Aetna Mutual Funds
Semi-
Annual
Report
April 30, 1996
Generation Funds
[Aetna Logo]
<PAGE>
Table of Contents
President's Letter..................................... 1
Investment Review...................................... 2
Portfolios of Investments:
Aetna Ascent........................................ 4
Aetna Crossroads.................................... 19
Aetna Legacy........................................ 33
Statements of Assets and Liabilities................... 46
Statements of Operations............................... 47
Statements of Changes in Net Assets.................... 48
Notes to Financial Statements.......................... 51
Financial Highlights................................... 58
<PAGE>
President's Letter
Dear Fellow Shareholder,
We are pleased to bring you this semi-annual report of the status of your Funds.
To further enhance the depth and quality of its investment advisory capabilities
and better position itself competitively, Aetna intends to combine the
operations of two subsidiaries into a single investment management organization
called Aeltus Investment Management, Inc. A Special Meeting of shareholders is
scheduled for July 26, 1996, and, if approved by the shareholders, Aeltus will
become subadvisor to all the Funds, except Asian Growth, effective August 1 or
as soon thereafter as practical.
Over the past six months, the stock market has continued its growth trend while
bond market returns have been disappointing. Stronger economic growth and
increased employment ended recession expectations and pushed up longer term
interest rates. The bond market rally came to an end early in 1996. With a
currently stable inflation rate, we anticipate the Federal Reserve's monetary
policy will remain unchanged for the next few months. Increased corporate
profitability, a high level of merger and acquisition activity and an attractive
environment for small cap stocks should continue to present opportunities and
growth in the equity market.
On the international scene, Europe and Japan have lowered interest rates and
weakened their currencies to revive their economies. Foreign equities markets
seem to be responding favorably to these actions.
We continue to be pleased with the results of our asset allocation disciplines
applied to the Aetna Generation Funds. Key additions to our staff and technology
infrastructure have greatly enhanced our ability to analyze and react to large
amounts of market, corporate and economic information.
As the mutual fund industry continues its unprecedented growth, Aetna is proud
to bring you quality products which, we believe, meet your retirement and
investment needs.
Thank you for your confidence in us and your investment in Aetna Mutual Funds.
Sincerely,
/s/Shaun P. Matthews
Shaun P. Mathews
President
Aetna Generation Funds Semi-Annual Report 1
<PAGE>
Aetna Generation Funds
Returns on the Aetna Generation Funds Select Class shares were quite favorable
for the six month period ended April 30, 1996.
Fund Benchmark
Return Return
------ ---------
Aetna Ascent 12.4% 10.9%
Aetna Crossroads 10.1% 8.3%
Aetna Legacy 8.0% 5.8%
Each of the Generation Funds employs specific asset allocation strategies that
correspond to their respective investment objectives. Each strategy, in turn,
utilizes distinct asset allocation ranges and benchmark allocations over the
asset classes in which each fund is diversified. With this in mind, a review of
benchmark indices sets the stage from which we can compare the returns for the
Aetna Generation Funds Select Class shares. As you see, returns for the six
month period ended April 30, 1996, were very attractive for stock investors, and
disappointing for bond investors:
Asset Class Benchmark Index Return
- ----------- --------------- ------
Large Cap Stocks S&P 500 13.8%
Small Cap Stocks Russell 2000 18.4%
International Stocks MSCI Europe, Australia & Far East 13.4%
Real Estate Stocks NAREIT 9.4%
Domestic Bonds Salomon Broad .4%
International Bonds S.B. Non-U.S. WGBI -.2%
Cash Equivalents U.S. 90 Day T-Bill 2.6%
Our asset allocation disciplines guided us to overweight stocks and underweight
bonds, which helped our returns over the past six months. However, due to the
rise in the stock market and the increased yields offered by bonds, we have
moved toward a more neutral stock/bond mix, as shown in the accompanying asset
allocation illustrations.
We continued to make improvements in the Funds' investment process during the
past six months. Our quantitative research and management capabilities have been
greatly enhanced by several key additions to our professional investment staff.
Also, we have improved our resources to analyze and respond to significant
amounts of market, economic, and company data. Our stock selection disciplines
worked well for us over the past six months, as companies with the
characteristics we favor attractive valuation, positive earnings momentum, and
shareholder oriented management - were well rewarded by the market.
2
<PAGE>
Asset Allocation as of April 30, 1996
Aetna Ascent Portfolio Benchmark
- ------------ --------- ---------
Large Capitalization Stocks 32.8% 20.0%
Small Capitalization Stocks 16.4% 20.0%
International Stocks 18.9% 20.0%
Real Estate Stocks 23.4% 20.0%
U.S. Dollar Bonds 0.0% 10.0%
International Bonds 4.4% 10.0%
Cash Equivalents 4.1% 0.0%
---- ----
Total 100.0% 100.0%
Aetna Crossroads Portfolio Benchmark
- ---------------- --------- ---------
Large Capitalization Stocks 26.6% 15.0%
Small Capitalization Stocks 13.2% 15.0%
Real Estate Stocks 18.3% 15.0%
U.S. Dollar Bonds 3.5% 25.0%
International Stocks 13.9% 15.0%
International Bonds 6.6% 10.0%
Cash Equivalents 17.9% 5.0%
---- ----
Total 100.0% 100.0%
Aetna Legacy Portfolio Benchmark
- ------------ --------- ---------
Large Capitalization Stocks 19.7% 10.0%
Small Capitalization Stocks 10.6% 10.0%
Real Estate Stocks 13.8% 10.0%
U.S. Dollar Bonds 6.0% 40.0%
International Stocks 10.6% 10.0%
International Bonds 8.7% 10.0%
Cash Equivalents 30.6% 10.0%
---- -----
Total 100.0% 100.0%
Aetna Generation Funds Semi-Annual Report 3
<PAGE>
Portfolio of Investments
April 30, 1996 (Unaudited)
Aetna Ascent
Number of Market
Shares Value
--------- -------
Common Stocks (88.7%)
United States (71.8%)
Aerospace and Defense (0.1%)
United
Technologies Corp. 200 $ 22,100
-----------
Apparel (0.5%)
Chic By H I S,
Inc.+............ 900 6,188
Gap, Inc........... 1,800 54,225
Nike, Inc.......... 600 52,500
Oshkosh B'Gosh,
Inc.............. 300 4,500
-----------
117,413
-----------
Autos and Auto Equipment (0.4%)
Chrysler Corp...... 200 12,550
Ford Motor Co...... 300 10,763
Kaydon Corp........ 1,400 55,650
Smith (A.O.) Corp.. 200 4,600
Snap On, Inc....... 200 9,600
-----------
93,163
-----------
Banks (2.5%)
Bank of New York
Co., Inc......... 800 38,800
BanPonce Corp...... 400 18,600
Charter One
Financial, Inc... 1,500 52,313
CITICORP........... 400 31,500
Citizens Bancorp... 300 8,925
Cullen/Frost
Bankers, Inc..... 1,100 54,175
F & M Bancorp...... 110 2,970
First American
Corp. (Tenn.).... 800 34,200
First Chicago Corp. 43 1,774
First Citizens
Bancshares, Inc.
Class A.......... 100 6,150
Firstbank of
Illinois Co...... 700 21,875
Golden West
Financial Corp... 300 $ 15,788
KeyCorp............ 600 23,175
Nations Bank, Inc.. 300 23,925
Provident Bancorp.. 1,000 51,000
River Forest
Bancorp, Inc..... 2,000 60,000
Star Banc Corp..... 800 52,700
Susquehanna
Bancshares, Inc.. 1,100 31,625
Usbancorp, Inc..... 1,400 48,300
-----------
577,795
-----------
Building Materials and Construction
(2.0%)
Arvin Industries,
Inc.............. 100 2,250
Beazer Homes USA,
Inc.+............ 2,200 35,200
Champion
Enterprises,
Inc.+............ 2,600 98,799
Continental Homes
Holding Corp..... 200 4,575
Elcor Corp......... 400 9,600
Granite
Construction, Inc. 3,750 74,063
Jacobs Engineering
Group, Inc.+..... 200 5,550
Lennar Corp........ 2,800 70,000
NCI Building
Systems, Inc.+... 100 3,625
Pulte Corp......... 266 7,049
Redman Industries,
Inc.+............ 2,600 52,325
Texas Industries,
Inc.............. 500 32,000
Toll Brothers,
Inc.+............ 500 8,125
Tredegar
Industries, Inc.. 2,100 58,275
Webb (Del E.) Corp. 600 10,725
-----------
472,161
-----------
4 See Notes to Portfolio of Investments.
<PAGE>
Portfolio of Investments
April 30, 1996 (Unaudited)
Aetna Ascent (continued)
Number of Market
Shares Value
--------- ------
United States (continued)
Chemicals (1.0%)
ARCO Chemical Co... 700 $ 37,188
Cytec Industries+.. 200 16,575
First Mississippi
Corp............. 3,000 69,750
Mallinckrodt
Group, Inc....... 400 15,750
Uniroyal Chemical
Corp.+........... 9,000 105,749
-----------
245,012
-----------
Commercial Services (1.0%)
Apollo Group,
Inc., Class A+... 1,000 44,000
GATX Corp.......... 1,200 54,000
Manpower, Inc...... 1,200 44,400
Measurex Corp...... 1,400 40,600
Mine Safety
Appliances Co.... 500 22,875
Robert Half
International
Inc.+............ 500 28,750
-----------
234,625
-----------
Computer Software (2.0%)
Acxiom Corp.+...... 400 11,000
Cadence Design
Systems, Inc.+... 2,850 148,912
Cisco Systems,
Inc.+............ 600 31,125
Computer
Associates
International,
Inc.............. 350 25,681
Computer Sciences
Corp.+........... 300 22,200
Continum, Inc.+.... 1,543 87,950
Kronos, Inc.+...... 150 4,463
Meridian Data,
Inc.+............ 300 5,213
Microsoft Corp.+... 100 11,338
Network General
Corp.+........... 500 22,063
Pairgain
Technologies,
Inc.+............ 200 19,100
Reynolds &
Reynolds Co...... 1,100 $ 50,875
Structural
Dynamics
Research Corp.+.. 1,000 31,875
-----------
471,795
-----------
Computers and Office Equipment (2.0%)
Applied Magnetics
Corp.+........... 100 2,063
Boise Cascade
Office Product+.. 100 7,825
Ceridian Corp.+.... 200 9,550
Comdisco, Inc...... 2,250 55,406
CompUSA, Inc.+..... 400 13,850
Computervision
Corp.+........... 3,200 38,800
EMC Corp.+......... 2,000 41,000
Gateway 2000, Inc.+ 1,300 45,338
HBO & Co........... 100 11,875
In Focus
Systems, Inc.+... 2,100 106,049
International
Business
Machines, Inc.... 100 10,750
Komag, Inc.+....... 800 26,800
Moore Corp. Ltd.... 800 14,600
Mylex Corp.+....... 100 2,438
Sun Microsystems,
Inc.+............ 500 27,125
United Stationers,
Inc.+............ 200 4,700
Wallace Computer
Services, Inc... 700 41,388
Western Digital
Corp.+........... 700 16,450
-----------
476,007
-----------
Consumer Products (0.6%)
Lewis Galoob Toys,
Inc.+............ 2,900 61,625
Liz Claiborne, Inc. 2,100 76,388
Premark
International,
Inc.............. 200 10,275
-----------
148,288
-----------
Aetna Generation Funds Semi-Annual Report 5
<PAGE>
Portfolio of Investments
April 30, 1996 (Unaudited)
Aetna Ascent (continued)
Number of Market
Shares Value
--------- ------
United States (continued)
Diversified (1.6%)
Dover Corp......... 500 $ 25,750
Greenbrier
Companies, Inc... 400 5,750
Harsco Corp........ 900 61,988
Johnson
Controls, Inc.... 200 14,300
Katy Industries.... 3,100 42,238
Oakley, Inc.+..... 600 27,600
Opal, Inc.+........ 300 4,388
Textron, Inc....... 1,600 137,199
Varlen Corp........ 1,680 42,420
VF Corp............ 100 5,700
-----------
367,333
-----------
Electrical and Electronics (2.0%)
Analog Devices, Inc.+ 700 18,025
Applied
Materials, Inc.+. 500 20,000
Cohu, Inc.......... 100 2,550
Eltron
International, Inc.+ 1,800 51,750
Hewlett Packard Co. 300 31,763
KLA Instruments
Corp.+........... 1,700 49,088
Logicon, Inc....... 2,000 59,500
MEMC Electronic
Materials, Inc.+. 400 19,950
Mentor Graphics Corp.+ 3,000 48,000
National Service
Industries, Inc.. 600 22,200
Novellus
Systems, Inc.+... 1,400 75,950
Quickturn Design
System, Inc.+.... 1,300 19,175
Ramtron
International Corp.+ 100 794
Siliconix, Inc.+... 400 12,000
Symbol
Technologies, Inc.+ 300 13,875
Technitrol, Inc... 200 $ 7,025
Tencor Instruments+ 500 12,375
-----------
464,020
-----------
Electrical Equipment (0.9%)
Belden Inc......... 1,000 29,750
General Electric Co 500 38,750
International
Rectifier Corp.+. 2,100 47,250
Kemet Corp.+....... 900 21,488
Raychem Corp....... 400 31,150
SCI Systems, Inc.+. 400 17,150
Vitesse
Semiconductor Corp.+ 900 26,888
-----------
212,426
-----------
Financial Services (2.4%)
Alex Brown &
Sons, Inc........ 1,200 64,950
Astoria
Financial Corp... 500 26,625
Bear Sterns Co.,
Inc.............. 2,800 70,350
BHC Financial, Inc. 3,200 44,400
Chase Manhattan Corp 300 20,663
CNA Financial Corp.+ 100 9,725
Dean Witter
Discover and Co.. 100 5,450
Downey Financial
Corp............. 100 2,163
Leader Financial Corp 800 35,200
Lehman Brothers
Holdings, Inc.... 500 12,688
Merrill Lynch &
Co., Inc......... 400 24,150
Morgan Keegan, Inc. 1,700 20,613
Paine Webber
Group, Inc....... 1,100 22,963
PNC Bank Corp...... 10 303
RCSB Financial, Inc. 300 7,050
TCF Financial Corp. 800 28,300
6 See Notes to Portfolio of Investments.
<PAGE>
Portfolio of Investments
April 30, 1996 (Unaudited)
Aetna Ascent (continued)
Number of Market
Shares Value
--------- ------
United States (continued)
Financial Services (continued)
TR Financial Corp.. 700 $ 18,550
Transamerica Corp.. 700 53,200
Travelers, Inc..... 500 30,750
Vermont Financial
Services Corp.... 1,300 41,275
White River Corp.+. 400 15,600
-----------
554,968
-----------
Foods and Beverages (1.2%)
Coca-Cola Co....... 200 16,300
Coca-Cola
Enterprises, Inc. 300 8,850
CPC International, Inc. 100 6,913
Darden
Restaurants, Inc. 1,700 23,375
Hormel Foods Corp.. 1,300 34,613
Kroger Co. (The)+.. 100 4,113
Mondavi (Robert)
Corp.+........... 600 16,500
Morningstar Group,
Inc.+............ 2,600 26,000
National City Ban.. 50 1,425
PepsiCo, Inc....... 600 38,100
Riser Foods, Inc.
Class A.......... 800 15,200
Safeway, Inc.+..... 1,600 54,000
Sara Lee Corp...... 300 9,300
Supervalu, Inc..... 500 16,000
-----------
270,689
-----------
Health Services (1.2%)
Genetics
Institute, Inc.+. 100 7,100
HEALTHSOUTH Corp.+. 1,300 48,263
Invacare Corp...... 1,400 36,400
Lincare
Holdings, Inc.+.. 1,600 62,100
Quorum Health
Group, Inc.+..... 500 $ 12,688
Tenet Healthcare
Corp.+........... 600 12,300
Universal Health
Services, Inc.+.. 1,200 66,600
Wellpoint Health
Networks, Inc.+.. 1,300 44,525
-----------
289,976
-----------
Home Furnishings & Appliances (0.6%)
Bush Industries,
Inc., Class A.... 4,400 133,099
Maytag Corp........ 100 2,150
-----------
135,249
-----------
Hotels and Restaurants (0.6%)
HomeTown
Buffet, Inc.+.... 300 4,275
Marriott
International,
Inc.............. 300 14,625
Promus Hotel Corp.+ 4,300 122,012
-----------
140,912
-----------
Insurance (2.0%)
Alleghany Corp.+... 6 1,157
Ambac, Inc........ 800 38,900
American Bankers
Insurance Group.. 1,700 67,150
American National
Insurance Co..... 800 52,600
Bankers Life
Holding Corp..... 100 2,013
Capital American
Financial Corp... 100 2,413
CMAC Investment
Corp............. 100 5,600
Fremont General
Corp............. 2,250 56,250
Highlands
Insurance Co.+... 40 760
Home Beneficial
Corp. Class B.... 400 10,600
Aetna Generation Funds Semi-Annual Report 7
<PAGE>
Portfolio of Investments
April 30, 1996 (Unaudited)
Aetna Ascent (continued)
Number of Market
Shares Value
--------- ------
United States (continued)
Insurance (continued)
Kansas City Life
Insurance Co. ... 400 $ 21,500
Old Republic
International
Corp. ........... 1,400 46,200
Orion Capital Corp. 400 17,750
Pxre Corp.......... 1,500 38,250
State Auto
Financial Corp... 1,000 24,250
Transatlantic
Holdings, Inc. .. 800 52,400
Transnational Re
Corp. Class A.... 1,700 35,700
-----------
473,493
-----------
Machinery and Equipment (2.0%)
Barnes Group, Inc. 1,000 46,375
Blount, Inc. Class
A................ 1,500 46,500
Case Corp. ........ 1,000 50,500
Caterpillar, Inc... 100 6,400
Central Sprinkler
Corp.+........... 2,100 57,488
Cooper Cameron
Corp.+........... 1,400 63,175
Illinois Tool
Works, Inc....... 400 26,900
L.S. Starrett Co.
Class A ......... 800 20,100
Lam Research Corp.+ 2,100 85,049
Parker-Hannifin
Corp............. 800 33,800
Regal Beloit....... 800 15,500
-----------
464,462
-----------
Media and Entertainment (1.5%)
AMC Entertainment+. 1,900 49,163
Callaway Golf Co... 2,700 72,225
Coastcast Corp.+... 900 21,038
Gtech Holdings
Corp.+........... 2,600 73,775
King World
Production, Inc.+ 600 26,100
Media General, Inc. 1,200 $ 46,200
Mirage Resorts,
Inc.+............ 1,100 57,613
-----------
346,114
-----------
Medical Supplies (1.2%)
Baxter
International, Inc. 300 13,275
GC Companies, Inc.+ 900 32,513
Guidant Corp....... 2,600 145,924
Medtronic, Inc..... 1,100 58,438
OrNda HealthCorp+.. 600 16,500
OrthoLogic Corp.+.. 100 3,488
US Surgical Corp... 100 3,700
-----------
273,838
-----------
Metals and Mining (0.7%)
AK Steel
Holding Corp..... 500 19,125
Asarco, Inc........ 100 3,313
Cleveland-Cliffs, Inc. 700 29,225
Phelps Dodge Corp.. 300 22,050
Reliance Steel &
Aluminum Co...... 2,400 69,600
Shiloh Industries,
Inc.+............ 300 4,313
WCI Steel, Inc..... 2,700 12,825
Zeigler Coal
Holding Co....... 500 7,375
-----------
167,826
-----------
Oil and Gas (4.4%)
Amoco Corp......... 2,400 175,199
Belden & Blake Corp.+ 1,300 26,325
Camco
International, Inc. 200 7,125
Chevron Corp....... 600 34,800
El Paso Natural
Gas Co........... 200 7,400
Exxon Corp......... 4,100 348,499
Fina Inc. Class A.. 1,000 52,000
Halliburton Co..... 400 22,950
Mitchell Energy &
Development...... 3,300 54,038
8 See Notes to Portfolio of Investments.
<PAGE>
Portfolio of Investments
April 30, 1996 (Unaudited)
Aetna Ascent (continued)
Number of Market
Shares Value
--------- ------
United States (continued)
Oil and Gas (continued)
Mobil Corp......... 400 $ 46,000
National Fuel Gas Co. 100 3,513
Occidental
Petroleum Corp... 400 10,300
Oneok, Inc......... 900 23,175
Phillips Petroleum Co. 100 4,150
Reading & Bates
Corp.+........... 1,900 46,550
Royal Dutch
Petroleum Co..... 100 14,325
RPC, Inc.+......... 900 10,350
Smith
International, Inc.+ 1,300 38,675
Sonat Offshore
Drilling Co...... 1,300 71,338
Texaco, Inc........ 200 17,100
Tosco Corp......... 200 10,700
-----------
1,024,512
-----------
Paper and Containers (0.0%)
Greif Brothers Corp 200 5,300
-----------
Pharmaceuticals (3.5%)
Abbott Laboratories 100 4,063
American Home
Products Corp.... 300 31,650
Becton, Dickinson
& Co............. 1,100 88,687
Bristol-Myers
Squibb Co........ 500 41,125
Cardinal Health Inc. 800 50,200
Chantal
Pharmaceutical
Corp.+........... 13,600 93,499
Dura
Pharmaceuticals, Inc. 200 10,700
Emisphere
Technologies, Inc.+ 3,300 43,725
ICN
Pharmaceuticals, Inc. 5,100 $ 114,749
IDEC
Pharmaceuticals Corp+ 2,200 63,800
Johnson & Johnson.. 877 81,122
Jones Medical
Industries, Inc.. 600 31,350
Merck & Co., Inc... 200 12,100
Pfizer, Inc........ 1,000 68,875
Rhone-Poulenc
Rorer, Inc....... 1,000 62,000
Schering Plough.... 600 34,425
-----------
832,070
-----------
Printing and Publishing (1.3%)
Central
Newspapers,
Inc. Class A.... 1,100 40,013
Gannett Company, Inc. 2,000 136,749
New York Times Co.. 300 9,750
Plenum Publishing Corp. 300 11,175
Pulitzer
Publishing Co.... 1,300 74,100
Scholastic Corp.+.. 300 19,650
Times Mirror Co.... 100 4,263
Tribune Co......... 200 13,950
-----------
309,650
-----------
Real Estate Investment Trusts (23.4%)
Associated Estates
Realty Corp...... 14,100 283,762
Beacon Properties Corp.12,900 330,562
Bre Properties,
Inc. Class A..... 1,100 38,913
CALI Realty Corp... 1,500 34,313
CBL & Associates
Properties, Inc.. 10,100 208,312
Chelsea GCA
Realty, Inc...... 3,700 105,449
Colonial
Properties Trust. 11,500 275,999
Aetna Generation Funds Semi-Annual Report 9
<PAGE>
Portfolio of Investments
April 30, 1996 (Unaudited)
Aetna Ascent (continued)
Number of Market
Shares Value
--------- ------
United States (continued)
Real Estate Investment Trusts
(continued)
Cousins
Properties, Inc.. 6,500 $ 123,499
Crescent Real
Estate Equities, Inc. 9,200 311,649
Developers
Diversified
Realty Corp...... 3,000 87,374
Duke Realty
Investments, Inc. 8,900 263,662
Equity Inns, Inc... 4,900 58,188
Equity Residential
Properties Trust. 4,700 151,574
Essex Property
Trust, Inc....... 13,900 286,687
Evans Withycombe
Residential, Inc. 10,700 231,387
Excel Realty
Trust, Inc....... 13,700 260,299
HGI Realty, Inc.... 600 12,300
Highwood
Properties, Inc.. 11,000 332,749
Innkeepers USA
Trust............ 29,600 284,899
JDN Realty Corp.... 800 16,800
Kimco Realty Corp.. 9,450 245,699
Kranzco Realty Trust 1,200 18,750
Mid-America
Apartment
Communities, Inc. 1,700 44,838
Oasis Residential,
Inc.............. 10,200 229,499
Prime
Residential, Inc. 4,000 72,500
Public Storage,
Inc.............. 16,500 338,249
Regency Realty
Corp............. 4,000 69,500
Security Capital
Industrial Trust. 1,600 27,600
Smith (Charles E.)
Residential
Realty Co........ 3,100 72,075
South West
Property Trust... 2,750 37,469
Spieker
Properties, Inc.. 12,200 $ 317,199
Walden Residential
Properties, Inc.. 14,600 308,424
-----------
5,480,179
-----------
Retail (2.0%)
American Stores Co. 100 3,338
Borders Group,
Inc.+............ 200 6,400
Carson Pirie Scott
& Co.+........... 5,900 143,074
Damark
International, Inc.+ 5,000 56,875
Family Dollar
Stores, Inc...... 200 3,050
Mercantile Stores
Co., Inc......... 400 24,950
Ross Stores, Inc... 3,300 113,849
Sears, Roebuck & co. 400 19,950
Waban, Inc.+....... 2,200 53,900
Zale Corp.+........ 2,700 50,288
-----------
475,674
-----------
Specialty Consumer Durables (0.5%)
Harley-Davidson, Inc. 700 30,888
Polaris
Industries, Inc.. 2,250 78,469
-----------
109,357
-----------
Telecommunications (0.8%)
360 Communications Co.+ 166 3,901
Ameritech Corp..... 800 46,700
Cascade Communications
Corp.+........... 750 75,188
LCI International,
Inc.+............ 100 2,600
Lincoln
Telecommunications
Co............... 2,400 40,800
Northern Telecom Ltd. 200 10,300
-----------
179,489
-----------
10 See Notes to Portfolio of Investments.
<PAGE>
Portfolio of Investments
April 30, 1996 (Unaudited)
Aetna Ascent (continued)
Number of Market
Shares Value
--------- ------
United States (continued)
Transportation (2.4%)
Alaska Air
Group, Inc.+..... 300 $ 7,613
America West
Airlines, Inc.
Class B+......... 5,300 111,299
AMR Corp.+......... 2,000 178,499
Atlantic Coast
Airlines, Inc.+.. 4,300 62,888
Canadian National
Railway Co....... 2,000 38,000
Comair Holdings,
Inc.............. 2,450 90,649
Navistar
International
Corp.+........... 100 1,200
PHH Corp........... 900 51,188
UAL Corp.+......... 100 21,450
-----------
562,786
-----------
Utilities - Electric (1.9%)
Allegheny Power
System, Inc...... 200 5,850
Consolidated
Edison Co. of
New York, Inc.... 500 14,688
DTE Energy Co...... 500 15,500
Entergy Corp....... 1,400 37,100
General Public
Utilities Corp... 1,000 31,750
Illinova Corp...... 1,400 35,700
Long Island
Lighting Corp.... 100 1,625
New England
Electric System.. 1,700 59,925
New York State
Electric & Gas
Corp............. 2,400 54,900
Nipsco
Industries, Inc.. 1,100 39,463
Pinnacle West
Capital Corp..... 2,500 66,563
Portland
General Corp..... 1,500 44,063
Texas Utilities Co. 100 4,025
Unicom Corp........ 700 $ 19,250
United
Illuminating Co.. 200 7,275
Western Resources,
Inc.............. 600 17,850
-----------
455,527
-----------
Utilities - Oil and Gas (0.8%)
Brooklyn Union Gas
Co. (The)........ 1,600 42,000
Energen Corp....... 2,500 57,188
Valero Energy Corp. 500 14,438
Washington Gas
Light Co......... 1,400 29,400
Wicor, Inc......... 1,000 34,375
-----------
177,401
-----------
Utilities - Telephone (0.7%)
AT&T Corp.......... 200 12,250
Bell Atlantic Corp. 100 6,500
BellSouth Corp..... 100 4,000
Citizens Utilities
Co............... 1,403 16,135
GTE Corp........... 700 30,363
MCI Communications
Corp............. 200 5,888
SBC
Communications,
Inc.............. 200 10,000
Southern New
England
Telecommunications
Corp............. 1,900 84,549
-----------
169,685
-----------
Utilities - Water (0.1%)
SJW Corp........... 500 18,563
-----------
Total United States 16,819,858
-----------
Australia (0.3%)
Banks (0.2%)
National Australia
Bank Ltd......... 3,791 34,041
-----------
Diversified (0.1%)
Email Ltd.......... 12,000 33,685
-----------
Aetna Generation Funds Semi-Annual Report 11
<PAGE>
Portfolio of Investments
April 30, 1996 (Unaudited)
Aetna Ascent (continued)
Number of Market
Shares Value
--------- ------
Australia (continued)
Financial Services (0.0%)
Commonwealth Bank
of Australia..... 153 $ 1,257
-----------
Total Australia 68,983
-----------
Austria (0.6%)
Building Materials and Construction (0.2%)
VA Technologie AG+. 400 53,054
-----------
Electrical and Electronics (0.3%)
Austria Mikro
Systeme
International.... 480 58,237
-----------
Oil and Gas (0.1%)
OEMV AG............ 300 29,752
-----------
Total Austria 141,043
-----------
Belgium (0.4%)
Chemicals (0.2%)
Solvay SA Class A.. 100 58,702
-----------
Retail (0.2%)
G.I.B. Holdings
Ltd.............. 800 35,386
-----------
Total Belgium 94,088
-----------
Canada (0.7%)
Banks (0.1%)
Canadian Imperial
Bank of Commerce. 1 28
Royal Bank of Canada 800 18,950
-----------
18,978
-----------
Financial Services (0.0%)
Bank of Montreal... 9 218
-----------
Foods and Beverages (0.0%)
Molson Companies 1 11
Ltd.............. -----------
Metals and Mining (0.1%)
Dofasco, Inc....... 1,320 20,849
-----------
Canada (continued)
Oil and Gas (0.2%)
Alberta Energy
Co. Ltd......... 1,225 $ 23,978
Imperial Oil Ltd... 1 18
Petro-Canada....... 1,600 20,507
-----------
44,503
-----------
Paper and Containers (0.0%)
Abitibi-Price, Inc. 500 7,326
-----------
Printing and Publishing (0.1%)
Quebecor, Inc. Class B 1,400 23,188
-----------
Utilities - Electric (0.1%)
Transalta Corp..... 1,600 17,040
-----------
Utilities - Telephone (0.1%)
BCE, Inc........... 900 35,398
-----------
Total Canada 167,511
-----------
Denmark (0.4%)
Building Materials and Construction
(0.1%)
Lindab AB Class B.. 800 17,184
-----------
Commercial Services (0.2%)
ISS International
Service System AS 1,500 42,368
-----------
Pharmaceuticals (0.1%)
Novo-Nordisk AS+... 300 38,918
-----------
Total Denmark 98,470
-----------
Finland (0.4%)
Foods and Beverages (0.1%)
Huhtamaki Group
Class I.......... 400 13,190
-----------
Paper and Containers (0.2%)
Repola Oy.......... 2,100 40,510
-----------
12 See Notes to Portfolio of Investments.
<PAGE>
Portfolio of Investments
April 30, 1996 (Unaudited)
Aetna Ascent (continued)
Number of Market
Shares Value
--------- ------
Finland (continued)
Retail (0.1%)
Kesko.............. 3,000 $ 34,006
-----------
Total Finland 87,706
-----------
France (0.5%)
Autos and Auto Equipment (0.1%)
PSA Peugeot........ 150 20,918
-----------
Building Materials and Construction
(0.1%)
Bouygues........... 300 30,421
-----------
Metals and Mining (0.1%)
Usinor Sacilor+.... 2,300 35,518
-----------
Retail (0.2%)
Docs de France, SA. 200 37,858
-----------
Total France 124,715
-----------
Hong Kong (0.6%)
Banks (0.1%)
HSBC Holdings Plc.. 2,434 36,342
-----------
Financial Services (0.0%)
HSBC Holdings Plc+. 1 15
-----------
Hotels and Restaurants (0.1%)
Regal Hotels
International.... 90,000 22,804
-----------
Real Estate Investment Trusts (0.4%)
Hysan Development
Co. Ltd.......... 15,000 48,187
New World
Development Co.
Ltd.............. 8,000 35,887
-----------
84,074
-----------
Total Hong Kong 143,235
-----------
Indonesia (0.4%)
Metals and Mining (0.1%)
Tambang Timah+..... 16,000 28,676
-----------
Indonesia (continued)
Retail (0.2%)
Matahari Putra 15,000 $ 30,103
Prima............
-----------
Telecommunications (0.1%)
Indosat............ 600 20,925
-----------
Total Indonesia 79,704
-----------
Italy (0.5%)
Banks (0.2%)
Banca Popolare di
Bergamo.......... 3,000 48,894
-----------
Printing and Publishing (0.1%)
Mondadori
(Arnoldo)
Editore SpA...... 4,000 33,478
-----------
Utilities - Telephone (0.2%)
Telecom Italia SpA. 20,000 40,713
-----------
Total Italy 123,085
-----------
Japan (5.3%)
Building Materials and Construction (0.2%)
Nippon Densetsu
Kogyo............ 4,000 44,676
-----------
Chemicals (0.7%)
Fuji Photo Film+... 2,000 62,240
Konica Corp........ 6,000 46,967
Shin-Etsu Chemical
Co.+............. 2,100 45,907
-----------
155,114
-----------
Computers and Office Equipment (0.2%)
Canon, Inc......... 2,000 39,712
-----------
Consumer Products (0.2%)
AJL PEPS Trust..... 1,900 42,275
-----------
Electrical and Electronics (1.0%)
Hitachi Koki....... 5,000 52,981
Aetna Generation Funds Semi-Annual Report 13
<PAGE>
Portfolio of Investments
April 30, 1996 (Unaudited)
Aetna Ascent (continued)
Number of Market
Shares Value
--------- ------
Japan (continued)
Electrical and Electronics (continued)
Matsushita
Electric
Industrial Co.
Ltd.............. 3,000 $ 52,981
Nintendo Co. Ltd... 1,000 77,132
Rohm Co............ 1,000 63,577
-----------
246,671
-----------
Electrical Equipment (0.6%)
Furukawa Electric Co.+ 8,000 48,418
Hitachi Ltd. (Hit.
Seisakusho)...... 6,000 64,722
Nichicon........... 1,000 16,610
-----------
129,750
-----------
Foods and Beverages (0.1%)
Katokichi.......... 1,000 24,915
-----------
Machinery and Equipment (0.3%)
Komatsu Ltd.+...... 5,000 48,208
Tsukishima Kikai... 1,000 22,815
-----------
71,023
-----------
Metals and Mining (0.2%)
Nippon Steel Co.... 14,000 50,518
-----------
Pharmaceuticals (0.3%)
Daiichi
Pharmaceuticals
Co. Ltd.......... 4,000 67,204
-----------
Printing and Publishing (0.2%)
Toppan Printing
Co. Ltd.......... 3,000 44,103
-----------
Real Estate Investment Trusts (0.1%)
Daibiru Corp....... 2,000 26,920
-----------
Retail (0.3%)
Familymart......... 100 4,888
Ito-Yokado Co.,
Ltd.............. 1,000 58,899
-----------
63,787
-----------
Japan (continued)
Transportation (0.4%)
East Japan
Railway Co....... 13 $ 69,371
Nippon Express Co.
Ltd.............. 3,000 31,216
-----------
100,587
-----------
Utilities - Electric (0.1%)
Tohoku Electric
Power............ 1,000 24,820
-----------
Utilities - Telephone (0.4%)
DDI Corp........... 6 51,492
Nippon Telegraph &
Telephone Corp... 6 46,451
-----------
97,943
-----------
Total Japan 1,230,018
-----------
Kenya (0.3%)
Utilities - Electric (0.3%)
Chilgener S.A. ADR. 1,700 38,038
Empresa Nacional
Electricidad SA ADR 1,900 37,050
-----------
75,088
-----------
Total Kenya 75,088
-----------
Malaysia (0.3%)
Chemicals (0.1%)
Industrial Oxygen,
Inc. Bhd......... 20,000 29,994
-----------
Diversified (0.1%)
Oriental Holdings
Bhd.............. 3,000 18,285
-----------
Financial Services (0.1%)
Lion Land Bhd...... 11,000 13,939
-----------
Transportation (0.0%)
Malaysian
International
Shipping Bhd..... 4,000 12,832
-----------
Total Malaysia 75,050
-----------
14 See Notes to Portfolio of Investments.
<PAGE>
Portfolio of Investments
April 30, 1996 (Unaudited)
Aetna Ascent (continued)
Number of Market
Shares Value
--------- ------
Netherlands (0.7%)
Building Materials and Construction (0.1%)
Koninklijke Volker
Stevin N.V....... 300 $ 20,368
-----------
Electrical and Electronics (0.1%)
Philips
Electronics N.V.. 600 21,155
-----------
Electrical Equipment (0.1%)
Draka Holding N.V.. 500 14,395
-----------
Financial Services (0.2%)
ABN Amro
Holding N.V...... 500 25,846
ING Groep N.V...... 300 23,131
-----------
48,977
-----------
Insurance (0.1%)
Aegon N.V.......... 576 27,392
-----------
Retail (0.1%)
Vendex
International
N.V.............. 1,000 28,615
-----------
Total Netherlands 160,902
-----------
Norway (0.9%)
Diversified (0.2%)
Orkla AS Class A... 1,000 48,765
-----------
Financial Services (0.2%)
Fokus Banken AS+... 6,000 32,267
-----------
Medical Supplies (0.2%)
Hafslund ASA....... 1,900 55,707
-----------
Printing and Publishing (0.1%)
Schibsted Group.... 2,000 29,168
-----------
Transportation (0.2%)
Kvaerner AS........ 1,000 41,017
-----------
Total Norway 206,924
-----------
Philippines (0.3%)
Building Materials and Construction (0.1%)
DMCI Holdings, Inc.+ 40,000 $ 26,758
-----------
Utilities - Telephone (0.2%)
Philippine Long
Distance
Telephone Co..... 800 40,673
-----------
Total Philippines 67,431
-----------
Singapore (0.5%)
Banks (0.2%)
Oversea-Chinese
Banking Corp.
Ltd.
(Foreign-Registered
shares).......... 3,000 41,181
-----------
Diversified (0.2%)
Wing Tai Holdings.. 16,000 41,422
-----------
Transportation (0.1%)
Singapore
Airlines Ltd..... 4,000 40,398
-----------
Total Singapore 123,001
-----------
South Korea (0.2%)
Utilities - Electric (0.2%)
Korea Electric
Power Corp. ADR.. 2,000 55,500
-----------
Total South Korea 55,500
-----------
Spain (0.4%)
Utilities - Electric (0.2%)
Union Electrica
Fenosa SA........ 6,100 36,446
-----------
Utilities - Telephone (0.2%)
Telefonica de
Espana........... 3,000 53,349
-----------
Total Spain 89,795
-----------
Aetna Generation Funds Semi-Annual Report 15
<PAGE>
Portfolio of Investments
April 30, 1996 (Unaudited)
Aetna Ascent (continued)
Number of Market
Shares Value
--------- ------
Sweden (0.5%)
Electrical and Electronics (0.1%)
Telefonaktiebolaget
LM Ericsson...... 1,550 $ 31,354
-----------
Electrical Equipment (0.1%)
Allgon AB Class B.. 700 10,659
-----------
Home Furnishings & Appliances (0.1%)
Electrolux AB Class B+ 400 20,126
-----------
Metals and Mining (0.1%)
Metals and Mining (continued)
Svenskt Stal AB
(SSAB)........... 2,600 31,939
-----------
Paper and Containers (0.1%)
Stora Kopparbergs.. 1,200 16,153
-----------
Total Sweden 110,231
-----------
Switzerland (0.5%)
Insurance (0.3%)
Baloise Holding
Ltd.............. 20 42,822
Winterthur
Schweizerische
Versicherungs -
Gesellschaft..... 30 18,776
-----------
61,598
-----------
Machinery and Equipment (0.2%)
Georg Fischer AG... 10 11,890
Sulzer AG.......... 50 32,136
-----------
44,026
-----------
Retail (0.0%)
Merkur Holding AG.. 35 7,199
-----------
Total Switzerland 112,823
-----------
Thailand (0.3%)
Financial Services (0.3%)
Bank of Ayudhya PCL 3,000 17,703
Thailand (continued)
Siam Commercial
Bank PCL......... 3,000 $ 44,198
-----------
61,901
-----------
Total Thailand 61,901
-----------
United Kingdom (1.8%)
Autos and Auto Equipment (0.1%)
T & N Plc.......... 9,500 25,660
-----------
Commercial Services (0.1%)
Inchcape Plc....... 3,970 17,515
-----------
Diversified (0.2%)
Harrisons &
Crosfield Plc.... 14,028 31,365
Lonrho Plc......... 5,500 15,970
-----------
47,335
-----------
Financial Services (0.2%)
Barclays Plc+...... 3,800 41,969
-----------
Foods and Beverages (0.3%)
Allied Domecq Plc.. 5,000 38,528
Hillsdown
Holdings Plc..... 12,600 33,845
-----------
72,373
-----------
Media and Entertainment (0.1%)
Ladbroke Group Plc. 12,000 35,204
-----------
Oil and Gas (0.1%)
Burmah Castrol Plc+ 1,124 17,929
-----------
Retail (0.4%)
Asda Group Plc..... 20,000 34,139
Burton Group Plc... 26,600 62,468
-----------
96,607
-----------
Transportation (0.1%)
Peninsular &
Oriental Steam
Navigation Co... 3,900 30,549
-----------
16 See Notes to Portfolio of Investments.
<PAGE>
Portfolio of Investments
April 30, 1996 (Unaudited)
Aetna Ascent (continued)
Number of Market
Shares Value
---------- -------
United Kingdom (continued)
Utilities - Electric (0.1%)
National Power Plc
ADR.............. 550 $ 14,575
-----------
Utilities - Water (0.1%)
Welsh Water Plc.... 1,833 20,221
-----------
Total United Kingdom 419,937
-----------
West Germany (0.1%)
Pharmaceuticals (0.1%)
Merck KGaA+........ 800 29,781
-----------
Total West Germany 29,781
-----------
Total Common
Stocks (cost
$18,157,753) .... $20,766,780
-----------
Preferred Stocks (0.5%)
United States (0.2%)
Banks (0.2%)
BankAmerica Corp... 500 37,875
-----------
Chemicals (0.0%)
Union Carbide Corp. 100 4,550
-----------
Total United States 42,425
-----------
Austria (0.1%)
Banks (0.1%)
Creditanstalt-Bankverein 500 27,852
-----------
Total Austria 27,852
-----------
Finland (0.2%)
Electrical Equipment (0.2%)
Nokia AB Class A... 1,500 53,451
-----------
Total Finland 53,451
-----------
Total Preferred
Stocks (cost $119,575) $ 123,728
-----------
Long-Term Bonds and Notes (0.2%)
Mitsubishi Bank,
3.00%, 11/30/02.. $ 40,000 $ 46,300
-----------
Total Long-Term
Bonds and Notes
(cost $40,000) .. $ 46,300
-----------
Short-Term Investments (8.3%)
Koch Industries,
Inc., Comm.
Paper, 5.36%,
05/01/96......... 713,000 713,000
Lockheed Martin
Corp., Comm.
Paper, 5.50%,
05/01/96......... 1,000,000 1,000,000
U.S. Treasury
Bill, 4.71%,
11/14/96, ++..... 243,000 236,181
-----------
Total Short-Term
Investments
(cost $1,949,471) $1,949,181
-----------
TOTAL
INVESTMENTS--(cost
$20,266,799)(a) $22,885,989
Other assets less
liabilities ..... 530,387
-----------
Total Net Assets .. $23,416,376
Notes to Portfolio of Investments
+Non-income producing security.
++ Security pledged to cover initial margin deposits on open futures contracts
at April 30, 1996
(a) The cost of investments for federal income tax purposes are identical.
Unrealized gains and losses, based on identified tax cost, at April 30, 1996
are as follows:
Unrealized gains ............ $2,908,603
Unrealized losses ........... (289,413)
===========
Net unrealized gain ......... $2,619,190
===========
Category percentages are based on net assets.
Aetna Generation Funds Semi-Annual Report 17
<PAGE>
Portfolio of Investments
April 30, 1996 (Unaudited)
Aetna Ascent (continued)
Information concerning open futures contracts is shown below:
<TABLE>
<CAPTION>
No. of Initital Expiration Unrealized
Contracts Value Date Gain/(Loss)
--------- -------- --------- -----------
<S> <C> <C> <C> <C>
All Ordinaries Shares Price Index Future 3 $132,372 June 96 $3,263
DAX-30 German Stock Index Future 2 330,024 June 96 6,260
Dutch Government Bonds Future 1 156,852 June 96 932
German Government Bond Future 4 653,252 June 96 3,424
Long Gilt Future 1 79,640 June 96 1,149
10 Year Swiss Bonds Future 2 186,563 June 96 2,474
=======
$17,502
=======
</TABLE>
18 See Notes to Portfolio of Investments.
<PAGE>
Portfolio of Investments
April 30, 1996 (Unaudited)
Aetna Crossroads
Number of Market
Shares Value
---------- -------
Common Stocks (70.3%)
United States (58.1%)
Aerospace and Defense (0.2%)
United
Technologies Corp.. 400 $ 44,200
-----------
Apparel (0.5%)
Chic By H I S, Inc.+. 700 4,813
Nike, Inc............ 200 17,500
Oshkosh B'Gosh, Inc.. 300 4,500
TJX Companies, Inc... 800 23,600
Wet Seal, Inc. -
Class A+........... 3,500 52,063
-----------
102,476
-----------
Autos and Auto Equipment (0.3%)
Chrysler Corp........ 200 12,550
Ford Motor Co........ 700 25,113
Kaydon Corp.......... 700 27,825
Smith (A.O.) Corp.... 200 4,600
Snap On, Inc......... 200 9,600
-----------
79,688
-----------
Banks (1.8%)
BanPonce Corp........ 200 9,300
CITICORP............. 300 23,625
Citizens Bancorp..... 1,500 44,625
Cullen/Frost
Bankers, Inc....... 1,000 49,250
First American
Corp. (Tenn.)...... 700 29,925
First Chicago Corp... 43 1,774
First Citizens
Bancshares, Inc.
Class A............ 100 6,150
Firstbank of
Illinois Co........ 500 15,625
Golden West
Financial Corp..... 200 10,525
KeyCorp.............. 600 23,175
Nations Bank, Inc.... 300 23,925
Provident Bancorp.... 900 45,900
River Forest
Bancorp, Inc....... 1,600 $ 48,000
Star Banc Corp....... 600 39,525
Suffolk Bancorp...... 300 9,450
Susquehanna
Bancshares, Inc.... 1,300 37,375
-----------
418,149
-----------
Building Materials and Construction (1.7%)
Beazer Homes USA, Inc.+ 1,400 22,400
Champion
Enterprises, Inc.+. 2,400 91,199
Continental Homes
Holding Corp....... 200 4,575
Elcor Corp........... 300 7,200
Granite
Construction, Inc.. 3,150 62,213
Jacobs Engineering
Group, Inc.+....... 200 5,550
Lennar Corp.......... 1,300 32,500
NCI Building
Systems, Inc.+..... 100 3,625
Puerto Rican Cement
Co., Inc........... 700 22,575
Redman Industries,
Inc.+.............. 2,400 48,300
Texas Industries, Inc. 500 32,000
Tredegar
Industries, Inc.... 1,500 41,625
Webb (Del E.) Corp... 500 8,938
-----------
382,700
-----------
Chemicals (0.8%)
ARCO Chemical Co..... 700 37,188
Cytec Industries+.... 100 8,288
First Mississippi Corp. 2,200 51,150
Uniroyal Chemical
Corp.+............. 7,800 91,649
-----------
188,275
-----------
Aetna Generation Funds Semi-Annual Report 19
<PAGE>
Portfolio of Investments
April 30, 1996 (Unaudited)
Aetna Crossroads (continued)
Number of Market
Shares Value
---------- -------
United States (continued)
Commercial Services (0.6%)
CPI Corp............. 1,500 $ 26,063
GATX Corp............ 800 36,000
Manpower, Inc........ 1,100 40,700
Measurex Corp........ 1,100 31,900
Mine Safety
Appliances Co...... 100 4,575
-----------
139,238
-----------
Computer Software (1.8%)
Acxiom Corp.+........ 400 11,000
Boole &
Babbage, Inc.+..... 150 3,956
Cadence Design
Systems, Inc.+..... 2,700 141,074
Cisco Systems, Inc.+. 600 31,125
Computer Associates
International, Inc. 350 25,681
Computer Sciences
Corp.+............. 300 22,200
Continum, Inc.+...... 1,449 82,592
Kronos, Inc.+........ 150 4,463
Meridian Data, Inc.+. 300 5,213
Microsoft Corp.+..... 100 11,338
Network General
Corp.+............. 500 22,063
Reynolds & Reynolds
Co................. 1,000 46,250
Structural Dynamics
Research Corp.+.... 400 12,750
-----------
419,705
-----------
Computers and Office Equipment (1.8%)
Applied Magnetics
Corp.+............. 100 2,063
Boise Cascade Office
Product+........... 100 7,825
Ceridian Corp.+...... 600 28,650
Comdisco, Inc........ 1,800 44,325
CompUSA, Inc.+....... 200 6,925
Computervision Corp.+ 1,200 14,550
EMC Corp.+........... 1,600 $ 32,800
Gateway 2000, Inc.+.. 1,000 34,875
HBO & Co............. 100 11,875
In Focus
Systems, Inc.+..... 1,500 75,750
International
Business Machines,
Inc................ 100 10,750
Komag, Inc.+......... 400 13,400
Moore Corp. Ltd...... 900 16,425
Mylex Corp.+......... 100 2,438
Sun Microsystems,
Inc.+.............. 1,200 65,100
Wallace Computer
Services, Inc..... 400 23,650
Western Digital
Corp.+............. 500 11,750
-----------
403,151
-----------
Consumer Products (0.3%)
Block Drug Co.
Class A............ 215 8,116
Liz Claiborne, Inc... 1,700 61,838
Premark
International, Inc. 100 5,138
-----------
75,092
-----------
Diversified (1.6%)
Dover Corp........... 500 25,750
Greenbrier
Companies, Inc..... 300 4,313
Harsco Corp.......... 700 48,213
Johnson
Controls, Inc...... 100 7,150
Katy Industries...... 2,100 28,613
Oakley, Inc.+....... 400 18,400
Opal, Inc.+.......... 300 4,388
Shaw Group, Inc.+.... 4,500 88,312
Textron, Inc......... 1,200 102,899
Varlen Corp.......... 1,610 40,653
VF Corp.............. 100 5,700
-----------
374,391
-----------
20 See Notes to Portfolio of Investments.
<PAGE>
Portfolio of Investments
April 30, 1996 (Unaudited)
Aetna Crossroads (continued)
Number of Market
Shares Value
---------- -------
United States (continued)
Electrical and Electronics (1.7%)
Analog Devices, Inc.+ 400 $ 10,300
Applied
Materials, Inc.+... 500 20,000
Cohu, Inc............ 100 2,550
Hewlett Packard Co... 600 63,525
KLA Instruments
Corp.+............. 1,300 37,538
Logicon, Inc......... 2,000 59,500
MEMC Electronic
Materials, Inc.+... 800 39,900
Mentor
Graphics Corp.+.... 2,500 40,000
Novellus
Systems, Inc.+..... 1,100 59,675
Quickturn Design
System, Inc.+...... 800 11,800
Ramtron
International
Corp.+............. 100 794
Siliconix, Inc.+..... 300 9,000
Symbol Technologies,
Inc.+.............. 200 9,250
Technitrol, Inc..... 200 7,025
Tencor Instruments+.. 400 9,900
-----------
380,757
-----------
Electrical Equipment (0.7%)
Belden Inc........... 800 23,800
General Electric Co.. 400 31,000
International
Rectifier Corp.+... 1,900 42,750
Kemet Corp.+......... 800 19,100
Raychem Corp......... 400 31,150
SCI Systems, Inc.+... 200 8,575
-----------
156,375
-----------
Financial Services (2.3%)
Alex Brown &
Sons, Inc.......... 1,100 59,538
Astoria
Financial Corp..... 400 21,300
Bear Sterns Co., Inc. 2,500 62,813
BHC Financial, Inc... 3,000 41,625
Chase Manhattan Corp. 300 $ 20,663
Dean Witter Discover
and Co............. 400 21,800
Leader Financial
Corp............... 800 35,200
Lehman Brothers
Holdings, Inc...... 300 7,613
Merrill Lynch &
Co., Inc........... 600 36,225
Morgan Keegan, Inc... 1,200 14,550
Paine Webber Group,
Inc................ 800 16,700
PNC Bank Corp........ 10 303
RCSB Financial, Inc.. 300 7,050
TCF Financial Corp... 500 17,688
TR Financial Corp.... 600 15,900
Transamerica Corp.... 500 38,000
Travelers, Inc....... 1,600 98,399
White River Corp.+... 300 11,700
-----------
527,067
-----------
Foods and Beverages (1.4%)
Coca-Cola Co......... 200 16,300
Coca-Cola
Enterprises, Inc... 200 5,900
Conagra, Inc......... 200 7,725
CPC International,
Inc................ 200 13,825
Darden Restaurants,
Inc................ 1,400 19,250
Kroger Co. (The)+.... 300 12,338
Mondavi (Robert)
Corp.+............. 600 16,500
PepsiCo, Inc......... 2,000 126,999
Riser Foods, Inc.
Class A............ 800 15,200
Safeway, Inc.+....... 1,400 47,250
Sara Lee Corp........ 300 9,300
Supervalu, Inc....... 600 19,200
-----------
309,787
-----------
Health Services (1.1%)
Genetics
Institute, Inc.+... 100 7,100
HEALTHSOUTH Corp.+... 1,000 37,125
Aetna Generation Funds Semi-Annual Report 21
<PAGE>
Portfolio of Investments
April 30, 1996 (Unaudited)
Aetna Crossroads (continued)
Number of Market
Shares Value
---------- -------
United States (continued)
Health Services (continued)
Invacare Corp........ 1,400 $ 36,400
Lincare
Holdings, Inc.+.... 1,400 54,338
Quorum Health Group,
Inc.+.............. 500 12,688
Tenet Healthcare
Corp.+............. 400 8,200
Universal Health
Services, Inc.+.... 1,100 61,050
Wellpoint Health
Networks, Inc.+.... 1,000 34,250
-----------
251,151
-----------
Home Furnishings & Appliances (0.6%)
Bush Industries,
Inc., Class A...... 3,400 102,849
Leggett & Platt, Inc. 1,200 30,900
Maytag Corp.......... 100 2,150
-----------
135,899
-----------
Hotels and Restaurants (0.2%)
HomeTown
Buffet, Inc.+...... 200 2,850
Marriott
International, Inc. 300 14,625
Promus Hotel Corp.+.. 900 25,538
-----------
43,013
-----------
Insurance (1.6%)
Alleghany Corp.+..... 6 1,157
Ambac, Inc.......... 500 24,313
American Bankers
Insurance Group.... 1,600 63,200
American National
Insurance Co....... 200 13,150
Bankers Life Holding
Corp............... 100 2,013
Capital American
Financial Corp..... 100 2,413
CMAC Investment Corp. 700 39,200
Fremont General Corp. 900 22,500
Home Beneficial
Corp. Class B...... 400 $ 10,600
Kansas City Life
Insurance Co....... 500 26,875
Maxicare Health
Plans, Inc.+....... 2,600 53,300
Old Republic
International Corp. 1,000 33,000
Orion Capital Corp... 400 17,750
Presidential Life
Corp............... 1,000 9,750
State Auto Financial
Corp............... 900 21,825
Transnational Re
Corp. Class A..... 800 16,800
-----------
357,846
-----------
Machinery and Equipment (1.7%)
Barnes Group, Inc.... 900 41,738
Blount, Inc. Class A. 1,350 41,850
Case Corp............ 800 40,400
Caterpillar, Inc.... 100 6,400
Central Sprinkler
Corp.+............. 1,700 46,538
Cooper Cameron Corp.+ 1,300 58,663
Illinois Tool
Works, Inc......... 300 20,175
L.S. Starrett Co.
ClassA............. 700 17,588
Lam Research Corp.+.. 1,600 64,800
Parker-Hannifin Corp. 800 33,800
Regal Beloit......... 700 13,563
-----------
385,515
-----------
Media and Entertainment (1.3%)
AMC Entertainment+... 2,500 64,688
Callaway Golf Co..... 2,200 58,850
Gtech Holdings Corp.+ 2,100 59,588
King World
Production, Inc.+.. 600 26,100
Media General, Inc... 1,100 42,350
22 See Notes to Portfolio of Investments.
<PAGE>
Portfolio of Investments
April 30, 1996 (Unaudited)
Aetna Crossroads (continued)
Number of Market
Shares Value
---------- -------
United States (continued)
Media and Entertainment (continued)
Mirage Resorts, Inc.+ 900 $ 47,138
-----------
298,714
-----------
Medical Supplies (0.8%)
Baxter
International, Inc. 500 22,125
GC Companies, Inc.+.. 800 28,900
Guidant Corp......... 1,800 101,024
Medtronic, Inc....... 100 5,313
OrNda HealthCorp+.... 500 13,750
OrthoLogic Corp.+.... 100 3,488
US Surgical Corp..... 100 3,700
-----------
178,300
-----------
Metals and Mining (0.6%)
AK Steel
Holding Corp....... 400 15,300
Asarco, Inc.......... 200 6,625
Cleveland-Cliffs,
Inc................ 700 29,225
Phelps Dodge Corp.... 300 22,050
Reliance Steel &
Aluminum Co........ 2,200 63,800
Shiloh Industries,
Inc.+.............. 300 4,313
-----------
141,313
-----------
Oil and Gas (4.2%)
Amoco Corp........... 2,000 145,999
Camco International,
Inc................ 200 7,125
Chevron Corp......... 500 29,000
El Paso Natural Gas
Co................. 200 7,400
Exxon Corp........... 3,300 280,499
Fina Inc. Class A.... 800 41,600
Getty Petroleum Corp. 300 4,275
Halliburton Co....... 1,700 97,537
Lufkin Industries,
Inc................ 100 2,075
Mitchell Energy &
Development........ 3,100 50,763
Mobil Corp........... 400 46,000
National Fuel Gas Co. 100 $ 3,513
Occidental
Petroleum Corp..... 200 5,150
Panhandle Eastern
Corp............... 100 3,263
Phillips Petroleum
Co................. 100 4,150
Reading & Bates
Corp.+............. 1,400 34,300
RPC, Inc.+........... 800 9,200
Smith
International, Inc.+ 1,200 35,700
Sonat Offshore
Drilling Co........ 900 49,388
Tesoro
Petroleum Corp.+... 5,100 56,100
Texaco, Inc.......... 400 34,200
Tosco Corp........... 100 5,350
-----------
952,587
-----------
Pharmaceuticals (2.8%)
Abbott Laboratories.. 200 8,125
American Home
Products Corp...... 300 31,650
Becton, Dickinson
& Co............... 800 64,500
Bristol-Myers
Squibb Co.......... 500 41,125
Cardinal Health Inc. 600 37,650
Dura
Pharmaceuticals,
Inc.+.............. 200 10,700
Emisphere
Technologies, Inc.+ 3,300 43,725
ICN Pharmaceuticals,
Inc................ 4,000 89,999
IDEC Pharmaceuticals
Corp.+............. 1,800 52,200
Johnson & Johnson.... 651 60,218
Jones Medical
Industries, Inc.... 300 15,675
Merck & Co., Inc..... 300 18,150
Pfizer, Inc.......... 1,100 75,763
Rhone-Poulenc Rorer,
Inc................ 900 55,800
Aetna Generation Funds Semi-Annual Report 23
<PAGE>
Portfolio of Investments
April 30, 1996 (Unaudited)
Aetna Crossroads (continued)
Number of Market
Shares Value
---------- -------
United States (continued)
Pharmaceuticals (continued)
Schering Plough...... 500 $ 28,688
-----------
633,968
-----------
Printing and Publishing (0.8%)
Gannett Company, Inc. 1,400 95,724
Plenum Publishing
Corp............... 300 11,175
Pulitzer
Publishing Co...... 1,150 65,550
Scholastic Corp.+.... 100 6,550
Tribune Co........... 200 13,950
-----------
192,949
-----------
Real Estate Investment Trusts (18.3%)
Associated Estates
Realty Corp........ 13,200 265,649
Beacon Properties
Corp............... 10,100 258,812
CALI Realty Corp..... 1,300 29,738
CBL & Associates
Properties, Inc.... 9,400 193,874
Colonial Properties
Trust.............. 9,400 225,599
Cousins
Properties, Inc.... 6,000 113,999
Crescent Real Estate
Equities, Inc...... 6,600 223,574
Developers
Diversified Realty
Corp............... 2,800 81,550
Duke Realty
Investments, Inc... 7,800 231,074
Equity Inns, Inc..... 5,800 68,875
Equity Residential
Properties Trust... 2,800 90,299
Essex Property
Trust, Inc......... 11,700 241,312
Evans Withycombe
Residential, Inc... 10,000 216,249
Excel Realty
Trust, Inc......... 10,900 207,099
HGI Realty, Inc...... 600 12,300
Highwood
Properties, Inc.... 800 24,200
Innkeepers USA Trust. 19,200 184,799
JDN Realty Corp...... 2,100 44,100
Kimco Realty Corp.... 8,100 $ 210,599
Kranzco Realty Trust. 1,200 18,750
Mid-America
Apartment
Communities, Inc... 3,300 87,037
Oasis Residential,
Inc................ 9,500 213,749
Prime
Residential, Inc... 2,000 36,250
Public Storage, Inc.. 13,200 270,599
Regency Realty Corp.. 2,100 36,488
Security Capital
Industrial Trust... 1,400 24,150
Smith (Charles E.)
Residential Realty
Co................. 1,700 39,525
South West
Property Trust..... 2,250 30,656
Spieker
Properties, Inc.... 9,700 252,199
Walden Residential
Properties, Inc.... 11,700 247,162
-----------
4,180,266
-----------
Retail (1.2%)
American Stores Co... 100 3,338
Carson Pirie Scott &
Co.+............... 100 2,425
Damark
International,
Inc.+.............. 1,100 12,513
Family Dollar
Stores, Inc........ 100 1,525
Mercantile Stores
Co., Inc........... 700 43,663
Ross Stores, Inc..... 3,100 106,949
Sears, Roebuck & Co.. 300 14,963
Waban, Inc.+......... 1,800 44,100
Zale Corp.+.......... 2,400 44,700
-----------
274,176
-----------
Specialty Consumer Durables (0.4%)
Harley-Davidson, Inc. 500 22,063
Polaris
Industries, Inc.... 1,950 68,006
-----------
90,069
-----------
24 See Notes to Portfolio of Investments.
<PAGE>
Portfolio of Investments
April 30, 1996 (Unaudited)
Aetna Crossroads (continued)
Number of Market
Shares Value
---------- -------
United States (continued)
Telecommunications
360 Communications Co.+ 133 $ 3,126
Ameritech Corp....... 100 5,838
LCI International, Inc. 100 2,600
Lincoln
Telecommunications
Co................. 1,800 30,600
Northern Telecom Ltd. 200 10,300
-----------
52,464
-----------
Transportation (1.8%)
Alaska Air
Group, Inc.+....... 100 2,538
America West
Airlines, Inc.
Class B+........... 400 8,400
AMR Corp.+........... 1,600 142,799
Atlantic Coast
Airlines, Inc.+.... 3,400 49,725
Canadian National
Railway Co......... 1,000 19,000
Comair Holdings, Inc. 1,200 44,400
Northwest Airlines
Corp.+............. 2,100 95,549
PHH Corp............. 300 17,063
UAL Corp.+........... 100 21,450
-----------
400,924
-----------
Utilities - Electric (1.6%)
Allegheny Power
System, Inc........ 100 2,925
Calenergy, Inc.+..... 700 18,200
Consolidated Edison
Co. of New York, Inc. 600 17,625
DQE, Inc............. 50 1,325
DTE Energy Co........ 400 12,400
Entergy Corp......... 1,000 26,500
General Public
Utilities Corp..... 1,000 31,750
Illinova Corp........ 1,100 $ 28,050
Long Island Lighting
Corp............... 100 1,625
New England Electric
System............. 1,200 42,300
Nipsco
Industries, Inc.... 900 32,288
Pinnacle West
Capital Corp....... 2,300 61,238
Portland
General Corp....... 800 23,500
Unicom Corp.......... 1,300 35,750
United Illuminating
Co................. 200 7,275
Western Resources,
Inc................ 400 11,900
-----------
354,651
-----------
Utilities - Oil and Gas (0.5%)
Energen Corp......... 2,300 52,613
Indiana Energy, Inc.. 1,100 26,263
Valero Energy Corp... 1,500 43,313
Washington Gas Light
Co................. 200 4,200
-----------
126,389
-----------
Utilities - Telephone (0.8%)
AT&T Corp............ 400 24,500
Bell Atlantic Corp... 100 6,500
BellSouth Corp....... 600 24,000
Citizens Utilities
Co................. 1,288 14,812
MCI Communications
Corp............... 200 5,888
SBC Communications,
Inc................ 500 25,000
Southern New England
Telecommunications
Corp............... 1,700 75,650
-----------
176,350
-----------
Utilities - Water (0.1%)
SJW Corp............. 400 14,850
-----------
Total United States 13,242,445
-----------
Aetna Generation Funds Semi-Annual Report 25
<PAGE>
Portfolio of Investments
April 30, 1996 (Unaudited)
Aetna Crossroads (continued)
Number of Market
Shares Value
---------- -------
Australia (0.2%)
Banks (0.1%)
National Australia
Bank Ltd........... 3,065 $ 27,522
-----------
Diversified (0.1%)
Email Ltd............ 10,000 28,071
-----------
Financial Services (0.0%)
Commonwealth Bank of
Australia.......... 114 937
-----------
Total Australia 56,530
-----------
Austria (0.4%)
Building Materials and Construction (0.2%)
VA Technologie AG+... 300 39,790
-----------
Electrical and Electronics (0.1%)
Austria Mikro
Systeme
International...... 300 36,398
-----------
Oil and Gas (0.1%)
OEMV AG.............. 250 24,794
-----------
Total Austria 100,982
-----------
Belgium (0.4%)
Chemicals (0.3%)
Solvay SA Class A.... 100 58,702
-----------
Retail (0.1%)
G.I.B. Holdings Ltd.. 600 26,540
-----------
Total Belgium 85,242
-----------
Canada (0.6%)
Banks (0.1%)
Canadian Imperial
Bank of Commerce... 1 28
Royal Bank of Canada. 400 9,475
-----------
9,503
-----------
Canada (continued)
Financial Services (0.0%)
Bank of Montreal..... 13 $ 306
-----------
Foods and Beverages (0.0%)
Molson Companies Ltd. 1 7
-----------
Metals and Mining (0.0%)
Alcan Aluminum Ltd... 2 77
Dofasco, Inc......... 505 7,970
-----------
8,047
-----------
Oil and Gas (0.2%)
Alberta Energy
Co. Ltd............ 1,400 27,404
Imperial Oil Ltd..... 1 20
Petro-Canada......... 1,400 17,943
-----------
45,367
-----------
Paper and Containers (0.0%)
Abitibi-Price, Inc... 500 7,326
-----------
Printing and Publishing (0.1%)
Quebecor, Inc.
Class B............ 1,300 21,531
-----------
Utilities - Electric (0.0%)
Transalta Corp....... 800 8,520
-----------
Utilities - Telephone (0.2%)
BCE, Inc............. 800 31,465
-----------
Total Canada 132,072
-----------
Denmark (0.3%)
Building Materials and Construction
(0.1%)
Lindab AB Class B.... 800 17,184
-----------
Commercial Services (0.1%)
ISS International
Service System AS.. 800 22,596
-----------
Pharmaceuticals (0.1%)
Novo-Nordisk AS+..... 200 25,945
-----------
Total Denmark 65,725
-----------
26 See Notes to Portfolio of Investments.
<PAGE>
Portfolio of Investments
April 30, 1996 (Unaudited)
Aetna Crossroads (continued)
Number of Market
Shares Value
---------- -------
Finland (0.2%)
Foods and Beverages (0.0%)
Huhtamaki Group
Class I............ 300 $ 9,893
-----------
Paper and Containers (0.1%)
Repola Oy............ 1,300 25,078
-----------
Retail (0.1%)
Kesko................ 2,000 22,671
-----------
Total Finland 57,642
-----------
France (0.4%)
Building Materials and Construction (0.1%)
Bouygues............. 250 25,351
-----------
Metals and Mining (0.2%)
Usinor Sacilor+...... 2,000 30,885
-----------
Retail (0.1%)
Docs de France, SA... 150 28,393
-----------
Total France 84,629
-----------
Hong Kong (0.4%)
Banks (0.1%)
HSBC Holdings Plc.... 1,824 27,234
-----------
Financial Services (0.0%)
HSBC Holdings Plc+... 1 15
-----------
Real Estate Investment Trusts (0.3%)
Hysan Development
Co. Ltd............ 10,000 32,125
New World
Development Co.
Ltd................ 5,000 22,429
-----------
54,554
-----------
Total Hong Kong 81,803
-----------
Indonesia (0.2%)
Metals and Mining (0.1%)
Tambang Timah+....... 13,000 23,299
-----------
Indonesia (continued)
Retail (0.1%)
Matahari Putra Prima. 13,000 $ 26,089
-----------
Total Indonesia 49,388
-----------
Italy (0.3%)
Banks (0.1%)
Banca Popolare di
Bergamo............ 1,000 16,298
-----------
Printing and Publishing (0.1%)
Mondadori (Arnoldo)
Editore SpA........ 2,000 16,739
-----------
Utilities - Telephone (0.1%)
Telecom Italia SpA... 16,000 32,570
-----------
Total Italy 65,607
-----------
Japan (4.0%)
Building Materials and Construction (0.1%)
Nippon Densetsu Kogyo 3,000 33,507
-----------
Chemicals (0.5%)
Fuji Photo Film+..... 1,000 31,120
Konica Corp.......... 4,000 31,311
Shin-Etsu Chemical
Co.+............... 2,100 45,907
-----------
108,338
-----------
Computers and Office Equipment (0.1%)
Canon, Inc........... 1,000 19,856
-----------
Consumer Products (0.1%)
AJL PEPS Trust....... 1,400 31,150
-----------
Electrical and Electronics (1.0%)
Hitachi Koki......... 4,000 42,385
Matsushita Electric
Industrial Co. Ltd. 2,000 35,321
Nintendo Co. Ltd..... 1,000 77,132
Aetna Generation Funds Semi-Annual Report 27
<PAGE>
Portfolio of Investments
April 30, 1996 (Unaudited)
Aetna Crossroads (continued)
Number of Market
Shares Value
---------- -------
Japan (continued)
Rohm Co.............. 1,000 $ 63,577
-----------
218,415
-----------
Electrical Equipment (0.4%)
Furukawa Electric 6,000 36,313
Co.+...............
Hitachi Ltd. (Hit.
Seisakusho)........ 4,000 43,148
-----------
79,461
-----------
Foods and Beverages (0.2%)
Katokichi............ 2,000 49,831
-----------
Machinery and Equipment (0.1%)
Tsukishima Kikai..... 1,200 27,378
-----------
Metals and Mining (0.2%)
Nippon Steel Co...... 12,000 43,301
-----------
Pharmaceuticals (0.1%)
Daiichi
Pharmaceuticals
Co. Ltd............ 2,000 33,602
-----------
Printing and Publishing (0.1%)
Toppan Printing Co.
Ltd................ 2,000 29,402
-----------
Real Estate Investment Trusts (0.1%)
Daibiru Corp......... 2,000 26,920
-----------
Retail (0.3%)
Ito-Yokado Co., Ltd.. 1,000 58,899
-----------
Transportation (0.3%)
East Japan
Railway Co......... 7 37,354
Nippon Express Co.
Ltd................ 2,000 20,810
-----------
58,164
-----------
Utilities - Electric (0.1%)
Tohoku Electric Power 1,000 24,820
-----------
Utilities - Telephone (0.3%)
DDI Corp............. 6 51,492
Nippon Telegraph &
Telephone Corp..... 3 $ 23,226
-----------
74,718
-----------
Total Japan 917,762
-----------
Kenya (0.2%)
Utilities - Electric (0.2%)
Chilgener S.A. ADR... 1,200 26,850
Empresa Nacional
Electricidad SA ADR 700 13,650
-----------
40,500
-----------
Total Kenya 40,500
-----------
Malaysia (0.2%)
Chemicals (0.1%)
Industrial Oxygen,
Inc. Bhd........... 16,000 23,996
-----------
Diversified (0.0%)
Oriental Holdings Bhd 3,000 18,285
-----------
Financial Services (0.1%)
Lion Land Bhd........ 9,000 11,404
-----------
Total Malaysia 53,685
-----------
Netherlands (0.6%)
Building Materials and Construction
(0.1%)
Koninklijke Volker
Stevin N.V......... 250 16,974
-----------
Electrical and Electronics (0.1%)
Philips
Electronics N.V.... 600 21,155
-----------
Electrical Equipment (0.1%)
Draka Holding N.V.... 500 14,395
-----------
Financial Services (0.1%)
ABN Amro Holding N.V. 400 20,677
ING Groep N.V........ 200 15,420
-----------
36,097
-----------
Insurance (0.1%)
Aegon N.V............ 576 27,392
-----------
28 See Notes to Portfolio of Investments.
<PAGE>
Portfolio of Investments
April 30, 1996 (Unaudited)
Aetna Crossroads (continued)
Number of Market
Shares Value
---------- -------
Netherlands (continued)
Retail (0.1%)
Vendex International N.V 800 $ 22,892
-----------
Total Netherlands 138,905
-----------
Norway (0.6%)
Diversified (0.1%)
Orkla AS Class A..... 500 24,382
-----------
Financial Services (0.1%)
Fokus Banken AS+..... 4,000 21,511
-----------
Medical Supplies (0.2%)
Hafslund ASA......... 1,400 41,048
-----------
Printing and Publishing (0.1%)
Schibsted Group...... 1,500 21,876
-----------
Transportation (0.1%)
Kvaerner AS.......... 700 28,712
-----------
Total Norway 137,529
-----------
Philippines (0.1%)
Utilities - Telephone (0.1%)
Philippine Long
Distance Telephone
Co................. 600 30,505
-----------
Total Philippines 30,505
-----------
Singapore (0.3%)
Banks (0.1%)
Oversea-Chinese
Banking Corp. Ltd.
(Foreign-Registered
shares)............ 1,000 13,727
-----------
Diversified (0.1%)
Wing Tai Holdings.... 12,000 31,067
-----------
Transportation (0.1%)
Singapore
Airlines Ltd....... 2,000 20,199
-----------
Total Singapore 64,993
-----------
South Korea (0.1%)
Utilities - Electric (0.1%)
Korea Electric Power
Corp. ADR.......... 1,000 $ 27,750
-----------
Total South Korea 27,750
-----------
Spain (0.3%)
Utilities - Electric (0.1%)
Union Electrica
Fenosa............. 4,600 27,484
-----------
Utilities - Telephone (0.2%)
Telefonica de Espana. 2,000 35,566
-----------
Total Spain 63,050
-----------
Sweden (0.3%)
Electrical and Electronics (0.0%)
Telefonaktiebolaget
LM Ericsson........ 550 11,126
-----------
Electrical Equipment (0.0%)
Allgon AB Class B.... 500 7,613
-----------
Home Furnishings & Appliances (0.1%)
Electrolux AB Class B+ 300 15,094
-----------
Metals and Mining (0.1%)
Svenskt Stal AB
(SSAB)............. 1,400 17,198
-----------
Paper and Containers (0.1%)
Stora Kopparbergs.... 1,000 13,461
-----------
Total Sweden 64,492
-----------
Switzerland (0.3%)
Insurance (0.2%)
Baloise Holding Ltd.. 10 21,411
Winterthur
Schweizerische
Versicherungs -
Gesellschaft....... 20 12,517
-----------
33,928
-----------
Aetna Generation Funds Semi-Annual Report 29
<PAGE>
Portfolio of Investments
April 30, 1996 (Unaudited)
Aetna Crossroads (continued)
Number of Market
Shares Value
---------- -------
Switzerland (continued)
Machinery and Equipment (0.1%)
Georg Fischer AG..... 5 $ 5,945
Sulzer AG............ 40 25,709
-----------
31,654
-----------
Retail (0.0%)
Merkur Holding AG.... 30 6,170
-----------
Total Switzerland 71,752
-----------
Thailand (0.3%)
Financial Services (0.3%)
Bank of Ayudhya PCL.. 5,000 29,505
Siam Commercial Bank
PCL................ 2,000 29,465
-----------
58,970
-----------
Total Thailand 58,970
-----------
United Kingdom (1.4%)
Autos and Auto Equipment (0.1%)
T & N Plc............ 7,300 19,718
-----------
Commercial Services (0.1%)
Inchcape Plc......... 4,697 20,722
-----------
Diversified (0.1%)
Harrisons &
Crosfield Plc...... 10,231 22,875
Lonrho Plc........... 4,400 12,776
-----------
35,651
-----------
Financial Services (0.1%)
Barclays Plc+........ 3,100 34,238
-----------
Foods and Beverages (0.2%)
Allied Domecq Plc.... 3,000 23,117
Hillsdown
Holdings Plc....... 6,400 17,191
-----------
40,308
-----------
United Kingdom (continued)
Media and Entertainment (0.1%)
Ladbroke Group Plc... 10,000 $ 29,337
-----------
Oil and Gas (0.1%)
Burmah Castrol Plc+.. 818 13,048
-----------
Retail (0.3%)
Asda Group Plc....... 10,000 17,069
Burton Group Plc..... 19,400 45,560
-----------
62,629
-----------
Transportation (0.1%)
Peninsular &
Oriental Steam
Navigation Co..... 2,800 21,933
-----------
Utilities - Electric (0.1%)
National Power Plc
ADR................ 900 23,850
-----------
Utilities - Water (0.1%)
Welsh Water Plc...... 1,333 14,706
-----------
Total United Kingdom 316,140
-----------
West Germany (0.1%)
Pharmaceuticals (0.1%)
Merck KGaA+.......... 600 22,336
-----------
Total West Germany 22,336
-----------
Total Common Stocks
(cost $13,915,168) $16,030,434
-----------
Preferred Stocks (0.4%)
United States (0.1%)
Banks (0.1%)
BankAmerica Corp..... 400 30,300
-----------
Chemicals (0.0%)
Union Carbide Corp... 100 4,550
-----------
Total United States 34,850
-----------
30 See Notes to Portfolio of Investments.
<PAGE>
Portfolio of Investments
April 30, 1996 (Unaudited)
Aetna Crossroads (continued)
Number of Market
Shares Value
---------- -------
Austria (0.1%)
Banks (0.1%)
Creditanstalt-Bankverein 350 $ 19,497
-----------
Total Austria 19,497
-----------
Finland (0.2%)
Electrical Equipment (0.2%)
Nokia AB Class A..... 1,100 39,197
-----------
Total Finland 39,197
-----------
Total Preferred
Stocks (cost $87,185) $ 93,544
-----------
Principal Market
Amount Value
-------- -------
Long-Term Bonds and Notes (3.6%)
U.S. Government Obligations (3.5%)
U.S. Treasury Note,
6.50%, 05/15/05.... $800,000$ 789,745
-----------
Corporate Bonds (0.1%)
Mitsubishi Bank,
3.00%, 11/30/02.... 30,000 34,725
-----------
Total Long-Term
Bonds and Notes
(cost $866,148) ... $ 824,470
-----------
Short-Term Investments (22.7%)
Fleetwood Credit
Corp., Comm.
Paper, 5.35%,
05/03/96........... 800,000 799,762
Koch Industries
Inc., Comm. Paper,
5.36%, 05/01/96.... 753,000 753,000
Lockheed Corp.,
Comm. Paper,
5.50%, 05/01/96.... 735,000 734,887
Mercury Finance
Corp., Comm.
Paper, 5.52%,
05/21/96........... 758,000 755,675
Pennsylvania Power &
Light Co., Comm.
Paper, 5.40%,
05/06/96........... $800,000$ 799,400
Source One Mortgage
Services Corp.,
Comm. Paper,
5.55%, 05/21/96.... 800,000 797,533
U.S. Treasury Bill,
4.71%, 11/14/96, ++ 550,000 534,567
-----------
Total Short-Term
Investments
(cost $5,175,213) . $5,174,824
-----------
TOTAL INVESTMENTS--
(cost $20,043,714)(a) .. $22,123,272
Other assets less
liabilities ....... $ 670,943
-----------
Total Net Assets .... $22,794,215
Notes to Portfolio of Investments
+Non-income producing security.
++Security pledged to cover initial margin deposits on open futures contracts at
April 30, 1996
(a) The cost of investments for federal income tax purposes are identical.
Unrealized gains and losses, based on identified tax cost, at April 30, 1996
are as follows:
Unrealized gains ............ $2,323,626
Unrealized losses............ (244,068)
===========
Net unrealized gain ......... $2,079,558
===========
Category percentages are based on net assets.
Aetna Generation Funds Semi-Annual Report 31
<PAGE>
Portfolio of Investments
April 30, 1996 (Unaudited)
Aetna Crossroads (continued)
Information concerning open futures contracts is shown below:
<TABLE>
<CAPTION>
No. of Initital Expiration Unrealized
Contracts Value Date Gain/(Loss)
-------- --------- ---------------------
<S> <C> <C> <C> <C>
All Ordinaries Shares Price Index Future 3 $132,353 June 96 $3,282
Dutch Government Bonds Future 2 314,124 June 96 1,836
French Notionals Index Future 1 120,769 June 96 1,584
German Government Bond Future 5 818,013 June 96 5,591
Long Gilt Future 2 164,305 June 96 (2,134)
10 Year Canadian Government Bonds Future 1 80,136 June 96 (1,924)
10 Year Swiss Bonds Future 2 188,414 June 96 1,302
=======
$9,537
=======
</TABLE>
32 See Notes to Financial Statements.
<PAGE>
Portfolio of Investments
April 30, 1996 (Unaudited)
Aetna Legacy
Number of Market
Shares Value
---------- -------
Common Stocks (52.7%)
United States (44.1%)
Aerospace and Defense (0.1%)
United
Technologies Corp. 200 $ 22,100
-----------
Apparel (0.4%)
Chic By H I S,
Inc.+............ 200 1,375
Gap, Inc........... 1,600 48,200
Nike, Inc.......... 400 35,000
Oshkosh B'Gosh,
Inc.............. 200 3,000
-----------
87,575
-----------
Autos and Auto Equipment (0.2%)
Chrysler Corp...... 200 12,550
Ford Motor Co...... 200 7,175
Kaydon Corp........ 500 19,875
Smith (A.O.) Corp.. 200 4,600
-----------
44,200
-----------
Banks (1.4%)
BanPonce Corp...... 100 4,650
CITICORP........... 300 23,625
Citizens Bancorp... 300 8,925
Cullen/Frost
Bankers, Inc..... 800 39,400
First American
Corp. (Tenn.).... 500 21,375
First Chicago Corp. 43 1,774
First Citizens
Bancshares, Inc.
Class A.......... 100 6,150
First Tennessee
National Corp.... 1,200 39,600
Firstbank of
Illinois Co...... 400 12,500
Golden West
Financial Corp... 100 5,263
KeyCorp............ 500 19,313
Nations Bank, Inc.. 300 $ 23,925
Provident Bancorp.. 700 35,700
River Forest
Bancorp, Inc..... 800 24,000
Star Banc Corp..... 400 26,350
Suffolk Bancorp.... 300 9,450
-----------
302,000
-----------
Building Materials and Construction
(1.4%)
Beazer Homes USA,
Inc.+............ 1,200 19,200
Champion
Enterprises,
Inc.+............ 2,000 75,999
Continental Homes
Holding Corp..... 200 4,575
Elcor Corp......... 300 7,200
Granite
Construction, Inc. 2,250 44,438
Jacobs Engineering
Group, Inc.+..... 100 2,775
Lennar Corp........ 1,000 25,000
NCI Building
Systems, Inc.+... 100 3,625
Puerto Rican
Cement Co., Inc.. 600 19,350
Redman Industries,
Inc.+............ 2,000 40,250
Texas Industries,
Inc.............. 400 25,600
Toll Brothers,
Inc.+............ 300 4,875
Tredegar
Industries, Inc.. 1,200 33,300
Webb (Del E.) Corp. 300 5,363
-----------
311,550
-----------
Chemicals (0.6%)
ARCO Chemical Co... 600 31,875
Cytec Industries+.. 100 8,288
First Mississippi
Corp............. 1,300 30,225
Aetna Generation Funds Semi-Annual Report 33
<PAGE>
Portfolio of Investments
April 30, 1996 (Unaudited)
Aetna Legacy (continued)
Number of Market
Shares Value
---------- -------
United States (continued)
Chemicals (continued)
Uniroyal Chemical
Corp.+........... 5,100 $ 59,925
-----------
130,313
-----------
Commercial Services (0.4%)
CPI Corp........... 1,200 20,850
GATX Corp.......... 700 31,500
Measurex Corp...... 900 26,100
-----------
78,450
-----------
Computer Software (1.5%)
Cadence Design
Systems, Inc.+... 2,100 109,724
Cisco Systems,
Inc.+............ 600 31,125
Computer
Associates
International,
Inc.............. 350 25,681
Computer Sciences
Corp.+........... 300 22,200
Continum, Inc.+.... 1,197 68,229
Kronos, Inc.+...... 50 1,488
Meridian Data,
Inc.+............ 200 3,475
Microsoft Corp.+... 100 11,338
Network General
Corp.+........... 300 13,238
Reynolds &
Reynolds Co...... 700 32,375
Structural
Dynamics
Research Corp.+.. 200 6,375
-----------
325,248
-----------
Computers and Office Equipment (1.4%)
Applied Magnetics
Corp.+........... 100 2,063
Ceridian Corp.+.... 800 38,200
Comdisco, Inc...... 1,500 36,938
CompUSA, Inc.+..... 200 6,925
Computervision
Corp.+........... 900 10,913
EMC Corp.+......... 1,000 $ 20,500
Gateway 2000, Inc.+ 700 24,413
In Focus
Systems, Inc.+... 1,400 70,700
Komag, Inc.+....... 400 13,400
Moore Corp. Ltd.... 1,700 31,025
Mylex Corp.+....... 100 2,438
Sun Microsystems,
Inc.+............ 500 27,125
Western Digital
Corp.+........... 400 9,400
-----------
294,040
-----------
Consumer Products (0.2%)
Liz Claiborne, Inc. 1,200 43,650
Premark
International,
Inc.............. 100 5,138
-----------
48,788
-----------
Diversified (1.4%)
Dover Corp......... 500 25,750
Greenbrier
Companies, Inc... 200 2,875
Harsco Corp........ 600 41,325
Johnson
Controls, Inc.... 200 14,300
Katy Industries.... 1,000 13,625
Oakley, Inc.+..... 200 9,200
Opal, Inc.+........ 200 2,925
Shaw Group, Inc.+.. 3,300 64,763
Textron, Inc....... 900 77,174
Varlen Corp........ 1,320 33,330
VF Corp............ 100 5,700
-----------
290,967
-----------
Electrical and Electronics (1.2%)
Applied
Materials, Inc.+. 500 20,000
Hewlett Packard Co. 300 31,763
KLA Instruments
Corp.+........... 900 25,988
Logicon, Inc....... 1,600 47,600
34 See Notes to Portfolio of Investments
<PAGE>
Portfolio of Investments
April 30, 1996 (Unaudited)
Aetna Legacy (continued)
Number of Market
Shares Value
---------- -------
United States (continued)
Electrical and Electronics (continued)
MEMC Electronic
Materials, Inc.+. 600 $ 29,925
Mentor
Graphics Corp.+.. 1,600 25,600
Novellus
Systems, Inc.+... 700 37,975
Quickturn Design
System, Inc.+.... 700 10,325
Siliconix, Inc.+... 300 9,000
Symbol
Technologies,
Inc.+............ 100 4,625
Technitrol, Inc... 100 3,513
Tencor Instruments+ 200 4,950
-----------
251,264
-----------
Electrical Equipment (0.6%)
Belden Inc......... 600 17,850
General Electric
Co............... 400 31,000
International
Rectifier Corp.+. 1,400 31,500
Kemet Corp.+....... 600 14,325
Raychem Corp....... 400 31,150
SCI Systems, Inc.+. 200 8,575
-----------
134,400
-----------
Financial Services (1.7%)
Alex Brown &
Sons, Inc........ 900 48,713
Astoria
Financial Corp... 400 21,300
Bear Sterns Co.,
Inc.............. 2,000 50,250
BHC Financial, Inc. 2,400 33,300
Chase Manhattan
Corp............. 300 20,663
Dean Witter
Discover and Co.. 100 5,450
Leader Financial
Corp............. 600 26,400
Merrill Lynch &
Co., Inc......... 500 30,188
Paine Webber
Group, Inc....... 500 10,438
PNC Bank Corp...... 5 $ 151
RCSB Financial,
Inc.............. 200 4,700
TCF Financial Corp. 400 14,150
TR Financial Corp.. 400 10,600
Transamerica Corp.. 400 30,400
Travelers, Inc..... 700 43,050
White River Corp.+. 300 11,700
-----------
361,453
-----------
Foods and Beverages (1.1%)
Campbell Soup Co... 100 6,250
Coca-Cola Co....... 200 16,300
Coca-Cola
Enterprises, Inc. 200 5,900
Conagra, Inc....... 100 3,863
CPC International,
Inc.............. 200 13,825
Darden
Restaurants, Inc. 1,000 13,750
Kroger Co. (The)+.. 100 4,113
Mondavi (Robert)
Corp.+........... 500 13,750
PepsiCo, Inc....... 800 50,800
Riser Foods, Inc.
Class A.......... 1,900 36,100
Safeway, Inc.+..... 1,200 40,500
Supervalu, Inc..... 700 22,400
-----------
227,551
-----------
Health Services (0.6%)
HEALTHSOUTH Corp.+. 600 22,275
Invacare Corp...... 1,000 26,000
Quorum Health
Group, Inc.+..... 400 10,150
Tenet Healthcare
Corp.+........... 500 10,250
Universal Health
Services, Inc.+.. 800 44,400
Aetna Generation Funds Semi-Annual Report 35
<PAGE>
Portfolio of Investments
April 30, 1996 (Unaudited)
Aetna Legacy (continued)
Number of Market
Shares Value
---------- -------
United States (continued)
Health Services (continued)
Wellpoint Health
Networks, Inc.+.. 400 $ 13,700
-----------
126,775
-----------
Home Furnishings & Appliances (0.4%)
Bush Industries,
Inc., Class A.... 2,500 75,625
Maytag Corp........ 100 2,150
-----------
77,775
-----------
Hotels and Restaurants (0.2%)
HomeTown
Buffet, Inc.+.... 200 2,850
Marriott
International,
Inc.............. 300 14,625
Promus Hotel Corp.+ 600 17,025
-----------
34,500
-----------
Insurance (1.0%)
Alleghany Corp.+... 4 771
Ambac, Inc........ 400 19,450
American Bankers
Insurance Group.. 1,300 51,350
Bankers Life
Holding Corp..... 100 2,013
Capital American
Financial Corp... 100 2,413
CMAC Investment
Corp............. 500 28,000
Fremont General
Corp............. 600 15,000
Highlands
Insurance Co.+... 40 760
Home Beneficial
Corp. Class B.... 300 7,950
Kansas City Life
Insurance Co..... 300 16,125
Maxicare Health
Plans, Inc.+..... 700 $ 14,350
Orion Capital Corp. 300 13,313
State Auto
Financial Corp... 800 19,400
Transnational Re
Corp. Class A... 1,200 25,200
-----------
216,095
-----------
Machinery and Equipment (1.6%)
Barnes Group, Inc.. 800 37,100
Blount, Inc. Class
A................ 1,200 37,200
Case Corp.......... 700 35,350
Caterpillar, Inc.. 100 6,400
Central Sprinkler
Corp.+........... 1,300 35,588
Cooper Cameron
Corp.+........... 800 36,100
Hughes Supply, Inc. 1,100 37,950
Illinois Tool
Works, Inc....... 200 13,450
L.S. Starrett Co.
ClassA........... 500 12,563
Lam Research Corp.+ 1,100 44,550
Parker-Hannifin
Corp............. 600 25,350
Regal Beloit....... 600 11,625
-----------
333,226
-----------
Media and Entertainment (0.8%)
AMC Entertainment+. 200 5,175
Callaway Golf Co... 1,600 42,800
Gtech Holdings
Corp.+........... 1,400 39,725
King World
Production, Inc.+ 700 30,450
Media General, Inc. 600 23,100
Mirage Resorts,
Inc.+............ 500 26,188
-----------
167,438
-----------
36 See Notes to Portfolio of Investments
<PAGE>
Portfolio of Investments
April 30, 1996 (Unaudited)
Aetna Legacy (continued)
Number of Market
Shares Value
---------- -------
United States (continued)
Medical Supplies (0.6%)
Baxter
International, Inc. 300 $ 13,275
GC Companies, Inc.+ 700 25,288
Guidant Corp....... 900 50,513
Medtronic, Inc..... 500 26,563
OrNda HealthCorp+.. 300 8,250
OrthoLogic Corp.+.. 100 3,488
US Surgical Corp... 100 3,700
-----------
131,077
-----------
Metals and Mining (0.4%)
AK Steel
Holding Corp..... 300 11,475
Asarco, Inc........ 100 3,313
Cleveland-Cliffs,
Inc.............. 500 20,875
Reliance Steel &
Aluminum Co...... 1,800 52,200
Shiloh Industries,
Inc.+............ 300 4,313
Zeigler Coal
Holding Co....... 300 4,425
-----------
96,601
-----------
Oil and Gas (3.1%)
Amoco Corp......... 1,500 109,499
Camco
International,
Inc.............. 200 7,125
Chevron Corp....... 400 23,200
El Paso Natural
Gas Co........... 100 3,700
Exxon Corp......... 2,300 195,499
Fina Inc. Class A.. 200 10,400
Getty Petroleum
Corp............. 200 2,850
Halliburton Co..... 400 22,950
Lufkin Industries,
Inc.............. 100 2,075
Mitchell Energy &
Development...... 3,300 54,038
Mobil Corp......... 300 34,500
NUI Corp........... 1,400 26,075
Occidental
Petroleum Corp... 200 $ 5,150
Phillips Petroleum
Co............... 100 4,150
Reading & Bates
Corp.+........... 900 22,050
RPC, Inc.+......... 700 8,050
Smith
International, Inc.+ 800 23,800
Tesoro
Petroleum Corp.+. 7,400 81,399
Texaco, Inc........ 200 17,100
Tosco Corp......... 100 5,350
-----------
658,960
-----------
Pharmaceuticals (2.1%)
Abbott Laboratories 100 4,063
American Home
Products Corp.... 300 31,650
Becton, Dickinson
& Co............. 600 48,375
Bristol-Myers
Squibb Co........ 400 32,900
Cardinal Health
Inc.............. 400 25,100
Dura
Pharmaceuticals,
Inc.+............ 200 10,700
Emisphere
Technologies,
Inc.+............ 2,400 31,800
ICN
Pharmaceuticals,
Inc.............. 2,900 65,250
IDEC
Pharmaceuticals
Corp.+........... 1,200 34,800
Johnson & Johnson.. 300 27,750
Jones Medical
Industries, Inc.. 300 15,675
Merck & Co., Inc... 300 18,150
Pfizer, Inc........ 400 27,550
Rhone-Poulenc
Rorer, Inc....... 700 43,400
Aetna Generation Funds Semi-Annual Report 37
<PAGE>
Portfolio of Investments
April 30, 1996 (Unaudited)
Aetna Legacy (continued)
Number of Market
Shares Value
---------- -------
United States (continued)
Pharmaceuticals (continued)
Schering Plough.... 400 $ 22,950
-----------
440,113
-----------
Printing and Publishing (0.8%)
Gannett Company, Inc. 1,200 82,049
Plenum Publishing
Corp............. 200 7,450
Pulitzer
Publishing Co.... 1,000 57,000
Scholastic Corp.+.. 200 13,100
Tribune Co......... 200 13,950
-----------
173,549
-----------
Real Estate Investment Trusts (13.8%)
Beacon Properties
Corp............. 6,400 163,999
CALI Realty Corp... 1,100 25,163
CBL & Associates
Properties, Inc.. 7,700 158,812
Colonial
Properties Trust. 7,700 184,799
Cousins
Properties, Inc.. 4,900 93,099
Crescent Real
Estate Equities,
Inc.............. 4,000 135,499
Developers
Diversified
Realty Corp...... 2,300 66,988
Duke Realty
Investments, Inc. 6,300 186,637
Equity Inns, Inc... 5,900 70,063
Equity Residential
Properties Trust. 500 16,125
Essex Property
Trust, Inc....... 9,400 193,874
Evans Withycombe
Residential, Inc. 7,700 166,512
Excel Realty
Trust, Inc....... 500 9,500
HGI Realty, Inc.... 400 8,200
Highwood
Properties, Inc.. 600 $ 18,150
Innkeepers USA
Trust............ 18,400 177,099
JDN Realty Corp.... 2,800 58,800
Kimco Realty Corp.. 6,450 167,699
Kranzco Realty
Trust............ 900 14,063
MGI Properties,
Inc.............. 7,200 124,199
Mid-America
Apartment
Communities, Inc. 1,100 29,013
Oasis Residential,
Inc.............. 7,800 175,499
Prime
Residential, Inc. 1,400 25,375
Public Storage,
Inc.............. 9,900 202,949
Regency Realty
Corp............. 1,400 24,325
Security Capital
Industrial Trust. 1,000 17,250
Smith (Charles E.)
Residential
Realty Co........ 1,200 27,900
South West
Property Trust... 1,125 15,328
Spieker
Properties, Inc.. 7,900 205,399
Walden Residential
Properties, Inc.. 8,800 185,899
-----------
2,948,217
-----------
Retail (1.1%)
American Stores Co. 100 3,338
Borders Group,
Inc.+............ 200 6,400
Carson Pirie Scott
& Co.+........... 100 2,425
Damark
International,
Inc.+............ 3,800 43,225
Family Dollar
Stores, Inc...... 100 1,525
Mercantile Stores
Co., Inc......... 500 31,188
38 See Notes to Portfolio of Investments
<PAGE>
Portfolio of Investments
April 30, 1996 (Unaudited)
Aetna Legacy (continued)
Number of Market
Shares Value
---------- -------
United States (continued)
Retail (continued)
Ross Stores, Inc... 2,300 $ 79,349
Sears, Roebuck
& Co............. 100 4,988
Waban, Inc.+....... 1,400 34,300
Zale Corp.+........ 1,900 35,388
-----------
242,126
-----------
Specialty Consumer Durables (0.3%)
Harley-Davidson,
Inc.............. 400 17,650
Polaris
Industries, Inc.. 1,650 57,544
-----------
75,194
-----------
Telecommunications (0.2%)
360 Communications
Co.+............. 200 4,700
Ameritech Corp..... 100 5,838
Lincoln
Telecommunications
Co............... 1,400 23,800
Northern Telecom
Ltd.............. 200 10,300
-----------
44,638
-----------
Transportation (1.3%)
Alaska Air
Group, Inc.+..... 100 2,538
America West
Airlines, Inc.
Class B+......... 1,300 27,300
AMR Corp.+......... 1,100 98,174
Atlantic Coast
Airlines, Inc.+.. 2,400 35,100
Canadian National
Railway Co....... 500 9,500
Comair Holdings,
Inc.............. 1,000 37,000
Northwest Airlines
Corp.+........... 1,500 68,250
PHH Corp........... 200 11,375
-----------
289,237
-----------
Utilities - Electric (1.2%)
Allegheny Power
System, Inc...... 100 $ 2,925
Consolidated
Edison Co. of
New York, Inc.... 1,100 32,313
Entergy Corp....... 800 21,200
General Public
Utilities Corp... 800 25,400
Illinova Corp...... 1,000 25,500
New England
Electric System.. 500 17,625
Nipsco
Industries, Inc.. 700 25,113
Pinnacle West
Capital Corp..... 1,800 47,925
Portland
General Corp..... 1,200 35,250
Unicom Corp........ 800 22,000
Western Resources,
Inc.............. 400 11,900
-----------
267,151
-----------
Utilities - Oil and Gas (0.4%)
Energen Corp....... 1,800 41,175
Indiana Energy,
Inc.............. 1,200 28,650
Washington Gas
Light Co......... 300 6,300
-----------
76,125
-----------
Utilities - Telephone (0.6%)
AT&T Corp.......... 200 12,250
Bell Atlantic Corp. 100 6,500
BellSouth Corp..... 100 4,000
MCI Communications
Corp............. 100 2,944
SBC
Communications,
Inc.............. 800 40,000
Southern New
England
Telecommunications
Corp............. 1,300 57,850
-----------
123,544
-----------
Aetna Generation Funds Semi-Annual Report 39
<PAGE>
Portfolio of Investments
April 30, 1996 (Unaudited)
Aetna Legacy (continued)
Number of Market
Shares Value
---------- -------
United States (continued)
Utilities - Water (0.0%)
SJW Corp........... 300 $ 11,138
-----------
Total United States 9,443,378
-----------
Australia (0.2%)
Banks (0.1%)
National Australia
Bank Ltd......... 2,243 20,141
-----------
Diversified (0.1%)
Email Ltd.......... 8,000 22,457
-----------
Financial Services (0.0%)
Commonwealth Bank
of Australia..... 76 624
-----------
Total Australia 43,222
-----------
Austria (0.2%)
Building Materials and Construction (0.1%)
VA Technologie AG+. 200 26,527
-----------
Electrical and Electronics (0.1%)
Austria Mikro
Systeme
International.... 110 13,346
-----------
Oil and Gas (0.0%)
OEMV AG............ 100 9,917
-----------
Total Austria 49,790
-----------
Belgium (0.2%)
Chemicals (0.1%)
Solvay SA Class A.. 50 29,351
-----------
Retail (0.1%)
G.I.B. Holdings
Ltd.............. 400 17,693
-----------
Total Belgium 47,044
-----------
Canada (0.4%)
Banks (0.1%)
Canadian Imperial
Bank of Commerce. 1 $ 28
Royal Bank
of Canada........ 500 11,844
-----------
11,872
-----------
Financial Services (0.0%)
Bank of Montreal... 8 196
-----------
Metals and Mining (0.1%)
Alcan Aluminum Ltd. 1 19
Dofasco, Inc....... 915 14,453
-----------
14,472
-----------
Oil and Gas (0.1%)
Alberta Energy
Co. Ltd.......... 711 13,917
Petro-Canada....... 800 10,253
TransCanada
Pipelines Ltd.... 1 12
-----------
24,182
-----------
Paper and Containers (0.0%)
Abitibi-Price, Inc. 600 8,792
-----------
Printing and Publishing (0.0%)
Quebecor, Inc. Class B 700 11,594
-----------
Utilities - Telephone (0.1%)
BCE, Inc........... 500 19,666
-----------
Total Canada 90,774
-----------
Denmark (0.2%)
Building Materials and Construction (0.1%)
Lindab AB Class B.. 500 10,740
-----------
Commercial Services (0.1%)
ISS International
Service System AS 600 16,947
-----------
40 See Notes to Portfolio of Investments
<PAGE>
Portfolio of Investments
April 30, 1996 (Unaudited)
Aetna Legacy (continued)
Number of Market
Shares Value
---------- -------
Denmark (continued)
Pharmaceuticals (0.0%)
Novo-Nordisk AS+... 100 $ 12,973
-----------
Total Denmark 40,660
-----------
Finland (0.1%)
Paper and Containers (0.0%)
Repola Oy.......... 800 15,432
-----------
Retail (0.1%)
Kesko.............. 1,500 17,003
-----------
Total Finland 32,435
-----------
France (0.3%)
Building Materials and Construction (0.1%)
Bouygues........... 200 20,281
-----------
Metals and Mining (0.1%)
Usinor Sacilor+.... 1,100 16,987
-----------
Retail (0.1%)
Docs de France, SA. 100 18,929
-----------
Total France 56,197
-----------
Hong Kong (0.2%)
Banks (0.1%)
HSBC Holdings Plc.. 1,319 19,694
-----------
Real Estate Investment Trusts (0.1%)
New World
Development Co.
Ltd.............. 3,000 13,457
-----------
Total Hong Kong 33,151
-----------
Italy (0.2%)
Printing and Publishing (0.1%)
Mondadori
(Arnoldo)
Editore SpA...... 1,000 8,369
-----------
Italy (continued)
Utilities - Telephone (0.1%)
Telecom Italia SpA. 12,000 $ 24,428
-----------
Total Italy 32,797
-----------
Japan (3.3%)
Building Materials and Construction (0.1%)
Nippon Densetsu
Kogyo............ 2,000 22,338
-----------
Chemicals (0.1%)
Shin-Etsu Chemical Co.+ 1,050 22,954
-----------
Computers and Office Equipment (0.1%)
Canon, Inc......... 1,000 19,856
-----------
Consumer Products (0.1%)
AJL PEPS Trust..... 1,000 22,250
-----------
Electrical and Electronics (0.9%)
Hitachi Koki....... 3,000 31,788
Matsushita Electric
Industrial Co.
Ltd.............. 1,000 17,660
Nintendo Co. Ltd... 1,000 77,131
Rohm Co............ 1,000 63,577
-----------
190,156
-----------
Electrical Equipment (0.3%)
Furukawa Electric
Co.+............. 5,000 30,261
Hitachi Ltd. (Hit.
Seisakusho)...... 3,000 32,361
-----------
62,622
-----------
Foods and Beverages (0.1%)
Katokichi.......... 1,000 24,915
-----------
Machinery and Equipment (0.3%)
Komatsu Ltd.+...... 3,000 28,925
Tsukishima Kikai... 1,200 27,378
-----------
56,303
-----------
Aetna Generation Funds Semi-Annual Report 41
<PAGE>
Portfolio of Investments
April 30, 1996 (Unaudited)
Aetna Legacy (continued)
Number of Market
Shares Value
---------- -------
Japan (continued)
Metals and Mining (0.1%)
Nippon Steel Co.... 7,000 $ 25,259
-----------
Pharmaceuticals (0.2%)
Daiichi
Pharmaceuticals
Co. Ltd.......... 2,000 33,602
-----------
Printing and Publishing (0.1%)
Toppan Printing
Co. Ltd.......... 2,000 29,402
-----------
Real Estate Investment Trusts (0.1%)
Daibiru Corp....... 2,000 26,920
-----------
Transportation (0.2%)
East Japan
Railway Co....... 8 42,690
-----------
Utilities - Electric (0.2%)
Tohoku Electric
Power............ 2,000 49,640
-----------
Utilities - Telephone (0.4%)
DDI Corp........... 5 42,910
Nippon Telegraph &
Telephone Corp... 5 38,709
-----------
81,619
-----------
Total Japan 710,526
-----------
Kenya (0.1%)
Utilities - Electric (0.1%)
Chilgener S.A. ADR. 500 11,188
Empresa Nacional
Electricidad SA
ADR.............. 500 9,750
-----------
20,938
-----------
Total Kenya 20,938
-----------
Malaysia (0.2%)
Chemicals (0.1%)
Industrial Oxygen,
Inc. Bhd......... 12,000 17,997
-----------
Malaysia (continued)
Diversified (0.0%)
Oriental Holdings
Bhd.............. 2,000 $ 12,190
-----------
Financial Services (0.1%)
Lion Land Bhd...... 14,000 17,740
-----------
Total Malaysia 47,927
-----------
Netherlands (0.5%)
Building Materials and Construction
(0.1%)
Koninklijke Volker
Stevin N.V....... 150 10,184
-----------
Electrical and Electronics (0.1%)
Philips
Electronics N.V.. 500 17,629
-----------
Financial Services (0.1%)
ABN Amro
Holding N.V...... 300 15,508
ING Groep N.V...... 200 15,420
-----------
30,928
-----------
Insurance (0.1%)
Aegon N.V.......... 576 27,392
-----------
Retail (0.1%)
Vendex
International
N.V.............. 600 17,169
-----------
Total Netherlands 103,302
-----------
Norway (0.3%)
Medical Supplies (0.2%)
Hafslund ASA....... 1,400 41,048
-----------
Printing and Publishing (0.0%)
Schibsted Group.... 1,200 17,501
-----------
Transportation (0.0%)
Kvaerner AS........ 400 16,407
-----------
Total Norway 74,956
-----------
42 See Notes to Portfolio of Investments
<PAGE>
Portfolio of Investments
April 30, 1996 (Unaudited)
Aetna Legacy (continued)
Number of Market
Shares Value
---------- -------
Philippines (0.1%)
Utilities - Telephone (0.1%)
Philippine Long
Distance
Telephone Co..... 400 $ 20,336
-----------
Total Philippines 20,336
-----------
Singapore (0.2%)
Diversified (0.1%)
Wing Tai Holdings.. 8,000 20,711
-----------
Transportation (0.1%)
Singapore
Airlines Ltd..... 2,000 20,199
-----------
Total Singapore 40,910
-----------
Spain (0.2%)
Utilities - Electric (0.1%)
Union Electrica
Fenosa SA........ 2,800 16,729
-----------
Utilities - Telephone (0.1%)
Telefonica de
Espana........... 1,000 17,783
-----------
Total Spain 34,512
-----------
Sweden (0.2%)
Electrical and Electronics (0.0%)
Telefonaktiebolaget
LM Ericsson...... 550 11,126
-----------
Home Furnishings & Appliances (0.1%)
Electrolux AB
Class B+......... 300 15,094
-----------
Metals and Mining (0.0%)
Svenskt Stal AB
(SSAB)........... 1,000 12,284
-----------
Paper and Containers (0.1%)
Stora Kopparbergs.. 800 10,769
-----------
Total Sweden 49,273
-----------
Switzerland (0.3%)
Insurance (0.2%)
Baloise Holding
Ltd.............. 10 $ 21,411
Winterthur
Schweizerische
Versicherungs -
Gesellschaft..... 20 12,517
-----------
33,928
-----------
Machinery and Equipment (0.1%)
Georg Fischer AG... 5 5,945
Sulzer AG.......... 20 12,855
-----------
18,800
-----------
Retail (0.0%)
Merkur Holding AG.. 25 5,142
-----------
Total Switzerland 57,870
-----------
United Kingdom (1.1%)
Autos and Auto Equipment (0.1%)
T & N Plc.......... 4,500 12,155
-----------
Commercial Services (0.0%)
Inchcape Plc....... 1,444 6,371
-----------
Diversified (0.1%)
Harrisons &
Crosfield Plc.... 7,493 16,754
Lonrho Plc......... 2,600 7,550
-----------
24,304
-----------
Financial Services (0.1%)
Barclays Plc+...... 1,900 20,984
-----------
Foods and Beverages (0.1%)
Allied Domecq Plc.. 2,200 16,952
Hillsdown
Holdings Plc..... 3,900 10,476
-----------
27,428
-----------
Media and Entertainment (0.1%)
Ladbroke Group Plc. 10,000 29,337
-----------
Aetna Generation Funds Semi-Annual Report 43
<PAGE>
Portfolio of Investments
April 30, 1996 (Unaudited)
Aetna Legacy (continued)
Number of Market
Shares Value
---------- -------
United Kingdom (continued)
Oil and Gas (0.1%)
Burmah Castrol Plc+ 613 $ 9,778
-----------
Retail (0.2%)
Asda Group Plc..... 8,000 13,655
Burton Group Plc... 14,100 33,113
-----------
46,768
-----------
Transportation (0.1%)
Peninsular &
Oriental Steam
Navigation Co... 2,100 16,450
-----------
Utilities - Electric (0.1%)
National Power Plc
ADR.............. 1,150 30,475
-----------
Utilities - Water (0.1%)
Welsh Water Plc.... 1,000 11,029
-----------
Total United
Kingdom 235,079
-----------
West Germany (0.1%)
Pharmaceuticals (0.1%)
Merck KGaA+........ 400 14,890
-----------
Total West Germany 14,890
-----------
Total Common
Stocks (cost
$9,756,894) ..... $11,279,967
-----------
Preferred Stocks (0.4%)
United States (0.2%)
Banks (0.2%)
BankAmerica Corp... 400 30,300
-----------
Chemicals (0.0%)
Union Carbide Corp. 100 4,550
-----------
Total United States 34,850
-----------
Austria (0.1%)
Banks (0.1%)
Creditanstalt-
Bankverein....... 500 $ 27,852
-----------
Total Austria 27,852
-----------
Finland (0.1%)
Electrical Equipment (0.1%)
Nokia AB Class A... 800 28,507
-----------
Total Finland 28,507
-----------
United Kingdom (0.0%)
Utilities - Water (0.0%)
Welsh Water Plc.... 1 2
-----------
Total United
Kingdom 2
-----------
Total Preferred
Stocks (cost
$83,515) ........ $ 91,211
-----------
Principal Market
Amount Value
-------- -------
Long-Term Bonds and Notes (6.1%)
U.S. Treasury
Note, 6.50%,
05/15/05.........$1,300,000 $1,283,336
Mitsubishi Bank
Ltd., 3.00%,
11/30/02......... 20,000 23,150
-----------
Total Long-Term
Bonds and Notes
(cost
$1,378,741) ..... $1,306,486
-----------
Short-Term Investments (38.6%)
Baxter
International
Inc., Comm.
Paper, 5.55%,
05/01/96......... 800,000 798,167
Conagra, Inc.,
Comm. Paper,
5.44%, 05/08/96.. 800,000 799,154
Crown Cork & Seal
Inc., Comm.
Paper, 5.48%,
05/03/96......... 800,000 799,756
44 See Notes to Portfolio of Investments
<PAGE>
Portfolio of Investments
April 30, 1996 (Unaudited)
Aetna Legacy (continued)
Number of Market
Shares Value
---------- -------
Dakota Certificates -
Standard Credit
Card Master
Trust,
Asset-Backed
Securities,
5.31%, 05/15/96.. $ 800,000 $ 798,348
Fleet Mortgage
Group Inc.,
Comm. Paper,
5.36%, 05/01/96.. 760,000 760,000
Koch Industries,
Inc., Comm.
Paper, 5.36%,
05/01/96......... 635,000 635,000
Lockheed Corp.,
Comm. Paper,
5.50%, 05/01/96.. 800,000 799,877
Mercury Finance
Corp., Comm.
Paper, 5.55%,
05/07/96......... 750,000 749,306
Pennsylvania Power
& Light Co.,
Comm. Paper,
5.40%, 5/06/96... 800,000 799,400
Source One
Mortgage
Services Corp.,
Comm. Paper,
5.55%, 05/21/96.. 800,000 797,533
U.S. Treasury
Bill, 4.71%,
11/14/96, ++..... 550,000 534,567
Total Short-Term
Investments
(cost
$8,271,643) ..... $8,271,108
-----------
TOTAL
INVESTMENTS--(cost
$19,490,793)(a) $20,948,772
Other assets less
liabilities ..... 452,353
-----------
Total Net Assets .. $21,401,125
Notes to Portfolio of Investments
+Non-income producing security.
++Security pledged to cover initial
margin deposits on open future
contracts at April 30, 1996
(a) The cost of investments for federal income tax purposes are identical.
Unrealized gains and losses, based on identified tax cost, at April 30, 1996
are as follows:
Unrealized gains ............ $1,683,728
Unrealized losses ........... (225,749)
===========
Net unrealized gain ......... $1,457,979
===========
Category percentages are based on net assets.
Information concerning open futures contracts is shown below:
<TABLE>
<CAPTION>
No. of Initital Expiration Unrealized
Contracts Value Date Gain/(Loss)
--------- --------- --------- -----------
<S> <C> <C> <C> <C>
All Ordinaries Shares Price Index Future 3 $131,960 June 96 $ 3,578
DAX-30 German Stock Index Future 1 165,012 June 96 3,130
Dutch Government Bonds Future 2 314,275 June 96 1,690
French Notionals Index Future 1 120,769 June 96 1,584
German Government Bond Future 4 655,939 June 96 1,304
Italian Government Bond Future 1 138,324 June 96 7,925
Long Gilt Future 3 246,542 June 96 (3,283)
10 Year Canadian Government Bond Future 3 240,465 June 96 (5,832)
10 Year Swiss Bonds Future 2 188,414 June 96 1,302
=======
$11,398
=======
</TABLE>
See Notes to Financial Statments.
Aetna Generation Funds Semi-Annual Report 45
<PAGE>
Statements of Assets and Liabilities
April 30, 1996 (Unaudited)
Aetna Aetna Aetna Aetna
Generation Funds Ascent Crossroads Legacy
Assets:
Investments, at market value
(Note 1) .................... $22,885,989 $22,123,272 $20,948,772
Cash .......................... 1,975 40,661 22,181
Cash denominated in foreign
currencies .................. 98,944 108,735 56,177
Receivable for:
Investments sold ............ 457,664 522,962 374,242
Dividends and interest ...... 38,839 51,479 55,103
Fund shares sold ............ 246 3,846 1,981
Recoverable taxes ........... 1,858 1,257 894
Prepaid insurance ........... 1,869 1,874 1,925
Gross unrealized gain on
forward foreign currency
contracts (Note 4) .......... 35,045 18,262 12,839
----------- ----------- -----------
Total assets ............ 23,522,429 22,872,348 21,474,114
Liabilities:
Payable for:
Investments purchased ....... 77,985 55,937 45,887
Fund shares redeemed ........ -- -- 5,000
Variation margin ............ 4,076 3,574 3,816
Other liabilities ........... 12,436 13,045 13,722
Gross unrealized loss on
forward foreign currency
contracts (Note 4) ......... 11,556 5,577 4,564
----------- ----------- -----------
Total liabilities ....... 106,053 78,133 72,989
----------- ----------- -----------
NET ASSETS .................... $23,416,376 $22,794,215 $21,401,125
=========== =========== ===========
Net assets represented by:
Paid-in capital ............... $19,517,252 $19,539,195 $18,848,929
Unrealized gain on
investments ................. 2,660,106 2,100,858 1,476,804
Undistributed net investment
income ...................... 71,611 99,645 128,771
Accumulated net realized gain
on investments .............. 1,167,407 1,054,517 946,621
=========== =========== ===========
NET ASSETS .................... $23,416,376 $22,794,215 $21,401,125
=========== =========== ===========
Capital Shares, $.001 par
value:
Outstanding ................. 2,004,442 2,002,749 1,941,491
Net Asset Value per share ... $ 11.68 $ 11.38 $ 11.02
Cost of Investments ........... $20,266,799 $20,043,714 $19,490,793
Cost of foreign currencies .... $ 98,652 $ 109,481 $ 56,899
46 See Notes to Financial Statements.
<PAGE>
Statements of Operations
Six-month period ended April 30, 1996 (Unaudited)
Aetna Aetna Aetna Aetna
Generation Funds Ascent Crossroads Legacy
Investment income: (Note 1)
Dividends ........................ $ 350,632 $ 280,560 $ 208,423
Interest ......................... 37,175 146,326 240,254
---------- ---------- ----------
387,807 426,886 448,677
Foreign taxes withheld ........... (5,374) (3,734) (2,676)
---------- ---------- ----------
Total investment income ........ 382,433 423,152 446,001
---------- ---------- ----------
Investment Expenses: (Note 2)
Investment advisory fee .......... 87,866 86,436 82,281
Administrative service fees ...... 27,458 27,011 25,713
Custody fees ..................... 27,100 27,999 26,586
Transfer agent fees .............. 2,702 2,420 2,313
Directors' fees .................. 3,423 3,373 3,411
Audit fees ....................... 10,731 10,731 10,731
Printing and postage ............. 10,317 10,349 10,083
State and federal fees ........... 14,769 14,784 14,705
---------- ---------- ----------
Total investment expenses ...... 184,366 183,103 175,823
---------- ---------- ----------
Net investment income ............ 198,067 240,049 270,178
---------- ---------- ----------
Realized and unrealized gain (loss):
(Notes 1, 3 and 4)
Realized gain (loss) on:
Sale of investments ............ 1,020,874 887,961 826,171
Futures and forward currency 106,688 135,775 109,540
contracts ....................
Foreign currency transactions .. (1,962) (3,592) (3,954)
---------- ---------- ----------
Net realized gain on
investments ................ 1,125,600 1,020,144 931,757
---------- ---------- ----------
Net change in unrealized gain (loss) on:
Investments .................... 1,150,078 761,790 368,604
Futures and forward currency
contracts .................... 98,461 66,080 34,471
Foreign currency transactions .. (2,069) (1,381) (2,191)
---------- ---------- ----------
Net change in unrealized gain
on investments ............. 1,246,470 826,489 400,884
---------- ---------- ----------
Net realized and change in
unrealized gain................. 2,372,070 1,846,633 1,332,641
---------- ---------- ----------
Increase in net assets resulting
from operations ................ $2,570,137 $2,086,682 $1,602,819
========== ========== ==========
See Notes to Financial Statments.
Aetna Generation Funds Semi-Annual Report 47
<PAGE>
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Aetna Generation Funds Aetna Ascent
Six-months Period from
ended January 4,
April 30, 1995
1996 to
(Unaudited) October 31, 1995
------------- ---------------
<S> <C> <C>
Net investment income ........................... $ 198,067 $ 551,450
Net realized gain on investments ................ 1,125,600 1,776,711
Net change in unrealized gain on investments .... 1,246,470 1,413,636
----------- -----------
Increase in net assets resulting from operations 2,570,137 3,741,797
----------- -----------
Distributions to Shareholders: (Note 1)
From net investment income ...................... (677,906) --
From realized gain on investments ............... (1,734,904) --
----------- -----------
Decrease in net assets from distributions to
shareholders ................................. (2,412,810) --
----------- -----------
From Fund Share Transactions: (Note 5)
Proceeds from shares sold ....................... 1,775,060 25,819,671
Reinvestment of distributions ................... 2,412,809 --
Cost of shares redeemed ......................... (1,361,762) (9,128,526)
----------- -----------
Increase in net assets from fund share
transactions .................................. 2,826,107 16,691,145
----------- -----------
Change in net assets ............................ 2,983,434 20,432,942
----------- -----------
Net assets:
Beginning of period ............................. 20,432,942 --
=========== ===========
End of period ................................... $23,416,376 $20,432,942
=========== ===========
End of period net assets includes undistributed
net investment income ......................... $ 71,611 $ 551,450
=========== ===========
</TABLE>
48 See Notes to Financial Statements.
<PAGE>
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Aetna Generation Funds Aetna Crossroads
Six-months Period from
ended January 4,
April 30, 1995
1996 to
(Unaudited) October 31, 1995
------------- ---------------
<S> <C> <C>
Net investment income ........................... $ 240,049 $ 638,286
Net realized gain on investments ................ 1,020,144 1,502,248
Net change in unrealized gain on investments .... 826,489 1,274,369
----------- -----------
Increase in net assets resulting from operations 2,086,682 3,414,903
----------- -----------
Distributions to Shareholders: (Note 1)
From net investment income ...................... (778,690) --
From realized gain on investments ............... (1,467,875) --
----------- -----------
Decrease in net assets from distributions to
shareholders .................................. (2,246,565) --
----------- -----------
From Fund Share Transactions: (Note 5)
Proceeds from shares sold ....................... 1,930,284 26,042,671
Reinvestment of distributions ................... 2,246,564 --
Cost of shares redeemed ......................... (1,592,678) (9,087,646)
----------- -----------
Increase in net assets from fund share
transactions .................................. 2,584,170 16,955,025
----------- -----------
Change in net assets ............................ 2,424,287 20,369,928
----------- -----------
Net assets:
Beginning of period ............................. 20,369,928 --
=========== ===========
End of period ................................... $22,794,215 $20,369,928
=========== ===========
End of period net assets includes undistributed
net investment income ......................... $ 99,645 $ 638,286
=========== ===========
</TABLE>
See Notes to Financial Statments.
Aetna Generation Funds Semi-Annual Report 49
<PAGE>
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Aetna Generation Funds Aetna Legacy
Six-months Period from
ended January 4,
April 30, 1995
1996 to
(Unaudited) October 31, 1995
------------- ---------------
<S> <C> <C>
Net investment income ........................... $ 270,178 $ 729,717
Net realized gain on investments ................ 931,757 1,338,973
Net change in unrealized gain on investments .... 400,884 1,075,920
----------- -----------
Increase in net assets resulting from operations 1,602,819 3,144,610
----------- -----------
Distributions to Shareholders: (Note 1)
From net investment income ...................... (871,124) --
From realized gain on investments ............... (1,324,109) --
----------- -----------
Decrease in net assets from distributions to
shareholders .................................. (2,195,233) --
----------- -----------
From Fund Share Transactions: (Note 5)
Proceeds from shares sold ....................... 1,960,778 26,237,824
Reinvestment of distributions ................... 2,195,233 --
Cost of shares redeemed ......................... (1,813,008) (9,731,898)
----------- -----------
Increase in net assets from fund share
transactions .................................. 2,343,003 16,505,926
----------- -----------
Change in net assets ............................ 1,750,589 19,650,536
----------- -----------
Net assets:
Beginning of period ............................. 19,650,536 --
=========== ===========
End of period ................................... $21,401,125 $19,650,536
=========== ===========
End of period net assets includes undistributed
net investment income ......................... $ 128,771 $ 729,717
=========== ===========
</TABLE>
50 See Notes to Financial Statements.
<PAGE>
Aetna Generation Funds
Notes to Financial Statements
April 30, 1996 (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 each of which has its
own investment objectives, policies and restrictions.
On January 4, 1995, Aetna Ascent, Aetna Crossroads, and Aetna Legacy ("Funds")
became available for sale. Aetna Ascent seeks to provide capital appreciation.
Aetna Crossroads seeks to provide total return (i.e., income and capital
appreciation, both realized and unrealized). Aetna Legacy seeks to provide total
return consistent with prservation of capital. Shares of each Fund are available
to all investors including employers and employees who utilize the Funds as
investment options under retirement plans. The Funds are authorized to offer two
classes of shares, the Select Class and the Adviser Class. At this time, it is
expected that these Funds will only offer the Select Class. The Select Class is
offered principally to institutions and is not subject to sales charges or
service fees.
Aetna Life Insurance and Annuity Company ("ALIAC") serves as the Investment
Adviser and principal underwriter to each Fund.
The accompanying financial statements of the Funds have been prepared in
accordance with generally accepted accounting principles. The preparation of
financial statements in conformity with generally accepted accounting principles
requires management to make estimates and assumptions that affect amounts
reported therein. Althought actual results could differ from these estimates,
any such differences are expected to be immaterial to the net assets of the
Funds.
A. Valuation of Investments
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 investments 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 value. 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.
Aetna Generation Funds Semi-Annual Report 51
<PAGE>
1. Summary of Significant Accounting Policies (continued)
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. 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 may enter into
futures contracts to manage the risk of changes in interest rates, equity
prices, currency exchange rates or in anticipation of future purchases and sales
of portfolio 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 year end are marked-to-market and the resultant
net gain or loss is included in federal taxable income.
52
<PAGE>
1. Summary of Significant Accounting Policies (continued)
C. 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. Each Fund may invest up to 15% of its total
assets in illiquid securities. Illiquid and restricted securities are valued
using market quotations when readily available. In the absence of market
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.
D. 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.
E. 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.
F. 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.
2. Investment Advisory, Management, Shareholder Service and Distribution Fees
Each Fund pays the Investment Adviser a monthly fee at an annual rate of 0.80%
based on its average daily net assets. As each Fund's net assets exceed
predetermined thresholds, lower advisory fees are applied.
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 of 0.25% based on average daily
net assets. As each Fund's net assets exceed predetermined thresholds, lower
advisory fees apply.
Aetna Generation Funds Semi-Annual Report 53
<PAGE>
3. Purchases and Sales of Investment Securities
Purchases and sales of investment securities, excluding short-term investments,
for the six-month period ended April 30, 1996 were:
Cost of Proceeds
Purchases from Sales
------------- --------------
Aetna Ascent $9,463,256 $9,739,276
Aetna Crossroads 8,342,412 9,592,730
Aetna Legacy 6,372,173 8,476,147
4. Forward Foreign Currency Exchange Contracts
At April 30, 1996, Aetna Ascent, Aetna Crossroads, and Aetna Legacy had the
following open forward foreign currency exchange contracts that obligate the
Funds to deliver currencies at specified future dates. The unrealized gains of
$23,489, $12,685, and $8,275, respectively, on these contracts are included in
the accompanying financial statements. The terms of the open contracts are as
follows:
<TABLE>
<CAPTION>
Aetna Ascent:
Exchange Currency to U.S. $ Value Currency to U.S. $ Value Unrealized
Date be Delivered April 30, 1996 be Received April 30, 1996 Gain
-------- -------------- -------------- ----------- -------------- ----------
Contracts to Buy
- ----------------
<S> <C> <C> <C> <C> <C>
8/9/96 8,424 $8,424 10,000 $8,116 $(308)
U.S. Dollar Swiss Franc
- -------------------------------------------------------------------------------------------
8/13/96 24,000 24,000 120,000 23,291 (709)
U.S. Dollar French Franc
- -------------------------------------------------------------------------------------------
6/14/96 278,087 278,087 181,000 271,410 (6,677)
U.S. Dollar British Pound
- -------------------------------------------------------------------------------------------
6/16/96 20,833 20,833 2,200,000 21,139 306
U.S. Dollar Japanese Yen
- -------------------------------------------------------------------------------------------
6/19/96 176,960 176,960 18,600,000 178,790 1,830
U.S. Dollar Japanese Yen
- -------------------------------------------------------------------------------------------
Contracts to Sell
- -----------------
8/9/96 103,000 83,599 86,759 86,759 3,160
Swiss Franc U.S. Dollar
- -------------------------------------------------------------------------------------------
9/3/96 42,000 27,611 28,791 28,791 1,180
German U.S. Dollar
Deutschemark
- -------------------------------------------------------------------------------------------
8/13/96 755,000 146,542 148,912 148,912 2,370
French Franc U.S. Dollar
- -------------------------------------------------------------------------------------------
6/14/96 268,000 401,866 409,136 409,136 7,270
British Pound U.S. Dollar
- -------------------------------------------------------------------------------------------
6/19/96 36,200,000 347,968 364,938 364,938 16,970
Japanese Yen U.S. Dollar
- -------------------------------------------------------------------------------------------
9/13/96 70,220,000 682,750 678,888 678,888 (3,862)
Japanese Yen U.S. Dollar
- -------------------------------------------------------------------------------------------
10/18/96 20,000 118,103 120,062 120,062 1,959
Dutch Guilder U.S. Dollar
- -------------------------------------------------------------------------------------------
$23,489
=============
</TABLE>
54
<PAGE>
4. Forward Foreign Currency Exchange Contracts (Continued)
<TABLE>
<CAPTION>
Aetna Crossroads:
Exchange Currency to U.S. $ Value Currency to U.S. $ Value Unrealized
Date be Delivered April 30, 1996 be Received April 30, 1996 Gain (Loss)
-------- -------------- -------------- ----------- -------------- ----------
<S> <C> <C> <C> <C> <C>
Contracts to Buy
- ----------------
8/9/96 8,424 $8,424 10,000 $8,116 $(308)
U.S. Dollar Swiss Franc
- -----------------------------------------------------------------------------------------
8/13/96 16,000 16,000 80,000 15,528 (472)
U.S. Dollar French Franc
- -----------------------------------------------------------------------------------------
6/14/96 185,832 185,832 121,000 181,440 (4,392)
U.S. Dollar British Pound
- -----------------------------------------------------------------------------------------
6/19/96 30,699 30,699 3,200,000 30,760 61
U.S. Dollar Japanese Yen
- -----------------------------------------------------------------------------------------
Contracts to Sell
- -----------------
8/9/96 73,000 59,250 61,489 61,489 2,239
Swiss Franc U.S. Dollar
- -----------------------------------------------------------------------------------------
9/3/96 28,000 18,407 19,194 19,194 787
German U.S. Dollar
Deutschemark
- -----------------------------------------------------------------------------------------
8/13/96 520,000 100,929 102,562 102,562 1,633
French Franc U.S. Dollar
- -----------------------------------------------------------------------------------------
6/14/96 192,000 287,904 293,112 293,112 5,208
British Pound U.S. Dollar
- -----------------------------------------------------------------------------------------
6/19/96 17,800,000 171,100 177,671 177,671 6,571
Japanese Yen U.S. Dollar
- -----------------------------------------------------------------------------------------
9/13/96 48,710,000 473,609 473,204 473,204 (405)
Japanese Yen U.S. Dollar
- -----------------------------------------------------------------------------------------
10/18/96 180,000 106,293 108,056 108,056 1,763
Dutch Guilder U.S. Dollar
- -----------------------------------------------------------------------------------------
$12,685
============
</TABLE>
Aetna Generation Funds Semi-Annual Report 55
<PAGE>
4. Forward Foreign Currency Exchange Contracts (Continued)
<TABLE>
<CAPTION>
Aetna Legacy:
Exchange Currency to U.S. $ Value Currency to U.S. $ Value Unrealized
Date be Delivered April 30, 1996 be Received April 30, 1996 Gain (Loss)
-------- -------------- -------------- ----------- -------------- ----------
<S> <C> <C> <C> <C> <C>
Contracts to Buy
- ----------------
8/9/96 8,424 $8,424 10,000 $8,116 $(308)
U.S. Dollar Swiss Franc
- ------------------------------------------------------------------------------------------
8/13/96 10,000 10,000 50,000 9,705 (295)
U.S. Dollar French Franc
- ------------------------------------------------------------------------------------------
6/14/96 112,143 112,143 73,000 109,464 (2,679)
U.S. Dollar British Pound
- ------------------------------------------------------------------------------------------
6/19/96 52,302 52,302 5,500,000 52,868 566
U.S. Dollar Japanese Yen
- ------------------------------------------------------------------------------------------
Contracts to Sell
- -----------------
8/9/96 60,000 48,699 50,539 50,539 1,840
Swiss Franc U.S. Dollar
- ------------------------------------------------------------------------------------------
9/3/96 21,000 13,805 14,395 14,395 590
German U.S. Dollar
Deutschemark
- ------------------------------------------------------------------------------------------
8/13/96 340,000 65,992 67,062 67,062 1,070
French Franc U.S. Dollar
- ------------------------------------------------------------------------------------------
6/14/96 131,000 196,435 199,988 199,988 3,553
British Pound U.S. Dollar
- ------------------------------------------------------------------------------------------
6/19/96 15,200,000 146,108 150,054 150,054 3,946
Japanese Yen U.S. Dollar
- ------------------------------------------------------------------------------------------
9/13/96 39,700,000 386,004 384,722 384,722 (1,282)
Japanese Yen U.S. Dollar
- ------------------------------------------------------------------------------------------
10/18/96 130,000 76,767 78,041 78,041 1,274
Dutch Guilder U.S. Dollar
- ------------------------------------------------------------------------------------------
$8,275
============
</TABLE>
56
<PAGE>
5. Authorized Capital Shares and Capital Share Transactions
Each Fund is authorized to issue 100 million shares. Share transactions for each
Fund were as follows:
Aetna Ascent
Six-month
period ended January 4 to
April 30, 1996 October 31, 1995
--------- -----------
Shares sold 152,320 2,573,924
Shares issued upon reinvestment 219,147 0
Shares redeemed (117,753) (823,196)
--------- -----------
Net increase 253,714 1,750,728
========= ===========
Aetna Crossroads
Six-month
period ended January 4 to
April 30, 1996 October 31, 1995
--------- -----------
Shares sold 240,383 2,593,512
Shares issued upon reinvestment 135,288 0
Shares redeemed (139,530) (826,904)
--------- -----------
Net increase 236,141 1,766,608
========= ===========
Aetna Legacy
Six-month
period ended January 4 to
April 30, 1996 October 31, 1995
--------- -----------
Shares sold 176,447 2,612,101
Shares issued upon reinvestment 206,513 0
Shares redeemed (164,326) (889,244)
--------- -----------
Net increase 218,634 1,722,857
========= ===========
As of April 30, 1996, ALIAC owned 1,799,920 shares of Aetna Ascent, 1,751,052
shares of Aetna Crossroads and 1,740,855 shares of Aetna Legacy.
Aetna Generation Funds Semi-Annual Report 57
<PAGE>
Financial Highlights
Selected data for a fund share outstanding throughout each period:
Aetna Generation Funds Aetna Ascent
<TABLE>
<CAPTION>
Six-months Period
ended from
April 30, January 4, 1995
1996 to October
(Unaudited) 31, 1995
--------- ------------
<S> <C> <C>
Net asset value, beginning of period ................... $ 11.67 $ 10.00
Income from investment operations:
Net investment income ................................ 0.10 0.25
Net realized and change in unrealized gain (loss) .... 1.26 1.42
------- --------
Total .............................................. 1.36 1.67
Less distributions:
From net investment income ........................... (0.38) --
From net realized gain ............................... (0.97) --
======= ========
Net asset value, end of period ......................... $ 11.68 $ 11.67
======= ========
Total return ........................................... 12.38% 16.70%
Net assets, end of period (000's) ...................... $23,416 $20,433
Ratio of total investment expenses to average net
assets* .............................................. 1.68% 1.38%
Ratio of net investment income to average net assets* .. 1.80% 2.80%
Portfolio turnover rate* ............................... 89.05% 164.09%
Average commission rate paid per share ................. $0.0572 --
</TABLE>
*Annualized for periods of less than one year.
Per share data calculated using average number of shares outstanding throughout
the period.
58
<PAGE>
Financial Highlights
Selected data for a fund share outstanding throughout each period:
Aetna Generation Funds Aetna Crossroads
<TABLE>
<CAPTION>
Six-months Period
ended from
April 30, January 4, 1995
1996 to October
(Unaudited) 31, 1995
--------- ------------
<S> <C> <C>
Net asset value, beginning of period ................... $ 11.53 $ 10.00
Income from investment operations:
Net investment income ................................ 0.13 0.29
Net realized and change in unrealized gain (loss) .... 0.98 1.24
------- --------
Total .............................................. 1.11 1.53
Less distributions:
From net investment income ........................... (0.44) --
From net realized gain ............................... (0.82) --
======= ========
Net asset value, end of period ......................... $ 11.38 $ 11.53
======= ========
Total return ........................................... 10.12% 15.30%
Net assets, end of period (000's) ...................... $22,794 $20,370
Ratio of total investment expenses to average net
assets* .............................................. 1.70% 1.40%
Ratio of total investment income to average net assets* 2.22% 3.26%
Portfolio turnover rate* ............................... 91.31% 166.93%
Average commission rate paid per share ................. $0.0568 --
</TABLE>
*Annualized for periods of less than one year.
Per share data calculated using average number of shares outstanding throughout
the period.
Aetna Generation Funds Semi-Annual Report 59
<PAGE>
Financial Highlights
Selected data for a fund share outstanding throughout each period:
Aetna Generation Funds Aetna Legacy
<TABLE>
<CAPTION>
Six-months Period
ended from
April 30, January 4, 1995
1996 to October
(Unaudited) 31, 1995
--------- ------------
<S> <C> <C>
Net asset value, beginning of period ................... $ 11.41 $ 10.00
Income from investment operations:
Net investment income ................................ 0.15 0.33
Net realized and change in unrealized gain (loss) .... 0.72 1.08
------- --------
Total .............................................. 0.87 1.41
Less distributions:
From net investment income ........................... (0.50) --
From net realized gain ............................... (0.76) --
======= ========
Net asset value, end of period ......................... $ 11.02 $ 11.41
======= ========
Total return ........................................... 8.03% 14.10%
Net assets, end of period (000's) ...................... $21,401 $19,651
Ratio of total investment expenses to average net
assets* .............................................. 1.71% 1.42%
Ratio of total investment income to average net assets* 2.63% 3.75%
Portfolio turnover rate* ............................... 86.26% 179.88%
Average commission rate paid per share ................. $0.0530 --
</TABLE>
*Annualized for periods of less than one year.
Per share data calculated using average number of shares outstanding throughout
the period.
60
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