Exhibit h.11 Form of Amendment No. 5 to the Transfer Agency and Services Agreement

                                     Exhibit h.11

                             Form of Amendment No. 5
                 to the Transfer Agency and Services Agreement







                                     FORM OF
                                 AMENDMENT No. 5
                  TO THE TRANSFER AGENCY AND SERVICES AGREEMENT

         THIS AMENDMENT, dated as of October 7, 1999, is made to the Transfer
Agency and Services Agreement dated July 3, 1998 (the "Transfer Agent
Agreement") between AETNA SERIES FUND, INC. (the "Fund") and FIRST DATA INVESTOR
SERVICES GROUP, INC. ("Investor Services Group").

                                   WITNESSETH

         WHEREAS, the Fund has established a new series, Aetna Principal
Protection Fund II ("Series"); and

         WHEREAS, the Fund and Investor Services Group desire to amend the
Agreement and Amendment No. 2 to include the Series;

         NOW THEREFORE, it is agreed that Exhibit 1 to the Transfer Agent
Agreement and Amendment No. 2 to the Transfer Agent Agreement shall be amended
to include the Series.

         IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed by their duly authorized officers, as of the day and year first above
written.

AETNA SERIES FUND, INC.

By: ___________________________________________

Title: ________________________________________


FIRST DATA INVESTOR SERVICES
GROUP, INC.

By: ___________________________________________

Title: ________________________________________