FORM OF AMENDMENT TO CUSTODIAN AGREEMENT between AETNA SERIES FUND, INC. and MELLON BANK, N.A. WITNESSETH:

                                     FORM OF
                        AMENDMENT TO CUSTODIAN AGREEMENT
                                     between
                             AETNA SERIES FUND, INC.
                                       and
                                MELLON BANK, N.A.

                                   WITNESSETH:

         WHEREAS, Aetna Series Fund, Inc. (the "Company"), and Mellon Bank, N.A.
("Mellon"), entered into a Custodian Agreement (the "Agreement") on September 1,
1992 with respect to the assets of certain series of the Company and some or all
additional series that the Company may establish from time to time ("Series");
and

         WHEREAS, the Company has authorized the creation of a new series, _____
______________ (the "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 Mellon as custodian of the
assets for the Series;

         NOW THEREFORE, it is agreed as follows:

         1. The Company, on behalf of the Series, hereby appoints Mellon, and
Mellon hereby accepts appointment, as the custodian of the assets of the Series,
in accordance with all the terms and conditions set forth in the Agreement.

         2. The Company is entering into this Agreement incorporating the
Agreement on behalf of each Series individually and not jointly with any other
Series. In the Agreement, the term "Fund" shall refer to the Company solely on
behalf of each Series individually to which a particular Futures Contract
transaction or other obligation under the Agreement relates. The
responsibilities and benefits set forth in the Agreement shall refer to each
Series severally and not jointly. No individual Series shall have any
responsibility for any obligation arising out of a Futures Contract transaction
entered into by any other Series. Without otherwise limiting the generality of
the foregoing,

         (a)  any breach of the Agreement regarding the Company with respect to
              any one Series shall not create a right or obligation with respect
              to any other Series;

         (b)  under no circumstances shall Mellon have the right to set off
              claims relating to a Series by applying property of any other
              Series;


         (c)  no Series shall have the right of set off against the assets held
              by any other Series;

         (d)  the business and contractual relationships created by the
              Agreement as amended hereby, and the consequences of such
              relationships relate solely to the particular Series to which such
              relationship was created; and

         (e)  all property held by Mellon on behalf of a particular Series shall
              relate solely to the particular Series.

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

Mellon Bank, N.A.                          Aetna Series Fund, Inc. on behalf of
                                           its series, _________________________

By: ____________________________________   By: _________________________________

Name: __________________________________   Name: _______________________________

Title: _________________________________   Title: ______________________________

Date: __________________________________   Date: _______________________________