Independent Auditors' Report
To the Board of Directors and Shareholders
Aetna Series Fund, Inc.
In planning and performing our audits of the financial statements of Aetna
Growth Fund, Aetna International Fund, Aetna Mid Cap Fund, Aetna Small
Company Fund, Aetna Value Opportunity Fund, Aetna Technology Fund, Aetna
Balanced Fund, Aetna Growth and Income Fund, Aetna Bond Fund, Aetna
Government Fund, Aetna Money Market Fund, Aetna Index Plus Large Cap Fund,
Aetna Index Plus Mid Cap Fund, Aetna Index Plus Small Cap Fund, Aetna Ascent
Fund, Aetna Crossroads Fund, Aetna Legacy Fund, Aetna Principal Protection
Fund I, Aetna Prinicpal Protection Fund II, Aetna Principal Protection Fund
III, Aetna Principal Protection Fund IV, Aetna Index Plus Protection Fund and
Brokerage Cash Reserves, each a series of Aetna Series Fund, Inc.
(collectively the "Funds") for the year ended October 31, 2000, we considered
their internal control, including control activities for safeguarding
securities, in order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on internal control.
The management of the Funds is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments
by management are required to assess the expected benefits and related costs
of controls. Generally, controls that are relevant to an audit pertain to
the entity's objective of preparing financial statements for external
purposes that are fairly presented in conformity with accounting principles
generally accepted in the United States of America. Those controls include
the safegaurding of assets against unauthorized acquisition, use, or
disposition.
Because of inherent limitations in internal control, errors or fraud may
occur and not be detected. Also, projection of any evaluation of internal
control to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the effectiveness of the
design and operation may deteriorate.
Our consideration of internal control would not necessarily disclose all
matters in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of one or
more specific internal control components does not reduce to a relatively low
level the risk that misstatements caused by error or fraud in amounts that
would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving internal control and its operation, including controls for
safeguarding securities, that we consider to be material weaknesses as defined
above as of October 31, 2000.
This report is intended solely for the information and use of management, the
Board of Directors of Aetna Series Fund, Inc., and the Securities and
Exchange Commission and is not intended to be and should not be used by anyone
other than these specified parties.
Hartford, Connecticut
December 8, 2000
