Aetna Mutual Funds
Semi-Annual
Report
April 30, 1995
[LOGO]
<PAGE>
Table of Contents
<TABLE>
<CAPTION>
<S> <C>
President's Letter 1
Investment Review 2
Statements of Assets and Liabilities 12
Statements of Operations 16
Statements of Changes in Net Assets 20
Notes to Financial Statements 30
Financial Highlights 42
Portfolio of Investments:
Money Market Fund 52
Government Fund 56
Bond Fund 58
Tax-Free Fund 61
The Aetna Fund 64
Growth and Income Fund 81
Growth Fund 105
Small Company Growth Fund 107
Aetna International Growth Fund 110
Asian Growth Fund 115
</TABLE>
<PAGE>
President's Letter
Dear Fellow Shareholder,
Thank you for investing in Aetna Mutual Funds. We are pleased to bring you
this semi-annual report of the status of your Funds.
The Aetna family of funds has grown to just over $1 billion in assets.
Companies are continuing to use Aetna Mutual Funds in defined contribution
retirement plans for their employees. In addition, agent sales have increased
and the Aetna Money Market Fund continues to be a popular investment.
During this reporting period, we have taken steps to improve the potential
for long term performance of both The Aetna Fund and the Aetna Growth and
Income Fund. Changes have been made in both portfolio composition and
disciplined management strategies. These modifications have not changed the
basic investment objectives of the funds or our conservative, long term
investment philosophy.
In the first quarter of this year, a stable monetary environment, higher
corporate earnings and lower interest rates have created strong stock market
performance. A 9.7% growth in the S&P 500, an unmanaged index, is the largest
quarterly result in four years. We expect this trend to continue as the
Federal Reserve engineers a "soft landing" in slowing economic growth. The
six month reporting period has been a volatile time for the bond market with
higher interest rates, a flatter yield curve and lowering prices. This trend
reversed in early 1995 and, if the Federal Reserve continues to ease monetary
policy, the bond market should benefit. We continue to be optimistic about
the growth potential of international investing and a recovery in the Asian
markets.
The domestic mutual fund industry continues to grow with $2.4 trillion
invested in 40 million shareholder accounts across the country. We, at Aetna,
are proud to be a part of this growing industry; bringing you quality
products that offer value and meet your investment needs.
Thank you for placing your trust in us and investing in Aetna Mutual Funds.
Yours sincerely,
[signature of Shaun P. Mathews]
Shaun P. Mathews
President
Aetna Mutual Funds Semi-Annual Report 1
<PAGE>
Aetna Money Market Fund
The total return for Aetna Money Market Fund for the six-month period ended
April 30, 1995 was 2.86%. This exceeded the 2.58% return of the average
taxable money market fund as reported by IBC/Donoghue. Your fund also
performed well within the universe of money market funds tracked by Lipper
Analytical Services and ranked in the top ten percent for the six-month
period. Morningstar does not provide money market fund rankings. As of April
30, the Money Market Fund had an average maturity of 46 days and reported a
SEC yield of 6.00%.
We believe that short term interest rates will remain relatively stable over
the next three to six-month period. With the slowdown in growth and easing of
pressures on the economy's resources, the Federal Reserve should see little
need to tighten monetary policy further. The automotive and housing sectors
have contracted considerably and inventories have been building. On the other
hand, the dollar's decline and some pass through of commodity price increases
over the past year will keep some upward pressure on growth. We will maintain
a neutral strategy of investing in securities with maturities equal to the
average money market fund. Our objective is to provide attractive yields with
emphasis placed on preservation of capital by adhering to strict credit
quality standards and minimizing exposure to interest rate risk.
Aetna Life Insurance and Annuity Company
Adviser to the Aetna Money Market Fund
2 Aetna Mutual Funds Semi-Annual Report
<PAGE>
Aetna Government Fund
The total return of Aetna Government Fund for the six-month period ended
April 30, 1995 was 6.23%. The Fund's performance lagged the Lehman Brothers
Government Bond Index return of 6.52% over that period but ranked in the top
33% of Morningstar's universe of government funds and within the top 20% of
similar funds reported by Lipper Analytical Services.
The Government Fund maintained its cautious stance on interest rates during
the fourth quarter of 1994 and into early 1995. Emphasis was placed on higher
yielding Agency securities and mortgage-backed pass-through securities. With
evidence of slower economic growth, we believe that the Federal Reserve has
monetary policy on hold and therefore do not anticipate further interest rate
hikes. Given the current lower level of interest rates, we expect mortgage
refinancing activity to accelerate and have underweighted this sector. As of
April 30, the average duration for the securities held in the Fund was 4.2
years.
The Fund's high quality profile is supported by investments in U.S.
Treasuries, Agencies, AAA-rated asset-backed and corporate securities. While
there is minimal credit risk exposure, we remind investors that the Fund's
investments are still subject to interest rate changes which could affect the
net asset value of the Fund.
Aetna Life Insurance and Annuity Company
Adviser to the Aetna Government Fund
Aetna Mutual Funds Semi-Annual Report 3
<PAGE>
Aetna Bond Fund
Aetna Bond Fund generated a total return of 5.62% for the six-month period
ended April 30, 1995. While the Fund's performance lagged the return of the
Lehman Brothers Aggregate Bond Index of 7.01% for the same period, it
compared favorably against other high quality bond funds. The Fund's
performance ranked in the top 44% of Morningstar's universe of high quality
bond funds and within the top 39% of A-rated bond funds as reported by Lipper
Analytical Services.
The past six months have been a rather volatile period for the bond market.
Higher interest rates and a flatter yield curve during the final months of
1994 represented a continuation of the operative theme for that year.
Surprisingly, the new year brought about a reversal of that trend as the
yields fell by 1.10% and .55%, respectively on the 2-year and 30-year
Treasuries in the first four months of 1995. The bond market rally was
sparked by signs of a slowing economy, strong market technicals and the
perception that the Federal Reserve's restrictive monetary policy was near an
end. While the Bond Fund benefited from its shorter than average market
duration during the rising interest rate environment of 1994, its defensive
stance caused performance to lag in early 1995.
We are currently neutral on the general direction of interest rates and have
adjusted the portfolio's duration accordingly. With monetary policy on hold,
the yield curve is expected to flatten from its current shape. The corporate
sector, supported by strong investor demand and limited supply, generated the
highest returns over the six-month period. We expect the technicals to remain
positive and will maintain our overweighting in that sector. However, we are
cautious on mortgage-backed securities and have underweighted that sector
with the expectation that mortgage prepayment activity will accelerate in the
lower interest rate environment.
To date, the Federal Reserve appears to have been successful in orchestrating
the coveted "soft landing" for the economy. While corporate earnings and
capital expenditures were strong for the first quarter of 1995, a slowing in
consumer spending is evident with weaker housing activity and retail sales.
The weakening in growth should extend the life of the economic expansion by
easing pressure on inflation. The combination of moderate growth and low
inflation should bode well for financial assets.
Aetna Life Insurance and Annuity Company
Adviser to the Aetna Bond Fund
4 Aetna Mutual Funds Semi-Annual Report
<PAGE>
Aetna Tax-Free Fund
The Aetna Tax-Free Fund had a total return of 7.50% for the six-month period
ended April 30, 1995, ranking in the top 27% of Morningstar's National
Municipal Bond Fund universe over that period. The Fund's average maturity
was on the lower end of the range for long term municipal bond funds, as we
anticipated modestly rising rates through the period. However, as yields
declined (and bond prices rose), the Fund lagged behind the Lehman Brothers
Municipal Bond Index, which had a longer average maturity and thus saw its
bonds rise in price more rapidly. The index returned 7.57% for the period.
Municipal bonds performed well for most of the first six months. Light new
issue supply (about 45% lower than issuance one year earlier), combined with
strong demand from funds and individual investors, helped tax-exempts
outperform taxable bonds. In April, however, flat tax and other proposals
that would reduce the value of municipal bonds caused municipals to
underperform taxable paper. We believe that tax reform is at least two years
off, faces significant fairness and revenue obstacles, and, if tax code
changes occur, would be phased in over a number of years. Current concerns
are overdone and probably create a buying opportunity. The yield difference
between higher-rated and lower-rated investment grade bonds remained quite
narrow, making AAA-rated and AA-rated bonds the better value.
We will look to extend the average maturity of the fund to a more neutral
level, looking to pick up yield when possible. The large amount of municipal
bond coupon income and principal repayments due this summer should buoy
tax-exempt bond prices as new issue supply remains very low. The Fund will
also maintain its significant percentage in high grade bonds, since quality
spreads will remain very narrow. Insured bonds will offer value.
Occasionally, however, we may dip down in credit quality to pick up yield if
the issuer has a sound credit story.
Aeltus Investment Management, Inc.
Sub-adviser to the Aetna Tax-Free Fund
Aetna Mutual Funds Semi-Annual Report 5
<PAGE>
The Aetna Fund
The U.S. financial markets enjoyed a strong rebound during the six-month
period ended April 30, 1995. Moderating economic growth, strong corporate
profitability, low inflation and an inflow of funds from overseas investments
all contributed to the strong performance in both stocks and bonds. A 60%/40%
weighting of the S&P 500 and the Lehman Aggregate Bond Index returned 9.09%
during this six-month period, while The Aetna Fund returned 6.12%. The Fund's
performance compared favorably with its universe of competitors, ranking in
the top 49% of the Asset Allocation funds reported by Morningstar.
During this reporting period, a number of significant enhancements have been
incorporated into the management of The Aetna Fund. Building upon a strong
bottom-up orientation in the management of our stocks and bonds, we have
incorporated a disciplined top-down approach to our asset and sector
allocation strategies. Broad asset class weightings are now determined by a
proprietary relative valuation model combined with detailed analysis of
important macro-economic factors. Within our equity exposure, we have
augmented our conservative, large capitalization emphasis by adding modest
amounts of small-cap and mid-cap stocks. Within our bond exposure, we have
focused attention and resources on our foreign and high-yield exposures for
improved performance. These modifications, while significant, do not deviate
from the Fund's philosophy of maximizing total return with reasonable safety
of principal by investing in a diversified portfolio of stocks, bonds and
money market instruments.
The Aetna Fund is currently positioned to participate in a continued
improvement in both the stock and bond markets. The Fund's current allocation
is 65% stocks and 35% bonds. Our favorable outlook is consistent with a "soft
landing" scenario of a moderating economy and low inflation. In addition, we
believe that the pace of corporate earnings growth, while abating, will
remain above historical averages.
Aetna Life Insurance and Annuity Company
Adviser to The Aetna Fund
6 Aetna Mutual Funds Semi-Annual Report
<PAGE>
Aetna Growth and Income Fund
The stock market, as measured by the S&P 500, posted a stunning return of
10.48% for the six-month period ended April 30, 1995. From its trough in
early December the stock market, in conjunction with the bond market, has
moved progressively higher, strengthening with evidence of a slowing economy.
The Aetna Growth and Income Fund was positioned to benefit from an economic
expansion and also held a significant amount of cash in the portfolio for
much of this six-month period. As a result, the Fund's six-month return of
6.9%, while strong on an absolute basis, and when compared to the 6.45%
average return of Morningstar's entire equity fund universe, lagged that of
the S&P 500. The Fund also ranked in the 71st percentile of Morningstar's
Growth and Income Fund universe.
We've taken a number of steps in 1995 to improve the portfolio's composition,
both in response to the slowing economy and, more importantly, to implement
strategic changes which are intended to improve the potential for attractive
long term performance. While we have not abandoned our conservative, large
capitalization emphasis, we have added modest amounts of other asset classes
to further diversify the portfolio. Aetna Growth and Income now holds roughly
6% in mid-cap stocks, 6% in small-cap stocks, 3% in international stocks, and
3% in real estate stocks. Large-cap stocks represent roughly 80% of the
portfolio, with cash holdings at about 2%.
Historically, these additional asset classes have provided long term returns
superior to those of large-cap stocks. In addition, these asset classes
provide diversification benefits. The portfolio should exhibit less
volatility than the S&P 500 going forward, since the diversifying asset
classes have low correlations with each other and with large-cap stocks. As
yet, however, these strategic moves have not benefited the Fund, as the
diversifying asset classes did not perform as well as the S&P 500 during the
first months of 1995.
The prospects for stocks improved greatly during the first quarter of this
year due to lower interest rates, much higher corporate earnings, and a
stable monetary backdrop. The performance of the S&P 500 during the first
quarter was 9.7%, the strongest quarterly result in four years, and at a pace
that is unlikely to be sustained. We expect our diversifying asset classes to
also have their day in the sun, and are confident that the steps we've taken
will enhance the Growth and Income Fund's long term competitiveness.
Aetna Life Insurance and Annuity Company
Adviser to the Aetna Growth and Income Fund
Aetna Mutual Funds Semi-Annual Report 7
<PAGE>
Aetna Growth Fund
The past six months have been rewarding for stock market investors and for
participants in the Aetna Growth Fund as the Fund's 7.83% return ranked in
the top 35% of Morningstar's universe of growth equity funds, although
stubbornly trailing the S&P 500's return of 10.48%. Underperformance with
regard to our benchmark has not been due to stock selection, but rather
conservative hedging strategies utilized during the market advance which, in
hindsight, proved unnecessary.
Portfolio construction for the Aetna Growth Fund is aided by quantitative
investment disciplines which highlight issues with strong earnings
characteristics at reasonable valuation levels. Since we focus on companies
that are also cheap relative to sales and cash flow per share, investment
bankers and corporate buyers often have an interest in the Growth Fund's
holdings. For example, US Shoe and Clark Equipment are in the process of
being purchased by other companies at a substantial profit to the Fund.
Currently there is also interest in our National Gypsum holding, and share
repurchases are underway by several other companies.
Portfolio performance was hurt by underweighting the finance sector which
rallied sharply along with the fixed income markets. In a similar vein,
overexposure to consumer cyclicals, such as retailing companies, compromised
results as investors reacted negatively to increasing evidence of a slowing
economy. We eliminated positions in Unisys, Grupo Televisa and Tandem
Computer because of deteriorating earnings fundamentals and weak price
action.
The substantial recovery in the fixed income markets coupled with strong
corporate earnings has driven the stock market advance so far in 1995. The
equity market may now have to wrestle with the notion that a weakening
economy is not conducive to further growth in corporate profits. The stock
market may be extended, but it does not appear to be grossly overvalued,
despite record high ground. We believe that the issues that perform best in
an uncertain economic environment will possess above average earnings growth
and be reasonably priced. The Aetna Growth Fund approach is to emphasize such
issues in security selection and portfolio construction.
Aeltus Investment Management, Inc.
Sub-adviser to the Aetna Growth Fund
8 Aetna Mutual Funds Semi-Annual Report
<PAGE>
Aetna Small Company Growth Fund
We are pleased with the performance of the Aetna Small Company Growth Fund
during this reporting period, as the Fund's 10.23% return for the six-month
period ended April 30, 1995 exceeded the 5.36% return of its benchmark, the
Russell 2000 Index. The fund also ranked in the top 11% of the Morningstar
Small Company Fund universe for this period.
Recent performance can be attributed to several factors. Portfolio management
decisions to overweight the technology, capital goods (particularly in
agriculture and machine tools) and oil service sectors all proved
advantageous. In addition, significant investments in the drug distribution
sector of health care and good stock selection in the raw materials sector
also enhanced results.
Performance was hurt primarily by holdings in the retail sector as well as
selected financial stocks, all of which performed below expectations as
interest rates rose.
Looking forward, we see continued domestic economic growth, albeit at a
slower pace. While not assured, the Fed's attempt to engineer a "soft
landing" appears more likely than it did six months ago. Consequently, the
interest rate environment for stocks has greatly improved. This environment
should be beneficial for small-cap stocks, particularly those exhibiting
strong earnings growth.
In addition, we see two potential events which could improve the
attractiveness of small-cap stocks in relation to their large-cap
counterparts. First, a stronger dollar would dilute some of the advantages
that larger multi-national companies have had over the past year. The weak
dollar has given exporters improved pricing power while most smaller,
domestically based companies have seen little improvement in prices. Second,
the proposed capital gains tax reduction, if approved, would favor the
investment climate for smaller companies, since a higher portion of their
return comes from capital appreciation.
We continue to believe that our disciplined approach of focusing on companies
with strong earnings growth and reasonable share prices, will continue to
fare well in the future.
Aeltus Investment Management, Inc.
Sub-adviser to Aetna Small Company Growth Fund
Aetna Mutual Funds Semi-Annual Report 9
<PAGE>
Aetna International Growth Fund
The Aetna International Growth Fund trailed its benchmark, the MSCI Europe,
Australia, and Far East Index during the six-month period ended April 30,
1995. The Fund's return of -3.22% lagged the -0.41% return of the Index, and
this relative underperformance can be primarily attributed to a decision to
underweight the Japanese market. On a more positive note, the Fund ranked in
the 32nd percentile of funds included in Morningstar's International Fund
universe. Effective stock selection in the smaller Pacific Basin markets
allowed the Fund to perform well within its peer group.
The focus of world markets throughout the remainder of 1995 will likely shift
from currencies to underlying economic fundamentals. The yen's rapid
appreciation during the first part of the year overshadowed the equity
markets, but now the fundamentals are coming back to the forefront. In Japan,
this will mean evaluating the impact of the strong yen on corporate earnings.
At current levels or higher, the yen's strength will likely prevent the
growth in earnings required to keep Japan's fragile recovery alive. We are
underweighting the Japanese market until we see evidence that policies are
being implemented to reduce the yen's momentum and increase liquidity. The
smaller Pacific markets have been influenced by the U.S. market's solid
performance as well as currency fluctuations during the first part of the
year. We currently see Singapore and Malaysia as reasonably valued but remain
cautious throughout the region.
Valuations within the UK remain attractive and solid growth is continuing. As
the economy matures, we are shifting our emphasis there to more defensive
issues. The election of Jacques Chirac as President of France should prove
positive for French equities. The strong Deutsche mark raises concerns over
the growth potential in the German market, leading to an underweighted
position there.
Dunedin Fund Managers Ltd.
Sub-adviser to the Aetna International Growth Fund
10 Aetna Mutual Funds Semi-Annual Report
<PAGE>
Aetna Asian Growth Fund
The Aetna Asian Growth Fund declined 17.61% during the six-month period ended
April 30, 1995, as compared to a decline in its benchmark index, the MSCI Far
East ex-Japan Index, of 12.90%. This return ranked the Fund in 87th
percentile of the Morningstar Pacific Stock Fund universe.
During this period, the Aetna Asian Growth Fund suffered from a confluence of
negative factors which caused Asian markets in general to decline
significantly. The rise in U.S. interest rates, devaluation of the Mexican
peso, collapse of Barings and the volatility of the U.S. dollar undermined
the Asian markets. Regional economies continued to perform well as both
exports and domestic demand contributed to GDP growth rates of 5% to 8%
across the region. Inflation is the major concern in the region as capacity
constraints in industrial production and higher food prices led to
accelerating inflation. Recent interest rate hikes should curb inflationary
pressures in the economies and leave hope for a loosening of monetary policy
in the first half of 1996.
The outlook for the Asian markets remains encouraging over the next twelve
months as much of the bad news appears discounted in the equity markets which
have been trading at low historic valuations and low volumes. Economic growth
should remain robust, supporting corporate earnings in the region. The
prospect of improved global liquidity should lead to stronger demand for
Asian equities in the next six months as investments move from domestic
equities and bonds into international markets.
The Fund will continue to overweight the smaller markets in the region as
they have particularly suffered from the fallout in emerging markets despite
the strong earnings and relatively stable currencies. Indonesia, the
Philippines, and Thailand are likely to remain overweight, while core
holdings in the more liquid Hong Kong and Malaysian markets will balance the
portfolio.
Aeltus Investment Management International (F.E.) Limited
Sub-adviser to the Aetna Asian Growth Fund
Aetna Mutual Funds Semi-Annual Report 11
<PAGE>
Statements of Assets and Liabilities
April 30, 1995 (Unaudited)
<TABLE>
<CAPTION>
Aetna Series Fund, Inc. Money Market Fund Government Fund
- ------------------------------------------ ----------------- -----------------
<S> <C> <C>
Assets:
Investments, at market value (Note 1) $252,370,276 $19,308,879
Cash 4,986,488 0
Receivable for:
Dividends and interest 1,086,581 198,853
Investments sold 131,389 7,865
Fund shares sold 470 0
Deferred organizational expenses 20,055 0
----------------- -----------------
Total assets 258,595,259 19,515,597
----------------- -----------------
Liabilities:
Payable for:
Investments purchased 841,388 0
Fund shares redeemed 0 441
Other liabilities 264,802 18,182
Deferred premiums on written options, at
market value (Note 5) 0 0
----------------- -----------------
Total liabilities 1,106,190 18,623
----------------- -----------------
NET ASSETS $257,489,069 $19,496,974
================= =================
Net assets represented by:
Paid-in capital $257,489,069 $20,283,984
Unrealized gain (loss) 0 57,451
Undistributed net investment income 0 100,901
Accumulated net realized loss 0 (945,362)
----------------- -----------------
NET ASSETS $257,489,069 $19,496,974
================= =================
Capital shares, $.001 par value
Select Class: Outstanding 184,789,662 1,990,344
Net Assets $184,789,662 $19,239,882
Net Asset Value per share $ 1.00 $ 9.67
Adviser Class: Outstanding 72,699,407 26,628
Net Assets $ 72,699,407 $ 257,092
Net Asset Value per share $ 1.00 $ 9.65
Cost of Investments $252,370,276 $19,251,428
</TABLE>
12 See Notes to Financial Statements.
<PAGE>
<TABLE>
<CAPTION>
Bond Fund Tax-Free Fund The Aetna Fund
- --------------- --------------- ----------------
<S> <C> <C>
$42,745,565 $23,795,738 $84,986,156
17,895 158 17,091
783,775 418,961 514,144
2,095,041 4,513 920,280
0 0 0
20,055 0 20,055
- --------------- --------------- ----------------
45,662,331 24,219,370 86,457,726
- --------------- --------------- ----------------
1,012,100 979,792 3,710,080
0 0 0
71,557 31,014 119,912
0 0 130,000
- --------------- --------------- ----------------
1,083,657 1,010,806 3,959,992
- --------------- --------------- ----------------
$44,578,674 $23,208,564 $82,497,734
=============== =============== ================
$46,186,246 $24,421,818 $77,531,489
(215,809) (471,824) 5,380,575
124,901 36,852 694,142
(1,516,664) (778,282) (1,108,472)
- --------------- --------------- ----------------
$44,578,674 $23,208,564 $82,497,734
=============== =============== ================
3,089,655 204,638 7,367,500
$30,281,864 $ 1,925,554 $81,680,139
$ 9.80 $ 9.41 $ 11.09
1,459,663 2,262,474 73,988
$14,296,810 $21,283,010 $ 817,595
$ 9.79 $ 9.41 $ 11.05
$42,961,374 $24,267,562 $79,504,921
</TABLE>
Aetna Mutual Funds Semi-Annual Report 13
<PAGE>
Statements of Assets and Liabilities
April 30, 1995 (Unaudited)
<TABLE>
<CAPTION>
Aetna Series Fund, Inc. Growth and Income Fund Growth Fund
- ------------------------------------------------ ---------------------- ---------------
<S> <C> <C>
Assets:
Investments, at market value (Note 1) $329,516,875 $33,423,618
Cash 112,101 183
Cash denominated in foreign currencies 294,429 0
Receivable for:
Dividends and interest 580,161 11,056
Investments sold 3,768,911 448,642
Fund shares sold 164,606 5,659
Recoverable taxes 2,026 0
Variation margin 1,180 0
Forward foreign currency exchange contracts
(Note 7) 9,400,168 0
Deferred organizational expenses 20,083 0
---------------------- ---------------
Total assets 343,860,540 33,889,158
---------------------- ---------------
Liabilities:
Payable for:
Investments purchased 6,733,575 942,613
Fund shares redeemed 276,749 20,491
Forward foreign currency exchange contracts
(Note 7) 9,628,963 0
Other liabilities 241,016 30,737
Deferred premiums on written options, at market
value (Note 5) 0 11,438
---------------------- ---------------
Total liabilities 16,880,303 1,005,279
---------------------- ---------------
NET ASSETS $326,980,237 $32,883,879
====================== ===============
Net assets represented by:
Paid-in capital $298,897,914 $29,407,895
Unrealized gain (loss) 28,708,957 4,908,755
Undistributed (distributions in excess of) net
investment income 1,702,741 8,925
Accumulated net realized gain (loss) (2,329,375) (1,441,696)
---------------------- ---------------
NET ASSETS $326,980,237 $32,883,879
====================== ===============
Capital shares, $.001 par value
Select Class: Outstanding 27,625,555 2,775,049
Net Assets $325,814,679 $31,940,091
Net Asset Value per share $ 11.79 $ 11.51
Adviser Class: Outstanding 98,930 82,448
Net Assets $ 1,165,558 $ 943,788
Net Asset Value per share $ 11.78 $ 11.45
Cost of Investments $300,615,297 $28,528,745
</TABLE>
14 See Notes to Financial Statements.
<PAGE>
<TABLE>
<CAPTION>
- --------------------------- ------------------------- -------------------
Small Company Growth Fund International Growth Fund Asian Growth Fund
<S> <C> <C>
$29,186,693 $56,071,807 $22,299,673
3,332 0 0
0 32,526 292,268
5,373 241,915 158,251
893,890 3,695,749 126,798
0 18,871 4,581
0 79,423 1,422
0 0 0
0 8,200,000 0
0 20,083 0
- --------------------------- ------------------------- -------------------
30,089,288 68,360,374 22,882,993
- --------------------------- ------------------------- -------------------
720,536 2,410,183 0
0 2,409 2,184
0 9,520,319 0
31,804 78,298 61,731
0 0 0
- --------------------------- ------------------------- -------------------
752,340 12,011,209 63,915
- --------------------------- ------------------------- -------------------
$29,336,948 $56,349,165 $22,819,078
=========================== ========================= ===================
$26,108,538 $55,077,724 $26,318,392
3,992,312 308,421 (1,042,660)
(25,779) 271,497 74,777
(738,123) 691,523 (2,531,431)
- --------------------------- ------------------------- -------------------
$29,336,948 $56,349,165 $22,819,078
=========================== ========================= ===================
2,515,254 2,685,855 2,874,045
$28,755,779 $27,759,331 $22,401,054
$ 11.43 $ 10.34 $ 7.79
51,141 2,773,868 53,758
$ 581,169 $28,589,834 $ 418,024
$ 11.36 $ 10.31 $ 7.78
$25,194,381 $54,454,925 $23,341,491
</TABLE>
Aetna Mutual Funds Semi-Annual Report 15
<PAGE>
Statements of Operations
Six-month period ended April 30, 1995 (Unaudited)
<TABLE>
<CAPTION>
Aetna Series Fund, Inc. Money Market Fund Government Fund
- --------------------------------------------- ------------------- -------------------
<S> <C> <C>
Investment income: (Note 1)
Dividends $ 0 $ 0
Interest 6,918,491 884,920
------------------- -------------------
6,918,491 884,920
Foreign taxes withheld 0 0
------------------- -------------------
Total investment income 6,918,491 884,920
------------------- -------------------
Expenses: (Notes 2 and 3)
Investment advisory fee 461,546 58,833
Administrative service fee 288,466 29,416
12b-1 and service fees 29,884 952
Organizational expenses 5,691 0
Printing and postage expenses 23,375 701
Custody fees 10,743 7,021
Transfer agent fees 95,432 13,048
Audit fees 5,729 6,685
Directors' fees 10,289 5,031
State and federal fees 55,572 10,625
Miscellaneous 6,290 3,146
------------------- -------------------
Expenses before reimbursement and waiver from
Adviser 993,017 135,458
Expense reimbursement and waiver from Adviser (704,551) (52,335)
------------------- -------------------
Net expenses 288,466 83,123
------------------- -------------------
Net investment income 6,630,025 801,797
------------------- -------------------
Realized and unrealized gain (loss):
(Notes 1, 4, 5 and 7)
Realized gain (loss) on:
Sales of investments, excluding short-term
investments 0 (674,470)
Futures and forward currency contracts 0 0
------------------- -------------------
Net realized gain (loss) 0 (674,470)
------------------- -------------------
Net change in unrealized gain (loss) on:
Investments 0 1,198,252
Written options 0 0
------------------- -------------------
Net change in unrealized gain 0 1,198,252
------------------- -------------------
Net realized and change in unrealized gain 0 523,782
------------------- -------------------
Net increase in net assets resulting from
operations $6,630,025 $1,325,579
=================== ===================
</TABLE>
16 See Notes to Financial Statements.
<PAGE>
<TABLE>
<CAPTION>
Bond Fund Tax-Free Fund The Aetna Fund
- ----------------- --------------- -----------------
<S> <C> <C>
$ 18,503 $ 0 $ 737,123
1,819,791 723,053 1,436,311
- ----------------- --------------- -----------------
1,838,294 723,053 2,173,434
0 0 (4,982)
- ----------------- --------------- -----------------
1,838,294 723,053 2,168,452
- ----------------- --------------- -----------------
120,810 61,435 366,450
60,405 30,718 114,516
74,285 86,074 53,307
5,691 0 5,691
5,877 734 11,332
5,250 3,115 11,420
18,559 12,306 29,870
7,066 7,163 7,066
5,665 5,069 6,781
18,664 10,977 26,584
3,596 3,155 4,454
- ----------------- --------------- -----------------
325,868 220,746 637,471
(70,415) (30,302) (11,840)
- ----------------- --------------- -----------------
255,453 190,444 625,631
- ----------------- --------------- -----------------
1,582,841 532,609 1,542,821
- ----------------- --------------- -----------------
(523,908) (270,716) 238,192
0 0 101,165
- ----------------- --------------- -----------------
(523,908) (270,716) 339,357
- ----------------- --------------- -----------------
1,393,538 1,395,744 2,866,341
0 0 (100,660)
- ----------------- --------------- -----------------
1,393,538 1,395,744 2,765,681
- ----------------- --------------- -----------------
869,630 1,125,028 3,105,038
- ----------------- --------------- -----------------
$2,452,471 $1,657,637 $4,647,859
================= =============== =================
</TABLE>
Aetna Mutual Funds Semi-Annual Report 17
<PAGE>
Statements of Operations
Six-month period ended April 30, 1995 (Unaudited)
<TABLE>
<CAPTION>
Aetna Series Fund, Inc. Growth and Income Fund Growth Fund
- --------------------------------------------- ---------------------- ---------------
<S> <C> <C>
Investment income: (Note 1)
Dividends $ 4,176,095 $ 181,438
Interest 664,845 36,850
---------------------- ---------------
4,840,940 218,288
Foreign taxes withheld (18,404) (3,899)
---------------------- ---------------
Total investment income 4,822,536 214,389
---------------------- ---------------
Expenses: (Notes 2 and 3)
Investment advisory fee 1,088,974 100,401
Administrative service fee 394,996 35,858
12b-1 and service fees 12,855 2,447
Organizational expenses 5,663 0
Printing and postage expenses 12,984 1,065
Custody fees 16,005 4,104
Transfer agent fees 21,402 12,353
Audit fees 6,685 6,685
Directors' fees 7,599 5,031
State and federal fees 41,094 10,953
Miscellaneous 7,002 3,161
---------------------- ---------------
Expenses before reimbursement and waiver from
Adviser 1,615,259 182,058
Expense reimbursement and waiver from Adviser 0 (7,760)
---------------------- ---------------
Net expenses 1,615,259 174,298
---------------------- ---------------
Net investment income (loss) 3,207,277 40,091
---------------------- ---------------
Net realized and unrealized gain (loss):
(Notes 1, 4, 5 and 7)
Realized gain (loss) on:
Sales of investments, excluding short-term
investments (666,653) (853,039)
Written options 0 (571,812)
Futures and forward currency contracts 645,656 0
Foreign currencies (43,545) 0
---------------------- ---------------
Net realized gain (loss) (64,542) (1,424,851)
---------------------- ---------------
Net change in unrealized gain (loss) on:
Investments 18,779,770 3,701,141
Written options 0 13,882
Futures and forward currency contracts (251,017) 0
Foreign currency related transactions 5,226 0
---------------------- ---------------
Net change in unrealized gain (loss) 18,533,979 3,715,023
---------------------- ---------------
Net realized and change in unrealized gain
(loss) 18,469,437 2,290,172
---------------------- ---------------
Increase (decrease) in net assets resulting
from operations $21,676,714 $ 2,330,263
====================== ===============
</TABLE>
18 See Notes to Financial Statements.
<PAGE>
<TABLE>
<CAPTION>
Small Company Growth Fund International Growth Fund Asian Growth Fund
- --------------------------- ------------------------- -------------------
<S> <C> <C>
$ 115,759 $ 426,230 $ 255,819
56,983 93,661 31,548
- --------------------------- ------------------------- -------------------
172,742 519,891 287,367
0 (33,085) (20,828)
- --------------------------- ------------------------- -------------------
172,742 486,806 266,539
- --------------------------- ------------------------- -------------------
111,816 236,037 126,407
32,887 69,423 31,602
1,470 98,631 1,338
0 5,663 0
931 6,096 1,134
4,505 81,350 70,900
13,706 19,705 14,070
6,685 7,406 7,406
5,031 5,738 5,125
10,641 17,714 11,115
3,144 1,660 2,162
- --------------------------- ------------------------- -------------------
190,816 549,423 271,259
(5,494) (22,482) (75,096)
185,322 526,941 196,163
- --------------------------- ------------------------- -------------------
(12,580) (40,135) 70,376
- --------------------------- ------------------------- -------------------
226,995 870,754 (2,247,193)
0 0 0
0 (128,140) 0
0 (42,918) 4,551
- --------------------------- ------------------------- -------------------
226,995 699,696 (2,242,642)
- --------------------------- ------------------------- -------------------
2,512,857 (1,647,413) (3,066,750)
0 0 0
0 (1,095,088) 0
0 904 (2,303)
- --------------------------- ------------------------- -------------------
2,512,857 (2,741,597) (3,069,053)
- --------------------------- ------------------------- -------------------
2,739,852 (2,041,901) (5,311,695)
- --------------------------- ------------------------- -------------------
$2,727,272 $(2,082,036) $(5,241,319)
=========================== ========================= ===================
</TABLE>
Aetna Mutual Funds Semi-Annual Report 19
<PAGE>
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Aetna Series Fund, Inc. Money Market Fund
- ----------------------------------------------------------- -------------------------------------
Six-month
period ended Ten-month
April 30, 1995 period ended
(Unaudited) October 31, 1994
--------------- ------------------
<S> <C> <C>
Operations:
Net investment income $ 6,630,025 $ 5,571,226
--------------- ------------------
Net increase in net assets resulting from operations 6,630,025 5,571,226
--------------- ------------------
Distributions to shareholders: (Note 1)
Select Class:
From net investment income (4,904,128) (4,776,403)
Adviser Class:
From net investment income (1,725,897) (794,823)
--------------- ------------------
Decrease in net assets from distributions to shareholders (6,630,025) (5,571,226)
--------------- ------------------
Fund share transactions: (Note 8)
Select Class:
Proceeds from shares sold 99,365,093 184,288,133
Reinvestment of distributions 4,296,792 4,313,330
Cost of shares redeemed (80,628,602) (134,729,463)
Adviser Class:
Proceeds from shares sold 44,702,797 49,918,444
Reinvestment of distributions 1,683,600 788,233
Cost of shares redeemed (21,037,486) (3,356,170)
--------------- ------------------
Net increase in net assets from fund share transactions 48,382,194 101,222,507
--------------- ------------------
Change in net assets 48,382,194 101,222,507
Net assets:
Beginning of period 209,106,875 107,884,368
--------------- ------------------
End of period $257,489,069 $ 209,106,875
=============== ==================
End of period net assets includes undistributed net
investment income $ 0 $ 0
=============== ==================
</TABLE>
20 See Notes to Financial Statements.
<PAGE>
<TABLE>
<CAPTION>
Aetna Series Fund, Inc. Government Fund
- ----------------------------------------------------------- -------------------------------------
Six-month
period ended Ten-month
April 30, 1995 period ended
(Unaudited) October 31, 1994
--------------- ------------------
<S> <C> <C>
Operations:
Net investment income $ 801,797 $ 975,250
Net realized loss (674,470) (298,826)
Net change in unrealized gain (loss) 1,198,252 (1,140,801)
--------------- ------------------
Net increase (decrease) in net assets resulting from
operations 1,325,579 (464,377)
--------------- ------------------
Distributions to shareholders: (Note 1)
Select Class:
From net investment income (803,227) (836,799)
Adviser Class:
From net investment income (6,354) (1,832)
--------------- ------------------
Decrease in net assets from distributions to shareholders (809,581) (838,631)
--------------- ------------------
Fund share transactions: (Note 8)
Select Class:
Proceeds from shares sold 2,918,017 26,189,218
Reinvestment of distributions 669,448 1,222,008
Cost of shares redeemed (10,966,804) (904)
Adviser Class:
Proceeds from shares sold 196,539 165,129
Reinvestment of distributions 5,404 2,374
Cost of shares redeemed (102,099) (14,346)
--------------- ------------------
Net increase (decrease) in net assets from fund share
transactions (7,279,495) 27,563,479
--------------- ------------------
Change in net assets (6,763,497) 26,260,471
Net assets:
Beginning of period 26,260,471 0
--------------- ------------------
End of period $ 19,496,974 $26,260,471
=============== ==================
End of period net assets includes undistributed net
investment income $ 100,901 $ 108,685
=============== ==================
</TABLE>
Aetna Mutual Funds Semi-Annual Report 21
<PAGE>
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Aetna Series Fund, Inc. Bond Fund
- ---------------------------------------------------------- -------------------------------------
Six-month
period ended Ten-month
April 30, 1995 period ended
(Unaudited) October 31, 1994
--------------- ------------------
<S> <C> <C>
Operations:
Net investment income $ 1,582,841 $ 2,507,230
Net realized loss (523,908) (882,788)
Net change in unrealized gain (loss) 1,393,538 (3,401,549)
--------------- ------------------
Net increase (decrease) in net assets resulting from
operations 2,452,471 (1,777,107)
--------------- ------------------
Distributions to shareholders: (Note 1)
Select Class:
From net investment income (926,551) (1,488,587)
Adviser Class:
From net investment income (585,446) (709,993)
--------------- ------------------
Decrease in net assets from distributions to shareholders (1,511,997) (2,198,580)
--------------- ------------------
Fund share transactions: (Note 8)
Select Class:
Proceeds from shares sold 4,968,023 13,687,226
Reinvestment of distributions 847,121 1,375,268
Cost of shares redeemed (3,791,315) (31,166,825)
Adviser Class:
Proceeds from shares sold 51,153 25,571,124
Reinvestment of distributions 585,300 709,934
Cost of shares redeemed (12,011,318) (231)
--------------- ------------------
Net increase (decrease) in net assets from fund share
transactions (9,351,036) 10,176,496
--------------- ------------------
Change in net assets (8,410,562) 6,200,809
Net assets:
Beginning of period 52,989,236 46,788,427
--------------- ------------------
End of period $ 44,578,674 $ 52,989,236
=============== ==================
End of period net assets includes undistributed net
investment income $ 124,901 $ 54,057
=============== ==================
</TABLE>
22 See Notes to Financial Statements.
<PAGE>
<TABLE>
<CAPTION>
Aetna Series Fund, Inc. Tax-Free Fund
- ---------------------------------------------------------- -------------------------------------
Six-month
period ended Ten-month
April 30, 1995 period ended
(Unaudited) October 31, 1994
--------------- ------------------
<S> <C> <C>
Operations:
Net investment income $ 532,609 $ 841,965
Net realized loss (270,716) (507,566)
Net change in unrealized gain (loss) 1,395,744 (1,867,568)
--------------- ------------------
Net increase (decrease) in net assets resulting from
operations 1,657,637 (1,533,169)
--------------- ------------------
Distributions to shareholders: (Note 1)
Select Class:
From net investment income (42,304) (178,416)
Adviser Class:
From net investment income (470,052) (646,950)
--------------- ------------------
Decrease in net assets from distributions to shareholders (512,356) (825,366)
--------------- ------------------
Fund share transactions: (Note 8)
Select Class:
Proceeds from shares sold 399,002 28,310,131
Reinvestment of distributions 36,080 177,341
Cost of shares redeemed (48,390) (25,636,777)
Adviser Class:
Proceeds from shares sold 496,475 25,973,435
Reinvestment of distributions 466,773 645,691
Cost of shares redeemed (6,332,319) (65,624)
--------------- ------------------
Net increase (decrease) in net assets from fund share
transactions (4,982,379) 29,404,197
--------------- ------------------
Change in net assets (3,837,098) 27,045,662
Net assets:
Beginning of period 27,045,662 0
--------------- ------------------
End of period $23,208,564 $ 27,045,662
=============== ==================
End of period net assets includes undistributed net
investment income $ 36,852 $ 16,599
=============== ==================
</TABLE>
Aetna Mutual Funds Semi-Annual Report 23
<PAGE>
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Aetna Series Fund, Inc. The Aetna Fund
- ---------------------------------------------------------- -------------------------------------
Six-month
period ended Ten-month
April 30, 1995 period ended
(Unaudited) October 31, 1994
--------------- ------------------
<S> <C> <C>
Operations:
Net investment income $ 1,542,821 $ 1,981,437
Net realized gain (loss) 339,357 (802,729)
Net change in unrealized gain (loss) 2,765,681 (1,255,675)
--------------- ------------------
Net increase (decrease) in net assets resulting from
operations 4,647,859 (76,967)
--------------- ------------------
Distributions to shareholders: (Note 1)
Select Class:
From net investment income (1,480,798) (729,483)
Adviser Class:
From net investment income (341,514) (267,325)
--------------- ------------------
Decrease in net assets from distributions to shareholders (1,822,312) (996,808)
--------------- ------------------
Fund share transactions: (Note 8)
Select Class:
Proceeds from shares sold 12,411,043 50,816,381
Reinvestment of distributions 1,461,252 1,709,717
Cost of shares redeemed (11,671,405) (38,967,995)
Adviser Class:
Proceeds from shares sold 404,857 25,942,576
Reinvestment of distributions 301,808 267,247
Cost of shares redeemed (25,897,563) (14,313)
--------------- ------------------
Net increase (decrease) in net assets from fund share
transactions (22,990,008) 39,753,613
--------------- ------------------
Change in net assets (20,164,461) 38,679,838
Net assets:
Beginning of period 102,662,195 63,982,357
--------------- ------------------
End of period $ 82,497,734 $102,662,195
=============== ==================
End of period net assets includes undistributed net
investment income $ 694,142 $ 973,633
=============== ==================
</TABLE>
24 See Notes to Financial Statements.
<PAGE>
<TABLE>
<CAPTION>
Aetna Series Fund, Inc. Growth and Income Fund
- ---------------------------------------------------------- -------------------------------------
Six-month
period ended Ten-month
April 30, 1995 period ended
(Unaudited) October 31, 1994
--------------- ------------------
<S> <C> <C>
Operations:
Net investment income $ 3,207,277 $ 1,391,759
Net realized loss (64,542) (1,478,608)
Net change in unrealized gain 18,533,979 5,934,488
--------------- ------------------
Net increase in net assets resulting from operations 21,676,714 5,847,639
--------------- ------------------
Distributions to shareholders: (Note 1)
Select Class:
From net investment income (2,091,970) (609,602)
Adviser Class:
From net investment income (16,183) (178,540)
--------------- ------------------
Decrease in net assets from distributions to shareholders (2,108,153) (788,142)
--------------- ------------------
Fund share transactions: (Note 8)
Select Class:
Proceeds from shares sold 62,713,641 283,178,288
Reinvestment of distributions 2,089,674 607,349
Cost of shares redeemed (59,924,539) (47,350,637)
Adviser Class:
Proceeds from shares sold 590,670 26,073,067
Reinvestment of distributions 0 178,486
Cost of shares redeemed (5,157,672) (20,772,927)
--------------- ------------------
Net increase in net assets from fund share transactions 311,774 241,913,626
--------------- ------------------
Change in net assets 19,880,335 246,973,123
Net assets:
Beginning of period 307,099,902 60,126,779
--------------- ------------------
End of period $326,980,237 $307,099,902
=============== ==================
End of period net assets includes undistributed net
investment income $ 1,702,741 $ 603,617
=============== ==================
</TABLE>
Aetna Mutual Funds Semi-Annual Report 25
<PAGE>
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Aetna Series Fund, Inc. Growth Fund
- ---------------------------------------------------------- -------------------------------------
Six-month
period ended Ten-month
April 30, 1995 period ended
(Unaudited) October 31, 1994
--------------- ------------------
<S> <C> <C>
Operations:
Net investment income $ 40,091 $ 191,217
Net realized loss (1,424,851) (1,009)
Net change in unrealized gain 3,715,023 1,193,732
--------------- ------------------
Net increase in net assets resulting from operations 2,330,263 1,383,940
--------------- ------------------
Distributions to shareholders: (Note 1)
Select Class:
From net investment income (234,150) 0
Adviser Class:
From net investment income (4,069) 0
--------------- ------------------
Decrease in net assets from distributions to shareholders (238,219) 0
--------------- ------------------
Fund share transactions: (Note 8)
Select Class:
Proceeds from shares sold 6,518,373 25,821,070
Reinvestment of distributions 234,137 0
Cost of shares redeemed (4,032,864) (6,065)
Adviser Class:
Proceeds from shares sold 533,860 406,304
Reinvestment of distributions 4,068 0
Cost of shares redeemed (70,736) (252)
--------------- ------------------
Net increase in net assets from fund share transactions 3,186,838 26,221,057
--------------- ------------------
Change in net assets 5,278,882 27,604,997
Net assets:
Beginning of period 27,604,997 0
--------------- ------------------
End of period $32,883,879 $27,604,997
=============== ==================
End of period net assets includes undistributed net
investment income $ 8,925 $ 207,053
=============== ==================
</TABLE>
26 See Notes to Financial Statements.
<PAGE>
<TABLE>
<CAPTION>
Aetna Series Fund, Inc. Small Company Growth Fund
- --------------------------------------------------------------- -------------------------------------
Six-month
period ended Ten-month
April 30, 1995 period ended
(Unaudited) October 31, 1994
--------------- ------------------
<S> <C> <C>
Operations:
Net investment income (loss) $ (12,580) $ 35,562
Net realized gain (loss) 226,995 (964,005)
Net change in unrealized gain 2,512,857 1,479,455
--------------- ------------------
Net increase in net assets resulting from operations 2,727,272 551,012
--------------- ------------------
Distributions to shareholders: (Note 1)
Select Class:
From net investment income (49,874) 0
--------------- ------------------
Decrease in net assets from distributions to shareholders (49,874) 0
--------------- ------------------
Fund share transactions: (Note 8)
Select Class:
Proceeds from shares sold 277,601 25,355,267
Reinvestment of distributions 49,835 0
Cost of shares redeemed (73,221) (22,139)
Adviser Class:
Proceeds from shares sold 329,861 199,540
Cost of shares redeemed (7,957) (249)
--------------- ------------------
Net increase in net assets from fund share transactions 576,119 25,532,419
--------------- ------------------
Change in net assets 3,253,517 26,083,431
Net assets:
Beginning of period 26,083,431 0
--------------- ------------------
End of period $29,336,948 $26,083,431
=============== ==================
End of period net assets includes undistributed (distributions
in excess of) net investment income $ (25,779) $ 36,675
=============== ==================
</TABLE>
Aetna Mutual Funds Semi-Annual Report 27
<PAGE>
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Aetna Series Fund, Inc. International Growth Fund
- ---------------------------------------------------------------- -------------------------------------
Six-month
period ended Ten-month
April 30, 1995 period ended
(Unaudited) October 31, 1994
--------------- ------------------
<S> <C> <C>
Operations:
Net investment income (loss) $ (40,135) $ 203,386
Net realized gain 699,696 3,714,070
Net change in unrealized loss (2,741,597) (2,277,817)
--------------- ------------------
Net increase (decrease) in net assets resulting from operations (2,082,036) 1,639,639
--------------- ------------------
Distributions to shareholders: (Note 1)
Select Class:
From net investment income (896,398) 0
From realized gain on investments (1,520,291) 0
Adviser Class:
From net investment income (587,128) 0
From realized gain on investments (1,232,388) 0
--------------- ------------------
Decrease in net assets from distributions to shareholders (4,236,205) 0
--------------- ------------------
Fund share transactions: (Note 8)
Select Class:
Proceeds from shares sold 3,985,723 17,741,029
Reinvestment of distributions 2,389,683 0
Cost of shares redeemed (6,451,707) (27,138,021)
Adviser Class:
Proceeds from shares sold 22,347,325 26,042,111
Reinvestment of distributions 1,818,810 0
Cost of shares redeemed (19,548,452) (5,489)
--------------- ------------------
Net increase in net assets from fund share transactions 4,541,382 16,639,630
--------------- ------------------
Change in net assets (1,776,859) 18,279,269
Net assets:
Beginning of period 58,126,024 39,846,755
--------------- ------------------
End of period $ 56,349,165 $ 58,126,024
=============== ==================
End of period net assets includes undistributed net
investment income $ 271,497 $ 1,795,158
=============== ==================
</TABLE>
28 See Notes to Financial Statements.
<PAGE>
<TABLE>
<CAPTION>
Aetna Series Fund, Inc. Asian Growth Fund
- ---------------------------------------------------------------- -------------------------------------
Six-month
period ended Ten-month
April 30, 1995 period ended
(Unaudited) October 31, 1994
--------------- ------------------
<S> <C> <C>
Operations:
Net investment income $ 70,376 $ 142,060
Net realized loss (2,242,642) (329,231)
Net change in unrealized gain (loss) (3,069,053) 2,026,393
--------------- ------------------
Net increase (decrease) in net assets resulting from operations (5,241,319) 1,839,222
--------------- ------------------
Distributions to shareholders: (Note 1)
Select Class:
From net investment income (96,668) 0
Adviser Class:
From net investment income (549) 0
--------------- ------------------
Decrease in net assets from distributions to shareholders (97,217) 0
--------------- ------------------
Fund share transactions: (Note 8)
Select Class:
Proceeds from shares sold 1,102,843 27,568,716
Reinvestment of distributions 96,642 0
Cost of shares redeemed (2,914,268) (10,261)
Adviser Class:
Proceeds from shares sold 189,340 303,864
Reinvestment of distributions 548 0
Cost of shares redeemed (17,827) (1,205)
--------------- ------------------
Net increase (decrease) in net assets from fund share
transactions (1,542,722) 27,861,114
--------------- ------------------
Change in net assets (6,881,258) 29,700,336
Net assets:
Beginning of period 29,700,336 0
--------------- ------------------
End of period $22,819,078 $29,700,336
=============== ==================
End of period net assets includes undistributed net
investment income $ 74,777 $ 101,618
=============== ==================
</TABLE>
Aetna Mutual Funds Semi-Annual Report 29
<PAGE>
Aetna Series Fund, Inc.
Notes to Financial Statements
April 30, 1995 (Unaudited)
1. Summary of Significant Accounting Policies
Aetna Series Fund, Inc. ("Company") is registered under the Investment
Company Act of 1940 as a diversified, open-end management investment company
incorporated under the laws of Maryland on June 17, 1991. The Articles of
Incorporation permit the Company to offer separate funds ("Funds") each of
which has its own investment objectives, policies and restrictions.
Shares of each Fund are available to all investors including employers and
employees who utilize the Funds as investment options under retirement plans.
Each Fund offers two classes of shares, the Select Class and the Adviser
Class. The Select Class is offered principally to institutions and is not
subject to sales charges or service fees. The Adviser Class is offered
primarily to the general public and is subject to deferred sales charges
payable upon redemption within four calendar years after the year of
purchase. The Adviser Class was made available to the public on April 15,
1994. Additionally, the Adviser Class is subject to a shareholder service fee
and an annual Rule 12b-1 distribution plan expense.
The Company offers the following Funds:
<TABLE>
<CAPTION>
<S> <C>
Aetna Money Market Fund Aetna Growth and Income Fund
Aetna Government Fund Aetna Growth Fund
Aetna Bond Fund Aetna Small Company Growth Fund
Aetna Tax-Free Fund Aetna International Growth Fund
The Aetna Fund Aetna Asian Growth Fund
</TABLE>
Aetna Life Insurance and Annuity Company ("ALIAC") serves as the Investment
Adviser and principal underwriter to each Fund. Aeltus Investment Management,
Inc. ("Aeltus") is employed as a sub-adviser to the Tax-Free Fund, the Growth
Fund and the Small Company Growth Fund. Aeltus Investment Management
International (F.E.) Limited ("Aeltus Far East") is employed as a sub-adviser
to the Asian Growth Fund. Dunedin Fund Managers Ltd. ("Dunedin") is employed
as the sub-adviser to the International Growth Fund.
Effective October 31, 1994, the Company changed its fiscal year end from
December 31 to October 31.
The following is a summary of significant accounting policies consistently
followed by the Funds in the preparation of their financial statements. The
policies are in conformity with generally accepted accounting principles.
A. Valuation of Investments
Except in the Money Market Fund, investments are stated at market values
based upon closing sales prices as reported on national securities exchanges
or, for over-the-counter securities, at the mean of the bid and asked
prices. Short-term invest-
30 Aetna Mutual Funds Semi-Annual Report
<PAGE>
1. Summary of Significant Accounting Policies (Continued)
ments maturing in more than sixty days for which market quotations are
readily available are valued at current market value. Short-term investments
maturing in less than sixty days are valued at amortized cost which when
combined with accrued interest approximates market. Securities for which
market quotations are not considered to be readily available are valued in
good faith using methods approved by the Board of Directors. The Money Market
Fund states all investments at amortized cost which approximates market
value.
The accounting records of the Funds are maintained in U.S. dollars.
Investment securities and other assets and liabilities denominated in a
foreign currency are translated into U.S. dollars at the prevailing rates of
exchange at the end of the period. Purchases and sales of securities, income
receipts, and expense payments are translated into U.S. dollars at the
prevailing exchange rate on the respective dates of the transactions.
B. Option Contracts
The Funds may purchase and sell put and call options and write covered call
options as a hedge against adverse movements in the value of portfolio
holdings.
Option contracts are valued daily, and unrealized gains or losses are
recorded based upon the last sales price on the principal exchange on which
the options are traded.
The Funds will realize a gain or loss upon the expiration or closing of the
option contract. When an option is exercised, the proceeds on sales for a
written call option, the purchase cost for a written put option, or the cost
of the security for a purchased put or call option is adjusted by the amount
of premium received or paid. Realized and unrealized gains or losses on
option contracts are reflected in the accompanying financial statements.
The risk in writing a call option is that the Funds give up the opportunity
for profit if the market price of the security increases and the option is
exercised. The risk in writing a put option is that the Funds may incur a
loss if the market price of the security decreases and the option is
exercised. The risk in buying an option is that the Funds pay a premium
whether or not the option is exercised. Risks may also arise from an illiquid
secondary market, or from the inability of counterparties to meet the terms
of the contract.
C. Futures and Forward Foreign Currency Exchange Contracts
A futures contract is an agreement between two parties to buy and sell a
specific amount of a commodity, security or financial instrument including an
index of stocks at a set price on a future date. The Funds use futures
contracts as a hedge
Aetna Mutual Funds Semi-Annual Report 31
<PAGE>
1. Summary of Significant Accounting Policies (Continued)
against declines in the value of portfolio securities. The Funds may also
purchase futures contracts to gain market exposure as it may be more cost
effective than purchasing individual securities.
Upon entering into a futures contract, the Funds are required to deposit with
a broker an amount (initial margin) equal to a percentage of the purchase
price indicated by the futures contract. Subsequent deposits (variation
margin) are received or paid each day by the Funds equal to the daily
fluctuations in the market value of the contract. These amounts are recorded
by the Funds as unrealized gains or losses. When a contract is closed, the
Funds record a realized gain or loss equal to the difference between the
value of the contract at the time it was opened and the value at the time it
was closed. Generally, futures contracts are closed prior to expiration.
A forward foreign currency exchange contract is an agreement to pay or
receive specific amounts of a currency at a future date in exchange for
another currency at an agreed upon exchange rate. The Funds may use forward
foreign currency exchange contracts to hedge certain foreign currency assets.
Contracts are recorded at market value and marked-to-market daily.
The risks associated with futures and foreign currency exchange contracts may
arise from an imperfect correlation between the change in market value of the
securities held by the Funds and the price of the contracts. Risks may also
arise from an illiquid secondary market, or from the inability of
counterparties to meet the terms of the contracts.
Realized and unrealized gains or losses on futures and foreign currency
exchange contracts are reflected in the accompanying financial statements.
For federal tax purposes, any futures contracts and forward foreign currency
exchange contracts which remain open at the end of the fiscal year are
marked-to-market and the resultant net gain or loss is included in federal
taxable income.
D. Illiquid and Restricted Securities
Illiquid securities are securities that are not readily marketable. Disposing
of illiquid investments may involve time-consuming negotiation and legal
expenses, and it may be difficult or impossible for the Funds to sell them
promptly at an acceptable price. Restricted securities are subject to legal
or contractual restrictions on resale and may not be publicly sold without
registration under the Federal Securities Act of 1933. The Funds may invest
up to 15% (10% in the case of the Money Market Fund) of its total assets in
illiquid securities. Illiquid and restricted securities are valued using
market quotations when readily available. In the absence of market
32 Aetna Mutual Funds Semi-Annual Report
<PAGE>
1. Summary of Significant Accounting Policies (Continued)
quotations, the securities are valued based upon their fair value determined
under procedures approved by the Board of Directors. The Funds will not pay
the costs of disposition of restricted securities other than ordinary
brokerage fees, if any.
E. Federal Income Taxes
As a qualified regulated investment company, each Fund is relieved of federal
income and excise taxes by distributing its net taxable investment income and
capital gains, if any, in compliance with the applicable provisions of the
Internal Revenue Code.
F. Distributions
Distributions are recorded on the ex-dividend date. Income and capital gain
distributions are determined in accordance with income tax regulations which
may differ from generally accepted accounting principles. These differences
are primarily due to differing treatments for foreign currency transactions
and losses deferred due to wash sales.
G. Other
Investment transactions are accounted for on the day following trade date,
except same day settlements which are accounted for on the trade date.
Interest income is recorded on an accrual basis. Discounts and premiums on
securities purchased are amortized over the life of the respective security.
Dividend income is recorded on the ex-dividend date. Realized gains and
losses from investment transactions are determined on an identified cost
basis.
H. Deferred Organizational Costs
The Company paid organizational expenses in connection with the start-up and
initial registration of the Company. These organizational expenses have been
capitalized and allocated equally to the Money Market Fund, the Bond Fund,
The Aetna Fund, the Growth and Income Fund, and the International Growth
Fund. Organizational expenses are being amortized over 60 months on a
straight-line basis beginning with the commencement of operations. If any or
all of the shares representing initial capital of each Fund are redeemed by
any holder thereof prior to the end of the amortization period, the proceeds
will be reduced by the unamortized organizational expense balance in the same
proportion as the number of shares redeemed bears to the number of initial
shares outstanding immediately preceding the redemption.
Aetna Mutual Funds Semi-Annual Report 33
<PAGE>
2. Investment Advisory, Management, Shareholder Service and Distribution Fees
The Funds pay the Investment Adviser annual fees expressed as a weighted
average percentage of average daily net assets of each Fund. As the Funds'
net assets exceed predetermined thresholds, lower advisory fees are applied.
Below are the Funds' Investment Adviser fee effective rates as of April 30,
1995:
<TABLE>
<CAPTION>
Effective Effective
Rate Rate
------------ --------------
<S> <C> <C> <C>
Money Market Fund .40% Growth and Income Fund .69%
Government Fund .50% Growth Fund .70%
Bond Fund .50% Small Company Growth Fund .85%
Tax-Free Fund .50% International Growth Fund .85%
The Aetna Fund .80% Asian Growth Fund 1.00%
</TABLE>
The Investment Adviser has entered into sub-advisory agreements with Aeltus,
Aeltus Far East, and Dunedin. The sub-advisers supervise the investment and
reinvestment of cash and securities and receive the fees from the Investment
Adviser based on the average daily net assets of the Funds. The fees range
from .20% to .65% depending on the investment objective and the average daily
net assets of the Fund.
The Company has entered into an administrative services agreement under which
ALIAC acts as administrator and provides certain administrative and
shareholder services and is responsible for the supervision of other service
providers. Each Fund pays ALIAC a monthly fee at an annual rate based on
average daily net assets of 0.25% on the first $250 million. As each Fund's
net assets exceed $250 million, lower fees will apply.
The Funds have adopted a Shareholder Service Plan for the Adviser Class
shares. Under the Shareholder Service Plan, ALIAC is paid a service fee at an
annual rate of 0.25% (0.10% for the Money Market Fund) of the daily net
assets of the Adviser Class of each fund. This fee is used as compensation
for expenses incurred in servicing shareholder accounts. For the six-month
period ended April 30, 1995, the Funds paid ALIAC $140,286 in service fees.
The Funds have adopted a Distribution Plan pursuant to Rule 12b-1 of the
Investment Company Act of 1940. The Distribution Plan provides for payments
to ALIAC at an annual rate 0.50% of the daily net assets of the Adviser Class
shares of each Fund, except for the Money Market Fund. Amounts paid by the
Funds are used to pay expenses incurred by ALIAC in promoting the sales of
the Adviser Class shares. For the six-month period ended April 30, 1995, the
Funds paid ALIAC $220,958 in Rule 12b-1 fees. Presently, the Funds class
specific expenses are limited to Shareholder Service and Distribution Plan
expenses incurred by the Adviser Class shares.
34 Aetna Mutual Funds Semi-Annual Report
<PAGE>
3. Reimbursement from Investment Adviser
The Investment Adviser may, from time to time, make reimbursements to a Fund
for some or all of its operating expenses. Reimbursement arrangements, which
may be terminated at any time without notice, will increase a Fund's yield
and total return.
4. Purchase and Sales of Investment Securities
Purchases and sales of investment securities, excluding short-term
investments, for all Funds except the Money Market Fund, for the six-month
period ended April 30, 1995:
<TABLE>
<CAPTION>
Cost of Proceeds
Purchases from Sales
-------------- ----------------
<S> <C> <C>
Money Market Fund $2,478,187,764 $2,436,362,170
Government Fund 14,916,797 19,732,665
Bond Fund 11,464,179 21,591,646
Tax-Free Fund 2,853,008 7,695,768
The Aetna Fund 65,877,341 87,561,526
Growth and Income Fund 246,834,842 236,357,842
Growth Fund 20,850,303 17,872,515
Small Company Growth Fund 17,027,921 16,063,845
International Growth Fund 11,713,302 12,348,716
Asian Growth Fund 7,421,573 7,584,060
</TABLE>
5. Options
All Funds except the Money Market Fund may use options. For the six-month
period ended April 30, 1995, the following reflects the covered call and put
option activity:
<TABLE>
<CAPTION>
The Aetna Fund
---------------------------------------------
Number of Deferred
Call Option Premium Realized
Contracts Received Gain (Loss)
------------ ---------- ---------------
<S> <C> <C> <C>
Outstanding October 31 -- $ -- $--
Written 400 47,340 --
Cancelled -- -- --
Exercised (200) (18,000) --
Expired -- -- --
------------ ---------- ---------------
Outstanding April 30 200 $ 29,340 $ 0
============ ========== ===============
</TABLE>
Aetna Mutual Funds Semi-Annual Report 35
<PAGE>
5. Options (Continued)
<TABLE>
<CAPTION>
Growth Fund
----------------------------------------------
Number of Deferred
Call Option Premium Realized
Contracts Received Gain (Loss)
------------ ----------- ---------------
<S> <C> <C> <C>
Outstanding October 31 595 $ 228,645 $ --
Written 1,030 523,205 --
Cancelled (1,410) (647,998) (701,657)
Exercised -- -- --
Expired (155) (78,533) 78,533
------------ ----------- ---------------
Outstanding April 30 60 $ 25,319 $(623,124)
============ =========== ===============
</TABLE>
<TABLE>
<CAPTION>
Growth Fund
---------------------------------------------
Number of Deferred
Put Option Premium Realized
Contracts Received Gain (Loss)
----------- ----------- ---------------
<S> <C> <C> <C>
Outstanding October 31 325 $ 306,600 $ --
Written 200 233,100 --
Cancelled (325) (306,600) 51,312
Exercised -- -- --
Expired -- -- --
----------- ----------- ---------------
Outstanding April 30 200 $ 233,100 $51,312
=========== =========== ===============
</TABLE>
6. Capital Loss Carryforwards
At April 30, 1995, for federal income tax purposes the Funds had the
following capital loss carryforwards:
<TABLE>
<CAPTION>
Capital Loss Year of
Fund Carryforward Expiration
- ------------------------ -------------- --------------
<S> <C> <C>
Government Fund $ 271,000 2002
- ------------------------ -------------- --------------
Bond Fund 129,000 2001
835,000 2002
- ------------------------ -------------- --------------
Tax-Free Fund 508,000 2002
- ------------------------ -------------- --------------
Aetna Fund 435,000 2001
992,000 2002
- ------------------------ -------------- --------------
Growth and Income Fund 55,000 2000
621,000 2001
965,000 2002
- ------------------------ -------------- --------------
Small Company Fund 832,000 2002
- ------------------------ -------------- --------------
Asian Growth Fund 289,000 2002
</TABLE>
The Board of Directors will not distribute any realized gains until the
capital loss carry forwards have been offset or expire.
36 Aetna Mutual Funds Semi-Annual Report
<PAGE>
7. Forward Foreign Currency Exchange Contracts
At April 30, 1995, the Growth and Income Fund and the International Growth
Fund had the following open forward foreign currency exchange contracts that
obligate the Fund to deliver currencies at specified future dates. The
unrealized losses of $228,795 and $1,320,319, respectively, on these
contracts are included in the accompanying financial statements. The terms of
the open contracts are as follows:
Growth and Income Fund:
<TABLE>
<CAPTION>
U.S. $ Value U.S. $ Value
Exchange Currency to be as of Currency to be as of
Date Delivered April 30, 1995 Received April 30, 1995
- ------------ ----------------- -------------- ---------------- ----------------
<S> <C> <C> <C> <C>
6/07/95 6,100,000 600,187
Austrian Shilling $ 628,233 U.S. Dollar $ 600,187
- ------------ ----------------- -------------- ---------------- ----------------
6/13/95 2,160,000 220,899
Austrian Shilling 222,509 U.S. Dollar 220,899
- ------------ ----------------- -------------- ---------------- ----------------
6/21/95 2,510,000 575,307
Finnish Markka 590,019 U.S. Dollar 575,307
- ------------ ----------------- -------------- ---------------- ----------------
5/10/95 525,936 326,000
U.S. Dollar 525,936 British Pound 526,190
- ------------ ----------------- -------------- ---------------- ----------------
6/21/95 1,385,000 2,203,448
British Pound 2,226,443 U.S. Dollar 2,203,448
- ------------ ----------------- -------------- ---------------- ----------------
9/13/95 155,300,000 1,826,470
Japanese Yen 1,883,229 U.S. Dollar 1,826,470
- ------------ ----------------- -------------- ---------------- ----------------
9/13/95 919,610 75,500,000
U.S. Dollar 919,610 Japanese Yen 915,543
- ------------ ----------------- -------------- ---------------- ----------------
9/18/95 63,000,000 713,517
Japanese Yen 764,492 U.S. Dollar 713,517
- ------------ ----------------- -------------- ---------------- ----------------
6/16/95 1,045,000 663,731
Dutch Guilder 675,979 U.S. Dollar 663,731
- ------------ ----------------- -------------- ---------------- ----------------
5/24/95 5,152,000 797,424
Norwegian Krone 829,052 U.S. Dollar 797,424
- ------------ ----------------- -------------- ---------------- ----------------
4/28/95 23,680 33,000
U.S. Dollar 23,680 Singapore Dollar 23,693
- ------------ ----------------- -------------- ---------------- ----------------
6/28/95 470,000 333,759
Singapore Dollar 339,781 U.S. Dollar 333,759
-------------- ----------------
$9,628,963 $9,400,168
============== ================
</TABLE>
Aetna Mutual Funds Semi-Annual Report 37
<PAGE>
7. Forward Foreign Currency Exchange Contracts (Continued)
International Growth Fund:
<TABLE>
<CAPTION>
U.S. $ Value U.S. $ Value
Exchange Currency to be as of Currency to be as of
Date Delivered April 30, 1995 Received April 30, 1995
- ------------- --------------- -------------- --------------- ----------------
<S> <C> <C> <C> <C>
11/16/95 778,426,000 $9,520,319 8,200,000 $8,200,000
============== ================
Japanese Yen U.S. Dollar
</TABLE>
8. Authorized Capital Shares and Capital Share Transactions
The Funds are authorized to issue a total of 4.0 billion shares. Of those 4.0
billion shares, 3.8 billion have been designated to the Funds as follows: All
of the Funds, except Money Market, have been allocated 100 million shares
each of Select and Adviser Class shares. Money Market has been allocated one
billion shares each of Select and Adviser Class shares. Share transactions
for each Fund were as follows:
<TABLE>
<CAPTION>
Money Market Fund
--------------------------------------------------------------------------
Select Adviser
For the For the For the For the
Six-Month Ten-Month Six-Month Ten-Month
Period Ended Period Ended Period Ended Period Ended
April 30, 1995 October 31, 1994 April 30, 1995 October 31, 1994
-------------- ---------------- -------------- ------------------
<S> <C> <C> <C> <C>
Shares sold 99,365,093 184,288,133 44,702,797 49,918,644
Shares issued upon
reinvestment 4,296,792 4,313,330 1,683,600 788,233
Shares redeemed (80,628,602) (134,729,463) (21,037,486) (3,356,170)
-------------- ---------------- -------------- ------------------
Net increase 23,033,283 53,872,000 25,348,911 47,350,507
============== ================ ============== ==================
</TABLE>
<TABLE>
<CAPTION>
Government Fund
--------------------------------------------------------------------------
Select Adviser
For the For the For the For the
Six-Month Ten-Month Six-Month Ten-Month
Period Ended Period Ended Period Ended Period Ended
April 30, 1995 October 31, 1994 April 30, 1995 October 31, 1994
-------------- ---------------- -------------- ------------------
<S> <C> <C> <C> <C>
Shares sold 309,636 2,647,126 20,802 17,344
Shares issued upon
reinvestment 70,673 126,976 569 162
Shares redeemed (1,163,972) (95) (10,746) (1,503)
-------------- ---------------- -------------- ------------------
Net increase
(decrease) (783,663) 2,774,007 10,625 16,003
============== ================ ============== ==================
</TABLE>
38 Aetna Mutual Funds Semi-Annual Report
<PAGE>
8. Authorized Capital Shares and Capital Share Transactions (Continued)
<TABLE>
<CAPTION>
Bond Fund
--------------------------------------------------------------------------
Select Adviser
For the For the For the For the
Six-Month Ten-Month Six-Month Ten-Month
Period Ended Period Ended Period Ended Period Ended
April 30, 1995 October 31, 1994 April 30, 1995 October 31, 1994
-------------- ---------------- -------------- ------------------
<S> <C> <C> <C> <C>
Shares sold 516,200 1,375,291 5,330 2,577,890
Shares issued upon
reinvestment 88,033 161,898 61,077 73,112
Shares redeemed (393,999) (3,169,473) (1,257,722) (24)
-------------- ---------------- -------------- ------------------
Net increase
(decrease) 210,234 (1,632,284) (1,191,315) 2,650,978
============== ================ ============== ==================
</TABLE>
<TABLE>
<CAPTION>
Tax-Free Fund
--------------------------------------------------------------------------
Select Adviser
For the For the For the For the
Six-Month Ten-Month Six-Month Ten-Month
Period Ended Period Ended Period Ended Period Ended
April 30, 1995 October 31, 1994 April 30, 1995 October 31, 1994
-------------- ---------------- -------------- ------------------
<S> <C> <C> <C> <C>
Shares sold 42,809 2,896,031 53,823 2,770,659
Shares issued upon
reinvestment 3,890 19,126 50,914 87,705
Shares redeemed (5,102) (2,752,116) (693,330) (7,297)
-------------- ---------------- -------------- ------------------
Net increase
(decrease) 41,597 163,041 (588,593) 2,851,067
============== ================ ============== ==================
</TABLE>
<TABLE>
<CAPTION>
The Aetna Fund
--------------------------------------------------------------------------
Select Adviser
For the For the For the For the
Six-Month Ten-Month Six-Month Ten-Month
Period Ended Period Ended Period Ended Period Ended
April 30, 1995 October 31, 1994 April 30, 1995 October 31, 1994
-------------- ---------------- -------------- ------------------
<S> <C> <C> <C> <C>
Shares sold 1,176,159 4,761,580 38,552 2,469,921
Shares issued upon
reinvestment 141,173 166,181 29,159 16,842
Shares redeemed (1,108,945) (3,684,549) (2,479,120) (1,366)
-------------- ---------------- -------------- ------------------
Net increase
(decrease) 208,387 1,243,212 (2,411,409) 2,485,397
============== ================ ============== ==================
</TABLE>
Aetna Mutual Funds Semi-Annual Report 39
<PAGE>
8. Authorized Capital Shares and Capital Share Transactions (Continued)
<TABLE>
<CAPTION>
Growth and Income Fund
--------------------------------------------------------------------------
Select Adviser
For the For the For the For the
Six-Month Ten-Month Six-Month Ten-Month
Period Ended Period Ended Period Ended Period Ended
April 30, 1995 October 31, 1994 April 30, 1995 October 31, 1994
-------------- ---------------- -------------- ------------------
<S> <C> <C> <C> <C>
Shares sold 5,706,979 26,001,787 52,969 2,425,064
Shares issued upon
reinvestment 194,086 57,454 0 16,760
Shares redeemed (5,408,972) (4,378,789) (472,237) (1,923,626)
-------------- ---------------- -------------- ------------------
Net increase
(decrease) 492,093 21,680,452 (419,268) 518,198
============== ================ ============== ==================
</TABLE>
<TABLE>
<CAPTION>
Growth Fund
--------------------------------------------------------------------------
Select Adviser
For the For the For the For the
Six-Month Ten-Month Six-Month Ten-Month
Period Ended Period Ended Period Ended Period Ended
April 30, 1995 October 31, 1994 April 30, 1995 October 31, 1994
-------------- ---------------- -------------- ------------------
<S> <C> <C> <C> <C>
Shares sold 608,464 2,522,145 49,947 38,832
Shares issued upon
reinvestment 22,557 0 393 0
Shares redeemed (377,551) (566) (6,700) (24)
-------------- ---------------- -------------- ------------------
Net increase 253,470 2,521,579 43,640 38,808
============== ================ ============== ==================
</TABLE>
<TABLE>
<CAPTION>
Small Company Growth Fund
--------------------------------------------------------------------------
Select Adviser
For the For the For the For the
Six-Month Ten-Month Six-Month Ten-Month
Period Ended Period Ended Period Ended Period Ended
April 30, 1995 October 31, 1994 April 30, 1995 October 31, 1994
-------------- ---------------- -------------- ------------------
<S> <C> <C> <C> <C>
Shares sold 26,486 2,492,687 32,111 19,811
Shares issued upon
reinvestment 4,983 0 0 0
Shares redeemed (6,759) (2,143) (757) (24)
-------------- ---------------- -------------- ------------------
Net increase 24,710 2,490,544 31,354 19,787
============== ================ ============== ==================
</TABLE>
40 Aetna Mutual Funds Semi-Annual Report
<PAGE>
8. Authorized Capital Shares and Capital Share Transactions (Continued)
<TABLE>
<CAPTION>
International Growth Fund
--------------------------------------------------------------------------
Select Adviser
For the For the For the For the
Six-Month Ten-Month Six-Month Ten-Month
Period Ended Period Ended Period Ended Period Ended
April 30, 1995 October 31, 1994 April 30, 1995 October 31, 1994
-------------- ---------------- -------------- ------------------
<S> <C> <C> <C> <C>
Shares sold 381,446 1,569,806 2,257,005 2,315,445
Shares issued upon
reinvestment 232,686 0 177,272 0
Shares redeemed (651,436) (2,413,248) (1,975,369) (485)
-------------- ---------------- -------------- ------------------
Net increase
(decrease) (37,304) (843,442) 458,908 2,314,960
============== ================ ============== ==================
</TABLE>
<TABLE>
<CAPTION>
Asian Growth Fund
--------------------------------------------------------------------------
Select Adviser
For the For the For the For the
Six-Month Ten-Month Six-Month Ten-Month
Period Ended Period Ended Period Ended Period Ended
April 30, 1995 October 31, 1994 April 30, 1995 October 31, 1994
-------------- ---------------- -------------- ------------------
<S> <C> <C> <C> <C>
Shares sold 138,674 3,099,129 22,675 33,362
Shares issued upon
reinvestment 11,728 0 67 0
Shares redeemed (374,383) (1,103) (2,214) (132)
-------------- ---------------- -------------- ------------------
Net increase
(decrease) (223,981) 3,098,026 20,528 33,230
============== ================ ============== ==================
</TABLE>
Aetna Mutual Funds Semi-Annual Report 41
<PAGE>
Financial Highlights
Selected data for a fund share outstanding throughout each period:
<TABLE>
<CAPTION>
Money Market Fund
-----------------------------------------------------------------------------------------
Select Class Adviser Class
Six-month
Six-month Ten-month period
period period Year Year ended Period
ended ended ended ended Apr. 30, from
Apr. 30, 1995 Oct. 31, Dec. 31, Dec. 31, 1995 Apr. 15, 1994-
(Unaudited) 1994 1993 1992 (Unaudited) Oct. 31, 1994
------------- ------------ ------------ ------------ ------------ --------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of
period $ 1.00 1.00 1.00 1.00 1.00 1.00
------------- ------------ ------------ ------------ ------------ --------------
Income from
investment
operations:
Net investment income .03 .03 .03 .04 .03 .03
Less distributions:
From net investment
income (.03) (.03) (.03) (.04) (.03) (.03)
------------- ------------ ------------ ------------ ------------ --------------
Net asset value, end
of period $ 1.00 1.00 1.00 1.00 1.00 1.00
============= ============ ============ ============ ============ ==============
Total return 2.86% 3.33% 3.29% 3.98% 2.86% 2.41%
Net assets, end of
period (000's) $184,790 161,756 107,844 36,522 72,699 47,350
Ratio of total
expenses to
average net assets* 0.25% 0.21% 0.00% 0.00% 0.25% 0.21%
Ratio of net
investment income
to average net
assets* 5.77% 4.05% 3.33% 3.93% 5.66% 4.27%
Ratio of net expenses
before
reimbursement and
waiver to average
net assets* 0.86% 0.85% 0.95% 1.04% 0.86% 0.92%
Ratio of net
investment income
before
reimbursement and
waiver to average
net assets* 5.16% 3.38% 2.38% 2.87% 5.05% 3.67%
Portfolio turnover
rate N/A N/A N/A N/A N/A N/A
* Annualized
Per share data calculated using average number of shares outstanding throughout the period.
</TABLE>
42 See Notes to Financial Statements.
<PAGE>
<TABLE>
<CAPTION>
Government Fund
-------------------------------------------------------------------
Select Class Adviser Class
Six-month Ten-month Six-month
period ended period ended period ended Period from
April 30, 1995 October 31, April 30, 1995 April 15, 1994-
(Unaudited) 1994 (Unaudited) October 31, 1994
-------------- -------------- -------------- -----------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $ 9.41 10.00 9.41 9.67
-------------- -------------- -------------- -----------------
Income from
investment operations:
Net investment income .32 .40 .27 .24
Net realized and change in unrealized
gain (loss) .26 (.63) .25 (.24)
-------------- -------------- -------------- -----------------
Total .58 (.23) .52 .00
Less distributions:
From net investment income (.32) (.36) (.28) (.26)
-------------- -------------- -------------- -----------------
Net asset value, end of period $ 9.67 9.41 9.65 9.41
============== ============== ============== =================
Total return 6.23% (2.37)% 5.66% (0.06)%
Net assets, end of period (000's) $19,240 26,110 257 151
Ratio of total expenses to average net
assets* 0.70% 0.41 % 1.59% 1.28%
Ratio of net investment income to
average net assets* 6.83% 5.29 % 6.07% 4.68%
Ratio of net expenses before
reimbursement and waiver to
average net assets* 1.14% 1.16 % 2.04% 2.11%
Ratio of net investment income before
reimbursement and waiver to average
net assets* 6.38% 4.54 % 5.62% 3.85%
Portfolio turnover rate 75.52% 43.63 % 75.52% 43.63%
</TABLE>
Aetna Mutual Funds Semi-Annual Report 43
<PAGE>
Financial Highlights
Selected data for a fund share outstanding throughout each period:
<TABLE>
<CAPTION>
Bond Fund
------------------------------------------------------------------------------------------
Select Class Adviser Class
Six-month Six-month
period period
ended Ten-month ended Period
Apr. 30, period Year Year Apr. 30, from
1995 ended ended ended 1995 Apr. 15, 1994-
(Unaudited) Oct. 31, 1994 Dec. 31, 1993 Dec. 31, 1992 (Unaudited) Oct. 31, 1994
------------ ------------- ------------- ------------- ------------ --------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of
period $ 9.58 10.37 9.99 10.00 9.58 9.92
Income from
investment
operations:
Net investment
income .33 .52 .55 .53 .28 .28
Net realized and
change in
unrealized gain
(loss) .20 (.86) .45 .16 .21 (.35)
------------ ------------- ------------- ------------- ------------ --------------
Total .53 (.34) 1.00 .69 .49 (.07)
Less distributions:
From net investment
income (.31) (.45) (.55) (.53) (.28) (.27)
In excess of net
investment income .00 .00 (.07) (.17) .00 .00
------------ ------------- ------------- ------------- ------------ --------------
Net asset value,
end of period $ 9.80 9.58 10.37 9.99 9.79 9.58
============ ============= ============= ============= ============ ==============
Total return 5.62% (3.31)% 10.20% 7.23% 5.19% (0.68)%
Net assets, end of
period (000's) $30,282 27,584 46,788 37,209 14,297 25,405
Ratio of total
expenses to
average net
assets* 0.75% 0.76 % 0.47% 0.05% 1.50% 1.49 %
Ratio of net
investment
income to
average net
assets* 6.89% 6.29 % 5.34% 5.44% 6.07% 5.36 %
Ratio of net
expenses before
reimbursement
and waiver to
average net
assets* 1.04% 1.06 % 1.01% 1.10% 1.79% 1.81 %
Ratio of net
investment
income before
reimbursement
and waiver to
average net
assets* 6.60% 5.98 % 4.80% 4.39% 5.78% 5.04 %
Portfolio turnover
rate 25.30% 51.80 % 50.01% 57.05% 25.30% 51.80 %
*Annualized
Per share data calculated using average number of shares outstanding throughout the period.
</TABLE>
44 See Notes to Financial Statements.
<PAGE>
<TABLE>
<CAPTION>
Tax-Free Fund
-------------------------------------------------------------------------
Select Class Adviser Class
Six-month Ten-month Six-month
period ended period ended period ended Period from
April 30, 1995 October 31, April 30, 1995 April 15, 1994-
(Unaudited) 1994 (Unaudited) October 31, 1994
---------------- -------------- ---------------- ------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $ 8.98 10.00 8.97 9.32
---------------- -------------- ---------------- ------------------
Income from
investment operations:
Net investment income .23 .38 .20 .21
Net realized and change in
unrealized gain (loss) .44 (1.07) .43 (.33)
---------------- -------------- ---------------- ------------------
Total .67 (.69) .63 (.12)
Less distributions:
From net investment income (.24) (.33) (.19) (.23)
---------------- -------------- ---------------- ------------------
Net asset value, end of period $ 9.41 8.98 9.41 8.97
================ ============== ================ ==================
Total return 7.50% (6.95)% 7.11% (1.32)%
Net assets, end of period (000's) $1,926 1,465 21,283 25,581
Ratio of total expenses to average
net assets* 0.85% 0.30 % 1.60% 1.27 %
Ratio of net investment income to
average net assets* 5.04% 4.85 % 4.29% 4.20 %
Ratio of net expenses before
reimbursement and waiver to
average net assets* 1.10% 1.20 % 1.85% 1.87 %
Ratio of net investment income
before reimbursement and waiver
to average net assets* 4.79% 3.94 % 4.04% 3.60 %
Portfolio turnover rate 12.36% 29.14 % 12.36% 29.14 %
</TABLE>
Aetna Mutual Funds Semi-Annual Report 45
<PAGE>
Financial Highlights
Selected data for a fund share outstanding throughout each period:
<TABLE>
<CAPTION>
The Aetna Fund
--------------------------------------------------------------------------------------
Select Class Adviser Class
Six-month Six-month
period Ten-month period Period
ended period Year Year ended from
Apr. 30, ended ended ended Apr. 30, Apr. 15,
1995 Oct. 31, Dec. 31, Dec. 31, 1995 1994-
(Unaudited) 1994 1993 1992 (Unaudited) Oct. 31, 1994
------------ ------------ ----------- ----------- ------------ -------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period $ 10.65 10.82 10.18 10.00 10.62 10.54
------------ ------------ ----------- ----------- ------------ -------------
Income from
investment operations:
Net investment income .18 .23 .34 .43 .12 .19
Net realized and change
in unrealized gain
(loss) .46 (.28) .64 .24 .45 .00
------------ ------------ ----------- ----------- ------------ -------------
Total .64 (.05) .98 .67 .57 .19
Less distributions:
From net investment
income (.20) (.12) (.30) (.39) (.14) (.11)
In excess of net
investment income .00 .00 (.01) (.10) .00 .00
Return of capital
distribution .00 .00 (.03) .00 .00 .00
------------ ------------ ----------- ----------- ------------ -------------
Net asset value, end of
period $ 11.09 10.65 10.82 10.18 11.05 10.62
============ ============ =========== =========== ============ =============
Total return 6.12% (0.42)% 9.84% 6.64% 5.41% 1.84%
Net assets, end of
period (000's) $81,680 76,267 63,982 37,726 818 26,396
Ratio of total expenses
to average net
assets* 1.25% 1.09 % 0.93% 0.07% 2.04% 1.87%
Ratio of net investment
income to average
net assets* 3.51% 2.65 % 3.21% 4.31% 2.65% 1.90%
Ratio of net expenses
before reimbursement
and waiver to
average net assets* 1.28% 1.32 % 1.34% 1.47% 2.07% 2.06%
Ratio of net investment
income before
reimbursement and
waiver to average
net assets* 3.49% 2.42 % 2.79% 2.91% 2.62% 1.67%
Portfolio turnover rate 76.37% 86.10 % 19.95% 13.35% 76.37% 86.10%
*Annualized
Per share data calculated using average number of shares outstanding throughout the period.
</TABLE>
46 See Notes to Financial Statements.
<PAGE>
<TABLE>
<CAPTION>
Growth and Income Fund
--------------------------------------------------------------------------------------
Select Class Adviser Class
Six-month Six-month
period Ten-month period Period
ended period Year Year ended from
Apr. 30, ended ended ended Apr. 30, Apr. 15,
1995 Oct. 31, Dec. 31, Dec. 31, 1995 1994-
(Unaudited) 1994 1993 1992 (Unaudited) Oct. 31, 1994
------------ ------------ ----------- ----------- ------------ -------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period $ 11.11 11.03 10.51 10.00 11.08 10.75
------------ ------------ ----------- ----------- ------------ -------------
Income from
investment operations:
Net investment income .11 .12 .19 .26 .07 .11
Net realized and change
in unrealized gain .64 .04 .50 .51 .66 .30
------------ ------------ ----------- ----------- ------------ -------------
Total .75 .16 .69 .77 .73 .41
Less distributions:
From net investment
income (.07) (.08) (.16) (.26) (.03) (.08)
Return of capital
distribution .00 .00 (.01) .00 .00 .00
------------ ------------ ----------- ----------- ------------ -------------
Net asset value, end of
period $ 11.79 11.11 11.03 10.51 11.78 11.08
============ ============ =========== =========== ============ =============
Total return 6.90% 1.40% 6.58% 7.81% 6.71% 3.71%
Net assets, end of
period (000's) $325,815 301,360 60,127 31,473 1,166 5,740
Ratio of total expenses
to average net
assets* 1.01% 0.92% 1.13% 0.33% 1.77% 2.32%
Ratio of net investment
income to average
net assets* 2.03% 1.51% 1.77% 2.83% 1.40% 1.74%
Ratio of net expenses
before reimbursement
and waiver to
average net assets* 1.01% 1.03% 1.27% 1.72% 1.77% 2.42%
Ratio of net investment
income before reim-
bursement and waiver
to average net
assets* 2.03% 1.39% 1.55% 1.44% 1.40% 1.65%
Portfolio turnover rate 78.63% 54.13% 23.60% 14.44% 78.63% 54.13%
</TABLE>
Aetna Mutual Funds Semi-Annual Report 47
<PAGE>
Financial Highlights
Selected data for a fund share outstanding throughout each period:
<TABLE>
<CAPTION>
Growth Fund
-----------------------------------------------------------------------
Select Class Adviser Class
Six-month Ten-month Six-month Period from
period ended period ended period ended April 15, 1994-
April 30, 1995 October 31, April 30, 1995 October 31,
(Unaudited) 1994 (Unaudited) 1994
---------------- -------------- ---------------- ----------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $ 10.78 10.00 10.74 10.26
---------------- -------------- ---------------- ----------------
Income from
investment operations:
Net investment income (loss) .02 .09 (.03) (.02)
Net realized and change in
unrealized gain .80 .69 .81 .50
---------------- -------------- ---------------- ----------------
Total .82 .78 .78 .48
Less distributions:
From net investment income (.09) .00 (.07) .00
---------------- -------------- ---------------- ----------------
Net asset value, end of period $ 11.51 10.78 11.45 10.74
================ ============== ================ ================
Total return 7.83% 7.70% 7.43 % 4.58 %
Net assets, end of period (000's) $31,940 27,188 944 417
Ratio of total expenses to average
net assets* 1.20% 0.92% 1.97 % 1.72 %
Ratio of net investment income to
average net assets* 0.30% 1.10% (0.51)% (0.25)%
Ratio of net expenses before
reimbursement and waiver to
average net assets* 1.25% 1.42% 2.02 % 2.17 %
Ratio of net investment income
before reimbursement and waiver
to average net assets* 0.24% 0.60% (0.57)% (0.71)%
Portfolio turnover rate 63.90% 120.32% 63.90 % 120.32 %
*Annualized
Per share data calculated using average number of shares outstanding throughout the period.
</TABLE>
48 See Notes to Financial Statements.
<PAGE>
<TABLE>
<CAPTION>
Small Company Growth Fund
-----------------------------------------------------------------------
Select Class Adviser Class
Six-month Ten-month Six-month Period from
period ended period ended period ended April 15, 1994-
April 30, 1995 October 31, April 30, 1995 October 31,
(Unaudited) 1994 (Unaudited) 1994
---------------- -------------- ---------------- ----------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $ 10.39 10.00 10.35 10.24
---------------- -------------- ---------------- ----------------
Income from
investment operations:
Net investment income (loss) .00 .02 (.05) (.04)
Net realized and change in
unrealized gain 1.06 .37 1.06 .15
---------------- -------------- ---------------- ----------------
Total 1.06 .39 1.01 .11
Less distributions:
From net investment income (.02) .00 .00 .00
---------------- -------------- ---------------- ----------------
Net asset value, end of period $ 11.43 10.39 11.36 10.35
================ ============== ================ ================
Total return 10.23% 3.90% 9.86% 0.98%
Net assets, end of period (000's) $28,756 25,879 581 205
Ratio of total expenses to average
net assets* 1.40% 1.15 % 2.14% 1.78%
Ratio of net investment income to
average net assets* (0.08)% 0.21% (0.87)% (0.72)%
Ratio of net expenses before
reimbursement and waiver to
average net assets* 1.44% 1.58% 2.18% 2.14%
Ratio of net investment income
before reimbursement and waiver
to average net assets* (0.13)% (0.22)% (0.92)% (1.07)%
Portfolio turnover rate 64.45% 116.28% 64.45% 116.28%
</TABLE>
Aetna Mutual Funds Semi-Annual Report 49
<PAGE>
Financial Highlights
Selected data for a fund share outstanding throughout each period:
<TABLE>
<CAPTION>
International Growth Fund
----------------------------------------------------------------------------------------
Select Class Adviser Class
Six-month Six-month
period Ten-month period Period
ended period Year Year ended from
Apr. 30, ended ended ended Apr. 30, Apr. 15,
1995 Oct. 31, Dec. 31, Dec. 31, 1995 1994-
(Unaudited) 1994 1993 1992 (Unaudited) Oct. 31, 1994
------------ ------------ ------------ ------------ ------------ -------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period $ 11.56 11.17 8.88 10.00 11.51 11.24
------------ ------------ ------------ ------------ ------------ -------------
Income from
investment operations:
Net investment income
(loss) .01 .06 .05 .06 (.03) .01
Net realized and
change in unrealized
gain (loss) (.39) .33 2.65 (1.15) (.39) .26
------------ ------------ ------------ ------------ ------------ -------------
Total (.38) .39 2.70 (1.09) (.42) .27
Less distributions:
From net investment
income (.31) .00 (.05) (.03) (.25) .00
In excess of net
investment income .00 .00 (.34) .00 .00 .00
From realized gain (.53) .00 (.02) .00 (.53) .00
------------ ------------ ------------ ------------ ------------ -------------
Net asset value, end
of period $ 10.34 11.56 11.17 8.88 10.31 11.51
============ ============ ============ ============ ============ =============
Total return (3.22)% 3.49% 30.37% (10.84)% (3.59)% 2.40%
Net assets, end of
period (000's) $27,759 31,479 39,847 26,640 28,590 26,647
Ratio of total
expenses to average
net assets* 1.55% 1.66% 1.48% 0.50% 2.29% 2.27%
Ratio of net
investment income
to average net
assets* 0.16% 0.71% 0.50% 1.36% (0.48)% 0.17%
Ratio of net expenses
before
reimbursement and
waiver to average
net assets* 1.63% 1.80% 1.77% 2.98% 2.30% 2.41%
Ratio of net
investment income
before reim-
bursement and
waiver to average
net assets* 0.08% 0.57% 0.20% (1.12)% (0.56)% 0.02%
Portfolio turnover
rate 21.51% 81.67% 110.38% 81.74% 21.51% 81.67%
*Annualized
Per share data calculated using average number of shares outstanding throughout the period.
</TABLE>
50 See Notes to Financial Statements.
<PAGE>
<TABLE>
<CAPTION>
Asian Growth Fund
-----------------------------------------------------------------------
Select Class Adviser Class
Six-month Ten-month Six-month Period from
period ended period ended period ended April 15, 1994-
April 30, 1995 October 31, April 30, 1995 October 31,
(Unaudited) 1994 (Unaudited) 1994
---------------- -------------- ---------------- ----------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $ 9.49 10.00 9.46 8.56
---------------- -------------- ---------------- ----------------
Income from
investment operations:
Net investment income (loss) .02 .05 .00 (.01)
Net realized and change in unrealized
gain (loss) (1.69) (.56) (1.67) .91
---------------- -------------- ---------------- ----------------
Total (1.67) (.51) (1.67) .90
Less distributions:
From net investment income (.03) .00 (.01) .00
---------------- -------------- ---------------- ----------------
Net asset value, end of period $ 7.79 9.49 7.78 9.46
================ ============== ================ ================
Total return (17.61)% (5.10)% (17.63)% 10.51 %
Net assets, end of period (000's) $22,401 29,386 418 314
Ratio of total expenses to average
net assets* 1.55 % 1.25 % 2.82 % 1.42 %
Ratio of net investment income to
average net assets* 0.56 % 0.71 % (0.08)% (0.24)%
Ratio of net expenses before
reimbursement and waiver to
average net assets* 2.14 % 1.81 % 2.90 % 1.73 %
Ratio of net investment income before
reimbursement and waiver to
average net assets* (0.02)% 0.15 % (0.69)% (0.55)%
Portfolio turnover rate 29.97 % 65.50 % 29.97 % 65.50 %
</TABLE>
Aetna Mutual Funds Semi-Annual Report 51
<PAGE>
Portfolio of Investments
April 30, 1995 (Unaudited)
Money Market Fund
<TABLE>
<CAPTION>
Principal Market
Amount Value
------------- ----------------
<S> <C> <C>
Government and Agency Obligations (3.50%)
Federal National Mortgage Association 4.84%, 02/18/97 $ 4,000,000 $ 4,005,997
Student Loan Marketing Association, FRN, 5.20%,
12/01/97 5,000,000 5,004,466
----------------
Total Government & Agency Obligations (cost $9,010,463) $ 9,010,463
----------------
Corporate & Foreign Obligations (94.51%)
Foreign & Supranational Obligations (7.56%)
Australian Wheat Board, MTN, 5.53%, 07/24/95 3,000,000 2,999,032
Nordbanken N.A., Comm. Paper 6.10%, 06/02/95 5,000,000 4,972,889
Province of British Columbia, Comm. Paper 6.05%,
06/13/95 1,000,000 992,774
Province of British Columbia, Comm. Paper 6.10%,
08/09/95 500,000 491,528
Svenska Handelsbanken, Inc., FRCD 4.00%, 05/19/95 5,000,000 5,000,000
Svenska Handelsbanken, Inc., FRCD 5.64%, 05/23/95 5,000,000 5,000,018
----------------
Total Foreign & Supranational Obligations $ 19,456,241
----------------
Corporate Obligations (86.96%)
Aerospace & Aircraft (0.78%)
Lockheed Corp., MTN, 4.013%, 05/11/95 2,000,000 2,000,155
----------------
Asset-Backed Securities (4.35%)
Carco Auto Loan Trust 1993-2, Corp. Note 3.225%,
11/15/98 4,500,000 4,500,000
Olympic Automobile Receivables, Corp. Note 5.56%,
09/15/95 1,697,721 1,697,721
Money Market Credit Card Trust 1989-1, Corp. Note
3.26%, 06/10/96 181,818 181,818
Money Market Credit Card Trust 1989-1, Corp. Note
3.40%, 06/10/96 272,727 272,461
Money Market Credit Card Trust 1989-1, Corp. Note
3.50%, 06/10/96 545,454 545,454
Sheffield Receivables Corp., Comm. Paper 6.15%,
05/02/95 4,000,000 3,999,317
----------------
11,196,771
----------------
Autos & Auto Equipment (9.16%)
Cooper Industries, Inc., Comm. Paper, 6.00%, 05/01/95 11,728,000 11,728,000
Hertz Corporation, Comm. Paper, 6.06%, 05/23/95 4,000,000 3,985,187
Hertz Corporation, Comm. Paper, 6.10%, 08/23/95 3,000,000 2,942,050
See Notes to Portfolio of Investments.
52 Aetna Mutual Funds Semi-Annual Report
<PAGE>
Portfolio of Investments
April 30, 1995 (Unaudited)
Money Market Fund
Principal Market
Amount Value
------------- ----------------
Hertz Corporation, Comm. Paper 6.10%, 07/25/95 $ 5,000,000 $ 4,927,986
----------------
23,583,223
----------------
Banks (6.02%)
First Fidelity Bank, N.A., Corp. Note, 9.75%,
05/25/95 5,000,000 5,011,928
First National Bank, Boston, Corp. Note, 6.33%,
09/27/95 10,500,000 10,501,418
----------------
15,513,346
----------------
Chemicals (4.26%)
Monsanto Co., Comm. Paper, 6.15%, 05/01/95 3,000,000 3,000,000
Monsanto Co., Comm. Paper, 6.15%, 05/03/95 3,000,000 2,998,975
Monsanto Co., Comm. Paper, 6.05%, 06/07/95 5,000,000 4,968,910
----------------
10,967,885
----------------
Computer & Office Equipment (1.79%)
Xerox Mexicana S.A. de C.V., Comm. Paper, 6.03%,
05/04/95 4,600,000 4,597,689
----------------
Diversified (8.40%)
General American Transportation Corp., Comm. Paper,
6.20%, 05/31/95 1,600,000 1,591,733
General American Transportation Corp., Comm. Paper,
6.26%, 05/15/95 800,000 798,052
Honeywell, Inc., Comm. Paper, 6.10%, 05/30/95 2,300,000 2,288,698
Honeywell, Inc., Comm. Paper, 6.25%, 08/21/95 1,000,000 980,556
ITT Corp., Comm. Paper, 6.05%, 05/02/95 9,500,000 9,498,403
Whirlpool Corp., Comm. Paper, 6.10%, 10/23/95 3,000,000 2,911,042
Whirlpool Corp., Comm. Paper, 6.05%, 06/15/95 3,600,000 3,572,775
----------------
21,641,259
----------------
Finance (51.52%)
American Express Credit Corp., Comm. Paper, 6.05%,
05/08/95 4,000,000 3,995,293
American Express Credit Corp., Comm. Paper, 6.08%,
09/11/95 4,000,000 3,910,150
American Express Credit Corp., Comm. Paper, 6.10%,
08/15/95 3,500,000 3,437,136
American Honda Finance Corp., Comm. Paper, 6.14%,
06/14/95 3,080,000 3,056,886
American Honda Finance Corp., Comm. Paper, 6.20%,
09/12/95 1,000,000 976,922
Aetna Mutual Funds Semi-Annual Report 53
<PAGE>
Portfolio of Investments
April 30, 1995 (Unaudited)
Money Market Fund
Principal Market
Amount Value
------------- ----------------
American Honda Finance Corp., Comm. Paper, 6.20%,
09/15/95 $ 917,000 $ 895,364
AVCO Financial Services, MTN, 3.62%, 06/02/95 4,000,000 4,000,000
Beneficial Corp., Comm. Paper, 4.20%, 06/09/95 5,000,000 5,000,000
Beneficial Corp., MTN, 9.35%, 07/05/95 700,000 703,565
Beneficial Corp., MTN, 6.13%, 06/12/95 4,000,000 3,971,393
Bridgestone/Firestone Master Trust, Inc., Comm.
Paper, 6.12%, 05/23/95 3,748,000 3,748,000
Caterpillar Financial Services Corp., MTN, 6.86%,
08/10/95 1,460,000 1,461,699
Caterpillar Financial Services Corp., Comm. Paper,
6.10%, 05/03/95 1,529,000 1,528,482
Chrysler Financial Corp., Corp. Note, 6.10%, 05/30/95 3,000,000 2,985,258
Chrysler Financial Corp., Corp. Note, 6.13%, 07/05/95 3,000,000 2,966,796
Chrysler Financial Corp., MTN, 6.958%, 07/18/95 3,000,000 3,004,218
CIESCO, L.P., Comm. Paper, 6.08%, 05/11/95 4,000,000 3,993,244
CIESCO, L.P., Comm. Paper, 6.30%, 08/16/95 3,800,000 3,728,845
Dana Credit Corp., Comm. Paper, 6.563%, 10/26/95 2,300,000 2,302,141
Dean Witter, Discover 95, Corp. Note, 6.415%,
12/15/95 7,000,000 7,006,495
J. Deere Capital Corp., MTN, 6.125%, 03/11/96 8,250,000 8,250,000
Discover Credit Corp., MTN, 6.165%, 07/24/95 1,000,000 1,000,438
Discover Credit Corp., MTN, 6.115%, 06/30/95 1,600,000 1,600,724
Fleet Financial Group Inc., MTN, 6.22%, 10/13/95 500,000 499,812
Fleetwood Credit Corp., 6.07%, 05/31/95 3,300,000 3,283,308
Ford Motor Credit Co., Comm. Paper, 6.05%, 06/22/95 5,000,000 4,956,306
General Electric Capital Corp., MTN, 6.40%, 01/10/96 5,000,000 4,999,280
General Motors Acceptance Corp., Corp. Note, 8.75%,
02/01/96 1,770,000 1,788,295
General Motors Acceptance Corp., Corp. Note, 6.18%,
10/13/95 1,750,000 1,700,431
General Motors Acceptance Corp., Corp. Note, 9.45%,
05/18/95 2,000,000 2,003,445
See Notes to Portfolio of Investments.
54 Aetna Mutual Funds Semi-Annual Report
<PAGE>
Portfolio of Investments
April 30, 1995 (Unaudited)
Money Market Fund
Principal Market
Amount Value
------------- ----------------
General Motors Acceptance Corp., Corp. Note, 6.19%,
08/09/95 $ 500,000 $ 491,403
General Motors Acceptance Corp., Corp. Note, 6.40%,
03/01/96 1,100,000 1,100,000
General Motors Acceptance Corp., MTN, 6.625%,
04/22/96 1,650,000 1,652,209
Greyhound Financial Corp., Comm. Paper, 6.06%,
02/15/96 3,425,000 3,426,579
Greyhound Financial Corp., Comm. Paper, 6.563%,
02/15/96 6,325,000 6,330,389
Household Finance Corp., MTN, 9.00%, 09/01/95 500,000 504,010
International Lease Finance Corp., Comm. Paper,
6.04%, 06/28/95 2,600,000 2,574,699
ITT Financial Corp., Comm. Paper, 4.66%, 05/25/95 3,000,000 2,996,460
Pitney Bowes Credit Corp., Comm. Paper, 6.03%,
10/23/95 2,000,000 1,941,375
Prudential Funding Corp., Comm. Paper, 6.13%,
06/14/95 4,000,000 3,970,031
Transamerica Financial Group, Comm. Paper, 6.22%,
07/07/95 5,000,000 4,942,119
Transamerica Financial Group, Comm. Paper, 6.32%,
08/14/95 4,900,000 4,809,677
Transamerica Financial Group, Comm. Paper, 6.15%,
08/07/95 500,000 491,629
Whirlpool Financial Corp., Comm. Paper, 6.05%,
07/17/95 4,000,000 3,948,239
Xerox Credit Corp., Comm. Paper, 6.10%, 06/01/95 725,000 721,192
----------------
132,653,937
----------------
Health Services (0.68%)
Columbia/HCA Healthcare Corp., Corp. Note, 4.65%,
07/28/97 1,750,000 1,749,307
----------------
Total Corporate Obligations $223,903,572
----------------
Total Corporate & Foreign Obligations
(cost $243,359,813) $243,359,813
----------------
Total Investments (cost $252,370,276) $252,370,276
----------------
</TABLE>
Notes to Portfolio of Investments
(a) The cost of investments for income tax purposes is identical to book.
There were no unrealized gains and losses at April 30, 1995.
Category percentages are based on net assets.
See Notes to Financial Statements.
Aetna Mutual Funds Semi-Annual Report 55
<PAGE>
Portfolio of Investments
April 30, 1995 (Unaudited)
Government Fund
<TABLE>
<CAPTION>
Principal Market
Amount Value
------------- ----------------
<S> <C> <C>
U.S. Government & Agency Obligations (76.75%)
Agency Backed Mortgage
Obligations (44.21%)
Government National Mortgage Association, 8.50%,
10/15/07 $ 728,400 $ 751,163
Government National Mortgage Association, 9.00%,
07/15/16 591,694 613,697
Government National Mortgage Association, 9.00%,
05/16/16 553,771 574,365
Federal National Mortgage Association, 4.95%,
09/30/98 5,000,000 4,685,045
Federal National Mortgage Association, 8.00%,
04/01/25 2,000,000 1,995,626
----------------
8,619,896
----------------
U.S. Agency Obligations (18.88%)
Private Export Funding Corp., 5.48%, 09/15/03 850,000 794,750
Small Business Administration, 8.25%, 11/01/11 897,070 929,736
Small Business Administration 92-20k, 7.55%, 11/01/12 943,896 936,817
Student Loan Marketing Association, 7.82%, 10/14/99 1,000,000 1,020,280
----------------
3,681,583
----------------
U.S. Government Obligations (13.65%)
U.S. Treasury Bond, 7.50%, 11/15/24 1,500,000 1,522,500
U.S. Treasury Strip, Zero Coupon, 05/15/03 2,000,000 1,139,688
----------------
2,662,188
----------------
Total U.S. Government & Agency Obligations (cost $14,917,905) $14,963,667
----------------
Foreign & Supranational Obligations (2.95%)
International Bank For Reconstruction and
Development, 9.25%, 05/17/07 500,000 574,720
----------------
Total Foreign & Supranational Obligations (cost $567,320) $ 574,720
----------------
Corporate Notes & Obligations (5.14%)
First Chicago Corp. 94i-A 5.983%, 11/17/97 1,000,000 1,002,570
----------------
Total Corporate Notes & Obligations (cost $998,281) $ 1,002,570
----------------
Short-Term Investments (14.33%)
General Signal Corp., 6.10%, 05/08/95 700,000 699,170
Koch Industries Inc., 5.95%, 05/01/95 569,000 569,000
See Notes to Portfolio of Investments.
56 Aetna Mutual Funds Semi-Annual Report
<PAGE>
Portfolio of Investments
April 30, 1995 (Unaudited)
Government Fund
Principal Market
Amount Value
------------- ----------------
Province of British Columbia, 5.95%, 05/02/95 $800,000 $ 799,868
USL Capital Corp., 5.95%, 05/02/95 700,000 699,884
----------------
Total Short-Term Investments (cost $2,767,922) $ 2,767,922
----------------
Total Investments (cost $19,251,428) $19,308,879
----------------
</TABLE>
Notes to Portfolio of Investments
(a) The cost of investments for income tax purposes is identical. Unrealized
gains and losses, based on identified tax cost at April 30, 1995 are as
follows:
<TABLE>
<CAPTION>
<S> <C>
Unrealized gains $ 224,202
Unrealized losses (166,751)
-------------
Net unrealized gains $ 57,451
=============
</TABLE>
Category percentages are based on net assets.
See Notes to Financial Statements.
Aetna Mutual Funds Semi-Annual Report 57
<PAGE>
Portfolio of Investments
April 30, 1995 (Unaudited)
Bond Fund
<TABLE>
<CAPTION>
Principal Market
Amount Value
------------- ----------------
<S> <C> <C>
Long Term Bonds & Notes (89.41%)
U.S. Government & Agency Obligations (28.82%)
Agency Mortgage Backed Securities (9.44%)
Federal Home Loan Mortgage Corp., 5.625%, 12/01/22 $ 989,810 $ 1,009,297
Federal National Mortgage Association, Zero Coupon,
06/25/22 974,475 791,761
Federal National Mortgage Association, Zero Coupon,
06/25/19 553,796 461,910
Federal National Mortgage Association, 8.00%,
04/01/25 1,000,000 997,813
Government National Mortgage Association, 10.00%,
04/15/19 111,910 120,198
Government National Mortgage Association, 10.00%,
11/15/18 167,708 180,129
Government National Mortgage Association, 9.50%,
07/15/18 432,413 454,980
Government National Mortgage Association, 10.00%,
07/15/19 174,903 187,857
----------------
4,203,945
----------------
U.S. Agency Obligations (5.67%)
Private Export Funding Corp, 5.48%, 09/15/03 1,700,000 1,589,500
Small Business Administration 92-20k, 7.55%, 11/01/12 943,896 936,817
----------------
2,526,317
----------------
U.S. Government Obligations (13.70%)
U.S. Treasury Bond, 7.50%, 11/15/24 1,500,000 1,522,500
U.S. Treasury Note, 6.75%, 05/31/97 4,000,000 4,010,000
U.S. Treasury Strip, Zero Coupon, 02/15/12 2,000,000 569,680
----------------
6,102,180
----------------
Total U.S. Governnment and Agency Obligations $12,832,442
----------------
Domestic Corporate & Convertible Bonds and Notes (23.82%)
Asset-Backed Securities (9.01%)
Advanta Credit Card 1993-2, 6.043%, 08/31/00 2,000,000 2,009,600
First Chicago Corp., 5.983%, 11/17/97 2,000,000 2,005,140
----------------
4,014,740
----------------
Finance Companies (9.65%)
American Express Credit Corp., 8.50%, 06/15/99 1,000,000 1,038,968
See Notes to Portfolio of Investments.
58 Aetna Mutual Funds Semi-Annual Report
<PAGE>
Portfolio of Investments
April 30, 1995 (Unaudited)
Bond Fund
Principal Market
Amount Value
------------- ----------------
Associates Corp., 8.55%, 07/15/99 $1,000,000 $ 1,084,179
Commercial Credit Corp., 8.70%, 06/15/09 1,000,000 1,113,464
ITT Financial Corp., 8.875%, 06/15/03 1,000,000 1,060,978
----------------
4,297,589
----------------
Other Corporate Bonds (9.66%)
Healthtrust, Inc., 10.75%, 05/01/02 1,000,000 1,100,000
Stone Container Corp., 9.875%, 02/01/01 1,000,000 998,750
TRW Inc., 9.35%, 06/04/20 1,000,000 1,147,434
Tele-Communications, Inc., 9.25%, 04/15/02 1,000,000 1,054,768
----------------
4,300,952
----------------
Total Domestic Corporate & Convertible Bonds and Notes $12,613,281
----------------
Foreign & Non-Agency Mortage-Backed (36.77%)
Foreign & Supranational Obligations (21.72%)
African Development Bank, 8.80%, 09/01/19 250,000 277,903
China International Trust, 9.00%, 10/15/06 1,000,000 1,005,000
Empresa Dist Sur FRN, 9.763%, 05/17/96 1,500,000 1,387,500
Interamerican Development Bank, 12.25%, 12/15/08 1,200,000 1,648,189
International Bank For Reconstruction and
Development, 9.25%, 07/15/17 1,500,000 1,724,160
KFW International Finance, 8.85%, 07/15/99 500,000 529,209
Quebec Province, 7.125%, 02/09/24 1,000,000 864,540
Swire Pacific, Ltd. 8.50%, 09/29/04 (a) 1,000,000 995,000
European Investment Bank, 13.00%, 08/31/96 1,182,000 1,241,100
----------------
Total Foreign & Supranational Obligations $ 9,672,601
----------------
Non-Agency Mortgage-Backed Securities (10.53%)
Chase Mortgage Finance, 1992-F, 8.25%, 05/25/08 1,059,000 1,057,719
Marine Midland 1992-1 AM, 8.00%, 04/25/23 972,373 934,198
Prudential Home Mortgage 1992 13 M1, 7.50%, 05/25/07 701,824 675,505
Prudential Home Mortgage 92-39 M 7.00%, 12/25/07 906,777 857,667
Aetna Mutual Funds Semi-Annual Report 59
<PAGE>
Portfolio of Investments
April 30, 1995 (Unaudited)
Bond Fund
Principal Market
Amount Value
------------- ----------------
Residential Funding Corp. 1992 S2A7, 8.00%, 05/25/20 $ 165,843 $ 165,239
Resolution Trust Corp. 1991 17B6, 8.20%, 09/25/21 1,000,000 1,005,913
----------------
4,696,241
----------------
Total Foreign & Non-Agency Mortgage-Backed $14,368,842
----------------
Total Long Term Investments (cost $40,030,374) $39,814,565
----------------
Short Term Investments (6.58%)
Honeywell, Inc., Comm. Paper, 6.00%, 05/01/95 2,931,000 2,931,000
----------------
Total Short Term Investments (cost $2,931,000) $ 2,931,000
----------------
Total Investments--100.00% (cost $42,961,374) $42,745,565
----------------
</TABLE>
Notes to Portfolio of Investments
(a) The cost of investments for income tax purposes amounted to $42,990,014.
Unrealized gains and losses, based on identified tax cost at April 30,
1995 are as follows:
<TABLE>
<CAPTION>
<S> <C>
Unrealized gains $ 384,946
Unrealized losses (629,395)
-----------
Net unrealized losses $(244,449)
===========
</TABLE>
Category percentages are based on net assets.
60 Aetna Mutual Funds Semi-Annual Report
<PAGE>
Portfolio of Investments
April 30, 1995 (Unaudited)
Tax-Free Fund
<TABLE>
<CAPTION>
Principal Market
Amount Value
-------------- ---------------
<S> <C> <C>
Long Term Bonds & Notes (92.27%)
Airport (4.42%)
City and County of Denver,
Colorado, Airport System Revenue
Bonds, 7.00%, 11/15/99 $1,000,000 $1,025,000
---------------
Electric Revenue (10.70%)
Seattle, Washington Light and Power
System, Light and Power Revenue
Refunding Bonds, 4.90%, 05/01/03 1,000,000 942,500
Southern Minnesota Municipal Power
Agency, Power Supply System
Revenue Bonds, 5.50%, 01/01/03 640,000 633,600
Washington Public Power Supply
System, Nuclear Project No. 2
Revenue Refunding Bonds, 5.375%,
07/01/11 1,000,000 907,500
---------------
2,483,600
---------------
Escrowed to Maturity (1.59%)
Southern Minnesota Municipal Power
Agency, Power Supply System
Revenue Bonds, 5.50%, 01/01/03 360,000 369,000
---------------
General Obligation (8.27%)
Cedar Rapids, Iowa, 5.125%,
06/01/11 1,000,000 920,000
City and County of Honolulu,
Hawaii, 5.50%, 04/01/06 1,000,000 998,750
---------------
1,918,750
---------------
Housing (4.11%)
Virginia Housing Development
Authority, Mortgage Revenue Bonds,
5.70%, 01/01/11 1,000,000 953,750
---------------
Insured (12.42%)
Atlanta, Georgia, Airport
Facilities Revenue Refunding
Bonds, (Ambac-Insured), 5.30%,
01/01/03 1,000,000 1,002,500
Florida Municipal Power Agency, All
Requirements Power Supply Revenue
Bonds (Ambac-Insured), 5.10%,
10/01/14 1,000,000 896,250
Kentucky Turnpike Authority,
Economic Development Road Revenue
Refunding Bonds (Ambac-Insured),
5.50%, 07/01/09 1,000,000 983,750
---------------
2,882,500
---------------
See Notes to Portfolio of Investments.
Aetna Mutual Funds Semi-Annual Report 61
<PAGE>
Portfolio of Investments
April 30, 1995 (Unaudited)
Tax-Free Fund
Principal Market
Amount Value
-------------- ---------------
Lease (4.33%)
Indiana Transportation Finance
Authority, Airport Facilities
Lease Revenue Bonds, 6.50%,
11/01/07 $1,000,000 $1,030,000
---------------
Pollution Control (3.80%)
Illinois Development Finance
Authority, Pollution Control
Revenue Refunding Bonds
(Commonwealth Edison Project),
5.85%, 01/15/14 1,000,000 905,000
---------------
Prerefunded (13.81%)
San Antonio, Texas, General
Obligation Limited Tax Bonds
(Prerefunded 8/01/97 100), 7.875%,
08/01/10 1,000,000 1,067,500
Tarrant County, Texas Water Control
and Improvement District No. 1,
Water Revenue Bonds (Prerefunded
3/01/98 100), 7.70%, 03/01/00 1,000,000 1,077,500
State of Wisconsin, General
Obligation Bonds (Prerefunded
5/01/98 101), 6.60%, 05/01/08 1,000,000 1,060,000
---------------
3,205,000
---------------
Sales/Special Tax (3.89%)
State of Illinois, Sales Tax
Revenue Bonds, 5.25%, 06/15/13 1,000,000 902,500
---------------
University (8.20%)
California Educational Facility
Authority Revenue Bonds,
University of Southern California
Project, 5.75%, 10/01/15 1,000,000 958,750
Dormitory Authority of the State of
New York, Consolidated City
University System Revenue Bonds,
5.75%, 07/01/09 1,000,000 945,000
---------------
1,903,750
---------------
Water/Sewer (16.52%)
DuPage Water Commission, Illinois,
Water Revenue Refunding Bonds,
5.25%, 05/01/11 1,000,000 928,750
Massachusetts Water Resources
Authority, General Revenue
Refunding Bonds, 5.25%, 03/01/13 1,000,000 903,750
City of Philadelphia Water &
Wastewater, 5.625%, 06/15/09 1,000,000 976,250
See Notes to Portfolio of Investments.
62 Aetna Mutual Funds Semi-Annual Report
<PAGE>
Portfolio of Investments
April 30, 1995 (Unaudited)
Tax-Free Fund
Principal Market
Amount Value
-------------- ---------------
Portland, Oregon, Sewer System
Revenue Bonds, 6.10%, 06/01/10 $1,000,000 $ 1,026,250
---------------
3,835,000
---------------
Total Long Term Bonds & Notes
(cost $21,885,674) $21,413,850
---------------
Short-Term Investments (10.01%)
Koch Industries, Inc., Comm. Paper,
5.95%, 05/01/95 1,000,000 1,000,000
Prudential Funding Corp., Comm.
Paper, 5.95%, 05/01/95 707,000 707,000
USL Capital Corp., Comm. Paper,
5.95%, 05/02/95 675,000 674,888
---------------
Total Short-Term Investments (cost $2,381,888) $ 2,381,888
---------------
Total Investments (cost $24,267,562) $23,795,738
---------------
</TABLE>
Notes to Portfolio of Investments
(a) The cost of investments for income tax purposes is identical. Unrealized
gains and losses, based on identified tax cost at April 30, 1995 are as
follows:
<TABLE>
<CAPTION>
<S> <C>
Unrealized gains $ 184,269
Unrealized losses (656,093)
-------------
Net unrealized loss ($ 471,824)
=============
</TABLE>
Category percentages are based on net assets.
See Notes to Financial Statements.
Aetna Mutual Funds Semi-Annual Report 63
<PAGE>
Portfolio of Investments
April 30, 1995 (Unaudited)
The Aetna Fund
<TABLE>
<CAPTION>
Number of Market
Shares Value
-------------- ---------------
<S> <C> <C>
Common Stocks (61.86%)
Aerospace & Defense (1.14%)
Kaman Corporation Class "A" 2,300 $ 28,463
Lockheed Martin Corp. 4,000 231,000
McDonnell Douglas Corp. 11,000 682,000
---------------
941,463
---------------
Air Transportation (0.82%)
AMR Corp. 3,100 208,863
Pittston Service Group 17,500 415,625
UAL Corp. 400 48,000
---------------
672,488
---------------
Autos & Auto Equipment (1.82%)
Borg-Warner Automotive, Inc. 400 10,300
Breed Technologies, Inc. 1,700 34,213
Eaton Corp. 8,000 459,000
Echlin, Inc. 1,300 47,450
Ford Motor Co. 11,800 318,600
Kaydon Corp. 400 11,000
Masland Corp. 2,000 27,250
Oshkosh Truck Corp. 500 6,344
SPX Corp. 900 12,263
TRW Inc. 7,700 572,688
---------------
1,499,108
---------------
Banks (3.06%)
Anchor Bancorp Wisconsin, Inc. 200 6,663
Associated Banc-Corp. 100 3,675
Bank of Boston Corp. 8,000 268,000
Bankamerica Corp. 8,000 396,000
Bankers First Corp. 400 10,700
Centerbank 1,000 13,125
Centura Banks, Inc. 800 20,700
Charter One Financial, Inc. 2,200 50,463
Chemical Banking Corp. 9,500 396,625
Citicorp 4,400 204,050
City National Corp. 3,300 33,413
Commerce Bancorp, Inc. 400 6,825
Commerce Bancshares, Inc 700 21,350
Cullen/Frost Bankers 600 22,200
FFY Financial Corp. 400 7,200
First American Corp. (Tenn.) 1,100 38,088
First Commonwealth Financial Corp. 300 4,575
First Interstate Bancorp 6,800 522,750
Firstier Financial, Inc. 100 3,363
Fulton Financial Corp. 200 4,025
Hibernia Corp. Class "A" 5,300 42,400
MAF Bancorp, Inc. 200 4,700
See Notes to Portfolio of Investments.
64 Aetna Mutual Funds Semi-Annual Report
<PAGE>
Portfolio of Investments
April 30, 1995 (Unaudited)
The Aetna Fund
Number of Market
Shares Value
-------------- ---------------
Mellon Bank Corp. 3,900 $ 153,075
Midlantic Corporation, Inc. 900 32,850
National Commerce Bancorporation 200 4,950
North Side Savings Bank 300 6,788
Old National Bancorp 200 6,900
Peoples Bank of Bridgeport, CT. 1,100 16,363
Putnam Trust Co. 100 4,138
Queens County Bancorp, Inc. 1,200 36,750
Reliance Bancorp 800 10,100
Silicon Valley Bancshares 700 11,025
Standard Financial, Inc. 1,000 12,250
Star Banc Corp. 800 33,400
Summit Bancorporation 1,100 21,244
Susquehanna Bancshares, Inc. 300 6,844
TCF Financial Corp. 1,100 47,163
The Boston Bancorp 300 11,663
Trustmark Corp. 300 5,025
Valley National Bancorp 935 23,375
---------------
2,524,793
---------------
Building Materials & Construction (0.57%)
Ameron, Inc. 100 3,663
Armstrong World Industries, Inc. 4,000 182,000
Champion Enterprises, Inc. 1,400 42,000
Florida Rock Industries, Inc. 200 5,550
Granite Construction Inc. 2,000 40,375
Kasler Holding Co. 600 3,675
Modine Manufacturing Co. 500 17,000
National Steel Corp. 2,600 33,150
NCI Building Systems, Inc. 600 10,725
Redman Industries, Inc. 300 5,888
Stone & Webster, Inc. 1,000 29,750
Texas Industries 1,200 45,150
Tredegar Industries, Inc. 400 9,100
UNR Industries, Inc. 400 2,388
Del Webb Corp. 2,200 42,075
---------------
472,489
---------------
Chemicals (1.59%)
ARCO Chemical Co. 800 37,200
Cabot Corp. 1,300 51,025
Cytec Industries 2,100 76,388
du Pont (E.I.) de Nemours 1,900 125,163
Fuller (H.B.) Co. 800 30,300
IMC Global, Inc. 900 44,213
Learonal Inc. 1,500 29,063
Aetna Mutual Funds Semi-Annual Report 65
<PAGE>
Portfolio of Investments
April 30, 1995 (Unaudited)
The Aetna Fund
Number of Market
Shares Value
-------------- ---------------
Lyondell Petrochemical Co. 1,000 $ 24,875
Morton International, Inc. 12,500 387,500
OM Group, Inc. 300 7,163
PPG Industries, Inc. 3,300 129,938
Sterling Chemicals, Inc. 4,000 50,000
Synalloy Corp. 200 4,525
The Geon Gompany 1,900 51,300
Union Carbide Corp. 7,600 243,200
Vigoro Corp. 600 23,925
---------------
1,315,778
---------------
Commercial Services (0.70%)
Actava Group Inc. 1,200 11,100
California Water Service Co. 100 3,188
Devry, Inc. 800 30,300
Franklin Quest Co. 1,400 46,550
Health Management Systems, Inc. 50 1,163
Interim Services, Inc. 1,600 46,100
Ionics, Inc. 500 14,000
Jacobs Engineering Group Inc. 2,800 55,300
Jenny Craig Inc. 600 4,500
Kelly Services Inc. Class "A" 1,400 47,600
Manpower Inc. 100 3,338
Paychex, Inc. 200 9,538
Regis Corp. 800 13,800
Robert Half International Inc. 1,000 26,375
Safeguard Services, Inc. 3,900 68,250
Service Corp. International 5,300 149,725
True North Communications, Inc. 2,000 38,000
United Video Satellite Group Inc.
Class "A" 500 12,688
---------------
581,515
---------------
Computer & Office Equipment (3.27%)
Ceridian Corp. 17,100 589,950
Fair Isaac & Company, Inc. 200 9,400
Gateway 2000, Inc.+ 400 7,575
Harris Corp. 900 42,300
HBO and Co. 300 13,650
International Business Machines Corp. 14,100 1,335,975
Planar Systems, Inc. 1,700 33,150
Read-Rite Corp. 5,800 123,613
Sun Microsystems, Inc. 3,700 147,075
Xerox Corp. 3,200 394,000
---------------
2,696,688
---------------
Computer Software (0.79%)
American Management Systems, Inc.+ 2,100 44,100
See Notes to Portfolio of Investments.
66 Aetna Mutual Funds Semi-Annual Report
<PAGE>
Portfolio of Investments
April 30, 1995 (Unaudited)
The Aetna Fund
Number of Market
Shares Value
-------------- ---------------
CACI International, Inc.+ 100 $ 1,013
Cadence Design Systems, Inc. 1,700 54,825
Cheyenne Software, Inc. 500 7,250
Compuware Corp. 900 23,400
Control Data Systems, Inc. 700 6,519
Dell Computer Corp. 1,100 60,156
Exabyte Corp. 2,100 26,250
FTP Software, Inc. 3,600 94,275
Kronos, Inc. 300 9,038
Legent Corp. 1,300 35,425
Mapinfo Corp. 300 9,000
Medic Computer Systems, Inc. 200 8,850
Medicus Systems Corp. 700 7,788
Microsoft Corp. 700 57,269
Policy Management Systems Corp.+ 1,000 50,375
Recognition International, Inc. 100 738
Reynolds & Reynolds 1,700 45,050
Sungard Data Systems Inc.+ 2,200 102,025
System Software Assoc., Inc. 300 7,519
---------------
650,865
---------------
Consumer Products (0.45%)
Alberto-Culver Company 3,400 107,100
Block Drug Co., Inc. 200 7,288
Consolidated Papers Inc. 1,100 53,900
Fieldcrest Cannon, Inc. 1,800 39,825
First Brands Corp. 300 11,550
Guilford Mills, Inc. 300 7,425
Helene Curtis Industries, Inc. 800 27,500
Libbey, Inc. 900 17,438
Maybelline, Inc. 1,200 26,400
Natures Sunshine Products, Inc. 160 2,060
Phillips-Van Heusen Corp. 300 4,613
Tambrands Inc. 300 12,488
Unifi, Inc. 1,600 40,200
Valspar Corp. 400 14,150
---------------
371,937
---------------
Diversified (1.64%)
Astec Industries, Inc. 400 4,500
BIC 200 6,775
Cyrk International, Inc. 3,100 44,563
Eastern Enterprises 2,300 68,713
Griffon Corp. 3,600 27,900
Harsco Corp. 1,000 47,625
ITT Corp. 5,300 553,850
Katy Industries 300 2,738
Aetna Mutual Funds Semi-Annual Report 67
<PAGE>
Portfolio of Investments
April 30, 1995 (Unaudited)
The Aetna Fund
Number of Market
Shares Value
-------------- ---------------
Kulicke & Soffa Industries, Inc. 2,400 $ 101,850
Loews Corporation 200 20,375
Mercer International, Inc. 1,000 14,938
Santa Anita Realty Enterprises, Inc. 200 3,275
Standex International Corp. 600 18,825
Textron Inc. 4,000 228,000
United Waste Systems, Inc. 700 20,038
VF Corp. 3,700 186,850
---------------
1,350,815
---------------
Electric Utilities (1.02%)
Boston Edison Co. 1,300 31,038
California Energy Co. 300 4,988
Central Maine Power Co. 4,200 46,725
Cipsco, Inc. 900 26,100
General Public Utilities Corp. 400 11,400
Green Mountain Power Corp. 500 12,813
Illinova Corp. 600 13,950
Interstate Power Co. 200 4,825
LG&E Corp. 700 27,038
MDU Resources Group, Inc. 200 5,525
New York State Electric & Gas Corp. 600 13,125
Nipsco Industries, Inc. 1,500 48,375
Northwestern Public Service Co. 200 5,450
Ohio Edison Co. 14,200 285,775
Oklahoma Gas and Electric Co. 1,200 41,250
Philadelphia Suburban Corp. 300 5,400
Public Service Co. Of New Mexico 4,200 53,550
Sierra Pacific Resources 1,000 20,875
Southern California Water Co. 600 10,275
United Illuminating Co. 2,500 80,313
Wisconsin Energy Corp. 2,000 55,500
WPS Resources Corp. 1,400 40,425
---------------
844,715
---------------
Electrical Equipment (4.47%)
3Com Corp. 600 33,563
Ametek, Inc. 1,900 30,875
AMP Inc. 6,000 256,500
Avnet, Inc. 1,200 53,400
Baldor Electric Co. 800 23,600
Burr-Brown Corp. 900 22,950
Cellstar Corp. 1,500 28,875
Dionex Corp. 100 4,188
Emerson Electric Company 8,900 598,525
See Notes to Portfolio of Investments.
68 Aetna Mutual Funds Semi-Annual Report
<PAGE>
Portfolio of Investments
April 30, 1995 (Unaudited)
The Aetna Fund
Number of Market
Shares Value
-------------- ---------------
General Electric Corp. (U.S.) 15,700 $ 879,200
Itel Corp.+ 1,000 36,000
Kemet Corp. 1,500 58,688
Kuhlman Corp. 1,700 19,975
Marshall Industries 600 16,575
Microchip Technology Corp. 5,500 153,656
Molex, Inc. 1,700 64,600
Park Electrochemical Corp. 2,000 75,000
Parker-Hannifin Corp. 4,800 249,600
Sundstrand Corp. 400 22,200
Tektronix, Inc. 10,700 486,850
Telco Systems, Inc. 1,200 14,550
Teradyne, Inc. 1,200 60,750
Texas Instruments, Inc. 3,300 349,800
Valmont Industries+ 300 6,375
W. W. Grainger Inc. 2,400 145,200
---------------
3,691,495
---------------
Electrical & Electronics (1.26%)
Compaq Computer Corp. 2,700 102,600
Esterline Technology 3,900 65,813
FPL Group, Inc. 1,000 36,750
Intel Corp. 3,700 379,019
Logicon Inc. 200 7,400
Loral Corp. 2,300 108,100
Merix Corp 1,000 22,500
Micron Technology Inc. 900 74,025
Motorola, Inc. 700 39,813
Tandy Corp. 4,000 198,000
Western Digital Corp. 200 3,200
---------------
1,037,220
---------------
Electronics (0.29%)
Best Power Technology, Inc. 500 6,313
Cohu, Inc. 200 7,300
CTS Corp. 100 3,313
Dovatron International Inc. 1,100 24,475
Dynatech Corp. 4,100 70,725
Glenayre Technologies, Inc. 600 36,825
Maxim Integrated Products, Inc. 1,000 36,500
Rogers Corp. 200 10,700
Seagate Technology, Inc. 700 22,313
Unitrode Corp. 1,200 24,900
---------------
243,364
---------------
Environmental Control (0.25%)
Browning-Ferris Industries, Inc. 6,100 201,300
Groundwater Technology, Inc. 600 7,800
---------------
209,100
---------------
Financial Services (1.77%)
American General Corp. 4,100 135,300
Aetna Mutual Funds Semi-Annual Report 69
<PAGE>
Portfolio of Investments
April 30, 1995 (Unaudited)
The Aetna Fund
Number of Market
Shares Value
-------------- ---------------
Astoria Financial Corp. 2,600 $ 88,563
AutoFinance Group 600 8,963
Bank of New York Co., Inc. 6,100 200,538
Banponce Corp. 400 12,925
Baybanks, Inc. 500 31,188
Bell Bancorp, Inc. 600 16,800
Brooklyn Bancorp 600 19,200
Dean Witter Discover and Co. 9,100 385,613
Deposit Guaranty Corp. 700 24,238
Duff & Phelps Corp. 2,600 28,275
Federal Home Loan Mortgage Corp. 2,500 163,125
First Empire State Corp. 200 32,100
Foothill Group Class "A" 400 8,700
GP Financial Corp. 400 9,575
Great Financial Corp. 1,100 19,456
Home Financial Corp. 2,800 35,350
John Nuveen & Company, Inc. Class "A" 200 4,475
Keystone Financial, Inc. 500 14,406
Leader Financial Corp. 1,200 32,625
Mark Twain Bancshares, Inc. 200 6,288
Mercury Finance Co. 1,000 15,125
Morgan Keegan Inc. 500 7,875
Pioneer Group, Inc. 500 12,719
River Forest Bancorp, Inc. 300 10,988
SEI Corp. 500 9,563
Transmedia Network Inc. 600 7,350
Travelers Group, Inc. 2,600 107,575
World Acceptance Corp. 200 5,700
Zions Bancorp. 200 8,550
---------------
1,463,148
---------------
Food & Beverage (4.40%)
American Maize Products Co. Class "A" 700 23,100
Anheuser Busch Co. 7,500 435,938
Archer-Daniels-Midland Co. 30,550 557,538
Cagle's, Inc. 300 5,963
Campbell Soup Co. 2,400 123,000
Coca-Cola Co. (The) 12,800 744,000
Conagra, Inc. 16,700 555,275
Goodmark Foods, Inc. 300 4,781
Heinz (H.J.) Co. 1,000 42,000
Hormel Foods Corp. 1,300 35,588
Hudson Foods, Inc. Class "A" 1,400 24,150
IBP, Inc. 1,300 48,100
International Dairy Queen, Inc. 700 13,475
International Multifoods Corp. 1,500 30,750
See Notes to Portfolio of Investments.
70 Aetna Mutual Funds Semi-Annual Report
<PAGE>
Portfolio of Investments
April 30, 1995 (Unaudited)
The Aetna Fund
Number of Market
Shares Value
-------------- ---------------
Kroger Co. (The) 1,500 $ 38,250
Luby's Cafeterias Inc. 13,700 260,300
Mondavi (Robert) Corp.+ 600 8,625
Quality Food Centers, Inc. 374 7,667
Richfood Holdings, Inc. 2,200 43,450
Safeway, Inc. 1,000 37,500
Sara Lee Corp. 18,500 515,688
Sbarro, Inc. 300 7,725
Smith's Food & Drug Centers, Inc. 1,600 34,600
Thorn Apple Valley 400 7,200
Universal Foods Corp. 700 22,750
---------------
3,627,413
---------------
Health Services (1.10%)
Columbia/HCA Healthcare Corp. 8,300 348,600
Coventry Corp. 2,300 53,906
Employee Benefit Plans, Inc. 1,600 13,600
Health Management Associates Class "A" 400 11,600
Humana Inc. 18,300 356,850
Integrated Health Services, Inc. 200 6,925
Invacare Corp. 300 11,775
Living Centers Of America, Inc. 200 5,675
Owens & Minor, Inc. 100 1,350
Pharmacy Management Services, Inc.+ 1,100 17,463
Ren Corp.+ 1,100 17,875
Sun Healthcare Group, Inc. 300 7,238
Universal Health Services, Inc.+ 2,200 58,025
---------------
910,882
---------------
Health Technology (0.35%)
Amsco International, Inc. 7,000 88,375
Cordis Corp.+ 400 28,800
Fresenius USA, Inc.+ 300 3,075
Isomedix, Inc.+ 200 2,975
Life Technologies, Inc. 500 10,938
Puritan-Bennett Corp. 1,100 27,019
Research Industries Corp. 2,600 45,663
Sybron International Corp. 2,200 81,675
---------------
288,520
---------------
Home Furnishings & Appliances (0.10%)
Bombay Co., Inc. 1,100 8,250
Haverty Furniture Co., Inc. 400 4,150
Kimball International, Inc. Class "B" 100 2,625
Lancaster Colony Corp. 500 17,563
Aetna Mutual Funds Semi-Annual Report 71
<PAGE>
Portfolio of Investments
April 30, 1995 (Unaudited)
The Aetna Fund
Number of Market
Shares Value
-------------- ---------------
Leggett & Platt, Inc. 1,200 $ 46,200
---------------
78,788
---------------
Hotels & Restaurants (0.08%)
Marcus Corp. 200 5,325
Marriott International, Inc. 1,600 57,600
Sholodge, Inc. 300 4,388
---------------
67,313
---------------
Household Products (0.95%)
Oneida Ltd. 100 1,500
Procter & Gamble Co. 3,800 265,525
Springs Industries, Inc. Class "A" 11,800 458,725
Toro Co. 2,100 60,638
---------------
786,388
---------------
Insurance (2.04%)
AFLAC, Inc. 1,000 41,250
Allied Group, Inc. 200 5,825
Allmerica Property & Casualty Co., Inc. 900 17,100
Allstate Corp. 1,300 39,488
American Bankers Insurance Group, Inc. 900 28,575
American Travellers Corp. 400 8,000
Argonaut Group, Inc. 600 18,150
Capital American Financial Corp. 200 4,375
Capital Guaranty Corp. 300 5,325
Executive Risk Inc. 400 7,050
Fund American Enterprises Inc. 290 20,916
Gainsco, Inc. 900 9,563
Healthwise Of America, Inc. 100 2,825
Home Beneficial Company 200 4,025
Horace Mann Educators Corp. 200 4,125
Lawyers Title Corp. 200 2,900
Life Partners Group, Inc. 3,000 58,500
Maxicare Health Plans, Inc. 200 3,138
National Re Holdings Corp. 300 9,075
Ohio Casualty Corp. 1,100 32,244
Old Republic International Corp. 1,300 33,475
Progressive Corp. 5,300 200,075
Protective Life Corp. 800 36,300
PXRE Corporation 400 9,800
Reinsurance Group of America 300 7,463
Reliastar Financial Corp. 2,400 86,100
Security-Connecticut Corp. 1,700 42,500
St. Paul Companies, Inc. 17,400 837,375
Transnational Re Corp. Class "A" 700 14,175
See Notes to Portfolio of Investments.
72 Aetna Mutual Funds Semi-Annual Report
<PAGE>
Portfolio of Investments
April 30, 1995 (Unaudited)
The Aetna Fund
Number of Market
Shares Value
-------------- ---------------
Unitrin, Inc. 700 $ 33,775
Vesta Insurance Group, Inc. 1,600 53,400
Washington National Corp. 500 9,188
---------------
1,686,075
---------------
Leisure & Entertainment (0.41%)
Carmike Cinemas, Inc. Class "A"+ 1,400 31,150
Carnival Corp. 600 14,925
Chris-Craft Industries Inc. 824 27,810
Fleetwood Enterprises, Inc. 3,400 78,200
Polaris Industries, Inc. 2,000 90,500
Walt Disney Co. 1,800 99,675
---------------
342,260
---------------
Machinery (0.37%)
Caterpillar Inc. 1,700 99,450
Deere & Co. 1,000 82,000
Fluor Corp. 2,000 103,000
Regal Beloit Corp. 1,500 22,875
---------------
307,325
---------------
Machinery & Equipment (0.56%)
Arctco, Inc. 4,000 56,000
Barnes Group, Inc. 300 13,463
Clarcor, Inc. 100 2,100
Commercial Intertech Corp. 1,700 37,613
Danaher Corp. 1,700 50,575
Donaldson Company, Inc. 1,200 29,850
FSI International, Inc. 2,000 92,250
Harnischfeger Industries, Inc. 1,700 50,150
IDEX Corp. 400 13,350
Indresco Inc. 1,200 16,800
JLG Industries, Inc. 800 16,200
Lindsay Manufacturing Co. 400 12,950
L.S. Starrett Company Class "A" 200 4,600
Raymond Corp. (The) 1,050 21,263
Tecumseh Products Co. Class "A" 600 30,000
Watts Industries, Inc. 300 6,825
Zero Corp. 500 6,875
---------------
460,864
---------------
Media (1.14%)
Belo (A.H.) Corp. 700 42,088
Capital Cities/ABC, Inc. 2,600 219,700
Clear Channel Communications, Inc. 1,600 90,000
Media General, Inc. 1,400 45,500
Park Communications, Inc. 700 21,306
Tele-Communications, Inc. 27,100 519,981
---------------
938,575
---------------
Aetna Mutual Funds Semi-Annual Report 73
<PAGE>
Portfolio of Investments
April 30, 1995 (Unaudited)
The Aetna Fund
Number of Market
Shares Value
-------------- ---------------
Medical Services (0.03%)
HealthSouth Corp.+ 1,300 $ 25,675
---------------
Medical Supplies (0.69%)
Becton, Dickinson & Co. 7,300 406,975
Horizon Healthcare Corp.+ 4,700 98,113
Nellcor, Inc.+ 1,100 45,788
Superior Surgical Manufacturing Co. 600 7,275
Tecnol Medical Products Inc.+ 400 7,500
West Co., Inc. 200 5,600
---------------
571,251
---------------
Medical Technology (0.05%)
Bio-Rad Laboratories, Inc. Class A 300 8,663
Collagen Corp. 1,600 30,600
---------------
39,263
---------------
Metals (1.21%)
Alcan Aluminum Ltd. 7,300 207,138
Alumax Inc. 1,600 45,200
Ashland Coal, Inc. 200 5,525
Brush Wellman Inc. 1,300 25,675
Castle, (A.M.) & Co. 600 8,625
Cleveland Cliffs Inc. 400 14,650
Commercial Metals Co. 700 18,550
Cyprus Amax Minerals Co. 6,800 189,550
Handy & Harman 1,300 19,500
J&L Specialty Steel, Inc. 1,300 24,050
Kennametal Inc. 900 30,150
Magma Copper Co. 2,500 41,875
Material Sciences Corp. 500 9,063
Minerals Technologies, Inc. 1,700 56,525
Nucor Corp. 3,600 172,800
Phelps Dodge Corp. 2,000 113,250
Rouge Steel Co. 700 15,663
---------------
997,789
---------------
Oil & Gas (5.20%)
Box Energy Corp. Class "B" 2,200 18,700
Chevron Corp. 5,900 279,513
Dekalb Energy Co. 1,600 37,900
Exxon Corp. 12,900 898,163
Leviathan Gas Pipeline Partners L.P. 1,000 25,000
Mobil Corp. 8,200 777,975
Newfield Exploration Co. 900 20,700
Oneok, Inc. 2,600 49,725
Panhandle Eastern Corp. 9,400 225,600
Penn Virginia Corp. 100 3,350
Quaker State Corp. 2,400 34,200
Royal Dutch Petroleum Co. 11,000 1,364,000
See Notes to Portfolio of Investments.
74 Aetna Mutual Funds Semi-Annual Report
<PAGE>
Portfolio of Investments
April 30, 1995 (Unaudited)
The Aetna Fund
Number of Market
Shares Value
-------------- ---------------
Santa Fe Pacific Pipeline Partners,
L.P. 800 $ 29,600
Shell Transport Class "A" 6,300 448,875
Smith International Inc. 3,600 62,100
Tide West Oil Co. 600 6,188
Wiser Oil Co. 300 4,425
---------------
4,286,014
---------------
Oil & Gas Utilities (0.81%)
Cascade Natural Gas Corp. 300 4,200
Connecticut Energy Corp. 200 3,825
Energen Corp. 200 4,400
Laclede Gas Co. 200 3,775
New Jersey Resources Corp. 600 13,500
Northwest Natural Gas Co. 400 12,300
Pacific Enterprises 3,100 76,338
Piedmont Natural Gas, Inc. 800 16,300
Public Service Co. of North Carolina 600 8,925
Schlumberger, Ltd. 6,300 396,113
South Jersey Industries 800 16,100
Southern Indiana Gas & Electric Co. 1,200 36,300
Southwest Gas Corp. 600 8,850
Tesoro Petroleum 2,900 28,638
Union Texas Petroleum Holdings, Inc. 1,800 38,475
---------------
668,039
---------------
Paper & Containers (2.20%)
ACX Technologies, Inc. 400 17,400
Aptargroup, Inc. 600 17,700
Avery Dennison Corp. 7,000 284,375
Ball Corp. 16,100 551,425
Champion International Corp. 3,900 171,600
Chesapeake Corp. 4,000 124,000
Georgia-Pacific Corp. 1,000 79,375
International Paper Co. 5,100 392,700
Longview Fibre Co. 2,000 33,250
Mead Corp. 300 15,525
Potlatch Corp. 2,000 85,250
Rayoner Inc. 1,200 39,750
Seda Speciality Packing Co. 300 3,094
---------------
1,815,444
---------------
Pharmaceuticals (4.36%)
Allergan, Inc. 500 13,563
A.L. Pharma, Inc. Class "A" 500 11,938
Barr Laboratories, Inc.+ 500 10,500
Blount Inc., Class "A" 600 26,775
Aetna Mutual Funds Semi-Annual Report 75
<PAGE>
Portfolio of Investments
April 30, 1995 (Unaudited)
The Aetna Fund
Number of Market
Shares Value
-------------- ---------------
Bristol-Myers Squibb Co. 7,000 $ 455,875
Foxmeyer Health Corp. 600 11,400
Johnson & Johnson 12,700 825,500
Marion Merrell Dow, Inc. 1,000 23,875
Medtronic, Inc. 4,400 327,250
Mylan Laboratories 8,300 255,225
Pfizer Inc. 4,500 389,813
Rhone-Poulenc Rorer, Inc. 600 25,125
Schering-Plough 5,300 399,488
Smithkline Beecham 14,600 567,575
Walgreen Co. 3,300 155,100
Watson Pharmaceuticals, Inc.+ 3,100 96,100
---------------
3,595,102
---------------
Publishing & Printing (1.11%)
American Media Inc. 1,200 7,500
Banta Corp. 2,000 66,250
Cadmus Communications 1,600 29,100
Central Newspapers, Inc.--Class "A" 400 10,400
Devon Group, Inc. 1,500 40,125
Gannett Company, Inc. 11,400 599,925
Graphic Industries, Inc. 600 5,813
International Imaging Materials, Inc. 600 15,975
Lee Enterprises, Inc. 800 28,700
Meredith Corp. 1,000 25,000
Playboy Enterprises, Inc. 600 4,875
Pulitzer Publishing Co. 500 20,188
Scholastic Corp. 300 16,800
Tribune Co. 800 47,300
---------------
917,951
---------------
Real Estate Investment Trusts (0.01%)
Smith (Charles E.) Residential
Realty Co. 500 11,375
---------------
Retail (2.97%)
Albertson's Inc. 23,000 727,375
Arbor Drugs, Inc. 400 10,200
Blair Corp. 200 6,925
Casey's General Stores, Inc. 1,200 20,550
Cash America International, Inc. 2,100 16,013
Circuit City Stores, Inc. 1,600 41,400
Dayton Hudson Corp. 1,900 127,538
Dollar General Corp. 1,800 41,850
General Nutrition Companies, Inc. 1,400 34,825
Hanover Direct, Inc. 2,100 4,988
Hills Stores Co. 800 16,100
See Notes to Portfolio of Investments.
76 Aetna Mutual Funds Semi-Annual Report
<PAGE>
Portfolio of Investments
April 30, 1995 (Unaudited)
The Aetna Fund
Number of Market
Shares Value
-------------- ---------------
Mac Frugal's Bargain Close-Outs, Inc. 2,600 $ 38,350
Medicine Shoppe International, Inc. 200 6,400
Nautica Enterprises, Inc. 1,000 27,875
Neiman Marcus Group, Inc. 4,100 59,963
Nike, Inc. 1,000 76,625
Office Depot, Inc. 4,600 104,650
Oshkosh B'Gosh, Inc. 100 1,625
Rex Stores Corp. 1,300 17,713
Rhodes, Inc. 2,100 20,738
Rite Aid Corp. 18,600 432,450
Sears, Roebuck & Co. 5,300 287,525
Staples, Inc. 2,600 62,238
Strawbridge & Clothier 300 5,925
Waban Inc. 2,100 34,913
Wal-Mart Stores, Inc. 9,000 213,750
Weis Markets, Inc. 300 7,838
---------------
2,446,342
---------------
Telecommunications (2.05%)
Ameritech Corp. 18,000 810,000
AT&T Corp. 9,500 482,125
Computer Associates International, Inc. 5,400 347,625
Equifax, Inc. 1,500 48,563
---------------
1,688,313
---------------
Transportation (0.40%)
Arnold Industries, Inc. 800 14,300
Conrail Inc. 2,000 109,250
Expeditors International of
Washington, Inc. 300 6,825
Florida East Coast Railway Co. 100 7,175
Harper Group, Inc. 400 7,650
Intertrans Corp. 900 19,294
Kirby Corp. 500 6,875
Landstar Systems, Inc. 2,900 83,738
M.S. Carriers, Inc. 700 16,800
Rural/Metro Corp. 1,000 18,500
Swift Transportation Co., Inc. 400 6,250
Xtra Corp. 700 33,775
---------------
330,432
---------------
Wholesale (0.13%)
Fusion Systems Corp. 2,000 62,750
Cardinal Health Inc. 1,000 46,125
---------------
108,875
---------------
Utilities-Electric (1.89%)
Central Hudson Gas & Electric 2,000 51,750
DQE, Inc. 1,000 33,750
Peco Energy Co. 4,800 123,600
Rochester Gas & Electric Corp. 1,500 30,938
Scecorp 32,700 547,725
Aetna Mutual Funds Semi-Annual Report 77
<PAGE>
Portfolio of Investments
April 30, 1995 (Unaudited)
The Aetna Fund
Number of Market
Shares Value
-------------- ---------------
Unicom Corp. 15,800 $ 414,750
Union Electric Co. 10,000 356,250
---------------
1,558,763
---------------
Utilities-Telephone (2.32%)
Bell Atlantic 9,400 515,825
Bellsouth Corp. 5,000 306,250
C-TEC Corp. 200 4,250
Citizens Utilities Co. 2,500 30,625
GTE Corp. 3,700 126,203
Pacific Telesis Group 2,400 74,100
Southern New England
Telecommunications, Corp. 1,400 46,375
Sprint Corp. 23,000 759,000
Tellabs, Inc. 700 48,300
Transaction Network Services, Inc. 300 4,238
---------------
1,915,166
---------------
Total Common Stocks (cost $45,428,533) $51,037,178
---------------
Preferred Stocks (1.10%)
Aerospace & Defense (0.95%)
Kaman Corp 6.5%, Series 2 14,818 785,354
---------------
Banking (0.15%)
Citicorp, PERCS 6,300 126,000
---------------
Total Preferred Stocks (cost $783,684) $ 911,354
---------------
Long Term Bonds & Notes (35.28%)
U. S. Government & Agency Obligations (16.98%)
Agency Mortgage-Backed Securities (5.02%)
FNMA 1991-3 Z Tranche, 8.50%,
01/25/21 $3,153,251 $ 3,212,406
FNMA 92 114A, PO, Zero Coupon,
06/25/22 1,146,441 931,483
---------------
4,143,889
---------------
U.S. Government Obligations (11.96%)
U.S. Treasury Bond, 7.625%, 02/15/25 1,750,000 1,811,250
U.S. Treasury Bond, 6.25%, 08/31/96 3,700,000 3,689,592
U.S. Treasury Bond, 7.50%, 01/31/97 4,300,000 4,364,500
---------------
9,865,342
---------------
U.S. Government & Agency Obligations
(cost $14,153,345) $14,009,231
---------------
Domestic Corporate & Convertible
Bonds and Notes (11.39%)
Electric Utilities (0.91%)
CMS Energy, Zero Coupon, 10/01/99 750,000 747,207
---------------
Financial Services (4.23%)
Auburn Hills Trust, 12.00%,
05/01/20 850,000 1,169,599
Commercial Credit Corp., 8.70%,
06/15/09 1,000,000 1,113,464
See Notes to Portfolio of Investments.
78 Aetna Mutual Funds Semi-Annual Report
<PAGE>
Portfolio of Investments
April 30, 1995 (Unaudited)
The Aetna Fund
Principal Market
Amount Value
-------------- ---------------
General Motors Accept. Corp., MTN.,
6.15%, 01/16/01 $1,300,000 $ 1,209,369
---------------
3,492,432
---------------
Industrial (5.32%)
American General Corp., 8.45%,
10/15/09 1,000,000 1,092,143
Beazer Homes USA 9.00%, 03/01/04 300,000 252,750
Kaman Corp., 6.00%, 03/15/12 499,000 386,725
News American Holdings, 8.50%,
02/23/25 700,000 720,882
Textron Financial Corp., 6.540%,
11/24/95 1,000,000 1,000,000
Viacom, 8.00%, 07/07/06 1,000,000 933,750
---------------
4,386,250
---------------
Paper and Containers (0.93%)
Stone Container Corp., 9.875%,
02/01/01 770,000 769,038
---------------
Domestic Corporate & Convertible Bonds and Notes
(cost $9,250,490) $ 9,394,927
---------------
Foreign & Supranational Obligations and Non-Agency
Mortgage-Backed Securities (6.91%)
Foreign & Supranational Obligations (5.69%)
African Development Bank, 8.80%,
09/01/19 1,000,000 1,111,610
Argentina FRB, 03/31/05 1,800,000 1,071,000
Argentina Pars Var, 4.25%, 03/31/23 630,000 281,925
Banco Nacuibak de Comercio
Exterior, S.N.C., 7.25%, 02/02/04 600,000 409,297
South Africa Global Bond, 9.625%,
12/15/99 500,000 498,533
Swire Pacific Ltd., 8.50%, 09/29/04 1,000,000 995,000
Transport de Gas Del Sur, 7.75%,
12/23/98 400,000 327,000
---------------
4,694,365
---------------
Non-Agency Mortgage-Backed Securities--1.22%
Resolution Trust Corp. 1991 17B6,
8.20%, 09/25/21 1,000,000 1,005,913
---------------
Total Foreign & Supranational Obligations and
Non-Agency Mortgage-Backed Securities (cost
$5,440,869) $ 5,700,278
---------------
Aetna Mutual Funds Semi-Annual Report 79
<PAGE>
Portfolio of Investments
April 30, 1995 (Unaudited)
The Aetna Fund
Principal Market
Amount Value
-------------- ---------------
Total Long Term Bonds and Notes
(cost $28,844,704) $29,104,436
---------------
Short-Term Investments (4.77%)
Baxter International, Inc., 6.05%,
05/01/95 $3,219,000 3,219,000
PECO Energy Corp., 6.05%, 05/01/95 515,000 515,000
U.S. Treasury Note, 4.25%, 07/31/95 200,000 199,188
---------------
Total Short-Term Investments
(cost $4,448,000) 3,933,188
---------------
Total Investments
(cost $79,504,921) $84,986,156
---------------
</TABLE>
Call Options
<TABLE>
<CAPTION>
No. of Unit Value Exercise Expiration Market
Contracts Per Contract Price Date Value
------------ --------------- ---------- ------------ -----------
<S> <C> <C> <C> <C> <C>
Argentine FRB 1.8 $1,000,000 $55 05/22/95 $130,000
</TABLE>
Notes to Portfolio of Investments
+ Non-income producing security.
(a) The cost of investments for income tax purposes is identical. Unrealized
gains and losses, based on identified tax cost at April 30, 1995 are as
follows:
<TABLE>
<CAPTION>
<S> <C>
Unrealized gains $6,375,712
Unrealized losses (894,478)
--------------
Net unrealized gains $5,481,234
==============
</TABLE>
Category percentages are based on net assets.
See Notes to Financial Statements.
80 Aetna Mutual Funds Semi-Annual Report
<PAGE>
Portfolio of Investments
April 30, 1995 (Unaudited)
Growth and Income Fund
<TABLE>
<CAPTION>
Number of Market
Shares Value
-------------- ---------------
<S> <C> <C>
Common Stocks (97.67%)
Aerospace & Defense (1.50%)
Kaman Corporation Class "A" 2,700 $ 33,413
Lockheed Martin Corp. 18,600 1,074,150
McDonnell Douglas Corp. 57,400 3,558,800
Precision Castparts Corp. 300 8,250
Rohr Inc. 300 3,225
Smiths Industries Plc 9,900 77,271
Watkins-Johnson Company 4,000 158,500
---------------
4,913,609
---------------
Air Transportation (1.05%)
AMR Corp. 20,500 1,381,188
Pittston Service Group 87,000 2,066,250
---------------
3,447,438
---------------
Autos & Auto Equipment (2.25%)
Borg-Warner Automotive, Inc. 6,500 167,375
Breed Technologies, Inc. 7,500 150,938
Detroit Diesel Corp. 200 4,650
Eaton Corp. 18,000 1,032,750
Echlin, Inc. 4,900 178,850
Ford Motor Co. 74,600 2,014,200
Kaydon Corp. 1,900 52,250
Masland Corp. 4,400 59,950
Smith (A.O.) Corp. 2,700 64,463
SPX Corp. 600 8,175
Standard Motor Products, Inc. 100 1,950
TRW Inc. 48,500 3,607,188
---------------
7,342,739
---------------
Banks (4.71%)
AMMB Bhd 4,000 39,527
Associated Banc-Corp. 500 18,375
Bank of Boston Corp. 16,600 556,100
Bankamerica Corp. 40,000 1,980,000
Bankatlantic Bancorp, Inc. 800 12,300
Barnett Banks, Inc. 26,400 1,234,200
Baybanks, Inc. 3,200 199,600
CCB Financial Corp. 500 20,813
Centura Banks, Inc. 1,100 28,463
Charter One Financial 2,000 45,875
Chemical Banking Corp. 74,600 3,114,550
Citicorp 43,000 1,994,125
City National Corp. 5,000 50,625
CNB Bancshares, Inc. 400 11,900
Commerce Asset Holdings 10,000 43,739
Commerce Bancorp, Inc. 1,400 23,888
Corestates Financial Corp. 17,500 570,938
Cullen/Frost Bankers Inc. 900 33,300
FFY Financial Corp. 1,700 30,600
First American Corp. (Tenn.) 2,400 83,100
Aetna Mutual Funds Semi-Annual Report 81
<PAGE>
Portfolio of Investments
April 30, 1995 (Unaudited)
Growth and Income Fund
Number of Market
Shares Value
-------------- ---------------
First Commercial Corp. 400 $ 10,000
First Commonwealth Financial Corp. 1,100 16,775
First Financial Corp. (Wis.) 800 12,650
First Interstate Bancorp 36,200 2,782,875
Firstier Financial, Inc. 300 10,088
Hawkeye Bancorporation 500 11,313
Hibernia Corp. Class "A" 6,500 52,000
HSBC Holdings Plc 8,600 99,025
JSB Financial, Inc. 2,100 62,738
Loyola Capital Corp. 300 8,550
MAF Bancorp, Inc. 400 9,400
Mellon Bank Corp. 38,900 1,526,825
National Commerce Bancorporation 400 9,900
New York Bancorp., Inc. 600 11,325
North Fork Bancorp. 1,100 19,250
N.S. Bancorp, Inc. 100 2,956
Queens County Bancorp, Inc. 1,600 49,000
Reliance Bancorp 1,600 20,200
Security Capital Corp. 2,000 94,500
Silicon Valley Bancshares 500 7,875
Standard Financial, Inc. 900 11,025
Star Banc Corp. 2,100 87,675
St. Francis Capital Corp. 600 11,250
Summit Bancorporation 2,400 46,350
Susquehanna Bancshares, Inc. 400 9,125
TCF Financial Corp. 5,500 235,813
The Boston Bancorp 1,800 69,975
Trustmark Corp. 600 10,050
Valley National Bancorp 945 23,625
---------------
15,414,151
---------------
Building Materials & Construction (0.83%)
American Buildings Company 2,000 37,125
Armstrong World Industries, Inc. 26,900 1,223,950
Butler Manufacturing Company 400 15,900
Carlisle Cos., Inc. 600 22,575
Champion Enterprises, Inc. 2,200 66,000
Granite Construction Inc. 1,500 30,281
Hong Leong Industries Bhd 7,000 37,138
Hume Industries-Malaysia 8,000 31,913
Metra Oy 'B' 700 28,447
Modine Manufacturing Co. 1,700 57,800
National Steel Corp. 11,100 141,525
NCI Building Systems, Inc. 900 16,088
See Notes to Portfolio of Investments.
82 Aetna Mutual Funds Semi-Annual Report
<PAGE>
Portfolio of Investments
April 30, 1995 (Unaudited)
Growth and Income Fund
Number of Market
Shares Value
-------------- ---------------
Radex-Heraklith Industrial AG 1,000 $ 30,949
Redman Industries, Inc. 3,800 74,575
Security Capital Industrial Trust 9,100 142,188
Skyline Corp. 800 14,200
Stone & Webster, Inc. 800 23,800
Strabag Oesterreich AG 300 45,961
Texas Industries, Inc. 1,800 67,725
Tredegar Industries, Inc. 900 20,475
UNR Industries, Inc. 1,500 8,953
VA Technologie AG 700 77,445
Vulcan Materials Co. 1,300 75,400
Webb (Del E.) Corp. 10,600 202,725
WHX Corp. 12,300 132,225
Wienerberger Baustoffind 100 33,623
Wing Tai Holdings 36,000 60,969
---------------
2,719,955
---------------
Chemicals (2.47%)
ARCO Chemical Co. 1,800 83,700
Cabot Corp. 6,800 266,900
Chemed Corp. 1,500 46,125
Cytec Industries+ 2,400 87,300
du Pont (E.I.) de Nemours & Co. 12,900 849,788
Dyno Industrier AS 1,300 34,474
Eastman Chemical Co. 5,700 323,475
First Mississippi Corp. 8,500 212,500
Fuji Photo Film Ord 3,000 73,554
Fuller (H.B.) Co. 300 11,363
IMC Global, Inc. 3,700 181,763
Loctite Corp. 1,100 54,725
Lyondell Petrochemical Co. 11,200 278,600
Morton International, Inc. 82,700 2,563,700
Norsk Hydro AS 4,100 167,044
Olin Corp. 4,700 262,613
OM Group, Inc. 2,200 52,525
PPG Industries, Inc. 21,300 838,688
Sekisui Chemical Co. 5,000 62,485
Sterling Chemicals, Inc. 10,400 130,000
The Geon Gompany 9,900 267,300
Union Carbide Corp. 26,100 835,200
Vigoro Corp. 6,000 239,250
Wellman, Inc. 5,900 159,300
---------------
8,082,372
---------------
Commercial Services (0.90%)
Actava Group, Inc. 1,300 12,025
Allwaste, Inc.+ 2,900 17,400
California Water Service Co. 400 12,750
Devry, Inc. 3,200 121,200
Flightsafety International, Inc. 1,000 49,250
Flughafen Wien AG 800 35,700
Franklin Quest Co.+ 4,100 136,325
GRC International Inc. 2,100 30,450
Aetna Mutual Funds Semi-Annual Report 83
<PAGE>
Portfolio of Investments
April 30, 1995 (Unaudited)
Growth and Income Fund
Number of Market
Shares Value
-------------- ---------------
Health Management Systems, Inc. 150 $ 3,488
Inchcape Plc 22,400 114,994
Interim Services, Inc. 500 14,406
Ionics, Inc. 2,000 56,000
Jacobs Engineering Group Inc.+ 2,300 45,425
Kelly Services Inc. Class "A"+ 100 3,400
Kindercare Learning Centers, Inc. 4,500 60,750
Manpower Inc. 400 13,350
Olsten Corp. 7,500 255,938
Orkla A/S Class "A" 3,000 111,279
Paychex, Inc. 300 14,306
Robert Half International Inc. 7,400 195,175
Rollins Inc. 800 22,500
Royal PTT NV 2,700 94,281
Security Capital Pacific Trust 15,700 274,750
Service Corp. International 36,300 1,025,475
Stewart Enterprises, Inc. 3,100 86,025
True North Communications, Inc. 2,000 38,000
Welsh Water Plc 6,400 63,754
Western Waste Industries 2,100 38,850
---------------
2,947,246
---------------
Computer & Office Equipment (5.30%)
Adaptec, Inc. 4,200 134,925
Ceridian Corp. 116,800 4,029,600
Champion Industries, Inc. 600 12,525
Dell Computer Corp. 6,000 328,125
Ennis Business Forms, Inc. 100 1,338
Fair Isaac & Company, Inc. 200 9,400
Gartner Group, Inc.+ 1,700 70,444
Gateway 2000, Inc.+ 6,200 117,413
HBO and Co. 300 13,650
In Focus Systems, Inc. 5,100 136,425
International Business Machines Corp. 100,300 9,503,425
OPTI, Inc.+ 7,700 116,463
Planar Systems, Inc.+ 6,900 134,550
Read-Rite Corp. 13,900 296,244
Standard Register Co. 400 7,250
Sterling Software, Inc. 7,700 261,800
Stratus Computer, Inc. 300 8,925
Sun Microsystems, Inc. 24,500 973,875
Telxon Corp. 1,000 16,000
United Stationers, Inc. 44 759
Xerox Corp. 9,300 1,145,063
---------------
17,318,199
---------------
Computer Software (0.88%)
Adobe Systems, Inc. 3,200 186,000
American Management Systems, Inc.+ 6,100 128,100
Autodesk, Inc. 38,600 1,317,225
See Notes to Portfolio of Investments.
84 Aetna Mutual Funds Semi-Annual Report
<PAGE>
Portfolio of Investments
April 30, 1995 (Unaudited)
Growth and Income Fund
Number of Market
Shares Value
-------------- ---------------
Boole & Babbage, Inc. 500 $ 14,500
CACI International, Inc. 300 3,038
Cadence Design Systems, Inc. 7,400 238,650
Continum, Inc. 1,700 56,100
Exabyte Corp. 12,400 155,000
Informix Corp. 7,600 298,775
Kronos, Inc. 1,500 45,188
National Data Corp. 900 16,763
Peoplesoft, Inc.+ 300 15,450
Policy Management Systems Corp.+ 100 5,038
Reynolds & Reynolds Co. Class "A" 4,000 106,000
Sungard Data Systems Inc.+ 6,000 278,250
---------------
2,864,077
---------------
Consumer Products (1.20%)
Chic By HIS Inc.+ 1,400 14,875
Cobra Golf, Inc. 4,700 101,638
Consolidated Papers Inc. 5,400 264,600
Dial Corp. 26,200 632,075
Ekco Group, Inc. 100 588
Fieldcrest Cannon, Inc.+ 4,100 90,713
First Brands Corp. 9,300 358,050
Gencorp Inc. 4,500 56,813
Guilford Mills, Inc. 200 4,950
Huffy Corp. 1,800 26,100
Libbey Inc. 1,700 32,938
Natures Sunshine Products, Inc. 1,340 17,253
Oneida Ltd. 600 9,000
Procter & Gamble Co. 21,300 1,488,338
Reckitt & Coleman Plc 10,200 105,219
Springs Industries, Inc. Class "A" 1,400 54,425
Unifi, Inc. 3,400 85,425
Valspar Corp. 2,400 84,900
VF Corp. 10,000 505,000
---------------
3,932,900
---------------
Diversified (3.02%)
Applied Power, Inc. 1,300 34,288
Astec Industries, Inc.+ 1,600 18,000
Bic Corp. 1,000 33,875
Blount Inc. Class "A" 300 13,388
Brascan Ltd. 'A' 1,400 18,776
Brau-Union Goess-Reining. AG 600 38,620
Cyrk International, Inc. 2,800 40,250
Dover Corp. 42,100 2,736,500
Eastern Enterprises 7,000 209,125
Elkjop 2,000 35,358
Griffon Corp. 5,800 44,950
Hagemeyer N.V. 500 43,245
Harrisons & Crosfield Plc 39,200 97,781
Harsco Corp. 3,000 142,875
Helix Technology Corp. 1,200 39,000
Insilco Corp. 800 21,700
ITT Corp. 35,000 3,657,500
Katy Industries 800 7,300
Aetna Mutual Funds Semi-Annual Report 85
<PAGE>
Portfolio of Investments
April 30, 1995 (Unaudited)
Growth and Income Fund
Number of Market
Shares Value
-------------- ---------------
Kulicke & Soffa Industries, Inc. 5,000 $ 212,188
Loews Corp. 1,900 193,563
Lonrho Plc 41,300 109,666
Lydall, Inc. 400 14,800
Oasis Residential Inc. 11,600 253,750
Pentair, Inc. 2,400 110,100
Plantronics Inc. 700 19,075
Santa Anita Realty Enterprises, Inc. 600 9,825
Spieker Properties, Inc. 4,300 83,850
SPS Technologies, Inc.+ 400 12,650
Standex International Corp. 1,100 34,513
Summit Properties Inc. 2,100 34,913
Textron Inc. 26,200 1,493,400
Valmet Corp. Class "A" 1,000 22,716
Varlen Corp. 600 13,950
Westmont Bhd 7,000 30,334
---------------
9,881,824
---------------
Electric Utilities (4.54%)
Allegheny Power System, Inc. 4,000 94,000
Aquarion Company 800 17,700
Baltimore Gas & Electric 13,900 328,388
Boston Edison Co. 5,200 124,150
California Energy Co. 1,700 28,263
Central Hudson Gas & Electric 3,300 85,388
Central Maine Power Co. 10,200 113,475
CILCORP, Inc. 1,900 69,113
CMS Energy Corp. 5,800 135,575
Commonwealth Energy System Co. 800 32,800
DPL Inc. 6,700 139,863
DQE, Inc. 5,500 185,625
Evn-Energie-Versorgung 300 39,360
Florida Progress Corp. 1,800 54,900
General Public Utilities Corp. 6,500 185,250
Green Mountain Power Corp. 800 20,500
Hokkaido Electric Power 3,000 81,409
IES Industries, Inc. 2,500 51,875
Illinova Corp. 10,500 244,125
Kansas City Power & Light Co. 2,100 47,775
LG&E Corp. 1,100 42,488
MDU Resources Group, Inc. 1,500 41,438
Midwest Resources, Inc. 1,900 27,075
Montana Power Co. 2,900 67,063
National Power Plc--Adr 5,350 60,856
New York State Electric & Gas Corp. 6,100 133,438
Nipsco Industries, Inc. 7,800 251,550
Northern States Power Co. (Minn.) 12,000 531,000
Oesterreichisch Elektriz 1,300 85,948
Ohio Edison Company 136,000 2,737,000
See Notes to Portfolio of Investments.
86 Aetna Mutual Funds Semi-Annual Report
<PAGE>
Portfolio of Investments
April 30, 1995 (Unaudited)
Growth and Income Fund
Number of Market
Shares Value
-------------- ---------------
Oklahoma Gas and Electric 3,200 $ 110,000
Orange and Rockland Utilities, Inc. 2,600 82,550
Otter Tail Power Co. 500 16,625
Peco Energy Co. 30,300 780,225
Pinnacle West Capital Corp. 11,200 240,800
Portland General Corp. 6,900 143,175
Powergen Plc 5,350 68,213
Public Service Co. Of New Mexico 18,300 233,325
Rochester Gas & Electric Corp. 3,700 76,313
Scecorp 229,000 3,835,750
Sierra Pacific Resources 3,300 68,888
Siliconix Inc. 200 2,725
Southwestern Public Service Company 700 19,950
Tenaga Nasional Bhd 9,000 40,094
Three-Five Systems, Inc. 1,600 38,800
TNP Enterprises, Inc. 700 11,113
Transalta Corp. 3,100 31,893
Unicom Corp. 83,400 2,189,250
Union Electric Co. 7,300 260,063
United Illuminating Co. 2,000 64,250
Western Resources, Inc. 2,100 63,788
Wisconsin Energy Corp. 11,400 316,350
WPS Resources Corp. 2,700 77,963
---------------
14,829,493
---------------
Electrical Equipment (7.21%)
3Com Corp.+ 3,300 184,594
AMETEK, Inc. 4,600 74,750
AMP Inc. 33,600 1,436,400
Avnet, Inc. 4,600 204,700
Belden Inc. 2,700 60,750
Burr-Brown Corp. 2,400 61,200
Cellstar Corp. 6,500 125,125
Diebold, Inc. 300 12,450
Dionex Corporation 500 20,938
Emerson Electric Co. 49,300 3,315,425
First Alert, Inc. 8,400 102,375
General Electric Co. 123,900 6,938,400
Grainger, (W.W.), Inc. 6,100 369,050
Harman International Industries 2,800 102,200
Hitachi Ltd. (Hit. Seisakusho) 7,000 71,233
International Rectifier Corp. 8,900 225,838
Itel Corp 2,300 82,800
Kemet Corp. 3,500 136,938
Linear Technology Corp. 400 23,750
Littlefuse, Inc. 800 27,000
Marshall Industries 400 11,050
Microchip Technology Corp. 19,700 550,369
Mitsubishi Electric Corp. 8,000 56,748
Molex, Inc. 1,300 49,400
Park Electrochemical Corp. 1,200 45,000
Aetna Mutual Funds Semi-Annual Report 87
<PAGE>
Portfolio of Investments
April 30, 1995 (Unaudited)
Growth and Income Fund
Number of Market
Shares Value
-------------- ---------------
Parker-Hannifin Corp. 51,000 $ 2,652,000
Pittway Corp. Class "A" 1,100 48,538
Sundstrand Corp. 1,600 88,800
Tektronix, Inc. 83,400 3,794,700
Telco Systems, Inc. 3,300 40,013
Teleflex Inc. 800 33,100
Teradyne, Inc. 5,000 253,125
Texas Instruments, Inc. 22,300 2,363,800
Valmont Industries 700 14,875
---------------
23,577,434
---------------
Electronics (2.00%)
Alcatel STK AS 600 28,930
Allen Group Inc. 3,000 67,875
Austria Mikro Systeme International+ 300 29,859
Bell Industries, Inc. 1,100 22,138
Best Power Technology, Inc. 1,000 12,625
CTS Corp. 500 16,563
Dynatech Corp. 3,200 55,200
Esterline Technology+ 1,800 30,375
Glenayre Technologies, Inc. 3,300 202,538
Input/Output Inc. 3,700 125,338
Intel Corp. 18,000 1,843,875
Kyocera Corp. 1,000 77,363
Logicon Inc. 1,600 59,200
Loral Corp. 12,000 564,000
Matsushita Electric Industrial Co. Ltd. 4,000 67,127
Maxim Integrated Products, Inc. 3,500 127,750
Micron Technology Inc. 3,300 271,425
Motorola, Inc. 8,300 472,063
MTS Systems Corp. 300 7,388
Nintendo Corp. Ltd.+ 1,000 64,151
Philips Electronics N.V. 2,800 106,990
Pioneer Standard Electronics, Inc. 700 13,825
Rohm Company 3,000 138,896
Seagate Technology, Inc. 3,700 117,938
Sensormatic Electronics Corp. 7,500 223,125
Tandy Corp. 27,000 1,336,500
Tencor Instruments 3,500 237,563
Tracor Inc. 3,500 45,281
Unitrode Corp. 1,600 33,200
Varian Associates, Inc. 2,300 105,800
Venture Manufacturing Ltd. 11,000 26,207
---------------
6,531,108
---------------
Environmental Control (0.41%)
Browning-Ferris Industries, Inc. 40,100 1,323,300
Groundwater Technology, Inc.+ 1,500 19,500
---------------
1,342,800
---------------
See Notes to Portfolio of Investments.
88 Aetna Mutual Funds Semi-Annual Report
<PAGE>
Portfolio of Investments
April 30, 1995 (Unaudited)
Growth and Income Fund
Number of Market
Shares Value
-------------- ---------------
Financial Services (3.52%)
Abbey National Plc 11,900 $ 89,051
ABN-Amro Holdings NV 1,200 46,240
Advanta Corporation 1,200 41,400
ALBANK Financial Corp. 1,600 41,200
American General Corp. 117,900 3,890,700
Astoria Financial Corp.+ 2,500 85,156
AT&T Capital Corp. 700 18,725
Bank of Montreal 2,200 44,863
Bank of New York Co., Inc. 13,700 450,388
Bankers Corp. 3,100 50,956
Barclays Plc 10,600 109,004
Bell Bancorp, Inc. 500 14,000
Brooklyn Bancorp+ 300 9,600
Canadian Imperial Bank of Commerce 1,600 39,830
Cincinnati Financial Corp. 400 22,300
Citizens Bancorp 100 2,950
CNA Financial Corp. 600 46,200
Coral Gables Fedcorp, Inc. 1,600 42,000
Creditanstalt-Bankverein 1,500 86,062
Dean Witter Discover & Co. 62,400 2,644,200
Deposit Guaranty Corp. 1,000 34,625
Development Bank Of Singapore+ 7,000 74,848
Duff & Phelps Corp. 7,100 77,213
Federal Home Loan Mortgage Corp. 19,600 1,278,900
Finova Group Inc. 1,200 40,500
First Bank System, Inc. 4,400 178,200
First Empire State Corp. 300 48,150
First Midwest Bancorp 100 2,400
First Palm Beach Bancorp 1,200 21,450
Fort Wayne National Corp. 400 10,850
GP Financial Corp. 5,900 141,231
Great Financial Corp. 1,000 17,688
Home Financial Corp. 4,100 51,763
Kagoshima Bank 4,000 35,753
Keystone Financial, Inc. 300 8,644
Leader Financial Corp. 600 16,313
Leucadia National Corp. 1,400 62,650
Liberty Financial Companies 450 11,194
Lion Land Bhd 25,000 28,856
Mark Twain Bancshares, Inc. 1,200 37,725
Money Store Inc. (The) 500 11,781
Nippon Shinpan Co. 6,000 47,560
Orient Corp. 10,000 54,749
Aetna Mutual Funds Semi-Annual Report 89
<PAGE>
Portfolio of Investments
April 30, 1995 (Unaudited)
Growth and Income Fund
Number of Market
Shares Value
-------------- ---------------
Oversea-Chinese Banking 4,000 $ 43,631
Peoples Heritage Financial Group 3,100 43,206
Pioneer Group, Inc. 5,200 132,275
Promise Co., Ltd. 2,000 87,360
Rashid Hussain Bhd 12,000 28,187
Raymond James Financial, Inc. 100 1,750
Republic Bancorp, Inc. 800 9,300
River Forest Bancorp, Inc. 200 7,325
Rochester Community Savings Bank 1,900 35,388
Royal Bank Of Canada 1,700 37,322
Sanyo Shinpan Finance Co. 1,000 81,766
Sparebanken Nor (Union Bank of Norway) 1,700 34,699
Student Loan Corp. 100 2,488
Travelers Group, Inc. 17,000 703,375
Union Bank 700 27,300
Unitas Bank Ltd. Class "A" 14,900 44,101
United Overseas Bank Ltd. 3,000 31,216
Vallicorp Holdings, Inc. 1,500 22,125
World Acceptance Corp. 300 8,550
Yasuda Trust & Banking 9,000 72,840
---------------
11,522,072
---------------
Food & Beverage (7.91%)
Anheuser Busch Co. 58,000 3,371,250
Archer-Daniels-Midland Co. 185,400 3,383,550
Associated British Foods 7,900 82,510
Bob Evans Farms, Inc. 1,900 38,950
Bols Wessanen Cva 1,300 27,606
Cadbury Schweppes Plc 10,000 72,016
Cagle's, Inc. 1,300 25,838
Campbell Soup Co. 22,000 1,127,500
Coca-Cola Co. (The) 87,000 5,056,875
Coca-Cola Enterprises, Inc. 10,600 237,175
Conagra, Inc. 108,400 3,604,300
CPC International Inc. 33,000 1,934,625
Cultor Oy 800 26,310
Goodmark Foods, Inc. 900 14,344
Hillsdown Holdings Plc 29,900 88,537
Hormel Foods Corp. 7,000 191,625
Hudson Foods, Inc. Class "A" 11,250 194,063
Huhtamaki Group Class "I" 800 25,934
IBP, Inc. 7,400 273,800
International Multifoods Corp. 3,500 71,750
See Notes to Portfolio of Investments.
90 Aetna Mutual Funds Semi-Annual Report
<PAGE>
Portfolio of Investments
April 30, 1995 (Unaudited)
Growth and Income Fund
Number of Market
Shares Value
-------------- ---------------
Kikkoman 9,000 $ 75,518
Kroger Co. 23,400 596,700
Lance, Inc. 1,000 17,625
Luby's Cafeterias Inc. 17,100 324,900
McDonald's Corp. 6,000 210,000
Michael Foods, Inc. 1,600 20,200
Molson Companies Ltd. 2,200 33,546
Mondavi (Robert) Corp.+ 800 11,500
Nash-Finch Company 1,300 20,881
Oester Brau-Beteiligungs 700 35,988
Richfood Holdings, Inc. 2,600 51,350
Safeway, Inc. 5,600 210,000
Sara Lee Corp. 99,600 2,776,350
Smith's Food & Drug Centers, Inc. 200 4,325
Super Food Services, Inc. 800 8,900
Supervalu Inc. 47,000 1,239,625
Thorn Apple Valley, Inc. 2,300 41,400
Tyson Foods, Inc. 7,600 179,075
Unilever N.V. 800 107,248
Universal Foods Corp. 1,700 55,250
---------------
25,868,939
---------------
Gas Utilities (0.01%)
Public Service Co. of North Carolina 800 11,900
South Jersey Industries 500 10,063
---------------
21,963
---------------
Health Services (0.01%)
Advantage Health Corp. 600 16,950
Columbia/HCA Healthcare Corp. 54,200 2,276,400
Health Management Associates Class "A" 1,400 40,600
Horizon Healthcare Corp. 11,200 233,800
Humana Inc. 77,500 1,511,250
Invacare Corp. 2,200 86,350
Lincare Holdings, Inc.+ 7,200 221,400
Owens & Minor, Inc. 6,600 89,100
Pharmacy Management Services, Inc.+ 1,500 23,813
Quorum Health Group, Inc. 1,200 24,600
Respironics, Inc. 600 8,625
Surgical Care Affiliates, Inc. 3,600 83,700
Universal Health Services, Inc. 2,600 68,575
West Co., Inc. 400 11,200
---------------
4,696,363
---------------
Health Technology (0.13%)
Barr Laboratories, Inc. 400 8,400
Cordis Corp. 2,600 187,200
Isomedix, Inc. 400 5,950
Kinetic Concepts, Inc. 900 6,863
Aetna Mutual Funds Semi-Annual Report 91
<PAGE>
Portfolio of Investments
April 30, 1995 (Unaudited)
Growth and Income Fund
Number of Market
Shares Value
-------------- ---------------
Sullivan Dental Products, Inc. 300 $ 4,125
Sybron International Corp. 5,300 196,763
---------------
409,301
---------------
Home Furnishings & Appliances (0.04%)
Haverty Furniture Company, Inc. 3,500 36,313
Juno Lighting, Inc. 100 2,050
Kimball International, Inc. Class "B" 300 7,875
Leggett & Platt, Inc. 2,200 84,700
---------------
130,938
---------------
Hotel & Restaurant (0.19%)
Compass Group Plc 16,700 89,629
Cracker Barrel Old Country Store, Inc. 3,000 63,563
Hotel Properties Ltd. 18,000 33,585
La Quinta Inns Inc. 5,200 155,350
Marcus Corp. 400 10,650
Prime Hospitality Corp. 2,500 25,000
RFS Hotel Investors, Inc. 6,600 96,525
Sonic Corp. 4,900 127,400
Uno Restaurant Corp. 1,625 17,773
---------------
619,475
---------------
Insurance (3.00%)
Acceptance Insurance Companies, Inc.+ 1,400 21,350
Aegon N.V. 1,100 85,555
AFLAC, Inc. 7,500 309,375
Allied Group, Inc. 700 20,388
Allmerica Property & Casualty Co. 1,100 20,900
Allstate Corp. 7,000 212,625
American Travellers Corp.+ 1,600 32,000
AON Corp. 7,000 258,125
Argonaut Group, Inc. 600 18,150
Capital American Financial Corp. 1,100 24,063
Cigna Corp 3,300 239,663
CMAC Investment Corp. 5,900 218,300
Ea-Generali AG 300 78,967
Emphesys Financial Group, Inc. 100 2,638
E. W. Blanch Holdings, Inc. 300 5,625
Fremont General Corp. 3,100 68,588
Fund American Enterprises 404 29,139
Gallagher (Arthur J.) & Co. 1,700 58,225
General Re Corp. 21,500 2,738,563
Guardian Royal Exchange 23,700 71,895
HCC Insurance Holdings, Inc. 300 6,825
Healthwise Of America, Inc. 600 16,950
Lawyers Title Corp. 600 8,700
See Notes to Portfolio of Investments.
92 Aetna Mutual Funds Semi-Annual Report
<PAGE>
Portfolio of Investments
April 30, 1995 (Unaudited)
Growth and Income Fund
Number of Market
Shares Value
-------------- ---------------
Life Partners Group, Inc. 2,900 $ 56,550
Markel Corp. 400 20,650
Maxicare Health Plans, Inc.+ 6,700 105,106
Mutual Assurance, Inc. 400 10,600
Ohio Casualty Corp. 4,800 140,700
Old Republic International 3,100 79,825
Orion Capital Corp. 2,200 77,275
Progressive Corp. 36,200 1,366,550
Protective Life Corp. 1,100 49,913
PXRE Corp. 700 17,150
Reliastar Financial Corp. 3,945 141,527
Royal Insurance Holdings 17,800 86,796
Security-Connecticut Corp. 2,200 55,000
Selective Insurance Group 1,300 38,025
St. Paul Companies, Inc. 50,100 2,411,063
Transatlantic Holdings, Inc. 2,300 146,050
Trenwick Group, Inc. 300 13,313
Uni Storebrand AS 24,500 91,747
United American Healthcare Corp. 2,100 35,438
Unitrin, Inc. 4,000 193,000
Vesta Insurance Group, Inc. 4,000 133,500
Zenith National Insurance 300 6,113
---------------
9,822,500
---------------
Leisure & Entertainment (0.46%)
Arctco, Inc. 10,200 142,800
Carmike Cinemas Class "A" 2,700 60,075
Chris-Craft Industries Inc. 3,430 115,763
Fleetwood Enterprises, Inc. 22,800 524,400
Topps Co., Inc.+ 700 4,331
Walt Disney Co. 11,600 642,350
---------------
1,489,719
---------------
Machinery (1.27%)
AGCO Corp 7,500 267,188
Caterpillar Inc. 40,700 2,380,950
Fluor Corp. 10,600 545,900
Ralston-Ralston Purina Group 20,000 950,000
Regal-Beloit Corp. 1,600 24,400
---------------
4,168,438
---------------
Machinery & Equipment (0.31%)
Barnes Group, Inc. 600 26,925
Clarcor, Inc. 1,000 21,000
Danaher Corp. 5,400 160,650
Donaldson Company, Inc. 4,900 121,888
Electroglas, Inc. 200 8,750
Harnischfeger Industries, Inc. 9,600 283,200
Indresco Inc. 4,600 64,400
Aetna Mutual Funds Semi-Annual Report 93
<PAGE>
Portfolio of Investments
April 30, 1995 (Unaudited)
Growth and Income Fund
Number of Market
Shares Value
-------------- ---------------
Jenbacher Werke AG 200 $ 31,772
JLG Industries, Inc. 800 16,200
Kone Corporation Class "B" 200 24,900
Koyo Seiko Co., Ltd. 7,000 73,649
Raymond Corp. (The) 525 10,631
Tecumseh Products Co. Class "A" 2,900 145,000
Tsukishima Kikai 1,000 19,043
Watts Industries, Inc. 900 20,475
---------------
1,028,483
---------------
Media (1.42%)
Advo, Inc. 1,900 38,238
Capital Cities/ABC, Inc. 38,300 3,236,350
Clear Channel Communications, Inc. 1,700 95,625
Finnair Oy 2,500 19,673
Genting Bhd 7,000 63,786
Granada Group Plc 7,100 65,071
Heritage Media Corp. Class "A" 2,200 56,100
King World Productions, Inc.+ 3,900 156,975
Magnum Corp. Bhd 21,000 38,272
Media General, Inc. 2,300 74,750
Park Communications, Inc.+ 500 15,219
Regal Cinemas, Inc. 2,400 65,700
Viacom International Class "B" 15,800 724,825
---------------
4,650,584
---------------
Medical Services (0.05%)
Health Management, Inc. 3,400 61,625
Healthcare Compare Corp.+ 2,400 72,300
Healthsouth Corp.+ 1,000 19,750
---------------
153,675
---------------
Medical Supplies (1.32%)
Amsco International, Inc.+ 12,700 160,338
Baxter International, Inc. 100 3,475
Becton, Dickinson & Co. 66,700 3,718,525
Cardinal Health Inc. 5,500 253,688
Datascope Corp.+ 1,900 34,675
Nellcor, Inc. 3,500 145,688
Spacelabs Medical, Inc. 500 12,250
---------------
4,328,639
---------------
Metals (1.90%)
Acme Metals, Inc.+ 1,500 24,656
Alcan Aluminum Ltd. 36,700 1,041,230
Alumax Inc.+ 8,000 226,000
Asarco, Inc. 14,300 389,675
Ashland Coal, Inc. 1,100 30,388
Brenco, Inc. 1,100 14,919
British Steel Plc 32,100 87,303
Cleveland Cliffs Inc. 1,100 40,288
Commercial Metals Co. 900 23,850
See Notes to Portfolio of Investments.
94 Aetna Mutual Funds Semi-Annual Report
<PAGE>
Portfolio of Investments
April 30, 1995 (Unaudited)
Growth and Income Fund
Number of Market
Shares Value
-------------- ---------------
Cyprus Amax Minerals Co. 26,000 $ 724,750
Dofasco, Inc. 2,300 28,733
Elkem AS Class "A"+ 0 44,339
Freeport McMoRan Copper & Gold, Inc. 6,476 135,187
Freeport McMoRan, Inc. 6,100 107,513
Handy & Harman 5,000 75,000
J & L Specialty Steel, Inc. 1,500 27,750
Kennametal Inc. 16,600 556,100
Kon. Ned. Hoogovens En 700 27,019
Magma Copper Co. 11,800 197,650
Material Sciences Corp. 700 12,688
Minerals Technologies, Inc. 1,600 53,200
Noranda, Inc. 2,300 40,353
Nucor Corp. 9,200 441,600
Outokumpu Oy Class "A" 1,600 28,640
Phelps Dodge Corp. 14,100 798,413
Rautaruukki Oy 5,000 39,934
Rouge Steel Co. 43,900 982,263
---------------
6,199,441
---------------
Oil & Gas (7.86%)
Alberta Energy Co. Ltd. 2,200 33,951
Amoco Corp. 7,100 465,938
Box Energy Corp.--Class "B" 1,200 10,200
Burmah Castrol Plc 6,700 94,130
Castle Energy Corp. 300 2,606
Conwest Exploration Co. 1,100 20,209
Dekalb Energy Co. 2,600 61,588
Exxon Corp. 100,000 6,982,350
Falconbridge Ltd. 2,200 33,951
Global Industries Ltd. 2,700 69,863
Imperial Oil Ltd. 1,100 39,104
Leviathan Gas Pipeline Partners L.P. 1,300 32,500
Mobil Corp. 55,400 5,256,075
Newfield Exploration Co. 900 20,700
Newpark Resources, Inc. 1,100 24,338
Oneok Inc. 5,800 110,925
Panhandle Eastern Corp. 80,000 1,920,000
Penn Virginia Corp. 100 3,350
Petro-Canada 2,900 27,438
Phoenix Resource Companies, Inc. 2,600 74,100
Quaker State Corp. 4,900 69,825
Royal Dutch Petroleum Co. 70,700 8,766,800
Saga Petroleum AS 2,800 40,726
Santa Fe Pacific Pipeline Partners, L.P. 1,000 37,000
Shell Transport Class "A" 18,600 1,325,250
Aetna Mutual Funds Semi-Annual Report 95
<PAGE>
Portfolio of Investments
April 30, 1995 (Unaudited)
Growth and Income Fund
Number of Market
Shares Value
-------------- ---------------
Sonat Offshore Drilling Co. 2,300 $ 62,100
Tesoro Petroleum Corp. 5,300 52,338
Texas Meridian Resources Corp. 200 2,450
Tide West Oil Co. 1,200 12,375
Transcanada Pipelines Ltd. 2,500 33,069
---------------
25,685,249
---------------
Oil & Gas Utilities (1.11%)
Connecticut Energy Corp. 700 13,388
New Jersey Resources Corp. 2,500 56,250
Northwest Natural Gas Co. 1,000 30,750
OEMV AG 800 82,915
Pacific Enterprises 21,000 517,125
Piedmont Natural Gas, Inc. 900 18,338
Schlumberger, Ltd. 42,000 2,640,750
Southern Indiana Gas & Electric Co. 1,200 36,300
Southwest Gas Corp. 1,200 17,700
Union Texas Petroleum Holdings, Inc. 9,300 198,788
Westcoast Energy Inc. 2,000 31,783
---------------
3,644,087
---------------
Oil & Gas Equipment (0.09%)
Camco International Inc. 6,600 155,925
Smith International Inc. 7,500 129,375
---------------
285,300
---------------
Paper & Containers (3.60%)
Abitibi-Price Inc. 2,600 36,302
ACX Technologies, Inc.+ 400 17,400
Aptargroup, Inc. 800 23,600
Avery Dennison Corp. 50,500 2,051,563
Ball Corp. 99,000 3,390,750
Bowater Inc. 3,000 114,750
Champion International Corp. 22,200 976,800
Chesapeake Corp. 9,600 297,600
Enso-Gutzeit Oy 5,400 48,203
Gaylord Container Corp. 5,700 64,125
Glatfelter (P.H.) Co. 1,200 21,600
International Paper Co. 50,000 3,850,000
Koninklijke KNP BHT 1,000 30,207
Kymmene Oy 1,600 48,109
Leykam-Muerztaler Papier 700 28,430
Longview Fibre Co. 1,900 31,588
Macmillan Bloedel Ltd. 2,900 37,827
Mayr-Melnhof Karton AG 600 34,795
Metsa Serla Class "B" 1,000 43,693
Owens-Illinois Inc.+ 4,900 58,188
Rayoner Inc. 6,900 228,563
Repola Oy 2,900 58,381
See Notes to Portfolio of Investments.
96 Aetna Mutual Funds Semi-Annual Report
<PAGE>
Portfolio of Investments
April 30, 1995 (Unaudited)
Growth and Income Fund
Number of Market
Shares Value
-------------- ---------------
Rock-Tenn Co. Class "A" 900 $ 15,300
Stone-Consolidated Corp. 1,900 23,736
Thermo Fibertek Inc. 300 5,513
Willamette Industries, Inc. 4,500 228,938
---------------
11,765,961
---------------
Personal Care (0.05%)
American Safety Razor Co.+ 1,500 18,375
Block Drug Co., Inc. 500 18,219
DSG International Ltd. 6,000 111,750
Helene Curtis Industries, Inc. 400 13,750
---------------
162,094
---------------
Pharmaceuticals (6.51%)
Allergan, Inc. 32,400 878,850
A.L. Pharma, Inc.--Class "A" 3,700 88,338
Bristol-Myers Squibb Co. 30,800 2,005,850
Carter-Wallace, Inc. 1,100 13,888
Foxmeyer Health Corp. 1,600 30,400
Johnson & Johnson 87,500 5,687,500
Marion Merrell Dow, Inc. 7,900 188,613
Medtronic, Inc. 29,700 2,208,938
Pfizer Inc. 15,200 1,316,700
Rhone-Poulenc Rorer, Inc. 4,500 188,438
Schering Plough 45,800 3,452,175
Smithkline Beecham Plc 96,600 3,755,325
Warner Lambert Co. 16,600 1,323,850
Watson Pharmaceuticals, Inc. 4,800 148,800
---------------
21,287,665
---------------
Printing & Publishing (1.62%)
Banta Corp. 6,900 228,563
Belo (A.H.) Corp. 4,000 240,500
Cadmus Communications Corp. 400 7,275
CCH Inc. 300 5,025
Central Newspapers, Inc. Class "A" 3,000 78,000
Devon Group, Inc. 2,200 58,850
Gannett Company, Inc. 75,900 3,994,238
International Imaging Materials 1,500 39,938
Lee Enterprises, Inc. 1,200 43,050
Meredith Corp. 2,400 60,000
Omnicom Group 2,700 150,188
Pulitzer Publishing Co. 1,825 73,684
Reader's Digest Association, Inc. 100 3,938
Scholastic Corp. 3,400 190,400
Scientific Games Holdings Corp. 3,700 89,263
Aetna Mutual Funds Semi-Annual Report 97
<PAGE>
Portfolio of Investments
April 30, 1995 (Unaudited)
Growth and Income Fund
Number of Market
Shares Value
-------------- ---------------
VNU-Verenigde Nederlands Uitger Ver
Beait 300 $ 33,615
---------------
5,296,527
---------------
Rails (0.24%)
Conrail Inc. 14,100 770,213
---------------
Real Estate (1.09%)
Amli Residential Properties Trust 4,300 78,475
Amresco, Inc. 2,100 14,963
Camden Property Trust 6,000 126,000
Centerpoint Properties Corp. 200 3,800
Chelsea GCA Realty, Inc. 7,700 187,688
Colonial Properties Trust 4,600 105,225
Crown America Realty Trust 10,100 126,250
Debartolo Realty Corp. 19,300 267,788
Duke Realty Investments, Inc. 11,200 305,200
Equity Inns, Inc. 6,500 73,938
Equity Residential Properties Trust 12,100 323,675
General Growth Properties 5,100 103,275
Health Care Properties Investors, Inc. 6,400 193,600
Irvine Apartment Communities, Inc. 17,100 269,325
Merry Land & Investment Co., Inc. 19,400 366,175
MGI Properties 2,800 39,550
Post Properties, Inc. 9,700 287,363
Price Enterprise, Inc. 23,400 274,950
Tanger Factory Outlet Centers, Inc. 7,100 165,963
United Dominion Realty Trust, Inc. 18,100 253,400
---------------
3,566,603
---------------
Real Estate Investment Trusts (1.02%)
Associated Estates Realty Corp. 2,800 55,300
Beacon Properties Corp. 1,100 21,588
Burnham Pacific Properties, Inc. 300 3,563
CBL & Associates Properties, Inc. 1,200 23,400
Cousins Properties, Inc. 1,900 31,825
Crescent Real Estate Equities, Inc. 2,200 63,250
Developers Diversified Realty Corp. 5,000 137,500
Essex Property Trust, Inc. 1,700 27,625
Excel Realty Trust, Inc. 600 11,475
Factory Stores of America, Inc. 4,800 94,200
See Notes to Portfolio of Investments.
98 Aetna Mutual Funds Semi-Annual Report
<PAGE>
Portfolio of Investments
April 30, 1995 (Unaudited)
Growth and Income Fund
Number of Market
Shares Value
-------------- ---------------
First Industrial Realty Trust, Inc. 4,600 $ 80,500
Franchise Finance Corporation of
America 5,800 114,550
Healthcare Realty Trust, Inc. 1,900 35,625
Highwood Properties, Inc. 7,700 169,400
Kesko 2,800 28,941
Kimco Realty Corp. 6,300 237,825
Kranzco Realty Trust 14,500 400,925
Mills Corp. 9,000 153,000
Mitsubishi Estate Co. Ltd. 7,000 84,147
National Golf Properties, Inc. 3,500 68,250
Nationwide Health Properties, Inc. 3,000 108,375
Olympia Industries Bhd 32,000 29,418
RPS Realty Trust 1,300 5,850
Sekisui House 5,000 66,056
Shurgard Storage Centers Inc.
Class "A" 4,600 106,950
Smith (Charles E.) Residential 1,300 29,575
South West Property Trust 7,875 93,516
Storage Equities Inc. 5,600 90,300
Storage USA, Inc. 600 17,175
Tan & Tan Development Bhd 23,000 24,498
Urban Shopping Centers, Inc. 5,000 99,375
Vornado Realty Trust 2,500 84,375
Weingarten Realty Investors 12,400 434,000
Wellsford Residential Property Trust 15,200 307,800
---------------
3,340,152
---------------
Retail (5.46%)
Albertson's Inc. 36,100 1,141,663
Arbor Drugs, Inc. 1,400 35,700
Argyll Group Plc 18,500 85,148
Big B, Inc. 8,200 119,925
Blair Corp. 700 24,238
Bon-Ton Stores, Inc. 1,000 10,500
Bruno's, Inc. 7,500 90,938
Burton Group Plc 79,200 99,097
Caldor Corp. 100 1,938
Casey's General Stores, Inc. 2,200 37,675
Circuit City Stores, Inc. 11,600 300,150
Citizen Watch Co., Ltd. 8,000 57,415
Clayton Homes Inc. 12,500 210,938
Dollar General Corp. 1,000 23,250
Eckerd Corp. 2,100 61,163
Egghead, Inc. 4,800 46,200
Fabri-Centers of America 600 11,100
Forschner Group Inc. 700 7,613
Aetna Mutual Funds Semi-Annual Report 99
<PAGE>
Portfolio of Investments
April 30, 1995 (Unaudited)
Growth and Income Fund
Number of Market
Shares Value
-------------- ---------------
Genovese Drug Stores, Inc. 200 $ 2,075
Giant Food, Inc. Class "A" 20,000 537,500
Gresvig AS 1,600 22,372
Gymboree Corp. 8,200 191,675
Hannaford Brothers, Co. 600 15,825
Hi-Lo Automotive, Inc. 2,900 24,288
Horizon Outlet Centers, Inc. 6,700 147,400
Hudson's Bay Co. 2,000 36,743
Ito-Yokado Co. Ltd. 2,000 107,831
Koninklijke Ahold N.V. 1,900 65,488
Kroger Equity, Inc. 1,700 12,856
Laclede Gas Co. 900 16,988
Mac Frugal's Bargains 3,500 51,625
Macerich Co. (The) 4,500 90,563
Medicine Shoppe International, Inc. 2,100 67,200
Neiman Marcus Group, Inc. 1,700 24,863
Nike, Inc. 28,800 2,206,800
Office Depot, Inc. 32,000 728,000
Oriental Holdings Bhd 6,000 28,673
Oshkosh B'Gosh, Inc. 100 1,625
Rex Stores Corp. 2,600 35,425
Rhodes, Inc.+ 2,600 25,675
Rite Aid Corp. 130,100 3,024,825
Ruddick Corp. 700 14,525
Russ Berrie & Co. Inc. 1,500 21,938
Sears, Roebuck & Co. 34,500 1,871,625
Staples, Inc.+ 18,300 438,056
Stop & Shop Companies, Inc. 4,000 106,500
Strawbridge & Clothier 1,000 19,750
Talbots, Inc. 1,200 36,450
Tesco Plc 28,600 128,643
Tractor Supply Co.+ 100 2,144
Viking Office Products, Inc. 5,500 150,563
Waban Inc. 12,300 204,488
Walgreen Co. 75,900 3,567,300
Wal-Mart Stores, Inc. 60,700 1,441,625
Zale Corp.+ 2,100 24,544
---------------
17,859,117
---------------
Specialty Consumer Durables (0.09%)
Bio-Rad Laboratories, Inc. Class "A" 1,900 54,863
Coats Viyella Plc 7,200 23,522
Collagen Corp. 2,900 55,463
Department 56, Inc.+ 1,200 44,400
Knape & Vogt Manufacturing Co. 400 6,600
Polaris Industries, Inc. 1,600 72,400
Superior Surgical Manufacturing Co. 800 9,700
Whittacker Corp. 800 16,800
---------------
283,748
---------------
See Notes to Portfolio of Investments.
100 Aetna Mutual Funds Semi-Annual Report
<PAGE>
Portfolio of Investments
April 30, 1995 (Unaudited)
Growth and Income Fund
Number of Market
Shares Value
-------------- ---------------
Telecommunications (3.23%)
Ameritech Corp. 111,300 $ 5,008,500
AT&T Corp. 63,100 3,202,325
Computer Associates International Inc. 34,500 2,220,938
Equifax, Inc. 4,000 129,500
---------------
10,561,263
---------------
Telephone Utilities (0.17%)
Cable & Wireless Plc 13,100 84,644
Citizens Utilities Co. 5,500 67,375
DDI Corp. 9 79,267
Executone Information Systems, Inc.+ 2,600 8,288
Nippon Telegraph & Telegraph Corp. 8 70,745
Singapore Telecomm Ltd. 8,000 15,960
Southern New England
Telecommunications Corp. 2,900 96,063
Telekom Malaysia Bhd 7,000 48,194
Tellabs, Inc. 1,300 89,700
Transaction Network Services, Inc. 800 11,300
---------------
571,536
---------------
Transportation (0.47%)
Alaska Air Group, Inc.+ 600 10,275
American Medical Responses, Inc.+ 1,300 33,313
Arnold Industries, Inc. 800 14,300
Arkanas Best Corp. 400 4,000
British Airways Plc 11,800 76,054
Det Norske Luftfartselsk 800 32,273
East Japan Railway Co. 5 26,006
Expeditors International of
Washington, Inc. 900 20,475
Fritz Companies, Inc. 2,000 119,500
Harper Group, Inc. 1,900 36,338
Illinois Central Corp. 1,800 63,225
J.B. Hunt Transport Services, Inc. 2,800 52,500
Keppel Corporation Ltd. 5,000 40,545
Kirby Corp. 1,000 13,750
KLM Royal Dutch Airlines 800 24,372
Kvaerner AS 2,000 91,610
Laidlaw Inc. Class "B" 2,900 25,573
Landstar Systems, Inc. 3,700 106,838
M.S. Carriers, Inc. 2,100 50,400
Overseas Shiphold 800 16,000
Peninsular & Orient Steam
Navigation Co. 14,000 130,450
Rollins Truck Leasing Co. 3,000 33,000
Singapore Airlines Ltd. 4,000 38,464
Aetna Mutual Funds Semi-Annual Report 101
<PAGE>
Portfolio of Investments
April 30, 1995 (Unaudited)
Growth and Income Fund
Number of Market
Shares Value
-------------- ---------------
Swift Transportation Co., Inc. 2,900 $ 45,313
TNT Freightways Corp. 1,800 42,638
United Airlines Corp. 2,000 240,000
Wilh. Wilhelmsen Ltd. AS 1,000 21,858
Xtra Corp. 2,600 125,450
---------------
1,534,520
---------------
Utilities Natural Gas (0.37%)
Brooklyn Union Gas Co. 1,600 38,800
Equitable Resources, Inc. 9,200 263,350
Williams Cos., Inc. 27,400 900,775
---------------
1,202,925
---------------
Utilities Telephone (3.45%)
BCE, Inc, 21,600 685,800
Bell Atlantic 46,000 2,524,250
Bellsouth Corp. 49,900 3,056,375
GTE Corp. 2,200 75,075
Pacific Telesis Group 9,400 290,225
Sprint Corp. 131,353 4,334,649
Telephone and Data Systems, Inc. 8,800 327,800
---------------
11,294,174
---------------
Total Common Stocks $319,367,009
---------------
Preferred Stocks (0.46%)
Automobiles & Trucks (0.40%)
Ford Motor Co. $50 Par 14,800 1,304,250
---------------
Diversified (0.01%)
Sea Containers, Ltd. 800 34,300
---------------
Metals (0.01%)
Cyprus Amax Minerals Co. 400 24,600
---------------
Electronics (0.04%)
Nokia Class "A" 3,200 130,796
---------------
Total Preferred Stocks $ 1,493,946
---------------
Total Common and Preferred Stocks
(cost $292,134,062) $320,860,955
---------------
</TABLE>
<TABLE>
<CAPTION>
Principal Market
Amount Value
-------------- ---------------
<S> <C> <C>
Corporate Bonds & Notes (0.90%)
Commercial Services (0.04%)
Browning-Ferris Industries, Inc.,
6.75%, 07/18/05 $150,000 $ 143,625
---------------
Computer Software (0.03%)
Automatic Data Processing, Inc.,
Zero Coupon, 02/20/12 200,000 87,750
---------------
Consumer Products (0.01%)
Fieldcrest Cannon, Inc., 6.00%,
03/15/12 50,000 38,500
---------------
Electric Utilities (0.08%)
Oryx Energy Co., 7.50%, 05/15/14 50,000 41,500
Potomac Electric Power Corp.,
7.00%, 01/15/18 250,000 227,813
---------------
269,313
---------------
See Notes to Portfolio of Investments.
102 Aetna Mutual Funds Semi-Annual Report
<PAGE>
Portfolio of Investments
April 30, 1995 (Unaudited)
Growth and Income Fund
Principal Market
Amount Value
-------------- ---------------
Electrical Equipment (0.01%)
Arrow Electric Inc., 5.75%,
10/15/02 15,000 $ 21,019
---------------
Electronics (0.07%)
Motorola, Inc., Zero Coupon,
09/27/13 $300,000 216,750
---------------
Financial Services (0.06%)
Ogden Corp., 6.00%, 25,000 21,750
Re Capital Corp., 5.50%, 08/01/00 50,000 53,813
Fremont General Corp., Zero Coupon,
10/12/13 300,000 105,375
Old Republic International, 5.75%,
08/15/02 15,000 15,825
---------------
196,763
---------------
Food & Beverage (0.05%)
Guilford Mills, 6.00%, 09/15/12 84,000 80,430
Kroger Co., 6.375%, 12/01/99 50,000 68,688
---------------
149,118
---------------
Hotel & Restaurant (0.01%)
Carnival Corp., 4.50%, 07/01/97 20,000 28,925
---------------
Media & Entertainment (0.05%)
Time Warner Inc., 8.75%, 01/10/15 150,000 150,563
---------------
Metals (0.02%)
Agnico-Eagle Mines Ltd., 3.50%,
01/27/04 100,000 79,250
---------------
Oil & Gas (0.25%)
Amoco Canada Petroleum Co. Ltd.,
7.375%, 09/01/13 $340,000 424,575
Apache Corp., 6.00%, 01/15/02 60,000 65,700
Baker Hughes Inc., Zero Coupon,
05/05/08 525,000 316,313
---------------
806,588
---------------
Oil & Gas Utilities (0.02%)
Consolidated Natural Gas Co.,
7.25%, 12/15/15 50,000 51,250
---------------
Retail (0.19%)
Costco Wholesale Inc., 5.75%,
05/15/02 175,000 151,156
Hechinger Co., 5.50%, 04/01/12 140,000 93,625
Rite Aid Corp., Zero Coupon,
07/24/06 800,000 377,000
---------------
621,781
---------------
Transportation (0.02%)
Delta Air Lines, 3.23%, 06/15/03 79,000 68,335
---------------
Total Bonds & Notes
(cost $2,755,134) $2,929,530
---------------
</TABLE>
Aetna Mutual Funds Semi-Annual Report 103
<PAGE>
Portfolio of Investments
April 30, 1995 (Unaudited)
Growth and Income Fund
<TABLE>
<CAPTION>
Principal Market
Amount Value
------------- ---------------
<S> <C> <C>
Short Term Investments (1.75%)
Peco Energy Co., Comm. Paper, 6.05%, 05/01/95 $5,329,000 $ 5,329,000
U.S. Treasury Note, 5.125%, 03/31/96 150,000 148,406
U.S. Treasury Note, 4.25%, 07/31/95 250,000 248,984
---------------
Total Short-Term Investments (cost $5,726,101) $ 5,726,390
---------------
Total Investments (cost $300,615,297) $329,516,875
---------------
</TABLE>
Notes to Portfolio of Investments
(a) The cost of investments for income tax purposes amounted to $300,709,622.
Unrealized gains and losses, based on identified tax cost at April 30,
1995 are as follows:
<TABLE>
<CAPTION>
<S> <C>
Unrealized gains $31,707,904
Unrealized losses (2,900,651)
---------------
Net unrealized gain $28,807,253
</TABLE>
(b) At April 30, 1995, U.S. Treasury Note 5.125%, 03/31/96, par value
$150,000 was pledged to cover margin requirements for open futures contracts
(See Note 1 of Notes to Financial Statements). Information concerning open
futures contracts is shown below:
<TABLE>
<CAPTION>
No. of Face Expiration Unrealized
Contracts Value Date Gain/Loss
-------------- -------------- --------------- ----------------
<S> <C> <C> <C> <C>
Toronto Stock Exchange
Future 3 $ 861,124 June 95 $ 257
FTSE 100 Future 7 240,469 June 95 54,018
Tokyo Stock Price Index
Future 4 (626,256) June 95 (23,327)
----------------
$ 30,948
</TABLE>
+ Non-income producing security.
Category percentages are based on net assets.
See Notes to Financial Statements.
104 Aetna Mutual Funds Semi-Annual Report
<PAGE>
Portfolio of Investments
April 30, 1995 (Unaudited)
Growth Fund
<TABLE>
<CAPTION>
Number of Market
Shares Value
-------------- ---------------
<S> <C> <C>
Common Stocks (97.92%)
Aerospace & Defense (3.51%)
Boeing Co. 21,000 $ 1,155,000
---------------
Air Transportation (2.05%)
AMR Corp.+ 10,000 673,750
---------------
Autos & Auto Equipment (2.10%)
Daimler Benz Aktiengesellschaft ADR 15,000 691,875
---------------
Building Materials & Construction (3.59%)
National Gypsum Co.+ 24,000 1,179,000
---------------
Chemicals (8.35%)
Engelhard Corp. 25,000 959,375
Hercules Inc. 20,000 997,500
PPG Industries, Inc. 20,000 787,500
---------------
2,744,375
---------------
Computers & Office Equipment (8.21%)
Bay Networks Inc.+ 20,000 726,250
Compaq Computer Corp.+ 30,000 1,140,000
Sun Microsystems, Inc.+ 21,000 834,750
---------------
2,701,000
---------------
Diversified (2.86%)
ITT Corp. 9,000 940,500
---------------
Electrical & Electronics (8.29%)
Micron Technology Inc. 20,000 1,645,000
Motorola, Inc. 19,000 1,080,625
---------------
2,725,625
---------------
Financial Services (2.98%)
Sunamerica, Inc. 20,000 980,000
---------------
Insurance (5.05%)
American International Group, Inc. 8,000 854,000
Partnerre Holdings Ltd. 35,000 807,188
---------------
1,661,188
---------------
Machinery (6.33%)
Caterpillar Inc. 10,000 585,000
Clark Equipment Co.+ 17,500 1,496,250
---------------
2,081,250
---------------
Media & Entertainment (6.68%)
Carmike Cinemas, Inc. Class "A"+ 30,000 667,500
CBS, Inc. 10,880 697,680
Walt Disney Company 15,000 830,625
---------------
2,195,805
---------------
Metals & Mining (5.21%)
Aluminum Company of America 20,000 897,500
Nucor Corp. 17,000 816,000
---------------
1,713,500
---------------
Oil & Gas (8.15%)
Amoco Corp. 15,000 984,375
Atlantic Richfield Co. 7,000 801,500
Imperial Oil Ltd. 25,000 893,750
---------------
2,679,625
---------------
Pharmaceuticals (10.04%)
Amgen Inc.+ 18,000 1,308,375
Becton, Dickinson & Co. 10,000 557,500
See Notes to Portfolio of Investments.
Aetna Mutual Funds Semi-Annual Report 105
<PAGE>
Portfolio of Investments
April 30, 1995 (Unaudited)
Growth Fund
Number of Market
Shares Value
-------------- ---------------
Centocor, Inc.+ 50,000 $ 709,375
Upjohn Co. 20,000 725,000
---------------
3,300,250
---------------
Retail (12.10%)
Home Depot, Inc. 22,500 939,375
Nordstrom, Inc. 27,000 1,034,438
Tandy Corp. 18,000 891,000
US Shoe Corp. 40,000 1,115,000
---------------
3,979,813
---------------
Telecommunications (2.42%)
Scientific-Atlanta, Inc. 35,000 796,250
---------------
Total Common Stocks (cost $27,098,645) $32,198,806
---------------
</TABLE>
<TABLE>
<CAPTION>
Shares Value
-------------- ---------------
<S> <C> <C>
Put Options (0.08%)
S & P 500 Index Expiration Date
06/17/95 10,000 4,687
S & P 500 Index Expiration Date
09/16/95 10,000 23,125
---------------
Total Put Options (cost $233,100) $ 27,812
---------------
Short-Term Investments (3.64%)
Market
Principal Value
-------------- ---------------
CCU of Michigan, 5.95%, 05/01/95 $1,197,000 $ 1,197,000
Total Short-Term Investments
(cost $1,197,000) $ 1,197,000
---------------
Total Investments (cost $28,528,745) $ 33,423,618
---------------
</TABLE>
Notes to Portfolio of Investments
+Non-income producing security.
The cost of investments for income tax purposes amounted to $29,510,946.
Unrealized gains and losses, based on identified tax cost at April 30, 1995
are as follows:
<TABLE>
<CAPTION>
<S> <C>
Unrealized gains $4,252,854
Unrealized losses (340,182)
--------------
Net unrealized gain $3,912,672
==============
</TABLE>
Category percentages are based on net assets.
Call Options
<TABLE>
<CAPTION>
Exercise Expiration Market
Contracts Price Date Value
------------ ---------- ------------ ----------
<S> <C> <C> <C> <C>
CBS, Inc. 60 $65 5/20/95 $11,438
</TABLE>
See Notes to Financial Statements.
106 Aetna Mutual Funds Semi-Annual Report
<PAGE>
Portfolio of Investments
April 30, 1995 (Unaudited)
Small Company Growth Fund
<TABLE>
<CAPTION>
Number of Market
Shares Value
-------------- ---------------
<S> <C> <C>
Common Stocks (95.6%)
Aerospace & Defense (1.2%)
Orbital Sciences Corp.+ 20,500 $ 348,500
---------------
Autos & Auto Equipment (2.0%)
Copart, Inc.+ 10,000 203,750
Lear Seating Corp.+ 19,500 375,375
---------------
579,125
---------------
Banks (2.4%)
Cullen/Frost Bankers, Inc. 10,000 370,000
Dime Bancorp Inc.+ 35,000 336,875
---------------
706,875
---------------
Building Materials & Construction (6.6%)
Corrpro Companies, Inc.+ 20,000 370,000
J. Ray McDermott, S.A.+ 27,000 742,500
Lone Star Industries, Inc.+ 20,000 435,000
National Gypsum Co.+ 8,000 393,000
---------------
1,940,500
---------------
Chemicals (5.2%)
NL Industries, Inc.+ 50,200 740,450
Vigoro Corp. 20,000 797,500
---------------
1,537,950
---------------
Commercial Services (2.9%)
ECC International Corp.+ 20,000 237,500
Sotheby's Holdings, Inc. Class "A" 45,000 601,875
---------------
839,375
---------------
Computer Software (1.8%)
BTG, Inc.+ 30,000 275,625
Softkey International, Inc.+ 10,000 246,875
---------------
522,500
---------------
Electrical & Electronics (11.2%)
BMC Industries, Inc. 35,000 630,000
Logicon, Inc. 24,000 888,000
Oak Industries, Inc.+ 15,000 438,750
Silicon Valley Group, Inc.+ 30,000 873,750
Tech-Sym Corp.+ 18,400 464,600
---------------
3,295,100
---------------
Financial Services (5.0%)
Foothill Group, Inc. Class A 32,500 706,875
The Money Store, Inc. 32,500 765,781
---------------
1,472,656
---------------
Food & Beverage (3.0%)
International Multifoods Corp. 20,000 410,000
Ralcorp Holdings, Inc.+ 20,000 462,500
---------------
872,500
---------------
Health Care Products (6.3%)
Foxmeyer Health Corp.+ 45,200 858,800
McKesson Corp. 25,000 990,625
---------------
1,849,425
---------------
Health Services (1.7%)
Coram Healthcare Corp.+ 25,000 512,500
---------------
See Notes to Portfolio of Investments.
Aetna Mutual Funds Semi-Annual Report 107
<PAGE>
Portfolio of Investments
April 30, 1995 (Unaudited)
Small Company Growth Fund
Number of Market
Shares Value
-------------- ---------------
Insurance (5.4%)
American Eagle Group, Inc 30,000 $ 281,250
Life Partners Group, Inc. 20,000 390,000
Markel Corp.+ 6,300 325,238
Security-Connecticut Corp. 23,000 575,000
---------------
1,571,488
---------------
Leisure & Entertainment (3.5%)
Carmike Cinemas, Inc. Class A+ 23,500 522,875
Topps Co., Inc.+ 80,000 495,000
---------------
1,017,875
---------------
Machinery & Equipment (6.1%)
Acme-Cleveland Corp. 35,700 740,775
Fedders Corp.+ 80,000 560,000
Millipore Corp. 8,000 491,000
---------------
1,791,775
---------------
Metals & Mining (3.1%)
Brush Wellman, Inc. 25,000 493,750
Cleveland-Cliffs, Inc. 11,000 402,875
---------------
896,625
---------------
Oil & Gas (4.3%)
Arakis Energy Corp.+ 30,000 217,500
Basic Petroleum International, Ltd.+ 10,000 137,500
Benton Oil & Gas Co.+ 35,000 433,125
Seitel, Inc.+ 15,000 480,000
---------------
1,268,125
---------------
Oil & Gas Utilities (0.7%)
Valero Energy Corp. 10,000 216,250
---------------
Paper & Containers (4.2%)
Aptargroup, Inc. 10,000 295,000
Gaylord Container Corp.+ 35,000 393,750
Repap Enterprises, Inc.+ 75,000 530,861
---------------
1,219,611
---------------
Personal Care (3.1%)
Alberto-Culver Company Class "B" 15,000 472,500
Helen Of Troy Ltd.+ 25,000 431,250
---------------
903,750
---------------
Pharmaceuticals (4.1%)
Biovail Corporation International+ 20,000 337,500
Medeva Plc ADR 30,000 487,500
Quidel Corp.+ 100,000 375,000
---------------
1,200,000
---------------
Publishing & Printing (3.2%)
Edmark Corporation+ 20,000 517,500
Media General, Inc. Class "A" 13,000 422,500
---------------
940,000
---------------
Retail (7.5%)
Friedman's Inc.
Class "A"+ 15,000 264,375
Intelligent Electronics, Inc. 40,000 387,500
Medicine Shoppe International, Inc. 15,000 480,000
See Notes to Portfolio of Investments.
108 Aetna Mutual Funds Semi-Annual Report
<PAGE>
Portfolio of Investments
April 30, 1995 (Unaudited)
Small Company Growth Fund
Number of Market
Shares Value
-------------- ---------------
National Presto Industries, Inc. 5,000 $ 231,250
Wolverine World Wide, Inc. 25,000 837,500
---------------
2,200,625
---------------
Telecommunications (1.2%)
General Cable Plc ADR+ 25,000 351,563
---------------
Total Common Stocks (cost $25,194,381) $ 28,054,693
---------------
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
-------------- ---------------
<S> <C> <C>
Short-Term Investments--3.9%
CCU Of Michigan, Comm. Paper,
5.95%, 05/01/95 $1,132,000 1,132,000
Total Short-Term Investments
(cost $1,132,000) $ 1,132,000
---------------
Total Investments (cost $25,194,381) $ 29,186,693
---------------
</TABLE>
Notes to Portfolio of Investments
+ Non-income producing security.
(a) The cost of investments for income tax purposes is identical. Unrealized
gains and losses, based on identified tax cost at April 30, 1995 are as
follows:
<TABLE>
<CAPTION>
<S> <C>
Unrealized gains $4,332,494
Unrealized losses (340,182)
--------------
Net Unrealized gain $3,992,312
==============
</TABLE>
Category percentages are based on net assets.
See Notes to Financial Statements.
Aetna Mutual Funds Semi-Annual Report 109
<PAGE>
Portfolio of Investments
April 30, 1995 (Unaudited)
Aetna International Growth Fund
<TABLE>
<CAPTION>
Number of Market
Shares Value
-------------- ---------------
<S> <C> <C>
Common Stocks (93.3%)
Australia (3.0%)
Energy Sources (0.8%)
Broken Hill Proprietary Company Ltd. 30,000 $ 437,283
---------------
Hotels & Restaurants (0.4%)
AAPC Ltd. 378,000 200,705
---------------
Manufacturing (0.9%)
Australian National Industries Ltd. 508,000 524,681
---------------
Metals (0.5%)
QNI Ltd.+ 202,000 273,280
---------------
Oil & Gas Utilities (0.4%)
Australian Gas & Light Company Ltd. 70,000 229,115
---------------
Total Australia 1,665,064
---------------
France (10.6%)
Autos & Auto Equipment (1.1%)
PSA Peugeot SA+ 4,500 648,015
---------------
Banks (1.9%)
Banque Nationale de Paris 10,800 524,261
Credit Local de France 6,300 536,143
---------------
1,060,404
---------------
Building Materials & Construction (0.9%)
Lafarge Coppee 6,300 490,078
---------------
Consumer Products (1.0%)
Christian Dior SA 6,000 535,473
---------------
Financial Services (0.6%)
Cetelem Group 1,550 327,094
---------------
Food & Household Products (0.7%)
Eridania-Beghin Say SA 2,400 370,468
---------------
Insurance (0.5%)
Assurances Generales de France 8,000 264,202
---------------
Metals (0.9%)
Ugine 7,500 530,111
---------------
Petroleum (1.0%)
Societe Nationale Elf Aquitaine 7,150 570,286
---------------
Pharmaceuticals (0.9%)
Sanofi SA 9,600 528,405
---------------
Retail (1.1%)
Pinault-Printemps SA 2,800 632,396
---------------
Total France 5,956,932
---------------
Germany (4.5%)
Building Materials & Trade (0.8%)
Bilfinger & Berger Bau AG 1,000 466,073
---------------
Banks (1.0%)
Deutsche Bank AG 1,125 551,766
---------------
Machinery & Equipment (1.9%)
Linde AG 900 518,488
Mannesmann AG 2,000 542,549
---------------
1,061,037
---------------
Transportation (0.8%)
Veba AG 1,250 465,351
---------------
Total Germany 2,544,227
---------------
See Notes to Portfolio of Investments.
110 Aetna Mutual Funds Semi-Annual Report
<PAGE>
Portfolio of Investments
April 30, 1995 (Unaudited)
Aetna International Growth Fund
Number of Market
Shares Value
-------------- ---------------
Great Britain (19.3%)
Autos & Auto Equipment (0.8%)
T & N 181,000 $ 439,687
---------------
Banks (1.0%)
Abbey National 74,000 554,761
---------------
Building Materials & Construction (0.7%)
BPB Industries 95,000 412,644
---------------
Chemicals (1.7%)
Albright And Wilson Plc 200,000 553,410
Hanson 100,000 380,469
---------------
933,879
---------------
Coal Mining & Steel (0.8%)
British Steel Plc 170,000 462,194
---------------
Communications (1.2%)
British Telecommunications+ 109,700 684,742
---------------
Food & Beverage (1.0%)
Grand Metropolitan 51,000 327,364
Hillsdown Holdings 100,000 296,010
---------------
623,374
---------------
Hotels & Restaurants (1.0%)
Ladbroke Group 180,000 521,234
Greenalls Group Plc 73,000 536,695
---------------
1,057,929
---------------
Machine Equipment (0.8%)
Siebe 50,000 452,863
Tomkins Plc 129,000 485,617
---------------
938,480
---------------
Metals (1.0%)
Cookson Group 144,000 542,084
---------------
Petroleum (0.5%)
British Petroleum 40,000 287,966
---------------
Pharmaceutical (0.6%)
Smithkline Beecham Units 44,711 340,583
---------------
Publishing & Printing (0.8%)
Mirror Group Plc 214,000 461,325
---------------
Retail (1.6%)
Tesco 85,000 382,198
Great Universal Stores Plc 55,000 522,924
---------------
905,122
---------------
Textile (0.9%)
Coats Viyella 150,000 489,864
---------------
Transportation (0.7%)
Peninsular & Oriental Steam 45,000 417,712
---------------
Utilities (2.4%)
British Gas 95,800 463,895
North West Water 56,750 517,651
Powergen Plc+ 116,000 358,301
---------------
1,339,847
---------------
Total Great Britain 10,892,193
---------------
Italy (2.1%)
Building Materials & Construction (0.5%)
Italcementi 48,100 288,869
---------------
Telecommunications (1.6%)
Stet D Risp Port 400,000 916,159
---------------
Total Italy 1,205,028
---------------
Aetna Mutual Funds Semi-Annual Report 111
<PAGE>
Portfolio of Investments
April 30, 1995 (Unaudited)
Aetna International Growth Fund
Number of Market
Shares Value
-------------- ---------------
Japan (35.9%)
Autos & Auto Equipment (4.0%)
Honda Motor Co. 52,000 $ 841,454
Mazda Motor+ 130,000 573,859
Nippondenso Co. Ltd. 42,000 844,548
---------------
2,259,861
---------------
Banks (4.6%)
Shizuoka Bank 94,000 1,297,400
Sumitomo Bank 60,000 1,299,304
---------------
2,596,704
---------------
Chemicals (1.5%)
Shin-etsu Chemical Co. 43,000 833,958
---------------
Consumer Products (4.8%)
Canon Inc. 57,000 942,709
Shimano Inc. 34,000 659,409
Sony Corp. 22,000 1,109,882
---------------
2,712,000
---------------
Electrical Equipment (7.1%)
Hitachi Ltd. 119,000 1,210,601
Mitsubishi Electric Corp. 110,000 780,059
TDK Corp. 20,000 913,796
---------------
2,904,456
---------------
Electric Utilities (1.4%)
Tohoku Electric Power Co. Inc. 27,000 774,228
---------------
Financial Services (1.4%)
Nomura Securities Co. Ltd. 40,000 809,090
---------------
Home Furnishings & Appliances (0.5%)
Keiyo Co. 26,250 304,212
---------------
Machine Equipment (7.7%)
Amada Sonoike Co. Ltd. 110,000 844,191
Fuji Machine Manufacturing 27,000 658,576
Mitsubishi Heavy Industries Ltd. 126,000 914,510
NTN Corp. 132,000 873,246
Sumitomo Corp. 105,000 1,043,191
---------------
4,333,714
---------------
Publishing (1.5%)
Toppan Printing Co. Ltd. 60,000 870,962
---------------
Retail (1.9%)
Aoyama Trading Co. Ltd. 17,000 329,704
Best Denki Co. Ltd. 45,000 717,473
---------------
1,047,177
---------------
Textiles (1.5%)
Kuraray Co. Ltd. 65,000 772,622
---------------
Total Japan 20,218,984
---------------
Malaysia (2.3%)
Consumer Products (0.8%)
Sime Darby Bhd 187,000 476,674
---------------
Financial Services (0.4%)
AMMB Holdings Bhd 21,000 207,323
---------------
Metals (0.3%)
Aluminum Company of Malaysia 171,000 196,496
---------------
See Notes to Portfolio of Investments.
112 Aetna Mutual Funds Semi-Annual Report
<PAGE>
Portfolio of Investments
April 30, 1995 (Unaudited)
Aetna International Growth Fund
Number of Market
Shares Value
-------------- ---------------
Transportation (0.8%)
Malaysian International Ship 154,666 $ 400,511
---------------
Total Malaysia 1,281,004
---------------
Netherlands (4.8%)
Banks (0.7%)
ABN Amro Holdings NV 10,506 404,049
---------------
Electrical Equipment (1.5%)
Philips Electronics 21,600 823,755
---------------
Insurance (1.2%)
Internatinale Nederlanden Groep NV 13,100 690,314
---------------
Media & Entertainment (1.4%)
Polygram 13,500 761,834
---------------
Total Netherlands 2,679,952
---------------
Norway (0.8%)
Energy (0.8%)
Norsk Hydro AS 11,111 452,828
---------------
Total Norway 452,828
---------------
Singapore (2.8%)
Banks (1.4%)
Development Bank of Singapore Ltd. 36,000 384,930
United Overseas Bank Ltd. 38,900 404,772
---------------
789,702
---------------
Transportation (1.4%)
Jurong Shipyard Ltd. 49,000 376,247
Singapore Airlines Ltd. (Foreign-
Registered shares) 40,000 384,643
---------------
760,890
---------------
Total Singapore 1,550,592
---------------
Spain (2.9%)
Building Materials & Construction (1.3%)
Dragados Y Construciones SA 25,000 378,666
Repsol SA 12,000 382,036
---------------
760,702
---------------
Metals (0.9%)
Acerinox SA 4,400 503,859
---------------
Telephone Utilities (0.7%)
Telefonica De Espana 29,000 354,463
---------------
Total Spain 1,619,024
---------------
Sweden (2.1%)
Electrical Equipment (2.1%)
Electrolux Ab B Free 13,500 688,614
---------------
Machine & Engineering (0.8%)
Atlas Copco Ab Free 34,250 470,901
---------------
Total Sweden 1,159,515
---------------
Switzerland (2.3%)
Electrical Engineering & Electronics (1.1%)
BBC Brown Boveri AG 660 651,219
---------------
Manufacturing (1.2%)
Holderbank Financiere Glaris AG 845 678,212
---------------
Total Switzerland 1,329,431
---------------
Total Common Stocks 52,554,774
---------------
Aetna Mutual Funds Semi-Annual Report 113
<PAGE>
Portfolio of Investments
April 30, 1995 (Unaudited)
Aetna International Growth Fund
Number of Market
Shares Value
-------------- ---------------
Italy (1.3%)
Auto & Auto Equipment
Fiat SpA 280,000 $ 721,266
---------------
Total Preferred Stock 721,266
---------------
Warrants (0.0%)
Italy
Italcementi 12/31/96 11,100 2,767
---------------
Total Warrants $ 2,767
---------------
Principal Market
Amount Value
-------------- ---------------
Short-term Investments (5.0%)
Ford Motor Company 5.85%, 05/01/95 $2,793,000 $ 2,793,000
---------------
Total Short-term Investments $ 2,793,000
---------------
Total Investments (cost $54,454,925) $56,071,807
---------------
</TABLE>
Notes to Portfolio of Investments
+ Non-income producing security.
The cost of investments for income tax purposes is identical. Unrealized
gains and losses, based on identified tax cost at April 30, 1995 are as
follows:
<TABLE>
<CAPTION>
<S> <C>
Unrealized gains $ 4,233,227
Unrealized losses (2,616,345)
---------------
Net unrealized gain $ 1,616,882
===============
</TABLE>
Category percentages are based on net assets.
See Notes to Financial Statements.
114 Aetna Mutual Funds Semi-Annual Report
<PAGE>
Portfolio of Investments
April 30, 1995 (Unaudited)
Asian Growth Fund
<TABLE>
<CAPTION>
Number of Market
Shares Value
-------------- ---------------
<S> <C> <C>
Common Stocks (95.1%)
Australia (0.1%)
Building Materials & Construction (0.1%)
Odin Mining & Investments 38,750 $ 15,502
---------------
Total Australia 15,502
---------------
Hong Kong (32.1%)
Automotive (0.9%)
Qingling Motor Companies Class "H" 1,100,000 211,730
---------------
Banks (6.0%)
Hang Seng Bank 86,000 566,593
HSBC Holdings Plc 68,800 797,675
---------------
1,364,268
---------------
Building Materials & Construction (2.3%)
Hopewell Holdings 735,000 522,219
---------------
Chemicals (1.7%)
Yizheng Chemical Fibre Company 1,150,000 378,827
---------------
Diversified (6.5%)
Citic Pacific Ltd. 320,000 789,562
Hutchison Whampoa 160,000 692,417
---------------
1,481,979
---------------
Electric Utilities (4.1%)
China Light & Power Co. Ltd. 50,000 235,757
Hong Kong Electric Holdings Ltd. 230,000 704,173
---------------
939,930
---------------
Financial Services (2.5%)
Guangdong Investment Ltd. 1,250,000 577,283
---------------
Real Estate (2.9%)
Hong Kong Land Holding 225,000 423,000
Swire Pacific Class "A" 100,000 668,518
---------------
1,091,518
---------------
Telephone Utilities (3.3%)
Hong Kong Telecommunications Ltd. 390,000 760,754
---------------
Total Hong Kong 7,328,510
---------------
Indonesia (8.8%)
Banks (2.0%)
Bank Tiara Asia (Foreign-Registered
shares) 440,000 374,384
Modern Bank (Foreign-Registered shares) 121,500 92,499
---------------
466,883
---------------
Financial Services (1.3%)
Wicaksana Overseas International
(Foreign-Registered shares) 129,000 294,626
---------------
Paper & Containers (4.6%)
Indorayon (Foreign-Registered shares) 250,000 459,023
Pabrik Kertas Tjiwi Kimia (Foreign-
Registered shares) 98,000 138,245
Barito Pacific Timber
(Foreign-Registered shares) 250,000 279,893
Sumalindo Lestari Jaya
(Foreign-Registered shares)+ 100,000 163,457
---------------
1,040,618
---------------
See Notes to Portfolio of Investments.
Aetna Mutual Funds Semi-Annual Report 115
<PAGE>
Portfolio of Investments
April 30, 1995 (Unaudited)
Asian Growth Fund
Number of Market
Shares Value
-------------- ---------------
Real Estate (0.9%)
Pakuwon Jati (Foreign-Registered
shares) 332,000 $ 156,113
Dharmala Intiland
(Foreign-Registered shares) 75,000 43,663
---------------
199,776
---------------
Total Indonesia 2,001,903
---------------
South Korea (1.9%)
Oil & Gas (1.9%)
Yukong Ltd. 9,600 425,631
---------------
Total South Korea 425,631
---------------
Malaysia (16.6%)
Banking (1.5%)
Malayan Banking Bhd 50,000 341,897
---------------
Building Materials & Construction (2.2%)
Sungei Way Holdings 125,000 495,650
---------------
Diversified (2.8%)
Sime Darby Bhd 250,000 637,265
---------------
Paper & Containers (1.4%)
Aokam Perdana Bhd 70,000 314,384
---------------
Real Estate (6.0%)
Kampong Lanjut Tin Dredging 175,000 431,924
Land & General Bhd 232,500 672,618
Tan & Tan Development Bhd 250,000 266,033
---------------
1,370,575
---------------
Textiles (2.8%)
Jaya Tiasa Holdings Bhd 170,000 629,375
---------------
Total Malaysia 3,789,146
---------------
Philippines (6.3%)
Banks (0.1%)
Philippine National Bank 3,354 32,832
---------------
Building Materials & Construction (2.0%)
South East Asia Cement Holdings
Inc. 3,500,000 298,273
Sanitary Wares Manufacturing Corp. 434,700 155,190
---------------
453,463
---------------
Electric Utilities (0.0%)
Manila Electric Company "B" Shares 400 4,261
---------------
Real Estate (2.1%)
Ayala Land Inc. 212,000 260,422
SM Prime Holdings Inc.+ 700,000 214,971
---------------
475,393
---------------
Telephone Utilities (2.1%)
Philippine Long Distance Telephone 7,500 472,169
---------------
Total Philippines 1,438,118
---------------
Singapore (15.4%)
Banks (3.9%)
Development Bank of Singapore
(Foreign-Registered shares) 55,000 588,087
United Overseas Bank
(Foreign-Registered shares) 28,000 291,353
---------------
879,440
---------------
Diversified (1.7%)
Jardine Matheson 48,000 381,600
---------------
116 Aetna Mutual Funds Semi-Annual Report
<PAGE>
Portfolio of Investments
April 30, 1995 (Unaudited)
Asian Growth Fund
Number of Market
Shares Value
-------------- ---------------
Real Estate (2.9%)
Straits Steamship Land Ltd. 200,000 $ 665,949
DBS Land 253,000 697,180
---------------
1,363,129
---------------
Ship Repair (2.4%)
Jurong Shipyard 70,000 537,496
Sembawang Corporation Ltd. 50,000 342,662
---------------
880,158
---------------
Total Singapore 3,504,327
---------------
Thailand (14.0%)
Banks & Financial Services (6.9%)
Bank Of Ayudhya Public Co. Ltd.
(Foreign-Registered shares) 115,000 514,332
Bangkok Metropolitan Bank (Foreign-
Registered shares)+ 550,000 559,057
Nava Finance & Securities P Co.
Ltd. (Foreign-Registered shares) 120,000 246,391
Siam City Bank Public Co. Ltd.
(Foreign-Registered shares) 250,000 256,658
---------------
1,576,438
---------------
Building Materials & Construction (2.8%)
Siam Cement Public Co. Ltd.
(Foreign-Registered shares) 7,000 402,440
TPI Polene Public Co. Ltd.
(Foreign-Registered shares) 40,000 226,062
---------------
628,502
---------------
Electrical Equipment (2.9%)
Electricity Generating Public Co.
Ltd. (Foreign-Registered shares)+ 220,000 670,868
---------------
Metals (1.4%)
Sahavirya Steel Industry Public Co.
Ltd. (Foreign-Registered shares)+ 125,000 322,728
---------------
Total Thailand 3,198,536
---------------
Principal Market
Amount Value
-------------- ---------------
Short-term Investments (2.6%)
Ford Motor Co., Comm. Paper 5.85%
05/01/95 598,000 598,000
---------------
Total Short-term Investments $ 598,000
---------------
Total Investments (cost $23,341,491) (a) $ 22,299,673
---------------
</TABLE>
Notes to Portfolio of Investments
(a) The cost of investments for income tax purposes is identical. Unrealized
gains and losses, based on identified tax cost at April 30, 1995 are as
follows:
<TABLE>
<CAPTION>
<S> <C>
Unrealized gains $ 1,481,597
Unrealized losses (2,523,415)
---------------
Net unrealized loss ($ 1,041,818)
===============
</TABLE>
+ Non-income producing security.
Category percentages are based on net assets.
See Notes to Financial Statements.
Aetna Mutual Funds Semi-Annual Report 117
<PAGE>
Aetna Series Fund, Inc.
151 Farmington Avenue
Hartford, CT 06156-8962
BULK RATE
U.S. Postage
PAID
Boston, MA
Permit No. 9
Aetna Money Market Fund
Aetna Government Fund
Aetna Bond Fund
Aetna Tax-Free Fund
The Aetna Fund
Aetna Growth and Income Fund
Aetna Growth Fund
Aetna Small Company Growth Fund
Aetna International Growth Fund
Aetna Asian Growth Fund
This report and the financial statements contained herein are submitted for
the general information of the shareholders of the corporation. The report is
not authorized for distribution to prospective investors in the corporation
unless preceded or accompanied by an effective prospectus.
4.1.2-2 (4/95)
[recycle logo] Printed on recycled paper using soybean ink
