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SIGNATURE J.SCOTT FOX
TITLE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<RESTATED>
<CIK> 0000002663
<NAME> AETNA VARIABLE ENCORE FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 712,416,713
<INVESTMENTS-AT-VALUE> 712,428,301
<RECEIVABLES> 3,980,345
<ASSETS-OTHER> 9,774
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 716,418,420
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 513,908
<TOTAL-LIABILITIES> 513,908
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 697,040,652
<SHARES-COMMON-STOCK> 54,922,583
<SHARES-COMMON-PRIOR> 51,537,204
<ACCUMULATED-NII-CURRENT> 18,911,770
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (59,498)
<ACCUM-APPREC-OR-DEPREC> 11,588
<NET-ASSETS> 715,904,512
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 20,135,855
<OTHER-INCOME> 0
<EXPENSES-NET> (1,223,738)
<NET-INVESTMENT-INCOME> 18,912,117
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> (14,671)
<NET-CHANGE-FROM-OPS> 18,897,446
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (34,446,801)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 25,626,519
<NUMBER-OF-SHARES-REDEEMED> (24,942,942)
<SHARES-REINVESTED> 2,701,802
<NET-CHANGE-IN-ASSETS> 27,148,764
<ACCUMULATED-NII-PRIOR> 34,446,454
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (59,498)
<GROSS-ADVISORY-FEES> 875,245
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,223,738
<AVERAGE-NET-ASSETS> 714,024,492
<PER-SHARE-NAV-BEGIN> 13.364
<PER-SHARE-NII> 0.349
<PER-SHARE-GAIN-APPREC> (0.005)
<PER-SHARE-DIVIDEND> (0.673)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.035
<EXPENSE-RATIO> 0.35
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Aetna Variable Encore Fund
EXHIBIT
77Q1(e) - Investment Advisory Agreement
(May 1, 1998):
Incorporated herein by reference to Post
- -Effective Amendment No. 43 to Registration
Statement on Form N-1A, (File No. 2-53038),
as filed electronically with the Securities
and Exchange Commission on April 27, 1998
(Accession No. 0000950146-98-000695).
2
2elv47.doc
