prof1.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number: 811-03364

MAXIM SERIES FUND, INC.

(Exact name of registrant as specified in charter)

8515 E. Orchard Road, Greenwood Village, Colorado 80111

(Address of principal executive offices)

M.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: June 30, 2010

MAXIM SERIES FUND, INC.

Maxim Aggressive Profile I, Maxim Conservative Profile I, Maxim Moderate Profile I,

Maxim Moderately Aggressive Profile I and Maxim Moderately Conservative Profile I Portfolios

Semi-Annual Report

June 30, 2010

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

MAXIM SERIES FUND, INC.

Financial Reports for the Six Months Ended June 30, 2010

Maxim Aggressive Profile I, Maxim Conservative Profile I, Maxim Moderate Profile I, Maxim Moderately Aggressive Profile I and Maxim Moderately Conservative Profile I Portfolios

MAXIM SERIES FUND, INC.

STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 2010
UNAUDITED

										MAXIM			MAXIM
	MAXIM			MAXIM			MAXIM			MODERATELY			MODERATELY
	AGGRESSIVE			CONSERVATIVE			MODERATE			AGGRESSIVE			CONSERVATIVE
	PROFILE I			PROFILE I			PROFILE I			PROFILE I			PROFILE I
	PORTFOLIO			PORTFOLIO			PORTFOLIO			PORTFOLIO			PORTFOLIO

ASSETS:
Investments at market value, affiliated (1)	$	56,070,159		$	26,791,883		$	162,635,911		$	120,520,666		$	39,615,451

Total assets		56,070,159			26,791,883			162,635,911			120,520,666			39,615,451

LIABILITIES:
Due to investment adviser		1,994			929			5,696			4,241			1,378

NET ASSETS	$	56,068,165		$	26,790,954		$	162,630,215		$	120,516,425		$	39,614,073

NET ASSETS REPRESENTED BY:
Capital stock, $.10 par value	$	735,846		$	288,020		$	1,838,114		$	1,426,948		$	442,701
Additional paid-in capital		92,735,075			29,597,685			205,663,994			178,799,136			47,576,836
Net unrealized appreciation on investments		1,559,320			1,285,655			12,336,227			10,544,780			1,967,796
Overdistributed net investment income		(788	)		(371	)		(2,263	)		(1,683	)		(549	)
Accumulated net realized loss on investments		(38,961,288	)		(4,380,035	)		(57,205,857	)		(70,252,756	)		(10,372,711	)

NET ASSETS	$	56,068,165		$	26,790,954		$	162,630,215		$	120,516,425		$	39,614,073

NET ASSET VALUE PER OUTSTANDING SHARE	$	7.62		$	9.30		$	8.85		$	8.45		$	8.95
(Offering and Redemption Price)

SHARES OF CAPITAL STOCK:
Authorized		100,000,000			100,000,000			100,000,000			100,000,000			100,000,000
Outstanding		7,358,462			2,880,197			18,381,137			14,269,479			4,427,009

(1) Cost of investments, affiliated:	$	54,510,839		$	25,506,228		$	150,299,684		$	109,975,886		$	37,647,655

See notes to financial statements.

MAXIM SERIES FUND, INC.

STATEMENTS OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 2010
UNAUDITED
										MAXIM			MAXIM
	MAXIM			MAXIM			MAXIM			MODERATELY			MODERATELY
	AGGRESSIVE			CONSERVATIVE			MODERATE			AGGRESSIVE			CONSERVATIVE
	PROFILE I			PROFILE I			PROFILE I			PROFILE I			PROFILE I
	PORTFOLIO			PORTFOLIO			PORTFOLIO			PORTFOLIO			PORTFOLIO
INVESTMENT INCOME:
Income distributions received, affiliated	$	117,016		$	311,350		$	1,088,748		$	731,266		$	340,025

EXPENSES:
Management fees		87,705			36,929			238,954			193,122			56,603

NET INVESTMENT INCOME		29,311			274,421			849,794			538,144			283,422

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments, affiliated		(23,279,311	)		3,144,260			(21,235,312	)		(36,288,948	)		70,314
Change in net unrealized appreciation on investments		16,727,702			(3,397,951	)		12,068,636			25,675,399			(1,636,575	)

Net realized and unrealized loss on investments		(6,551,609	)		(253,691	)		(9,166,676	)		(10,613,549	)		(1,566,261	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS	$	(6,522,298	)	$	20,730		$	(8,316,882	)	$	(10,075,405	)	$	(1,282,839	)

See notes to financial statements.

MAXIM SERIES FUND, INC.

STATEMENTS OF CHANGES IN NET ASSETS
SIX MONTHS ENDED JUNE 30, 2010 AND YEAR ENDED DECEMBER 31, 2009

	MAXIM AGGRESSIVE PROFILE I PORTFOLIO						MAXIM CONSERVATIVE PROFILE I PORTFOLIO						MAXIM MODERATE PROFILE I PORTFOLIO
	2010			2009			2010			2009			2010			2009
	UNAUDITED						UNAUDITED						UNAUDITED
INCREASE (DECREASE) IN NET ASSETS:

OPERATIONS:
Net investment income	$	29,311		$	664,071		$	274,421		$	1,362,986		$	849,794		$	4,009,782
Net realized gain (loss) on investments		(23,279,311	)		(10,099,421	)		3,144,260			(5,850,421	)		(21,235,312	)		(28,838,298	)
Capital gain distributions received		0			245,220			0			136,139			0			813,786
Change in net unrealized appreciation (depreciation) on investments		16,727,702			38,615,404			(3,397,951	)		13,954,121			12,068,636			82,173,688

Net increase (decrease) in net assets resulting from operations		(6,522,298	)		29,425,274			20,730			9,602,825			(8,316,882	)		58,158,958

DISTRIBUTIONS:
From net investment income		(30,099	)		(823,645	)		(274,792	)		(1,461,527	)		(852,057	)		(4,402,064	)
From net realized gains		0			(1,631,406	)		0			(999,680	)		0			(7,025,590	)

Total distributions		(30,099	)		(2,455,051	)		(274,792	)		(2,461,207	)		(852,057	)		(11,427,654	)

SHARE TRANSACTIONS:
Net proceeds from sales of shares		10,019,419			24,333,877			5,261,557			13,311,185			20,688,713			45,672,379
Reinvestment of distributions		30,099			2,455,051			274,792			2,461,207			852,057			11,427,654
Redemptions of shares		(62,989,346	)		(23,102,937	)		(31,458,558	)		(18,104,293	)		(144,651,502	)		(49,282,321	)

Net increase (decrease) in net assets resulting from share transactions		(52,939,828	)		3,685,991			(25,922,209	)		(2,331,901	)		(123,110,732	)		7,817,712

Total increase (decrease) in net assets		(59,492,225	)		30,656,214			(26,176,271	)		4,809,717			(132,279,671	)		54,549,016

NET ASSETS:
Beginning of period		115,560,390			84,904,176			52,967,225			48,157,508			294,909,886			240,360,870

End of period (1)	$	56,068,165		$	115,560,390		$	26,790,954		$	52,967,225		$	162,630,215		$	294,909,886

OTHER INFORMATION:

SHARES:
Sold		1,208,627			3,627,106			554,302			1,561,555			2,225,183			5,618,487
Issued in reinvestment of distributions		3,914			324,364			29,452			272,508			95,844			1,318,281
Redeemed		(7,983,204	)		(3,310,771	)		(3,346,339	)		(2,078,571	)		(16,089,768	)		(6,069,301	)

Net increase (decrease)		(6,770,663	)		640,699			(2,762,585	)		(244,508	)		(13,768,741	)		867,467

(1) Including overdistributed net investment income	$	(788	)	$	0		$	(371	)	$	0		$	(2,263	)	$	0


See notes to financial statements.
																(Continued)

MAXIM SERIES FUND, INC.

STATEMENTS OF CHANGES IN NET ASSETS
SIX MONTHS ENDED JUNE 30, 2010 AND YEAR ENDED DECEMBER 31, 2009

	MAXIM MODERATELY AGGRESSIVE PROFILE I PORTFOLIO						MAXIM MODERATELY CONSERVATIVE PROFILE I PORTFOLIO
	2010			2009			2010			2009
	UNAUDITED						UNAUDITED
INCREASE (DECREASE) IN NET ASSETS:

OPERATIONS:
Net investment income	$	538,144		$	3,515,330		$	283,422		$	1,229,608
Net realized gain (loss) on investments		(36,288,948	)		(25,879,193	)		70,314			(7,381,814	)
Capital gain distributions received		0			698,296			0			167,349
Change in net unrealized appreciation (depreciation) on investments		25,675,399			84,374,063			(1,636,575	)		18,678,669

Net increase (decrease) in net assets resulting from operations		(10,075,405	)		62,708,496			(1,282,839	)		12,693,812

DISTRIBUTIONS:
From net investment income		(539,827	)		(3,891,490	)		(283,971	)		(1,326,617	)
From net realized gains		0			(5,584,317	)		0			(1,574,546	)

Total distributions		(539,827	)		(9,475,807	)		(283,971	)		(2,901,163	)

SHARE TRANSACTIONS:
Net proceeds from sales of shares		17,824,368			45,711,101			6,995,242			14,631,919
Reinvestment of distributions		539,827			9,475,807			283,971			2,901,163
Redemptions of shares		(162,341,198	)		(47,445,246	)		(36,991,427	)		(14,681,865	)

Net increase (decrease) in net assets resulting from share transactions		(143,977,003	)		7,741,662			(29,712,214	)		2,851,217

Total increase (decrease) in net assets		(154,592,235	)		60,974,351			(31,279,024	)		12,643,866

NET ASSETS:
Beginning of period		275,108,660			214,134,309			70,893,097			58,249,231

End of period (1)	$	120,516,425		$	275,108,660		$	39,614,073		$	70,893,097

OTHER INFORMATION:

SHARES:
Sold		1,995,273			6,032,922			755,674			1,750,722
Issued in reinvestment of distributions		63,509			1,147,032			31,623			332,685
Redeemed		(18,862,102	)		(6,098,411	)		(4,111,612	)		(1,772,515	)

Net increase (decrease)		(16,803,320	)		1,081,543			(3,324,315	)		310,892

(1) Including overdistributed net investment income	$	(1,683	)	$	0		$	(549	)	$	0


See notes to financial statements.
										(Concluded)

MAXIM SERIES FUND, INC.

MAXIM AGGRESSIVE PROFILE I PORTFOLIO
FINANCIAL HIGHLIGHTS

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

			Six Months Ended					Year Ended December 31,
			June 30, 2010					2009			2008			2007			2006			2005
			UNAUDITED

Net Asset Value, Beginning of Period			$	8.18				$	6.29		$	11.48		$	11.99		$	11.77		$	11.65

Income from Investment Operations

Net investment income				0.00					0.06			0.07			0.13			0.25			0.13
Capital gain distributions received				0.00					0.02			0.31			0.83			0.98			0.80

		Total distributions received		0.00					0.08			0.38			0.96			1.23			0.93

Net realized and unrealized gain (loss)
		on investments		(0.56	)				1.98			(4.74	)		(0.14	)		0.52			0.10

Total Income (Loss) From
		Investment Operations		(0.56	)				2.06			(4.36	)		0.82			1.75			1.03

Less Distributions

From net investment income				0.00			‡		(0.06	)		(0.07	)		(0.13	)		(0.25	)		(0.13	)
From net realized gains				0.00					(0.11	)		(0.76	)		(1.20	)		(1.28	)		(0.78	)

Total Distributions				0.00					(0.17	)		(0.83	)		(1.33	)		(1.53	)		(0.91	)

Net Asset Value, End of Period			$	7.62				$	8.18		$	6.29		$	11.48		$	11.99		$	11.77


Total Return ±				(6.80	%)	^			33.01	%		(40.04	%)		7.12	%		15.54	%		8.78	%

Net Assets, End of Period ($000)			$	56,068				$	115,560		$	84,904		$	134,715		$	116,965		$	88,192

Ratio of Expenses to Average Net Assets #				0.25	%		*		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%

Ratio of Net Investment Income to
		Average Net Assets		0.08	%		*		0.68	%		0.79	%		1.18	%		2.25	%		1.08	%

Portfolio Turnover Rate				17.41	%	^			22.57	%		54.34	%		11.10	%		13.65	%		28.45	%


	‡	The distribution from net investment income in 2010 was less than $0.01 per share.

	±	Performance does not include any fees or expenses of variable insurance contracts, if applicable. If such fees or expenses
		were included, returns would be lower.

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

	#	Does not include expenses of the investment companies in which the portfolio invests.

	*	Annualized


See notes to financial statements.																				(Continued)

MAXIM SERIES FUND, INC.

MAXIM CONSERVATIVE PROFILE I PORTFOLIO
FINANCIAL HIGHLIGHTS

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

		Six Months Ended					Year Ended December 31,
		June 30, 2010					2009			2008			2007			2006			2005
		UNAUDITED

Net Asset Value, Beginning of Period		$	9.39				$	8.18		$	10.11		$	10.30		$	10.20		$	10.34

Income from Investment Operations

Net investment income			0.10					0.25			0.37			0.31			0.32			0.34
Capital gain distributions received			-					0.02			0.15			0.22			0.28			0.20

Total distributions received			0.10					0.27			0.52			0.53			0.60			0.54


Net realized and unrealized gain (loss) on investments			(0.09	)				1.37			(1.88	)		0.01			0.20			(0.11	)


Total Income (Loss) From Investment Operations			0.01					1.64			(1.36	)		0.54			0.80			0.43

Less Distributions

From net investment income			(0.10	)				(0.26	)		(0.36	)		(0.31	)		(0.33	)		(0.34	)
From net realized gains			-					(0.17	)		(0.21	)		(0.42	)		(0.37	)		(0.23	)

Total Distributions			(0.10	)				(0.43	)		(0.57	)		(0.73	)		(0.70	)		(0.57	)

Net Asset Value, End of Period		$	9.30				$	9.39		$	8.18		$	10.11		$	10.30		$	10.20


Total Return ±			0.07	%	^			20.39	%		(13.77	%)		5.56	%		7.99	%		4.20	%

Net Assets, End of Period ($000)		$	26,791				$	52,967		$	48,158		$	49,412		$	43,135		$	37,776

Ratio of Expenses to Average Net Assets #			0.25	%		*		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%


Ratio of Net Investment Income to Average Net Assets			1.86	%		*		2.67	%		4.03	%		3.10	%		3.18	%		3.12	%

Portfolio Turnover Rate			22.68	%	^			32.88	%		44.10	%		21.14	%		17.92	%		45.14	%


±	Performance does not include any fees or expenses of variable insurance contracts, if applicable. If such fees or expenses were included, returns would be lower.

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

#	Does not include expenses of the investment companies in which the portfolio invests.

*	Annualized


See notes to financial statements.																			(Continued)

MAXIM SERIES FUND, INC.

MAXIM MODERATE PROFILE I PORTFOLIO
FINANCIAL HIGHLIGHTS

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

		Six Months Ended					Year Ended December 31,
		June 30, 2010					2009			2008			2007			2006			2005
		UNAUDITED

Net Asset Value, Beginning of Period		$	9.17				$	7.68		$	10.88		$	11.10		$	10.94		$	10.98

Income from Investment Operations

Net investment income			0.05					0.13			0.25			0.25			0.30			0.24
Capital gain distributions received			0.00					0.03			0.27			0.50			0.62			0.49

Total distributions received			0.05					0.16			0.52			0.75			0.92			0.73


Net realized and unrealized gain (loss) on investments			(0.32	)				1.69			(2.96	)		0.02			0.35			(0.04	)


Total Income (Loss) From Investment Operations			(0.27	)				1.85			(2.44	)		0.77			1.27			0.69

Less Distributions

From net investment income			(0.05	)				(0.14	)		(0.25	)		(0.24	)		(0.30	)		(0.24	)
From net realized gains			0.00					(0.22	)		(0.51	)		(0.75	)		(0.81	)		(0.49	)

Total Distributions			(0.05	)				(0.36	)		(0.76	)		(0.99	)		(1.11	)		(0.73	)

Net Asset Value, End of Period		$	8.85				$	9.17		$	7.68		$	10.88		$	11.10		$	10.94


Total Return ±			(2.98	%)	^			24.43	%		(23.29	%)		7.13	%		11.98	%		6.29	%

Net Assets, End of Period ($000)		$	162,630				$	294,910		$	240,361		$	308,070		$	271,459		$	220,912

Ratio of Expenses to Average Net Assets #			0.25	%		*		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%


Ratio of Net Investment Income to Average Net Assets			0.89	%		*		1.54	%		2.63	%		2.27	%		2.76	%		2.05	%

Portfolio Turnover Rate			18.86	%	^			25.72	%		47.88	%		14.43	%		13.40	%		36.53	%


±	Performance does not include any fees or expenses of variable insurance contracts, if applicable. If such fees or expenses
	were included, returns would be lower.

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

#	Does not include expenses of the investment companies in which the portfolio invests.

*	Annualized


See notes to financial statements.																			(Continued)

MAXIM SERIES FUND, INC.

MAXIM MODERATELY AGGRESSIVE PROFILE I PORTFOLIO
FINANCIAL HIGHLIGHTS

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

		Six Months Ended					Year Ended December 31,
		June 30, 2010					2009			2008			2007			2006			2005
		UNAUDITED

Net Asset Value, Beginning of Period		$	8.85				$	7.14		$	11.13		$	11.47		$	11.46		$	11.44

Income from Investment Operations

Net investment income			0.04					0.12			0.23			0.25			0.34			0.23
Capital gain distributions received			0.00					0.02			0.28			0.58			0.74			0.65

Total distributions received			0.04					0.14			0.51			0.83			1.08			0.88


Net realized and unrealized gain (loss) on investments on investments			(0.40	)				1.88			(3.74	)		(0.03	)		0.44			(0.01	)


Total Income (Loss) From Investment Operations			(0.36	)				2.02			(3.23	)		0.80			1.52			0.87

Less Distributions

From net investment income			(0.04	)				(0.13	)		(0.23	)		(0.24	)		(0.34	)		(0.23	)
From net realized gains			0.00					(0.18	)		(0.53	)		(0.90	)		(1.17	)		(0.62	)

Total Distributions			(0.04	)				(0.31	)		(0.76	)		(1.14	)		(1.51	)		(0.85	)

Net Asset Value, End of Period		$	8.45				$	8.85		$	7.14		$	11.13		$	11.47		$	11.46


Total Return ±			(4.09	%)	^			28.58	%		(30.24	%)		7.25	%		13.79	%		7.65	%

Net Assets, End of Period ($000)		$	120,516				$	275,109		$	214,134		$	297,817		$	258,251		$	199,388

Ratio of Expenses to Average Net Assets #			0.25	%		*		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%


Ratio of Net Investment Income to Average Net Assets			0.70	%		*		1.47	%		2.48	%		2.20	%		3.03	%		2.02	%

Portfolio Turnover Rate			15.27	%	^			23.89	%		52.09	%		19.00	%		16.86	%		36.90	%


±	Performance does not include any fees or expenses of variable insurance contracts, if applicable. If such fees or expenses
	were included, returns would be lower.

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

#	Does not include expenses of the investment companies in which the portfolio invests.

*	Annualized


See notes to financial statements.																			(Continued)

MAXIM SERIES FUND, INC.

MAXIM MODERATELY CONSERVATIVE PROFILE I PORTFOLIO
FINANCIAL HIGHLIGHTS

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

		Six Months Ended					Year Ended December 31,
		June 30, 2010					2009			2008			2007			2006			2005
		UNAUDITED

Net Asset Value, Beginning of Period		$	9.15				$	7.83		$	10.25		$	10.47		$	10.44		$	10.60

Income from Investment Operations

Net investment income			0.06					0.17			0.29			0.26			0.28			0.26
Capital gain distributions received			0.00					0.02			0.21			0.37			0.48			0.36

	Total distributions received		0.06					0.19			0.50			0.63			0.76			0.62


Net realized and unrealized gain (loss) on investments			(0.20	)				1.52			(2.30	)		0.03			0.24			0.00


Total Income (Loss) From Investment Operations			(0.14	)				1.71			(1.80	)		0.66			1.00			0.62

Less Distributions

From net investment income			(0.06	)				(0.18	)		(0.28	)		(0.26	)		(0.28	)		(0.26	)
From net realized gains			0.00					(0.21	)		(0.34	)		(0.62	)		(0.69	)		(0.52	)

Total Distributions			(0.06	)				(0.39	)		(0.62	)		(0.88	)		(0.97	)		(0.78	)

Net Asset Value, End of Period		$	8.95				$	9.15		$	7.83		$	10.25		$	10.47		$	10.44


Total Return ±			(1.48	%)	^			22.09	%		(18.11	%)		6.41	%		9.90	%		5.94	%

Net Assets, End of Period ($000)		$	39,614				$	70,893		$	58,249		$	68,748		$	58,412		$	48,826

Ratio of Expenses to Average Net Assets #			0.25	%		*		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%


Ratio of Net Investment Income to Average Net Assets			1.25	%		*		1.96	%		3.07	%		2.57	%		2.70	%		2.29	%

Portfolio Turnover Rate			24.58	%	^			30.62	%		48.48	%		20.09	%		16.27	%		56.53	%


±	Performance does not include any fees or expenses of variable insurance contracts, if applicable. If such fees or expenses
	were included, returns would be lower.

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

#	Does not include expenses of the investment companies in which the portfolio invests.

*	Annualized


See notes to financial statements.																			(Concluded)

MAXIM SERIES FUND, INC.

NOTES TO FINANCIAL STATEMENTS

JUNE 30, 2010

UNAUDITED

1.	ORGANIZATION & SIGNIFICANT ACCOUNTING POLICIES

Maxim Series Fund, Inc. (the Fund) is a Maryland corporation organized on December 7, 1981 and is registered under the Investment Company Act of 1940 (the 1940 Act) as an open-end management investment company. The Fund presently consists of fifty-four portfolios. Interests in the Maxim Aggressive Profile I, Maxim Conservative Profile I, Maxim Moderate Profile I, Maxim Moderately Aggressive Profile I and Maxim Moderately Conservative Profile I Portfolios (the Portfolios) are included herein and are represented by separate classes of beneficial interest of the Fund. The investment objective of each Portfolio is to seek long-term capital appreciation primarily through investments in underlying portfolios of the Fund that emphasize equity investments for the Maxim Aggressive Profile I Portfolio; to seek long-term capital appreciation primarily through investments in underlying portfolios of the Fund that emphasize fixed income investments for the Maxim Conservative Profile I Portfolio; to seek long-term capital appreciation primarily through investments in underlying portfolios of the Fund with a relatively equal emphasis on equity and fixed income investments for the Maxim Moderate Profile I Portfolio; to seek long-term capital appreciation primarily through investments in underlying portfolios of the Fund that emphasize equity investments, and to a lesser degree, in those that emphasize fixed income investments for the Maxim Moderately Aggressive Profile I Portfolio; and to seek capital appreciation primarily through investments in underlying portfolios of the Fund that emphasize fixed income investments, and to a lesser degree, in those that emphasize equity investments for the Maxim Moderately Conservative Profile I Portfolio. Each Portfolio is non-diversified as defined in the 1940 Act. The Portfolios are available only as an investment option for certain variable annuity contracts and variable life insurance policies (variable insurance contracts), to individual retirement account (IRA) owners, and to qualified retirement plans and college savings programs

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The following is a summary of the significant accounting policies of the Fund.

Security Valuation

Investments in shares of the underlying funds are valued at their net asset value as reported by the underlying fund. Investments in the GWL&A 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 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 financial strength of GWL&A and its ability to meet ongoing obligations to the policyholders.

The Portfolios classify valuations into three levels based upon the transparency of inputs to the valuation of each 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 June 30, 2010, the inputs used to value each Portfolio’s investments were as follows:

Description	Level 1		Level 2		Level 3		Total
Aggressive Profile I Portfolio	$	56,070,159	$	-	$	-	$	56,070,159
Conservative Profile I Portfolio		20,618,895		-		6,172,988		26,791,883
Moderate Profile I Portfolio		135,831,948		-		26,803,963		162,635,911
Moderately Aggressive Profile I Portfolio		110,323,815		-		10,196,851		120,520,666
Moderately Conservative Profile I Portfolio		30,543,281		-		9,072,170		39,615,451

The following is a reconciliation of change in Level 3 assets during the six months ended June 30, 2010:

							Moderately			Moderately
	Conservative			Moderate			Aggressive			Conservative
	Profile I			Profile I			Profile I			Profile I
Description	Portfolio			Portfolio			Portfolio			Portfolio
Beginning Balance, January 1, 2010	$	11,899,977		$	44,799,973		$	16,429,616		$	15,810,826
Total realized gains (or losses)		588,388			2,430,145			732,843			777,749
Total unrealized gains (or losses)		(539,717	)		(2,186,751	)		(612,840	)		(699,914	)
Purchases, sales and corporate actions		(5,775,660	)		(18,239,404	)		(6,352,768	)		(6,816,491	)
Transfers into (out of) Level 3		-			-			-			-
Ending Balance, June 30, 2010	$	6,172,988		$	26,803,963		$	10,196,851		$	9,072,170

Dividends

Dividends from net investment income of the Portfolios are declared and paid semi-annually. Income dividends are reinvested in additional shares at net asset value. Dividends from capital gains of the Portfolios, if any, are declared and reinvested at least annually in additional shares at net asset value.

Security Transactions

Security transactions are accounted for on the date the security is purchased or sold (trade date).

The cost of investments sold is determined on the basis of the first-in, first-out method (FIFO). Dividend income and realized gain distributions from underlying funds are accrued as of the ex-dividend date.

Interest on the Contract is accrued daily.

Federal Income Taxes

For federal income tax purposes, the Portfolios currently qualify, and intend to remain qualified, as a regulated investment companies under the provisions of the Internal Revenue Code by distributing substantially all of their investment company taxable net income, including realized gain not offset by capital loss carryforwards, if any, to their shareholders. Management has concluded that the Portfolios have taken no uncertain tax positions that require adjustment to the financial statements. Accordingly, no provision for federal income or excise taxes has been made. The Portfolios file income tax returns in the U.S. federal jurisdiction and Colorado. No federal income tax returns are currently under examination. The statute of limitations on the Portfolio’s federal tax return filings remains open for the years ended December 31, 2006 through December 31, 2009.

Classification of Distributions to Shareholders

The character of distributions made during the year from net investment income or net realized gains is determined in accordance with income tax regulations that may differ from accounting principles generally accepted in the United States of America.

Application of Recent Accounting Pronouncements

In January 2010, the FASB issued ASU No. 2010-06 “Fair Value Measurements and Disclosures: Improving Disclosures about Fair Value Measurements” (ASU No. 2010-06). ASU No. 2010-06 provides for disclosure of significant transfers in and out of the fair value hierarchy Levels 1 and 2, and the reasons for these transfers. In addition, ASU No. 2010-06 provides for separate disclosure about purchases, sales, issuances and settlements in the Level 3 hierarchy roll forward activity. ASU No. 2010-06 is effective for interim and annual periods beginning after December 31, 2009 except for the provisions relating to purchases, sales, issuances and settlements of Level 3 investments, which are effective for fiscal years beginning after December 15, 2010. Each Portfolio adopted the disclosure provisions of ASU 2010-06 for its fiscal year beginning January 1, 2010 and will adopt the Level 3 purchase, sales, issuances and settlement provisions for its fiscal year beginning January 1, 2011. The adoption ASC No. 2010-06 did not have an impact on the Portfolio’s financial position or the results of its operations.

2.	INVESTMENT ADVISORY AGREEMENT & OTHER TRANSACTIONS WITH AFFILIATES

The Fund has entered into an investment advisory agreement with GW Capital Management, LLC, doing business as Maxim Capital Management, LLC (MCM), a wholly-owned subsidiary of GWL&A. As compensation for its services to the Fund, the investment adviser receives monthly compensation at the annual rate of 0.25% of the average daily net assets of each Portfolio. Each Portfolio will also bear the indirect expense of the underlying investments. Because the underlying funds have varied expense and fee levels and the Portfolios may own different proportions of underlying funds at different times, the amount of fees and expenses incurred indirectly by the Portfolios will vary.

GWFS Equities, Inc. (the Distributor), is a wholly-owned subsidiary of GWL&A and the principal underwriter to distribute and market the Portfolios. FASCore, LLC, a wholly-owned subsidiary of GWL&A, performs transfer agent servicing functions for the Portfolios.

The total compensation paid to the independent directors with respect to all fifty-four portfolios for which they serve as Directors was $130,500 for the six months ended June 30, 2010. Certain officers of the Fund are also directors and/or officers of GWL&A or its subsidiaries. No officer or interested director of the Fund receives any compensation directly from the Fund.

The Portfolios each may invest in a fixed interest contract issued and guaranteed by GWL&A. The Contract has a stable principal value and accrues a fixed rate of interest, which is reflected in the daily valuation. GWL&A calculates the interest rate in the same way it calculates guaranteed interest rates for similar contracts (on a calendar quarter or other periodic basis). Each of the Portfolios may also invest in various funds affiliated with MCM & GWL&A. The following is a summary of those affiliated investments:

Below is a summary of the transactions for each underlying investment during the six months ended June 30, 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		6/30/2010

Aggressive Profile I Portfolio

Maxim Invesco ADR Portfolio		481,954	$	9,964,742	$	1,112,117	$	8,184,565	$	(3,225,517	)	$	-	$	5,021,960
Maxim Janus Large Cap Growth Portfolio		856,954		13,639,009		3,932,096		9,527,344		(1,867,350	)		-		8,535,258
Maxim Loomis Sayles Small-Cap Value Portfolio		172,648		7,658,388		241,195		6,367,860		(1,411,050	)		5,100		2,724,382
Maxim MFS International Growth Portfolio		557,950		9,900,375		1,111,332		7,478,591		(2,444,798	)		-		4,988,069
Maxim MFS International Value Portfolio		763,061		9,844,643		957,374		9,228,710		(4,240,654	)		-		5,104,876
Maxim MidCap Value Portfolio		656,524		11,243,106		376,871		7,855,639		(1,661,531	)		24,204		5,199,669
Maxim Small-Cap Growth Portfolio		195,370		5,805,766		261,654		3,485,940		(494,197	)		-		2,784,016
Maxim Small-Cap Value Portfolio		320,089		7,655,558		286,914		6,118,821		(835,894	)		6,398		2,730,358
Maxim T. Rowe Price Equity/Income Portfolio		432,620		9,323,925		1,464,179		7,760,990		(2,798,152	)		42,404		5,234,697
Maxim T. Rowe Price MidCap Growth Portfolio		226,671		10,013,940		260,654		8,343,019		(1,470,856	)		-		3,363,800
Putnam Equity Income Fund		425,589		9,281,454		1,649,079		5,959,719		(1,060,939	)		38,910		5,217,718
Putnam Mid Cap Value Fund		533,060		11,231,882		446,453		8,009,052		(1,768,373	)		-		5,165,356

TOTAL									$	(23,279,311	)	$	117,016	$	56,070,159

			Market											Market
	Shares/Interest		Value		Purchase		Sales		Realized			Dividends		Value
Affiliate	Held		12/31/2009		Cost		Cost		Gain/(Loss)			Received		6/30/2010

Conservative Profile I Portfolio

Great-West Life & Annuity Contract		5,222,919	$	11,899,977	$	1,136,270	$	6,367,693	$	588,386		$	-	$	6,172,988
Maxim Federated Bond Portfolio		272,410		5,333,626		582,833		2,971,006		176,937			55,926		2,863,033
Maxim Global Bond Portfolio		266,878		3,403,152		1,196,516		2,267,331		(100,657	)		28,556		2,436,594
Maxim Invesco ADR Portfolio		53,456		982,665		255,718		565,708		17,961			-		557,013
Maxim Janus Large Cap Growth Portfolio		162,740		3,811,830		347,452		1,868,959		470,073			-		1,620,886
Maxim Loomis Sayles Small-Cap Value Portfolio		9,978		996,345		47,978		636,706		260,098			295		157,450
Maxim MFS International Growth Portfolio		62,243		987,061		249,001		550,746		42,770			-		556,453
Maxim MFS International Value Portfolio		85,123		981,511		230,684		406,599		172,946			-		569,475
Maxim MidCap Value Portfolio		87,471		1,364,640		163,918		684,712		136,868			3,229		692,769
Maxim Putnam High Yield Bond Portfolio		149,920		3,382,974		211,412		2,289,749		204,128			48,173		1,121,402
Maxim Short Duration Bond Portfolio		180,164		3,814,599		316,423		2,265,030		78,196			37,314		1,862,893
Maxim Small-Cap Value Portfolio		18,759		999,792		46,091		607,981		319,278			376		160,013
Maxim T. Rowe Price Equity/Income Portfolio		98,193		2,144,532		414,755		1,204,010		72,904			9,638		1,188,134
Maxim T. Rowe Price MidCap Growth Portfolio		17,149		180,866		251,405		159,077		2,469			-		254,497
Maxim U.S. Government Mortgage Securities Portfolio		286,418		5,779,036		1,298,797		3,461,958		163,729			65,115		3,577,360
Putnam Equity Income Fund		96,494		2,137,467		447,835		1,265,509		(6,882	)		8,575		1,183,011
Putnam High Yield Advantage Fund		199,726		3,404,970		222,812		2,302,750		211,848			54,153		1,130,452
Putnam Mid Cap Value Fund		70,945		1,363,275		157,551		480,409		333,208			-		687,460

TOTAL									$	3,144,260		$	311,350	$	26,791,883

			Market											Market
	Shares/Interest		Value		Purchase		Sales		Realized			Dividends		Value
Affiliate	Held		12/31/2009		Cost		Cost		Gain/(Loss)			Received		6/30/2010

Moderate Profile I Portfolio

Great-West Life & Annuity Contract		22,678,635	$	44,799,973	$	5,345,040	$	21,326,821	$	2,430,144		$	-	$	26,803,963
Maxim Federated Bond Portfolio		1,161,839		21,604,430		1,481,848		10,648,216		649,943			246,164		12,210,932
Maxim Global Bond Portfolio		1,178,556		16,295,624		2,947,839		9,796,693		(1,300,134	)		125,958		10,760,215
Maxim Invesco ADR Portfolio		805,906		15,235,424		1,737,664		11,110,143		(4,222,869	)		-		8,397,536
Maxim Janus Large Cap Growth Portfolio		1,819,510		31,180,684		4,314,113		18,448,351		(3,728,877	)		-		18,122,319
Maxim Loomis Sayles Small-Cap Value Portfolio		236,569		12,193,212		390,504		9,863,272		(1,187,154	)		6,989		3,733,059
Maxim MFS International Growth Portfolio		934,041		15,166,917		1,739,675		10,232,475		(3,168,166	)		-		8,350,330
Maxim MFS International Value Portfolio		1,277,417		15,051,913		1,467,081		9,972,595		(3,074,441	)		-		8,545,919
Maxim MidCap Value Portfolio		727,972		13,397,205		590,690		9,387,229		(1,257,367	)		26,845		5,765,535
Maxim Putnam High Yield Bond Portfolio		394,054		6,626,922		360,917		5,212,959		(1,177,423	)		126,470		2,947,522
Maxim Small-Cap Growth Portfolio		247,540		2,227,866		3,694,890		1,948,330		(34,541	)		-		3,527,446
Maxim Small-Cap Value Portfolio		439,548		12,199,847		410,281		8,853,146		295,521			8,788		3,749,346
Maxim T. Rowe Price Equity/Income Portfolio		941,488		16,870,328		4,232,143		12,384,545		(3,903,482	)		92,306		11,392,005
Maxim T. Rowe Price MidCap Growth Portfolio		412,716		13,680,736		501,279		8,414,305		(468,570	)		-		6,124,705
Maxim U.S. Government Mortgage Securities Portfolio		973,078		21,506,681		1,573,382		10,836,058		588,014			235,953		12,153,750
Putnam Equity Income Fund		927,170		16,814,354		4,564,036		10,143,445		(1,808,316	)		82,267		11,367,109
Putnam High Yield Advantage Fund		526,215		6,680,129		397,899		4,265,896		(171,421	)		137,008		2,978,375
Putnam Mid Cap Value Fund		588,839		13,383,734		624,844		7,878,355		303,827			-		5,705,845

TOTAL									$	(21,235,312	)	$	1,088,748	$	162,635,911

			Market											Market
	Shares/Interest		Value		Purchase		Sales		Realized			Dividends		Value
Affiliate	Held		12/31/2009		Cost		Cost		Gain/(Loss)			Received		6/30/2010

Moderately Aggressive Profile I Portfolio

Great-West Life & Annuity Contract		8,627,481	$	16,429,616	$	5,563,620	$	11,217,981	$	732,842		$	-	$	10,196,851
Maxim Federated Bond Portfolio		610,218		13,643,512		1,097,575		8,083,734		495,867			128,963		6,413,388
Maxim Global Bond Portfolio		678,983		13,808,542		517,635		9,135,578		(976,570	)		72,464		6,199,114
Maxim Invesco ADR Portfolio		712,803		16,633,393		1,601,203		14,627,434		(5,537,796	)		-		7,427,412
Maxim Janus Large Cap Growth Portfolio		1,451,604		29,755,911		4,421,075		20,905,839		(3,680,877	)		-		14,457,971
Maxim Loomis Sayles Small-Cap Value Portfolio		210,816		9,489,699		229,456		7,830,629		(1,777,395	)		6,220		3,326,678
Maxim MFS International Growth Portfolio		827,466		16,553,781		1,644,171		13,457,685		(4,259,904	)		-		7,397,550
Maxim MFS International Value Portfolio		1,131,667		16,460,582		1,385,063		13,604,818		(4,451,018	)		-		7,570,851
Maxim MidCap Value Portfolio		978,114		19,744,920		577,329		15,402,639		(3,198,689	)		36,018		7,746,661
Maxim Putnam High Yield Bond Portfolio		295,126		6,177,133		284,325		5,178,637		(925,644	)		94,587		2,207,539
Maxim Small-Cap Growth Portfolio		288,388		12,459,906		446,463		9,142,232		(762,102	)		-		4,109,527
Maxim Small-Cap Value Portfolio		388,669		9,471,881		260,160		7,193,235		(768,005	)		7,760		3,315,350
Maxim T. Rowe Price Equity/Income Portfolio		802,376		21,194,725		1,529,463		18,419,871		(6,529,436	)		78,555		9,708,749
Maxim T. Rowe Price MidCap Growth Portfolio		299,541		12,641,931		254,111		9,240,994		(954,349	)		-		4,445,192
Maxim U.S. Government Mortgage Securities Portfolio		511,795		13,600,196		1,203,297		8,307,453		406,830			123,700		6,392,318
Putnam Equity Income Fund		790,175		21,124,402		1,881,193		14,333,938		(2,586,669	)		73,172		9,687,549
Putnam High Yield Advantage Fund		394,107		6,226,479		320,324		4,337,661		(29,885	)		109,827		2,230,646
Putnam Mid Cap Value Fund		793,325		19,697,746		664,901		13,730,095		(1,486,148	)		-		7,687,320

TOTAL									$	(36,288,948	)	$	731,266	$	120,520,666

			Market											Market
	Shares/Interest		Value		Purchase		Sales		Realized			Dividends		Value
Affiliate	Held		12/31/2009		Cost		Cost		Gain/(Loss)			Received		6/30/2010

Moderately Conservative Profile I Portfolio

Great-West Life & Annuity Contract		7,675,897	$	15,810,826	$	1,600,402	$	7,702,083	$	777,750		$	-	$	9,072,170
Maxim Federated Bond Portfolio		338,896		5,549,984		1,028,900		2,956,828		172,783			68,121		3,561,800
Maxim Global Bond Portfolio		349,583		4,276,984		1,400,848		2,733,637		(265,288	)		37,287		3,191,694
Maxim Invesco ADR Portfolio		132,452		2,467,716		401,876		1,711,974		(503,016	)		-		1,380,154
Maxim Janus Large Cap Growth Portfolio		357,691		5,808,498		1,309,688		3,254,333		(235,624	)		-		3,562,602
Maxim Loomis Sayles Small-Cap Value Portfolio		57,501		2,933,618		178,511		2,034,973		116,052			1,695		907,368
Maxim MFS International Growth Portfolio		153,942		2,451,797		410,710		1,597,144		(361,476	)		-		1,376,241
Maxim MFS International Value Portfolio		209,941		2,430,881		361,007		1,258,633		(50,880	)		-		1,404,505
Maxim MidCap Value Portfolio		142,656		1,887,310		318,618		1,082,430		(67,005	)		5,250		1,129,836
Maxim Putnam High Yield Bond Portfolio		169,851		3,103,691		219,858		2,274,942		(221,249	)		54,405		1,270,485
Maxim Short Duration Bond Portfolio		25,137		1,321,880		68,116		1,111,619		42,057			7,438		259,917
Maxim Small-Cap Value Portfolio		105,053		2,935,214		175,247		1,944,637		327,102			2,096		896,105
Maxim T. Rowe Price Equity/Income Portfolio		181,853		3,134,144		1,057,920		2,032,426		(294,479	)		17,793		2,200,420
Maxim T. Rowe Price MidCap Growth Portfolio		64,095		2,964,485		171,749		1,564,251		623,420			-		951,167
Maxim U.S. Government Mortgage Securities Portfolio		308,609		5,700,870		1,394,633		3,215,290		169,758			70,090		3,854,524
Putnam Equity Income Fund		179,087		3,116,724		1,129,597		1,959,239		(244,102	)		15,390		2,195,601
Putnam High Yield Advantage Fund		226,091		3,121,568		235,790		2,133,111		(56,632	)		60,460		1,279,678
Putnam Mid Cap Value Fund		115,705		1,878,371		302,475		840,928		141,143			-		1,121,184

TOTAL									$	70,314		$	340,025	$	39,615,451

3. PURCHASES & SALES OF UNDERLYING INVESTMENTS

For the six months ended June 30, 2010, the aggregate cost of purchases and proceeds from sales of underlying investments were as follows:

	Purchases		Sales
Aggressive Profile I Portfolio	$	12,099,918	$	65,040,938
Conservative Profile I Portfolio		7,577,450		33,500,194
Moderate Profile I Portfolio		36,374,127		159,487,519
Moderately Aggressive Profile I Portfolio		23,881,365		167,861,505
Moderately Conservative Profile I Portfolio		11,765,944		41,478,793

4.	UNREALIZED APPRECIATION (DEPRECIATION)

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of June 30, 2010 were as follows:

	Cost For
	Income							Net
	Tax		Gross		Gross			Unrealized
	Purposes		Appreciation		Depreciation			Depreciation

Aggressive Profile I Portfolio	$	94,109,672		-		(38,039,513	)		(38,039,513	)
Conservative Profile I Portfolio		34,540,358		177,579		(7,926,054	)		(7,748,475	)
Moderate Profile I Portfolio		219,047,987		835,182		(57,247,258	)		(56,412,076	)
Moderately Aggressive Profile I Portfolio		188,013,680		141,243		(67,634,257	)		(67,493,014	)
Moderately Conservative Profile I Portfolio		52,582,324		277,529		(13,244,402	)		(12,966,873	)

5.	DISTRIBUTIONS TO SHAREHOLDERS

Net investment income (loss) and net realized gain (loss) may differ for financial statement and tax purposes. The character of dividends and distributions made during the fiscal year from net investment income and or realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or realized gain was recorded by the Portfolios.

6.	SUBSEQUENT EVENTS

Management has reviewed all events subsequent to the date of the Statement of Assets and Liabilities, including the estimates inherent in the process of preparing these financial statements, through the issuance date of the financial statements.

MAXIM SERIES FUND, INC.

SUMMARY OF INVESTMENTS BY ASSET CLASS
June 30, 2010

MAXIM AGGRESSIVE PROFILE I PORTFOLIO


	% of Portfolio
Asset Class	Investments
Bond		0.00	%
International Equity		26.96	%
Large-Cap Equity		33.86	%
MidCap Equity		24.49	%
Small-Cap Equity		14.69	%
		100.00	%

MAXIM CONSERVATIVE PROFILE I PORTFOLIO


	% of Portfolio
Asset Class	Investments
Bond		41.55	%
Fixed Interest Contract		23.04	%
International Equity		6.28	%
Large-Cap Equity		14.90	%
MidCap Equity		6.10	%
Small-Cap Equity		1.18	%
Short-Term Bond		6.95	%
		100.00	%

MAXIM MODERATE PROFILE I PORTFOLIO


	% of Portfolio
Asset Class	Investments
Bond		25.24	%
Fixed Interest Contract		16.48	%
International Equity		15.55	%
Large-Cap Equity		25.14	%
MidCap Equity		10.82	%
Small-Cap Equity		6.77	%
Short-Term Bond		0.00	%
		100.00	%

MAXIM MODERATELY AGGRESSIVE PROFILE I PORTFOLIO


	% of Portfolio
Asset Class	Investments
Bond		19.46	%
Fixed Interest Contract		8.46	%
International Equity		18.58	%
Large-Cap Equity		28.09	%
MidCap Equity		16.49	%
Small-Cap Equity		8.92	%
		100.00	%

MAXIM MODERATELY CONSERVATIVE PROFILE I PORTFOLIO


	% of Portfolio
Asset Class	Investments
Bond		33.22	%
Fixed Interest Contract		22.90	%
International Equity		10.50	%
Large-Cap Equity		20.09	%
MidCap Equity		8.08	%
Small-Cap Equity		4.55	%
Short-Term Bond		0.66	%
		100.00	%

MAXIM SERIES FUND, INC.

MAXIM AGGRESSIVE PROFILE I PORTFOLIO
SCHEDULE OF INVESTMENTS
JUNE 30, 2010
UNAUDITED


Shares			Value ($)

EQUITY MUTUAL FUNDS

	481,954	Maxim Invesco ADR Portfolio	$	5,021,960
	856,954	Maxim Janus Large Cap Growth Portfolio		8,535,258
	172,648	Maxim Loomis Sayles Small-Cap Value Portfolio		2,724,382
	557,950	Maxim MFS International Growth Portfolio		4,988,069
	763,061	Maxim MFS International Value Portfolio		5,104,876
	656,524	Maxim MidCap Value Portfolio		5,199,669
	195,370	Maxim Small-Cap Growth Portfolio		2,784,016
	320,089	Maxim Small-Cap Value Portfolio		2,730,358
	432,620	Maxim T. Rowe Price Equity/Income Portfolio		5,234,697
	226,671	Maxim T. Rowe Price MidCap Growth Portfolio		3,363,800
	425,589	Putnam Equity Income Fund		5,217,718
	533,060	Putnam Mid Cap Value Fund		5,165,356

TOTAL EQUITY MUTUAL FUNDS --- 100.00%			$	56,070,159
(Cost $54,510,839)

LIABILITIES --- 0.00%			$	(1,994	)

TOTAL NET ASSETS ---100%			$	56,068,165
(Cost $54,510,839)















See notes to financial statements.
			(Continued)

MAXIM SERIES FUND, INC.

MAXIM CONSERVATIVE PROFILE I PORTFOLIO
SCHEDULE OF INVESTMENTS
JUNE 30, 2010
UNAUDITED


Shares				Value ($)

EQUITY MUTUAL FUNDS

	53,456		Maxim Invesco ADR Portfolio	$	557,013
	162,740		Maxim Janus Large Cap Growth Portfolio		1,620,886
	9,978		Maxim Loomis Sayles Small-Cap Value Portfolio		157,450
	62,243		Maxim MFS International Growth Portfolio		556,453
	85,123		Maxim MFS International Value Portfolio		569,475
	87,471		Maxim MidCap Value Portfolio		692,769
	18,759		Maxim Small-Cap Value Portfolio		160,013
	98,193		Maxim T. Rowe Price Equity/Income Portfolio		1,188,134
	17,149		Maxim T. Rowe Price MidCap Growth Portfolio		254,497
	96,494		Putnam Equity Income Fund		1,183,011
	70,945		Putnam Mid Cap Value Fund		687,460

TOTAL EQUITY MUTUAL FUNDS --- 28.47%					7,627,161
(Cost $7,055,921)

BOND MUTUAL FUNDS

	272,410		Maxim Federated Bond Portfolio		2,863,033
	266,878		Maxim Global Bond Portfolio		2,436,594
	149,920		Maxim Putnam High Yield Bond Portfolio		1,121,402
	180,164		Maxim Short Duration Bond Portfolio		1,862,893
	286,418		Maxim U.S. Government Mortgage Securities Portfolio		3,577,360
	199,726		Putnam High Yield Advantage Fund		1,130,452


TOTAL BOND MUTUAL FUNDS --- 48.49%					12,991,734
(Cost $12,454,899)

FIXED INTEREST CONTRACT

Interest				Value ($)

	5,222,919	*	Great-West Life & Annuity Contract	$	6,172,988

TOTAL FIXED INTEREST CONTRACT --- 23.04%
(Cost $5,995,408)

TOTAL INVESTMENTS --- 100.00%				$	26,791,883
(Cost $25,506,228)

LIABILITIES --- 0.00%				$	(929	)

TOTAL NET ASSETS --- 100%				$	26,790,954
(Cost $25,506,228)

* Represents the dollar value of the individual interest in the Contract acquired at the date of acquisition.

See notes to financial statements.
				(Continued)

MAXIM SERIES FUND, INC.

MAXIM MODERATE PROFILE I PORTFOLIO
SCHEDULE OF INVESTMENTS
JUNE 30, 2010
UNAUDITED


Shares				Value ($)

EQUITY MUTUAL FUNDS

	805,906		Maxim Invesco ADR Portfolio	$	8,397,536
	1,819,510		Maxim Janus Large Cap Growth Portfolio		18,122,319
	236,569		Maxim Loomis Sayles Small-Cap Value Portfolio		3,733,059
	934,041		Maxim MFS International Growth Portfolio		8,350,330
	1,277,417		Maxim MFS International Value Portfolio		8,545,919
	727,972		Maxim MidCap Value Portfolio		5,765,535
	247,540		Maxim Small-Cap Growth Portfolio		3,527,446
	439,548		Maxim Small-Cap Value Portfolio		3,749,346
	941,488		Maxim T. Rowe Price Equity/Income Portfolio		11,392,005
	412,716		Maxim T. Rowe Price MidCap Growth Portfolio		6,124,705
	927,170		Putnam Equity Income Fund		11,367,109
	588,839		Putnam Mid Cap Value Fund		5,705,845

TOTAL EQUITY MUTUAL FUNDS --- 58.28%					94,781,154
(Cost $85,316,935)

BOND MUTUAL FUNDS

	1,161,839		Maxim Federated Bond Portfolio		12,210,932
	1,178,556		Maxim Global Bond Portfolio		10,760,215
	394,054		Maxim Putnam High Yield Bond Portfolio		2,947,522
	973,078		Maxim U.S. Government Mortgage Securities Portfolio		12,153,750
	526,215		Putnam High Yield Advantage Fund		2,978,375

TOTAL BOND MUTUAL FUNDS --- 25.24%					41,050,794
(Cost $38,974,636)

FIXED INTEREST CONTRACT

Interest				Value ($)

	22,678,635	*	Great-West Life & Annuity Contract	$	26,803,963

TOTAL FIXED INTEREST CONTRACT --- 16.48%
(Cost $26,008,113)

TOTAL INVESTMENTS --- 100.00%				$	162,635,911
(Cost $150,299,684)

LIABILITIES --- 0.00%				$	(5,696	)

TOTAL NET ASSETS --- 100%				$	162,630,215
(Cost $150,299,684)

* Represents the dollar value of the individual interest in the Contract acquired at the date of acquisition.

See notes to financial statements.
				(Continued)

MAXIM SERIES FUND, INC.

MAXIM MODERATELY AGGRESSIVE PROFILE I PORTFOLIO
SCHEDULE OF INVESTMENTS
JUNE 30, 2010
UNAUDITED


Shares				Value ($)

EQUITY MUTUAL FUNDS

	712,803		Maxim Invesco ADR Portfolio	$	7,427,412
	1,451,604		Maxim Janus Large Cap Growth Portfolio		14,457,971
	210,816		Maxim Loomis Sayles Small-Cap Value Portfolio		3,326,678
	827,466		Maxim MFS International Growth Portfolio		7,397,550
	1,131,667		Maxim MFS International Value Portfolio		7,570,851
	978,114		Maxim MidCap Value Portfolio		7,746,661
	288,388		Maxim Small-Cap Growth Portfolio		4,109,527
	388,669		Maxim Small-Cap Value Portfolio		3,315,350
	802,376		Maxim T. Rowe Price Equity/Income Portfolio		9,708,749
	299,541		Maxim T. Rowe Price MidCap Growth Portfolio		4,445,192
	790,175		Putnam Equity Income Fund		9,687,549
	793,325		Putnam Mid Cap Value Fund		7,687,320

TOTAL EQUITY MUTUAL FUNDS --- 72.09%					86,880,810
(Cost $77,734,392)

BOND MUTUAL FUNDS

	610,218		Maxim Federated Bond Portfolio		6,413,388
	678,983		Maxim Global Bond Portfolio		6,199,114
	295,126		Maxim Putnam High Yield Bond Portfolio		2,207,539
	511,795		Maxim U.S. Government Mortgage Securities Portfolio		6,392,318
	394,107		Putnam High Yield Advantage Fund		2,230,646

TOTAL BOND MUTUAL FUNDS --- 19.45%					23,443,005
(Cost $22,185,975)

FIXED INTEREST CONTRACT

Interest				Value ($)

	8,627,481	*	Great-West Life & Annuity Contract	$	10,196,851

TOTAL FIXED INTEREST CONTRACT --- 8.46%
(Cost $10,055,519)

TOTAL INVESTMENTS --- 100.00%				$	120,520,666
(Cost $109,975,886)

LIABILITIES --- 0.00%				$	(4,241	)

TOTAL NET ASSETS --- 100%				$	120,516,425
(Cost $109,975,886)

* Represents the dollar value of the individual interest in the Contract acquired at the date of acquisition.

See notes to financial statements.
				(Continued)

MAXIM SERIES FUND, INC.

MAXIM MODERATELY CONSERVATIVE PROFILE I PORTFOLIO
SCHEDULE OF INVESTMENTS
JUNE 30, 2010
UNAUDITED


Shares				Value ($)

EQUITY MUTUAL FUNDS

	132,452		Maxim Invesco ADR Portfolio	$	1,380,154
	357,691		Maxim Janus Large Cap Growth Portfolio		3,562,602
	57,501		Maxim Loomis Sayles Small-Cap Value Portfolio		907,368
	153,942		Maxim MFS International Growth Portfolio		1,376,241
	209,941		Maxim MFS International Value Portfolio		1,404,505
	142,656		Maxim MidCap Value Portfolio		1,129,836
	105,053		Maxim Small-Cap Value Portfolio		896,105
	181,853		Maxim T. Rowe Price Equity/Income Portfolio		2,200,420
	64,095		Maxim T. Rowe Price MidCap Growth Portfolio		951,167
	179,087		Putnam Equity Income Fund		2,195,601
	115,705		Putnam Mid Cap Value Fund		1,121,184

TOTAL EQUITY MUTUAL FUNDS --- 43.23%					17,125,183
(Cost $16,000,649)

BOND MUTUAL FUNDS

	338,896		Maxim Federated Bond Portfolio		3,561,800
	349,583		Maxim Global Bond Portfolio		3,191,694
	169,851		Maxim Putnam High Yield Bond Portfolio		1,270,485
	25,137		Maxim Short Duration Bond Portfolio		259,917
	308,609		Maxim U.S. Government Mortgage Securities Portfolio		3,854,524
	226,091		Putnam High Yield Advantage Fund		1,279,678

TOTAL BOND MUTUAL FUNDS --- 33.87%					13,418,098
(Cost $12,852,365)

FIXED INTEREST CONTRACT

Interest				Value ($)

	7,675,897	*	Great-West Life & Annuity Contract	$	9,072,170

TOTAL FIXED INTEREST CONTRACT --- 22.90%
(Cost $8,794,641)

TOTAL INVESTMENTS --- 100.00%				$	39,615,451
(Costs $37,647,655)

LIABILITIES --- 0.00%				$	(1,378	)

TOTAL NET ASSETS --- 100%				$	39,614,073
(Costs $37,647,655)

* Represents the dollar value of the individual interest in the Contract acquired at the date of acquisition.

See notes to financial statements.
				(Concluded)


					39,614,073

SHAREHOLDER EXPENSE EXAMPLE

Maxim Aggressive Profile I Portfolio

As a shareholder of the Portfolio, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Portfolio expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 31, 2009 to June 30, 2010).

Actual Expenses

The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6) , then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

Beginning

Ending

Expenses Paid

Account Value

During Period*

(12/31/09)

(06/30/10)

(12/31/09-06/30/10)

Actual

1,000.00

932.09

1.20

Hypothetical

(5% return before expenses)

1,000.00

1,023.55

1.25

*Expenses are equal to the Portfolio's annualized expense ratio of 0.25%, multiplied by the average account value over the period, multiplied by 181/365 days to reflect the one-half year period.

SHAREHOLDER EXPENSE EXAMPLE

Maxim Conservative Profile I Portfolio

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 31, 2009 to June 30, 2010).

Actual Expenses

Hypothetical Example for Comparison Purposes

Beginning

Ending

Expenses Paid

Account Value

During Period*

(12/31/09)

(06/30/10)

(12/31/09-06/30/10)

Actual

1,000.00

1,000.69

1.24

Hypothetical

(5% return before expenses)

1,000.00

1,023.55

1.25

*Expenses are equal to the Portfolio's annualized expense ratio of 0.25%, multiplied by the average account value over the period, multiplied by 181/365 days to reflect the one-half year period.

SHAREHOLDER EXPENSE EXAMPLE

Maxim Moderate Profile I Portfolio

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 31, 2009 to June 30, 2010).

Actual Expenses

Hypothetical Example for Comparison Purposes

Beginning

Ending

Expenses Paid

Account Value

During Period*

(12/31/09)

(06/30/10)

(12/31/09-06/30/10)

Actual

1,000.00

970.18

1.22

Hypothetical

(5% return before expenses)

1,000.00

1,023.55

1.25

*Expenses are equal to the Portfolio's annualized expense ratio of 0.25%, multiplied by the average account value over the period, multiplied by 181/365 days to reflect the one-half year period.

SHAREHOLDER EXPENSE EXAMPLE

Maxim Moderately Aggressive Profile I Portfolio

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 31, 2009 to June 30, 2010).

Actual Expenses

Hypothetical Example for Comparison Purposes

Beginning

Ending

Expenses Paid

Account Value

During Period*

(12/31/09)

(06/30/10)

(12/31/09-06/30/10)

Actual

1,000.00

959.04

1.21

Hypothetical

(5% return before expenses)

1,000.00

1,023.55

1.25

*Expenses are equal to the Portfolio's annualized expense ratio of 0.25%, multiplied by the average account value over the period, multiplied by 181/365 days to reflect the one-half year period.

SHAREHOLDER EXPENSE EXAMPLE

Maxim Moderately Conservative Profile I Portfolio

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 31, 2009 to June 30, 2010).

Actual Expenses

Hypothetical Example for Comparison Purposes

Beginning

Ending

Expenses Paid

Account Value

During Period*

(12/31/09)

(06/30/10)

(12/31/09-06/30/10)

Actual

1,000.00

985.22

1.23

Hypothetical

(5% return before expenses)

1,000.00

1,023.55

1.25

*Expenses are equal to the Portfolio's annualized expense ratio of 0.25%, multiplied by the average account value over the period, multiplied by 181/365 days to reflect the one-half year period.

Availability of Quarterly Portfolio Schedule.

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Form N-Q is available on the Commission’s website at http://www.sec.gov, and may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Availability of Proxy Voting Policies and Procedures.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling (866) 831-7129, and on the Securities and Exchange Commission’s website at http://www.sec.gov.

Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling (866) 831-7129, and on the Securities and Exchange Commission’s website at http://www.sec.gov.

Investment Advisory Contract Approvals

The Board of Directors (the "Board") of Maxim Series Fund, Inc. (the "Fund"), including the Directors who are not interested persons of the Fund (the "Independent Directors"), at a meeting held on April 26, 2010 (the "Meeting"), approved the continuation of (i) with respect to each of the Fund's Portfolios, the investment advisory agreement (the "Advisory Agreement") between the Fund and GW Capital Management, LLC, doing business as Maxim Capital Management, LLC ("MCM"), and (ii) with respect to the Portfolios that are also sub-advised, as indicated below, the investment sub-advisory agreements (the "Sub-Advisory Agreements") between the Fund, MCM and the following Sub-Advisers:

Sub-Adviser		Portfolio(s)
Ariel Investments, LLC		Maxim Ariel Small-Cap Value Portfolio Maxim Ariel MidCap Value Portfolio
Federated Investment Management Company		Maxim Federated Bond Portfolio
Goldman Sachs Asset Management, L.P.		Maxim MidCap Value Portfolio
Invesco Advisers, Inc.* (formerly known as Invesco Institutional (N.A.), Inc.)		Maxim Invesco ADR Portfolio Maxim Small-Cap Value Portfolio
Franklin Advisers, Inc.		Maxim Global Bond Portfolio
Janus Capital Management LLC		Maxim Janus Large Cap Growth Portfolio
Loomis, Sayles & Company, L.P.		Maxim Loomis Sayles Bond Portfolio Maxim Loomis Sayles Small-Cap Value Portfolio
Massachusetts Financial Services Company		Maxim MFS International Growth Portfolio Maxim MFS International Value Portfolio
Mellon Capital Management Corporation		Maxim Index 600 Portfolio Maxim Stock Index Portfolio Maxim S&P 500 Index® Portfolio
Putnam Investment Management, LLC		Maxim Putnam High Yield Bond Portfolio
Silvant Capital Management LLC		Maxim Small-Cap Growth Portfolio
T. Rowe Price Associates, Inc.		Maxim T. Rowe Price MidCap Growth Portfolio Maxim T. Rowe Price Equity/Income Portfolio

At the close of business on December 31, 2009, Invesco Global Asset Management (N.A.), Inc., former Sub-Adviser to the Maxim Invesco ADR Portfolio, merged into Invesco Institutional (N.A.), Inc., which was renamed Invesco Advisers, Inc.

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

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

On March 23, 2010, the Independent Directors met separately with independent legal counsel in advance of the Meeting to evaluate information furnished by MCM and the Sub-Advisers in connection with the proposed continuation of the Advisory Agreement and Sub-Advisory Agreements (collectively, the "Agreements"). The Independent Directors also considered additional information provided in response to their requests made following the March meeting.

In approving the continuation of the Agreements, the Board considered such information as the Board deemed reasonably necessary to evaluate the terms of the Agreements. The Board noted that performance information is provided to the Board on an ongoing basis at regular Board meetings held throughout the year. In its deliberations, the Board did not identify any single factor as being determinative. Rather, the Board's approvals were based on each Director's business judgment after consideration of the information as a whole. Individual Directors may have weighted certain factors differently and assigned varying degrees of materiality to information considered by the Board.

Based upon its review of the Agreements and the information provided to it, the Board concluded that the Agreements were fair and reasonable in light of the services performed, fees charged and such other matters as the Directors considered relevant in the exercise of their business judgment. The principal factors and conclusions that formed the basis for the Directors' determinations to approve the continuation of the Agreements are discussed below.

Nature, Extent and Quality of Services

The Board considered the nature, extent and quality of services provided and to be provided to the Portfolios by MCM and the Sub-Advisers. Among other things, the Board considered each adviser's personnel, experience, resources and performance track record, its ability to provide or obtain such services as may be necessary in managing, acquiring and disposing of investments on behalf of the Portfolios, and its ability to provide research and obtain and evaluate the economic, statistical and financial data relevant to the investment policies of the Portfolios. The Board also considered each adviser's reputation for management of its investment strategies, its overall financial condition, technical resources, operational capabilities, and compliance policies and procedures, as well as the adviser's practices regarding the selection and compensation of brokers and dealers for the execution of portfolio transactions and the procedures it uses for obtaining best execution of portfolio transactions. Consideration also was given to the fact that the Board meets with representatives of the advisers at regular Board meetings held throughout the year to discuss portfolio management strategies and performance. Additionally, the quality of each adviser's communications with the Board, as well as the adviser's responsiveness to the Board, was taken into account. The Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Portfolios by MCM and the Sub-Advisers.

Investment Performance

The Board considered the investment performance of each Portfolio. The Board reviewed performance information for each Portfolio as compared against various benchmarks and the performance of similar funds. For Portfolios other than the Fund's "Index Portfolios" (comprised of the Maxim Bond Index Portfolio, Maxim Index 600 Portfolio, Maxim Stock Index Portfolio, and Maxim S&P 500 Index Portfolio), this information included, to the extent applicable, annualized returns for the one-, three-, five-, and ten-year periods ended December 31, 2009, calendar year returns for the five-year period ended December 31, 2009, and risk-adjusted performance measures. In addition, except for the Index Portfolios and the Fund's "Asset Allocation Portfolios" (comprised of the Maxim Profile Portfolios, Maxim Lifetime Asset Allocation Portfolios, Maxim SecureFoundation Lifetime Portfolios, and Maxim SecureFoundation Balanced Portfolio), for which Morningstar performance information is not provided, this information also included the Portfolios' Morningstar category and overall ratings and a rolling quarterly analysis of long-term performance relative to the applicable Morningstar category. The Board also considered the composition of each Portfolio's "peer" group of funds, as determined by MCM based on funds of similar size and asset class from within, to the extent applicable, the Portfolio's Morningstar category. In evaluating the performance of each Portfolio, the Board noted how the Portfolio performed relative to the short- and long-term returns of the applicable benchmarks and peer groups.

For Portfolios other than the Index Portfolios and Asset Allocation Portfolios, the Board assessed performance based principally on the long-term rolling quarterly analysis for each Portfolio in which each quarter's performance is, in turn, based on a composite of the Portfolio's 3-, 5- and 10-year annualized returns, 3- and 5-year risk-adjusted performance, and Morningstar rating. For purposes of its annual review of advisory contracts, the Board generally considered a Portfolio to have performed satisfactorily unless the Portfolio has had a history of persistent underperformance based on the Portfolio's long-term rolling analysis. In this regard, the Board noted that the Maxim Ariel Small-Cap Value Portfolio, Maxim Ariel MidCap Value Portfolio, Maxim MFS International Value Portfolio, Maxim Putnam High Yield Bond Portfolio, and Maxim Small-Cap Growth Portfolio fell below the Portfolio quantitative benchmark for long-term performance.

With regard to the Ariel Portfolios, the Board considered the factors attributing to the Portfolios' performance, the current market for the Portfolios' shares, and the Portfolios' position in the Fund's overall Portfolio lineup. The Board noted that the Portfolios had performed significantly better than the median fund performance for funds within their Morningstar categories over the most recent calendar-year period, and concluded that, despite the Portfolios' underperformance over the long-term, there is a market for the Portfolios' shares. With regard to the Maxim MFS International Value Portfolio, the Board noted that MFS replaced the Portfolio's previous Sub-Adviser in September 2009, and concluded that, in light of the Portfolio's competitive performance since the change in Sub-Advisers, the Board was satisfied with the management of the Portfolio. Similarly, with respect to the Maxim Putnam High Yield Bond Portfolio, the Board noted that Putnam had replaced the Portfolio's previous Sub-Adviser in August 2009, and concluded that, in light of the Portfolio's competitive performance since the change in Sub-Advisers, the Board was satisfied with the management of the Portfolio. With regard to the Maxim Small-Cap Growth Portfolio, the Board considered the factors attributing to the Portfolio's performance, changes in the management of the Sub-Adviser, and the short-term and long-term performance of the Portfolio. The Board also took into consideration its discussion with management regarding monitoring the Portfolio's performance, and concluded that the Portfolio's performance was being addressed. As to the remaining Portfolios (other than the Index Portfolios and Asset Allocation Portfolios), the Board determined that it was satisfied with investment performance.

The Board reviewed the performance of each Index Portfolio as compared against the performance of the index or composite index the Portfolio is designed to track, and concluded that it was satisfied with the investment performance of the Index Portfolios. The Board also reviewed, to the extent available, the performance of each Asset Allocation Portfolio as compared against the performance of similarly managed funds. Based on the information provided, the Board concluded that it was satisfied with the investment performance of the Maxim Profile Portfolios. With respect to the Maxim Lifetime Asset Allocation Portfolios, the Board noted that these Portfolios had commenced operations on May 1, 2009, and concluded that, in light of the Portfolios' short track record, the Board was generally satisfied with the management of these Portfolios. With regard to the Maxim SecureFoundation Lifetime Portfolios and Maxim SecureFoundation Balanced Portfolio, the Board noted that no performance information was provided for their consideration as these Portfolios had only recently commenced operations.

Costs and Profitability

The Board considered the costs of services provided and profits estimated to have been realized by MCM and, to the extent available, the Sub-Advisers from their relationships with the Portfolios. With respect to the costs of services, the Board considered the structure and the level of the applicable investment management fees and other expenses payable by the Portfolios, as well as the structure and level of the applicable sub-advisory fees payable by MCM to the Sub-Advisers. In evaluating the applicable management and sub-advisory fees, the Board considered the fees payable by and the total expense ratios of similar funds managed by other investment advisers, as determined by MCM based on each Portfolio's Morningstar category, to the extent applicable. With the exception of the Index Portfolios and Asset Allocation Portfolios (for which comparable information from Morningstar was not available), the Board also considered each Portfolio's total expense ratio in comparison to the median expense ratio for all funds within the same Morningstar fund category as the Portfolio.

Based on the information provided, the Board noted that the Portfolios' management fees were within the range of fees paid by similar funds, although some of the fees were at the higher end of the range. The Board also noted that the total annual operating expense ratios of the Portfolios (other than the Index Portfolios and Asset Allocation Portfolios) were generally comparable to the annual expense ratios of similar funds, although some Portfolios had expense ratios that were at the higher end in comparison to the similar funds, including the Maxim Small-Cap Value Portfolio, Maxim MidCap Value Portfolio, Maxim Global Bond Portfolio, and Maxim Putnam High Yield Bond Portfolio. The Board further noted that the Portfolios' expense ratios were near or lower than the median expense ratio for the applicable Morningstar fund category, with the exception of the Maxim Global Bond Portfolio which, relative to the other Portfolios, had an expense ratio that was notably higher than the median expense ratio for its Morningstar fund category. Additionally, the Board considered the fact that MCM charged higher advisory fees to certain internally managed Maxim Bond Portfolios than to certain similarly managed institutional bond portfolios, as well as the differences in the nature and extent of the services provided and the risks assumed by MCM in connection with those Maxim accounts and the similarly managed institutional accounts, as presented by MCM.

With respect to the Index Portfolios and Profile Portfolios, the Board noted that the Portfolios' total expense ratios were within the range of those of similar funds, even though some Portfolios had expense ratios that were at the higher end of the range, including the Maxim Bond Index Portfolio and Maxim S&P 500 Portfolio. With regard to the sub-advisory fees, it was noted that those fees are paid by MCM out of its management fees, and that the rates payable by MCM to the Sub-Advisers were the generally result of arms-length negotiations given that, with the exception of Putnam, none of the Sub-Advisers is an affiliate of MCM.

As for the Lifetime Portfolios, the Board noted that the Portfolios' management fees were within the range of fees paid by similar funds, although some of the fees were at the higher end of the range. The Board also noted that the total annual operating expense ratios of the Lifetime Portfolios were higher in comparison to the expense ratios of similar funds.

The Board also considered the overall financial soundness of MCM and each Sub-Adviser and the profits estimated to have been realized by MCM and its affiliates and, to the extent practicable, by the Sub-Advisers. The Board requested and reviewed the financial statements and profitability information from MCM and, to the extent such information was available, the Sub-Advisers. In evaluating the information provided by MCM, the Board noted that there is no recognized standard or uniform methodology for determining profitability for this purpose. The Board further noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as MCM, and that it is difficult to make comparisons of profitability between advisers because comparative information is generally not publicly available and is affected by numerous factors, including the adviser's organization, capital structure and cost of capital, the types of funds it manages, its mix of business, and the adviser's assumptions regarding allocations of revenue and expenses. Based on the information provided, the Board concluded that the costs of the services provided and the profits estimated to have been realized by MCM and, if applicable, the Sub-Advisers were reasonable in relation to the nature, extent and quality of the services provided.

Economies of Scale

The Board considered the extent to which economies of scale may be realized as the Portfolios grow and whether current fee levels reflect these economies of scale for the benefit of investors. In evaluating economies of scale, the Board considered, among other things, the current level of management and sub-advisory fees payable by the Portfolios and MCM, respectively, comparative fee information, the profitability and financial condition of MCM, and the current level of Portfolio assets. Based on the information provided, the Board concluded that the Portfolios generally were not of sufficient size to identify economies of scale.

Other Factors

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

ITEM 2.	CODE OF ETHICS.

	Not required in filing.

ITEM 3.	AUDIT COMMITTEE FINANCIAL EXPERT.

	Not required in filing.

ITEM 4.	PRINCIPAL ACCOUNTANT FEES AND SERVICES.

	Not required in filing.

ITEM 5.	AUDIT COMMITTEE OF LISTED REGISTRANTS.

	Not required in filing.

ITEM 6.	SCHEDULE OF INVESTMENTS.

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

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

	Not applicable.

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

	Not applicable.

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

	Not applicable.

ITEM 10.	SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

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

ITEM 11.	CONTROLS AND PROCEDURES.
	(a)The registrant's principal executive officer and principal financial officer have concluded, based upon their evaluation of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures provide reasonable assurance that material information required to be disclosed by the registrant in the report it files or submits on Form N-CSR is recorded, processed, summarized and reported, within the time periods specified in the commission's rules and forms and that such material information is accumulated and communicated to the registrant's management, including its principal executive officer and principal financial officer, as appropriate, in order to allow timely decisions regarding required disclosure.

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

ITEM 12.	EXHIBITS.

	(a)(1) Not required in filing. (a)(2) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. (a)(3) Not applicable. (b) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

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

	MAXIM SERIES FUND, INC.
By:	/s/ M.T.G. Graye

	M.T.G. Graye
	President & Chief Executive Officer

Date:	August 20, 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:	August 20, 2010

By:	/s/ M.C. Maiers

	M.C. Maiers
	Chief Financial Officer, Treasurer & Investment Operations Compliance Officer
Date:	August 20, 2010