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<PAGE> PAGE 2
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<PAGE> PAGE 5
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 18
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SIGNATURE SHAUN P. MATHEWS
TITLE PRESIDENT
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Unanimous Written Consent of the Board of Trustees/Directors
to Action without a Meeting
The undersigned, being all the Board of Trustees/Directors (the "Board") of
Aetna Variable Fund, Aetna Variable Encore Fund, Aetna Income Shares and
Aetna GET Fund, Massachusetts business trusts, and Aetna Investment Advisers
Fund, Inc., Aetna Generation Portfolios, Inc., Aetna Variable Portfolios,
Inc. and Aetna Series Fund, Inc., Maryland corporations, (collectively, the
"Funds"), do hereby consent that the following actions be taken by their
unanimous written consent, in lieu of a meeting of the Board of the Funds in
accordance with Massachusetts General Laws Annotated, Corporations, Title
XXII, Chapter 156B, Section 59 and Annotated Code of Maryland, Corporations
and Associations, Title 4, Section 2-408(c):
WHEREAS, Aetna Life Insurance and Annuity Company ("ALIAC") has advised the
Board of the Funds that, in its judgment, it is in the best interest of the
Funds for, among others, marketing, investment and public policy reasons,
that the Funds not invest in securities of any entity, the primary business
of which is the production or distribution of tobacco products ("Tobacco
Company"); and
WHEREAS, the Index Plus portfolios of the Aetna Series Fund, Inc. and the
Aetna Variable Portfolios, Inc. (Index Plus Portfolios) invest substantially
on a non-volitional basis and, in light of their stated investment objectives
and policies, such Index Plus Portfolios should be excluded from the
following resolutions; and
WHEREAS, the Board deems it in the best interest of the Funds to accept the
advice of ALIAC; now, be it
RESOLVED, that effective immediately, the Funds, (including the series or
portfolios of any series fund except the Index Plus Portfolios as noted
above) not invest in any securities issued by a Tobacco Company; and
FURTHER RESOLVED, that, for purposes of the above resolutions, ALIAC may use
the Wall Street Journal's Quarterly "Corporate Performance Report" under the
heading "Consumer, Noncyclical-Tobacco," or any comparable listing for
determining if a company is a Tobacco Company; and
FURTHER RESOLVED, that this policy shall be effective March 1, 1997.
/s/ Morton Ehrlich Date: Jan 22, 1997 /s/ Sidney Koch Date: 1/22/97
Morton Ehrlich Sidney Koch
/s/ Maria T. Fighetti Date: 1/24/97 /s/ Shaun P. Mathews Date: 1/23/97
Maria T. Fighetti Shaun P. Mathews
/s/ David L. Grove Date: 2/15/97 /s/ Corine T. Norgaard Date: 2/5/97
David L. Grove Corine T. Norgaard
/s/ Timothy A. Holt Date: 1-23-97 /s/ Richard G. Scheide Date: 1/22/97
Timothy A. Holt Richard G. Scheide
/s/ Daniel P. Kearney Date: 1-27-97
Daniel P. Kearney
uwc12_96.doc
