Exhibit m.1
Distribution Plan - Class A
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DISTRIBUTION PLAN
AETNA SERIES FUND, INC.
CLASS A
This Distribution Plan (the "Plan") is adopted in accordance with Rule 12b-1
(the "Rule") under the Investment Company Act of 1940 (the "1940 Act"), by AETNA
SERIES FUND, INC. (the "Fund"), a Maryland corporation, on behalf of the Class A
shares of each of its Series (except Aetna Money Market Fund) as set forth in
Appendix A, as amended from time to time, subject to the following terms and
conditions:
SECTION 1. ANNUAL FEES
Distribution Fee. Each Series will pay to the underwriter of its shares, Aeltus
Capital, Inc. (the "Underwriter"), a Connecticut corporation, a distribution fee
under the Plan at the annual rate of 0.25% of the average daily net assets of
each Series attributable to its Class A shares (the "Distribution Fee").
Adjustment to Fees. The Distribution Fee may be reduced with respect to the
Class A shares of any Series if agreed upon by the Board of Directors of the
Fund (the "Board") and the Underwriter and if approved in the manner specified
in Section 3 of this Plan.
Payment of Fees. The Distribution Fee will be calculated daily and paid monthly
by each Series with respect to its Class A shares at the annual rate indicated
above.
SECTION 2. EXPENSES COVERED BY THE PLAN.
The Fund, with respect to its Class A shares, will pay the Underwriter a
Distribution Fee under the Plan to compensate the Underwriter, and firms with
which the Underwriter enters into related agreements, for engaging in sales and
promotional activities, as well as for providing shareholder services not
otherwise provided by the Fund's transfer agent. Such activities and related
services will relate only to Class A shares of the Fund. Such expenditures may
consist of sales commissions to firms and their representatives for selling
Class A shares of the Fund, compensation for servicing Class A shareholders as
described above, payments to sales and marketing personnel, and the payment of
expenses incurred in sales and promotional activities, including advertising
expenditures related to the Fund and the costs of preparing and distributing
promotional materials. Payment of the Distribution Fee described in this Section
shall be subject to any limitation set forth in any applicable regulation of the
National Association of Securities Dealers, Inc.
The amount of the Distribution Fees payable under Section 1 hereof is not
related directly to expenses incurred by the Underwriter and this Section 2 does
not obligate a Series to reimburse the Underwriter for such expenses. The
Distribution Fees will be paid by each Series to the Underwriter unless and
until (a) the Plan is terminated pursuant to Section 5
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hereof, or (b) the Plan is not renewed with respect to a Series or Class A
thereof pursuant to Section 4 hereof. Any distribution expenses incurred by the
Underwriter on behalf of a Series in excess of the Distribution Fees specified
in Section 1 hereof which the Underwriter has accrued through the termination
date are the sole responsibility and liability of the Underwriter and are not an
obligation of a Series.
SECTION 3. APPROVAL OF DIRECTORS.
Neither the Plan nor any related agreements will take effect until approved by a
majority of both (a) the Board of Directors of the Fund and (b) those Directors
who are not interested persons of the Fund and who have no direct or indirect
financial interest in the operation of the Plan or in any agreements related to
it (the "Qualified Directors"), cast in person at a meeting called for the
purpose of voting on the Plan and the related agreements.
SECTION 4. CONTINUANCE OF THE PLAN.
The Plan shall become effective on August 1, 1999 and shall remain in force and
effect through December 31, 1999, unless earlier terminated. Following the
expiration of its initial term, the Plan shall continue in force and effect for
a one year period, provided such continuance is specifically approved at least
annually:
1. (a) by a majority of the members of the Board, or (b) by vote of a
majority of each Series' Class A shares, and
2. by the vote of a majority of the Qualified Directors cast in person
at a meeting specifically called for such purpose.
SECTION 5. TERMINATION.
The Plan may be terminated at any time with respect to Class A shares of any
Series (a) by the vote of a majority of that Series' outstanding voting Class A
securities, or (b) by a vote of a majority of the Qualified Directors. The Plan
may remain in effect with respect to a Series even if the Plan has been
terminated in accordance with this Section 5 with respect to any other Series.
SECTION 6. AMENDMENTS.
The Plan may not be amended with respect to any Series so as to increase
materially the amounts of the Distribution Fees described in Section 1 above
unless the amendment is approved by a vote of the holders of at least a majority
of the outstanding voting Class A securities of that Series. No material
amendment to the Plan may be made unless approved in the manner described in
Section 3 above.
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SECTION 7. SELECTION OF CERTAIN DIRECTORS.
While the Plan is in effect, the selection and nomination of the Fund's
Directors who are not interested persons of the Fund will be committed to the
discretion of the Directors then in office who are not interested persons of the
Fund.
SECTION 8. WRITTEN REPORTS.
In each year during which the Plan remains in effect, any person authorized to
direct the disposition of monies paid or payable by a Series pursuant to the
Plan or any related agreement will prepare and furnish to the Board, and the
Board will review, at least quarterly, written reports setting out the amounts
expended under the Plan, the purposes for which those expenditures were made,
and otherwise complying with the requirements of the Rule.
SECTION 9. PRESERVATION OF MATERIALS.
The Fund will preserve copies of the Plan, any agreement relating to the Plan
and any report made pursuant to Section 8 above, for a period of not less than
six years (the first two years in an easily accessible place) from the date of
the Plan, agreement or report.
SECTION 10. MEANINGS OF CERTAIN TERMS.
As used in the Plan, the terms "interested person" and "majority of the
outstanding voting securities" will be deemed to have the same meaning ascribed
to those terms under the 1940 Act.
IN WITNESS WHEREOF, the Fund, on behalf of the Class A Shares of each of its
Series, has executed this Plan as of this 15th day of July, 1999.
AETNA SERIES FUND, INC.
ON BEHALF OF ITS CLASS A SHARES
By: /s/ J. Scott Fox
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J. Scott Fox, President
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APPENDIX A
Aetna Bond Fund
Aetna Balanced Fund
Aetna Growth and Income Fund
Aetna International Fund
Aetna Government Fund
Aetna High Yield Fund
Aetna Growth Fund
Aetna Small Company Fund
Aetna Ascent Fund
Aetna Crossroads Fund
Aetna Legacy Fund
Aetna Mid Cap Fund
Aetna Value Opportunity Fund
Aetna Real Estate Securities Fund
Aetna Index Plus Bond Fund
Aetna Index Plus Large Cap Fund
Aetna Index Plus Small Cap Fund
Aetna Index Plus Mid Cap Fund
Aetna Principal Protection Fund I
Aetna Principal Protection Fund II
Aetna Principal Protection Fund III
Aetna Principal Protection Fund IV
Aetna Technology Fund
