N-CSRS 1 d367995dncsrs.htm MAXIM LIFETIME Maxim Lifetime

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

Great-West Life & Annuity Insurance Company

8515 E. Orchard Road

Greenwood Village, Colorado 80111

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: June 29, 2012

ITEM 1.

REPORTS TO STOCKHOLDERS

MAXIM SERIES FUND, INC.

Maxim Lifetime Asset Allocation Portfolios

(Classes T, T1 and L)

Semi-Annual Report

June 29, 2012

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 shares of the Portfolios. Such offering is made only by the prospectus of the Portfolios, which includes details as to offering price and other information.

Maxim Lifetime 2015 Portfolio I

Summary of Investments by Asset Class as of June 29, 2012

 

Asset Class   % of Portfolio Investments

Bond

   53.54%

Cash or Cash Equivalents

   1.66%

Fixed Interest Contract

   4.31%

International Equity

   8.70%

Large-Cap Equity

   13.49%

Mid-Cap Equity

   5.80%

Real Estate Equity

   6.55%

Short-Term Bond

   2.65%

Small-Cap Equity

   3.30%

Total

   100.00%

Shareholder Expense Example

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 (January 1, 2012 to June 29, 2012).

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 transactional 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. In addition, if these transactional costs were included, your costs would have been higher.

 

     Beginning    Ending    Expenses Paid
     Account Value    Account Value    During Period*
     (1/1/12)    (6/29/12)    (1/1/12-6/29/12)

Class T

         

Actual

    $1,000.00    $1,052.60    $2.36

Hypothetical

         

(5% return before expenses)

    $1,000.00    $1,022.43    $2.33

Class T1

         

Actual

    $1,000.00    $1,052.00    $2.87

Hypothetical

         

(5% return before expenses)

    $1,000.00    $1,021.93    $2.83

*Expenses are equal to the Portfolio’s annualized expense ratio of 0.47% for the Class T shares and 0.57% for the Class T1 shares, multiplied by the average account value over the period, multiplied by 181/366 days to reflect the one-half year period. The Portfolio’s annualized expense ratio includes expenses borne directly by the class plus the Portfolio’s pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.35%).

Performance does not include any fees or expenses of variable insurance contracts, IRAs, qualified retirement plans or college savings programs, if applicable. If such fees or expenses were included, returns would be lower.

Maxim Lifetime 2015 Portfolio II

Summary of Investments by Asset Class as of June 29, 2012

 

Asset Class

   % of Portfolio Investments

Bond

   44.26%

Cash or Cash Equivalents

   1.37%

Fixed Interest Contract

   3.56%

International Equity

   11.54%

Large-Cap Equity

   18.26%

Mid-Cap Equity

   7.86%

Real Estate Equity

   6.48%

Short-Term Bond

   2.20%

Small-Cap Equity

   4.47%

Total

   100.00%

Shareholder Expense Example

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 (January 1, 2012 to June 29, 2012).

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 transactional 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. In addition, if these transactional costs were included, your costs would have been higher.

 

     Beginning    Ending    Expenses Paid
     Account Value    Account Value    During Period*
     (1/1/12)    (6/29/12)    (1/1/12-6/29/12)

Class T

         

Actual

    $1,000.00    $1,056.90    $2.47

Hypothetical

         

(5% return before expenses)

    $1,000.00    $1,022.33    $2.43

Class T1

         

Actual

    $1,000.00    $1,056.40    $2.98                        

Hypothetical

         

(5% return before expenses)

    $1,000.00    $1,021.83    $2.93                        

Class L

         

Actual

    $1,000.00    $1,055.00    $3.70                        

Hypothetical

         

(5% return before expenses)

    $1,000.00    $1,021.13    $3.64                        

*Expenses are equal to the Portfolio’s annualized expense ratio of 0.48% for the Class T shares, 0.58% for the Class T1 shares and 0.73% for the Class L shares, multiplied by the average account value over the period, multiplied by 181/366 days to reflect the one-half year period. The Portfolio’s annualized expense ratio includes expenses borne directly by the class plus the Portfolio’s pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.36%).

Performance does not include any fees or expenses of variable insurance contracts, IRAs, qualified retirement plans or college savings programs, if applicable. If such fees or expenses were included, returns would be lower.

Maxim Lifetime 2015 Portfolio III

Summary of Investments by Asset Class as of June 29, 2012

 

Asset Class

   % of Portfolio Investments

Bond

   34.55%

Cash or Cash Equivalents

   1.07%

Fixed Interest Contract

   2.79%

International Equity

   14.48%

Large-Cap Equity

   23.23%

Mid-Cap Equity

   9.99%

Real Estate Equity

   6.51%

Short-Term Bond

   1.71%

Small-Cap Equity

   5.67%

Total

   100.00%

Shareholder Expense Example

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 (January 1, 2012 to June 29, 2012).

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 transactional 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. In addition, if these transactional costs were included, your costs would have been higher.

 

     Beginning    Ending    Expenses Paid
     Account Value    Account Value    During Period*
     (1/1/12)    (6/29/12)    (1/1/12-6/29/12)

Class T

         

Actual

    $1,000.00    $1,061.20    $2.47

Hypothetical

         

(5% return before expenses)

    $1,000.00    $1,022.33    $2.43

Class T1

         

Actual

    $1,000.00    $1,060.40    $2.99

Hypothetical

         

(5% return before expenses)

    $1,000.00    $1,021.83    $2.93

*Expenses are equal to the Portfolio’s annualized expense ratio of 0.48% for the Class T shares and 0.58% for the Class T1 shares, multiplied by the average account value over the period, multiplied by 181/366 days to reflect the one-half year period. The Portfolio’s annualized expense ratio includes expenses borne directly by the class plus the Portfolio’s pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.36%).

Performance does not include any fees or expenses of variable insurance contracts, IRAs, qualified retirement plans or college savings programs, if applicable. If such fees or expenses were included, returns would be lower.

Maxim Lifetime 2025 Portfolio I

Summary of Investments by Asset Class as of June 29, 2012

 

Asset Class

   % of Portfolio Investments

Bond

   42.77%

Cash or Cash Equivalents

   0.75%

Fixed Interest Contract

   1.96%

International Equity

   14.51%

Large-Cap Equity

   19.04%

Mid-Cap Equity

   8.19%

Real Estate Equity

   5.96%

Short-Term Bond

   1.20%

Small-Cap Equity

   5.62%

Total

   100.00%

Shareholder Expense Example

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 (January 1, 2012 to June 29, 2012).

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 transactional 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. In addition, if these transactional costs were included, your costs would have been higher.

 

     Beginning    Ending    Expenses Paid
     Account Value    Account Value    During Period*
     (1/1/12)    (6/29/12)    (1/1/12-6/29/12)

Class T

         

Actual

    $1,000.00    $1,058.00    $2.57

Hypothetical

         

(5% return before expenses)

    $1,000.00    $1,022.23    $2.53

Class T1

         

Actual

    $1,000.00    $1,057.60    $3.09

Hypothetical

         

(5% return before expenses)

    $1,000.00    $1,021.73    $3.03

*Expenses are equal to the Portfolio’s annualized expense ratio of 0.50% for the Class T shares and 0.60% for the Class T1 shares, multiplied by the average account value over the period, multiplied by 181/366 days to reflect the one-half year period. The Portfolio’s annualized expense ratio includes expenses borne directly by the class plus the Portfolio’s pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.38%).

Performance does not include any fees or expenses of variable insurance contracts, IRAs, qualified retirement plans or college savings programs, if applicable. If such fees or expenses were included, returns would be lower.

Maxim Lifetime 2025 Portfolio II

Summary of Investments by Asset Class as of June 29, 2012

 

Asset Class

   % of Portfolio Investments

Bond

   29.57%

Cash or Cash Equivalents

   0.53%

Fixed Interest Contract

   1.35%

International Equity

   18.74%

Large-Cap Equity

   24.94%

Mid-Cap Equity

   10.76%

Real Estate Equity

   5.91%

Short-Term Bond

   0.83%

Small-Cap Equity

   7.37%

Total

   100.00%

Shareholder Expense Example

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 (January 1, 2012 to June 29, 2012).

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 transactional 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. In addition, if these transactional costs

were included, your costs would have been higher.

 

    

Beginning

Account Value

(1/1/12)

   

Ending

Account Value

(6/29/12)

   

Expenses Paid

During Period*

(1/1/12-6/29/12)

Class T

         

Actual

    $1,000.00    $1,062.80    $2.68

Hypothetical

         

(5% return before expenses)

    $1,000.00    $1,022.13    $2.63

Class T1

         

Actual

    $1,000.00    $1,062.60    $3.20

Hypothetical

         

(5% return before expenses)

    $1,000.00    $1,021.63    $3.13

Class L

         

Actual

    $1,000.00    $1,062.10    $3.92

Hypothetical

         

(5% return before expenses)

    $1,000.00    $1,020.93    $3.84

*Expenses are equal to the Portfolio’s annualized expense ratio of 0.52% for the Class T shares, 0.62% for the Class T1 shares and 0.77% for the Class L shares, multiplied by the average account value over the period, multiplied by 181/366 days to reflect the one-half year period. The Portfolio’s annualized expense ratio includes expenses borne directly by the class plus the Portfolio’s pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.40%).

Performance does not include any fees or expenses of variable insurance contracts, IRAs, qualified retirement plans or college savings programs, if applicable. If such fees or expenses were included, returns would be lower.

Maxim Lifetime 2025 Portfolio III

Summary of Investments by Asset Class as of June 29, 2012

 

Asset Class   % of Portfolio  Investments
Bond   17.93%
Cash or Cash Equivalents   0.32%
Fixed Interest Contract   0.83%

International Equity   22.46%
Large-Cap Equity   30.14%
Mid-Cap Equity   12.98%
Real Estate Equity   5.91%
Short-Term Bond   0.51%
Small-Cap Equity   8.92%
Total   100.00%

Shareholder Expense Example

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 (January 1, 2012 to June 29, 2012).

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 transactional 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. In addition, if these transactional costs were included, your costs would have been higher.

    

Beginning

Account Value

(1/1/12)

   

Ending

Account Value

(6/29/12)

   

Expenses Paid

During Period*

(1/1/12-6/29/12)

Class T

         

Actual

    $1,000.00    $1,067.50    $2.58

Hypothetical

         

(5% return before expenses)

    $1,000.00    $1,022.23    $2.53

Class T1

         

Actual

    $1,000.00    $1,067.50    $3.10

Hypothetical

         

(5% return before expenses)

    $1,000.00    $1,021.73    $3.03

*Expenses are equal to the Portfolio’s annualized expense ratio of 0.50% for the Class T shares and the 0.60% for the Class T1 shares, multiplied by the average account value over the period, multiplied by 181/366 days to reflect the one-half year period. The Portfolio’s annualized expense ratio includes expenses borne directly by the class plus the Portfolio’s pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.38%).

Performance does not include any fees or expenses of variable insurance contracts, IRAs, qualified retirement plans or college savings programs, if applicable. If such fees or expenses were included, returns would be lower.

Maxim Lifetime 2035 Portfolio I

Summary of Investments by Asset Class as of June 29, 2012

 

Asset Class   % of Portfolio Investments
Bond   24.80%
Cash or Cash Equivalents   0.17%
Fixed Interest Contract   0.42%
International Equity   23.17%
Large-Cap Equity   25.79%
Mid-Cap Equity   11.06%
Real Estate Equity   5.35%
Short-Term Bond   0.26%
Small-Cap Equity   8.98%
Total   100.00%

Shareholder Expense Example

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 (January 1, 2012 to June 29, 2012).

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 transactional 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. In addition, if these transactional costs were included, your costs would have been higher.

 

    

Beginning

Account Value

(1/1/12)

   

Ending

Account Value

(6/29/12)

   

Expenses Paid

During Period*

(1/1/12-6/29/12)

Class T

         

Actual

    $1,000.00    $1,065.20    $2.68

Hypothetical

         

(5% return before expenses)

    $1,000.00    $1,022.13    $2.63

Class T1

         

Actual

    $1,000.00    $1,064.70    $3.20

Hypothetical

         

(5% return before expenses)

    $1,000.00    $1,021.63    $3.13

*Expenses are equal to the Portfolio’s annualized expense ratio of 0.53% for the Class T shares and 0.63% for the Class T1 shares, multiplied by the average account value over the period, multiplied by 181/366 days to reflect the one-half year period. The Portfolio’s annualized expense ratio includes expenses borne directly by the class plus the Portfolio’s pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.41%).

Performance does not include any fees or expenses of variable insurance contracts, IRAs, qualified retirement plans or college savings programs, if applicable. If such fees or expenses were included, returns would be lower.

Maxim Lifetime 2035 Portfolio II

Summary of Investments by Asset Class as of June 29, 2012

 

Asset Class   % of Portfolio Investments
Bond   13.41%
Cash or Cash Equivalents   0.09%
Fixed Interest Contract   0.23%
International Equity   27.05%
Large-Cap Equity   30.21%
Mid-Cap Equity   13.01%
Real Estate Equity   5.33%
Short-Term Bond   0.14%
Small-Cap Equity   10.53%
Total   100.00%

Shareholder Expense Example

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 (January 1, 2012 to June 29, 2012).

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 transactional 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. In addition, if these transactional costs were included, your costs would have been higher.

 

    

Beginning

Account Value

(1/1/12)

   

Ending

Account Value

(6/29/12)

   

Expenses Paid

During Period*

(1/1/12-6/29/12)

Class T

         

Actual

    $1,000.00    $1,069.00    $2.79

Hypothetical

         

(5% return before expenses)

    $1,000.00    $1,022.03    $2.73

Class T1

         

Actual

    $1,000.00    $1,068.70    $3.31

Hypothetical

         

(5% return before expenses)

    $1,000.00    $1,021.53    $3.23

Class L

         

Actual

    $1,000.00    $1,067.60    $4.03

Hypothetical

         

(5% return before expenses)

    $1,000.00    $1,020.83    $3.94

*Expenses are equal to the Portfolio’s annualized expense ratio of 0.54% for the Class T shares, 0.64% for the Class T1 shares and 0.79% for the Class L shares, multiplied by the average account value over the period, multiplied by 181/366 days to reflect the one-half year period. The Portfolio’s annualized expense ratio includes expenses borne directly by the class plus the Portfolio’s pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.42%).

Performance does not include any fees or expenses of variable insurance contracts, IRAs, qualified retirement plans or college savings programs, if applicable. If such fees or expenses were included, returns would be lower.

Maxim Lifetime 2035 Portfolio III

Summary of Investments by Asset Class as of June 29, 2012

 

Asset Class   % of Portfolio Investments
Bond   6.60%
Cash or Cash Equivalents   0.04%
Fixed Interest Contract   0.11%
International Equity   29.29%
Large-Cap Equity   32.93%
Mid-Cap Equity   14.13%
Real Estate Equity   5.34%
Short-Term Bond   0.07%
Small-Cap Equity   11.49%
Total   100.00%

Shareholder Expense Example

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 (January 1, 2012 to June 29, 2012).

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 transactional 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. In addition, if these transactional costs were included, your costs would have been higher.

 

    

Beginning

Account Value

(1/1/12)

   

Ending

Account Value

(6/29/12)

   

Expenses Paid

During Period*

(1/1/11-6/29/12)

Class T

         

Actual

    $1,000.00    $1,071.70    $2.69

Hypothetical

         

(5% return before expenses)

    $1,000.00    $1,022.13    $2.63

Class T1

         

Actual

    $1,000.00    $1,070.20    $3.21

Hypothetical

         

(5% return before expenses)

    $1,000.00    $1,021.63    $3.13

*Expenses are equal to the Portfolio’s annualized expense ratio of 0.52% for the Class T shares and 0.62% for the Class T1 shares, multiplied by the average account value over the period, multiplied by 181/366 days to reflect the one-half year period. The Portfolio’s annualized expense ratio includes expenses borne directly by the class plus the Portfolio’s pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.40%).

Performance does not include any fees or expenses of variable insurance contracts, IRAs, qualified retirement plans or college savings programs, if applicable. If such fees or expenses were included, returns would be lower.

Maxim Lifetime 2045 Portfolio I

Summary of Investments by Asset Class as of June 29, 2012

 

Asset Class   % of Portfolio Investments
Bond   16.37%
International Equity   29.01%
Large-Cap Equity   27.16%
Mid-Cap Equity   11.65%
Real Estate Equity   4.81%
Small-Cap Equity   11.00%
Total   100.00%

Shareholder Expense Example

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 (January 1, 2012 to June 29, 2012).

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 transactional 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. In addition, if these transactional costs were included, your costs would have been higher.

    

Beginning

Account Value

(1/1/12)

   

Ending

Account Value

(6/29/12)

   

Expenses Paid

During Period*

(1/1/12-6/29/12)

Class T

         

Actual

    $1,000.00    $1,066.40    $2.79

Hypothetical

         

(5% return before expenses)

    $1,000.00    $1,022.03    $2.73

Class T1

         

Actual

    $1,000.00    $1,066.00    $3.31

Hypothetical

         

(5% return before expenses)

    $1,000.00    $1,021.53    $3.23

*Expenses are equal to the Portfolio’s annualized expense ratio of 0.55% for the Class T shares and 0.65% for the Class T1 shares, multiplied by the average account value over the period, multiplied by 181/366 days to reflect the one-half year period. The Portfolio’s annualized expense ratio includes expenses borne directly by the class plus the Portfolio’s pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.43%).

Performance does not include any fees or expenses of variable insurance contracts, IRAs, qualified retirement plans or college savings programs, if applicable. If such fees or expenses were included, returns would be lower.

Maxim Lifetime 2045 Portfolio II

Summary of Investments by Asset Class as of June 29, 2012

 

Asset Class   % of Portfolio Investments
Bond   8.64%
International Equity   31.79%
Large-Cap Equity   29.85%
Mid-Cap Equity   12.83%
Real Estate Equity   4.79%
Small-Cap Equity   12.10%
Total   100.00%

Shareholder Expense Example

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 (January 1, 2012 to June 29, 2012).

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 transactional 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. In addition, if these transactional costs were included, your costs would have been higher.

 

    

Beginning

Account Value

(1/1/12)

   

Ending

Account Value

(6/29/12)

   

Expenses Paid

During Period*

(1/1/12-6/29/12)

Class T

         

Actual

    $1,000.00    $1,069.20    $2.79

Hypothetical

         

(5% return before expenses)

    $1,000.00    $1,022.03    $2.73

Class T1

         

Actual

    $1,000.00    $1,068.60    $3.31

Hypothetical

         

(5% return before expenses)

    $1,000.00    $1,021.53    $3.23

Class L

         

Actual

    $1,000.00    $1,068.40    $4.14                        

Hypothetical

         

(5% return before expenses)

    $1,000.00    $1,020.73    $4.04                        

*Expenses are equal to the Portfolio’s annualized expense ratio of 0.55% for the Class T shares, 0.65% for the Class T1 shares and 0.80% for the Class L shares, multiplied by the average account value over the period, multiplied by 181/366 days to reflect the one-half year period. The Portfolio’s annualized expense ratio includes expenses borne directly by the class plus the Portfolio’s pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.43%).

Performance does not include any fees or expenses of variable insurance contracts, IRAs, qualified retirement plans or college savings programs, if applicable. If such fees or expenses were included, returns would be lower.

Maxim Lifetime 2045 Portfolio III

Summary of Investments by Asset Class as of June 29, 2012

 

Asset Class

   % of Portfolio Investments
Bond   5.07%
International Equity   33.05%
Large-Cap Equity   31.08%
Mid-Cap Equity   13.36%
Real Estate Equity   4.81%
Small-Cap Equity   12.63%
Total   100.00%

Shareholder Expense Example

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 (January 1, 2012 to June 29, 2012).

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 transactional 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. In addition, if these transactional costs were included, your costs would have been higher.

 

    

Beginning

Account Value

(1/1/12)

   

Ending

Account Value

(6/29/12)

   

Expenses Paid

During Period*
(1/1/12-6/29/12)

Class T

         

Actual

    $1,000.00    $1,070.70    $2.69

Hypothetical

         

(5% return before expenses)

    $1,000.00    $1,022.13    $2.63

Class T1

         

Actual

    $1,000.00    $1,069.50    $3.21

Hypothetical

         

(5% return before expenses)

    $1,000.00    $1,021.63    $3.13

*Expenses are equal to the Portfolio’s annualized expense ratio of 0.52% for the Class T shares and 0.62% for the Class T1 shares, multiplied by the average account value over the period, multiplied by 181/366 days to reflect the one-half year period. The Portfolio’s annualized expense ratio includes expenses borne directly by the class plus the Portfolio’s pro-rata share of the weighted average expense ratio of the underlying

funds in which it invests (0.40%).

Performance does not include any fees or expenses of variable insurance contracts, IRAs, qualified retirement plans or college savings programs, if applicable. If such fees or expenses were included, returns would be lower.

Maxim Lifetime 2055 Portfolio I

Summary of Investments by Asset Class as of June 29, 2012

 

Asset Class

    % of Portfolio Investments
Bond    14.93%
International Equity    32.38%
Large-Cap Equity    25.53%
Mid-Cap Equity    10.96%
Real Estate Equity    4.28%
Small-Cap Equity    11.92%
Total    100.00%

Shareholder Expense Example

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 (January 1, 2012 to June 29, 2012).

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 transactional 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. In addition, if these transactional costs were included, your costs would have been higher.

 

    

Beginning

Account Value

(1/1/12)

   

Ending

Account Value

(6/29/12)

   

Expenses Paid

During Period*

(1/1/12-6/29/12)

Class T

         

Actual

    $1,000.00    $1,065.70    $2.79

Hypothetical

         

(5% return before expenses)

    $1,000.00    $1,022.03    $2.73

Class T1

         

Actual

    $1,000.00    $1,066.10    $3.31

Hypothetical

         

(5% return before expenses)

    $1,000.00    $1,021.53    $3.23

*Expenses are equal to the Portfolio’s annualized expense ratio of 0.55% for the Class T shares and 0.65% for the Class T1 shares, multiplied by the average account value over the period, multiplied by 181/366 days to reflect the one-half year period. The Portfolio’s annualized expense ratio includes expenses borne directly by the class plus the Portfolio’s pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.43%).

Performance does not include any fees or expenses of variable insurance contracts, IRAs, qualified retirement plans or college savings programs, if applicable. If such fees or expenses were included, returns would be lower.

Maxim Lifetime 2055 Portfolio II

Summary of Investments by Asset Class as of June 29, 2012

 

Asset Class    % of Portfolio Investments
Bond    7.98%
International Equity    35.02%
Large-Cap Equity    27.88%
Mid-Cap Equity    11.93%
Real Estate Equity    4.26%
Small-Cap Equity    12.93%
Total    100.00%

Shareholder Expense Example

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 (January 1, 2012 to June 29, 2012).

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 transactional 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. In addition, if these transactional costs were included, your costs would have been higher.

    

Beginning

Account Value

(1/1/12)

   

Ending

Account Value

(6/29/12)

   

Expenses Paid

During Period*

(1/1/12-6/29/12)

Class T

         

Actual

    $1,000.00    $1,068.50    $2.90

Hypothetical

         

(5% return before expenses)

    $1,000.00    $1,021.93    $2.83

Class T1

         

Actual

    $1,000.00    $1,067.50    $3.41

Hypothetical

         

(5% return before expenses)

    $1,000.00    $1,021.43    $3.34

Class L

         

Actual

    $1,000.00    $1,065.80    $4.13

Hypothetical

         

(5% return before expenses)

    $1,000.00    $1,020.73    $4.04

*Expenses are equal to the Portfolio’s annualized expense ratio of 0.56% for the Class T shares, 0.66% for the Class T1 shares and 0.81% for the Class L shares, multiplied by the average account value over the period, multiplied by 181/366 days to reflect the one-half year period. The Portfolio’s annualized expense ratio includes expenses borne directly by the class plus the Portfolio’s pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.44%).

Performance does not include any fees or expenses of variable insurance contracts, IRAs, qualified retirement plans or college savings programs, if applicable. If such fees or expenses were included, returns would be lower.

Maxim Lifetime 2055 Portfolio III

Summary of Investments by Asset Class as of June 29, 2012

 

Asset Class    % of Portfolio Investments
Bond    4.98%
International Equity    36.26%
Large-Cap Equity    28.78%
Mid-Cap Equity    12.35%
Real Estate Equity    4.26%
Small-Cap Equity    13.37%
Total    100.00%

Shareholder Expense Example

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 (January 1, 2012 to June 29, 2012).

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 transactional 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. In addition, if these transactional costs were included, your costs would have been higher.

 

    

Beginning

Account Value

(1/1/12)

   

Ending

Account Value

(6/29/12)

   

Expenses Paid

During Period*

(1/1/12-6/29/12)

Class T

         

Actual

    $1,000.00    $1,069.10    $2.79

Hypothetical

         

(5% return before expenses)

    $1,000.00    $1,022.03    $2.73

Class T1

         

Actual

    $1,000.00    $1,068.70    $3.31                    

Hypothetical

         

(5% return before expenses)

    $1,000.00    $1,021.53    $3.23                    

*Expenses are equal to the Portfolio’s annualized expense ratio of 0.54% for the Class T shares and 0.64% for the Class T1 shares, multiplied by the average account value over the period, multiplied by 181/366 days to reflect the one-half year period. The Portfolio’s annualized expense ratio includes expenses borne directly by the class plus the Portfolio’s pro-rata share of the weighted average expense ratio of the underlying funds in which it invests (0.42%).

Performance does not include any fees or expenses of variable insurance contracts, IRAs, qualified retirement plans or college savings programs, if applicable. If such fees or expenses were included, returns would be lower.

MAXIM SERIES FUND, INC.

MAXIM LIFETIME 2015 PORTFOLIO I

Schedule of Investments

As of June 29, 2012 (Unaudited)

 

Shares         Value  

 

BOND MUTUAL FUNDS

     
          1,391,089      

American Century Inflation Adjusted Bond A

   $      18,265,002   
  1,574,194      

Maxim Bond Index Portfolio Initial Class(a)

        21,991,496   
  2,014,592      

Maxim Federated Bond Portfolio Initial Class(a)

        22,019,486   
  698,296      

Maxim Putnam High Yield Bond Portfolio Initial
Class(a)

        5,586,372   
  400,782      

Maxim Short Duration Bond Portfolio Initial Class(a)

        4,176,149   
  575,147      

Maxim Templeton Global Bond Portfolio Initial Class(a)

        5,440,890   
  559,029      

Metropolitan West High Yield Bond Fund

        5,618,240   
  860,670      

Oppenheimer International Bond Fund A

                5,422,218   
       

 

 

  
 
 		 TOTAL BOND MUTUAL FUNDS — 56.20%
(Cost $87,276,267)		   $      88,519,853   
       

 

 

  

 

EQUITY MUTUAL FUNDS

     
  30,025      

Allianz NFJ Small Cap Value Fund A

        848,511   
  112,786      

Cohen & Steers International Realty Fund Inc

        1,117,710   
  41,425      

Goldman Sachs Mid Cap Value Fund A

        1,485,072   
  25,423      

Harbor International Fund Investor

        1,401,295   
  39,665      

Invesco Developing Markets Fund

        1,210,982   
  103,147      

Invesco Global Real Estate Fund

        1,113,991   
  42,517      

Invesco International Growth Fund I

        1,137,760   
  43,498      

Invesco Van Kampen Small Cap Growth Fund A

        448,466   
  70,886      

Janus Perkins Mid Cap Value Fund S

        1,481,521   
  270,362      

Maxim American Century Growth Portfolio Initial Class(a)

        2,925,318   
  590,054      

Maxim International Index Portfolio Initial Class(a)

        5,068,559   
  134,092      

Maxim Invesco ADR Portfolio Initial Class(a)

        1,397,238   
  286,031      

Maxim Janus Large Cap Growth Portfolio Initial
Class(a)

        2,379,777   
  40,049      

Maxim Loomis Sayles Small-Cap Value Portfolio Initial Class(a)

        849,034   
  112,007      

Maxim MFS International Growth Portfolio Initial Class(a)

        1,143,591   
Shares           Value  

 

Equity Mutual Funds — (continued)

     
          285,415      

Maxim Putnam Equity Income Portfolio Initial
Class(a)

     $         2,925,507   
  863,223      

Maxim S&P 500® Index Portfolio Initial Class(a)

        10,626,275   
  445,570      

Maxim S&P MidCap 400® Index Portfolio Initial Class(a)

        4,580,463   
  278,082      

Maxim S&P SmallCap 600® Index Portfolio Initial Class(a)

        2,602,848   
  157,002      

Maxim T. Rowe Price Equity/Income Portfolio Initial Class(a)

        2,394,286   
  45,560      

Maxim T. Rowe Price MidCap Growth Portfolio Initial Class(a)

        795,478   
  187,315      

Nuveen Real Estate Securities Fund

        4,036,636   
  38,668      

Oppenheimer Developing Markets Fund A

        1,224,239   
  58,655      

Sentinel Small Company Fund A

        446,366   
  191,843      

T. Rowe Price Real Estate Fund

        4,057,469   
  45,801      

Third Avenue Real Estate Value Fund

        1,105,170   
  41,107       Wells Fargo Advantage Common Stock Fund A        804,461   
       

 

 

  
 
 		 TOTAL EQUITY MUTUAL FUNDS — 37.84%
(Cost $58,207,896)		     $         59,608,023   
       

 

 

  

 

MONEY MARKET FUND

     
  2,617,132      

Maxim Money Market Portfolio(a)

        2,617,132   
       

 

 

  
 
 		 TOTAL MONEY MARKET FUND — 1.66%
(Cost $2,617,132)		     $         2,617,132   
       

 

 

  

 

Account Balance

  

 

FIXED INTEREST CONTRACT

     
  6,793,330(b)      

Great-West Life & Annuity Contract(a) 1.70% (c)

        6,793,330   
       

 

 

  
 
 		 TOTAL FIXED INTEREST CONTRACT — 4.31%
(Cost $6,793,330)		     $         6,793,330   
       

 

 

  
 
 		 TOTAL INVESTMENTS — 100.01%
(Cost $154,894,625)		     $         157,538,338   
       

 

 

  

 

OTHER ASSETS & LIABILITIES, NET — (0.01)%

     $         (22,811)   
       

 

 

  

 

TOTAL NET ASSETS — 100.00%

     $                 157,515,527   
       

 

 

  
 

 

(a) 

Issuer is considered an affiliate of the Portfolio.

(b)

Account Balance and Cost represent net deposits and approximates fair value.

(c) 

Interest rate is subject to change. Interest rate shown reflects the rate in effect at June 29, 2012.

 

    See notes to financial statements.

 

 

    Semi-Annual Report - June 29, 2012

MAXIM SERIES FUND, INC.

MAXIM LIFETIME 2015 PORTFOLIO II

Schedule of Investments

As of June 29, 2012 (Unaudited)

 

Shares         Value  

 

BOND MUTUAL FUNDS

  

          3,927,119      

American Century Inflation Adjusted Bond A

   $      51,563,067   
  4,453,675      

Maxim Bond Index Portfolio Initial Class(a)

        62,217,833   
  5,700,658      

Maxim Federated Bond Portfolio Initial Class (a)

        62,308,196   
  1,974,221      

Maxim Putnam High Yield Bond Portfolio Initial Class (a)

        15,793,768   
  1,136,470      

Maxim Short Duration Bond Portfolio Initial
Class(a)

        11,842,017   
  1,620,420      

Maxim Templeton Global Bond Portfolio Initial Class(a)

        15,329,174   
  1,579,960      

Metropolitan West High Yield Bond Fund

        15,878,603   
  2,427,337      

Oppenheimer International Bond Fund A

        15,292,220   
       

 

 

  
 
 		 TOTAL BOND MUTUAL FUNDS — 46.46%
(Cost $246,574,321)		   $      250,224,878   
       

 

 

  

 

EQUITY MUTUAL FUNDS

     
  138,527      

Allianz NFJ Small Cap Value Fund A

        3,914,774   
  381,782      

Cohen & Steers International Realty Fund Inc

        3,783,459   
  192,405      

Goldman Sachs Mid Cap Value Fund A

        6,897,713   
  117,434      

Harbor International Fund Investor

        6,472,987   
  184,309      

Invesco Developing Markets Fund

        5,626,941   
  349,033      

Invesco Global Real Estate Fund

        3,769,555   
  197,492      

Invesco International Growth Fund I

        5,284,889   
  206,539      

Invesco Van Kampen Small Cap Growth Fund A

        2,129,414   
  329,027      

Janus Perkins Mid Cap Value Fund S

        6,876,654   
  1,249,558      

Maxim American Century Growth Portfolio Initial Class (a)

        13,520,217   
  2,737,163      

Maxim International Index Portfolio Initial Class (a)

        23,512,234   
  619,346      

Maxim Invesco ADR Portfolio Initial Class(a)

        6,453,581   
  1,317,600      

Maxim Janus Large Cap Growth Portfolio Initial
Class(a)

        10,962,431   
  184,893      

Maxim Loomis Sayles Small-Cap Value Portfolio Initial Class(a)

        3,919,737   
  521,330      

Maxim MFS International Growth Portfolio Initial
Class(a)

        5,322,776   
Shares         Value  

 

Equity Mutual Funds — (continued)

     
          1,319,754      

Maxim Putnam Equity Income Portfolio Initial Class(a)

   $      13,527,475   
  4,001,664      

Maxim S&P 500® Index Portfolio Initial Class(a)

        49,260,484   
  2,059,703      

Maxim S&P MidCap 400® Index Portfolio Initial Class (a)

        21,173,752   
  1,283,541      

Maxim S&P SmallCap 600® Index Portfolio Initial Class(a)

        12,013,948   
  726,289      

Maxim T. Rowe Price Equity/Income Portfolio Initial Class(a)

        11,075,907   
  210,928      

Maxim T. Rowe Price MidCap Growth Portfolio Initial Class(a)

        3,682,808   
  633,710      

Nuveen Real Estate Securities Fund

        13,656,459   
  179,995      

Oppenheimer Developing Markets Fund A

        5,698,628   
  278,487      

Sentinel Small Company Fund A

        2,119,288   
  649,511      

T. Rowe Price Real Estate Fund

        13,737,164   
  155,586      

Third Avenue Real Estate Value Fund

        3,754,283   
  189,855      

Wells Fargo Advantage Common Stock Fund A

        3,715,471   
       

 

 

  
 
 		 TOTAL EQUITY MUTUAL FUNDS — 48.62%
(Cost $256,382,392)		   $      261,863,029   
       

 

 

  

 

MONEY MARKET FUND

     
  7,358,126      

Maxim Money Market Portfolio(a)

        7,358,126   
       

 

 

  
 
 		 TOTAL MONEY MARKET FUND — 1.37%
(Cost $7,358,126)		   $      7,358,126   
       

 

 

  
Account Balance             

 

FIXED INTEREST CONTRACT

     
  19,199,784(b)      

Great-West Life & Annuity Contract(a) 1.70% (c)

        19,199,784   
       

 

 

  
 
 		 TOTAL FIXED INTEREST CONTRACT — 3.57%
(Cost $19,199,784)		   $      19,199,784   
       

 

 

  
 
 		 TOTAL INVESTMENTS — 100.02%
(Cost $529,514,623)		   $      538,645,817   
       

 

 

  

 

OTHER ASSETS & LIABILITIES, NET — (0.02)%

   $      (82,657)   
       

 

 

  

 

TOTAL NET ASSETS — 100.00%

   $      538,563,160   
       

 

 

  
 

 

(a) 

Issuer is considered an affiliate of the Portfolio.

(b) 

Account Balance and Cost represent net deposits and approximates fair value.

(c) 

Interest rate is subject to change. Interest rate shown reflects the rate in effect at June 29, 2012.

 

    See notes to financial statements.

 

 

    Semi-Annual Report - June 29, 2012

MAXIM SERIES FUND, INC.

MAXIM LIFETIME 2015 PORTFOLIO III

Schedule of Investments

As of June 29, 2012 (Unaudited)

 

Shares         Value  

 

BOND MUTUAL FUNDS

  

          136,234      

American Century Inflation Adjusted Bond A

   $      1,788,753   
  154,533      

Maxim Bond Index Portfolio Initial Class(a)

        2,158,819   
  197,618      

Maxim Federated Bond Portfolio Initial Class(a)

        2,159,966   
  68,620      

Maxim Putnam High Yield Bond Portfolio Initial Class (a)

        548,956   
  39,267      

Maxim Short Duration Bond Portfolio Initial Class(a)

        409,160   
  56,413      

Maxim Templeton Global Bond Portfolio Initial Class(a)

        533,669   
  54,924      

Metropolitan West High Yield Bond Fund

        551,990   
  84,382      

Oppenheimer International Bond Fund A

        531,609   
       

 

 

  
 
 		 TOTAL BOND MUTUAL FUNDS — 36.26%
(Cost $8,618,507)		   $            8,682,922   
       

 

 

  

 

EQUITY MUTUAL FUNDS

  

  7,784      

Allianz NFJ Small Cap Value Fund A

        219,981   
  17,043      

Cohen & Steers International Realty Fund Inc

        168,892   
  10,810      

Goldman Sachs Mid Cap Value Fund A

        387,534   
  6,641      

Harbor International Fund Investor

        366,052   
  10,471      

Invesco Developing Markets Fund

        319,668   
  15,588      

Invesco Global Real Estate Fund

        168,347   
  11,116      

Invesco International Growth Fund I

        297,454   
  11,477      

Invesco Van Kampen Small Cap Growth Fund A

        118,328   
  18,526      

Janus Perkins Mid Cap Value Fund S

        387,187   
  70,666      

Maxim American Century Growth Portfolio Initial
Class(a)

        764,605   
  154,768      

Maxim International Index Portfolio Initial
Class(a)

        1,329,456   
  35,087      

Maxim Invesco ADR Portfolio Initial Class(a)

        365,609   
  74,977      

Maxim Janus Large Cap Growth Portfolio Initial
Class(a)

        623,812   
  10,367      

Maxim Loomis Sayles Small-Cap Value Portfolio Initial
Class(a)

        219,783   
  29,225      

Maxim MFS International Growth Portfolio Initial
Class(a)

        298,392   
Shares           Value  

 

Equity Mutual Funds — (continued)

  

          74,705      

Maxim Putnam Equity Income Portfolio Initial Class(a)

     $         765,724   
  225,902      

Maxim S&P 500® Index Portfolio Initial Class(a)

        2,780,853   
  116,596      

Maxim S&P MidCap 400® Index Portfolio Initial Class(a)

        1,198,603   
  72,870      

Maxim S&P SmallCap 600® Index Portfolio Initial Class(a)

        682,061   
  41,234      

Maxim T. Rowe Price Equity/Income Portfolio Initial Class(a)

        628,827   
  11,950      

Maxim T. Rowe Price MidCap Growth Portfolio Initial Class(a)

        208,655   
  28,333      

Nuveen Real Estate Securities Fund

        610,580   
  10,202      

Oppenheimer Developing Markets Fund A

        323,001   
  15,470      

Sentinel Small Company Fund A

        117,724   
  29,001      

T. Rowe Price Real Estate Fund

        613,376   
  6,926      

Third Avenue Real Estate Value Fund

        167,133   
  10,754      

Wells Fargo Advantage Common Stock Fund A

        210,465   
       

 

 

  
 
 		 TOTAL EQUITY MUTUAL FUNDS — 59.90%
(Cost $13,952,959)		     $               14,342,102   
       

 

 

  

 

MONEY MARKET FUND

  

  255,324      

Maxim Money Market Portfolio(a)

        255,324   
       

 

 

  
 
 		 TOTAL MONEY MARKET FUND — 1.07%
(Cost $255,324)		     $         255,324   
       

 

 

  
Account Balance               

 

FIXED INTEREST CONTRACT

  

          666,839 (b)      

Great-West Life & Annuity Contract(a) 1.70% (c)

        666,839   
       

 

 

  
 
 		 TOTAL FIXED INTEREST CONTRACT — 2.78%
(Cost $666,839)		     $         666,839   
       

 

 

  
 
 		 TOTAL INVESTMENTS — 100.01%
(Cost $23,493,629)		     $         23,947,187   
       

 

 

  
  OTHER ASSETS & LIABILITIES, NET — (0.01)%     $         (2,738)   
       

 

 

  
  TOTAL NET ASSETS — 100.00%     $         23,944,449   
       

 

 

  
 

 

(a) 

Issuer is considered an affiliate of the Portfolio.

(b) 

Account Balance and Cost represent net deposits and approximates fair value.

(c) 

Interest rate is subject to change. Interest rate shown reflects the rate in effect at June 29, 2012.

 

    See notes to financial statements.

 

 

    Semi-Annual Report - June 29, 2012

MAXIM SERIES FUND, INC.

MAXIM LIFETIME 2025 PORTFOLIO I

Schedule of Investments

As of June 29, 2012 (Unaudited)

 

Shares           Value  

 

BOND MUTUAL FUNDS

  

          756,075      

American Century Inflation Adjusted Bond A

     $         9,927,265   
  1,652,473      

Maxim Bond Index Portfolio Initial Class(a)

        23,085,041   
  2,114,897      

Maxim Federated Bond Portfolio Initial Class(a)

        23,115,823   
  730,348      

Maxim Putnam High Yield Bond Portfolio Initial Class(a)

        5,842,785   
  217,477      

Maxim Short Duration Bond Portfolio Initial Class(a)

        2,266,108   
  674,557      

Maxim Templeton Global Bond Portfolio Initial Class(a)

        6,381,312   
  584,715      

Metropolitan West High Yield Bond Fund

        5,876,385   
  1,008,579      

Oppenheimer International Bond Fund A

        6,354,051   
       

 

 

  
 
 		 TOTAL BOND MUTUAL FUNDS — 43.98%
(Cost $81,931,528)		     $         82,848,770   
       

 

 

  

 

EQUITY MUTUAL FUNDS

     
  60,619      

Allianz NFJ Small Cap Value Fund A

        1,713,103   
  145,886      

Cohen & Steers International Realty Fund Inc

        1,445,731   
  69,887      

Goldman Sachs Mid Cap Value Fund A

        2,505,462   
  50,388      

Harbor International Fund Investor

        2,777,398   
  92,507      

Invesco Developing Markets Fund

        2,824,250   
  133,466      

Invesco Global Real Estate Fund

        1,441,428   
  84,724      

Invesco International Growth Fund I

        2,267,221   
  90,631      

Invesco Van Kampen Small Cap Growth Fund A

        934,402   
  119,587      

Janus Perkins Mid Cap Value Fund S

        2,499,361   
  456,676      

Maxim American Century Growth Portfolio Initial
Class(a)

        4,941,230   
  1,176,719      

Maxim International Index Portfolio Initial Class(a)

        10,108,017   
  265,877      

Maxim Invesco ADR Portfolio Initial Class(a)

        2,770,434   
  483,176      

Maxim Janus Large Cap Growth Portfolio Initial Class(a)

        4,020,023   
  80,827      

Maxim Loomis Sayles Small-Cap Value Portfolio Initial Class(a)

        1,713,525   
  223,281      

Maxim MFS International Growth Portfolio Initial
Class(a)

        2,279,704   
Shares           Value  

 

Equity Mutual Funds — (continued)

     
  481,585     

Maxim Putnam Equity Income Portfolio Initial
Class(a)

     $         4,936,247   
  1,456,771     

Maxim S&P 500® Index Portfolio Initial Class(a)

        17,932,857   
  751,531     

Maxim S&P MidCap 400® Index Portfolio Initial Class(a)

        7,725,735   
  565,503     

Maxim S&P SmallCap 600® Index Portfolio Initial Class(a)

        5,293,113   
  264,992     

Maxim T. Rowe Price Equity/Income Portfolio Initial Class(a)

        4,041,133   
  76,998     

Maxim T. Rowe Price MidCap Growth Portfolio Initial Class(a)

        1,344,388   
  193,148     

Nuveen Real Estate Securities Fund

        4,162,339   
  90,121     

Oppenheimer Developing Markets Fund A

        2,853,238   
  122,201     

Sentinel Small Company Fund A

        929,946   
  197,965     

T. Rowe Price Real Estate Fund

        4,186,955   
  59,279     

Third Avenue Real Estate Value Fund

        1,430,392   
  69,296     

Wells Fargo Advantage Common Stock Fund A

        1,356,123   
      

 

 

  
 
 		 TOTAL EQUITY MUTUAL FUNDS — 53.32%
(Cost $98,598,255)		     $         100,433,755   
      

 

 

  

 

MONEY MARKET FUND

     
          1,411,141      Maxim Money Market Portfolio(a)        1,411,141   
      

 

 

  
 
 		 TOTAL MONEY MARKET FUND — 0.75%
(Cost $1,411,141)		     $         1,411,141   
      

 

 

  
Account Balance               

 

FIXED INTEREST CONTRACT

     
          695,746 (b)   

Great-West Life & Annuity Contract(a) 1.70% (c)

        3,695,746   
      

 

 

  
 
 		 TOTAL FIXED INTEREST CONTRACT — 1.96%
(Cost $3,695,746)		     $         3,695,746   
      

 

 

  
 
 		 TOTAL INVESTMENTS — 100.01%
(Cost $185,636,670)		     $         188,389,412   
      

 

 

  

 

OTHER ASSETS & LIABILITIES, NET — (0.01)%

     $         (26,663)   
      

 

 

  

 

TOTAL NET ASSETS — 100.00%

     $         188,362,749   
      

 

 

  
 

 

(a) 

Issuer is considered an affiliate of the Portfolio.

(b)

Account Balance and Cost represent net deposits and approximates fair value.

(c) 

Interest rate is subject to change. Interest rate shown reflects the rate in effect at June 29, 2012.

 

    See notes to financial statements.

 

 

    Semi-Annual Report - June 29, 2012

MAXIM SERIES FUND, INC.

MAXIM LIFETIME 2025 PORTFOLIO II

Schedule of Investments

As of June 29, 2012 (Unaudited)

 

Shares           Value  

 

BOND MUTUAL FUNDS

  

          1,965,303      

American Century Inflation Adjusted Bond A

     $         25,804,425   
  4,306,196      

Maxim Bond Index Portfolio Initial Class(a)

        60,157,559   
  5,505,438      

Maxim Federated Bond Portfolio Initial Class(a)

        60,174,439   
  1,898,921      

Maxim Putnam High Yield Bond Portfolio Initial Class(a)

        15,191,363   
  564,374      

Maxim Short Duration Bond Portfolio Initial Class(a)

        5,880,778   
  1,746,897      

Maxim Templeton Global Bond Portfolio Initial
Class(a)

        16,525,643   
  1,517,930      

Metropolitan West High Yield Bond Fund

        15,255,199   
  2,615,488      

Oppenheimer International Bond Fund A

        16,477,575   
       

 

 

  
 
 		 TOTAL BOND MUTUAL FUNDS — 30.41%
(Cost $213,297,538)		     $         215,466,981   
       

 

 

  

 

EQUITY MUTUAL FUNDS

     
  300,525      

Allianz NFJ Small Cap Value Fund A

        8,492,846   
  545,436      

Cohen & Steers International Realty Fund Inc

        5,405,273   
  345,041      

Goldman Sachs Mid Cap Value Fund A

        12,369,698   
  248,404      

Harbor International Fund Investor

        13,692,026   
  455,129      

Invesco Developing Markets Fund

        13,895,083   
  498,634      

Invesco Global Real Estate Fund

        5,385,244   
  415,713      

Invesco International Growth Fund I

        11,124,489   
  443,217      

Invesco Van Kampen Small Cap Growth Fund A

        4,569,569   
  590,925      

Janus Perkins Mid Cap Value Fund S

        12,350,336   
  2,244,862      

Maxim American Century Growth Portfolio Initial Class(a)

        24,289,407   
  5,799,665      

Maxim International Index Portfolio Initial Class(a)

        49,819,125   
  1,310,874      

Maxim Invesco ADR Portfolio Initial Class(a)

        13,659,309   
  2,385,054      

Maxim Janus Large Cap Growth Portfolio Initial Class(a)

        19,843,647   
  400,660      

Maxim Loomis Sayles Small-Cap Value Portfolio Initial Class(a)

        8,493,993   
  1,095,652      

Maxim MFS International Growth Portfolio Initial Class(a)

        11,186,604   
Shares           Value  

 

Equity Mutual Funds — (continued)

     
          2,370,582     

Maxim Putnam Equity Income Portfolio Initial
Class(a)

     $         24,298,467   
  7,175,163     

Maxim S&P 500® Index Portfolio Initial Class(a)

        88,326,254   
  3,707,690     

Maxim S&P MidCap 400® Index Portfolio Initial Class(a)

        38,115,050   
  2,793,826     

Maxim S&P SmallCap 600® Index Portfolio Initial Class(a)

        26,150,212   
  1,311,289     

Maxim T. Rowe Price Equity/Income Portfolio Initial Class(a)

        19,997,160   
  381,495     

Maxim T. Rowe Price MidCap Growth Portfolio Initial Class(a)

        6,660,903   
  721,170     

Nuveen Real Estate Securities Fund

        15,541,212   
  443,721     

Oppenheimer Developing Markets Fund A

        14,048,213   
  597,362     

Sentinel Small Company Fund A

        4,545,923   
  738,500     

T. Rowe Price Real Estate Fund

        15,619,272   
  221,592     

Third Avenue Real Estate Value Fund

        5,347,015   
  343,713     

Wells Fargo Advantage Common Stock Fund A

        6,726,468   
      

 

 

  
 
 		 TOTAL EQUITY MUTUAL FUNDS — 67.73%
(Cost $473,559,911)		     $         479,952,798   
      

 

 

  

 

MONEY MARKET FUND

     
          3,708,020     

Maxim Money Market Portfolio(a)

        3,708,020   
      

 

 

  
 

 

 TOTAL MONEY MARKET FUND — 0.53%

(Cost $3,708,020)

     $         3,708,020   
      

 

 

  
Account Balance               

 

FIXED INTEREST CONTRACT

     
          9,588,114 (b)   

Great-West Life & Annuity Contract(a) 1.70% (c)

        9,588,114   
      

 

 

  
 
 		 TOTAL FIXED INTEREST CONTRACT — 1.35%
(Cost $9,588,114)		     $         9,588,114   
      

 

 

  
 
 		 TOTAL INVESTMENTS — 100.02%
(Cost $700,153,583)		     $         708,715,913   
      

 

 

  

 

OTHER ASSETS & LIABILITIES, NET — (0.02)%

     $         (108,685)   
      

 

 

  

 

TOTAL NET ASSETS — 100.00%

     $         708,607,228   
      

 

 

  
 

 

(a) 

Issuer is considered an affiliate of the Portfolio.

(b) 

Account Balance and Cost represent net deposits and approximates fair value.

(c) 

Interest rate is subject to change. Interest rate shown reflects the rate in effect at June 29, 2012.

 

    See notes to financial statements.

 

 

    Semi-Annual Report - June 29, 2012

MAXIM SERIES FUND, INC.

MAXIM LIFETIME 2025 PORTFOLIO III

Schedule of Investments

As of June 29, 2012 (Unaudited)

 

Shares           Value  

 

BOND MUTUAL FUNDS

     
          79,732      

American Century Inflation Adjusted Bond A

   $           1,046,885   
  174,894      

Maxim Bond Index Portfolio Initial Class(a)

        2,443,271   
  223,594      

Maxim Federated Bond Portfolio Initial Class(a)

        2,443,884   
  76,942      

Maxim Putnam High Yield Bond Portfolio Initial Class(a)

        615,534   
  23,079      

Maxim Short Duration Bond Portfolio Initial Class(a)

        240,482   
  70,808      

Maxim Templeton Global Bond Portfolio Initial Class(a)

        669,843   
  61,517      

Metropolitan West High Yield Bond Fund

        618,247   
  106,027      

Oppenheimer International Bond Fund A

        667,973   
       

 

 

  
 

 

 TOTAL BOND MUTUAL FUNDS — 18.44%

(Cost $8,702,805)

   $               8,746,119   
       

 

 

  

 

EQUITY MUTUAL FUNDS

     
  24,261      

Allianz NFJ Small Cap Value Fund A

        685,603   
  36,428      

Cohen & Steers International Realty Fund Inc

        361,000   
  27,881      

Goldman Sachs Mid Cap Value Fund A

        999,543   
  19,993      

Harbor International Fund Investor

        1,102,037   
  36,839      

Invesco Developing Markets Fund

        1,124,694   
  33,347      

Invesco Global Real Estate Fund

        360,153   
  33,773      

Invesco International Growth Fund I

        903,763   
  35,924      

Invesco Van Kampen Small Cap Growth Fund A

        370,376   
  47,826      

Janus Perkins Mid Cap Value Fund S

        999,562   
  181,183      

Maxim American Century Growth Portfolio Initial
Class(a)

        1,960,396   
  467,956      

Maxim International Index Portfolio Initial Class(a)

        4,019,740   
  105,931      

Maxim Invesco ADR Portfolio Initial Class(a)

        1,103,796   
  192,652      

Maxim Janus Large Cap Growth Portfolio Initial Class(a)

        1,602,869   
  32,311      

Maxim Loomis Sayles Small-Cap Value Portfolio Initial Class(a)

        684,993   
  88,492      

Maxim MFS International Growth Portfolio Initial
Class(a)

        903,508   
Shares           Value  

 

Equity Mutual Funds — (continued)

     
          192,155     

Maxim Putnam Equity Income Portfolio Initial Class(a)

     $         1,969,589   
  579,955     

Maxim S&P 500® Index Portfolio Initial Class(a)

        7,139,247   
  299,254     

Maxim S&P MidCap 400® Index Portfolio Initial Class(a)

        3,076,327   
  226,718     

Maxim S&P SmallCap 600® Index Portfolio Initial Class(a)

        2,122,080   
  106,243     

Maxim T. Rowe Price Equity/Income Portfolio Initial Class(a)

        1,620,204   
  30,803     

Maxim T. Rowe Price MidCap Growth Portfolio Initial Class(a)

        537,817   
  48,308     

Nuveen Real Estate Securities Fund

        1,041,037   
  35,839     

Oppenheimer Developing Markets Fund A

        1,134,659   
  48,415     

Sentinel Small Company Fund A

        368,440   
  49,433     

T. Rowe Price Real Estate Fund

        1,045,509   
  14,828     

Third Avenue Real Estate Value Fund

        357,793   
  27,692     

Wells Fargo Advantage Common Stock Fund A

        541,941   
      

 

 

  
 
 		 TOTAL EQUITY MUTUAL FUNDS — 80.42%
(Cost $37,696,545)		     $             38,136,676   
      

 

 

  

 

MONEY MARKET FUND

     
  150,800     

Maxim Money Market Portfolio(a)

        150,800   
      

 

 

  
 
 		 TOTAL MONEY MARKET FUND — 0.32%
(Cost $150,800)		     $         150,800   
      

 

 

  
Account Balance               

 

FIXED INTEREST CONTRACT

     
  391,256 (b)   

Great-West Life & Annuity Contract(a) 1.70% (c)

        391,256   
      

 

 

  
 
 		 TOTAL FIXED INTEREST CONTRACT — 0.83%
(Cost $391,256)		     $         391,256   
      

 

 

  
 
 		 TOTAL INVESTMENTS — 100.01%
(Cost $46,941,406)		     $         47,424,851   
      

 

 

  

 

OTHER ASSETS & LIABILITIES, NET — (0.01)%

     $         (5,044)   
      

 

 

  

 

TOTAL NET ASSETS — 100.00%

     $         47,419,807   
      

 

 

  
 

 

(a) 

Issuer is considered an affiliate of the Portfolio.

(b) 

Account Balance and Cost represent net deposits and approximates fair value.

(c)

Interest rate is subject to change. Interest rate shown reflects the rate in effect at June 29, 2012.

 

    See notes to financial statements.

 

 

    Semi-Annual Report - June 29, 2012

MAXIM SERIES FUND, INC.

MAXIM LIFETIME 2035 PORTFOLIO I

Schedule of Investments

As of June 29, 2012 (Unaudited)

 

Shares           Value  

 

BOND MUTUAL FUNDS

     
          117,524      

American Century Inflation Adjusted Bond A

     $         1,543,095   
  734,079      

Maxim Bond Index Portfolio Initial Class(a)

        10,255,081   
  939,178      

Maxim Federated Bond Portfolio Initial Class(a)

        10,265,220   
  323,557      

Maxim Putnam High Yield Bond Portfolio Initial Class(a)

        2,588,460   
  34,243      

Maxim Short Duration Bond Portfolio Initial Class(a)

        356,809   
  325,542      

Maxim Templeton Global Bond Portfolio Initial Class(a)

        3,079,625   
  259,225      

Metropolitan West High Yield Bond Fund

        2,605,208   
  486,898      

Oppenheimer International Bond Fund A

        3,067,459   
       

 

 

  
 
 		 TOTAL BOND MUTUAL FUNDS — 25.07%
(Cost $33,530,827)		     $         33,760,957   
       

 

 

  

 

EQUITY MUTUAL FUNDS

     
  69,530      

Allianz NFJ Small Cap Value Fund A

        1,964,928   
  109,079      

Cohen & Steers International Realty Fund Inc

        1,080,976   
  67,461      

Goldman Sachs Mid Cap Value Fund A

        2,418,489   
  56,942      

Harbor International Fund Investor

        3,138,675   
  119,822      

Invesco Developing Markets Fund

        3,658,153   
  99,732      

Invesco Global Real Estate Fund

        1,077,104   
  95,242      

Invesco International Growth Fund I

        2,548,670   
  102,647      

Invesco Van Kampen Small Cap Growth Fund A

        1,058,287   
  115,463      

Janus Perkins Mid Cap Value Fund S

        2,413,170   
  441,503      

Maxim American Century Growth Portfolio Initial
Class(a)

        4,777,062   
  1,326,167      

Maxim International Index Portfolio Initial Class(a)

        11,391,772   
  300,263      

Maxim Invesco ADR Portfolio Initial Class(a)

        3,128,739   
  468,078      

Maxim Janus Large Cap Growth Portfolio Initial Class(a)

        3,894,414   
  92,658      

Maxim Loomis Sayles Small-Cap Value Portfolio Initial Class(a)

        1,964,341   
  251,376      

Maxim MFS International Growth Portfolio Initial
Class(a)

        2,566,549   
Shares           Value  

 

Equity Mutual Funds — (continued)

     
          464,901     

Maxim Putnam Equity Income Portfolio Initial Class(a)

     $         4,765,238   
  1,413,493     

Maxim S&P 500® Index Portfolio Initial Class(a)

        17,400,099   
  725,932     

Maxim S&P MidCap 400® Index Portfolio Initial
Class(a)

        7,462,587   
  646,425     

Maxim S&P SmallCap 600® Index Portfolio Initial Class(a)

        6,050,537   
  255,939     

Maxim T. Rowe Price Equity/Income Portfolio Initial Class(a)

        3,903,069   
  74,185     

Maxim T. Rowe Price MidCap Growth Portfolio Initial Class(a)

        1,295,272   
  116,841     

Nuveen Real Estate Securities Fund

        2,517,916   
  116,760     

Oppenheimer Developing Markets Fund A

        3,696,629   
  138,501     

Sentinel Small Company Fund A

        1,053,990   
  119,833     

T. Rowe Price Real Estate Fund

        2,534,461   
  44,364     

Third Avenue Real Estate Value Fund

        1,070,503   
  66,718     

Wells Fargo Advantage Common Stock Fund A

        1,305,675   
      

 

 

  
 
 		 TOTAL EQUITY MUTUAL FUNDS — 74.35%
(Cost $99,189,816)		     $         100,137,305   
      

 

 

  

 

MONEY MARKET FUND

     
  224,641     

Maxim Money Market Portfolio(a)

        224,641   
      

 

 

  
 
 		 TOTAL MONEY MARKET FUND — 0.17%
(Cost $224,641)		     $         224,641   
      

 

 

  
Account Balance               

 

FIXED INTEREST CONTRACT

     
  568,276 (b)   

Great-West Life & Annuity Contract(a) 1.70% (c)

        568,276   
      

 

 

  
 
 		 TOTAL FIXED INTEREST CONTRACT — 0.42%
(Cost $568,276)		     $         568,276   
      

 

 

  
 
 		 TOTAL INVESTMENTS — 100.01%
(Cost $133,513,560)		     $         134,691,179   
      

 

 

  

 

OTHER ASSETS & LIABILITIES, NET — (0.01)%

     $         (19,212)   
      

 

 

  

 

TOTAL NET ASSETS — 100.00%

     $         134,671,967   
      

 

 

  
 

 

(a)

Issuer is considered an affiliate of the Portfolio.

(b) 

Account Balance and Cost represent net deposits and approximates fair value.

(c) 

Interest rate is subject to change. Interest rate shown reflects the rate in effect at June 29, 2012.

 

    See notes to financial statements.

 

 

    Semi-Annual Report - June 29, 2012

MAXIM SERIES FUND, INC.

MAXIM LIFETIME 2035 PORTFOLIO II

Schedule of Investments

As of June 29, 2012 (Unaudited)

 

Shares           Value  

 

BOND MUTUAL FUNDS

     
          222,758      

American Century Inflation Adjusted Bond A

     $         2,924,815   
  1,392,290      

Maxim Bond Index Portfolio Initial Class(a)

        19,450,291   
  1,780,068      

Maxim Federated Bond Portfolio Initial Class(a)

        19,456,144   
  614,644      

Maxim Putnam High Yield Bond Portfolio Initial Class(a)

        4,917,149   
  62,654      

Maxim Short Duration Bond Portfolio Initial Class(a)

        652,860   
  615,584      

Maxim Templeton Global Bond Portfolio Initial Class(a)

        5,823,424   
  491,388      

Metropolitan West High Yield Bond Fund

        4,938,447   
  922,291      

Oppenheimer International Bond Fund A

        5,810,433   
       

 

 

  
 
 		 TOTAL BOND MUTUAL FUNDS — 13.55%
(Cost $63,522,607)		     $         63,973,563   
       

 

 

  

 

EQUITY MUTUAL FUNDS

     
  284,730      

Allianz NFJ Small Cap Value Fund A

        8,046,472   
  380,989      

Cohen & Steers International Realty Fund Inc

        3,775,603   
  277,646      

Goldman Sachs Mid Cap Value Fund A

        9,953,608   
  233,975      

Harbor International Fund Investor

        12,896,678   
  493,318      

Invesco Developing Markets Fund

        15,061,003   
  348,379      

Invesco Global Real Estate Fund

        3,762,490   
  392,199      

Invesco International Growth Fund I

        10,495,238   
  422,809      

Invesco Van Kampen Small Cap Growth Fund A

        4,359,160   
  475,661      

Janus Perkins Mid Cap Value Fund S

        9,941,321   
  1,813,478      

Maxim American Century Growth Portfolio Initial
Class(a)

        19,621,829   
  5,453,359      

Maxim International Index Portfolio Initial Class(a)

        46,844,353   
  1,233,824      

Maxim Invesco ADR Portfolio Initial Class(a)

        12,856,440   
  1,923,477      

Maxim Janus Large Cap Growth Portfolio Initial Class(a)

        16,003,328   
  379,693      

Maxim Loomis Sayles Small-Cap Value Portfolio Initial Class(a)

        8,049,500   
  1,034,817      

Maxim MFS International Growth Portfolio Initial
Class(a)

        10,565,483   
Shares           Value  

 

Equity Mutual Funds — (continued)

     
          1,913,901     

Maxim Putnam Equity Income Portfolio Initial
Class(a)

     $         19,617,488   
  5,789,276     

Maxim S&P 500® Index Portfolio Initial Class(a)

        71,265,990   
  2,989,631     

Maxim S&P MidCap 400® Index Portfolio Initial Class(a)

        30,733,410   
  2,664,415     

Maxim S&P SmallCap 600® Index Portfolio Initial Class(a)

        24,938,927   
  1,055,390     

Maxim T. Rowe Price Equity/Income Portfolio Initial Class(a)

        16,094,697   
  307,353     

Maxim T. Rowe Price MidCap Growth Portfolio Initial Class(a)

        5,366,387   
  408,371     

Nuveen Real Estate Securities Fund

        8,800,391   
  480,452     

Oppenheimer Developing Markets Fund A

        15,211,117   
  570,161     

Sentinel Small Company Fund A

        4,338,926   
  418,252     

T. Rowe Price Real Estate Fund

        8,846,030   
  154,706     

Third Avenue Real Estate Value Fund

        3,733,051   
  276,681     

Wells Fargo Advantage Common Stock Fund A

        5,414,639   
      

 

 

  
 
 		 TOTAL EQUITY MUTUAL FUNDS — 86.15%
(Cost $403,691,843)		     $         406,593,559   
      

 

 

  

 

MONEY MARKET FUND

     
  419,437     

Maxim Money Market Portfolio(a)

        419,437   
      

 

 

  
 
 		 TOTAL MONEY MARKET FUND — 0.09%
(Cost $419,437)		     $         419,437   
      

 

 

  
Account Balance               

 

FIXED INTEREST CONTRACT

     
          1,072,228 (b)   

Great-West Life & Annuity Contract(a) 1.70% (c)

        1,072,228   
      

 

 

  
 
 		 TOTAL FIXED INTEREST CONTRACT — 0.23%
(Cost $1,072,228)		     $         1,072,228   
      

 

 

  
 
 		 TOTAL INVESTMENTS — 100.02%
(Cost $468,706,115)		     $         472,058,787   
      

 

 

  

 

OTHER ASSETS & LIABILITIES, NET — (0.02)%

     $         (72,618)   
      

 

 

  

 

TOTAL NET ASSETS — 100.00%

     $         471,986,169   
      

 

 

  
 

 

(a) 

Issuer is considered an affiliate of the Portfolio.

(b) 

Account Balance and Cost represent net deposits and approximates fair value.

(c) 

Interest rate is subject to change. Interest rate shown reflects the rate in effect at June 29, 2012.

 

    See notes to financial statements.

 

 

    Semi-Annual Report - June 29, 2012

MAXIM SERIES FUND, INC.

MAXIM LIFETIME 2035 PORTFOLIO III

Schedule of Investments

As of June 29, 2012 (Unaudited)

 

Shares                 Value  

 

BOND MUTUAL FUNDS

     
          10,482      

American Century Inflation Adjusted Bond A

   $      137,631   
  65,430      

Maxim Bond Index Portfolio Initial Class(a)

        914,047   
  83,660      

Maxim Federated Bond Portfolio Initial Class(a)

        914,403   
  28,547      

Maxim Putnam High Yield Bond Portfolio Initial Class(a)

        228,377   
  2,995      

Maxim Short Duration Bond Portfolio Initial Class(a)

        31,205   
  28,973      

Maxim Templeton Global Bond Portfolio Initial Class(a)

        274,084   
  22,828      

Metropolitan West High Yield Bond Fund

        229,425   
  43,387      

Oppenheimer International Bond Fund A

        273,338   
       

 

 

  
 
 		 TOTAL BOND MUTUAL FUNDS — 6.67%
(Cost $2,987,004)		   $        3,002,510   
       

 

 

  

 

EQUITY MUTUAL FUNDS

     
  29,692      

Allianz NFJ Small Cap Value Fund A

        839,105   
  36,352      

Cohen & Steers International Realty Fund Inc

        360,245   
  28,817      

Goldman Sachs Mid Cap Value Fund A

        1,033,093   
  24,144      

Harbor International Fund Investor

        1,330,818   
  51,080      

Invesco Developing Markets Fund

        1,559,464   
  33,266      

Invesco Global Real Estate Fund

        359,271   
  40,570      

Invesco International Growth Fund I

        1,085,652   
  43,681      

Invesco Van Kampen Small Cap Growth Fund A

        450,349   
  49,422      

Janus Perkins Mid Cap Value Fund S

        1,032,914   
  187,635      

Maxim American Century Growth Portfolio Initial Class(a)

        2,030,211   
  564,710      

Maxim International Index Portfolio Initial Class(a)

        4,850,862   
  127,711      

Maxim Invesco ADR Portfolio Initial Class(a)

        1,330,751   
  198,924      

Maxim Janus Large Cap Growth Portfolio Initial Class(a)

        1,655,051   
  39,547      

Maxim Loomis Sayles Small-Cap Value Portfolio Initial Class(a)

        838,403   
  106,551      

Maxim MFS International Growth Portfolio Initial Class(a)

        1,087,889   
Shares                 Value  

 

Equity Mutual Funds — (continued)

     
          198,748      

Maxim Putnam Equity Income Portfolio Initial Class(a)

   $      2,037,171   
  602,894      

Maxim S&P 500® Index Portfolio Initial Class(a)

        7,421,622   
  309,224      

Maxim S&P MidCap 400® Index Portfolio Initial Class(a)

        3,178,818   
  276,919      

Maxim S&P SmallCap 600® Index Portfolio Initial
Class(a)

        2,591,959   
  109,516      

Maxim T. Rowe Price Equity/Income Portfolio Initial
Class(a)

        1,670,115   
  31,789      

Maxim T. Rowe Price MidCap Growth Portfolio Initial Class(a)

        555,029   
  39,020      

Nuveen Real Estate Securities Fund

        840,890   
  49,690      

Oppenheimer Developing Markets Fund A

        1,573,200   
  58,898      

Sentinel Small Company Fund A

        448,216   
  39,938      

T. Rowe Price Real Estate Fund

        844,687   
  14,792      

Third Avenue Real Estate Value Fund

        356,928   
  28,575      

Wells Fargo Advantage Common Stock Fund A

        559,213   
       

 

 

  
 
 		 TOTAL EQUITY MUTUAL FUNDS — 93.19%
(Cost $41,182,753)		   $      41,921,926   
       

 

 

  

 

MONEY MARKET FUND

     
  17,822      

Maxim Money Market Portfolio(a)

        17,822   
       

 

 

  
 
 		 TOTAL MONEY MARKET FUND — 0.04%
(Cost $17,822)		   $      17,822   
       

 

 

  

 

Account Balance  

 

FIXED INTEREST CONTRACT

     
          49,024 (b)   

Great-West Life & Annuity Contract(a) 1.70% (c)

        49,024   
      

 

 

  
 
 		 TOTAL FIXED INTEREST CONTRACT — 0.11%
(Cost $49,024)		   $      49,024   
      

 

 

  
 
 		 TOTAL INVESTMENTS — 100.01%
(Cost $44,236,603)		      $ 44,991,282   
      

 

 

  

 

OTHER ASSETS & LIABILITIES, NET — (0.01)%

   $      (4,863)   
      

 

 

  

 

TOTAL NET ASSETS — 100.00%

   $      44,986,419   
      

 

 

  
 

 

(a)

Issuer is considered an affiliate of the Portfolio.

(b)

Account Balance and Cost represent net deposits and approximates fair value.

(c) 

Interest rate is subject to change. Interest rate shown reflects the rate in effect at June 29, 2012.

 

    See notes to financial statements.

 

 

    Semi-Annual Report - June 29, 2012

MAXIM SERIES FUND, INC.

MAXIM LIFETIME 2045 PORTFOLIO I

Schedule of Investments

As of June 29, 2012 (Unaudited)

 

Shares                 Value  

 

BOND MUTUAL FUNDS

     
          232,833      

Maxim Bond Index Portfolio Initial Class(a)

   $      3,252,680   
  297,678      

Maxim Federated Bond Portfolio Initial Class(a)

        3,253,624   
  102,171      

Maxim Putnam High Yield Bond Portfolio Initial Class(a)

        817,367   
  115,391      

Maxim Templeton Global Bond Portfolio Initial Class(a)

        1,091,601   
  81,792      

Metropolitan West High Yield Bond Fund

        822,010   
  172,984      

Oppenheimer International Bond Fund A

        1,089,796   
       

 

 

  
 
 		 TOTAL BOND MUTUAL FUNDS — 16.37%
(Cost $10,281,239)		   $      10,327,078   
       

 

 

  

 

EQUITY MUTUAL FUNDS

     
  39,797      

Allianz NFJ Small Cap Value Fund A

        1,124,673   
  52,956      

Cohen & Steers International Realty Fund Inc

        524,794   
  33,221      

Goldman Sachs Mid Cap Value Fund A

        1,190,980   
  32,425      

Harbor International Fund Investor

        1,787,275   
  78,020      

Invesco Developing Markets Fund

        2,381,939   
  48,427      

Invesco Global Real Estate Fund

        523,012   
  54,342      

Invesco International Growth Fund I

        1,454,196   
  58,914      

Invesco Van Kampen Small Cap Growth Fund A

        607,399   
  56,917      

Janus Perkins Mid Cap Value Fund S

        1,189,573   
  217,701      

Maxim American Century Growth Portfolio Initial Class (a)

        2,355,530   
  756,651      

Maxim International Index Portfolio Initial Class (a)

        6,499,628   
  171,058      

Maxim Invesco ADR Portfolio Initial Class(a)

        1,782,427   
Shares                 Value  

 

Equity Mutual Funds — (continued)

     
          231,483      

Maxim Janus Large Cap Growth Portfolio Initial
Class(a)

   $      1,925,935   
  53,032      

Maxim Loomis Sayles Small-Cap Value Portfolio Initial Class(a)

        1,124,271   
  143,355      

Maxim MFS International Growth Portfolio Initial
Class(a)

        1,463,659   
  229,477      

Maxim Putnam Equity Income Portfolio Initial Class(a)

        2,352,143   
  696,513      

Maxim S&P 500® Index Portfolio Initial Class(a)

        8,574,072   
  357,944      

Maxim S&P MidCap 400® Index Portfolio Initial
Class(a)

        3,679,668   
  371,504      

Maxim S&P SmallCap 600® Index Portfolio Initial
Class(a)

        3,477,274   
  126,439      

Maxim T. Rowe Price Equity/Income Portfolio Initial
Class(a)

        1,928,201   
  36,796      

Maxim T. Rowe Price MidCap Growth Portfolio Initial Class(a)

        642,454   
  46,125      

Nuveen Real Estate Securities Fund

        993,997   
  75,924      

Oppenheimer Developing Markets Fund A

        2,403,744   
  79,511      

Sentinel Small Company Fund A

        605,077   
  47,209      

T. Rowe Price Real Estate Fund

        998,480   
  21,495      

Third Avenue Real Estate Value Fund

        518,663   
  33,040      

Wells Fargo Advantage Common Stock Fund A

        646,593   
       

 

 

  
 
 		 TOTAL EQUITY MUTUAL FUNDS — 83.64%
(Cost $52,394,687)		   $      52,755,657   
       

 

 

  
 
 		 TOTAL INVESTMENTS — 100.01%
(Cost $62,675,926)		   $      63,082,735   
       

 

 

  

 

OTHER ASSETS & LIABILITIES, NET — (0.01)%

   $      (8,776)   
       

 

 

  

 

TOTAL NET ASSETS — 100.00%

   $      63,073,959   
       

 

 

  
 

 

(a)

Issuer is considered an affiliate of the Portfolio.

 

    See notes to financial statements.

 

 

    Semi-Annual Report - June 29, 2012

MAXIM SERIES FUND, INC.

MAXIM LIFETIME 2045 PORTFOLIO II

Schedule of Investments

As of June 29, 2012 (Unaudited)

 

Shares                 Value  

 

BOND MUTUAL FUNDS

     
          435,811      

Maxim Bond Index Portfolio Initial Class(a)

   $      6,088,282   
  557,129      

Maxim Federated Bond Portfolio Initial Class(a)

        6,089,421   
  191,421      

Maxim Putnam High Yield Bond Portfolio Initial Class(a)

        1,531,370   
  213,883      

Maxim Templeton Global Bond Portfolio Initial Class(a)

        2,023,334   
  153,131      

Metropolitan West High Yield Bond Fund

        1,538,964   
  321,088      

Oppenheimer International Bond Fund A

        2,022,855   
       

 

 

  
 
 		 TOTAL BOND MUTUAL FUNDS — 8.64%
(Cost $19,193,796)		   $      19,294,226   
       

 

 

  

 

EQUITY MUTUAL FUNDS

     
  154,900      

Allianz NFJ Small Cap Value Fund A

        4,377,469   
  186,902      

Cohen & Steers International Realty Fund Inc

        1,852,198   
  129,999      

Goldman Sachs Mid Cap Value Fund A

        4,660,459   
  126,314      

Harbor International Fund Investor

        6,962,415   
  304,084      

Invesco Developing Markets Fund

        9,283,676   
  170,538      

Invesco Global Real Estate Fund

        1,841,810   
  211,047      

Invesco International Growth Fund I

        5,647,609   
  229,918      

Invesco Van Kampen Small Cap Growth Fund A

        2,370,458   
  222,810      

Janus Perkins Mid Cap Value Fund S

        4,656,736   
  847,740      

Maxim American Century Growth Portfolio Initial Class (a)

        9,172,553   
  2,942,006      

Maxim International Index Portfolio Initial Class(a)

        25,271,831   
  666,161      

Maxim Invesco ADR Portfolio Initial Class(a)

        6,941,397   
Shares                 Value  

 

Equity Mutual Funds — (continued)

     
          900,286      

Maxim Janus Large Cap Growth Portfolio Initial
Class(a)

   $      7,490,382   
  206,602      

Maxim Loomis Sayles Small-Cap Value Portfolio Initial Class(a)

        4,379,968   
  556,522      

Maxim MFS International Growth Portfolio Initial Class(a)

        5,682,087   
  894,847      

Maxim Putnam Equity Income Portfolio Initial
Class(a)

        9,172,183   
  2,704,574      

Maxim S&P 500® Index Portfolio Initial
Class(a)

        33,293,304   
  1,394,177      

Maxim S&P MidCap 400® Index Portfolio Initial Class(a)

        14,332,139   
  1,444,437      

Maxim S&P SmallCap 600® Index Portfolio Initial
Class(a)

        13,519,930   
  492,972      

Maxim T. Rowe Price Equity/Income Portfolio Initial Class(a)

        7,517,818   
  142,840      

Maxim T. Rowe Price MidCap Growth Portfolio Initial Class(a)

        2,493,981   
  162,714      

Nuveen Real Estate Securities Fund

        3,506,482   
  295,376      

Oppenheimer Developing Markets Fund A

        9,351,617   
  310,543      

Sentinel Small Company Fund A

        2,363,232   
  166,856      

T. Rowe Price Real Estate Fund

        3,529,006   
  75,859      

Third Avenue Real Estate Value Fund

        1,830,484   
  128,284      

Wells Fargo Advantage Common Stock Fund A

        2,510,517   
       

 

 

  
 
 		 TOTAL EQUITY MUTUAL FUNDS — 91.38%
(Cost $203,486,098)		   $      204,011,741   
       

 

 

  
 
 		 TOTAL INVESTMENTS — 100.02%
(Cost $222,679,894)		   $      223,305,967   
       

 

 

  

 

OTHER ASSETS & LIABILITIES, NET — (0.02)%

   $      (33,513)   
       

 

 

  

 

TOTAL NET ASSETS — 100.00%

   $      223,272,454   
       

 

 

  
 

 

(a)

Issuer is considered an affiliate of the Portfolio.

 

    See notes to financial statements.

 

 

    Semi-Annual Report - June 29, 2012

MAXIM SERIES FUND, INC.

MAXIM LIFETIME 2045 PORTFOLIO III

Schedule of Investments

As of June 29, 2012 (Unaudited)

 

Shares                 Value  

 

BOND MUTUAL FUNDS

     
          30,066      

Maxim Bond Index Portfolio Initial Class(a)

   $      420,015   
  38,441      

Maxim Federated Bond Portfolio Initial Class(a)

        420,164   
  13,093      

Maxim Putnam High Yield Bond Portfolio Initial Class(a)

        104,746   
  14,991      

Maxim Templeton Global Bond Portfolio Initial Class(a)

        141,816   
  10,471      

Metropolitan West High Yield Bond Fund

        105,238   
  22,470      

Oppenheimer International Bond Fund A

        141,558   
       

 

 

  
 
 		 TOTAL BOND MUTUAL FUNDS — 5.07%
(Cost $1,329,617)		   $      1,333,537   
       

 

 

  

 

EQUITY MUTUAL FUNDS

     
  19,030      

Allianz NFJ Small Cap Value Fund A

        537,774   
  22,046      

Cohen & Steers International Realty Fund Inc

        218,477   
  15,896      

Goldman Sachs Mid Cap Value Fund A

        569,865   
  15,446      

Harbor International Fund Investor

        851,383   
  37,257      

Invesco Developing Markets Fund

        1,137,464   
  20,178      

Invesco Global Real Estate Fund

        217,921   
  25,975      

Invesco International Growth Fund I

        695,084   
  28,081      

Invesco Van Kampen Small Cap Growth Fund A

        289,520   
  27,248      

Janus Perkins Mid Cap Value Fund S

        569,491   
  103,636      

Maxim American Century Growth Portfolio Initial Class(a)

        1,121,338   
  360,637      

Maxim International Index Portfolio Initial Class(a)

        3,097,872   
  81,672      

Maxim Invesco ADR Portfolio Initial Class(a)

        851,026   
Shares                 Value  

 

Equity Mutual Funds — (continued)

     
          110,048      

Maxim Janus Large Cap Growth Portfolio Initial
Class(a)

   $      915,598   
  25,352      

Maxim Loomis Sayles Small-Cap Value Portfolio Initial Class(a)

        537,470   
  68,154      

Maxim MFS International Growth Portfolio Initial
Class(a)

        695,854   
  109,734      

Maxim Putnam Equity Income Portfolio Initial
Class(a)

        1,124,770   
  332,353      

Maxim S&P 500® Index Portfolio Initial Class(a)

        4,091,267   
  171,093      

Maxim S&P MidCap 400® Index Portfolio Initial
Class(a)

        1,758,837   
  178,253      

Maxim S&P SmallCap 600® Index Portfolio Initial
Class(a)

        1,668,446   
  60,514      

Maxim T. Rowe Price Equity/Income Portfolio Initial
Class(a)

        922,835   
  17,535      

Maxim T. Rowe Price MidCap Growth Portfolio Initial
Class(a)

        306,170   
  19,252      

Nuveen Real Estate Securities Fund

        414,883   
  36,220      

Oppenheimer Developing Markets Fund A

        1,146,711   
  37,876      

Sentinel Small Company Fund A

        288,236   
  19,707      

T. Rowe Price Real Estate Fund

        416,802   
  8,967      

Third Avenue Real Estate Value Fund

        216,377   
  15,776      

Wells Fargo Advantage Common Stock Fund A

        308,735   
       

 

 

  
 
 		 TOTAL EQUITY MUTUAL FUNDS — 94.94%
(Cost $24,705,826)		   $      24,970,206   
       

 

 

  
 
 		 TOTAL INVESTMENTS — 100.01%
(Cost $26,035,443)		   $      26,303,743   
       

 

 

  

 

OTHER ASSETS & LIABILITIES, NET — (0.01)%

   $      (2,720)   
       

 

 

  

 

TOTAL NET ASSETS — 100.00%

   $      26,301,023   
       

 

 

  
 

 

(a)

Issuer is considered an affiliate of the Portfolio.

 

    See notes to financial statements.

 

 

    Semi-Annual Report - June 29, 2012

MAXIM SERIES FUND, INC.

MAXIM LIFETIME 2055 PORTFOLIO I

Schedule of Investments

As of June 29, 2012 (Unaudited)

 

Shares                 Value  

 

BOND MUTUAL FUNDS

     
          59,017      

Maxim Bond Index Portfolio Initial Class(a)

   $      824,468   
  75,456      

Maxim Federated Bond Portfolio Initial Class(a)

        824,733   
  25,916      

Maxim Putnam High Yield Bond Portfolio Initial Class(a)

        207,329   
  35,280      

Maxim Templeton Global Bond Portfolio Initial Class(a)

        333,753   
  20,727      

Metropolitan West High Yield Bond Fund

        208,303   
  52,879      

Oppenheimer International Bond Fund A

        333,139   
       

 

 

  
 
 		 TOTAL BOND MUTUAL FUNDS — 14.93%
(Cost $2,721,253)		   $      2,731,725   
       

 

 

  

 

EQUITY MUTUAL FUNDS

     
  12,506      

Allianz NFJ Small Cap Value Fund A

        353,434   
  15,521      

Cohen & Steers International Realty Fund Inc

        153,811   
  9,071      

Goldman Sachs Mid Cap Value Fund A

        325,198   
  10,182      

Harbor International Fund Investor

        561,249   
  27,675      

Invesco Developing Markets Fund

        844,909   
  14,193      

Invesco Global Real Estate Fund

        153,286   
  17,048      

Invesco International Growth Fund I

        456,208   
  18,486      

Invesco Van Kampen Small Cap Growth Fund A

        190,591   
  15,541      

Janus Perkins Mid Cap Value Fund S

        324,805   
  59,303      

Maxim American Century Growth Portfolio Initial Class(a)

        641,657   
  237,148      

Maxim International Index Portfolio Initial Class(a)

        2,037,100   
  53,761      

Maxim Invesco ADR Portfolio Initial Class(a)

        560,191   
Shares                 Value  

 

Equity Mutual Funds — (continued)

     
          63,007      

Maxim Janus Large Cap Growth Portfolio Initial Class(a)

   $      524,221   
  16,671      

Maxim Loomis Sayles Small-Cap Value Portfolio Initial Class(a)

        353,427   
  44,889      

Maxim MFS International Growth Portfolio Initial Class(a)

        458,315   
  62,620      

Maxim Putnam Equity Income Portfolio Initial Class(a)

        641,853   
  189,838      

Maxim S&P 500® Index Portfolio Initial Class(a)

        2,336,912   
  97,705      

Maxim S&P MidCap 400® Index Portfolio Initial Class(a)

        1,004,403   
  116,869      

Maxim S&P SmallCap 600® Index Portfolio Initial Class(a)

        1,093,898   
  34,514      

Maxim T. Rowe Price Equity/Income Portfolio Initial Class(a)

        526,338   
  10,027      

Maxim T. Rowe Price MidCap Growth Portfolio Initial Class(a)

        175,068   
  11,067      

Nuveen Real Estate Securities Fund

        238,486   
  26,925      

Oppenheimer Developing Markets Fund A

        852,431   
  24,951      

Sentinel Small Company Fund A

        189,875   
  11,336      

T. Rowe Price Real Estate Fund

        239,757   
  6,306      

Third Avenue Real Estate Value Fund

        152,165   
  9,008      

Wells Fargo Advantage Common Stock Fund A

        176,282   
       

 

 

  
 
 		 TOTAL EQUITY MUTUAL FUNDS — 85.08%
(Cost $15,619,357)		   $      15,565,870   
       

 

 

  
 
 		 TOTAL INVESTMENTS — 100.01%
(Cost $18,340,610)		   $      18,297,595   
       

 

 

  

 

OTHER ASSETS & LIABILITIES, NET — (0.01)%

   $      (2,474)   
       

 

 

  

 

TOTAL NET ASSETS — 100.00%

   $      18,295,121   
       

 

 

  
 

 

(a) 

Issuer is considered an affiliate of the Portfolio.

 

    See notes to financial statements.

 

 

    Semi-Annual Report - June 29, 2012

MAXIM SERIES FUND, INC.

Maxim Lifetime 2055 Portfolio II

Schedule of Investments

As of June 29, 2012 (Unaudited)

 

Shares         Value  

 

BOND MUTUAL FUNDS

  

          85,911      

Maxim Bond Index Portfolio Initial Class(a)

   $      1,200,179   
  109,838      

Maxim Federated Bond Portfolio Initial Class(a)

        1,200,527   
  37,858      

Maxim Putnam High Yield Bond Portfolio Initial Class(a)

        302,864   
  50,975      

Maxim Templeton Global Bond Portfolio Initial Class(a)

        482,229   
  30,309      

Metropolitan West High Yield Bond Fund

        304,603   
  76,682      

Oppenheimer International Bond Fund A

        483,097   
       

 

 

  
 
 		 TOTAL BOND MUTUAL FUNDS — 7.99%
(Cost $3,959,097)		   $      3,973,499   
       

 

 

  

 

EQUITY MUTUAL FUNDS

     
  37,001      

Allianz NFJ Small Cap Value Fund A

        1,045,644   
  42,249      

Cohen & Steers International Realty Fund Inc

        418,688   
  26,941      

Goldman Sachs Mid Cap Value Fund A

        965,821   
  29,913      

Harbor International Fund Investor

        1,648,801   
  82,148      

Invesco Developing Markets Fund

        2,507,975   
  38,290      

Invesco Global Real Estate Fund

        413,530   
  50,421      

Invesco International Growth Fund I

        1,349,278   
  54,579      

Invesco Van Kampen Small Cap Growth Fund A

        562,709   
  46,207      

Janus Perkins Mid Cap Value Fund S

        965,715   
  176,085      

Maxim American Century Growth Portfolio Initial Class(a)

        1,905,243   
  698,770      

Maxim International Index Portfolio Initial Class(a)

        6,002,431   
  158,205      

Maxim Invesco ADR Portfolio Initial Class(a)

        1,648,492   
Shares         Value  

 

Equity Mutual Funds — (continued)

     
          187,022      

Maxim Janus Large Cap Growth Portfolio Initial Class(a)

   $      1,556,026   
  49,328      

Maxim Loomis Sayles Small-Cap Value Portfolio Initial Class(a)

        1,045,762   
  132,181      

Maxim MFS International Growth Portfolio Initial Class(a)

        1,349,567   
  185,937      

Maxim Putnam Equity Income Portfolio Initial Class(a)

        1,905,854   
  564,748      

Maxim S&P 500® Index Portfolio Initial Class(a)

        6,952,041   
  289,176      

Maxim S&P MidCap 400® Index Portfolio Initial Class(a)

        2,972,732   
  343,792      

Maxim S&P SmallCap 600® Index Portfolio Initial Class(a)

        3,217,896   
  102,191      

Maxim T. Rowe Price Equity/Income Portfolio Initial Class(a)

        1,558,419   
  29,634      

Maxim T. Rowe Price MidCap Growth Portfolio Initial Class(a)

        517,406   
  30,040      

Nuveen Real Estate Securities Fund

        647,359   
  79,302      

Oppenheimer Developing Markets Fund A

        2,510,689   
  73,908      

Sentinel Small Company Fund A

        562,443   
  30,624      

T. Rowe Price Real Estate Fund

        647,705   
  17,129      

Third Avenue Real Estate Value Fund

        413,320   
  26,470      

Wells Fargo Advantage Common Stock Fund A

        518,019   
       

 

 

  
 
 		 TOTAL EQUITY MUTUAL FUNDS — 92.03%
(Cost $45,989,190)		   $      45,809,565   
       

 

 

  
 
 		 TOTAL INVESTMENTS — 100.02%
(Cost $49,948,287)		   $      49,783,064   
       

 

 

  
  OTHER ASSETS & LIABILITIES, NET — (0.02)%   $      (7,555)   
       

 

 

  
  TOTAL NET ASSETS — 100.00%   $      49,775,509   
       

 

 

  
 

 

(a)

Issuer is considered an affiliate of the Portfolio.

 

    See notes to financial statements.

 

 

    Semi-Annual Report - June 29, 2012

MAXIM SERIES FUND, INC.

Maxim Lifetime 2055 Portfolio III

Schedule of Investments

As of June 29, 2012 (Unaudited)

 

Shares               Value      

 

BOND MUTUAL FUNDS

  

  2,410      

Maxim Bond Index Portfolio Initial Class(a)

   $           33,668   
  3,081      

Maxim Federated Bond Portfolio Initial Class(a)

        33,674   
          1,061      

Maxim Putnam High Yield Bond Portfolio Initial Class(a)

        8,484   
  1,442      

Maxim Templeton Global Bond Portfolio Initial Class(a)

        13,641   
  849      

Metropolitan West High Yield Bond Fund

        8,532   
  2,168      

Oppenheimer International Bond Fund A

        13,660   
       

 

 

  
 
 		 TOTAL BOND MUTUAL FUNDS — 4.98%
(Cost $111,483)		   $               111,659   
       

 

 

  

 

EQUITY MUTUAL FUNDS

     
  1,720      

Allianz NFJ Small Cap Value Fund A

        48,603   
  1,899      

Cohen & Steers International Realty Fund Inc

        18,824   
  1,255      

Goldman Sachs Mid Cap Value Fund A

        44,999   
  1,399      

Harbor International Fund Investor

        77,111   
  3,826      

Invesco Developing Markets Fund

        116,816   
  1,728      

Invesco Global Real Estate Fund

        18,659   
  2,344      

Invesco International Growth Fund I

        62,730   
  2,543      

Invesco Van Kampen Small Cap Growth Fund A

        26,219   
  2,152      

Janus Perkins Mid Cap Value Fund S

        44,979   
  8,187      

Maxim American Century Growth Portfolio Initial Class(a)

        88,579   
  32,604      

Maxim International Index Portfolio Initial Class(a)

        280,072   
  7,386      

Maxim Invesco ADR Portfolio Initial Class(a)

        76,959   
Shares               Value      

 

Equity Mutual Funds — (continued)

     
          8,704       Maxim Janus Large Cap Growth Portfolio Initial Class(a)   $           72,415   
  2,293      

Maxim Loomis Sayles Small-Cap Value Portfolio Initial Class(a)

        48,610   
  6,164      

Maxim MFS International Growth Portfolio Initial Class(a)

        62,936   
  8,644      

Maxim Putnam Equity Income Portfolio Initial Class(a)

        88,603   
  26,233      

Maxim S&P 500® Index Portfolio Initial Class(a)

        322,926   
  13,464      

Maxim S&P MidCap 400® Index Portfolio Initial Class(a)

        138,411   
  16,036      

Maxim S&P SmallCap 600® Index Portfolio Initial Class(a)

        150,098   
  4,757      

Maxim T. Rowe Price Equity/Income Portfolio Initial Class(a)

        72,546   
  1,384      

Maxim T. Rowe Price MidCap Growth Portfolio Initial
Class(a)

        24,164   
  1,351      

Nuveen Real Estate Securities Fund

        29,108   
  3,706      

Oppenheimer Developing Markets Fund A

        117,319   
  3,442      

Sentinel Small Company Fund A

        26,193   
  1,380      

T. Rowe Price Real Estate Fund

        29,185   
  770      

Third Avenue Real Estate Value Fund

        18,594   
  1,237      

Wells Fargo Advantage Common Stock Fund A

        24,210   
       

 

 

  
 
 		 TOTAL EQUITY MUTUAL FUNDS — 95.03%
(Cost $2,135,614)		   $               2,129,868   
       

 

 

  
 
 		 TOTAL INVESTMENTS — 100.01%
(Cost $2,247,097)		   $           2,241,527   
       

 

 

  
  OTHER ASSETS & LIABILITIES, NET — (0.01)%   $           (275)   
       

 

 

  
  TOTAL NET ASSETS — 100.00%   $           2,241,252   
       

 

 

  
 

 

(a) 

Issuer is considered an affiliate of the Portfolio.

 

    See notes to financial statements.

 

 

    Semi-Annual Report - June 29, 2012

MAXIM SERIES FUND, INC.

STATEMENT OF ASSETS AND LIABILITIES

As of June 29, 2012 (Unaudited)

 

                                                                                   
      Maxim Lifetime  
2015 Portfolio I  		      Maxim Lifetime  
2015 Portfolio II  		      Maxim Lifetime  
2015 Portfolio III  		  

ASSETS:

  

      

Investments at market value, affiliated(a)

      $106,313,229         $368,474,248         $16,599,113   

Investments at market value, unaffiliated(b)

      51,225,109         170,171,569         7,348,074   

Dividends receivable

      14,582         –         –   

Subscriptions receivable

      434,166         2,040,831         33,107   

Receivable for investments sold

      –         –         294   
  

 

 

     

 

 

     

 

 

  

Total Assets

      157,987,086         540,686,648         23,980,588   
  

 

 

     

 

 

     

 

 

  

LIABILITIES:

         

Payable to investment adviser

      14,771         49,645         2,232   

Redemptions payable

      54,543         203,050         1,749   

Payable for investments purchased

      394,205         1,837,783         31,652   

Payable for distribution fees

      8,040         33,010         506   
  

 

 

     

 

 

     

 

 

  

Total Liabilities

      471,559         2,123,488         36,139   
  

 

 

     

 

 

     

 

 

  

NET ASSETS

      $157,515,527         $538,563,160         $23,944,449   
  

 

 

     

 

 

     

 

 

  

NET ASSETS REPRESENTED BY:

         

Capital stock, $0.10 par value

      $1,264,305         $4,151,774         $180,918   

Paid-in capital in excess of par

      152,319,868         520,029,998         23,179,914   

Net unrealized appreciation on investments

      2,643,713         9,131,194         453,558   

Undistributed net investment income

      48,587         143,106         6,177   

Accumulated net realized gain on investments

      1,239,054         5,107,088         123,882   
  

 

 

     

 

 

     

 

 

  

TOTAL NET ASSETS

         

Class T

      $49,613,749         $98,826,202         $17,182,390   
  

 

 

     

 

 

     

 

 

  

Class T1

      $107,901,778         $435,560,527         $6,762,059   
  

 

 

     

 

 

     

 

 

  

Class L

      $0.00         $4,176,431         $0.00   
  

 

 

     

 

 

     

 

 

  

CAPITAL STOCK:

         

Authorized

         

Class T

      45,000,000         45,000,000         45,000,000   

Class T1

      45,000,000         45,000,000         45,000,000   

Class L

      33,000,000         33,000,000         33,000,000   

Issued and Outstanding

         

Class T

      3,993,028         7,587,239         1,299,434   

Class T1

      8,650,022         33,490,996         509,750   

Class L

      0         439,507         0   

NET ASSET VALUE, REDEMPTION PRICE AND OFFERING PRICE PER SHARE:

         

Class T

      $12.43         $13.03         $13.22   
  

 

 

     

 

 

     

 

 

  

Class T1

      $12.47         $13.01         $13.27   
  

 

 

     

 

 

     

 

 

  

Class L

      $0.00         $9.50         $0.00   
  

 

 

     

 

 

     

 

 

  

(a) Cost of investments, affiliated

      $105,098,545         $363,756,108         $16,310,012   

(b) Cost of investments, unaffiliated

      $49,796,080         $165,758,515         $7,183,617   

 

    See notes to financial statements.

 

 

    Semi-Annual Report - June 29, 2012

MAXIM SERIES FUND, INC.

STATEMENT OF ASSETS AND LIABILITIES

As of June 29, 2012 (Unaudited)

 

                                                                                   
      Maxim Lifetime  
2025 Portfolio I  		      Maxim Lifetime  
2025 Portfolio II  		      Maxim Lifetime  
2025 Portfolio III  		  

ASSETS:

  

      

Investments at market value, affiliated(a)

      $132,904,362         $502,066,047         $33,695,636   

Investments at market value, unaffiliated(b)

      55,485,050         206,649,866         13,729,215   

Subscriptions receivable

      199,673         1,495,349         60,179   
  

 

 

     

 

 

     

 

 

  

Total Assets

      188,589,085         710,211,262         47,485,030   
  

 

 

     

 

 

     

 

 

  

LIABILITIES:

         

Payable to investment adviser

      17,317         64,533         4,363   

Redemptions payable

      62,204         291,937         –   

Payable for investments purchased

      137,471         1,203,411         60,178   

Payable for distribution fees

      9,344         44,153         682   
  

 

 

     

 

 

     

 

 

  

Total Liabilities

      226,336         1,604,034         65,223   
  

 

 

     

 

 

     

 

 

  

NET ASSETS

      $188,362,749         $708,607,228         $47,419,807   
  

 

 

     

 

 

     

 

 

  

NET ASSETS REPRESENTED BY:

         

Capital stock, $0.10 par value

      $1,456,704         $5,259,884         $344,621   

Paid-in capital in excess of par

      182,327,666         687,543,831         46,472,849   

Net unrealized appreciation on investments

      2,752,742         8,562,330         483,445   

Undistributed net investment income

      50,418         152,359         9,562   

Accumulated net realized gain on investments

      1,775,219         7,088,824         109,330   
  

 

 

     

 

 

     

 

 

  

TOTAL NET ASSETS

         

Class T

      $61,547,575         $116,715,750         $38,202,081   
  

 

 

     

 

 

     

 

 

  

Class T1

      $126,815,174         $583,727,464         $9,217,726   
  

 

 

     

 

 

     

 

 

  

Class L

      $0.00         $8,164,014         $0.00   
  

 

 

     

 

 

     

 

 

  

CAPITAL STOCK:

         

Authorized

         

Class T

      45,000,000         45,000,000         45,000,000   

Class T1

      45,000,000         45,000,000         45,000,000   

Class L

      33,000,000         33,000,000         33,000,000   

Issued and Outstanding

         

Class T

      4,762,247         8,585,054         2,777,649   

Class T1

      9,804,792         43,126,377         668,562   

Class L

      0         887,413         0   

NET ASSET VALUE, REDEMPTION PRICE AND OFFERING PRICE PER SHARE:

         

Class T

      $12.92         $13.60         $13.75   
  

 

 

     

 

 

     

 

 

  

Class T1

      $12.93         $13.54         $13.79   
  

 

 

     

 

 

     

 

 

  

Class L

      $0.00         $9.20         $0.00   
  

 

 

     

 

 

     

 

 

  

(a) Cost of investments, affiliated

      $131,032,581         $496,030,616         $33,347,012   

(b) Cost of investments, unaffiliated

      $54,604,089         $204,122,967         $13,594,394   

 

    See notes to financial statements.

 

 

    Semi-Annual Report - June 29, 2012

MAXIM SERIES FUND, INC.

STATEMENT OF ASSETS AND LIABILITIES

As of June 29, 2012 (Unaudited)

 

                                                                                   
      Maxim Lifetime  
2035 Portfolio I  		      Maxim Lifetime  
2035 Portfolio II  		      Maxim Lifetime  
2035 Portfolio III  		  

ASSETS:

  

      

Investments at market value, affiliated(a)

      $95,937,791         $333,749,365         $31,676,843   

Investments at market value, unaffiliated(b)

      38,753,388         138,309,422         13,314,439   

Dividends receivable

      25         –         –   

Subscriptions receivable

      237,948         1,039,061         56,097   

Receivable for investments sold

      –         91,214         225   
  

 

 

     

 

 

     

 

 

  

Total Assets

      134,929,152         473,189,062         45,047,604   
  

 

 

     

 

 

     

 

 

  

LIABILITIES:

         

Payable to investment adviser

      12,349         42,753         4,122   

Redemptions payable

      88,437         495,160         8,753   

Payable for investments purchased

      149,511         635,114         47,569   

Payable for distribution fees

      6,888         29,866         741   
  

 

 

     

 

 

     

 

 

  

Total Liabilities

      257,185         1,202,893         61,185   
  

 

 

     

 

 

     

 

 

  

NET ASSETS

      $134,671,967         $471,986,169         $44,986,419   
  

 

 

     

 

 

     

 

 

  

NET ASSETS REPRESENTED BY:

         

Capital stock, $0.10 par value

      $997,250         $3,409,636         $319,725   

Paid-in capital in excess of par

      130,797,509         459,834,786         43,721,252   

Net unrealized appreciation on investments

      1,177,619         3,352,672         754,679   

Undistributed net investment income

      27,360         72,445         6,928   

Accumulated net realized gain on investments

      1,672,229         5,316,630         183,835   
  

 

 

     

 

 

     

 

 

  

TOTAL NET ASSETS

         

Class T

      $41,012,725         $68,184,319         $34,961,056   
  

 

 

     

 

 

     

 

 

  

Class T1

      $93,659,242         $399,470,425         $10,025,363   
  

 

 

     

 

 

     

 

 

  

Class L

      $0.00         $4,331,425         $0.00   
  

 

 

     

 

 

     

 

 

  

CAPITAL STOCK:

         

Authorized

         

Class T

      45,000,000         45,000,000         45,000,000   

Class T1

      45,000,000         45,000,000         45,000,000   

Class L

      33,000,000         33,000,000         33,000,000   

Issued and Outstanding

         

Class T

      3,038,299         4,888,947         2,485,273   

Class T1

      6,934,202         28,722,482         711,972   

Class L

      0         484,929         0   

NET ASSET VALUE, REDEMPTION PRICE AND OFFERING PRICE PER SHARE:

         

Class T

      $13.50         $13.95         $14.07   
  

 

 

     

 

 

     

 

 

  

Class T1

      $13.51         $13.91         $14.08   
  

 

 

     

 

 

     

 

 

  

Class L

      $0.00         $8.93         $0.00   
  

 

 

     

 

 

     

 

 

  

(a) Cost of investments, affiliated

      $94,782,650         $330,545,390         $31,096,932   

(b) Cost of investments, unaffiliated

      $38,730,910         $138,160,725         $13,139,671   

 

    See notes to financial statements.

 

 

    Semi-Annual Report - June 29, 2012

MAXIM SERIES FUND, INC.

STATEMENT OF ASSETS AND LIABILITIES

As of June 29, 2012 (Unaudited)

 

                                                                                   
      Maxim Lifetime  
2045 Portfolio I  		      Maxim Lifetime  
2045 Portfolio II  		      Maxim Lifetime  
2045 Portfolio III  		  

ASSETS:

  

      

Investments at market value, affiliated(a)

      $44,220,534         $154,999,980         $18,178,224   

Investments at market value, unaffiliated(b)

      18,862,201         68,305,987         8,125,519   

Subscriptions receivable

      143,589         770,910         33,249   

Receivable for investments sold

      –         2,000         –   
  

 

 

     

 

 

     

 

 

  

Total Assets

      63,226,324         224,078,877         26,336,992   
  

 

 

     

 

 

     

 

 

  

LIABILITIES:

         

Payable to investment adviser

      5,668         20,129         2,403   

Redemptions payable

      10,518         183,817         164   

Payable for investments purchased

      133,071         589,093         33,087   

Payable for distribution fees

      3,108         13,384         315   
  

 

 

     

 

 

     

 

 

  

Total Liabilities

      152,365         806,423         35,969   
  

 

 

     

 

 

     

 

 

  

NET ASSETS

      $63,073,959         $223,272,454         $26,301,023   
  

 

 

     

 

 

     

 

 

  

NET ASSETS REPRESENTED BY:

         

Capital stock, $0.10 par value

      $460,988         $1,598,146         $185,547   

Paid-in capital in excess of par

      61,440,786         219,167,816         25,798,525   

Net unrealized appreciation on investments

      406,809         626,073         268,300   

Undistributed (overdistributed) net investment income

      10,498         (150,469)         3,765   

Accumulated net realized gain on investments

      754,878         2,030,888         44,886   
  

 

 

     

 

 

     

 

 

  

TOTAL NET ASSETS

         

Class T

      $19,836,845         $40,133,724         $22,022,111   
  

 

 

     

 

 

     

 

 

  

Class T1

      $43,237,114         $181,999,673         $4,278,912   
  

 

 

     

 

 

     

 

 

  

Class L

      $0.00         $1,139,057         $0.00   
  

 

 

     

 

 

     

 

 

  

CAPITAL STOCK:

         

Authorized

         

Class T

      45,000,000         45,000,000         45,000,000   

Class T1

      45,000,000         45,000,000         45,000,000   

Class L

      33,000,000         33,000,000         33,000,000   

Issued and Outstanding

         

Class T

      1,449,652         2,850,278         1,553,367   

Class T1

      3,160,226         13,002,892         302,105   

Class L

      0         128,292         0   

NET ASSET VALUE, REDEMPTION PRICE AND OFFERING PRICE PER SHARE:

         

Class T

      $13.68         $14.08         $14.18   
  

 

 

     

 

 

     

 

 

  

Class T1

      $13.68         $14.00         $14.16   
  

 

 

     

 

 

     

 

 

  

Class L

      $0.00         $8.88         $0.00   
  

 

 

     

 

 

     

 

 

  

(a) Cost of investments, affiliated

      $43,730,117         $154,078,457         $17,958,293   

(b) Cost of investments, unaffiliated

      $18,945,809         $68,601,437         $8,077,150   

 

    See notes to financial statements.

 

 

    Semi-Annual Report - June 29, 2012

MAXIM SERIES FUND, INC.

STATEMENT OF ASSETS AND LIABILITIES

As of June 29, 2012 (Unaudited)

 

                                                                                   
      Maxim Lifetime  
2055 Portfolio I  		      Maxim Lifetime  
2055 Portfolio II  		      Maxim Lifetime  
2055 Portfolio III  		  

ASSETS:

  

      

Investments at market value, affiliated(a)

      $12,543,666         $33,817,668         $1,515,786   

Investments at market value, unaffiliated(b)

      5,753,929         15,965,396         725,741   

Subscriptions receivable

      39,802         1,117,577         9,120   

Receivable for investments sold

      –         19,969         –   
  

 

 

     

 

 

     

 

 

  

Total Assets

      18,337,397         50,920,610         2,250,647   
  

 

 

     

 

 

     

 

 

  

LIABILITIES:

         

Payable to investment adviser

      1,619         4,460         201   

Redemptions payable

      10,606         543,274         –   

Payable for investments purchased

      29,196         594,269         9,123   

Payable for distribution fees

      855         3,098         71   
  

 

 

     

 

 

     

 

 

  

Total Liabilities

      42,276         1,145,101         9,395   
  

 

 

     

 

 

     

 

 

  

NET ASSETS

      $18,295,121         $49,775,509         $2,241,252   
  

 

 

     

 

 

     

 

 

  

NET ASSETS REPRESENTED BY:

         

Capital stock, $0.10 par value

      $136,387         $357,526         $15,690   

Paid-in capital in excess of par

      17,989,257         49,185,657         2,239,286   

Net unrealized depreciation on investments

      (43,015)         (165,223)         (5,570)   

Undistributed net investment income

      2,811         5,798         416   

Accumulated net realized gain (loss) on investments

      209,681         391,751         (8,570)   
  

 

 

     

 

 

     

 

 

  

TOTAL NET ASSETS

         

Class T

      $6,624,968         $6,981,048         $1,251,226   
  

 

 

     

 

 

     

 

 

  

Class T1

      $11,670,153         $42,569,515         $990,026   
  

 

 

     

 

 

     

 

 

  

Class L

      $0.00         $224,946         $0.00   
  

 

 

     

 

 

     

 

 

  

CAPITAL STOCK:

         

Authorized

         

Class T

      45,000,000         45,000,000         45,000,000   

Class T1

      45,000,000         45,000,000         45,000,000   

Class L

      33,000,000         33,000,000         33,000,000   

Issued and Outstanding

         

Class T

      493,851         498,605         87,481   

Class T1

      870,023         3,051,166         69,421   

Class L

      0         25,491         0   

NET ASSET VALUE, REDEMPTION PRICE AND OFFERING PRICE PER SHARE:

         

Class T

      $13.41         $14.00         $14.30   
  

 

 

     

 

 

     

 

 

  

Class T1

      $13.41         $13.95         $14.26   
  

 

 

     

 

 

     

 

 

  

Class L

      $0.00         $8.82         $0.00   
  

 

 

     

 

 

     

 

 

  

(a) Cost of investments, affiliated

      $12,525,517         $33,829,034         $1,517,140   

(b) Cost of investments, unaffiliated

      $5,815,093         $16,119,253         $729,957   

 

    See notes to financial statements.

 

 

    Semi-Annual Report - June 29, 2012

MAXIM SERIES FUND, INC.

STATEMENT OF OPERATIONS

For the period ended June 29, 2012 (Unaudited)

 

                                                                                   
      Maxim Lifetime  
2015 Portfolio I  		      Maxim Lifetime  
2015 Portfolio II  		      Maxim Lifetime  
2015 Portfolio III  		  

INVESTMENT INCOME:

  

Interest, affiliated

      $52,563         $145,747         $5,219   

Dividends, affiliated

      866,443         2,631,704         110,500   

Divdends, unaffiliated

      526,223         1,510,663         57,539   
  

 

 

     

 

 

     

 

 

  

Total Income

      1,445,229         4,288,114         173,258   
  

 

 

     

 

 

     

 

 

  

EXPENSES:

         

Distribution fees - Class T1

      47,180         196,210         3,429   

Distribution fees - Class L

      –         3,691         –   

Management fees

      85,308         286,564         13,109   
  

 

 

     

 

 

     

 

 

  

Total Expenses

      132,488         486,465         16,538   
  

 

 

     

 

 

     

 

 

  

Less amount waived by distributor - Class L

      –         4         –   
  

 

 

     

 

 

     

 

 

  

Net Expenses

      132,488         486,461         16,538   
  

 

 

     

 

 

     

 

 

  

NET INVESTMENT INCOME

      1,312,741         3,801,653         156,720   
  

 

 

     

 

 

     

 

 

  

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:

         

Net realized gain (loss) on investments, affiliated

      236,620         552,166         (10,526)   

Net realized gain on investments, unaffiliated

      223,495         636,903         41,652   

Change in net unrealized appreciation on investments

      4,779,877         17,875,382         626,041   
  

 

 

     

 

 

     

 

 

  

Net Realized and Unrealized Gain on Investments

      5,239,992         19,064,451         657,167   
  

 

 

     

 

 

     

 

 

  

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS

      $6,552,733         $22,866,104         $813,887   
  

 

 

     

 

 

     

 

 

  

 

    See notes to financial statements.

 

 

    Semi-Annual Report - June 29, 2012

MAXIM SERIES FUND, INC.

STATEMENT OF OPERATIONS

For the period ended June 29, 2012 (Unaudited)

 

                                                                                   
      Maxim Lifetime  
2025 Portfolio I  		      Maxim Lifetime  
2025 Portfolio II  		      Maxim Lifetime  
2025 Portfolio III  		  

INVESTMENT INCOME:

  

Interest, affiliated

      $28,457         $72,490         $3,009   

Dividends, affiliated

      974,843         3,049,688         176,506   

Divdends, unaffiliated

      484,149         1,350,160         67,024   
  

 

 

     

 

 

     

 

 

  

Total Income

      1,487,449         4,472,338         246,539   
  

 

 

     

 

 

     

 

 

  

EXPENSES:

         

Distribution fees - Class T1

      55,927         258,978         4,668   

Distribution fees - Class L

      –         7,096         –   

Management fees

      101,094         373,426         25,622   
  

 

 

     

 

 

     

 

 

  

Total Expenses

      157,021         639,500         30,290   
  

 

 

     

 

 

     

 

 

  

NET INVESTMENT INCOME

      1,330,428         3,832,838         216,249   
  

 

 

     

 

 

     

 

 

  

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:

         

Net realized gain (loss) on investments, affiliated

      154,056         390,998         (84,159)   

Net realized gain on investments, unaffiliated

      129,272         402,112         11,240   

Change in net unrealized appreciation on investments

      6,875,883         27,314,316         1,167,948   
  

 

 

     

 

 

     

 

 

  

Net Realized and Unrealized Gain on Investments

      7,159,211         28,107,426         1,095,029   
  

 

 

     

 

 

     

 

 

  

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS

      $8,489,639         $31,940,264         $1,311,278   
  

 

 

     

 

 

     

 

 

  

 

    See notes to financial statements.

 

 

    Semi-Annual Report - June 29, 2012

MAXIM SERIES FUND, INC.

STATEMENT OF OPERATIONS

For the period ended June 29, 2012 (Unaudited)

 

                                                                                   
      Maxim Lifetime  
2035 Portfolio I  		      Maxim Lifetime  
2035 Portfolio II  		      Maxim Lifetime  
2035 Portfolio III  		  

INVESTMENT INCOME:

  

Interest, affiliated

      $4,524         $8,160         $368   

Dividends, affiliated

      565,860         1,564,411         130,781   

Divdends, unaffiliated

      222,104         508,218         35,704   
  

 

 

     

 

 

     

 

 

  

Total Income

      792,488         2,080,789         166,853   
  

 

 

     

 

 

     

 

 

  

EXPENSES:

         

Distribution fees - Class T1

      42,758         177,422         4,887   

Distribution fees - Class L

      –         3,869         –   

Management fees

      74,333         249,851         23,602   
  

 

 

     

 

 

     

 

 

  

Total Expenses

      117,091         431,142         28,489   
  

 

 

     

 

 

     

 

 

  

Less amount waived by distributor - Class L

      –         4         –   
  

 

 

     

 

 

     

 

 

  

Net Expenses

      117,091         431,138         28,489   
  

 

 

     

 

 

     

 

 

  

NET INVESTMENT INCOME

      675,397         1,649,651         138,364   
  

 

 

     

 

 

     

 

 

  

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:

         

Net realized gain (loss) on investments, affiliated

      175,212         51,415         (30,008)   

Net realized gain on investments, unaffiliated

      84,235         129,586         25,959   

Change in net unrealized appreciation on investments

      5,820,601         20,861,405         950,777   
  

 

 

     

 

 

     

 

 

  

Net Realized and Unrealized Gain on Investments

      6,080,048         21,042,406         946,728   
  

 

 

     

 

 

     

 

 

  

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS

      $6,755,445         $22,692,057         $1,085,092   
  

 

 

     

 

 

     

 

 

  

 

    See notes to financial statements.

 

 

    Semi-Annual Report - June 29, 2012

MAXIM SERIES FUND, INC.

STATEMENT OF OPERATIONS

For the period ended June 29, 2012 (Unaudited)

 

      Maxim Lifetime  
2045 Portfolio I  		      Maxim Lifetime  
2045 Portfolio II  		      Maxim Lifetime  
2045 Portfolio III  		  

INVESTMENT INCOME:

  

Dividends, affiliated

                      $218,768                         $641,392                         $70,324   

Divdends, unaffiliated

      74,199         179,373         17,573   
  

 

 

     

 

 

     

 

 

  

Total Income

      292,967         820,765         87,897   
  

 

 

     

 

 

     

 

 

  

EXPENSES:

  

Distribution fees - Class T1

      19,099         79,135         2,057   

Distribution fees - Class L

      –         895         –   

Management fees

      34,024         115,621         13,321   
  

 

 

     

 

 

     

 

 

  

Total Expenses

      53,123         195,651         15,378   
  

 

 

     

 

 

     

 

 

  

Less amount waived by distributor - Class L

      –         15         –   
  

 

 

     

 

 

     

 

 

  

Net Expenses

      53,123         195,636         15,378   
  

 

 

     

 

 

     

 

 

  

NET INVESTMENT INCOME

      239,844         625,129         72,519   
  

 

 

     

 

 

     

 

 

  

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:

         

Net realized gain (loss) on investments, affiliated

      53,440         (81,816)         (25,201)   

Net realized gain (loss) on investments, unaffiliated

      22,047         (763)         8,795   

Change in net unrealized appreciation on investments

      2,848,695         9,160,864         299,282   
  

 

 

     

 

 

     

 

 

  

Net Realized and Unrealized Gain on Investments

      2,924,182         9,078,285         282,876   
  

 

 

     

 

 

     

 

 

  

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS

      $3,164,026         $9,703,414         $355,395   
  

 

 

     

 

 

     

 

 

  

 

    See notes to financial statements.

 

 

    Semi-Annual Report - June 29, 2012

MAXIM SERIES FUND, INC.

STATEMENT OF OPERATIONS

For the period ended June 29, 2012 (Unaudited)

 

      Maxim Lifetime  
2055 Portfolio I  		      Maxim Lifetime  
2055 Portfolio II  		      Maxim Lifetime  
2055 Portfolio III  		  

INVESTMENT INCOME:

  

Dividends, affiliated

                      $59,439                             $132,635                         $5,454   

Divdends, unaffiliated

      20,205         36,709         1,341   
  

 

 

     

 

 

     

 

 

  

Total Income

      79,644         169,344         6,795   
  

 

 

     

 

 

     

 

 

  

EXPENSES:

  

Distribution fees - Class T1

      5,178         18,384         441   

Distribution fees - Class L

      –         203         –   

Management fees

      9,946         25,535         1,102   
  

 

 

     

 

 

     

 

 

  

Total Expenses

      15,124         44,122         1,543   
  

 

 

     

 

 

     

 

 

  

Less amount waived by distributor - Class T1

      –         –         24   

Less amount waived by distributor - Class L

      –         15         –   
  

 

 

     

 

 

     

 

 

  

Net Expenses

      15,124         44,107         1,519   
  

 

 

     

 

 

     

 

 

  

NET INVESTMENT INCOME

      64,520         125,237         5,276   
  

 

 

     

 

 

     

 

 

  

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:

         

Net realized gain (loss) on investments, affiliated

      23,069         6,361         (6,783)   

Net realized gain (loss) on investments, unaffiliated

      190         (28,657)         (2,375)   

Change in net unrealized appreciation on investments

      751,707         1,905,046         52,746   
  

 

 

     

 

 

     

 

 

  

Net Realized and Unrealized Gain on Investments

      774,966         1,882,750         43,588   
  

 

 

     

 

 

     

 

 

  

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS

      $839,486         $2,007,987         $48,864   
  

 

 

     

 

 

     

 

 

  

 

    See notes to financial statements.

 

 

    Semi-Annual Report - June 29, 2012

MAXIM SERIES FUND, INC.

STATEMENT OF CHANGES IN NET ASSETS

For the period ended June 29, 2012 and fiscal year ended December 31, 2011

 

    

2012

(Unaudited)

      2011  
Maxim Lifetime 2015 Portfolio I              

 

  

OPERATIONS:

      

Net investment income

      $1,312,741         $2,798,993   

Net realized gain on investments, affiliated

      236,620         1,467,317   

Net realized gain on investments, unaffiliated

      223,495         1,991,935   

Capital gain distributions received, affiliated

      –         746,634   

Capital gain distributions received, unaffiliated

      –         331,275   

Change in net unrealized appreciation (depreciation) on investments

                  4,779,877         (5,440,583)   
  

 

 

     

 

 

  

Net Increase in Net Assets Resulting from Operations

      6,552,733                         1,895,571   
  

 

 

     

 

 

  

DISTRIBUTIONS TO SHAREHOLDERS:

      

From net investment income

      

Class T

      (411,788)         (1,498,025)   

Class T1

      (852,365)         (4,146,544)   
  

 

 

     

 

 

  

From net investment income

      (1,264,153)         (5,644,569)   
  

 

 

     

 

 

  

From net realized gains

      

Class T

      –         (368,960)   

Class T1

      –         (1,039,712)   
  

 

 

     

 

 

  

From net realized gains

      0         (1,408,672)   
  

 

 

     

 

 

  

Total Distributions

      (1,264,153)         (7,053,241)   
  

 

 

     

 

 

  

CAPITAL SHARE TRANSACTIONS:

      

Shares sold

      

Class T

      29,090,493         10,131,051   

Class T1

      35,800,210         57,428,384   

Shares issued in reinvestment of distributions

      

Class T

      411,788         1,866,985   

Class T1

      852,365         5,186,256   

Shares redeemed

      

Class T

      (10,249,555)         (7,561,158)   

Class T1

      (14,109,293)         (35,795,055)   
  

 

 

     

 

 

  

Net Increase in Net Assets Resulting from Capital Share Transactions

      41,796,008         31,256,463   
  

 

 

     

 

 

  

Total Increase in Net Assets

      47,084,588         26,098,793   
  

 

 

     

 

 

  

NET ASSETS:

      

Beginning of period

      110,430,939         84,332,146   
  

 

 

     

 

 

  

End of period (a)

      $157,515,527         $110,430,939   
  

 

 

     

 

 

  

CAPITAL SHARE TRANSACTIONS - SHARES:

      

Shares sold

      

Class T

      2,371,210         804,186   

Class T1

      2,885,785         4,518,269   

Shares issued in reinvestment of distributions

      

Class T

      33,643         155,432   

Class T1

      69,354         430,279   

Shares redeemed

      

Class T

      (829,671)         (598,330)   

Class T1

      (1,134,385)         (2,820,266)   
  

 

 

     

 

 

  

Net Increase

      3,395,936         2,489,570   
  

 

 

     

 

 

  

(a) Including undistributed net investment income:

      $48,587         $0   

 

    See notes to financial statements.

 

 

    Semi-Annual Report - June 29, 2012

MAXIM SERIES FUND, INC.

STATEMENT OF CHANGES IN NET ASSETS

For the period ended June 29, 2012 and fiscal year ended December 31, 2011

 

     2012
(Unaudited)		      2011  
Maxim Lifetime 2015 Portfolio II              

 

  

OPERATIONS:

      

Net investment income

              $3,801,653                 $8,134,355   

Net realized gain on investments, affiliated

      552,166         3,582,508   

Net realized gain on investments, unaffiliated

      636,903         5,461,806   

Capital gain distributions received, affiliated

      –         3,326,510   

Capital gain distributions received, unaffiliated

      –         1,286,730   

Change in net unrealized appreciation (depreciation) on investments

      17,875,382         (18,931,850)   
  

 

 

     

 

 

  

Net Increase in Net Assets Resulting from Operations

      22,866,104         2,860,059   
  

 

 

     

 

 

  

DISTRIBUTIONS TO SHAREHOLDERS:

      

From net investment income

      

Class T

      (707,969)         (1,510,958)   

Class T1

      (2,912,484)         (14,075,360)   

Class L

      (38,094)         (112,316)   
  

 

 

     

 

 

  

From net investment income

      (3,658,547)         (15,698,634)   
  

 

 

     

 

 

  

From net realized gains

      

Class T

      –         (330,517)   

Class T1

      –         (3,066,852)   

Class L

      –         (13,222)   
  

 

 

     

 

 

  

From net realized gains

      0         (3,410,591)   
  

 

 

     

 

 

  

Total Distributions

      (3,658,547)         (19,109,225)   
  

 

 

     

 

 

  

CAPITAL SHARE TRANSACTIONS:

      

Shares sold

      

Class T

      73,638,423         30,588,430   

Class T1

      138,720,087         277,283,504   

Class L

      2,730,887         2,250,968   

Shares issued in reinvestment of distributions

      

Class T

      707,969         1,841,475   

Class T1

      2,912,484         17,142,212   

Class L

      38,094         125,538   

Shares redeemed

      

Class T

      (14,319,409)         (19,014,717)   

Class T1

      (74,661,626)         (128,075,038)   

Class L

      (656,967)         (263,409)   
  

 

 

     

 

 

  

Net Increase in Net Assets Resulting from Capital Share Transactions

      129,109,942         181,878,963   
  

 

 

     

 

 

  

Total Increase in Net Assets

      148,317,499         165,629,797   
  

 

 

     

 

 

  

NET ASSETS:

      

Beginning of period

      390,245,661         224,615,864   
  

 

 

     

 

 

  

End of period (a)

      $538,563,160         $390,245,661   
  

 

 

     

 

 

  

CAPITAL SHARE TRANSACTIONS - SHARES:

      

Shares sold

      

Class T

      5,638,236         2,358,683   

Class T1

      10,704,280         21,287,426   

Class L

      287,201         231,190   

Shares issued in reinvestment of distributions

      

Class T

      55,397         147,373   

Class T1

      228,251         1,374,425   

Class L

      4,083         13,762   

Shares redeemed

      

Class T

      (1,096,839)         (1,472,303)   

Class T1

      (5,763,999)         (9,819,821)   

Class L

      (69,224)         (27,505)   
  

 

 

     

 

 

  

Net Increase

      9,987,386         14,093,230   
  

 

 

     

 

 

  

(a) Including undistributed net investment income:

      $143,106         $0   

 

    See notes to financial statements.

 

 

    Semi-Annual Report - June 29, 2012

MAXIM SERIES FUND, INC.

STATEMENT OF CHANGES IN NET ASSETS

For the period ended June 29, 2012 and fiscal year ended December 31, 2011

 

     2012
(Unaudited)		      2011  
Maxim Lifetime 2015 Portfolio III                

OPERATIONS:

      

Net investment income

                  $156,720                     $160,630   

Net realized gain (loss) on investments, affiliated

      (10,526)         80,144   

Net realized gain on investments, unaffiliated

      41,652         101,453   

Capital gain distributions received, affiliated

      –         96,818   

Capital gain distributions received, unaffiliated

      –         35,776   

Change in net unrealized appreciation (depreciation) on investments

      626,041         (347,493)   
  

 

 

     

 

 

  

Net Increase in Net Assets Resulting from Operations

      813,887         127,328   
  

 

 

     

 

 

  

DISTRIBUTIONS TO SHAREHOLDERS:

      

From net investment income

      

Class T

      (110,769)         (102,751)   

Class T1

      (39,774)         (217,364)   
  

 

 

     

 

 

  

From net investment income

      (150,543)         (320,115)   
  

 

 

     

 

 

  

From net realized gains

      

Class T

      –         (19,468)   

Class T1

      –         (91,665)   
  

 

 

     

 

 

  

From net realized gains

      0         (111,133)   
  

 

 

     

 

 

  

Total Distributions

      (150,543)         (431,248)   
  

 

 

     

 

 

  

CAPITAL SHARE TRANSACTIONS:

      

Shares sold

      

Class T

      15,162,476         2,816,340   

Class T1

      395,379         3,943,473   

Shares issued in reinvestment of distributions

      

Class T

      110,769         122,219   

Class T1

      39,774         309,029   

Shares redeemed

      

Class T

      (1,304,384)         (117,238)   

Class T1

      (661,042)         (1,935,400)   
  

 

 

     

 

 

  

Net Increase in Net Assets Resulting from Capital Share Transactions

      13,742,972         5,138,423   
  

 

 

     

 

 

  

Total Increase in Net Assets

      14,406,316         4,834,503   
  

 

 

     

 

 

  

NET ASSETS:

      

Beginning of period

      9,538,133         4,703,630   
  

 

 

     

 

 

  

End of period (a)

      $23,944,449         $9,538,133   
  

 

 

     

 

 

  

CAPITAL SHARE TRANSACTIONS - SHARES:

      

Shares sold

      

Class T

      1,157,836         214,790   

Class T1

      29,563         308,056   

Shares issued in reinvestment of distributions

      

Class T

      8,567         9,729   

Class T1

      3,067         24,437   

Shares redeemed

      

Class T

      (98,114)         (8,796)   

Class T1

      (50,397)         (145,996)   
  

 

 

     

 

 

  

Net Increase

      1,050,522         402,220   
  

 

 

     

 

 

  

(a) Including undistributed net investment income:

      $6,177         $0   

 

    See notes to financial statements.

 

 

    Semi-Annual Report - June 29, 2012

MAXIM SERIES FUND, INC.

STATEMENT OF CHANGES IN NET ASSETS

For the period ended June 29, 2012 and fiscal year ended December 31, 2011

 

    

2012

(Unaudited)

      2011  
Maxim Lifetime 2025 Portfolio I                

OPERATIONS:

      

Net investment income

      $1,330,428         $3,084,376   

Net realized gain on investments, affiliated

      154,056         1,888,606   

Net realized gain on investments, unaffiliated

      129,272         2,867,405   

Capital gain distributions received, affiliated

      –         1,290,184   

Capital gain distributions received, unaffiliated

      –         486,036   

Change in net unrealized appreciation (depreciation) on investments

      6,875,883         (10,019,825)   
  

 

 

     

 

 

  

Net Increase (Decrease) in Net Assets Resulting from Operations

      8,489,639         (403,218)   
  

 

 

     

 

 

  

DISTRIBUTIONS TO SHAREHOLDERS:

      

From net investment income

      

Class T

      (434,471)         (2,208,645)   

Class T1

      (845,539)         (4,899,370)   
  

 

 

     

 

 

  

From net investment income

      (1,280,010)         (7,108,015)   
  

 

 

     

 

 

  

From net realized gains

      

Class T

      –         (512,241)   

Class T1

      –         (1,116,804)   
  

 

 

     

 

 

  

From net realized gains

      0         (1,629,045)   
  

 

 

     

 

 

  

Total Distributions

      (1,280,010)         (8,737,060)   
  

 

 

     

 

 

  

CAPITAL SHARE TRANSACTIONS:

      

Shares sold

      

Class T

      21,937,453         11,096,673   

Class T1

      39,498,380         56,038,798   

Shares issued in reinvestment of distributions

      

Class T

      434,471         2,720,886   

Class T1

      845,539         6,016,174   

Shares redeemed

      

Class T

      (5,258,945)         (9,297,886)   

Class T1

      (14,131,558)         (24,941,307)   
  

 

 

     

 

 

  

Net Increase in Net Assets Resulting from Capital Share Transactions

      43,325,340         41,633,338   
  

 

 

     

 

 

  

Total Increase in Net Assets

      50,534,969         32,493,060   
  

 

 

     

 

 

  

NET ASSETS:

      

Beginning of period

      137,827,780         105,334,720   
  

 

 

     

 

 

  

End of period (a)

      $188,362,749         $137,827,780   
  

 

 

     

 

 

  

CAPITAL SHARE TRANSACTIONS - SHARES:

      

Shares sold

      

Class T

      1,703,638         838,930   

Class T1

      3,069,440         4,221,819   

Shares issued in reinvestment of distributions

      

Class T

      34,318         219,028   

Class T1

      66,736         484,549   

Shares redeemed

      

Class T

      (408,012)         (703,898)   

Class T1

      (1,094,719)         (1,891,025)   
  

 

 

     

 

 

  

Net Increase

                  3,371,401                     3,169,403   
  

 

 

     

 

 

  

(a) Including undistributed net investment income:

      $50,418         $0   

 

    See notes to financial statements.

 

 

    Semi-Annual Report - June 29, 2012

MAXIM SERIES FUND, INC.

STATEMENT OF CHANGES IN NET ASSETS

For the period ended June 29, 2012 and fiscal year ended December 31, 2011

 

                                                             
     2012
(Unaudited)		      2011  
Maxim Lifetime 2025 Portfolio II                

OPERATIONS:

      

Net investment income

          $3,832,838             $8,922,217   

Net realized gain on investments, affiliated

      390,998         4,862,911   

Net realized gain on investments, unaffiliated

      402,112         8,570,853   

Capital gain distributions received, affiliated

      –         5,788,843   

Capital gain distributions received, unaffiliated

      –         2,067,242   

Change in net unrealized appreciation (depreciation) on investments

          27,314,316         (37,848,790)   
  

 

 

     

 

 

  

Net Increase (Decrease) in Net Assets Resulting from Operations

      31,940,264         (7,636,724)   
  

 

 

     

 

 

  

DISTRIBUTIONS TO SHAREHOLDERS:

      

From net investment income

      

Class T

      (646,395)         (1,801,617)   

Class T1

      (2,972,386)         (17,059,654)   

Class L

      (61,698)         (194,168)   
  

 

 

     

 

 

  

From net investment income

      (3,680,479)         (19,055,439)   
  

 

 

     

 

 

  

From net realized gains

      

Class T

      –         (597,452)   

Class T1

      –         (5,328,534)   

Class L

      –         (45,489)   
  

 

 

     

 

 

  

From net realized gains

      0         (5,971,475)   
  

 

 

     

 

 

  

Total Distributions

      (3,680,479)         (25,026,914)   
  

 

 

     

 

 

  

CAPITAL SHARE TRANSACTIONS:

      

Shares sold

      

Class T

      79,551,232         33,894,962   

Class T1

      188,438,519         318,139,741   

Class L

      5,562,742         4,283,525   

Shares issued in reinvestment of distributions

      

Class T

      646,395         2,399,069   

Class T1

      2,972,386         22,388,188   

Class L

      61,698         239,657   

Shares redeemed

      

Class T

      (12,731,994)         (27,200,461)   

Class T1

      (76,479,641)         (111,403,981)   

Class L

      (1,066,275)         (715,123)   
  

 

 

     

 

 

  

Net Increase in Net Assets Resulting from Capital Share Transactions

      186,955,062         242,025,577   
  

 

 

     

 

 

  

Total Increase in Net Assets

      215,214,847         209,361,939   
  

 

 

     

 

 

  

NET ASSETS:

      

Beginning of period

      493,392,381         284,030,442   
  

 

 

     

 

 

  

End of period (a)

      $708,607,228         $493,392,381   
  

 

 

     

 

 

  

CAPITAL SHARE TRANSACTIONS - SHARES:

      

Shares sold

      

Class T

      5,837,006         2,487,103   

Class T1

      13,921,320         23,220,857   

Class L

      596,631         446,317   

Shares issued in reinvestment of distributions

      

Class T

      48,785         185,073   

Class T1

      225,351         1,737,888   

Class L

      6,878         27,326   

Shares redeemed

      

Class T

      (930,001)         (2,018,413)   

Class T1

      (5,642,529)         (8,153,309)   

Class L

      (115,776)         (73,963)   
  

 

 

     

 

 

  

Net Increase

      13,947,665         17,858,879   
  

 

 

     

 

 

  

(a) Including undistributed net investment income:

      $152,359         $0   

 

    See notes to financial statements.

 

 

    Semi-Annual Report - June 29, 2012

MAXIM SERIES FUND, INC.

STATEMENT OF CHANGES IN NET ASSETS

For the period ended June 29, 2012 and fiscal year ended December 31, 2011

 

                                                     
     2012
(Unaudited)		      2011  
Maxim Lifetime 2025 Portfolio III                

OPERATIONS:

      

Net investment income

      $216,249         $207,130   

Net realized gain (loss) on investments, affiliated

      (84,159)         173,540   

Net realized gain on investments, unaffiliated

      11,240         161,658   

Capital gain distributions received, affiliated

      –         199,769   

Capital gain distributions received, unaffiliated

      –         72,396   

Change in net unrealized appreciation (depreciation) on investments

      1,167,948         (1,016,663)   
  

 

 

     

 

 

  

Net Increase (Decrease) in Net Assets Resulting from Operations

      1,311,278         (202,170)   
  

 

 

     

 

 

  

DISTRIBUTIONS TO SHAREHOLDERS:

      

From net investment income

      

Class T

      (170,748)         (264,256)   

Class T1

      (35,969)         (328,640)   
  

 

 

     

 

 

  

From net investment income

      (206,717)         (592,896)   
  

 

 

     

 

 

  

From net realized gains

      

Class T

      –         (17,506)   

Class T1

      –         (48,483)   
  

 

 

     

 

 

  

From net realized gains

      0         (65,989)   
  

 

 

     

 

 

  

Total Distributions

      (206,717)         (658,885)   
  

 

 

     

 

 

  

CAPITAL SHARE TRANSACTIONS:

      

Shares sold

      

Class T

      34,328,798         6,304,263   

Class T1

      1,393,534         6,943,244   

Shares issued in reinvestment of distributions

      

Class T

      170,748         281,762   

Class T1

      35,969         377,123   

Shares redeemed

      

Class T

      (3,553,464)         (499,697)   

Class T1

      (1,516,481)         (2,957,156)   
  

 

 

     

 

 

  

Net Increase in Net Assets Resulting from Capital Share Transactions

      30,859,104         10,449,539   
  

 

 

     

 

 

  

Total Increase in Net Assets

      31,963,665         9,588,484   
  

 

 

     

 

 

  

NET ASSETS:

      

Beginning of period

      15,456,142         5,867,655   
  

 

 

     

 

 

  

End of period (a)

      $47,419,807         $15,456,142   
  

 

 

     

 

 

  

CAPITAL SHARE TRANSACTIONS - SHARES:

      

Shares sold

      

Class T

      2,506,237         463,262   

Class T1

      99,939         504,472   

Shares issued in reinvestment of distributions

      

Class T

      12,790         21,733   

Class T1

      2,688         28,980   

Shares redeemed

      

Class T

      (256,566)         (37,205)   

Class T1

      (111,766)         (209,777)   
  

 

 

     

 

 

  

Net Increase

      2,253,322         771,465   
  

 

 

     

 

 

  

(a) Including undistributed net investment income:

      $9,562         $0   

 

    See notes to financial statements.

 

 

    Semi-Annual Report - June 29, 2012

MAXIM SERIES FUND, INC.

STATEMENT OF CHANGES IN NET ASSETS

For the period ended June 29, 2012 and fiscal year ended December 31, 2011

 

                                                 
     2012
(Unaudited)		      2011  
Maxim Lifetime 2035 Portfolio I                

OPERATIONS:

      

Net investment income

                  $675,397                     $1,844,972   

Net realized gain on investments, affiliated

      175,212         1,440,103   

Net realized gain on investments, unaffiliated

      84,235         2,358,494   

Capital gain distributions received, affiliated

      –         1,268,977   

Capital gain distributions received, unaffiliated

      –         458,532   

Change in net unrealized appreciation (depreciation) on investments

      5,820,601         (10,033,115)   
  

 

 

     

 

 

  

Net Increase (Decrease) in Net Assets Resulting from Operations

      6,755,445         (2,662,037)   
  

 

 

     

 

 

  

DISTRIBUTIONS TO SHAREHOLDERS:

      

From net investment income

      

Class T

      (209,534)         (1,521,964)   

Class T1

      (438,504)         (3,650,900)   
  

 

 

     

 

 

  

From net investment income

      (648,038)         (5,172,864)   
  

 

 

     

 

 

  

From net realized gains

      

Class T

      –         (327,783)   

Class T1

      –         (784,344)   
  

 

 

     

 

 

  

From net realized gains

      0         (1,112,127)   
  

 

 

     

 

 

  

Total Distributions

      (648,038)         (6,284,991)   
  

 

 

     

 

 

  

CAPITAL SHARE TRANSACTIONS:

      

Shares sold

      

Class T

      13,450,183         8,281,372   

Class T1

      30,880,501         47,286,104   

Shares issued in reinvestment of distributions

      

Class T

      209,534         1,849,747   

Class T1

      438,504         4,435,244   

Shares redeemed

      

Class T

      (3,961,099)         (5,200,364)   

Class T1

      (14,125,329)         (16,804,338)   
  

 

 

     

 

 

  

Net Increase in Net Assets Resulting from Capital Share Transactions

      26,892,294         39,847,765   
  

 

 

     

 

 

  

Total Increase in Net Assets

      32,999,701         30,900,737   
  

 

 

     

 

 

  

NET ASSETS:

      

Beginning of period

      101,672,266         70,771,529   
  

 

 

     

 

 

  

End of period (a)

      $134,671,967         $101,672,266   
  

 

 

     

 

 

  

CAPITAL SHARE TRANSACTIONS - SHARES:

      

Shares sold

      

Class T

      995,315         595,416   

Class T1

      2,293,902         3,373,641   

Shares issued in reinvestment of distributions

      

Class T

      15,971         143,962   

Class T1

      33,397         345,239   

Shares redeemed

      

Class T

      (294,380)         (374,039)   

Class T1

      (1,045,950)         (1,208,044)   
  

 

 

     

 

 

  

Net Increase

      1,998,255         2,876,175   
  

 

 

     

 

 

  

(a) Including undistributed net investment income:

      $27,360         $0   

 

    See notes to financial statements.

 

 

    Semi-Annual Report - June 29, 2012

MAXIM SERIES FUND, INC.

STATEMENT OF CHANGES IN NET ASSETS

For the period ended June 29, 2012 and fiscal year ended December 31, 2011

 

    

2012

(Unaudited)

      2011  
Maxim Lifetime 2035 Portfolio II                

OPERATIONS:

      

Net investment income

                  $1,649,651                     $4,880,551   

Net realized gain on investments, affiliated

      51,415         3,790,946   

Net realized gain on investments, unaffiliated

      129,586         6,671,120   

Capital gain distributions received, affiliated

      –         4,702,677   

Capital gain distributions received, unaffiliated

      –         1,679,948   

Change in net unrealized appreciation (depreciation) on investments

      20,861,405         (33,281,116)   
  

 

 

     

 

 

  

Net Increase (Decrease) in Net Assets Resulting from Operations

      22,692,057         (11,555,874)   
  

 

 

     

 

 

  

DISTRIBUTIONS TO SHAREHOLDERS:

      

From net investment income

      

Class T

      (251,563)         (1,081,368)   

Class T1

      (1,303,228)         (11,870,306)   

Class L

      (22,415)         (112,385)   
  

 

 

     

 

 

  

From net investment income

      (1,577,206)         (13,064,059)   
  

 

 

     

 

 

  

From net realized gains

      

Class T

      –         (372,168)   

Class T1

      –         (3,938,753)   

Class L

      –         (27,636)   
  

 

 

     

 

 

  

From net realized gains

      0         (4,338,557)   
  

 

 

     

 

 

  

Total Distributions

      (1,577,206)         (17,402,616)   
  

 

 

     

 

 

  

CAPITAL SHARE TRANSACTIONS:

      

Shares sold

      

Class T

      46,010,741         20,820,081   

Class T1

      129,038,233         219,632,967   

Class L

      3,500,995         2,097,571   

Shares issued in reinvestment of distributions

      

Class T

      251,563         1,453,536   

Class T1

      1,303,228         15,809,059   

Class L

      22,415         140,021   

Shares redeemed

      

Class T

      (6,863,561)         (14,286,258)   

Class T1

      (50,830,482)         (78,513,162)   

Class L

      (1,076,002)         (242,054)   
  

 

 

     

 

 

  

Net Increase in Net Assets Resulting from Capital Share Transactions

      121,357,130         166,911,761   
  

 

 

     

 

 

  

Total Increase in Net Assets

      142,471,981         137,953,271   
  

 

 

     

 

 

  

NET ASSETS:

      

Beginning of period

      329,514,188         191,560,917   
  

 

 

     

 

 

  

End of period (a)

      $471,986,169         $329,514,188   
  

 

 

     

 

 

  

CAPITAL SHARE TRANSACTIONS - SHARES:

      

Shares sold

      

Class T

      3,278,076         1,476,909   

Class T1

      9,260,694         15,442,952   

Class L

      388,713         222,079   

Shares issued in reinvestment of distributions

      

Class T

      18,634         110,252   

Class T1

      96,750         1,203,758   

Class L

      2,591         16,575   

Shares redeemed

      

Class T

      (490,284)         (1,032,188)   

Class T1

      (3,630,512)         (5,542,659)   

Class L

      (119,051)         (25,978)   
  

 

 

     

 

 

  

Net Increase

      8,805,611         11,871,700   
  

 

 

     

 

 

  

(a) Including undistributed net investment income:

      $72,445         $0   

 

    See notes to financial statements.

 

 

    Semi-Annual Report - June 29, 2012

MAXIM SERIES FUND, INC.

STATEMENT OF CHANGES IN NET ASSETS

For the period ended June 29, 2012 and fiscal year ended December 31, 2011

 

                                                                           
     2012
    (Unaudited)		                      2011  
Maxim Lifetime 2035 Portfolio III                

OPERATIONS:

      

Net investment income

      $138,364         $144,362   

Net realized gain (loss) on investments, affiliated

      (30,008)         105,677   

Net realized gain on investments, unaffiliated

      25,959         124,908   

Capital gain distributions received, affiliated

      –         166,623   

Capital gain distributions received, unaffiliated

      –         63,256   

Change in net unrealized appreciation (depreciation) on investments

      950,777         (466,507)   
  

 

 

     

 

 

  

Net Increase in Net Assets Resulting from Operations

      1,085,092         138,319   
  

 

 

     

 

 

  

DISTRIBUTIONS TO SHAREHOLDERS:

      

From net investment income

      

Class T

      (106,200)         (97,867)   

Class T1

      (25,236)         (297,920)   
  

 

 

     

 

 

  

From net investment income

      (131,436)         (395,787)   
  

 

 

     

 

 

  

From net realized gains

      

Class T

      –         (10,758)   

Class T1

      –         (46,502)   
  

 

 

     

 

 

  

From net realized gains

      0         (57,260)   
  

 

 

     

 

 

  

Total Distributions

      (131,436)         (453,047)   
  

 

 

     

 

 

  

CAPITAL SHARE TRANSACTIONS:

      

Shares sold

      

Class T

      33,243,251         2,702,619   

Class T1

      1,291,998         7,389,737   

Shares issued in reinvestment of distributions

      

Class T

      106,200         108,625   

Class T1

      25,236         344,422   

Shares redeemed

      

Class T

      (1,625,940)         (65,860)   

Class T1

      (1,059,981)         (1,515,686)   
  

 

 

     

 

 

  

Net Increase in Net Assets Resulting from Capital Share Transactions

      31,980,764         8,963,857   
  

 

 

     

 

 

  

Total Increase in Net Assets

      32,934,420         8,649,129   
  

 

 

     

 

 

  

NET ASSETS:

      

Beginning of period

      12,051,999         3,402,870   
  

 

 

     

 

 

  

End of period (a)

      $44,986,419         $12,051,999   
  

 

 

     

 

 

  

CAPITAL SHARE TRANSACTIONS - SHARES:

      

Shares sold

      

Class T

      2,371,100         195,308   

Class T1

      90,880         559,207   

Shares issued in reinvestment of distributions

      

Class T

      7,815         8,234   

Class T1

      1,856         26,084   

Shares redeemed

      

Class T

      (112,724)         (4,705)   

Class T1

      (75,507)         (106,948)   
  

 

 

     

 

 

  

Net Increase

      2,283,420         677,180   
  

 

 

     

 

 

  

(a) Including undistributed net investment income:

      $6,928         $0   

 

    See notes to financial statements.

 

 

    Semi-Annual Report - June 29, 2012

MAXIM SERIES FUND, INC.

STATEMENT OF CHANGES IN NET ASSETS

For the period ended June 29, 2012 and fiscal year ended December 31, 2011

 

                                                     
     2012
    (Unaudited)		                      2011  
Maxim Lifetime 2045 Portfolio I                

OPERATIONS:

      

Net investment income

      $239,844         $761,070   

Net realized gain on investments, affiliated

      53,440         646,441   

Net realized gain on investments, unaffiliated

      22,047         1,100,152   

Capital gain distributions received, affiliated

      –         618,362   

Capital gain distributions received, unaffiliated

      –         233,223   

Change in net unrealized appreciation (depreciation) on investments

      2,848,695         (5,065,701)   
  

 

 

     

 

 

  

Net Increase (Decrease) in Net Assets Resulting from Operations

      3,164,026         (1,706,453)   
  

 

 

     

 

 

  

DISTRIBUTIONS TO SHAREHOLDERS:

      

From net investment income

      

Class T

      (77,332)         (698,868)   

Class T1

      (152,014)         (1,509,210)   
  

 

 

     

 

 

  

From net investment income

      (229,346)         (2,208,078)   
  

 

 

     

 

 

  

From net realized gains

      

Class T

      –         (194,027)   

Class T1

      –         (417,241)   
  

 

 

     

 

 

  

From net realized gains

      0         (611,268)   
  

 

 

     

 

 

  

Total Distributions

      (229,346)         (2,819,346)   
  

 

 

     

 

 

  

CAPITAL SHARE TRANSACTIONS:

      

Shares sold

      

Class T

      6,591,916         4,734,655   

Class T1

      14,658,731         23,744,611   

Shares issued in reinvestment of distributions

      

Class T

      77,332         892,895   

Class T1

      152,014         1,926,451   

Shares redeemed

      

Class T

      (2,225,267)         (2,841,881)   

Class T1

      (5,520,465)         (8,347,474)   
  

 

 

     

 

 

  

Net Increase in Net Assets Resulting from Capital Share Transactions

      13,734,261         20,109,257   
  

 

 

     

 

 

  

Total Increase in Net Assets

      16,668,941         15,583,458   
  

 

 

     

 

 

  

NET ASSETS:

      

Beginning of period

      46,405,018         30,821,560   
  

 

 

     

 

 

  

End of period (a)

      $63,073,959         $46,405,018   
  

 

 

     

 

 

  

CAPITAL SHARE TRANSACTIONS - SHARES:

      

Shares sold

      

Class T

      480,031         335,442   

Class T1

      1,073,621         1,676,717   

Shares issued in reinvestment of distributions

      

Class T

      5,832         68,809   

Class T1

      11,473         148,603   

Shares redeemed

      

Class T

      (162,183)         (202,169)   

Class T1

      (401,803)         (596,749)   
  

 

 

     

 

 

  

Net Increase

      1,006,971         1,430,653   
  

 

 

     

 

 

  

(a) Including undistributed net investment income:

      $10,498         $0   

 

    See notes to financial statements.

 

 

    Semi-Annual Report - June 29, 2012

MAXIM SERIES FUND, INC.

STATEMENT OF CHANGES IN NET ASSETS

For the period ended June 29, 2012 and fiscal year ended December 31, 2011

 

                                                     
     2012
    (Unaudited)		                  2011  
Maxim Lifetime 2045 Portfolio II                

OPERATIONS:

      

Net investment income

      $625,129         $2,012,373   

Net realized gain (loss) on investments, affiliated

      (81,816)         1,567,634   

Net realized gain (loss) on investments, unaffiliated

      (763)         2,593,701   

Capital gain distributions received, affiliated

      –         2,047,288   

Capital gain distributions received, unaffiliated

      –         789,310   

Change in net unrealized appreciation (depreciation) on investments

      9,160,864         (15,197,006)   
  

 

 

     

 

 

  

Net Increase (Decrease) in Net Assets Resulting from Operations

      9,703,414         (6,186,700)   
  

 

 

     

 

 

  

DISTRIBUTIONS TO SHAREHOLDERS:

      

From net investment income

      

Class T

      (120,978)         (494,601)   

Class T1

      (649,657)         (4,788,494)   

Class L

      (4,963)         (24,030)   
  

 

 

     

 

 

  

From net investment income

      (775,598)         (5,307,125)   
  

 

 

     

 

 

  

From net realized gains

      

Class T

      –         (194,944)   

Class T1

      –         (1,654,198)   

Class L

      –         (6,637)   
  

 

 

     

 

 

  

From net realized gains

      0         (1,855,779)   
  

 

 

     

 

 

  

Total Distributions

      (775,598)         (7,162,904)   
  

 

 

     

 

 

  

CAPITAL SHARE TRANSACTIONS:

      

Shares sold

      

Class T

      28,928,597         9,122,856   

Class T1

      63,929,245         105,337,719   

Class L

      1,250,724         585,019   

Shares issued in reinvestment of distributions

      

Class T

      120,978         689,545   

Class T1

      649,657         6,442,692   

Class L

      4,963         30,667   

Shares redeemed

      

Class T

      (3,077,314)         (11,274,321)   

Class T1

      (20,548,675)         (29,871,146)   

Class L

      (525,061)         (161,871)   
  

 

 

     

 

 

  

Net Increase in Net Assets Resulting from Capital Share Transactions

      70,733,114         80,901,160   
  

 

 

     

 

 

  

Total Increase in Net Assets

      79,660,930         67,551,556   
  

 

 

     

 

 

  

NET ASSETS:

      

Beginning of period

      143,611,524         76,059,968   
  

 

 

     

 

 

  

End of period (a)

      $223,272,454         $143,611,524   
  

 

 

     

 

 

  

CAPITAL SHARE TRANSACTIONS - SHARES:

      

Shares sold

      

Class T

      2,039,124         639,847   

Class T1

      4,546,366         7,357,644   

Class L

      138,695         62,638   

Shares issued in reinvestment of distributions

      

Class T

      8,895         51,884   

Class T1

      48,052         488,717   

Class L

      578         3,667   

Shares redeemed

      

Class T

      (217,886)         (816,783)   

Class T1

      (1,457,834)         (2,095,201)   

Class L

      (59,619)         (17,667)   
  

 

 

     

 

 

  

Net Increase

      5,046,371         5,674,746   
  

 

 

     

 

 

  

(a) Including (overdistributed) net investment income:

      $(150,469)         $0   

 

    See notes to financial statements.

 

 

    Semi-Annual Report - June 29, 2012

MAXIM SERIES FUND, INC.

STATEMENT OF CHANGES IN NET ASSETS

For the period ended June 29, 2012 and fiscal year ended December 31, 2011

 

                                                     
     2012
    (Unaudited)		                      2011  
Maxim Lifetime 2045 Portfolio III                

OPERATIONS:

      

Net investment income

      $72,519         $54,398   

Net realized gain (loss) on investments, affiliated

      (25,201)         33,095   

Net realized gain on investments, unaffiliated

      8,795         39,759   

Capital gain distributions received, affiliated

      –         60,113   

Capital gain distributions received, unaffiliated

      –         24,390   

Change in net unrealized appreciation (depreciation) on investments

      299,282         (129,825)   
  

 

 

     

 

 

  

Net Increase in Net Assets Resulting from Operations

      355,395         81,930   
  

 

 

     

 

 

  

DISTRIBUTIONS TO SHAREHOLDERS:

      

From net investment income

      

Class T

      (59,453)         (26,208)   

Class T1

      (9,301)         (113,504)   
  

 

 

     

 

 

  

From net investment income

      (68,754)         (139,712)   
  

 

 

     

 

 

  

From net realized gains

      

Class T

      –         (3,553)   

Class T1

      –         (17,326)   
  

 

 

     

 

 

  

From net realized gains

      0         (20,879)   
  

 

 

     

 

 

  

Total Distributions

      (68,754)         (160,591)   
  

 

 

     

 

 

  

CAPITAL SHARE TRANSACTIONS:

      

Shares sold

      

Class T

      22,099,732         691,418   

Class T1

      684,509         3,282,563   

Shares issued in reinvestment of distributions

      

Class T

      59,453         29,761   

Class T1

      9,301         130,830   

Shares redeemed

      

Class T

      (1,007,689)         (113,166)   

Class T1

      (353,776)         (586,965)   
  

 

 

     

 

 

  

Net Increase in Net Assets Resulting from Capital Share Transactions

      21,491,530         3,434,441   
  

 

 

     

 

 

  

Total Increase in Net Assets

      21,778,171         3,355,780   
  

 

 

     

 

 

  

NET ASSETS:

      

Beginning of period

      4,522,852         1,167,072   
  

 

 

     

 

 

  

End of period (a)

      $26,301,023         $4,522,852   
  

 

 

     

 

 

  

CAPITAL SHARE TRANSACTIONS - SHARES:

      

Shares sold

      

Class T

      1,556,656         49,844   

Class T1

      48,130         248,148   

Shares issued in reinvestment of distributions

      

Class T

      4,346         2,236   

Class T1

      680         9,846   

Shares redeemed

      

Class T

      (70,136)         (8,185)   

Class T1

      (24,884)         (41,620)   
  

 

 

     

 

 

  

Net Increase

      1,514,792         260,269   
  

 

 

     

 

 

  

(a) Including undistributed net investment income:

      $3,765         $0   

 

    See notes to financial statements.

 

 

    Semi-Annual Report - June 29, 2012

MAXIM SERIES FUND, INC.

STATEMENT OF CHANGES IN NET ASSETS

For the period ended June 29, 2012 and fiscal year ended December 31, 2011

 

                                                     
     2012
    (Unaudited)		                    2011  
Maxim Lifetime 2055 Portfolio I                

OPERATIONS:

      

Net investment income

      $64,520         $218,648   

Net realized gain on investments, affiliated

      23,069         286,336   

Net realized gain on investments, unaffiliated

      190         361,109   

Capital gain distributions received, affiliated

      –         171,211   

Capital gain distributions received, unaffiliated

      –         69,515   

Change in net unrealized appreciation (depreciation) on investments

      751,707         (1,638,642)   
  

 

 

     

 

 

  

Net Increase (Decrease) in Net Assets Resulting from Operations

      839,486         (531,823)   
  

 

 

     

 

 

  

DISTRIBUTIONS TO SHAREHOLDERS:

      

From net investment income

      

Class T

      (23,913)         (331,969)   

Class T1

      (37,796)         (496,539)   
  

 

 

     

 

 

  

From net investment income

      (61,709)         (828,508)   
  

 

 

     

 

 

  

From net realized gains

      

Class T

      –         (56,796)   

Class T1

      –         (83,569)   
  

 

 

     

 

 

  

From net realized gains

      0         (140,365)   
  

 

 

     

 

 

  

Total Distributions

      (61,709)         (968,873)   
  

 

 

     

 

 

  

CAPITAL SHARE TRANSACTIONS:

      

Shares sold

      

Class T

      2,085,275         2,421,999   

Class T1

      5,052,844         6,880,646   

Shares issued in reinvestment of distributions

      

Class T

      23,913         388,765   

Class T1

      37,796         580,108   

Shares redeemed

      

Class T

      (1,060,882)         (1,743,450)   

Class T1

      (1,889,582)         (3,029,180)   
  

 

 

     

 

 

  

Net Increase in Net Assets Resulting from Capital Share Transactions

      4,249,364         5,498,888   
  

 

 

     

 

 

  

Total Increase in Net Assets

      5,027,141         3,998,192   
  

 

 

     

 

 

  

NET ASSETS:

      

Beginning of period

      13,267,980         9,269,788   
  

 

 

     

 

 

  

End of period (a)

      $18,295,121         $13,267,980   
  

 

 

     

 

 

  

CAPITAL SHARE TRANSACTIONS - SHARES:

      

Shares sold

      

Class T

      155,080         171,531   

Class T1

      374,820         487,054   

Shares issued in reinvestment of distributions

      

Class T

      1,841         30,541   

Class T1

      2,912         45,662   

Shares redeemed

      

Class T

      (79,469)         (123,712)   

Class T1

      (141,601)         (214,620)   
  

 

 

     

 

 

  

Net Increase

      313,583         396,456   
  

 

 

     

 

 

  

(a) Including undistributed net investment income:

      $2,811         $0   

 

    See notes to financial statements.

 

 

    Semi-Annual Report - June 29, 2012

MAXIM SERIES FUND, INC.

STATEMENT OF CHANGES IN NET ASSETS

For the period ended June 29, 2012 and fiscal year ended December 31, 2011

 

                                                     
     2012
    (Unaudited)		                      2011  
Maxim Lifetime 2055 Portfolio II                

OPERATIONS:

      

Net investment income

      $125,237         $452,007   

Net realized gain on investments, affiliated

      6,361         358,392   

Net realized gain (loss) on investments, unaffiliated

      (28,657)         554,289   

Capital gain distributions received, affiliated

      –         441,754   

Capital gain distributions received, unaffiliated

      –         177,302   

Change in net unrealized appreciation (depreciation) on investments

      1,905,046         (3,420,676)   
  

 

 

     

 

 

  

Net Increase (Decrease) in Net Assets Resulting from Operations

      2,007,987         (1,436,932)   
  

 

 

     

 

 

  

DISTRIBUTIONS TO SHAREHOLDERS:

      

From net investment income

      

Class T

      (19,654)         (135,377)   

Class T1

      (98,862)         (1,250,957)   

Class L

      (923)         (4,127)   
  

 

 

     

 

 

  

From net investment income

      (119,439)         (1,390,461)   
  

 

 

     

 

 

  

From net realized gains

      

Class T

      –         (26,613)   

Class T1

      –         (222,340)   

Class L

      –         (442)   
  

 

 

     

 

 

  

From net realized gains

      0         (249,395)   
  

 

 

     

 

 

  

Total Distributions

      (119,439)         (1,639,856)   
  

 

 

     

 

 

  

CAPITAL SHARE TRANSACTIONS:

      

Shares sold

      

Class T

      4,582,907         2,446,739   

Class T1

      19,503,919         25,284,394   

Class L

      276,967         70,553   

Shares issued in reinvestment of distributions

      

Class T

      19,654         161,990   

Class T1

      98,862         1,473,297   

Class L

      923         4,569   

Shares redeemed

      

Class T

      (973,126)         (1,561,300)   

Class T1

      (8,453,511)         (8,028,330)   

Class L

      (116,428)         (8,099)   
  

 

 

     

 

 

  

Net Increase in Net Assets Resulting from Capital Share Transactions

      14,940,167         19,843,813   
  

 

 

     

 

 

  

Total Increase in Net Assets

      16,828,715         16,767,025   
  

 

 

     

 

 

  

NET ASSETS:

      

Beginning of period

      32,946,794         16,179,769   
  

 

 

     

 

 

  

End of period (a)

      $49,775,509         $32,946,794   
  

 

 

     

 

 

  

CAPITAL SHARE TRANSACTIONS - SHARES:

      

Shares sold

      

Class T

      320,691         170,696   

Class T1

      1,387,958         1,771,541   

Class L

      31,366         7,490   

Shares issued in reinvestment of distributions

      

Class T

      1,454         12,250   

Class T1

      7,339         112,028   

Class L

      108         549   

Shares redeemed

      

Class T

      (70,168)         (110,840)   

Class T1

      (606,767)         (563,470)   

Class L

      (13,153)         (869)   
  

 

 

     

 

 

  

Net Increase

      1,058,828         1,399,375   
  

 

 

     

 

 

  

(a) Including undistributed net investment income:

      $5,798         $0   

 

    See notes to financial statements.

 

 

    Semi-Annual Report - June 29, 2012

MAXIM SERIES FUND, INC.

STATEMENT OF CHANGES IN NET ASSETS

For the period ended June 29, 2012 and fiscal year ended December 31, 2011

 

                                                     
     2012
    (Unaudited)		                      2011  
Maxim Lifetime 2055 Portfolio III                

OPERATIONS:

      

Net investment income

      $5,276         $10,663   

Net realized gain (loss) on investments, affiliated

      (6,783)         4,975   

Net realized gain (loss) on investments, unaffiliated

      (2,375)         2,904   

Capital gain distributions received, affiliated

      –         11,019   

Capital gain distributions received, unaffiliated

      –         4,615   

Change in net unrealized appreciation (depreciation) on investments

      52,746         (69,993)   
  

 

 

     

 

 

  

Net Increase (Decrease) in Net Assets Resulting from Operations

      48,864         (35,817)   
  

 

 

     

 

 

  

DISTRIBUTIONS TO SHAREHOLDERS:

      

From net investment income

      

Class T

      (3,060)         (1,103)   

Class T1

      (1,940)         (9,426)   
  

 

 

     

 

 

  

From net investment income

      (5,000)         (10,529)   
  

 

 

     

 

 

  

From net realized gains

      

Class T

      –         (188)   

Class T1

      –         (1,022)   
  

 

 

     

 

 

  

From net realized gains

      0         (1,210)   
  

 

 

     

 

 

  

Total Distributions

      (5,000)         (11,739)   
  

 

 

     

 

 

  

CAPITAL SHARE TRANSACTIONS:

      

Shares sold

      

Class T

      1,224,131         138,986   

Class T1

      291,175         701,057   

Shares issued in reinvestment of distributions

      

Class T

      3,060         1,291   

Class T1

      1,940         10,448   

Shares redeemed

      

Class T

      (63,864)         (113,403)   

Class T1

      (93,024)         (31,261)   
  

 

 

     

 

 

  

Net Increase in Net Assets Resulting from Capital Share Transactions

      1,363,418         707,118   
  

 

 

     

 

 

  

Total Increase in Net Assets

      1,407,282         659,562   
  

 

 

     

 

 

  

NET ASSETS:

      

Beginning of period

      833,970         174,408   
  

 

 

     

 

 

  

End of period (a)

      $2,241,252         $833,970   
  

 

 

     

 

 

  

CAPITAL SHARE TRANSACTIONS - SHARES:

      

Shares sold

      

Class T

      85,162         9,599   

Class T1

      20,133         49,847   

Shares issued in reinvestment of distributions

      

Class T

      222         96   

Class T1

      141         780   

Shares redeemed

      

Class T

      (4,430)         (7,931)   

Class T1

      (6,656)         (2,260)   
  

 

 

     

 

 

  

Net Increase

      94,572         50,131   
  

 

 

     

 

 

  

(a) Including undistributed net investment income:

      $416         $140   

 

    See notes to financial statements.

 

 

    Semi-Annual Report - June 29, 2012

MAXIM SERIES FUND, INC.

FINANCIAL HIGHLIGHTS

Selected data for a share of capital stock of the Portfolio throughout the periods indicated.

 

     Years Ended December 31,           
    

Period Ended

June 29,

2012
(Unaudited)

     2011      2010      2009 (a)           
Maxim Lifetime 2015 Portfolio I - Class T                                          

NET ASSET VALUE, BEGINNING OF PERIOD

      $11.91        $12.44         $11.64         $10.00        

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

                

Net investment income

      0.11        0.69         0.27         0.21        

Capital gain distributions received

      –        0.12         0.04         0.01        

Net realized and unrealized gain (loss)

      0.51        (0.52)         0.91         1.61        
  

 

 

    

 

 

     

 

 

     

 

 

       

Total Income From Investment Operations

      0.62        0.29         1.22         1.83        
  

 

 

    

 

 

     

 

 

     

 

 

       

LESS DISTRIBUTIONS:

                

From net investment income

      (0.10)        (0.66)         (0.32)         (0.19)        

From net realized gains

      –        (0.16)         (0.10)         –        
  

 

 

    

 

 

     

 

 

     

 

 

       

Total Distributions

      (0.10)        (0.82)         (0.42)         (0.19)        
  

 

 

    

 

 

     

 

 

     

 

 

       

NET ASSET VALUE, END OF PERIOD

                  $12.43                    $11.91                     $12.44                     $11.64        
  

 

 

    

 

 

     

 

 

     

 

 

       

TOTAL RETURN(b)

      5.26% (c)      2.27%         10.68%         18.37% (c)      

SUPPLEMENTAL DATA AND RATIOS:

                

Net assets, end of period ($000)

      $49,614        $28,788         $25,585         $3,625        

Ratio of expenses to average net assets(d)

      0.12% (e)      0.12%         0.12%         0.12% (e)      

Ratio of net investment income to average net assets

      1.90% (e)      2.78%         3.08%         7.65% (e)      

Portfolio turnover rate(f)

      10% (c)      62%         48%         18% (c)      

 

(a) 

Class T inception date was May 1, 2009.

(b)

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.

(c) 

Not annualized for periods less than one full year.

(d)

Does not include expenses of the underlying investments in which the Portfolio invests.

(e)

Annualized.

(f)

Portfolio turnover is calculated at the Portfolio level.

 

    See notes to financial statements.

 

 

    Semi-Annual Report - June 29, 2012

MAXIM SERIES FUND, INC.

FINANCIAL HIGHLIGHTS

Selected data for a share of capital stock of the Portfolio throughout the periods indicated.

 

      Years Ended December 31,           
    

Period

Ended

June 29,

2012
(Unaudited)

     2011      2010     2009 (a)           
Maxim Lifetime 2015 Portfolio I - Class T1                                         

NET ASSET VALUE, BEGINNING OF PERIOD

      $11.95        $12.50         $11.64        $10.00        

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

               

Net investment income

      0.10        0.64         0.27        0.19        

Capital gain distributions received

      –        0.12         0.04        0.01        

Net realized and unrealized gain (loss)

      0.52        (0.50)         0.91        1.63        
  

 

 

    

 

 

     

 

 

    

 

 

       

Total Income From Investment Operations

      0.62        0.26         1.22        1.83        
  

 

 

    

 

 

     

 

 

    

 

 

       

LESS DISTRIBUTIONS:

               

From net investment income

      (0.10)        (0.65)         (0.26)        (0.19)        

From net realized gains

      –        (0.16)         (0.10)        –        
  

 

 

    

 

 

     

 

 

    

 

 

       

Total Distributions

      (0.10)        (0.81)         (0.36)        (0.19)        
  

 

 

    

 

 

     

 

 

    

 

 

       

NET ASSET VALUE, END OF PERIOD

                  $12.47                    $11.95                     $12.50                    $11.64        
  

 

 

    

 

 

     

 

 

    

 

 

       

TOTAL RETURN(b)

      5.20% (d)      2.15%         10.63% (c)      18.37% (d) (c)      

SUPPLEMENTAL DATA AND RATIOS:

               

Net assets, end of period ($000)

      $107,902        $81,643         $58,747        $10,546        

Ratio of expenses to average net assets(e)

      0.22% (f)      0.22%             

Before waiver

      N/A        N/A         0.22%        0.22% (f)      

After waiver

      N/A        N/A         0.22%        0.21% (f)      

Ratio of net investment income to average net assets

      1.82% (f)      2.74%             

Before waiver

      N/A        N/A         3.01%        8.02% (f)      

After waiver

      N/A        N/A         3.01%        8.03% (f)      

Portfolio turnover rate(g)

      10% (d)      62%         48%        18% (d)      

 

(a) 

Class T1 inception date was May 1, 2009.

(b) 

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.

(c) 

Performance shown net of distribution fees waived. Without the waiver, the return shown would have been lower.

(d)

Not annualized for periods less than one full year.

(e)

Does not include expenses of the underlying investments in which the Portfolio invests.

(f) 

Annualized.

(g) 

Portfolio turnover is calculated at the Portfolio level.

 

    See notes to financial statements.

 

 

    Semi-Annual Report - June 29, 2012

MAXIM SERIES FUND, INC.

FINANCIAL HIGHLIGHTS

Selected data for a share of capital stock of the Portfolio throughout the periods indicated.

 

     Years Ended December 31,           
    

Period

Ended

June 29,

2012
(Unaudited)

     2011      2010      2009 (a)           
Maxim Lifetime 2015 Portfolio II - Class T                                          

NET ASSET VALUE, BEGINNING OF PERIOD

      $12.41        $12.88         $11.86         $10.00        

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

                

Net investment income

      0.09        0.54         0.25         0.18        

Capital gain distributions received

      –        0.15         0.04         0.01        

Net realized and unrealized gain (loss)

      0.62        (0.50)         1.07         1.85        
  

 

 

    

 

 

     

 

 

     

 

 

       

Total Income From Investment Operations

      0.71        0.19         1.36         2.04        
  

 

 

    

 

 

     

 

 

     

 

 

       

LESS DISTRIBUTIONS:

                

From net investment income

      (0.09)        (0.54)         (0.25)         (0.18)        

From net realized gains

      –        (0.12)         (0.09)         –        
  

 

 

    

 

 

     

 

 

     

 

 

       

Total Distributions

      (0.09)        (0.66)         (0.34)         (0.18)        
  

 

 

    

 

 

     

 

 

     

 

 

       

NET ASSET VALUE, END OF PERIOD

                  $13.03                    $12.41                     $12.88                     $11.86        
  

 

 

    

 

 

     

 

 

     

 

 

       

TOTAL RETURN(b)

      5.69% (c)      1.49%         11.59%         20.48% (c)      

SUPPLEMENTAL DATA AND RATIOS:

                

Net assets, end of period ($000)

      $98,826        $37,125         $25,210         $3,353        

Ratio of expenses to average net assets(d)

      0.12% (e)      0.12%         0.12%         0.12% (e)      

Ratio of net investment income to average net assets

      1.84% (e)      2.67%         2.84%         7.61% (e)      

Portfolio turnover rate(f)

      8% (c)      52%         37%         104% (c)      

 

(a) 

Class T inception date was May 1, 2009.

(b) 

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.

(c) 

Not annualized for periods less than one full year.

(d)

Does not include expenses of the underlying investments in which the Portfolio invests.

(e) 

Annualized.

(f) 

Portfolio turnover is calculated at the Portfolio level.

 

    See notes to financial statements.

 

 

    Semi-Annual Report - June 29, 2012

MAXIM SERIES FUND, INC.

FINANCIAL HIGHLIGHTS

Selected data for a share of capital stock of the Portfolio throughout the periods indicated.

 

     Years Ended December 31,      
    

Period

Ended

June 29,
2012
(Unaudited)

     2011     2010     2009 (a)      
Maxim Lifetime 2015 Portfolio II - Class T1                                  

NET ASSET VALUE, BEGINNING OF PERIOD

      $12.40        $12.88        $11.86        $10.00     

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

           

Net investment income

      0.09        0.54        0.23        0.19     

Capital gain distributions received

      –        0.15        0.04        0.01     

Net realized and unrealized gain (loss)

      0.61        (0.51)        1.08        1.84     
  

 

 

    

 

 

    

 

 

    

 

 

    

Total Income From Investment Operations

      0.70        0.18        1.35        2.04     
  

 

 

    

 

 

    

 

 

    

 

 

    

LESS DISTRIBUTIONS:

           

From net investment income

      (0.09)        (0.54)        (0.24)        (0.18)     

From net realized gains

      –        (0.12)        (0.09)        –     
  

 

 

    

 

 

    

 

 

    

 

 

    

Total Distributions

      (0.09)        (0.66)        (0.33)        (0.18)     
  

 

 

    

 

 

    

 

 

    

 

 

    

NET ASSET VALUE, END OF PERIOD

                $13.01                  $12.40                  $12.88                  $11.86     
  

 

 

    

 

 

    

 

 

    

 

 

    

TOTAL RETURN(b)

      5.64% (d)      1.34%        11.50% (c)      20.53% (d) (c)   

SUPPLEMENTAL DATA AND RATIOS:

           

Net assets, end of period ($000)

      $435,561        $351,144        $199,406        $19,018     

Ratio of expenses to average net assets(e)

      0.22% (f)      0.22%         

Before waiver

      N/A        N/A        0.22%        0.22% (f)   

After waiver

      N/A        N/A        0.22%        0.22% (f)   

Ratio of net investment income to average net assets

      1.54% (f)      2.68%         

Before waiver

      N/A        N/A        2.82%        7.17% (f)   

After waiver

      N/A        N/A        2.82%        7.17% (f)   

Portfolio turnover rate(g)

      8% (d)      52%        37%        104% (d)   

 

(a) 

Class T1 inception date was May 1, 2009.

(b) 

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.

(c) 

Performance shown net of distribution fees waived. Without the waiver, the return shown would have been lower.

(d) 

Not annualized for periods less than one full year.

(e) 

Does not include expenses of the underlying investments in which the Portfolio invests.

(f) 

Annualized.

(g) 

Portfolio turnover is calculated at the Portfolio level.

 

    See notes to financial statements.

 

 

    Semi-Annual Report - June 29, 2012

MAXIM SERIES FUND, INC.

FINANCIAL HIGHLIGHTS

Selected data for a share of capital stock of the Portfolio throughout the periods indicated.

 

         

Period        

Ended        

December 31,

      
   

Period
Ended

June 29,
2012
(Unaudited)

     2011 (a)      
Maxim Lifetime 2015 Portfolio II - Class L                   

NET ASSET VALUE, BEGINNING OF PERIOD

     $9.09        $10.00     

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

      

Net investment income

     0.06        0.61     

Capital gain distributions received

     –        0.10     

Net realized and unrealized gain (loss)

     0.44        (0.95)     
 

 

 

    

 

 

    

Total Income (Loss) From Investment Operations

     0.50        (0.24)     
 

 

 

    

 

 

    

LESS DISTRIBUTIONS:

      

From net investment income

     (0.09)        (0.61)     

From net realized gains

     –        (0.06)     
 

 

 

    

 

 

    

Total Distributions

     (0.09)        (0.67)     
 

 

 

    

 

 

    

NET ASSET VALUE, END OF PERIOD

     $9.50        $9.09     
 

 

 

    

 

 

    

TOTAL RETURN(b)

     5.50% (c) (d)      (2.39%) (c) (d)   

SUPPLEMENTAL DATA AND RATIOS:

      

Net assets, end of period ($000)

     $4,176        $1,976     

Ratio of expenses to average net assets(e)

      

Before waiver

     0.37% (f)      0.37% (f)   

After waiver

     0.37% (f)      0.37% (f)   

Ratio of net investment income to average net assets

      

Before waiver

     1.76% (f)      3.95% (f)   

After waiver

     1.76% (f)      3.96% (f)   

Portfolio turnover rate(g)

     8% (c)      52% (c)   

 

(a)

Class L inception date was April 7, 2011.

(b)

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.

(c)

Not annualized for periods less than one full year.

(d)

Performance shown net of distribution fees waived. Without the waiver, the return shown would have been lower.

(e)

Does not include expenses of the underlying investments in which the Portfolio invests.

(f)

Annualized.

(g)

Portfolio turnover is calculated at the Portfolio level.

 

    See notes to financial statements.

 

 

    Semi-Annual Report - June 29, 2012

MAXIM SERIES FUND, INC.

FINANCIAL HIGHLIGHTS

Selected data for a share of capital stock of the Portfolio throughout the periods indicated.

 

           Years Ended December 31,            
    

Period

Ended

June 29,

2012
(Unaudited)

                 2011      2010                  2009 (a)      
Maxim Lifetime 2015 Portfolio III - Class T                                   

NET ASSET VALUE, BEGINNING OF PERIOD

      $12.55        $13.24         $12.13        $10.00     

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

            

Net investment income

      0.09        0.49         0.19        0.20     

Capital gain distributions received

      –        0.16         0.04        0.01     

Net realized and unrealized gain (loss)

      0.67        (0.61)         1.27        2.09     
  

 

 

    

 

 

     

 

 

    

 

 

    

Total Income From Investment Operations

      0.76        0.04         1.50        2.30     
  

 

 

    

 

 

     

 

 

    

 

 

    

LESS DISTRIBUTIONS:

            

From net investment income

      (0.09)        (0.53)         (0.18)        (0.17)     

From net realized gains

      –        (0.20)         (0.21)        –     
  

 

 

    

 

 

     

 

 

    

 

 

    

Total Distributions

      (0.09)        (0.73)         (0.39)        (0.17)     
  

 

 

    

 

 

     

 

 

    

 

 

    

NET ASSET VALUE, END OF PERIOD

      $13.22        $12.55         $13.24        $12.13     
  

 

 

    

 

 

     

 

 

    

 

 

    

TOTAL RETURN(b)

      6.12% (c)      0.31%         12.55%        23.07% (c)   

SUPPLEMENTAL DATA AND RATIOS:

            

Net assets, end of period ($000)

      $17,182        $2,900         $204        $20     

Ratio of expenses to average net assets(d)

      0.12% (e)      0.12%         0.12%        0.12% (e)   

Ratio of net investment income to average net assets

      1.55% (e)      5.64%         2.39%        3.14% (e)   

Portfolio turnover rate(f)

      11% (c)      78%         64%        65% (c)   

 

(a)

Class T inception date was May 1, 2009.

(b)

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.

(c)

Not annualized for periods less than one full year.

(d)

Does not include expenses of the underlying investments in which the Portfolio invests.

(e)

Annualized.

(f)

Portfolio turnover is calculated at the Portfolio level.

 

    See notes to financial statements.

 

 

    Semi-Annual Report - June 29, 2012

MAXIM SERIES FUND, INC.

FINANCIAL HIGHLIGHTS

Selected data for a share of capital stock of the Portfolio throughout the periods indicated.

 

           Years Ended December 31,            
    

Period

Ended
June 29,

2012
(Unaudited)

             2011      2010                  2009 (a)      
Maxim Lifetime 2015 Portfolio III - Class T1                                   

NET ASSET VALUE, BEGINNING OF PERIOD

      $12.58        $13.19         $12.13        $10.00     

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

            

Net investment income

      0.08        0.44         0.21        0.17     

Capital gain distributions received

      –        0.18         0.04        0.01     

Net realized and unrealized gain (loss)

      0.69        (0.59)         1.23        2.12     
  

 

 

    

 

 

     

 

 

    

 

 

    

Total Income From Investment Operations

      0.77        0.03         1.48        2.30     
  

 

 

    

 

 

     

 

 

    

 

 

    

LESS DISTRIBUTIONS:

            

From net investment income

      (0.08)        (0.44)         (0.21)        (0.17)     

From net realized gains

      –        (0.20)         (0.21)        –     
  

 

 

    

 

 

     

 

 

    

 

 

    

Total Distributions

      (0.08)        (0.64)         (0.42)        (0.17)     
  

 

 

    

 

 

     

 

 

    

 

 

    

NET ASSET VALUE, END OF PERIOD

      $13.27        $12.58         $13.19        $12.13     
  

 

 

    

 

 

     

 

 

    

 

 

    

TOTAL RETURN(b)

      6.04% (d)      0.35%         12.38% (c)      23.07% (d) (c)   

SUPPLEMENTAL DATA AND RATIOS:

            

Net assets, end of period ($000)

      $6,762        $6,638         $4,499        $1,535     

Ratio of expenses to average net assets(e)

      0.22% (f)      0.22%          

Before waiver

      N/A        N/A         0.22%        0.22% (f)   

After waiver

      N/A        N/A         0.22%        0.21% (f)   

Ratio of net investment income to average net assets

      1.18% (f)      2.31%          

Before waiver

      N/A        N/A         2.56%        5.57% (f)   

After waiver

      N/A        N/A         2.56%        5.58% (f)   

Portfolio turnover rate(g)

      11% (d)      78%         64%        65% (d)   

 

(a)

Class T1 inception date was May 1, 2009.

(b)

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.

(c)

Performance shown net of distribution fees waived. Without the waiver, the return shown would have been lower.

(d)

Not annualized for periods less than one full year.

(e)

Does not include expenses of the underlying investments in which the Portfolio invests.

(f) 

Annualized.

(g)

Portfolio turnover is calculated at the Portfolio level.

 

    See notes to financial statements.

 

 

    Semi-Annual Report - June 29, 2012

MAXIM SERIES FUND, INC.

FINANCIAL HIGHLIGHTS

Selected data for a share of capital stock of the Portfolio throughout the periods indicated.

 

      Years Ended December 31,             
    

Period

Ended
June 29,

2012
(Unaudited)

     2011      2010                   2009 (a)      
Maxim Lifetime 2025 Portfolio I - Class T                                    

NET ASSET VALUE, BEGINNING OF PERIOD

      $12.30        $13.11         $12.03         $10.00     

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

             

Net investment income

      0.10        0.69         0.24         0.19     

Capital gain distributions received

      –        0.16         0.04         0.01     

Net realized and unrealized gain (loss)

      0.61        (0.82)         1.18         2.00     
  

 

 

    

 

 

     

 

 

     

 

 

    

Total Income From Investment Operations

      0.71        0.03         1.46         2.20     
  

 

 

    

 

 

     

 

 

     

 

 

    

LESS DISTRIBUTIONS:

             

From net investment income

      (0.09)        (0.68)         (0.28)         (0.17)     

From net realized gains

      –        (0.16)         (0.10)         –     
  

 

 

    

 

 

     

 

 

     

 

 

    

Total Distributions

      (0.09)        (0.84)         (0.38)         (0.17)     
  

 

 

    

 

 

     

 

 

     

 

 

    

NET ASSET VALUE, END OF PERIOD

      $12.92        $12.30         $13.11         $12.03     
  

 

 

    

 

 

     

 

 

     

 

 

    

TOTAL RETURN(b)

      5.80% (c)      0.22%         12.26%         22.15% (c)   

SUPPLEMENTAL DATA AND RATIOS:

             

Net assets, end of period ($000)

      $61,548        $42,230         $40,346         $5,517     

Ratio of expenses to average net assets(d)

      0.12% (e)      0.12%         0.12%         0.12% (e)   

Ratio of net investment income to average net assets

      1.64% (e)      2.43%         2.78%         5.49% (e)   

Portfolio turnover rate(f)

      6% (c)      54%         42%         24% (c)   

 

(a)

Class T inception date was May 1, 2009.

(b)

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.

(c)

Not annualized for periods less than one full year.

(d)

Does not include expenses of the underlying investments in which the Portfolio invests.

(e)

Annualized.

(f)

Portfolio turnover is calculated at the Portfolio level.

 

    See notes to financial statements.

 

 

    Semi-Annual Report - June 29, 2012

MAXIM SERIES FUND, INC.

FINANCIAL HIGHLIGHTS

Selected data for a share of capital stock of the Portfolio throughout the periods indicated.

 

           Years Ended December 31,            
    

Period

Ended
June 29,

2012
(Unaudited)

     2011      2010                 2009  (a)      
Maxim Lifetime 2025 Portfolio I - Class T1                                   

NET ASSET VALUE, BEGINNING OF PERIOD

      $12.31        $13.13         $12.03        $10.00     

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

            

Net investment income

      0.09        0.67         0.24        0.17     

Capital gain distributions received

      –        0.16         0.04        0.01     

Net realized and unrealized gain (loss)

      0.62        (0.81)         1.15        2.02     
  

 

 

    

 

 

     

 

 

    

 

 

    

Total Income From Investment Operations

      0.71        0.02         1.43        2.20     
  

 

 

    

 

 

     

 

 

    

 

 

    

LESS DISTRIBUTIONS:

            

From net investment income

      (0.09)        (0.68)         (0.23)        (0.17)     

From net realized gains

      –        (0.16)         (0.10)        –     
  

 

 

    

 

 

     

 

 

    

 

 

    

Total Distributions

      (0.09)        (0.84)         (0.33)        (0.17)     
  

 

 

    

 

 

     

 

 

    

 

 

    

NET ASSET VALUE, END OF PERIOD

      $12.93        $12.31         $13.13        $12.03     
  

 

 

    

 

 

     

 

 

    

 

 

    

TOTAL RETURN(b)

      5.76% (d)      0.17%         12.03% (c)      22.15% (d) (c)   

SUPPLEMENTAL DATA AND RATIOS:

            

Net assets, end of period ($000)

      $126,815        $95,598         $64,989        $10,814     

Ratio of expenses to average net assets(e)

      0.22% (f)      0.22%          

Before waiver

      N/A        N/A         0.22%        0.22% (f)   

After waiver

      N/A        N/A         0.22%        0.22% (f)   

Ratio of net investment income to average net assets

      1.55% (f)      2.48%          

Before waiver

      N/A        N/A         2.77%        6.37% (f)   

After waiver

      N/A        N/A         2.77%        6.37% (f)   

Portfolio turnover rate(g)

      6% (d)      54%         42%        24% (d)   

 

(a)

Class T1 inception date was May 1, 2009.

(b)

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.

(c)

Performance shown net of distribution fees waived. Without the waiver, the return shown would have been lower.

(d)

Not annualized for periods less than one full year.

(e)

Does not include expenses of the underlying investments in which the Portfolio invests.

(f)

Annualized.

(g)

Portfolio turnover is calculated at the Portfolio level.

 

    See notes to financial statements.

 

 

    Semi-Annual Report - June 29, 2012

MAXIM SERIES FUND, INC.

FINANCIAL HIGHLIGHTS

Selected data for a share of capital stock of the Portfolio throughout the periods indicated.

 

     Years Ended December 31,      
    

Period

Ended
June 29,

2012
(Unaudited)

     2011      2010                  2009  (a)      
Maxim Lifetime 2025 Portfolio II - Class T                                    

NET ASSET VALUE, BEGINNING OF PERIOD

      $12.86        $13.68         $12.35         $10.00     

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

             

Net investment income

      0.08        0.49         0.21         0.16     

Capital gain distributions received

      –        0.22         0.04         0.01     

Net realized and unrealized gain (loss)

      0.74        (0.84)         1.36         2.33     
  

 

 

    

 

 

     

 

 

     

 

 

    

Total Income (Loss) From Investment Operations

      0.82        (0.13)         1.61         2.50     
  

 

 

    

 

 

     

 

 

     

 

 

    

LESS DISTRIBUTIONS:

             

From net investment income

      (0.08)        (0.52)         (0.19)         (0.15)     

From net realized gains

      –        (0.17)         (0.09)         –     
  

 

 

    

 

 

     

 

 

     

 

 

    

Total Distributions

      (0.08)        (0.69)         (0.28)         (0.15)     
  

 

 

    

 

 

     

 

 

     

 

 

    

NET ASSET VALUE, END OF PERIOD

      $13.60        $12.86         $13.68         $12.35     
  

 

 

    

 

 

     

 

 

     

 

 

    

TOTAL RETURN(b)

      6.28% (c)      (1.00%)         13.23%         25.14% (c)   

SUPPLEMENTAL DATA AND RATIOS:

             

Net assets, end of period ($000)

      $116,716        $46,667         $40,717         $20,100     

Ratio of expenses to average net assets(d)

      0.12% (e)      0.12%         0.12%         0.12% (e)   

Ratio of net investment income to average net assets

      1.41% (e)      2.02%         2.06%         12.62% (e)   

Portfolio turnover rate(f)

      5% (c)      50%         33%         14% (c)   

 

(a)

Class T inception date was May 1, 2009.

(b)

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.

(c)

Not annualized for periods less than one full year.

(d)

Does not include expenses of the underlying investments in which the Portfolio invests.

(e)

Annualized.

(f)

Portfolio turnover is calculated at the Portfolio level.

 

    See notes to financial statements.

 

 

    Semi-Annual Report - June 29, 2012

MAXIM SERIES FUND, INC.

FINANCIAL HIGHLIGHTS

Selected data for a share of capital stock of the Portfolio throughout the periods indicated.

 

           Years Ended December 31,            
    

Period

Ended
June 29,

2012
(Unaudited)

     2011      2010                 2009  (a)      
Maxim Lifetime 2025 Portfolio II - Class T1                                   

NET ASSET VALUE, BEGINNING OF PERIOD

      $12.80        $13.66         $12.34        $10.00     

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

            

Net investment income

      0.07        0.53         0.20        0.15     

Capital gain distributions received

      –        0.20         0.04        0.01     

Net realized and unrealized gain (loss)

      0.74        (0.89)         1.37        2.33     
  

 

 

    

 

 

     

 

 

    

 

 

    

Total Income (Loss) From Investment Operations

      0.81        (0.16)         1.61        2.49     
  

 

 

    

 

 

     

 

 

    

 

 

    

LESS DISTRIBUTIONS:

            

From net investment income

      (0.07)        (0.53)         (0.20)        (0.15)     

From net realized gains

      –        (0.17)         (0.09)        –     
  

 

 

    

 

 

     

 

 

    

 

 

    

Total Distributions

      (0.07)        (0.70)         (0.29)        (0.15)     
  

 

 

    

 

 

     

 

 

    

 

 

    

NET ASSET VALUE, END OF PERIOD

      $13.54        $12.80         $13.66        $12.34     
  

 

 

    

 

 

     

 

 

    

 

 

    

TOTAL RETURN(b)

      6.26% (d)      (1.18%)         13.26% (c)      25.04% (d) (c)   

SUPPLEMENTAL DATA AND RATIOS:

            

Net assets, end of period ($000)

      $583,727        $443,236         $243,313        $26,103     

Ratio of expenses to average net assets(e)

      0.22% (f)      0.22%          

Before waiver

      N/A        N/A         0.22%        0.22% (f)   

After waiver

      N/A        N/A         0.22%        0.22% (f)   

Ratio of net investment income to average net assets

      1.20% (f)      2.25%          

Before waiver

      N/A        N/A         2.37%        6.02% (f)   

After waiver

      N/A        N/A         2.37%        6.02% (f)   

Portfolio turnover rate(g)

      5% (d)      50%         33%        14% (d)   

 

(a)

Class T1 inception date was May 1, 2009.

(b)

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.

(c)

Performance shown net of distribution fees waived. Without the waiver, the return shown would have been lower.

(d)

Not annualized for periods less than one full year.

(e)

Does not include expenses of the underlying investments in which the Portfolio invests.

(f)

Annualized.

(g)

Portfolio turnover is calculated at the Portfolio level.

 

    See notes to financial statements.

 

 

    Semi-Annual Report - June 29, 2012

MAXIM SERIES FUND, INC.

FINANCIAL HIGHLIGHTS

Selected data for a share of capital stock of the Portfolio throughout the periods indicated.

 

           Year Ended
December 31,		      
    

Period

Ended
June 29,

2012
(Unaudited)

     2011 (a)      
Maxim Lifetime 2025 Portfolio II - Class L                    

NET ASSET VALUE, BEGINNING OF PERIOD

      $8.73        $10.00     

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

       

Net investment income

      0.04        0.58     

Capital gain distributions received

      –        0.13     

Net realized and unrealized gain (loss)

      0.50        (1.27)     
  

 

 

    

 

 

    

Total Income (Loss) From Investment Operations

      0.54        (0.56)     
  

 

 

    

 

 

    

LESS DISTRIBUTIONS:

       

From net investment income

      (0.07)        (0.58)     

From net realized gains

      –        (0.13)     
  

 

 

    

 

 

    

Total Distributions

      (0.07)        (0.71)     
  

 

 

    

 

 

    

NET ASSET VALUE, END OF PERIOD

      $9.20        $8.73     
  

 

 

    

 

 

    

TOTAL RETURN(b)

      6.21% (c)      (5.69%) (c) (d)   

SUPPLEMENTAL DATA AND RATIOS:

       

Net assets, end of period ($000)

      $8,164        $3,489     

Ratio of expenses to average net assets(e)

      0.37% (f)     

Before waiver

      N/A        0.37% (f)   

After waiver

      N/A        0.37% (f)   

Ratio of net investment income to average net assets

      1.30% (f)     

Before waiver

      N/A        3.38% (f)   

After waiver

      N/A        3.38% (f)   

Portfolio turnover rate(g)

      5% (c)      50% (c)   

 

(a)

Class L inception date was April 7, 2011.

(b)

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.

(c)

Not annualized for periods less than one full year.

(d)

Performance shown net of distribution fees waived. Without the waiver, the return shown would have been lower.

(e)

Does not include expenses of the underlying investments in which the Portfolio invests.

(f)

Annualized.

(g)

Portfolio turnover is calculated at the Portfolio level.

 

    See notes to financial statements.

 

 

    Semi-Annual Report - June 29, 2012

MAXIM SERIES FUND, INC.

FINANCIAL HIGHLIGHTS

Selected data for a share of capital stock of the Portfolio throughout the periods indicated.

 

           Years Ended December 31,             
    

Period

Ended

June 29,

2012
(Unaudited)

     2011      2010      2009 (a)      
Maxim Lifetime 2025 Portfolio III - Class T                                    

NET ASSET VALUE, BEGINNING OF PERIOD

      $12.94        $13.94         $12.61         $10.00     

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

             

Net investment income

      0.06        0.56         0.16         0.15     

Capital gain distributions received

      –        0.22         0.04         0.01     

Net realized and unrealized gain (loss)

      0.81        (1.11)         1.58         2.59     
  

 

 

    

 

 

     

 

 

     

 

 

    

Total Income (Loss) From Investment Operations

      0.87        (0.33)         1.78         2.75     
  

 

 

    

 

 

     

 

 

     

 

 

    

LESS DISTRIBUTIONS:

             

From net investment income

      (0.06)        (0.58)         (0.15)         (0.14)     

From net realized gains

      –        (0.09)         (0.30)         –     
  

 

 

    

 

 

     

 

 

     

 

 

    

Total Distributions

      (0.06)        (0.67)         (0.45)         (0.14)     
  

 

 

    

 

 

     

 

 

     

 

 

    

NET ASSET VALUE, END OF PERIOD

      $13.75        $12.94         $13.94                     $12.61     
  

 

 

    

 

 

     

 

 

     

 

 

    

TOTAL RETURN(b)

      6.75% (c)      (2.34%)         14.32%         27.63% (c)   

SUPPLEMENTAL DATA AND RATIOS:

             

Net assets, end of period ($000)

      $38,202        $6,666         $939         $166     

Ratio of expenses to average net assets(d)

      0.12% (e)      0.12%         0.12%         0.12% (e)   

Ratio of net investment income to average net assets

      1.07% (e)      4.20%         2.15%         5.71% (e)   

Portfolio turnover rate(f)

      12% (c)      83%         84%         108% (c)   

 

(a)

Class T inception date was May 1, 2009.

(b)

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.

(c)

Not annualized for periods less than one full year.

(d)

Does not include expenses of the underlying investments in which the Portfolio invests.

(e)

Annualized.

(f)

Portfolio turnover is calculated at the Portfolio level.

 

    See notes to financial statements.

 

 

    Semi-Annual Report - June 29, 2012

MAXIM SERIES FUND, INC.

FINANCIAL HIGHLIGHTS

Selected data for a share of capital stock of the Portfolio throughout the periods indicated.

 

                 Years Ended December 31,           
     Period
Ended
June 29,
2012
(Unaudited)		     2011      2010     2009 (a)           
Maxim Lifetime 2025 Portfolio III - Class T1                                         

NET ASSET VALUE, BEGINNING OF PERIOD

      $12.97        $13.92         $12.61        $10.00        

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

               

Net investment income

      0.05        0.52         0.15        0.14        

Capital gain distributions received

      –        0.24         0.03        0.01        

Net realized and unrealized gain (loss)

      0.82              (1.10)         1.58        2.60        
  

 

 

    

 

 

     

 

 

    

 

 

       

Total Income (Loss) From Investment Operations

      0.87        (0.34)         1.76        2.75        
  

 

 

    

 

 

     

 

 

    

 

 

       

LESS DISTRIBUTIONS:

               

From net investment income

          (0.05)        (0.52)         (0.15)              (0.14)        

From net realized gains

      –        (0.09)               (0.30)        –        
  

 

 

    

 

 

     

 

 

    

 

 

       

Total Distributions

      (0.05)        (0.61)         (0.45)        (0.14)        
  

 

 

    

 

 

     

 

 

    

 

 

       

NET ASSET VALUE, END OF PERIOD

      $13.79            $12.97             $13.92            $12.61        
  

 

 

    

 

 

     

 

 

    

 

 

       

TOTAL RETURN(b)

      6.75% (d)      (2.38%)         14.14% (c)      27.63% (d) (c)      

SUPPLEMENTAL DATA AND RATIOS:

               

Net assets, end of period ($000)

      $9,218        $8,790         $4,928        $2,016        

Ratio of expenses to average net assets(e)

      0.22% (f)      0.22%             

Before waiver

      N/A        N/A         0.22%        0.22% (f)      

After waiver

      N/A        N/A         0.22%        0.21% (f)      

Ratio of net investment income to average net assets

      0.82% (f)      2.05%             

Before waiver

      N/A        N/A         1.76%        4.85% (f)      

After waiver

      N/A        N/A         1.76%        4.86% (f)      

Portfolio turnover rate(g)

      12% (d)      83%         84%        108% (d)      

 

(a)

Class T1 inception date was May 1, 2009.

(b)

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.

(c)

Performance shown net of distribution fees waived. Without the waiver, the return shown would have been lower.

(d)

Not annualized for periods less than one full year.

(e)

Does not include expenses of the underlying investments in which the Portfolio invests.

(f)

Annualized.

(g)

Portfolio turnover is calculated at the Portfolio level.

 

    See notes to financial statements.

 

 

    Semi-Annual Report - June 29, 2012

MAXIM SERIES FUND, INC.

FINANCIAL HIGHLIGHTS

Selected data for a share of capital stock of the Portfolio throughout the periods indicated.

 

                                                                                                                 
     Years Ended December 31,           
     Period
Ended
June 29,
2012
(Unaudited)		     2011      2010      2009 (a)           
Maxim Lifetime 2035 Portfolio I - Class T                                          

NET ASSET VALUE, BEGINNING OF PERIOD

      $12.74        $13.87         $12.49         $10.00        

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

                

Net investment income

      0.07        0.72         0.19         0.17        

Capital gain distributions received

      –        0.22         0.04         0.01        

Net realized and unrealized gain (loss)

      0.76        (1.22)         1.48         2.46        
  

 

 

    

 

 

     

 

 

     

 

 

       

Total Income (Loss) From Investment Operations

      0.83        (0.28)         1.71         2.64        
  

 

 

    

 

 

     

 

 

     

 

 

       

LESS DISTRIBUTIONS:

                

From net investment income

      (0.07)        (0.70)         (0.23)         (0.15)        

From net realized gains

      –        (0.15)         (0.10)         –        
  

 

 

    

 

 

     

 

 

     

 

 

       

Total Distributions

      (0.07)        (0.85)         (0.33)         (0.15)        
  

 

 

    

 

 

     

 

 

     

 

 

       

NET ASSET VALUE, END OF PERIOD

        $13.50          $12.74           $13.87           $12.49        
  

 

 

    

 

 

     

 

 

     

 

 

       

TOTAL RETURN(b)

      6.52% (c)      (2.02%)         13.80%         26.50% (c)      

SUPPLEMENTAL DATA AND RATIOS:

                

Net assets, end of period ($000)

      $41,013        $29,585         $27,133         $2,319        

Ratio of expenses to average net assets(d)

      0.12% (e)      0.12%         0.12%         0.12% (e)      

Ratio of net investment income to average net assets

      1.17% (e)      1.98%         2.46%         6.44% (e)      

Portfolio turnover rate(f)

      7% (c)      53%         44%         9% (c)      

 

(a)

Class T inception date was May 1, 2009.

(b)

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.

(c)

Not annualized for periods less than one full year.

(d)

Does not include expenses of the underlying investments in which the Portfolio invests.

(e)

Annualized.

(f)

Portfolio turnover is calculated at the Portfolio level.

 

    See notes to financial statements.

 

 

    Semi-Annual Report - June 29, 2012

MAXIM SERIES FUND, INC.

FINANCIAL HIGHLIGHTS

Selected data for a share of capital stock of the Portfolio throughout the periods indicated.

 

                                                                                                                 
     Years Ended December 31,           
     Period
Ended
June 29,
2012
(Unaudited)		     2011      2010     2009 (a)           
Maxim Lifetime 2035 Portfolio I - Class T1                                         

NET ASSET VALUE, BEGINNING OF PERIOD

      $12.75        $13.89         $12.48        $10.00        

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

               

Net investment income

      0.06        0.68         0.19        0.15        

Capital gain distributions received

      –        0.22         0.04        0.01        

Net realized and unrealized gain (loss)

      0.76        (1.20)         1.46        2.47        
  

 

 

    

 

 

     

 

 

    

 

 

       

Total Income (Loss) From Investment Operations

      0.82        (0.30)         1.69        2.63        
  

 

 

    

 

 

     

 

 

    

 

 

       

LESS DISTRIBUTIONS:

               

From net investment income

      (0.06)        (0.69)         (0.18)        (0.15)        

From net realized gains

      –        (0.15)         (0.10)        –        
  

 

 

    

 

 

     

 

 

    

 

 

       

Total Distributions

      (0.06)        (0.84)         (0.28)        (0.15)        
  

 

 

    

 

 

     

 

 

    

 

 

       

NET ASSET VALUE, END OF PERIOD

        $13.51          $12.75           $13.89          $12.48        
  

 

 

    

 

 

     

 

 

    

 

 

       

TOTAL RETURN(b)

      6.47% (d)      (2.12%)         13.69% (c)      26.40% (d) (c)      

SUPPLEMENTAL DATA AND RATIOS:

               

Net assets, end of period ($000)

      $93,659        $72,088         $43,639        $7,346        

Ratio of expenses to average net assets(e)

      0.22% (f)      0.22%             

Before waiver

      N/A        N/A         0.22%        0.22% (f)      

After waiver

      N/A        N/A         0.22%        0.22% (f)      

Ratio of net investment income to average net assets

      1.06% (f)      2.03%             

Before waiver

      N/A        N/A         2.17%        5.77% (f)      

After waiver

      N/A        N/A         2.17%        5.77% (f)      

Portfolio turnover rate(g)

      7% (d)      53%         44%        9% (d)      

 

(a)

Class T1 inception date was May 1, 2009.

(b)

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.

(c)

Performance shown net of distribution fees waived. Without the waiver, the return shown would have been lower.

(d)

Not annualized for periods less than one full year.

(e)

Does not include expenses of the underlying investments in which the Portfolio invests.

(f)

Annualized.

(g) 

Portfolio turnover is calculated at the Portfolio level.

 

    See notes to financial statements.

 

 

    Semi-Annual Report - June 29, 2012

MAXIM SERIES FUND, INC.

FINANCIAL HIGHLIGHTS

Selected data for a share of capital stock of the Portfolio throughout the periods indicated.

 

                                                                                                                             
     Years Ended December 31,           
     Period
Ended
June 29,
2012
(Unaudited)		     2011      2010      2009 (a)           
Maxim Lifetime 2035 Portfolio II - Class T                                          

NET ASSET VALUE, BEGINNING OF PERIOD

      $13.10        $14.29         $12.72         $10.00        

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

                

Net investment income

      0.05        0.54         0.17         0.10        

Capital gain distributions received

      –        0.26         0.04         0.01        

Net realized and unrealized gain (loss)

      0.85        (1.25)         1.62         2.71        
  

 

 

    

 

 

     

 

 

     

 

 

       

Total Income (Loss) From Investment Operations

      0.90        (0.45)         1.83         2.82        
  

 

 

    

 

 

     

 

 

     

 

 

       

LESS DISTRIBUTIONS:

                

From net investment income

      (0.05)        (0.55)         (0.16)         (0.10)        

From net realized gains

      –        (0.19)         (0.10)         –        
  

 

 

    

 

 

     

 

 

     

 

 

       

Total Distributions

      (0.05)        (0.74)         (0.26)         (0.10)        
  

 

 

    

 

 

     

 

 

     

 

 

       

NET ASSET VALUE, END OF PERIOD

          $13.95            $13.10             $14.29             $12.72        
  

 

 

    

 

 

     

 

 

     

 

 

       

TOTAL RETURN(b)

      6.90% (c)      (3.17%)         14.60%         28.19% (c)      

SUPPLEMENTAL DATA AND RATIOS:

                

Net assets, end of period ($000)

      $68,184        $27,285         $21,833         $8,028        

Ratio of expenses to average net assets(d)

      0.12% (e)      0.12%         0.12%         0.12% (e)      

Ratio of net investment income to average net assets

      0.94% (e)      1.66%         1.72%         11.71% (e)      

Portfolio turnover rate(f)

      4% (c)      51%         36%         13% (c)      

 

(a)

Class T inception date was May 1, 2009.

(b)

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.

(c)

Not annualized for periods less than one full year.

(d)

Does not include expenses of the underlying investments in which the Portfolio invests.

(e)

Annualized.

(f)

Portfolio turnover is calculated at the Portfolio level.

 

    See notes to financial statements.

 

 

    Semi-Annual Report - June 29, 2012

MAXIM SERIES FUND, INC.

FINANCIAL HIGHLIGHTS

Selected data for a share of capital stock of the Portfolio throughout the periods indicated.

 

                                                                                                                 
     Years Ended December 31,           
     Period
Ended
June 29,
2012
(Unaudited)		     2011      2010     2009 (a)           
Maxim Lifetime 2035 Portfolio II - Class T1                                         

NET ASSET VALUE, BEGINNING OF PERIOD

      $13.07        $14.27         $12.72        $10.00        

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

               

Net investment income

      0.05        0.55         0.16        0.10        

Capital gain distributions received

      –        0.25         0.04        0.01        

Net realized and unrealized gain (loss)

      0.84        (1.26)         1.62        2.71        
  

 

 

    

 

 

     

 

 

    

 

 

       

Total Income (Loss) From Investment Operations

      0.89        (0.46)         1.82        2.82        
  

 

 

    

 

 

     

 

 

    

 

 

       

LESS DISTRIBUTIONS:

               

From net investment income

      (0.05)        (0.55)         (0.16)        (0.10)        

From net realized gains

      –        (0.19)         (0.11)        –        
  

 

 

    

 

 

     

 

 

    

 

 

       

Total Distributions

      (0.05)        (0.74)         (0.27)        (0.10)        
  

 

 

    

 

 

     

 

 

    

 

 

       

NET ASSET VALUE, END OF PERIOD

          $13.91            $13.07             $14.27            $12.72        
  

 

 

    

 

 

     

 

 

    

 

 

       

TOTAL RETURN(b)

      6.87% (d)      (3.30%)         14.41% (c)      28.19% (d) (c)      

SUPPLEMENTAL DATA AND RATIOS:

               

Net assets, end of period ($000)

      $399,470        $300,439         $169,728        $21,191        

Ratio of expenses to average net assets(e)

      0.22% (f)      0.22%             

Before waiver

      N/A        N/A         0.22%        0.22% (f)      

After waiver

      N/A        N/A         0.22%        0.22% (f)      

Ratio of net investment income to average net assets

      0.77% (f)      1.80%             

Before waiver

      N/A        N/A         1.86%        5.20% (f)      

After waiver

      N/A        N/A         1.86%        5.20% (f)      

Portfolio turnover rate(g)

      4% (d)      51%         36%        13% (d)      

 

(a)

Class T1 inception date was May 1, 2009.

(b)

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.

(c)

Performance shown net of distribution fees waived. Without the waiver, the return shown would have been lower.

(d)

Not annualized for periods less than one full year.

(e)

Does not include expenses of the underlying investments in which the Portfolio invests.

(f)

Annualized.

(g)

Portfolio turnover is calculated at the Portfolio level.

 

    See notes to financial statements.

 

 

    Semi-Annual Report - June 29, 2012

MAXIM SERIES FUND, INC.

FINANCIAL HIGHLIGHTS

Selected data for a share of capital stock of the Portfolio throughout the periods indicated.

 

                                                                                                                 
     

Year Ended

December 31,

                     
     Period
Ended
June 29,
2012
(Unaudited)		     2011 (a)                     
Maxim Lifetime 2035 Portfolio II - Class L                                

 

NET ASSET VALUE, BEGINNING OF PERIOD

      $8.41        $10.00              

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

                

Net investment income

      0.03        0.60              

Capital gain distributions received

      –        0.16              

Net realized and unrealized gain (loss)

      0.54        (1.61)              
  

 

 

    

 

 

             

Total Income (Loss) From Investment Operations

      0.57        (0.85)              
  

 

 

    

 

 

             

LESS DISTRIBUTIONS:

                

From net investment income

      (0.05)        (0.60)              

From net realized gains

      –        (0.14)              
  

 

 

    

 

 

             

Total Distributions

      (0.05)        (0.74)              
  

 

 

    

 

 

             

NET ASSET VALUE, END OF PERIOD

      $8.93        $8.41              
  

 

 

    

 

 

             

TOTAL RETURN(b)

      6.76% (c) (d)      (8.50%) (c) (d)            

SUPPLEMENTAL DATA AND RATIOS:

                

Net assets, end of period ($000)

      $4,331        $1,789              

Ratio of expenses to average net assets(e)

                

Before waiver

      0.37% (f)      0.37% (f)            

After waiver

      0.37% (f)      0.37% (f)            

Ratio of net investment income to average net assets

                

Before waiver

      0.78% (f)      3.04% (f)            

After waiver

      0.78% (f)      3.04% (f)            

Portfolio turnover rate(g)

      4% (c)      51% (c)            

 

(a) 

Class L inception date was April 7, 2011.

(b) 

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.

(c) 

Not annualized for periods less than one full year.

(d) 

Performance shown net of distribution fees waived. Without the waiver, the return shown would have been lower.

(e) 

Does not include expenses of the underlying investments in which the Portfolio invests.

(f) 

Annualized.

(g) 

Portfolio turnover is calculated at the Portfolio level.

 

    See notes to financial statements.

 

 

    Semi-Annual Report - June 29, 2012

MAXIM SERIES FUND, INC.

FINANCIAL HIGHLIGHTS

Selected data for a share of capital stock of the Portfolio throughout the periods indicated.

 

      Years Ended December 31,             
    

Period
Ended

June 29,
2012
(Unaudited)

     2011      2010      2009 (a)      
Maxim Lifetime 2035 Portfolio III - Class T                               

 

NET ASSET VALUE, BEGINNING OF PERIOD

      $13.18        $14.39         $12.84         $10.00     

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

             

Net investment income

      0.04        0.44         0.14         0.14     

Capital gain distributions received

      –        0.24         0.04         0.01     

Net realized and unrealized gain (loss)

      0.89        (1.22)         1.75         2.82     
  

 

 

    

 

 

     

 

 

     

 

 

    

Total Income (Loss) From Investment Operations

      0.93        (0.54)         1.93         2.97     
  

 

 

    

 

 

     

 

 

     

 

 

    

LESS DISTRIBUTIONS:

             

From net investment income

      (0.04)        (0.56)         (0.04)         (0.13)     

From net realized gains

      –        (0.11)         (0.34)         –     
  

 

 

    

 

 

     

 

 

     

 

 

    

Total Distributions

      (0.04)        (0.67)         (0.38)         (0.13)     
  

 

 

    

 

 

     

 

 

     

 

 

    

NET ASSET VALUE, END OF PERIOD

      $14.07        $13.18         $14.39                 $12.84     
  

 

 

    

 

 

     

 

 

     

 

 

    

TOTAL RETURN(b)

      7.17% (c)      (3.79%)         15.14%         29.81% (c)   

SUPPLEMENTAL DATA AND RATIOS:

             

Net assets, end of period ($000)

      $34,961        $2,887         $291         $30     

Ratio of expenses to average net assets(d)

      0.12% (e)      0.12%         0.12%         0.12% (e)   

Ratio of net investment income to average net assets

      0.76% (e)      4.38%         1.67%         2.43% (e)   

Portfolio turnover rate(f)

      7% (c)      64%         81%         27% (c)   

 

(a) 

Class T inception date was May 1, 2009.

(b) 

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.

(c) 

Not annualized for periods less than one full year.

(d) 

Does not include expenses of the underlying investments in which the Portfolio invests.

(e) 

Annualized.

(f) 

Portfolio turnover is calculated at the Portfolio level.

 

    See notes to financial statements.

 

 

    Semi-Annual Report - June 29, 2012

MAXIM SERIES FUND, INC.

FINANCIAL HIGHLIGHTS

Selected data for a share of capital stock of the Portfolio throughout the periods indicated.

 

      Years Ended December 31,            
    

Period
Ended

June 29,
2012
(Unaudited)

     2011      2010     2009 (a)      
Maxim Lifetime 2035 Portfolio III - Class T1                              

 

NET ASSET VALUE, BEGINNING OF PERIOD

      $13.19        $14.38         $12.84        $10.00     

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

            

Net investment income

      0.04        0.42         0.12        0.13     

Capital gain distributions received

      –        0.25         0.03        0.01     

Net realized and unrealized gain (loss)

      0.89        (1.24)         1.76        2.83     
  

 

 

    

 

 

     

 

 

    

 

 

    

Total Income (Loss) From Investment Operations

      0.93        (0.57)         1.91        2.97     
  

 

 

    

 

 

     

 

 

    

 

 

    

LESS DISTRIBUTIONS:

            

From net investment income

      (0.04)        (0.51)         (0.03)        (0.13)     

From net realized gains

      –        (0.11)         (0.34)        –     
  

 

 

    

 

 

     

 

 

    

 

 

    

Total Distributions

      (0.04)        (0.62)         (0.37)        (0.13)     
  

 

 

    

 

 

     

 

 

    

 

 

    

NET ASSET VALUE, END OF PERIOD

      $14.08        $13.19         $14.38                $12.84     
  

 

 

    

 

 

     

 

 

    

 

 

    

TOTAL RETURN(b)

      7.02% (d)      (3.93%)         15.05% (c)      29.81% (d) (c)   

SUPPLEMENTAL DATA AND RATIOS:

            

Net assets, end of period ($000)

      $10,025        $9,165         $3,111        $1,202     

Ratio of expenses to average net assets(e)

      0.22% (f)      0.22%          

Before waiver

      N/A        N/A         0.22%        0.22% (f)   

After waiver

      N/A        N/A         0.22%        0.21% (f)   

Ratio of net investment income to average net assets

      0.54% (f)      2.46%          

Before waiver

      N/A        N/A         1.42%        5.78% (f)   

After waiver

      N/A        N/A         1.42%        5.78% (f)   

Portfolio turnover rate(g)

      7% (d)      64%         81%        27% (d)   

 

(a) 

Class T1 inception date was May 1, 2009.

(b) 

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.

(c) 

Performance shown net of distribution fees waived. Without the waiver, the return shown would have been lower.

(d)

Not annualized for periods less than one full year.

(e) 

Does not include expenses of the underlying investments in which the Portfolio invests.

(f) 

Annualized.

(g) 

Portfolio turnover is calculated at the Portfolio level.

 

    See notes to financial statements.

 

 

    Semi-Annual Report - June 29, 2012

MAXIM SERIES FUND, INC.

FINANCIAL HIGHLIGHTS

Selected data for a share of capital stock of the Portfolio throughout the periods indicated.

 

      Years Ended December 31,             
    

Period
Ended

June 29,
2012
(Unaudited)

     2011      2010      2009 (a)      
Maxim Lifetime 2045 Portfolio I - Class T                               

 

NET ASSET VALUE, BEGINNING OF PERIOD

      $12.88        $14.18         $12.67         $10.00     

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

             

Net investment income

      0.05        0.67         0.19         0.14     

Capital gain distributions received

      –        0.24         0.04         0.01     

Net realized and unrealized gain (loss)

      0.80        (1.37)         1.58         2.66     
  

 

 

    

 

 

     

 

 

     

 

 

    

Total Income (Loss) From Investment Operations

      0.85        (0.46)         1.81         2.81     
  

 

 

    

 

 

     

 

 

     

 

 

    

LESS DISTRIBUTIONS:

             

From net investment income

      (0.05)        (0.66)         (0.20)         (0.14)     

From net realized gains

      –        (0.18)         (0.10)         –     
  

 

 

    

 

 

     

 

 

     

 

 

    

Total Distributions

      (0.05)        (0.84)         (0.30)         (0.14)     
  

 

 

    

 

 

     

 

 

     

 

 

    

NET ASSET VALUE, END OF PERIOD

      $13.68        $12.88         $14.18                 $12.67     
  

 

 

    

 

 

     

 

 

     

 

 

    

TOTAL RETURN(b)

      6.64% (c)      (3.21%)         14.37%         28.18% (c)   

SUPPLEMENTAL DATA AND RATIOS:

             

Net assets, end of period ($000)

      $19,837        $14,503         $13,104         $1,881     

Ratio of expenses to average net assets(d)

      0.12% (e)      0.12%         0.12%         0.12% (e)   

Ratio of net investment income to average net assets

      0.91% (e)      1.79%         2.15%         8.89% (e)   

Portfolio turnover rate(f)

      6% (c)      52%         41%         25% (c)   

 

(a) 

Class T inception date was May 1, 2009.

(b) 

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.

(c) 

Not annualized for periods less than one full year.

(d) 

Does not include expenses of the underlying investments in which the Portfolio invests.

(e) 

Annualized.

(f) 

Portfolio turnover is calculated at the Portfolio level.

 

    See notes to financial statements.

 

 

    Semi-Annual Report - June 29, 2012

MAXIM SERIES FUND, INC.

FINANCIAL HIGHLIGHTS

Selected data for a share of capital stock of the Portfolio throughout the periods indicated.

 

      Years Ended December 31,            
    

Period
Ended

June 29,
2012
(Unaudited)

     2011      2010     2009 (a)      
Maxim Lifetime 2045 Portfolio I - Class T1                              

 

NET ASSET VALUE, BEGINNING OF PERIOD

      $12.88        $14.19         $12.66        $10.00     

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

            

Net investment income

      0.05        0.65         0.17        0.15     

Capital gain distributions received

      –        0.23         0.04        0.01     

Net realized and unrealized gain (loss)

      0.80        (1.35)         1.59        2.64     
  

 

 

    

 

 

     

 

 

    

 

 

    

Total Income (Loss) From Investment Operations

      0.85        (0.47)         1.80        2.80     
  

 

 

    

 

 

     

 

 

    

 

 

    

LESS DISTRIBUTIONS:

            

From net investment income

      (0.05)        (0.66)         (0.17)        (0.14)     

From net realized gains

      –        (0.18)         (0.10)        –     
  

 

 

    

 

 

     

 

 

    

 

 

    

Total Distributions

      (0.05)        (0.84)         (0.27)        (0.14)     
  

 

 

    

 

 

     

 

 

    

 

 

    

NET ASSET VALUE, END OF PERIOD

      $13.68        $12.88         $14.19                $12.66     
  

 

 

    

 

 

     

 

 

    

 

 

    

TOTAL RETURN(b)

      6.60% (d)      (3.31%)         14.28% (c)      28.07% (d) (c)   

SUPPLEMENTAL DATA AND RATIOS:

            

Net assets, end of period ($000)

      $43,237        $31,902         $17,717        $2,605     

Ratio of expenses to average net assets(e)

      0.22% (f)      0.22%          

Before waiver

      N/A        N/A         0.22%        0.22% (f)   

After waiver

      N/A        N/A         0.22%        0.21% (f)   

Ratio of net investment income to average net assets

      0.82% (f)      1.85%          

Before waiver

      N/A        N/A         1.94%        5.51% (f)   

After waiver

      N/A        N/A         1.94%        5.51% (f)   

Portfolio turnover rate(g)

      6% (d)      52%         41%        25% (d)   

 

(a) 

Class T1 inception date was May 1, 2009.

(b) 

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.

(c) 

Performance shown net of distribution fees waived. Without the waiver, the return shown would have been lower.

(d) 

Not annualized for periods less than one full year.

(e) 

Does not include expenses of the underlying investments in which the Portfolio invests.

(f) 

Annualized.

(g) 

Portfolio turnover is calculated at the Portfolio level.

 

    See notes to financial statements.

 

 

    Semi-Annual Report - June 29, 2012

MAXIM SERIES FUND, INC.

FINANCIAL HIGHLIGHTS

Selected data for a share of capital stock of the Portfolio throughout the periods indicated.

 

       Years Ended December 31,             
Maxim Lifetime 2045 Portfolio II - Class T   

Period
Ended

June 29,
2012
(Unaudited)

     2011      2010      2009 (a)      

 

NET ASSET VALUE, BEGINNING OF PERIOD

      $13.21        $14.48         $12.82         $10.00     

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

             

Net investment income

      0.04        0.49         0.16         0.13     

Capital gain distributions received

      –        0.30         0.03         0.01     

Net realized and unrealized gain (loss)

      0.87        (1.38)         1.72         2.81     
  

 

 

    

 

 

     

 

 

     

 

 

    

Total Income (Loss) From Investment Operations

      0.91        (0.59)         1.91         2.95     
  

 

 

    

 

 

     

 

 

     

 

 

    

LESS DISTRIBUTIONS:

             

From net investment income

      (0.04)        (0.50)         (0.15)         (0.13)     

From net realized gains

      –        (0.18)         (0.10)         –     
  

 

 

    

 

 

     

 

 

     

 

 

    

Total Distributions

      (0.04)        (0.68)         (0.25)         (0.13)     
  

 

 

    

 

 

     

 

 

     

 

 

    

NET ASSET VALUE, END OF PERIOD

          $14.08            $13.21             $14.48             $12.82     
  

 

 

    

 

 

     

 

 

     

 

 

    

TOTAL RETURN(b)

      6.92% (c)      (4.08%)         15.00%         29.61% (c)   

SUPPLEMENTAL DATA AND RATIOS:

             

Net assets, end of period ($000)

      $40,134        $13,480         $16,577         $7,238     

Ratio of expenses to average net assets(d)

      0.12% (e)      0.12%         0.12%         0.12% (e)   

Ratio of net investment income to average net assets

      0.78% (e)      1.31%         1.51%         14.17% (e)   

Portfolio turnover rate(f)

      3% (c)      54%         35%         22% (c)   

 

(a) 

Class T inception date was May 1, 2009.

(b) 

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.

(c) 

Not annualized for periods less than one full year.

(d) 

Does not include expenses of the underlying investments in which the Portfolio invests.

(e) 

Annualized.

(f) 

Portfolio turnover is calculated at the Portfolio level.

 

    See notes to financial statements.

 

 

    Semi-Annual Report - June 29, 2012

MAXIM SERIES FUND, INC.

FINANCIAL HIGHLIGHTS

Selected data for a share of capital stock of the Portfolio throughout the periods indicated.

 

      Years Ended December 31,            
Maxim Lifetime 2045 Portfolio II - Class T1   

Period
Ended

June 29,
2012

(Unaudited)

     2011      2010     2009 (a)      

 

NET ASSET VALUE, BEGINNING OF PERIOD

      $13.15        $14.45         $12.81        $10.00     

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

            

Net investment income

      0.04        0.53         0.15        0.13     

Capital gain distributions received

      –                0.26         0.03        0.01     

Net realized and unrealized gain (loss)

              0.86        (1.38)         1.71                    2.80     
  

 

 

    

 

 

     

 

 

    

 

 

    

Total Income (Loss) From Investment Operations

      0.90        (0.59)                 1.89        2.94     
  

 

 

    

 

 

     

 

 

    

 

 

    

LESS DISTRIBUTIONS:

            

From net investment income

      (0.05)        (0.53)         (0.15)        (0.13)     

From net realized gains

      –        (0.18)         (0.10)        –     
  

 

 

    

 

 

     

 

 

    

 

 

    

Total Distributions

      (0.05)        (0.71)         (0.25)        (0.13)     
  

 

 

    

 

 

     

 

 

    

 

 

    

NET ASSET VALUE, END OF PERIOD

      $14.00        $13.15         $14.45        $12.81     
  

 

 

    

 

 

     

 

 

    

 

 

    

TOTAL RETURN(b)

      6.86% (d)      (4.09%)         14.83% (c)      29.51% (d) (c)   

SUPPLEMENTAL DATA AND RATIOS:

            

Net assets, end of period ($000)

      $182,000        $129,725         $59,483        $6,272     

Ratio of expenses to average net assets(e)

      0.22% (f)      0.22%          

Before waiver

      N/A        N/A         0.22%        0.22% (f)   

After waiver

      N/A        N/A         0.22%        0.21% (f)   

Ratio of net investment income to average net assets

      0.62% (f)      1.81%          

Before waiver

      N/A        N/A         1.81%        6.14% (f)   

After waiver

      N/A        N/A         1.81%        6.14% (f)   

Portfolio turnover rate(g)

      3% (d)      54%         35%        22% (d)   

 

(a) 

Class T1 inception date was May 1, 2009.

(b) 

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.

(c) 

Performance shown net of distribution fees waived. Without the waiver, the return shown would have been lower.

(d) 

Not annualized for periods less than one full year.

(e)

Does not include expenses of the underlying investments in which the Portfolio invests.

(f)

Annualized.

(g)

Portfolio turnover is calculated at the Portfolio level.

 

    See notes to financial statements.

 

 

    Semi-Annual Report - June 29, 2012

MAXIM SERIES FUND, INC.

FINANCIAL HIGHLIGHTS

Selected data for a share of capital stock of the Portfolio throughout the periods indicated.

 

      Year Ended
December 31,		                     
    

Period
Ended

June 29,
2012

(Unaudited)

     2011 (a)                     
Maxim Lifetime 2045 Portfolio II - Class L                                      

NET ASSET VALUE, BEGINNING OF PERIOD

      $8.35        $10.00              

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

                

Net investment income

      0.02        0.57              

Capital gain distributions received

      –        0.16              

Net realized and unrealized gain (loss)

      0.55        (1.66)              
  

 

 

    

 

 

             

Total Income (Loss) From Investment Operations

      0.57        (0.93)              
  

 

 

    

 

 

             

LESS DISTRIBUTIONS:

                

From net investment income

      (0.04)        (0.57)              

From net realized gains

      –        (0.15)              
  

 

 

    

 

 

             

Total Distributions

      (0.04)        (0.72)              
  

 

 

    

 

 

             

NET ASSET VALUE, END OF PERIOD

      $8.88        $8.35              
  

 

 

    

 

 

             

TOTAL RETURN(b)

      6.84% (c) (d)      (9.38%) (c) (d)            

SUPPLEMENTAL DATA AND RATIOS:

                

Net assets, end of period ($000)

      $1,139        $406              

Ratio of expenses to average net assets(e)

                

Before waiver

      0.37% (f)      0.37% (f)            

After waiver

      0.37% (f)      0.36% (f)            

Ratio of net investment income to average net assets

                

Before waiver

      0.75% (f)      3.03% (f)            

After waiver

      0.75% (f)      3.04% (f)            

Portfolio turnover rate(g)

      3% (c)      54% (c)            

 

(a) 

Class L inception date was April 7, 2011.

(b) 

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.

(c) 

Not annualized for periods less than one full year.

(d) 

Performance shown net of distribution fees waived. Without the waiver, the return shown would have been lower.

(e) 

Does not include expenses of the underlying investments in which the Portfolio invests.

(f) 

Annualized.

(g) 

Portfolio turnover is calculated at the Portfolio level.

 

    See notes to financial statements.

 

 

    Semi-Annual Report - June 29, 2012

MAXIM SERIES FUND, INC.

FINANCIAL HIGHLIGHTS

Selected data for a share of capital stock of the Portfolio throughout the periods indicated.

 

      Years Ended December 31,                   
    

Period
Ended
June 29,
2012

(Unaudited)

     2011      2010      2009 (a)           
Maxim Lifetime 2045 Portfolio III - Class T                                          

NET ASSET VALUE, BEGINNING OF PERIOD

      $13.29        $14.53         $12.89         $10.00        

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

                

Net investment income

      0.04        0.39         0.15         0.13        

Capital gain distributions received

      –        0.24         0.03         0.01        

Net realized and unrealized gain (loss)

      0.89        (1.27)         1.76         2.88        
  

 

 

    

 

 

     

 

 

     

 

 

       

Total Income (Loss) From Investment Operations

      0.93        (0.64)         1.94         3.02        
  

 

 

    

 

 

     

 

 

     

 

 

       

LESS DISTRIBUTIONS:

                

From net investment income

      (0.04)        (0.51)         (0.03)         (0.13)        

From net realized gains

      –        (0.09)         (0.27)         –        
  

 

 

    

 

 

     

 

 

     

 

 

       

Total Distributions

      (0.04)        (0.60)         (0.30)         (0.13)        
  

 

 

    

 

 

     

 

 

     

 

 

       

NET ASSET VALUE, END OF PERIOD

          $14.18                $13.29                 $14.53                 $12.89        
  

 

 

    

 

 

     

 

 

     

 

 

       

TOTAL RETURN(b)

      7.07% (c)      (4.44%)         15.22%         30.28% (c)      

SUPPLEMENTAL DATA AND RATIOS:

                

Net assets, end of period ($000)

      $22,022        $830         $270         $26        

Ratio of expenses to average net assets(d)

      0.12% (e)      0.12%         0.12%         0.12% (e)      

Ratio of net investment income to average net assets

      0.69% (e)      2.90%         1.56%         2.38% (e)      

Portfolio turnover rate(f)

      5% (c)      68%         69%         15% (c)      

 

(a) 

Class T inception date was May 1, 2009.

(b) 

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.

(c) 

Not annualized for periods less than one full year.

(d) 

Does not include expenses of the underlying investments in which the Portfolio invests.

(e) 

Annualized.

(f) 

Portfolio turnover is calculated at the Portfolio level.

 

    See notes to financial statements.

 

 

    Semi-Annual Report - June 29, 2012

MAXIM SERIES FUND, INC.

FINANCIAL HIGHLIGHTS

Selected data for a share of capital stock of the Portfolio throughout the periods indicated.

 

     Years Ended December 31,           
    

Period

Ended

June 29,

2012

(Unaudited)

     2011      2010     2009 (a)           
Maxim Lifetime 2045 Portfolio III - Class T1                                         

NET ASSET VALUE, BEGINNING OF PERIOD

          $13.27            $14.51             $12.89            $10.00        

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

               

Net investment income

      0.03        0.39         0.12        0.13        

Capital gain distributions received

      –        0.25         0.03        0.01        

Net realized and unrealized gain (loss)

      0.89        (1.30)         1.77        2.88        
  

 

 

    

 

 

     

 

 

    

 

 

       

Total Income (Loss) From Investment Operations

      0.92        (0.66)         1.92        3.02        
  

 

 

    

 

 

     

 

 

    

 

 

       

LESS DISTRIBUTIONS:

               

From net investment income

      (0.03)        (0.49)         (0.03)        (0.13)        

From net realized gains

      –        (0.09)         (0.27)        –        
  

 

 

    

 

 

     

 

 

    

 

 

       

Total Distributions

      (0.03)        (0.58)         (0.30)        (0.13)        
  

 

 

    

 

 

     

 

 

    

 

 

       

NET ASSET VALUE, END OF PERIOD

              $14.16                $13.27                 $14.51                $12.89        
  

 

 

    

 

 

     

 

 

    

 

 

       

TOTAL RETURN(b)

      6.95% (d)      (4.52%)         15.05% (c)      30.28% (d) (c)      

SUPPLEMENTAL DATA AND RATIOS:

               

Net assets, end of period ($000)

      $4,279        $3,692         $897        $229        

Ratio of expenses to average net assets(e)

      0.22% (f)      0.22%             

Before waiver

      N/A        N/A         0.22%        0.22% (f)      

After waiver

      N/A        N/A         0.22%        0.19% (f)      

Ratio of net investment income to average net assets

      0.48% (f)      2.61%             

Before waiver

      N/A        N/A         1.59%        4.64% (f)      

After waiver

      N/A        N/A         1.59%        4.66% (f)      

Portfolio turnover rate(g)

      5% (d)      68%         69%        15% (d)      

 

(a) 

Class T1 inception date was May 1, 2009.

(b) 

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.

(c)

Performance shown net of distribution fees waived. Without the waiver, the return shown would have been lower.

(d) 

Not annualized for periods less than one full year.

(e)

Does not include expenses of the underlying investments in which the Portfolio invests.

(f)

Annualized.

(g) 

Portfolio turnover is calculated at the Portfolio level.

 

    See notes to financial statements.

 

 

    Semi-Annual Report - June 29, 2012

MAXIM SERIES FUND, INC.

FINANCIAL HIGHLIGHTS

Selected data for a share of capital stock of the Portfolio throughout the periods indicated.

 

           Years Ended December 31,           
    

Period

Ended

June 29,

2012

(Unaudited)

     2011      2010     

2009 (a)

           
Maxim Lifetime 2055 Portfolio I - Class T                                          

NET ASSET VALUE, BEGINNING OF PERIOD

          $12.63            $14.17             $12.71             $10.00        

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

                

Net investment income

      0.05        0.86         0.17         0.16        

Capital gain distributions received

      –        0.23         0.03         0.01        

Net realized and unrealized gain (loss)

      0.78        (1.62)         1.64         2.67        
  

 

 

    

 

 

     

 

 

     

 

 

       

Total Income (Loss) From Investment Operations

      0.83        (0.53)         1.84         2.84        
  

 

 

    

 

 

     

 

 

     

 

 

       

LESS DISTRIBUTIONS:

                

From net investment income

      (0.05)        (0.86)         (0.20)         (0.13)        

From net realized gains

      –        (0.15)         (0.18)         –        
  

 

 

    

 

 

     

 

 

     

 

 

       

Total Distributions

      (0.05)        (1.01)         (0.38)         (0.13)        
  

 

 

    

 

 

     

 

 

     

 

 

       

NET ASSET VALUE, END OF PERIOD

      $13.41        $12.63         $14.17         $12.71        
  

 

 

    

 

 

     

 

 

     

 

 

       

TOTAL RETURN(b)

      6.57% (c)      (3.76%)         14.57%         28.44% (c)      

SUPPLEMENTAL DATA AND RATIOS:

                

Net assets, end of period ($000)

      $6,625        $5,260         $4,790         $762        

Ratio of expenses to average net assets(d)

      0.12% (e)      0.12%         0.12%         0.12% (e)      

Ratio of net investment income to average net assets

      0.83% (e)      1.78%         2.02%         3.91% (e)      

Portfolio turnover rate(f)

      9% (c)      65%         59%         20% (c)      

 

(a) 

Class T inception date was May 1, 2009.

(b) 

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.

(c) 

Not annualized for periods less than one full year.

(d)

Does not include expenses of the underlying investments in which the Portfolio invests.

(e)

Annualized.

(f) 

Portfolio turnover is calculated at the Portfolio level.

 

    See notes to financial statements.

 

 

    Semi-Annual Report - June 29, 2012

MAXIM SERIES FUND, INC.

FINANCIAL HIGHLIGHTS

Selected data for a share of capital stock of the Portfolio throughout the periods indicated.

 

           Years Ended December 31,           
    

Period

Ended

June 29,

2012

(Unaudited)

     2011      2010     2009 (a)           
Maxim Lifetime 2055 Portfolio I - Class T1                                         

NET ASSET VALUE, BEGINNING OF PERIOD

          $12.63            $14.19             $12.71            $10.00        

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

               

Net investment income

      0.04        0.85         0.17        0.12        

Capital gain distributions received

      –        0.23         0.03        0.01        

Net realized and unrealized gain (loss)

      0.78        (1.63)         1.62        2.71        
  

 

 

    

 

 

     

 

 

    

 

 

       

Total Income (Loss) From Investment Operations

      0.82        (0.55)         1.82        2.84        
  

 

 

    

 

 

     

 

 

    

 

 

       

LESS DISTRIBUTIONS:

               

From net investment income

      (0.04)        (0.86)         (0.16)        (0.13)        

From net realized gains

      –        (0.15)         (0.18)        –        
  

 

 

    

 

 

     

 

 

    

 

 

       

Total Distributions

      (0.04)        (1.01)         (0.34)        (0.13)        
  

 

 

    

 

 

     

 

 

    

 

 

       

NET ASSET VALUE, END OF PERIOD

      $13.41        $12.63         $14.19        $12.71        
  

 

 

    

 

 

     

 

 

    

 

 

       

TOTAL RETURN(b)

      6.61% (d)      (3.98%)         14.44% (c)      28.44% (d) (c)      

SUPPLEMENTAL DATA AND RATIOS:

               

Net assets, end of period ($000)

      $11,670        $8,008         $4,480        $1,113        

Ratio of expenses to average net assets(e)

      0.22% (f)      0.22%             

Before waiver

      N/A        N/A         0.22%        0.22% (f)      

After waiver

      N/A        N/A         0.22%        0.21% (f)      

Ratio of net investment income to average net assets

      0.75% (f)      1.85%             

Before waiver

      N/A        N/A         1.74%        9.09% (f)      

After waiver

      N/A        N/A         1.74%        9.11% (f)      

Portfolio turnover rate(g)

      9% (d)      65%         59%        20% (d)      

 

(a) 

Class T1 inception date was May 1, 2009.

(b) 

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.

(c) 

Performance shown net of distribution fees waived. Without the waiver, the return shown would have been lower.

(d)

Not annualized for periods less than one full year.

(e)

Does not include expenses of the underlying investments in which the Portfolio invests.

(f)

Annualized.

(g)

Portfolio turnover is calculated at the Portfolio level.

 

    See notes to financial statements.

 

 

    Semi-Annual Report - June 29, 2012

MAXIM SERIES FUND, INC.

FINANCIAL HIGHLIGHTS

Selected data for a share of capital stock of the Portfolio throughout the periods indicated.

 

           Years Ended December 31,           
    

Period

Ended

June 29,

2012

(Unaudited)

     2011      2010      2009 (a)           
Maxim Lifetime 2055 Portfolio II - Class T                                          

NET ASSET VALUE, BEGINNING OF PERIOD

      $13.15        $14.50         $12.86         $10.00        

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

                

Net investment income

      0.04        0.60         0.16         0.13        

Capital gain distributions received

      –        0.25         0.03         0.01        

Net realized and unrealized gain (loss)

      0.85        (1.50)         1.72         2.85        
  

 

 

    

 

 

     

 

 

     

 

 

       

Total Income (Loss) From Investment Operations

      0.89        (0.65)         1.91         2.99        
  

 

 

    

 

 

     

 

 

     

 

 

       

LESS DISTRIBUTIONS:

                

From net investment income

      (0.04)        (0.59)         (0.17)         (0.13)        

From net realized gains

      –        (0.11)         (0.10)         –        
  

 

 

    

 

 

     

 

 

     

 

 

       

Total Distributions

      (0.04)        (0.70)         (0.27)         (0.13)        
  

 

 

    

 

 

     

 

 

     

 

 

       

NET ASSET VALUE, END OF PERIOD

              $14.00                $13.15                 $14.50                 $12.86        
  

 

 

    

 

 

     

 

 

     

 

 

       

TOTAL RETURN(b)

      6.85% (c)      (4.52%)         14.96%         30.01% (c)      

SUPPLEMENTAL DATA AND RATIOS:

                

Net assets, end of period ($000)

      $6,981        $3,242         $2,531         $167        

Ratio of expenses to average net assets(d)

      0.12% (e)      0.12%         0.12%         0.12% (e)      

Ratio of net investment income to average net assets

      0.75% (e)      1.54%         2.01%         5.27% (e)      

Portfolio turnover rate(f)

      9% (c)      56%         50%         6% (c)      

 

(a)

Class T inception date was May 1, 2009.

(b)

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.

(c)

Not annualized for periods less than one full year.

(d)

Does not include expenses of the underlying investments in which the Portfolio invests.

(e) 

Annualized.

(f)

Portfolio turnover is calculated at the Portfolio level.

 

    See notes to financial statements.

 

 

    Semi-Annual Report - June 29, 2012

MAXIM SERIES FUND, INC.

FINANCIAL HIGHLIGHTS

Selected data for a share of capital stock of the Portfolio throughout the periods indicated.

 

           Years Ended December 31,                 
    

 

 
 

 

 Period

Ended

June 29,
2012

(Unaudited)

   

  

  
  

  

     2011         2010        2009  (a)      
Maxim Lifetime 2055 Portfolio II - Class T1                                         

NET ASSET VALUE, BEGINNING OF PERIOD

      $13.10        $14.48         $12.84        $10.00        

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

               

Net investment income

      0.03        0.60         0.15        0.13        

Capital gain distributions received

      –        0.25         0.03        0.01        

Net realized and unrealized gain (loss)

      0.85        (1.52)         1.71        2.83        
  

 

 

    

 

 

     

 

 

    

 

 

       

Total Income (Loss) From Investment Operations

      0.88        (0.67)         1.89        2.97        
  

 

 

    

 

 

     

 

 

    

 

 

       

LESS DISTRIBUTIONS:

               

From net investment income

      (0.03)        (0.60)         (0.15)        (0.13)        

From net realized gains

      –        (0.11)         (0.10)        –        
  

 

 

    

 

 

     

 

 

    

 

 

       

Total Distributions

      (0.03)        (0.71)         (0.25)        (0.13)        
  

 

 

    

 

 

     

 

 

    

 

 

       

NET ASSET VALUE, END OF PERIOD

      $13.95        $13.10         $14.48                $12.84        
  

 

 

    

 

 

     

 

 

    

 

 

       

TOTAL RETURN(b)

      6.75% (d)      (4.60%)         14.81% (c)      29.81% (d) (c)      

SUPPLEMENTAL DATA AND RATIOS:

               

Net assets, end of period ($000)

      $42,570        $29,645         $13,649        $1,320        

Ratio of expenses to average net assets(e)

      0.22% (f)      0.22%             

Before waiver

      N/A        N/A         0.22%        0.22% (f)      

After waiver

      N/A        N/A         0.22%        0.21% (f)      

Ratio of net investment income to average net assets

      0.56% (f)      1.79%             

Before waiver

      N/A        N/A         1.89%        6.36% (f)      

After waiver

      N/A        N/A         1.89%        6.36% (f)      

Portfolio turnover rate(g)

      9% (d)      56%         50%        6% (d)      

 

(a) 

Class T1 inception date was May 1, 2009.

(b) 

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.

(c) 

Performance shown net of distribution fees waived. Without the waiver, the return shown would have been lower.

(d) 

Not annualized for periods less than one full year.

(e) 

Does not include expenses of the underlying investments in which the Portfolio invests.

(f) 

Annualized.

(g) 

Portfolio turnover is calculated at the Portfolio level.

 

    See notes to financial statements.

 

 

    Semi-Annual Report - June 29, 2012

MAXIM SERIES FUND, INC.

FINANCIAL HIGHLIGHTS

Selected data for a share of capital stock of the Portfolio throughout the periods indicated.

 

           Year Ended
December 31,		                     
    

 

 
 

 

 Period

Ended

June 29,
2012

(Unaudited)

   

  

  
  

  

     2011  (a)            
Maxim Lifetime 2055 Portfolio II - Class L                                      

NET ASSET VALUE, BEGINNING OF PERIOD

      $8.31        $10.00              

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

                

Net investment income

      0.02        0.65              

Capital gain distributions received

      –        0.16              

Net realized and unrealized gain (loss)

      0.53        (1.78)              
  

 

 

    

 

 

             

Total Income (Loss) From Investment Operations

      0.55        (0.97)              
  

 

 

    

 

 

             

LESS DISTRIBUTIONS:

                

From net investment income

      (0.04)        (0.65)              

From net realized gains

      –        (0.07)              
  

 

 

    

 

 

             

Total Distributions

      (0.04)        (0.72)              
  

 

 

    

 

 

             

NET ASSET VALUE, END OF PERIOD

      $8.82        $8.31              
  

 

 

    

 

 

             

TOTAL RETURN(b)

      6.58% (c) (d)      (9.73%) (c) (d)            

SUPPLEMENTAL DATA AND RATIOS:

                

Net assets, end of period ($000)

      $225        $60              

Ratio of expenses to average net assets(e)

                

Before waiver

      0.37% (f)      0.38% (f)            

After waiver

      0.35% (f)      0.35% (f)            

Ratio of net investment income to average net assets

                

Before waiver

      0.52% (f)      2.35% (f)            

After waiver

      0.54% (f)      2.37% (f)            

Portfolio turnover rate(g)

      9% (c)      56% (c)            

 

(a) 

Class L inception date was April 7, 2011.

(b) 

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.

(c) 

Not annualized for periods less than one full year.

(d) 

Performance shown net of distribution fees waived. Without the waiver, the return shown would have been lower.

(e) 

Does not include expenses of the underlying investments in which the Portfolio invests.

(f) 

Annualized.

(g) 

Portfolio turnover is calculated at the Portfolio level.

 

    See notes to financial statements.

 

 

    Semi-Annual Report - June 29, 2012

MAXIM SERIES FUND, INC.

FINANCIAL HIGHLIGHTS

Selected data for a share of capital stock of the Portfolio throughout the periods indicated.

 

           Years Ended December 31,                       
    

 

 
 

 

 Period

Ended

June 29,
2012

(Unaudited)

   

  

  
  

  

     2011         2010         2009  (a)         
Maxim Lifetime 2055 Portfolio III - Class T                                                

NET ASSET VALUE, BEGINNING OF PERIOD

      $13.41            $14.30               $12.91               $10.00           

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

                   

Net investment income

      –        0.19         0.16         0.14           

Capital gain distributions received

      –        0.26         0.03         0.01           

Net realized and unrealized gain (loss)

      0.93        (1.14)         1.74         2.90           
  

 

 

    

 

 

     

 

 

     

 

 

          

Total Income (Loss) From Investment Operations

      0.93        (0.69)         1.93         3.05           
  

 

 

    

 

 

     

 

 

     

 

 

          

LESS DISTRIBUTIONS:

                   

From net investment income

      (0.04)        (0.17)         (0.14)         (0.14)           

From net realized gains

      –        (0.03)         (0.40)         –           
  

 

 

    

 

 

     

 

 

     

 

 

          

Total Distributions

      (0.04)        (0.20)         (0.54)         (0.14)           
  

 

 

    

 

 

     

 

 

     

 

 

          

NET ASSET VALUE, END OF PERIOD

      $14.30        $13.41         $14.30         $12.91           
  

 

 

    

 

 

     

 

 

     

 

 

          

TOTAL RETURN(b)

      6.91% (c)      (4.80%)         15.04%         30.55% (c)         

SUPPLEMENTAL DATA AND RATIOS:

                   

Net assets, end of period ($000)

      $1,251        $88         $68         $31           

Ratio of expenses to average net assets(d)

      0.12% (e)      0.12%         0.12%         0.12% (e)         

Ratio of net investment income to average net assets

      0.68% (e)      1.46%         0.81%         2.76% (e)         

Portfolio turnover rate(f)

      9% (c)      67%         224%         7% (c)         

 

(a) 

Class T inception date was May 1, 2009.

(b) 

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.

(c) 

Not annualized for periods less than one full year.

(d) 

Does not include expenses of the underlying investments in which the Portfolio invests.

(e) 

Annualized.

(f) 

Portfolio turnover is calculated at the Portfolio level.

 

    See notes to financial statements.

 

 

    Semi-Annual Report - June 29, 2012

MAXIM SERIES FUND, INC.

FINANCIAL HIGHLIGHTS

Selected data for a share of capital stock of the Portfolio throughout the periods indicated.

 

      Years Ended December 31,                      
    

 

 

 

 

 Period

Ended

June 29,

2012

(Unaudited)

   

  

  

  

  

     2011        2010        2009  (a)         
Maxim Lifetime 2055 Portfolio III - Class T1                                              

NET ASSET VALUE, BEGINNING OF PERIOD

              $13.38                  $14.29                  $12.91                  $10.00           

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

                 

Net investment income

      0.03        0.20        0.14        0.14           

Capital gain distributions received

      –        0.25        0.03        0.01           

Net realized and unrealized gain (loss)

      0.88        (1.14)        1.76        2.90           
  

 

 

    

 

 

    

 

 

    

 

 

          

Total Income (Loss) From Investment Operations

      0.91        (0.69)        1.93        3.05           
  

 

 

    

 

 

    

 

 

    

 

 

          

LESS DISTRIBUTIONS:

                 

From net investment income

      (0.03)        (0.19)        (0.15)        (0.14)           

From net realized gains

      –        (0.03)        (0.40)        –           
  

 

 

    

 

 

    

 

 

    

 

 

          

Total Distributions

      (0.03)        (0.22)        (0.55)        (0.14)           
  

 

 

    

 

 

    

 

 

    

 

 

          

NET ASSET VALUE, END OF PERIOD

      $14.26        $13.38        $14.29        $12.91           
  

 

 

    

 

 

    

 

 

    

 

 

          

TOTAL RETURN(b)

      6.87% (d) (c)      (4.89%) (c)      15.05% (c)      30.55% (d) (c)         

SUPPLEMENTAL DATA AND RATIOS:

                 

Net assets, end of period ($000)

      $990        $746        $106        $28           

Ratio of expenses to average net assets(e)

                 

Before waiver

      0.22% (f)      0.22%        0.22%        0.22% (f)         

After waiver

      0.22% (f)      0.22%        0.19%        0.13% (f)         

Ratio of net investment income to average net assets

                 

Before waiver

      0.48% (f)      2.67%        1.52%        2.29% (f)         

After waiver

      0.48% (f)      2.67%        1.55%        2.37% (f)         

Portfolio turnover rate(g)

      9% (d)      67%        224%        7% (d)         

 

(a) 

Class T1 inception date was May 1, 2009.

(b) 

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.

(c) 

Performance shown net of distribution fees waived. Without the waiver, the return shown would have been lower.

(d) 

Not annualized for periods less than one full year.

(e) 

Does not include expenses of the underlying investments in which the Portfolio invests.

(f) 

Annualized.

(g) 

Portfolio turnover is calculated at the Portfolio level.

 

    See notes to financial statements.

 

 

    Semi-Annual Report - June 29, 2012

MAXIM SERIES FUND, INC.

Notes to Financial Statements

(Unaudited)

 

1. ORGANIZATION AND 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 sixty-three portfolios. Interests in the Maxim Lifetime 2015 I, the Maxim Lifetime 2015 II, the Maxim Lifetime 2015 III, the Maxim Lifetime 2025 I, the Maxim Lifetime 2025 II, the Maxim Lifetime 2025 III, the Maxim Lifetime 2035 I, the Maxim Lifetime 2035 II, the Maxim Lifetime 2035 III, the Maxim Lifetime 2045 I, the Maxim Lifetime 2045 II, the Maxim Lifetime 2045 III, the Maxim Lifetime 2055 I, the Maxim Lifetime 2055 II, and the Maxim Lifetime 2055 III 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 capital appreciation and income consistent with its current asset allocation. There are three risk profile options for each available year designated in the name of the Portfolio. The Portfolio I series are generally expected to pursue a more conservative allocation strategy relative to the Portfolio II or Portfolio III series. The Portfolio II series are generally expected to pursue a more moderate allocation strategy relative to the Portfolio I or Portfolio III series. The Portfolio III series are generally expected to pursue a more aggressive allocation strategy relative to the Portfolio I or Portfolio II series. After the transition year, noted in the name of the Portfolio, the investment objective is to seek income and secondarily, capital growth. Each Portfolio is non-diversified as defined in the 1940 Act. The Portfolios are available as an investment option for insurance company separate accounts for certain variable annuity contracts and variable life insurance policies, to individual retirement account custodians or trustees, to plan sponsors of qualified retirement plans, and to college savings programs.

Each of the Portfolios offer three share classes, referred to as Class T, Class T1, and Class L shares. All shares of the Portfolios represent an equal pro rata interest in the net assets of the class to which such shares belong, and have identical voting, dividend, liquidation and other rights and the same terms and conditions, except for class specific expenses and exclusive rights to vote on matters affecting only individual classes. Income, expenses (other than those attributable to a specific class) and realized and unrealized gains and losses are allocated daily to each class of shares based on the relative proportion of net assets represented by such class. Operating expenses directly attributable to a specific class are charged against operations of that class.

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.

Net Asset Value

The net asset value of each class of the Portfolio’s shares is determined by dividing the net assets attributable to each class of shares of the Portfolio by the number of issued and outstanding shares of each class of the Portfolio on each business day.

Security Valuation

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

Investments in the Great-West Life & Annuity Contract (GWL&A Contract) are valued at the amount of net deposits, determined on a daily basis. The investment in the GWL&A Contract is a guaranteed account invested in the general account of Great-West Life & Annuity Insurance Company (GWL&A).

The Portfolios classify valuations into three levels based upon the transparency of inputs to the valuation of each Portfolio’s investments. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. The three levels are defined as follows:

Level 1 – Unadjusted quoted prices for identical securities in active markets.

Level 2 – Inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. These may include quoted prices for similar assets in active markets. The fair value for some Level 2 securities may be obtained from pricing services. The inputs used by the pricing services are reviewed quarterly or when the pricing vendor issues updates to its pricing methodologies.

Level 3 – Unobservable inputs to the extent observable inputs are not available. Unobservable inputs reflect the reporting entity’s own assumptions and would be based on the best information available under the circumstances.

As of June 29, 2012, the inputs used to value the Portfolio’s investments are detailed in the following table. The Portfolios recognize transfers between levels as of the beginning of the reporting period.

Maxim Lifetime 2015 Portfolio I

 

         Level 1          Level 2          Level 3          Total  

Assets

                    

Bond Mutual Funds

   $              88,519,853      $              —      $      —      $      88,519,853   

Equity Mutual Funds

        59,608,023                   —           —           59,608,023   

Money Market Fund

        2,617,132           —           —           2,617,132   

Fixed Interest Contract

        —           —           6,793,330           6,793,330   
    

 

 

       

 

 

       

 

 

       

 

 

  

Total Investments

   $                  150,745,008      $                                               0      $                          6,793,330      $                  157,538,338   
    

 

 

       

 

 

       

 

 

       

 

 

  
Maxim Lifetime 2015 Portfolio II                    
         Level 1          Level 2          Level 3          Total  

Assets

                    

Bond Mutual Funds

   $      250,224,878      $      —      $      —      $      250,224,878   

Equity Mutual Funds

        261,863,029           —           —           261,863,029   

Money Market Fund

        7,358,126           —           —           7,358,126   

Fixed Interest Contract

        —           —           19,199,784           19,199,784   
    

 

 

       

 

 

       

 

 

       

 

 

  

Total Investments

   $      519,446,033      $                              0      $      19,199,784      $      538,645,817   
    

 

 

       

 

 

       

 

 

       

 

 

  
Maxim Lifetime 2015 Portfolio III                    
         Level 1          Level 2          Level 3          Total  

Assets

                    

Bond Mutual Funds

   $      8,682,922      $      —      $      —      $      8,682,922   

Equity Mutual Funds

        14,342,102           —           —           14,342,102   

Money Market Fund

        255,324           —           —           255,324   

Fixed Interest Contract

        —           —           666,839           666,839   
    

 

 

       

 

 

       

 

 

       

 

 

  

Total Investments

   $      23,280,348      $                      0      $      666,839      $      23,947,187   
    

 

 

       

 

 

       

 

 

       

 

 

  
Maxim Lifetime 2025 Portfolio I                    
         Level 1          Level 2          Level 3          Total  

Assets

                    

Bond Mutual Funds

   $      82,848,770      $                      —      $      —      $      82,848,770   

Equity Mutual Funds

        100,433,755           —           —           100,433,755   

Money Market Fund

        1,411,141           —           —           1,411,141   

Fixed Interest Contract

        —           —           3,695,746           3,695,746   
    

 

 

       

 

 

       

 

 

       

 

 

  

Total Investments

   $      184,693,666      $                      0      $      3,695,746      $      188,389,412   
    

 

 

       

 

 

       

 

 

       

 

 

  

Maxim Lifetime 2025 Portfolio II                
         Level 1         Level 2         Level 3         Total  

Assets

                

Bond Mutual Funds

   $             215,466,981      $                     —      $     —      $     215,466,981   

Equity Mutual Funds

       479,952,798                  —          —          479,952,798   

Money Market Fund

       3,708,020          —          —          3,708,020   

Fixed Interest Contract

       —          —          9,588,114          9,588,114   
   

 

 

      

 

 

      

 

 

      

 

 

  

Total Investments

   $                     699,127,799      $                                          0      $                     9,588,114      $                     708,715,913   
   

 

 

      

 

 

      

 

 

      

 

 

  
Maxim Lifetime 2025 Portfolio III                
         Level 1         Level 2         Level 3         Total  

Assets

                

Bond Mutual Funds

   $             8,746,119      $     —      $     —      $     8,746,119   

Equity Mutual Funds

       38,136,676          —          —          38,136,676   

Money Market Fund

       150,800          —          —          150,800   

Fixed Interest Contract

       —          —          391,256          391,256   
   

 

 

      

 

 

      

 

 

      

 

 

  

Total Investments

   $     47,033,595      $                             0      $                 391,256      $                 47,424,851   
   

 

 

      

 

 

      

 

 

      

 

 

  
Maxim Lifetime 2035 Portfolio I                
         Level 1         Level 2         Level 3         Total  

Assets

                

Bond Mutual Funds

   $             33,760,957      $     —      $     —      $     33,760,957   

Equity Mutual Funds

       100,137,305          —          —          100,137,305   

Money Market Fund

       224,641          —          —          224,641   

Fixed Interest Contract

       —          —          568,276          568,276   
   

 

 

      

 

 

      

 

 

      

 

 

  

Total Investments

   $             134,122,903      $                 0      $                 568,276      $     134,691,179   
   

 

 

      

 

 

      

 

 

      

 

 

  
Maxim Lifetime 2035 Portfolio II                
         Level 1         Level 2         Level 3         Total  

Assets

                

Bond Mutual Funds

   $     63,973,563      $     —      $     —      $     63,973,563   

Equity Mutual Funds

       406,593,559          —          —          406,593,559   

Money Market Fund

       419,437          —          —          419,437   

Fixed Interest Contract

       —          —          1,072,228          1,072,228   
   

 

 

      

 

 

      

 

 

      

 

 

  

Total Investments

   $     470,986,559      $     0      $     1,072,228      $     472,058,787   
   

 

 

      

 

 

      

 

 

      

 

 

  

Maxim Lifetime 2035 Portfolio III                
         Level 1         Level 2         Level 3         Total  

Assets

                

Bond Mutual Funds

   $     3,002,510      $                     —      $     —      $     3,002,510   

Equity Mutual Funds

       41,921,926          —          —          41,921,926   

Money Market Fund

       17,822          —          —          17,822   

Fixed Interest Contract

       —            —          49,024          49,024   
   

 

 

      

 

 

      

 

 

      

 

 

  

Total Investments

   $                 44,942,258      $                                          0      $                               49,024      $                         44,991,282   
   

 

 

      

 

 

      

 

 

      

 

 

  
Maxim Lifetime 2045 Portfolio I                
         Level 1         Level 2         Level 3         Total  

Assets

                

Bond Mutual Funds

   $     10,327,078      $     —      $     —      $     10,327,078   

Equity Mutual Funds

       52,755,657          —          —          52,755,657   
   

 

 

      

 

 

      

 

 

      

 

 

  

Total Investments

   $     63,082,735      $     0      $     0      $     63,082,735   
   

 

 

      

 

 

      

 

 

      

 

 

  
Maxim Lifetime 2045 Portfolio II                
         Level 1         Level 2         Level 3         Total  

Assets

                

Bond Mutual Funds

   $     19,294,226      $     —      $     —      $     19,294,226   

Equity Mutual Funds

       204,011,741          —          —          204,011,741   
   

 

 

      

 

 

      

 

 

      

 

 

  

Total Investments

   $     223,305,967      $     0      $     0      $     223,305,967   
   

 

 

      

 

 

      

 

 

      

 

 

  
Maxim Lifetime 2045 Portfolio III                
         Level 1         Level 2         Level 3         Total  

Assets

                

Bond Mutual Funds

   $     1,333,537      $     —      $     —      $     1,333,537   

Equity Mutual Funds

       24,970,206          —          —          24,970,206   
   

 

 

      

 

 

      

 

 

      

 

 

  

Total Investments

   $     26,303,743      $     0      $     0      $     26,303,743   
   

 

 

      

 

 

      

 

 

      

 

 

  
Maxim Lifetime 2055 Portfolio I                
         Level 1         Level 2         Level 3         Total  

Assets

                

Bond Mutual Funds

   $     2,731,725      $     —      $     —      $     2,731,725   

Equity Mutual Funds

       15,565,870          —          —          15,565,870   
   

 

 

      

 

 

      

 

 

      

 

 

  

Total Investments

   $     18,297,595      $     0      $     0      $     18,297,595   
   

 

 

      

 

 

      

 

 

      

 

 

  

Maxim Lifetime 2055 Portfolio II                
         Level 1         Level 2         Level 3         Total  

Assets

                

Bond Mutual Funds

   $     3,973,499      $                     —      $                     —      $     3,973,499   

Equity Mutual Funds

       45,809,565          —          —          45,809,565   
   

 

 

      

 

 

      

 

 

      

 

 

  

Total Investments

   $                 49,783,064      $                                      0      $                                      0      $                 49,783,064   
   

 

 

      

 

 

      

 

 

      

 

 

  
Maxim Lifetime 2055 Portfolio III                
         Level 1         Level 2         Level 3         Total  

Assets

                

Bond Mutual Funds

   $     111,659      $     —      $     —      $     111,659   

Equity Mutual Funds

       2,129,868          —          —          2,129,868   
   

 

 

      

 

 

      

 

 

      

 

 

  

Total Investments

   $     2,241,527      $     0      $     0      $     2,241,527   
   

 

 

      

 

 

      

 

 

      

 

 

  

The following is a reconciliation of change in Level 3 assets during the period ended June 29, 2012:

 

        Maxim
Lifetime 2015
Portfolio I		       Maxim
Lifetime 2015
Portfolio II		       Maxim
Lifetime 2015
Portfolio III

Beginning Balance, January 1, 2012

   $   4,804,960   $   13,988,036   $   267,384

Total realized gains (loss)

     –     –     –

Total unrealized gain (loss) relating to investments not held at reporting date

     –     –     –

Total unrealized gain (loss) relating to investments still held at reporting date

     –     –     –

Total interest

     52,563     145,747     5,219

Purchases

     2,389,381     5,873,437     463,491

Sales

     (453,574)     (807,436)     (69,255)

Transfers into Level 3

     –     –     –

Transfers out of Level 3

     –     –     –
   

 

    

 

    

 

Ending Balance, June 29, 2012

   $       6,793,330       $       19,199,784       $       666,839    
   

 

    

 

    

 

        Maxim
Lifetime 2025
Portfolio I		       Maxim
Lifetime 2025
Portfolio II		       Maxim
Lifetime 2025
Portfolio III

Beginning Balance, January 1, 2012

   $       2,736,996       $   6,758,068       $   127,710    

Total realized gains (loss)

     –     –     –

Total unrealized gain (loss) relating to investments not held at reporting date

     –     –     –

Total unrealized gain (loss) relating to investments still held at reporting date

     –     –     –

Total interest

     28,457     72,490     3,009

Purchases

     1,155,203     3,307,842     313,428

Sales

     (224,910)     (550,286)     (52,891)

Transfers into Level 3

     –     –     –

Transfers out of Level 3

     –     –     –
   

 

    

 

    

 

Ending Balance, June 29, 2012

   $           3,695,746           $           9,588,114           $           391,256        
   

 

    

 

    

 

       

Maxim

Lifetime 2035
Portfolio I

      

Maxim

Lifetime 2035
Portfolio II

      

Maxim

Lifetime 2035
Portfolio III

Beginning Balance, January 1, 2012

   $   436,335   $   758,454   $   13,245

Total realized gains (loss)

     –     –     –

Total unrealized gain (loss) relating to investments not held at reporting date

     –     –     –

Total unrealized gain (loss) relating to investments still held at reporting date

     –     –     –

Total interest

     4,524     8,160     368

Purchases

     183,410     384,429     41,029

Sales

                 (55,993)                           (78,815)                       (5,618)          

Transfers into Level 3

     –     –     –

Transfers out of Level 3

     –     –     –
   

 

    

 

    

 

Ending Balance, June 29, 2012

   $   568,276   $   1,072,228   $   49,024
   

 

    

 

    

 

Level 3 securities include investments in the GWL&A Contract, the fair value of which has been determined with the use of an internal model. The internal model incorporates, among other observable inputs, the financial strength and credit risk of GWL&A and its ability to meet ongoing obligations to its policyholders (i.e., a credit risk input). The Portfolios consider the credit risk input to be an unobservable input. As of June 29, 2012, the input to the internal model related to credit risk was not significant to the fair value measurement. If there were a significant decrease in GWL&A’s credit risk, it may result in a lower fair value measurement.

Risk Factors

Investing in the Portfolios may involve certain risks including, but not limited to, those described below.

Investments in each Portfolio are subject to risks related to its allocation strategy. The success of each Portfolio will be impacted by the results of the underlying funds.

Unforeseen developments in market conditions may result in the decline of prices of, and the income generated by, the securities held by the underlying funds. These events may have adverse effects on the Portfolios such as a decline in the value and liquidity of many securities held by the Portfolios, and a decrease in net asset value. Such unforeseen developments may limit or preclude the Portfolio’s ability to achieve its investment objective.

Investing in underlying funds that primarily invest in stocks may involve larger price fluctuation and greater potential for loss than other types of investments. This may cause the underlying funds to be subject to larger short-term declines in value.

The Portfolio’s underlying funds may have elements of risk due to concentrated investments in foreign issuers located in a specific country. Such concentrations may subject the Portfolios to additional risks resulting from future political or economic conditions and/or possible impositions of adverse foreign governmental laws or currency exchange restrictions. Investments in securities of non-U.S. issuers have unique risks not present in securities of U.S. issuers, such as greater price volatility and less liquidity.

Each Portfolio may invest in underlying funds that primarily invest in bonds. Fixed income securities are subject to credit risk, which is the possibility that a security could have its credit rating downgraded or that the issuer of the security could fail to make timely payments or default on payments of interest or principal. Additionally, fixed income securities are subject to interest rate risk, meaning the decline in the price of debt securities that accompanies a rise in interest rates. Bonds with longer maturities are subject to greater price fluctuations than bonds with shorter maturities. The prices of mortgage-backed and asset-backed securities are sensitive to the rate of principal prepayments on the underlying assets.

The underlying funds of the Portfolios may be invested in bonds which are rated below investment grade. These high yield bonds may be more susceptible than higher grade bonds to real or perceived adverse economic or industry conditions. The secondary market, on which high yield bonds are traded, may also be less liquid than the market for higher grade bonds.

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). Realized gains and losses from an investment sold are determined on a specific lot selection. Dividend income and realized gain distributions from underlying funds are accrued as of the ex-dividend date.

Interest on the GWL&A Contract is accrued daily.

Federal Income Taxes

Each Portfolio’s policy complies with the requirements of the Internal Revenue Code that are applicable to regulated investment companies. Each Portfolio intends to distribute sufficient net investment income and net capital gains, if any, so that they will not be subject to excise tax on undistributed net investment income and capital gains. Therefore, no federal income taxes or excise tax provision is required.

The Portfolios recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations.

Each Portfolio files U.S. Federal and State tax returns. The statute of limitations on the Portfolios U.S. Federal tax returns remain open for the fiscal years ended 2008 through 2001. The statute of limitations on the Portfolios State tax returns may remain open for an additional year depending on the jurisdiction.

Application of Recent Accounting Pronouncements

In May 2011, the Financial Accounting Standards Board issued ASU No. 2011-04 “Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurements and Disclosure Requirements in U.S. GAAP and IFRSs” (ASU No. 2011-04). ASU No. 2011-04 does not extend the use of the existing concept or guidance regarding fair value. It results in common fair value measurements and disclosures between accounting principles generally accepted in the United States and those of International Financial Reporting Standards. ASU No. 2011-04 expands disclosure requirements for Level 3 inputs to include a quantitative description of the unobservable inputs used, a description of the valuation process used and a qualitative description about the sensitivity of the fair value measurements. ASU No. 2011-04 is effective for interim or annual periods beginning on or after December 15, 2011. The Portfolios adopted ASU No. 2011-04 for their fiscal year beginning January 1, 2012. The adoption of ASU No. 2011-04 did not have an impact on the financial position of the Portfolios or the results of their 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 (the Adviser), a wholly-owned subsidiary of GWL&A. As compensation for its services to the Fund, the Adviser receives monthly compensation at the annual rate of 0.12% 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. The Portfolios have entered into a plan of distribution which provides for compensation for distribution of Class T1 and Class L shares and for providing or arranging for the provision of services to Class T1 and Class L shareholders. The distribution plan provides for a maximum 12b-1 fee equal to an annual rate of 0.10% of the average daily net assets of the Class T1 shares and 0.25% of the Class L shares. The Distributor has agreed to voluntarily waive all 12b-1 fees attributable to Class T1 and Class L shares purchased by the Adviser in consideration for the Adviser providing initial capital to the Portfolios. The amount waived, if any, is reflected in the Statement of Operations.

The total compensation paid to the independent directors with respect to all sixty-three portfolios for which they serve as Directors was $130,500 for the period ended June 29, 2012. 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 by GWL&A. The GWL&A 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). As a result of the investments in certain of the Portfolios and GWL&A being an affiliated entity the Portfolios are exposed to the risk of unanticipated industry conditions as well as risks specific to a single corporation. If GWL&A were to become insolvent, the GWL&A Contract would be settled commensurate with other policy holder obligations.

On March 5, 2003, the U.S. Securities and Exchange Commission (SEC) issued exemptive relief (the Exemptive Order) to GWL&A, the Adviser and the Fund permitting the affiliated applicants to purchase the GWL&A Contract. Some of the terms and conditions under which the Exemptive Order was issued are set forth below. Any deviation from these terms and conditions would require the affiliated applicants to seek permission from the SEC to implement any such deviation. There were no deviations from the terms and conditions of the Exemptive Order as of the period ended June 29, 2012.

The amounts deposited will accrue interest at a declared rate of interest, adjustable on a calendar quarter or other periodic basis, guaranteed to be no less than 1.5%. The investment in the GWL&A Contract may be terminated by GWL&A or the Portfolios with no more than 7 days prior written notice. The guaranteed interest rate paid will be at least as favorable as the guaranteed interest rate paid on other similar products issued by GWL&A or other comparable companies.

The Maxim Board of Directors must annually consider whether allocation by the Portfolios to the GWL&A Contract is in the best interest of the shareholders as compared to allocating such amounts to another available short duration/short term bond fund.

Each of the Portfolios may also invest in various funds affiliated with the Adviser & GWL&A. The following tables are a summary of the transactions for each underlying investment during the period ended June 29, 2012, in which the issuer was an affiliate of a Portfolio, as defined in the 1940 Act.

Maxim Lifetime 2015 Portfolio I                                                                                   
Affiliate    Shares  
Held/Account  
Balance  		           Market  
Value  
12/31/2011  		           Purchase  
Cost  		           Sales  
Cost  		          Net Realized  
Gain/ (Loss)  		          Dividends and  
Interest  
Received  		          Market  
Value  
6/29/2012  		  

Great-West Life & Annuity Contract

      6,793,330      $      4,804,960      $      2,389,381      $      453,574      $     —      $     52,563      $     6,793,330   

Maxim American Century Growth Portfolio Initial Class

      270,362           2,027,014           1,014,928           312,201          28,322          6,203          2,925,318   

Maxim Bond Index Portfolio Initial Class

      1,574,194           15,588,784           7,760,428           1,519,788          37,274          224,530          21,991,496   

Maxim Federated Bond Portfolio Initial Class

      2,014,592           15,600,745           7,482,158           1,275,395          48,097          262,629          22,019,486   

Maxim International Index Portfolio Initial Class

      590,054           3,496,442           2,172,296           816,985          (98,842 )        —          5,068,559   

Maxim Invesco ADR Portfolio Initial Class

      134,092           966,079           624,204           203,876          (26,357 )        —          1,397,238   

Maxim Janus Large Cap Growth Portfolio Initial Class

      286,031           1,658,324           831,088           443,206          (106,943 )        —          2,379,777   

Maxim Loomis Sayles Small-Cap Value Portfolio Initial Class

      40,049           583,087           319,983           69,929          21,013          1,923          849,034   

Maxim MFS International Growth Portfolio Initial Class

      112,007           789,469           470,694           180,046          (7,359 )        —          1,143,591   

Maxim Money Market Portfolio

      2,617,132           1,851,267           919,189           153,325          —          —          2,617,132   

Maxim Putnam Equity Income Portfolio Initial Class

      285,415           2,033,308           1,109,623           328,821          5,983          19,042          2,925,507   

Maxim Putnam High Yield Bond Portfolio Initial Class

      698,296           3,964,022           1,801,506           347,452          4,859          148,222          5,586,372   

Maxim S&P 500® Index Portfolio Initial Class

      863,223           7,377,158           3,698,720           961,838          210,821          66,037          10,626,275   

Maxim S&P MidCap 400® Index Portfolio Initial Class

      445,570           3,152,696           1,667,553           456,754          20,450          13,902          4,580,463   

Maxim S&P SmallCap 600® Index Portfolio Initial Class

      278,082           1,780,725           983,341           241,404          59,016          11,588          2,602,848   

Maxim Short Duration Bond Portfolio Initial Class

      400,782           2,955,238           1,432,443           246,577          983          36,251          4,176,149   

Maxim T. Rowe Price Equity/Income Portfolio Initial Class

      157,002           1,657,359           866,506           232,392          30,841          22,447          2,394,286   

Maxim T. Rowe Price MidCap Growth Portfolio Initial Class

      45,560           551,747           286,168           84,747          2,023          —          795,478   

Maxim Templeton Global Bond Portfolio Initial Class

      575,147           3,806,397           1,777,268           324,330          6,439          53,669          5,440,890   
                     

 

 

      

 

 

      

 

 

  
                    $             236,620      $             919,006      $             106,313,229   
                     

 

 

      

 

 

      

 

 

  

Maxim Lifetime 2015 Portfolio II                                                                                      
Affiliate    Shares
   Held/Account  
Balance  		           Market
   Value
   12/31/2011  		           Purchase
   Cost  		           Sales
   Cost  		           Net Realized
   Gain/(Loss)  		           Dividends and  
Interest  
Received  		           Market
   Value
   6/29/2012  		  

Great-West Life & Annuity Contract

      19,199,784      $      13,988,036      $      5,873,437      $      807,436      $      —      $      145,747      $      19,199,784   

Maxim American Century Growth Portfolio Initial Class

      1,249,558           9,663,387           3,952,433           976,581           90,296           28,229           13,520,217   

Maxim Bond Index Portfolio Initial Class

      4,453,675           45,572,409           19,732,969           3,561,268           131,691           614,221           62,217,833   

Maxim Federated Bond Portfolio Initial Class

      5,700,658           45,599,379           18,902,517           2,802,463           136,380           719,182           62,308,196   

Maxim International Index Portfolio Initial Class

      2,737,163           16,791,204           8,693,510           2,738,325           (345,771 )         —           23,512,234   

Maxim Invesco ADR Portfolio Initial Class

      619,346           4,626,609           2,464,863           618,800           (83,883 )         —           6,453,581   

Maxim Janus Large Cap Growth Portfolio Initial Class

      1,317,600           8,389,702           3,161,339           2,125,301           (539,027 )         —           10,962,431   

Maxim Loomis Sayles Small-Cap Value Portfolio Initial Class

      184,893           2,771,105           1,305,095           240,956           76,524           8,774           3,919,737   

Maxim MFS International Growth Portfolio Initial Class

      521,330           3,797,733           1,859,454           587,659           (26,310 )         —           5,322,776   

Maxim Money Market Portfolio

      7,358,126           5,360,982           2,290,201           293,057           —           —           7,358,126   

Maxim Putnam Equity Income Portfolio Initial Class

      1,319,754           9,689,630           4,382,316           1,016,861           15,644           86,313           13,527,475   

Maxim Putnam High Yield Bond Portfolio Initial Class

      1,974,221           11,548,941           4,636,525           850,483           20,266           408,747           15,793,768   

Maxim S&P 500® Index Portfolio Initial Class

      4,001,664           35,203,496           14,307,165           2,726,839           671,378           299,909           49,260,484   

Maxim S&P MidCap 400® Index Portfolio Initial Class

      2,059,703           15,044,064           6,722,293           1,579,410           56,095           63,497           21,173,752   

Maxim S&P SmallCap 600® Index Portfolio Initial Class

      1,283,541           8,520,476           3,945,256           848,808           221,353           52,880           12,013,948   

Maxim Short Duration Bond Portfolio Initial Class

      1,136,470           8,636,539           3,602,950           492,908           6,634           99,680           11,842,017   

Maxim T. Rowe Price Equity/Income Portfolio Initial Class

      726,289           7,910,559           3,360,934           664,589           112,278           101,907           11,075,907   

Maxim T. Rowe Price MidCap Growth Portfolio Initial Class

      210,928           2,685,788           1,108,479           298,548           7,735           —           3,682,808   

Maxim Templeton Global Bond Portfolio Initial Class

      1,620,420           11,100,044           4,502,826           776,568           883           148,365           15,329,174   
                      

 

 

       

 

 

       

 

 

  
                    $              552,166      $              2,777,451      $              368,474,248   
                      

 

 

       

 

 

       

 

 

  

Maxim Lifetime 2015 Portfolio III                                                                                      
Affiliate    Shares  
Held/Account  
Balance  		           Market
   Value
   12/31/2011  		           Purchase
   Cost  		           Sales
   Cost  		           Net Realized
   Gain/(Loss)  		           Dividends and  
Interest  
Received  		           Market
   Value
   6/29/2012  		  

Great-West Life & Annuity Contract

      666,839      $      267,384      $      463,491      $      69,255      $      —      $      5,219      $      666,839   

Maxim American Century Growth Portfolio Initial Class

      70,666           303,266           482,433           59,368           5,871           1,623           764,605   

Maxim Bond Index Portfolio Initial Class

      154,533           867,389           1,534,085           251,353           8,193           23,214           2,158,819   

Maxim Federated Bond Portfolio Initial Class

      197,618           867,421           1,503,047           223,448           6,500           26,974           2,159,966   

Maxim International Index Portfolio Initial Class

      154,768           525,149           934,738           146,114           (18,186 )         —           1,329,456   

Maxim Invesco ADR Portfolio Initial Class

      35,087           144,894           264,235           35,412           (5,169 )         —           365,609   

Maxim Janus Large Cap Growth Portfolio Initial Class

      74,977           268,720           395,751           122,833           (35,752 )         —           623,812   

Maxim Loomis Sayles Small-Cap Value Portfolio Initial Class

      10,367           86,303           144,949           14,943           840           499           219,783   

Maxim MFS International Growth Portfolio Initial Class

      29,225           118,078           203,360           32,153           (1,778 )         —           298,392   

Maxim Money Market Portfolio

      255,324           102,380           178,662           25,718           —           —           255,324   

Maxim Putnam Equity Income Portfolio Initial Class

      74,705           304,138           515,094           67,301           956           4,983           765,724   

Maxim Putnam High Yield Bond Portfolio Initial Class

      68,620           220,731           365,146           51,214           (477 )         14,468           548,956   

Maxim S&P 500® Index Portfolio Initial Class

      225,902           1,101,466           1,766,317           214,116           21,649           17,247           2,780,853   

Maxim S&P MidCap 400® Index Portfolio Initial Class

      116,596           472,484           776,637           81,017           3,895           3,646           1,198,603   

Maxim S&P SmallCap 600® Index Portfolio Initial Class

      72,870           268,612           453,323           57,321           1,881           3,037           682,061   

Maxim Short Duration Bond Portfolio Initial Class

      39,267           164,113           285,747           43,866           77           3,671           409,160   

Maxim T. Rowe Price Equity/Income Portfolio Initial Class

      41,234           248,464           407,472           48,499           3,319           5,887           628,827   

Maxim T. Rowe Price MidCap Growth Portfolio Initial Class

      11,950           84,969           133,597           18,043           (951 )         —           208,655   

Maxim Templeton Global Bond Portfolio Initial Class

      56,413           212,207           342,764           33,071           (1,394 )         5,251           533,669   
                      

 

 

       

 

 

       

 

 

  
                       $         (10,526 )       $         115,719         $         16,599,113   
                      

 

 

       

 

 

       

 

 

  

Maxim Lifetime 2025 Portfolio I                                                                               
Affiliate   Shares  
Held/Account  
Balance  		          Market
Value
12/31/2011  		          Purchase
   Cost  		          Sales
  Cost  		          Net Realized
Gain/(Loss)  		          Dividends and  
Interest  
Received  		          Market
Value
   6/29/2012  		  

Great-West Life & Annuity Contract

     3,695,746      $     2,736,996      $     1,155,203      $     224,910      $     —      $     28,457      $     3,695,746   

Maxim American Century Growth Portfolio Initial Class

     456,676          3,589,119          1,208,343          213,561          17,433          10,254          4,941,230   

Maxim Bond Index Portfolio Initial Class

     1,652,473          17,132,758          7,401,867          1,622,964          45,714          232,675          23,085,041   

Maxim Federated Bond Portfolio Initial Class

     2,114,897          17,148,051          7,046,521          1,303,310          55,226          272,058          23,115,823   

Maxim International Index Portfolio Initial Class

     1,176,719          7,301,230          3,313,679          841,085          (109,194 )        —          10,108,017   

Maxim Invesco ADR Portfolio Initial Class

     265,877          2,006,479          973,216          198,982          (22,253 )        —          2,770,434   

Maxim Janus Large Cap Growth Portfolio Initial Class

     483,176          2,934,690          993,799          367,809          (80,309 )        —          4,020,023   

Maxim Loomis Sayles Small-Cap Value Portfolio Initial Class

     80,827          1,235,165          468,633          50,697          15,103          3,808          1,713,525   

Maxim MFS International Growth Portfolio Initial Class

     223,281          1,643,905          697,834          177,011          (5,843 )        —          2,279,704   

Maxim Money Market Portfolio

     1,411,141          1,045,082          448,139          82,080          —          —          1,411,141   

Maxim Putnam Equity Income Portfolio Initial Class

     481,585          3,600,884          1,371,775          231,868          1,031          31,440          4,936,247   

Maxim Putnam High Yield Bond Portfolio Initial Class

     730,348          4,318,904          1,623,867          277,151          6,583          151,584          5,842,785   

Maxim S&P 500® Index Portfolio Initial Class

     1,456,771          13,039,919          4,432,129          596,929          147,550          108,969          17,932,857   

Maxim S&P MidCap 400® Index Portfolio Initial Class

     751,531          5,584,183          2,040,203          293,866          8,678          23,034          7,725,735   

Maxim S&P SmallCap 600® Index Portfolio Initial Class

     565,503          3,795,563          1,454,090          196,951          46,629          23,101          5,293,113   

Maxim Short Duration Bond Portfolio Initial Class

     217,477          1,679,061          702,452          134,338          933          19,386          2,266,108   

Maxim T. Rowe Price Equity/Income Portfolio Initial Class

     264,992          2,936,769          1,039,420          134,699          24,205          37,116          4,041,133   

Maxim T. Rowe Price MidCap Growth Portfolio Initial Class

     76,998          977,359          349,853          55,084          2,663          —          1,344,388   

Maxim Templeton Global Bond Portfolio Initial Class

     674,557          4,663,317          1,684,399          187,029          (93 )        61,418          6,381,312   
                 

 

 

      

 

 

      

 

 

  
                $             154,056      $             1,003,300      $             132,904,362   
                 

 

 

      

 

 

      

 

 

  

Maxim Lifetime 2025 Portfolio II                                                                                      
Affiliate    Shares  
Held/Account  
Balance  		           Market
   Value
   12/31/2011  		           Purchase
   Cost  		           Sales
   Cost  		           Net Realized
   Gain/(Loss)  		           Dividends and  
Interest  
Received  		           Market
   Value
   6/29/2012  		  

Great-West Life & Annuity Contract

      9,588,114      $      6,758,068      $      3,307,842      $      550,286      $      —      $      72,490      $      9,588,114   

Maxim American Century Growth Portfolio Initial Class

      2,244,862           16,861,729           6,459,200           678,388           76,016           50,188           24,289,407   

Maxim Bond Index Portfolio Initial Class

      4,306,196           42,432,078           21,385,809           4,110,664           126,195           594,551           60,157,559   

Maxim Federated Bond Portfolio Initial Class

      5,505,438           42,435,011           20,285,791           3,110,708           139,076           694,726           60,174,439   

Maxim International Index Portfolio Initial Class

      5,799,665           34,376,564           16,707,031           2,393,518           (289,479 )         —           49,819,125   

Maxim Invesco ADR Portfolio Initial Class

      1,310,874           9,451,966           4,936,086           571,197           (74,251 )         —           13,659,309   

Maxim Janus Large Cap Growth Portfolio Initial Class

      2,385,054           14,074,181           5,088,464           1,365,870           (278,818 )         —           19,843,647   

Maxim Loomis Sayles Small-Cap Value Portfolio Initial Class

      400,660           5,833,313           2,540,908           172,759           49,970           18,799           8,493,993   

Maxim MFS International Growth Portfolio Initial Class

      1,095,652           7,712,030           3,530,442           542,092           (19,426 )         —           11,186,604   

Maxim Money Market Portfolio

      3,708,020           2,614,208           1,293,500           199,688           —           —           3,708,020   

Maxim Putnam Equity Income Portfolio Initial Class

      2,370,582           16,905,191           7,220,342           661,528           20,644           153,442           24,298,467   

Maxim Putnam High Yield Bond Portfolio Initial Class

      1,898,921           10,673,238           4,740,728           665,462           12,705           389,253           15,191,363   

Maxim S&P 500® Index Portfolio Initial Class

      7,175,163           61,256,727           23,925,260           2,078,595           345,038           532,632           88,326,254   

Maxim S&P MidCap 400® Index Portfolio Initial Class

      3,707,690           26,295,418           10,885,817           860,472           43,744           113,428           38,115,050   

Maxim S&P SmallCap 600® Index Portfolio Initial Class

      2,793,826           17,885,863           7,831,713           775,977           114,899           113,698           26,150,212   

Maxim Short Duration Bond Portfolio Initial Class

      564,374           4,144,584           2,006,494           318,308           1,889           49,406           5,880,778   

Maxim T. Rowe Price Equity/Income Portfolio Initial Class

      1,311,289           13,834,693           5,637,525           404,622           99,502           181,886           19,997,160   

Maxim T. Rowe Price MidCap Growth Portfolio Initial Class

      381,495           4,648,797           1,825,305           145,449           11,866           —           6,660,903   

Maxim Templeton Global Bond Portfolio Initial Class

      1,746,897           11,545,978           4,960,431           497,687           11,428           157,679           16,525,643   
                      

 

 

       

 

 

       

 

 

  
                    $              390,998      $              3,122,178      $              502,066,047   
                      

 

 

       

 

 

       

 

 

  

Maxim Lifetime 2025 Portfolio III                                                                                 
Affiliate   Shares  
Held/Account  
Balance  		          Market
Value
12/31/2011  		          Purchase
Cost  		          Sales
Cost  		            Net Realized
Gain/(Loss)  		          Dividends and  
Interest  
Received  		          Market
Value
6/29/2012  		  

Great-West Life & Annuity Contract

     391,256      $     127,710      $     313,428      $     52,891      $          —      $     3,009      $     391,256   

Maxim American Century Growth Portfolio Initial Class

     181,183          640,786          1,417,793          180,690          16,576          4,115          1,960,396   

Maxim Bond Index Portfolio Initial Class

     174,894          798,150          1,997,261          359,498                  10,600          26,165          2,443,271   

Maxim Federated Bond Portfolio Initial Class

     223,594          798,242          1,964,999          328,627          9,524          30,348          2,443,884   

Maxim International Index Portfolio Initial Class

     467,956          1,302,136          3,093,612          382,450          (53,237)          —          4,019,740   

Maxim Invesco ADR Portfolio Initial Class

     105,931          358,490          873,967          93,089          (15,432)          —          1,103,796   

Maxim Janus Large Cap Growth Portfolio Initial Class

     192,652          549,237          1,149,368          279,977          (79,076)          —          1,602,869   

Maxim Loomis Sayles Small-Cap Value Portfolio Initial Class

     32,311          221,673          514,525          57,488          1,376          1,534          684,993   

Maxim MFS International Growth Portfolio Initial Class

     88,492          293,962          683,076          93,645          (6,739)          —          903,508   

Maxim Money Market Portfolio

     150,800          49,229          121,138          19,568          —          —          150,800   

Maxim Putnam Equity Income Portfolio Initial Class

     192,155          643,327          1,459,588          156,224          760          12,617          1,969,589   

Maxim Putnam High Yield Bond Portfolio Initial Class

     76,942          200,698          477,060          76,990          (1,147)          15,918          615,534   

Maxim S&P 500® Index Portfolio Initial Class

     579,955          2,327,694          5,114,655          614,736          31,913          43,683          7,139,247   

Maxim S&P MidCap 400® Index Portfolio Initial Class

     299,254          1,000,572          2,271,890          251,953          7,315          9,269          3,076,327   

Maxim S&P SmallCap 600® Index Portfolio Initial Class

     226,718          682,591          1,596,970          198,976          (590)          9,300          2,122,080   

Maxim Short Duration Bond Portfolio Initial Class

     23,079          78,499          192,996          32,576          207          2,139          240,482   

Maxim T. Rowe Price Equity/Income Portfolio Initial Class

     106,243          526,722          1,168,057          128,832          670          14,958          1,620,204   

Maxim T. Rowe Price MidCap Growth Portfolio Initial Class

     30,803          177,494          396,317          53,811          (3,532)          —          537,817   

Maxim Templeton Global Bond Portfolio Initial Class

     70,808          217,068          507,232          67,335          (3,347)          6,460          669,843   
                 

 

 

      

 

 

      

 

 

  
                $          (84,159)      $             179,515      $             33,695,636   
                 

 

 

      

 

 

      

 

 

  

Maxim Lifetime 2035 Portfolio I                                                                               
Affiliate   Shares  
Held/Account  
Balance  		          Market
Value
12/31/2011  		          Purchase
Cost  		          Sales
Cost  		          Net Realized
Gain/(Loss)  		          Dividends and  
Interest  
Received  		          Market
Value
6/29/2012  		  

Great-West Life & Annuity Contract

     568,276      $     436,335      $     183,410      $     55,993      $     —      $     4,524      $     568,276   

Maxim American Century Growth Portfolio Initial Class

     441,503          3,590,073          1,033,761          200,833          19,985          9,943          4,777,062   

Maxim Bond Index Portfolio Initial Class

     734,079          7,895,073          3,342,009          1,062,002          22,194          106,149          10,255,081   

Maxim Federated Bond Portfolio Initial Class

     939,178          7,896,677          3,179,952          907,133          34,425          123,700          10,265,220   

Maxim International Index Portfolio Initial Class

     1,326,167          8,518,344          3,398,852          868,378          (102,174 )        —          11,391,772   

Maxim Invesco ADR Portfolio Initial Class

     300,263          2,345,252          1,008,167          199,719          (18,698 )        —          3,128,739   

Maxim Janus Large Cap Growth Portfolio Initial Class

     468,078          2,942,737          826,371          316,685          (64,226 )        —          3,894,414   

Maxim Loomis Sayles Small-Cap Value Portfolio Initial Class

     92,658          1,468,633          498,985          69,248          23,254          4,387          1,964,341   

Maxim MFS International Growth Portfolio Initial Class

     251,376          1,915,614          718,223          189,782          1,115          —          2,566,549   

Maxim Money Market Portfolio

     224,641          172,479          72,664          20,502          —          —          224,641   

Maxim Putnam Equity Income Portfolio Initial Class

     464,901          3,603,790          1,199,620          227,129          3,144          30,448          4,765,238   

Maxim Putnam High Yield Bond Portfolio Initial Class

     323,557          1,982,910          727,661          201,308          6,447          67,414          2,588,460   

Maxim S&P 500® Index Portfolio Initial Class

     1,413,493          13,107,143          3,792,016          562,852          134,101          106,111          17,400,099   

Maxim S&P MidCap 400® Index Portfolio Initial Class

     725,932          5,590,385          1,802,718          320,849          15,266          22,346          7,462,587   

Maxim S&P SmallCap 600® Index Portfolio Initial Class

     646,425          4,500,123          1,559,994          271,976          74,565          26,541          6,050,537   

Maxim Short Duration Bond Portfolio Initial Class

     34,243          274,047          112,487          33,115          (77 )        3,107          356,809   

Maxim T. Rowe Price Equity/Income Portfolio Initial Class

     255,939          2,939,608          897,493          130,124          24,496          35,968          3,903,069   

Maxim T. Rowe Price MidCap Growth Portfolio Initial Class

     74,185          974,683          309,537          59,657          3,983          —          1,295,272   

Maxim Templeton Global Bond Portfolio Initial Class

     325,542          2,332,897          773,145          136,394          (2,588 )        29,746          3,079,625   
                 

 

 

      

 

 

      

 

 

  
                $             175,212      $             570,384      $             95,937,791   
                 

 

 

      

 

 

      

 

 

  

 

Maxim Lifetime 2035 Portfolio II                                                                               
Affiliate   Shares
Held/Account
Balance		         

Market

Value

12/31/2011  

         

Purchase  

Cost

         

Sales  

Cost

         

Net Realized  

Gain/(Loss)

          Dividends and  
Interest
Received		          Market
Value
6/29/2012  		  

Great-West Life & Annuity Contract

     1,072,228      $     758,454      $     384,429      $     78,815      $     —      $     8,160      $     1,072,228   

Maxim American Century Growth Portfolio Initial Class

     1,813,478          13,704,560          5,008,534          456,008          45,916          40,484          19,621,829   

Maxim Bond Index Portfolio Initial Class

     1,392,290          13,769,180          7,163,671          1,652,227          17,531          193,780          19,450,291   

Maxim Federated Bond Portfolio Initial Class

     1,780,068          13,770,217          6,820,532          1,330,176          34,659          226,179          19,456,144   

Maxim International Index Portfolio Initial Class

     5,453,359          32,565,109          15,036,435          1,773,143          (216,461 )        —          46,844,353   

Maxim Invesco ADR Portfolio Initial Class

     1,233,824          8,964,511          4,486,957          427,556          (50,889 )        —          12,856,440   

Maxim Janus Large Cap Growth Portfolio Initial Class

     1,923,477          11,335,734          3,829,169          825,960          (228,915 )        —          16,003,328   

Maxim Loomis Sayles Small-Cap Value Portfolio Initial Class

     379,693          5,573,798          2,322,487          146,660          29,061          17,821          8,049,500   

Maxim MFS International Growth Portfolio Initial Class

     1,034,817          7,330,990          3,142,375          366,292          (10,195 )        —          10,565,483   

Maxim Money Market Portfolio

     419,437          296,764          152,386          29,712          —          —          419,437   

Maxim Putnam Equity Income Portfolio Initial Class

     1,913,901          13,727,817          5,581,571          381,130          6,759          123,815          19,617,488   

Maxim Putnam High Yield Bond Portfolio Initial Class

     614,644          3,466,170          1,558,365          246,088          10,348          125,659          4,917,149   

Maxim S&P 500® Index Portfolio Initial Class

     5,789,276          49,746,872          18,463,310          1,248,762          227,314          429,324          71,265,990   

Maxim S&P MidCap 400® Index Portfolio Initial Class

     2,989,631          21,359,195          8,367,263          474,312          22,614          91,437          30,733,410   

Maxim S&P SmallCap 600® Index Portfolio Initial Class

     2,664,415          17,175,963          7,206,780          612,840          104,198          108,510          24,938,927   

Maxim Short Duration Bond Portfolio Initial Class

     62,654          461,726          233,000          47,752          (257 )        5,509          652,860   

Maxim T. Rowe Price Equity/Income Portfolio Initial Class

     1,055,390          11,217,456          4,312,127          221,953          47,732          146,400          16,094,697   

Maxim T. Rowe Price MidCap Growth Portfolio Initial Class

     307,353          3,755,093          1,443,455          104,107          8,727          —          5,366,387   

Maxim Templeton Global Bond Portfolio Initial Class

     615,584          4,088,165          1,718,066          167,177          3,273          55,493          5,823,424   
                 

 

 

      

 

 

      

 

 

  
                $     51,415      $     1,572,571      $     333,749,365   
                 

 

 

      

 

 

      

 

 

  

Maxim Lifetime 2035 Portfolio III

Affiliate         Shares
Held/Account  
Balance		          Market
Value
12/31/2011  		       

Purchase  

Cost

       

Sales  

Cost

        Net Realized  
Gain/(Loss)		          Dividends and  
Interest
Received		          Market
Value
6/29/2012  		  

Great-West Life & Annuity Contract

        49,024      $   13,245   $   41,029   $   5,618   $     —      $     368      $     49,024   

Maxim American Century Growth Portfolio Initial Class

        187,635        546,430     1,493,103     96,073       9,544          4,256          2,030,211   

Maxim Bond Index Portfolio Initial Class

        65,430        247,036     785,449     122,505       2,439          9,674          914,047   

Maxim Federated Bond Portfolio Initial Class

        83,660        247,046     770,908     107,814       2,331          11,236          914,403   

Maxim International Index Portfolio Initial Class

        564,710        1,295,644     3,895,887     326,019       (41,401 )        —          4,850,862   

Maxim Invesco ADR Portfolio Initial Class

        127,711        356,307     1,096,208     73,266       (11,288 )        —          1,330,751   

Maxim Janus Large Cap Growth Portfolio Initial Class

        198,924        449,003     1,235,264     174,955       (44,818 )        —          1,655,051   

Maxim Loomis Sayles Small-Cap Value Portfolio Initial Class

        39,547        223,736     639,298     29,298       2,967          1,877          838,403   

Maxim MFS International Growth Portfolio Initial Class

        106,551        291,118     850,811     73,567       (4,659 )        —          1,087,889   

Maxim Money Market Portfolio

        17,822        4,816     14,976     1,971       —          —          17,822   

Maxim Putnam Equity Income Portfolio Initial Class

        198,748        547,140     1,561,078     90,988       1,870          13,077          2,037,171   

Maxim Putnam High Yield Bond Portfolio Initial Class

        28,547        61,465     184,664     22,322       109          5,902          228,377   

Maxim S&P 500® Index Portfolio Initial Class

        602,894        1,992,449     5,453,418     326,481       38,652          45,471          7,421,622   

Maxim S&P MidCap 400® Index Portfolio Initial Class

        309,224        851,000     2,392,231     115,022       5,760          9,562          3,178,818   

Maxim S&P SmallCap 600® Index Portfolio Initial Class

        276,919        686,254     1,982,719     114,891       6,400          11,363          2,591,959   

Maxim Short Duration Bond Portfolio Initial Class

        2,995        8,430     26,198     3,618       23          275          31,205   

Maxim T. Rowe Price Equity/Income Portfolio Initial Class

        109,516        446,804     1,231,632     57,423       4,028          15,442          1,670,115   

Maxim T. Rowe Price MidCap Growth Portfolio Initial Class

        31,789        149,340     416,762     25,373       (1,038 )        —          555,029   

Maxim Templeton Global Bond Portfolio Initial Class

        28,973        73,431     216,029     19,825       (927 )        2,646          274,084   
                    

 

 

      

 

 

      

 

 

  
                   $     (30,008 )    $     131,149      $     31,676,843   
                    

 

 

      

 

 

      

 

 

  

Maxim Lifetime 2045 Portfolio I

Affiliate        Shares Held            Market
Value
12/31/2011  		         

Purchase  

Cost

       

Sales  

Cost

         

Net Realized  

Gain/(Loss)

          Dividends  
Received		          Market
Value
6/29/2012  		  

Maxim American Century Growth Portfolio Initial Class

       217,701      $     1,730,720      $   534,476   $     83,283      $     8,164      $     4,812      $     2,355,530   

Maxim Bond Index Portfolio Initial Class

       232,833          2,426,354        1,152,775       352,321          5,139          32,912          3,252,680   

Maxim Federated Bond Portfolio Initial Class

       297,678          2,426,998        1,100,240       303,856          9,493          38,330          3,253,624   

Maxim International Index Portfolio Initial Class

       756,651          4,764,616        1,952,315       398,575          (48,345 )        —          6,499,628   

Maxim Invesco ADR Portfolio Initial Class

       171,058          1,309,587        589,333       101,101          (9,532 )        —          1,782,427   

Maxim Janus Large Cap Growth Portfolio Initial Class

       231,483          1,419,390        424,675       129,680          (27,775 )        —          1,925,935   

Maxim Loomis Sayles Small-Cap Value Portfolio Initial Class

       53,032          822,665        293,953       31,903          10,614          2,473          1,124,271   

Maxim MFS International Growth Portfolio Initial Class

       143,355          1,070,330        410,306       85,865          58          —          1,463,659   

Maxim Putnam Equity Income Portfolio Initial Class

       229,477          1,733,223        610,707       83,460          1,385          14,700          2,352,143   

Maxim Putnam High Yield Bond Portfolio Initial Class

       102,171          608,641        250,300       64,177          3,760          20,775          817,367   

Maxim S&P 500® Index Portfolio Initial Class

       696,513          6,305,621        1,962,304       225,227          49,624          51,152          8,574,072   

Maxim S&P MidCap 400® Index Portfolio Initial Class

       357,944          2,698,332        904,138       113,736          5,333          10,885          3,679,668   

Maxim S&P SmallCap 600® Index Portfolio Initial Class

       371,504          2,529,882        918,410       127,107          33,767          15,009          3,477,274   

Maxim T. Rowe Price Equity/Income Portfolio Initial Class

       126,439          1,417,826        461,772       49,449          9,362          17,406          1,928,201   

Maxim T. Rowe Price MidCap Growth Portfolio Initial Class

       36,796          472,572        155,421       20,473          1,472          —          642,454   

Maxim Templeton Global Bond Portfolio Initial Class

       115,391          806,362        304,563       55,697          921          10,314          1,091,601   
                   

 

 

      

 

 

      

 

 

  
                  $     53,440      $     218,768      $     44,220,534   
                   

 

 

      

 

 

      

 

 

  

 

Maxim Lifetime 2045 Portfolio II

Affiliate        Shares Held            Market
Value
12/31/2011  		         

Purchase  

Cost

         

Sales  

Cost

         

Net Realized  

Gain/(Loss)

         

Dividends  

Received

          Market
Value
6/29/2012		  

Maxim American Century Growth Portfolio Initial Class

       847,740      $     5,894,636      $     2,864,682      $     180,210      $     15,535      $     18,779      $     9,172,553   

Maxim Bond Index Portfolio Initial Class

       435,811          3,948,102          2,583,907          496,148          4,937          59,744          6,088,282   

Maxim Federated Bond Portfolio Initial Class

       557,129          3,948,622          2,480,798          401,438          6,181          69,771          6,089,421   

Maxim International Index Portfolio Initial Class

       2,942,006          16,198,963          9,444,424          787,455          (92,896 )        —          25,271,831   

Maxim Invesco ADR Portfolio Initial Class

       666,161          4,464,375          2,776,505          178,128          (22,162 )        —          6,941,397   

Maxim Janus Large Cap Growth Portfolio Initial Class

       900,286          5,051,297          2,244,712          588,557          (146,731 )        —          7,490,382   

Maxim Loomis Sayles Small-Cap Value Portfolio Initial Class

       206,602          2,800,180          1,472,691          42,828          8,075          9,635          4,379,968   

Maxim MFS International Growth Portfolio Initial Class

       556,522          3,633,419          1,980,002          150,898          (7,313 )        —          5,682,087   

Maxim Putnam Equity Income Portfolio Initial Class

       894,847          5,900,395          3,160,202          171,280          2,990          57,527          9,172,183   

Maxim Putnam High Yield Bond Portfolio Initial Class

       191,421          990,561          586,354          84,430          4,305          38,809          1,531,370   

Maxim S&P 500® Index Portfolio Initial Class

       2,704,574          21,386,737          10,560,679          542,987          88,700          199,207          33,293,304   

Maxim S&P MidCap 400® Index Portfolio Initial Class

       1,394,177          9,184,244          4,688,484          161,963          5,750          42,341          14,332,139   

Maxim S&P SmallCap 600® Index Portfolio Initial Class

       1,444,437          8,607,924          4,492,856          175,323          29,700          58,424          13,519,930   

Maxim T. Rowe Price Equity/Income Portfolio Initial Class

       492,972          4,824,292          2,451,596          101,233          17,456          68,022          7,517,818   

Maxim T. Rowe Price MidCap Growth Portfolio Initial Class

       142,840          1,611,486          797,500          30,822          1,951          —          2,493,981   

Maxim Templeton Global Bond Portfolio Initial Class

       213,883          1,304,945          720,488          59,512          1,706          19,133          2,023,334   
                   

 

 

      

 

 

      

 

 

  
          $     (81,816 )    $     641,392      $     154,999,980   
                   

 

 

      

 

 

      

 

 

  

Maxim Lifetime 2045 Portfolio III

Affiliate        Shares Held            Market
Value
12/31/2011  		         

Purchase  

Cost

         

Sales  

Cost

         

Net Realized  

Gain/(Loss)

          Dividends  
Received		          Market
Value
6/29/2012  		  

Maxim American Century Growth Portfolio Initial Class

       103,636      $     193,142      $     929,226      $     39,193      $     3,923      $     2,345      $     1,121,338   

Maxim Bond Index Portfolio Initial Class

       30,066          72,687          398,136          52,568          845          4,388          420,015   

Maxim Federated Bond Portfolio Initial Class

       38,441          72,696          392,642          46,481          968          5,103          420,164   

Maxim International Index Portfolio Initial Class

       360,637          530,717          2,752,349          140,096          (19,434 )        —            3,097,872   

Maxim Invesco ADR Portfolio Initial Class

       81,672          146,272          776,861          32,166          (5,253 )        —            851,026   

Maxim Janus Large Cap Growth Portfolio Initial Class

       110,048          170,204          760,739          78,517          (16,860 )        —            915,598   

Maxim Loomis Sayles Small-Cap Value Portfolio Initial Class

       25,352          91,708          459,204          12,774          318          1,201          537,470   

Maxim MFS International Growth Portfolio Initial Class

       68,154          119,330          602,070          29,814          (2,471 )        —            695,854   

Maxim Putnam Equity Income Portfolio Initial Class

       109,734          193,270          956,879          27,969          560          7,186          1,124,770   

Maxim Putnam High Yield Bond Portfolio Initial Class

       13,093          18,067          95,069          9,706          380          2,700          104,746   

Maxim S&P 500® Index Portfolio Initial Class

       332,353          702,687          3,358,593          118,855          10,423          24,959          4,091,267   

Maxim S&P MidCap 400® Index Portfolio Initial Class

       171,093          301,136          1,488,909          42,725          1,662          5,280          1,758,837   

Maxim S&P SmallCap 600® Index Portfolio Initial Class

       178,253          282,790          1,422,841          48,784          (55 )        7,297          1,668,446   

Maxim T. Rowe Price Equity/Income Portfolio Initial Class

       60,514          158,100          763,178          21,169          658          8,500          922,835   

Maxim T. Rowe Price MidCap Growth Portfolio Initial Class

       17,535          53,477          257,180          9,412          (587 )        —            306,170   

Maxim Templeton Global Bond Portfolio Initial Class

       14,991          24,355          125,900          9,678          (278 )        1,365          141,816   
                   

 

 

      

 

 

      

 

 

  
                  $     (25,201 )    $     70,324      $     18,178,224   
                   

 

 

      

 

 

      

 

 

  

                                                                                                                                                                                     

Maxim Lifetime 2055 Portfolio I

  

Affiliate    Shares Held      Market
Value
12/31/2011		      Purchase
Cost		      Sales
Cost		      Net Realized
Gain/(Loss)		      Dividends
Received		      Market
Value
6/29/2012		  

Maxim American Century Growth Portfolio Initial Class

      59,303       $ 465,351       $ 178,986       $ 45,887       $ 3,645       $ 1,333       $ 641,657   

Maxim Bond Index Portfolio Initial Class

      59,017         603,004         341,039         126,693         1,372         8,292         824,468   

Maxim Federated Bond Portfolio Initial Class

      75,456         603,081         328,461         115,021         2,168         9,672         824,733   

Maxim International Index Portfolio Initial Class

      237,148         1,478,192         680,592         175,841         (23,600)         —         2,037,100   

Maxim Invesco ADR Portfolio Initial Class

      53,761         407,723         199,610         40,474         (4,417)         —         560,191   

Maxim Janus Large Cap Growth Portfolio Initial Class

      63,007         383,280         142,917         63,744         (14,068)         —         524,221   

Maxim Loomis Sayles Small-Cap Value Portfolio Initial Class

      16,671         254,933         106,765         17,803         5,061         791         353,427   

Maxim MFS International Growth Portfolio Initial Class

      44,889         332,269         141,606         35,282         (757)         —         458,315   

Maxim Putnam Equity Income Portfolio Initial Class

      62,620         466,367         198,750         45,841         (10)         4,069         641,853   

Maxim Putnam High Yield Bond Portfolio Initial Class

      25,916         151,848         77,159         27,045         1,253         5,310         207,329   

Maxim S&P 500® Index Portfolio Initial Class

      189,838         1,695,741         658,085         137,211         29,805         14,152         2,336,912   

Maxim S&P MidCap 400® Index Portfolio Initial Class

      97,705         726,303         299,922         69,672         2,332         3,018         1,004,403   

Maxim S&P SmallCap 600® Index Portfolio Initial Class

      116,869         786,289         329,178         63,627         14,449         4,799         1,093,898   

Maxim T. Rowe Price Equity/Income Portfolio Initial Class

      34,514         381,462         153,677         30,759         5,539         4,818         526,338   

Maxim T. Rowe Price MidCap Growth Portfolio Initial Class

      10,027         127,578         51,602         12,688         744         —         175,068   

Maxim Templeton Global Bond Portfolio Initial Class

      35,280         242,982         113,470         33,871         (447)         3,185         333,753   
              

 

 

     

 

 

     

 

 

  
               $ 23,069       $ 59,439       $ 12,543,666   
              

 

 

     

 

 

     

 

 

  

                                                                                                                                                                                     

Maxim Lifetime 2055 Portfolio II

  

Affiliate    Shares Held      Market
Value
12/31/2011		      Purchase
Cost		      Sales
Cost		      Net Realized
Gain/(Loss)		     Dividends
Received		      Market
Value
6/29/2012		  

Maxim American Century Growth Portfolio Initial Class

      176,085       $ 1,258,496       $ 660,219       $ 125,048       $ 9,869      $ 3,865       $ 1,905,243   

Maxim Bond Index Portfolio Initial Class

      85,911         796,614         575,690         177,737         6,245        11,502         1,200,179   

Maxim Federated Bond Portfolio Initial Class

      109,838         796,693         558,265         163,304         4,556        13,440         1,200,527   

Maxim International Index Portfolio Initial Class

      698,770         3,970,325         2,469,513         580,833         (82,803 )      —         6,002,431   

Maxim Invesco ADR Portfolio Initial Class

      158,205         1,091,345         716,615         142,825         (21,763 )      —         1,648,492   

Maxim Janus Large Cap Growth Portfolio Initial Class

      187,022         1,069,911         518,405         208,846         (48,972 )      —         1,556,026   

Maxim Loomis Sayles Small-Cap Value Portfolio Initial Class

      49,328         689,569         374,441         42,958         11,626        2,288         1,045,762   

Maxim MFS International Growth Portfolio Initial Class

      132,181         892,298         521,873         116,703         (5,555 )      —         1,349,567   

Maxim Putnam Equity Income Portfolio Initial Class

      185,937         1,258,944         729,641         138,412         (793 )      11,804         1,905,854   

Maxim Putnam High Yield Bond Portfolio Initial Class

      37,858         200,798         134,938         41,201         94        7,533         302,864   

Maxim S&P 500® Index Portfolio Initial Class

      564,748         4,590,047         2,470,455         414,725         88,687        41,165         6,952,041   

Maxim S&P MidCap 400® Index Portfolio Initial Class

      289,176         1,961,583         1,036,155         146,188         4,072        8,707         2,972,732   

Maxim S&P SmallCap 600® Index Portfolio Initial Class

      343,792         2,119,186         1,122,549         139,770         29,998        13,875         3,217,896   

Maxim T. Rowe Price Equity/Income Portfolio Initial Class

      102,191         1,028,718         565,809         94,771         12,580        13,968         1,558,419   

Maxim T. Rowe Price MidCap Growth Portfolio Initial Class

      29,634         342,132         183,573         31,124         617        —           517,406   

Maxim Templeton Global Bond Portfolio Initial Class

      50,975         319,117         200,134         52,680         (2,097 )      4,488         482,229   
              

 

 

    

 

 

     

 

 

  
               $ 6,361      $ 132,635       $ 33,817,668   
              

 

 

    

 

 

     

 

 

  

Maxim Lifetime 2055 Portfolio III                              

 

  
Affiliate    Shares Held      Market
Value
12/31/2011		      Purchase
Cost		      Sales
Cost		      Net Realized
Gain/(Loss)		      Dividends
Received		      Market
Value
6/29/2012		  

 

  

Maxim American Century Growth Portfolio Initial Class

      8,187       $ 32,909       $ 56,928       $ 4,762       $ 389       $ 178       $ 88,579   

Maxim Bond Index Portfolio Initial Class

      2,410         12,598         25,569         4,596         165         326         33,668   

Maxim Federated Bond Portfolio Initial Class

      3,081         12,601         25,044         4,118         102         381         33,674   

Maxim International Index Portfolio Initial Class

      32,604         104,246         196,811                 22,074         (3,343)         —         280,072   

Maxim Invesco ADR Portfolio Initial Class

      7,386         28,720         55,648         5,458         (1,092)         —         76,959   

Maxim Janus Large Cap Growth Portfolio Initial Class

      8,704         27,855         46,902         9,487         (2,933)         —         72,415   

Maxim Loomis Sayles Small-Cap Value Portfolio Initial Class

      2,293         18,005         33,292         3,288         27         105         48,610   

Maxim MFS International Growth Portfolio Initial Class

      6,164         23,376         42,785         4,491         (377)         —         62,936   

Maxim Putnam Equity Income Portfolio Initial Class

      8,644         32,932         59,817         5,212         (36)         545         88,603   

Maxim Putnam High Yield Bond Portfolio Initial Class

      1,061         3,170         6,080         965         (38)         211         8,484   

Maxim S&P 500® Index Portfolio Initial Class

      26,233                 119,889                 207,698         17,734         629         1,896         322,926   

Maxim S&P MidCap 400® Index Portfolio Initial Class

      13,464         51,351         93,389         8,895         207         402         138,411   

Maxim S&P SmallCap 600® Index Portfolio Initial Class

      16,036         55,333         102,060         10,769         (192)         638         150,098   

Maxim T. Rowe Price Equity/Income Portfolio Initial Class

      4,757         26,935         47,682         4,404         (98)         645         72,546   

Maxim T. Rowe Price MidCap Growth Portfolio Initial Class

      1,384         8,990         16,052         1,609         (129)         —         24,164   

Maxim Templeton Global Bond Portfolio Initial Class

      1,442         5,082         9,375         1,078         (64)         127         13,641   
              

 

 

     

 

 

     

 

 

  
               $         (6,783)       $         5,454       $         1,515,786   
              

 

 

     

 

 

     

 

 

  

3. PURCHASES & SALES OF UNDERLYING INVESTMENTS

For the period ended June 29, 2012, the aggregate cost of purchases and proceeds from sales of underlying investments were as follows:

 

     Purchases      Sales  

Maxim Lifetime 2015 Portfolio I

     $ 55,589,205        $         13,792,488   

Maxim Lifetime 2015 Portfolio II

              167,468,585         38,345,624   

Maxim Lifetime 2015 Portfolio III

      16,076,679         2,331,519   

Maxim Lifetime 2025 Portfolio I

      54,044,720         10,692,608   

Maxim Lifetime 2025 Portfolio II

      216,597,965         29,541,147   

Maxim Lifetime 2025 Portfolio III

      35,701,734         4,833,330   

Maxim Lifetime 2035 Portfolio I

      35,344,492         8,426,381   

Maxim Lifetime 2035 Portfolio II

      137,021,160         15,585,375   

Maxim Lifetime 2035 Portfolio III

      34,603,873         2,613,611   

Maxim Lifetime 2045 Portfolio I

      17,016,175         3,269,932   

Maxim Lifetime 2045 Portfolio II

      76,518,172         5,917,167   

Maxim Lifetime 2045 Portfolio III

      22,570,208         1,072,934   

Maxim Lifetime 2055 Portfolio I

      5,811,800         1,559,156   

Maxim Lifetime 2055 Portfolio II

      18,808,853         3,860,931   

Maxim Lifetime 2055 Portfolio III

      1,514,969         151,144   

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 29, 2012 were as follows:

 

    Cost For
Income
Tax
Purposes		     Gross
Appreciation		     Gross
Depreciation		     Net
Unrealized
Appreciation/
(Depreciation)		  
 

 

 

  

Maxim Lifetime 2015 Portfolio I

   $       155,721,723      $ 4,565,980      $ (2,749,365)      $ 1,816,615   

Maxim Lifetime 2015 Portfolio II

     531,793,498              17,470,534              (10,618,215)              6,852,319   

Maxim Lifetime 2015 Portfolio III

     23,629,104        623,196        (305,113)        318,083   

Maxim Lifetime 2025 Portfolio I

     186,271,539        6,524,746        (4,406,873)        2,117,873   

Maxim Lifetime 2025 Portfolio II

     702,522,260        25,491,969        (19,298,316)        6,193,653   

Maxim Lifetime 2025 Portfolio III

     47,250,020        1,027,013        (852,182)        174,831   

Maxim Lifetime 2035 Portfolio I

     133,970,229        5,170,775        (4,449,825)        720,950   

Maxim Lifetime 2035 Portfolio II

     470,193,456        18,336,242        (16,470,911)        1,865,331   

Maxim Lifetime 2035 Portfolio III

     44,420,813        1,263,345        (692,876)        570,469   

Maxim Lifetime 2045 Portfolio I

     62,885,787        2,496,223        (2,299,275)        196,948   

Maxim Lifetime 2045 Portfolio II

     223,775,731        7,824,570        (8,294,334)        (469,764)   

Maxim Lifetime 2045 Portfolio III

     26,126,780        607,475        (430,512)        176,963   

Maxim Lifetime 2055 Portfolio I

     18,449,920        587,101        (739,426)        (152,325)   

Maxim Lifetime 2055 Portfolio II

     50,322,751        1,488,968        (2,028,655)        (539,687)   

Maxim Lifetime 2055 Portfolio III

     2,264,235        45,870        (68,578)        (22,708)   

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 Portfolio.

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 Forms N-Q are 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 1-866-831-7129, 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 1-866-831-7129, 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 the Fund, including the Directors who are not interested persons of the Fund (the “Independent Directors”), at a meeting held on April 11, 2012 (the “Meeting”), approved the continuation of (i) the investment advisory agreement (the “Advisory Agreement”) between the Fund and GW Capital Management, LLC, doing business as Maxim Capital Management, LLC (“MCM”).

Pursuant to the Advisory Agreement, MCM acts as investment adviser and, subject to oversight by the Board, directs the investments of the Maxim Lifetime 2015 Portfolio I, Maxim Lifetime 2015 Portfolio II, Maxim Lifetime 2015 Portfolio III, Maxim Lifetime 2025 Portfolio I, Maxim Lifetime 2025 Portfolio II, Maxim Lifetime 2025 Portfolio III, Maxim Lifetime 2035 Portfolio I, Maxim Lifetime 2035 Portfolio II, Maxim Lifetime 2035 Portfolio III, Maxim Lifetime 2045 Portfolio I, Maxim Lifetime 2045 Portfolio II, Maxim Lifetime 2045 Portfolio III, Maxim Lifetime 2055 Portfolio I, Maxim Lifetime 2055 Portfolio II and Maxim Lifetime 2055 Portfolio III (collectively, the “Portfolios”) in accordance with their investment objectives, policies and limitations. MCM also provides, subject to oversight by the Board, the management and administrative services necessary for the operation of the Fund.

On March 22, 2012, the Independent Directors met separately with independent legal counsel in advance of the Meeting to evaluate information furnished by MCM in connection with the proposed continuation of the Advisory Agreement. The Independent Directors also considered additional information provided in response to their requests made following the March meeting.

In approving the continuation of the Advisory Agreement, the Board considered such information as the Board deemed reasonably necessary to evaluate the terms of the Advisory Agreement. 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 approval was based on each Director’s business judgment after consideration of the information as a whole. Individual Directors may have weighed certain factors differently and assigned varying degrees of materiality to information considered by the Board.

Based upon its review of the Advisory Agreement and the information provided to it, the Board concluded that the Advisory Agreement was 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 Advisory Agreement 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. Among other things, the Board considered MCM’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 MCM’s reputation for management of its investment strategies, its overall financial condition, technical resources, operational capabilities, and compliance policies and procedures, as well as MCM’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 MCM at regular Board meetings held throughout the year to discuss Portfolio management strategies and performance. Additionally, the quality of MCM’s

communications with the Board, as well as the MCM’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.

Investment Performance

The Board considered the investment performance of the Portfolios. The Board reviewed performance information for the Class T Shares of the Portfolios as compared against various benchmarks and the performance of similar funds. This information included annualized returns for the fourth quarter, one-year and since inception (May 2009) periods ended December 31, 2011, calendar year returns for the two-year period ended December 31, 2011, and risk-adjusted performance measures. 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, the Portfolio’s Morningstar category. In evaluating the performance of the Portfolios, the Board noted how each Portfolio performed relative to the returns of the applicable benchmarks and peer groups.

With respect to the Maxim Lifetime 2015 I, II and III Portfolios, Maxim Lifetime 2025 I and II Portfolios, Maxim Lifetime 2035 I and II Portfolios and Maxim Lifetime 2045 I Portfolio, the Portfolios outperformed their peer groups for the annualized one-year period. With respect to the Maxim Lifetime 2025 III Portfolio, Maxim Lifetime 2035 III Portfolio, Maxim Lifetime 2045 II and III Portfolios and Maxim Lifetime 2055 I, II and III Portfolios, the Portfolios underperformed their peer groups for the annualized one-year period. The Board determined that it was satisfied with the investment performance of the Portfolios.

Costs and Profitability

The Board considered the costs of services provided and profits estimated to have been realized by MCM from its relationship 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. In evaluating the management 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. 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 Portfolios.

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 were at the higher end in comparison to the similar funds. With respect to the Class T Shares of the Portfolios, the Board further noted that the expense ratios were lower than or equal to the median expense ratio for the applicable Morningstar fund category. With respect to the Class T1 and Class L Shares of the Portfolios, the Board noted that the expense ratios were generally slightly higher than the median expense ratio for the applicable Morningstar fund category.

The Board also considered the overall financial soundness of MCM and the profits estimated to have been realized by MCM and its affiliates. The Board requested and

reviewed the financial statements and profitability information from MCM. 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 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 fees payable by the Portfolios, 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 were not of sufficient size to identify economies of scale.

Other Factors

The Board considered ancillary benefits derived or to be derived by MCM from its relationship with the Portfolios as part of the total mix of information evaluated by the Board. The Board noted where services were provided to the Portfolio by an affiliate of MCM. The Board took into account the fact that the Portfolios are used as a funding vehicle under variable life and annuity contracts offered by insurance companies affiliated with MCM and as a funding vehicle under retirement plans for which affiliates of MCM may provide various retirement plan services. Additionally, the Board considered the extent to which MCM’s parent company, Great-West Life & Annuity Insurance Company, 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 fees were reasonable, taking into account any ancillary benefits derived by MCM.

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 applicable.

ITEM 6.   INVESTMENTS.

 

(a)

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

 

(b)

Not applicable.

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 as described in general instructions on Form N-CSR, Item 10.

ITEM 11.   CONTROLS AND PROCEDURES.

 

(a)

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

(b)

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

ITEM 12.     EXHIBITS.

 

(a)

        (1) Not required in filing.

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

(3) Not applicable.

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

SIGNATURES

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

 

MAXIM SERIES FUND, INC.

By:

  

/s/ M.T.G. Graye

 

M.T.G. Graye

President and Chief Executive Officer

Date:       August 28, 2012

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 and Chief Executive Officer

Date:       August 28, 2012

 

By:

  

/s/ M.C. Maiers

 

M.C. Maiers

Chief Financial Officer and Treasurer

Date:       August 28, 2012