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SIGNATURE J. SCOTT FOX
TITLE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<RESTATED>
<CIK> 0000002664
<NAME> AETNA VARIABLE FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
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<INVESTMENTS-AT-VALUE> 10,193,370,630
<RECEIVABLES> 84,583,965
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<OTHER-ITEMS-ASSETS> 0
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<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (1,413,189)
<ACCUMULATED-NET-GAINS> 1,686,321,340
<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 10,226,657,182
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<OTHER-INCOME> 0
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<APPREC-INCREASE-CURRENT> (576,230,145)
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<DISTRIBUTIONS-OF-INCOME> (50,005,513)
<DISTRIBUTIONS-OF-GAINS> (143,293,336)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,495,477
<NUMBER-OF-SHARES-REDEEMED> (6,002,044)
<SHARES-REINVESTED> 5,239,139
<NET-CHANGE-IN-ASSETS> 1,038,397,688
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 142,754,401
<OVERDISTRIB-NII-PRIOR> (4,047,705)
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<AVERAGE-NET-ASSETS> 9,844,533,349
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<PER-SHARE-NII> 0.195
<PER-SHARE-GAIN-APPREC> 4.086
<PER-SHARE-DIVIDEND> (0.185)
<PER-SHARE-DISTRIBUTIONS> (0.531)
<RETURNS-OF-CAPITAL> 0
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</TABLE>
Aetna Variable Fund
EXHIBIT
77Q1(e) - Investment Advisory Agreement
(May 1, 1998):
Incorporated herein by reference to
Post-Effective Amendment No. 53 to
Registration Statement on Form N-1A,
(File No. 2-51739), as filed electronically
with the Securities and Exchange Commission
on April 27, 1998 (Accession No.
0000950146-98-000689).
2
2elv47.doc
