Corp		264,588
		4.30% May 30, 2014
	250,000	Textron Financial Corp * †		200,000
		6.00% February 15, 2067
	200,000	Textron Financial Corp		205,496
		5.40% April 28, 2013
	100,000	TNK-BP Finance SA †		104,250
		7.25% February 2, 2020
	500,000	ZFS Finance USA Trust I * †		487,500
		6.15% December 15, 2065
			$	6,533,671
Food & Beverages --- 2.51%
	50,000	B&G Foods Inc		50,938
		7.63% January 15, 2018
	500,000	Bacardi Ltd †		571,684
		7.45% April 1, 2014
	450,000	Bottling Group LLC		494,621
		5.50% April 1, 2016
	100,000	Coca-Cola Co		104,003
		4.88% March 15, 2019
	300,000	Coca-Cola Femsa SAB de CV †		294,444
		4.63% February 15, 2020
	75,000	Constellation Brands Inc		76,875
		7.25% May 15, 2017
	400,000	Costco Wholesale Corp		429,693
		5.30% March 15, 2012
	100,000	Dean Foods Co		98,000
		7.00% June 1, 2016
	50,000	Del Monte Corp †		52,437
		7.50% October 15, 2019
	220,000	General Mills Inc		238,650
		5.70% February 15, 2017
	300,000	Kellogg Co		316,934
		4.25% March 6, 2013
	250,000	Kraft Foods Inc		251,879
		2.63% May 8, 2013
	250,000	Kraft Foods Inc		270,496
		5.25% October 1, 2013
	400,000	Kraft Foods Inc		437,750
		6.25% June 1, 2012
	75,000	Kroger Co		83,662
		6.90% April 15, 2038
	225,000	Kroger Co		239,574
		5.00% April 15, 2013
	50,000	M-Foods Holdings Inc †		51,687
		9.75% October 1, 2013
	50,000	Michael Foods Inc		51,375
		8.00% November 15, 2013
	250,000	PepsiCo Inc		269,677
		4.65% February 15, 2013
	100,000	Reddy Ice Corp †		100,000
		13.25% November 1, 2015
	50,000	Reddy Ice Corp †		52,500
		11.25% March 15, 2015
	75,000	Smithfield Foods Inc †		83,625
		10.00% July 15, 2014
	50,000	Smithfield Foods Inc		49,125
		7.75% July 1, 2017
	200,000	Sysco Corp		211,966
		4.20% February 12, 2013
	50,000	TreeHouse Foods Inc		51,875
		7.75% March 1, 2018
	225,000	Wal-Mart Stores Inc		242,302
		6.20% April 15, 2038
	100,000	Wal-Mart Stores Inc		106,726
		4.25% April 15, 2013
			$	5,282,498
Foreign Banks --- 0.10%
	100,000	Banco Cruzeiro do Sul SA †		103,750
		8.50% February 20, 2015
	100,000	BBVA Bancomer SA *		98,000
		5.38% July 22, 2015
			$	201,750
Foreign Governments --- 3.20%
	100,000	Banco Nacional de Desenvolvimento Economico e Social †		106,750
		6.50% June 10, 2019
	1,015,122	Government of Argentina		761,341
		8.28% December 31, 2033
	150,000	Government of Brazil		161,250
		5.88% January 15, 2019
	160,000	Government of Brazil		204,000
		8.25% January 20, 2034
	200,000	Government of Brazil		267,700
		11.00% August 17, 2040
	200,000	Government of Colombia		230,000
		7.38% January 27, 2017
	500,000	Government of Indonesia		510,199
		6.63% February 17, 2037
	100,000	Government of Indonesia †		143,750
		11.63% March 4, 2019
	500,000	Government of Mexico		540,000
		5.95% March 19, 2019
	250,000	Government of Mexico		278,875
		5.88% February 17, 2014
	301,000	Government of Mexico		331,100
		6.75% September 27, 2034
	100,000	Government of Panama		106,250
		6.70% January 26, 2036
	100,000	Government of Panama		114,250
		7.25% March 15, 2015
	100,000	Government of Peru		107,000
		6.55% March 14, 2037
	100,000	Government of Poland		109,880
		6.38% July 15, 2019
	1,085,600	Government of Russia		1,251,263
		7.50% March 31, 2030
	100,000	Government of South Africa		111,625
		6.88% May 27, 2019
	100,000	Government of Turkey		111,380
		7.00% September 26, 2016
	100,000	Government of Turkey		101,000
		6.88% March 17, 2036
	150,000	Government of Turkey		167,070
		7.38% February 5, 2025
	300,000	Government of Uruguay		339,750
		7.63% March 21, 2036
	950,000	Government of Venezuela		695,875
		9.38% January 13, 2034
			$	6,750,308
Gold, Metals & Mining --- 1.30%
	200,000	Alcoa Inc		200,908
		5.55% February 1, 2017
	315,000	ArcelorMittal		330,658
		6.13% June 1, 2018
	250,000	Barrick Gold Corp		286,050
		6.95% April 1, 2019
	250,000	BHP Billiton Finance USA Ltd		272,645
		5.25% December 15, 2015
	500,000	BHP Billiton Finance USA Ltd		537,220
		4.80% April 15, 2013
	75,000	Compass Minerals International Inc †		78,000
		8.00% June 1, 2019
	100,000	CSN Islands XI Corp †		104,500
		6.88% September 21, 2019
	300,000	Newmont Mining Corp		288,793
		5.88% April 1, 2035
	250,000	Rio Tinto Finance USA Ltd		320,858
		9.00% May 1, 2019
	100,000	Rio Tinto Finance USA Ltd		109,919
		5.88% July 15, 2013
	100,000	Rio Tinto Finance USA Ltd		112,557
		6.50% July 15, 2018
	75,000	Teck Resources Ltd		89,250
		10.25% May 15, 2016
			$	2,731,358
Health Care Related --- 1.16%
	400,000	Aetna Inc		419,366
		5.75% June 15, 2011
	75,000	AMR HoldCo Inc		78,797
		10.00% February 15, 2015
	50,000	Bausch & Lomb Inc		52,875
		9.88% November 1, 2015
	50,000	BioScrip Inc †		50,875
		10.25% October 1, 2015
	225,000	CIGNA Corp		242,379
		6.35% March 15, 2018
	50,000	CRC Health Corp		45,125
		10.75% February 1, 2016
	50,000	HCA Inc †		52,344
		7.88% February 15, 2020
	50,000	HCA Inc †		53,781
		8.50% April 15, 2019
	362,000	HCA Inc		387,792
		9.63% November 15, 2016
	75,000	National Mentor Holdings Inc		74,812
		11.25% July 1, 2014
	75,000	Omnicare Inc		73,594
		6.88% December 15, 2015
	200,000	Quest Diagnostics Inc		221,684
		6.40% July 1, 2017
	75,000	United Surgical Partners International Inc		77,625
		9.25% May 1, 2017
	400,000	UnitedHealth Group Inc		427,079
		6.00% February 15, 2018
	100,000	Vanguard Health Holding Co II LLC †		97,250
		8.00% February 1, 2018
	100,000	Viant Holdings Inc †		99,750
		10.13% July 15, 2017
			$	2,455,128
Hotels/Motels --- 0.07%
	150,000	Wyndham Worldwide Corp		148,597
		6.00% December 1, 2016
			$	148,597
Household Goods --- 0.48%
	75,000	ALH Finance LLC		75,000
		8.50% January 15, 2013
	75,000	Central Garden & Pet Co		76,031
		8.25% March 1, 2018
	50,000	Diversey Holdings Inc †		54,500
		10.50% May 15, 2020
	50,000	Diversey Inc †		51,750
		8.25% November 15, 2019
	100,000	Jarden Corp		101,375
		7.50% May 1, 2017
	50,000	Libbey Glass Inc †		52,625
		10.00% February 15, 2015
	75,000	Norcraft Cos LP †		79,125
		10.50% December 15, 2015
	46,000	Sealy Mattress Co †		51,520
		10.88% April 15, 2016
	100,000	Sealy Mattress Co		100,000
		8.25% June 15, 2014
	75,000	Simmons Bedding Co †		81,750
		11.25% July 15, 2015
	79,500	Spectrum Brands Inc		84,270
		12.00% August 28, 2019
	200,000	Whirlpool Corp		209,349
		5.50% March 1, 2013
			$	1,017,295
Independent Power Producer --- 0.07%
	150,000	NRG Energy Inc		148,875
		7.38% February 1, 2016
			$	148,875
Insurance Related --- 2.23%
	200,000	ACE INA Holdings Inc		218,369
		5.60% May 15, 2015
	175,000	ACE INA Holdings Inc		189,049
		5.70% February 15, 2017
	300,000	Aflac Inc		361,216
		8.50% May 15, 2019
	375,000	Allstate Corp		400,725
		5.00% August 15, 2014
	500,000	AXA SA		606,280
		8.60% December 15, 2030
	300,000	Berkshire Hathaway Finance Corp		322,473
		4.85% January 15, 2015
	210,000	Chubb Corp		227,049
		5.75% May 15, 2018
	50,000	CNA Financial Corp		52,167
		6.00% August 15, 2011
	100,000	Horace Mann Educators Corp		101,849
		6.85% April 15, 2016
	300,000	Massachusetts Mutual Life Insurance Co †		382,151
		8.88% June 1, 2039
	250,000	MetLife Inc		280,163
		6.75% June 1, 2016
	100,000	MetLife Inc		110,930
		6.82% August 15, 2018
	150,000	Nationwide Mutual Insurance Co †		170,915
		9.38% August 15, 2039
	230,000	Northwestern Mutual Life Insurance Co †		230,821
		6.06% March 30, 2040
	250,000	Pacific Life Corp †		224,955
		6.60% September 15, 2033
	250,000	Pacific Life Global Funding †		263,577
		5.15% April 15, 2013
	100,000	Prudential Financial Inc		106,104
		5.15% January 15, 2013
	140,000	Prudential Financial Inc		146,853
		6.63% December 1, 2037
	275,000	Travelers Cos Inc		299,411
		5.50% December 1, 2015
			$	4,695,057
Investment Bank/Brokerage Firm --- 2.30%
	525,000	Bear Stearns Cos Inc		606,737
		7.25% February 1, 2018
	125,000	Bear Stearns Cos Inc		136,126
		5.70% November 15, 2014
	200,000	FMR LLC †		216,238
		7.57% June 15, 2029
	450,000	Goldman Sachs Group Inc		476,136
		6.15% April 1, 2018
	200,000	Goldman Sachs Group Inc		214,985
		5.25% October 15, 2013
	250,000	Jefferies Group Inc		277,336
		8.50% July 15, 2019
	500,000	Macquarie Group Ltd †		498,740
		6.00% January 14, 2020
	500,000	Merrill Lynch & Co Inc		534,002
		6.05% August 15, 2012
	550,000	Morgan Stanley		561,592
		4.75% April 1, 2014
	100,000	Morgan Stanley		107,121
		6.00% April 28, 2015
	200,000	Morgan Stanley		213,316
		6.63% April 1, 2018
	150,000	Nuveen Investments Inc		145,500
		10.50% November 15, 2015
	300,000	Raymond James Financial Inc		342,868
		8.60% August 15, 2019
	500,000	Xstrata Finance Canada Ltd †		524,550
		5.50% November 16, 2011
			$	4,855,247
Leisure & Entertainment --- 0.66%
	50,000	American Casino & Entertainment Properties LLC ‡		46,875
		11.00% June 15, 2014
	100,000	Ameristar Casinos Inc		104,750
		9.25% June 1, 2014
	100,000	Easton-Bell Sports Inc †		105,250
		9.75% December 1, 2016
	50,000	Great Canadian Gaming Corp †		49,500
		7.25% February 15, 2015
	100,000	Harrah's Operating Co Inc		107,750
		11.25% June 1, 2017
	50,000	Herbst Gaming Inc § @ #		50
		7.00% November 15, 2014
	50,000	HRP Myrtle Beach Operations LLC † § @ ~ #		0
		5.38% April 1, 2012
	75,000	Indianapolis Downs LLC †		49,875
		11.00% November 1, 2012
	50,000	Jacobs Entertainment Inc		47,000
		9.75% June 15, 2014
	50,000	MGM Mirage †		56,250
		11.13% November 15, 2017
	50,000	MGM Mirage †		51,500
		9.00% March 15, 2020
	50,000	MGM Mirage		58,250
		13.00% November 15, 2013
	50,000	MGM Mirage		49,875
		8.38% February 1, 2011
	125,000	MGM Mirage Inc ‡		104,063
		7.50% June 1, 2016
	50,000	Peninsula Gaming LLC †		47,750
		10.75% August 15, 2017
	50,000	Peninsula Gaming LLC †		49,875
		8.38% August 15, 2015
	50,000	Penn National Gaming Inc †		50,750
		8.75% August 15, 2019
	50,000	Penn National Gaming Inc		49,187
		6.75% March 1, 2015
	50,000	San Pasqual Casino †		47,500
		8.00% September 15, 2013
	50,000	Seminole Hard Rock Entertainment Inc * †		44,500
		2.76% March 15, 2014
	50,000	Seminole Indian Tribe of Florida †		46,603
		7.80% October 1, 2020
	50,000	Shingle Springs Tribal Gaming Authority †		41,500
		9.38% June 15, 2015
	50,000	Tunica Biloxi Gaming Authority †		47,500
		9.00% November 15, 2015
	75,000	Wynn Las Vegas LLC ‡		74,813
		6.63% December 1, 2014
	50,000	Yonkers Racing Corp †		54,000
		11.38% July 15, 2016
			$	1,384,966
Machinery --- 0.80%
	350,000	Caterpillar Inc		404,864
		7.00% December 15, 2013
	320,000	Dover Corp		338,839
		5.45% March 15, 2018
	200,000	Harsco Corp		197,695
		5.75% May 15, 2018
	240,000	Ingersoll-Rand Global Holding Co Ltd		269,893
		6.88% August 15, 2018
	50,000	Mueller Water Products Inc		45,125
		7.38% June 1, 2017
	50,000	Navistar International Corp		51,000
		8.25% November 1, 2021
	50,000	Oshkosh Corp † ‡		51,750
		8.50% March 1, 2020
	50,000	SPX Corp		52,312
		7.63% December 15, 2014
	250,000	Timken Co		265,868
		6.00% September 15, 2014
			$	1,677,346
Manufacturing --- 0.14%
	50,000	Amsted Industries Inc †		50,000
		8.13% March 15, 2018
	32,000	SMART Modular Technologies WWH Inc *		30,080
		5.75% April 1, 2012
	200,000	Tyco Electronics Group SA		215,560
		5.95% January 15, 2014
			$	295,640
Medical Products --- 0.50%
	50,000	Accellent Inc		50,750
		10.50% December 1, 2013
	150,000	Biomet Inc		168,000
		11.63% October 15, 2017
	100,000	Boston Scientific Corp		94,469
		6.00% January 15, 2020
	100,000	Boston Scientific Corp		95,837
		4.50% January 15, 2015
	249,000	Boston Scientific Corp		258,960
		6.00% June 15, 2011
	145,000	Covidien International Finance SA		158,292
		5.45% October 15, 2012
	50,000	Inverness Medical Innovations Inc		48,938
		7.88% February 1, 2016
	50,000	Inverness Medical Innovations Inc		51,000
		9.00% May 15, 2016
	125,000	Universal Hospital Services Inc		124,375
		8.50% June 1, 2015
			$	1,050,621
Miscellaneous --- 0.54%
	50,000	American Achievement Corp †		49,500
		8.25% April 1, 2012
	150,000	ARAMARK Corp		153,375
		8.50% February 1, 2015
	75,000	Ceridian Corp		71,812
		11.25% November 15, 2015
	75,000	Express LLC †		76,500
		8.75% March 1, 2018
	75,000	Garda World Security Corp †		76,781
		9.75% March 15, 2017
	50,000	Global Cash Access Inc		50,063
		8.75% March 15, 2012
	250,000	Hutchison Whampoa International Ltd †		291,540
		7.63% April 9, 2019
	3,000	KAR Auction Services Inc		3,150
		10.00% May 1, 2015
	100,000	KAR Auction Services Inc		102,000
		8.75% May 1, 2014
	100,000	Rainbow National Services LLC †		105,375
		10.38% September 1, 2014
	100,000	Reynolds Group Issuer Inc †		102,750
		7.75% October 15, 2016
	50,000	Stena AB		51,250
		7.50% November 1, 2013
			$	1,134,096
Oil & Gas --- 3.70%
	300,000	Anadarko Petroleum Corp		326,841
		5.95% September 15, 2016
	50,000	Aquilex Holdings LLC †		53,750
		11.13% December 15, 2016
	50,000	BASiC Energy Services Inc		43,500
		7.13% April 15, 2016
	400,000	Canadian Natural Resources Ltd		388,898
		5.85% February 1, 2035
	200,000	Chesapeake Energy Corp		197,500
		6.88% January 15, 2016
	75,000	Cie Generale de Geophysique-Veritas		75,000
		7.75% May 15, 2017
	50,000	Coffeyville Resources LLC †		49,375
		10.88% April 1, 2017
	130,000	Conoco Funding Co		152,470
		7.25% October 15, 2031
	500,000	ConocoPhillips Australia Funding Co		547,670
		5.50% April 15, 2013
	300,000	Consolidated Natural Gas Co		319,684
		5.00% December 1, 2014
	75,000	Crosstex Energy LP †		77,344
		8.88% February 15, 2018
	50,000	Denbury Resources Inc		53,000
		8.25% February 15, 2020
	50,000	Ecopetrol SA		55,500
		7.63% July 23, 2019
	50,000	El Paso Corp		49,141
		7.80% August 1, 2031
	155,000	Enbridge Inc		166,535
		5.60% April 1, 2017
	50,000	Forest Oil Corp		50,250
		7.25% June 15, 2019
	100,000	Gaz Capital SA for Gazprom		116,010
		8.63% April 28, 2034
	50,000	Hilcorp Energy I LP †		49,375
		7.75% November 1, 2015
	100,000	Holly Energy Partners LP		95,500
		6.25% March 1, 2015
	150,000	Husky Energy Inc		159,922
		6.15% June 15, 2019
	600,000	Husky Oil Ltd		672,868
		7.55% November 15, 2016
	200,000	Kinder Morgan Energy Partners LP		214,509
		5.95% February 15, 2018
	250,000	Kinder Morgan Energy Partners LP		271,612
		5.85% September 15, 2012
	50,000	Linn Energy LLC †		48,750
		8.63% April 15, 2020
	50,000	Linn Energy LLC †		56,750
		11.75% May 15, 2017
	100,000	MarkWest Energy Partners LP		102,625
		8.75% April 15, 2018
	100,000	Morgan Stanley Bank AG for OAO Gazprom		114,010
		9.63% March 1, 2013
	75,000	Niska Gas Storage US LLC †		76,688
		8.88% March 15, 2018
	150,000	Pacific Rubiales Energy Corp †		162,750
		8.75% November 10, 2016
	200,000	PEMEX Project Funding Master Trust		209,740
		9.13% October 13, 2010
	100,000	Petrobras International Finance Co		116,956
		7.88% March 15, 2019
	200,000	Petroleos Mexicanos †		205,400
		4.88% March 15, 2015
	300,000	Petroleos Mexicanos †		307,500
		6.00% March 5, 2020
	75,000	Plains Exploration & Production Co		76,031
		7.75% June 15, 2015
	83,350	Qatar Petroleum †		85,621
		5.58% May 30, 2011
	50,000	Regency Energy Partners LP †		53,000
		9.38% June 1, 2016
	50,000	Regency Energy Partners LP		51,875
		8.38% December 15, 2013
	50,000	SandRidge Energy Inc †		47,500
		8.00% June 1, 2018
	50,000	Southern Star Central Corp		50,562
		6.75% March 1, 2016
	250,000	Spectra Energy Capital LLC		273,234
		6.25% February 15, 2013
	50,000	Teekay Corp		52,250
		8.50% January 15, 2020
	50,000	Valero Energy Corp		51,036
		4.75% April 1, 2014
	150,000	Valero Energy Corp		178,580
		9.38% March 15, 2019
	50,000	Valero Energy Corp		54,184
		6.88% April 15, 2012
	150,000	Valero Energy Corp		154,593
		7.50% April 15, 2032
	100,000	Weatherford International Ltd		104,435
		6.00% March 15, 2018
	40,000	Weatherford International Ltd		42,292
		7.00% March 15, 2038
	300,000	Williams Partners LP †		300,611
		5.25% March 15, 2020
	105,000	XTO Energy Inc		122,934
		6.75% August 1, 2037
	300,000	XTO Energy Inc		335,961
		6.38% June 15, 2038
	155,000	XTO Energy Inc		176,171
		6.25% August 1, 2017
			$	7,798,293
Paper & Forest Products --- 0.42%
	75,000	Boise Paper Holdings LLC †		78,750
		9.00% November 1, 2017
	50,000	Clearwater Paper Corp †		55,500
		10.63% June 15, 2016
	125,000	Georgia-Pacific LLC †		136,250
		8.25% May 1, 2016
	250,000	International Paper Co		284,078
		7.50% August 15, 2021
	50,000	NewPage Corp		49,750
		11.38% December 31, 2014
	300,000	Weyerhaeuser Co		289,129
		7.38% March 15, 2032
			$	893,457
Personal Loans --- 1.33%
	400,000	American Express Credit Corp		433,292
		5.88% May 2, 2013
	350,000	American Honda Finance Corp †		370,535
		4.63% April 2, 2013
	250,000	Capital One Bank USA NA		302,064
		8.80% July 15, 2019
	250,000	Capital One Financial Corp		285,683
		7.38% May 23, 2014
	50,000	Ford Motor Credit Co LLC		52,638
		8.00% June 1, 2014
	50,000	Ford Motor Credit Co LLC		52,449
		8.13% January 15, 2020
	225,000	Ford Motor Credit Co LLC		238,631
		9.88% August 10, 2011
	75,000	Ford Motor Credit Co LLC		79,022
		8.00% December 15, 2016
	500,000	HSBC Finance Capital Trust IX *		442,500
		7.55% November 30, 2035
	200,000	HSBC Finance Corp		218,106
		7.00% May 15, 2012
	320,000	HSBC Finance Corp		320,308
		4.75% April 15, 2010
			$	2,795,228
Pharmaceuticals --- 0.42%
	350,000	Abbott Laboratories		382,758
		5.15% November 30, 2012
	300,000	Eli Lilly & Co		322,859
		5.20% March 15, 2017
	150,000	Pharmacia Corp		170,259
		6.50% December 1, 2018
			$	875,876
Pollution Control --- 0.49%
	50,000	Aleris International Inc §		438
		9.00% December 15, 2014
	250,000	Republic Services Inc †		243,518
		6.20% March 1, 2040
	750,000	Republic Services Inc		798,798
		6.75% August 15, 2011
			$	1,042,754
Printing & Publishing --- 0.13%
	100,000	MediMedia USA Inc †		83,500
		11.38% November 15, 2014
	75,000	Nielsen Finance LLC		84,750
		11.50% May 1, 2016
	50,000	Nielsen Finance LLC		56,500
		11.63% February 1, 2014
	50,000	Nielsen Finance LLC ††		47,500
		Step Bond 0% - 12.50%
		0.00% August 1, 2016
	75,000	Reader's Digest Association Inc § @ ~		0
		9.00% February 15, 2017
			$	272,250
Railroads --- 0.67%
	375,000	Burlington Northern Santa Fe LLC		395,785
		4.88% January 15, 2015
	75,000	Kansas City Southern Railway		77,906
		8.00% June 1, 2015
	400,000	Norfolk Southern Corp		418,372
		6.75% February 15, 2011
	500,000	Union Pacific Corp		527,574
		4.88% January 15, 2015
			$	1,419,637
Real Estate --- 0.42%
	300,000	AMB Property LP		317,132
		6.30% June 1, 2013
	250,000	AvalonBay Communities Inc		263,520
		5.70% March 15, 2017
	50,000	Host Hotels & Resorts LP		50,875
		7.13% November 1, 2013
	50,000	Host Hotels & Resorts LP		50,500
		6.88% November 1, 2014
	100,000	Simon Property Group LP		103,455
		6.13% May 30, 2018
	100,000	Ventas Realty LP		102,188
		6.50% June 1, 2016
			$	887,670
Restaurants --- 0.06%
	50,000	Dave & Buster's Inc		52,500
		11.25% March 15, 2014
	75,000	NPC International Inc		74,625
		9.50% May 1, 2014
			$	127,125
Retail --- 1.09%
	175,000	Best Buy Co Inc		195,873
		6.75% July 15, 2013
	100,000	CVS Caremark Corp		107,839
		5.75% June 1, 2017
	47,000	Dollar General Corp		54,755
		11.88% July 15, 2017
	50,000	General Nutrition Centers Inc		51,000
		10.75% March 15, 2015
	75,000	General Nutrition Centers Inc *		70,969
		4.89% March 15, 2014
	100,000	Inergy LP/Inergy Finance Corp		100,000
		6.88% December 15, 2014
	200,000	JC Penney Corp Inc		200,250
		5.75% February 15, 2018
	50,000	Limited Brands Inc		55,750
		8.50% June 15, 2019
	75,000	Macy's Retail Holdings Inc		71,250
		6.90% April 1, 2029
	50,000	NBC Acquisition Corp		44,875
		11.00% March 15, 2013
	50,000	Nebraska Book Co Inc		51,625
		10.00% December 1, 2011
	50,000	Nebraska Book Co Inc		47,375
		8.63% March 15, 2012
	75,000	Penske Automotive Group Inc		72,188
		7.75% December 15, 2016
	50,000	QVC Inc †		51,000
		7.50% October 1, 2019
	50,000	QVC Inc †		50,313
		7.13% April 15, 2017
	100,000	Sally Holdings LLC ‡		109,000
		10.50% November 15, 2016
	500,000	Sherwin-Williams Co		502,458
		3.13% December 15, 2014
	50,000	Suburban Propane Partners LP		50,812
		7.38% March 15, 2020
	300,000	Target Corp		325,332
		5.88% March 1, 2012
	75,000	Toys R Us Property Co I LLC †		83,625
		10.75% July 15, 2017
			$	2,296,289
Specialized Services --- 0.94%
	50,000	AAC Group Holding Corp †		49,938
		10.25% October 1, 2012
	75,000	Affinity Group Inc		52,500
		9.00% February 15, 2012
	75,000	Altegrity Inc †		70,500
		10.50% November 1, 2015
	300,000	Capital One Capital IV *		258,750
		6.75% February 17, 2037
	175,000	Capital One Capital V		207,320
		10.25% August 15, 2039
	75,000	Fox Acquisition Sub LLC †		71,344
		13.38% July 15, 2016
	100,000	Inmarsat Finance PLC †		104,000
		7.38% December 1, 2017
	100,000	Knowledge Learning Corp †		97,000
		7.75% February 1, 2015
	75,000	Lender Processing Services Inc		80,437
		8.13% July 1, 2016
	50,000	Maxim Crane Works LP †		48,645
		12.25% April 15, 2015
	50,000	Midwest Gaming Borrower LLC †		49,470
		11.63% April 15, 2016
	50,000	Petroplus Finance Ltd †		43,000
		7.00% May 1, 2017
	75,000	Reliance Intermediate Holdings LP †		79,312
		9.50% December 15, 2019
	75,000	RSC Equipment Rental Inc †		79,500
		10.00% July 15, 2017
	100,000	Sitel LLC †		100,750
		11.50% April 1, 2018
	75,000	Stream Global Services Inc †		78,000
		11.25% October 1, 2014
	250,000	Teco Finance Inc		246,876
		5.15% March 15, 2020
	50,000	Universal City Development Partners Ltd †		52,250
		10.88% November 15, 2016
	75,000	Universal City Development Partners Ltd †		75,563
		8.88% November 15, 2015
	125,000	Yankee Acquisition Corp ‡		129,062
		9.75% February 15, 2017
			$	1,974,217
Supranationals --- 0.14%
	250,000	Corporacion Andina de Fomento		293,690
		8.13% June 4, 2019
			$	293,690
Telephone & Telecommunications --- 3.27%
	250,000	America Movil SAB de CV		273,258
		5.75% January 15, 2015
	200,000	America Movil SAB de CV †		198,012
		5.00% October 16, 2019
	540,000	AT&T Inc		584,249
		5.10% September 15, 2014
	450,000	AT&T Inc		513,489
		6.70% November 15, 2013
	300,000	AT&T Wireless Services Inc		387,363
		8.75% March 1, 2031
	250,000	CenturyTel Inc		247,647
		6.15% September 15, 2019
	300,000	Deutsche Telekom International Finance BV		315,435
		4.88% July 8, 2014
	100,000	Digicel Group Ltd †		99,250
		9.13% January 15, 2015
	100,000	Digicel Group Ltd † ‡		103,750
		10.50% April 15, 2018
	100,000	Digicel Ltd †		113,250
		12.00% April 1, 2014
	250,000	Intelsat Intermediate Holding Co SA		258,750
		9.50% February 1, 2015
	125,000	Intelsat Jackson Holdings SA		135,313
		11.25% June 15, 2016
	150,000	MetroPCS Wireless Inc ‡		153,375
		9.25% November 1, 2014
	125,000	Nextel Communications Inc		118,750
		7.38% August 1, 2015
	350,000	Rogers Communications Inc		398,142
		6.80% August 15, 2018
	50,000	SBA Telecommunications Inc †		52,625
		8.00% August 15, 2016
	50,000	Sorenson Communications Inc †		48,250
		10.50% February 1, 2015
	250,000	Sprint Capital Corp		228,750
		6.90% May 1, 2019
	50,000	Sprint Nextel Corp		50,250
		8.38% August 15, 2017
	280,000	Telecom Italia Capital SA		284,887
		4.88% October 1, 2010
	300,000	Telefonica Emisiones SAU		338,223
		7.05% June 20, 2036
	250,000	Telefonica Emisiones SAU		271,830
		5.86% February 4, 2013
	50,000	tw telecom holdings inc †		51,125
		8.00% March 1, 2018
	575,000	Verizon Communications Inc		628,976
		6.10% April 15, 2018
	200,000	Verizon Global Funding Corp		208,682
		7.25% December 1, 2010
	100,000	Virgin Media Finance PLC		109,250
		9.50% August 15, 2016
	150,000	Vodafone Group PLC		159,932
		5.35% February 27, 2012
	200,000	Vodafone Group PLC		214,014
		5.63% February 27, 2017
	100,000	West Corp		106,000
		11.00% October 15, 2016
	125,000	West Corp		128,438
		9.50% October 15, 2014
	100,000	Wind Acquisition Finance SA †		110,500
		11.75% July 15, 2017
			$	6,891,765
Textiles --- 0.05%
	100,000	Phillips-Van Heusen Corp		101,625
		8.13% May 1, 2013
			$	101,625
Tobacco --- 0.39%
	100,000	Altria Group Inc		121,513
		9.25% August 6, 2019
	450,000	Philip Morris International Inc		484,502
		5.65% May 16, 2018
	200,000	Reynolds American Inc		226,976
		7.75% June 1, 2018
			$	832,991
Transportation --- 0.07%
	50,000	Avis Budget Car Rental LLC †		52,250
		9.63% March 15, 2018
	50,000	Hertz Corp		53,688
		10.50% January 1, 2016
	50,000	Hertz Corp		51,375
		8.88% January 1, 2014
			$	157,313
U.S. Governments --- 23.03%
	3,000,000	United States of America		3,044,298
		2.63% June 30, 2014
	17,000,000	United States of America		16,642,728
		2.63% April 30, 2016
	2,500,000	United States of America		2,519,530
		1.50% July 15, 2012
	6,900,000	United States of America		6,877,899
		1.38% January 15, 2013
	7,000,000	United States of America		7,009,296
		3.25% December 31, 2016
	2,000,000	United States of America		1,618,438
		3.50% February 15, 2039
	1,500,000	United States of America		1,455,234
		4.50% May 15, 2038
	2,500,000	United States of America		2,316,405
		4.25% May 15, 2039
	7,000,000	United States of America		6,915,237
		1.88% April 30, 2014
	150,000	United States of America		161,320
		4.13% May 15, 2015
			$	48,560,385
U.S. Municipal --- 0.00%
	50,000	State of Illinois		500
		0.00% November 15, 2016
			$	500
Utilities --- 0.38%
	100,000	AmeriGas Partners LP		101,500
		7.25% May 20, 2015
	250,000	Sempra Energy		324,901
		9.80% February 15, 2019
	350,000	Southern California Gas Co		380,799
		5.50% March 15, 2014
			$	807,200
TOTAL BONDS --- 95.79%			$	201,969,356
(Cost $195,588,180)
COMMON STOCK
Shares			Value ($)
Printing & Publishing --- 0.01%
	1,051	Dex One Corp ‡‡		29,335
	39	SuperMedia Inc ‡‡		1,595
			$	30,930
TOTAL COMMON STOCK --- 0.01%			$	30,930
(Cost $89,874)
PREFERRED STOCK
Shares			Value ($)
Banks --- 0.02%
	43	GMAC Inc †		32,777
			$	32,777
TOTAL PREFERRED STOCK --- 0.02%			$	32,777
(Cost $10,750)
SHORT-TERM INVESTMENTS
Par Value ($)			Value ($)
Short Term Investments --- 3.91%
	2,000,000	World Bank Discount Notes		2,000,000
		0.10% April 1, 2010
	246,000	Fannie Mae		246,000
		0.09% April 1, 2010
	3,000,000	Federal Home Loan Bank		2,999,935
		0.13% April 7, 2010
	3,000,000	Federal Home Loan Bank		2,999,963
		0.09% April 6, 2010
	10,148,000	Federal Home Loan Bank		10,148,000
		0.01% April 1, 2010
TOTAL SHORT-TERM INVESTMENTS --- 8.72%			$	18,393,898
(Cost $18,393,898)
SECURITIES LENDING COLLATERAL
Par Value ($)			Value ($)
	335,000	BNP Paribas Securities Corp		335,001
		Repurchase Agreement
		0.01%  April 1, 2010
	335,000	Bank of America LLC		335,000
		Repurchase Agreement
		0.02%  April 1, 2010
	336,000	Barclays Capital Inc		336,000
		Repurchase Agreement
		0.01%  April 1, 2010
	335,000	Household Bank Securities Inc		335,000
		Repurchases Agreement
		0.01%  April 1, 2010
TOTAL SECURITIES LENDING COLLATERAL --- 0.64%			$	1,341,001
(Cost $1,341,001)
OTHER ASSETS & LIABILITIES --- (5.18%)			$	(10,931,511	)
TOTAL NET ASSETS --- 100%			$	210,836,451
(Cost $215,423,703)

At March 31, 2010, the Portfolio had the following outstanding future contracts:

Description	Number of Contracts		Notional Value		Expiration Date	Unrealized Appreciation/ (Depreciation)
US Long Bond Short Futures		35	$	4,064,375	June 2010	$	4,101
US 5Yr Treasury Note Short Futures		25		2,871,094	June 2010		11,719
US 2Yr Treasury Note Short Futures		80		17,356,000	June 2010		(15,000	)

Net Unrealized Appreciation/(Depreciation) on futures contracts is included in “Other Assets and Liabilities”.

Legend

	*	Represents the current interest rate for variable rate security.
	†	The Maxim Federated Bond Portfolio may own certain investment securities which are restricted as to resale under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.  These securities are valued after giving due consideration to pertinent factors including recent private sales, market conditions, and the issuer’s financial performance.  Aggregate cost, fair value and percent of net assets of these restricted securities held at March 31, 2010 were $14,093,843, $14,464,261 and 6.86%, respectively.
	‡	A portion or all of the security is on loan at March 31, 2010.
	§	Security in default at March 31, 2010.
@		Security in bankruptcy at March 31, 2010.
	**	For zero coupon bond, the interest rate shown is the effective yield on date of purchase.
	††	Denotes a step bond:  a zero coupon bond that converts to a fixed rate or variable interest rate at a designated future date.  Rate disclosed represents effective yield at March 31, 2010.
	‡‡	Non-income Producing Security

~           Security has no market value at March 31, 2010.

# The Maxim Federated Bond Portfolio may own certain investment securities that have been deemed “illiquid” because no quoted market exists.  These securities are valued after giving due consideration to pertinent factors including recent private sales, market conditions, and the issuer’s financial performance.  It is possible that the estimated value may differ significantly from the amount that might ultimately be realized in the near term and the difference could be material.  Aggregate cost, fair value and percent of net assets of these illiquid securities held at March 31, 2010 were $190,625, $61,800 and 0.03%, respectively.

The value of assets in the Portfolio is determined as of the close of trading on each valuation date.

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

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.

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 exchange rates are determined by utilizing the New York closing rates.

Fixed income investments are normally valued on the basis of quotations from brokers or dealers or pricing services, which take into account appropriate factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data.

Independent pricing services are utilized when possible and approved by the Board of Directors.  In some instances valuations from independent pricing services are not available or do not reflect significant events in the market between the time the market closed and the valuation time and therefore fair valuation procedures are implemented.  Developments that might be considered significant events to trigger fair value pricing could be natural disasters, government actions or significant fluctuations in domestic or foreign markets.

For foreign equity securities, 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 the U.S. securities market, reviewing developments in foreign markets and evaluating the performance of ADRs, futures contracts and exchange-traded funds.

For fixed income securities, factors used in the determination of fair value may include, but are not limited to, market data incorporating available trade, bid and other market information such as benchmark curves, benchmarking of like securities, sector groupings and matrix pricing.  Model processes such as Option Adjusted Spread models are used to develop prepayment and interest rate scenarios.  Price evaluators gather information from market sources and integrate relevant credit information, perceived market movements and sector news into the evaluated pricing applications and models.

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.

The Portfolio classifies its valuations into three levels based upon the transparency of inputs to the valuation of the Portfolio’s investments.  The three levels are defined as follows:

Level 1 – Valuations based on quoted prices for identical securities in active markets.

Level 2 – Valuations based on either directly or indirectly observable inputs.  These may include quoted prices in markets that are not active or quoted prices for similar assets in active markets.  Valuations may also be based on inputs other than quoted prices that are observable for the asset, such as interest rates and yield curves.  Additional inputs may be used such as benchmark yields, reported trades, broker/dealer quotes, issuer spreads, prepayment speeds and benchmark securities. 

Level 3 – Valuations based on inputs that are unobservable and significant to the fair value measurement. 

As of March 31, 2010, the inputs used to value the Portfolio’s investments were as follows:

Description	Level 1		Level 2		Level 3		Total
Assets	$		$		$		$
Bonds
Commercial mortgage-backed		-		11,966,443		-		11,966,443
Corporate		-		88,599,339		-		88,599,339
Foreign government		-		6,750,308		-		6,750,308
Residential mortgage-backed		-		41,461,353		-		41,461,353
U.S. government		-		52,897,723		-		52,897,723
Obligations of US states and their    subdivisions		-		-		500		-
Other debt		-		293,690		-		293,690
Common Stock								-
Printing & publishing		30,930		-		-		30,930
Preferred Stock
Banks		-		32,777		-		32,777
Short-term Investments		1,341,001		18,393,898		-		19,734,899
Total Assets		1,371,931		220,395,531		500		221,767,962
Liabilities
Other Financial Instruments*		33,514		-		-		33,514
Total Liabilities		33,514		-		-		33,514
Total	$	1,338,417	$	220,395,531	$	500	$	221,734,448

*Other financial instruments consist of futures.  Futures are reported at their variation margin as of March 31, 2010.

At March 31, 2010, the U.S. Federal income tax cost basis was $215,436,584. The Maxim Federated Bond Portfolio had gross appreciation of securities in which there was an excess of value over tax cost of $8,366,362 and gross depreciation of securities in which there was an excess of tax cost over value of $2,034,984, resulting in net appreciation of $6,331,378.

Management determines the Portfolio's industry classifications using one or more widely recognized market indexes or ratings group indexes.  Industries are shown as a percent of total net assets.  These industry classifications are unaudited.

MAXIM SERIES FUND, INC.

MAXIM MFS INTERNATIONAL VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS

MARCH 31, 2010

UNAUDITED

COMMON STOCK
Shares			Value ($)
Aerospace & Defense --- 1.55%
	987,570	Cobham PLC		3,851,490
			$	3,851,490
Air Freight --- 2.94%
	131,110	TNT NV		3,759,509
	250,700	Yamato Holdings Co Ltd		3,523,583
			$	7,283,092
Broadcast/Media --- 2.81%
	890	Fuji Media Holdings Inc		1,318,483
	10,130	Nippon Television Network Corp		1,378,261
	109,370	Vivendi SA		2,927,100
	129,625	WPP PLC		1,343,499
			$	6,967,343
Building Materials --- 2.04%
	122,410	Assa Abloy AB Class B		2,395,443
	14,932	Geberit AG		2,672,295
			$	5,067,738
Chemicals --- 2.82%
	4,180	Givaudan SA		3,667,015
	31,000	Shin-Etsu Chemical Co Ltd		1,800,513
	63,789	Symrise AG		1,518,950
			$	6,986,478
Communications - Equipment --- 2.23%
	252,120	Nokia OYJ		3,926,286
	152,900	Telefonaktiebolaget LM Ericsson		1,611,458
			$	5,537,744
Conglomerates --- 0.91%
	630,795	Tomkins PLC		2,257,147
			$	2,257,147
Cosmetics & Personal Care --- 1.47%
	27,600	Kobayashi Pharmaceutical Co Ltd		1,136,592
	107,300	Kose Corp		2,519,237
			$	3,655,829
Distributors --- 0.76%
	172,060	Bunzl PLC		1,882,535
			$	1,882,535
Electric Companies --- 1.08%
	72,230	E.ON AG		2,666,748
			$	2,666,748
Electronic Instruments & Equipment --- 2.90%
	372,348	Halma PLC		1,422,763
	78,060	Legrand SA		2,466,063
	43,500	Omron Corp		1,009,680
	181,570	Spectris PLC		2,280,026
			$	7,178,532
Electronics - Semiconductor --- 2.25%
	4,386	Samsung Electronics Co Ltd		3,170,931
	230,190	Taiwan Semiconductor Manufacturing Co Ltd sponsored ADR		2,414,693
			$	5,585,624
Financial Services --- 1.60%
	254,038	ING Groep NV		2,536,331
	18,208	Julius Baer Group Ltd		660,524
	123,740	SNS Reaal		775,652
			$	3,972,507
Food & Beverages --- 8.88%
	1,000	Barry Callebaut AG		645,865
	9,030	Binggrae Co Ltd		377,896
	61,099	Danone SA		3,680,563
	128,280	Heineken NV		6,592,634
	63,600	LAWSON Inc		2,714,344
	131,412	Nestle SA		6,730,129
	6,411	Nong Shim Co Ltd		1,286,223
			$	22,027,654
Foreign Banks --- 8.07%
	291,100	Bangkok Bank PCL		1,237,861
	140,000	Chiba Bank Ltd		837,095
	126,322	Credit Agricole SA		2,211,207
	180,000	Dah Sing Financial Holdings Ltd		985,285
	174,200	DnB NOR ASA		1,990,204
	143,000	Hachijuni Bank Ltd		813,734
	449,680	HSBC Holdings PLC		4,559,034
	145,000	Joyo Bank Ltd		646,754
	166,200	Sapporo Hokuyo Holdings Inc		759,091
	83,400	Sumitomo Mitsui Financial Group Inc		2,756,509
	466,868	UniCredit SpA		1,379,391
	98,057	Unione di Banche Italiane SCPA		1,323,090
	10,730	Van Lanschot NV		507,239
			$	20,006,494
Health Care Related --- 1.36%
	69,200	Miraca Holdings Inc		2,109,531
	49,400	Rhoen Klinikum AG		1,264,391
			$	3,373,922
Household Goods --- 3.68%
	237,100	Kao Corp		6,010,557
	56,670	Reckitt Benckiser Group PLC		3,110,495
			$	9,121,052
Insurance Related --- 5.03%
	151,700	Amlin PLC		894,344
	288,320	Catlin Group Ltd		1,573,776
	11,544	Euler Hermes SA		860,678
	398,832	Hiscox Ltd		2,027,508
	266,440	Jardine Lloyd Thompson Group PLC		2,246,008
	18,190	MunichRe AG		2,951,901
	7,490	Zurich Financial Services AG		1,920,094
			$	12,474,309
Investment Bank/Brokerage Firm --- 1.35%
	636,000	Daiwa Securities Group Inc		3,347,010
			$	3,347,010
Leisure & Entertainment --- 0.46%
	23,000	Sankyo Co Ltd		1,137,822
			$	1,137,822
Machinery --- 1.73%
	95,200	Glory Ltd		2,364,471
	22,000	Schindler Holding AG		1,936,267
			$	4,300,738
Manufacturing --- 0.76%
	302,000	Venture Corp Ltd		1,882,440
			$	1,882,440
Medical Products --- 1.94%
	257,571	Smith & Nephew PLC		2,567,971
	17,890	Synthes Inc		2,232,857
			$	4,800,828
Office Equipment & Supplies --- 2.50%
	255,500	Konica Minolta Holdings Inc		2,981,607
	40,320	Neopost SA		3,222,311
			$	6,203,918
Oil & Gas --- 5.37%
	313	Inpex Corp		2,296,695
	193,100	Royal Dutch Shell PLC		5,593,916
	93,390	Total SA		5,421,408
			$	13,312,019
Paper & Forest Products --- 0.38%
	114,779	Smurfit Kappa Group PLC		951,092
			$	951,092
Pharmaceuticals --- 10.85%
	325,110	GlaxoSmithKline PLC		6,240,920
	34,000	Hisamitsu Pharmaceutical Co Inc		1,263,772
	25,270	Merck KGaA		2,047,867
	44,260	Roche Holding AG		7,177,978
	112,150	Sanofi-Aventis SA		8,359,975
	60,400	Santen Pharmaceutical Co Ltd		1,812,840
			$	26,903,352
Printing & Publishing --- 1.14%
	148,310	Reed Elsevier PLC		1,182,690
	75,950	Wolters Kluwer NV		1,646,961
			$	2,829,651
Real Estate --- 0.59%
	143,491	Deutsche Wohnen AG †		1,455,105
			$	1,455,105
Retail --- 2.19%
	136,750	Daiei Inc †		586,552
	144,889	Esprit Holdings Ltd		1,142,989
	54,560	USS Co Ltd		3,705,808
			$	5,435,349
Specialized Services --- 1.03%
	111,800	Nomura Research Institute Ltd		2,547,160
			$	2,547,160
Telephone & Telecommunications --- 7.93%
	708,000	China Unicom Hong Kong Ltd		796,976
	1,006	KDDI Corp		5,208,086
	306,910	Koninklijke KPN NV		4,862,441
	591,500	SmarTone Telecommunications Holding		611,746
	3,551,462	Vodafone Group PLC		8,194,479
			$	19,673,728
Textiles --- 0.58%
	19,191	Compagnie Financiere Richemont SA		743,141
	181,000	Sanyo Shokai Ltd		687,293
			$	1,430,434
Tobacco --- 4.13%
	158,680	British American Tobacco PLC		5,469,690
	1,041	Japan Tobacco Inc		3,874,938
	37,010	Swedish Match AB		884,681
			$	10,229,309
TOTAL COMMON STOCK --- 95.31%			$	236,336,193
(Cost $225,626,998)
OPTIONS IN FUTURES
Par Value ($)			Value ($)
Options
	1,088,100,000	Japanese Yen Put, strike price 97.5 YEN, expiration date November 2010		230,307
	7,500,000	Euro Call, strike price 146.3 EURO, expiration date November 2010		33,955
TOTAL OPTIONS IN FUTURES --- 0.11%			$	264,262
(Cost $472,823)
PREFERRED STOCK
Shares			Value ($)
Household Goods --- 1.49%
	68,610	Henkel AG & Co KGaA		3,693,772
TOTAL PREFERRED STOCK --- 1.49%			$	3,693,772
(Cost $2,678,605)
SHORT-TERM INVESTMENTS
Par Value ($)			Value ($)
	5,746,000	Federal Home Loan Bank		5,746,000
		0.01% April 1, 2010
TOTAL SHORT-TERM INVESTMENTS --- 2.32%			$	5,746,000
(Cost $5,746,000)
OTHER ASSETS & LIABILITIES --- 0.78%			$	1,930,332
TOTAL NET ASSETS --- 100%			$	247,970,559
(Cost $234,524,426)

Legend

ADR	American Depository Receipt
†	Non-income Producing Security

The value of assets in the Portfolio is determined as of the close of trading on each valuation date.

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

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.

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 exchange rates are determined by utilizing the New York closing rates.

Independent pricing services are utilized when possible and approved by the Board of Directors.  In some instances valuations from independent pricing services are not available or do not reflect significant events in the market between the time the market closed and the valuation time and therefore fair valuation procedures are implemented.  Developments that might be considered significant events to trigger fair value pricing could be natural disasters, government actions or significant fluctuations in domestic or foreign markets.

For foreign equity securities, 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 the U.S. securities market, reviewing developments in foreign markets and evaluating the performance of ADRs, futures contracts and exchange-traded funds.

Investments in securities of non-U.S. issuers have unique risks not present in securities of U.S. issuers.

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.

The Portfolio classifies its valuations into three levels based upon the transparency of inputs to the valuation of the Portfolio’s investments.  The three levels are defined as follows:

Level 1 – Valuations based on quoted prices for identical securities in active markets.

Level 2 – Valuations based on either directly or indirectly observable inputs.  These may include quoted prices in markets that are not active or quoted prices for similar assets in active markets.  Valuations may also be based on inputs other than quoted prices that are observable for the asset, such as interest rates and yield curves.  Additional inputs may be used such as benchmark yields, reported trades, broker/dealer quotes, issuer spreads, prepayment speeds and benchmark securities. 

Level 3 – Valuations based on inputs that are unobservable and significant to the fair value measurement. 

As of March 31, 2010, the inputs used to value the Portfolio’s investments were as follows:

Description	Level 1		Level 2		Level 3		Total
Assets	$		$		$		$
Common Stock
Aerospace & defense		3,851,490		-		-		3,851,490
Air freight		7,283,092		-		-		7,283,092
Broadcast/media		6,967,343		-		-		6,967,343
Building materials		5,067,738		-		-		5,067,738
Chemicals		6,986,478		-		-		6,986,478
Communications - equipment		5,537,744		-		-		5,537,744
Conglomerates		2,257,147		-		-		2,257,147
Cosmetics & personal care		3,655,829		-		-		3,655,829
Distributors		1,882,535		-		-		1,882,535
Electric companies		2,666,748		-		-		2,666,748
Electronic instruments &
equipment		7,178,532		-		-		7,178,532
Electronics - semiconductor		5,585,624		-		-		5,585,624
Financial services		3,972,507		-		-		3,972,507
Food & beverages		22,027,654		-		-		22,027,654
Foreign banks		20,006,494		-		-		20,006,494
Health care related		3,373,922		-		-		3,373,922
Household goods		9,121,052		-		-		9,121,052
Insurance related		12,474,309		-		-		12,474,309
Investment bank/brokerage
firm		3,347,010		-		-		3,347,010
Leisure & entertainment		1,137,822		-		-		1,137,822
Machinery		4,300,738		-		-		4,300,738
Manufacturing		1,882,440		-		-		1,882,440
Medical products		4,800,828		-		-		4,800,828
Office equipment & supplies		6,203,918		-		-		6,203,918
Oil & gas		13,312,019		-		-		13,312,019
Paper & forest products		951,092		-		-		951,092
Pharmaceuticals		26,903,352		-		-		26,903,352
Printing & publishing		2,829,651		-		-		2,829,651
Real estate		1,455,105		-		-		1,455,105
Retail		5,435,349		-		-		5,435,349
Specialized services		2,547,160		-		-		2,547,160
Telephone &
telecommunications		19,673,728		-		-		19,673,728
Textiles		1,430,434		-		-		1,430,434
Tobacco		10,229,309		-		-		10,229,309
Preferred Stock
Household goods		3,693,772		-		-		3,693,772
Short-term Investments		-		5,746,000		-		5,746,000
Other Financial Instruments*		-		264,262		-		264,262
Total	$	240,029,965	$	6,010,262	$	-	$	246,040,227

*Other financial instruments consist of options.  Options are reported at their market value as of March 31, 2010.

At March 31, 2010, the U.S. Federal income tax cost basis was $237,567,743.  The Maxim MFSInternational Value Portfolio had gross appreciation of securities in which there was an excess of value over tax cost of $18,194,518 and gross depreciation of securities in which there was an excess of tax cost over value of $9,722,035, resulting in net appreciation of $8,472,483.

Management determines the Portfolio's industry classifications using one or more widely recognized market indexes or ratings group indexes.  Industries are shown as a percent of total net assets.  These industry classifications are unaudited.

See Summary of Investments by Country following the Schedule of Investments.

MAXIM SERIES FUND, INC.

MAXIM MFS INTERNATIONAL VALUE PORTFOLIO

SUMMARY OF INVESTMENTS BY COUNTRY

MARCH 31, 2010

UNAUDITED

			% of Portfolio
Country	Values ($)		Investment
Bermuda		4,213,030		1.71	%
European Community		33,955		0.01	%
Finland		3,926,286		1.60	%
France		29,149,305		11.85	%
Germany		15,598,734		6.34	%
Hong Kong		2,925,250		1.19	%
Ireland		951,092		0.39	%
Italy		2,702,481		1.10	%
Japan		61,378,325		24.95	%
Netherlands		20,680,767		8.41	%
Norway		1,990,204		0.81	%
Singapore		1,882,440		0.76	%
South Korea		4,835,050		1.96	%
Sweden		4,891,582		1.99	%
Switzerland		26,153,308		10.63	%
Taiwan		2,414,693		0.98	%
Thailand		1,237,861		0.50	%
United Kingdom		53,097,007		21.58	%
United States		7,978,857		3.24	%
		246,040,227		100.00	%

MAXIM SERIES FUND, INC.

MAXIM S&P 500® INDEX PORTFOLIO

SCHEDULE OF INVESTMENTS

MARCH 31, 2010

UNAUDITED

COMMON STOCK
Shares			Value ($)
Aerospace & Defense --- 2.94%
	51,976	Boeing Co		3,773,977
	26,590	General Dynamics Corp		2,052,748
	8,542	Goodrich Corp		602,382
	52,598	Honeywell International Inc		2,381,112
	12,557	ITT Corp		673,181
	7,991	L-3 Communications Holdings Inc		732,215
	22,043	Lockheed Martin Corp		1,834,418
	20,909	Northrop Grumman Corp		1,371,003
	9,689	Precision Castparts Corp		1,227,693
	26,402	Raytheon Co		1,508,082
	10,803	Rockwell Collins Inc		676,160
	64,673	United Technologies Corp		4,760,580
			$	21,593,551
Agriculture --- 0.17%
	44,252	Archer-Daniels-Midland Co		1,278,883
			$	1,278,883
Air Freight --- 1.03%
	11,528	CH Robinson Worldwide Inc		643,839
	14,557	Expeditors International of Washington Inc		537,444
	21,537	FedEx Corp		2,011,556
	68,481	United Parcel Service Inc Class B		4,410,861
			$	7,603,700
Airlines --- 0.09%
	50,980	Southwest Airlines Co		673,956
			$	673,956
Auto Parts & Equipment --- 0.24%
	17,865	Goodyear Tire & Rubber Co *		225,813
	46,227	Johnson Controls Inc		1,525,029
			$	1,750,842
Automobiles --- 0.46%
	231,783	Ford Motor Co *		2,913,512
	16,066	Harley-Davidson Inc		450,973
			$	3,364,485
Banks --- 3.10%
	47,367	BB&T Corp		1,534,217
	11,817	Comerica Inc		449,519
	54,663	Fifth Third Bancorp		742,870
	14,908	First Horizon National Corp		209,457
	42,820	Huntington Bancshares Inc		229,943
	60,259	KeyCorp		467,007
	5,670	M&T Bank Corp †		450,085
	35,452	Marshall & Ilsley Corp		285,389
	35,634	PNC Financial Services Group Inc		2,127,350
	81,578	Regions Financial Corp		640,387
	34,336	SunTrust Banks Inc		919,861
	131,894	US Bancorp		3,413,417
	356,700	Wells Fargo & Co ~		11,100,504
	9,082	Zions Bancorp †		198,169
			$	22,768,175
Biotechnology --- 1.95%
	67,626	Amgen Inc *		4,041,330
	18,652	Biogen Idec Inc *		1,069,879
	31,675	Celgene Corp *		1,962,583
	5,031	Cephalon Inc *		341,001
	18,270	Genzyme Corp *		946,934
	62,059	Gilead Sciences Inc *		2,822,443
	12,254	Life Technologies Corp *		640,516
	4,106	Millipore Corp *		433,594
	7,676	PerkinElmer Inc		183,456
	28,127	Thermo Fisher Scientific Inc *		1,446,853
	6,490	Waters Corp *		438,335
			$	14,326,924
Broadcast/Media --- 2.81%
	46,538	CBS Corp Class B		648,740
	196,871	Comcast Corp Class A		3,705,112
	64,541	DIRECTV Class A *		2,182,131
	19,533	Discovery Communications Inc Class A *		660,020
	32,322	Interpublic Group of Cos Inc *		268,919
	155,323	News Corp Class A		2,238,204
	21,409	Omnicom Group Inc		830,883
	6,736	Scripps Networks Interactive Inc		298,742
	24,268	Time Warner Cable Inc		1,293,727
	79,354	Time Warner Inc		2,481,400
	41,806	Viacom Inc Class B *		1,437,290
	132,679	Walt Disney Co		4,631,824
			$	20,676,992
Building Materials --- 0.05%
	24,230	Masco Corp		376,050
			$	376,050
Chemicals --- 1.85%
	14,575	Air Products & Chemicals Inc		1,077,821
	5,982	Airgas Inc		380,575
	3,269	CF Industries Holdings Inc		298,067
	78,845	Dow Chemical Co		2,331,447
	4,882	Eastman Chemical Co		310,886
	16,337	Ecolab Inc		718,011
	62,299	EI du Pont de Nemours & Co		2,320,015
	5,272	FMC Corp		319,167
	5,261	International Flavors & Fragrances Inc		250,792
	37,588	Monsanto Co		2,684,535
	11,481	PPG Industries Inc		750,857
	21,142	Praxair Inc		1,754,786
	8,345	Sigma-Aldrich Corp		447,793
			$	13,644,752
Communications - Equipment --- 2.47%
	394,823	Cisco Systems Inc * ~		10,277,243
	9,033	Harris Corp		428,977
	17,365	JDS Uniphase Corp *		217,583
	36,163	Juniper Networks Inc *		1,109,481
	159,100	Motorola Inc *		1,116,882
	115,222	QUALCOMM Inc		4,838,172
	27,792	Tellabs Inc		210,385
			$	18,198,723
Computer Hardware & Systems --- 5.67%
	62,476	Apple Inc * ~		14,677,487
	118,651	Dell Inc *		1,780,952
	140,640	EMC Corp *		2,537,146
	162,351	Hewlett-Packard Co ~		8,628,956
	89,605	International Business Machines Corp ~		11,491,841
	5,147	Lexmark International Inc Class A *		185,704
	23,306	NetApp Inc *		758,843
	8,334	QLogic Corp *		169,180
	15,651	SanDisk Corp *		541,994
	11,533	Teradata Corp *		333,188
	15,490	Western Digital Corp *		603,955
			$	41,709,246
Computer Software & Services --- 5.87%
	36,072	Adobe Systems Inc *		1,275,867
	11,511	Akamai Technologies Inc *		361,561
	15,742	Autodesk Inc *		463,130
	12,586	BMC Software Inc *		478,268
	27,247	CA Inc		639,487
	12,567	Citrix Systems Inc *		596,555
	16,615	Compuware Corp *		139,566
	77,528	eBay Inc *		2,089,380
	22,313	Electronic Arts Inc *		416,361
	16,638	Google Inc Class A * ~		9,433,912
	21,775	Intuit Inc *		747,753
	10,816	McAfee Inc *		434,046
	526,369	Microsoft Corp ~		15,406,821
	27,191	Novell Inc *		162,874
	269,791	Oracle Corp		6,930,931
	12,672	Red Hat Inc *		370,909
	7,544	Salesforce.com Inc *		561,651
	55,795	Symantec Corp *		944,051
	12,937	VeriSign Inc *		336,491
	82,027	Yahoo! Inc *		1,355,906
			$	43,145,520
Conglomerates --- 2.43%
	48,833	3M Co		4,080,974
	734,765	General Electric Co ~		13,372,723
	18,297	Textron Inc		388,445
			$	17,842,142
Containers --- 0.19%
	6,339	Ball Corp		338,376
	7,871	Bemis Co Inc		226,055
	11,338	Owens-Illinois Inc *		402,952
	8,782	Pactiv Corp *		221,131
	11,550	Sealed Air Corp		243,474
			$	1,431,988
Cosmetics & Personal Care --- 0.31%
	29,387	Avon Products Inc		995,337
	8,101	Estee Lauder Cos Inc Class A		525,512
	14,557	Mead Johnson Nutrition Co		757,401
			$	2,278,250
Distributors --- 0.19%
	9,076	Fastenal Co †		435,557
	10,943	Genuine Parts Co		462,233
	4,334	WW Grainger Inc		468,592
			$	1,366,382
Electric Companies --- 1.78%
	12,516	Allegheny Energy Inc		287,868
	32,892	American Electric Power Co Inc		1,124,249
	89,888	Duke Energy Corp		1,466,972
	22,408	Edison International		765,681
	13,007	Entergy Corp		1,058,120
	45,454	Exelon Corp		1,991,340
	20,978	FirstEnergy Corp		820,030
	28,476	FPL Group Inc		1,376,245
	11,798	Northeast Utilities		326,097
	16,129	Pepco Holdings Inc		276,612
	7,371	Pinnacle West Capital Corp		278,108
	25,937	PPL Corp		718,714
	19,233	Progress Energy Inc		757,011
	56,414	Southern Co		1,870,688
			$	13,117,735
Electronic Instruments & Equipment --- 1.05%
	23,731	Agilent Technologies Inc *		816,109
	11,770	Amphenol Corp Class A		496,576
	107,263	Corning Inc		2,167,785
	51,858	Emerson Electric Co		2,610,532
	3,325	First Solar Inc * †		407,811
	10,209	FLIR Systems Inc *		287,894
	9,765	Rockwell Automation Inc		550,356
	6,135	Roper Industries Inc		354,848
			$	7,691,911
Electronics - Semiconductor --- 2.48%
	41,777	Advanced Micro Devices Inc *		387,273
	20,267	Altera Corp		492,691
	20,048	Analog Devices Inc		577,783
	91,844	Applied Materials Inc		1,238,057
	29,642	Broadcom Corp Class A		983,522
	381,015	Intel Corp ~		8,481,394
	11,523	KLA-Tencor Corp		356,291
	15,301	Linear Technology Corp		432,712
	47,585	LSI Corp *		291,220
	16,230	MEMC Electronic Materials Inc *		248,806
	12,373	Microchip Technology Inc †		348,424
	58,359	Micron Technology Inc *		606,350
	15,758	National Semiconductor Corp		227,703
	7,692	Novellus Systems Inc *		192,300
	38,139	NVIDIA Corp *		662,856
	13,635	Teradyne Inc *		152,303
	86,364	Texas Instruments Inc		2,113,327
	18,999	Xilinx Inc		484,474
			$	18,277,486
Engineering & Construction --- 0.23%
	12,293	Fluor Corp		571,747
	8,363	Jacobs Engineering Group Inc *		377,924
	15,350	Quanta Services Inc *		294,106
	9,200	Vulcan Materials Co		434,608
			$	1,678,385
Financial Services --- 5.82%
	17,532	Ameriprise Financial Inc		795,252
	690,993	Bank of America Corp ~		12,334,225
	83,024	Bank of New York Mellon Corp		2,563,781
	1,345,146	Citigroup Inc *		5,447,841
	4,582	CME Group Inc		1,448,416
	5,762	Federated Investors Inc Class B †		152,002
	10,258	Franklin Resources Inc		1,137,612
	5,029	IntercontinentalExchange Inc *		564,153
	29,455	Invesco Ltd		645,359
	12,701	Janus Capital Group Inc		181,497
	273,693	JPMorgan Chase & Co ~		12,247,762
	12,035	Legg Mason Inc		345,043
	13,142	Leucadia National Corp *		326,053
	13,453	Moody's Corp †		400,227
	10,826	NASDAQ OMX Group Inc *		228,645
	16,617	Northern Trust Corp		918,255
	17,832	NYSE Euronext		528,006
	34,084	State Street Corp		1,538,552
	17,720	T Rowe Price Group Inc		973,360
			$	42,776,041
Food & Beverages --- 5.87%
	7,425	Brown-Forman Corp Class B		441,416
	13,028	Campbell Soup Co		460,540
	158,958	Coca-Cola Co ~		8,742,690
	21,806	Coca-Cola Enterprises Inc		603,154
	30,457	ConAgra Foods Inc		763,557
	13,252	Constellation Brands Inc Class A *		217,863
	30,049	Costco Wholesale Corp		1,794,226
	12,015	Dean Foods Co *		188,515
	17,439	Dr Pepper Snapple Group Inc		613,330
	22,504	General Mills Inc		1,593,058
	11,407	Hershey Co		488,334
	21,726	HJ Heinz Co		990,923
	4,826	Hormel Foods Corp		202,740
	8,172	JM Smucker Co		492,445
	17,497	Kellogg Co		934,865
	119,329	Kraft Foods Inc Class A		3,608,509
	44,798	Kroger Co		970,325
	8,817	McCormick & Co Inc		338,220
	10,792	Molson Coors Brewing Co Class B		453,911
	112,481	PepsiCo Inc		7,441,743
	27,932	Safeway Inc		694,389
	47,920	Sara Lee Corp		667,526
	14,094	SUPERVALU Inc		235,088
	40,755	Sysco Corp		1,202,272
	22,234	Tyson Foods Inc Class A		425,781
	147,227	Wal-Mart Stores Inc ~		8,185,821
	11,608	Whole Foods Market Inc *		419,629
			$	43,170,870
Gold, Metals & Mining --- 1.11%
	8,607	AK Steel Holding Corp		196,756
	70,007	Alcoa Inc		996,899
	7,261	Allegheny Technologies Inc		392,021
	8,921	Cliffs Natural Resources Inc		632,945
	29,635	Freeport-McMoRan Copper & Gold Inc		2,475,708
	33,776	Newmont Mining Corp		1,720,212
	21,665	Nucor Corp		983,158
	6,705	Titanium Metals Corp * †		111,236
	9,835	United States Steel Corp		624,719
			$	8,133,654
Health Care Related --- 2.15%
	29,833	Aetna Inc		1,047,437
	19,788	AmerisourceBergen Corp		572,269
	24,954	Cardinal Health Inc		899,093
	18,795	CIGNA Corp		687,521
	10,910	Coventry Health Care Inc *		269,695
	7,011	DaVita Inc *		444,497
	18,931	Express Scripts Inc *		1,926,419
	11,666	Humana Inc *		545,619
	7,293	Laboratory Corp of America Holdings *		552,153
	18,452	McKesson Corp		1,212,665
	32,035	Medco Health Solutions Inc *		2,068,180
	7,205	Patterson Cos Inc		223,715
	10,674	Quest Diagnostics Inc		622,187
	32,890	Tenet Healthcare Corp *		188,131
	80,126	UnitedHealth Group Inc		2,617,716
	30,653	WellPoint Inc *		1,973,440
			$	15,850,737
Homebuilding --- 0.09%
	18,455	DR Horton Inc		232,533
	11,120	Lennar Corp Class A		191,375
	21,068	Pulte Group Inc *		237,015
			$	660,923
Hotels/Motels --- 0.36%
	30,082	Carnival Corp		1,169,588
	17,407	Marriott International Inc Class A		548,669
	12,837	Starwood Hotels & Resorts Worldwide Inc		598,718
	13,003	Wyndham Worldwide Corp		334,567
			$	2,651,542
Household Goods --- 2.77%
	9,607	Clorox Co		616,193
	34,285	Colgate-Palmolive Co		2,923,139
	10,313	Fortune Brands Inc		500,284
	4,562	Harman International Industries Inc		213,410
	28,627	Kimberly-Clark Corp		1,800,066
	11,429	Leggett & Platt Inc		247,324
	20,523	Newell Rubbermaid Inc		311,950
	200,305	Procter & Gamble Co ~		12,673,297
	10,886	Stanley Black & Decker Inc		624,965
	5,093	Whirlpool Corp		444,364
			$	20,354,992
Independent Power Producer --- 0.18%
	45,855	AES Corp *		504,405
	13,785	Constellation Energy Group Inc		483,992
	17,577	NRG Energy Inc *		367,359
			$	1,355,756
Insurance Related --- 3.84%
	32,241	Aflac Inc		1,750,364
	36,939	Allstate Corp		1,193,499
	9,936	American International Group Inc * †		339,215
	18,841	Aon Corp		804,699
	8,772	Assurant Inc		301,581
	113,955	Berkshire Hathaway Inc * ~		9,261,123
	22,695	Chubb Corp		1,176,736
	12,029	Cincinnati Financial Corp		347,638
	34,123	Genworth Financial Inc *		625,816
	29,284	Hartford Financial Services Group Inc		832,251
	20,740	Lincoln National Corp		636,718
	24,836	Loews Corp		925,886
	36,293	Marsh & McLennan Cos Inc		886,275
	56,440	MetLife Inc		2,446,110
	21,897	Principal Financial Group Inc		639,611
	46,378	Progressive Corp		885,356
	31,973	Prudential Financial Inc		1,934,367
	6,107	Torchmark Corp		326,786
	35,517	Travelers Cos Inc		1,915,787
	22,764	Unum Group		563,864
	23,456	XL Capital Ltd Class A		443,318
			$	28,237,000
Investment Bank/Brokerage Firm --- 1.41%
	65,631	Charles Schwab Corp		1,226,643
	106,699	E*TRADE Financial Corp *		176,053
	36,197	Goldman Sachs Group Inc		6,176,294
	96,116	Morgan Stanley		2,815,238
			$	10,394,228
Leisure & Entertainment --- 0.23%
	9,199	Hasbro Inc		352,138
	20,050	International Game Technology		369,922
	24,821	Mattel Inc		564,430
	5,036	Wynn Resorts Ltd * †		381,880
			$	1,668,370
Machinery --- 1.65%
	42,932	Caterpillar Inc		2,698,276
	13,876	Cummins Inc		859,618
	17,923	Danaher Corp		1,432,227
	29,140	Deere & Co		1,732,664
	12,788	Dover Corp		597,839
	11,402	Eaton Corp		863,930
	3,770	Flowserve Corp		415,718
	26,562	Illinois Tool Works Inc		1,257,976
	25,014	PACCAR Inc		1,084,107
	7,836	Pall Corp		317,280
	11,043	Parker-Hannifin Corp		714,924
	4,538	Snap-on Inc		196,677
			$	12,171,236
Manufacturing --- 0.06%
	14,576	Jabil Circuit Inc		235,985
	10,158	Molex Inc		211,896
			$	447,881
Medical Products --- 1.91%
	41,566	Baxter International Inc		2,419,141
	16,332	Becton Dickinson & Co		1,285,818
	103,936	Boston Scientific Corp *		750,418
	12,123	CareFusion Corp *		320,411
	6,630	CR Bard Inc		574,291
	10,195	DENTSPLY International Inc		355,296
	11,139	Hospira Inc *		631,024
	2,628	Intuitive Surgical Inc *		914,886
	76,333	Medtronic Inc		3,437,275
	23,002	St Jude Medical Inc *		944,232
	19,441	Stryker Corp		1,112,414
	8,535	Varian Medical Systems Inc *		472,241
	14,654	Zimmer Holdings Inc *		867,517
			$	14,084,964
Miscellaneous --- 0.12%
	9,556	Cintas Corp		268,428
	3,481	Dun & Bradstreet Corp		259,056
	13,372	Iron Mountain Inc		366,393
			$	893,877
Office Equipment & Supplies --- 0.21%
	7,542	Avery Dennison Corp		274,604
	13,945	Pitney Bowes Inc		340,955
	92,947	Xerox Corp		906,234
			$	1,521,793
Oil & Gas --- 10.76%
	33,884	Anadarko Petroleum Corp		2,467,772
	23,177	Apache Corp		2,352,465
	21,331	Baker Hughes Inc		999,144
	20,130	BJ Services Co		430,782
	6,949	Cabot Oil & Gas Corp		255,723
	17,091	Cameron International Corp *		732,520
	44,600	Chesapeake Energy Corp		1,054,344
	138,443	Chevron Corp ~		10,498,133
	102,355	ConocoPhillips		5,237,505
	15,139	CONSOL Energy Inc		645,830
	27,276	Denbury Resources Inc *		460,146
	30,614	Devon Energy Corp		1,972,460
	4,768	Diamond Offshore Drilling Inc †		423,446
	48,139	El Paso Corp		521,827
	17,390	EOG Resources Inc		1,616,227
	325,581	Exxon Mobil Corp ~		21,807,415
	8,384	FMC Technologies Inc *		541,858
	62,161	Halliburton Co		1,872,911
	7,280	Helmerich & Payne Inc		277,222
	20,047	Hess Corp		1,253,940
	48,766	Marathon Oil Corp		1,542,956
	6,314	Massey Energy Co		330,159
	13,127	Murphy Oil Corp		737,606
	20,801	Nabors Industries Ltd *		408,324
	28,813	National-Oilwell Varco Inc		1,169,232
	11,938	Noble Energy Inc		871,474
	55,990	Occidental Petroleum Corp		4,733,395
	18,424	Peabody Energy Corp		841,977
	7,780	Pioneer Natural Resources Co		438,170
	10,831	Range Resources Corp		507,649
	7,492	Rowan Cos Inc *		218,092
	82,839	Schlumberger Ltd		5,256,963
	16,754	Smith International Inc		717,406
	23,772	Southwestern Energy Co *		967,996
	44,516	Spectra Energy Corp		1,002,945
	8,492	Sunoco Inc		252,297
	10,898	Tesoro Corp		151,482
	38,810	Valero Energy Corp		764,557
	40,121	Williams Cos Inc		926,795
	39,999	XTO Energy Inc		1,887,153
			$	79,148,298
Paper & Forest Products --- 0.23%
	29,778	International Paper Co		732,837
	11,471	MeadWestvaco Corp		293,084
	14,523	Weyerhaeuser Co		657,456
			$	1,683,377
Personal Loans --- 0.76%
	82,012	American Express Co		3,383,815
	30,981	Capital One Financial Corp		1,282,923
	37,265	Discover Financial Services		555,249
	32,008	SLM Corp *		400,740
			$	5,622,727
Pharmaceuticals --- 6.02%
	106,713	Abbott Laboratories		5,621,641
	21,181	Allergan Inc		1,383,543
	118,039	Bristol-Myers Squibb Co		3,151,641
	69,717	Eli Lilly & Co		2,525,150
	20,738	Forest Laboratories Inc *		650,344
	189,746	Johnson & Johnson ~		12,371,439
	16,441	King Pharmaceuticals Inc *		193,346
	214,362	Merck & Co Inc		8,006,421
	20,945	Mylan Inc * †		475,661
	556,844	Pfizer Inc ~		9,549,875
	7,845	Watson Pharmaceuticals Inc *		327,685
			$	44,256,746
Photography/Imaging --- 0.02%
	21,125	Eastman Kodak Co		122,314
			$	122,314
Pollution Control --- 0.29%
	22,201	Republic Services Inc		644,273
	5,663	Stericycle Inc *		308,634
	33,715	Waste Management Inc		1,160,807
			$	2,113,714
Printing & Publishing --- 0.24%
	15,725	Gannett Co Inc		259,777
	21,658	McGraw-Hill Cos Inc		772,108
	2,835	Meredith Corp †		97,552
	9,185	New York Times Co Class A *		102,229
	13,757	RR Donnelley & Sons Co		293,712
	474	Washington Post Co Class B		210,541
			$	1,735,919
Railroads --- 0.73%
	27,035	CSX Corp		1,376,082
	25,337	Norfolk Southern Corp		1,416,085
	34,784	Union Pacific Corp		2,549,667
			$	5,341,834
Real Estate --- 1.26%
	9,224	Apartment Investment & Management Co Class A REIT		169,814
	5,586	AvalonBay Communities Inc REIT		482,351
	9,534	Boston Properties Inc REIT		719,245
	18,638	CB Richard Ellis Group Inc Class A *		295,412
	18,980	Equity Residential REIT		743,067
	20,139	HCP Inc REIT		664,587
	8,299	Health Care Inc REIT		375,364
	43,323	Host Hotels & Resorts Inc REIT		634,682
	29,306	Kimco Realty Corp REIT		458,346
	11,166	Plum Creek Timber Co Inc REIT †		434,469
	32,453	ProLogis REIT		428,380
	9,328	Public Storage REIT		858,083
	19,644	Simon Property Group Inc REIT		1,648,131
	10,747	Ventas Inc REIT		510,267
	10,783	Vornado Realty Trust REIT		816,259
			$	9,238,457
Restaurants --- 1.07%
	10,203	Darden Restaurants Inc		454,442
	74,449	McDonald's Corp		4,967,237
	51,157	Starbucks Corp *		1,241,580
	32,203	Yum! Brands Inc		1,234,341
			$	7,897,600
Retail --- 4.33%
	5,836	Abercrombie & Fitch Co		266,355
	23,536	Amazon.com Inc *		3,194,541
	7,058	AutoNation Inc *		127,609
	2,186	AutoZone Inc *		378,375
	18,063	Bed Bath & Beyond Inc *		790,437
	23,503	Best Buy Co Inc		999,818
	5,436	Big Lots Inc *		197,979
	95,929	CVS Caremark Corp		3,507,164
	14,426	Expedia Inc		360,073
	9,327	Family Dollar Stores Inc		341,462
	12,152	GameStop Corp Class A *		266,250
	32,730	Gap Inc		756,390
	117,275	Home Depot Inc		3,793,846
	16,173	JC Penney Co Inc		520,286
	21,110	Kohl's Corp *		1,156,406
	18,336	Limited Brands Inc		451,432
	101,484	Lowe's Cos Inc		2,459,972
	28,899	Macy's Inc		629,131
	11,332	Nordstrom Inc		462,912
	21,638	Office Depot Inc *		172,671
	10,175	O'Reilly Automotive Inc *		424,399
	3,021	priceline.com Inc *		770,355
	8,227	RadioShack Corp		186,177
	8,520	Ross Stores Inc		455,564
	3,588	Sears Holdings Corp *		389,047
	6,530	Sherwin-Williams Co		441,951
	49,854	Staples Inc		1,166,085
	51,874	Target Corp		2,728,572
	8,392	Tiffany & Co		398,536
	28,902	TJX Cos Inc		1,228,913
	8,783	Urban Outfitters Inc *		334,018
	68,173	Walgreen Co		2,528,537
			$	31,885,263
Savings & Loans --- 0.11%
	32,432	Hudson City Bancorp Inc		459,237
	23,867	People's United Financial Inc		373,280
			$	832,517
Shoes --- 0.27%
	26,849	NIKE Inc Class B		1,973,402
			$	1,973,402
Specialized Services --- 1.75%
	8,826	Apollo Group Inc Class A *		540,946
	34,766	Automatic Data Processing Inc		1,545,696
	20,282	Cognizant Technology Solutions Corp Class A *		1,033,976
	10,469	Computer Sciences Corp *		570,456
	4,493	DeVry Inc		292,944
	9,338	Equifax Inc		334,300
	23,675	Fidelity National Information Services Inc		554,942
	10,566	Fiserv Inc *		536,330
	23,018	H&R Block Inc		409,720
	6,615	Mastercard Inc Class A		1,680,210
	9,928	Monster Worldwide Inc *		164,904
	22,109	Paychex Inc		678,746
	10,122	Robert Half International Inc †		308,013
	20,856	SAIC Inc *		369,151
	14,321	Total System Services Inc		224,267
	30,886	Visa Inc Class A		2,811,553
	47,613	Western Union Co		807,517
			$	12,863,671
Telephone & Telecommunications --- 2.78%
	27,645	American Tower Corp Class A *		1,177,953
	407,206	AT&T Inc ~		10,522,203
	20,458	CenturyTel Inc		725,441
	20,525	Frontier Communications Corp †		152,706
	19,925	MetroPCS Communications Inc *		141,069
	101,898	Qwest Communications International Inc		531,908
	204,164	Sprint Nextel Corp *		775,823
	195,981	Verizon Communications Inc		6,079,331
	29,359	Windstream Corp		319,719
			$	20,426,153
Textiles --- 0.23%
	21,938	Coach Inc		866,990
	4,199	Polo Ralph Lauren Corp		357,083
	6,120	VF Corp		490,518
			$	1,714,591
Tobacco --- 1.51%
	142,897	Altria Group Inc		2,932,246
	10,691	Lorillard Inc		804,391
	129,756	Philip Morris International Inc		6,768,073
	11,615	Reynolds American Inc		626,978
			$	11,131,688
Transportation --- 0.02%
	4,402	Ryder System Inc		170,622
			$	170,622
Utilities --- 1.45%
	17,376	Ameren Corp		453,166
	28,581	CenterPoint Energy Inc		410,423
	15,317	CMS Energy Corp		236,801
	19,307	Consolidated Edison Inc		859,934
	41,153	Dominion Resources Inc		1,691,800
	11,321	DTE Energy Co		504,917
	8,976	EQT Corp		368,016
	5,545	Integrys Energy Group Inc		262,722
	3,562	Nicor Inc		149,319
	20,384	NiSource Inc		322,067
	7,120	Oneok Inc		325,028
	25,542	PG&E Corp		1,083,492
	34,836	Public Service Enterprise Group Inc		1,028,359
	11,970	Questar Corp		517,104
	8,186	SCANA Corp		307,712
	16,957	Sempra Energy		846,154
	15,534	TECO Energy Inc		246,835
	8,016	Wisconsin Energy Corp		396,070
	31,389	Xcel Energy Inc		665,447
			$	10,675,366
TOTAL COMMON STOCK --- 98.97%			$	728,004,201
(Cost $702,018,306)
SHORT-TERM INVESTMENTS
Par Value ($)			Value ($)
	6,188,000	Federal Home Loan Bank		6,188,000
		0.01% April 1, 2010
	775,000	United States of America		774,773
		0.15% June 10, 2010
TOTAL SHORT-TERM INVESTMENTS --- 0.95%			$	6,962,773
(Cost $6,962,773)
SECURITIES LENDING COLLATERAL
Par Value ($)			Value ($)
	1,115,819	Household Bank Securities Inc		1,115,819
		Repurchase Agreement
		0.01%  April 1, 2010
	1,103,810	BNP Paribas Securities Corp		1,103,810
		Repurchase Agreement
		0.01%  April 1, 2010
	1,115,819	Bank of America LLC		1,115,819
		Repurchase Agreement
		0.02%  April 1, 2010
	1,118,821	Barclays Capital Inc		1,118,821
		Repurchase Agreement
		0.01%  April 1, 2010
TOTAL SECURITIES LENDING COLLATERAL --- 0.61%			$	4,454,269
(Cost $4,454,268)
OTHER ASSETS & LIABILITIES --- (0.53%)			$	(3,873,699	)
TOTAL NET ASSETS --- 100%			$	735,547,544
(Cost $713,435,348)

At March 31, 2010, the Portfolio had the following outstanding future contracts:

Description	Number of Contracts		Notional Value		Expiration Date	Unrealized Appreciation
S&P 500 Emini Long Futures		133	$	7,748,580	June 2010	$	131,913

Net Unrealized Appreciation/(Depreciation) on futures contracts is included in “Other Assets and Liabilities”.

Legend

*	Non-income Producing Security
†	A portion or all of the security is on loan at March 31, 2010.
REIT	Real Estate Investment Trust
~	Collateral or Segregated Assets for Futures.

The value of assets in the Portfolio is determined as of the close of trading on each valuation date.

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

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.

Independent pricing services are utilized when possible and approved by the Board of Directors.  In some instances valuations from independent pricing services are not available or do not reflect significant events in the market between the time the market closed and the valuation time and therefore fair valuation procedures are implemented.  Developments that might be considered significant events to trigger fair value pricing could be natural disasters, government actions or significant fluctuations in domestic or foreign markets.

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.

The Portfolio classifies its valuations into three levels based upon the transparency of inputs to the valuation of the Portfolio’s investments.  The three levels are defined as follows:

Level 1 – Valuations based on quoted prices for identical securities in active markets.

Level 2 – Valuations based on either directly or indirectly observable inputs.  These may include quoted prices in markets that are not active or quoted prices for similar assets in active markets.  Valuations may also be based on inputs other than quoted prices that are observable for the asset, such as interest rates and yield curves.  Additional inputs may be used such as benchmark yields, reported trades, broker/dealer quotes, issuer spreads, prepayment speeds and benchmark securities. 

Level 3 – Valuations based on inputs that are unobservable and significant to the fair value measurement. 

As of March 31, 2010, the inputs used to value the Portfolio’s investments were as follows:

Description	Level 1		Level 2		Level 3		Total
Assets	$		$		$		$
Common Stock
Aerospace & defense		21,593,551		-		-		21,593,551
Agriculture		1,278,883		-		-		1,278,883
Air freight		7,603,700		-		-		7,603,700
Airlines		673,956		-		-		673,956
Auto parts & equipment		1,750,842		-		-		1,750,842
Automobiles		3,364,485		-		-		3,364,485
Banks		22,768,175		-		-		22,768,175
Biotechnology		14,326,924		-		-		14,326,924
Broadcast/media		20,676,992		-		-		20,676,992
Building materials		376,050		-		-		376,050
Chemicals		13,644,752		-		-		13,644,752
Communications - equipment		18,198,723		-		-		18,198,723
Computer hardware &
systems		41,709,246		-		-		41,709,246
Computer software &
services		43,145,520		-		-		43,145,520
Conglomerates		17,842,142		-		-		17,842,142
Containers		1,431,988		-		-		1,431,988
Cosmetics & personal care		2,278,250		-		-		2,278,250
Distributors		1,366,382		-		-		1,366,382
Electric companies		13,117,735		-		-		13,117,735
Electronic instruments &
equipment		7,691,911		-		-		7,691,911
Electronics - semiconductor		18,277,486		-		-		18,277,486
Engineering & construction		1,678,385		-		-		1,678,385
Financial services		42,776,041		-		-		42,776,041
Food & beverages		43,170,870		-		-		43,170,870
Gold, metals & mining		8,133,654		-		-		8,133,654
Health care related		15,850,737		-		-		15,850,737
Homebuilding		660,923		-		-		660,923
Hotels/motels		2,651,542		-		-		2,651,542
Household goods		20,354,992		-		-		20,354,992
Independent power producer		1,355,756		-		-		1,355,756
Insurance related		28,237,000		-		-		28,237,000
Investment bank/brokerage
firm		10,394,228		-		-		10,394,228
Leisure & entertainment		1,668,370		-		-		1,668,370
Machinery		12,171,236		-		-		12,171,236
Manufacturing		447,881		-		-		447,881
Medical products		14,084,964		-		-		14,084,964
Miscellaneous		893,877		-		-		893,877
Office equipment & supplies		1,521,793		-		-		1,521,793
Oil & gas		79,148,298		-		-		79,148,298
Paper & forest products		1,683,377		-		-		1,683,377
Personal loans		5,622,727		-		-		5,622,727
Pharmaceuticals		44,256,746		-		-		44,256,746
Photography/imaging		122,314		-		-		122,314
Pollution control		2,113,714		-		-		2,113,714
Printing & publishing		1,735,919		-		-		1,735,919
Railroads		5,341,834		-		-		5,341,834
Real estate		9,238,457		-		-		9,238,457
Restaurants		7,897,600		-		-		7,897,600
Retail		31,885,263		-		-		31,885,263
Savings & loans		832,517		-		-		832,517
Shoes		1,973,402		-		-		1,973,402
Specialized services		12,863,671		-		-		12,863,671
Telephone &
telecommunications		20,426,153		-		-		20,426,153
Textiles		1,714,591		-		-		1,714,591
Tobacco		11,131,688		-		-		11,131,688
Transportation		170,622		-		-		170,622
Utilities		10,675,366		-		-		10,675,366
Short-term Investments		4,454,269		6,962,773		-		11,417,042
Total Assets		732,458,470		6,962,773		-		739,421,243
Liabilities
Other Financial Instruments*		24,309		-		-		24,309
Total Liabilities		24,309		-		-		24,309
Total	$	732,434,161	$	6,962,773	$	-	$	739,396,934

*Other financial instruments include futures.  Futures are reported at their variation margin as of March 31, 2010.

At March 31, 2010, the U.S. Federal income tax cost basis was $719,665,580.  The Maxim S&P 500 Index® Portfolio had gross appreciation of securities in which there was an excess of value over tax cost of $116,243,162 and gross depreciation of securities in which there was an excess of tax cost over value of $96,487,499, resulting in net appreciation of $19,755,663.

Management determines the Portfolio's industry classifications using one or more widely recognized market indexes or ratings group indexes.  Industries are shown as a percent of total net assets.  These industry classifications are unaudited.

MAXIM SERIES FUND, INC.

MAXIM MIDCAP VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS

MARCH 31, 2010

UNAUDITED

COMMON STOCK
Shares			Value ($)
Aerospace & Defense --- 0.93%
	5,957	L-3 Communications Holdings Inc		545,840
	18,510	Northrop Grumman Corp		1,213,701
			$	1,759,541
Agriculture --- 0.74%
	29,202	Archer-Daniels-Midland Co		843,938
	7,343	Bunge Ltd		452,549
	2,684	Corn Products International Inc		93,027
			$	1,389,514
Air Freight --- 0.64%
	7,345	United Parcel Service Inc Class B		473,091
	47,961	UTI Worldwide Inc		734,763
			$	1,207,854
Airlines --- 0.25%
	7,629	Copa Holdings SA		463,843
			$	463,843
Auto Parts & Equipment --- 0.85%
	21,104	Autoliv Inc		1,087,489
	7,354	BorgWarner Inc *		280,776
	4,322	Federal Mogul Corp *		79,352
	7,548	Gentex Corp		146,582
			$	1,594,199
Automobiles --- 0.23%
	14,533	Thor Industries Inc		439,042
			$	439,042
Banks --- 5.27%
	68,362	Associated Banc-Corp		943,396
	55,282	BB&T Corp		1,790,584
	33,849	Comerica Inc		1,287,616
	146,274	Fifth Third Bancorp		1,987,864
	474	First Citizens BancShares Inc Class A		94,212
	20,134	Fulton Financial Corp		205,165
	4,264	M&T Bank Corp		338,476
	14,574	Marshall & Ilsley Corp		117,321
	207,232	Popular Inc		603,045
	12,464	Regions Financial Corp		97,842
	38,414	SunTrust Banks Inc		1,029,111
	41,685	US Bancorp		1,078,808
	11,230	Wells Fargo & Co		349,478
			$	9,922,918
Biotechnology --- 0.44%
	1,289	Amgen Inc *		77,031
	3,252	Cephalon Inc *		220,421
	22,061	Myriad Genetics Inc *		530,566
			$	828,018
Broadcast/Media --- 2.75%
	103,460	CBS Corp Class B		1,442,232
	9,426	Clear Channel Outdoor Holdings Inc Class A *		100,010
	73,292	DISH Network Corp Class A		1,525,940
	3,023	Liberty Media Corp - Starz *		165,298
	15,515	Scripps Networks Interactive Inc		688,090
	40,234	Time Warner Inc		1,258,117
			$	5,179,687
Building Materials --- 0.37%
	16,999	Armstrong World Industries Inc *		617,233
	5,215	Masco Corp		80,937
			$	698,170
Chemicals --- 2.51%
	8,706	Cabot Corp		264,662
	3,062	CF Industries Holdings Inc		279,193
	15,139	Cytec Industries Inc		707,597
	23,482	Eastman Chemical Co		1,495,334
	87,797	Huntsman Corp		1,057,954
	5,742	PPG Industries Inc		375,527
	11,686	Scotts Miracle-Gro Co Class A		541,646
			$	4,721,913
Communications - Equipment --- 0.99%
	18,095	EchoStar Corp Class A *		366,967
	56,266	JDS Uniphase Corp *		705,013
	105,024	Tellabs Inc		795,031
			$	1,867,011
Computer Hardware & Systems --- 0.96%
	4,097	Lexmark International Inc Class A *		147,820
	13,541	SanDisk Corp *		468,925
	64,791	Seagate Technology		1,182,435
			$	1,799,180
Computer Software & Services --- 1.01%
	4,244	AOL Inc *		107,288
	21,704	Cadence Design Systems Inc *		144,549
	18,002	Microsoft Corp		526,918
	24,946	Symantec Corp *		422,086
	17,250	Synopsys Inc *		385,883
	11,982	VeriSign Inc *		311,652
			$	1,898,376
Conglomerates --- 0.13%
	6,321	Carlisle Cos Inc		240,830
			$	240,830
Containers --- 0.97%
	4,300	AptarGroup Inc		169,205
	3,105	Bemis Co Inc		89,176
	39,120	Packaging Corp of America		962,743
	6,320	Sealed Air Corp		133,226
	15,531	Sonoco Products Co		478,199
			$	1,832,549
Cosmetics & Personal Care --- 0.18%
	7,109	NBTY Inc *		341,090
			$	341,090
Distributors --- 0.06%
	3,469	WESCO International Inc *		120,409
			$	120,409
Electric Companies --- 2.58%
	135,690	Duke Energy Corp		2,214,460
	24,081	Edison International		822,848
	8,837	Exelon Corp		387,149
	38,127	Pinnacle West Capital Corp		1,438,532
			$	4,862,989
Electronic Instruments & Equipment --- 2.73%
	14,978	Arrow Electronics Inc *		451,287
	14,928	Avnet Inc *		447,840
	5,721	Cooper Industries PLC Class A		274,265
	8,431	General Cable Corp *		227,637
	3,829	Hubbell Inc Class B		193,096
	54,392	Ingram Micro Inc Class A *		954,580
	22,309	Rockwell Automation Inc		1,257,336
	8,419	Tech Data Corp *		352,756
	11,685	Thomas & Betts Corp *		458,519
	51,428	Vishay Intertechnology Inc *		526,108
			$	5,143,424
Electronics - Semiconductor --- 1.82%
	44,462	Advanced Micro Devices Inc *		412,163
	69,664	Fairchild Semiconductor International Inc *		741,922
	146,673	Integrated Device Technology Inc *		899,105
	38,279	Intersil Holding Corp Class A		564,998
	131,961	LSI Corp *		807,601
			$	3,425,789
Engineering & Construction --- 0.35%
	13,132	URS Corp *		651,479
			$	651,479
Financial Services --- 2.03%
	18,723	Ameriprise Financial Inc		849,276
	10,222	Bank of America Corp		182,463
	11,482	Bank of New York Mellon Corp		354,564
	99,335	Citigroup Inc *		402,307
	4,046	Eaton Vance Corp		135,703
	31,987	Federated Investors Inc Class B		843,817
	3,930	Legg Mason Inc		112,673
	10,755	Moody's Corp		319,961
	28,052	SEI Investments Co		616,302
			$	3,817,066
Food & Beverages --- 3.81%
	3,078	ConAgra Foods Inc		77,165
	13,760	Hansen Natural Corp *		596,909
	8,247	Hershey Co		353,054
	41,561	Hormel Foods Corp		1,745,978
	6,885	Safeway Inc		171,161
	47,728	Smithfield Foods Inc *		989,879
	49,316	SUPERVALU Inc		822,591
	126,498	Tyson Foods Inc Class A		2,422,436
			$	7,179,173
Gold, Metals & Mining --- 2.30%
	19,155	Alcoa Inc		272,767
	10,499	Carpenter Technology Corp		384,263
	50,388	Commercial Metals Co		758,843
	10,182	Newmont Mining Corp		518,569
	32,280	Reliance Steel & Aluminum Co		1,589,145
	15,506	Schnitzer Steel Industries Inc Class A		814,531
			$	4,338,118
Health Care Related --- 2.17%
	31,857	Cardinal Health Inc		1,147,808
	58,126	Coventry Health Care Inc *		1,436,874
	12,001	Health Net Inc *		298,465
	22,200	Humana Inc *		1,038,294
	2,507	WellPoint Inc *		161,401
			$	4,082,842
Homebuilding --- 0.17%
	20,966	DR Horton Inc		264,172
	1,695	MDC Holdings Inc		58,664
			$	322,836
Hotels/Motels --- 0.77%
	19,063	Choice Hotels International Inc		663,583
	25,034	Marriott International Inc Class A		789,072
			$	1,452,655
Household Goods --- 3.17%
	7,890	Fortune Brands Inc		382,744
	21,159	Harman International Industries Inc		989,818
	50,362	Leggett & Platt Inc		1,089,834
	25,032	Mohawk Industries Inc *		1,361,240
	5,818	Newell Rubbermaid Inc		88,434
	9,714	Stanley Black & Decker Inc		557,680
	17,209	Whirlpool Corp		1,501,485
			$	5,971,235
Independent Power Producer --- 0.58%
	6,360	Constellation Energy Group Inc		223,300
	79,201	Mirant Corp *		860,122
			$	1,083,422
Insurance Related --- 8.30%
	10,700	Allstate Corp		345,717
	36,601	Aspen Insurance Holdings Ltd		1,055,573
	23,500	Assurant Inc		807,930
	5,294	Axis Capital Holdings Ltd		165,490
	5,457	Chubb Corp		282,945
	26,549	CNA Financial Corp *		709,389
	30,442	Endurance Specialty Holdings Ltd		1,130,920
	28,651	Fidelity National Financial Inc		424,608
	18,885	First American Corp		639,068
	22,163	Hartford Financial Services Group Inc		629,872
	39,021	Lincoln National Corp		1,197,945
	16,857	Marsh & McLennan Cos Inc		411,648
	57,107	MBIA Inc *		358,061
	46,174	Old Republic International Corp		585,486
	6,763	OneBeacon Insurance Group Ltd		116,662
	34,131	Progressive Corp		651,561
	26,813	Protective Life Corp		589,618
	1,933	RenaissanceRe Holdings Ltd		109,717
	8,384	Transatlantic Holdings Inc		442,675
	29,268	Travelers Cos Inc		1,578,716
	10,501	Unitrin Inc		294,553
	105,892	Unum Group		2,622,946
	1,009	White Mountains Insurance Group Ltd		358,195
	6,869	XL Capital Ltd Class A		129,824
			$	15,639,119
Investment Bank/Brokerage Firm --- 0.06%
	6,571	Investment Technology Group Inc *		109,670
			$	109,670
Leisure & Entertainment --- 0.30%
	32,912	Boyd Gaming Corp *		325,170
	4,082	International Speedway Corp Class A		105,193
	3,849	Royal Caribbean Cruises Ltd *		126,979
			$	557,342
Machinery --- 4.60%
	14,612	AGCO Corp *		524,132
	22,776	Cummins Inc		1,410,973
	29,360	Eaton Corp		2,224,608
	9,539	Lincoln Electric Holdings Inc		518,254
	7,904	Navistar International Corp *		353,546
	13,244	Oshkosh Corp		534,263
	3,969	Parker-Hannifin Corp		256,953
	40,490	Timken Co		1,215,105
	6,198	Toro Co		304,756
	66,465	Trinity Industries Inc		1,326,641
			$	8,669,231
Medical Products --- 0.72%
	14,694	Boston Scientific Corp *		106,091
	19,681	CareFusion Corp *		520,169
	26,978	Hill-Rom Holdings Inc		734,071
			$	1,360,331
Miscellaneous --- 0.07%
	4,609	Cintas Corp		129,467
			$	129,467
Office Equipment & Supplies --- 0.29%
	56,672	Xerox Corp		552,552
			$	552,552
Oil & Gas --- 7.97%
	6,227	BJ Services Co		133,258
	46,955	Cimarex Energy Co		2,788,187
	3,924	ConocoPhillips		200,791
	18,458	Devon Energy Corp		1,189,249
	39,266	Exterran Holdings Inc *		949,059
	21,253	Helix Energy Solutions Group Inc *		276,927
	45,223	Mariner Energy Inc *		676,988
	21,711	Oil States International Inc *		984,377
	16,325	Overseas Shipholding Group Inc		640,430
	84,324	Patterson-UTI Energy Inc		1,178,006
	13,713	Quicksilver Resources Inc *		192,942
	32,962	St Mary Land & Exploration Co		1,147,407
	28,785	Sunoco Inc		855,202
	18,386	Teekay Corp		418,098
	96,014	Tesoro Corp		1,334,595
	13,963	Unit Corp *		590,356
	74,364	Valero Energy Corp		1,464,971
			$	15,020,843
Paper & Forest Products --- 2.16%
	112,171	International Paper Co		2,760,528
	45,956	MeadWestvaco Corp		1,174,176
	2,771	Weyerhaeuser Co		125,443
			$	4,060,147
Personal Loans --- 1.17%
	27,078	AmeriCredit Corp *		643,373
	7,008	Capital One Financial Corp		290,201
	75,459	Discover Financial Services		1,124,340
	4,206	Student Loan Corp		149,439
			$	2,207,353
Pharmaceuticals --- 1.83%
	22,956	Eli Lilly & Co		831,466
	63,596	Forest Laboratories Inc *		1,994,371
	51,945	King Pharmaceuticals Inc *		610,873
			$	3,436,710
Printing & Publishing --- 1.13%
	40,809	Gannett Co Inc		674,165
	9,790	Meredith Corp		336,874
	48,917	RR Donnelley & Sons Co		1,044,377
	143	Washington Post Co Class B		63,518
			$	2,118,934
Real Estate --- 10.71%
	2,866	Alexandria Real Estate Equities Inc REIT		193,742
	44,380	AvalonBay Communities Inc REIT		3,832,213
	78,004	BRE Properties Inc REIT		2,788,643
	6,029	Duke Realty Corp REIT		74,760
	23,969	Equity Residential REIT		938,386
	6,293	Federal Realty Investment Trust REIT		458,193
	10,133	Health Care Inc REIT		458,316
	35,181	Liberty Property Trust REIT		1,194,043
	28,950	Nationwide Health Properties Inc REIT		1,017,593
	51,762	Plum Creek Timber Co Inc REIT		2,014,059
	5,183	Public Storage REIT		476,784
	41,630	Rayonier Inc REIT		1,891,251
	27,457	Regency Centers Corp REIT		1,028,814
	45,530	Simon Property Group Inc REIT		3,819,967
			$	20,186,764
Restaurants --- 0.11%
	2,614	Panera Bread Co Class A *		199,945
			$	199,945
Retail --- 4.07%
	5,406	Abercrombie & Fitch Co		246,730
	14,911	Barnes & Noble Inc		322,376
	11,412	Big Lots Inc *		415,625
	8,113	Expedia Inc		202,500
	4,173	Gap Inc		96,438
	24,582	JC Penney Co Inc		790,803
	87,256	Liberty Media Corp - Interactive Series A *		1,335,890
	4,076	Limited Brands Inc		100,351
	42,805	Macy's Inc		931,865
	5,536	Netflix Inc *		408,225
	10,881	Nordstrom Inc		444,489
	90,829	Office Depot Inc *		724,815
	4,363	Penske Automotive Group Inc *		62,914
	5,393	PetSmart Inc		172,360
	9,744	Ross Stores Inc		521,012
	888	Sears Holdings Corp *		96,286
	29,853	Williams-Sonoma Inc		784,835
			$	7,657,514
Savings & Loans --- 0.97%
	98,094	Hudson City Bancorp Inc		1,389,012
	4,682	New York Community Bancorp Inc		77,440
	17,579	Washington Federal Inc		357,205
			$	1,823,657
Specialized Services --- 1.99%
	12,773	Accenture PLC Class A		535,827
	34,210	Manpower Inc		1,954,076
	32,395	NeuStar Inc *		816,354
	14,224	Robert Half International Inc		432,836
			$	3,739,093
Telephone & Telecommunications --- 2.09%
	25,547	CenturyTel Inc		905,897
	11,329	NII Holdings Inc *		471,966
	190,226	Qwest Communications International Inc		992,979
	205,013	Sprint Nextel Corp *		779,049
	4,843	Telephone & Data Systems Inc		163,936
	14,921	United States Cellular Corp *		617,431
			$	3,931,258
Tobacco --- 1.31%
	32,763	Lorillard Inc		2,465,088
			$	2,465,088
Transportation --- 0.15%
	7,330	Ryder System Inc		284,111
			$	284,111
Utilities --- 7.05%
	10,932	Alliant Energy Corp		363,598
	104,382	Ameren Corp		2,722,283
	12,567	Atmos Energy Corp		359,039
	34,101	DTE Energy Co		1,520,905
	13,097	Energen Corp		609,403
	42,698	Integrys Energy Group Inc		2,023,031
	72,747	MDU Resources Group Inc		1,569,880
	10,863	Nicor Inc		455,377
	139,981	NiSource Inc		2,211,700
	18,473	Questar Corp		798,034
	13,185	UGI Corp		349,930
	13,412	Xcel Energy Inc		284,334
			$	13,267,514
TOTAL COMMON STOCK --- 98.81%			$	186,051,815
(Cost $147,391,336)
OTHER ASSETS & LIABILITIES --- 1.19%			$	2,246,217
TOTAL NET ASSETS --- 100%			$	188,298,032
(Cost $147,391,336)

At March 31, 2010, the Portfolio had the following outstanding future contracts:

Description	Number of Contracts		Notional Value		Expiration Date	Unrealized Appreciation
S&P 500 Emini Long Futures		2	$	116,250	June 2010	$	94

Net Unrealized Appreciation/(Depreciation) on futures contracts is included in “Other Assets and Liabilities”.

Legend

*	Non-income Producing Security
REIT	Real Estate Investment Trust

The value of assets in the Portfolio is determined as of the close of trading on each valuation date.

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

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.

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 exchange rates are determined by utilizing the New York closing rates.

Independent pricing services are utilized when possible and approved by the Board of Directors.  In some instances valuations from independent pricing services are not available or do not reflect significant events in the market between the time the market closed and the valuation time and therefore fair valuation procedures are implemented.  Developments that might be considered significant events to trigger fair value pricing could be natural disasters, government actions or significant fluctuations in domestic or foreign markets.

For foreign equity securities, 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 the 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.

The Portfolio classifies its valuations into three levels based upon the transparency of inputs to the valuation of the Portfolio’s investments.  The three levels are defined as follows:

Level 1 – Valuations based on quoted prices for identical securities in active markets.

Level 2 – Valuations based on either directly or indirectly observable inputs.  These may include quoted prices in markets that are not active or quoted prices for similar assets in active markets.  Valuations may also be based on inputs other than quoted prices that are observable for the asset, such as interest rates and yield curves.  Additional inputs may be used such as benchmark yields, reported trades, broker/dealer quotes, issuer spreads, prepayment speeds and benchmark securities. 

Level 3 – Valuations based on inputs that are unobservable and significant to the fair value measurement. 

As of March 31, 2010, the inputs used to value the Portfolio’s investments were as follows:

Description	Level 1		Level 2		Level 3		Total
Assets	$		$		$		$
Common Stock
Aerospace & defense		1,759,541		-		-		1,759,541
Agriculture		1,389,514		-		-		1,389,514
Air freight		1,207,854		-		-		1,207,854
Airlines		463,843		-		-		463,843
Auto parts & equipment		1,594,199		-		-		1,594,199
Automobiles		439,042		-		-		439,042
Banks		9,922,918		-		-		9,922,918
Biotechnology		828,018		-		-		828,018
Broadcast/media		5,179,687		-		-		5,179,687
Building materials		698,170		-		-		698,170
Chemicals		4,721,913		-		-		4,721,913
Communications - equipment		1,867,011		-		-		1,867,011
Computer hardware &
systems		1,799,180		-		-		1,799,180
Computer software &
services		1,898,376		-		-		1,898,376
Conglomerates		240,830		-		-		240,830
Containers		1,832,549		-		-		1,832,549
Cosmetics & personal care		341,090		-		-		341,090
Distributors		120,409		-		-		120,409
Electric companies		4,862,989		-		-		4,862,989
Electronic instruments &
equipment		5,143,424		-		-		5,143,424
Electronics - semiconductor		3,425,789		-		-		3,425,789
Engineering & construction		651,479		-		-		651,479
Financial services		3,817,066		-		-		3,817,066
Food & beverages		7,179,173		-		-		7,179,173
Gold, metals & mining		4,338,118		-		-		4,338,118
Health care related		4,082,842		-		-		4,082,842
Homebuilding		322,836		-		-		322,836
Hotels/motels		1,452,655		-		-		1,452,655
Household goods		5,971,235		-		-		5,971,235
Independent power producer		1,083,422		-		-		1,083,422
Insurance related		15,639,119		-		-		15,639,119
Investment bank/brokerage
firm		109,670		-		-		109,670
Leisure & entertainment		557,342		-		-		557,342
Machinery		8,669,231		-		-		8,669,231
Medical products		1,360,331		-		-		1,360,331
Miscellaneous		129,467		-		-		129,467
Office equipment & supplies		552,552		-		-		552,552
Oil & gas		15,020,843		-		-		15,020,843
Paper & forest products		4,060,147		-		-		4,060,147
Personal loans		2,207,353		-		-		2,207,353
Pharmaceuticals		3,436,710		-		-		3,436,710
Printing & publishing		2,118,934		-		-		2,118,934
Real estate		20,186,764		-		-		20,186,764
Restaurants		199,945		-		-		199,945
Retail		7,657,514		-		-		7,657,514
Savings & loans		1,823,657		-		-		1,823,657
Specialized services		3,739,093		-		-		3,739,093
Telephone &
telecommunications		3,931,258		-		-		3,931,258
Tobacco		2,465,088		-		-		2,465,088
Transportation		284,111		-		-		284,111
Utilities		13,267,514		-		-		13,267,514
Total Assets		186,051,815		-		-		186,051,815
Liabilities
Other Financial Instruments*		356		-		-		356
Total Liabilities		356		-		-		356
Total	$	186,051,459	$	-	$	-	$	186,051,459

*Other financial instruments include futures.  Futures are reported at their variation margin as of March 31, 2010.

At March 31, 2010, the U.S. Federal income tax cost basis was $150,154,450.  The Maxim MidCap Value Portfolio had gross appreciation of securities in which there was an excess of value over tax cost of $38,551,000 and gross depreciation of securities in which there was an excess of tax cost over value of $2,653,635, resulting in net appreciation of $35,897,365.

Management determines the Portfolio's industry classifications using one or more widely recognized market indexes or ratings group indexes.  Industries are shown as a percent of total net assets.  These industry classifications are unaudited.

MAXIM SERIES FUND, INC.

MAXIM SMALL-CAP VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS

MARCH 31, 2010

UNAUDITED

COMMON STOCK
Shares			Value ($)
Aerospace & Defense --- 0.65%
	8,400	Ceradyne Inc *		190,596
	16,100	Cubic Corp		579,600
			$	770,196
Air Freight --- 0.21%
	50,800	Air Transport Services Group Inc *		171,196
	4,300	Dynamex Inc *		73,960
			$	245,156
Airlines --- 1.10%
	9,700	Allegiant Travel Co *		561,242
	45,900	Hawaiian Holdings Inc *		338,283
	7,700	Pinnacle Airlines Corp *		57,211
	17,300	UAL Corp *		338,215
			$	1,294,951
Auto Parts & Equipment --- 0.41%
	29,100	Standard Motor Products Inc		288,672
	3,100	Superior Industries International Inc		49,848
	5,200	TRW Automotive Holdings Corp *		148,616
			$	487,136
Banks --- 8.70%
	10,700	1st Source Corp		187,785
	32,900	Bancorp Inc *		292,810
	12,500	Bank of Hawaii Corp		561,875
	8,900	City Holding Co		305,181
	51,800	Community Bank System Inc		1,180,004
	6,800	Financial Institutions Inc		99,416
	1,900	First Citizens BancShares Inc Class A		377,644
	10,300	First Financial Bankshares Inc		530,965
	4,500	First Financial Corp		130,320
	63,600	Fulton Financial Corp		648,084
	6,200	Great Southern Bancorp Inc		139,128
	10,000	Lakeland Bancorp Inc		88,500
	3,200	NBT Bancorp Inc		73,120
	3,100	Northrim BanCorp Inc		52,948
	64,800	Oriental Financial Group Inc		874,800
	14,000	Park National Corp		872,340
	18,600	Santander BanCorp *		228,222
	7,400	Suffolk Bancorp		227,254
	11,000	Sun Bancorp Inc *		43,340
	25,100	SVB Financial Group *		1,171,166
	9,900	SY Bancorp Inc		225,225
	4,600	Trustmark Corp		112,378
	36,400	United Bankshares Inc		954,408
	4,600	Washington Trust Bancorp Inc		85,744
	39,900	Webster Financial Corp		697,851
	10,100	West Bancorp Inc		66,458
			$	10,226,966
Biotechnology --- 0.11%
	6,500	Enzon Pharmaceuticals Inc *		66,170
	11,700	NPS Pharmaceuticals Inc *		58,968
			$	125,138
Broadcast/Media --- 0.58%
	28,500	Entercom Communications Corp Class A *		338,865
	16,000	Harte-Hanks Inc		205,760
	26,800	Sinclair Broadcast Group Inc Class A *		136,144
			$	680,769
Building Materials --- 1.21%
	59,000	Gibraltar Industries Inc *		743,990
	17,700	Universal Forest Products Inc		681,804
			$	1,425,794
Chemicals --- 3.30%
	56,600	A Schulman Inc		1,385,002
	3,800	Cytec Industries Inc		177,612
	8,000	Innophos Holdings Inc		223,200
	7,200	Innospec Inc		81,792
	5,200	Minerals Technologies Inc		269,568
	30,200	OM Group Inc *		1,023,176
	31,400	Omnova Solutions Inc *		246,490
	41,000	Spartech Corp *		479,700
			$	3,886,540
Communications - Equipment --- 0.64%
	7,400	Black Box Corp		227,624
	2,400	InterDigital Inc *		66,864
	5,000	Oplink Communications Inc *		92,700
	1,300	Plantronics Inc		40,664
	13,000	Symmetricom Inc *		75,790
	87,700	UTStarcom Inc *		244,683
			$	748,325
Computer Hardware & Systems --- 0.35%
	49,900	Adaptec Inc *		163,173
	16,900	Cray Inc *		100,555
	15,000	Hutchinson Technology Inc *		93,600
	5,100	Imation Corp *		56,151
			$	413,479
Computer Software & Services --- 2.15%
	7,700	Actuate Corp *		43,043
	156,900	EarthLink Inc		1,339,926
	11,300	Epicor Software Corp *		108,028
	16,200	Fair Isaac Corp		410,508
	11,000	Net 1 UEPS Technologies Inc *		202,290
	5,100	Quest Software Inc *		90,729
	29,400	SonicWALL Inc *		255,486
	7,100	TIBCO Software Inc *		76,609
			$	2,526,619
Conglomerates --- 1.19%
	16,900	Carlisle Cos Inc		643,890
	11,100	Standex International Corp		286,047
	27,200	Tredegar Corp		464,576
			$	1,394,513
Containers --- 0.10%
	2,200	AEP Industries Inc *		57,244
	6,300	Myers Industries Inc		66,024
			$	123,268
Distributors --- 0.88%
	5,400	Audiovox Corp Class A *		42,012
	5,100	Core-Mark Holding Co Inc *		156,111
	15,600	Houston Wire & Cable Co		180,648
	3,600	Lawson Products Inc		55,692
	17,300	WESCO International Inc *		600,483
			$	1,034,946
Electric Companies --- 2.44%
	67,000	El Paso Electric Co *		1,380,200
	47,400	UniSource Energy Corp		1,490,256
			$	2,870,456
Electronic Instruments & Equipment --- 5.56%
	45,500	Agilysys Inc		508,235
	10,500	AO Smith Corp		551,985
	50,100	AVX Corp		711,420
	24,800	Bell Microproducts Inc *		173,104
	55,100	Benchmark Electronics Inc *		1,142,774
	9,700	Brady Corp Class A		301,864
	4,300	CPI International Inc *		57,018
	40,200	CTS Corp		378,684
	10,400	Encore Wire Corp		216,320
	2,900	Insight Enterprises Inc *		41,644
	5,600	LSI Industries Inc		38,192
	17,000	RadiSys Corp *		152,320
	8,100	SYNNEX Corp *		239,436
	15,300	Tech Data Corp *		641,070
	15,300	Thomas & Betts Corp *		600,372
	76,400	Vishay Intertechnology Inc *		781,572
			$	6,536,010
Electronics - Semiconductor --- 2.44%
	52,700	Amkor Technology Inc *		372,589
	73,200	Cirrus Logic Inc *		614,148
	11,300	DSP Group Inc *		94,129
	305,600	Lattice Semiconductor Corp *		1,121,552
	63,100	Micrel Inc		672,646
			$	2,875,064
Financial Services --- 2.81%
	28,700	Ares Capital Corp		425,908
	21,800	BlackRock Kelso Capital Corp		217,128
	12,800	Calamos Asset Management Inc Class A		183,552
	31,500	Compass Diversified Holdings		480,690
	3,700	Encore Capital Group Inc *		60,865
	3,700	Gladstone Capital Corp		43,660
	10,200	Harris & Harris Group Inc *		47,022
	20,800	Hercules Technology Growth Capital Inc		220,272
	15,100	Kayne Anderson Energy Development Co		244,016
	93,900	KKR Financial Holdings LLC		770,919
	5,500	Marlin Business Services Corp *		55,825
	91,600	MCG Capital Corp *		477,236
	4,400	Medallion Financial Corp		35,024
	5,200	NGP Capital Resources Co		44,304
			$	3,306,421
Food & Beverages --- 0.63%
	1,500	Andersons Inc		50,220
	1,500	Coca-Cola Bottling Co Consolidated		87,990
	5,200	Lancaster Colony Corp		306,592
	5,800	MGP Ingredients Inc *		44,544
	7,500	Nash Finch Co		252,375
			$	741,721
Foreign Banks --- 0.73%
	59,500	Banco Latinoamericano de Exportaciones SA		854,420
			$	854,420
Gold, Metals & Mining --- 0.78%
	9,300	Stillwater Mining Co *		120,714
	45,800	Worthington Industries Inc		791,882
			$	912,596
Health Care Related --- 1.66%
	7,800	AMN Healthcare Services Inc *		68,640
	36,200	Health Management Associates Inc Class A *		311,320
	26,000	HealthSouth Corp *		486,200
	5,900	Healthspring Inc *		103,840
	15,300	Lincare Holdings Inc *		686,664
	3,000	Magellan Health Services Inc *		130,440
	5,900	PharMerica Corp *		107,498
	3,400	US Physical Therapy Inc *		59,160
			$	1,953,762
Homebuilding --- 3.34%
	47,800	Beazer Homes USA Inc *		217,012
	37,600	M/I Homes Inc *		550,840
	34,100	Meritage  Homes Corp *		716,100
	45,300	Ryland Group Inc		1,016,532
	315,900	Standard Pacific Corp *		1,427,868
			$	3,928,352
Household Goods --- 1.62%
	14,300	Blyth Inc		446,875
	69,100	Central Garden & Pet Co *		632,956
	13,400	Helen of Troy Ltd *		349,204
	38,300	La-Z-Boy Inc *		480,282
			$	1,909,317
Independent Power Producer --- 0.04%
	4,500	Mirant Corp *		48,870
			$	48,870
Insurance Related --- 6.05%
	13,200	Allied World Assurance Co Holdings Ltd		592,020
	137,900	American Equity Investment Life Holding Co		1,468,635
	7,400	American Physicians Capital Inc		236,430
	22,900	Aspen Insurance Holdings Ltd		660,436
	5,000	Employers Holdings Inc		74,250
	16,400	Endurance Specialty Holdings Ltd		609,260
	8,900	FPIC Insurance Group Inc *		241,279
	10,900	Max Capital Group Ltd		250,591
	42,600	Montpelier Re Holdings Ltd		716,106
	48,300	National Financial Partners Corp *		681,030
	41,700	Phoenix Cos Inc *		100,914
	37,500	Platinum Underwriters Holdings Ltd		1,390,500
	13,700	PMA Capital Corp Class A *		84,118
			$	7,105,569
Investment Bank/Brokerage Firm --- 0.80%
	75,600	BGC Partners Inc Class A		461,916
	4,500	Oppenheimer Holdings Inc Class A		114,795
	9,100	Piper Jaffray Cos Inc *		366,730
			$	943,441
Leisure & Entertainment --- 0.59%
	17,500	Arctic Cat Inc *		189,875
	10,500	RC2 Corp *		157,185
	16,500	Shuffle Master Inc *		135,135
	17,400	Sturm Ruger & Co Inc		208,626
			$	690,821
Machinery --- 3.67%
	4,100	Altra Holdings Inc *		56,293
	53,200	Briggs & Stratton Corp		1,037,400
	9,700	Crane Co		344,350
	2,300	EnPro Industries Inc *		66,884
	2,800	Kadant Inc *		40,348
	11,100	Mueller Industries Inc		297,369
	21,100	Oshkosh Corp		851,174
	10,900	Tecumseh Products Co Class A *		133,743
	7,600	Tennant Co		208,164
	41,400	Watts Water Technologies Inc Class A		1,285,884
			$	4,321,609
Manufacturing --- 0.87%
	40,100	Methode Electronics Inc		396,990
	38,100	Sanmina-SCI Corp		628,650
			$	1,025,640
Medical Products --- 1.74%
	13,400	American Medical Systems Holdings Inc *		248,972
	3,600	Cyberonics Inc *		68,976
	44,200	Invacare Corp		1,173,068
	16,500	STERIS Corp		555,390
			$	2,046,406
Miscellaneous --- 0.10%
	6,800	ATC Technology Corp *		116,688
			$	116,688
Oil & Gas --- 3.38%
	9,700	Berry Petroleum Co Class A		273,152
	95,600	Complete Production Services Inc *		1,104,180
	12,400	Gulfport Energy Corp *		139,376
	14,000	Oil States International Inc *		634,760
	23,400	Petroquest Energy Inc *		117,702
	59,900	Stone Energy Corp *		1,063,225
	14,000	Unit Corp *		591,920
	10,800	VAALCO Energy Inc		53,352
			$	3,977,667
Paper & Forest Products --- 2.23%
	46,200	Buckeye Technologies Inc *		604,296
	1,500	Clearwater Paper Corp *		73,875
	28,100	Domtar Corp *		1,809,921
	4,400	Glatfelter		63,756
	4,200	Neenah Paper Inc		66,528
			$	2,618,376
Personal Loans --- 0.91%
	119,600	Advance America Cash Advance Centers Inc		696,072
	8,700	QC Holdings Inc		44,979
	9,000	World Acceptance Corp *		324,720
			$	1,065,771
Pharmaceuticals --- 1.75%
	10,400	Par Pharmaceutical Cos Inc *		257,920
	40,700	Valeant Pharmaceuticals International *		1,746,437
	3,600	Viropharma Inc *		49,068
			$	2,053,425
Pollution Control --- 0.21%
	28,700	EnergySolutions Inc		184,541
	10,500	Metalico Inc *		62,895
			$	247,436
Printing & Publishing --- 1.78%
	3,800	Consolidated Graphics Inc *		157,358
	6,000	Deluxe Corp		116,520
	48,700	Gannett Co Inc		804,524
	21,800	Lee Enterprises Inc *		73,902
	27,600	McClatchy Co Class A		135,516
	18,700	Media General Inc Class A *		155,023
	23,500	Valassis Communications Inc *		654,005
			$	2,096,848
Real Estate --- 10.76%
	16,500	Agree Realty Corp REIT		377,190
	48,300	Ashford Hospitality Trust REIT *		346,311
	56,600	CapLease Inc REIT		314,130
	4,500	Care Investment Trust Inc REIT		40,140
	12,300	CBL & Associates Properties Inc REIT		168,510
	5,200	Cohen & Co Inc REIT *		29,328
	120,700	Colonial Properties Trust REIT		1,554,616
	33,700	Education Realty Trust Inc REIT		193,438
	77,900	Equity One Inc REIT		1,471,531
	33,200	Extra Space Storage Inc REIT		420,976
	13,300	First Potomac Realty Trust REIT		199,899
	6,000	Getty Realty Corp REIT		140,400
	3,800	Highwoods Properties Inc REIT		120,574
	90,500	HRPT Properties Trust REIT		704,090
	26,900	LaSalle Hotel Properties REIT		626,770
	32,800	LTC Properties Inc REIT		887,568
	63,200	Medical Properties Trust Inc REIT		662,336
	18,600	Mission West Properties Inc REIT		127,968
	13,900	Monmouth Real Estate Investment Corp REIT		116,899
	39,500	National Health Investors Inc REIT		1,531,020
	42,400	NorthStar Realty Finance Corp REIT		178,504
	12,373	One Liberty Properties Inc REIT		206,134
	19,100	Parkway Properties Inc REIT		358,698
	4,400	Ramco-Gershenson Properties Trust REIT		49,544
	30,800	Resource Capital Corp REIT		208,208
	11,300	Sun Communities Inc REIT		284,760
	13,200	UMH Properties Inc REIT		107,844
	137,900	U-Store-It Trust REIT		992,880
	14,200	Walter Investment Management Corp REIT		227,200
			$	12,647,466
Restaurants --- 1.23%
	28,700	Cheesecake Factory Inc *		776,622
	32,700	O'Charley's Inc *		292,338
	5,100	PF Chang's China Bistro Inc *		225,063
	14,700	Ruby Tuesday Inc *		155,379
			$	1,449,402
Retail --- 5.62%
	35,400	Asbury Automotive Group Inc *		470,820
	203,600	Borders Group Inc *		350,192
	17,800	Cato Corp Class A		381,632
	10,600	Chicos FAS Inc		152,852
	43,000	Dillard's Inc		1,014,800
	17,300	Group 1 Automotive Inc *		551,178
	21,900	Jo-Ann Stores Inc *		919,362
	25,000	Kirkland's Inc *		525,000
	55,900	MarineMax Inc *		601,484
	20,300	Retail Ventures Inc *		193,053
	50,800	Select Comfort Corp *		404,876
	25,800	Sonic Automotive Inc *		283,800
	22,600	Stein Mart Inc *		204,078
	7,900	Tuesday Morning Corp *		52,061
	19,200	Williams-Sonoma Inc		504,768
			$	6,609,956
Savings & Loans --- 2.42%
	43,700	Brookline Bancorp Inc		464,968
	36,100	Dime Community Bancshares		455,943
	34,900	Doral Financial Corp *		150,419
	4,200	First Defiance Financial Corp		42,504
	5,000	First Niagara Financial Group Inc		71,100
	19,700	First Place Financial Corp		78,603
	23,500	OceanFirst Financial Corp		266,960
	21,300	Provident Financial Services Inc		253,470
	11,100	Provident New York Bancorp		105,228
	108,600	TrustCo Bank Corp NY		670,062
	7,400	WSFS Financial Corp		288,600
			$	2,847,857
Specialized Services --- 3.57%
	31,100	Acxiom Corp *		557,934
	53,400	CIBER Inc *		199,716
	39,900	Corinthian Colleges Inc *		701,841
	64,000	CSG Systems International Inc *		1,341,440
	40,000	Diamond Management & Technology Consultants Inc		314,000
	33,100	Lionbridge Technologies Inc *		120,153
	9,100	On Assignment Inc *		64,883
	69,500	SFN Group Inc *		556,695
	16,900	VeriFone Holdings Inc *		341,549
			$	4,198,211
Telephone & Telecommunications --- 0.99%
	29,200	IDT Corp Class B *		189,216
	77,300	USA Mobility Inc		979,391
			$	1,168,607
Textiles --- 0.75%
	34,800	Jones Apparel Group Inc		661,896
	11,100	Oxford Industries Inc		225,663
			$	887,559
Tobacco --- 0.07%
	1,500	Universal Corp		79,035
			$	79,035
Transportation --- 2.56%
	7,000	Avis Budget Group Inc *		80,500
	55,100	Dollar Thrifty Automotive Group Inc *		1,770,363
	50,200	Werner Enterprises Inc		1,163,134
			$	3,013,997
Utilities --- 2.16%
	24,300	Nicor Inc		1,018,656
	10,500	Northwest Natural Gas Co		489,300
	24,300	NorthWestern Corp		651,483
	12,700	Southwest Gas Corp		379,984
			$	2,539,423
TOTAL COMMON STOCK --- 97.84%			$	115,071,995
(Cost $89,049,911)
SHORT-TERM INVESTMENTS
Par Value ($)			Value ($)
	2,049,000	Federal Home Loan Bank		2,049,000
		0.01% April 1, 2010
	425,000	United States of America		424,864
		0.15% June 17, 2010
TOTAL SHORT-TERM INVESTMENTS --- 2.10%			$	2,473,864
(Cost $2,473,864)
OTHER ASSETS & LIABILITIES --- 0.06%			$	73,319
TOTAL NET ASSETS --- 100%			$	117,619,178
(Cost $91,523,775)

At March 31, 2010, the Portfolio had the following outstanding future contracts:

Description	Number of Contracts		Notional Value		Expiration Date	Unrealized Depreciation
Russell 2000 Mini Long Futures		33	$	2,234,430	June 2010	$	17,772

Net Unrealized Appreciation/(Depreciation) on futures contracts is included in “Other Assets and Liabilities”.

Legend

*	Non-income Producing Security
REIT	Real Estate Investment Trust

The value of assets in the Portfolio is determined as of the close of trading on each valuation date.

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

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.

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 exchange rates are determined by utilizing the New York closing rates.

Independent pricing services are utilized when possible and approved by the Board of Directors.  In some instances valuations from independent pricing services are not available or do not reflect significant events in the market between the time the market closed and the valuation time and therefore fair valuation procedures are implemented.  Developments that might be considered significant events to trigger fair value pricing could be natural disasters, government actions or significant fluctuations in domestic or foreign markets.

For foreign equity securities, 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 the 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.

The Portfolio classifies its valuations into three levels based upon the transparency of inputs to the valuation of the Portfolio’s investments.  The three levels are defined as follows:

Level 1 – Valuations based on quoted prices for identical securities in active markets.

Level 2 – Valuations based on either directly or indirectly observable inputs.  These may include quoted prices in markets that are not active or quoted prices for similar assets in active markets.  Valuations may also be based on inputs other than quoted prices that are observable for the asset, such as interest rates and yield curves.  Additional inputs may be used such as benchmark yields, reported trades, broker/dealer quotes, issuer spreads, prepayment speeds and benchmark securities. 

Level 3 – Valuations based on inputs that are unobservable and significant to the fair value measurement. 

As of March 31, 2010, the inputs used to value the Portfolio’s investments were as follows:

Description	Level 1		Level 2		Level 3		Total
Assets	$		$		$		$
Common Stock
Aerospace & defense		770,196		-		-		770,196
Air freight		245,156		-		-		245,156
Airlines		1,294,951		-		-		1,294,951
Auto parts & equipment		487,136		-		-		487,136
Banks		10,226,966		-		-		10,226,966
Biotechnology		125,138		-		-		125,138
Broadcast/media		680,769		-		-		680,769
Building materials		1,425,794		-		-		1,425,794
Chemicals		3,886,540		-		-		3,886,540
Communications - equipment		748,325		-		-		748,325
Computer hardware &
systems		413,479		-		-		413,479
Computer software &
services		2,526,619		-		-		2,526,619
Conglomerates		1,394,513		-		-		1,394,513
Containers		123,268		-		-		123,268
Distributors		1,034,946		-		-		1,034,946
Electric companies		2,870,456		-		-		2,870,456
Electronic instruments &
equipment		6,536,010		-		-		6,536,010
Electronics - semiconductor		2,875,064		-		-		2,875,064
Financial services		3,306,421		-		-		3,306,421
Food & beverages		741,721		-		-		741,721
Foreign banks		854,420		-		-		854,420
Gold, metals & mining		912,596		-		-		912,596
Health care related		1,953,762		-		-		1,953,762
Homebuilding		3,928,352		-		-		3,928,352
Household goods		1,909,317		-		-		1,909,317
Independent power producer		48,870		-		-		48,870
Insurance related		7,105,569		-		-		7,105,569
Investment bank/brokerage
firm		943,441		-		-		943,441
Leisure & entertainment		690,821		-		-		690,821
Machinery		4,321,609		-		-		4,321,609
Manufacturing		1,025,640		-		-		1,025,640
Medical products		2,046,406		-		-		2,046,406
Miscellaneous		116,688		-		-		116,688
Oil & gas		3,977,667		-		-		3,977,667
Paper & forest products		2,618,376		-		-		2,618,376
Personal loans		1,065,771		-		-		1,065,771
Pharmaceuticals		2,053,425		-		-		2,053,425
Pollution control		247,436		-		-		247,436
Printing & publishing		2,096,848		-		-		2,096,848
Real estate		12,647,466		-		-		12,647,466
Restaurants		1,449,402		-		-		1,449,402
Retail		6,609,956		-		-		6,609,956
Savings & loans		2,847,857		-		-		2,847,857
Specialized services		4,198,211		-		-		4,198,211
Telephone &
telecommunications		1,168,607		-		-		1,168,607
Textiles		887,559		-		-		887,559
Tobacco		79,035		-		-		79,035
Transportation		3,013,997		-		-		3,013,997
Utilities		2,539,423		-		-		2,539,423
Short-term Investments		-		2,473,864		-		2,473,864
Total Assets		115,071,995		2,473,864		-		117,545,859
Liabilities
Other Financial Instruments*		10,084		-		-		10,084
Total Liabilities		10,084		-		-		10,084
Total	$	115,061,911	$	2,473,864	$	-	$	117,535,775

*Other financial instruments consist of futures.  Futures are reported at their variation margin as of March 31, 2010.

At March 31, 2010, the U.S. Federal income tax cost basis was $94,549,697.  The Maxim Small-Cap ValuePortfolio had gross appreciation of securities in which there was an excess of value over tax cost of $25,610,081 and gross depreciation of securities in which there was an excess of tax cost over value of $2,613,919, resulting in net appreciation of $22,996,162.

Management determines the Portfolio's industry classifications using one or more widely recognized market indexes or ratings group indexes.  Industries are shown as a percent of total net assets.  These industry classifications are unaudited.

MAXIM SERIES FUND, INC.

MAXIM ARIEL MIDCAP VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS

MARCH 31, 2010

UNAUDITED

COMMON STOCK
Shares			Value ($)
Banks --- 2.23%
	20,100	City National Corp		1,084,797
			$	1,084,797
Biotechnology --- 4.89%
	9,500	Bio-Rad Laboratories Inc Class A *		983,440
	27,196	Thermo Fisher Scientific Inc *		1,398,962
			$	2,382,402
Broadcast/Media --- 12.57%
	130,400	CBS Corp Class B		1,817,776
	160,375	Interpublic Group of Cos Inc *		1,334,320
	34,100	Omnicom Group Inc		1,323,421
	48,000	Viacom Inc Class B *		1,650,240
			$	6,125,757
Computer Hardware & Systems --- 2.62%
	85,000	Dell Inc *		1,275,850
			$	1,275,850
Electronic Instruments & Equipment --- 1.39%
	14,500	Anixter International Inc *		679,325
			$	679,325
Financial Services --- 11.24%
	11,300	Franklin Resources Inc		1,253,170
	104,800	Janus Capital Group Inc		1,497,592
	30,725	Northern Trust Corp		1,697,864
	18,700	T Rowe Price Group Inc		1,027,191
			$	5,475,817
Food & Beverages --- 5.14%
	45,800	Constellation Brands Inc Class A *		752,952
	16,500	JM Smucker Co		994,290
	19,700	McCormick & Co Inc		755,692
			$	2,502,934
Health Care Related --- 2.42%
	15,600	Laboratory Corp of America Holdings *		1,181,076
			$	1,181,076
Hotels/Motels --- 3.10%
	38,900	Carnival Corp		1,512,432
			$	1,512,432
Household Goods --- 7.43%
	10,500	Clorox Co		673,470
	13,300	Energizer Holdings Inc *		834,708
	21,200	Mohawk Industries Inc *		1,152,856
	16,702	Stanley Black & Decker Inc		958,862
			$	3,619,896
Insurance Related --- 5.72%
	32,700	Aflac Inc		1,775,283
	2,700	Markel Corp *		1,011,582
			$	2,786,865
Investment Bank/Brokerage Firm --- 1.35%
	18,400	Lazard Ltd Class A		656,880
			$	656,880
Leisure & Entertainment --- 2.17%
	57,400	International Game Technology		1,059,030
			$	1,059,030
Machinery --- 1.48%
	15,200	Illinois Tool Works Inc		719,872
			$	719,872
Medical Products --- 7.57%
	18,125	Baxter International Inc		1,054,875
	26,400	St Jude Medical Inc *		1,083,720
	26,200	Zimmer Holdings Inc *		1,551,040
			$	3,689,635
Miscellaneous --- 1.64%
	10,750	Dun & Bradstreet Corp		800,015
			$	800,015
Printing & Publishing --- 3.93%
	115,950	Gannett Co Inc		1,915,494
			$	1,915,494
Real Estate --- 8.16%
	123,650	CB Richard Ellis Group Inc Class A *		1,959,853
	27,700	Jones Lang LaSalle Inc		2,019,053
			$	3,978,906
Retail --- 4.99%
	29,900	Nordstrom Inc		1,221,415
	25,500	Tiffany & Co		1,210,995
			$	2,432,410
Specialized Services --- 9.91%
	42,380	Accenture PLC Class A		1,777,841
	18,500	Equifax Inc		662,300
	45,575	Hewitt Associates Inc Class A *		1,812,973
	18,600	Sotheby's †		578,274
			$	4,831,388
TOTAL COMMON STOCK --- 99.95%			$	48,710,781
(Cost $37,110,667)
SECURITIES LENDING COLLATERAL
Par Value ($)			Value ($)
	85,085	Barclays Capital Inc		85,085
		Repurchase Agreement
		0.01%  April 1, 2010
	85,085	Household Bank Securities Inc		85,085
		Repurchase Agreement
		0.01%  April 1, 2010
	85,085	BNP Paribas Securities Corp		85,085
		Repurchase Agreement
		0.01%  April 1, 2010
	85,085	Bank of America LLC		85,085
		Repurchase Agreement
		0.02%  April 1, 2010
TOTAL SECURITIES LENDING COLLATERAL --- 0.70%			$	340,340
(Cost $340,340)
OTHER ASSETS & LIABILITIES --- (0.65%)			$	(315,778	)
TOTAL NET ASSETS --- 100%			$	48,735,343
(Cost $37,451,007)

Legend

*	Non-income Producing Security
†	A portion or all of the security is on loan at March 31, 2010.

The value of assets in the Portfolio is determined as of the close of trading on each valuation date.

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

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.

Independent pricing services are utilized when possible and approved by the Board of Directors.  In some instances valuations from independent pricing services are not available or do not reflect significant events in the market between the time the market closed and the valuation time and therefore fair valuation procedures are implemented.  Developments that might be considered significant events to trigger fair value pricing could be natural disasters, government actions or significant fluctuations in domestic or foreign markets.

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.

The Portfolio classifies its valuations into three levels based upon the transparency of inputs to the valuation of the Portfolio’s investments.  The three levels are defined as follows:

Level 1 – Valuations based on quoted prices for identical securities in active markets.

Level 2 – Valuations based on either directly or indirectly observable inputs.  These may include quoted prices in markets that are not active or quoted prices for similar assets in active markets.  Valuations may also be based on inputs other than quoted prices that are observable for the asset, such as interest rates and yield curves.  Additional inputs may be used such as benchmark yields, reported trades, broker/dealer quotes, issuer spreads, prepayment speeds and benchmark securities. 

Level 3 – Valuations based on inputs that are unobservable and significant to the fair value measurement. 

As of March 31, 2010, the inputs used to value the Portfolio’s investments were as follows:

Description	Level 1		Level 2		Level 3		Total
Assets	$		$		$		$
Common Stock
Banks		1,084,797		-		-		1,084,797
Biotechnology		2,382,402		-		-		2,382,402
Broadcast/media		6,125,757		-		-		6,125,757
Computer hardware &
systems		1,275,850		-		-		1,275,850
Electronic instruments &
equipment		679,325		-		-		679,325
Financial services		5,475,817		-		-		5,475,817
Food & beverages		2,502,934		-		-		2,502,934
Health care related		1,181,076		-		-		1,181,076
Hotels/motels		1,512,432		-		-		1,512,432
Household goods		3,619,896		-		-		3,619,896
Insurance related		2,786,865		-		-		2,786,865
Investment bank/brokerage
firm		656,880		-		-		656,880
Leisure & entertainment		1,059,030		-		-		1,059,030
Machinery		719,872		-		-		719,872
Medical products		3,689,635		-		-		3,689,635
Miscellaneous		800,015		-		-		800,015
Printing & publishing		1,915,494		-		-		1,915,494
Real estate		3,978,906		-		-		3,978,906
Retail		2,432,410		-		-		2,432,410
Specialized services		4,831,388		-		-		4,831,388
Short-term Investments		340,340		-		-		340,340
Total	$	49,051,121	$	-	$	-	$	49,051,121

At March 31, 2010, the U.S. Federal income tax cost basis was $39,381,649.  The Maxim Ariel MidCap Value Portfolio had gross appreciation of securities in which there was an excess of value over tax cost of $10,808,680 and gross depreciation of securities in which there was an excess of tax cost over value of $1,139,208, resulting in net appreciation of $9,669,472.

Management determines the Portfolio's industry classifications using one or more widely recognized market indexes or ratings group indexes.  Industries are shown as a percent of total net assets.  These industry classifications are unaudited.

MAXIM SERIES FUND, INC.

MAXIM ARIEL SMALL-CAP VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS

MARCH 31, 2010

UNAUDITED

COMMON STOCK
Shares			Value ($)
Banks --- 6.41%
	39,925	City National Corp		2,154,752
	105,075	PrivateBancorp Inc		1,439,528
			$	3,594,280
Biotechnology --- 3.97%
	21,500	Bio-Rad Laboratories Inc Class A *		2,225,680
			$	2,225,680
Broadcast/Media --- 4.40%
	296,525	Interpublic Group of Cos Inc *		2,467,088
			$	2,467,088
Computer Software & Services --- 1.85%
	41,000	Fair Isaac Corp		1,038,940
			$	1,038,940
Electronic Instruments & Equipment --- 9.79%
	41,550	Anixter International Inc *		1,946,617
	46,950	Brady Corp Class A		1,461,084
	54,800	Littelfuse Inc *		2,082,948
			$	5,490,649
Financial Services --- 4.30%
	168,800	Janus Capital Group Inc		2,412,152
			$	2,412,152
Household Goods --- 3.54%
	36,500	Mohawk Industries Inc *		1,984,870
			$	1,984,870
Insurance Related --- 8.56%
	58,175	HCC Insurance Holdings Inc		1,605,630
	117,025	Horace Mann Educators Corp		1,762,397
	3,825	Markel Corp *		1,433,074
			$	4,801,101
Machinery --- 6.45%
	136,275	Blount International Inc *		1,411,809
	57,550	IDEX Corp		1,904,905
	5,200	Middleby Corp *		299,468
			$	3,616,182
Medical Products --- 2.67%
	149,300	Symmetry Medical Inc *		1,498,972
			$	1,498,972
Office Equipment & Supplies --- 9.63%
	80,900	Herman Miller Inc		1,461,054
	192,850	Interface Inc Class A		2,233,203
	104,100	Knoll Inc		1,171,125
	82,400	Steelcase Inc Class A		533,128
			$	5,398,510
Pollution Control --- 2.10%
	70,900	Team Inc *		1,176,231
			$	1,176,231
Printing & Publishing --- 11.57%
	160,700	Gannett Co Inc		2,654,764
	321,300	Lee Enterprises Inc *		1,089,207
	217,675	McClatchy Co Class A †		1,068,784
	48,600	Meredith Corp †		1,672,326
			$	6,485,081
Real Estate --- 6.33%
	55,975	CB Richard Ellis Group Inc Class A * †		887,204
	36,538	Jones Lang LaSalle Inc		2,663,255
			$	3,550,459
Restaurants --- 2.84%
	51,450	Bob Evans Farms Inc		1,590,319
			$	1,590,319
Specialized Services --- 11.84%
	54,700	Brink's Co		1,544,181
	48,675	Hewitt Associates Inc Class A *		1,936,292
	42,631	Matthews International Corp Class A		1,513,400
	52,975	Sotheby's		1,646,993
			$	6,640,866
TOTAL COMMON STOCK --- 96.25%			$	53,971,380
(Cost $42,864,629)
SHORT-TERM INVESTMENTS
Par Value ($)			Value ($)
	2,122,000	Federal Home Loan Bank		2,122,000
		0.01% April 1, 2010
TOTAL SHORT-TERM INVESTMENTS --- 3.78%			$	2,122,000
(Cost $2,122,000)
SECURITIES LENDING COLLATERAL
Par Value ($)			Value ($)
	523,045	BNP Paribas Securities Corp		523,044
		Repurchase Agreement
		0.01%  April 1, 2010
	523,045	Bank of America LLC		523,045
		Repurchase Agreement
		0.02%  April 1, 2010
	526,045	Barclays Capital Inc		526,045
		Repurchase Agreement
		0.01%  April 1, 2010
	523,045	Household Bank Securities Inc		523,045
		Repurchase Agreement
		0.01%  April 1, 2010
TOTAL SECURITIES LENDING COLLATERAL --- 3.74%			$	2,095,179
(Cost $2,095,179)
OTHER ASSETS & LIABILITIES --- (3.77%)			$	(2,112,835	)
TOTAL NET ASSETS --- 100%			$	56,075,724
(Cost $47,081,808)

Legend

*	Non-income Producing Security
†	A portion or all of the security is on loan at March 31, 2010.
‡	For zero coupon bond, the interest rate shown is the effective yield on date of purchase.

The value of assets in the Portfolio is determined as of the close of trading on each valuation date.

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

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.

Independent pricing services are utilized when possible and approved by the Board of Directors.  In some instances valuations from independent pricing services are not available or do not reflect significant events in the market between the time the market closed and the valuation time and therefore fair valuation procedures are implemented.  Developments that might be considered significant events to trigger fair value pricing could be natural disasters, government actions or significant fluctuations in domestic or foreign markets.

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.

The Portfolio classifies its valuations into three levels based upon the transparency of inputs to the valuation of the Portfolio’s investments.  The three levels are defined as follows:

Level 1 – Valuations based on quoted prices for identical securities in active markets.

Level 2 – Valuations based on either directly or indirectly observable inputs.  These may include quoted prices in markets that are not active or quoted prices for similar assets in active markets.  Valuations may also be based on inputs other than quoted prices that are observable for the asset, such as interest rates and yield curves.  Additional inputs may be used such as benchmark yields, reported trades, broker/dealer quotes, issuer spreads, prepayment speeds and benchmark securities. 

Level 3 – Valuations based on inputs that are unobservable and significant to the fair value measurement. 

As of March 31, 2010, the inputs used to value the Portfolio’s investments were as follows:

Description	Level 1		Level 2		Level 3		Total
Assets	$		$		$		$
Common Stock
Banks		3,594,280		-		-		3,594,280
Biotechnology		2,225,680		-		-		2,225,680
Broadcast/media		2,467,088		-		-		2,467,088
Computer software &
services		1,038,940		-		-		1,038,940
Electronic instruments &
equipment		5,490,649		-		-		5,490,649
Financial services		2,412,152		-		-		2,412,152
Household goods		1,984,870		-		-		1,984,870
Insurance related		4,801,101		-		-		4,801,101
Machinery		3,616,182		-		-		3,616,182
Medical products		1,498,972		-		-		1,498,972
Office equipment & supplies		5,398,510		-		-		5,398,510
Pollution control		1,176,231		-		-		1,176,231
Printing & publishing		6,485,081		-		-		6,485,081
Real estate		3,550,459		-		-		3,550,459
Restaurants		1,590,319		-		-		1,590,319
Specialized services		6,640,866		-		-		6,640,866
Short-term Investments		2,095,179		2,122,000		-		4,217,179
Total	$	56,066,559	$	2,122,000	$	-	$	58,188,559

At March 31, 2010, the U.S. Federal income tax cost basis was $56,463,514.  The Maxim Ariel Small-Cap Value Portfolio had gross appreciation of securities in which there was an excess of value over tax cost of $10,665,962 and gross depreciation of securities in which there was an excess of tax cost over value of $8,940,917, resulting in net appreciation of $1,725,045.

Management determines the Portfolio’s industry classifications using one or more widely recognized market indexes or ratings group indexes.  Industries are shown as a percent of total net assets.  These industry classifications are unaudited.

MAXIM SERIES FUND, INC.

MAXIM LOOMIS SAYLES SMALL-CAP VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS

MARCH 31, 2010

UNAUDITED

COMMON STOCK
Shares			Value ($)
Agriculture --- 1.39%
	26,154	Corn Products International Inc		906,498
	134,816	Darling International Inc *		1,207,951
	38,326	Fresh Del Monte Produce Inc *		776,102
			$	2,890,551
Air Freight --- 1.16%
	45,506	Atlas Air Worldwide Holdings Inc *		2,414,093
			$	2,414,093
Auto Parts & Equipment --- 1.25%
	93,369	Goodyear Tire & Rubber Co *		1,180,184
	59,892	Tenneco Inc *		1,416,446
			$	2,596,630
Banks --- 6.69%
	64,865	Cathay General Bancorp †		755,677
	99,322	First Financial Bancorp		1,766,938
	112,953	First Horizon National Corp		1,586,993
	76,684	First Midwest Bancorp Inc		1,039,068
	35,474	Hancock Holding Co		1,483,168
	39,653	Iberiabank Corp		2,379,577
	47,969	Prosperity Bancshares Inc		1,966,729
	48,749	Signature Bank *		1,806,150
	195,287	Sterling Bancshares Inc		1,089,702
			$	13,874,002
Biotechnology --- 1.18%
	13,224	Mettler-Toledo International Inc *		1,444,061
	42,074	Pharmaceutical Product Development Inc		999,257
			$	2,443,318
Broadcast/Media --- 1.39%
	51,368	Alloy Inc *		421,218
	33,680	Arbitron Inc †		897,909
	28,508	Liberty Media Corp - Starz *		1,558,817
			$	2,877,944
Building Materials --- 1.17%
	41,672	Armstrong World Industries Inc *		1,513,110
	73,029	Griffon Corp *		909,942
			$	2,423,052
Chemicals --- 3.58%
	56,892	Calgon Carbon Corp *		973,991
	128,926	Ferro Corp		1,133,259
	42,691	Koppers Holdings Inc		1,209,009
	16,654	Minerals Technologies Inc		863,343
	51,432	Olin Corp		1,009,096
	62,291	RPM International Inc		1,329,290
	32,435	WR Grace & Co *		900,396
			$	7,418,384
Communications - Equipment --- 1.40%
	60,547	ADTRAN Inc		1,595,413
	72,028	Tekelec *		1,308,029
			$	2,903,442
Computer Hardware & Systems --- 0.28%
	41,449	Intevac Inc *		572,825
			$	572,825
Computer Software & Services --- 2.94%
	26,307	AOL Inc *		665,041
	36,327	IAC/InterActiveCorp *		826,076
	32,918	Progress Software Corp *		1,034,613
	57,256	Quest Software Inc *		1,018,584
	44,087	Radiant Systems Inc *		629,122
	41,357	Sybase Inc *		1,928,063
			$	6,101,499
Conglomerates --- 0.37%
	25,976	Raven Industries Inc		766,032
			$	766,032
Containers --- 0.36%
	70,849	Myers Industries Inc		742,498
			$	742,498
Distributors --- 0.41%
	27,724	Core-Mark Holding Co Inc *		848,632
			$	848,632
Electric Companies --- 2.21%
	42,015	ALLETE Inc		1,406,662
	30,858	ITC Holdings Corp		1,697,190
	54,098	UIL Holdings Corp		1,487,695
			$	4,591,547
Electronic Instruments & Equipment --- 4.46%
	54,894	Baldor Electric Co		2,053,036
	34,343	Encore Wire Corp		714,334
	32,665	General Cable Corp *		881,955
	73,472	GrafTech International Ltd *		1,004,362
	60,232	II-VI Inc *		2,038,251
	8,040	Littelfuse Inc *		305,601
	43,341	ScanSource Inc *		1,247,354
	25,517	Thomas & Betts Corp *		1,001,287
			$	9,246,180
Electronics - Semiconductor --- 3.69%
	71,474	Applied Micro Circuits Corp *		616,820
	283,121	Atmel Corp *		1,424,099
	52,796	Cohu Inc		727,001
	217,511	LSI Corp *		1,331,167
	155,549	ON Semiconductor Corp *		1,244,392
	140,104	Teradyne Inc *		1,564,962
	107,229	TriQuint Semiconductor Inc *		750,603
			$	7,659,044
Engineering & Construction --- 0.33%
	41,420	MYR Group Inc *		675,560
			$	675,560
Financial Services --- 2.52%
	132,864	Fifth Street Finance Corp †		1,542,551
	33,810	JMP Group Inc		287,385
	18,194	Legg Mason Inc		521,622
	35,289	MarketAxess Holdings Inc		555,096
	98,251	PHH Corp *		2,315,776
			$	5,222,430
Food & Beverages --- 2.09%
	17,684	BJ's Wholesale Club Inc *		654,131
	30,913	Imperial Sugar Co		479,461
	40,054	J&J Snack Foods Corp		1,741,147
	9,269	Ralcorp Holdings Inc *		628,253
	58,125	Spartan Stores Inc		838,162
			$	4,341,154
Gold, Metals & Mining --- 1.51%
	99,344	Horsehead Holding Corp *		1,176,233
	39,915	Reliance Steel & Aluminum Co		1,965,015
			$	3,141,248
Health Care Related --- 1.58%
	14,204	Almost Family Inc *		535,349
	17,421	Corvel Corp *		622,801
	24,840	MEDNAX Inc *		1,445,439
	16,853	MWI Veterinary Supply Inc *		680,861
			$	3,284,450
Hotels/Motels --- 0.75%
	60,257	Wyndham Worldwide Corp		1,550,413
			$	1,550,413
Household Goods --- 1.41%
	41,436	Jarden Corp		1,379,405
	71,733	Leggett & Platt Inc		1,552,302
			$	2,931,707
Insurance Related --- 5.10%
	53,741	Aspen Insurance Holdings Ltd		1,549,890
	38,567	Assured Guaranty Ltd		847,317
	28,146	Hanover Insurance Group Inc †		1,227,447
	69,335	HCC Insurance Holdings Inc		1,913,646
	26,038	ProAssurance Corp *		1,524,265
	29,283	Reinsurance Group of America Inc		1,537,943
	23,818	RLI Corp		1,358,102
	16,433	Zenith National Insurance Corp		629,713
			$	10,588,323
Investment Bank/Brokerage Firm --- 2.38%
	117,040	Ares Capital Corp		1,736,874
	39,933	Stifel Financial Corp *		2,146,399
	90,469	SWS Group Inc		1,043,107
			$	4,926,380
Leisure & Entertainment --- 1.54%
	63,137	Dover Downs Gaming & Entertainment Inc		250,023
	89,968	Isle of Capri Casinos Inc *		699,951
	130,291	Live Nation Entertainment Inc *		1,889,219
	16,591	Madison Square Garden Inc *		360,522
			$	3,199,715
Machinery --- 4.92%
	100,079	Actuant Corp Class A		1,956,545
	99,835	Albany International Corp Class A		2,149,448
	73,225	Altra Holdings Inc *		1,005,379
	23,264	Harsco Corp		743,052
	77,780	John Bean Technologies Corp		1,364,261
	8,815	Middleby Corp *		507,656
	30,920	RBC Bearings Inc *		985,420
	35,660	Wabtec Corp		1,501,999
			$	10,213,760
Manufacturing --- 0.91%
	98,879	Methode Electronics Inc		978,902
	101,162	TTM Technologies Inc *		898,319
			$	1,877,221
Medical Products --- 2.66%
	25,890	Haemonetics Corp *		1,479,613
	54,139	Medical Action Industries Inc *		664,286
	32,773	Teleflex Inc		2,099,766
	30,356	West Pharmaceutical Services Inc		1,273,434
			$	5,517,099
Miscellaneous --- 0.56%
	31,043	McGrath Rentcorp		752,172
	33,587	Navigant Consulting Inc *		407,410
			$	1,159,582
Oil & Gas --- 6.02%
	35,595	Arena Resources Inc *		1,188,873
	39,452	Berry Petroleum Co Class A		1,110,968
	45,327	Cloud Peak Energy Inc *		754,241
	41,330	Comstock Resources Inc *		1,314,294
	50,231	Dresser-Rand Group Inc *		1,578,258
	16,176	Lufkin Industries Inc		1,280,330
	75,660	Mariner Energy Inc *		1,132,630
	26,277	Oceaneering International Inc *		1,668,327
	100,573	Penn Virginia Corp		2,464,039
			$	12,491,960
Paper & Forest Products --- 0.58%
	6,842	Clearwater Paper Corp *		336,969
	19,543	Deltic Timber Corp		860,869
			$	1,197,838
Personal Loans --- 1.47%
	27,589	Cash America International Inc		1,089,214
	81,830	Dollar Financial Corp *		1,968,830
			$	3,058,044
Pharmaceuticals --- 1.82%
	61,088	Endo Pharmaceuticals Holdings Inc *		1,447,175
	80,064	Obagi Medical Products Inc *		975,179
	23,015	Perrigo Co		1,351,441
			$	3,773,795
Pollution Control --- 2.84%
	139,165	Rollins Inc		3,017,097
	36,017	Team Inc *		597,522
	31,615	US Ecology Inc		509,002
	52,268	Waste Connections Inc *		1,775,021
			$	5,898,642
Printing & Publishing --- 1.75%
	48,432	John Wiley & Sons Inc Class A		2,096,137
	54,532	Scholastic Corp		1,526,896
			$	3,623,033
Railroads --- 0.65%
	39,340	Genesee & Wyoming Inc *		1,342,281
			$	1,342,281
Real Estate --- 5.15%
	75,289	American Campus Communities Inc REIT		2,082,494
	120,139	Capstead Mortgage Corp REIT		1,436,862
	322,384	Chimera Investment Corp REIT		1,254,074
	28,532	Digital Realty Trust Inc REIT †		1,546,434
	70,632	Forestar Group Inc *		1,333,532
	46,054	National Retail Properties Inc REIT		1,051,413
	56,422	Potlatch Corp REIT †		1,977,027
			$	10,681,836
Restaurants --- 0.91%
	38,031	Bob Evans Farms Inc		1,175,538
	41,935	California Pizza Kitchen Inc *		704,089
			$	1,879,627
Retail --- 3.43%
	44,735	Fred's Inc Class A		535,925
	35,961	Genesco Inc *		1,115,151
	37,088	HSN Inc *		1,091,871
	38,590	Jo-Ann Stores Inc *		1,620,008
	212,259	Sally Beauty Holdings Inc *		1,893,350
	78,962	Sonic Automotive Inc Class A * †		868,582
			$	7,124,887
Savings & Loans --- 0.85%
	86,657	Washington Federal Inc		1,760,870
			$	1,760,870
Specialized Services --- 4.98%
	23,517	Alliance Data Systems Corp * †		1,504,853
	12,238	Brink's Co		345,479
	89,979	Broadridge Financial Solutions Inc		1,923,751
	94,174	iGate Corp		916,313
	45,066	Lender Processing Services Inc		1,701,241
	28,846	NCI Inc Class A *		872,015
	104,443	Standard Parking Corp *		1,714,954
	45,077	Wright Express Corp *		1,357,719
			$	10,336,325
Textiles --- 1.19%
	52,223	Fossil Inc *		1,970,896
	44,639	Movado Group Inc		503,528
			$	2,474,424
Transportation --- 0.98%
	23,038	Con-way Inc		809,095
	32,067	Kirby Corp *		1,223,356
			$	2,032,451
Utilities --- 2.21%
	40,407	NorthWestern Corp		1,083,312
	132,137	UGI Corp		3,506,916
			$	4,590,228
Water --- 0.47%
	56,907	Middlesex Water Co		970,264
			$	970,264
TOTAL COMMON STOCK --- 97.49%			$	202,235,220
(Cost $162,799,438)
SHORT-TERM INVESTMENTS
Par Value ($)			Value ($)
	4,493,000	Federal Home Loan Bank		4,493,000
		0.01% April 1, 2010
TOTAL SHORT-TERM INVESTMENTS --- 2.16%			$	4,493,000
(Cost $4,493,000)
SECURITIES LENDING COLLATERAL
Par Value ($)			Value ($)
	1,392,900	Household Bank Securities Inc		1,392,900
		Repurchase Agreement
		0.01%  April 1, 2010
	1,395,900	Barclays Capital Inc		1,395,900
		Repurchase Agreement
		0.01%  April 1, 2010
	1,392,900	Bank of America LLC		1,392,900
		Repurchase Agreement
		0.02%  April 1, 2010
	1,392,900	BNP Paribas Securities Corp		1,392,900
		Repurchase Agreement
		0.01%  April 1, 2010
TOTAL SECURITIES LENDING COLLATERAL --- 2.69%			$	5,574,600
(Cost $5,574,600)
OTHER ASSETS & LIABILITIES --- (2.34%)			$	(4,859,854	)
TOTAL NET ASSETS --- 100%			$	207,442,966
(Cost $172,867,038)

Legend

*	Non-income Producing Security
†	A portion or all of the security is on loan at March 31, 2010.
REIT	Real Estate Investment Trust

The value of assets in the Portfolio is determined as of the close of trading on each valuation date.

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

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.

Independent pricing services are utilized when possible and approved by the Board of Directors.  In some instances valuations from independent pricing services are not available or do not reflect significant events in the market between the time the market closed and the valuation time and therefore fair valuation procedures are implemented.  Developments that might be considered significant events to trigger fair value pricing could be natural disasters, government actions or significant fluctuations in domestic or foreign markets.

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.

The Portfolio classifies its valuations into three levels based upon the transparency of inputs to the valuation of the Portfolio’s investments.  The three levels are defined as follows:

Level 1 – Valuations based on quoted prices for identical securities in active markets.

Level 2 – Valuations based on either directly or indirectly observable inputs.  These may include quoted prices in markets that are not active or quoted prices for similar assets in active markets.  Valuations may also be based on inputs other than quoted prices that are observable for the asset, such as interest rates and yield curves.  Additional inputs may be used such as benchmark yields, reported trades, broker/dealer quotes, issuer spreads, prepayment speeds and benchmark securities. 

Level 3 – Valuations based on inputs that are unobservable and significant to the fair value measurement. 

As of March 31, 2010, the inputs used to value the Portfolio’s investments were as follows:

Description	Level 1		Level 2		Level 3		Total
Assets	$		$		$		$
Common Stock
Agriculture		2,890,551		-		-		2,890,551
Air freight		2,414,093		-		-		2,414,093
Auto parts & equipment		2,596,630		-		-		2,596,630
Banks		13,874,002		-		-		13,874,002
Biotechnology		2,443,318		-		-		2,443,318
Broadcast/media		2,877,944		-		-		2,877,944
Building materials		2,423,052		-		-		2,423,052
Chemicals		7,418,384		-		-		7,418,384
Communications - equipment		2,903,442		-		-		2,903,442
Computer hardware &
systems		572,825		-		-		572,825
Computer software &
services		6,101,499		-		-		6,101,499
Conglomerates		766,032		-		-		766,032
Containers		742,498		-		-		742,498
Distributors		848,632		-		-		848,632
Electric companies		4,591,547		-		-		4,591,547
Electronic instruments &
equipment		9,246,180		-		-		9,246,180
Electronics - semiconductor		7,659,044		-		-		7,659,044
Engineering & construction		675,560		-		-		675,560
Financial services		5,222,430		-		-		5,222,430
Food & beverages		4,341,154		-		-		4,341,154
Gold, metals & mining		3,141,248		-		-		3,141,248
Health care related		3,284,450		-		-		3,284,450
Hotels/motels		1,550,413		-		-		1,550,413
Household goods		2,931,707		-		-		2,931,707
Insurance related		10,588,323		-		-		10,588,323
Investment bank/brokerage
firm		4,926,380		-		-		4,926,380
Leisure & entertainment		3,199,715		-		-		3,199,715
Machinery		10,213,760		-		-		10,213,760
Manufacturing		1,877,221		-		-		1,877,221
Medical products		5,517,099		-		-		5,517,099
Miscellaneous		1,159,582		-		-		1,159,582
Oil & gas		12,491,960		-		-		12,491,960
Paper & forest products		1,197,838		-		-		1,197,838
Personal loans		3,058,044		-		-		3,058,044
Pharmaceuticals		3,773,795		-		-		3,773,795
Pollution control		5,898,642		-		-		5,898,642
Printing & publishing		3,623,033		-		-		3,623,033
Railroads		1,342,281		-		-		1,342,281
Real estate		10,681,836		-		-		10,681,836
Restaurants		1,879,627		-		-		1,879,627
Retail		7,124,887		-		-		7,124,887
Savings & loans		1,760,870		-		-		1,760,870
Specialized services		10,336,325		-		-		10,336,325
Textiles		2,474,424		-		-		2,474,424
Transportation		2,032,451		-		-		2,032,451
Utilities		4,590,228		-		-		4,590,228
Water		970,264		-		-		970,264
Short-term Investments		5,574,600		4,493,000		-		10,067,600
Total	$	207,809,820	$	4,493,000	$	-	$	212,302,820

At March 31, 2010, the U.S. Federal income tax cost basis was $174,499,282.  The Maxim Loomis Sayles Small-Cap Value Portfolio had gross appreciation of securities in which there was an excess of value over tax cost of $40,976,729 and gross depreciation of securities in which there was an excess of tax cost over value of $3,173,191, resulting in net appreciation of $37,803,538.

Management determines the Portfolio's industry classifications using one or more widely recognized market indexes or ratings group indexes.  Industries are shown as a percent of total net assets.  These industry classifications are unaudited.

MAXIM SERIES FUND, INC.

MAXIM LOOMIS SAYLES BOND PORTFOLIO

SCHEDULE OF INVESTMENTS

MARCH 31, 2010

UNAUDITED

BONDS
Par Value ($)			Value ($)
Aerospace & Defense --- 0.42%
	1,550,000	Bombardier Inc		1,492,908
		7.35% December 22, 2026
			$	1,492,908
Agriculture --- 0.28%
	1,055,000	Corn Products International Inc		1,002,367
		6.63% April 15, 2037
			$	1,002,367
Air Freight --- 0.90%
	913,951	Atlas Air Worldwide Holdings Inc *		712,882
		8.77% January 2, 2011
	364,292	Atlas Air Worldwide Holdings Inc		357,006
		9.06% January 2, 2014
	1,271,225	Atlas Air Worldwide Holdings Inc		1,201,308
		7.68% January 2, 2014
	1,133,137	Atlas Air Worldwide Holdings Inc		968,832
		7.63% January 2, 2015
			$	3,240,028
Airlines --- 2.57%
	30,097	American Airlines Inc		28,592
		8.04% September 16, 2011
	965,000	AMR Corp		1,115,781
		6.25% October 15, 2014
	517,562	Continental Airlines Inc		489,096
		7.37% December 15, 2015
	71,991	Continental Airlines Inc		68,392
		8.31% October 2, 2019
	997,883	Delta Air Lines Inc		933,809
		8.95% August 10, 2014
	500,000	Delta Air Lines Inc		515,000
		9.75% December 17, 2016
	600,000	Delta Air Lines Inc †		630,750
		9.50% September 15, 2014
	1,272,473	Delta Air Lines Inc		1,272,473
		6.82% August 10, 2022
	705,000	Qantas Airways Ltd †		728,509
		6.05% April 15, 2016
	471,447	UAL ‡		436,089
		6.64% January 2, 2024
	2,810,000	United Air Lines Inc		3,020,750
		10.40% November 1, 2016
			$	9,239,241
Automobiles --- 2.16%
	1,735,000	Ford Motor Co		1,409,687
		6.38% February 1, 2029
	3,495,000	Ford Motor Co ‡		3,302,775
		7.45% July 16, 2031
	1,475,000	Ford Motor Co		2,206,969
		4.25% November 15, 2016
	335,000	Ford Motor Co		281,400
		6.63% October 1, 2028
	215,000	Ford Motor Co		183,288
		7.13% November 15, 2025
	260,000	Ford Motor Co		230,750
		7.50% August 1, 2026
	155,000	Ford Motor Co ‡		147,250
		6.50% August 1, 2018
			$	7,762,119
Banks --- 1.33%
	2,045,000	AgriBank FCB † ‡‡		2,326,515
		9.13% July 15, 2019
	1,830,000	BAC Capital Trust VI		1,510,989
		5.63% March 8, 2035
	1,000,000	Keycorp Capital III		955,938
		7.75% July 15, 2029
			$	4,793,442
Biotechnology --- 0.20%
	289,000	Affymetrix Inc		259,378
		3.50% January 15, 2038
	250,000	Human Genome Sciences Inc		449,687
		2.25% August 15, 2012
			$	709,065
Broadcast/Media --- 1.61%
	125,000	Clear Channel Communications Inc ‡		117,812
		4.40% May 15, 2011
	695,000	Clear Channel Communications Inc ‡		615,075
		5.00% March 15, 2012
	415,000	Clear Channel Communications Inc ‡		401,512
		6.25% March 15, 2011
	40,000	Clear Channel Communications Inc ‡		39,850
		7.65% September 15, 2010
	350,000	Comcast Corp		356,428
		6.45% March 15, 2037
	1,150,000	Comcast Corp		1,064,685
		5.65% June 15, 2035
	120,000	Historic TW Inc		126,526
		6.63% May 15, 2029
	81,954	Liberty Media LLC		48,968
		3.50% January 15, 2031
	1,130,000	News America Inc		1,127,041
		6.20% December 15, 2034
	75,000	Time Warner Inc		85,659
		7.63% April 15, 2031
	1,690,000	Viacom Inc		1,791,713
		6.88% April 30, 2036
			$	5,775,269
Building Materials --- 0.71%
	865,000	Owens Corning Inc		847,515
		7.00% December 1, 2036
	575,000	Owens Corning Inc		608,531
		6.50% December 1, 2016
	1,220,000	USG Corp		1,091,900
		6.30% November 15, 2016
			$	2,547,946
Canadian - Federal --- 13.43%
	9,700,000	Government of Canada		9,681,854
		2.75% December 1, 2010
	11,805,000	Government of Canada		11,565,564
		1.00% September 1, 2011
	7,880,000	Government of Canada		8,180,024
		4.25% June 1, 2018
	13,645,000	Government of Canada		14,389,688
		5.25% June 1, 2012
	4,340,000	Government of Canada		4,440,932
		3.75% June 1, 2012
			$	48,258,062
Canadian - Provincial --- 0.74%
	2,471,697	Province of Alberta		2,670,134
		5.93% September 16, 2016
			$	2,670,134
Chemicals --- 3.11%
	3,175,000	Chevron Phillips Chemical Co LLC †		3,790,369
		8.25% June 15, 2019
	535,000	Hercules Inc		428,000
		6.50% June 30, 2029
	480,000	Hexion Specialty Chemicals Inc		386,400
		9.20% March 15, 2021
	2,220,000	Hexion Specialty Chemicals Inc		1,576,200
		7.88% February 15, 2023
	885,000	Hexion US Finance Corp ‡		902,700
		9.75% November 15, 2014
	3,675,000	Methanex Corp		3,320,715
		6.00% August 15, 2015
	750,000	Methanex Corp		787,500
		8.75% August 15, 2012
			$	11,191,884
Commercial Mortgage Backed --- 0.13%
	500,000	Community Program Loan Trust		452,818
		Series 1987-A Class A5
		4.50% April 1, 2029
			$	452,818
Communications - Equipment --- 0.41%
	375,000	Motorola Inc		351,942
		6.63% November 15, 2037
	325,000	Motorola Inc		305,097
		6.50% November 15, 2028
	325,000	Motorola Inc		222,869
		5.22% October 1, 2097
	798,000	Nortel Networks Corp * @		600,495
		2.13% April 15, 2014
			$	1,480,403
Computer Hardware & Systems --- 0.05%
	177,000	Maxtor Corp ‡‡		171,690
		5.75% March 1, 2012
			$	171,690
Conglomerates --- 0.33%
	620,000	Textron Inc		669,842
		7.25% October 1, 2019
	500,000	Textron Inc		503,606
		5.60% December 1, 2017
			$	1,173,448
Electric Companies --- 1.39%
	1,403,346	Bruce Mansfield Unit ‡‡		1,423,611
		6.85% June 1, 2034
	50,000	Commonwealth Edison Co ‡‡		50,103
		4.75% December 1, 2011
	1,010,000	Energy Future Holdings Corp		525,200
		6.50% November 15, 2024
	1,225,000	Energy Future Holdings Corp		630,875
		6.55% November 15, 2034
	395,000	Energy Future Holdings Corp		288,350
		5.55% November 15, 2014
	332,500	Quezon Power Philippines Ltd		337,488
		8.86% June 15, 2017
	250,000	SP PowerAssets Ltd		181,322
		3.73% October 22, 2010
	455,000	White Pine Hydro LLC † ‡‡		408,262
		6.96% July 10, 2037
	300,000	White Pine Hydro LLC † ‡‡		292,815
		6.31% July 10, 2017
	1,000,000	White Pine Hydro Portfolio LLC † ‡‡		854,170
		7.26% July 20, 2015
			$	4,992,196
Electronic Instruments & Equipment --- 1.18%
	1,500,000	Agilent Technologies Inc		1,620,614
		6.50% November 1, 2017
	1,220,000	Avnet Inc		1,300,591
		5.88% March 15, 2014
	245,000	Avnet Inc		261,929
		6.63% September 15, 2016
	950,000	Corning Inc		1,017,840
		7.25% August 15, 2036
	31,000	Richardson Electronics Ltd		31,000
		7.75% December 15, 2011
			$	4,231,974
Electronics - Semiconductor --- 2.24%
	20,000	Amkor Technology Inc		20,150
		7.75% May 15, 2013
	55,000	Freescale Semiconductor Inc ‡		52,525
		8.88% December 15, 2014
	6,090,000	Intel Corp †		7,300,387
		3.25% August 1, 2039
	60,000	Intel Corp		58,875
		2.95% December 15, 2035
	610,000	Kulicke & Soffa Industries Inc		562,725
		0.88% June 1, 2012
	65,000	Kulicke & Soffa Industries Inc		63,050
		1.00% June 30, 2010
			$	8,057,712
Financial Services --- 6.35%
	1,000,000	Associates Corp of North America		1,053,846
		6.95% November 1, 2018
	962,313	CIT Group Inc		887,734
		7.00% May 1, 2016
	1,347,243	CIT Group Inc		1,242,832
		7.00% May 1, 2017
	577,386	CIT Group Inc		538,412
		7.00% May 1, 2015
	384,922	CIT Group Inc ‡		374,337
		7.00% May 1, 2013
	577,386	CIT Group Inc ‡		545,630
		7.00% May 1, 2014
	360,000	Citigroup Inc		314,149
		6.13% August 25, 2036
	100,000	Citigroup Inc §		124,401
		3.63% November 30, 2017
	125,000	Citigroup Inc		107,856
		5.88% February 22, 2033
	60,000	Citigroup Inc		54,481
		5.85% December 11, 2034
	5,255,000	General Electric Capital Corp		3,738,054
		6.50% September 28, 2015
	400,000	General Electric Capital Corp		284,963
		6.75% September 26, 2016
	552,000	GMAC Inc ‡		543,720
		8.00% December 31, 2018
	979,000	GMAC Inc		934,945
		8.00% November 1, 2031
	159,000	GMAC Inc		158,205
		6.75% December 1, 2014
	255,000	GMAC Inc		259,462
		7.50% December 31, 2013
	1,305,000	International Lease Finance Corp †		1,334,045
		8.63% September 15, 2015
	37,900,127,200	JPMorgan Chase & Co † **		3,599,456
		8.80% April 12, 2012
	12,275,000	JPMorgan Chase Bank NA **		6,733,355
		13.87% May 17, 2010
			$	22,829,883
Food & Beverages --- 1.51%
	360,000	Albertson's Inc		309,600
		8.00% May 1, 2031
	755,000	Albertson's Inc		571,913
		6.63% June 1, 2028
	580,000	Albertson's Inc		493,000
		7.75% June 15, 2026
	4,545,000	Albertson's Inc		3,840,525
		7.45% August 1, 2029
	210,000	Sara Lee Corp		206,337
		6.13% November 1, 2032
			$	5,421,375
Foreign Banks --- 1.26%
	3,020,000,000	Barclays Financial LLC †		2,674,379
		4.06% September 16, 2010
	17,433,642,500	JP Morgan Chase London † **		1,846,916
		12.24% October 21, 2010
			$	4,521,295
Foreign Governments --- 5.66%
	4,290,000	Government of Australia		4,005,419
		7.00% December 1, 2010
	2,000,000	Government of Australia		1,859,774
		6.00% May 1, 2012
	2,935,000	Government of Australia		2,728,752
		6.00% June 14, 2011
	80,000,000	Government of Mexico		6,480,235
		8.00% December 7, 2023
	28,530,000	Government of Norway		5,026,972
		4.25% May 19, 2017
	1,280,000	Government of Norway		233,858
		5.00% May 15, 2015
			$	20,335,010
Gold, Metals & Mining --- 0.10%
	255,000	Alcoa Inc		235,880
		6.75% January 15, 2028
	140,000	Alcoa Inc		128,636
		5.87% February 23, 2022
			$	364,516
Health Care Related --- 2.98%
	80,000	HCA Inc		80,000
		6.75% July 15, 2013
	2,035,000	HCA Inc		2,019,737
		6.25% February 15, 2013
	250,000	HCA Inc		249,687
		6.30% October 1, 2012
	725,000	HCA Inc		630,750
		7.50% November 6, 2033
	130,000	HCA Inc		123,338
		6.50% February 15, 2016
	150,000	HCA Inc		142,500
		6.38% January 15, 2015
	45,000	HCA Inc		42,469
		5.75% March 15, 2014
	765,000	HCA Inc		707,625
		7.69% June 15, 2025
	150,000	HCA Inc		141,750
		7.19% November 15, 2015
	575,000	HCA Inc		544,813
		8.36% April 15, 2024
	2,505,000	HCA Inc		2,141,775
		7.05% December 1, 2027
	175,000	HCA Inc		154,000
		7.75% July 15, 2036
	1,115,000	HCA Inc		1,009,075
		7.58% September 15, 2025
	395,000	HCA Inc		361,425
		7.50% December 15, 2023
	2,410,000	Owens & Minor Inc ‡‡		2,315,292
		6.35% April 15, 2016
	55,000	Tenet Healthcare Corp		44,825
		6.88% November 15, 2031
			$	10,709,061
Homebuilding --- 3.20%
	5,000	DR Horton Inc		5,013
		6.50% April 15, 2016
	3,295,000	DR Horton Inc		3,179,675
		5.25% February 15, 2015
	80,000	K Hovnanian Enterprises Inc ‡		61,600
		6.25% January 15, 2016
	25,000	K Hovnanian Enterprises Inc		20,062
		6.38% December 15, 2014
	20,000	K Hovnanian Enterprises Inc		16,800
		6.50% January 15, 2014
	1,925,000	Lennar Corp		1,828,750
		5.60% May 31, 2015
	3,615,000	Pulte Group Inc		2,801,625
		6.00% February 15, 2035
	396,000	Pulte Group Inc		379,665
		5.20% February 15, 2015
	695,000	Pulte Group Inc		556,000
		6.38% May 15, 2033
	2,665,000	Toll Brothers Finance Corp		2,659,345
		5.15% May 15, 2015
			$	11,508,535
Household Goods --- 0.01%
	31,000	Dixie Group Inc ‡		26,854
		7.00% May 15, 2012
			$	26,854
Independent Power Producer --- 0.46%
	240,000	AES Corp		245,400
		7.75% March 1, 2014
	2,220,000	NGC Corp Capital Trust I		1,154,400
		8.32% June 1, 2027
	415,000	Dynegy Holdings Inc		265,600
		7.63% October 15, 2026
			$	1,665,400
Insurance Related --- 2.22%
	315,000	American International Group Inc		292,687
		5.85% January 16, 2018
	80,000	American International Group Inc		73,595
		5.45% May 18, 2017
	1,175,000	Hanover Insurance Group Inc		1,205,139
		7.50% March 1, 2020
	125,000	Marsh & McLennan Cos Inc		110,103
		5.88% August 1, 2033
	590,000	MBIA Insurance Corp † ‡ §		402,675
		14.00% January 15, 2033
	1,600,000	MetLife Inc		2,062,323
		10.75% August 1, 2069
	3,005,000	Mutual of Omaha Insurance Co †		2,605,693
		6.80% June 15, 2036
	725,000	XL Capital Ltd		683,579
		6.25% May 15, 2027
	575,000	XL Capital Ltd		547,438
		6.38% November 15, 2024
			$	7,983,232
Machinery --- 1.21%
	3,630,000	Case New Holland Inc †		3,766,125
		7.75% September 1, 2013
	665,000	Toro Co ‡‡		586,842
		6.63% May 1, 2037
			$	4,352,967
Medical Products --- 0.16%
	620,000	Boston Scientific Corp		585,708
		6.00% January 15, 2020
			$	585,708
Office Equipment & Supplies --- 0.20%
	750,000	Xerox Capital Trust I		735,835
		8.00% February 1, 2027
			$	735,835
Oil & Gas --- 4.22%
	40,000	Allis-Chalmers Energy Inc		35,400
		8.50% March 1, 2017
	110,000	Allis-Chalmers Energy Inc		105,600
		9.00% January 15, 2014
	995,000	Connacher Oil & Gas Ltd †		1,012,412
		10.25% December 15, 2015
	1,200,000	DCP Midstream LLC †		1,189,827
		6.45% November 3, 2036
	250,000	El Paso Corp		245,707
		7.80% August 1, 2031
	2,000,000	El Paso Corp		1,806,232
		6.95% June 1, 2028
	180,000	NGC Corp Dynegy Holdings Inc		127,800
		7.13% May 15, 2018
	285,000	North American Energy Partners Inc		285,000
		8.75% December 1, 2011
	1,500,000	Pioneer Natural Resources Co		1,418,505
		7.20% January 15, 2028
	2,750,000	Plains All American Pipeline LP		2,851,585
		6.65% January 15, 2037
	1,275,000	Plains All American Pipeline LP		1,369,141
		6.13% January 15, 2017
	2,425,000	Questar Market Resources Inc		2,654,337
		6.80% April 1, 2018
	975,000	Talisman Energy Inc		992,128
		6.25% February 1, 2038
	365,000	Talisman Energy Inc		349,881
		5.85% February 1, 2037
	110,000	Weatherford International Ltd		109,301
		6.50% August 1, 2036
	575,000	Williams Cos Inc		631,800
		7.50% January 15, 2031
			$	15,184,656
Other Asset-Backed --- 0.74%
	2,520,000	Citibank Credit Card Issuance Trust		2,666,215
		Series 2008-C6 Class C6
		6.30% June 20, 2014
			$	2,666,215
Paper & Forest Products --- 2.35%
	120,000	Georgia-Pacific LLC		130,200
		8.88% May 15, 2031
	540,000	Georgia-Pacific LLC		572,400
		8.00% January 15, 2024
	635,000	Georgia-Pacific LLC		628,650
		7.25% June 1, 2028
	5,850,000	Georgia-Pacific LLC		5,850,000
		7.75% November 15, 2029
	685,000	Westvaco Corp		740,128
		7.95% February 15, 2031
	490,000	Westvaco Corp		538,641
		8.20% January 15, 2030
			$	8,460,019
Personal Loans --- 2.51%
	1,910,000	American General Finance Corp		1,672,986
		6.90% December 15, 2017
	415,000	Ford Motor Credit Co LLC		429,725
		7.50% August 1, 2012
	1,245,000	Ford Motor Credit Co LLC		1,288,246
		7.00% October 1, 2013
	165,000	Ford Motor Credit Co LLC		170,592
		7.25% October 25, 2011
	100,000	SLM Corp		91,054
		5.00% April 15, 2015
	3,725,000	SLM Corp		3,767,320
		8.45% June 15, 2018
	1,305,000	SLM Corp		1,288,879
		5.38% January 15, 2013
	60,000	SLM Corp		59,619
		5.13% August 27, 2012
	280,000	SLM Corp		259,108
		5.05% November 14, 2014
			$	9,027,529
Pharmaceuticals --- 0.98%
	1,735,000	Elan Finance PLC		1,787,050
		8.88% December 1, 2013
	565,000	Nektar Therapeutics		561,469
		3.25% September 28, 2012
	840,000	Valeant Pharmaceuticals International		1,169,700
		4.00% November 15, 2013
			$	3,518,219
Railroads --- 0.85%
	2,853,000	CSX Corp		2,834,250
		6.00% October 1, 2036
	386,000	Missouri Pacific Railroad Co ‡‡		231,600
		5.00% January 1, 2045
			$	3,065,850
Real Estate --- 3.55%
	850,000	Camden Property Trust		835,865
		5.70% May 15, 2017
	135,000	Duke Realty LP		132,726
		5.95% February 15, 2017
	50,000	Equity Residential		51,419
		5.13% March 15, 2016
	2,640,000	Highwoods Realty LP		2,523,381
		5.85% March 15, 2017
	2,200,000	Highwoods Realty LP		2,232,736
		7.50% April 15, 2018
	935,000	Host Hotels & Resorts LP †		895,262
		2.63% April 15, 2027
	90,000	iStar Financial Inc ‡		82,125
		5.65% September 15, 2011
	375,000	iStar Financial Inc		300,000
		5.95% October 15, 2013
	1,565,000	iStar Financial Inc		1,338,075
		8.63% June 1, 2013
	60,000	iStar Financial Inc ‡		47,700
		5.70% March 1, 2014
	20,000	iStar Financial Inc		14,700
		6.05% April 15, 2015
	20,000	iStar Financial Inc ‡		15,000
		5.88% March 15, 2016
	1,905,000	ProLogis ‡		1,795,462
		1.88% November 15, 2037
	395,000	ProLogis		392,530
		6.63% May 15, 2018
	2,060,000	ProLogis		2,003,350
		2.25% April 1, 2037
	60,000	ProLogis		59,487
		5.63% November 15, 2015
	50,000	ProLogis		48,979
		5.75% April 1, 2016
			$	12,768,797
Retail --- 2.59%
	430,000	Dillard's Inc		397,750
		6.63% January 15, 2018
	1,070,000	Dillard's Inc		909,500
		7.75% July 15, 2026
	500,000	Dillard's Inc		443,750
		7.88% January 1, 2023
	850,000	Foot Locker Inc		786,250
		8.50% January 15, 2022
	3,396,000	Home Depot Inc		3,295,570
		5.88% December 16, 2036
	445,000	JC Penney Corp Inc		414,406
		6.38% October 15, 2036
	525,000	Macy's Retail Holdings Inc		483,000
		6.38% March 15, 2037
	540,000	Toys R Us Inc ‡		553,500
		7.88% April 15, 2013
	2,125,000	Toys R Us Inc		2,040,000
		7.38% October 15, 2018
			$	9,323,726
Specialized Services --- 1.86%
	400,000	DP World Ltd †		343,485
		6.85% July 2, 2037
	635,468	PF Export Receivable Master Trust †		648,177
		6.44% June 1, 2015
	157,792	Power Receivable Finance LLC †		161,925
		6.29% January 1, 2012
	1,125,000	Ranhill Labuan Ltd †		1,040,625
		12.50% October 26, 2011
	50,000	United Rentals North America Inc		46,250
		7.00% February 15, 2014
	90,000	United Rentals North America Inc		89,100
		1.88% October 15, 2023
	880,000	United Rentals North America Inc ‡		844,800
		7.75% November 15, 2013
	150,000	Virgin Media Finance PLC		159,375
		9.13% August 15, 2016
	3,285,000	Western Union Co		3,340,760
		6.20% November 17, 2036
			$	6,674,497
Supranationals --- 5.30%
	17,325,000	Inter-American Development Bank		12,359,569
		6.00% December 15, 2017
	9,600,000	International Bank for Reconstruction & Development		6,674,133
		1.43% March 5, 2014
			$	19,033,702
Telephone & Telecommunications --- 6.48%
	250,000	Alcatel-Lucent USA Inc		175,625
		6.50% January 15, 2028
	505,000	Alcatel-Lucent USA Inc		437,456
		2.88% June 15, 2025
	4,555,000	Alcatel-Lucent USA Inc		3,211,275
		6.45% March 15, 2029
	760,000	AT&T Corp		772,672
		6.50% March 15, 2029
	405,000	AT&T Inc		400,090
		6.15% September 15, 2034
	155,000	AT&T Inc		160,726
		6.50% September 1, 2037
	170,000	Axtel SAB de CV †		173,400
		9.00% September 22, 2019
	35,000	BellSouth Corp		35,650
		6.55% June 15, 2034
	170,000	BellSouth Corp		164,124
		6.00% November 15, 2034
	775,000	Embarq Corp		785,807
		8.00% June 1, 2036
	2,670,000	Level 3 Communications Inc † ‡‡		3,190,650
		7.00% March 15, 2015
	995,000	Level 3 Communications Inc ‡‡		1,189,025
		7.00% March 15, 2015
	1,465,000	Level 3 Communications Inc		1,349,631
		3.50% June 15, 2012
	295,000	Nextel Communications Inc		287,625
		6.88% October 31, 2013
	910,000	Nextel Communications Inc		848,575
		5.95% March 15, 2014
	400,000-	Nextel Communications Inc		380,000
		7.38% August 1, 2015
	1,580,000	Nortel Networks Capital Corp * @ ‡		1,137,600
		7.88% June 15, 2026
	250,000	Nortel Networks Ltd * @		77,500
		6.88% September 1, 2023
	150,000	Qwest Capital Funding Inc		147,000
		7.63% August 3, 2021
	3,500,000	Qwest Capital Funding Inc		3,325,000
		7.75% February 15, 2031
	500,000	Qwest Corp		505,000
		7.25% September 15, 2025
	45,000	Qwest Corp		43,425
		6.88% September 15, 2033
	744,000	Sprint Capital Corp		598,920
		6.88% November 15, 2028
	380,000	Sprint Capital Corp		347,700
		6.90% May 1, 2019
	130,000	Sprint Capital Corp		120,575
		8.75% March 15, 2032
	606,000	Sprint Nextel Corp		546,915
		6.00% December 1, 2016
	465,000	Telecom Italia Capital SA		430,763
		6.38% November 15, 2033
	470,000	Telecom Italia Capital SA		416,956
		6.00% September 30, 2034
	1,960,000	US West Capital Funding Inc		1,754,200
		6.88% July 15, 2028
	250,000	US West Capital Funding Inc		233,750
		6.50% November 15, 2018
	65,000	Verizon Maryland Inc		52,916
		5.13% June 15, 2033
			$	23,300,551
Tobacco --- 0.82%
	2,235,000	Reynolds American Inc		2,393,873
		6.75% June 15, 2017
	545,000	Reynolds American Inc		554,705
		7.25% June 15, 2037
			$	2,948,578
Transportation --- 0.34%
	1,650,000	APL Ltd ‡‡		1,233,375
		8.00% January 15, 2024
			$	1,233,375
U.S. Municipal --- 1.35%
	1,870,000	Michigan Tobacco Settlement Finance Authority ‡‡		1,501,909
		7.31% June 1, 2034
	4,620,000	Tobacco Settlement Financing Corp ‡‡		3,364,377
		6.71% June 1, 2046
			$	4,866,286
Utilities --- 0.17%
	920,000	Calpine Corp  * @ ~		0
		0.00% July 15, 2010
	500,000	EQT Corp		594,020
		8.13% June 1, 2019
			$	594,020
TOTAL BONDS --- 92.63%			$	332,948,397
(Cost $316,227,352)
COMMON STOCK
Shares			Value ($)
Biotechnology --- 0.92%
	81,282	Vertex Pharmaceuticals Inc ††		3,321,995
			$	3,321,995
Containers --- 0.26%
	26,029	Owens-Illinois Inc ††		925,071
			$	925,071
Electronic Instruments & Equipment --- 0.29%
	51,679	Corning Inc		1,044,433
			$	1,044,433
Oil & Gas --- 0.28%
	42,007	Chesapeake Energy Corp		993,045
			$	993,045
Pharmaceuticals --- 0.00%
	22,934	Valeant Pharmaceuticals International (warrants) †† ‡‡		2,592
			$	2,592
Unit Investment Trust --- 0.06%
	23,247	Dreyfus High Yield Strategies Fund		100,892
	5,114	DWS High Income Trust		46,588
	7,484	Highland Credit Strategies Fund		59,124
			$	206,604
TOTAL COMMON STOCK --- 1.81%			$	6,493,740
(Cost $5,041,534)
PREFERRED STOCK
Par Value ($)			Value ($)
Agency --- 0.07%
	2,400	Fannie Mae Series F ††		3,720
	1,400	Fannie Mae Series H ††		2,380
	3,350	Fannie Mae Series I ††		5,728
	7,000	Fannie Mae Series K ††		11,620
	1,700	Fannie Mae Series L ††		2,567
	4,750	Fannie Mae Series M ††		6,413
	2,150	Fannie Mae Series Q ††		1,999
	3,800	Fannie Mae Series R ††		6,612
	68,650	Fannie Mae Series S § ††		87,185
	2,200	Fannie Mae Series T ††		4,202
	2,450	Freddie Mac Series O ††		3,993
	3,100	Freddie Mac Series P ††		5,735
	5,400	Freddie Mac Series U ††		4,860
	36,950	Freddie Mac Series V ††		31,408
	10,950	Freddie Mac Series W ††		9,198
	14,450	Freddie Mac Series Y ††		14,306
	50,750	Freddie Mac Series Z § ††		64,453
			$	266,379
Banks --- 0.06%
	283	GMAC Inc †		215,717
			$	215,717
Electric Companies --- 0.34%
	5,650	AES Trust III		255,309
	2,255	New York State Electric & Gas Corp		155,595
	25,000	Southern California Edison Co		525,000
	3,600	Union Electric Co		280,800
			$	1,216,704
Financial Services --- 0.49%
	1,484	Bank of America Corp		1,450,610
	9,608	Sovereign Capital Trust IV		307,456
			$	1,758,066
Household Goods --- 0.35%
	31,225	Newell Financial Trust Inc		1,256,806
			$	1,256,806
Oil & Gas --- 0.08%
	415	Chesapeake Energy Corp		34,393
	7,000	El Paso Energy Capital Trust I		261,625
			$	296,018
Real Estate --- 0.01%
	2,000	FelCor Lodging Trust Inc ††		35,563
			$	35,563
Telephone & Telecommunications --- 0.24%
	1,070	Lucent Technologies Capital Trust 1		850,650
			$	850,650
Utilities --- 0.01%
	181	MDU Resources Group Inc		17,970
	300	Xcel Energy Inc		20,700
			$	38,670
TOTAL PREFERRED STOCK --- 1.65%			$	5,934,573
(Cost $8,044,568)
SHORT-TERM INVESTMENTS
Par Value ($)			Value ($)
	7,924,000	Federal Home Loan Bank		7,924,000
		0.01% April 1, 2010
TOTAL SHORT-TERM INVESTMENTS --- 2.20%			$	7,924,000
(Cost $7,924,000)
SECURITIES LENDING COLLATERAL
Par Value ($)			Value ($)
	3,056,885	BNP Paribas Securities Corp		3,056,885
		Repurchase Agreement
		0.01%  April 1, 2010
	3,056,885	Bank of America LLC		3,056,885
		Repurchase Agreement
		0.02%  April 1, 2010
	3,059,885	Barclays Capital Inc		3,059,885
		Repurchase Agreement
		0.01%  April 1, 2010
	3,056,885	Household Bank Securities Inc		3,056,885
		Repurchase Agreement
		0.01%  April 1, 2010
TOTAL SECURITIES LENDING COLLATERAL --- 3.40%			$	12,230,540
(Cost $12,230,540)
OTHER ASSETS & LIABILITIES --- (1.69%)			$	(6,071,112	)
TOTAL NET ASSETS --- 100%			$	359,460,138
(Cost $349,467,991)

Legend

	*	Security in default at March 31, 2010.
@		Security in bankruptcy at March 31, 2010.
	†	The Maxim Loomis Sayles Bond Portfolio may own certain investment securities which are restricted as to resale under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.  These securities are valued after giving due consideration to pertinent factors including recent private sales, market conditions, and the issuer’s financial performance.  Aggregate cost, fair value and percent of net assets of these restricted securities held at March 31, 2010 were $37,083,506, $41,432,546 and 8.66%, respectively.
	‡	A portion or all of the security is on loan at March 31, 2010.
	§	Represents the current interest rate for variable rate security.
	**	For zero coupon bond, the interest rate shown is the effective yield on date of purchase.
	††	Non-income Producing Security

‡‡ The Maxim Loomis Sayles Bond Portfolio may own certain investment securities that have been deemed “illiquid” because no quoted market exists.  These securities are valued after giving due consideration to pertinent factors including recent private sales, market conditions, and the issuer’s financial performance.  It is possible that the estimated value may differ significantly from the amount that might ultimately be realized in the near term and the difference could be material.  Aggregate cost, fair value and percent of net assets of these illiquid securities held at March 31, 2010 were $19,807,652, $19,142,827 and 5.33%, respectively.

~     Security has no market value at March 31, 2010.

The value of assets in the Portfolio is determined as of the close of trading on each valuation date.

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

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.

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 exchange rates are determined by utilizing the New York closing rates.

Fixed income investments are normally valued on the basis of quotations from brokers or dealers or pricing services, which take into account appropriate factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data.

Independent pricing services are utilized when possible and approved by the Board of Directors.  In some instances valuations from independent pricing services are not available or do not reflect significant events in the market between the time the market closed and the valuation time and therefore fair valuation procedures are implemented.  Developments that might be considered significant events to trigger fair value pricing could be natural disasters, government actions or significant fluctuations in domestic or foreign markets.

For foreign equity securities, 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 the U.S. securities market, reviewing developments in foreign markets and evaluating the performance of ADRs, futures contracts and exchange-traded funds.

For fixed income securities, factors used in the determination of fair value may include, but are not limited to, market data incorporating available trade, bid and other market information such as benchmark curves, benchmarking of like securities, sector groupings and matrix pricing.  Model processes such as Option Adjusted Spread models are used to develop prepayment and interest rate scenarios.  Price evaluators gather information from market sources and integrate relevant credit information, perceived market movements and sector news into the evaluated pricing applications and models.

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.

The Portfolio classifies its valuations into three levels based upon the transparency of inputs to the valuation of the Portfolio’s investments.  The three levels are defined as follows:

Level 1 – Valuations based on quoted prices for identical securities in active markets.

Level 2 – Valuations based on either directly or indirectly observable inputs.  These may include quoted prices in markets that are not active or quoted prices for similar assets in active markets.  Valuations may also be based on inputs other than quoted prices that are observable for the asset, such as interest rates and yield curves.  Additional inputs may be used such as benchmark yields, reported trades, broker/dealer quotes, issuer spreads, prepayment speeds and benchmark securities. 

Level 3 – Valuations based on inputs that are unobservable and significant to the fair value measurement.  The prices of the majority of Level 3 securities were obtained from single broker quotes.

As of March 31, 2010, the inputs used to value the Portfolio’s investments were as follows:

Description	Level 1		Level 2		Level 3		Total
Assets	$		$		$		$
Bonds
Commercial mortgage-backed		-		452,818		-		452,818
Corporate		-		229,985,697		4,680,474		234,666,171
Foreign government		-		71,263,206		-		71,263,206
Obligations of US states and
their subdivisions		-		4,866,286		-		4,866,286
Other debt		-		21,699,916		-		21,699,916
Common Stock
Biotechnology		3,321,995		-		-		3,321,995
Containers		925,071		-		-		925,071
Electronic instruments &
equipment		1,044,433		-		-		1,044,433
Oil & gas		993,045		-		-		993,045
Unit investment trust		206,605		-		-		206,605
Preferred Stock
Agency		27,283		239,096		-		266,379
Banks		-		215,717		-		215,717
Electric companies		961,395		255,309		-		1,216,704
Financial services		-		1,758,066		-		1,758,066
Household goods		-		1,256,806		-		1,256,806
Oil & gas		-		296,018		-		296,018
Real estate		-		35,563		-		35,563
Telephone &
telecommunications		-		850,650		-		850,650
Utilities		20,700		17,970		-		38,670
Short-term Investments		12,230,540		7,924,000		-		20,154,540
Other Financial Instruments*		-		-		2,591		2,591
Total	$	19,731,066	$	341,117,119	$	4,683,065	$	365,531,250

*Other financial instruments consist of warrants.  Warrants are reported at their market value as of March 31, 2010.

At March 31, 2010, the U.S. Federal income tax cost basis was $349,510,891.  The Maxim Loomis Sayles Bond Portfolio had gross appreciation of securities in which there was an excess of value over tax cost of $27,357,514 and gross depreciation of securities in which there was an excess of tax cost over value of $11,337,155, resulting in net appreciation of $16,020,359.

Management determines the Portfolio's industry classifications using one or more widely recognized market indexes or ratings group indexes.  Industries are shown as a percent of total net assets.  These industry classifications are unaudited.

MAXIM SERIES FUND, INC.

MAXIM T. ROWE PRICE EQUITY/INCOME PORTFOLIO

SCHEDULE OF INVESTMENTS

MARCH 31, 2010

UNAUDITED

COMMON STOCK
Shares			Value ($)
Aerospace & Defense --- 3.17%
	94,900	Boeing Co		6,890,689
	155,600	Honeywell International Inc		7,044,012
	38,000	ITT Corp		2,037,180
	47,900	Lockheed Martin Corp		3,986,238
			$	19,958,119
Air Freight --- 1.08%
	105,600	United Parcel Service Inc Class B		6,801,696
			$	6,801,696
Automobiles --- 0.50%
	111,800	Harley-Davidson Inc		3,138,226
			$	3,138,226
Banks --- 5.57%
	337,100	KeyCorp		2,612,525
	198,400	Marshall & Ilsley Corp		1,597,120
	306,500	Regions Financial Corp		2,406,025
	196,100	SunTrust Banks Inc		5,253,519
	391,400	US Bancorp		10,129,432
	421,900	Wells Fargo & Co		13,129,528
			$	35,128,149
Biotechnology --- 0.58%
	61,200	Amgen Inc *		3,657,312
			$	3,657,312
Broadcast/Media --- 3.98%
	166,200	Cablevision Systems Corp NY Group		4,012,068
	113,300	Comcast Corp Class A		2,132,306
	294,233	Time Warner Inc		9,200,666
	221,200	Walt Disney Co		7,722,092
	197,100	WPP PLC		2,042,843
			$	25,109,975
Building Materials --- 1.00%
	296,300	Masco Corp		4,598,576
	100,800	USG Corp * †		1,729,728
			$	6,328,304
Chemicals --- 1.87%
	154,900	EI du Pont de Nemours & Co		5,768,476
	121,100	International Flavors & Fragrances Inc		5,772,837
	3,500	Monsanto Co		249,970
			$	11,791,283
Communications - Equipment --- 0.43%
	103,600	Cisco Systems Inc *		2,696,708
			$	2,696,708
Computer Hardware & Systems --- 0.53%
	220,900	Dell Inc *		3,315,709
			$	3,315,709
Computer Software & Services --- 2.45%
	152,800	eBay Inc *		4,117,960
	136,700	Electronic Arts Inc *		2,550,822
	299,200	Microsoft Corp		8,757,584
			$	15,426,366
Conglomerates --- 4.32%
	127,600	3M Co		10,663,532
	910,500	General Electric Co		16,571,100
			$	27,234,632
Distributors --- 0.46%
	68,050	Genuine Parts Co		2,874,432
			$	2,874,432
Electric Companies --- 4.49%
	237,900	Duke Energy Corp		3,882,528
	58,900	Entergy Corp		4,791,515
	146,700	Exelon Corp		6,426,927
	51,010	FirstEnergy Corp		1,993,981
	85,000	Pinnacle West Capital Corp		3,207,050
	129,400	PPL Corp		3,585,674
	112,500	Progress Energy Inc		4,428,000
			$	28,315,675
Electronic Instruments & Equipment --- 0.67%
	88,422	Cooper Industries PLC Class A		4,238,951
			$	4,238,951
Electronics - Semiconductor --- 1.75%
	181,700	Analog Devices Inc		5,236,594
	151,200	Applied Materials Inc		2,038,176
	169,200	Intel Corp		3,766,392
			$	11,041,162
Engineering & Construction --- 0.69%
	91,900	Vulcan Materials Co		4,341,356
			$	4,341,356
Financial Services --- 8.22%
	859,837	Bank of America Corp		15,348,090
	208,900	Bank of New York Mellon Corp		6,450,832
	481,405	JPMorgan Chase & Co		21,542,874
	170,200	Legg Mason Inc		4,879,634
	121,600	NYSE Euronext		3,600,576
			$	51,822,006
Food & Beverages --- 3.13%
	25,900	Campbell Soup Co		915,565
	222,900	Hershey Co		9,542,349
	146,100	Kraft Foods Inc Class A		4,418,064
	68,000	McCormick & Co Inc		2,608,480
	40,900	Wal-Mart Stores Inc		2,274,040
			$	19,758,498
Foreign Banks --- 0.04%
	165,550	Allied Irish Banks PLC		267,874
			$	267,874
Gold, Metals & Mining --- 1.38%
	160,400	Alcoa Inc		2,284,096
	141,500	Nucor Corp		6,421,270
			$	8,705,366
Homebuilding --- 0.20%
	102,000	DR Horton Inc		1,285,200
			$	1,285,200
Hotels/Motels --- 0.73%
	145,149	Marriott International Inc Class A		4,575,097
			$	4,575,097
Household Goods --- 3.43%
	184,200	Fortune Brands Inc		8,935,542
	100,900	Kimberly-Clark Corp		6,344,592
	72,900	Whirlpool Corp		6,360,525
			$	21,640,659
Independent Power Producer --- 0.70%
	85,000	Constellation Energy Group Inc		2,984,350
	69,900	NRG Energy Inc *		1,460,910
			$	4,445,260
Insurance Related --- 3.76%
	51,000	Chubb Corp		2,644,350
	176,427	Lincoln National Corp		5,416,309
	272,300	Marsh & McLennan Cos Inc		6,649,566
	134,100	Progressive Corp		2,559,969
	144,700	Sun Life Financial Inc		4,649,211
	33,695	Travelers Cos Inc		1,817,508
			$	23,736,913
Leisure & Entertainment --- 1.29%
	41,550	Madison Square Garden Inc *		902,882
	227,700	Mattel Inc		5,177,898
	170,100	MGM Mirage * †		2,041,200
			$	8,121,980
Machinery --- 2.81%
	105,300	Deere & Co		6,261,138
	34,000	Eaton Corp		2,576,180
	161,500	Illinois Tool Works Inc		7,648,640
	30,300	Pall Corp		1,226,847
			$	17,712,805
Office Equipment & Supplies --- 0.65%
	112,400	Avery Dennison Corp		4,092,484
			$	4,092,484
Oil & Gas --- 12.84%
	102,100	Anadarko Petroleum Corp		7,435,943
	127,622	BP PLC sponsored ADR		7,283,388
	204,144	Chevron Corp		15,480,239
	58,800	ConocoPhillips		3,008,796
	204,196	Exxon Mobil Corp		13,677,048
	146,400	Murphy Oil Corp		8,226,216
	195,700	Royal Dutch Shell PLC ADR		11,323,202
	110,600	Schlumberger Ltd		7,018,676
	127,500	Spectra Energy Corp		2,872,575
	106,300	Sunoco Inc		3,158,173
	62,500	Williams Cos Inc		1,443,750
			$	80,928,006
Paper & Forest Products --- 2.11%
	302,483	International Paper Co		7,444,107
	138,400	MeadWestvaco Corp		3,536,120
	51,000	Weyerhaeuser Co		2,308,770
			$	13,288,997
Personal Loans --- 3.45%
	323,300	American Express Co		13,339,358
	104,800	Capital One Financial Corp		4,339,768
	326,100	SLM Corp *		4,082,772
			$	21,761,898
Pharmaceuticals --- 4.28%
	207,600	Bristol-Myers Squibb Co		5,542,920
	150,700	Eli Lilly & Co		5,458,354
	88,500	Johnson & Johnson		5,770,200
	190,600	Merck & Co Inc		7,118,910
	178,988	Pfizer Inc		3,069,644
			$	26,960,028
Printing & Publishing --- 1.56%
	195,700	McGraw-Hill Cos Inc		6,976,705
	255,100	New York Times Co Class A *		2,839,263
			$	9,815,968
Retail --- 3.76%
	165,400	Bed Bath & Beyond Inc *		7,237,904
	331,800	Home Depot Inc		10,733,730
	119,100	Macy's Inc		2,592,807
	65,600	Tiffany & Co		3,115,344
			$	23,679,785
Specialized Services --- 1.07%
	103,800	Computer Sciences Corp *		5,656,062
	63,000	H&R Block Inc		1,121,400
			$	6,777,462
Telephone & Telecommunications --- 4.04%
	444,570	AT&T Inc		11,487,689
	816,400	Qwest Communications International Inc		4,261,608
	384,300	Sprint Nextel Corp *		1,460,340
	180,786	Verizon Communications Inc		5,607,982
	1,146,300	Vodafone Group PLC		2,644,919
			$	25,462,538
Utilities --- 2.54%
	83,800	CenterPoint Energy Inc		1,203,368
	352,900	NiSource Inc		5,575,820
	85,000	PG&E Corp		3,605,700
	75,500	TECO Energy Inc		1,199,695
	207,600	Xcel Energy Inc		4,401,120
			$	15,985,703
TOTAL COMMON STOCK --- 95.53%			$	602,222,582
(Cost $586,594,810)
SHORT-TERM INVESTMENTS
Par Value ($)			Value ($)
	27,245,000	Federal Home Loan Bank		27,245,000
		0.01% April 1, 2010
TOTAL SHORT-TERM INVESTMENTS --- 4.32%			$	27,245,000
(Cost $27,245,000)
SECURITIES LENDING COLLATERAL
Par Value ($)			Value ($)
	969,074	BNP Paribas Securities Corp		969,074
		Repurchase Agreement
		0.01%  April 1, 2010
	969,074	Bank of America LLC		969,074
		Repurchase Agreement
		0.02%  April 1, 2010
	969,074	Barclays Capital Inc		969,074
		Repurchase Agreement
		0.01%  April 1, 2010
	969,074	Household Bank Securities Inc		969,074
		Repurchase Agreement
		0.01%  April 1, 2010
TOTAL SECURITIES LENDING COLLATERAL --- 0.61%			$	3,876,296
(Cost $3,876,296)
OTHER ASSETS & LIABILITIES --- (0.46%)			$	(2,927,736	)
TOTAL NET ASSETS --- 100%			$	630,416,142
(Cost $617,716,106)

Legend

*	Non-income Producing Security
†	A portion or all of the security is on loan at March 31, 2010.
ADR	American Depository Receipt

The value of assets in the Portfolio is determined as of the close of trading on each valuation date.

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

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.

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 exchange rates are determined by utilizing the New York closing rates.

Independent pricing services are utilized when possible and approved by the Board of Directors.  In some instances valuations from independent pricing services are not available or do not reflect significant events in the market between the time the market closed and the valuation time and therefore fair valuation procedures are implemented.  Developments that might be considered significant events to trigger fair value pricing could be natural disasters, government actions or significant fluctuations in domestic or foreign markets.

For foreign equity securities, 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 the 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.

The Portfolio classifies its valuations into three levels based upon the transparency of inputs to the valuation of the Portfolio’s investments.  The three levels are defined as follows:

Level 1 – Valuations based on quoted prices for identical securities in active markets.

Level 2 – Valuations based on either directly or indirectly observable inputs.  These may include quoted prices in markets that are not active or quoted prices for similar assets in active markets.  Valuations may also be based on inputs other than quoted prices that are observable for the asset, such as interest rates and yield curves.  Additional inputs may be used such as benchmark yields, reported trades, broker/dealer quotes, issuer spreads, prepayment speeds and benchmark securities. 

Level 3 – Valuations based on inputs that are unobservable and significant to the fair value measurement. 

As of March 31, 2010, the inputs used to value the Portfolio’s investments were as follows:

Description	Level 1		Level 2		Level 3		Total
Assets	$		$		$		$
Common Stock
Aerospace & defense		19,958,119		-		-		19,958,119
Air freight		6,801,696		-		-		6,801,696
Automobiles		3,138,226		-		-		3,138,226
Banks		35,128,149		-		-		35,128,149
Biotechnology		3,657,312		-		-		3,657,312
Broadcast/media		25,109,975		-		-		25,109,975
Building materials		6,328,304		-		-		6,328,304
Chemicals		11,791,283		-		-		11,791,283
Communications - equipment		2,696,708		-		-		2,696,708
Computer hardware &
systems		3,315,709		-		-		3,315,709
Computer software &
services		15,426,366		-		-		15,426,366
Conglomerates		27,234,632		-		-		27,234,632
Distributors		2,874,432		-		-		2,874,432
Electric companies		28,315,675		-		-		28,315,675
Electronic instruments &
equipment		4,238,951		-		-		4,238,951
Electronics - semiconductor		11,041,162		-		-		11,041,162
Engineering & construction		4,341,356		-		-		4,341,356
Financial services		51,822,006		-		-		51,822,006
Food & beverages		19,758,498		-		-		19,758,498
Foreign banks		267,874		-		-		267,874
Gold, metals & mining		8,705,366		-		-		8,705,366
Homebuilding		1,285,200		-		-		1,285,200
Hotels/motels		4,575,097		-		-		4,575,097
Household goods		21,640,659		-		-		21,640,659
Independent power producer		4,445,260		-		-		4,445,260
Insurance related		23,736,913		-		-		23,736,913
Leisure & entertainment		8,121,980		-		-		8,121,980
Machinery		17,712,805		-		-		17,712,805
Office equipment & supplies		4,092,484		-		-		4,092,484
Oil & gas		80,928,006		-		-		80,928,006
Paper & forest products		13,288,997		-		-		13,288,997
Personal loans		21,761,898		-		-		21,761,898
Pharmaceuticals		26,960,028		-		-		26,960,028
Printing & publishing		9,815,968		-		-		9,815,968
Retail		23,679,785		-		-		23,679,785
Specialized services		6,777,462		-		-		6,777,462
Telephone &
telecommunications		25,462,538		-		-		25,462,538
Utilities		15,985,703		-		-		15,985,703
Short-term Investments		3,876,296		27,245,000		-		31,121,296
Total	$	606,098,878	$	27,245,000	$	-	$	633,343,878

At March 31, 2010, the U.S. Federal income tax cost basis was $628,744,740.  The Maxim T. Rowe Price Equity/Income Portfolio had gross appreciation of securities in which there was an excess of value over tax cost of $80,488,418 and gross depreciation of securities in which there was an excess of tax cost over value of $75,889,280, resulting in net appreciation of $4,599,138.

Management determines the Portfolio's industry classifications using one or more widely recognized market indexes or ratings group indexes.  Industries are shown as a percent of total net assets.  These industry classifications are unaudited.

MAXIM SERIES FUND, INC.

MAXIM SMALL-CAP GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS

MARCH 31, 2010

UNAUDITED

COMMON STOCK
Shares			Value ($)
Aerospace & Defense --- 1.92%
	29,500	AAR Corp *		732,190
	86,900	Hexcel Corp *		1,254,836
			$	1,987,026
Air Freight --- 1.98%
	40,400	Forward Air Corp		1,062,520
	35,200	Hub Group Inc Class A *		984,896
			$	2,047,416
Airlines --- 0.47%
	24,900	UAL Corp * †		486,795
			$	486,795
Auto Parts & Equipment --- 1.59%
	4,000	Fuel Systems Solutions Inc * †		127,840
	35,700	Gentex Corp		693,294
	34,800	Tenneco Inc *		823,020
			$	1,644,154
Banks --- 2.90%
	56,600	First Midwest Bancorp Inc		766,930
	94,800	FNB Corp		768,828
	42,400	Pinnacle Financial Partners Inc *		640,664
	47,000	Webster Financial Corp		822,030
			$	2,998,452
Biotechnology --- 8.03%
	7,400	Acorda Therapeutics Inc *		253,080
	44,400	Alkermes Inc *		575,868
	60,300	Allos Therapeutics Inc *		448,029
	28,900	Cubist Pharmaceuticals Inc *		651,406
	13,900	Dendreon Corp *		506,933
	12,300	Dionex Corp *		919,794
	59,700	Enzon Pharmaceuticals Inc * †		607,746
	22,600	Human Genome Sciences Inc *		682,520
	33,100	InterMune Inc *		1,475,267
	33,200	Momenta Pharmaceuticals Inc *		497,004
	9,400	Onyx Pharmaceuticals Inc *		284,632
	40,700	PAREXEL International Corp *		948,717
	30,900	Savient Pharmaceuticals Inc *		446,505
			$	8,297,501
Chemicals --- 0.55%
	55,000	PolyOne Corp *		563,200
			$	563,200
Communications - Equipment --- 1.83%
	30,800	Plantronics Inc		963,424
	32,600	Riverbed Technology Inc *		925,840
			$	1,889,264
Computer Software & Services --- 11.17%
	14,600	ArcSight Inc *		410,990
	83,500	Ariba Inc *		1,072,975
	26,700	AsiaInfo Holdings Inc *		707,016
	28,200	Bottomline Technologies Inc *		474,606
	23,300	Concur Technologies Inc *		955,533
	23,700	Constant Contact Inc * †		550,314
	72,200	Double-Take Software Inc *		643,302
	60,000	Informatica Corp *		1,611,600
	17,700	JDA Software Group Inc *		492,414
	18,900	MICROS Systems Inc *		621,432
	43,100	NetSuite Inc * †		626,674
	43,700	NIC Inc		343,919
	25,600	SuccessFactors Inc *		487,424
	25,000	Taleo Corp *		647,750
	17,600	VistaPrint NV *		1,007,600
	39,000	Websense Inc *		888,030
			$	11,541,579
Containers --- 0.65%
	33,000	Temple-Inland Inc		674,190
			$	674,190
Cosmetics & Personal Care --- 0.72%
	25,600	Nu Skin Enterprises Inc Class A		744,960
			$	744,960
Distributors --- 0.97%
	20,900	Applied Industrial Technologies Inc		519,365
	35,200	Titan Machinery Inc *		481,888
			$	1,001,253
Electronic Instruments & Equipment --- 1.98%
	37,100	Belden Inc		1,018,766
	16,600	II-VI Inc *		561,744
	11,200	Tech Data Corp *		469,280
			$	2,049,790
Electronics - Semiconductor --- 5.82%
	33,700	Atheros Communications *		1,304,527
	12,400	Cymer Inc *		462,520
	32,500	MKS Instruments Inc *		636,675
	36,300	Netlogic Microsystems Inc *		1,067,817
	28,900	Novellus Systems Inc *		722,500
	32,200	PMC-Sierra Inc *		287,224
	98,000	Skyworks Solutions Inc *		1,528,800
			$	6,010,063
Engineering & Construction --- 0.22%
	12,700	Orion Marine Group Inc *		229,235
			$	229,235
Financial Services --- 1.06%
	19,900	Portfolio Recovery Associates Inc * †		1,091,913
			$	1,091,913
Food & Beverages --- 1.21%
	15,400	American Italian Pasta Co Class A *		598,598
	15,000	J&J Snack Foods Corp		652,050
			$	1,250,648
Gold, Metals & Mining --- 0.87%
	18,700	Brush Engineered Materials Inc *		422,059
	13,000	Carpenter Technology Corp		475,800
			$	897,859
Health Care Related --- 6.08%
	18,900	athenahealth Inc * †		690,984
	15,700	Bio-Reference Laboratories Inc *		690,329
	50,200	BioScrip Inc *		400,596
	27,900	Catalyst Health Solutions Inc *		1,154,502
	6,400	Computer Programs & Systems Inc		250,112
	20,300	Emdeon Inc Class A * †		335,356
	20,300	Genoptix Inc *		720,447
	51,300	HealthSouth Corp *		959,310
	7,600	MEDNAX Inc *		442,244
	10,700	PSS World Medical Inc *		251,557
	6,200	Quality Systems Inc †		380,928
			$	6,276,365
Household Goods --- 1.43%
	36,100	Tempur-Pedic International Inc * †		1,088,776
	8,100	Tupperware Brands Corp		390,582
			$	1,479,358
Investment Bank/Brokerage Firm --- 3.13%
	358,500	E*TRADE Financial Corp *		591,525
	64,000	MF Global Holdings Ltd *		516,480
	36,300	Raymond James Financial Inc		970,662
	14,600	Stifel Financial Corp *		784,750
	32,300	SWS Group Inc		372,419
			$	3,235,836
Leisure & Entertainment --- 0.25%
	6,400	Bally Technologies Inc *		259,456
			$	259,456
Machinery --- 6.55%
	75,300	Actuant Corp Class A		1,472,115
	23,700	Albany International Corp Class A		510,261
	47,200	Barnes Group Inc		918,040
	31,000	CIRCOR International Inc †		1,029,510
	29,600	EnPro Industries Inc *		860,768
	110,500	Mueller Water Products Inc Class A		528,190
	25,300	Robbins & Myers Inc		602,646
	28,300	Timken Co		849,283
			$	6,770,813
Manufacturing --- 0.48%
	64,800	SMART Modular Technologies WWH Inc *		499,608
			$	499,608
Medical Products --- 5.26%
	49,600	American Medical Systems Holdings Inc *		921,568
	12,900	ICU Medical Inc *		444,405
	28,600	Merit Medical Systems Inc *		436,150
	24,600	Neogen Corp *		617,460
	24,600	NuVasive Inc * †		1,111,920
	15,100	Sirona Dental Systems Inc *		574,253
	18,100	SonoSite Inc *		581,191
	17,900	West Pharmaceutical Services Inc		750,905
			$	5,437,852
Office Equipment & Supplies --- 0.71%
	32,000	Sykes Enterprises Inc *		730,880
			$	730,880
Oil & Gas --- 5.26%
	22,900	Berry Petroleum Co Class A		644,864
	51,500	Brigham Exploration Co *		821,425
	13,100	CARBO Ceramics Inc		816,654
	38,900	Clean Energy Fuels Corp * †		886,142
	15,700	Dril-Quip Inc *		955,188
	32,500	McMoRan Exploration Co *		475,475
	9,100	Overseas Shipholding Group Inc †		356,993
	17,900	World Fuel Services Corp		476,856
			$	5,433,597
Paper & Forest Products --- 0.25%
	5,500	Schweitzer-Mauduit International Inc		261,580
			$	261,580
Personal Loans --- 1.12%
	11,700	Cash America International Inc		461,916
	33,900	EZCORP Inc Class A *		698,340
			$	1,160,256
Pharmaceuticals --- 3.00%
	21,100	Auxilium Pharmaceuticals Inc *		657,476
	76,400	Cypress Bioscience Inc *		374,360
	87,900	Questcor Pharmaceuticals Inc *		723,417
	36,100	Salix Pharmaceuticals Ltd *		1,344,725
			$	3,099,978
Pollution Control --- 0.78%
	34,900	Tetra Tech Inc *		804,096
			$	804,096
Printing & Publishing --- 0.93%
	57,300	Cenveo Inc *		496,218
	88,200	Innerworkings Inc *		458,640
			$	954,858
Railroads --- 0.79%
	22,400	Kansas City Southern *		810,208
			$	810,208
Restaurants --- 1.98%
	5,900	Buffalo Wild Wings Inc *		283,849
	25,700	Burger King Holdings Inc		546,382
	20,000	Papa John's International Inc *		514,200
	15,800	PF Chang's China Bistro Inc * †		697,254
			$	2,041,685
Retail --- 7.58%
	18,800	Aaron's Inc		626,792
	38,100	Asbury Automotive Group Inc *		506,730
	41,300	Chicos FAS Inc		595,546
	19,100	Citi Trends Inc *		619,604
	31,300	Collective Brands Inc *		711,762
	33,100	Dress Barn Inc *		865,896
	16,700	DSW Inc * †		426,351
	15,500	Group 1 Automotive Inc * †		493,830
	14,500	hhgregg Inc * †		365,980
	11,000	J Crew Group Inc *		504,900
	13,700	Jo-Ann Stores Inc *		575,126
	19,500	Kirkland's Inc *		409,500
	19,700	Lumber Liquidators Holdings Inc *		525,399
	15,400	NutriSystem Inc †		274,274
	9,500	Rue21 Inc *		329,365
			$	7,831,055
Savings & Loans --- 0.65%
	42,600	Radian Group Inc †		666,264
			$	666,264
Shoes --- 2.00%
	7,000	Deckers Outdoor Corp *		966,000
	22,500	Steven Madden Ltd *		1,098,000
			$	2,064,000
Specialized Services --- 4.34%
	69,300	CyberSource Corp *		1,222,452
	41,200	Kelly Services Inc Class A *		686,392
	17,000	ManTech International Corp Class A *		830,110
	11,200	NCI Inc Class A *		338,576
	44,400	RightNow Technologies Inc *		792,984
	16,200	TNS Inc *		361,260
	16,308	TrueBlue Inc *		252,774
			$	4,484,548
Textiles --- 2.65%
	21,500	Fossil Inc *		811,410
	9,300	Phillips-Van Heusen Corp		533,448
	15,000	True Religion Apparel Inc * †		455,400
	19,700	Warnaco Group Inc *		939,887
			$	2,740,145
TOTAL COMMON STOCK --- 99.16%			$	102,447,736
(Cost $83,110,052)
SHORT-TERM INVESTMENTS
Par Value ($)			Value ($)
	763,000	Federal Home Loan Bank		763,000
		0.01% April 1, 2010
TOTAL SHORT-TERM INVESTMENTS --- 0.74%			$	763,000
(Cost $763,000)
SECURITIES LENDING COLLATERAL
Par Value ($)			Value ($)
	1,894,929	Household Bank Securities Inc		1,894,929
		Repurchases Agreement
		0.01%  April 1, 2010
	1,897,929	Barclays Capital Inc		1,897,928
		Repurchase Agreement
		0.01%  April 1, 2010
	1,894,929	Bank of America LLC		1,894,929
		Repurchase Agreement
		0.02%  April 1, 2010
	1,894,929	BNP Paribas Securities Corp		1,894,929
		Repurchase Agreement
		0.01%  April 1, 2010
TOTAL SECURITIES LENDING COLLATERAL --- 7.34%			$	7,582,715
(Cost $7,582,715)
OTHER ASSETS & LIABILITIES --- (7.24%)			$	(7,481,731	)
TOTAL NET ASSETS --- 100%			$	103,311,720
(Cost $91,455,766)

Legend

*	Non-income Producing Security
†	A portion or all of the security is on loan at March 31, 2010.

The value of assets in the Portfolio is determined as of the close of trading on each valuation date.

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

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.

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 exchange rates are determined by utilizing the New York closing rates.

Independent pricing services are utilized when possible and approved by the Board of Directors.  In some instances valuations from independent pricing services are not available or do not reflect significant events in the market between the time the market closed and the valuation time and therefore fair valuation procedures are implemented.  Developments that might be considered significant events to trigger fair value pricing could be natural disasters, government actions or significant fluctuations in domestic or foreign markets.

For foreign equity securities, 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 the 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.

The Portfolio classifies its valuations into three levels based upon the transparency of inputs to the valuation of the Portfolio’s investments.  The three levels are defined as follows:

Level 1 – Valuations based on quoted prices for identical securities in active markets.

Level 2 – Valuations based on either directly or indirectly observable inputs.  These may include quoted prices in markets that are not active or quoted prices for similar assets in active markets.  Valuations may also be based on inputs other than quoted prices that are observable for the asset, such as interest rates and yield curves.  Additional inputs may be used such as benchmark yields, reported trades, broker/dealer quotes, issuer spreads, prepayment speeds and benchmark securities. 

Level 3 – Valuations based on inputs that are unobservable and significant to the fair value measurement.

As of March 31, 2010, the inputs used to value the Portfolio’s investments were as follows:

Description	Level 1		Level 2		Level 3		Total
Assets	$		$		$		$
Common Stock
Aerospace & defense		1,987,026		-		-		1,987,026
Air freight		2,047,416		-		-		2,047,416
Airlines		486,795		-		-		486,795
Auto parts & equipment		1,644,154		-		-		1,644,154
Banks		2,998,452		-		-		2,998,452
Biotechnology		8,297,501		-		-		8,297,501
Chemicals		563,200		-		-		563,200
Communications - equipment		1,889,264		-		-		1,889,264
Computer software &
services		11,541,579		-		-		11,541,579
Containers		674,190		-		-		674,190
Cosmetics & personal care		744,960		-		-		744,960
Distributors		1,001,253		-		-		1,001,253
Electronic instruments &
equipment		2,049,790		-		-		2,049,790
Electronics - semiconductor		6,010,063		-		-		6,010,063
Engineering & construction		229,235		-		-		229,235
Financial services		1,091,913		-		-		1,091,913
Food & beverages		1,250,648		-		-		1,250,648
Gold, metals & mining		897,859		-		-		897,859
Health care related		6,276,365		-		-		6,276,365
Household goods		1,479,358		-		-		1,479,358
Investment bank/brokerage
firm		3,235,836		-		-		3,235,836
Leisure & entertainment		259,456		-		-		259,456
Machinery		6,770,813		-		-		6,770,813
Manufacturing		499,608		-		-		499,608
Medical products		5,437,852		-		-		5,437,852
Office equipment & supplies		730,880		-		-		730,880
Oil & gas		5,433,597		-		-		5,433,597
Paper & forest products		261,580		-		-		261,580
Personal loans		1,160,256		-		-		1,160,256
Pharmaceuticals		3,099,978		-		-		3,099,978
Pollution control		804,096		-		-		804,096
Printing & publishing		954,858		-		-		954,858
Railroads		810,208		-		-		810,208
Restaurants		2,041,685		-		-		2,041,685
Retail		7,831,055		-		-		7,831,055
Savings & loans		666,264		-		-		666,264
Shoes		2,064,000		-		-		2,064,000
Specialized services		4,484,548		-		-		4,484,548
Textiles		2,740,145		-		-		2,740,145
Short-term Investments		7,582,715		763,000		-		8,345,715
Total	$	110,030,451	$	763,000	$	-	$	110,793,451

At March 31, 2010, the U.S. Federal income tax cost basis was $92,585,866.  The Maxim Small-Cap Growth Portfolio had gross appreciation of securities in which there was an excess of value over tax cost of $20,239,738 and gross depreciation of securities in which there was an excess of tax cost over value of $2,032,153, resulting in net appreciation of $18,207,585.

Management determines the Portfolio’s industry classifications using one or more widely recognized market indexes or ratings group indexes.  Industries are shown as a percent of total net assets.  These industry classifications are unaudited.

MAXIM SERIES FUND, INC.

MAXIM INVESCO ADR PORTFOLIO

SCHEDULE OF INVESTMENTS

MARCH 31, 2010

UNAUDITED

COMMON STOCK
Shares			Value ($)
Aerospace & Defense --- 1.68%
	180,602	BAE Systems PLC sponsored ADR *		4,052,709
			$	4,052,709
Agriculture --- 0.10%
	226,000	Chaoda Modern Agriculture Holdings Ltd		240,721
			$	240,721
Air Freight --- 1.25%
	105,322	TNT NV ADR		3,006,943
			$	3,006,943
Auto Parts & Equipment --- 0.20%
	3,644	Hyundai Mobis		483,097
			$	483,097
Automobiles --- 4.20%
	51,974	Bayerische Motoren Werke AG		2,399,405
	257,523	Nissan Motor Co Ltd sponsored ADR *		4,429,395
	536,428	Porsche Automobil Holding SE ADR *		3,288,304
			$	10,117,104
Chemicals --- 4.04%
	62,437	Agrium Inc		4,409,925
	736,000	Sinofert Holdings Ltd		439,842
	998,000	Sumitomo Chemical Co Ltd		4,878,447
			$	9,728,214
Communications - Equipment --- 1.18%
	272,226	Telefonaktiebolaget LM Ericsson sponsored ADR *		2,839,317
			$	2,839,317
Conglomerates --- 1.05%
	43,569	Barloworld Ltd ADR		288,863
	61,282	Hutchison Whampoa Ltd ADR		2,236,793
			$	2,525,656
Distributors --- 0.88%
	40,357	Mitsubishi Corp sponsored ADR *		2,122,778
			$	2,122,778
Electric Companies --- 0.96%
	29,565	Cia Energetica de Minas Gerais sponsored ADR		491,962
	53,700	Iberdrola SA sponsored ADR		1,817,745
			$	2,309,707
Electronic Instruments & Equipment --- 3.68%
	33,647	AU Optronics Corp sponsored ADR		381,220
	148,320	FUJIFILM Holdings Corp ADR		5,094,792
	59,400	Murata Manufacturing Co Ltd		3,373,773
			$	8,849,785
Electronics - Semiconductor --- 0.26%
	853	Samsung Electronics Co Ltd		616,690
			$	616,690
Engineering & Construction --- 2.93%
	61,318	Bouygues SA ‡		3,082,547
	3,599	Daelim Industrial Co Ltd		238,565
	248,718	Holcim Ltd ADR *		3,730,770
			$	7,051,882
Food & Beverages --- 3.09%
	70,871	Seven & I Holdings Co Ltd ADR		3,423,069
	13,734	Tiger Brands Ltd - sponsored ADR *		348,844
	121,451	Unilever NV NY Shrs		3,662,962
			$	7,434,875
Foreign Banks --- 12.67%
	206,370	Australia & New Zealand Banking Group Ltd sponsored ADR		4,775,402
	25,966	Banco Santander Brasil SA ADR *		322,757
	361,751	Banco Santander SA sponsored ADR *		4,800,436
	81,100	Bangkok Bank PLC NVDR		329,817
	306,000	China Construction Bank Corp		250,656
	401,100	Credit Agricole SA ADR *		3,461,493
	84,100	Grupo Financiero Banorte SAB de CV		373,030
	24,513	HSBC Holdings PLC sponsored ADR		1,242,564
	986,408	Mitsubishi UFJ Financial Group Inc ADR *		5,158,914
	622,163	National Bank of Greece SA *		2,525,982
	6,610	Shinhan Financial Group Co Ltd		259,680
	233,312	Societe Generale sponsored ADR		2,932,732
	35,901	Standard Bank Group Ltd		564,854
	5,895	State Bank of India Ltd sponsored GDR		555,309
	36,619	Toronto-Dominion Bank *		2,731,045
	23,266	Turkiye Is Bankasi ‡		72,966
	48,986	Turkiye Is Bankasi		159,440
			$	30,517,077
Gold, Metals & Mining --- 4.65%
	78,183	BHP Billiton Ltd sponsored ADR *		6,279,659
	57,692	Ezz Steel ‡		221,401
	1,094	POSCO		510,524
	34,170	Salzgitter AG		3,172,025
	14,300	Usinas Siderurgicas de Minas Gerais SA ‡		492,360
	16,380	Vale SA sponsored ADR		527,272
			$	11,203,241
Homebuilding --- 0.11%
	9,079	Desarrolladora Homex SAB de CV ADR * ‡		256,754
			$	256,754
Household Goods --- 0.31%
	2,315	LG Electronics Inc		235,295
	182,145	Steinhoff International Holdings Ltd		500,141
			$	735,436
Independent Power Producer --- 0.87%
	42,937	International Power PLC ADR *		2,088,026
			$	2,088,026
Insurance Related --- 5.48%
	92,358	Intact Financial Corp		4,074,792
	116,097	Muenchener Rueckversicherungs AG ADR		1,878,449
	283,937	Zurich Financial Services AG ADR		7,240,394
			$	13,193,635
Machinery --- 1.76%
	2,157	Hyundai Mipo Dockyard		296,446
	470,919	MAN SE ADR		3,932,174
			$	4,228,620
Office Equipment & Supplies --- 2.21%
	115,259	Canon Inc sponsored ADR		5,326,118
			$	5,326,118
Oil & Gas --- 12.28%
	15,300	Banpu PCL		292,420
	69,097	BP PLC sponsored ADR		3,943,366
	50,238	Cenovus Energy Inc		1,316,738
	2,590	CNOOC Ltd ADR *		427,557
	20,332	Dragon Oil PLC ‡		149,255
	79,871	EnCana Corp		2,478,397
	88,517	Eni SpA sponsored ADR		4,154,103
	17,489	OAO Gazprom sponsored ADR		408,543
	7,013	OAO LUKOIL sponsored ADR		397,637
	13,347	Petroleo Brasileiro SA ADR		593,808
	25,400	PTT PLC		205,808
	95,993	Repsol YPF SA sponsored ADR		2,282,714
	105,283	Royal Dutch Shell PLC ADR		5,825,308
	8,464	Sasol Ltd sponsored ADR *		349,309
	84,208	Statoil ASA sponsored ADR *		1,964,573
	82,223	Total SA sponsored ADR		4,770,578
			$	29,560,114
Pharmaceuticals --- 6.37%
	63,661	AstraZeneca PLC sponsored ADR *		2,846,920
	106,625	GlaxoSmithKline PLC sponsored ADR		4,107,195
	136,510	Sanofi-Aventis ADR		5,100,014
	150,240	Takeda Pharmaceutical Co Ltd unsponsored ADR		3,290,256
			$	15,344,385
Printing & Publishing --- 0.00%
	1	Reed Elsevier PLC sponsored ADR		32
			$	32
Railroads --- 1.11%
	229,622	East Japan Railway Co unsponsored ADR		2,663,615
			$	2,663,615
Real Estate --- 2.05%
	202,973	Cheung Kong (Holdings) Ltd unsponsored ADR		2,583,847
	914,000	Renhe Commercial Holdings Co Ltd		211,894
	613,000	Soho China Ltd		347,387
	8,885	Unibail-Rodamco SE REIT		1,800,089
			$	4,943,217
Retail --- 3.13%
	266,132	Esprit Holdings Ltd sponsored ADR		4,151,659
	684	Lotte Shopping Co Ltd		198,287
	56,172	Metro Inc		2,328,955
	11,720	Yamada Denki Co Ltd		864,991
			$	7,543,892
Telephone & Telecommunications --- 9.88%
	10,382	America Movil SAB de CV ADR Series L		522,630
	248,000	China Unicom Hong Kong Ltd		279,167
	119,307	Nippon Telegraph & Telephone Corp ADR		2,507,833
	256,697	Nokia OYJ sponsored ADR *		3,989,071
	151,534	NTT DoCoMo Inc sponsored ADR *		2,303,317
	55,109	Orascom Telecom Holding SAE GDR		282,158
	8,205	PT Telekomunikasi Indonesia sponsored ADR		293,411
	12,776	SK Telecom Co Ltd ADR		220,514
	160,756	Swisscom AG sponsored ADR		5,849,911
	235,228	Telstra Corp Ltd ADR *		3,234,385
	184,580	Vodafone Group PLC sponsored ADR		4,298,868
			$	23,781,265
Tobacco --- 2.73%
	107,872	Imperial Tobacco Group PLC ADR		6,581,271
			$	6,581,271
Transportation --- 1.23%
	382,536	Nippon Yusen KK sponsored ADR		2,968,479
			$	2,968,479
Utilities --- 2.54%
	197,315	Centrica PLC sponsored ADR		3,514,180
	53,532	National Grid PLC sponsored ADR		2,609,685
			$	6,123,865
TOTAL COMMON STOCK --- 94.88%			$	228,438,520
(Cost $217,734,117)
SHORT-TERM INVESTMENTS
Par Value ($)			Value ($)
	8,806,000	Federal Home Loan Bank		8,806,000
		0.01% April 1, 2010
TOTAL SHORT-TERM INVESTMENTS --- 3.66%			$	8,806,000
(Cost $8,806,000)
SECURITIES LENDING COLLATERAL
Par Value ($)			Value ($)
	7,244,054	Household Bank Securities Inc		7,244,054
		Repurchase Agreement
		0.01%  April 1, 2010
	7,244,054	Barclays Capital Inc		7,244,054
		Repurchase Agreement
		0.01%  April 1, 2010
	7,244,054	Bank of America LLC		7,244,054
		Repurchase Agreement
		0.02%  April 1, 2010
	7,246,054	BNP Paribas Securities Corp		7,246,054
		Repurchase Agreement
		0.01%  April 1, 2010
TOTAL SECURITIES LENDING COLLATERAL --- 12.03%			$	28,978,216
(Cost $28,978,216)
OTHER ASSETS & LIABILITIES --- (10.57%)			$	(25,456,328	)
TOTAL NET ASSETS --- 100%			$	240,766,408
(Cost $255,518,333)

Legend

*	A portion or all of the security is on loan at March 31, 2010.
ADR	American Depository Receipt
‡	Non-income Producing Security
GDR	Global Depository Receipt
REIT	Real Estate Investment Trust
NVDR	Non Voting Depository Receipt

The value of assets in the Portfolio is determined as of the close of trading on each valuation date.

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

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.

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 exchange rates are determined by utilizing the New York closing rates.

Independent pricing services are utilized when possible and approved by the Board of Directors.  In some instances valuations from independent pricing services are not available or do not reflect significant events in the market between the time the market closed and the valuation time and therefore fair valuation procedures are implemented.  Developments that might be considered significant events to trigger fair value pricing could be natural disasters, government actions or significant fluctuations in domestic or foreign markets.

For foreign equity securities, 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 the U.S. securities market, reviewing developments in foreign markets and evaluating the performance of American Depository Receipts (ADRs), futures contracts and exchange-traded funds.

Investments in securities of non-U.S. issuers have unique risks not present in securities of U.S. issuers.

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.

The Portfolio classifies its valuations into three levels based upon the transparency of inputs to the valuation of the Portfolio’s investments.  The three levels are defined as follows:

Level 1 – Valuations based on quoted prices for identical securities in active markets.

Level 2 – Valuations based on either directly or indirectly observable inputs.  These may include quoted prices in markets that are not active or quoted prices for similar assets in active markets.  Valuations may also be based on inputs other than quoted prices that are observable for the asset, such as interest rates and yield curves.  Additional inputs may be used such as benchmark yields, reported trades, broker/dealer quotes, issuer spreads, prepayment speeds and benchmark securities. 

Level 3 – Valuations based on inputs that are unobservable and significant to the fair value measurement. 

As of March 31, 2010, the inputs used to value the Portfolio’s investments were as follows:

Description	Level 1		Level 2		Level 3		Total
Assets	$		$		$		$
Common Stock
Aerospace & defense		4,052,709		-		-		4,052,709
Agriculture		240,721		-		-		240,721
Air freight		-		3,006,943		-		3,006,943
Auto parts & equipment		483,097		-		-		483,097
Automobiles		2,399,405		7,717,699		-		10,117,104
Chemicals		9,728,214		-		-		9,728,214
Communications - equipment		2,839,317		-		-		2,839,317
Conglomerates		-		2,525,656		-		2,525,656
Distributors		-		2,122,778		-		2,122,778
Electric companies		491,962		1,817,745		-		2,309,707
Electronic instruments &
equipment		3,754,993		5,094,792		-		8,849,785
Electronics - semiconductor		616,690		-		-		616,690
Engineering & construction		3,321,112		3,730,770		-		7,051,882
Food & beverages		3,662,962		3,771,913		-		7,434,875
Foreign banks		22,280,182		8,236,895		-		30,517,077
Gold, metals & mining		11,203,241		-		-		11,203,241
Homebuilding		256,754		-		-		256,754
Household goods		735,436		-		-		735,436
Independent power producer		-		2,088,026		-		2,088,026
Insurance related		11,315,186		1,878,449		-		13,193,635
Machinery		296,446		3,932,174		-		4,228,620
Office equipment & supplies		5,326,118		-		-		5,326,118
Oil & gas		29,162,477		397,637		-		29,560,114
Pharmaceuticals		15,344,385		-		-		15,344,385
Printing & publishing		32		-		-		32
Railroads		-		2,663,615		-		2,663,615
Real estate		2,359,370		2,583,847		-		4,943,217
Retail		3,392,233		4,151,659		-		7,543,892
Telephone &
telecommunications		14,696,969		9,084,296		-		23,781,265
Tobacco		-		6,581,271		-		6,581,271
Transportation		-		2,968,479		-		2,968,479
Utilities		2,609,685		3,514,180		-		6,123,865
Short-term Investments		28,978,216		8,806,000		-		37,784,216
Total	$	179,547,912	$	86,674,824	$	-	$	266,222,736

At March 31, 2010, the U.S. Federal income tax cost basis was $256,805,131.  The Maxim Invesco ADR Portfolio had gross appreciation of securities in which there was an excess of value over tax cost of $26,667,919 and gross depreciation of securities in which there was an excess of tax cost over value of $17,250,314, resulting in net appreciation of $9,417,605.

Management determines the Portfolio’s industry classifications using one or more widely recognized market indexes or ratings group indexes.  Industries are shown as a percent of total net assets.  These industry classifications are unaudited.

See Summary of Investments by Country following the Schedule of Investments.

MAXIM SERIES FUND, INC.

MAXIM INVESCO ADR PORTFOLIO

SUMMARY OF INVESTMENTS BY COUNTRY

MARCH 31, 2010

UNAUDITED

			% of Portfolio
Country	Values ($)		Investment
Australia		14,289,446		5.36	%
Bermuda		439,842		0.16	%
Brazil		2,428,159		0.92	%
Canada		17,339,852		6.51	%
Cayman Islands		347,387		0.13	%
China		4,402,315		1.65	%
Egypt		503,559		0.19	%
Finland		3,989,071		1.50	%
France		21,147,453		7.94	%
Germany		14,670,357		5.52	%
Hong Kong		5,979,979		2.24	%
India		555,309		0.21	%
Indonesia		293,411		0.11	%
Ireland		149,255		0.06	%
Italy		4,154,103		1.56	%
Japan		43,976,382		16.53	%
Mexico		1,152,414		0.44	%
Netherlands		6,669,905		2.51	%
Norway		1,964,573		0.74	%
Russia		806,180		0.30	%
South Africa		2,052,011		0.77	%
South Korea		3,059,098		1.14	%
Spain		8,900,895		3.34	%
Sweden		2,839,317		1.07	%
Switzerland		16,821,075		6.32	%
Taiwan		381,220		0.14	%
Thailand		828,045		0.31	%
Turkey		232,406		0.09	%
United Kingdom		41,110,124		15.44	%
United States		44,739,593		16.80	%
		266,222,736		100.00	%

MAXIM SERIES FUND, INC.

MAXIM SHORT DURATION BOND PORTFOLIO

SCHEDULE OF INVESTMENTS

MARCH 31, 2010

UNAUDITED

BONDS
Par Value ($)			Value ($)
Aerospace & Defense --- 1.09%
	250,000	Boeing Co		270,636
		5.00% March 15, 2014
	250,000	ITT Corp		265,502
		4.90% May 1, 2014
			$	536,138
Agency - Pass Through --- 15.48%
	172,219	Fannie Mae		199,611
		8.00% October 1, 2030
	372,680	Fannie Mae		386,686
		5.00% September 1, 2033
	84,245	Fannie Mae *		86,626
		2.58% March 1, 2034
	722,713	Fannie Mae		773,426
		6.00% October 1, 2035
	424,929	Freddie Mac *		439,744
		4.90% July 1, 2035
	468,092	Freddie Mac *		496,922
		5.99% October 1, 2036
	894,299	Freddie Mac		961,944
		6.00% August 1, 2037
	361,887	Freddie Mac		394,463
		6.50% July 1, 2036
	923,064	Freddie Mac		958,696
		4.50% September 1, 2024
	617,454	Freddie Mac		661,493
		5.50% July 1, 2023
	901,896	Freddie Mac		936,711
		4.50% August 1, 2024
	887,829	Freddie Mac		917,865
		5.00% April 1, 2039
	401,662	Freddie Mac		415,291
		5.00% February 1, 2039
			$	7,629,478
Agency Asset Backed --- 0.97%
	57,048	Fannie Mae *		54,428
		Series 2004-T9 Class A1
		0.39% April 25, 2035
	408,856	Fannie Mae		426,150
		Series 2003-T4 Class 2A6
		4.76% July 26, 2033
			$	480,578
Agency Mortgage Backed --- 7.20%
	434,888	Fannie Mae *		433,231
		Series 2004-90 Class F
		0.50% November 25, 2034
	191,129	Freddie Mac *		190,449
		Series 3,032 Class FP
		0.53% August 15, 2035
	460,076	Freddie Mac		471,710
		Series R001 Class AE
		4.38% April 15, 2015
	827,089	Freddie Mac *		818,263
		Series 2,637 Class FA
		0.63% June 15, 2018
	1,489,201	US Department of Veterans Affairs		1,635,329
		Series 1996-3 Class 1Z
		6.75% September 15, 2026
			$	3,548,982
Banks --- 1.01%
	250,000	US Bancorp		249,232
		2.13% February 15, 2013
	250,000	Wells Fargo & Co		248,048
		3.63% April 15, 2015
			$	497,280
Broadcast/Media --- 2.69%
	250,000	Comcast Corp		273,938
		5.85% November 15, 2015
	250,000	News America Holdings Inc		293,758
		9.25% February 1, 2013
	500,000	Time Warner Cable Inc		500,423
		3.50% February 1, 2015
	250,000	Viacom Inc		258,298
		4.38% September 15, 2014
			$	1,326,417
Chemicals --- 1.12%
	250,000	Chevron Phillips Chemical Co LLC †		281,640
		7.00% June 15, 2014
	250,000	Potash Corp of Saskatchewan Inc		270,275
		5.25% May 15, 2014
			$	551,915
Commercial Mortgage Backed --- 14.48%
	805,000	Bear Stearns Commercial Mortgage Securities Inc		818,169
		Series 2004-PWR5 Class A3
		4.57% July 11, 2042
	160,000	Bear Stearns Commercial Mortgage Securities Inc		166,949
		Series 2003-T10 Class A2
		4.74% March 13, 2040
	13,728	Bear Stearns Commercial Mortgage Securities Inc		13,715
		Series 1998-C1 Class A2
		6.44% June 16, 2030
	100,000	Bear Stearns Commercial Mortgage Securities Inc *		103,888
		Series 2004-PW Class A3
		5.47% June 11, 2041
	250,000	GMAC Commercial Mortgage Securities Inc		255,230
		Series 2003-C3 Class A3
		4.65% April 10, 2040
	500,000	Greenwich Capital Commercial Funding Corp		527,809
		Series 2003-C Class A4
		4.92% January 5, 2036
	50,000	JP Morgan Chase Commercial Mortgage Securities Corp		51,040
		Series 2004-CBX Class A5
		4.65% January 12, 2037
	250,000	JP Morgan Chase Commercial Mortgage Securities Corp		252,750
		Series 2005-LDP2 Class A4
		4.74% July 15, 2042
	244,000	JP Morgan Chase Commercial Mortgage Securities Corp		247,858
		Series 2004-CBX Class A4
		4.53% January 12, 2037
	250,000	JP Morgan Chase Commercial Mortgage Securities Corp		255,088
		Series 2004-CB8 Class A3
		4.01% January 12, 2039
	319,506	JP Morgan Chase Commercial Mortgage Securities Corp †		315,929
		Series 2004-CB8 Class A1A
		4.16% January 12, 2039
	14,638	JP Morgan Commercial Mortgage Finance Corp *		14,694
		Series 2000-C10 Class A2
		7.37% August 15, 2032
	122,634	Morgan Stanley Capital I		125,937
		Series 2006-T23 Class A1
		5.68% April 12, 2011
	500,000	Morgan Stanley Capital I *		512,874
		Series 2006-T21 Class A4
		5.16% October 12, 2052
	250,000	Morgan Stanley Dean Witter Capital I Inc		259,567
		Series 2003-9 Class A2
		4.74% November 13, 2036
	500,000	Morgan Stanley Dean Witter Capital I Inc		520,163
		Series 2003-HQ2 Class A2
		4.92% March 12, 2035
	488,566	Morgan Stanley Dean Witter Capital I Inc		509,209
		Series 2001-TOP3 Class A4
		6.39% July 15, 2033
	1,974,995	Salomon Brothers Mortgage Securities VII		2,036,327
		Series 2001-C1 Class A3
		6.43% December 18, 2035
	150,000	Wachovia Bank Commercial Mortgage Trust *		153,051
		Series 2003-C6 Class A3
		4.96% August 15, 2035
			$	7,140,247
Computer Hardware & Systems --- 0.57%
	250,000	Hewlett-Packard Co		281,539
		6.13% March 1, 2014
			$	281,539
Computer Software & Services --- 1.04%
	250,000	Microsoft Corp		253,813
		2.95% June 1, 2014
	250,000	Oracle Corp		260,888
		3.75% July 8, 2014
			$	514,701
Cosmetics & Personal Care --- 1.15%
	250,000	Avon Products Inc		274,119
		5.63% March 1, 2014
	250,000	Estee Lauder Co Inc		290,605
		7.75% November 1, 2013
			$	564,724
Electric Companies --- 1.11%
	250,000	PECO Energy Co		269,099
		5.00% October 1, 2014
	250,000	Westar Energy Inc		275,843
		6.00% July 1, 2014
			$	544,942
Financial Services --- 4.18%
	250,000	Bank of America Corp		252,085
		4.50% April 1, 2015
	250,000	Citigroup Inc		255,439
		5.13% May 5, 2014
	250,000	Citigroup Inc		267,076
		6.38% August 12, 2014
	250,000	CME Group Inc		274,454
		5.75% February 15, 2014
	250,000	CME Group Index Services LLC †		245,054
		4.40% March 15, 2018
	250,000	International Lease Finance Corp		249,998
		4.88% September 1, 2010
	250,000	JPMorgan Chase Bank NA		268,954
		5.88% June 13, 2016
	250,000	NASDAQ OMX Group Inc		248,806
		4.00% January 15, 2015
			$	2,061,866
Food & Beverages --- 3.40%
	250,000	Anheuser-Busch InBev Worldwide Inc †		252,329
		3.63% April 15, 2015
	250,000	Anheuser-Busch InBev Worldwide Inc †		286,407
		7.20% January 15, 2014
	250,000	Bottling Group LLC		289,427
		6.95% March 15, 2014
	250,000	Coca-Cola Enterprises Inc		292,106
		7.38% March 3, 2014
	250,000	Kraft Foods Inc		281,119
		6.75% February 19, 2014
	250,000	SABMiller PLC †		274,007
		6.50% July 1, 2016
			$	1,675,395
Foreign Banks --- 1.56%
	250,000	Bank of Nova Scotia		251,644
		3.40% January 22, 2015
	250,000	Bank of Nova Scotia		252,306
		2.25% January 22, 2013
	250,000	Barclays Bank PLC		266,960
		5.20% July 10, 2014
			$	770,910
Health Care Related --- 1.09%
	250,000	Express Scripts		266,564
		5.25% June 15, 2012
	250,000	Roche Holdings Inc †		270,032
		5.00% March 1, 2014
			$	536,596
Household Goods --- 0.54%
	250,000	Procter & Gamble Co		268,608
		4.60% January 15, 2014
			$	268,608
Insurance Related --- 3.13%
	250,000	Berkshire Hathaway Inc		252,134
		3.20% February 11, 2015
	500,000	First American Corp		483,384
		5.70% August 1, 2014
	250,000	MetLife Inc		280,163
		6.75% June 1, 2016
	250,000	Principal Life Income Funding Trust		269,774
		5.30% December 14, 2012
	250,000	Prudential Financial Inc		257,317
		4.75% September 17, 2015
			$	1,542,772
Investment Bank/Brokerage Firm --- 3.77%
	250,000	Charles Schwab Corp		266,557
		4.95% June 1, 2014
	250,000	Goldman Sachs Group Inc		258,899
		3.63% August 1, 2012
	250,000	Goldman Sachs Group Inc		263,705
		5.13% January 15, 2015
	250,000	Lehman Brothers Holdings Inc ‡ ^		58,125
		4.50% July 26, 2010
	250,000	Morgan Stanley		270,034
		6.00% May 13, 2014
	250,000	Morgan Stanley		259,661
		5.38% October 15, 2015
	250,000	Nomura Holdings Inc		255,554
		5.00% March 4, 2015
	215,000	Xstrata Finance Canada Ltd †		224,320
		5.80% November 15, 2016
			$	1,856,855
Leisure & Entertainment --- 0.56%
	250,000	Hasbro Inc		274,297
		6.13% May 15, 2014
			$	274,297
Medical Products --- 1.09%
	250,000	Beckman Coulter Inc		272,158
		6.00% June 1, 2015
	250,000	CareFusion Corp		265,318
		5.13% August 1, 2014
			$	537,476
Office Equipment & Supplies --- 0.54%
	250,000	Xerox Corp		268,137
		5.65% May 15, 2013
			$	268,137
Oil & Gas --- 4.47%
	250,000	ConocoPhillips		268,831
		4.75% February 1, 2014
	250,000	Gulfstream Natural Gas System LLC †		280,868
		6.95% June 1, 2016
	250,000	Hess Corp		285,389
		7.00% February 15, 2014
	250,000	Husky Energy Inc		272,070
		5.90% June 15, 2014
	228,813	Kern River Funding Corp †		230,073
		4.89% April 30, 2018
	250,000	Marathon Oil Corp		280,294
		6.50% February 15, 2014
	250,000	Smith International Inc		297,857
		8.63% March 15, 2014
	250,000	Sunoco Logistics Partners Operations LP		289,921
		8.75% February 15, 2014
			$	2,205,303
Other Asset-Backed --- 15.94%
	1,000,000	ACE Securities Corp †		664,928
		Series 2007-D1 Class A2
		6.34% February 25, 2038
	200,000	Chase Issuance Trust		214,872
		Series 2008-A4 Class A4
		4.65% March 15, 2015
	500,000	CNH Equipment Trust		506,309
		Series 2009-C Class A4
		3.00% August 15, 2015
	500,000	Discover Card Master Trust		521,540
		Series 2008-A Class A3
		5.10% October 15, 2013
	236,883	Equity One ABS Inc		233,077
		Series 2004-1 Class AF6
		4.21% April 25, 2034
	1,374,488	GMAC Mortgage Corp Loan Trust ~		705,284
		Series 2,007 Class A3
		6.19% December 25, 2037
	500,000	Harley-Davidson Motorcycle Trust		530,182
		Series 2009-1 Class A4
		4.55% January 15, 2017
	360,000	Hertz Vehicle Financing LLC †		375,724
		Series 2009-2A Class A2
		5.29% March 25, 2016
	250,000	Honda Auto Receivables Owner Trust		258,873
		Series 2009-3 Class A4
		3.30% September 15, 2015
	250,000	Household Home Equity Loan Trust		249,492
		Series 2006-4 Class A3F
		5.30% March 20, 2036
	197,489	Household Home Equity Loan Trust		197,773
		Series 2006-3 Class A2F
		5.66% March 20, 2036
	299,737	John Deere Owner Trust		300,285
		Series 2006-A Class A4
		5.39% June 15, 2013
	20,000	John Deere Owner Trust		20,330
		Series 2009-A Class A3
		2.59% October 15, 2013
	250,000	John Deere Owner Trust		262,321
		Series 2009-A Class A
		3.96% May 15, 2016
	500,000	MBNA Credit Card Master Note Trust		507,276
		Series 2005-A6 Class A6
		4.50% January 15, 2013
	449,435	Residential Funding Mortgage Securities II Inc *		297,817
		Series 2007-HSA3 Class AI3
		6.03% May 25, 2037
	250,000	Residential Funding Mortgage Securities II Inc		184,010
		Series 2006-HI2 Class A3
		5.79% February 25, 2036
	730,000	Residential Funding Mortgage Securities II Inc		559,591
		Series 2006-HI5 Class A3
		5.50% August 25, 2025
	500,000	Volkswagen Auto Lease Trust		522,869
		Series 2009-A Class A4
		4.59% March 15, 2014
	500,000	Wells Fargo Home Equity Trust *		492,401
		Series 2004-2 Class AI5
		4.89% May 25, 2034
	250,000	World Omni Auto Receivables Trust		250,332
		Series WOART 2010-A Class A4
		2.21% September 15, 2013
			$	7,855,286
Personal Loans --- 2.58%
	250,000	American Express Co		283,317
		7.25% May 20, 2014
	250,000	American Express Credit Corp		280,603
		7.30% August 20, 2013
	170,000	American Express Credit Corp		179,149
		5.30% December 2, 2015
	250,000	American General Finance Corp		249,897
		4.88% May 15, 2010
	250,000	American Honda Finance Corp †		278,585
		6.70% October 1, 2013
			$	1,271,551
Pharmaceuticals --- 0.54%
	250,000	Eli Lilly & Co		265,043
		4.20% March 6, 2014
			$	265,043
Pollution Control --- 0.57%
	250,000	Waste Management Inc		279,761
		6.38% March 11, 2015
			$	279,761
Printing & Publishing --- 0.56%
	250,000	Thomson Reuters Corp		276,293
		5.95% July 15, 2013
			$	276,293
Railroads --- 0.58%
	250,000	Burlington Northern Santa Fe LLC		285,899
		7.00% February 1, 2014
			$	285,899
Real Estate --- 2.52%
	250,000	Brandywine Operating Partnership LP		251,122
		5.40% November 1, 2014
	250,000	Camden Property Trust		249,037
		5.00% June 15, 2015
	250,000	Duke Realty LP		253,161
		5.40% August 15, 2014
	217,000	Liberty Property LP		230,835
		6.38% August 15, 2012
	250,000	Simon Property Group LP		256,757
		5.10% June 15, 2015
			$	1,240,912
Retail --- 0.59%
	267,805	CVS Caremark Corp †		288,975
		7.77% January 10, 2012
			$	288,975
Specialized Services --- 0.32%
	155,000	Equifax Inc		159,493
		4.45% December 1, 2014
			$	159,493
Telephone & Telecommunications --- 0.55%
	250,000	Cellco Partnership		273,210
		5.55% February 1, 2014
			$	273,210
Transportation --- 0.57%
	250,000	Ryder System Inc		281,344
		7.20% September 1, 2015
			$	281,344
U.S. Governments --- 1.01%
	500,000	United States of America		496,565
		2.38% February 28, 2015
			$	496,565
Whole Loan --- 0.36%
	30,078	Cendant Mortgage Corp		30,256
		Series 2003-9 Class 1A6
		5.25% November 25, 2033
	155,924	Countrywide Home Loans *		147,194
		Series 2003-15 Class 1A1
		0.75% June 25, 2018
			$	177,450
TOTAL BONDS --- 98.93%			$	48,766,938
(Cost $48,260,703)
SHORT-TERM INVESTMENTS
Par Value ($)			Value ($)
Joint Repurchase Agreements
	375,000	Undivided interest of 3.47% in a repurchase agreement (Principal Amount/Value $10,805,000 with a maturity value of $10,805,015) with Bank of America, 0.05%, dated 3/31/10, to be repurchased at $375,001 on 04/01/10.		375,000
TOTAL SHORT-TERM INVESTMENTS --- 0.76%			$	375,000
(Cost $375,000)
OTHER ASSETS & LIABILITIES --- 0.31%			$	150,642
TOTAL NET ASSETS --- 100%			$	49,292,580
(Cost $48,635,703)

Legend

	*	Represents the current interest rate for variable rate security.
	†	The Maxim Short Duration Bond Portfolio may own certain investment securities which are restricted as to resale under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.  These securities are valued after giving due consideration to pertinent factors including recent private sales, market conditions, and the issuer’s financial performance.  Aggregate cost, fair value and percent of net assets of these restricted securities held at March 31, 2010 were $4,399,004, $4,268,871 and 8.66%, respectively.
	‡	Security in default at March 31, 2010.
^		Security in bankruptcy at March 31, 2010.
~		The Maxim Short Duration Bond Portfolio may own certain investment securities that have been deemed “illiquid” because no quoted market exists.  These securities are valued after giving due consideration to pertinent factors including recent private sales, market conditions, and the issuer’s financial performance.  It is possible that the estimated value may differ significantly from the amount that might ultimately be realized in the near term and the difference could be material.  Aggregate cost, fair value and percent of net assets of these illiquid securities held at March 31, 2010 were $1,377,533, $705,284 and 1.43%, respectively.

 The value of assets in the Portfolio is determined as of the close of trading on each valuation date.

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

Fixed income investments are normally valued on the basis of quotations from brokers or dealers or pricing services, which take into account appropriate factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data.

Independent pricing services are utilized when possible and approved by the Board of Directors.  In some instances valuations from independent pricing services are not available or do not reflect significant events in the market between the time the market closed and the valuation time and therefore fair valuation procedures are implemented.  Developments that might be considered significant events to trigger fair value pricing could be natural disasters, government actions or significant fluctuations in domestic or foreign markets.

For fixed income securities, factors used in the determination of fair value may include, but are not limited to, market data incorporating available trade, bid and other market information such as benchmark curves, benchmarking of like securities, sector groupings and matrix pricing.  Model processes such as Option Adjusted Spread models are used to develop prepayment and interest rate scenarios.  Price evaluators gather information from market sources and integrate relevant credit information, perceived market movements and sector news into the evaluated pricing applications and models.

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.

The Portfolio classifies its valuations into three levels based upon the transparency of inputs to the valuation of the Portfolio’s investments.  The three levels are defined as follows:

Level 1 – Valuations based on quoted prices for identical securities in active markets.

Level 2 – Valuations based on either directly or indirectly observable inputs.  These may include quoted prices in markets that are not active or quoted prices for similar assets in active markets.  Valuations may also be based on inputs other than quoted prices that are observable for the asset, such as interest rates and yield curves.  Additional inputs may be used such as benchmark yields, reported trades, broker/dealer quotes, issuer spreads, prepayment speeds and benchmark securities. 

Level 3 – Valuations based on inputs that are unobservable and significant to the fair value measurement.  The prices of the majority of Level 3 securities were obtained from single broker quotes.

As of March 31, 2010, the inputs used to value the Portfolio’s investments were as follows:

Description	Level 1		Level 2		Level 3		Total
Assets	$		$		$		$
Bonds
Commercial mortgage-backed		-		7,140,247		-		7,140,247
Corporate		251,644		21,186,708		-		21,438,352
Foreign government		-		-		-		-
Obligations of US states and
their subdivisions		-		-		-		-
Residential mortgage-backed		-		11,355,910		-		11,355,910
U.S. government		-		496,565		-		496,565
Other debt		-		8,335,864		-		8,335,864
Short-term Investments		-		375,000		-		375,000
Total	$	251,644	$	48,890,294	$	-	$	49,141,938

At March 31, 2010, the U.S. Federal income tax cost basis was $48,546,186.  The Maxim Short Duration Bond Portfolio had gross appreciation of securities in which there was an excess of value over tax cost of $1,978,826 and gross depreciation of securities in which there was an excess of tax cost over value of $1,383,074, resulting in net appreciation of $595,752.

Management determines the Portfolio's industry classifications using one or more widely recognized market indexes or ratings group indexes.  Industries are shown as a percent of total net assets.  These industry classifications are unaudited.

MAXIM SERIES FUND, INC.

MAXIM T. ROWE PRICE MID CAP GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS

MARCH 31, 2010

UNAUDITED

COMMON STOCK
Shares			Value ($)
Aerospace & Defense --- 2.09%
	16,000	Alliant Techsystems Inc *		1,300,800
	32,000	Goodrich Corp		2,256,640
	64,000	Rockwell Collins Inc		4,005,760
			$	7,563,200
Air Freight --- 0.45%
	107,000	UTI Worldwide Inc		1,639,240
			$	1,639,240
Airlines --- 0.31%
	85,000	Southwest Airlines Co		1,123,700
			$	1,123,700
Auto Parts & Equipment --- 0.53%
	64,000	WABCO Holdings Inc		1,914,880
			$	1,914,880
Banks --- 3.43%
	171,000	Fifth Third Bancorp		2,323,890
	288,000	KeyCorp		2,232,000
	22,000	M&T Bank Corp		1,746,360
	288,000	Marshall & Ilsley Corp		2,318,400
	65,000	SunTrust Banks Inc		1,741,350
	129,000	TCF Financial Corp		2,056,260
			$	12,418,260
Biotechnology --- 8.07%
	26,000	Alexion Pharmaceuticals Inc *		1,413,620
	53,000	BioMarin Pharmaceutical Inc *		1,238,610
	62,000	Cephalon Inc *		4,202,360
	49,000	Covance Inc *		3,008,110
	103,000	Human Genome Sciences Inc *		3,110,600
	70,000	Illumina Inc *		2,723,000
	19,000	Millipore Corp *		2,006,400
	21,000	OSI Pharmaceuticals Inc *		1,250,550
	126,000	QIAGEN NV *		2,896,740
	42,000	Regeneron Pharmaceuticals Inc *		1,112,580
	48,000	Theravance Inc *		639,360
	62,000	Vertex Pharmaceuticals Inc *		2,533,940
	46,000	Waters Corp *		3,106,840
			$	29,242,710
Broadcast/Media --- 3.54%
	112,000	Cablevision Systems Corp NY Group		2,703,680
	59,000	Discovery Communications Inc Class A *		1,993,610
	78,000	Discovery Communications Inc Class C *		2,293,980
	119,000	Lamar Advertising Co Class A *		4,087,650
	32,000	Liberty Media Corp - Starz *		1,749,760
			$	12,828,680
Communications - Equipment --- 2.67%
	353,000	JDS Uniphase Corp *		4,423,090
	171,000	Juniper Networks Inc *		5,246,280
			$	9,669,370
Computer Software & Services --- 7.09%
	71,000	Akamai Technologies Inc *		2,230,110
	43,000	Autodesk Inc *		1,265,060
	135,000	Electronic Arts Inc *		2,519,100
	41,000	FactSet Research Systems Inc		3,008,170
	80,000	McAfee Inc *		3,210,400
	74,000	MICROS Systems Inc *		2,433,120
	118,000	Nuance Communications Inc *		1,963,520
	116,000	Red Hat Inc *		3,395,320
	74,000	Rovi Corp *		2,747,620
	13,500	Salesforce.com Inc *		1,005,075
	73,000	VeriSign Inc *		1,898,730
			$	25,676,225
Conglomerates --- 2.04%
	209,000	McDermott International Inc *		5,626,280
	84,000	Textron Inc		1,783,320
			$	7,409,600
Distributors --- 1.62%
	83,000	Fastenal Co		3,983,170
	37,000	MSC Industrial Direct Co Inc Class A		1,876,640
			$	5,859,810
Electronic Instruments & Equipment --- 4.81%
	23,000	A123 Systems Inc *		316,020
	119,000	AMETEK Inc		4,933,740
	69,000	Dolby Laboratories Inc *		4,048,230
	5,000	First Solar Inc *		613,250
	85,000	FLIR Systems Inc *		2,397,000
	73,000	Roper Industries Inc		4,222,320
	53,000	SunPower Corp Class B *		887,220
			$	17,417,780
Electronics - Semiconductor --- 6.93%
	146,000	Altera Corp		3,549,260
	37,000	Cree Inc *		2,598,140
	116,000	Intersil Holding Corp Class A		1,712,160
	128,000	Marvell Technology Group Ltd *		2,608,640
	150,000	MEMC Electronic Materials Inc *		2,299,500
	98,000	Microchip Technology Inc		2,759,680
	128,000	National Semiconductor Corp		1,849,600
	132,000	PMC-Sierra Inc *		1,177,440
	27,000	Silicon Laboratories Inc *		1,287,090
	62,000	Varian Semiconductor Equipment Associates Inc *		2,053,440
	126,000	Xilinx Inc		3,213,000
			$	25,107,950
Engineering & Construction --- 1.19%
	53,000	Foster Wheeler AG *		1,438,420
	150,000	Quanta Services Inc *		2,874,000
			$	4,312,420
Financial Services --- 3.35%
	85,000	Eaton Vance Corp		2,850,900
	77,000	Interactive Brokers Group Inc Class A *		1,243,550
	22,000	IntercontinentalExchange Inc *		2,467,960
	136,000	Janus Capital Group Inc		1,943,440
	101,000	MSCI Inc Class A *		3,646,100
			$	12,151,950
Food & Beverages --- 1.16%
	116,000	Whole Foods Market Inc *		4,193,400
			$	4,193,400
Gold, Metals & Mining --- 1.63%
	65,000	Agnico-Eagle Mines Ltd		3,618,550
	8,000	Agnico-Eagle Mines Ltd (when issued) *		445,360
	68,500	Franco-Nevada Corp		1,837,862
			$	5,901,772
Health Care Related --- 1.73%
	13,000	Cerner Corp *		1,105,780
	62,000	Henry Schein Inc *		3,651,800
	32,000	Humana Inc *		1,496,640
			$	6,254,220
Hotels/Motels --- 2.38%
	47,000	Choice Hotels International Inc		1,636,070
	58,000	Gaylord Entertainment Co *		1,698,820
	168,000	Marriott International Inc Class A		5,295,360
			$	8,630,250
Independent Power Producer --- 1.05%
	320,000	Calpine Corp *		3,804,800
			$	3,804,800
Insurance Related --- 2.18%
	75,000	Aon Corp		3,203,250
	85,000	Principal Financial Group Inc		2,482,850
	85,000	WR Berkley Corp		2,217,650
			$	7,903,750
Investment Bank/Brokerage Firm --- 1.21%
	288,000	E*TRADE Financial Corp *		475,200
	55,000	Raymond James Financial Inc		1,470,700
	128,000	TD Ameritrade Holding Corp *		2,439,680
			$	4,385,580
Leisure & Entertainment --- 0.77%
	28,000	Madison Square Garden Inc *		608,440
	29,000	Wynn Resorts Ltd *		2,199,070
			$	2,807,510
Machinery --- 2.43%
	21,000	Danaher Corp		1,678,110
	53,000	Gardner Denver Inc		2,334,120
	53,000	Harsco Corp		1,692,820
	94,000	IDEX Corp		3,111,400
			$	8,816,450
Manufacturing --- 0.71%
	89,000	Trimble Navigation Ltd *		2,556,080
			$	2,556,080
Medical Products --- 4.49%
	139,000	CareFusion Corp *		3,673,770
	40,000	CR Bard Inc		3,464,800
	68,000	DENTSPLY International Inc		2,369,800
	42,000	Edwards Lifesciences Corp *		4,152,960
	21,000	IDEXX Laboratories Inc *		1,208,550
	4,000	Intuitive Surgical Inc *		1,392,520
			$	16,262,400
Miscellaneous --- 1.13%
	60,400	IHS Inc Class A *		3,229,588
	31,000	Verisk Analytics Inc Class A *		874,200
			$	4,103,788
Oil & Gas --- 7.42%
	53,000	Atlas Energy Inc		1,649,360
	41,000	Cameron International Corp *		1,757,260
	85,000	CNX Gas Corp *		3,234,250
	100,000	CONSOL Energy Inc		4,266,000
	62,000	FMC Technologies Inc *		4,007,060
	31,000	Murphy Oil Corp		1,741,890
	41,000	Peabody Energy Corp		1,873,700
	61,000	Range Resources Corp		2,859,070
	41,000	Smith International Inc		1,755,620
	64,000	Trican Well Service Ltd *		828,002
	62,000	Ultra Petroleum Corp *		2,891,060
			$	26,863,272
Pharmaceuticals --- 2.08%
	150,000	Elan Corp PLC sponsored ADR *		1,137,000
	57,000	Perrigo Co		3,347,040
	71,000	Valeant Pharmaceuticals International *		3,046,610
			$	7,530,650
Pollution Control --- 0.29%
	19,000	Stericycle Inc *		1,035,500
			$	1,035,500
Real Estate --- 0.27%
	30,000	St Joe Co *		970,500
			$	970,500
Restaurants --- 2.45%
	40,000	Chipotle Mexican Grill Inc *		4,506,800
	17,000	Panera Bread Co Class A *		1,300,330
	64,000	Starbucks Corp *		1,553,280
	47,000	Tim Hortons Inc		1,531,730
			$	8,892,140
Retail --- 5.66%
	75,000	Bed Bath & Beyond Inc *		3,282,000
	151,000	CarMax Inc *		3,793,120
	64,000	Dollar General Corp *		1,616,000
	214,000	Expedia Inc		5,341,440
	67,000	O'Reilly Automotive Inc *		2,794,570
	86,000	Shoppers Drug Mart Corp *		3,695,210
			$	20,522,340
Specialized Services --- 5.09%
	35,000	Education Management Corp *		766,500
	62,000	Fiserv Inc *		3,147,120
	100,000	Global Payments Inc		4,555,000
	43,000	Manpower Inc		2,456,160
	119,000	Robert Half International Inc		3,621,170
	229,000	Western Union Co		3,883,840
			$	18,429,790
Telephone & Telecommunications --- 1.28%
	84,000	American Tower Corp Class A *		3,579,240
	64,000	Leap Wireless International Inc *		1,047,040
			$	4,626,280
Textiles --- 0.72%
	66,000	Coach Inc		2,608,320
			$	2,608,320
Transportation --- 0.71%
	257,000	Hertz Global Holdings Inc *		2,567,430
			$	2,567,430
TOTAL COMMON STOCK --- 94.96%			$	344,001,997
(Cost $263,954,788)
SHORT-TERM INVESTMENTS
Par Value ($)			Value ($)
	1,450,000	Freddie Mac		1,450,000
		0.09% April 1, 2010
	17,239,000	Federal Home Loan Bank		17,239,000
		0.01% April 1, 2010
TOTAL SHORT-TERM INVESTMENTS --- 5.16%			$	18,689,000
(Cost $18,689,000)
OTHER ASSETS & LIABILITIES --- (0.12%)			$	(439,093	)
TOTAL NET ASSETS --- 100%			$	362,251,904
(Cost $282,643,788)

Legend

*	Non-income Producing Security
ADR	American Depository Receipt

The value of assets in the Portfolio is determined as of the close of trading on each valuation date.

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

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.

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 exchange rates are determined by utilizing the New York closing rates.

Independent pricing services are utilized when possible and approved by the Board of Directors.  In some instances valuations from independent pricing services are not available or do not reflect significant events in the market between the time the market closed and the valuation time and therefore fair valuation procedures are implemented.  Developments that might be considered significant events to trigger fair value pricing could be natural disasters, government actions or significant fluctuations in domestic or foreign markets.

For foreign equity securities, 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 the 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.

The Portfolio classifies its valuations into three levels based upon the transparency of inputs to the valuation of the Portfolio’s investments.  The three levels are defined as follows:

Level 1 – Valuations based on quoted prices for identical securities in active markets.

Level 2 – Valuations based on either directly or indirectly observable inputs.  These may include quoted prices in markets that are not active or quoted prices for similar assets in active markets.  Valuations may also be based on inputs other than quoted prices that are observable for the asset, such as interest rates and yield curves.  Additional inputs may be used such as benchmark yields, reported trades, broker/dealer quotes, issuer spreads, prepayment speeds and benchmark securities. 

Level 3 – Valuations based on inputs that are unobservable and significant to the fair value measurement.

As of March 31, 2010, the inputs used to value the Portfolio’s investments were as follows:

Description	Level 1		Level 2		Level 3		Total
Assets	$		$		$		$
Common Stock
Aerospace & defense		7,563,200		-		-		7,563,200
Air freight		1,639,240		-		-		1,639,240
Airlines		1,123,700		-		-		1,123,700
Auto parts & equipment		1,914,880		-		-		1,914,880
Banks		12,418,260		-		-		12,418,260
Biotechnology		29,242,710		-		-		29,242,710
Broadcast/media		12,828,680		-		-		12,828,680
Communications - equipment		9,669,370		-		-		9,669,370
Computer software &
services		25,676,225		-		-		25,676,225
Conglomerates		7,409,600		-		-		7,409,600
Distributors		5,859,810		-		-		5,859,810
Electronic instruments &
equipment		17,417,780		-		-		17,417,780
Electronics - semiconductor		25,107,950		-		-		25,107,950
Engineering & construction		4,312,420		-		-		4,312,420
Financial services		12,151,950		-		-		12,151,950
Food & beverages		4,193,400		-		-		4,193,400
Gold, metals & mining		5,901,772		-		-		5,901,772
Health care related		6,254,220		-		-		6,254,220
Hotels/motels		8,630,250		-		-		8,630,250
Independent power producer		3,804,800		-		-		3,804,800
Insurance related		7,903,750		-		-		7,903,750
Investment bank/brokerage
firm		4,385,580		-		-		4,385,580
Leisure & entertainment		2,807,510		-		-		2,807,510
Machinery		8,816,450		-		-		8,816,450
Manufacturing		2,556,080		-		-		2,556,080
Medical products		16,262,400		-		-		16,262,400
Miscellaneous		4,103,788		-		-		4,103,788
Oil & gas		26,863,272		-		-		26,863,272
Pharmaceuticals		7,530,650		-		-		7,530,650
Pollution control		1,035,500		-		-		1,035,500
Real estate		970,500		-		-		970,500
Restaurants		8,892,140		-		-		8,892,140
Retail		20,522,340		-		-		20,522,340
Specialized services		18,429,790		-		-		18,429,790
Telephone &
telecommunications		4,626,280		-		-		4,626,280
Textiles		2,608,320		-		-		2,608,320
Transportation		2,567,430		-		-		2,567,430
Short-term Investments		-		18,689,000		-		18,689,000
Total	$	344,001,997	$	18,689,000	$	-	$	362,690,997

At March 31, 2010, the U.S. Federal income tax cost basis was $287,690,457.  The Maxim T. Rowe Price MidCap Growth Portfolio had gross appreciation of securities in which there was an excess of value over tax cost of $81,236,538 and gross depreciation of securities in which there was an excess of tax cost over value of $6,235,998, resulting in net appreciation of $75,000,540.

Management determines the Portfolio's industry classifications using one or more widely recognized market indexes or ratings group indexes.  Industries are shown as a percent of total net assets.  These industry classifications are unaudited.

MAXIM SERIES FUND, INC.

MAXIM GLOBAL BOND PORTFOLIO

SCHEDULE OF INVESTMENTS

MARCH 31, 2010

UNAUDITED

BONDS
Par Value ($)			Value ($)
Foreign Banks --- 3.88%
	6,500,000	KfW Bankengruppe		1,119,852
NOK		4.66% January 5, 2012
	3,880,000	KfW Bankengruppe		2,859,582
NZD		6.38% February 17, 2015
	31,651,000	Landwirtschaftliche Rentenbank		2,693,385
MXP		8.50% February 22, 2016
			$	6,672,819
Foreign Governments --- 68.66%
	3,401,250	Government of Argentina *		3,056,590
		0.39% August 3, 2012
	780,000	Government of Australia		725,592
AUD		6.00% May 1, 2010
	6,955,000	Government of Australia		6,461,830
AUD		6.00% June 14, 2011
	1,450,000	Government of Australia		1,296,396
AUD		5.50% March 1, 2017
	1,945,000	Government of Australia		1,806,497
AUD		6.00% August 14, 2013
	3,810,000	Government of Australia		3,547,467
AUD		5.75% April 15, 2012
	3,260,000	Government of Australia		3,031,431
AUD		6.00% May 1, 2012
	1,070,000	Government of Australia †		803,276
NZD		7.13% September 18, 2017
	600,000	Government of Belgium		882,301
EUR		4.25% September 28, 2014
	182,000	Government of Brazil		1,022,297
BRL		10.00% January 1, 2012
	100,000	Government of Brazil		1,067,434
BRL		6.00% May 15, 2045
	284,000	Government of Brazil		3,061,572
BRL		6.00% May 15, 2015
	140,000	Government of Brazil		726,042
BRL		10.00% January 1, 2017
	920,000	Government of Brazil		4,969,837
BRL		10.00% January 1, 2014
	3,550,000	Government of France		5,206,103
EUR		4.25% October 25, 2017
	1,100,000	Government of Hungary		1,376,151
EUR		3.88% February 24, 2020
	765,000	Government of Hungary		813,781
		6.25% January 29, 2020
	900,000	Government of Hungary		1,305,522
EUR		5.75% June 11, 2018
	10,000,000,000	Government of Indonesia		1,268,032
IDR		11.50% September 15, 2019
	3,510,000,000	Government of Indonesia		482,290
IDR		12.90% June 15, 2022
	2,400,000,000	Government of Indonesia		306,341
IDR		12.00% September 15, 2026
	25,300,000,000	Government of Indonesia		3,116,321
IDR		11.00% November 15, 2020
	23,750,000,000	Government of Indonesia		2,878,960
IDR		10.75% May 15, 2016
	815,000	Government of Iraq		656,075
		5.80% January 15, 2028
	11,700,000	Government of Israel		3,526,066
ILS		7.00% April 29, 2011
	159,000,000	Government of Korea		145,331
KRW		5.25% September 10, 2012
	5,622,830,000	Government of Korea		5,117,262
KRW		5.50% June 10, 2011
	1,640,000	Government of Korea		1,918,718
		7.13% April 16, 2019
	371,000,000	Government of Korea		335,035
KRW		4.75% March 10, 2012
	128,720,000	Government of Korea		117,905
KRW		5.25% March 10, 2013
	498,700,000	Government of Korea		443,650
KRW		4.00% June 10, 2012
	11,840,000,000	Government of Korea		10,700,710
KRW		4.75% December 10, 2011
	780,000	Government of Malaysia		240,538
MYR		3.64% August 25, 2010
	2,350,000	Government of Malaysia		729,682
MYR		3.76% April 28, 2011
	4,360,000	Government of Malaysia		1,337,436
MYR		3.87% April 13, 2010
	37,400,000	Government of Mexico		3,562,510
MXP		10.00% December 5, 2024
	19,400,000	Government of Mexico		1,638,615
MXP		8.00% December 17, 2015
	3,505,000	Government of Netherlands		5,237,996
EUR		4.50% July 15, 2017
	9,280,000	Government of Peru		3,950,867
PEN		8.60% August 12, 2017
	2,600,000	Government of Poland		2,856,880
		6.38% July 15, 2019
	18,305,000	Government of Poland ‡		5,920,353
PLN		5.02% January 25, 2012
	6,190,000	Government of Poland		2,176,418
PLN		4.75% April 25, 2012
	4,563,200	Government of Russia		5,259,544
		7.50% March 31, 2030
	850,000	Government of South Africa		860,625
		5.50% March 9, 2020
	55,770,000	Government of Sweden		8,063,811
SEK		5.25% March 15, 2011
	510,000	Government of Venezuela		497,823
		10.75% September 19, 2013
	2,000,000	Government of Venezuela		1,990,000
		5.38% August 7, 2010
	1,505,000	Government of Vietnam †		1,535,100
		6.75% January 29, 2020
			$	118,031,013
Supranationals --- 5.96%
	950,000	Corporacion Andina de Fomento		1,116,020
		8.13% June 4, 2019
	6,700,000	European Investment Bank		1,188,129
NOK		5.38% July 16, 2012
	4,340,000	European Investment Bank		3,217,268
NZD		6.50% September 10, 2014
	42,000,000	Inter-American Development Bank		3,022,675
MXP		7.50% December 5, 2024
	1,300,000	Inter-American Development Bank		927,414
NZD		6.00% December 15, 2017
	1,000,000	International Bank for Reconstruction & Development		770,674
NZD		7.50% July 30, 2014
			$	10,242,180
U.S. Municipal --- 3.89%
	15,000	Alabama State University Revenue		16,256
		5.75% September 1, 2039
	15,000	Alabama State University Revenue		15,604
		5.00% September 1, 2029
	175,000	Bay Area Toll Authority California Toll Bridge		184,350
		5.50% April 1, 2043
	140,000	Bexar County Texas Revenue		143,318
		5.25% August 15, 2047
	65,000	City of Detroit MI		62,194
		4.50% November 1, 2023
	500,000	Florida State Board of Education		530,795
		5.00% July 1, 2021
	500,000	Florida State Board of Education		542,420
		5.00% July 1, 2020
	550,000	Florida State Board of Education		581,119
		5.00% July 1, 2022
	650,000	Illinois Finance Authority		667,713
		5.00% January 1, 2020
	215,000	Illinois Municipal Electric Agency		218,711
		5.00% February 1, 2035
	715,000	JEA Florida Water & Sewer System		695,902
		4.75% October 1, 2040
	215,000	Minneapolis Minnesota Health Care System		239,551
		6.50% November 15, 2038
	150,000	North Carolina Eastern Municipal Power Agency		162,776
		5.25% January 1, 2019
	50,000	Philadelphia Pennsylvania		51,883
		5.00% August 1, 2024
	120,000	State of California		110,677
		5.00% April 1, 2038
	285,000	State of California		281,520
		5.25% March 1, 2030
	90,000	State of California		80,224
		4.50% August 1, 2028
	275,000	State of California		261,187
		5.13% April 1, 2033
	240,000	State of California		239,287
		5.50% March 1, 2040
	175,000	State of California		178,773
		6.20% March 1, 2019
	275,000	State of California		281,691
		7.95% March 1, 2036
	705,000	State of California		734,025
		7.63% March 1, 2040
	195,000	State of California		202,049
		6.65% March 1, 2022
	180,000	Tarrant County Texas Cultural Education Facilities Finance Corp		198,025
		6.25% July 1, 2028
			$	6,680,050
TOTAL BONDS --- 82.39%			$	141,626,062
(Cost $126,906,633)
SHORT-TERM INVESTMENTS
Par Value ($)			Value ($)
	8,440,000	Federal Home Loan Bank		8,440,000
		0.01% April 1, 2010
	850,000	Government of Egypt		144,790
EGP		10.20% November 23, 2010
	3,625,000	Government of Egypt		614,954
EGP		10.23% December 7, 2010
	1,500,000	Government of Egypt		254,942
EGP		10.25% November 30, 2010
	400,000	Government of Egypt		69,809
EGP		9.76% August 31, 2010
	425,000	Government of Egypt		70,333
EGP		10.19% March 8, 2011
	6,400,000	Government of Egypt		1,053,140
EGP		10.17% March 29, 2011
	925,000	Government of Egypt		162,664
EGP		9.68% August 3, 2010
	1,925,000	Government of Egypt		336,688
EGP		10.17% August 17, 2010
	275,000	Government of Egypt		48,071
EGP		9.82% August 24, 2010
	1,075,000	Government of Egypt		181,618
EGP		10.34% December 21, 2010
	1,950,000	Government of Egypt		334,016
EGP		10.19% November 2, 2010
	275,000	Government of Egypt		47,516
EGP		10.00% October 5, 2010
	14,375,000	Government of Egypt		2,391,640
EGP		10.65% February 8, 2011
	6,465,000	Government of Israel		1,718,519
ILS		2.34% January 5, 2011
	1,950,000	Government of Israel		521,249
ILS		2.36% October 6, 2010
	195,000	Government of Israel		51,809
ILS		2.00% March 2, 2011
	390,000	Government of Israel		103,818
ILS		1.96% February 2, 2011
TOTAL SHORT-TERM INVESTMENTS --- 9.63%			$	16,545,576
(Cost $16,532,627)
OTHER ASSETS & LIABILITIES --- 7.98%			$	13,723,673
TOTAL NET ASSETS --- 100%			$	171,895,311
(Cost $143,439,260)

Legend

† The Maxim Global Bond Portfolio may own certain investment securities which are restricted as to resale under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.  These securities are valued after giving due consideration to pertinent factors including recent private sales, market conditions, and the issuer’s financial performance.  Aggregate cost, fair value and percent of net assets of these restricted securities held at March 31, 2010 were $2,276,115, $2,338,376 and 1.36%, respectively.

*           Represents the current interest rate for variable rate security.

‡           For zero coupon bond, the interest rate shown is the effective yield on date of purchase.

Currency Abbreviation
AUD	-	Australian Dollar
BRL	-	Brazilian Real
EGP	-	Egypt Pound
EUR	-	Euro Dollar
IDR	-	Indonesian Rupiah
ILS	-	Israel New Shekel
KRW	-	South Korean Won
MXP	-	Mexican Peso
MYR	-	Malaysia Ringgit
NOK	-	Norway Krone
NZD	-	New Zealand Dollar
PEN	-	Peru Nuevo Sol
PLN	-	Polish Zloty
SEK	-	Swedish Krona

The value of assets in the Portfolio is determined as of the close of trading on each valuation date.

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

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.

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 exchange rates are determined by utilizing the New York closing rates.

Fixed income investments are normally valued on the basis of quotations from brokers or dealers or pricing services, which take into account appropriate factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data.

Independent pricing services are utilized when possible and approved by the Board of Directors.  In some instances valuations from independent pricing services are not available or do not reflect significant events in the market between the time the market closed and the valuation time and therefore fair valuation procedures are implemented.  Developments that might be considered significant events to trigger fair value pricing could be natural disasters, government actions or significant fluctuations in domestic or foreign markets.

For foreign equity securities, 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 the U.S. securities market, reviewing developments in foreign markets and evaluating the performance of ADRs, futures contracts and exchange-traded funds.

For fixed income securities, factors used in the determination of fair value may include, but are not limited to, market data incorporating available trade, bid and other market information such as benchmark curves, benchmarking of like securities, sector groupings and matrix pricing.  Model processes such as Option Adjusted Spread models are used to develop prepayment and interest rate scenarios.  Price evaluators gather information from market sources and integrate relevant credit information, perceived market movements and sector news into the evaluated pricing applications and models.

Investments in securities of non-U.S. issuers have unique risks not present in securities of U.S. issuers.

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.

The Portfolio classifies its valuations into three levels based upon the transparency of inputs to the valuation of the Portfolio’s investments.  The three levels are defined as follows:

Level 1 – Valuations based on quoted prices for identical securities in active markets.

Level 2 – Valuations based on either directly or indirectly observable inputs.  These may include quoted prices in markets that are not active or quoted prices for similar assets in active markets.  Valuations may also be based on inputs other than quoted prices that are observable for the asset, such as interest rates and yield curves.  Additional inputs may be used such as benchmark yields, reported trades, broker/dealer quotes, issuer spreads, prepayment speeds and benchmark securities. 

Level 3 – Valuations based on inputs that are unobservable and significant to the fair value measurement.

As of March 31, 2010, the inputs used to value the Portfolio’s investments were as follows:

Description	Level 1		Level 2		Level 3		Total
Assets	$		$		$		$
Bonds
Commercial mortgage-backed		-		-		-		-
Corporate		-		6,672,819		-		6,672,819
Foreign government		-		118,031,013		-		118,031,013
Obligations of US states and
their subdivisions		-		6,680,050		-		6,680,050
Other debt		-		10,242,180		-		10,242,180
Short-term Investments		-		16,545,576		-		16,545,576
Other Financial Instruments*		-		4,676,485		-		4,676,485
Total	$	-	$	162,848,123	$	-	$	162,848,123

*Other financial instruments consist of forward foreign currency contracts.  Forward foreign currency contracts are reported at their unrealized appreciation/depreciation as of March 31, 2010.

As of March 31, 2010, the Maxim Global Bond Portfolio held the following forward foreign currency contracts:

							Net
	Quantity of						Unrealized
Currency	Currency			Quantity of		Settlement	Appreciation
Purchased	Purchased		Currency Sold	Currency Sold		Date	(Depreciation)
Australian Dollar		912,000	Japanese Yen		67,490,128	February 2011	$	45,548
Brazilian Real		1,889,000	Japanese Yen		89,951,627	August 2010		1,572
Brazilian Real		1,461,000	Japanese Yen		67,894,550	September 2010		18,637
Brazilian Real		1,463,000	Japanese Yen		66,682,443	January 2011		(9,886	)
Chilean Peso		232,660,000	U.S. Dollar		440,644	April 2010		(9,447	)
Chilean Peso		889,809,000	U.S. Dollar		1,574,583	May 2010		124,078
Chilean Peso		39,240,000	U.S. Dollar		69,636	June 2010		5,294
Chilean Peso		1,001,790,000	U.S. Dollar		1,967,582	January 2011		(48,400	)
Chilean Peso		2,934,530,000	U.S. Dollar		5,572,785	February 2011		50,395
Chilean Peso		1,258,810,000	U.S. Dollar		2,430,807	March 2011		(18,197	)
Chilean Peso		119,850,000	U.S. Dollar		228,286	April 2011		1,466
Chinese Renminbi		13,218,780	Euro		1,337,954	October 2010		212,485
Chinese Renminbi		2,158,000	Euro		216,847	December 2010		38,665
Chinese Renminbi		3,282,000	U.S. Dollar		497,386	October 2010		(9,942	)
Chinese Renminbi		11,951,010	U.S. Dollar		1,798,705	December 2010		(17,388	)
Chinese Renminbi		9,189,000	U.S. Dollar		1,383,781	February 2011		(9,546	)
Israeli Shekel		4,474,800	U.S. Dollar		1,177,405	August 2010		31,150
Israeli Shekel		969,533	U.S. Dollar		258,353	March 2011		2,410
Indian Rupee		111,424,000	U.S. Dollar		2,158,771	April 2010		321,361
Indian Rupee		105,948,009	U.S. Dollar		3,073,501	June 2010		182,173
Indian Rupee		35,678,000	U.S. Dollar		716,407	July 2010		74,609
Indian Rupee		93,586,000	U.S. Dollar		1,973,465	October 2010		88,794
Indian Rupee		74,400,000	U.S. Dollar		1,587,156	February 2011		45,953
Malaysian Ringgit		2,220,463	U.S. Dollar		617,085	April 2010		63,073
Malaysian Ringgit		4,135,000	U.S. Dollar		1,165,281	June 2010		97,893
Malaysian Ringgit		29,308,177	U.S. Dollar		8,300,784	July 2010		642,981
Malaysian Ringgit		1,300,000	U.S. Dollar		371,641	August 2010		24,939
Malaysian Ringgit		2,083,735	U.S. Dollar		607,301	October 2010		26,896
Malaysian Ringgit		2,850,000	U.S. Dollar		843,670	November 2010		22,895
Malaysian Ringgit		5,137,515	U.S. Dollar		1,500,589	December 2010		60,109
Malaysian Ringgit		1,455,572	U.S. Dollar		429,246	January 2011		12,712
Malaysian Ringgit		3,439,284	U.S. Dollar		996,889	February 2011		46,278
Norwegian Krone		10,330,000	Euro		1,177,175	August 2010		108,159
Norwegian Krone		5,165,000	Euro		587,793	September 2010		58,652
Norwegian Krone		14,581,000	Euro		1,724,542	October 2010		55,089
Norwegian Krone		6,076,000	Euro		710,618	November 2010		33,174
Norwegian Krone		1,970,000	Euro		228,406	December 2010		13,598
Norwegian Krone		28,833,200	Euro		3,464,204	February 2011		10,250
Philippine Peso		246,051,000	U.S. Dollar		5,173,656	October 2010		186,619
Philippine Peso		65,780,000	U.S. Dollar		1,412,030	January 2011		11,557
Philippine Peso		95,100,000	U.S. Dollar		1,995,992	February 2011		59,288
Polish Zloty		12,790,000	Euro		2,996,930	September 2010		255,240
South Korean Won		937,000,000	Japanese Yen		70,832,018	February 2011		46,532
South Korean Won		9,272,549,000	U.S. Dollar		7,930,000	February 2011		163,924
Swedish Krona		9,747,000	Euro		877,699	June 2010		163,065
Swedish Krona		13,000,000	Euro		1,278,634	September 2010		68,034
Swedish Krona		50,522,868	Euro		4,862,082	December 2010		443,026
U.S. Dollar		2,457,578	Euro		1,670,927	September 2010		200,169
U.S. Dollar		1,251,019	Euro		847,000	October 2010		106,708
U.S. Dollar		1,225,655	Euro		834,000	November 2010		98,899
U.S. Dollar		17,626,174	Euro		12,505,547	January 2011		729,667
U.S. Dollar		9,669,320	Euro		7,066,000	February 2011		136,033
U.S. Dollar		1,753,713	Euro		1,281,000	March 2011		22,872
U.S. Dollar		5,774,258	Japanese Yen		542,628,000	August 2010		(34,534	)
U.S. Dollar		4,634,547	Japanese Yen		423,821,000	September 2010		96,670
U.S. Dollar		7,934,118	Japanese Yen		706,642,458	November 2010		359,843
U.S. Dollar		780,826	Japanese Yen		67,625,000	December 2010		55,819
U.S. Dollar		4,959,450	Japanese Yen		448,020,000	January 2011		151,903
U.S. Dollar		2,291,278	Japanese Yen		205,069,000	February 2011		89,674
U.S. Dollar		2,548,927	Japanese Yen		228,106,410	March 2011		99,165
U.S. Dollar		2,742,373	New Zealand Dollar		3,918,462	June 2010		(28,255	)
U.S. Dollar		1,185,575	New Zealand Dollar		1,842,385	July 2010		(111,602	)
U.S. Dollar		13,457,817	New Zealand Dollar		20,664,027	August 2010		(1,080,425	)
U.S. Dollar		507,996	New Zealand Dollar		742,825	January 2011		(6,705	)
U.S. Dollar		182,522	New Zealand Dollar		271,246	February 2011		(5,186	)
Net Appreciation							$	4,676,482

At March 31, 2010, the U.S. Federal income tax cost basis was $143,066,021.  The Maxim Global Bond Portfolio had gross appreciation of securities in which there was an excess of value over tax cost of $17,854,160 and gross depreciation of securities in which there was an excess of tax cost over value of $2,748,543, resulting in net appreciation of $15,105,617.

Management determines the Portfolio’s industry classifications using one or more widely recognized market indexes or ratings group indexes.  Industries are shown as a percent of total net assets.  These industry classifications are unaudited.

See Summary of Investments by Country following the Schedule of Investments.

MAXIM SERIES FUND, INC.

MAXIM GLOBAL BOND PORTFOLIO

SUMMARY OF INVESTMENTS BY COUNTRY

MARCH 31, 2010

UNAUDITED

			% of Portfolio
Country	Values ($)		Investment
Argentina		3,056,590		1.93	%
Australia		17,672,489		11.18	%
Belgium		882,301		0.56	%
Brazil		10,847,182		6.86	%
Egypt		5,710,099		3.60	%
European Community		9,054,051		5.73	%
France		5,206,103		3.29	%
Germany		6,672,819		4.22	%
Global		1,188,129		0.75	%
Hungary		3,495,454		2.21	%
Indonesia		8,051,944		5.08	%
Iraq		656,075		0.41	%
Israel		5,921,461		3.75	%
Malaysia		2,307,656		1.46	%
Mexico		5,201,125		3.29	%
Netherlands		5,237,996		3.31	%
Peru		3,950,867		2.50	%
Poland		10,953,651		6.93	%
Russia		5,259,544		3.33	%
South Africa		860,625		0.54	%
South Korea		18,778,693		11.87	%
Sweden		8,063,811		5.10	%
United States		15,120,050		9.56	%
Venezuela		2,487,823		1.57	%
Vietnam		1,535,100		0.97	%
		158,171,638		100.00	%

MAXIM SERIES FUND, INC.
MAXIM CONSERVATIVE PROFILE I PORTFOLIO
SCHEDULE OF INVESTMENTS
MARCH 31, 2010
UNAUDITED
Shares				Value ($)
EQUITY MUTUAL FUNDS
	43,536		Maxim Invesco ADR Portfolio	$	537,231
	157,644		Maxim Janus Large Cap Growth Portfolio		1,805,022
	19,019		Maxim Loomis Sayles Small-Cap Value Portfolio		331,699
	53,003		Maxim MFS International Growth Portfolio		539,044
	72,128		Maxim MFS International Value Portfolio		538,077
	81,158		Maxim MidCap Value Portfolio		710,944
	35,228		Maxim Small-Cap Value Portfolio		329,377
	85,135		Maxim T. Rowe Price Equity/Income Portfolio		1,174,861
	11,106		Maxim T. Rowe Price MidCap Growth Portfolio		179,805
	82,890		Putnam Equity Income Fund		1,173,716
	64,360		Putnam Mid Cap Value Fund		711,179
TOTAL EQUITY MUTUAL FUNDS --- 30.03%					8,030,955
(Cost $6,197,004)
BOND MUTUAL FUNDS
	262,976		Maxim Federated Bond Portfolio		2,727,060
	220,728		Maxim Global Bond Portfolio		2,101,332
	178,936		Maxim Putnam High Yield Bond Portfolio		1,410,012
	183,675		Maxim Short Duration Bond Portfolio		1,867,973
	260,248		Maxim U.S. Government Mortgage Securities Portfolio		3,190,636
	243,664		Putnam High Yield Advantage Fund		1,408,376
TOTAL BOND MUTUAL FUNDS --- 47.50%					12,705,389
(Cost $11,859,331)
FIXED INTEREST CONTRACT
Interest				Value ($)
	5,118,591	*	Great-West Life & Annuity Contract	$	6,008,902
TOTAL FIXED INTEREST CONTRACT --- 22.47%
(Cost $5,851,526)
TOTAL --- 100.00%				$	26,745,246
(Cost $23,907,861)
OTHER ASSETS AND LIABILITIES --- 0.00%				$	(914	)
TOTAL NET ASSETS --- 100%				$	26,744,332
(Cost $23,907,861)
* Represents the dollar value of the individual interest in the Contract acquired at the date of acquisition.
					(Continued)

MAXIM SERIES FUND, INC.
MAXIM MODERATELY CONSERVATIVE PROFILE I PORTFOLIO
SCHEDULE OF INVESTMENTS
MARCH 31, 2010
UNAUDITED
Shares				Value ($)
EQUITY MUTUAL FUNDS
	112,887		Maxim INVESCO ADR Portfolio	$	1,393,020
	303,223		Maxim Janus Large Cap Growth Portfolio		3,471,898
	73,270		Maxim Loomis Sayles Small-Cap Value Portfolio		1,277,820
	137,435		Maxim MFS International Growth Portfolio		1,397,713
	187,032		Maxim MFS International Value Portfolio		1,395,259
	127,906		Maxim MidCap Value Portfolio		1,120,455
	135,710		Maxim Small-Cap Value Portfolio		1,268,891
	147,735		Maxim T. Rowe Price Equity/Income Portfolio		2,038,744
	81,784		Maxim T. Rowe Price MidCap Growth Portfolio		1,324,084
	143,563		Putnam Equity Income Fund		2,032,858
	101,455		Putnam Mid Cap Value Fund		1,121,074
TOTAL EQUITY MUTUAL FUNDS --- 45.02%					17,841,816
(Cost $13,849,830)
BOND MUTUAL FUNDS
	313,639		Maxim Federated Bond Portfolio		3,252,433
	295,381		Maxim Global Bond Portfolio		2,812,027
	189,367		Maxim Putnam High Yield Bond Portfolio		1,492,208
	48,599		Maxim Short Duration Bond Portfolio		494,257
	281,185		Maxim U.S. Government Mortgage Securities Portfolio		3,447,334
	257,870		Putnam High Yield Advantage Fund		1,490,491
TOTAL BOND MUTUAL FUNDS --- 32.77%					12,988,750
(Cost $12,149,323)
FIXED INTEREST CONTRACT
Interest				Value ($)
	7,499,743	*	Great-West Life & Annuity Contract	$	8,804,224
TOTAL FIXED INTEREST CONTRACT --- 22.21%
(Cost $8,543,777)
TOTAL --- 100.00%				$	39,634,790
(Costs $34,542,930)
OTHER ASSETS AND LIABILITIES --- 0.00%				$	(1,350	)
TOTAL NET ASSETS --- 100%				$	39,633,440
(Costs $34,542,930)
* Represents the dollar value of the individual interest in the Contract acquired at the date of acquisition.
				(Concluded)

MAXIM SERIES FUND, INC.
MAXIM MODERATE PROFILE I PORTFOLIO
SCHEDULE OF INVESTMENTS
MARCH 31, 2010
UNAUDITED
Shares				Value ($)
EQUITY MUTUAL FUNDS
	725,104		Maxim INVESCO ADR Portfolio	$	8,947,786
	1,660,925		Maxim Janus Large Cap Growth Portfolio		19,017,588
	319,229		Maxim Loomis Sayles Small-Cap Value Portfolio		5,567,360
	884,506		Maxim MFS International Growth Portfolio		8,995,425
	1,203,656		Maxim MFS International Value Portfolio		8,979,273
	810,410		Maxim MidCap Value Portfolio		7,099,190
	158,935		Maxim Small-Cap Growth Portfolio		2,569,976
	591,269		Maxim Small-Cap Value Portfolio		5,528,367
	815,614		Maxim T. Rowe Price Equity/Income Portfolio		11,255,478
	454,787		Maxim T. Rowe Price MidCap Growth Portfolio		7,362,998
	794,101		Putnam Equity Income Fund		11,244,465
	643,531		Putnam Mid Cap Value Fund		7,111,014
TOTAL EQUITY MUTUAL FUNDS --- 60.03%					103,678,920
(Cost $78,832,766)
BOND MUTUAL FUNDS
	1,200,781		Maxim Federated Bond Portfolio		12,452,103
	1,103,196		Maxim Global Bond Portfolio		10,502,430
	440,059		Maxim Putnam High Yield Bond Portfolio		3,467,663
	1,015,026		Maxim U.S. Government Mortgage Securities Portfolio		12,444,216
	599,244		Putnam High Yield Advantage Fund		3,463,632
TOTAL BOND MUTUAL FUNDS --- 24.50%					42,330,044
(Cost $39,859,614)
FIXED INTEREST CONTRACT
Interest				Value ($)
	22,763,497	*	Great-West Life & Annuity Contract	$	26,722,905
TOTAL FIXED INTEREST CONTRACT --- 15.47%
(Cost $25,925,270)
TOTAL --- 100.00%				$	172,731,869
(Cost $144,617,650)
OTHER ASSETS AND LIABILITIES --- 0.00%				$	(5,904	)
TOTAL NET ASSETS --- 100%				$	172,725,965
(Cost $144,617,650)
* Represents the dollar value of the individual interest in the Contract acquired at the date of acquisition.
				(Continued)

MAXIM SERIES FUND, INC.
MAXIM MODERATELY AGGRESSIVE PROFILE I PORTFOLIO
SCHEDULE OF INVESTMENTS
MARCH 31, 2010
UNAUDITED
Shares				Value ($)
EQUITY MUTUAL FUNDS
	647,746		Maxim Invesco ADR Portfolio	$	7,993,191
	1,316,437		Maxim Janus Large Cap Growth Portfolio		15,073,198
	232,338		Maxim Loomis Sayles Small-Cap Value Portfolio		4,051,976
	789,908		Maxim MFS International Growth Portfolio		8,033,364
	1,073,158		Maxim MFS International Value Portfolio		8,005,758
	1,029,451		Maxim MidCap Value Portfolio		9,017,987
	321,318		Maxim Small-Cap Growth Portfolio		5,195,706
	431,709		Maxim Small-Cap Value Portfolio		4,036,480
	761,040		Maxim T. Rowe Price Equity/Income Portfolio		10,502,350
	338,300		Maxim T. Rowe Price MidCap Growth Portfolio		5,477,076
	740,968		Putnam Equity Income Fund		10,492,108
	818,269		Putnam Mid Cap Value Fund		9,041,872
TOTAL EQUITY MUTUAL FUNDS --- 74.00%					96,921,066
(Cost $75,071,747)
BOND MUTUAL FUNDS
	627,828		Maxim Federated Bond Portfolio		6,510,579
	696,973		Maxim Global Bond Portfolio		6,635,184
	333,621		Maxim Putnam High Yield Bond Portfolio		2,628,931
	530,706		Maxim U.S. Government Mortgage Securities Portfolio		6,506,453
	454,305		Putnam High Yield Advantage Fund		2,625,883
TOTAL BOND MUTUAL FUNDS --- 19.01%					24,907,030
(Cost $22,996,813)
FIXED INTEREST CONTRACT
Interest				Value ($)
	7,793,766	*	Great-West Life & Annuity Contract	$	9,149,389
TOTAL FIXED INTEREST CONTRACT --- 6.99%
(Cost $9,048,473)
TOTAL INVESTMENTS --- 100.00%				$	130,977,485
(Cost $107,117,033)
OTHER ASSETS AND LIABILITIES --- 0.00%				$	(4,476	)
TOTAL NET ASSETS --- 100%				$	130,973,009
(Cost $107,117,033)
* Represents the dollar value of the individual interest in the Contract acquired at the date of acquisition.
				(Continued)

MAXIM SERIES FUND, INC.
MAXIM AGGRESSIVE PROFILE I PORTFOLIO
SCHEDULE OF INVESTMENTS
MARCH 31, 2010
UNAUDITED
Shares			Value ($)
EQUITY MUTUAL FUNDS
	442,223	Maxim Invesco ADR Portfolio	$	5,457,026
	740,728	Maxim Janus Large Cap Growth Portfolio		8,481,335
	205,236	Maxim Loomis Sayles Small-Cap Value Portfolio		3,579,315
	539,018	Maxim MFS International Growth Portfolio		5,481,810
	733,506	Maxim MFS International Value Portfolio		5,471,958
	683,102	Maxim MidCap Value Portfolio		5,983,976
	192,514	Maxim Small-Cap Growth Portfolio		3,112,956
	380,132	Maxim Small-Cap Value Portfolio		3,554,231
	398,976	Maxim T. Rowe Price Equity/Income Portfolio		5,505,870
	285,418	Maxim T. Rowe Price MidCap Growth Portfolio		4,620,925
	388,452	Putnam Equity Income Fund		5,500,485
	543,754	Putnam Mid Cap Value Fund		6,008,485
TOTAL EQUITY MUTUAL FUNDS --- 100.00%			$	62,758,372
(Cost $53,928,360)
OTHER ASSETS AND LIABILITIES --- 0.00%			$	(2,144	)
TOTAL NET ASSETS ---100%			$	62,756,228
(Cost $53,928,360)

Investments in shares of the underlying funds are valued at their net asset value as reported by the underlying fund.  Investments in the Great West Life & Annuity Contract (the Contract) are valued at the amount of deposits plus interest, less withdrawals, determined on a daily basis.  The investment in the Contract is a guaranteed account invested in the general account of Great West Life & Annuity (GWL&A).  The interest rate credited may change on a calendar quarter basis, but on an annual effective basis will not be less than 1.5%.  The investment in the Contract is considered to be fair valued with the major consideration in the valuation being the credit rating of GWL&A.

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of March 31, 2010 were as follows:

	Cost For
	Income							Net
	Tax		Gross		Gross			Unrealized
	Purposes		Appreciation		Depreciation			Depreciation
Aggressive Profile I Portfolio	$	93,156,475	$	-	$	(30,398,104	)	$	(30,398,104	)
Conservative Profile I Portfolio		32,941,990		167,398		(6,364,141	)		(6,196,743	)
Moderate Profile I Portfolio		212,966,007		880,252		(41,114,390	)		(40,234,138	)
Moderately Aggressive Profile I Portfolio		184,831,033		100,826		(53,954,374	)		(53,853,548	)
Moderately Conservative Profile I Portfolio		49,477,322		260,447		(10,102,979	)		(9,842,532	)

The Portfolios classify valuations into three levels based upon the transparency of inputs to the valuation of the Portfolio’s investments.  The three levels are defined as follows:

Level 1 – Valuations based on quoted prices for identical securities in active markets.

Level 2 – Valuations based on either directly or indirectly observable inputs.  These may include quoted prices in markets that are not active or quoted prices for similar assets in active markets.  

Level 3 – Valuations based on inputs that are unobservable and significant to the fair value measurement.

As of March 31, 2010, the inputs used to value the Portfolio’s investments were as follows:

Maxim Aggressive Profile I Portfolio
Description	Level 1		Level 2		Level 3		Total
Equity mutual funds	$	62,758,372	$	0	$	0	$	62,758,372
Maxim Conservative Profile I Portfolio
Description	Level 1		Level 2		Level 3		Total
Equity mutual funds	$	8,030,955	$	-	$	-	$	8,030,955
Bond mutual funds		12,705,389		-		-		12,705,389
Fixed interest contract		-		-		6,008,902		6,008,902
Total	$	20,736,344	$	0	$	6,008,902	$	26,745,246
Maxim Moderate Profile I Portfolio
Description	Level 1		Level 2		Level 3		Total
Equity mutual funds	$	103,678,920	$	-	$	-	$	103,678,920
Bond mutual funds		42,330,044		-		-		42,330,044
Fixed interest contract		-		-		26,722,905		26,722,905
Total	$	146,008,964	$	0	$	26,722,905	$	172,731,869
Maxim Moderately Aggressive Profile I Portfolio
Description	Level 1		Level 2		Level 3		Total
Equity mutual funds	$	96,921,066	$	-	$	-	$	96,921,066
Bond mutual funds		24,907,030		-		-		24,907,030
Fixed interest contract		-		-		9,149,389		9,149,389
Total	$	121,828,096	$	0	$	9,149,389	$	130,977,485
Maxim Moderately Conservative Profile I Portfolio
Description	Level 1		Level 2		Level 3		Total
Equity mutual funds	$	17,841,816	$	-	$	-	$	17,841,816
Bond mutual funds		12,988,750		-		-		12,988,750
Fixed interest contract		-		-		8,804,224		8,804,224
Total	$	30,830,566	$	0	$	8,804,224	$	39,634,790

Below is a summary of the transactions for each underlying investment during the period ended March 31, 2010, in which the issuer was an affiliate of a Portfolio, as defined in the 1940 Act.

			Market											Market
	Shares		Value		Purchase		Sales		Realized			Dividends		Value
Affiliate	Held		12/31/2009		Cost		Cost		Gain/(Loss)			Received		3/31/2010
Aggressive Profile I Portfolio
Maxim Invesco ADR Portfolio		442,223	$	9,964,742	$	504,309	$	415,661	$	(3,163,941	)	$	-	$	5,457,026
Maxim Janus Large Cap Growth Portfolio		740,728		13,639,009		2,529,943		706,947		(1,939,206	)		-		8,481,335
Maxim Loomis Sayles Small-Cap Value    Portfolio		205,236		7,658,388		121,180		264,479		(1,402,423	)		-		3,579,315
Maxim MFS International Growth Portfolio		539,018		9,900,375		654,485		507,097		(2,361,951	)		-		5,481,810
Maxim MFS International Value Portfolio		733,506		9,844,643		592,165		686,582		(4,237,928	)		-		5,471,958
Maxim MidCap Value Portfolio		683,102		11,243,106		188,286		736,406		(1,607,089	)		-		5,983,976
Maxim Small-Cap Growth Portfolio		192,514		5,805,766		124,751		201,225		(473,680	)		-		3,112,956
Maxim Small-Cap Value Portfolio		380,132		7,655,558		116,344		539,131		(844,796	)		-		3,554,231
Maxim T. Rowe Price Equity/Income    Portfolio		398,976		9,323,925		835,172		384,505		(2,758,933	)		-		5,505,870
Maxim T. Rowe Price MidCap Growth    Portfolio		285,418		10,013,940		149,726		394,254		(1,567,551	)		-		4,620,925
Putnam Equity Income Fund		388,452		9,281,454		1,007,201		366,478		(1,042,296	)		18,563		5,500,485
Putnam Mid Cap Value Fund		543,754		11,231,882		186,188		598,607		(1,728,586	)		-		6,008,485
TOTAL									$	(23,128,380	)	$	18,563	$	62,758,372

			Market											Market
	Shares/Interest		Value		Purchase		Sales		Realized			Dividends		Value
Affiliate	Held		12/31/2009		Cost		Cost		Gain/(Loss)			Received		3/31/2010
Conservative Profile I Portfolio
Maxim Federated Bond Portfolio		262,976	$	5,333,626	$	303,216	$	286,537	$	164,251		$	25,314	$	2,727,060
Maxim Global Bond Portfolio		220,728		3,403,152		654,872		228,022		(118,145	)		-		2,101,332
Maxim Invesco ADR Portfolio		43,536		982,665		113,377		46,278		9,212			-		537,231
Maxim Janus Large Cap Growth Portfolio		157,644		3,811,830		175,682		199,217		410,947			-		1,805,022
Maxim Loomis Sayles Small-Cap Value    Portfolio		19,019		996,345		25,107		42,648		193,502			-		331,699
Maxim MFS International Growth Portfolio		53,003		987,061		117,586		56,544		28,255			-		539,044
Maxim MFS International Value Portfolio		72,128		981,511		108,662		76,177		166,261			-		538,077
Maxim MidCap Value Portfolio		81,158		1,364,640		68,893		96,702		117,765			-		710,944
Maxim Putnam High Yield Bond Portfolio		178,936		3,382,974		103,278		280,196		92,334			-		1,410,012
Maxim Short Duration Bond Portfolio		183,675		3,814,599		174,922		213,410		65,566			17,953		1,867,973
Maxim Small-Cap Value Portfolio		35,228		999,792		24,136		85,841		246,767			-		329,377
Maxim T. Rowe Price Equity/Income    Portfolio		85,135		2,144,532		201,358		95,846		62,825			-		1,174,861
Maxim T. Rowe Price MidCap Growth    Portfolio		11,106		180,866		137,414		10,031		1,191			-		179,805
Maxim U.S. Government Mortgage    Securities Portfolio		260,248		5,779,036		757,091		273,122		155,238			29,250		3,190,636
Putnam Equity Income Fund		82,890		2,137,467		220,502		90,248		(22,043	)		3,955		1,173,716
Putnam High Yield Advantage Fund		243,664		3,404,970		132,674		379,017		110,580			31,827		1,408,376
Putnam Mid Cap Value Fund		64,360		1,363,275		60,537		77,957		318,408			-		711,179
Great-West Life & Annuity Contract		5,118,591		11,899,977		636,135		5,633,613		567,426			-		6,008,902
TOTAL									$	2,570,340		$	108,299	$	26,745,246

			Market											Market
	Shares/Interest		Value		Purchase		Sales		Realized			Dividends		Value
Affiliate	Held		12/31/2009		Cost		Cost		Gain/(Loss)			Received		3/31/2010
Moderate Profile I Portfolio
Maxim Federated Bond Portfolio		1,200,781	$	21,604,430	$	706,547	$	974,705	$	575,642		$	115,754	$	12,452,103
Maxim Global Bond Portfolio		1,103,196		16,295,624		1,735,492		892,586		(1,375,097	)		-		10,502,430
Maxim Invesco ADR Portfolio		725,104		15,235,424		548,293		568,800		(4,081,932	)		-		8,947,786
Maxim Janus Large Cap Growth Portfolio		1,660,925		31,180,684		2,467,153		1,350,156		(3,880,261	)		-		19,017,588
Maxim Loomis Sayles Small-Cap Value    Portfolio		319,229		12,193,212		150,491		426,184		(1,858,513	)		-		5,567,360
Maxim MFS International Growth Portfolio		884,506		15,166,917		789,247		697,449		(3,048,258	)		-		8,995,425
Maxim MFS International Value Portfolio		1,203,656		15,051,913		664,529		935,692		(3,167,737	)		-		8,979,273
Maxim MidCap Value Portfolio		810,410		13,397,205		183,604		876,330		(1,776,534	)		-		7,099,190
Maxim Putnam High Yield Bond Portfolio		440,059		6,626,922		135,354		450,550		(1,089,911	)		-		3,467,663
Maxim Small-Cap Growth Portfolio		158,935		2,227,866		2,144,165		129,019		(39,593	)		-		2,569,976
Maxim Small-Cap Value Portfolio		591,269		12,199,847		149,727		869,772		(528,999	)		-		5,528,367
Maxim T. Rowe Price Equity/Income    Portfolio		815,614		16,870,328		2,333,486		663,897		(3,955,306	)		-		11,255,478
Maxim T. Rowe Price MidCap Growth    Portfolio		454,787		13,680,736		187,932		472,787		(976,668	)		-		7,362,998
Maxim U.S. Government Mortgage    Securities Portfolio		1,015,026		21,506,681		945,207		818,713		525,583			114,248		12,444,216
Putnam Equity Income Fund		794,101		16,814,354		2,498,406		622,057		(1,773,574	)		37,942		11,244,465
Putnam High Yield Advantage Fund		599,244		6,680,129		217,552		614,846		(155,160	)		79,281		3,463,632
Putnam Mid Cap Value Fund		643,531		13,383,734		179,211		713,740		(298,069	)		-		7,111,014
Great-West Life & Annuity Contract		22,763,497		44,799,973		2,898,450		18,146,531		2,246,702			-		26,722,905
TOTAL									$	(24,657,685	)	$	347,225	$	172,731,869

			Market											Market
	Shares/Interest		Value		Purchase		Sales		Realized			Dividends		Value
Affiliate	Held		12/31/2009		Cost		Cost		Gain/(Loss)			Received		3/31/2010
Moderately Aggressive Profile I Portfolio
Maxim Federated Bond Portfolio		627,828	$	13,643,512	$	525,153	$	753,630	$	426,410		$	60,566	$	6,510,579
Maxim Global Bond Portfolio		696,973		13,808,542		299,993		866,194		(1,034,002	)		-		6,635,184
Maxim Invesco ADR Portfolio		647,746		16,633,393		617,657		765,873		(5,460,248	)		-		7,993,191
Maxim Janus Large Cap Growth Portfolio		1,316,437		29,755,911		2,904,828		1,605,749		(3,795,219	)		-		15,073,198
Maxim Loomis Sayles Small-Cap Value    Portfolio		232,338		9,489,699		86,193		345,881		(1,785,340	)		-		4,051,976
Maxim MFS International Growth Portfolio		789,908		16,553,781		858,816		935,674		(4,132,840	)		-		8,033,364
Maxim MFS International Value Portfolio		1,073,158		16,460,582		719,210		1,264,615		(4,530,764	)		-		8,005,758
Maxim MidCap Value Portfolio		1,029,451		19,744,920		187,800		1,446,126		(3,145,547	)		-		9,017,987
Maxim Putnam High Yield Bond Portfolio		333,621		6,177,133		109,419		494,329		(1,076,938	)		-		2,628,931
Maxim Small-Cap Growth Portfolio		321,318		12,459,906		179,191		517,894		(1,143,039	)		-		5,195,706
Maxim Small-Cap Value Portfolio		431,709		9,471,881		86,070		699,057		(1,048,279	)		-		4,036,480
Maxim T. Rowe Price Equity/Income    Portfolio		761,040		21,194,725		824,716		939,321		(6,498,570	)		-		10,502,350
Maxim T. Rowe Price MidCap Growth    Portfolio		338,300		12,641,931		114,861		514,863		(1,343,681	)		-		5,477,076
Maxim U.S. Government Mortgage    Securities Portfolio		530,706		13,600,196		717,300		638,536		379,887			59,778		6,506,453
Putnam Equity Income Fund		740,968		21,124,402		1,054,093		888,559		(2,560,465	)		35,429		10,492,108
Putnam High Yield Advantage Fund		454,305		6,226,479		178,835		673,128		(157,210	)		66,263		2,625,883
Putnam Mid Cap Value Fund		818,269		19,697,746		186,221		1,171,533		(1,915,483	)		-		9,041,872
Great-West Life & Annuity Contract		7,793,766		16,429,616		3,406,590		9,216,550		705,386			-		9,149,389
TOTAL									$	(38,115,942	)	$	222,036	$	130,977,485

			Market											Market
	Shares/Interest		Value		Purchase		Sales		Realized			Dividends		Value
Affiliate	Held		12/31/2009		Cost		Cost		Gain/(Loss)			Received		3/31/2010
Moderately Conservative Profile I Portfolio
Maxim Federated Bond Portfolio		313,639	$	5,549,984	$	498,040	$	275,738	$	158,269		$	30,157	$	3,252,433
Maxim Global Bond Portfolio		295,381		4,276,984		789,527		264,892		(280,724	)		-		2,812,027
Maxim INVESCO ADR Portfolio		112,887		2,467,716		129,882		100,048		(515,321	)		-		1,393,020
Maxim Janus Large Cap Growth Portfolio		303,223		5,808,498		671,967		276,771		(269,116	)		-		3,471,898
Maxim Loomis Sayles Small-Cap Value    Portfolio		73,270		2,933,618		62,511		107,610		(63,067	)		-		1,277,820
Maxim MFS International Growth Portfolio		137,435		2,451,797		169,482		122,462		(381,859	)		-		1,397,713
Maxim MFS International Value Portfolio		187,032		2,430,881		147,868		163,949		(67,862	)		-		1,395,259
Maxim MidCap Value Portfolio		127,906		1,887,310		141,495		123,628		(88,918	)		-		1,120,455
Maxim Putnam High Yield Bond Portfolio		189,367		3,103,691		78,068		229,648		(309,939	)		-		1,492,208
Maxim Short Duration Bond Portfolio		48,599		1,321,880		39,254		86,908		31,381			4,745		494,257
Maxim Small-Cap Value Portfolio		135,710		2,935,214		60,245		218,475		143,355			-		1,268,891
Maxim T. Rowe Price Equity/Income    Portfolio		147,735		3,134,144		550,141		135,855		(304,712	)		-		2,038,744
Maxim T. Rowe Price MidCap Growth    Portfolio		81,784		2,964,485		61,619		120,532		424,467			-		1,324,084
Maxim U.S. Government Mortgage    Securities Portfolio		281,185		5,700,870		770,115		246,972		152,507			31,568		3,447,334
Putnam Equity Income Fund		143,563		3,116,724		587,387		127,862		(260,659	)		6,842		2,032,858
Putnam High Yield Advantage Fund		257,870		3,121,568		113,736		311,566		(78,639	)		35,747		1,490,491
Putnam Mid Cap Value Fund		101,455		1,878,371		133,233		99,438		133,278			-		1,121,074
Great-West Life & Annuity Contract		7,499,743		15,810,826		730,725		6,687,938		734,398			-		8,804,224
TOTAL									$	(843,161	)	$	109,059	$	39,634,790

MAXIM SERIES FUND, INC.
MAXIM AGGRESSIVE PROFILE II PORTFOLIO
SCHEDULE OF INVESTMENTS
MARCH 31, 2010
UNAUDITED
Shares			Value ($)
EQUITY MUTUAL FUNDS
	4,278,268	Maxim Invesco ADR Portfolio	$	52,793,821
	7,166,036	Maxim Janus Large Cap Growth Portfolio		82,051,107
	1,985,562	Maxim Loomis Sayles Small-Cap Value Portfolio		34,628,208
	5,214,653	Maxim MFS International Growth Portfolio		53,033,018
	7,096,290	Maxim MFS International Value Portfolio		52,938,325
	6,608,674	Maxim MidCap Value Portfolio		57,891,984
	1,862,488	Maxim Small-Cap Growth Portfolio		30,116,434
	3,677,627	Maxim Small-Cap Value Portfolio		34,385,813
	3,859,834	Maxim T. Rowe Price Equity/Income Portfolio		53,265,714
	2,761,260	Maxim T. Rowe Price MidCap Growth Portfolio		44,704,800
	3,758,052	Putnam Equity Income Fund		53,214,017
	5,260,533	Putnam Mid Cap Value Fund		58,128,895
TOTAL EQUITY MUTUAL FUNDS --- 100%			$	607,152,136
(Cost $631,278,377)
OTHER ASSETS AND LIABILITIES --- 0.00%			$	(8,302	)
TOTAL NET ASSETS --- 100%			$	607,143,834
(Cost $631,278,377)

MAXIM SERIES FUND, INC.
MAXIM MODERATELY AGGRESSIVE PROFILE II PORTFOLIO
SCHEDULE OF INVESTMENTS
MARCH 31, 2010
UNAUDITED
Shares				Value ($)
EQUITY MUTUAL FUNDS
	1,297,777		Maxim Invesco ADR Portfolio	$	16,014,572
	2,637,521		Maxim Janus Large Cap Growth Portfolio		30,199,620
	465,495		Maxim Loomis Sayles Small-Cap Value Portfolio		8,118,233
	1,582,615		Maxim MFS International Growth Portfolio		16,095,198
	2,150,124		Maxim MFS International Value Portfolio		16,039,925
	2,062,532		Maxim MidCap Value Portfolio		18,067,783
	643,765		Maxim Small-Cap Growth Portfolio		10,409,678
	864,940		Maxim Small-Cap Value Portfolio		8,087,188
	1,524,759		Maxim T. Rowe Price Equity/Income Portfolio		21,041,679
	677,791		Maxim T. Rowe Price MidCap Growth Portfolio		10,973,430
	1,484,541		Putnam Equity Income Fund		21,021,104
	1,639,414		Putnam Mid Cap Value Fund		18,115,521
TOTAL EQUITY MUTUAL FUNDS --- 74.00%					194,183,931
(Cost $169,419,338)
BOND MUTUAL FUNDS
	1,257,887		Maxim Federated Bond Portfolio		13,044,285
	1,396,409		Maxim Global Bond Portfolio		13,293,814
	668,424		Maxim Putnam High Yield Bond Portfolio		5,267,183
	1,063,295		Maxim U.S. Government Mortgage Securities Portfolio		13,035,995
	910,220		Putnam High Yield Advantage Fund		5,261,070
TOTAL BOND MUTUAL FUNDS --- 19.01%					49,902,347
(Cost $48,035,093)
FIXED INTEREST CONTRACT
Interest				Value ($)
	15,615,247	*	Great West Life & Annuity Contract	$	18,331,313
TOTAL FIXED INTEREST CONTRACT --- 6.99%
(Cost $18,091,190)
TOTAL --- 100.00%				$	262,417,591
(Cost $235,545,621)
OTHER ASSETS AND LIABILITIES --- 0.00%				$	(3,585	)
TOTAL NET ASSETS --- 100%				$	262,414,006
(Cost $235,545,621)
* Represents the dollar value of the individual interest in the Contract acquired at the date of acquisition.
				(Continued)

MAXIM SERIES FUND, INC.
MAXIM MODERATE PROFILE II PORTFOLIO
SCHEDULE OF INVESTMENTS
MARCH 31, 2010
UNAUDITED
Shares				Value ($)
EQUITY MUTUAL FUNDS
	4,152,398		Maxim Invesco ADR Portfolio	$	51,240,597
	9,511,304		Maxim Janus Large Cap Growth Portfolio		108,904,436
	1,828,102		Maxim Loomis Sayles Small-Cap Value Portfolio		31,882,103
	5,065,223		Maxim MFS International Growth Portfolio		51,513,320
	6,892,907		Maxim MFS International Value Portfolio		51,421,084
	4,640,874		Maxim MidCap Value Portfolio		40,654,057
	910,158		Maxim Small-Cap Growth Portfolio		14,717,248
	3,385,978		Maxim Small-Cap Value Portfolio		31,658,894
	4,670,632		Maxim T. Rowe Price Equity/Income Portfolio		64,454,727
	2,604,351		Maxim T. Rowe Price MidCap Growth Portfolio		42,164,440
	4,547,471		Putnam Equity Income Fund		64,392,183
	3,685,199		Putnam Mid Cap Value Fund		40,721,445
TOTAL EQUITY MUTUAL FUNDS --- 60.02%					593,724,534
(Cost $528,580,999)
BOND MUTUAL FUNDS
	6,876,465		Maxim Federated Bond Portfolio		71,308,943
	6,317,396		Maxim Global Bond Portfolio		60,141,611
	2,519,990		Maxim Putnam High Yield Bond Portfolio		19,857,520
	5,812,700		Maxim U.S. Government Mortgage Securities Portfolio		71,263,706
	3,431,568		Putnam High Yield Advantage Fund		19,834,463
TOTAL BOND MUTUAL FUNDS --- 24.51%					242,406,243
(Cost $234,891,768)
FIXED INTEREST CONTRACT
Interest				Value ($)
	130,356,428	*	Great West Life & Annuity Contract	$	153,030,204
TOTAL FIXED INTEREST CONTRACT --- 15.47%
(Cost $145,205,788)
TOTAL --- 100.00%					989,160,981
(Cost $908,678,555)
OTHER ASSETS AND LIABILITIES --- 0.00%				$	(13,522	)
TOTAL NET ASSETS --- 100%				$	989,147,459
(Cost $908,678,555)
* Represents the dollar value of the individual interest in the Contract acquired at the date of acquisition.
				(Continued)

MAXIM SERIES FUND, INC.
MAXIM MODERATELY CONSERVATIVE PROFILE II PORTFOLIO
SCHEDULE OF INVESTMENTS
MARCH 31, 2010
UNAUDITED
Shares				Value ($)
EQUITY MUTUAL FUNDS
	209,055		Maxim INVESCO ADR Portfolio	$	2,579,745
	561,568		Maxim Janus Large Cap Growth Portfolio		6,429,958
	135,685		Maxim Loomis Sayles Small-Cap Value Portfolio		2,366,354
	254,527		Maxim MFS International Growth Portfolio		2,588,536
	346,368		Maxim MFS International Value Portfolio		2,583,903
	236,867		Maxim MidCap Value Portfolio		2,074,959
	251,312		Maxim Small-Cap Value Portfolio		2,349,764
	273,602		Maxim T. Rowe Price Equity/Income Portfolio		3,775,706
	151,458		Maxim T. Rowe Price MidCap Growth Portfolio		2,452,107
	265,870		Putnam Equity Income Fund		3,764,719
	187,881		Putnam Mid Cap Value Fund		2,076,090
TOTAL EQUITY MUTUAL FUNDS --- 45.02%					33,041,841
(Cost $27,987,940)
BOND MUTUAL FUNDS
	580,819		Maxim Federated Bond Portfolio		6,023,090
	547,066		Maxim Global Bond Portfolio		5,208,071
	350,718		Maxim Putnam High Yield Bond Portfolio		2,763,660
	90,002		Maxim Short Duration Bond Portfolio		915,320
	520,721		Maxim U.S. Government Mortgage Securities Portfolio		6,384,038
	477,586		Putnam High Yield Advantage Fund		2,760,449
TOTAL BOND MUTUAL FUNDS --- 32.77%					24,054,628
(Cost $22,967,915)
FIXED INTEREST CONTRACT
Interest				Value ($)
	13,889,634	*	Great West Life & Annuity Contract	$	16,305,553
TOTAL FIXED INTEREST CONTRACT --- 22.21%
(Cost $16,027,182)
TOTAL --- 100.00%				$	73,402,022
(Cost $66,983,037)
OTHER ASSETS AND LIABILITIES --- 0.00%				$	(1,004	)
TOTAL NET ASSETS --- 100%				$	73,401,018
(Cost $66,983,037)
* Represents the dollar value of the individual interest in the Contract acquired at the date of acquisition.
				(Concluded)

MAXIM SERIES FUND, INC.
MAXIM CONSERVATIVE PROFILE II PORTFOLIO
SCHEDULE OF INVESTMENTS
MARCH 31, 2010
UNAUDITED
Shares				Value ($)
EQUITY MUTUAL FUNDS
	448,168		Maxim Invesco ADR Portfolio	$	5,530,392
	1,622,810		Maxim Janus Large Cap Growth Portfolio		18,581,170
	195,793		Maxim Loomis Sayles Small-Cap Value Portfolio		3,414,623
	545,622		Maxim MFS International Growth Portfolio		5,548,974
	742,500		Maxim MFS International Value Portfolio		5,539,049
	835,464		Maxim MidCap Value Portfolio		7,318,662
	362,646		Maxim Small-Cap Value Portfolio		3,390,737
	876,396		Maxim T. Rowe Price Equity/Income Portfolio		12,094,267
	114,328		Maxim T. Rowe Price MidCap Growth Portfolio		1,850,964
	853,288		Putnam Equity Income Fund		12,082,563
	662,545		Putnam Mid Cap Value Fund		7,321,124
TOTAL EQUITY MUTUAL FUNDS --- 30.03%					82,672,525
(Cost $66,661,236)
BOND MUTUAL FUNDS
	2,707,104		Maxim Federated Bond Portfolio		28,072,670
	2,272,195		Maxim Global Bond Portfolio		21,631,293
	1,841,969		Maxim Putnam High Yield Bond Portfolio		14,514,716
	1,890,764		Maxim Short Duration Bond Portfolio		19,229,074
	2,679,020		Maxim U.S. Government Mortgage Securities Portfolio		32,844,783
	2,508,286		Putnam High Yield Advantage Fund		14,497,896
TOTAL BOND MUTUAL FUNDS --- 47.50%					130,790,432
(Cost $123,885,198)
FIXED INTEREST CONTRACT
Interest				Value ($)
	52,690,989	*	Great-West Life & Annuity Contract	$	61,855,890
TOTAL FIXED INTEREST CONTRACT --- 22.47%
(Cost $58,460,017)
TOTAL --- 100.00%					275,318,847
(Cost $249,006,451)
OTHER ASSETS AND LIABILITIES --- 0.00%				$	(3,769	)
TOTAL NET ASSETS --- 100%				$	275,315,078
(Cost $249,006,451)
* Represents the dollar value of the individual interest in the Contract acquired at the date of acquisition.
				(Continued)

Investments in shares of the underlying funds are valued at their net asset value as reported by the underlying fund.  Investments in the Great West Life & Annuity Contract (the Contract) are valued at the amount of deposits plus interest, less withdrawals, determined on a daily basis.  The investment in the Contract is a guaranteed account invested in the general account of Great West Life & Annuity (GWL&A).  The interest rate credited may change on a calendar quarter basis, but on an annual effective basis will not be less than 1.5%. The investment in the Contract is considered to be fair valued with the major consideration in the valuation being the credit rating of GWL&A.

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of March 31, 2010 were as follows:

	Cost For							Net
	Income							Unrealized
	Tax		Gross		Gross			Appreciation/
	Purposes		Appreciation		Depreciation			(Depreciation)
Aggressive Profile II Portfolio	$	727,133,897	$	-	$	(119,981,761	)	$	(119,981,761	)
Conservative Profile II Portfolio		284,188,050		5,043,747		(13,912,948	)		(8,869,201	)
Moderate Profile II Portfolio		1,084,309,213		9,482,279		(104,630,513	)		(95,148,234	)
Moderately Aggressive Profile II Portfolio		259,915,149		9,384,296		(6,881,853	)		2,502,443
Moderately Conservative Profile II    Portfolio		75,281,960		943,871		(2,823,811	)		(1,879,940	)

The Portfolios classify valuations into three levels based upon the transparency of inputs to the valuation of the Portfolio’s investments.  The three levels are defined as follows:

Level 1 – Valuations based on quoted prices for identical securities in active markets.

Level 2 – Valuations based on either directly or indirectly observable inputs.  These may include quoted prices in markets that are not active or quoted prices for similar assets in active markets.  

Level 3 – Valuations based on inputs that are unobservable and significant to the fair value measurement.

As of March 31, 2010, the inputs used to value the Portfolio’s investments were as follows:

Maxim Aggressive Profile II Portfolio
Description	Level 1		Level 2		Level 3		Total
Equity mutual funds	$	607,152,136	$	0	$	0	$	607,152,136
Maxim Conservative Profile II Portfolio
Description	Level 1		Level 2		Level 3		Total
Equity mutual funds	$	82,672,525	$	-	$	-	$	82,672,525
Bond mutual funds		130,790,432		-		-		130,790,432
Fixed interest contract		-		-		61,855,890		61,855,890
Total	$	213,462,957	$	0	$	61,855,890	$	275,318,847
Maxim Moderate Profile II Portfolio
Description	Level 1		Level 2		Level 3		Total
Equity mutual funds	$	593,724,534	$	-	$	-	$	593,724,534
Bond mutual funds		242,406,243		-		-		242,406,243
Fixed interest contract		-		-		153,030,204		153,030,204
Total	$	836,130,777	$	0	$	153,030,204	$	989,160,981
Maxim Moderately Aggressive Profile II Portfolio
Description	Level 1		Level 2		Level 3		Total
Equity mutual funds	$	194,183,931	$	-	$	-	$	194,183,931
Bond mutual funds		49,902,347		-		-		49,902,347
Fixed interest contract		-		-		18,331,313		18,331,313
Total	$	244,086,278	$	0	$	18,331,313	$	262,417,591
Maxim Moderately Conservative Profile II Portfolio
Description	Level 1		Level 2		Level 3		Total
Equity mutual funds	$	33,041,841	$	-	$	-	$	33,041,841
Bond mutual funds		24,054,628		-		-		24,054,628
Fixed interest contract		-		-		16,305,553		16,305,553
Total	$	57,096,469	$	0	$	16,305,553	$	73,402,022

Below is a summary of the transactions for each underlying investment during the period ended March 31, 2010, in which the issuer was an affiliate of a Portfolio, as defined in the 1940 Act.

			Market											Market
	Shares		Value		Purchase		Sales		Realized			Dividends		Value
Affiliate	Held		12/31/2009		Cost		Cost		Gain/(Loss)			Received		3/31/2010
Aggressive Profile II Portfolio
Maxim Invesco ADR Portfolio		4,278,268	$	46,499,134	$	7,207,830	$	146,821	$	(702,041	)	$	-	$	52,793,821
Maxim Janus Large Cap Growth Portfolio		7,166,036		63,636,345		19,016,768		282,460		(1,102,957	)		-		82,051,107
Maxim Loomis Sayles Small-Cap Value    Portfolio		1,985,562		35,729,373		3,097,713		368,591		(1,377,698	)		-		34,628,208
Maxim MFS International Growth Portfolio		5,214,653		46,199,134		7,837,197		177,748		(823,139	)		-		53,033,018
Maxim MFS International Value Portfolio		7,096,290		45,938,558		7,779,016		241,086		(1,349,014	)		-		52,938,325
Maxim MidCap Value Portfolio		6,608,674		52,460,183		5,072,691		559,885		(943,081	)		-		57,891,984
Maxim Small-Cap Growth Portfolio		1,862,488		27,083,887		2,755,222		129,061		248,649			-		30,116,434
Maxim Small-Cap Value Portfolio		3,677,627		35,717,863		3,042,583		920,003		(1,062,129	)		-		34,385,813
Maxim T. Rowe Price Equity/Income    Portfolio		3,859,834		43,513,097		8,144,730		138,367		(742,458	)		-		53,265,714
Maxim T. Rowe Price MidCap Growth    Portfolio		2,761,260		46,721,493		3,893,389		634,065		(1,964,640	)		-		44,704,800
Putnam Equity Income Fund		3,758,052		43,315,766		9,423,518		126,052		(273,173	)		179,782		53,214,017
Putnam Mid Cap Value Fund		5,260,533		52,405,121		5,063,231		508,759		(1,127,859	)		-		58,128,895
TOTAL									$	(11,219,540	)	$	179,782	$	607,152,136

			Market											Market
	Shares/Interest		Value		Purchase		Sales		Realized			Dividends		Value
Affiliate	Held		12/31/2009		Cost		Cost		Gain/(Loss)			Received		3/31/2010
Conservative Profile II Portfolio
Maxim Federated Bond Portfolio		2,707,104	$	25,656,802	$	3,231,103	$	106,851	$	56,773		$	261,310	$	28,072,670
Maxim Global Bond Portfolio		2,272,195		16,367,601		5,176,526		110,344		(161,215	)		-		21,631,293
Maxim Invesco ADR Portfolio		448,168		4,725,492		1,021,939		24,701		(135,689	)		-		5,530,392
Maxim Janus Large Cap Growth Portfolio		1,622,810		18,327,756		1,819,842		187,310		(806,504	)		-		18,581,170
Maxim Loomis Sayles Small-Cap Value    Portfolio		195,793		4,790,322		277,546		110,898		312,971			-		3,414,623
Maxim MFS International Growth Portfolio		545,622		4,746,588		1,043,825		31,613		(113,379	)		-		5,548,974
Maxim MFS International Value Portfolio		742,500		4,719,841		986,306		35,967		(110,008	)		-		5,539,049
Maxim MidCap Value Portfolio		835,464		6,561,764		734,888		72,144		(102,276	)		-		7,318,662
Maxim Putnam High Yield Bond Portfolio		1,841,969		16,277,992		1,196,320		459,673		(744,371	)		-		14,514,716
Maxim Short Duration Bond Portfolio		1,890,764		18,349,316		2,009,307		133,696		55,697			185,323		19,229,074
Maxim Small-Cap Value Portfolio		362,646		4,807,121		276,200		239,472		636,551			-		3,390,737
Maxim T. Rowe Price Equity/Income    Portfolio		876,396		10,313,505		1,852,582		64,282		(291,900	)		-		12,094,267
Maxim T. Rowe Price MidCap Growth    Portfolio		114,328		869,619		981,566		8,847		10,167			-		1,850,964
Maxim U.S. Government Mortgage    Securities Portfolio		2,679,020		27,799,804		6,427,453		114,083		78,940			301,946		32,844,783
Putnam Equity Income Fund		853,288		10,279,399		2,008,340		51,175		(103,028	)		40,826		12,082,563
Putnam High Yield Advantage Fund		2,508,286		16,373,384		1,452,207		630,230		(129,649	)		275,990		14,497,896
Putnam Mid Cap Value Fund		662,545		6,554,909		671,531		61,733		(59,246	)		-		7,321,124
Great-West Life & Annuity Contract		52,690,989		57,230,970		6,967,761		2,361,383		385,751			-		61,855,890
TOTAL									$	(1,220,415	)	$	1,065,394	$	275,318,847
		73,849,887

			Market											Market
	Shares/Interest		Value		Purchase		Sales		Realized			Dividends		Value
Affiliate	Held		12/31/2009		Cost		Cost		Gain/(Loss)			Received		3/31/2010
Moderate Profile II Portfolio
Maxim Federated Bond Portfolio		6,876,465	$	62,856,607	$	10,425,310	$	257,916	$	146,337		$	663,257	$	71,308,943
Maxim Global Bond Portfolio		6,317,396		47,401,775		11,908,522		251,803		(389,193	)		-		60,141,611
Maxim Invesco ADR Portfolio		4,152,398		44,310,394		7,462,895		125,470		(1,003,154	)		-		51,240,597
Maxim Janus Large Cap Growth Portfolio		9,511,304		90,671,138		18,749,580		365,098		(787,497	)		-		108,904,436
Maxim Loomis Sayles Small-Cap Value    Portfolio		1,828,102		35,454,573		3,710,283		550,138		(2,613,488	)		-		31,882,103
Maxim MFS International Growth Portfolio		5,065,223		44,111,075		8,137,264		165,651		(545,690	)		-		51,513,320
Maxim MFS International Value Portfolio		6,892,907		43,775,892		7,852,558		175,065		(1,033,738	)		-		51,421,084
Maxim MidCap Value Portfolio		4,640,874		38,960,338		4,702,617		807,471		(1,323,819	)		-		40,654,057
Maxim Putnam High Yield Bond Portfolio		2,519,990		19,286,367		2,526,971		352,867		(989,753	)		-		19,857,520
Maxim Small-Cap Growth Portfolio		910,158		6,477,501		8,210,641		65,191		86,101			-		14,717,248
Maxim Small-Cap Value Portfolio		3,385,978		35,475,672		3,705,823		1,267,081		(1,395,915	)		-		31,658,894
Maxim T. Rowe Price Equity/Income    Portfolio		4,670,632		49,069,583		14,027,593		217,002		(1,538,093	)		-		64,454,727
Maxim T. Rowe Price MidCap Growth    Portfolio		2,604,351		39,782,063		4,835,010		394,317		(1,495,596	)		-		42,164,440
Maxim U.S. Government Mortgage    Securities Portfolio		5,812,700		62,573,306		11,301,465		214,268		131,604			654,630		71,263,706
Putnam Equity Income Fund		4,547,471		48,907,434		14,798,173		151,678		(319,795	)		217,405		64,392,183
Putnam High Yield Advantage Fund		3,431,568		19,428,048		2,905,755		501,844		(104,850	)		354,531		19,834,463
Putnam Mid Cap Value Fund		3,685,199		38,919,240		4,689,021		699,125		(1,490,373	)		-		40,721,445
Great-West Life & Annuity Contract		130,356,428		130,311,562		26,863,187		4,397,401		634,452			-		153,030,204
TOTAL									$	(14,032,460	)	$	1,889,823	$	989,160,981
		207,209,144

			Market											Market
	Shares/Interest		Value		Purchase		Sales		Realized			Dividends		Value
Affiliate	Held		12/31/2009		Cost		Cost		Gain/(Loss)			Received		3/31/2010
Moderately Aggressive Profile II Portfolio
Maxim Federated Bond Portfolio		1,257,887	$	5,672,750	$	7,507,332	$	17,846	$	10,488		$	121,169	$	13,044,285
Maxim Global Bond Portfolio		1,396,409		5,741,204		7,057,877		25,777		(33,384	)		-		13,293,814
Maxim Invesco ADR Portfolio		1,297,777		6,915,167		8,581,990		18,562		(165,725	)		-		16,014,572
Maxim Janus Large Cap Growth Portfolio		2,637,521		12,371,143		16,584,880		57,494		(184,164	)		-		30,199,620
Maxim Loomis Sayles Small-Cap Value    Portfolio		465,495		3,945,260		4,202,949		41,678		(161,855	)		-		8,118,233
Maxim MFS International Growth Portfolio		1,582,615		6,882,253		8,597,958		22,585		(102,679	)		-		16,095,198
Maxim MFS International Value Portfolio		2,150,124		6,843,647		8,772,438		30,535		(163,740	)		-		16,039,925
Maxim MidCap Value Portfolio		2,062,532		8,209,064		9,302,825		161,931		(260,696	)		-		18,067,783
Maxim Putnam High Yield Bond Portfolio		668,424		2,568,252		2,877,747		48,530		(78,805	)		-		5,267,183
Maxim Small-Cap Growth Portfolio		643,765		5,179,993		5,390,733		81,622		(135,841	)		-		10,409,678
Maxim Small-Cap Value Portfolio		864,940		3,937,860		4,214,789		118,711		(109,272	)		-		8,087,188
Maxim T. Rowe Price Equity/Income    Portfolio		1,524,759		8,812,027		10,975,276		41,265		(227,887	)		-		21,041,679
Maxim T. Rowe Price MidCap Growth    Portfolio		677,791		5,255,890		5,616,824		66,192		(146,021	)		-		10,973,430
Maxim U.S. Government Mortgage    Securities Portfolio		1,063,295		5,654,803		7,614,277		14,980		10,239			119,593		13,035,995
Putnam Equity Income Fund		1,484,541		8,782,826		11,156,558		20,953		(48,443	)		70,880		21,021,104
Putnam High Yield Advantage Fund		910,220		2,588,592		2,938,049		65,271		(13,596	)		77,073		5,261,070
Putnam Mid Cap Value Fund		1,639,414		8,189,457		9,285,600		148,366		(254,871	)		-		18,115,521
Great West Life & Annuity Contract		15,615,247		6,831,117		11,655,380		212,226		18,750			-		18,331,313
TOTAL									$	(2,047,502	)	$	388,715	$	262,417,591

			Market											Market
	Shares/Interest		Value		Purchase		Sales		Realized			Dividends		Value
Affiliate	Held		12/31/2009		Cost		Cost		Gain/(Loss)			Received		3/31/2010
Moderately Conservative Profile II Portfolio
Maxim Federated Bond Portfolio		580,819	$	3,015,676	$	3,171,995	$	18,646	$	7,563		$	56,090	$	6,023,090
Maxim Global Bond Portfolio		547,066		2,323,732		2,802,283		21,455		(31,013	)		-		5,208,071
Maxim INVESCO ADR Portfolio		209,055		1,340,437		1,245,700		9,123		16,539			-		2,579,745
Maxim Janus Large Cap Growth Portfolio		561,568		3,155,355		3,273,069		32,211		111,010			-		6,429,958
Maxim Loomis Sayles Small-Cap Value    Portfolio		135,685		1,593,480		1,121,950		31,811		176,987			-		2,366,354
Maxim MFS International Growth Portfolio		254,527		1,331,870		1,258,791		11,829		24,345			-		2,588,536
Maxim MFS International Value Portfolio		346,368		1,320,553		1,264,226		12,872		31,642			-		2,583,903
Maxim MidCap Value Portfolio		236,867		1,025,232		1,018,774		21,179		73,617			-		2,074,959
Maxim Putnam High Yield Bond Portfolio		350,718		1,686,324		1,326,625		45,929		91,258			-		2,763,660
Maxim Short Duration Bond Portfolio		90,002		718,262		470,551		27,649		14,916			8,825		915,320
Maxim Small-Cap Value Portfolio		251,312		1,594,367		1,121,852		74,060		211,047			-		2,349,764
Maxim T. Rowe Price Equity/Income    Portfolio		273,602		1,702,706		1,990,688		16,566		66,124			-		3,775,706
Maxim T. Rowe Price MidCap Growth    Portfolio		151,458		1,610,344		1,148,681		35,969		211,807			-		2,452,107
Maxim U.S. Government Mortgage    Securities Portfolio		520,721		3,097,747		3,507,507		16,432		8,020			58,715		6,384,038
Putnam Equity Income Fund		265,870		1,693,266		2,017,368		12,239		(437	)		12,726		3,764,719
Putnam High Yield Advantage Fund		477,586		1,695,866		1,355,542		60,643		64,546			42,949		2,760,449
Putnam Mid Cap Value Fund		187,881		1,020,354		1,009,829		18,453		93,559			-		2,076,090
Great West Life & Annuity Contract		13,889,634		8,590,579		8,154,036		452,001		30,622			-		16,305,553
TOTAL									$	1,202,152		$	179,305	$	73,402,022

MAXIM SERIES FUND, INC.
MAXIM LIFETIME 2015 PORTFOLIO I
SCHEDULE OF INVESTMENTS
MARCH 31, 2010
UNAUDITED
Shares			Value ($)
EQUITY MUTUAL FUNDS
	8,676	Allianz NFJ Small Cap Value A	$	218,624
	23,624	American Century Growth Inv		545,008
	13,609	BlackRock U.S. Opportunities Inv A		463,393
	20,612	Goldman Sachs Midcap Value A		648,457
	17,467	Harbor International Inv		955,249
	30,874	Janus Adviser Perkins Mid Cap Value S		644,962
	93,427	Maxim Index 600 Portfolio		741,807
	77,052	Maxim Invesco ADR Portfolio		950,817
	47,830	Maxim Janus Large Cap Growth Portfolio		547,655
	12,486	Maxim Loomis Sayles Small-Cap Value Portfolio		217,753
	68,496	Maxim MFS International Growth Portfolio		696,602
	245,652	Maxim S&P 500® Index		2,618,651
	55,252	Maxim T Rowe Price Equity/Income Portfolio		762,472
	28,871	Maxim T Rowe Price MidCap Growth Portfolio		467,421
	35,148	MFS Value Fund A		760,602
	23,707	Sentinel Small Company A		157,649
	16,426	Van Kampen Small Cap Growth A		158,019
	33,376	Virtus Foreign Opportunities A		693,544
TOTAL EQUITY MUTUAL FUNDS -- 40.80%				12,248,685
(Cost $11,619,262)
BOND MUTUAL FUNDS
	259,429	American Century Inflation Adjusted Bond		2,988,625
	42,048	Calvert Short Duration Income A		689,583
	129,199	JP Morgan High Yield Bond		1,021,961
	305,832	Maxim Bond Index Portfolio		4,049,211
	390,859	Maxim Federated Bond Portfolio		4,053,210
	126,387	Maxim Global Bond Portfolio		1,203,203
	130,211	Maxim Putnam High Yield Bond Portfolio		1,026,062
	67,841	Maxim Short Duration Bond Portfolio		689,939
	184,072	Oppenheimer International Bond A		1,183,584
TOTAL BOND MUTUAL FUNDS -- 56.31%				16,905,378
(Cost $16,854,166)
MONEY MARKET MUTUAL FUNDS
	863,928	Maxim Money Market Portfolio		863,928
TOTAL MONEY MARKET MUTUAL FUNDS -- 2.87%				863,928
(Cost $863,928)
TOTAL INVESTMENTS --- 99.98%			$	30,017,991
(Cost $29,337,356)
OTHER ASSETS AND LIABILITIES --- 0.02%			$	5,787
TOTAL NET ASSETS --- 100%			$	30,023,778
(Cost $29,337,356)
				(Continued)

MAXIM SERIES FUND, INC.
MAXIM LIFETIME 2015 PORTFOLIO II
SCHEDULE OF INVESTMENTS
MARCH 31, 2010
UNAUDITED
Shares			Value ($)
EQUITY MUTUAL FUNDS
	28,471	Allianz NFJ Small Cap Value A	$	717,465
	77,902	American Century Growth Inv		1,797,194
	45,231	BlackRock U.S. Opportunities Inv A		1,540,109
	67,920	Goldman Sachs Midcap Value A		2,136,765
	57,146	Harbor International Inv		3,125,327
	101,721	Janus Adviser Perkins Mid Cap Value S		2,124,944
	303,173	Maxim Index 600 Portfolio		2,407,194
	252,086	Maxim Invesco ADR Portfolio		3,110,746
	157,749	Maxim Janus Large Cap Growth Portfolio		1,806,226
	40,971	Maxim Loomis Sayles Small-Cap Value Portfolio		714,534
	222,496	Maxim MFS International Growth Portfolio		2,262,785
	803,769	Maxim S&P 500® Index		8,568,177
	180,038	Maxim T Rowe Price Equity/Income Portfolio		2,484,529
	95,975	Maxim T Rowe Price MidCap Growth Portfolio		1,553,834
	114,519	MFS Value Fund A		2,478,185
	79,481	Sentinel Small Company A		528,551
	55,081	Van Kampen Small Cap Growth A		529,882
	108,403	Virtus Foreign Opportunities A		2,252,631
TOTAL EQUITY MUTUAL FUNDS -- 51.89%				40,139,078
(Cost $38,146,553)
BOND MUTUAL FUNDS
	541,109	American Century Inflation Adjusted Bond		6,233,574
	87,107	Calvert Short Duration Income A		1,428,553
	274,103	JP Morgan High Yield Bond		2,168,156
	642,284	Maxim Bond Index Portfolio		8,503,835
	820,883	Maxim Federated Bond Portfolio		8,512,560
	263,794	Maxim Global Bond Portfolio		2,511,323
	276,231	Maxim Putnam High Yield Bond Portfolio		2,176,696
	140,537	Maxim Short Duration Bond Portfolio		1,429,262
	384,065	Oppenheimer International Bond A		2,469,537
TOTAL BOND MUTUAL FUNDS -- 45.80%				35,433,496
(Cost $35,366,779)
MONEY MARKET MUTUAL FUNDS
	1,776,982	Maxim Money Market Portfolio		1,776,982
TOTAL MONEY MARKET MUTUAL FUNDS -- 2.30%				1,776,982
(Cost $1,776,982)
TOTAL INVESTMENTS --- 99.99%			$	77,349,556
(Cost $75,290,314)
OTHER ASSETS AND LIABILITIES --- 0.01%			$	9,289
TOTAL NET ASSETS --- 100%			$	77,358,845
(Cost $75,290,314)
				(Continued)

MAXIM SERIES FUND, INC.
MAXIM LIFETIME 2015 PORTFOLIO III
SCHEDULE OF INVESTMENTS
MARCH 31, 2010
UNAUDITED
Shares			Value ($)
EQUITY MUTUAL FUNDS
	853	Allianz NFJ Small Cap Value A	$	21,498
	2,391	American Century Growth Inv		55,165
	1,394	BlackRock U.S. Opportunities Inv A		47,473
	2,071	Goldman Sachs Midcap Value A		65,162
	1,744	Harbor International Inv		95,388
	3,101	Janus Adviser Perkins Mid Cap Value S		64,790
	9,255	Maxim Index 600 Portfolio		73,487
	7,694	Maxim Invesco ADR Portfolio		94,940
	4,843	Maxim Janus Large Cap Growth Portfolio		55,454
	1,228	Maxim Loomis Sayles Small-Cap Value Portfolio		21,410
	6,812	Maxim MFS International Growth Portfolio		69,280
	24,671	Maxim S&P 500® Index		262,994
	5,496	Maxim T Rowe Price Equity/Income Portfolio		75,843
	2,959	Maxim T Rowe Price MidCap Growth Portfolio		47,905
	3,495	MFS Value Fund A		75,642
	2,357	Sentinel Small Company A		15,675
	1,634	Van Kampen Small Cap Growth A		15,718
	3,320	Virtus Foreign Opportunities A		68,965
TOTAL EQUITY MUTUAL FUNDS -- 64.28%				1,226,789
(Cost $1,132,229)
BOND MUTUAL FUNDS
	9,883	American Century Inflation Adjusted Bond		113,842
	1,626	Calvert Short Duration Income A		26,662
	4,951	JP Morgan High Yield Bond		39,161
	11,752	Maxim Bond Index Portfolio		155,603
	15,021	Maxim Federated Bond Portfolio		155,773
	4,881	Maxim Global Bond Portfolio		46,464
	4,989	Maxim Putnam High Yield Bond Portfolio		39,312
	2,623	Maxim Short Duration Bond Portfolio		26,675
	7,102	Oppenheimer International Bond A		45,665
TOTAL BOND MUTUAL FUNDS -- 34.01%				649,157
(Cost $644,760)
MONEY MARKET MUTUAL FUNDS
	32,584	Maxim Money Market Portfolio		32,584
TOTAL MONEY MARKET MUTUAL FUNDS -- 1.71%				32,584
(Cost $32,584)
TOTAL INVESTMENTS --- 100.00%			$	1,908,530
(Cost $1,809,573)
OTHER ASSETS AND LIABILITIES --- 0.00%			$	46
TOTAL NET ASSETS --- 100%			$	1,908,576
(Cost $1,809,573)
				(Continued)

MAXIM SERIES FUND, INC.
MAXIM LIFETIME 2025 PORTFOLIO I
SCHEDULE OF INVESTMENTS
MARCH 31, 2010
UNAUDITED
Shares			Value ($)
EQUITY MUTUAL FUNDS
	15,467	Allianz NFJ Small Cap Value A	$	389,760
	35,711	American Century Growth Inv		823,859
	21,049	BlackRock U.S. Opportunities Inv A		716,714
	30,099	Goldman Sachs Midcap Value A		946,907
	31,336	Harbor International Inv		1,713,782
	45,082	Janus Adviser Perkins Mid Cap Value S		941,765
	172,776	Maxim Index 600 Portfolio		1,371,843
	138,229	Maxim Invesco ADR Portfolio		1,705,748
	72,307	Maxim Janus Large Cap Growth Portfolio		827,920
	22,259	Maxim Loomis Sayles Small-Cap Value Portfolio		388,198
	125,455	Maxim MFS International Growth Portfolio		1,275,874
	364,263	Maxim S&P 500® Index		3,883,042
	80,283	Maxim T Rowe Price Equity/Income Portfolio		1,107,902
	44,653	Maxim T Rowe Price MidCap Growth Portfolio		722,935
	51,072	MFS Value Fund A		1,105,194
	44,423	Sentinel Small Company A		295,410
	30,781	Van Kampen Small Cap Growth A		296,113
	61,133	Virtus Foreign Opportunities A		1,270,333
TOTAL EQUITY MUTUAL FUNDS -- 57.68%				19,783,299
(Cost $18,784,806)
BOND MUTUAL FUNDS
	121,425	American Century Inflation Adjusted Bond		1,398,825
	19,618	Calvert Short Duration Income A		321,743
	121,470	JP Morgan High Yield Bond		960,827
	287,301	Maxim Bond Index Portfolio		3,803,867
	367,179	Maxim Federated Bond Portfolio		3,807,649
	134,789	Maxim Global Bond Portfolio		1,283,187
	122,420	Maxim Putnam High Yield Bond Portfolio		964,673
	31,654	Maxim Short Duration Bond Portfolio		321,918
	196,305	Oppenheimer International Bond A		1,262,242
TOTAL BOND MUTUAL FUNDS -- 41.18%				14,124,931
(Cost $14,045,565)
MONEY MARKET MUTUAL FUNDS
	386,984	Maxim Money Market Portfolio		386,984
TOTAL MONEY MARKET MUTUAL FUNDS -- 1.12%				386,984
(Cost $386,984)
TOTAL INVESTMENTS --- 99.98%			$	34,295,214
(Cost $33,217,355)
OTHER ASSETS AND LIABILITIES --- 0.02%			$	5,209
TOTAL NET ASSETS --- 100%			$	34,300,423
(Cost $33,217,355)
				(Continued)

MAXIM SERIES FUND, INC.
MAXIM LIFETIME 2025 PORTFOLIO II
SCHEDULE OF INVESTMENTS
MARCH 31, 2010
UNAUDITED
Shares			Value ($)
EQUITY MUTUAL FUNDS
	58,113	Allianz NFJ Small Cap Value A	$	1,464,472
	133,498	American Century Growth Inv		3,079,797
	77,276	BlackRock U.S. Opportunities Inv A		2,631,247
	111,550	Goldman Sachs Midcap Value A		3,509,350
	115,960	Harbor International Inv		6,341,841
	167,066	Janus Adviser Perkins Mid Cap Value S		3,490,000
	636,320	Maxim Index 600 Portfolio		5,052,380
	511,528	Maxim Invesco ADR Portfolio		6,312,267
	270,322	Maxim Janus Large Cap Growth Portfolio		3,095,189
	83,629	Maxim Loomis Sayles Small-Cap Value Portfolio		1,458,482
	467,040	Maxim MFS International Growth Portfolio		4,749,796
	1,352,158	Maxim S&P 500® Index		14,414,004
	299,028	Maxim T Rowe Price Equity/Income Portfolio		4,126,586
	163,966	Maxim T Rowe Price MidCap Growth Portfolio		2,654,606
	190,209	MFS Value Fund A		4,116,114
	165,890	Sentinel Small Company A		1,103,165
	114,959	Van Kampen Small Cap Growth A		1,105,905
	227,554	Virtus Foreign Opportunities A		4,728,584
TOTAL EQUITY MUTUAL FUNDS -- 72.46%				73,433,785
(Cost $69,881,576)
BOND MUTUAL FUNDS
	236,136	American Century Inflation Adjusted Bond		2,720,293
	36,984	Calvert Short Duration Income A		606,530
	231,947	JP Morgan High Yield Bond		1,834,697
	551,690	Maxim Bond Index Portfolio		7,304,386
	705,090	Maxim Federated Bond Portfolio		7,311,786
	258,995	Maxim Global Bond Portfolio		2,465,631
	233,751	Maxim Putnam High Yield Bond Portfolio		1,841,955
	59,669	Maxim Short Duration Bond Portfolio		606,831
	377,117	Oppenheimer International Bond A		2,424,867
TOTAL BOND MUTUAL FUNDS -- 26.75%				27,116,976
(Cost $27,024,865)
MONEY MARKET MUTUAL FUNDS
	799,014	Maxim Money Market Portfolio		799,014
TOTAL MONEY MARKET MUTUAL FUNDS -- 0.79%				799,014
(Cost $799,014)
TOTAL INVESTMENTS --- 100.00%			$	101,349,775
(Cost $97,705,455)
OTHER ASSETS AND LIABILITIES --- 0.00%			$	4,120
TOTAL NET ASSETS --- 100%			$	101,353,895
(Cost $97,705,455)
				(Continued)

MAXIM SERIES FUND, INC.
MAXIM LIFETIME 2025 PORTFOLIO III
SCHEDULE OF INVESTMENTS
MARCH 31, 2010
UNAUDITED
Shares			Value ($)
EQUITY MUTUAL FUNDS
	1,732	Allianz NFJ Small Cap Value A	$	43,643
	3,972	American Century Growth Inv		91,634
	2,295	BlackRock U.S. Opportunities Inv A		78,151
	3,329	Goldman Sachs Midcap Value A		104,732
	3,447	Harbor International Inv		188,513
	4,985	Janus Adviser Perkins Mid Cap Value S		104,138
	19,054	Maxim Index 600 Portfolio		151,286
	15,205	Maxim Invesco ADR Portfolio		187,630
	8,045	Maxim Janus Large Cap Growth Portfolio		92,110
	2,492	Maxim Loomis Sayles Small-Cap Value Portfolio		43,463
	13,915	Maxim MFS International Growth Portfolio		141,518
	40,309	Maxim S&P 500® Index		429,697
	8,895	Maxim T Rowe Price Equity/Income Portfolio		122,748
	4,871	Maxim T Rowe Price MidCap Growth Portfolio		78,860
	5,657	MFS Value Fund A		122,425
	4,867	Sentinel Small Company A		32,366
	3,374	Van Kampen Small Cap Growth A		32,454
	6,779	Virtus Foreign Opportunities A		140,880
TOTAL EQUITY MUTUAL FUNDS -- 84.83%				2,186,248
(Cost $2,034,698)
BOND MUTUAL FUNDS
	3,334	American Century Inflation Adjusted Bond		38,404
	548	Calvert Short Duration Income A		8,994
	3,258	JP Morgan High Yield Bond		25,774
	7,736	Maxim Bond Index Portfolio		102,422
	9,887	Maxim Federated Bond Portfolio		102,533
	3,704	Maxim Global Bond Portfolio		35,265
	3,284	Maxim Putnam High Yield Bond Portfolio		25,874
	885	Maxim Short Duration Bond Portfolio		8,998
	5,391	Oppenheimer International Bond A		34,661
TOTAL BOND MUTUAL FUNDS -- 14.86%				382,925
(Cost $380,192)
MONEY MARKET MUTUAL FUNDS
	8,228	Maxim Money Market Portfolio		8,228
TOTAL MONEY MARKET MUTUAL FUNDS -- 0.32%				8,228
(Cost $8,228)
TOTAL INVESTMENTS --- 100.01%			$	2,577,401
(Cost $2,423,118)
OTHER ASSETS AND LIABILITIES --- (0.01%)			$	(172	)
TOTAL NET ASSETS --- 100%			$	2,577,229
(Cost $2,423,118)
				(Continued)

MAXIM SERIES FUND, INC.
MAXIM LIFETIME 2035 PORTFOLIO I
SCHEDULE OF INVESTMENTS
MARCH 31, 2010
UNAUDITED
Shares			Value ($)
EQUITY MUTUAL FUNDS
	14,955	Allianz NFJ Small Cap Value A	$	376,864
	29,015	American Century Growth Inv		669,387
	16,897	BlackRock U.S. Opportunities Inv A		575,347
	23,775	Goldman Sachs Midcap Value A		747,955
	29,719	Harbor International Inv		1,625,352
	35,608	Janus Adviser Perkins Mid Cap Value S		743,856
	167,342	Maxim Index 600 Portfolio		1,328,694
	131,095	Maxim Invesco ADR Portfolio		1,617,711
	58,753	Maxim Janus Large Cap Growth Portfolio		672,725
	21,522	Maxim Loomis Sayles Small-Cap Value Portfolio		375,343
	124,334	Maxim MFS International Growth Portfolio		1,264,479
	288,451	Maxim S&P 500® Index		3,074,890
	62,566	Maxim T Rowe Price Equity/Income Portfolio		863,413
	35,847	Maxim T Rowe Price MidCap Growth Portfolio		580,370
	39,800	MFS Value Fund A		861,281
	43,699	Sentinel Small Company A		290,596
	30,281	Van Kampen Small Cap Growth A		291,304
	60,587	Virtus Foreign Opportunities A		1,258,971
TOTAL EQUITY MUTUAL FUNDS -- 77.38%				17,218,538
(Cost $16,411,242)
BOND MUTUAL FUNDS
	13,442	American Century Inflation Adjusted Bond		154,837
	2,030	Calvert Short Duration Income A		33,289
	46,133	JP Morgan High Yield Bond		364,913
	111,095	Maxim Bond Index Portfolio		1,470,897
	141,984	Maxim Federated Bond Portfolio		1,472,379
	57,793	Maxim Global Bond Portfolio		550,192
	46,493	Maxim Putnam High Yield Bond Portfolio		366,366
	3,275	Maxim Short Duration Bond Portfolio		33,307
	84,160	Oppenheimer International Bond A		541,150
TOTAL BOND MUTUAL FUNDS -- 22.41%				4,987,330
(Cost $4,955,771)
MONEY MARKET MUTUAL FUNDS
	46,630	Maxim Money Market Portfolio		46,630
TOTAL MONEY MARKET MUTUAL FUNDS -- 0.21%				46,630
(Cost $46,630)
TOTAL INVESTMENTS --- 100.00%			$	22,252,498
(Cost $21,413,643)
OTHER ASSETS AND LIABILITIES --- 0.00%			$	631
TOTAL NET ASSETS --- 100%			$	22,253,129
(Cost $21,413,643)
				(Continued)

MAXIM SERIES FUND, INC.
MAXIM LIFETIME 2035 PORTFOLIO II
SCHEDULE OF INVESTMENTS
MARCH 31, 2010
UNAUDITED
Shares			Value ($)
EQUITY MUTUAL FUNDS
	51,997	Allianz NFJ Small Cap Value A	$	1,310,355
	101,518	American Century Growth Inv		2,342,019
	58,716	BlackRock U.S. Opportunities Inv A		1,999,281
	82,594	Goldman Sachs Midcap Value A		2,598,403
	104,348	Harbor International Inv		5,706,780
	123,704	Janus Adviser Perkins Mid Cap Value S		2,584,177
	580,262	Maxim Index 600 Portfolio		4,607,282
	460,312	Maxim Invesco ADR Portfolio		5,680,248
	205,556	Maxim Janus Large Cap Growth Portfolio		2,353,620
	74,831	Maxim Loomis Sayles Small-Cap Value Portfolio		1,305,061
	435,495	Maxim MFS International Growth Portfolio		4,428,980
	1,011,420	Maxim S&P 500® Index		10,781,735
	220,329	Maxim T Rowe Price Equity/Income Portfolio		3,040,534
	124,580	Maxim T Rowe Price MidCap Growth Portfolio		2,016,943
	140,151	MFS Value Fund A		3,032,874
	151,066	Sentinel Small Company A		1,004,587
	104,683	Van Kampen Small Cap Growth A		1,007,048
	212,184	Virtus Foreign Opportunities A		4,409,212
TOTAL EQUITY MUTUAL FUNDS -- 88.32%				60,209,139
(Cost $57,399,269)
BOND MUTUAL FUNDS
	23,520	American Century Inflation Adjusted Bond		270,949
	4,144	Calvert Short Duration Income A		67,962
	73,228	JP Morgan High Yield Bond		579,235
	173,941	Maxim Bond Index Portfolio		2,302,980
	222,306	Maxim Federated Bond Portfolio		2,305,311
	90,681	Maxim Global Bond Portfolio		863,280
	73,799	Maxim Putnam High Yield Bond Portfolio		581,532
	6,686	Maxim Short Duration Bond Portfolio		67,996
	132,040	Oppenheimer International Bond A		849,017
TOTAL BOND MUTUAL FUNDS -- 11.58%				7,888,262
(Cost $7,847,202)
MONEY MARKET MUTUAL FUNDS
	74,798	Maxim Money Market Portfolio		74,798
TOTAL MONEY MARKET MUTUAL FUNDS -- 0.11%				74,798
(Cost $74,798)
TOTAL INVESTMENTS --- 100.01%			$	68,172,199
(Cost $65,321,269)
OTHER ASSETS AND LIABILITIES --- (0.01%)			$	(4,467	)
TOTAL NET ASSETS --- 100%			$	68,167,732
(Cost $65,321,269)
				(Continued)

MAXIM SERIES FUND, INC.
MAXIM LIFETIME 2035 PORTFOLIO III
SCHEDULE OF INVESTMENTS
MARCH 31, 2010
UNAUDITED
Shares			Value ($)
EQUITY MUTUAL FUNDS
	1,202	Allianz NFJ Small Cap Value A	$	30,288
	2,350	American Century Growth Inv		54,216
	1,364	BlackRock U.S. Opportunities Inv A		46,451
	1,916	Goldman Sachs Midcap Value A		60,278
	2,408	Harbor International Inv		131,694
	2,869	Janus Adviser Perkins Mid Cap Value S		59,933
	13,453	Maxim Index 600 Portfolio		106,816
	10,622	Maxim Invesco ADR Portfolio		131,075
	4,760	Maxim Janus Large Cap Growth Portfolio		54,500
	1,730	Maxim Loomis Sayles Small-Cap Value Portfolio		30,164
	10,066	Maxim MFS International Growth Portfolio		102,375
	23,410	Maxim S&P 500® Index		249,547
	5,087	Maxim T Rowe Price Equity/Income Portfolio		70,204
	2,895	Maxim T Rowe Price MidCap Growth Portfolio		46,875
	3,236	MFS Value Fund A		70,032
	3,529	Sentinel Small Company A		23,466
	2,446	Van Kampen Small Cap Growth A		23,530
	4,904	Virtus Foreign Opportunities A		101,908
TOTAL EQUITY MUTUAL FUNDS -- 93.91%				1,393,352
(Cost $1,303,497)
BOND MUTUAL FUNDS
	256	American Century Inflation Adjusted Bond		2,947
	90	Calvert Short Duration Income A		1,479
	863	JP Morgan High Yield Bond		6,824
	1,893	Maxim Bond Index Portfolio		25,068
	2,420	Maxim Federated Bond Portfolio		25,097
	1,027	Maxim Global Bond Portfolio		9,773
	869	Maxim Putnam High Yield Bond Portfolio		6,851
	146	Maxim Short Duration Bond Portfolio		1,481
	1,493	Oppenheimer International Bond A		9,604
TOTAL BOND MUTUAL FUNDS -- 6.01%				89,124
(Cost $88,546)
MONEY MARKET MUTUAL FUNDS
	1,480	Maxim Money Market Portfolio		1,480
TOTAL MONEY MARKET MUTUAL FUNDS -- 0.10%				1,480
(Cost $1,480)
TOTAL INVESTMENTS --- 100.02%			$	1,483,956
(Cost $1,393,523)
OTHER ASSETS AND LIABILITIES --- (0.02%)			$	(225	)
TOTAL NET ASSETS --- 100%			$	1,483,731
(Cost $1,393,523)
				(Continued)

MAXIM SERIES FUND, INC.
MAXIM LIFETIME 2045 PORTFOLIO I
SCHEDULE OF INVESTMENTS
MARCH 31, 2010
UNAUDITED
Shares			Value ($)
EQUITY MUTUAL FUNDS
	7,331	Allianz NFJ Small Cap Value A	$	184,727
	12,395	American Century Growth Inv		285,951
	7,147	BlackRock U.S. Opportunities Inv A		243,370
	9,756	Goldman Sachs Midcap Value A		306,921
	14,845	Harbor International Inv		811,886
	14,612	Janus Adviser Perkins Mid Cap Value S		305,252
	83,072	Maxim Index 600 Portfolio		659,595
	65,482	Maxim Invesco ADR Portfolio		808,054
	25,098	Maxim Janus Large Cap Growth Portfolio		287,368
	10,549	Maxim Loomis Sayles Small-Cap Value Portfolio		183,983
	63,873	Maxim MFS International Growth Portfolio		649,584
	120,680	Maxim S&P 500® Index		1,286,450
	25,780	Maxim T Rowe Price Equity/Income Portfolio		355,760
	15,220	Maxim T Rowe Price MidCap Growth Portfolio		246,415
	16,400	MFS Value Fund A		354,898
	22,126	Sentinel Small Company A		147,140
	15,332	Van Kampen Small Cap Growth A		147,490
	31,126	Virtus Foreign Opportunities A		646,797
TOTAL EQUITY MUTUAL FUNDS -- 84.03%				7,911,641
(Cost $7,597,355)
BOND MUTUAL FUNDS
	14,277	JP Morgan High Yield Bond		112,933
	33,569	Maxim Bond Index Portfolio		444,449
	42,901	Maxim Federated Bond Portfolio		444,888
	20,537	Maxim Global Bond Portfolio		195,507
	14,389	Maxim Putnam High Yield Bond Portfolio		113,386
	29,912	Oppenheimer International Bond A		192,331
TOTAL BOND MUTUAL FUNDS -- 15.97%				1,503,494
(Cost $1,492,919)
TOTAL INVESTMENTS --- 100.00%			$	9,415,135
(Cost $9,090,274)
OTHER ASSETS AND LIABILITIES --- 0.00%			$	(77	)
TOTAL NET ASSETS --- 100%			$	9,415,058
(Cost $9,090,274)
				(Continued)

MAXIM SERIES FUND, INC.
MAXIM LIFETIME 2045 PORTFOLIO II
SCHEDULE OF INVESTMENTS
MARCH 31, 2010
UNAUDITED
Shares			Value ($)
EQUITY MUTUAL FUNDS
	25,205	Allianz NFJ Small Cap Value A	$	635,199
	42,510	American Century Growth Inv		980,697
	24,597	BlackRock U.S. Opportunities Inv A		837,512
	33,483	Goldman Sachs Midcap Value A		1,053,376
	50,878	Harbor International Inv		2,782,526
	50,146	Janus Adviser Perkins Mid Cap Value S		1,047,542
	285,655	Maxim Index 600 Portfolio		2,268,100
	224,440	Maxim Invesco ADR Portfolio		2,769,593
	86,080	Maxim Janus Large Cap Growth Portfolio		985,620
	36,274	Maxim Loomis Sayles Small-Cap Value Portfolio		632,612
	220,352	Maxim MFS International Growth Portfolio		2,240,985
	415,342	Maxim S&P 500® Index		4,427,547
	88,339	Maxim T Rowe Price Equity/Income Portfolio		1,219,076
	52,191	Maxim T Rowe Price MidCap Growth Portfolio		844,972
	56,191	MFS Value Fund A		1,215,971
	75,876	Sentinel Small Company A		504,574
	52,582	Van Kampen Small Cap Growth A		505,841
	107,362	Virtus Foreign Opportunities A		2,230,979
TOTAL EQUITY MUTUAL FUNDS -- 91.63%				27,182,722
(Cost $25,977,124)
BOND MUTUAL FUNDS
	22,494	JP Morgan High Yield Bond		177,926
	55,648	Maxim Bond Index Portfolio		736,781
	71,123	Maxim Federated Bond Portfolio		737,541
	34,727	Maxim Global Bond Portfolio		330,603
	22,669	Maxim Putnam High Yield Bond Portfolio		178,628
	50,557	Oppenheimer International Bond A		325,082
TOTAL BOND MUTUAL FUNDS -- 8.38%				2,486,561
(Cost $2,474,210)
TOTAL INVESTMENTS --- 100.01%			$	29,669,283
(Cost $28,451,334)
OTHER ASSETS AND LIABILITIES --- (0.01%)			$	(2,283	)
TOTAL NET ASSETS --- 100%			$	29,667,000
(Cost $28,451,334)
				(Continued)

MAXIM SERIES FUND, INC.
MAXIM LIFETIME 2045 PORTFOLIO III
SCHEDULE OF INVESTMENTS
MARCH 31, 2010
UNAUDITED
Shares			Value ($)
EQUITY MUTUAL FUNDS
	383	Allianz NFJ Small Cap Value A	$	9,658
	648	American Century Growth Inv		14,939
	374	BlackRock U.S. Opportunities Inv A		12,751
	506	Goldman Sachs Midcap Value A		15,923
	774	Harbor International Inv		42,329
	758	Janus Adviser Perkins Mid Cap Value S		15,833
	4,349	Maxim Index 600 Portfolio		34,528
	3,414	Maxim Invesco ADR Portfolio		42,131
	1,311	Maxim Janus Large Cap Growth Portfolio		15,016
	551	Maxim Loomis Sayles Small-Cap Value Portfolio		9,618
	3,338	Maxim MFS International Growth Portfolio		33,949
	6,310	Maxim S&P 500® Index		67,264
	1,349	Maxim T Rowe Price Equity/Income Portfolio		18,615
	795	Maxim T Rowe Price MidCap Growth Portfolio		12,867
	858	MFS Value Fund A		18,566
	1,164	Sentinel Small Company A		7,738
	807	Van Kampen Small Cap Growth A		7,759
	1,626	Virtus Foreign Opportunities A		33,795
TOTAL EQUITY MUTUAL FUNDS -- 95.02%				413,279
(Cost $385,730)
BOND MUTUAL FUNDS
	192	JP Morgan High Yield Bond		1,522
	489	Maxim Bond Index Portfolio		6,479
	625	Maxim Federated Bond Portfolio		6,486
	301	Maxim Global Bond Portfolio		2,864
	194	Maxim Putnam High Yield Bond Portfolio		1,528
	438	Oppenheimer International Bond A		2,815
TOTAL BOND MUTUAL FUNDS -- 4.99%				21,694
(Cost $21,495)
TOTAL INVESTMENTS --- 100.01%			$	434,973
(Cost $407,225)
OTHER ASSETS AND LIABILITIES --- (0.01%)			$	(55	)
TOTAL NET ASSETS --- 100%			$	434,918
(Cost $407,225)
				(Continued)

MAXIM SERIES FUND, INC.
MAXIM LIFETIME 2055 PORTFOLIO I
SCHEDULE OF INVESTMENTS
MARCH 31, 2010
UNAUDITED
Shares			Value ($)
EQUITY MUTUAL FUNDS
	2,648	Allianz NFJ Small Cap Value A	$	66,719
	3,851	American Century Growth Inv		88,842
	2,234	BlackRock U.S. Opportunities Inv A		76,066
	2,986	Goldman Sachs Midcap Value A		93,953
	5,475	Harbor International Inv		299,432
	4,473	Janus Adviser Perkins Mid Cap Value S		93,438
	30,178	Maxim Index 600 Portfolio		239,617
	24,150	Maxim Invesco ADR Portfolio		298,016
	7,799	Maxim Janus Large Cap Growth Portfolio		89,293
	3,810	Maxim Loomis Sayles Small-Cap Value Portfolio		66,449
	24,089	Maxim MFS International Growth Portfolio		244,985
	37,123	Maxim S&P 500® Index		395,733
	7,911	Maxim T Rowe Price Equity/Income Portfolio		109,166
	4,740	Maxim T Rowe Price MidCap Growth Portfolio		76,737
	5,032	MFS Value Fund A		108,892
	8,168	Sentinel Small Company A		54,317
	5,661	Van Kampen Small Cap Growth A		54,455
	11,738	Virtus Foreign Opportunities A		243,906
TOTAL EQUITY MUTUAL FUNDS -- 85.03%				2,700,016
(Cost $2,557,023)
BOND MUTUAL FUNDS
	4,214	JP Morgan High Yield Bond		33,332
	10,008	Maxim Bond Index Portfolio		132,506
	12,791	Maxim Federated Bond Portfolio		132,643
	7,603	Maxim Global Bond Portfolio		72,379
	4,247	Maxim Putnam High Yield Bond Portfolio		33,463
	11,069	Oppenheimer International Bond A		71,172
TOTAL BOND MUTUAL FUNDS -- 14.97%				475,495
(Cost $470,794)
TOTAL INVESTMENTS --- 100.00%			$	3,175,511
(Cost $3,027,817)
OTHER ASSETS AND LIABILITIES --- 0.00%			$	(55	)
TOTAL NET ASSETS --- 100%			$	3,175,456
(Cost $3,027,817)
				(Continued)

MAXIM SERIES FUND, INC.
MAXIM LIFETIME 2055 PORTFOLIO II
SCHEDULE OF INVESTMENTS
MARCH 31, 2010
UNAUDITED
Shares			Value ($)
EQUITY MUTUAL FUNDS
	3,935	Allianz NFJ Small Cap Value A	$	99,165
	5,775	American Century Growth Inv		133,225
	3,317	BlackRock U.S. Opportunities Inv A		112,930
	4,476	Goldman Sachs Midcap Value A		140,812
	8,163	Harbor International Inv		446,457
	6,703	Janus Adviser Perkins Mid Cap Value S		140,023
	45,228	Maxim Index 600 Portfolio		359,108
	36,010	Maxim Invesco ADR Portfolio		444,369
	11,696	Maxim Janus Large Cap Growth Portfolio		133,916
	5,663	Maxim Loomis Sayles Small-Cap Value Portfolio		98,757
	36,066	Maxim MFS International Growth Portfolio		366,793
	55,865	Maxim S&P 500® Index		595,517
	11,790	Maxim T Rowe Price Equity/Income Portfolio		162,707
	7,038	Maxim T Rowe Price MidCap Growth Portfolio		113,953
	7,499	MFS Value Fund A		162,283
	12,195	Sentinel Small Company A		81,099
	8,453	Van Kampen Small Cap Growth A		81,315
	17,571	Virtus Foreign Opportunities A		365,130
TOTAL EQUITY MUTUAL FUNDS -- 92.02%				4,037,559
(Cost $3,882,137)
BOND MUTUAL FUNDS
	3,050	JP Morgan High Yield Bond		24,126
	7,406	Maxim Bond Index Portfolio		98,054
	9,466	Maxim Federated Bond Portfolio		98,160
	5,603	Maxim Global Bond Portfolio		53,344
	3,074	Maxim Putnam High Yield Bond Portfolio		24,219
	8,155	Oppenheimer International Bond A		52,434
TOTAL BOND MUTUAL FUNDS -- 7.99%				350,337
(Cost $348,710)
TOTAL INVESTMENTS --- 100.01%			$	4,387,896
(Cost $4,230,847)
OTHER ASSETS AND LIABILITIES --- (0.01%)			$	(358	)
TOTAL NET ASSETS --- 100%			$	4,387,538
(Cost $4,230,847)
				(Continued)

MAXIM SERIES FUND, INC.
MAXIM LIFETIME 2055 PORTFOLIO III
SCHEDULE OF INVESTMENTS
MARCH 31, 2010
UNAUDITED
Shares			Value ($)
EQUITY MUTUAL FUNDS
	95	Allianz NFJ Small Cap Value A	$	2,381
	138	American Century Growth Inv		3,181
	80	BlackRock U.S. Opportunities Inv A		2,731
	107	Goldman Sachs Midcap Value A		3,369
	196	Harbor International Inv		10,706
	160	Janus Adviser Perkins Mid Cap Value S		3,350
	1,081	Maxim Index 600 Portfolio		8,581
	863	Maxim Invesco ADR Portfolio		10,655
	279	Maxim Janus Large Cap Growth Portfolio		3,198
	136	Maxim Loomis Sayles Small-Cap Value Portfolio		2,372
	861	Maxim MFS International Growth Portfolio		8,754
	1,337	Maxim S&P 500® Index		14,253
	285	Maxim T Rowe Price Equity/Income Portfolio		3,928
	170	Maxim T Rowe Price MidCap Growth Portfolio		2,756
	181	MFS Value Fund A		3,917
	290	Sentinel Small Company A		1,931
	201	Van Kampen Small Cap Growth A		1,937
	419	Virtus Foreign Opportunities A		8,715
TOTAL EQUITY MUTUAL FUNDS -- 95.02%				96,715
(Cost $86,236)
BOND MUTUAL FUNDS
	45	JP Morgan High Yield Bond		356
	107	Maxim Bond Index Portfolio		1,415
	137	Maxim Federated Bond Portfolio		1,417
	81	Maxim Global Bond Portfolio		773
	45	Maxim Putnam High Yield Bond Portfolio		358
	118	Oppenheimer International Bond A		760
TOTAL BOND MUTUAL FUNDS -- 4.99%				5,079
(Cost $4,941)
TOTAL INVESTMENTS --- 100.01%			$	101,794
(Cost $91,177)
OTHER ASSETS AND LIABILITIES --- (0.01%)			$	(7	)
TOTAL NET ASSETS --- 100%			$	101,787
(Cost $91,177)
				(Concluded)

Investments in shares of the underlying funds are valued at their net asset value as reported by the underlying fund.

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of March 31, 2010 were as follows:

	Cost For
	Income							Net
	Tax		Gross		Gross			Unrealized
	Purposes		Appreciation		Depreciation			Appreciation
Lifetime 2015 Portfolio I	$	29,339,587		730,419		(52,015	)		678,404
Lifetime 2015 Portfolio II		75,310,930		2,166,844		(128,217	)		2,038,627
Lifetime 2015 Portfolio III		1,809,682		101,255		(2,407	)		98,848
Lifetime 2025 Portfolio I		33,221,612		1,109,408		(35,807	)		1,073,601
Lifetime 2025 Portfolio II		97,706,642		3,732,572		(89,439	)		3,643,133
Lifetime 2025 Portfolio III		2,426,156		152,774		(1,529	)		151,245
Lifetime 2035 Portfolio I		21,413,767		850,460		(11,729	)		838,731
Lifetime 2035 Portfolio II		65,321,690		2,872,157		(21,648	)		2,850,509
Lifetime 2035 Portfolio III		1,393,626		90,819		(489	)		90,330
Lifetime 2045 Portfolio I		9,092,629		325,578		(3,072	)		322,506
Lifetime 2045 Portfolio II		28,454,613		1,223,052		(8,382	)		1,214,670
Lifetime 2045 Portfolio III		407,321		27,714		(62	)		27,652
Lifetime 2055 Portfolio I		3,028,545		147,939		(974	)		146,965
Lifetime 2055 Portfolio II		4,230,857		158,346		(1,307	)		157,039
Lifetime 2055 Portfolio III		91,178		10,615		-			10,615

The Portfolios classify their valuations into three levels based upon the transparency of inputs to the valuation of the Portfolio’s investments.  The three levels are defined as follows:

Level 1 – Valuations based on quoted prices for identical securities in active markets.

Level 2 – Valuations based on either directly or indirectly observable inputs.  These may include quoted prices in markets that are not active or quoted prices for similar assets in active markets.   

Level 3 – Valuations based on inputs that are unobservable and significant to the fair value measurement. 

As of March 31, 2010 and throughout the period, the only investments of each Portfolio were in mutual funds that were actively traded, therefore 100% of the investments are valued using Level 1 inputs.

Below is a summary of the transactions for each underlying investment during the period ended March 31, 2010, in which the issuer was an affiliate of a Portfolio, as defined in the 1940 Act.
			Market										Market
	Shares		Value		Purchase		Sales		Realized		Dividends		Value
Affiliate	Held		12/31/2009		Cost		Cost		Gain/(Loss)		Received		3/31/2010
Maxim Lifetime 2015 Portfolio I
Maxim Bond Index Portfolio		305,832	$	1,904,759	$	2,479,842	$	178,994	$	759	$	32,062	$	4,049,211
Maxim Federated Bond Portfolio		390,859		1,911,188		2,479,967		177,320		2,500		35,112		4,053,210
Maxim Global Bond Portfolio		126,387		563,531		702,838		55,201		2,612		-		1,203,203
Maxim Index 600 Portfolio		93,427		356,218		460,198		57,965		6,313		-		741,807
Maxim Invesco ADR Portfolio		77,052		454,004		573,600		46,606		867		-		950,817
Maxim Janus Large Cap Growth Portfolio		47,830		259,941		333,711		30,987		1,424		-		547,655
Maxim Loomis Sayles Small-Cap Value Portfolio		12,486		103,779		128,016		11,534		690		-		217,753
Maxim MFS International Growth Portfolio		68,496		329,476		415,183		29,999		941		-		696,602
Maxim Money Market Portfolio		863,928		407,158		532,782		38,006		-		-		863,928
Maxim Putnam High Yield Bond Portfolio		130,211		482,118		608,015		46,603		1,009		-		1,026,062
Maxim S&P 500® Index		245,652		1,230,183		1,551,127		134,328		9,344		-		2,618,651
Maxim Short Duration Bond Portfolio		67,841		323,878		422,980		29,934		550		6,189		689,939
Maxim T Rowe Price Equity/Income Portfolio		55,252		357,152		461,949		47,174		3,171		-		762,472
Maxim T Rowe Price MidCap Growth Portfolio		28,871		220,127		274,553		27,370		2,471		-		467,421
TOTAL									$	32,651	$	73,363	$	18,888,731

			Market											Market
	Shares		Value		Purchase		Sales		Realized			Dividends		Value
Affiliate	Held		12/31/2009		Cost		Cost		Gain/(Loss)			Received		3/31/2010
Maxim Lifetime 2015 Portfolio II
Maxim Bond Index Portfolio		642,284	$	2,448,881	$	6,318,125	$	247,479	$	756		$	70,072	$	8,503,835
Maxim Federated Bond Portfolio		820,883		2,457,387		6,299,256		254,314		2,568			76,735		8,512,560
Maxim Global Bond Portfolio		263,794		719,980		1,788,465		95,956		3,585			-		2,511,323
Maxim Index 600 Portfolio		303,173		708,309		1,713,378		163,099		26,109			-		2,407,194
Maxim Invesco ADR Portfolio		252,086		909,834		2,227,972		89,386		(93	)		-		3,110,746
Maxim Janus Large Cap Growth Portfolio		157,749		525,106		1,287,916		74,771		4,400			-		1,806,226
Maxim Loomis Sayles Small-Cap Value Portfolio		40,971		208,605		508,243		34,458		3,627			-		714,534
Maxim MFS International Growth Portfolio		222,496		655,661		1,620,897		67,997		600			-		2,262,785
Maxim Money Market Portfolio		1,776,982		512,704		1,321,392		57,114		-			-		1,776,982
Maxim Putnam High Yield Bond Portfolio		276,231		626,447		1,556,630		65,008		331			-		2,176,696
Maxim S&P 500® Index		803,769		2,465,012		6,025,993		315,382		22,583			-		8,568,177
Maxim Short Duration Bond Portfolio		140,537		410,763		1,063,539		47,342		606			13,341		1,429,262
Maxim T Rowe Price Equity/Income Portfolio		180,038		712,590		1,741,863		102,762		8,100			-		2,484,529
Maxim T Rowe Price MidCap Growth Portfolio		95,975		448,115		1,091,430		82,876		9,859			-		1,553,834
TOTAL									$	83,031		$	160,148	$	47,818,683

			Market											Market
	Shares		Value		Purchase		Sales		Realized			Dividends		Value
Affiliate	Held		12/31/2009		Cost		Cost		Gain/(Loss)			Received		3/31/2010
Maxim Lifetime 2015 Portfolio III
Maxim Bond Index Portfolio		11,752	$	126,183	$	30,831	$	2,057	$	-		$	1,316	$	155,603
Maxim Federated Bond Portfolio		15,021		126,622		30,298		2,564		17			1,441		155,773
Maxim Global Bond Portfolio		4,881		37,509		7,939		1,274		35			-		46,464
Maxim Index 600 Portfolio		9,255		60,879		11,381		4,152		617			-		73,487
Maxim Invesco ADR Portfolio		7,694		78,276		16,608		1,614		19			-		94,940
Maxim Janus Large Cap Growth Portfolio		4,843		45,386		9,885		1,377		89			-		55,454
Maxim Loomis Sayles Small-Cap Value Portfolio		1,228		17,603		3,318		582		53			-		21,410
Maxim MFS International Growth Portfolio		6,812		56,551		12,285		683		(1	)		-		69,280
Maxim Money Market Portfolio		32,584		26,474		6,726		616		-			-		32,584
Maxim Putnam High Yield Bond Portfolio		4,989		31,822		6,606		543		-			-		39,312
Maxim S&P 500® Index		24,671		212,978		41,345		4,724		306			-		262,994
Maxim Short Duration Bond Portfolio		2,623		21,581		5,402		566		5			255		26,675
Maxim T Rowe Price Equity/Income Portfolio		5,496		61,223		12,210		2,322		176			-		75,843
Maxim T Rowe Price MidCap Growth Portfolio		2,959		38,897		7,296		1,826		185			-		47,905
TOTAL									$	1,501		$	3,012	$	1,157,724

			Market										Market
	Shares		Value		Purchase		Sales		Realized		Dividends		Value
Affiliate	Held		12/31/2009		Cost		Cost		Gain/(Loss)		Received		3/31/2010
Maxim Lifetime 2025 Portfolio I
Maxim Bond Index Portfolio		287,301	$	1,803,399	$	2,073,641	$	79,469	$	292	$	30,241	$	3,803,867
Maxim Federated Bond Portfolio		367,179		1,809,417		2,057,972		78,606		1,153		33,118		3,807,649
Maxim Global Bond Portfolio		134,789		605,621		651,248		28,108		1,678		-		1,283,187
Maxim Index 600 Portfolio		172,776		663,909		695,057		73,706		11,971		-		1,371,843
Maxim Invesco ADR Portfolio		138,229		820,467		898,768		40,608		452		-		1,705,748
Maxim Janus Large Cap Growth Portfolio		72,307		395,957		435,732		29,244		2,087		-		827,920
Maxim Loomis Sayles Small-Cap Value Portfolio		22,259		186,450		196,621		11,791		1,256		-		388,198
Maxim MFS International Growth Portfolio		125,455		607,979		675,141		28,375		612		-		1,275,874
Maxim Money Market Portfolio		386,984		183,804		211,218		8,038		-		-		386,984
Maxim Putnam High Yield Bond Portfolio		122,420		456,768		499,383		20,108		546		-		964,673
Maxim S&P 500® Index		364,263		1,838,217		1,984,901		109,684		10,437		-		3,883,042
Maxim Short Duration Bond Portfolio		31,654		152,299		174,404		6,591		122		2,899		321,918
Maxim T Rowe Price Equity/Income Portfolio		80,283		522,973		569,148		42,529		4,385		-		1,107,902
Maxim T Rowe Price MidCap Growth Portfolio		44,653		343,138		358,918		25,401		3,527		-		722,935
TOTAL									$	38,518	$	66,258	$	21,851,740

			Market											Market
	Shares		Value		Purchase		Sales		Realized			Dividends		Value
Affiliate	Held		12/31/2009		Cost		Cost		Gain/(Loss)			Received		3/31/2010
Maxim Lifetime 2025 Portfolio II
Maxim Bond Index Portfolio		551,691	$	3,312,254	$	4,128,434	$	140,154	$	(388	)	$	59,695	$	7,304,386
Maxim Federated Bond Portfolio		705,090		3,323,595		4,104,480		143,869		1,387			65,371		7,311,786
Maxim Global Bond Portfolio		258,995		1,112,839		1,317,841		65,425		4,105			-		2,465,631
Maxim Index 600 Portfolio		636,320		2,339,919		2,610,871		234,165		23,338			-		5,052,380
Maxim Invesco ADR Portfolio		511,529		2,904,671		3,423,356		116,786		4,606			-		6,312,267
Maxim Janus Large Cap Growth Portfolio		270,322		1,416,171		1,651,356		71,211		5,244			-		3,095,189
Maxim Loomis Sayles Small-Cap Value Portfolio		83,629		670,253		756,864		35,189		2,320			-		1,458,482
Maxim MFS International Growth Portfolio		467,040		2,165,663		2,585,260		85,358		5,501			-		4,749,796
Maxim Money Market Portfolio		799,014		363,007		453,558		17,551		-			-		799,014
Maxim Putnam High Yield Bond Portfolio		233,751		834,318		990,142		33,191		1,838			-		1,841,955
Maxim S&P 500® Index		1,352,158		6,526,723		7,498,760		253,763		23,565			-		14,414,004
Maxim Short Duration Bond Portfolio		59,669		274,603		343,812		14,280		151			5,618		606,831
Maxim T Rowe Price Equity/Income Portfolio		299,028		1,862,932		2,133,285		91,234		7,676			-		4,126,586
Maxim T Rowe Price MidCap Growth Portfolio		163,966		1,205,143		1,357,895		80,752		8,279			-		2,654,606
TOTAL									$	87,622		$	130,684	$	62,192,913

			Market											Market
	Shares		Value		Purchase		Sales		Realized			Dividends		Value
Affiliate	Held		12/31/2009		Cost		Cost		Gain/(Loss)			Received		3/31/2010
Maxim Lifetime 2025 Portfolio III
Maxim Bond Index Portfolio		7,736	$	86,032	$	37,246	$	21,268	$	(1	)	$	860	$	102,422
Maxim Federated Bond Portfolio		9,887		86,348		36,791		21,371		173			942		102,533
Maxim Global Bond Portfolio		3,704		29,494		11,608		7,381		112			-		35,265
Maxim Index 600 Portfolio		19,054		130,168		46,969		34,399		2,748			-		151,286
Maxim Invesco ADR Portfolio		15,205		160,319		61,443		37,782		(324	)		-		187,630
Maxim Janus Large Cap Growth Portfolio		8,045		78,170		30,445		18,489		212			-		92,110
Maxim Loomis Sayles Small-Cap Value Portfolio		2,492		37,097		13,514		8,805		405			-		43,463
Maxim MFS International Growth Portfolio		13,915		119,739		46,577		27,368		(378	)		-		141,518
Maxim Money Market Portfolio		8,228		6,926		3,040		1,739		-			-		8,228
Maxim Putnam High Yield Bond Portfolio		3,284		21,717		8,546		5,324		9			-		25,874
Maxim S&P 500® Index		40,309		360,855		132,035		82,170		1,741			-		429,697
Maxim Short Duration Bond Portfolio		885		7,543		3,293		1,910		15			86		8,998
Maxim T Rowe Price Equity/Income Portfolio		8,895		102,763		38,030		24,873		708			-		122,748
Maxim T Rowe Price MidCap Growth Portfolio		4,871		66,451		24,076		16,508		779			-		78,860
TOTAL									$	6,199		$	1,888	$	1,530,632

			Market											Market
	Shares		Value		Purchase		Sales		Realized			Dividends		Value
Affiliate	Held		12/31/2009		Cost		Cost		Gain/(Loss)			Received		3/31/2010
Maxim Lifetime 2035 Portfolio I
Maxim Bond Index Portfolio		111,095	$	635,373	$	853,725	$	20,341	$	(38	)	$	11,798	$	1,470,897
Maxim Federated Bond Portfolio		141,984		637,442		852,888		24,926		96			12,920		1,472,379
Maxim Global Bond Portfolio		57,793		236,567		306,111		15,640		743			-		550,192
Maxim Index 600 Portfolio		167,342		585,365		707,460		52,137		5,043			-		1,328,694
Maxim Invesco ADR Portfolio		131,095		708,690		910,515		27,172		544			-		1,617,711
Maxim Janus Large Cap Growth Portfolio		58,753		293,101		363,895		6,443		241			-		672,725
Maxim Loomis Sayles Small-Cap Value Portfolio		21,522		164,110		200,971		6,575		329			-		375,343
Maxim MFS International Growth Portfolio		124,334		548,851		706,749		12,140		444			-		1,264,479
Maxim Money Market Portfolio		46,630		20,177		27,247		795		-			-		46,630
Maxim Putnam High Yield Bond Portfolio		46,493		158,012		204,190		6,637		142			-		366,366
Maxim S&P 500® Index		288,451		1,325,868		1,655,389		44,782		3,124			-		3,074,890
Maxim Short Duration Bond Portfolio		3,275		14,356		19,432		662		5			303		33,307
Maxim T Rowe Price Equity/Income Portfolio		62,566		371,197		461,690		16,922		1,137			-		863,413
Maxim T Rowe Price MidCap Growth Portfolio		35,847		250,811		304,032		12,894		1,007			-		580,370
TOTAL									$	12,817		$	25,021	$	13,717,396

			Market										Market
	Shares		Value		Purchase		Sales		Realized		Dividends		Value
Affiliate	Held		12/31/2009		Cost		Cost		Gain/(Loss)		Received		3/31/2010
Maxim Lifetime 2035 Portfolio II
Maxim Bond Index Portfolio		173,941	$	980,470	$	1,343,200	$	21,478	$	73	$	18,664	$	2,302,980
Maxim Federated Bond Portfolio		222,306		983,817		1,334,472		21,181		375		20,439		2,305,311
Maxim Global Bond Portfolio		90,681		365,839		469,654		7,372		497		-		863,280
Maxim Index 600 Portfolio		580,262		2,003,395		2,457,815		151,106		21,498		-		4,607,282
Maxim Invesco ADR Portfolio		460,312		2,454,451		3,190,266		50,512		1,411		-		5,680,248
Maxim Janus Large Cap Growth Portfolio		205,556		1,011,095		1,305,883		37,863		3,079		-		2,353,620
Maxim Loomis Sayles Small-Cap Value Portfolio		74,831		563,110		700,200		16,311		1,728		-		1,305,061
Maxim MFS International Growth Portfolio		435,495		1,896,161		2,492,666		37,973		2,357		-		4,428,980
Maxim Money Market Portfolio		74,798		31,905		43,588		695		-		-		74,798
Maxim Putnam High Yield Bond Portfolio		73,799		247,296		323,359		5,025		336		-		581,532
Maxim S&P 500® Index		1,011,420		4,583,950		5,832,638		107,265		10,102		-		10,781,735
Maxim Short Duration Bond Portfolio		6,686		28,888		39,437		620		13		624		67,996
Maxim T Rowe Price Equity/Income Portfolio		220,329		1,288,890		1,638,846		46,237		4,853		-		3,040,534
Maxim T Rowe Price MidCap Growth Portfolio		124,580		859,781		1,062,452		33,943		5,335		-		2,016,943
TOTAL									$	51,657	$	39,727	$	40,410,300

			Market											Market
	Shares		Value		Purchase		Sales		Realized			Dividends		Value
Affiliate	Held		12/31/2009		Cost		Cost		Gain/(Loss)			Received		3/31/2010
Maxim Lifetime 2035 Portfolio III
Maxim Bond Index Portfolio		1,893	$	20,613	$	7,734	$	3,390	$	(4	)	$	229	$	25,068
Maxim Federated Bond Portfolio		2,420		20,689		7,644		3,448		35			251		25,097
Maxim Global Bond Portfolio		1,027		8,006		2,682		1,373		69			-		9,773
Maxim Index 600 Portfolio		13,453		90,037		26,468		16,810		2,724			-		106,816
Maxim Invesco ADR Portfolio		10,622		109,708		35,862		16,856		309			-		131,075
Maxim Janus Large Cap Growth Portfolio		4,760		45,305		14,677		6,904		522			-		54,500
Maxim Loomis Sayles Small-Cap Value Portfolio		1,730		25,220		7,543		3,966		448			-		30,164
Maxim MFS International Growth Portfolio		10,066		84,848		28,272		12,503		272			-		102,375
Maxim Money Market Portfolio		1,480		1,220		469		209		-			-		1,480
Maxim Putnam High Yield Bond Portfolio		869		5,632		1,887		925		20			-		6,851
Maxim S&P 500® Index		23,410		205,274		61,260		29,195		2,468			-		249,547
Maxim Short Duration Bond Portfolio		146		1,215		463		210		2			15		1,481
Maxim T Rowe Price Equity/Income Portfolio		5,087		57,569		17,352		8,981		815			-		70,204
Maxim T Rowe Price MidCap Growth Portfolio		2,895		38,692		11,438		6,494		811			-		46,875
TOTAL									$	8,491		$	495	$	861,306

			Market											Market
	Shares		Value		Purchase		Sales		Realized			Dividends		Value
Affiliate	Held		12/31/2009		Cost		Cost		Gain/(Loss)			Received		3/31/2010
Maxim Lifetime 2045 Portfolio I
Maxim Bond Index Portfolio		33,569	$	210,755	$	249,902	$	17,638	$	47		$	3,524	$	444,449
Maxim Federated Bond Portfolio		42,901		211,386		249,705		18,878		193			3,859		444,888
Maxim Global Bond Portfolio		20,537		92,258		105,108		9,875		501			-		195,507
Maxim Index 600 Portfolio		83,072		318,104		341,853		41,140		3,897			-		659,595
Maxim Invesco ADR Portfolio		65,482		387,891		440,783		28,391		(334	)		-		808,054
Maxim Janus Large Cap Growth Portfolio		25,098		137,387		153,307		10,820		311			-		287,368
Maxim Loomis Sayles Small-Cap Value Portfolio		10,549		88,056		95,783		7,219		378			-		183,983
Maxim MFS International Growth Portfolio		63,873		309,175		356,422		21,783		30			-		649,584
Maxim Putnam High Yield Bond Portfolio		14,389		53,660		61,039		4,583		95			-		113,386
Maxim S&P 500® Index		120,680		608,418		669,041		42,376		2,403			-		1,286,450
Maxim T Rowe Price Equity/Income Portfolio		25,780		167,737		184,758		14,575		769			-		355,760
Maxim T Rowe Price MidCap Growth Portfolio		15,220		116,653		125,788		11,207		994			-		246,415
TOTAL									$	9,284		$	7,383	$	5,675,439

			Market										Market
	Shares		Value		Purchase		Sales		Realized		Dividends		Value
Affiliate	Held		12/31/2009		Cost		Cost		Gain/(Loss)		Received		3/31/2010
Maxim Lifetime 2045 Portfolio II
Maxim Bond Index Portfolio		55,648	$	332,504	$	412,751	$	9,186	$	12	$	6,013	$	736,781
Maxim Federated Bond Portfolio		71,123		333,706		409,727		9,132		89		6,585		737,541
Maxim Global Bond Portfolio		34,727		148,581		172,079		3,917		132		-		330,603
Maxim Index 600 Portfolio		285,655		1,047,670		1,145,789		77,584		8,134		-		2,268,100
Maxim Invesco ADR Portfolio		224,440		1,270,905		1,486,682		33,989		25		-		2,769,593
Maxim Janus Large Cap Growth Portfolio		86,080		449,363		520,689		16,251		716		-		985,620
Maxim Loomis Sayles Small-Cap Value Portfolio		36,274		289,914		321,774		8,314		222		-		632,612
Maxim MFS International Growth Portfolio		220,352		1,018,496		1,208,156		26,855		280		-		2,240,985
Maxim Putnam High Yield Bond Portfolio		22,669		80,564		95,109		2,183		23		-		178,628
Maxim S&P 500® Index		415,342		1,997,457		2,280,507		51,865		2,275		-		4,427,547
Maxim T Rowe Price Equity/Income Portfolio		88,339		548,291		623,063		18,965		1,075		-		1,219,076
Maxim T Rowe Price MidCap Growth Portfolio		52,191		382,400		421,636		15,375		1,027		-		844,972
TOTAL									$	14,010	$	12,598	$	17,372,058

			Market										Market
	Shares		Value		Purchase		Sales		Realized		Dividends		Value
Affiliate	Held		12/31/2009		Cost		Cost		Gain/(Loss)		Received		3/31/2010
Maxim Lifetime 2045 Portfolio III
Maxim Bond Index Portfolio		489	$	3,764	$	3,311	$	595	$	9	$	54	$	6,479
Maxim Federated Bond Portfolio		625		3,777		3,294		605		21		60		6,486
Maxim Global Bond Portfolio		301		1,657		1,372		280		20		-		2,864
Maxim Index 600 Portfolio		4,349		20,535		15,911		4,125		640		-		34,528
Maxim Invesco ADR Portfolio		3,414		24,882		20,085		3,489		423		-		42,131
Maxim Janus Large Cap Growth Portfolio		1,311		8,810		7,082		1,285		173		-		15,016
Maxim Loomis Sayles Small-Cap Value Portfolio		551		5,675		4,431		904		121		-		9,618
Maxim MFS International Growth Portfolio		3,338		19,855		16,138		2,624		381		-		33,949
Maxim Putnam High Yield Bond Portfolio		194		887		735		138		12		-		1,528
Maxim S&P 500® Index		6,310		39,053		30,603		5,392		785		-		67,264
Maxim T Rowe Price Equity/Income Portfolio		1,349		10,774		8,469		1,646		241		-		18,615
Maxim T Rowe Price MidCap Growth Portfolio		795		7,495		5,834		1,260		200		-		12,867
TOTAL									$	3,026	$	114	$	251,345

			Market											Market
	Shares		Value		Purchase		Sales		Realized			Dividends		Value
Affiliate	Held		12/31/2009		Cost		Cost		Gain/(Loss)			Received		3/31/2010
Maxim Lifetime 2055 Portfolio I
Maxim Bond Index Portfolio		10,008	$	77,847	$	62,392	$	8,143	$	(3	)	$	1,085	$	132,506
Maxim Federated Bond Portfolio		12,791		78,082		62,297		8,561		65			1,187		132,643
Maxim Global Bond Portfolio		7,603		42,274		32,112		5,173		200			-		72,379
Maxim Index 600 Portfolio		30,178		143,280		102,724		22,549		2,345			-		239,617
Maxim Invesco ADR Portfolio		24,150		177,028		133,784		17,103		298			-		298,016
Maxim Janus Large Cap Growth Portfolio		7,799		52,773		39,609		5,973		287			-		89,293
Maxim Loomis Sayles Small-Cap Value Portfolio		3,810		39,443		28,632		4,701		274			-		66,449
Maxim MFS International Growth Portfolio		24,089		144,193		110,817		13,406		309			-		244,985
Maxim Putnam High Yield Bond Portfolio		4,247		19,607		14,872		2,048		33			-		33,463
Maxim S&P 500® Index		37,123		231,674		168,392		22,438		1,504			-		395,733
Maxim T Rowe Price Equity/Income Portfolio		7,911		63,745		46,687		7,294		539			-		109,166
Maxim T Rowe Price MidCap Growth Portfolio		4,740		45,035		32,456		5,904		539			-		76,737
TOTAL									$	6,390		$	2,272	$	1,890,987

			Market										Market
	Shares		Value		Purchase		Sales		Realized		Dividends		Value
Affiliate	Held		12/31/2009		Cost		Cost		Gain/(Loss)		Received		3/31/2010
Maxim Lifetime 2055 Portfolio II
Maxim Bond Index Portfolio		7,406	$	32,969	$	66,048	$	769	$	14	$	828	$	98,054
Maxim Federated Bond Portfolio		9,466		33,080		65,766		777		29		908		98,160
Maxim Global Bond Portfolio		5,603		17,844		34,200		575		45		-		53,344
Maxim Index 600 Portfolio		45,228		123,262		223,242		7,074		785		-		359,108
Maxim Invesco ADR Portfolio		36,010		151,545		290,717		4,633		799		-		444,369
Maxim Janus Large Cap Growth Portfolio		11,696		45,416		85,418		619		166		-		133,916
Maxim Loomis Sayles Small-Cap Value Portfolio		5,663		33,630		62,351		825		67		-		98,757
Maxim MFS International Growth Portfolio		36,066		123,958		237,947		1,789		563		-		366,793
Maxim Putnam High Yield Bond Portfolio		3,074		8,130		15,737		230		23		-		24,219
Maxim S&P 500® Index		55,865		199,840		378,143		5,464		915		-		595,517
Maxim T Rowe Price Equity/Income Portfolio		11,790		54,433		102,602		1,962		316		-		162,707
Maxim T Rowe Price MidCap Growth Portfolio		7,038		38,335		70,334		1,036		127		-		113,953
TOTAL									$	3,849	$	1,736	$	2,548,897

			Market										Market
	Shares		Value		Purchase		Sales		Realized		Dividends		Value
Affiliate	Held		12/31/2009		Cost		Cost		Gain/(Loss)		Received		3/31/2010
Maxim Lifetime 2055 Portfolio III
Maxim Bond Index Portfolio		107	$	805	$	627	$	19	$	-	$	12	$	1,415
Maxim Federated Bond Portfolio		137		808		625		23		1		13		1,417
Maxim Global Bond Portfolio		81		438		322		17		2		-		773
Maxim Index 600 Portfolio		1,081		4,999		3,413		300		105		-		8,581
Maxim Invesco ADR Portfolio		863		6,164		4,438		24		8		-		10,655
Maxim Janus Large Cap Growth Portfolio		279		1,838		1,314		23		7		-		3,198
Maxim Loomis Sayles Small-Cap Value Portfolio		136		1,371		942		30		9		-		2,372
Maxim MFS International Growth Portfolio		861		5,015		3,668		1		-		-		8,754
Maxim Putnam High Yield Bond Portfolio		45		203		148		4		1		-		358
Maxim S&P 500® Index		1,337		8,104		5,584		23		7		-		14,253
Maxim T Rowe Price Equity/Income Portfolio		285		2,226		1,551		42		14		-		3,928
Maxim T Rowe Price MidCap Growth Portfolio		170		1,572		1,078		52		18		-		2,756
TOTAL									$	172	$	25	$	58,460

MAXIM SERIES FUND, INC.
MAXIM SECUREFOUNDATIONSM LIFETIME 2015 PORTFOLIO
SCHEDULE OF INVESTMENTS
MARCH 31, 2010
UNAUDITED
Shares			Value ($)
EQUITY MUTUAL FUNDS
	286	Maxim Index 600 Portfolio		2,274
	837	Maxim S&P 500® Index		8,919
	344	Ridgeworth International Equity Index		4,380
TOTAL EQUITY MUTUAL FUNDS -- 59.57%				15,573
(Cost $15,098)
BOND MUTUAL FUNDS
	692	Maxim Bond Index Portfolio	$	9,161
TOTAL BOND MUTUAL FUNDS -- 35.04%				9,161
(Cost $9,254)
MONEY MARKET MUTUAL FUNDS
	1,411	Maxim Money Market Portfolio		1,411
TOTAL MONEY MARKET MUTUAL FUNDS -- 5.4%				1,411
(Cost $1,411)
TOTAL INVESTMENTS --- 100.01%			$	26,145
(Cost $25,763)
OTHER ASSETS AND LIABILITIES--- (0.01)%			$	(2	)
TOTAL NET ASSETS--- 100%			$	26,143
(Cost $25,763)

MAXIM SERIES FUND, INC.
MAXIM SECUREFOUNDATIONSM LIFETIME 2025 PORTFOLIO
SCHEDULE OF INVESTMENTS
MARCH 31, 2010
UNAUDITED
Shares			Value ($)
EQUITY MUTUAL FUNDS
	367	Maxim Index 600 Portfolio		2,917
	966	Maxim S&P 500® Index		10,299
	450	Ridgeworth International Equity Index		5,719
TOTAL EQUITY MUTUAL FUNDS -- 72.44%				18,935
(Cost $18,400)
BOND MUTUAL FUNDS
	495	Maxim Bond Index Portfolio	$	6,551
TOTAL BOND MUTUAL FUNDS -- 25.07%				6,551
(Cost $6,618)
MONEY MARKET MUTUAL FUNDS
	653	Maxim Money Market Portfolio		653
TOTAL MONEY MARKET MUTUAL FUNDS -- 2.50%				653
(Cost $653)
TOTAL INVESTMENTS --- 100.01%			$	26,139
(Cost $25,671)
OTHER ASSETS AND LIABILITIES--- (0.01)%			$	(3	)
TOTAL NET ASSETS--- 100%			$	26,136
(Cost $25,671)

MAXIM SERIES FUND, INC.
MAXIM SECUREFOUNDATIONSM LIFETIME 2035 PORTFOLIO
SCHEDULE OF INVESTMENTS
MARCH 31, 2010
UNAUDITED
Shares			Value ($)
EQUITY MUTUAL FUNDS
	493	Maxim Index 600 Portfolio		3,911
	1,080	Maxim S&P 500® Index		11,517
	611	Ridgeworth International Equity Index		7,774
TOTAL EQUITY MUTUAL FUNDS -- 88.38%				23,202
(Cost $22,634)
BOND MUTUAL FUNDS
	225	Maxim Bond Index Portfolio	$	2,974
TOTAL BOND MUTUAL FUNDS -- 11.33%				2,974
(Cost $3,004)
MONEY MARKET MUTUAL FUNDS
	79	Maxim Money Market Portfolio		79
TOTAL MONEY MARKET MUTUAL FUNDS -- 0.30%				79
(Cost $79)
TOTAL INVESTMENTS --- 100.01%			$	26,255
(Cost $25,717)
OTHER ASSETS AND LIABILITIES--- (0.01)%			$	(3	)
TOTAL NET ASSETS--- 100%			$	26,252
(Cost $25,717)

MAXIM SERIES FUND, INC.
MAXIM SECUREFOUNDATIONSM LIFETIME 2045 PORTFOLIO
SCHEDULE OF INVESTMENTS
MARCH 31, 2010
UNAUDITED
Shares			Value ($)
EQUITY MUTUAL FUNDS
	545	Maxim Index 600 Portfolio		4,327
	1,019	Maxim S&P 500® Index		10,863
	699	Ridgeworth International Equity Index		8,887
TOTAL EQUITY MUTUAL FUNDS -- 91.66%				24,077
(Cost $23,582)
BOND MUTUAL FUNDS
	166	Maxim Bond Index Portfolio	$	2,192
TOTAL BOND MUTUAL FUNDS -- 8.35%				2,192
(Cost $2,214)
TOTAL INVESTMENTS --- 100.01%			$	26,269
(Cost $25,796)
OTHER ASSETS AND LIABILITIES--- (0.01)%			$	(3	)
TOTAL NET ASSETS--- 100%			$	26,266
(Cost $25,796)

MAXIM SERIES FUND, INC.
MAXIM SECUREFOUNDATIONSM LIFETIME 2055 PORTFOLIO
SCHEDULE OF INVESTMENTS
MARCH 31, 2010
UNAUDITED
Shares			Value ($)
EQUITY MUTUAL FUNDS
	576	Maxim Index 600 Portfolio		4,576
	923	Maxim S&P 500® Index		9,842
	764	Ridgeworth International Equity Index		9,715
TOTAL EQUITY MUTUAL FUNDS -- 92.06%				24,133
(Cost $23,729)
BOND MUTUAL FUNDS
	157	Maxim Bond Index Portfolio	$	2,083
TOTAL BOND MUTUAL FUNDS -- 7.95%				2,083
(Cost $2,104)
TOTAL INVESTMENTS --- 100.01%			$	26,216
(Cost $25,833)
OTHER ASSETS AND LIABILITIES--- (0.01)%			$	(3	)
TOTAL NET ASSETS--- 100%			$	26,213
(Cost $25,833)

Investments in shares of the underlying funds are valued at their net asset value as reported by the underlying fund.

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of March 31, 2010 were as follows:

	Cost For Income Tax Purposes		Gross Appreciation		Gross Depreciation			Net Unrealized Appreciation
SecureFoundationSM  Lifetime 2015 Portfolio	$	25,766	$	692	$	(313	)	$	379
SecureFoundationSM  Lifetime 2025 Portfolio		25,673		821		(355	)		466
SecureFoundationSM  Lifetime 2035 Portfolio		25,719		957		(421	)		536
SecureFoundationSM  Lifetime 2045 Portfolio		25,798		941		(469	)		472
SecureFoundationSM  Lifetime 2055 Portfolio		25,835		892		(511	)		381

The Portfolios classify their valuations into three levels based upon the transparency of inputs to the valuation of the Portfolio’s investments.  The three levels are defined as follows:

Level 1 – Valuations based on quoted prices for identical securities in active markets.

Level 2 – Valuations based on either directly or indirectly observable inputs.  These may include quoted prices in markets that are not active or quoted prices for similar assets in active markets.   

Level 3 – Valuations based on inputs that are unobservable and significant to the fair value measurement. 

As of March 31, 2010 and throughout the period, the only investments of each Portfolio were in mutual funds that were actively traded, therefore 100% of the investments are valued using Level 1 inputs.

Below is a summary of the transactions for each underlying investment during the period ended March 31, 2010, in which the issuer was an affiliate of a Portfolio, as defined in the 1940 Act.
			Market											Market
	Shares		Value		Purchase		Sales		Realized			Dividends		Value
Affiliate	Held		12/31/2009		Cost		Cost		Gain/(Loss)			Received		3/31/2010
Maxim SecureFoundationSM Lifetime 2015 Portfolio
Maxim Bond Index Portfolio		692	$	8,802	$	445	$	138	$	(1	)	$	78	$	9,161
Maxim Index 600 Portfolio		286		-		2,265		128		7			-		2,274
Maxim Money Market Portfolio		1,411		1,359		83		30		-			-		1,411
Maxim S&P 500® Index		837		8,567		79		165		9			-		8,919
TOTAL									$	15		$	78	$	21,765

			Market											Market
	Shares		Value		Purchase		Sales		Realized			Dividends		Value
Affiliate	Held		12/31/2009		Cost		Cost		Gain/(Loss)			Received		3/31/2010
Maxim SecureFoundationSM Lifetime 2025 Portfolio
Maxim Bond Index Portfolio		495	$	6,307	$	332	$	125	$	(1	)	$	56	$	6,551
Maxim Index 600 Portfolio		367		-		2,902		162		8			-		2,917
Maxim Money Market Portfolio		653		630		40		17		-			-		653
Maxim S&P 500® Index		966		9,912		10		133		7			-		10,299
TOTAL									$	14		$	56	$	20,420

			Market											Market
	Shares		Value		Purchase		Sales		Realized			Dividends		Value
Affiliate	Held		12/31/2009		Cost		Cost		Gain/(Loss)			Received		3/31/2010
Maxim SecureFoundationSM Lifetime 2035 Portfolio
Maxim Bond Index Portfolio		225	$	2,855	$	174	$	72	$	(1	)	$	25	$	2,974
Maxim Index 600 Portfolio		493		0		3,888		214		9			-		3,911
Maxim Money Market Portfolio		79		77		4		2		-			-		79
Maxim S&P 500® Index		1,080		11,055		-		110		3			-		11,517
TOTAL									$	11		$	25	$	18,481

			Market											Market
	Shares		Value		Purchase		Sales		Realized			Dividends		Value
Affiliate	Held		12/31/2009		Cost		Cost		Gain/(Loss)			Received		3/31/2010
Maxim SecureFoundationSM Lifetime 2045 Portfolio
Maxim Bond Index Portfolio		166	$	2,102	$	135	$	57	$	(1	)	$	18	$	2,192
Maxim Index 600 Portfolio		545		-		4,305		239		9			-		4,327
Maxim S&P 500® Index Portfolio		1,019		10,416		15		106		2			-		10,863
TOTAL									$	10		$	18	$	17,382

			Market										Market
	Shares		Value		Purchase		Sales		Realized		Dividends		Value
Affiliate	Held		12/31/2009		Cost		Cost		Gain/(Loss)		Received		3/31/2010
Maxim SecureFoundationSM Lifetime 2055 Portfolio
Maxim Bond Index Portfolio		157	$	1,999	$	128	$	57	$	-	$	18	$	2,083
Maxim Index 600 Portfolio		576		-		4,558		258		10		-		4,576
Maxim S&P 500® Index Portfolio		923		9,446		15		106		2		-		9,842
TOTAL									$	12	$	18	$	16,501

MAXIM SERIES FUND, INC.
MAXIM SECUREFOUNDATIONSM BALANCED PORTFOLIO
SCHEDULE OF INVESTMENTS
MARCH 31, 2010
UNAUDITED
Shares			Value ($)
EQUITY MUTUAL FUNDS
	328	Maxim Index 600 Portfolio		2,607
	919	Maxim S&P 500® Index		9,792
	314	Ridgeworth International Equity Index		3,992
TOTAL EQUITY MUTUAL FUNDS -- 62.17%				16,391
(Cost $15,823)
BOND MUTUAL FUNDS
	754	Maxim Bond Index Portfolio	$	9,976
TOTAL BOND MUTUAL FUNDS -- 37.84%				9,976
(Cost $10,078)
TOTAL INVESTMENTS --- 100.01%			$	26,367
(Cost $25,901)
OTHER ASSETS AND LIABILITIES--- (0.01)%			$	(2	)
TOTAL NET ASSETS--- 100%			$	26,365
(Cost $25,901)

Investments in shares of the underlying funds are valued at their net asset value as reported by the underlying fund.

At March 31, 2010, the U.S. Federal income tax cost basis was $25,903. The Portfolio had gross appreciation of securities in which there was an excess of value over tax cost of $765 and gross depreciation of securities in which there was an excess of tax cost over value of $300 resulting in net appreciation of $464.

The Portfolio classifies its valuations into three levels based upon the transparency of inputs to the valuation of the Portfolio’s investments.  The three levels are defined as follows:

Level 1 – Valuations based on quoted prices for identical securities in active markets.

Level 2 – Valuations based on either directly or indirectly observable inputs.  These may include quoted prices in markets that are not active or quoted prices for similar assets in active markets.   

Level 3 – Valuations based on inputs that are unobservable and significant to the fair value measurement. 

As of March 31, 2010 and throughout the period, the only investments of the Portfolio were in mutual funds that were actively traded, therefore 100% of the investments are valued using Level 1 inputs.

Below is a summary of the transactions for each underlying investment during the period ended March 31, 2010, in which the issuer was an affiliate of a Portfolio, as defined in the 1940 Act.
			Market											Market
	Shares		Value		Purchase		Sales		Realized			Dividends		Value
Affiliate	Held		12/31/2009		Cost		Cost		Gain/(Loss)			Received		3/31/2010
Maxim SecureFoundationSM Balanced Portfolio
Maxim Bond Index Portfolio		754	$	9,517	$	552	$	149	$	(1	)	$	84	$	9,976
Maxim Index 600 Portfolio		328		-		2,591		140		8			-		2,607
Maxim S&P 500® Index Portfolio		919		9,339		121		150		8			-		9,792
TOTAL									$	15		$	84	$	22,375

Item 2. Controls and Procedures:

(a) The principal executive officer and principal financial officer of the registrant have concluded that the effectiveness of the registrant's current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant on this Form N-Q has been recorded, processed, summarized and reported within the time period specified in the Commission's rules and forms.

(b) There have been no changes in the registrant's internal controls over financial reporting during the fiscal quarter for which the report is being filed that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 3. Exhibits:

Separate certifications for the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are filed herewith.

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/ M.T.G. Graye                                                      

M.T.G. Graye

President & Chief Executive Officer

Date:           May 26, 2010

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/ M.T.G. Graye                                                      

M.T.G. Graye

President & Chief Executive Officer

Date:           May 26, 2010

By:           /s/ M. Maiers                                           

M. Maiers

Chief Financial Officer, Treasurer & Investment Operations Compliance Officer

Date:           May 26, 2010