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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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SIGNATURE J. SCOTT FOX
TITLE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000002664
<NAME> AETNA VARIABLE FUND
<S> <C>
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 7,143,613,092
<INVESTMENTS-AT-VALUE> 9,133,462,076
<RECEIVABLES> 121,319,390
<ASSETS-OTHER> 18,812,657
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 9,273,594,123
<PAYABLE-FOR-SECURITIES> 60,355,460
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 24,979,169
<TOTAL-LIABILITIES> 85,334,629
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7,054,762,581
<SHARES-COMMON-STOCK> 273,174,905
<SHARES-COMMON-PRIOR> 214,694,270
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (4,047,705)
<ACCUMULATED-NET-GAINS> 142,754,401
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,994,790,217
<NET-ASSETS> 9,188,259,494
<DIVIDEND-INCOME> 122,630,514
<INTEREST-INCOME> 44,585,816
<OTHER-INCOME> 0
<EXPENSES-NET> (46,550,765)
<NET-INVESTMENT-INCOME> 120,665,565
<REALIZED-GAINS-CURRENT> 1,597,118,852
<APPREC-INCREASE-CURRENT> 383,260,565
<NET-CHANGE-FROM-OPS> 2,101,044,982
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (130,095,758)
<DISTRIBUTIONS-OF-GAINS> (1,737,875,271)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,739,687
<NUMBER-OF-SHARES-REDEEMED> (5,175,087)
<SHARES-REINVESTED> 54,916,035
<NET-CHANGE-IN-ASSETS> 2,234,028,998
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 292,973,005
<OVERDISTRIB-NII-PRIOR> (116,078)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 41,563,182
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 46,550,765
<AVERAGE-NET-ASSETS> 8,292,579,196
<PER-SHARE-NAV-BEGIN> 32.391
<PER-SHARE-NII> 0.544
<PER-SHARE-GAIN-APPREC> 8.939
<PER-SHARE-DIVIDEND> (0.578)
<PER-SHARE-DISTRIBUTIONS> (7.661)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 33.635
<EXPENSE-RATIO> .56
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Filed July 16, 1997
AMENDMENT TO
DECLARATION OF TRUST
OF
AETNA VARIABLE FUND
Amending and Restating Articles 5.2 and 5.3 of the Declaration of Trust
The undersigned, being a duly elected and qualified Trustee of Aetna Variable
Fund (the "Trust"), a Massachusetts business trust, acting pursuant to
Section 11.3 of the Declaration of Trust (the "Declaration of Trust")
dated January 25, 1984 , hereby states that the shareholders of the Trust,
upon approval and recommendation of the Board of Trustees, on June 17, 1996,
approved the amendment and restatement of restated Articles 5.2 and 5.3 of
the Declaration of the Trust as follows:
5.2. Nonliability of Trustees, and Others.
The exercise by the Trustees of their powers and discretion hereunder shall
be binding upon everyone interested. A Trustee shall be liable to the Trust
and the Shareholders for such Trustee's own willful misfeasance, bad faith,
gross negligence or reckless disregard of the duties involved in the conduct
of the office of Trustee, and for nothing else, and shall not be liable for
errors of judgment or mistakes of fact and law. Subject to the foregoing,
the Trustees shall not be responsible or liable in any event for any neglect
or wrongdoing of any officer, agent, employee, consultant, adviser,
administrator, distributor or principal underwriter, custodian or transfer,
dividend disbursing, shareholder servicing or accounting agent of the Trust,
nor shall any Trustee be responsible for the act or omission of any other
Trustee. Furthermore, no officer, employee, or agent of the Trust shall be
liable to the Trust, its Shareholders, or to any Shareholder, Trustee,
officer, employee or agent for any action or failure to act (including
n any way any former or acting Trustee to redress any breach of trust),
except upon a showing of bad faith, willful misfeasance, gross negligence
or reckless disregard of duties.
5.3. Indemnification.
The Trust shall indemnify its Trustees and officers and any person who
serves at the request of the Trust as a director, officer, employee or agent
of another corporation, partnership, joint venture, trust or other enterprise
as follows:
(a) Every person who is or has been a Trustee or officer of the Trust and
persons who serve at the Trust's request as director or officer of another
corporation, partnership, joint venture, trust or other enterprise shall be
indemnified by the Trust to the fullest extent permitted by law against
liability and against all expenses reasonably incurred or paid in connection
with any debt, claim, action, demand, suit, proceeding, judgment, decree,
liability or obligation of any kind in which he or she becomes
otherwise by virtue of being or having been a Trustee or officer of the Trust
or of another corporation, partnership, joint venture, trust or other
enterprise at the request of the Trust and against amounts paid or incurred
in the settlement thereof.
(b) The words "claim," "action," "suit" or "proceeding" shall apply to all
claims, actions, suits or proceedings (civil, criminal, administrative,
legislative, investigative or other, including appeals), actual or
threatened, and the words "liability" and "expenses" shall include, without
limitation, attorneys' fees, costs, judgments, amounts paid in settlement,
fines, penalties and other liabilities.
(c) No indemnification shall be provided hereunder to a Trustee, officer,
employee or agent against any liability to the Trust or its shareholders by
reason of willful misfeasance, bad faith, gross negligence, or reckless
disregard of the duties involved in the conduct of office.
(d) The rights of indemnification herein provided may be insured against by
policies maintained by the Trust, shall be severable, shall not affect any
other rights to which any Trustee, officer, employee or agent may now or
hereafter be entitled, shall continue as to a person who has ceased to be
such Trustee, officer, employee or agent and shall inure to the benefits of
the heirs, executors and administrators of such a person.
(e) In the absence of a final decision on the merits by a court or other
body before which such proceeding was brought, an indemnification payment
will not be made, except as provided in paragraph (f) of this Article, unless
in the absence of such a decision, a reasonable determination based upon a
factual review has been made (1) by a majority vote of a quorum of non-party
Trustees who are not interested persons of the Trust, or (2) by independent
legal counsel in a written opinion that the indemnitee was not liable for an
act
of willful misfeasance, bad faith, gross negligence, or reckless disregard of
duties.
(f) The Trust further undertakes that advancement of expenses incurred in
the defense of a proceeding (upon undertaking for repayment unless it is
ultimately determined that indemnification is appropriate) against a Trustee
or officer of the Trust will not be made absent the fulfillment of at least
one of the following conditions: (i) the indemnitee provides security for
his undertaking, (ii) the Trust is insured against losses arising by reason
of any lawful advances or (iii) a majority of a quorum of disinterested
non-pary Trustees
or independent legal counsel in a written opinion shall have
determined, based on a review of readily available facts (as opposed to a
full trial-type inquiry) that there is reason to believe the indemnitee
ultimately will be entitled to indemnification.
(g) No amendment of this Declaration or repeal of any of its provisions
shall limit or eliminate the rights of indemnification provided hereunder
with respect to acts or omission occurring prior to such amendment or repeal.
The foregoing shall be effective as of June 17, 1996.
Shaun P. Mathews, Trustee and President
3
Avf5253.doc
