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SIGNATURE J. SCOTT FOX
TITLE PRESIDENT
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<INTEREST-INCOME> 879,077
<OTHER-INCOME> 0
<EXPENSES-NET> (1,859,993)
<NET-INVESTMENT-INCOME> 2,311,496
<REALIZED-GAINS-CURRENT> 41,726,160
<APPREC-INCREASE-CURRENT> 16,257,595
<NET-CHANGE-FROM-OPS> 60,295,251
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,999,433)
<DISTRIBUTIONS-OF-GAINS> (26,131,436)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 97,439
<NUMBER-OF-SHARES-REDEEMED> (6,120,999)
<SHARES-REINVESTED> 2,094,000
<NET-CHANGE-IN-ASSETS> (20,544,812)
<ACCUMULATED-NII-PRIOR> 406,469
<ACCUMULATED-GAINS-PRIOR> 24,988,931
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,557,938
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,859,993
<AVERAGE-NET-ASSETS> 258,216,573
<PER-SHARE-NAV-BEGIN> 12.61
<PER-SHARE-NII> 0.14
<PER-SHARE-GAIN-APPREC> 3.23
<PER-SHARE-DIVIDEND> (0.12)
<PER-SHARE-DISTRIBUTIONS> (1.40)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.46
<EXPENSE-RATIO> 0.72
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000811637
<NAME> AETNA GET FUND
<SERIES>
<NUMBER> 03
<NAME> SERIES D
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> OCT-15-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 376,025,202
<INVESTMENTS-AT-VALUE> 376,025,202
<RECEIVABLES> 9,375,081
<ASSETS-OTHER> 57
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 385,400,340
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 106,753
<TOTAL-LIABILITIES> 106,753
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 385,279,011
<SHARES-COMMON-STOCK> 38,334,233
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 16,872
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (2,296)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 385,293,587
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,779,574
<OTHER-INCOME> 0
<EXPENSES-NET> (130,508)
<NET-INVESTMENT-INCOME> 1,649,066
<REALIZED-GAINS-CURRENT> (2,296)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 1,646,770
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,632,194)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 38,171,760
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 162,473
<NET-CHANGE-IN-ASSETS> 385,293,587
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 88,845
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 137,337
<AVERAGE-NET-ASSETS> 164,030,138
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.10
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> 0.05
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.05
<EXPENSE-RATIO> 0.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
INVESTMENT ADVISORY AGREEMENT
THIS AGREEMENT is made by and between AELTUS INVESTMENT
MANAGEMENT, INC., a Connecticut corporation (the
"Adviser") and AETNA GET FUND, a Massachusetts business
trust (the "Fund"), on behalf of its Series D (the
"Series"), with respect to the following recital of facts:
R E C I T A L
WHEREAS, the Fund is registered with the Securities and
Exchange Commission (the "Commission") as an open-end,
diversified, management investment company under the
Investment Company Act of 1940 (the "1940 Act"); and
WHEREAS, the Fund has established the Series; and
WHEREAS, the Adviser is registered with the Commission
as an investment adviser under the Investment Advisers
Act of 1940 (the "Advisers Act"), and is in the business
of acting as an investment adviser; and
WHEREAS, the Fund, on behalf of the Series, and
the Adviser desire to enter into an agreement to
provide for investment advisory and management
services for the Series on the terms and
conditions hereinafter set forth;
NOW THEREFORE, the parties agree as follows:
I. APPOINTMENT AND OBLIGATIONS OF THE ADVISER
Subject to the terms and conditions of this
Agreement and the policies and control of
the Fund's Board of Trustees (the "Board"),
the Fund, on behalf of the Series, hereby
appoints the Adviser to serve as the investment
adviser to the Series, to provide the
investment advisory services set forth
below in Section II. The Adviser agrees
that, except as required to carry out its
duties under this Agreement or as
otherwise expressly authorized, it is acting
as an independent contractor and not as
an agent of t
to act for or represent the Series in any way.
II. DUTIES OF THE ADVISER
In carrying out the terms of this Agreement,
the Adviser shall do the following:
1. supervise all aspects of the
operations of the Series;
2. select the securities to be purchased,
sold or exchanged by the Series or otherwise
represented in the Series' investment
portfolio, place trades for all such
securities and regularly report thereon
to the Board;
3. formulate and implement continuing
programs for the purchase and sale of
securities and regularly report
thereon to the Board;
4. obtain and evaluate pertinent information
about significant developments and economic,
statistical and financial data, domestic,
foreign or otherwise, whether affecting
the economy generally, the Series, securities
held by or under consideration for the Series,
or the issuers of those securities;
5. provide economic research and securities
analyses as the Adviser considers necessary
or advisable in connection with the Adviser's
performance of its duties hereunder;
6. obtain the services of, contract with,
and provide instructions to custodians and/or
subcustodians of the Series' securities,
transfer agents, dividend paying agents,
pricing services and other service
providers as are necessary to carry out the
terms of this Agreement; and
7. take any other actions which appear to the
Adviser and the Board necessary to carry
into effect the purposes of this Agreement.
III. REPRESENTATIONS AND WARRANTIES
A. Representations and Warranties of the Adviser
Adviser hereby represents and warrants to
the Fund as follows:
1. Due Incorporation and Organization.
The Adviser is duly incorporated and is
in good standing under the laws of the State
of Connecticut and is fully authorized to
enter into this Agreement and carry out
its duties and obligations hereunder.
2. Registration. The Adviser is registered
as an investment adviser with the Commission
under the Advisers Act. The Adviser shall
maintain such registration in effect at all
times during the term of this Agreement.
3. Best Efforts. The Adviser at all times
shall provide its best judgment and effort to
the Series in carrying out its obligations
hereunder.
B. Representations and Warranties of the
Series and the Fund
The Fund, on behalf of the Series, hereby
represents and warrants to the Adviser as follows:
1. Due Incorporation and Organization.
The Fund has been duly organized under the
laws of the Commonwealth of Massachusetts
and it is authorized to enter into this
Agreement and carry out its obligations hereunder.
2. Registration. The Fund is registered as
an investment company with the Commission
under the 1940 Act and shares of the Series
are registered or qualified for offer and
sale to the public under the Securities
Act of 1933 and all applicable state
securities laws. Such registrations or
qualifications will be kept in effect
during the term of this Agreement.
IV. DELEGATION OF RESPONSIBILITIES
Subject to the approval of the Board and
the shareholders of the Series, the
Adviser may enter into a Subadvisory
Agreement to engage a subadviser to
the Adviser with respect to the Series.
V. BROKER-DEALER RELATIONSHIPS
A. Series Trades
The Adviser shall place all orders for
the purchase and sale of portfolio
securities for the Series with brokers
or dealers selected by the Adviser, which
may include brokers or dealers affiliated
with the Adviser. The Adviser shall use
its best efforts to seek to execute
portfolio transactions at prices that are
advantageous to the Series and at commission
rates that are reasonable in relation
to the benefits received.
B. Selection of Broker-Dealers
In selecting broker-dealers qualified to
execute a particular transaction, brokers
or dealers may be selected who also provide
brokerage or research services (as those
terms are defined in Section 28(e) of
the Securities Exchange Act of 1934) to
the Adviser and/or the other accounts
over which the Adviser or its affiliates
exercise investment discretion. The
Adviser may also select brokers or
dealers to effect transactions for the
Series that provide payment for expenses
of the Series. The Adviser is aut
er who provides such brokerage or research
services or expenses, and that has
provided assistance in the distribution
of shares of the Series to the extent
permitted by law, a commission for
executing a portfolio transaction
for the Series that is in excess
of the amount of commission
another broker or dealer would have
charged for effecting that
transaction if the Adviser determines
in good faith that such amount of
commission is reasonable in relation
to the value of the brokerage or
research services pro
and is paid in compliance with Section
28(e). This determination may be
viewed in terms of either that particular
transaction or the overall
responsibilities that the Adviser
and its affiliates have with
respect to accounts over which they
exercise investment discretion.
The Board shall periodically
review the commissions paid by
the Series to determine if the
commissions paid over representative
periods of time were reasonable in
relation to the benefits received.
VI. CONTROL BY THE BOARD
Any investment program undertaken
by the Adviser pursuant to this
Agreement, as well as any other
activities undertaken by the
Adviser on behalf of the Series
pursuant thereto, shall at all
times be subject to any directives
of the Board.
VII. COMPLIANCE WITH APPLICABLE
REQUIREMENTS
In carrying out its obligations
under this Agreement, the Adviser
shall at all times conform to:
1. all applicable provisions of the 1940 Act;
2. the provisions of the current
Registration Statement of the Fund;
3. the provisions of the Fund's
Declaration of Trust, as amended;
4. the provisions of the Bylaws
of the Fund, as amended; and
5. any other applicable
provisions of state and federal law.
VIII. COMPENSATION
For the services to be rendered, the
facilities furnished and the
expenses assumed by the Adviser, the
Fund, on behalf of the Series, shall
pay to the Adviser an annual fee,
payable monthly, equal to 0.25% of
the average daily net assets of
the Series during the offering
period and equal to 0.60% of the
average daily net assets o
f the Series during the guaranteed
period. Except as hereinafter set
forth, compensation under this
Agreement shall be calculated and
accrued daily at the rate of
1/365 of 0.25% of
ries during the offering period
and at the rate of 1/365 of 0.60%
of the daily net assets of the
Series during the guaranteed period.
If this Agreement becomes effective
subsequent to the first day of a
month or terminates before the
last day of a month, compensation
for that part of the month this
Agreement is in effect shall be
prorated in a manner consistent
with the calculation of the fees
set forth above. Subject to the
provisions of Section X hereof,
payment of the Adviser's compensation
for the pr
promptly as possible.
IX. EXPENSES
The expenses in connection with the
management of the Series shall
be allocated between the Series
and the Adviser as follows:
A. Expenses of the Adviser
The Adviser shall pay:
1. the salaries, employment
benefits and other related costs
and expenses of those of its
personnel engaged in providing
investment advice to the Series,
including without limitation,
office space, office equipment,
telephone and postage costs; and
2. all fees and expenses of all
trustees, officers and employees,
if any, of the Fund who are
employees of the Adviser, including
any salaries and employment
benefits payable to those persons.
B. Expenses of the Series
The Series shall pay:
1. investment advisory fees pursuant
to this Agreement;
2. brokers' commissions, issue and
transfer taxes or other transaction
fees payable in connection with any
transactions in the securities in
the Series' investment portfolio or
other investment transactions incurred
in managing the Series' assets,
including portions of commissions that
may be paid to reflect brokerage
research services provided to the Adviser;
3. fees and expenses of the Series'
independent accountants and legal counsel
and the independent trustees' legal
counsel;
4. fees and expenses of any administrator,
transfer agent, custodian, dividend,
accounting, pricing or disbursing agent
of the Series;
5. interest and taxes;
6. fees and expenses of any membership
in the Investment Company Institute or
any similar organization in which the
Board deems it advisable for the Fund
to maintain membership;
7. insurance premiums on property or
personnel (including officers and trustees)
of the Fund;
8. all fees and expenses of the trustees,
who are not "interested persons"
(as defined in the 1940 Act) of the Fund
or the Adviser;
9. expenses of preparing, printing and
distributing proxies, proxy statements,
prospectuses and reports to shareholders
of the Series, except for those expenses
paid by third parties in connection with
the distribution of Series shares and
all costs and expenses of shareholders'
meetings;
10. all expenses incident to the payment
of any dividend, distribution, withdrawal
or redemption, whether in shares of the
Series or in cash;
11. costs and expenses (other than those
detailed in paragraph 9 above) of
promoting the sale of shares in the Series,
including preparing prospectuses and
reports to shareholders of the Series,
provided, nothing in this Agreement
shall prevent the charging of such costs
to third parties involved in the
distribution and sale of Series shares;
12. fees payable by the Series to the
Commission or to any state securities
regulator or other regulatory authority
for the registration of shares of the
Series in any state or territory of the
United States or of the District of Columbia;
13. all costs attributable to investor
services, administering shareholder accounts
and handling shareholder relations, (including,
without limitation, telephone and personnel
expenses), which costs may also be charged
to third parties by the Adviser; and
14. any other ordinary, routine expenses
incurred in the management of the Series'
assets, and any nonrecurring or
extraordinary expenses, including
organizational expenses, litigation
affecting the Series and any indemnification
by the Fund of its officers,
trustees or agents.
X. ADDITIONAL SERVICES
Upon the request of the Board, the Adviser
may perform certain accounting,
shareholder servicing or other
administrative services on behalf
of the Series that are not required
by this Agreement. Such services
will be performed on behalf of the
Series and the Adviser may receive
from the Series such reimbursement
for costs or reasonable compensation
for such services as may be agreed
upon between the Adviser and the
Board on a finding by the Board
that the provision of such services
by the Adviser is in the
nd its shareholders. Payment or
assumption by the Adviser of any
Series expense that the Adviser is not
otherwise required to pay or assume
under this Agreement shall not relieve
the Adviser of any of its obligations
to the Series nor obligate the Adviser
to pay or assume any similar Series
expense on any subsequent occasions.
Such services may include, but are
not limited to, (a) the services of
a principal financial officer of the
Fund (including applicable office space,
facilities and equipment) whose
ining the financial accounts and books
and records of the Fund and the Series
and the services (including applicable
office space, facilities and equipment)
of any of the personnel operating under
the direction of such principal
financial officer; (b) the services
of staff to respond to shareholder
inquiries concerning the status of their
accounts, providing assistance to
shareholders in exchanges among the
investment companies managed or
advised by the Adviser, changing
account designations or changing add
se or redemption of shares; or otherwise
providing services to shareholders of
the Series; and (c) such other
administrative services as may be
furnished from time to time by the
Adviser to the Fund or the Series
at the request of the Board.
XI. NONEXCLUSIVITY
The services of the Adviser to the Series
are not to be deemed to be exclusive, and
the Adviser shall be free to render
investment advisory or other services
to others (including other investment
companies) and to engage in other
activities, so long as its services
under this Agreement are not impaired
thereby. It is understood and agreed
that officers and directors of the
Adviser may serve as officers or
trustees of the Fund, and that
officers or trustees of the Fund
may serve as officers or directors
of
tted by law; and that the officers
and directors of the Adviser are not
prohibited from engaging in any other
business activity or from rendering
services to any other person,
or from serving as partners,
officers, directors or trustees
of any other firm or trust,
including other investment companies.
XII. TERM
This Agreement shall become effective
on October 14, 1998, and shall remain
in force and effect through December 31,
1999, unless earlier terminated under
the provisions of Article XIV.
XIII. RENEWAL
Following the expiration of its initial
term, the Agreement shall continue in
force and effect from year to year,
provided that such continuance is
specifically approved at least annually:
1. a. by the Board, or
b. by the vote of a majority of the
Series' outstanding voting securities
(as defined in Section 2(a)(42) of
the 1940 Act), and
2. by the affirmative vote of a
majority of the trustees who are
not parties to this Agreement or
interested persons of a party to
this Agreement (other than as a
trustee of the Fund), by votes
cast in person at a meeting
specifically called
for such purpose.
XIV. TERMINATION
This Agreement may be terminated at
any time, without the payment of
any penalty, by vote of the Board
or by vote of a majority of the
Series' outstanding voting
securities (as defined in Section
2(a)(42) of the 1940 Act), or by
the Adviser, on sixty (60) days'
written notice to the other party.
The notice provided for herein
may be waived by the party
required to be notified.
This Agreement shall automatically
terminate in the event of its
"assignment" (as defined in
Section 2(a)(4) of the 1940 Act).
XV. LIABILITY
The Adviser shall be liable to the
Fund and shall indemnify the Fund
for any losses incurred by the Fund,
whether in the purchase, holding or
sale of any security or otherwise,
to the extent that such losses
resulted from an act or omission on
the part of the Adviser or its officers,
directors or employees, that is found
to involve willful misfeasance, bad
faith or negligence, or reckless
disregard by the Adviser of its duties
under this Agreement, in connection
with the services rendered by the Adviser her
XVI. NOTICES
Any notices under this Agreement shall
be in writing, addressed and delivered,
mailed postage paid, or sent by other
delivery service, or by facsimile
transmission to each party at such
address as each party may designate
for the receipt of notice. Until
further notice, such addresses
shall be:
if to the Fund, on behalf of the Series:
242 Trumbull Street
Hartford, Connecticut 06103-1205
Fax number 860/275-2158
Attention: President
if to the Adviser:
242 Trumbull Street
Hartford, Connecticut 06103-1205
Fax number 860/275-4440
Attention: President or Chief
Compliance Officer
XVII. QUESTIONS OF INTERPRETATION
This Agreement shall be governed by the
laws of the State of Connecticut. Any
question of interpretation of any term
or provision of this Agreement having a
counterpart in or otherwise derived from
a term or provision of the 1940 Act shall
be resolved by reference to such term or
provision of the 1940 Act and to
interpretations thereof, if any, by the
United States courts or, in the absence
of any controlling decision of any such
court, by rules or orders of the
Commission issued pursuant to the 1940 Act,
nterpretive positions taken by the Commission
staff. In addition, where the effect of
a requirement of the 1940 Act reflected
in the provisions of this Agreement is
revised by rule or order of the Commission,
such provisions shall be deemed to incorporate
the effect of such rule or order.
XVIII. SERVICE MARK
The service mark of the Fund and the
Series and the name "Aetna" have been
adopted by the Fund with the permission
of Aetna Services, Inc. (formerly known
as Aetna Life and Casualty Company) and
their continued use is subject to the
right of Aetna Services, Inc. to withdraw
this permission in the event the Adviser
or another affiliated corporation of Aetna
Services, Inc. should not be the
investment adviser of the Series.
IN WITNESS WHEREOF, the parties hereto
have caused this Agreement to be executed
in duplicate by their respective officers
on the 9th day of October, 1998.
Aeltus Investment Management, Inc.
Attest : /s/Katherine Cheng By: /s/John Y. Kim
Name: Katherine Cheng Name: John Y. Kim
Title: Assistant Secretary Title: President
Aetna GET Fund,
on behalf of its Series D
Attest: /s/Daniel E. Burton By: /s/J. Scott Fox
Name: Daniel E. Burton Name: J. Scott Fox
Title: Assistant Secretary Title: President
- - 10 -
Kxc618.doc
Sub-Item 77I - Terms of New or
Amended Securities Y
Pursuant to Amendment to Declaration
of Trust of Aetna GET Fund (the "Trust"),
effective September 28, 1998, the Board
of Trustees of the Fund divided the shares
of beneficial interest of the Trust into
and established a separate series ("GET D")
distinct from shares of the Trust
previously issued.
Shares of GET D have voting powers and
redemption rights as referred to in the
Amendment to the Declaration of
Trust (see Sub-Item 77Q1(a)).
EXHIBITS
77Q1(a) - Amendment to Declaration of
Trust (September 28, 1998):
Incorporated herein by reference to
Post-Effective Amendment No. 13 to Registration
Statement on Form N-1A (File No. 33-12723),
as filed electronically with the Securities
and Exchange Commission on September 30, 1998
(Accession No. 0000950146-98-001667).
77Q1(e) - Investment Advisory Agreement
(October 14, 1998)
KXC775.DOC
Independent Auditors'
Report
To the Board of Trustees and
Shareholders
Aetna GET Fund:
In planning and performing
our audits of
the financial statements
of Aetna GET
Fund, Series B, Series C
and Series D
(collectively the "Funds")
for the year
ended December 31, 1998,
we considered
their internal control,
including procedures
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
generally accepted
accounting principles.
Those controls
include the safeguarding
Because of inherent
limitations in internal
control, errors or
irregularities 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 any
specific interna
l control component
does not reduce to a
relatively low
level the risk that
errors or
irregularities in amounts
that would be material
in relation to
the financial statements
being audited
may occur
imely period by employees
in the normal
course of performing
their assigned functions.
However, we noted
no matters involving
internal control,
including controls over
safeguarding securities,
that we consider
to be material weaknesses
as defined above
as of December 31, 1998.
This report is intended
solely for the
information and use
of management and the
Securities and
Exchange Commission.
Hartford, Connecticut
January 29, 1999
