AMENDMENT TO THE ADMINISTRATIVE SERVICES AGREEMENT BETWEEN AETNA SERIES FUND, INC. AND AELTUS INVESTMENT MANAGEMENT, INC. WITNESSETH:

                                  Exhibit h.3

               AMENDMENT TO THE ADMINISTRATIVE SERVICES AGREEMENT



               AMENDMENT TO THE ADMINISTRATIVE SERVICES AGREEMENT
                                     BETWEEN
                             AETNA SERIES FUND, INC.
                                       AND
                       AELTUS INVESTMENT MANAGEMENT, INC.

                                   WITNESSETH:

         WHEREAS, Aetna Series Fund, Inc. (the "Company") and Aeltus Investment
Management, Inc. ("Aeltus") entered into an Administrative Services Agreement
(the "Agreement") on December 18, 1998 with respect to certain series of the
Company; and

         WHEREAS, the Company has authorized the creation of a new series,
Brokerage Cash Reserves ("Series"), and has amended its registration statement
on Form N-1A to register shares of beneficial interest of the Series with the
Securities and Exchange Commission; and

         WHEREAS, the Company desires to appoint Aeltus as Administrator of the
assets for such Series;

         NOW THEREFORE, it is agreed as follows:

         The Company, on behalf of the Series, hereby appoints Aeltus, and
Aeltus hereby accepts appointment, as the Administrator for the Series, in
accordance with all the terms and conditions set forth in the Agreement, and for
an annual fee of 0.10% of the average daily net assets of the Series payable
monthly (in arrears).

Notwithstanding the above, the Administrator may waive a portion or all of the
fees it is entitled to receive. The Administrator has agreed to waive fees
through December 31, 2000 so that the total annual operating expenses (excluding
distribution and shareholder service fees) do not exceed 0.35% of the Series'
average daily net assets.

         IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed by their officers designated below on the date mentioned below.

                                            Aetna Series Fund, Inc. on behalf of
                                            Brokerage Cash Reserves

Aeltus Investment Management, Inc.

By:/s/ Xxxx X. Xxx                          By:/s/ J. Xxxxx Xxx

Name: Xxxx Xxx                              Name: J. Xxxxx Xxx

Title: President                            Title: President

Date: July 27, 1999                         Date: July 16, 1999


Attest:                                     Attest:

By:/s/ Xxx X. Doberman                      By: /s/ Xxxxxx X. Xxxxxx

Name: Xxx X. Doberman                       Name: Xxxxxx X. Xxxxxx

Title: Secretary                            Title: Assistant Secretary

Date: July 28, 1999                         Date: July 28, 1999