AMENDMENT TO
SUB-ADVISORY AGREEMENT
The following amendment is made to the Sub-Advisory Agreement effective
June 30, 2003, by and between Maxim Series Fund, Inc. (the "Fund"), GW Capital
Management, LLC (the "Adviser") and BNY Investment Advisors (the "Sub-adviser)
dated April 1, 2003, (the "Agreement"), and is hereby incorporated into and made
a part of the Agreement.
Schedule A is hereby amended by deleting the existing Schedule A and
replacing it with the Schedule A attached hereto and incorporated
herein by reference.
IN WITNESS WHEREOF, the parties hereto have caused this amending
agreement to be executed in duplicate, in their names and on their behalf by and
through their duly authorized officers.
GW CAPITAL MANAGEMENT, LLC
(d/b/a Maxim Capital Management, LLC)
Attest: By:
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Name: Name:
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Title: Title:
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MAXIM SERIES FUND, INC.
Attest: By:
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Name: Name:
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Title: Title:
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BNY INVESTMENT ADVISORS
Attest: By:
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Name: Name:
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Title: Title:
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Schedule A
Maxim Stock Index Portfolio
Maxim Index 600 Portfolio
Maxim Value Index Portfolio
Maxim Growth Index Portfolio
Maxim Index 400 Portfolio
Maxim Index European Portfolio
Maxim Index Pacific Portfolio
Maxim S&P 500 Index(R) Portfolio
