Exhibit m.5
Form of Shareholder Services Plan
Class A
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FORM OF
SHAREHOLDER SERVICES PLAN
AETNA SERIES FUND, INC.
CLASS A
This Shareholder Services Plan (the "Plan") is adopted by in accordance with
Rule 12b-1 under the Investment Company Act of 1940, as amended (the "1940 Act),
by AETNA SERIES FUND, INC. (the "Fund"), a Maryland corporation, on behalf of
the Class A shares of its series, Aetna Index Plus Protection Fund (the
"Series"), as amended from time to time, subject to the following terms and
conditions:
SECTION 1. ANNUAL FEES.
Service Fee. The Series will pay to the underwriter of its shares, Aeltus
Capital, Inc. (the "Underwriter"), a Connecticut corporation, a service fee
under the Plan at the annual rate of 0.25% of the average daily net assets of
the Series attributable to Class A shares (the "Service Fee").
Adjustment to Fees. The Service Fee may be reduced if approved by the
Underwriter and the Board of Directors of the Fund (the "Board") in the manner
specified in Section 3.
Payment of Fees. The Service Fee will be calculated daily and paid monthly by
the Series.
SECTION 2. EXPENSES COVERED BY THE PLAN.
The Service Fee may be used by the Underwriter primarily to pay firms and their
agents for servicing shareholder accounts, including a continuing fee, which
shall begin to accrue immediately after the sale of such shares.
The amount of the Service Fee is not related directly to expenses incurred by
the Underwriter, and this Section 2 does not obligate the Series to reimburse
the Underwriter for such expenses. The Service Fee will be paid by the Series to
the Underwriter unless and until (a) the Plan is terminated in accordance with
Section 5, or (b) the Plan is not renewed with respect to the Series or Class A
shares pursuant to Section 4 hereof. Any service expenses in excess of the
Service Fee which the Underwriter has incurred on behalf of the Series and
accrued through the termination date are the sole responsibility and liability
of the Underwriter and are not an obligation of the 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 and (b) those members of the Board who are not
interested persons
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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 October 1, 2000 and shall remain in force and
effect through December 31, 2000, 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, (a) by a majority of the members of the Board or by vote of a majority
of the Series' Class A shares of the Series; and (b) by 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 the
Series, without the payment of any penalty, (a) by the vote of a majority of the
Series' outstanding voting Class A securities, or (b) by a vote of a majority of
the Qualified Directors.
SECTION 6. AMENDMENTS.
The Plan may not be amended with respect to the Series so as to increase
materially the amounts of the Service Fee described in Section 1 unless the
amendment is approved by a vote of the holders of at least a majority of the
outstanding voting Class A securities of the Series. No material amendment to
the Plan may be made unless approved in the manner described in Section 3.
SECTION 7. 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 the Series pursuant to the
Plan, or any related agreement, will prepare and furnish to the Board, and the
Board shall review, at least quarterly, written reports setting out the amounts
expended under the Plan and the purposes for which those expenditures were made.
SECTION 8. PRESERVATION OF MATERIALS.
The Fund will preserve copies of the Plan, any agreement relating to the Plan
and any report made pursuant to Section 7, 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.
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SECTION 9. 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 the Series, has
executed this Plan as of this ___ day of ________, 2000.
AETNA SERIES FUND, INC.
ON BEHALF OF THE CLASS A SHARES
OF AETNA INDEX PLUS PROTECTION FUND
By: _________________
J. Scott Fox, President
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