Table of Contents
President's Letter............................................... 1
Investment Review................................................ 2
Portfolios of Investments:
Money Market Fund............................................ 18
Government Fund.............................................. 23
Bond Fund.................................................... 24
The Aetna Fund............................................... 26
Growth and Income Fund....................................... 37
Growth Fund.................................................. 62
Small Company Growth Fund.................................... 64
International Growth Fund.................................... 67
Asian Growth Fund............................................ 74
Statements of Assets and Liabilities............................. 78
Statements of Operations......................................... 82
Statements of Changes in Net Assets.............................. 86
Notes to Financial Statements.................................... 95
Financial Highlights............................................. 108
<PAGE>
President's Letter
Dear Fellow Shareholder:
Thank you for investing in Aetna Mutual Funds. We are pleased to bring you this
semi-annual report of the status of your Funds.
With over $1.1 billion in assets, the family of funds continues to grow with
investments from defined contribution retirement plans and retail sales. Agent
sales have increased and direct sales are led by the popularity of the Aetna
Money Market Fund.
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. If we receive Shareholder approval at
a Special Meeting currently scheduled on July 26, 1996, Aeltus will become
subadvisor to the Funds 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 changes in our investment
strategies. 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 meet your retirement and investment needs.
Thank you for your confidence in us and your investment in Aetna Mutual Funds.
Sincerely,
/s/ Shaun P. Mathews
Shaun P. Mathews
President
Aetna Mutual Funds Semi-Annual Report 1
<PAGE>
Aetna Money Market Fund
The total return for Aetna Money Market Fund for the six month period ended
April 30, 1996 was 2.72%, exceeding the 2.46% return of the average taxable
money market fund as reported by IBC/Donoghue. As of April 30, 1996, the Money
Market Fund reported a 7-day average yield of 5.17% and had an average maturity
of 50 days.
The Fund's atypical strategy to target securities with relatively short
maturities at a time when the Federal Reserve was lowering short-term interest
rates worked well last year and into the early months of 1996. Normally, money
market funds extend average portfolio maturities during such periods in order to
lock in the higher yields as interest rates decline. However, overly bullish
market sentiment had created a phenomenon known as an inverted yield curve, in
which yields offered on securities were higher on shorter maturities than on
longer maturities. That phase began to reverse itself in the first quarter of
1996 as the economy showed definitive signs of strength that, in turn, pushed
longer term interest rates higher. In response to the yield curve's reshaping,
the Fund adjusted its average portfolio maturity and is currently neutral in
respect to its competitive peer group.
Select purchases of commercial paper issued by smaller or less well-known
companies also enhanced the Fund's yield. The yield premium investors often
demand from such companies is not necessarily a reflection of increased risks,
but may exist simply because these companies are not familiar "household" names.
Be assured that the Fund continues to adhere to strict credit quality standards
and monitors each issuer on a regular basis.
Our near-term strategy is to remain relatively neutral. While recent data
releases have clearly demonstrated economic growth, it is presently uncertain
whether such strength can be sustained. We believe that the Federal Reserve's
current monetary policy will hold through the summer, thus leaving short-term
interest rates unchanged. The degree of economic growth and potential
inflationary pressures will determine any action the Federal Reserve takes later
in the year.
Quality Ratings
Tier 1 96.3%
Tier 2 3.7%
Maturity Distribution
1-30 days 49.8%
31-60 days 23.7%
61-90 days 13.2%
91-120 days 3.9%
121-180 days 0.3%
181-397 days 9.1%
2
<PAGE>
Aetna Government Fund
The Aetna Government Fund Select Class shares' total return for the six month
period ended April 30, 1996 was 0.25% (-0.03% for Adviser Class shares) versus a
0.03% return for the Lehman Brothers Government Bond Index, an unmanaged index.
Relative to other government funds, the Select Class shares of the Fund ranked
in the top 48% (188 out of 393) of all of Morningstar's government-general bond
universe, while the Adviser Class shares ranked in the top 57% (224 out of 393).
The Fund's performance was most significantly impacted by its exposure to
interest rate risk early in the year. Since December 31, 1995, the yield on the
10-year Treasury note has risen by 1.10%, causing bond prices to decrease. Our
bullish stance on the bond market coming into the year directed us to maintain a
relatively longer average duration on the Fund's assets than its comparative
index. As interest rates rose in reaction to stronger economic growth, we moved
to reduce the average duration of the Fund's assets. However, the Fund's earlier
interest rate posture caused year-to-date performance to slightly lag the
Morningstar government funds universe.
U.S. Agency securities, defensive holdings characterized by short durations,
provided the greatest contribution to the Fund's performance over the past six
months. While not a large allocation, the Fund's premium mortgage pass-through
securities generated strong positive returns. The duration exposure rested
primarily in the Treasury sector where an initial overweighting in long Treasury
bonds detracted from performance.
Despite the government shutdown, poor weather conditions, and a major strike at
General Motors, the economy showed surprising strength in the first quarter of
1996 as gross domestic product grew at a 2.8% annualized rate. Looking forward,
the technical outlook becomes less favorable due to the Treasury Department's
decision to increase the frequency of its 10-year and 30-year bond auctions and
its resultant long-term supply increase. On the other hand, higher interest
rates have already impacted mortgage refinancing activity, and the consumer's
heavy debt burden will curtail economic growth. In terms of monetary policy,
Federal Reserve action is not expected through the summer months. Inflation has
been subdued thus far; however, if domestic growth picks up or inflationary
pressures appear on the horizon, we are likely to see higher interest rates
later this year.
Quality Ratings
AAA 85.5%
Cash or Equivalents 14.5%
Maturity Distribution
0-1 years 10.1%
1-5 years 23.1%
5-10 years 34.2%
10-20 years 28.9%
20+ years 3.7%
Aetna Mutual Funds Semi-Annual Report 3
<PAGE>
Aetna Bond Fund
Aetna Bond Fund Select Class shares generated a total return of 0.56% (0.18% for
Adviser Class shares) for the six month period ended April 30, 1996,
outperforming the Lehman Brothers Aggregate Bond Index (an unmanaged index)
return of 0.53% for the same time period. The Select Class shares of the Fund
ranked in the top 59% (133 out of 226) of Morningstar's universe of high quality
corporate bond funds for the six month period, while the Adviser Class shares
ranked in the top 73% (164 out of 226).
After an outstanding 1995, bond market returns for 1996 have thus far been
disappointing. Through the end of April 1996, the Lehman Brothers Aggregate
Index return was -2.33% versus 18.47% for all of 1995. We had positioned the
portfolio's interest rate exposure according to our expectation that 1995's bond
market rally would carry over into the first half of 1996. However, the rally
fizzled out in February amid mounting evidence of stronger domestic growth and
the Federal Reserve's indication that it was no longer predisposed to lower
interest rates. The shift in market sentiment caught us somewhat by surprise.
While we moved to reduce interest rate exposure by shortening the average
duration of the Fund's assets, the impact of the Fund's earlier interest rate
posture caused performance to lag its Morningstar universe on a year-to-date
basis.
Within the bond market's investment grade sector, mortgage-backed securities
outperformed both government and corporate bonds. Lehman Brothers'
Mortgage-Backed Index generated a 1.66% six month return versus 0.03% for the
Government Index and 0.08% for the Corporate Index. These indices are unmanaged.
While the Fund's mortgage-backed securities allocation was not large, its
holdings of premium pass-throughs, collateralized mortgage obligations and
adjustable rate mortgages generated strong positive returns. Specifically,
corporate intermediate-term bonds performed strongly, and foreign bond holdings
fared particularly well as yield spread differentials to Treasuries narrowed for
Asian and Latin American bonds. Corporate bonds continue to represent the
largest sector allocation within the Fund.
Looking forward, we are neutral to slightly negative on the near-term outlook
for bonds. Economic data has been mixed, and while commodity prices have risen,
the inflation picture has remained relatively subdued. These conditions should
keep monetary policy unchanged in the coming months. Given that this is a
presidential election year, the probability that the Federal Reserve will move
to raise interest rates decreases as November draws closer.
4
<PAGE>
Aetna Bond Fund (continued)
Quality Ratings
AAA 57.5%
AA 10.7%
A 11.3%
BBB 6.2%
BB 10.2%
B 1.4%
Other 2.7%
Maturity Distribution
0-1 years 14.9%
1-5 years 33.7%
5-10 years 22.4%
10-20 years 16.7%
20+ years 12.3%
Aetna Mutual Funds Semi-Annual Report 5
<PAGE>
The Aetna Fund
The Aetna Fund Select Class shares generated a total return of 9.64% (9.17% for
Adviser Class shares) for the six month period ended April 30, 1996, as compared
with the 8.5% return for the 60%/40% weighting of the S&P 500 and the Lehman
Aggregate Bond Index (both unmanaged indices). The Select Class shares of the
Fund also performed very well versus the Morningstar asset allocation fund
universe ranking in the top 28% (46 out of 167), while the Adviser Class shares
ranked in the top 31% (51 out of 167).
Over the past six months, we have seen a significant decoupling between the
stock and bond market performance. In early 1996, the economy began to show
signs of slightly higher growth, strong employment expansion and a pick-up in
manufacturing activity with little threat of wage or price inflation. This
created an environment in which equities significantly outperformed bonds. The
larger capitalization issues, when measured by the S&P 500, returned 13.8% for
the six month period, while the Russell 2000 (an unmanaged small capitalization
index) lead the equity sector with a 18.5% period return. The bond market, on
the other hand, was frightened by the unexpected growth increase as evidenced by
the slightly positive 0.53% Lehman Aggregate return.
Over the period, we remained overweighted in the equity sector with emphasis on
the large cap stocks. We reduced the equities allocation slightly in the later
half of the period to be more neutral to the 60%/40% benchmark going forward,
and increased the cash component of the bond allocation over the period --a
decision that proved to be profitable as bonds underperformed cash. In addition
to the Fund's overweight equities position, its exposure to diversifying asset
classes, notably the small cap sector, added significantly to Fund performance.
This outperformance was especially encouraging as small caps had lagged large
cap stocks somewhat considerably in 1995. Going forward, a more neutral weight
(60%/40%) for the equity sector is targeted in consideration of the strong
year-to-date equity performance and an anticipated earnings growth decline
during 1996.
The Fund's bond exposure outperformed the Lehman Aggregate mainly due to the
Fund's shorter duration posture when U.S. Treasury rates increased, and modest
exposures to diversifying asset classes, specifically international and domestic
high yield bonds. We remained slightly overweight in intermediate term
investment grade corporate bonds which had the strongest performance within the
corporate sector. Our outlook for the bond market remains cautious over the
short-term as the economic activity increase is expected to continue into the
second quarter. However, as growth slows toward year-end and inflation remains
low, bonds will offer relative value opportunities.
6
<PAGE>
The Aetna Fund (continued)
Large Cap Portfolio Sector Breakdown
Over/(Under)
Portfolio S&P 500 Weighting
Basic Materials 16.5% 15.7% 0.8 %
Producer Goods & Services 19.6% 10.8% 8.8 %
Technology 19.0% 11.8% 7.2 %
Consumer Goods 23.1% 24.6% 1.5 %
Services 8.7% 11.7% (3.0)%
Financial Services 10.5% 13.6% (3.1)%
Utilities 2.6% 11.8% 9.2 %
Top Ten Equity Holdings
% of
Portfolio
Pfizer, Inc. 1.6%
Johnson & Johnson 1.6%
Nike, Inc. Class B 1.6%
HFS, Inc. 1.5%
United Technologies Corp. 1.5%
Cisco Systems, Inc. 1.4%
Hewlett Packard Co. 1.4%
Deere and Co. 1.4%
Chase Manhattan Corp. 1.3%
Monsanto Co. 1.3%
Top Five Fixed Income Holdings
% of
Portfolio
U.S. Treasury, 5.25%, 12/31/97 2.3%
African Development Bank, 8.8%, 9/1/19 1.3%
Commercial Credit, 8.7%, 6/15/09 1.3%
American General Finance, 8.45%, 10/15/09 1.3%
Heritage Media, 8.75%, 12/15/06 1.2%
Aetna Mutual Funds Semi-Annual Report 7
<PAGE>
Aetna Growth and Income Fund
Despite slower corporate earnings concerns, inflation rekindling, and rising
interest rates, the stock market performed exceedingly well during the six
months ended April 30, 1996. The S&P 500 (an unmanaged index) achieved an
amazing 13.8% total return for the period, and stocks of smaller companies
performed even better: the Russell 2000 Small Cap Stock Index (an unmanaged
index) returned a whopping 18.4%. The Aetna Growth and Income Fund Select Class
shares kept abreast of the S&P 500's torrid pace, with a six month return of
13.88% (13.42% for Adviser Class shares). This return placed the Select Class
shares of the Fund in the top 39% (194 out of 492) of Morningstar's growth and
income fund universe for the period, while the Adviser Class shares ranked in
the top 55% (272 out of 492).
Our diversification into small and mid-cap stocks had a significant positive
impact on the Fund's performance during the past six months. While some
diversifying asset classes underperformed the S&P 500 during the period,
including international and real estate equities, these stocks have had a
tendency to outperform the large cap-dominated S&P 500 over the long term. Also,
our cash posture remained at fairly low levels during the period, a position
that allowed the Fund to fully participate in the market's rise. Asset class
diversification continues to be important both from a risk reduction perspective
and from added return opportunities offered by certain classes. We expect both
benefits will be exhibited going forward.
We continued to make improvements in the Fund's investment process during the
past six months. Several key additions to our professional investment staff have
greatly enhanced our quantitative research and management capabilities and has
strengthened our ability to analyze and quickly react to enormous amounts of
market, economic, and company information. 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.
Large Cap Portfolio Sector Breakdown
Over/(Under)
Portfolio S&P 500 Weighting
Basic Materials 15.6% 15.7% (0.1)%
Producer Goods & Services 10.6% 10.8% (0.2)%
Technology 12.1% 11.8% 0.3 %
Consumer Goods 25.1% 24.6% 0.5 %
Services 10.0% 1.7% 8.3 %
Financial Services 15.7% 13.6% 2.1 %
Utilities 10.9% 11.8% (0.9)%
8
<PAGE>
Aetna Growth and Income Fund (continued)
Top Ten Holdings
% of
Portfolio
Exxon Corp. 2.6%
Johnson & Johnson 2.1%
Chase Manhattan Corp. 1.6%
Pepsico, Inc. 1.6%
Mobil Corp. 1.6%
Chrysler Corp. 1.4%
Cisco Systems, Inc. 1.4%
AMR Corp. 1.4%
Bristol Meyers Squibb 1.4%
Amoco Corp. 1.4%
Aetna Mutual Funds Semi-Annual Report 9
<PAGE>
Aetna Growth Fund
The Aetna Growth Fund Select Class shares produced a total return of 12.31%
(11.91% for Adviser Class shares) for the six month period ended April 30, 1996,
in comparison to the 13.80% return of the S&P 500 (an unmanaged index) for the
same period. This six month performance placed the Select Class shares of the
Fund in the top 61% (534 out of 882) of Morningstar's growth fund universe,
while the Adviser Class shares ranked in the top 64% (567 out of 882). This was
a tumultuous period for the Aetna Growth Fund and the financial markets, in
general, despite a healthy gain in the stock market averages. Consensus
expectations for a sluggishly growing economy and the possibility of a recession
gave way in the late winter to signs of recovery as evidenced by substantial
employment growth. The bond market's roller coaster action was a backdrop for
continued aggressive sector rotation within the equity market.
The performance of the Growth Fund mirrored the movements of the financial
markets over the past six months. While we utilize quantitative disciplines to
focus fundamental analysis and help in portfolio construction, earnings and
inventory corrections in several sectors of the equity market complicated the
task. The Fund underperformed early in the period as the overweighted technology
group experienced a long overdue price correction. In anticipation of such an
event, the portfolio was repositioned in the sector away from commodity-like
exposure, such as Micron Technology, into broader plays like Hewlett Packard.
While this was a reasonable strategy, the group did not rebound until early in
January 1996. There was a general reduction in financial exposure as well,
consistent with our outlook that the euphoric sentiment evident in the fixed
income markets regarding the end of inflation was overdone. As a result of these
moves, the Fund fully participated in the market advance to date in 1996 from
both a stock selection and sector weighting point of view.
While the Fund attempts to highlight issues with strong earnings characteristics
at reasonable prices, we also focus on companies whose intrinsic value relative
to sales and cash flow per share offers takeover potential. For the past two
years in which a high level of merger and acquisition activity has been
witnessed, this has been a particularly rewarding strategy for capital growth.
Over the past six months, First Interstate Bancorp was acquired by Wells Fargo
and Cray Research was taken over by Silicon Graphics. If such a trend continues
in 1996, the Fund is positioned to benefit. Furthermore, amid a more evenly
balanced economic outlook, earnings revisions data suggest a rebound in
corporate profitability. If that is the case, the Fund's focus on issues that
possess above-average sales and earnings momentum should continue to serve it
well.
10
<PAGE>
Aetna Growth Fund (continued)
Portfolio Sector Breakdown
Over/(Under)
Portfolio S&P 500 Weighting
Technology 23.7% 11.8% 11.9 %
Capital Goods 18.7% 10.8% 7.9 %
Raw Materials 16.2% 15.7% 0.5 %
Financial 11.5% 13.6% (2.1)%
Health 9.0% 1.1% 7.9 %
Consumer Cyclicals 7.8% 24.6% (16.8)%
Transportation 5.9% 1.6% 4.3 %
Retail 4.8% 4.9% (0.1)%
Top Ten Holdings
% of
Portfolio
Sun Microsystems 4.6%
Boeing 4.2%
Biogen 4.0%
Hewlett Packard 3.8%
Bay Networks 3.8%
Cisco Systems 3.8%
United Technologies 3.7%
Raychem 3.7%
Travelers 3.7%
Intel 3.6%
Aetna Mutual Funds Semi-Annual Report 11
<PAGE>
Aetna Small Company Growth Fund
The Aetna Small Company Growth Fund Select Class shares generated a total return
of 24.76% (24.46% for the Adviser Class shares) for the six month period ended
April 30, 1996, significantly outperforming both the Russell 2000 (an unmanaged,
small-cap index) return of 18.4% as well as the S&P 500 (an unmanaged,
broad-based index) return of 13.8%. This six month performance placed the fund
in the top 26% (97 out of 378) of Morningstar's small company fund universe,
while the Adviser Class shares ranked in the top 27% (101 out of 378).
During the period, we moved investments into telephones, energy and raw
materials, all of which helped the Fund's performance. We believe the FCC
telecom-munications bill will promote consolidation in telecommunications, an
area in which we find a number of smaller, attractively priced companies. In
energy and raw materials, we identified a few niche companies with good
risk/reward potential. We funded these investments by taking profits from
capital goods as well as healthcare and consumer cyclical stocks.
The past six months marked the first occasion in some time that small company
stocks outperformed the larger issues such as those in the S&P 500 Index, and we
are extremely pleased with the Fund's performance. Looking forward, the market
continues to focus on interest rates which have risen recently due to concerns
of stronger-than-expected economic growth. While interest rates are important to
valuations, we believe our strategy of focusing on companies that sell at
reasonable prices and demonstrate strong business momentum in the longer term
will continue to fare well for the Fund in the future.
Portfolio Sector Breakdown
Over/(Under)
Sector Portfolio S&P 500 Weighting
Consumer Cyclicals 15.5% 24.6% (9.1)%
Technology 15.1% 11.8% 3.3 %
Health 10.4% 1.1% 9.3 %
Raw Materials 10.2% 15.7% (5.5)%
Utilities--Telephone 9.3% 7.9% 1.4 %
Energy 9.2% 8.1% 1.1 %
Finance 8.4% 13.6% (5.2)%
Consumer Non-Cyclicals 6.6% 0.4% 6.2 %
Capital Goods 6.4% 10.8% (4.4)%
Transportation 3.3% 1.6% 1.7 %
Retail 0.8% 4.9% (4.1)%
12
<PAGE>
Aetna Small Company Growth Fund (continued)
Top Ten Holdings
% of
Portfolio
Perkin Elmer Corp. 4.6%
Sun International Hotels, LTD 2.9%
Comsat Corp. 2.9%
Atlantic Tele Network, Inc. 2.7%
Amdahl Corp. 2.6%
Xtra Corp. 2.5%
PLC Systems, Inc. 2.5%
Santa Fe Energy Resources, Inc. 2.3%
Long Star Industries, Inc. 2.1%
Delta Pine and Land Co. 2.1%
Aetna Mutual Funds Semi-Annual Report 13
<PAGE>
Aetna International Growth Fund
The Aetna International Growth Fund Select Class shares posted a respectable
return of 13.17% (12.83% for Adviser Class shares) for the six month period
ended April 30, 1996, in line with the MSCI Europe, Asia, and Australia Index
(an unmanaged index) 13.3% return. The Select Class shares of the Fund placed
well against its peers and ranked in the upper 42% (148 out of 353) of
Morningstar's foreign stock fund universe, while the Adviser Class shares ranked
in the top 46% (164 out of 353).
The new portfolio manager began managing the Fund on December 1, 1995, and the
Fund was restructured to capture growth opportunities in more countries. Country
allocations expanded into Asian equity markets of Indonesia, Thailand, Korea,
and the Philippines, which added value to the Fund's performance. Other
allocation decisions, notably a decision to underweight the United Kingdom
benefited performance, while an underweight investment in strong Latin American
markets dampened relative performance. Currency hedging, employed by the Fund to
protect the value of securities denominated in foreign currencies, provided
positive results during the period as the German Deutchemark and the Japanese
Yen weakened against the U.S. Dollar.
International markets finished last year on solid footing and began 1996
strongly. In Mexico, lower interest rates sparked an amazing rebound in the
market, and ended the period up 38% as investors cheered the fiscal measures
Mexican authorities have taken to limit inflation and revive the economy.
Financial authorities have also concentrated on efforts to revive their
respective economies in Japan and Europe by decreasing interest rates to
all-time lows and weakening their currencies. In the United Kingdom, high
corporate merger activity and a strong United States market drove the market to
record highs in 1995. British stocks returned a respectable 8% gain for the
period, but trailed other major equity markets into 1996.
In Japan, the Ministry of Finance proposed a housing loan bail-out plan that
should withstand opposition and pass, in some form, in 1996. At this time, Japan
appears ahead of Europe in terms of economic growth. Malaysian stocks raced
upward as the fears of an overheated economy lessened. Hong Kong's markets
experienced volatility, but soared to a 2-year high, induced by a bottoming of
the property sector. Asia's economic growth is expected to surpass growth in the
United States, Europe, and Latin America through the year.
The Fund now invests in over 100 stocks in 27 countries, and will continue its
strategy to capture equity investment opportunities around the world that we
believe possess quality asset bases and offer good earnings prospects.
14
<PAGE>
Aetna International Growth Fund (continued)
Country Benchmark April 30th Level Six Month Return
France CAC 2146 18%
Germany DAX 2505 16%
Hong Kong Hang Seng 10964 12%
Italy MIB30 15789 14%
Mexico Bolsa 3187 38%
Japan TOPIX 1712 21%
Malaysia KLSE 1189 24%
United Kingdom FT-SE 100 3817 8%
United States S&P 500 654 13%
The table above lists local market returns for popular benchmarks in major
markets world-wide.
Country Weightings
Portfolio MSCI EAFE
Japan 26.8% 40.0%
United Kingdom 10.0% 16.3%
Germany 6.3% 7.0%
Netherlands 4.6% 4.1%
France 4.4% 6.6%
Hong Kong 4.4% 3.4%
Italy 4.2% 2.2%
Finland 3.5% 0.5%
Norway 3.4% 0.5%
Canada 3.4% 0.0%
Other 29.0% 19.4%
Top Ten Holdings
% of Portfolio
Stet Di Risp Non-Cnv. (Italy) 2.6%
Mitsubishi Heavy Industries (Japan) 1.7%
Hitachi, Ltd. (Japan) 1.6%
Veba Ag (Germany) 1.5%
Shin-Etsu Chemical Co. (Japan) 1.4%
Canon, Inc. (Japan) 1.4%
Nintendo Corp. Ltd. (Japan) 1.3%
Nippon Steel (Japan) 1.3%
Mannesmann Ag. (Germany) 1.2%
Philips Electronics (Netherlands) 1.2%
Aetna Mutual Funds Semi-Annual Report 15
<PAGE>
Aetna Asian Growth Fund
The Aetna Asian Growth Fund Select Class shares produced a total return of
13.47% (13.21% for Adviser Class Shares) for the six month period ended April
30, 1996, compared to a 16.2% return for the Morgan Stanley Combined (MSCI) Far
East Ex-Japan Index (an unmanaged index). This six month performance placed the
Fund in the upper 40% (39 out of 97) among Morningstar's Pacific fund universe,
while the Adviser Class shares ranked in the top 43% (42 out of 97).
Stocks in Hong Kong experienced a volatile six month period and our overweight
position in this market had a neutral effect on the Fund's performance.
Malaysian markets raced upward for the period amid diminishing fears that the
economy was overheating and inflation rates were rising, while Thailand
experienced 6% inflation and an expensive 18% price to earnings ratio. Despite
an underweighting in Malaysia that hindered performance, our underweighting in
Thailand helped the Fund post a respectable return for the period.
Asian markets kept pace with strong equity markets around the world in late 1995
and early 1996, as demonstrated by the performance of the MSCI Asian Ex Japan
Index, a level that exceeded the broader MSCI Europe, Asia, and Australia Index
(an unmanaged index) by almost 3%. Asian stocks performed well amidst moderate
interest rate levels in early 1996, and forecasters predict that the region's
economic growth will easily surpass economic growth in the United States,
Europe, and Latin America through the year. Faster economic growth, with
controlled inflation, translates into higher corporate earnings for companies in
this region, and we believe the Fund is positioned to capture this higher
earnings growth.
Country Weightings
MS Combined
Portfolio Far East Ex Japan
Hong Kong 36.8% 32.8%
Malaysia 21.4% 23.8%
Thailand 16.2% 12.4%
Indonesia 8.5% 7.6%
Singapore 7.5% 15.4%
Philippines 6.1% 3.9%
Korea 3.5% 4.1%
16
<PAGE>
Aetna Asian Growth Fund (continued)
Top Ten Holdings
% of
Portfolio
CITIC Pacific Ltd. (Hong Kong) 5.0%
Hysan Development (Hong Kong) 4.0%
HSBC Holdings (Hong Kong) 3.9%
Sungei Way Holdings (Malaysia) 3.8%
Electricity Generating (Thailand) 3.7%
New World Development Co. (Hong Kong) 3.6%
Malayan Banking(Malaysia) 3.1%
Swire Pacific Cl. A (Hong Kong) 3.0%
Bank of East Asia (Hong Kong) 2.9%
Bank of Ayudhya (Thailand) 2.7%
Aetna Mutual Funds Semi-Annual Report 17
<PAGE>
Portfolio of Investments
April 30, 1996 (Unaudited)
Money Market Fund
Principal
Amount Value
--------- ------
Asset-Backed Securities (16.9%)
Bridgestone/Firestone
Master Trust,
Inc., 5.43%,
05/31/96 $ 4,700,000 $ 4,700,000
Bridgestone/Firestone
Master Trust,
Inc., 5.45%,
06/10/96 6,000,000 6,000,000
CARCO Auto Loan
Master Trust
1993-2, 3.225%,
11/15/98 4,500,000 4,500,000
Circuit City Credit
Card Master
Trust, 5.40%,
05/01/96 20,000,000 20,000,000
Columbus Trust
Certificate/BOCCMT,
5.32%, 06/17/96 5,500,000 5,461,799
Columbus Trust
Certificate/BOCCMT,
5.33%, 07/24/96 5,000,000 4,937,817
Columbus Trust
Certificate/BOCCMT,
5.33%, 07/29/96 5,000,000 4,934,115
Columbus Trust
Certificate/BOCCMT,
5.37%, 06/18/96 2,000,000 1,985,680
Dakota Certificates
- Standard Credit
Card Master Trust
1, 5.13%, 06/05/96 5,000,000 4,975,063
Dakota Certificates
- Standard Credit
Card Master Trust
1, 5.25%, 06/11/96 6,500,000 6,461,135
Dakota Certificates
- Standard Credit
Card Master Trust
1, 5.28%, 05/01/96 $ 5,000,000 $ 5,000,000
--------------
$ 68,955,609
--------------
Certificates of Deposit (6.8%)
Advanta National
Bank, 5.20%,
11/15/96 6,000,000 6,000,000
Advanta National
Bank, 6.17%,
08/28/96 10,000,000 10,019,644
Deutsche Bank AG,
New York Branch,
5.22%, 02/28/97 5,500,000 5,500,000
Deutsche Bank AG,
New York Branch,
5.32%, 03/06/97 6,000,000 6,000,000
--------------
$ 27,519,644
--------------
Commercial Paper - Domestic (32.6%)
Alamo Funding,
L.P., 5.32%,
06/12/96 5,000,000 4,968,967
Alamo Funding,
L.P., 5.38%,
05/29/96 575,000 572,594
American Express
Credit Corp.,
5.15%, 06/13/96 5,000,000 4,969,243
Ciesco, L.P.,
5.40%, 05/01/96 11,100,000 11,100,000
Cooper Industries,
Inc., 5.40%,
05/01/96 11,000,000 11,000,000
Cooperative Assoc.
of Tractor
Dealers, Inc.,
5.08%, 06/21/96 2,000,000 1,985,607
18 See Notes to Portfolio of Investments.
<PAGE>
- -----------------------------------------------------------------------------
Portfolio of Investments
- -----------------------------------------------------------------------------
April 30, 1996 (Unaudited)
Money Market Fund (continued)
Principal
Amount Value
--------- ------
Cooperative Assoc.
of Tractor
Dealers, Inc.,
5.10%, 07/02/96 $ 1,000,000 $ 991,217
Cooperative Assoc.
of Tractor
Dealers, Inc.,
5.15%, 07/01/96 3,900,000 3,865,967
Cooperative Assoc.
of Tractor
Dealers, Inc.,
5.25%, 07/10/96 4,800,000 4,751,000
Cooperative Assoc.
of Tractor
Dealers, Inc.,
5.35%, 05/15/96 1,200,000 1,197,503
Cooperative Assoc.
of Tractor
Dealers, Inc.,
5.35%, 06/12/96 2,000,000 1,987,517
Cooperative Assoc.
of Tractor
Dealers, Inc.,
5.35%, 07/19/96 1,500,000 1,482,390
Countrywide Funding
Corp., 5.31%,
06/12/96 7,000,000 6,956,635
Countrywide Funding
Corp., 5.32%,
06/13/96 5,000,000 4,968,228
Dealers Capital
Access Trust,
Inc., 5.35%,
07/23/96 6,000,000 5,925,992
Dealers Capital
Access Trust,
Inc., 5.40%,
05/01/96 5,926,000 5,926,000
EG&G, Inc., 5.50%,
05/16/96 2,580,000 2,574,088
Finova Capital
Corp., 5.24%,
05/30/96 5,000,000 4,978,894
Finova Capital
Corp., 5.43%,
06/14/96 $ 4,000,000 $ 3,973,453
Fleet Mortgage
Group, Inc.,
5.40%, 05/01/96 6,800,000 6,800,000
Fleetwood Credit
Corp., 5.35%,
05/08/96 5,000,000 4,994,799
Fleetwood Credit
Corp., 5.35%,
05/09/96 4,000,000 3,995,244
General Signal
Corp., 5.20%,
05/23/96 10,000,000 9,968,222
GTE Corp., 5.42%,
05/31/96 4,300,000 4,280,578
GTE Corp., 5.43%,
05/20/96 8,000,000 7,977,073
Jefferson Smurfit
Finance Corp.,
5.33%, 05/21/96 1,551,000 1,546,407
Jefferson Smurfit
Finance Corp.,
5.33%, 06/14/96 1,300,000 1,291,531
Lockheed Martin
Corp., 5.50%,
05/01/96 2,162,000 2,162,000
Mercury Finance
Corp., 5.52%,
05/21/96 3,900,000 3,888,040
White Consolidated
Industries, Inc.,
5.55%, 05/30/96 1,750,000 1,742,176
--------------
$ 132,821,365
--------------
Aetna Mutual Funds Semi-Annual Report 19
<PAGE>
- -------------------------------------------------------------------------------
Portfolio of Investments
- -------------------------------------------------------------------------------
April 30, 1996 (Unaudited)
Money Market Fund (continued)
Principal
Amount Value
--------- ------
Commercial Paper - Foreign (6.7%)
Abbey National
North America
Corp., 5.17%,
06/19/96 $ 4,000,000 $ 3,971,852
Government
Development Bank
of Puerto Rico,
5.35%, 06/05/96 3,623,000 3,604,155
Government
Development Bank
of Puerto Rico,
5.35%, 06/17/96 4,500,000 4,468,569
Svenska
Handelsbanken,
Inc., 5.20%,
06/28/96 4,000,000 3,966,489
Svenska
Handelsbanken,
Inc., 5.23%,
05/28/96 2,000,000 1,992,155
Svenska
Handelsbanken,
Inc., 5.30%,
07/22/96 3,000,000 2,963,783
Xerox Mexicana S.A.
de C.V., 5.35%,
07/22/96 6,500,000 6,420,790
--------------
$ 27,387,793
--------------
Corporate Notes (11.5%)
Advanta Corp.,
5.125%, 11/15/96 2,000,000 1,992,991
American Express
Credit Corp.,
8.75%, 06/15/96 1,000,000 1,003,212
Caterpillar
Financial
Services Corp.,
6.07%, 07/29/96 5,000,000 5,000,000
Caterpillar Inc.,
9.125%, 12/15/96 $ 400,000 $ 408,288
Chrysler Financial
Corp., 6.25%,
11/15/96 6,000,000 6,007,122
Corporate Asset
Funding Co.,
Inc., 5.787%,
12/02/96 8,000,000 7,999,065
Export-Import Bank
of Korea, 7.85%,
11/01/96 5,000,000 5,054,958
First National Bank
of Boston,
6.25%, 05/10/96 2,500,000 2,500,000
Ford Capital B.V.,
9.00%, 06/01/96 5,245,000 5,259,173
General Motors
Acceptance Corp.,
8.625%, 07/15/96 1,150,000 1,157,133
Hertz Corp.,
9.125%, 08/01/96 1,200,000 1,208,735
International Lease
Finance Corp.,
6.375%, 11/01/96 1,200,000 1,207,035
Public Service
Electric & Gas
Co., 8.75%,
11/01/96 1,718,000 1,827,846
Sears Roebuck &
Co., 8.55%,
08/01/96 1,000,000 1,007,194
Weyerhauser Co.,
8.40%, 05/17/96 5,000,000 5,005,573
--------------
$ 46,638,325
--------------
Medium Term Notes (24.6%)
America Honda
Finance Corp.,
5.488%, 05/01/97 8,000,000 8,000,000
20 See Notes to Portfolio of Investments.
<PAGE>
- ------------------------------------------------------------------------------
Portfolio of Investments
- ------------------------------------------------------------------------------
April 30, 1996 (Unaudited)
Money Market Fund (continued)
Principal
Amount Value
--------- ------
America Honda
Finance Corp.,
5.55%, 04/15/97 $ 9,200,000 $ 9,200,000
AT&T Capital Corp.,
5.45%, 11/01/96 6,000,000 5,998,957
AT&T Capital Corp.,
7.87%, 07/01/96 4,000,000 4,012,684
BanPonce Financial
Corp., 6.87%,
08/23/96 3,000,000 3,011,166
Chrysler Financial
Corp., 7.11%,
03/21/97 2,000,000 2,031,850
Chrysler Financial
Corp., 7.13%,
09/30/96 600,000 603,665
Columbia/HCA
Healthcare Corp.,
6.2125%, 07/27/97 1,000,000 1,000,000
Columbia/HCA
Healthcare Corp.,
4.65%, 07/28/97 1,750,000 1,749,616
Dean Witter
Discover & Co.,
6.02%, 09/29/96 2,000,000 2,000,999
Discover Credit,
7.81%, 03/18/97 5,000,000 5,090,904
Discover Credit
Corp., 8.73%,
08/15/96 1,000,000 1,008,744
Discover Credit
Corp., 8.89%,
02/10/97 1,500,000 1,538,552
Finova Capital
Corp., 5.595%,
04/15/97 11,000,000 11,000,000
First National Bank
of Boston, 5.43%,
07/01/96 2,150,000 2,150,000
Ford Motor Credit
Co., 8.95%,
06/14/96 $ 1,000,000 $ 1,003,531
Ford Motor Credit
Co., 9.07%,
07/05/96 500,000 502,631
Ford Motor Credit
Co., 9.10%,
06/10/96 3,600,000 3,610,701
Ford Motor Credit
Co., 9.20%,
07/16/96 500,000 502,918
General Motors
Acceptance Corp.,
6.375%, 11/21/96 2,000,000 2,004,635
General Motors
Acceptance Corp.,
6.445%, 04/13/98 6,500,000 6,503,200
General Motors
Acceptance Corp.,
7.75%, 01/17/97 1,000,000 1,016,477
GMAC Australia
Finance, 6.145%,
12/06/96 6,000,000 6,005,246
International Lease
Finance Corp.,
4.98%, 09/02/96 500,000 498,308
Paccar Financial
Corp., 5.83%,
09/20/96 6,000,000 5,999,533
Sears Roebuck &
Co., 8.98%,
07/11/96 1,075,000 1,082,288
Shawmut Bank of
Connecticut,
N.A., 6.208%, 13,000,000 12,999,994
05/10/96
--------------
$ 100,126,599
--------------
Aetna Mutual Funds Semi-Annual Report 21
<PAGE>
- -----------------------------------------------------------------------------
Portfolio of Investments
- -----------------------------------------------------------------------------
April 30, 1996 (Unaudited)
Money Market Fund (continued)
Principal
Amount Value
--------- ------
U.S. Government Agency Obligations (2.2%)
Federal National
Mortgage
Association,
4.84%, 02/18/97 $ 4,000,000 $ 4,002,666
Studen Loan
Marketing
Association, FRN,
5.20%, 01/21/97 5,000,000 5,001,876
--------------
$ 9,004,542
--------------
Total Investments
(cost $412,453,877)(a) $ 412,453,877
Other assets less
liabilities (5,276,001)
--------------
Total Net Assets $ 407,177,876
--------------
Notes to Portfolio of Investments
(a) The cost of investments for federal income
tax purposes is identical. There were no
unrealized gains and losses as of April 30,
1996.
Category percentages are based on net assets.
22 See Notes to Portfolio of Investments.
<PAGE>
- ------------------------------------------------------------------------
Portfolio of Investments
- ------------------------------------------------------------------------
April 30, 1996 (Unaudited)
Government Fund
Principal Market
Amount Value
--------- -------
Long-Term Bonds and Notes (88.0%)
U.S. Treasury Obligations (35.1%)
U.S. Treasury Bond,
10.375%, 11/15/12 $2,000,000 $ 2,541,254
U.S. Treasury Bond,
7.25%, 05/15/16 500,000 509,611
U.S. Treasury Note,
5.75%, 08/15/03 2,000,000 1,903,125
-------------
4,953,990
-------------
U.S. Government Agency Obligations (32.1%)
Private Export Funding
Corp., 5.48%,
09/15/03 750,000 722,677
Small Business
Administration
91-20K, 8.25%,
11/01/11 861,012 901,221
Small Business
Administration
92-20K, 7.55%,
11/01/12 889,439 897,221
Student Loan Marketing
Association, 6.22%,
07/23/97 1,000,000 1,004,500
Student Loan Marketing
Association, 7.82%,
10/14/99 1,000,000 1,004,580
-------------
4,530,199
-------------
U.S. Government Agency Mortgage-Backed
Securities (14.3%)
Government National
Mortgage
Association, 9.00%,
05/15/16 484,102 509,214
Government National
Mortgage
Association, 9.00%,
07/15/16 501,784 527,814
Government National
Mortgage
Association, 7.00%,
04/15/26 1,020,000 982,707
-------------
2,019,735
-------------
Asset-Backed Securities (3.5%)
First Chicago Master
Trust 94I-A, 5.67%,
01/15/99 $ 500,000 $ 500,725
-------------
Foreign and Supranationals (3.0%)
Inter-American
Development Bank,
12.25%, 12/15/08 300,000 424,305
-------------
Total Long-Term Bonds
and Notes
(cost $12,774,688) $ 12,428,954
-------------
Short-Term Investments (10.0%)
Koch Industries, Inc.,
Comm. Paper, 5.36%,
05/01/96 600,000 600,000
Pacific Bell, Comm.
Paper, 5.35%,
05/01/96 415,000 415,000
TRW, Inc., Comm.
Paper, 5.35%,
05/01/96 400,000 400,000
-------------
Total Short-Term
Investments
(cost $1,415,000) $ 1,415,000
-------------
Total Investments
(cost $14,189,688) (a) $ 13,843,954
Other assets less
liabilities 276,401
-------------
Total Net Assets $ 14,120,355
-------------
Notes to Portfolio of Investments
(a) The cost of investments for federal income
tax purposesis identical. Unrealized gains
and losses, based on identified tax cost, at
April 30, 1996 are as follows:
Unrealized gains .............. $ 38,995
Unrealized losses ............. (384,729)
-----------
Net unrealized loss ...... $ (345,734)
===========
Category percentages are based on net assets.
Aetna Mutual Funds Semi-Annual Report 23
<PAGE>
- --------------------------------------------------------------------------------
Portfolio of Investments
- --------------------------------------------------------------------------------
April 30, 1996 (Unaudited)
Bond Fund
Principal Market
Amount Value
--------- -------
Long-Term Bonds and Notes (87.1%)
U.S. Treasury Obligations (18.1%)
U.S. Treasury Bond,
5.25%, 12/31/97 $2,500,000 $ 2,471,866
U.S. Treasury Bond,
7.25%, 05/15/16 1,300,000 1,324,989
U.S. Treasury Note,
6.875%, 03/31/00 3,000,000 3,053,917
-------------
6,850,772
-------------
U.S. Government Agency Obligations (8.8%)
Private Export Funding
Corp., 5.48%,
09/15/03 1,500,000 1,445,355
Small Business
Administration
92-20K, 7.55%,
11/01/12 889,439 897,221
Student Loan Marketing
Association, 6.22%,
07/23/97 1,000,000 1,004,500
-------------
3,347,076
-------------
U.S. Government Agency Mortgage-Backed
Securities (7.1%)
Federal Home Loan
Mortgage Corp.,
7.63%, 12/01/22 980,002 989,175
Federal National
Mortgage
Association, PO
06/25/19 369,216 323,725
Government National
Mortgage
Association, 7.00%,
04/15/26 1,020,000 982,707
Government National
Mortgage
Association, 9.50%,
07/15/18 362,779 388,967
-------------
2,684,574
-------------
Asset-Backed Securities (6.5%)
First Chicago Master
Trust 94I-A, 5.67%,
01/15/99 $1,500,000 $ 1,502,175
Marine Midland 92,
8.00%, 04/25/23 956,777 953,189
-------------
2,455,364
-------------
Corporate Bonds (19.7%)
American Express
Credit Corp., 8.50%,
06/15/99 1,000,000 1,050,620
Associates Corp. N.A.,
8.55%, 07/15/09 1,000,000 1,102,870
Columbia/HCA
Healthcare Corp.,
6.91%, 06/15/05 500,000 488,857
Commercial Credit Co.,
8.70%, 06/15/09 1,000,000 1,099,015
Exide Corp., 10.00%,
04/15/05 500,000 513,750
Georgia-Pacific Corp.,
9.50%, 12/01/11 500,000 566,870
Grand Casinos Inc.,
10.125%, 12/01/03 500,000 523,750
Heritage Media Corp.,
8.75%, 02/15/06 500,000 477,500
Paramount
Communications,
Inc., 7.50%, 07/15/23 500,000 429,480
TRW, Inc., 9.35%,
06/04/20 1,000,000 1,190,275
-------------
7,442,987
-------------
24 See Notes to Portfolio of Investments.
<PAGE>
Portfolio of Investments
April 30, 1996 (Unaudited)
Bond Fund (continued)
- --------------------------------------------------
Foreign and Supranationals (21.0%)
- --------------------------------------------------
African Development
Bank, 8.80%, 09/01/19 $ 250,000 $ 285,238
China International
Trust, 9.00%,
10/15/06 1,000,000 1,056,685
Empresa Distribuidor
Sur, 9.20%, 05/17/96 1,500,000 1,500,000
European Investment
Bank, 13.00%,
08/31/96 614,000 627,508
Inter-American
Development Bank,
12.25%, 12/15/08 900,000 1,272,915
International Bank For
Reconstruction &
Development, 9.25%,
07/15/17 1,000,000 1,198,870
KFW International
Finance, 8.85%,
06/15/99 500,000 532,982
Korea Electric,
6.375%, 12/01/03 500,000 472,823
Rogers Cablesystem,
10.00%, 03/15/05 500,000 511,250
Swire Pacific, Ltd(b),
8.50%, 09/29/04 500,000 513,450
-------------
7,971,721
-------------
Non-Agency Mortgage Backed Securities (5.9%)
Prudential Home
Mortgage, 7.00%,
12/25/07 859,925 835,203
Prudential Home
Mortgage, 7.50%,
06/25/07 664,695 658,359
Resolution Trust Corp.
1991-17 B6, 8.20%,
09/25/21 751,374 752,104
-------------
2,245,666
-------------
Total Long-Term Bonds
and Notes
(cost $32,892,999) $ 32,998,160
-------------
Short-Term Investments (11.3%)
General Electric
Capital Corp., Comm.
Paper, 5.35%,
05/02/96 $1,200,000 $ 1,199,822
NYNEX Corp., Comm.
Paper, 5.42%,
05/01/96 1,699,000 1,699,000
Textron Financial
Corp., Comm. Paper,
5.50%, 05/08/96 1,400,000 1,398,503
-------------
Total Short-Term
Investments
(cost $4,297,325) $ 4,297,325
-------------
Total Investments
(cost $37,190,324) (a) $ 37,295,485
Other assets less
liabilities 603,178
-------------
Total Net Assets $ 37,898,663
-------------
Notes to Portfolio of Investments
(a) The cost of investments for federal income
tax purposes is identical. Unrealized gains
and losses, based on identified tax cost, at
April 30, 1996 are as follows:
Unrealized gains .............. $ 490,875
Unrealized losses ............. (385,714)
===========
Net unrealized gain ...... $ 105,161
===========
(b) Securities that may be resold to "qualified institutional buyers" under Rule
144A or securities offered pursuant to section 4(2) of the Securities Act
of1933, as amended. These securities have been determined to be liquid under
guidelines established by the Board of Directors.
Category percentages are based on net assets.
See Notes to Financial Statements.
Aetna Mutual Funds Semi-Annual Report 25
<PAGE>
- --------------------------------------------------------------------------------
Portfolio of Investments
- --------------------------------------------------------------------------------
April 30, 1996 (Unaudited)
The Aetna Fund
Number of Market
Shares Value
----------- -------
Common Stocks (63.1%)
Aerospace and Defense (1.7%)
McDonnell Douglas
Corp. 6,800 $ 656,200
United
Technologies Corp. 7,500 828,749
-------------
1,484,949
-------------
Apparel (3.2%)
Gap, Inc. 15,800 475,975
Nike, Inc. 10,000 874,999
Oshkosh B'Gosh, Inc. 1,700 25,500
St. John Knits, Inc. 300 17,813
TJX Companies, Inc. 22,700 669,650
Tommy Hilfiger Corp.+ 13,500 614,250
Unifirst Corp. 2,400 57,600
-------------
2,735,787
-------------
Autos and Auto Equipment (0.6%)
Chrysler Corp. 6,200 389,050
Intermet Corp.+ 3,000 44,250
Kaydon Corp. 700 27,825
Titan Wheel
International, Inc. 2,000 32,250
Wynn's International,
Inc. 600 16,275
-------------
509,650
-------------
Banks (1.8%)
Bancorp Hawaii, Inc. 1,000 36,250
BayBanks, Inc. 500 52,375
Center Financial Corp. 2,000 34,500
Citizens Banking Corp. 200 5,800
City National Corp. 7,200 101,700
Community First
Bankshares, Inc. 2,000 $ 46,000
Cullen/Frost
Bankers, Inc. 2,300 113,275
First American
Corp. (Tenn.) 1,000 42,750
First Indiana Corp. 1,400 35,000
Hibernia Corp. -Class A 3,000 30,750
HUBCO, Inc. 3,000 57,000
Imperial Bancorp 500 12,125
Liberty Bancorp, Inc. 800 29,200
Mercantile Bankshares
Corp. 1,100 28,188
MLF Bancorp, Inc. 2,000 48,250
N.S. Bancorp, Inc. 400 16,500
Nations Bank, Inc. 4,600 366,850
North Side Savings Bank 1,000 34,250
Peoples Bank of
Bridgeport,
Connecticut 1,000 21,250
Provident Bancorp 500 25,500
Provident Bankshares
Corp. 1,050 33,994
Riggs National Corp. 3,000 37,500
River Forest Bancorp,
Inc. 700 21,000
Security Capital Corp. 1,000 58,250
Silicon Valley
Bancshares+ 900 20,925
Southtrust Corp. 450 12,206
St. Francis Capital
Corp. 2,000 52,500
Star Banc Corp. 1,000 65,875
26 See Notes to Portfolio of Investments.
<PAGE>
- -----------------------------------------------------------------------------
Portfolio of Investments
- -----------------------------------------------------------------------------
April 30, 1996 (Unaudited)
The Aetna Fund (continued)
Number of Market
Shares Value
----------- -------
Susquehanna
Bancshares, Inc. 200 $ 5,750
Trustmark Corp. 400 9,200
Usbancorp, Inc. 200 6,900
Westamerica Bancorp. 700 33,250
Zion Bancorporation 1,000 74,500
-------------
1,569,363
-------------
Building Materials and Construction (1.2%)
American Buildings Co.+ 2,400 60,975
Beazer Homes USA, Inc.+ 2,400 38,400
Butler
Manufacturing Co. 1,000 36,750
Centex Corp. 700 18,900
Champion Enterprises,
Inc.+ 5,800 220,400
Continental Homes
Holding Corp. 2,500 57,188
Granite
Construction, Inc. 6,450 127,388
Jacobs Engineering
Group, Inc.+ 500 13,875
Lennar Corp. 3,900 97,500
NCI Building Systems,
Inc.+ 1,700 61,625
Redman
Industries, Inc.+ 2,600 52,325
Southdown, Inc. 2,000 47,000
Stone & Webster, Inc. 1,300 44,200
Texas Industries, Inc. 1,900 121,600
Tredegar
Industries, Inc. 600 16,650
U S Home Corp.+ 1,600 39,800
Webb (Del E.) Corp. 1,300 $ 23,238
-------------
1,077,814
-------------
Chemicals (2.8%)
Cambrex Corp. 1,000 43,000
Dow Chemical Co. 2,300 204,413
Eastman Chemical Co. 3,200 215,200
Hercules, Inc. 11,800 713,900
IMC Global, Inc. 12,100 446,188
Learonal, Inc. 1,100 28,600
Monsanto Co. 5,000 757,499
-------------
2,408,800
-------------
Commercial Services (1.5%)
Allied Waste
Industries, Inc.+ 4,000 39,000
Daisytek International
Corp.+ 1,000 40,750
Electro Rent Corp.+ 2,000 49,750
May & Speh, Inc.+ 35,000 476,875
Measurex Corp. 2,200 63,800
Medaphis Corp.+ 1,000 46,125
Regis Corp. 400 14,750
Robert Half
International Inc.+ 1,000 57,500
Service Corp.
International 8,800 467,500
Terra Industries, Inc. 4,900 64,313
-------------
1,320,363
-------------
Computer Software (4.5%)
BMC Software Inc.+ 9,700 590,488
Cadence Design
Systems, Inc.+ 3,550 185,488
Aetna Mutual Funds Semi-Annual Report 27
<PAGE>
- ----------------------------------------------------------------------------
Portfolio of Investments
- ----------------------------------------------------------------------------
April 30, 1996 (Unaudited)
The Aetna Fund (Continued)
Number of Market
Shares Value
----------- -------
Cisco Systems, Inc.+ 15,400 $ 798,874
Computer Associates
International, Inc. 9,250 678,719
Computer Horizons
Corp.+ 1,500 75,750
Computer Task Group,
Inc. 1,700 47,388
Continum, Inc.+ 850 48,450
Datastream Systems,
Inc.+ 2,800 91,000
McAfee Associates,
Inc.+ 1,000 61,250
Microsoft Corp.+ 4,700 532,863
Oak Technology, Inc.+ 1,400 25,025
Oracle Corp.+ 18,600 627,750
Structural Dynamics
Research Corp.+ 3,700 117,938
Xeikon N.V.+ 1,000 23,125
-------------
3,904,108
-------------
Computers and Office Equipment (4.8%)
3Com Corp.+ 13,200 608,850
Adaptec, Inc.+ 11,000 632,500
American Business
Products, Inc. 500 10,875
Applied Magnetics
Corp.+ 2,000 41,250
Bay Networks, Inc.+ 13,400 422,100
Comdisco, Inc. 4,100 100,963
CompUSA, Inc.+ 3,000 103,875
Computervision Corp.+ 6,500 78,813
Converse Technology,
Inc.+ 1,000 23,375
DH Technology, Inc.+ 2,000 50,500
HBO & Co. 5,100 $ 605,625
In Focus Systems, Inc.+ 4,800 242,400
International Business
Machines, Inc. 5,100 548,250
Komag, Inc.+ 1,400 46,900
Mylex Corp.+ 2,000 48,750
ROSS Technology, Inc.+
2,200 27,775
Sun Microsystems, Inc.+
9,400 509,950
Wallace Computer
Services, Inc. 1,000 59,125
-------------
4,161,876
-------------
Consumer Products (0.6%)
First Brands Corp. 2,000 53,000
Helen of Troy Ltd.+ 2,000 50,000
Lewis Galoob Toys,
Inc.+ 2,000 42,500
Liz Claiborne, Inc. 10,900 396,488
-------------
541,988
-------------
Diversified (2.9%)
AlliedSignal, Inc. 7,200 418,500
Day Runner, Inc.+ 900 28,013
Deere & Co. 19,700 765,837
Dover Corp. 13,100 674,650
DT Industries, Inc. 1,600 34,000
Eastern Enterprises 1,000 35,875
Harsco Corp. 900 61,988
Johnson Controls, Inc. 1,100 78,650
Textron, Inc. 4,500 385,875
Varlen Corp. 1,000 25,250
-------------
2,508,638
-------------
28 See Notes to Portfolio of Investments.
<PAGE>
- ---------------------------------------------------------------------------
Portfolio of Investments
- ---------------------------------------------------------------------------
April 30, 1996 (Unaudited)
The Aetna Fund (continued)
Number of Market
Shares Value
----------- -------
Electrical and Electronics (2.7%)
BMC Industries, Inc. 4,700 $ 125,725
Checkpoint Systems,
Inc.+ 3,000 89,625
Computer Products,
Inc.+ 3,000 48,563
CTS Corporation 300 12,525
Eltron International,
Inc.+ 2,000 57,500
Esterline Technologies+ 2,700 62,100
Hadco Corp.+ 1,000 30,375
Hewlett Packard Co. 7,300 772,887
Intel Corp. 7,400 501,350
Logicon, Inc. 1,000 29,750
Novellus Systems, Inc.+ 1,000 54,250
Seagate
Technology, Inc.+ 8,900 516,200
Sierra Semiconductor
Corp.+ 1,700 27,838
Silicon Valley Group,
Inc.+ 1,000 26,750
Siliconix, Inc.+ 400 12,000
Wyle Electronics 400 16,750
-------------
2,384,188
-------------
Electrical Equipment (3.1%)
Berg Electronics Corp.+ 2,000 53,250
Burr-Brown Corp.+ 1,450 27,913
Dionex Corp.+ 200 7,325
Fluke Corp. 2,700 104,288
General Electric Co. 7,800 604,500
Harman International
Industries 1,000 47,250
Kemet Corp.+ 3,400 81,175
Kent Electronics Corp.+ 4,600 $ 193,775
Marshall Industries+ 500 15,938
Merix Corp.+ 1,100 41,525
Raychem Corp. 8,600 669,725
SCI Systems, Inc.+ 1,000 42,875
Sundstrand Corp. 19,500 716,624
Valmont Industries 2,000 64,000
-------------
2,670,163
-------------
Financial Services (4.3%)
Alex Brown & Sons, Inc. 2,000 108,250
Astoria Financial Corp. 3,100 165,075
Cal Fed Bancorp, Inc.+ 1,000 17,875
Chase Manhattan Corp. 11,000 757,624
Deposit Guaranty Corp. 2,000 96,000
Great Financial Corp. 3,500 95,813
Green Tree Financial
Corp. 6,700 226,125
Imperial Credit
Industries, Inc. 1,500 39,000
Leader Financial Corp. 3,000 132,000
North American
Mortgage Co. 2,000 33,750
Olympic Financial Ltd.+ 3,000 66,750
Peoples Heritage
Financial Group 2,800 58,450
Quick & Reilly Group,
Inc. 1,000 30,500
Raymond James
Financial, Inc. 2,000 45,250
RCSB Financial, Inc. 1,400 32,900
Aetna Mutual Funds Semi-Annual Report 29
<PAGE>
- ----------------------------------------------------------------------------
Portfolio of Investments
- ----------------------------------------------------------------------------
April 30, 1996 (Unaudited)
The Aetna Fund (Continued)
Number of Market
Shares Value
----------- -------
Sunamerica, Inc. 10,600 $ 577,700
T. Rowe Price
Associates 7,400 412,550
The Money Store, Inc. 4,000 101,000
TR Financial Corp. 1,600 42,400
Travelers, Inc. 11,900 731,849
-------------
3,770,861
-------------
Foods and Beverages (1.4%)
Coors (Adolph) Co. 7,700 146,300
Mondavi (Robert) Corp.+ 1,200 33,000
Nash-Finch Co. 500 8,750
Panamerican Beverages,
Inc. Class A 1,000 43,875
PepsiCo, Inc. 9,000 571,500
Safeway, Inc.+ 12,000 405,000
-------------
1,208,425
-------------
Health Services (0.7%)
HEALTHSOUTH Corp.+ 14,000 519,750
Physician Reliance
Network, Inc.+ 1,100 47,575
-------------
567,325
-------------
Home Furnishings & Appliances (0.1%)
Bush Industries, Inc.,
Class A 600 18,150
Herman Miller, Inc. 1,000 30,625
Oneida, Ltd. 500 8,625
-------------
57,400
-------------
Hotels and Restaurants (2.1%)
Boston Chicken, Inc.+ 12,500 400,000
Consolidated Products,
Inc. 1,600 $ 25,600
Foodmaker, Inc.+ 5,500 44,688
HFS, Inc.+ 16,700 857,962
Marriott
International, Inc. 9,500 463,125
Sun International
Hotels Ltd.+ 1,000 42,750
-------------
1,834,125
-------------
Insurance (3.0%)
Allied Group, Inc. 1,900 68,163
Allstate Corp. 12,925 502,459
American Bankers
Insurance Group 2,000 79,000
American International
Group, Inc. 7,500 685,313
American Travellers
Corp.+ 3,750 73,125
Capital RE Corp. 1,200 45,000
CMAC Investment Corp. 1,000 56,000
Commerce Group, Inc. 1,500 30,000
Enhance Financial
Services Group, Inc. 3,000 81,375
Financial Security
Assurance
Holdings Ltd. 201 5,427
Foremost Corp. of
America 1,300 70,200
Fremont General Corp. 5,250 131,250
Fund American
Enterprises, Inc. 390 29,835
Horace Mann Educators
Corp. 3,100 101,913
30 See Notes to Portfolio of Investments.
<PAGE>
- ---------------------------------------------------------------------------
Portfolio of Investments
- ---------------------------------------------------------------------------
April 30, 1996 (Unaudited)
The Aetna Fund (continued)
Number of Market
Shares Value
----------- -------
Markel Corp.+ 1,000 $ 80,000
Maxicare Health Plans,
Inc.+ 2,400 49,200
Orion Capital Corp. 1,500 66,563
PartnerRe Ltd. 1,200 33,900
Penncorp Financial
Group, Inc. 2,200 67,375
Presidential Life Corp. 800 7,800
Protective Life Corp. 900 31,275
Reinsurance Group of
America 1,700 70,550
Reliastar Financial
Corp. 1,000 43,625
Selective Insurance
Group 1,300 40,788
Vesta Insurance Group,
Inc. 2,400 77,100
Washington National
Corp. 1,200 33,150
-------------
2,560,386
-------------
Machinery and Equipment (1.2%)
Bearings, Inc. 500 16,000
Case Corp. 1,500 75,750
Cognex Corp.+ 2,000 53,500
Cooper Cameron Corp.+ 1,900 85,738
Fluor Corp. 6,100 403,363
Gleason Corp. 1,000 39,375
Global Industrial
Technologies, Inc.+ 1,200 22,050
Graco, Inc. 900 18,113
Greenfield Industries 1,000 38,000
IDEX Corp. 200 7,850
JLG Industries, Inc. 3,000 $ 163,500
Kysor Industrial Corp. 1,000 25,750
Lindsay Manufacturing Co. 600 22,500
Raymond Corp. (The) 597 10,597
Regal Beloit 3,400 65,875
-------------
1,047,961
-------------
Media and Entertainment (0.3%)
American Radio Systems
Corp.+ 1,000 33,750
Anthony Industries, Inc. 2,000 57,000
Cannondale Corp.+ 2,000 44,500
Coachmen Industries,
Inc. 2,000 56,000
Fleetwood Enterprises,
Inc. 1,300 34,125
Grand Casinos, Inc.+ 1,700 55,038
-------------
280,413
-------------
Medical Supplies (1.3%)
Boston Scientific
Corp.+ 4,500 194,063
Coherent, Inc.+ 2,100 112,613
MediSense, Inc.+ 2,400 108,000
Medtronic, Inc. 8,800 467,500
NABI, Inc.+ 4,600 56,638
Nellcor, Inc.+ 2,268 111,132
OrNda HealthCorp+ 2,300 63,250
PLC Systems, Inc.+ 1,000 29,750
Respironics, Inc.+ 900 19,673
-------------
1,162,619
-------------
Aetna Mutual Funds Semi-Annual Report 31
<PAGE>
- ----------------------------------------------------------------------------
Portfolio of Investments
- ----------------------------------------------------------------------------
April 30, 1996 (Unaudited)
The Aetna Fund (continued)
Number of Market
Shares Value
----------- -------
Metals and Mining (1.6%)
AK Steel Holding Corp. 1,000 $ 38,250
Cleveland-Cliffs, Inc. 1,000 41,750
Cyprus Amax Minerals
Co. 6,900 187,163
Mueller
Industries, Inc.+ 3,400 136,850
Phelps Dodge Corp. 8,000 588,000
Potash Corp. of
Saskatchewan, Inc. 5,400 380,700
Shiloh Industries, 3,000 43,125
Inc.+
-------------
1,415,838
-------------
Oil and Gas (4.5%)
Berry Petroleum Co. 1,200 14,700
Camco International,
Inc. 1,000 35,625
Chesapeake Energy
Corp.+ 1,050 74,288
Exxon Corp. 4,900 416,500
Halliburton Co. 9,500 545,063
Mobil Corp. 4,200 483,000
NorAm Energy Corp. 4,000 44,000
NUI Corp. 2,200 40,975
Pride Petroleum
Services, Inc.+ 3,000 49,125
Reading & Bates Corp.+ 2,000 49,000
Royal Dutch Petroleum
Co. 3,200 458,400
Santa Fe Energy
Resources, Inc.+ 4,200 50,400
Seacor Holdings+ 1,000 41,250
Smith
International, Inc.+ 5,000 148,750
Sonat Offshore
Drilling Co. 4,400 $ 241,450
Swift Energy Co.+ 2,200 34,100
Tesoro Petroleum Corp.+ 4,500 49,500
Texaco, Inc. 6,800 581,400
Tidewater, Inc. 12,000 510,000
Tuboscope Vetco
International Corp.+ 4,500 58,500
-------------
3,926,026
-------------
Paper and Containers (0.6%)
Aptargroup, Inc. 800 30,100
Mead Corp. 6,500 361,563
Mercer International,
Inc.+ 2,900 65,613
US Can Corp.+ 3,000 51,375
-------------
508,651
-------------
Pharmaceuticals (5.3%)
Amgen, Inc.+ 11,200 644,000
Autoimmune, Inc.+ 1,000 11,750
Becton, Dickinson & Co. 7,300 588,563
Biovail Corp.
International+ 1,000 28,250
Immulogic
Pharmaceutical Corp.+ 1,600 17,200
Immunex Corp.+ 300 4,688
Johnson & Johnson 13,603 1,258,277
Medeva plc 2,000 30,500
Merck & Co., Inc. 5,400 326,700
Pfizer, Inc. 13,300 916,037
32 See Notes to Portfolio of Investments.
<PAGE>
- ---------------------------------------------------------------------------
Portfolio of Investments
- ---------------------------------------------------------------------------
April 30, 1996 (Unaudited)
The Aetna Fund (continued)
Number of Market
Shares Value
----------- -------
Pharmacia & Upjohn,
Inc. 6,800 $ 260,100
Schering Plough 5,300 304,088
Watson
Pharmaceuticals,
Inc.+ 3,500 166,250
-------------
4,556,403
-------------
Printing and Publishing (0.2%)
Applied Graphics
Technologies, Inc.+ 3,000 40,125
Banta Corp. 1,600 39,200
Harte-Hanks
Communications 900 21,263
Pulitzer Publishing Co. 500 28,500
-------------
129,088
-------------
Real Estate Investment Trusts (0.1%)
CWM Mortgage Holdings,
Inc. 2,000 30,000
Patriot American
Hospitality, Inc. 1,000 27,875
Public Storage, Inc. 1,600 32,800
-------------
90,675
-------------
Retail (1.2%)
Carson Pirie Scott &
Co.+ 2,200 53,350
Claire's Stores, Inc. 4,400 95,700
Compucom Systems, Inc.+ 5,000 48,750
Corporate Express,
Inc.+ 1,000 37,375
Friedman's, Inc. Class A+ 900 23,175
Laclede Gas Co. 1,200 28,200
Orchard Supply
Hardware+ 2,000 $ 53,250
Ross Stores, Inc. 2,800 96,600
Sears, Roebuck & Co. 9,500 473,813
Waban, Inc.+ 2,300 56,350
West Marine, Inc.+ 100 5,525
Zale Corp.+ 3,000 55,875
-------------
1,027,963
-------------
Telecommunications (1.1%)
360 Communications Co.+ 7,666 180,151
Ameritech Corp. 3,300 192,638
Cascade Communications
Corp.+ 1,500 150,375
Digital Systems
International, Inc.+ 3,000 59,250
Lucent Technologies,
Inc.+ 11,000 386,375
-------------
968,789
-------------
Transportation (1.0%)
Alaska Air Group, Inc.+ 2,500 63,438
America West Airlines,
Inc. Class B+ 1,500 31,500
AMR Corp.+ 4,100 365,925
Avondale Industries,
Inc.+ 3,700 70,763
Comair Holdings, Inc. 2,550 94,350
Southwest Airlines Co. 9,300 276,675
-------------
902,651
-------------
Utilities - Electric (0.8%)
Calenergy, Inc.+ 2,300 59,800
Aetna Mutual Funds Semi-Annual Report 33
<PAGE>
- ---------------------------------------------------------------------------
Portfolio of Investments
- ---------------------------------------------------------------------------
April 30, 1996 (Unaudited)
The Aetna Fund (continued)
Number of Market
Shares Value
----------- -------
Central Hudson Gas &
Electric Co. 2,200 $ 63,800
Central Louisiana
Electric 300 7,688
Central Maine Power Co. 2,000 28,500
Central Vermont Public
Service 1,400 19,950
Cilcorp, Inc. 1,300 56,063
Commonwealth Energy
System, Inc. 1,000 45,875
Eastern Utilities 2,000 40,750
Assoc.
Idaho Power Co. 2,000 58,000
IES Industries, Inc. 1,200 31,800
Interstate Power Co. 1,400 42,875
MDU Resources Group,
Inc. 350 7,656
TNP Enterprises, Inc. 1,800 42,750
United Illuminating Co. 2,100 76,388
Washington Water Power
Co. 2,000 36,250
WPS Resources Corp. 2,100 66,413
-------------
684,558
-------------
Utilities - Oil and Gas (0.9%)
Atmos Energy Corp. 2,000 49,500
Bay State Gas Co. 600 16,650
Indiana Energy, Inc. 1,600 38,200
New Jersey Resources
Corp. 2,100 59,588
People's Energy Corp. 2,000 63,000
Washington Gas Light
Co. 1,200 25,200
Wicor, Inc. 1,900 65,313
Williams Cos., Inc. 9,600 $ 490,800
-------------
808,251
-------------
Utilities - Water (0.0%)
Philadelphia Suburban
Corp. 500 11,625
-------------
Total Common Stocks
($45,062,291) $ 54,797,720
-------------
Preferred Stocks (0.5%)
Chemicals (0.5%)
Union Carbide Corp. 9,400 427,700
-------------
Total Preferred
Stocks ($278,187) $ 427,700
-------------
Long-Term Bonds and Notes (26.3%)
Corporate Bonds (14.2%)
Principal Market
Amount Value
------------------------
American General
Finance, 8.45%,
10/15/09 $1,000,000 $ 1,088,704
AT&T Corp., 7.50%,
06/01/06 1,000,000 1,031,269
Centennial Cellular
Corp., 10.125%,
05/15/05 850,000 845,749
CMS Energy, 9.875%,
10/01/99 750,000 787,499
Commercial Credit Co.,
8.70%, 06/15/09 1,000,000 1,099,014
Continental
Cablevision, 8.30%,
05/15/06 500,000 512,500
Exide Corp., 10.00%,
04/15/05 525,000 539,438
Exide Corp., 10.75%,
12/15/02 250,000 261,875
34 See Notes to Financial Statements.
<PAGE>
- -------------------------------------------------------------------------
Portfolio of Investments
- -------------------------------------------------------------------------
April 30, 1996 (Unaudited)
The Aetna Fund (continued)
Principal Market
Amount Value
----------- -------
Heritage Media Corp.,
8.75%, 02/15/06 $1,125,000 $ 1,074,374
Kaman Corp., 6.00%,
03/15/12 499,000 414,170
MFS Communications,
0.00%, 01/15/04 700,000 532,875
News America Holdings,
8.50%, 02/23/25 700,000 752,877
Ralph's Grocery,
10.45%, 06/15/04 1,000,000 979,999
Tele-Communcations,
Inc., 9.80%, 02/01/12 800,000 860,151
Telewest Plc, 0.00%,
10/01/07 1,000,000 617,500
Viacom, Inc., 8.00%,
07/07/06 1,000,000 936,249
-------------
Total Corporate Bonds
(cost $12,212,694) $ 12,334,243
-------------
Foreign and Supranationals (5.9%)
African Development
Bank, 8.80%, 09/01/19 1,000,000 1,140,949
App International
Finance, 10.25%,
10/01/00 350,000 348,250
App International
Finance, 11.75%,
10/01/05 500,000 487,500
Poland Discount Bond,
7.125%, 10/27/24 1,000,000 929,999
Poland Non-US Glb
Reg'd, 3.75%,
10/27/14 1,000,000 764,999
Swire Pacific, Ltd(b),
8.50%, 09/29/04 1,000,000 1,026,899
Transport De Gas Del
Sur, 7.75%, 12/23/98 $ 400,000 $ 385,000
-------------
Total Foreign and
Supranationals
(cost $4,916,132) $ 5,083,596
-------------
U.S. Government Obligations (4.3%)
U.S. Treasury Bond,
5.25%, 12/31/97 2,000,000 1,977,492
U.S. Treasury Bond,
6.375%, 03/31/01 1,000,000 998,749
U.S. Treasury Bond,
7.625%, 02/15/25 250,000 268,399
U.S. Treasury Note,
6.25%, 08/31/96 450,000 451,123
-------------
Total U.S.
Government
Obligations
(cost $3,687,370) $ 3,695,763
-------------
Non-Agency Mortgage-Backed Securities (1.9%)
Merrill Lynch Mortgage
Investors, Inc.,
7.795%, 06/15/21 929,504 929,648
Resolution Trust Corp.
1991-17 B6, 8.20%,
09/25/21 751,374 752,103
-------------
Total Non-Agency
Mortgage-Backed
Securities
(cost $1,697,762) $ 1,681,751
-------------
Total Long-Term
Bonds and Notes
(cost $22,513,958) $ 22,795,353
-------------
Short-Term Investments (10.1%)
Baxter International
Inc., Comm. Paper,
5.55%, 05/01/96 1,516,000 1,516,000
Aetna Mutual Funds Semi-Annual Report 35
<PAGE>
- ------------------------------------------------------------------------
Portfolio of Investments
- ------------------------------------------------------------------------
April 30, 1996 (Unaudited)
The Aetna Fund (continued)
Principal Market
Amount Value
----------- -------
Lockheed Martin Corp.,
Comm. Paper, 5.50%,
05/01/96 $3,500,000 $ 3,497,326
Renaissance Energy
Co., Comm. Paper,
5.50%, 05/01/96 3,568,000 3,568,000
U.S. Treasury Bill,
Time Deposit, 4.71%,
11/14/96 210,000 204,107
-------------
Total Short-Term
Investments
(cost $8,785,639) $ 8,785,433
-------------
Total Investments
(cost $76,640,075) (a) $ 86,806,206
Other assets less
liabilities (27,040)
-------------
Total Net Assets $ 86,779,166
Notes to Portfolio of Investments
+Non-income producing security.
(a) The cost of investments for federal income tax purposes amount to
$76,663,587. Unrealized gains and losses, based on identified tax cost, at
April 30, 1996 are as follows:
Unrealized gains ............ $ 10,994,572
Unrealized losses ........... (851,953)
==============
Net unrealized gain .... $ 10,142,619
==============
(b) Securities that may be resold to "qualified institutional buyers" under Rule
144A or securities offered pursuant to section 4(2) of the Securities Act of
1933, as amended. These securities have been determined to be liquid under
guidelines established by the Board of Directors.
Category percentages are based on net assets.
36 See Notes to Financial Statements.
<PAGE>
- -----------------------------------------------------------------------------
Portfolio of Investments
- -----------------------------------------------------------------------------
April 30, 1996 (Unaudited)
Growth and Income Fund
Principal Market
Amount Value
----------- -------
Common Stocks (92.5%)
United States (88.8%)
Aerospace and Defense (0.3%)
McDonnell Douglas
Corp. 6,900 $ 665,850
United
Technologies Corp. 5,100 563,550
--------------
1,229,400
--------------
Apparel (1.3%)
Nike, Inc. 57,600 5,039,999
Oshkosh B'Gosh, Inc. 2,300 34,500
--------------
5,074,499
--------------
Autos and Auto Equipment (2.1%)
Chrysler Corp. 91,200 5,722,799
Ford Motor Co. 41,000 1,470,875
Kaydon Corp. 2,800 111,300
Masland Corp. 1,100 22,413
Smith (A.O.) Corp. 1,100 25,300
Snap On, Inc. 18,300 878,400
--------------
8,231,087
--------------
Banks (4.0%)
Bank of Boston Corp. 16,600 803,025
Barnett Banks, Inc. 3,773 239,114
Charter One
Financial, Inc. 2,400 83,700
CITICORP 29,900 2,354,624
Citizens Bancorp 600 17,850
City National Corp. 13,700 193,513
Comercial Net
Lease Realty 1,600 20,800
Cullen/Frost
Bankers, Inc. 2,600 128,050
First American
Corp. (Tenn.) 5,700 $ 243,675
First Chicago Corp. 79,278 3,270,217
First Empire
State Corp. 300 71,400
First Tennessee
National Corp. 4,200 138,600
First Union Corp. 52,900 3,253,349
Golden West
Financial Corp. 19,100 1,005,138
Investors Financial
Services Corp. 6,900 147,488
KeyCorp 4,300 166,088
Nations Bank, Inc. 37,400 2,982,649
Peoples Bank of
Bridgeport,
Connecticut 5,200 110,500
St. Francis
Capital Corp. 800 21,000
Star Banc Corp. 4,100 270,088
Susquehanna
Bancshares, Inc. 400 11,500
Zion Bancorporation 1,800 134,100
--------------
15,666,468
--------------
Building Materials and Construction (1.1%)
Arvin Industries,
Inc. 300 6,750
Beazer Homes USA,
Inc.+ 3,900 62,400
Butler
Manufacturing Co. 600 22,050
Centex Corp. 40,300 1,088,100
Champion
Enterprises, Inc.+ 10,000 380,000
See Notes to Portfolio of Investments.
Aetna Mutual Funds Semi-Annual Report 37
<PAGE>
- -------------------------------------------------------------------------
Portfolio of Investments
- -------------------------------------------------------------------------
April 30, 1996 (Unaudited)
Growth and Income Fund (continued)
Number of Market
Shares Value
----------- --------
United States (continued)
Continental Homes
Holding Corp. 17,300 $ 395,738
Elcor Corp. 2,500 60,000
Granite
Construction, Inc. 8,700 171,825
Jacobs Engineering
Group, Inc.+ 1,200 33,300
Lennar Corp. 15,300 382,500
NCI Building
Systems, Inc.+ 1,200 43,500
Pulte Corp. 30,000 795,000
Redman
Industries, Inc.+ 7,600 152,950
Skyline Corp. 1,800 44,100
Texas Industries,
Inc. 10,300 659,200
Tredegar
Industries, Inc. 1,350 37,463
Webb (Del E.) Corp. 3,500 62,563
WHX Corp.+ 2,200 25,300
--------------
4,422,739
--------------
Chemicals (1.5%)
ARCO Chemical Co. 3,900 207,188
Cytec Industries+ 12,300 1,019,363
Dexter Corp. 1,100 29,563
First Mississippi
Corp. 78,600 1,827,450
Goodrich (B.F.) Co. 8,600 341,850
Mallinckrodt Group,
Inc. 6,200 244,125
Rexene Corp. 27,000 347,625
Uniroyal Chemical
Corp.+ 149,200 1,753,100
--------------
5,770,264
--------------
Commercial Services (0.3%)
Devry, Inc.+ 600 $ 22,350
Eagle River
Interactive, Inc.+ 700 15,050
GATX Corp. 6,500 292,500
Kindercare Learning
Centers, Inc.+ 4,200 60,375
Measurex Corp. 2,800 81,200
NCKS Group, Inc.+ 9,000 281,250
PhyMatrix Corp.+ 3,500 66,500
PIA Merchandising
Services, Inc.+ 500 13,125
Robert Half
International Inc.+ 6,200 356,500
--------------
1,188,850
--------------
Computer Software (4.7%)
Acxiom Corp.+ 2,500 68,750
American Management
Systems, Inc.+ 2,400 63,900
Boole &
Babbage, Inc.+ 1,500 39,563
Cadence Design
Systems, Inc.+ 12,200 637,450
Cisco Systems, Inc.+ 107,600 5,581,749
Computer Associates
International, Inc. 36,900 2,707,537
Computer Horizons
Corp.+ 900 45,450
Computer Sciences
Corp.+ 44,100 3,263,399
Comshare, Inc.+ 1,350 32,400
Continum, Inc.+ 2,154 122,778
38 See Notes to Portfolio of Investments.
<PAGE>
- ------------------------------------------------------------------------------
Portfolio of Investments
- ------------------------------------------------------------------------------
April 30, 1996 (Unaudited)
Growth and Income Fund (continued)
Number of Market
Shares Value
----------- --------
United States (continued)
Control Data
Systems, Inc.+ 200 $ 4,700
DecisionOne Corp.+ 4,200 106,050
DST Systems, Inc.+ 1,800 66,150
Engineering
Animation, Inc.+ 1,400 32,550
Henry (Jack) &
Associates 1,100 34,513
i2 Technologies,
Inc.+ 400 16,300
Kronos, Inc.+ 2,250 66,938
Macneal-Schwendler
Corp. 1,300 17,713
Meridian Data, Inc.+ 2,900 50,388
Microsoft Corp.+ 34,900 3,956,787
Network General
Corp.+ 2,600 114,725
Pairgain
Technologies, Inc.+ 1,100 105,050
Reynolds & Reynolds
Co. 2,800 129,500
Security Dynamics
Technologies, Inc.+ 200 16,900
SPSS, Inc.+ 1,100 21,725
Sterling Commerce,
Inc.+ 1,000 35,000
Structural Dynamics
Research Corp.+ 15,100 481,313
Viasoft, Inc.+ 16,800 609,000
--------------
18,428,278
--------------
Computers and Office Equipment (2.9%)
Adaptec, Inc.+ 4,200 241,500
Alco Standard Corp. 16 926
Applied Magnetics
Corp.+ 3,000 $ 61,875
Boise Cascade Office
Product+ 700 54,775
Cabletron Systems,
Inc.+ 5,600 422,100
Ceridian Corp.+ 19,200 916,800
Comdisco, Inc. 4,800 118,200
CompUSA, Inc.+ 28,400 983,350
Computervision Corp.+ 8,900 107,913
EMC Corp.+ 11,300 231,650
Ennis Business
Forms, Inc. 2,900 31,175
Gateway 2000, Inc.+ 7,400 258,075
Harris Corp. 3,900 240,825
HBO & Co. 1,200 142,500
In Focus
Systems, Inc.+ 5,100 257,550
International
Business Machines, 2,400 258,000
Inc.
Komag, Inc.+ 6,600 221,100
Moore Corp. Ltd. 45,000 821,250
Mylex Corp.+ 700 17,063
Standard Register Co. 2,000 51,000
Sun Microsystems,
Inc.+ 76,800 4,166,399
Wallace Computer
Services, Inc. 4,000 236,500
Western Digital
Corp.+ 6,900 162,150
Xerox Corp. 9,300 1,362,450
--------------
11,365,126
--------------
Aetna Mutual Funds Semi-Annual Report 39
<PAGE>
- ---------------------------------------------------------------------
Portfolio of Investments
- ---------------------------------------------------------------------
April 30, 1996 (Unaudited)
Growth and Income Fund (continued)
Number of Market
Shares Value
----------- --------
United States (continued)
Consumer Products (1.1%)
Eastman Kodak Co. 19,200 $ 1,468,800
First Brands Corp. 11,800 312,700
Liz Claiborne, Inc. 68,500 2,491,687
--------------
4,273,187
--------------
Diversified (2.8%)
Dover Corp. 84,200 4,336,299
Harsco Corp. 6,500 447,688
Helix Technology
Corp. 1,200 45,225
Johnson 8,000 572,000
Controls, Inc.
Lydall, Inc.+ 1,100 25,850
NACCO Industries,
Inc. 3,000 189,375
Oakley, Inc.+ 4,000 184,000
Opal, Inc.+ 2,300 33,638
Paragon Trade
Brands, Inc.+ 14,600 341,275
Plantronics, Inc.+ 700 28,088
SPS Technologies,
Inc.+ 400 26,000
Standex
International Corp. 1,000 27,000
Teledyne, Inc. 1,300 48,263
Textron, Inc. 42,100 3,610,074
The Manitowoc Co.,
Inc. 100 3,400
U.S. Industries,
Inc.+ 47,800 1,003,800
Varlen Corp. 1,560 39,390
--------------
10,961,365
--------------
Electrical and Electronics (2.8%)
ADT Ltd.+ 9,300 158,100
Amphenol Corp.+ 5,400 $ 142,425
Analog Devices, Inc.+ 3,800 97,850
Applied
Materials, Inc.+ 53,300 2,132,000
Cohu, Inc. 300 7,650
CTS Corporation 500 20,875
DII Group, Inc.+ 1,000 34,750
Electro Scientific
Industries, Inc.+ 800 19,200
Esterline
Technologies+ 32,300 742,900
Hewlett Packard Co. 41,100 4,351,462
Integrated Packaging
Assembly Corp.+ 2,300 23,000
KLA Instruments
Corp.+ 18,800 542,850
LTX Corp.+ 24,400 234,850
Maxim Integrated
Products, Inc.+ 4,100 140,425
Mentor
Graphics Corp.+ 16,200 259,200
MTS Systems Corp. 1,800 37,800
National Service
Industries, Inc. 19,300 714,100
Network Equipment
Tech, Inc.+ 15,700 400,350
Novellus
Systems, Inc.+ 8,700 471,975
Ramtron
International
Corp.+ 3,700 29,369
Symbol Technologies,
Inc.+ 1,500 69,375
Tencor Instruments+ 3,000 74,250
Watkins-Johnson Co. 700 23,625
40 See Notes to Portfolio of Investments.
<PAGE>
- ---------------------------------------------------------------------
Portfolio of Investments
- ---------------------------------------------------------------------
April 30, 1996 (Unaudited)
Growth and Income Fund (continued)
Number of Market
Shares Value
----------- --------
United States (continued)
Wyle Electronics 2,100 $ 87,938
--------------
10,816,319
--------------
Electrical Equipment (3.2%)
ADflex
Solutions, Inc.+ 2,100 34,650
Avnet, Inc. 5,900 311,225
Belden Inc. 24,100 716,975
Berg Electronics
Corp.+ 6,700 178,388
Charter Power
Systems, Inc. 1,200 33,000
Fore Systems, Inc.+ 800 63,200
General Electric Co. 52,800 4,091,999
Harman International
Industries 3,465 163,721
Honeywell, Inc. 14,000 736,750
International
Rectifier Corp.+ 18,500 416,250
Kemet Corp.+ 7,900 188,613
Merix Corp.+ 4,200 158,550
Methode Electronics,
Inc. Class A 2,800 46,900
Pittway Corp. Class A 250 11,938
Raychem Corp. 55,200 4,298,699
SCI Systems, Inc.+ 7,100 304,413
Vitesse
Semiconductor 21,300 636,338
Corp.+
--------------
12,391,609
--------------
Financial Services (6.5%)
Alex Brown &
Sons, Inc. 4,600 248,975
Astoria
Financial Corp. 3,700 $ 197,025
AT&T Capital Corp. 700 27,213
Bear Sterns Co., Inc. 22,000 552,750
Beneficial Corp. 1,500 82,875
Cal Fed Bancorp, 65,500 1,170,813
Inc.+
Chase Manhattan Corp. 93,112 6,413,088
Commercial
Federal Corp. 19,300 740,638
ContiFinancial Corp.+ 2,200 70,125
Dean Witter Discover
and Co. 30,900 1,684,050
Downey Financial
Corp. 400 8,650
Edwards (A.G.), Inc. 1,400 32,900
Envoy Corp.+ 1,700 49,088
First USA
Paymentech, Inc.+ 600 26,100
Great Financial Corp. 2,800 76,650
Leader Financial 4,300 189,200
Corp.
Merrill Lynch &
Co., Inc. 35,800 2,161,424
Morgan Stanley Goup,
Inc. 75,000 3,768,749
Paine Webber Group,
Inc. 8,000 167,000
Peoples Heritage
Financial Group 5,000 104,375
Phoenix Duff &
Phelps Corp. 5,900 39,825
RCSB Financial, Inc. 4,400 103,400
TCF Financial Corp. 5,400 191,025
Aetna Mutual Funds Semi-Annual Report 41
<PAGE>
- ---------------------------------------------------------------------------
Portfolio of Investments
- ---------------------------------------------------------------------------
April 30, 1996 (Unaudited)
Growth and Income Fund (continued)
Number of Market
Shares Value
----------- -------
United States (continued)
TR Financial Corp. 4,400 $ 116,600
Transamerica Corp. 28,700 2,181,199
Travelers, Inc. 79,200 4,870,799
--------------
25,274,536
--------------
Foods and Beverages (5.6%)
Cagle's, Inc. 1,300 18,850
Campbell Soup Co. 42,500 2,656,249
Coca-Cola Co. 31,600 2,575,399
Coca-Cola
Enterprises, Inc. 3,300 97,350
CPC International, 10,500 725,813
Inc.
Darden Restaurants,
Inc. 117,800 1,619,750
Heinz (H.J.) Co. 12,000 406,500
Hershey Foods Corp. 5,800 440,075
Kroger Co. (The)+ 35,000 1,439,375
Mondavi (Robert)
Corp.+ 3,700 101,750
Nash-Finch Co. 1,300 22,750
PepsiCo, Inc. 100,800 6,400,799
Safeway, Inc.+ 13,400 452,250
Sara Lee Corp. 86,600 2,684,599
Super Food
Services, Inc. 1,400 17,850
Supervalu, Inc. 70,000 2,239,999
--------------
21,899,358
--------------
Health Services (0.6%)
Bergen Brunswig
Corp. Class A 2,800 76,300
Genetics
Institute, Inc.+ 1,700 120,700
Health Management
Associates, Inc.+ 500 $ 16,000
HEALTHSOUTH Corp.+ 10,300 382,388
Invacare Corp. 5,900 153,400
Lincare
Holdings, Inc.+ 9,900 384,244
NCS HealthCare, Inc.+ 100 3,350
Tenet Healthcare
Corp.+ 26,100 535,050
United Healthcare
Corp. 259 15,152
Universal Health
Services, Inc.+ 4,400 244,200
US Healthcare, Inc. 7,600 396,150
Wellpoint Health
Networks, Inc.+ 2,900 99,325
--------------
2,426,259
--------------
Home Furnishings & Appliances (0.1%)
Bush Industries,
Inc., Class A 11,500 347,875
Haverty Furniture
Co., Inc. 2,500 35,000
Kimball
International, 800 23,200
Inc. Class B
Maytag Corp. 2,900 62,350
Oneida, Ltd. 1,700 29,325
--------------
497,750
--------------
Hotels and Restaurants (0.9%)
HomeTown
Buffet, Inc.+ 2,100 29,925
Marcus Corp. 900 25,088
42 See Notes to Portfolio of Investments.
<PAGE>
- ---------------------------------------------------------------------
Portfolio of Investments
- ---------------------------------------------------------------------
April 30, 1996 (Unaudited)
Growth and Income Fund (continued)
Number of Market
Shares Value
----------- --------
United States (continued)
Marriott
International, Inc. 43,800 $ 2,135,249
Millennium &
Copthorne Hotels
Plc+ 4,700 91,063
Promus Hotel Corp.+ 33,500 950,563
RFS Hotel
Investors Inc. 11,300 194,925
--------------
3,426,813
--------------
Household Products (0.1%)
Carlisle Cos., Inc. 600 27,900
Clorox Co. 1,700 140,463
--------------
168,363
--------------
Insurance (2.5%)
Allied Group, Inc. 1,400 50,225
Allstate Corp. 2 78
Ambac, Inc. 5,700 277,163
American Bankers
Insurance Group 5,200 205,400
Bankers Life Holding
Corp. 7,600 152,950
Capital American
Financial Corp. 1,100 26,538
Cigna Corp. 4,500 510,188
Conseco, Inc. 69,200 2,525,799
Enhance Financial
Services Group, 400 10,850
Inc.
Equitable of
Iowa Cos. 1,500 52,875
Financial Security
Assurance
Holdings Ltd. 268 7,236
Fremont General Corp. 7,665 191,625
Frontier Insurance
Group, Inc. 700 $ 22,575
Guarantee Life
Companies, Inc.+ 20,000 342,500
Highlands Insurance
Co.+ 30 570
IPC Holdings Ltd+ 11,900 233,538
Lawyers Title Corp. 1,300 23,400
Maic Holdings, Inc. 742 24,022
Markel Corp.+ 400 32,000
Maxicare Health
Plans, Inc.+ 8,900 182,450
Meadowbrook
Insurance Group,
Inc. 15,000 466,875
MGIC Investment Corp. 22,500 1,220,625
Mutual Risk
Management Ltd. 5,900 233,050
NAC Re Corp. 600 19,650
Old Republic
International Corp. 11,217 370,161
Orion Capital Corp. 9,100 403,813
Pxre Corp. 900 22,950
Reliance Group
Holdings, Inc. 188,900 1,511,200
Reliastar Financial
Corp. 2,445 106,663
RISCORP, Inc.+ 2,500 59,063
Safeco Corp. 14,600 481,800
--------------
9,767,832
--------------
Machinery and Equipment (1.5%)
Allied Products, 1,000 26,375
Corp.
Aetna Mutual Funds Semi-Annual Report 43
<PAGE>
- ---------------------------------------------------------------------------
Portfolio of Investments
- ---------------------------------------------------------------------------
April 30, 1996 (Unaudited)
Growth and Income Fund (continued)
Number of Market
Shares Value
----------- -------
United States (continued)
Barnes Group, Inc. 1,900 $ 88,113
Blount, Inc. Class A 2,100 65,100
Case Corp. 6,600 333,300
Caterpillar, Inc. 13,900 889,600
Cooper Cameron Corp.+ 15,900 717,488
Electroglas, Inc.+ 1,600 31,200
Global Industrial
Technologies, Inc.+ 7,900 145,163
Illinois Tool
Works, Inc. 11,800 793,550
Lam Research Corp.+ 23,300 943,650
Parker-Hannifin Corp. 38,300 1,618,175
Regal Beloit 3,800 73,625
Tecumseh Products
Co. Class A 1,400 79,100
--------------
5,804,439
--------------
Media and Entertainment (1.9%)
AMC Entertainment+ 20,800 538,200
American Portable+ 16,100 241,500
Callaway Golf Co. 10,000 267,500
Chris-Craft
Industries Inc. 30 1,283
Coastcast Corp.+ 87,600 2,047,650
Grand Casinos, Inc.+ 4,800 155,400
Gtech Holdings Corp.+ 29,900 848,413
Jones Intercable, Inc.+ 300 4,331
King World
Production, Inc.+ 46,000 2,001,000
Media General, Inc. 16,600 639,100
Mirage Resorts, Inc.+ 8,300 434,713
Regal Cinemas, Inc.+ 5,100 $ 207,825
--------------
7,386,915
--------------
Medical Supplies (2.2%)
Baxter
International, Inc. 19,100 $ 845,175
Bio-Rad Labs, Inc.
Class A+ 2,600 120,900
Coherent, Inc.+ 5,400 289,575
Collagen Corp. 1,200 24,600
Guidant Corp. 47,497 2,665,768
Heartport, Inc.+ 400 14,300
Medtronic, Inc. 59,400 3,155,624
OrNda HealthCorp+ 6,700 184,250
OrthoLogic Corp.+ 5,000 174,375
Sola International,
Inc.+ 20,800 681,200
Sybron International
Corp.+ 10,000 252,500
US Surgical Corp. 3,000 111,000
Vital Signs, Inc. 3,600 75,825
--------------
8,595,092
--------------
Metals and Mining (1.9%)
AK Steel
Holding Corp. 2,800 107,100
Alumax, Inc.+ 1,700 56,950
Asarco, Inc. 15,800 523,375
Ashland Coal Inc. 600 13,950
Cleveland-Cliffs, Inc. 3,900 162,825
Freeport McMoRan,
Inc. 57,100 2,084,150
MAF Bancorp, Inc. 1,000 26,250
Mueller
Industries, Inc.+ 7,600 305,900
44 See Notes to Portfolio of Investments.
<PAGE>
- ---------------------------------------------------------------------------
Portfolio of Investments
- ---------------------------------------------------------------------------
April 30, 1996 (Unaudited)
Growth and Income Fund (continued)
Number of Market
Shares Value
----------- -------
United States (continued)
Phelps Dodge Corp. 50,400 $ 3,704,399
Zeigler Coal Holding
Co. 33,600 495,600
--------------
7,480,499
--------------
Oil and Gas (9.9%)
Amoco Corp. 73,590 5,372,069
Atlantic Richfield Co. 38,300 4,509,824
Belco Oil & Gas
Corp.+ 1,800 51,975
Camco International,
Inc. 5,600 199,500
Chevron Corp. 18,700 1,084,600
El Paso Natural Gas
Co. 2,900 107,300
Exxon Corp. 122,300 10,395,499
Flores & Rucks, Inc.+ 2,100 43,838
Halliburton Co. 13,300 763,088
Mobil Corp. 55,400 6,370,999
National Fuel Gas Co. 1,000 35,125
Occidental
Petroleum Corp. 10,900 280,675
Oneok, Inc. 20,600 530,450
Panhandle Eastern
Corp. 6,400 208,800
Phillips Petroleum Co. 3,800 157,700
Pride Petroleum
Services, Inc.+ 3,600 58,950
Reading & Bates
Corp.+ 14,700 360,150
Royal Dutch
Petroleum Co. 11,900 1,704,675
Tesoro
Petroleum Corp.+ 26,800 294,800
Texaco, Inc. 42,500 $ 3,633,749
Tide West Oil Co.+ 1,600 25,600
Tosco Corp. 1,000 53,500
Unocal Corp. 70,300 2,258,387
--------------
38,501,253
--------------
Paper and Containers (0.2%)
Caraustar
Industries, Inc. 16,100 406,525
Fort Howard Corp.+ 22,600 497,200
--------------
903,725
--------------
Pharmaceuticals (7.9%)
Abbott Laboratories 54,500 2,214,062
Becton, Dickinson
& Co. 31,800 2,563,874
Bristol-Myers
Squibb Co. 66,700 5,486,074
Cardinal Health Inc. 7,200 451,800
Dura
Pharmaceuticals,
Inc.+ 1,900 101,650
Eli Lilly & Co. 3,500 206,500
ICN Pharmaceuticals,
Inc. 50,100 1,127,250
Johnson & Johnson 90,548 8,375,689
Jones Medical
Industries, Inc. 3,150 164,588
Merck & Co., Inc. 39,000 2,359,499
Pfizer, Inc. 30,400 2,093,800
Rhone-Poulenc Rorer,
Inc. 5,800 359,600
Schering Plough 91,600 5,255,549
Vical, Inc.+ 1,300 19,581
--------------
30,779,516
--------------
Aetna Mutual Funds Semi-Annual Report 45
<PAGE>
- ---------------------------------------------------------------------------
Portfolio of Investments
- ---------------------------------------------------------------------------
April 30, 1996 (Unaudited)
Growth and Income Fund (continued)
Number of Market
Shares Value
----------- -------
United States (continued)
Printing and Publishing (1.7%)
Devon Group, Inc.+ 1,700 $ 53,550
Gannett Company, Inc. 42,800 2,926,449
Lee Enterprises, Inc. 1,200 26,400
Meredith Corp. 2,400 108,900
New York Times Co. 2,300 74,750
Pulitzer
Publishing Co. 2,825 161,025
Scholastic Corp.+ 4,700 307,850
Times Mirror Co. 3,100 132,138
Tribune Co. 22,300 1,555,425
Washington Post Co. 4,000 1,176,000
--------------
6,522,487
--------------
Real Estate Investment Trusts (2.9%)
AMLI Residential
Properities Trust 4,300 85,463
Apartment Investment
& Management 6,900 144,900
Associated Estates
Realty Corp. 8,700 175,088
Beacon Properties
Corp. 17,700 453,563
Bre Properties, Inc.
Class A 1,400 49,525
CALI Realty Corp. 4,100 93,788
Camden Property Trust 4,300 102,125
Carr Realty Corp. 2,400 58,200
CBL & Associates
Properties, Inc. 7,800 160,875
Centerpoint
Properties Corp. 900 21,713
Chelsea GCA
Realty, Inc. 9,400 $ 267,900
Colonial Properties
Trust 8,100 194,400
Cousins
Properties, Inc. 2,200 41,800
Crescent Real Estate
Equities, Inc. 13,000 440,375
Crown America Realty
Trust 16,800 126,000
Debartolo
Realty Corp. 23,100 358,050
Developers
Diversified Realty
Corp. 19,300 562,113
Duke Realty
Investments, Inc. 17,000 503,625
Equity Inns, Inc. 13,400 159,125
Equity Residential
Properties Trust 10,400 335,400
Essex Property
Trust, Inc. 5,100 105,188
Evans Withycombe
Residential, Inc. 4,800 103,800
Excel Realty
Trust, Inc. 9,000 171,000
Healthcare Realty
Trust, Inc. 8,400 187,950
HGI Realty, Inc. 8,600 176,300
Highwood
Properties, Inc. 19,200 580,800
Innkeepers USA Trust 5,700 54,863
Kimco Realty Corp. 12,750 331,500
Kranzco Realty Trust 3,300 51,563
LTC Properties, Inc. 3,800 58,425
Macerich Co. (The) 3,500 67,813
46 See Notes to Portfolio of Investments.
<PAGE>
- ---------------------------------------------------------------------------
Portfolio of Investments
- ---------------------------------------------------------------------------
April 30, 1996 (Unaudited)
Growth and Income Fund (continued)
Number of Market
Shares Value
----------- -------
United States (continued)
MGI Properties, Inc. 4,500 $ 77,625
Mid-America
Apartment
Communities, Inc. 5,100 134,513
National Golf
Properties, Inc. 5,500 135,438
National Health
Investors, Inc. 9,200 305,900
Oasis Residential, 18,100 407,250
Inc.
OMEGA Healthcare
Investors, Inc. 3,200 89,600
Patriot American
Hospitality, Inc. 3,400 94,775
Post Properties, Inc. 9,200 309,350
Price REIT, Inc. 700 20,300
Prime
Residential, Inc. 6,900 125,063
Public Storage, Inc. 29,600 606,800
Realty Income Corp. 4,600 93,150
Rouse Co. 3,400 78,200
RPS Realty Trust 4,500 20,813
Security Capital
Industrial Trust 9,100 156,975
Simon Property
Group, Inc. 6,700 154,100
Smith (Charles E.)
Residential Realty
Co. 2,300 53,475
South West
Property Trust 17,875 243,547
Spieker
Properties, Inc. 17,700 460,200
Starwood Lodging
Trust 1,700 56,313
Storage USA, Inc. 4,800 159,000
Sun Communities, Inc. 1,200 $ 31,350
Tanger Factory
Outlet Centers, 7,100 173,950
Inc.
Vornado Realty Trust 13,200 498,300
Walden Residential
Properties, Inc. 9,500 200,688
Weeks Corp. 1,400 34,125
Weingarten Realty
Investors 7,900 277,488
Winston Hotels, Inc. 6,500 76,375
--------------
11,297,893
--------------
Retail (3.9%)
American Stores Co. 22,300 744,263
Borders Group, Inc.+ 1,600 51,200
Carson Pirie Scott &
Co.+ 34,700 841,475
Claire's Stores, Inc. 6,450 140,288
Eckerd Corp.+ 2,100 100,275
Fabri-Centers of
America Class A+ 1,000 10,250
Fabri-Centers of
America Class B+ 600 6,000
Family Dollar
Stores, Inc. 1,600 24,400
Fay's Drug Co. 3,500 30,188
General Host Corp. 6,510 25,226
Genovese Drug
Stores, Inc. 3,100 30,225
Hasbro, Inc. 1,400 51,450
Kroger Equity, Inc.+ 1,700 19,550
Laclede Gas Co. 2,600 61,100
Longs Drug Stores,
Inc. 20,100 909,525
Aetna Mutual Funds Semi-Annual Report 47
<PAGE>
- -----------------------------------------------------------------------
Portfolio of Investments
- -----------------------------------------------------------------------
April 30, 1996 (Unaudited)
Growth and Income Fund (continued)
Number of Market
Shares Value
----------- --------
United States (continued)
May Department
Stores Co. 3,600 $ 183,600
Mercantile Stores
Co., Inc. 30,900 1,927,388
Proffitt's, Inc.+ 1,000 32,750
Ross Stores, Inc. 136,900 4,723,049
Russ Berrie &
Co. Inc. 2,500 40,000
Sears, Roebuck & Co. 71,600 3,571,049
Shopko Stores, Inc. 1,900 29,450
Urban Shopping
Centers, Inc. 5,000 112,500
Vons Companies, Inc.+ 7,300 233,600
Waban, Inc.+ 45,000 1,102,500
Zale Corp.+ 7,500 139,688
--------------
15,140,989
--------------
Specialty Consumer Durables (0.2%)
Harley-Davidson, Inc. 8,000 353,000
Polaris
Industries, Inc. 6,850 238,894
--------------
591,894
--------------
Telecommunications (0.4%)
360 Communications
Co.+ 10,584 248,724
Ameritech Corp. 5,400 315,225
Ascend
Communications,
Inc.+ 600 36,900
Cellular
Communications
International,
Inc.+ 5,000 182,500
LCI International,
Inc.+ 2,100 54,600
Lucent Technologies,
Inc.+ 5,500 $ 193,188
Northern Telecom Ltd 7,400 381,100
--------------
1,412,237
--------------
Transportation (1.8%)
Alaska Air
Group, Inc.+ 1,100 27,913
America West
Airlines, Inc.
Class B+ 4,600 96,600
AMR Corp.+ 61,500 5,488,874
Canadian National
Railway Co. 10,100 191,900
Comair Holdings, Inc. 11,750 434,750
Continental
Airlines, Inc.,
Class B+ 2,700 153,225
Eagle USA
Airfreight, Inc.+ 700 21,219
PHH Corp. 4,000 227,500
UAL Corp.+ 2,000 429,000
Werner Enterprises,
Inc. 900 21,825
--------------
7,092,806
--------------
Utilities - Electric (3.9%)
Allegheny Power
System, Inc. 4,700 137,475
Centerior
Energy Corp. 4,400 30,250
Central Hudson Gas &
Electric Co. 3,300 95,700
Consolidated Edison
Co. of
New York, Inc. 80,000 2,349,999
Destec Energy, Inc.+ 2,000 23,500
48 See Notes to Portfolio of Investments.
<PAGE>
- -----------------------------------------------------------------------
Portfolio of Investments
- -----------------------------------------------------------------------
April 30, 1996 (Unaudited)
Growth and Income Fund (continued)
Number of Market
Shares Value
----------- --------
United States (continued)
DQE, Inc. 50 $ 1,325
Edison International 229,000 3,663,999
Entergy Corp. 51,000 1,351,500
General Public
Utilities Corp. 26,700 847,725
Illinova Corp. 14,300 364,650
IPALCO Enterprises,
Inc. 50 1,263
Long Island Lighting
Corp. 2,500 40,625
New England Electric
System 6,200 218,550
Nipsco
Industries, Inc. 8,400 301,350
Pinnacle West
Capital Corp. 14,400 383,400
Portland
General Corp. 11,400 334,875
Public Service Co.
of New Mexico 12,900 225,750
Texas Utilities Co. 47,000 1,891,750
TNP Enterprises, Inc. 1,400 33,250
Unicom Corp. 93,400 2,568,499
United Illuminating
Co. 2,200 80,025
--------------
14,945,460
--------------
Utilities - Oil and Gas (0.6%)
Coastal Corp. (The) 9,900 392,288
Connecticut
Energy Corp. 900 17,438
MCN Corp. 300 7,388
Northwest Natural
Gas Co. 1,000 32,500
Pacific Enterprises 69,500 1,789,625
Valero Energy Corp. 4,000 115,500
Washington Gas Light
Co. 1,700 $ 35,700
Wicor, Inc. 1,000 34,375
--------------
2,424,814
--------------
Utilities - Telephone (3.5%)
AT&T Corp. 35,800 2,192,749
Bell Atlantic Corp. 49,000 3,184,999
BellSouth Corp. 89,700 3,587,999
Century Telephone
Enterprises 6,100 199,775
Citizens Utilities
Co. 1,658 19,067
Frontier Corp. 1,000 31,625
GTE Corp. 15,000 650,625
MCI Communications
Corp. 5,900 173,681
Nynex Corp. 15,000 736,875
SBC Communications,
Inc. 21,500 1,075,000
Southern New England
Telecommunications
Corp. 13,100 582,950
Sprint Corp. 24,653 1,038,508
--------------
13,473,853
--------------
Total United States 345,633,974
--------------
Argentina (0.0%)
Banks (0.0%)
Banco Frances del
Rio de la Plata
S.A. ADR 2,500 71,875
--------------
Total Argentina 71,875
--------------
Aetna Mutual Funds Semi-Annual Report 49
<PAGE>
- -----------------------------------------------------------------------
Portfolio of Investments
- -----------------------------------------------------------------------
April 30, 1996 (Unaudited)
Growth and Income Fund (continued)
Number of Market
Shares Value
----------- --------
Australia (0.0%)
Banks (0.0%)
National Australia
Bank Ltd. 7,145 $ 64,159
--------------
Diversified (0.0%)
Email Ltd. 30,000 84,213
--------------
Financial Services (0.0%)
Commonwealth Bank of
Australia 229 1,882
--------------
Total Australia 150,254
--------------
Austria (0.1%)
Building Materials and Construction (0.1%)
Strabag
Oesterreich AG 300 22,940
VA Technologie AG+ 1,200 159,161
--------------
182,101
--------------
Electrical and Electronics (0.0%)
Austria Mikro
Systeme
International 360 43,677
--------------
Oil and Gas (0.0%)
OEMV AG 800 79,339
--------------
Utilities - Electric (0.0%)
Oesterreichisch
Elektrizitatswirt-schafts
- AG
Verbundgesellschaft 1,200 84,641
--------------
Total Austria 389,758
--------------
Belgium (0.1%)
Building Materials and Construction (0.0%)
Cimenteries CBR
Cementbedrijven 300 116,611
--------------
Belgium (continued)
Chemicals (0.0%)
Solvay SA Class A 150 $ 88,053
--------------
Retail (0.1%)
G.I.B. Holdings Ltd. 3,400 150,392
--------------
Utilities - Electric (0.0%)
Electrabel SA 600 134,412
--------------
Total Belgium 489,468
--------------
Canada (0.2%)
Banks (0.0%)
Canadian Imperial
Bank of Commerce 1 19
Royal Bank of Canada 4,900 116,067
--------------
116,086
--------------
Financial Services (0.0%)
Bank of Montreal 37 893
--------------
Foods and Beverages (0.0%)
Molson Companies Ltd.
1 13
--------------
Metals and Mining (0.0%)
Alcan Aluminum Ltd. 1 14
Dofasco, Inc. 4,872 76,930
--------------
76,944
--------------
Oil and Gas (0.1%)
Alberta Energy
Co., Ltd. 4,360 85,343
Imperial Oil Ltd. 1 17
Petro-Canada 9,700 124,322
TransCanada
Pipelines Ltd. 1 7
--------------
209,689
--------------
50 See Notes to Portfolio of Investments.
<PAGE>
- --------------------------------------------------------------------
Portfolio of Investments
- --------------------------------------------------------------------
April 30, 1996 (Unaudited)
Growth and Income Fund (continued)
Number of Market
Shares Value
----------- --------
Canada (continued)
Paper and Containers (0.0%)
Abitibi-Price, Inc. 2,600 $ 38,098
--------------
Printing and Publishing (0.0%)
Quebecor, Inc.
Class B 5,000 82,813
--------------
Utilities - Electric (0.0%)
Transalta Corp. 5,800 61,770
--------------
Utilities - Telephone (0.1%)
BCE, Inc. 3,400 133,728
--------------
Total Canada 720,034
--------------
Denmark (0.1%)
Building Materials and Construction (0.0%)
Lindab AB Class B 3,000 64,440
--------------
Commercial Services (0.0%)
ISS International
Service System AS 4,300 121,455
--------------
Pharmaceuticals (0.1%)
Novo-Nordisk AS+ 1,100 142,698
--------------
Total Denmark 328,593
--------------
Finland (0.1%)
Foods and Beverages (0.0%)
Cultor Oy 800 34,954
Huhtamaki Group
Class I 1,500 49,463
--------------
84,417
--------------
Paper and Containers (0.1%)
Metsa-Serla Oy 5,000 36,376
Repola Oy 5,900 113,815
--------------
150,191
--------------
Finland (continued)
Retail (0.0%)
Kesko 6,100 $ 69,145
--------------
Total Finland 303,753
--------------
France (0.1%)
Autos and Auto Equipment (0.0%)
PSA Peugeot 350 48,809
--------------
Building Materials and Construction (0.0%)
Bouygues 1,100 111,545
--------------
Metals and Mining (0.0%)
Usinor Sacilor+ 7,900 121,995
--------------
Retail (0.1%)
Docs de France, SA 700 132,502
--------------
Total France 414,851
--------------
Hong Kong (0.1%)
Banks (0.0%)
HSBC Holdings Plc 8,540 127,512
--------------
Diversified (0.0%)
Swire Pacific Ltd.
Class A 8,000 68,257
--------------
Financial Services (0.0%)
HSBC Holdings Plc+ 2 30
--------------
Hotels and Restaurants (0.0%)
Regal Hotels
International 150,000 38,007
--------------
Real Estate Investment Trusts (0.1%)
Hysan Development
Co. Ltd. 35,000 112,436
Aetna Mutual Funds Semi-Annual Report 51
<PAGE>
- --------------------------------------------------------------------
Portfolio of Investments
- --------------------------------------------------------------------
April 30, 1996 (Unaudited)
Growth and Income Fund (continued)
Number of Market
Shares Value
----------- --------
Hong Kong (continued)
New World
Development Co.
Ltd. 27,000 $ 121,117
--------------
233,553
--------------
Total Hong Kong 467,359
--------------
Indonesia (0.1%)
Metals and Mining (0.1%)
Tambang Timah+ 30,000 53,767
--------------
Retail (0.0%)
Matahari Putra Prima 20,000 40,137
--------------
Telecommunications (0.0%)
Indosat 1,500 52,313
--------------
Transportation (0.0%)
Steady Safe
(Foreign-Registered 30,000 44,752
shares)
--------------
Total Indonesia 190,969
--------------
Italy (0.1%)
Banks (0.0%)
Banca Popolare di
Bergamo 6,000 97,788
--------------
Printing and Publishing (0.1%)
Mondadori (Arnoldo)
Editore SpA 13,000 108,803
--------------
Utilities - Telephone (0.0%)
Telecom Italia SpA 35,000 71,248
--------------
Total Italy 277,839
--------------
Japan (1.3%)
Aerospace and Defense (0.0%)
Mitsubishi Heavy
Industries Ltd. 17,000 151,573
--------------
Japan (continued)
Building Materials and Construction (0.1%)
Nippon Densetsu Kogyo 20,000 $ 223,378
--------------
Chemicals (0.1%)
Fuji Photo Film+ 7,000 217,842
Konica Corp. 8,000 62,622
Shin-Etsu Chemical
Co.+ 5,250 114,768
--------------
395,232
--------------
Computers and Office Equipment (0.1%)
Canon, Inc. 12,000 238,270
--------------
Consumer Products (0.0%)
AJL PEPS Trust 6,400 142,400
--------------
Electrical and Electronics (0.2%)
Hitachi Koki 17,000 180,135
Matsushita Electric
Industrial Co. Ltd. 9,000 158,942
Nintendo Co. Ltd. 3,000 231,397
Rohm Co. 3,000 190,731
TDK Corp. 2,000 114,362
--------------
875,567
--------------
Electrical Equipment (0.2%)
Furukawa Electric
Co.+ 33,000 199,723
Hitachi Ltd. (Hit.
Seisakusho) 26,000 280,464
Mitsubishi Electric
Corp. 15,000 117,990
Nichicon 5,000 83,051
--------------
681,228
--------------
52 See Notes to Portfolio of Investments.
<PAGE>
- --------------------------------------------------------------------
Portfolio of Investments
- --------------------------------------------------------------------
April 30, 1996 (Unaudited)
Growth and Income Fund (continued)
Number of Market
Shares Value
----------- --------
Japan (continued)
Financial Services (0.0%)
Sanyo Shinpan
Finance Co. 2,700 $ 188,153
--------------
Foods and Beverages (0.1%)
Katokichi 8,000 199,322
--------------
Machinery and Equipment (0.1%)
Komatsu Ltd.+ 18,000 173,548
Tsukishima Kikai 5,100 116,357
--------------
289,905
--------------
Metals and Mining (0.0%)
Nippon Steel Co. 30,000 108,253
--------------
Pharmaceuticals (0.0%)
Daiichi
Pharmaceuticals
Co. Ltd. 10,000 168,011
--------------
Printing and Publishing (0.1%)
Toppan Printing Co.
Ltd. 14,000 205,814
--------------
Real Estate Investment Trusts (0.0%)
Daibiru Corp. 7,000 94,220
--------------
Retail (0.1%)
Familymart 300 14,663
Ito-Yokado Co., Ltd. 4,000 235,597
--------------
250,260
--------------
Transportation (0.1%)
East Japan
Railway Co. 29 154,752
Nippon Express Co.
Ltd. 12,000 124,863
--------------
279,615
--------------
Japan (continued)
Utilities - Electric (0.0%)
Tohoku Electric Power 3,000 $ 74,459
--------------
Utilities - Telephone (0.1%)
DDI Corp. 23 197,384
Nippon Telegraph &
Telephone Corp. 19 147,096
--------------
344,480
--------------
Total Japan 4,910,140
--------------
Kenya (0.0%)
Utilities - Electric (0.0%)
Chilgener S.A. ADR 3,500 78,313
Empresa Nacional
Electricidad SA ADR 3,500 68,250
--------------
146,563
--------------
Total Kenya 146,563
--------------
Malaysia (0.1%)
Chemicals (0.0%)
Industrial Oxygen,
Inc. Bhd 34,000 50,990
--------------
Diversified (0.0%)
Oriental Holdings Bhd 9,000 54,856
--------------
Financial Services (0.1%)
Lion Land Bhd 45,000 57,021
Rashid Hussain Bhd 12,000 42,345
--------------
99,366
--------------
Media and Entertainment (0.0%)
Magnum Corp. Bhd 21,000 36,378
--------------
Total Malaysia 241,590
--------------
Aetna Mutual Funds Semi-Annual Report 53
<PAGE>
- --------------------------------------------------------------------
Portfolio of Investments
- --------------------------------------------------------------------
April 30, 1996 (Unaudited)
Growth and Income Fund (continued)
Number of Market
Shares Value
----------- --------
Mexico (0.0%)
Foods and Beverages (0.0%)
Panamerican
Beverages, Inc.
Class A 3,000 $ 131,625
--------------
Total Mexico 131,625
--------------
Netherlands (0.2%)
Building Materials and Construction (0.0%)
Koninklijke Volker
Stevin N.V. 800 54,316
--------------
Diversified (0.0%)
Hagemeyer N.V. 1,920 131,252
--------------
Electrical and Electronics (0.0%)
Philips
Electronics N.V. 3,800 133,982
--------------
Electrical Equipment (0.0%)
Draka Holding N.V. 2,200 63,337
--------------
Financial Services (0.1%)
ABN Amro Holding N.V. 1,762 91,095
ING Groep N.V. 1,300 100,233
--------------
191,328
--------------
Insurance (0.1%)
Aegon N.V. 2,856 135,818
--------------
Retail (0.0%)
Vendex International
N.V. 4,000 114,459
--------------
Total Netherlands 824,492
--------------
Norway (0.2%)
Diversified (0.1%)
Orkla AS Class A 4,800 234,072
--------------
Norway (continued)
Financial Services (0.0%)
Fokus Banken AS+ 13,000 $ 69,912
--------------
Medical Supplies (0.1%)
Hafslund ASA 5,500 161,258
--------------
Printing and Publishing (0.0%)
Schibsted Group 8,400 122,505
--------------
Transportation (0.0%)
Kvaerner AS 3,500 143,560
--------------
Total Norway 731,307
--------------
Philippines (0.0%)
Building Materials and Construction (0.0%)
DMCI Holdings, Inc.+ 50,000 33,448
--------------
Utilities - Telephone (0.0%)
Philippine Long
Distance Telephone
Co. 1,500 76,261
--------------
Total Philippines 109,709
--------------
Singapore (0.1%)
Banks (0.0%)
Oversea-Chinese
Banking Corp. Ltd.
(Foreign-Registered
shares) 9,000 123,542
--------------
Diversified (0.1%)
Wing Tai Holdings 54,000 139,801
--------------
Transportation (0.0%)
Singapore
Airlines Ltd. 11,000 111,095
--------------
Total Singapore 374,438
--------------
54 See Notes to Portfolio of Investments.
<PAGE>
- --------------------------------------------------------------------
Portfolio of Investments
- --------------------------------------------------------------------
April 30, 1996 (Unaudited)
Growth and Income Fund (continued)
Number of Market
Shares Value
----------- --------
South Korea (0.0%)
Utilities - Electric (0.0%)
Korea Electric Power
Corp. ADR 4,000 $ 111,000
--------------
Total South Korea 111,000
--------------
Spain (0.1%)
Utilities - Electric (0.0%)
Union Electrica
Fenosa SA 20,200 120,689
--------------
Utilities - Telephone (0.1%)
Telefonica de Espana 9,000 160,046
--------------
Total Spain 280,735
--------------
Sweden (0.1%)
Electrical and Electronics (0.0%)
Telefonaktiebolaget
LM Ericsson 3,200 64,732
--------------
Electrical Equipment (0.0%)
Allgon AB Class B 1,500 22,840
--------------
Financial Services (0.0%)
Skandinaviska
Enskilda Banken 3,900 29,262
Sparbanken Sverige AB
2,000 22,509
--------------
51,771
--------------
Home Furnishings & Appliances (0.0%)
Electrolux AB
Class B+ 1,300 65,408
--------------
Metals and Mining (0.1%)
Svenskt Stal AB
(SSAB) 7,000 85,990
--------------
Paper and Containers (0.0%)
Stora Kopparbergs 2,500 33,653
--------------
Total Sweden 324,394
--------------
Switzerland (0.1%)
Insurance (0.1%)
Baloise Holding Ltd. 50 $ 107,054
Winterthur
Schweizerische
Versicherungs -
Gesellschaft 150 93,878
--------------
200,932
--------------
Machinery and Equipment (0.0%)
Georg Fischer AG 15 17,836
Sulzer AG 160 102,836
--------------
120,672
--------------
Retail (0.0%)
Merkur Holding AG 80 16,454
--------------
Total Switzerland 338,058
--------------
Thailand (0.1%)
Financial Services (0.1%)
Bank of Ayudhya PCL 17,000 100,317
Siam Commercial Bank
PCL 5,000 73,663
--------------
173,980
--------------
Total Thailand 173,980
--------------
United Kingdom (0.4%)
Autos and Auto Equipment (0.0%)
T & N Plc 32,600 88,055
--------------
Commercial Services (0.0%)
Inchcape Plc 22,823 100,690
--------------
Diversified (0.1%)
Harrisons &
Crosfield Plc 40,340 90,196
Lonrho Plc 46,300 134,440
--------------
224,636
--------------
Aetna Mutual Funds Semi-Annual Report 55
<PAGE>
- --------------------------------------------------------------------
Portfolio of Investments
- --------------------------------------------------------------------
April 30, 1996 (Unaudited)
Growth and Income Fund (continued)
Number of Market
Shares Value
----------- --------
United Kingdom (continued)
Financial Services (0.0%)
Barclays Plc+ 13,700 $ 151,309
--------------
Foods and Beverages (0.1%)
Allied Domecq Plc 12,000 92,467
Hillsdown
Holdings Plc 39,000 104,757
--------------
197,224
--------------
Media and Entertainment (0.0%)
Ladbroke Group Plc 38,000 111,480
--------------
Oil and Gas (0.0%)
Burmah Castrol Plc+ 3,425 54,633
--------------
Retail (0.1%)
Asda Group Plc 60,000 102,416
Burton Group Plc 79,200 185,996
--------------
288,412
--------------
Transportation (0.1%)
NFC Plc 40,000 102,641
Peninsular & Orient
Steam
Navigation Co. 14,000 109,664
--------------
212,305
--------------
Utilities - Electric (0.0%)
National Power Plc
ADR 5,350 141,775
--------------
Utilities - Water (0.0%)
Welsh Water Plc 5,333 58,824
--------------
Total United Kingdom
1,629,343
--------------
West Germany (0.0%)
Pharmaceuticals (0.0%)
Merck KGaA+ 2,000 74,452
--------------
Total West Germany $ 74,452
--------------
Total Common Stocks
($290,867,712) 359,840,553
--------------
Preferred Stocks (1.8%)
United States (1.8%)
Banks (1.3%)
BankAmerica Corp. 66,800 5,060,099
--------------
Chemicals (0.0%)
Union Carbide Corp. 2,800 127,400
--------------
Computers and Office Equipment (0.1%)
Ceridian Corp. 1,500 160,500
--------------
Diversified (0.0%)
Sea Containers Ltd. 1,500 69,375
Teledyne, Inc. 32 464
--------------
69,839
--------------
Financial Services (0.1%)
Alexander &
Alexander(b) 3,700 180,375
RCSB Financial, Inc. 200 7,525
Travelers, Inc. 3,200 270,400
--------------
458,300
--------------
Foods and Beverages (0.0%)
Corning Delaware L.P. 1,100 58,300
Union Planters Co. 1,400 54,250
--------------
112,550
--------------
Machinery and Equipment (0.0%)
Case Corp.(a) 800 100,400
--------------
Media and Entertainment (0.0%)
AMC Entertainment 1,250 56,094
--------------
56 See Notes to Portfolio of Investments.
<PAGE>
- --------------------------------------------------------------------
Portfolio of Investments
- --------------------------------------------------------------------
April 30, 1996 (Unaudited)
Growth and Income Fund (continued)
Number of Market
Shares Value
----------- --------
United States (continued)
Metals and Mining (0.1%)
Cyprus Amax Minerals
Co. 2,900 $ 173,275
Freeport McMoRan,
Inc. 2,000 63,250
--------------
236,525
--------------
Paper and Containers (0.0%)
International
Paper Co.(a) 700 32,375
--------------
Pollution Control (0.1%)
William Cos., Inc. 2,100 168,000
--------------
Retail (0.0%)
Tanger Factory
Outlet Centers, 4,200 93,450
Inc.
--------------
Utilities - Oil and Gas (0.1%)
Valero Energy Corp. 2,800 162,400
--------------
Total United States 6,837,932
--------------
Austria (0.0%)
Banks (0.0%)
Creditanstalt-Bankverein 2,300 128,120
--------------
Total Austria 128,120
--------------
Finland (0.0%)
Electrical Equipment (0.0%)
Nokia AB Class A 4,700 167,480
--------------
Total Finland 167,480
--------------
Total Preferred
Stocks
($5,412,056) 7,133,532
--------------
Warrants (0.0%)
Morgan Stanley
American Express
Hong Kong Call 7,500 $ 35,625
--------------
Total Warrants $ 35,625
--------------
Principal Market
Amount Value
----------- --------
Corporate Bonds (1.0%)
AGCO Corp., 6.50%,
06/01/08 $ 95,000 $ 389,897
Agnico-Eagle Mines
Ltd., 3.50%,
01/27/04 100,000 106,416
Aspect Telecommunications(a),
5.00%, 10/15/03 70,000 203,700
Automatic Data
Processing, Inc.,
0.00%, 02/20/12 200,000 104,055
Baker Hughes, Inc.,
0.00%, 05/05/08 525,000 363,744
Bindley Western,
6.50%, 10/01/02 70,000 72,819
California Energy
Co., Inc.(a),
5.00%, 07/31/00 137,000 161,660
Carnival Corp.,
4.50%, 07/01/97 20,000 32,600
Consolidated Natural
Gas Co., 7.25%,
12/15/15 50,000 51,875
Continental
Airlines, Inc.,
6.75%, 04/15/06 35,000 38,850
Continental Homes
Holding Corp.,
6.875%, 11/01/02 50,000 56,676
Aetna Mutual Funds Semi-Annual Report 57
<PAGE>
- --------------------------------------------------------------------------
Portfolio of Investments
- --------------------------------------------------------------------------
April 30, 1996 (Unaudited)
Growth and Income Fund (continued)
Principal Market
Amount Value
----------- -------
Corporate Bonds (continued)
Costco Wholesale,
Inc., 5.75%,
05/15/02 $ 175,000 $ 163,563
Fremont General
Corp., 0.00%,
10/12/13 300,000 145,125
Integrated Health
Services, 5.75%,
01/01/01 70,000 71,400
Lam Research Corp.,
6.00%, 05/01/03 18,000 29,340
Mitsubishi Bank,
3.00%, 11/30/02 140,000 162,050
Marriott
International,
Inc., 0.00%, 200,000 106,000
03/25/11
NAC Re Corp.(a),
5.25%, 12/15/02 70,000 68,250
National
Semiconductor
Corp.(a), 6.50%,
10/01/02 350,000 316,750
Office Depot, Inc.,
0.00%, 12/11/07 100,000 72,000
Ogden Corp., 6.00%,
06/01/02 25,000 23,250
Omnicom Group(a),
4.50%, 09/01/00 105,000 165,900
Oryx Energy Co.,
7.50%, 05/15/14 50,000 44,438
Pogo Producing,
5.50%, 03/15/04 70,000 120,750
Potomac Electric
Power, 7.00%,
01/15/18 250,000 250,313
Proffitt's, Inc.,
4.75%, 11/01/03 $ 140,000 $ 132,300
Rite Aid Corp.,
0.00%, 07/24/06 800,000 417,000
Apache Corp.(a),
6.00%, 01/15/02 30,000 33,150
--------------
Total Corporate
Bonds
(cost $3,332,549) 3,903,871
--------------
Put Options Purchased (0.0%)
Russell 2000 Index,
320, June 96 6,000 10,875
Russell 2000 Index,
325, June 96 20,800 48,100
Russell 2000 Index,
330, June 96 8,500 24,969
S & P Mid Cap, 230,
June 96 24,500 71,969
--------------
Total Put Options
Purchased (cost
$558,692) 155,913
--------------
Short-Term Investments (2.9%)
Lockheed Martin
Corp., Comm.
Paper, 5.50%,
05/01/96 5,688,000 5,688,000
Lockheed Martin
Corp., Comm.
Paper, 5.50%,
05/03/96 5,000,000 4,998,472
U.S. Treasury Bill,
4.95%, 11/14/96 ++ 550,000 534,567
58 See Notes to Portfolio of Investments.
<PAGE>
- --------------------------------------------------------------------
Portfolio of Investments
- --------------------------------------------------------------------
April 30, 1996 (Unaudited)
Growth and Income Fund (continued)
Number of Market
Shares Value
----------- --------
Short-Term Investments (continued)
U.S. Treasury Bill,
4.85%, 11/14/96 $ 105,000 $ 102,054
U.S. Treasury Bill,
4.71%, 11/14/96 100,000 97,194
--------------
Total Short-Term
Investments
(cost $11,421,210) $ 11,420,287
--------------
Total Investments
(cost $311,629,147) (a) $ 382,489,781
Other assets less
liabilities 6,703,019
--------------
Total Net Assets $ 389,192,800
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 amount to
$311,982,460. Unrealized gains and losses, based on identified tax cost, at
April 30, 1996 are as follows:
Unrealized gains ................. $ 73,594,125
Unrealized losses ................ (3,086,804)
--------------
Net unrealized gain ......... $ 70,507,321
==============
(b) Securities that may be resold to "qualified institutional buyers" under Rule
144A or securities offered pursuant to section 4(2) of the Securities Act of
1933, as amended. These securities have been determined to be liquid under
guidelines established by the Board of Directors.
Category percentages are based on net assets.
See Notes to Financial Statements.
Aetna Mutual Funds Semi-Annual Report 59
<PAGE>
- --------------------------------------------------------------------------------
Portfolio of Investments
- --------------------------------------------------------------------------------
April 30, 1996 (Unaudited)
Growth and Income Fund (Continued)
Information concerning open futures contracts is shown below:
No. of Initital Expiration Unrealized
Contracts Value Date Gain/(Loss)
--------- ------------ ----------- ------------
All Ordinaries Shares
Price Index Future 18 $ 793,771 June 96 $ 19,736
TSE 35 Index Future 2 189,023 June 96 4,671
DAX-30 German Stock
Index Future 7 1,155,083 June 96 21,909
Italian Government
Bond Future 3 265,661 June 96 36,833
Topex Index Future 6 893,010 June 96 74,746
S&P 500 Index Future 1 329,400 June 96 (1,825)
----------
$ 156,070
==========
60 See Notes to Financial Statements.
<PAGE>
- --------------------------------------------------------------------------------
Portfolio of Investments
- --------------------------------------------------------------------------------
April 30, 1996 (Unaudited)
Growth and Income Fund (Continued)
Call Options
<TABLE>
<CAPTION>
Exercise Expiration Market
Contracts Price Date Value
--------- --------- ----------- ------------
<S> <C> <C> <C> <C>
Russell 2000 Index.............................. 60 $320 June 96 $ (193,500)
Russell 2000 Index.............................. 208 325 June 96 (579,800)
Russell 2000 Index.............................. 85 330 June 96 (199,750)
S & P Midcap Index.............................. 245 230 June 96 (264,906)
May Department Stores, Inc...................... 36 36 June 96 (8,438)
------------
Total Deferred Premiums on Written Options $(1,246,394)
============
</TABLE>
Aetna Mutual Funds Semi-Annual Report 61
<PAGE>
- --------------------------------------------------------------------------------
Portfolio of Investments
- --------------------------------------------------------------------------------
April 30, 1996 (Unaudited)
Growth Fund
Number of Market
Shares Value
----------- -------
Common Stocks (97.8%)
Aerospace and Defense (10.6%)
Boeing Co. 21,000 $ 1,724,625
General Motors Corp.-
Class H 20,000 1,222,500
United
Technologies Corp. 14,000 1,547,000
-------------
4,494,125
-------------
Autos and Auto Equipment (7.0%)
Ford Motor Co. 30,000 1,076,250
General Motors Corp. 20,000 1,085,000
Titan Wheel
International, Inc. 50,000 806,250
-------------
2,967,500
-------------
Banks (1.9%)
Wells Fargo & Co. 3,333 808,669
-------------
Chemicals (1.9%)
Olin Corp. 9,100 805,350
-------------
Computer Software (5.3%)
Cisco Systems, Inc.+ 30,000 1,556,250
National Data Corp. 20,000 705,000
-------------
2,261,250
-------------
Computers and Office Equipment (8.2%)
Bay Networks, Inc.+ 50,000 1,575,000
Sun Microsystems, Inc.+ 35,000 1,898,750
-------------
3,473,750
-------------
Consumer Products (2.6%)
Liz Claiborne, Inc. 30,000 1,091,250
-------------
Diversified (2.8%)
Deere & Co. 30,000 1,166,250
-------------
Electrical and Electronics (9.4%)
Hewlett Packard Co. 15,000 $ 1,588,125
Intel Corp. 22,500 1,524,375
Motorola, Inc. 14,000 857,500
-------------
3,970,000
-------------
Electrical Equipment (6.2%)
Avnet, Inc. 20,000 1,055,000
Raychem Corp. 20,000 1,557,500
-------------
2,612,500
-------------
Financial Services (9.6%)
Charles Schwab Corp. 50,000 1,225,000
Franklin Resources, Inc. 23,000 1,316,750
Travelers Group, Inc. 25,000 1,537,500
-------------
4,079,250
-------------
Machinery and Equipment (3.5%)
Fluor Corp. 22,500 1,487,813
-------------
Metals and Mining (3.1%)
Phelps Dodge Corp. 18,000 1,323,000
-------------
Paper and Containers (7.6%)
James River Corp. of
Virginia 20,000 535,000
Longview Fibre Co. 50,000 881,250
Mead Corp. 15,000 834,375
Temple-Inland, Inc. 20,000 970,000
-------------
3,220,625
-------------
Pharmaceuticals (9.0%)
Amgen, Inc.+ 18,500 1,063,750
Biogen, Inc.+ 25,000 1,646,875
Pharmacia & Upjohn,
Inc. 29,000 1,109,250
-------------
3,819,875
-------------
62 See Notes to Portfolio of Investments.
<PAGE>
- --------------------------------------------------------------------------------
Portfolio of Investments
- --------------------------------------------------------------------------------
April 30, 1996 (Unaudited)
Growth Fund (continued)
Number of Market
Shares Value
----------- -------
Retail (3.2%)
Federated Department
Stores, Inc.+ 40,000 $ 1,335,000
-------------
Transportation (5.9%)
Burlington Northern
Santa Fe Corp. 12,500 1,093,750
Conrail, Inc. 20,000 1,395,000
-------------
2,488,750
-------------
Total Common Stocks
($34,063,421) $ 41,404,957
-------------
Principal Market
Amount Value
--------- -------
Short-Term Investments (2.4%)
Federal Home Loan
Mortgage Corp.,
Disc. Note, 5.30%,
05/01/96 $1,019,000 $ 1,019,000
-------------
Total Short-Term
Investments
(cost $1,019,000) $ 1,019,000
-------------
Total Investments
(cost $35,082,421) (a) $ 42,423,957
Other assets less
liabilities (67,829)
-------------
Total Net Assets $ 42,356,128
Notes to Portfolio of Investments
+ Non-income producing security.
(a) The cost of investments for federal income tax purposes is identical.
Unrealized gains and losses, based on identified tax cost, at April 30, 1996
are as follows:
Unrealized gains ............. $ 7,424,858
Unrealized losses ............ (83,322)
------------
Net unrealized gain ..... $ 7,341,536
============
Category percentages are based on net assets.
See Notes to Financial Statements.
Aetna Mutual Funds Semi-Annual Report 63
<PAGE>
- --------------------------------------------------------------------------------
Portfolio of Investments
- --------------------------------------------------------------------------------
April 30, 1996 (Unaudited)
Small Company Growth Fund
Number of Market
Shares Value
----------- -------
Common Stocks (95.8%)
Apparel (2.4%)
Fila Holding SpA.,ADR 8,000 $ 546,000
Wolverine World
Wide, Inc. 15,500 478,563
-------------
1,024,563
-------------
Banks (2.2%)
Cullen/Frost
Bankers, Inc. 10,000 492,500
Dime Bancorp, Inc.+ 35,000 428,750
-------------
921,250
-------------
Building Materials and Construction (5.6%)
EMCOR Group, Inc.+ 45,000 641,250
Fibreboard Corp.+ 15,000 384,375
Lone Star Industries 25,000 896,875
Medusa Corp. 15,000 438,750
-------------
2,361,250
-------------
Chemicals (3.0%)
Applied Extrusion
Technologies, Inc.+ 35,700 499,800
Church & Dwight, Inc. 35,000 770,000
-------------
1,269,800
-------------
Commercial Services (3.1%)
AMRE, Inc. 25,000 468,750
CET Environmental
Services, Inc.+ 77,400 822,375
-------------
1,291,125
-------------
Computer Software (5.0%)
Bachman Information
Systems, Inc.+ 60,000 562,500
Black Box Corp.+ 33,000 660,000
National Data Corp. 25,000 $ 881,250
-------------
2,103,750
-------------
Computers and Office Equipment (4.0%)
Amdahl Corp.+ 85,000 1,083,750
Data General Corp.+ 38,000 584,250
-------------
1,668,000
-------------
Diversified (1.9%)
Figgie International,
Inc. - Class A+ 60,000 795,000
-------------
Electrical and Electronics (7.4%)
BMC Industries, Inc. 20,000 535,000
Perkin-Elmer Corp. 35,000 1,920,624
Silicon Valley Group,
Inc.+ 25,000 668,750
-------------
3,124,374
-------------
Foods and Beverages (8.1%)
Delta & Pine Land Co. 25,000 1,115,625
Panamerican Beverages,
Inc. Class A 17,000 745,875
Ralcorp Holdings, Inc.+ 15,000 330,000
Unimark Group, Inc.+ 37,500 553,125
Universal Foods Corp. 20,000 685,000
-------------
3,429,625
-------------
Hotels and Restaurants (2.9%)
Sun International
Hotels Ltd.+ 29,000 1,239,750
-------------
Insurance (6.2%)
Allmerica Financial
Corp. 18,000 468,000
Bankers Life Holding
Corp. 20,000 402,500
64 See Notes to Portfolio of Investments.
<PAGE>
- --------------------------------------------------------------------------------
Portfolio of Investments
- --------------------------------------------------------------------------------
April 30, 1996 (Unaudited)
Small Company Growth Fund (continued)
Number of Market
Shares Value
----------- -------
Delphi Financial
Group, Inc.+ 15,000 $ 412,500
LaSalle Re Holdings
Ltd. 23,500 467,063
Liberty Corp. 15,000 476,250
Markel Corp.+ 5,000 400,000
-------------
2,626,313
-------------
Machinery and Equipment (2.3%)
Global Industrial
Technologies, Inc.+ 30,000 551,250
McDermott
International, Inc. 20,000 420,000
-------------
971,250
-------------
Media and Entertainment (6.0%)
All American
Communications,
Inc., Class B + 17,000 144,500
Media General,
Inc.,Class A 13,000 500,500
New World
Communications
Group, Inc.+ 30,000 558,750
Osborn Communications
Corp.+ 70,000 735,000
Topps Co., Inc.+ 100,000 575,000
-------------
2,513,750
-------------
Medical Supplies (4.0%)
INAMED Corp.+ 40,000 415,000
PLC Systems, Inc.+ 30,000 892,500
Quidel Corp.+ 75,000 384,375
-------------
1,691,875
-------------
Metals and Mining (2.1%)
Commonwealth Aluminum
Corp. 10,000 $ 156,250
Minerals Technologies,
Inc. 10,000 385,000
Republic Engineered
Steels, Inc.+ 90,000 360,000
-------------
901,250
-------------
Oil and Gas (7.2%)
Chesapeake Energy
Corp.+ 12,000 849,000
Lomak Petroleum, Inc. 30,000 401,250
Santa Fe Energy
Resources, Inc.+ 80,000 960,000
Swift Energy Co.+ 20,000 310,000
World Fuel Services
Corp. 30,000 517,500
-------------
3,037,750
-------------
Paper and Containers (1.8%)
Aptargroup, Inc. 7,700 289,713
Boise Cascade Corp. 10,000 465,000
-------------
754,713
-------------
Pharmaceuticals (6.1%)
Alcide Corp.+ 20,000 490,000
American Biogenetic
Sciences, Inc.+ 110,000 660,000
Biovail Corp.
International+ 30,000 847,500
Carter - Wallace, Inc. 35,000 551,250
-------------
2,548,750
-------------
Retail (0.9%)
Waban, Inc.+ 15,000 367,500
-------------
Aetna Mutual Funds Semi-Annual Report 65
<PAGE>
- --------------------------------------------------------------------------------
Portfolio of Investments
- --------------------------------------------------------------------------------
April 30, 1996 (Unaudited)
Small Company Growth Fund (continued)
Number of Market
Shares Value
----------- -------
Telecommunications (9.3%)
Associated Group, Inc.+ 15,000 $ 421,875
Atlantic Tele-Network,
Inc.+ 52,700 1,159,400
Centennial Cellular
Corp., Class A + 15,000 245,625
Comsat Corp. 40,000 1,220,000
General Communication,
Inc.+ 60,000 465,000
Pittencrieff
Communication, Inc.+ 70,000 424,375
-------------
3,936,275
-------------
Transportation (3.3%)
OMI Corp.+ 40,000 345,000
Xtra Corp. 23,000 1,046,500
-------------
1,391,500
-------------
Utilities - Oil and Gas (1.0%)
Valero Energy Corp. 15,000 433,125
-------------
Total Common Stocks
($32,405,969) $ 40,402,538
-------------
Principal Market
Amount Value
--------- -------
Short-Term Investments (3.3%)
Federal Home Loan
Mortgage Corp.,
Disc. Note, 5.30%,
05/01/96 1,398,000 1,398,000
-------------
Total Short-Term
Investments
(cost $1,398,000) $ 1,398,000
-------------
Total Investments
(cost $33,803,969) (a) $ 41,800,538
Other assets less
liabilities 369,101
-------------
Total Net Assets $ 42,169,639
Notes to Portfolio of Investments
+ Non-income producing security.
(a) The cost of investments for federal income tax purposes is identical.
Unrealized gains and losses, based on identified tax cost, at April 30, 1996
are as follows:
Unrealized gains ............. $ 8,354,816
Unrealized losses ............ (358,247)
------------
Net unrealized gain ..... $ 7,996,569
============
Category percentages are based on net assets.
66 See Notes to Financial Statements.
<PAGE>
- --------------------------------------------------------------------------------
Portfolio of Investments
- --------------------------------------------------------------------------------
April 30, 1996 (Unaudited)
International Growth Fund
Number of Market
Shares Value
----------- -------
Common Stocks (94.2%)
Argentina (0.9%)
Banks (0.9%)
Banco Frances del Rio
de la Plata S.A. ADR 13,000 $ 373,750
-------------
Total Argentina $ 373,750
-------------
Australia (1.5%)
Banks (1.0%)
National Australia
Bank Ltd. 44,600 $ 400,462
-------------
Diversified (0.5%)
Email Ltd. 80,000 224,553
-------------
Financial Services (0.0%)
Commonwealth Bank of
Australia 1,144 9,399
-------------
Total Australia $ 634,414
-------------
Austria (1.6%)
Building Materials and Construction (0.8%)
VA Technologie AG+ 2,600 344,848
-------------
Oil and Gas (0.8%)
Australian Gas Light
Co. Ltd. 71,849 299,404
-------------
Total Austria $ 644,252
-------------
Belgium (1.4%)
Chemicals (0.7%)
Solvay SA Class A 500 294,701
-------------
Retail (0.7%)
G.I.B. Holdings Ltd. 6,400 286,340
-------------
Total Belgium $ 581,041
-------------
Canada (3.1%)
Banks (0.7%)
Royal Bank of Canada 12,000 $ 284,256
-------------
Oil and Gas (1.0%)
Alberta Energy Co.
Ltd. 10,800 211,407
Petro-Canada 17,000 217,893
-------------
429,300
-------------
Printing and Publishing (0.6%)
Quebecor, Inc. Class B 15,200 251,761
-------------
Utilities - Telephone (0.8%)
BCE, Inc.+ 8,400 330,398
-------------
Total Canada $ 1,295,715
-------------
Denmark (2.1%)
Commercial Services (1.0%)
ISS International
Service System AS 14,000 395,433
-------------
Pharmaceuticals (1.1%)
Novo-Nordisk AS+ 3,500 454,038
-------------
Total Denmark $ 849,471
-------------
Finland (2.3%)
Paper and Containers (1.6%)
Metsa-Serla Oy 65,000 472,893
Repola Oy 10,000 193,320
-------------
666,213
-------------
Retail (0.7%)
Kesko 24,500 277,213
-------------
Total Finland $ 943,426
-------------
See Notes to Portfolio of Investments.
Aetna Mutual Funds Semi-Annual Report 67
<PAGE>
- ---------------------------------------------------------------------------
Portfolio of Investments
- ---------------------------------------------------------------------------
April 30, 1996 (Unaudited)
International Growth Fund (continued)
Number of Market
Shares Value
----------- -------
France (4.0%)
Autos and Auto Equipment (0.7%)
PSA Peugeot 2,000 $ 278,913
-------------
Building Materials and Construction (0.7%)
Bouygues 3,000 304,216
-------------
Metals and Mining (0.7%)
Usinor Sacilor+ 20,000 308,851
-------------
Oil and Gas (1.0%)
Elf Aquitaine SA 5,750 426,814
-------------
Retail (0.9%)
Docs de France, SA 2,000 378,579
-------------
Total France $ 1,697,373
-------------
Hong Kong (4.3%)
Banks (0.8%)
HSBC Holdings Plc 22,400 334,458
-------------
Diversified (0.8%)
Swire Pacific Ltd.
Class A 40,000 341,284
-------------
Electrical Equipment (0.5%)
QPL International 177,000 181,908
-------------
Hotels and Restaurants (0.6%)
Regal Hotels
International 1,000,000 253,377
-------------
Real Estate Investment Trusts (1.6%)
Hysan Development Co.
Ltd. 128,000 411,195
New World Development
Co. Ltd. 52,000 233,262
-------------
644,457
-------------
Total Hong Kong $ 1,755,484
-------------
Indonesia (2.6%)
Metals and Mining (0.8%)
Tambang Timah
(Foreign-Registered
shares)+ 175,000 $ 313,640
-------------
Retail (0.7%)
Matahari Putra Prima
(Foreign-Registered
shares) 150,000 301,030
-------------
Transportation (1.1%)
Steady Safe
(Foreign-Registered
shares) 300,000 447,521
-------------
Total Indonesia $ 1,062,191
-------------
Ireland (0.8%)
Household Products (0.8%)
Waterford Wedgewood 275,000 311,584
-------------
Total Ireland $ 311,584
-------------
Italy (3.9%)
Banks (0.6%)
Banca Popolare di
Bergamo 14,000 228,171
-------------
Printing and Publishing (0.9%)
Mondadori (Arnoldo)
Editore SpA 42,000 351,518
-------------
Telecommunications (2.4%)
Stet Scocieta'
Finaziaria
Telefonica S.p.A. 400,000 1,046,904
-------------
Total Italy $ 1,626,593
-------------
68 See Notes to Portfolio of Investments.
<PAGE>
- ---------------------------------------------------------------------------
Portfolio of Investments
- ---------------------------------------------------------------------------
April 30, 1996 (Unaudited)
International Growth Fund (continued)
Number of Market
Shares Value
----------- -------
Japan (25.4%)
Aerospace and Defense (1.7%)
Mitsubishi Heavy
Industries Ltd. 77,000 $ 686,536
-------------
Building Materials and Construction (0.9%)
Nippon Densetsu Kogyo 33,000 368,574
-------------
Chemicals (3.1%)
Fuji Photo Film+ 12,000 373,443
Konica Corp. 35,000 273,973
Shin-Etsu Chemical Co.+ 28,350 619,746
-------------
1,267,162
-------------
Computers and Office Equipment (1.4%)
Canon, Inc. 29,000 575,820
-------------
Consumer Products (0.8%)
AJL PEPS Trust 14,700 327,075
-------------
Electrical and Electronics (3.6%)
Hitachi Koki 5,000 52,981
Nintendo Co. Ltd. 7,000 539,927
Rohm Co. 7,000 445,038
TDK Corp. 8,000 457,448
-------------
1,495,394
-------------
Electrical Equipment (2.7%)
Furukawa Electric Co.+ 79,000 478,125
Hitachi Ltd. (Hit.
Seisakusho) 59,000 636,438
-------------
1,114,563
-------------
Financial Services (0.9%)
Sanyo Shinpan Finance Co. 5,500 383,275
-------------
Machinery and Equipment (1.7%)
Komatsu Ltd.+ 49,000 $ 472,436
Tsukishima Kikai 10,000 228,151
-------------
700,587
-------------
Metals and Mining (1.3%)
Nippon Steel Co. 146,000 526,829
-------------
Pharmaceuticals (1.1%)
Daiichi
Pharmaceuticals Co. 27,000 453,630
Ltd.
-------------
Printing and Publishing (1.1%)
Toppan Printing Co.
Ltd. 32,000 470,431
-------------
Real Estate Investment Trusts (0.8%)
Daibiru Corp. 25,000 336,499
-------------
Retail (1.0%)
Ito-Yokado Co., Ltd. 7,000 412,295
-------------
Transportation (2.1%)
East Japan Railway Co. 80 426,901
Nippon Express Co. Ltd. 43,000 447,425
-------------
874,326
-------------
Utilities - Electric (0.0%)
Tohoku Electric Power 70 1,737
-------------
Utilities - Telephone (1.2%)
DDI Corp. 56 480,588
-------------
Total Japan $ 10,475,321
-------------
Kenya (0.9%)
Utilities - Electric (0.9%)
Chilgener S.A. ADR 3,000 67,125
Empresa Nacional
Electricidad SA ADR 16,000 312,000
-------------
379,125
-------------
Total Kenya $ 379,125
-------------
Aetna Mutual Funds Semi-Annual Report 69
<PAGE>
- ---------------------------------------------------------------------------
Portfolio of Investments
- ---------------------------------------------------------------------------
April 30, 1996 (Unaudited)
International Growth Fund (continued)
Number of Market
Shares Value
----------- -------
Malaysia (2.9%)
Chemicals (0.7%)
Industrial Oxygen,
Inc. Bhd 180,000 $ 269,949
-------------
Diversified (0.5%)
Oriental Holdings Bhd 30,000 182,853
-------------
Financial Services (0.9%)
MBF Capital Bhd 250,000 374,930
-------------
Media and Entertainment (0.4%)
Magnum Corp. Bhd 100,000 173,230
-------------
Transportation (0.4%)
Malaysian
International
Shipping Bhd
(Foreign-Registered
shares) 56,666 181,782
-------------
Total Malaysia $ 1,182,744
-------------
Mexico (1.2%)
Foods and Beverages (1.1%)
Panamerican Beverages,
Inc. Class A 10,000 438,750
-------------
Transportation (0.1%)
Transportacion
Maritima Mexicana SA
de CV 7,000 58,625
-------------
Total Mexico $ 497,375
-------------
Netherlands (4.3%)
Building Materials and Construction (0.3%)
Koninklijke Volker
Stevin N.V. 2,000 135,793
-------------
Diversified (1.1%)
Hagemeyer N.V. 6,300 430,685
-------------
Electrical and Electronics (1.2%)
Philips
Electronics N.V. 14,000 $ 493,633
-------------
Financial Services (0.9%)
ABN Amro Holding N.V. 7,505 387,967
-------------
Retail (0.8%)
Vendex International
N.V. 11,000 314,771
-------------
Total Netherlands $ 1,762,849
-------------
Norway (3.1%)
Diversified (0.8%)
Orkla AS Class A 6,700 326,727
-------------
Financial Services (0.9%)
Fokus Banken AS+ 69,000 371,072
-------------
Medical Supplies (0.9%)
Hafslund ASA 13,000 381,159
-------------
Printing and Publishing (0.5%)
Schibsted Group 14,800 215,843
-------------
Total Norway $ 1,294,801
-------------
Philippines (1.6%)
Building Materials and Construction (0.8%)
DMCI Holdings, Inc.+ 500,000 334,480
-------------
Utilities - Telephone (0.8%)
Philippine Long
Distance Telephone Co. 6,030 306,571
-------------
Total Philippines $ 641,051
-------------
70 See Notes to Portfolio of Investments.
<PAGE>
- ---------------------------------------------------------------------------
Portfolio of Investments
- ---------------------------------------------------------------------------
April 30, 1996 (Unaudited)
International Growth Fund (continued)
Number of Market
Shares Value
----------- -------
Singapore (2.1%)
Banks (0.7%)
Development Bank of
Singapore Ltd.
(Foreign-Registered
shares) 10,000 $ 126,600
Oversea-Chinese
Banking Corp. Ltd.
(Foreign-Registered
shares) 12,000 164,723
-------------
291,323
-------------
Paper and Containers (0.5%)
Asia Pulp & Paper Co.
Ltd.+ 17,900 214,800
-------------
Transportation (0.9%)
Singapore
Airlines Ltd.
(Foreign-Registered
shares) 37,000 373,684
-------------
Total Singapore $ 879,807
-------------
South Korea (1.2%)
Utilities - Electric (1.2%)
Korea Electric Power
Corp. ADR 18,000 499,500
-------------
Total South Korea $ 499,500
-------------
Spain (1.6%)
Utilities - Electric (0.7%)
Union Electrica Fenosa
SA 50,800 303,516
-------------
Utilities - Telephone (0.9%)
Telefonica de Espana 21,000 373,440
-------------
Total Spain $ 676,956
-------------
Sweden (2.2%)
Electrical and Electronics (0.5%)
Telefonaktiebolaget LM
Ericsson 11,000 $ 222,515
-------------
Financial Services (0.4%)
Sparbanken Sverige AB 15,000 168,817
-------------
Home Furnishings & Appliances (0.5%)
Electrolux AB Class B+ 4,100 206,288
-------------
Metals and Mining (0.7%)
Svenskt Stal AB (SSAB) 23,000 282,539
-------------
Real Estate (0.1%)
Fastighets AB Tornet+ 1,500 18,757
-------------
Total Sweden $ 898,916
-------------
Switzerland (2.2%)
Insurance (1.3%)
Baloise Holding Ltd. 125 267,635
Winterthur
Schweizerische
Versicherungs -
Gesellschaft 450 281,634
-------------
549,269
-------------
Machinery and Equipment (0.9%)
Sulzer AG 560 359,926
-------------
Total Switzerland $ 909,195
-------------
Taiwan (0.4%)
Metals and Mining (0.4%)
China Steel Corp. 8,000 178,400
-------------
Total Taiwan $ 178,400
-------------
Aetna Mutual Funds Semi-Annual Report 71
<PAGE>
- ---------------------------------------------------------------------------
Portfolio of Investments
- ---------------------------------------------------------------------------
April 30, 1996 (Unaudited)
International Growth Fund (continued)
Number of Market
Shares Value
----------- -------
Thailand (1.3%)
Financial Services (1.3%)
Bank of Ayudhya PCL
(Foreign-Registered
shares) 50,000 $ 295,050
Siam Commercial Bank
PCL
(Foreign-Registered
shares) 15,000 220,990
-------------
516,040
-------------
Total Thailand $ 516,040
-------------
United Kingdom (9.4%)
Autos and Auto Equipment (0.7%)
T & N Plc 106,000 285,510
-------------
Commercial Services (0.6%)
Inchcape Plc 60,000 262,896
-------------
Diversified (0.5%)
Lonrho Plc 70,000 203,250
-------------
Financial Services (0.9%)
Barclays Bank
Restricted 702 7,763
Barclays Plc+ 32,200 356,102
-------------
363,865
-------------
Foods and Beverages (1.5%)
Allied Domecq Plc 40,000 308,213
Hillsdown Holdings Plc 108,100 291,977
-------------
600,190
-------------
Hotels and Restaurants (0.8%)
Millennium & Copthorne
Hotels Plc 17,000 329,375
-------------
Media and Entertainment (0.7%)
Ladbroke Group Plc 106,000 310,959
-------------
Retail (1.4%)
Asda Group Plc 180,000 $ 306,562
Burton Group Plc 110,000 257,494
-------------
564,056
-------------
Transportation (1.4%)
NFC Plc 121,967 314,790
Peninsular & Oriental
Steam Navigation Co.
32,000 251,132
-------------
565,922
-------------
Utilities - Electric (0.2%)
National Power Plc ADR
4,000 105,500
-------------
Utilities - Water (0.7%)
Hyder PLC 25,000 275,726
-------------
Total United Kingdom $ 3,867,249
-------------
West Germany (5.9%)
Banks (1.7%)
Commerzbank AG 1,600 345,864
Deutsche Bank AG 7,250 346,863
-------------
692,727
-------------
Machinery and Equipment (1.2%)
Mannesmann AG 1,450 494,506
-------------
Oil and Gas (1.5%)
VEBA AG 12,500 620,293
-------------
Pharmaceuticals (0.4%)
Merck KGaA+ 4,000 148,805
-------------
72 See Notes to Portfolio of Investments.
<PAGE>
- ---------------------------------------------------------------------------
Portfolio of Investments
- ---------------------------------------------------------------------------
April 30, 1996 (Unaudited)
International Growth Fund (continued)
Number of Market
Shares Value
----------- -------
West Germany (continued)
Retail (1.1%)
Asko Deutsche Kaufhaus AG 800 $ 474,716
-------------
Total West Germany $ 2,431,047
-------------
Total Common Stocks
($35,468,562) $ 38,865,670
-------------
Preferred Stocks (1.0%)
Finland (1.0%)
Electrical Equipment (1.0%)
Nokia AB Class A 11,500 409,796
-------------
Total Finland $ 409,796
-------------
Total Preferred
Stocks ($601,681) $ 409,796
-------------
Warrants (0.0%)
Italcementi 12/31/96 11,100 1,660
-------------
Total Warrants $ 1,660
-------------
Short-Term Investments (3.1%)
U.S. Treasury Bill,
4.71%, 11/14/96, ++ $ 300,000 $ 291,628
Lockheed Corp., Comm.
Paper, 5.50%,
05/01/96 996,000 996,000
-------------
Total Short-Term
Investments
(cost $1,287,660) $ 1,287,628
-------------
Total Investments
(cost $37,361,362)
(a) $ 40,564,754
Other assets less
liabilities 691,644
-------------
Total Net Assets $ 41,256,398
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 income federal tax purposes is identical.
Unrealized gains and losses, based on identified tax cost,at April 30, 1996
are as follows:
Unrealized gains .............. $ 4,092,606
Unrealized losses ............. (889,214)
-------------
Net unrealized gain ...... $ 3,203,392
=============
Category percentages are based on net assets.
Information concerning open futures contracts is shown below:
No. of Initital Expiration Unrealized
Contracts Value Date Gain/(Loss)
--------- ------------ ----------- ------------
Topex Index Future 4 $ 597,000 June 96 $ 52,991
=========
See Notes to Financial Statements.
Aetna Mutual Funds Semi-Annual Report 73
<PAGE>
- ---------------------------------------------------------------------------
Portfolio of Investments
- ---------------------------------------------------------------------------
April 30, 1996 (Unaudited)
Asian Growth Fund
Number of Market
Shares Value
----------- -------
Common Stocks (93.0%)
Hong Kong (33.8%)
Banks (6.6%)
Bank of East Asia, Ltd. 216,000 $ 724,607
HSBC Holdings Plc 66,000 985,457
-------------
1,710,064
-------------
Diversified (10.1%)
Citic Pacific Ltd. 320,000 1,257,579
Hutchison Whampoa Ltd. 83,000 515,028
Swire Pacific Ltd.
Class A 100,000 853,209
-------------
2,625,816
-------------
Electrical Equipment (1.2%)
QPL International 300,000 308,319
-------------
Foods and Beverages (1.9%)
Ng Fung Hong Ltd.+ 1,000,000 478,314
-------------
Hotels and Restaurants (1.0%)
Regal Hotels
International 1,000,000 253,377
-------------
Real Estate (4.7%)
Cheung Kong (Holdings)
Ltd. 84,000 597,246
HKR International Ltd. 550,000 625,687
-------------
1,222,933
-------------
Real Estate Investment Trusts (7.4%)
Hysan Development Co.
Ltd. 315,000 1,011,926
New World Development
Co. Ltd. 203,000 910,620
-------------
1,922,546
-------------
Utilities - Electric (0.9%)
HongKong Electric
Holdings Ltd. 75,000 $ 238,511
-------------
Total Hong Kong $ 8,759,880
-------------
Indonesia (7.7%)
Banks (0.7%)
Bank Danamon Indonesia
PT
(Foreign-Registered
shares) 57,500 83,924
Modernbank
(Foreign-Registered 121,500 109,530
shares)
-------------
193,454
-------------
Metals and Mining (0.9%)
Tambang Timah
(Foreign-Registered
shares)+ 125,000 224,029
-------------
Real Estate (2.0%)
Kawasan Industri
Jababeka
(Foreign-Registered
shares) 250,000 504,400
-------------
Retail (0.8%)
Matahari Putra Prima
(Foreign-Registered
shares) 100,000 200,687
-------------
Telecommunications (1.6%)
Indosat 12,000 418,500
-------------
Transportation (1.7%)
Steady Safe
(Foreign-Registered 300,000 447,521
shares)
-------------
Total Indonesia $ 1,988,591
-------------
74 See Notes to Portfolio of Investments.
<PAGE>
- --------------------------------------------------------------------------
Portfolio of Investments
- --------------------------------------------------------------------------
April 30, 1996 (Unaudited)
Asian Growth Fund (continued)
Number of Market
Shares Value
----------- -------
Malaysia (19.4%)
Banks (5.1%)
Hong Leong Bank Bhd 180,000 $ 537,734
Malayan Banking Bhd 80,000 779,533
-------------
1,317,267
-------------
Chemicals (1.0%)
Industrial Oxygen,
Inc. Bhd 180,000 269,949
-------------
Diversified (7.1%)
Land & General Bhd 232,500 619,988
Oriental Holdings Bhd 40,000 243,805
Sungei Way Holdings
Bhd. 210,000 968,402
-------------
1,832,195
-------------
Financial Services (1.0%)
MBF Capital Bhd 166,000 248,953
-------------
Media and Entertainment (1.3%)
Magnum Corp. Bhd 200,000 346,459
-------------
Real Estate (3.2%)
IOI Properties Bhd 95,000 314,279
Metroplex Bhd 500,000 501,243
-------------
815,522
-------------
Transportation (0.7%)
Malaysian
International
Shipping Bhd
(Foreign-Registered 60,000 192,477
shares)
-------------
Total Malaysia $ 5,022,822
-------------
Philippines (5.6%)
Building Materials and Construction (3.6%)
C & P Homes, Inc. 700,000 602,064
Philippines (continued)
DMCI Holdings, Inc.+ 296,000 $ 198,012
Sanitary Wares
Manufacturing Corp.+ 410,700 131,876
-------------
931,952
-------------
Real Estate (1.0%)
Ayala Land, Inc. 165,000 255,447
-------------
Utilities - Telephone (1.0%)
Philippine Long
Distance Telephone Co. 5,000 254,205
-------------
Total Philippines $ 1,441,604
-------------
Singapore (6.5%)
Banks (3.3%)
Development Bank of
Singapore Ltd. 30,000 379,801
Oversea-Chinese
Banking
(Foreign-Registered
shares) 35,000 480,441
-------------
860,242
-------------
Diversified (1.8%)
Straits Steamship Land
Ltd. 130,000 453,058
-------------
Transportation (1.4%)
Singapore
Airlines Ltd.
(Foreign-Registered
shares) 36,000 363,585
-------------
Total Singapore $ 1,676,885
-------------
South Korea (4.9%)
Chemicals (1.5%)
L.G. Chemical Ltd.+ 19,000 380,760
-------------
Aetna Mutual Funds Semi-Annual Report 75
<PAGE>
- -----------------------------------------------------------------------------
Portfolio of Investments
- -----------------------------------------------------------------------------
April 30, 1996 (Unaudited)
Asian Growth Fund (continued)
Number of Market
Shares Value
----------- -------
Oil and Gas (1.5%)
Yukong Ltd. 10,750 $ 400,578
-------------
South Korea (cont'd)
Utilities - Electric (1.9%)
Korea Electric Power
Corp. ADR 18,000 499,500
-------------
Total South Korea $ 1,280,838
-------------
Thailand (15.1%)
Auto Parts and Accessories (0.7%)
Swedish Motor PCL
(Foreign-Registered
shares) 50,000 188,119
-------------
Banks (2.5%)
Bangkok Metropolitan
Bank PCL 641,666 644,554
-------------
Building Materials and Construction (1.8%)
Siam Cement PCL
(Foreign-Registered
shares) 4,500 231,683
TPI Polene PCL
(Foreign-Registered
shares) 42,000 232,871
-------------
464,554
-------------
Computers and Office Equipment (0.9%)
K.R. Precision PCL
(Foreign-Registered
shares) 44,800 243,073
-------------
Financial Services (4.5%)
Bank of Ayudhya PCL
(Foreign-Registered
shares) 115,000 678,614
Siam Commercial Bank
PCL
(Foreign-Registered 25,000 368,317
shares)
Siam General Factoring
Co. Ltd.
(Foreign-Registered
shares) 63,800 $ 115,598
-------------
1,162,529
-------------
Telecommunications (1.0%)
Advanced Info Service
PCL
(Foreign-Registered
shares) 15,000 254,257
-------------
Utilities - Electric (3.7%)
Electricity Generating
Public Co. Ltd.
(Foreign-Registered
shares) 242,000 948,832
-------------
Total Thailand $ 3,905,918
-------------
Total Common Stocks
($20,475,571) $ 24,076,538
-------------
Warrants (0.3%)
Straits Steamship Land
Ltd. 50,000 78,236
-------------
Total Warrants $ 78,236
-------------
Principal Market
Amount Value
--------- -------
Short-Term Investments (5.3%)
Koch Industries, Comm.
Paper, 0.00%,
05/01/96 $ 374,000 $ 374,000
Lockheed Martin Corp.,
Comm. Paper, 0.00%,
05/01/96 1,000,000 1,000,000
-------------
Total Short-Term
Investments
(cost $1,374,000) $ 1,374,000
-------------
76 See Notes to Portfolio of Investments.
<PAGE>
- ---------------------------------------------------------------------------
Portfolio of Investments
- ---------------------------------------------------------------------------
April 30, 1996 (Unaudited)
Asian Growth Fund (continued)
Total Investments
(cost $21,877,527) (a) $ 25,528,774
Other assets less
liabilities 359,757
-------------
Total Net Assets $ 25,888,531
Notes to Portfolio of Investments
+ Non-income producing security.
(a) The cost of investments for federal income tax purposes amount to
$22,008,556. Unrealized gains and losses, based on identified tax cost, at
April 30, 1996 are as follows:
Unrealized gains .............. $ 4,424,711
Unrealized losses ............. (904,493)
--------------
Net unrealized gain ...... $ 3,520,218
==============
Category percentages are based on net assets.
See Notes to Financial Statements.
Aetna Mutual Funds Semi-Annual Report 77
<PAGE>
- --------------------------------------------------------------------------------
Statements of Assets and Liabilities
- --------------------------------------------------------------------------------
April 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Aetna Series Fund, Inc. Money Market Fund Government Fund
<S> <C> <C>
Assets:
Investments, at market value (Note 1) ..... $ 412,453,877 $ 13,843,954
Cash ...................................... 1,828,693 --
Cash denominated in foreign currencies .... -- --
Receivable for:
Dividends and interest ................. 2,087,034 244,742
Investments sold ....................... 3,500,192 --
Fund shares sold ....................... 840,172 --
Recoverable taxes ...................... -- --
Reimbursement from Investment Advisor .. 299,378 39,584
Gross unrealized gain on forward foreign
currency exchange contracts (Note 7) ... -- --
Deferred organizational expenses .......... 11,461 --
--------------- -------------
Total assets ......................... 421,020,807 14,128,280
--------------- -------------
Liabilities:
Payable for:
Investments purchased .................. 10,161,680 --
Fund shares redeemed ................... 3,282,125 643
Variation margin ....................... -- --
Other liabilities ...................... 399,126 7,282
Gross unrealized loss on forward foreign
currency contracts (Note 7) ............ -- --
Deferred premiums on written options, at
market value (Note 5) .................. -- --
--------------- -------------
Total liabilities .................... 13,842,931 7,925
--------------- -------------
NET ASSETS ................................ $ 407,177,876 $ 14,120,355
=============== =============
Net assets represented by:
Paid-in capital ........................... $ 407,177,876 $ 14,655,301
Unrealized gain (loss) on investments ..... -- (345,734)
Undistributed net investment income ....... -- 30,228
Accumulated net realized gain (loss) on
investments ............................ -- (219,440)
=============== =============
NET ASSETS ................................ $ 407,177,876 $ 14,120,355
=============== =============
Capital Shares, $.001 par value
Select Class: Outstanding ............... 304,055,061 1,399,685
Net Assets ................ $ 304,055,061 $ 13,562,640
Net Asset Value per share . $ 1.00 $ 9.69
Adviser Class: Outstanding ............... 103,122,815 57,564
Net Assets ................ $ 103,122,815 $ 557,715
Net Asset Value per share . $ 1.00 $ 9.69
Cost of Investments ....................... $ 412,453,877 $ 14,189,688
=============== =============
78 See Notes to Financial Statements.
<PAGE>
<CAPTION>
Bond Fund The Aetna Fund Growth and Income Fund
<C> <C> <C>
$ 37,295,485 $ 86,806,206 $ 382,489,781
-- 11,304 162,830
-- -- 194,650
568,701 459,618 470,294
-- 876,244 8,067,607
59,865 42,766 28,489
-- -- 4,923
15,492 -- --
-- -- 122,193
11,461 11,461 11,461
- -------------- -------------- ---------------
37,951,004 88,207,599 391,552,228
- -------------- -------------- ---------------
-- 1,306,358 517,587
21,639 19,924 189,039
-- -- 13,618
30,702 102,151 357,200
-- -- 35,590
-- -- 1,246,394
- -------------- -------------- ---------------
52,341 1,428,433 2,359,428
- -------------- -------------- ---------------
$ 37,898,663 $ 86,779,166 $ 389,192,800
============== ============== ===============
$ 38,623,593 $ 70,237,723 $ 291,421,709
105,161 10,166,131 70,562,679
2,410 629,983 976,055
(832,501) 5,745,329 26,232,357
============== ============== ===============
$ 37,898,663 $ 86,779,166 $ 389,192,800
============== ============== ===============
3,528,563 6,599,681 26,819,736
$ 35,131,978 $ 83,927,054 $ 384,664,795
$ 9.96 $ 12.72 $ 14.34
277,892 224,845 316,536
$ 2,766,685 $ 2,852,112 $ 4,528,005
$ 9.96 $ 12.68 $ 14.30
$ 37,190,324 $ 76,640,075 $ 311,629,147
============== ============== ===============
Aetna Mutual Funds Semi-Annual Report 79
<PAGE>
- -------------------------------------------------------------------------------
Statements of Assets and Liabilities
- -------------------------------------------------------------------------------
April 30, 1996 (Unaudited)
Aetna Series Fund, Inc. Growth Fund Small Company Growth
<S> <C> <C>
Assets:
Investments, at market value (Note 1) ..... $ 42,423,957 $ 41,800,538
Cash ...................................... 481 89
Cash denominated in foreign currencies .... -- --
Receivable for:
Dividends and interest ................. 29,361 --
Investments sold ....................... -- 569,424
Fund shares sold ....................... 76,621 65,851
Recoverable taxes ...................... -- --
Reimbursement from Investment Advisor .. -- --
Gross unrealized gain on forward foreign
currency exchange contracts (Note 7) ... -- --
Deferred organizational expenses .......... -- --
------------- -------------
Total assets ......................... 42,530,420 42,435,902
------------- -------------
Liabilities:
Payable for:
Investments purchased .................. -- 205,108
Fund shares redeemed ................... 136,013 20,000
Variation margin ....................... -- --
Other liabilities ...................... 38,279 41,155
Gross unrealized loss on forward foreign
currency exchange contracts (Note 7) ... -- --
------------- -------------
Total liabilities .................... 174,292 266,263
------------- -------------
NET ASSETS ................................ $ 42,356,128 $ 42,169,639
============= =============
Net assets represented by:
Paid-in capital ........................... $ 32,762,555 $ 28,623,188
Unrealized gain (loss) on investments ..... 7,341,536 7,996,569
Undistributed (distributions in excess of)
net investment income .................. (2,307) (156,644)
Accumulated net realized gain (loss) on
investments ............................ 2,254,344 5,706,526
============= =============
NET ASSETS ................................ $ 42,356,128 $ 42,169,639
============= =============
Capital Shares, $.001 par value
Select Class: Outstanding ............... 2,906,741 2,573,095
Net Assets ................ $ 39,110,362 $ 39,328,868
Net Asset Value per share . $ 13.46 $ 15.28
Adviser Class: Outstanding ............... 243,518 188,421
Net Assets ................ $ 3,245,766 $ 2,840,771
Net Asset Value per share . $ 13.33 $ 15.08
Cost of Investments ....................... $ 35,082,421 $ 33,803,969
============= =============
80 See Notes to Financial Statements.
<PAGE>
<CAPTION>
International Growth Fund Asian Growth Fund
<C> <C>
$ 40,564,754 $ 25,528,774
49 605
424,565 394,002
165,997 130,025
1,133,759 869,300
177,373 454
55,728 2,709
-- 21,787
248,107 --
11,461 --
-------------- --------------
42,781,793 26,947,656
-------------- --------------
1,189,552 1,028,402
134,276 --
2,919 --
69,421 30,723
129,227 --
-------------- --------------
1,525,395 1,059,125
-------------- --------------
$ 41,256,398 $ 25,888,531
============== ==============
$ 34,581,177 $ 24,864,939
3,373,392 3,652,944
66,191 93,479
3,235,638 (2,722,831)
============== ==============
$ 41,256,398 $ 25,888,531
============== ==============
1,684,648 2,694,284
$ 19,596,926 $ 25,273,846
$ 11.63 $ 9.38
1,866,272 65,695
$ 21,659,472 $ 614,685
$ 11.61 $ 9.36
$ 37,361,362 $ 21,877,527
============== ==============
</TABLE>
Aetna Mutual Funds Semi-Annual Report 81
<PAGE>
- --------------------------------------------------------------------------------
Statements of Operations
- --------------------------------------------------------------------------------
Six-month period ended April 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Aetna Series Fund, Inc. Money Market Fund Government Fund
<S> <C> <C>
Investment income: (Note 1)
Dividends .................................. $ -- $ --
Interest ................................... 10,343,320 467,250
-------------- -----------
10,343,320 467,250
Foreign taxes withheld ..................... -- --
-------------- -----------
Total investment income ................. 10,343,320 467,250
-------------- -----------
Investment Expenses: (Notes 2 and 3)
Investment advisory fee .................... 722,869 37,460
Administrative service fee ................. 448,570 18,730
12b-1 and service fees ..................... 45,816 1,854
Organizational expenses .................... 4,273 --
Printing and postage ....................... 88,159 5,756
Custody fees ............................... 17,951 6,577
Transfer agent fees ........................ 204,084 15,590
Audit fees ................................. 4,025 5,299
Directors' fees ............................ 7,919 3,411
State and federal fees ..................... 53,681 20,437
Miscellaneous .............................. 9,730 --
-------------- -----------
Expenses before reimbursement and waiver
from Adviser ............................ 1,607,077 115,114
Expenses reimbursement and waiver from
Adviser ................................. (1,064,925) (60,816)
-------------- -----------
Net investment expenses ................. 542,152 54,298
-------------- -----------
Net investment income (loss) ............... 9,801,168 412,952
-------------- -----------
Realized and unrealized gain (loss): (Notes 1, 4, 5 and 7)
Realized gain (loss) on:
Sale of investments, (excluding
short-term investments) .............. -- 597,384
Written options ......................... -- --
Futures and forward currency contracts .. -- --
Foreign currencies ...................... -- --
-------------- -----------
Net realized gain (loss) .............. -- 597,384
-------------- -----------
Net change in unrealized gain (loss) on:
Investments ............................. -- (942,618)
Written options ......................... -- --
Futures and forward currency contracts .. -- --
Foreign currency transactions .......... -- --
-------------- -----------
Net change in unrealized gain (loss) .. -- (942,618)
-------------- -----------
Net realized and change in unrealized gain
(loss) on investments ................... -- (345,234)
-------------- -----------
Increase (decrease) in net assets resulting
from operations ......................... $ 9,801,168 $ 67,718
============== ===========
82 See Notes to Financial Statements.
<PAGE>
<CAPTION>
Bond Fund The Aetna Fund Growth and Income Fund
<C> <C> <C>
$ -- $ 530,979 $ 4,135,657
1,307,866 1,148,723 348,691
- ------------- ------------ -------------
1,307,866 1,679,702 4,484,348
-- (2,054) (26,182)
- ------------- ------------ -------------
1,307,866 1,677,648 4,458,166
- ------------- ------------ -------------
93,612 333,616 1,275,515
46,806 105,415 460,440
12,569 7,481 12,192
4,273 4,273 4,273
10,803 21,936 94,197
6,112 25,063 86,421
20,792 34,654 47,074
5,815 5,747 8,261
3,687 4,297 8,792
21,079 21,173 26,409
-- -- 2,520
- ------------- ------------ -------------
225,548 563,655 2,026,094
(72,561) -- --
- ------------- ------------ -------------
152,987 563,655 2,026,094
- ------------- ------------ -------------
1,154,879 1,113,993 2,432,072
- ------------- ------------ -------------
447,578 6,297,859 25,786,639
-- -- (240)
-- (477,995) 360,059
-- 20,888 33,007
- ------------- ------------ -------------
447,578 5,840,752 26,179,465
- ------------- ------------ -------------
(1,379,672) 677,701 20,431,385
-- -- (941,767)
-- -- 242,525
-- -- (1,492)
- ------------- ------------ -------------
(1,379,672) 677,701 19,730,651
- ------------- ------------ -------------
(932,094) 6,518,453 45,910,116
- ------------- ------------ -------------
$ 222,785 $ 7,632,446 $ 48,342,188
============= ============ =============
Aetna Mutual Funds Semi-Annual Report 83
<PAGE>
- -------------------------------------------------------------------------------
Statements of Operations
- -------------------------------------------------------------------------------
Six-month period ended April 30, 1996 (Unaudited)
Aetna Series Fund, Inc. Growth Fund Small Company Growth
Investment income: (Note 1)
Dividends .................................. $ 269,314 $ 93,677
Interest ................................... 32,855 50,956
------------ ------------
302,169 144,633
Foreign taxes withheld ..................... (1,116) (2,325)
------------ ------------
Total investment income ................. 301,053 142,308
------------ ------------
Investment Expenses: (Notes 2 and 3)
Investment advisory fee .................... 140,051 163,125
Administrative service fee ................. 50,018 47,978
12b-1 and service fees ..................... 8,982 7,267
Organizational expenses .................... -- --
Printing and postage ....................... 10,447 4,948
Custody fees ............................... 4,871 5,987
Transfer agent fees ........................ 19,664 17,892
Audit fees ................................. 7,050 5,301
Directors' fees ............................ 3,672 3,621
State and federal fees ..................... 20,841 21,450
Miscellaneous .............................. 633 456
------------ ------------
Expenses before reimbursement and waiver
from Adviser ............................ 266,229 278,025
Expenses reimbursement and waiver from
Adviser ................................. -- --
------------ ------------
Net investment expenses ................. 266,229 278,025
------------ ------------
Net investment income (loss) ............... 34,824 (135,717)
------------ ------------
Realized and unrealized gain (loss): (Notes 1, 4, 5 and 7)
Realized gain (loss) on:
Sale of investments, (excluding
short-term investments) .............. 2,301,325 5,697,124
Futures and forward currency contracts .. -- --
Foreign currencies ...................... -- --
------------ ------------
Net realized gain (loss) .............. 2,301,325 5,697,124
------------ ------------
Net change in unrealized gain (loss) on:
Investments ............................. 2,371,336 2,958,261
Futures and forward currency contracts .. -- --
Foreign currency transactions ........... -- --
------------ ------------
Net change in unrealized gain (loss) .. 2,371,336 2,958,261
------------ ------------
Net realized and change in unrealized gain
(loss) on investments ................... 4,672,661 8,655,385
------------ ------------
Increase (decrease) in net assets resulting
from operations ......................... $ 4,707,485 $ 8,519,668
============ ============
84 See Notes to Financial Statements.
<PAGE>
<CAPTION>
International Growth Fund Asian Growth Fund
<C> <C>
$ 393,581 $ 237,753
36,446 43,835
- ------------- ------------
430,027 281,588
(50,693 ) (16,196)
- ------------- ------------
379,334 265,392
- ------------- ------------
181,799 121,145
53,470 30,286
84,172 2,360
4,273 --
16,284 7,622
84,020 76,651
23,037 17,098
6,307 4,578
3,847 3,460
23,158 14,113
4,615 2,088
- ------------- ------------
484,982 279,401
-- (89,258)
- ------------- ------------
484,982 190,143
- ------------- ------------
(105,648 ) 75,249
- ------------- ------------
2,382,029 512,550
981,844 (21,732)
(47,468 ) (4,243)
- ------------- ------------
3,316,405 486,575
- ------------- ------------
1,792,389 2,411,174
171,872 --
(2,762 ) (402)
- ------------- ------------
1,961,499 2,410,772
- ------------- ------------
5,277,904 2,897,347
- ------------- ------------
$ 5,172,256 $ 2,972,596
============= ============
</TABLE>
Aetna Mutual Funds Semi-Annual Report 85
<PAGE>
- --------------------------------------------------------------------------------
Statements of Changes in Net Assets
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Aetna Series Fund, Inc. Money Market Fund
Six-months
ended
April 30, 1996 Year ended
(Unaudited) October 31, 1995
------------------------------------
<S> <C> <C>
From Operations:
Net investment income ................................... $ 9,801,168 $ 15,709,416
---------------- ----------------
Distributions to Shareholders: (Note 1)
Select Class:
From net investment income ........................... (7,319,587) (11,991,698)
Adviser Class:
From net investment income ........................... (2,481,581) (3,717,718)
---------------- ----------------
Decrease in net assets from distributions to
shareholders ......................................... (9,801,168) (15,709,416)
---------------- ----------------
Fund Share Transactions: (Note 8)
Select Class:
Proceeds from shares sold ............................ 223,998,031 303,179,867
Reinvestment of distributions ........................ 5,987,636 9,929,370
Cost of shares redeemed .............................. (201,455,098) (199,341,125)
Adviser Class:
Proceeds from shares sold ............................ 110,730,469 113,465,548
Reinvestment of distributions ........................ 2,385,182 3,576,944
Cost of shares redeemed .............................. (88,718,475) (85,667,348)
---------------- ----------------
Net increase in net assets from fund share transactions 52,927,745 145,143,256
---------------- ----------------
Change in net assets .................................... 52,927,745 145,143,256
---------------- ----------------
Net assets:
Beginning of period ..................................... 354,250,131 209,106,875
---------------- ----------------
End of period ........................................... $ 407,177,876 $ 354,250,131
================ ================
</TABLE>
86 See Notes to Financial Statements.
<PAGE>
- --------------------------------------------------------------------------------
Statements of Changes in Net Assets
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Aetna Series Fund, Inc. Government Fund
Six-months
ended
April 30, 1996 Year ended
(Unaudited) October 31, 1995
---------------- -------------------
<S> <C> <C>
From Operations:
Net investment income ................................... $ 412,952 $ 1,479,878
Net realized gain (loss) ................................ 597,384 (545,932)
Net change in unrealized gain (loss) .................... (942,618) 1,737,685
--------------- ---------------
Increase in net assets resulting from operations ........ 67,718 2,671,631
--------------- ---------------
Distributions to Shareholders: (Note 1)
Select Class:
From net investment income ........................... (500,209) (1,440,305)
Adviser Class:
From net investment income ........................... (15,645) (15,128)
--------------- ---------------
Decrease in net assets from distributions to
shareholders ......................................... (515,854) (1,455,433)
--------------- ---------------
Fund Share Transactions: (Note 8)
Select Class:
Proceeds from shares sold ............................ 6,019,756 11,590,278
Reinvestment of distributions ........................ 492,781 1,434,827
Cost of shares redeemed .............................. (11,673,202) (21,180,558)
Adviser Class:
Proceeds from shares sold ............................ 250,940 369,917
Reinvestment of distributions ........................ 15,252 14,695
Cost of shares redeemed .............................. (95,343) (147,521)
--------------- ---------------
Net decrease in net assets from fund share transactions (4,989,816) (7,918,362)
--------------- ---------------
Change in net assets .................................... (5,437,952) (6,702,164)
--------------- ---------------
Net assets:
Beginning of period ..................................... 19,558,307 26,260,471
=============== ===============
End of period ........................................... $ 14,120,355 $ 19,558,307
=============== ===============
End of period net assets includes undistributed net
investment income .................................... $ 30,228 $ 133,130
=============== ===============
</TABLE>
Aetna Mutual Funds Semi-Annual Report 87
<PAGE>
- --------------------------------------------------------------------------------
Statements of Changes in Net Assets
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Aetna Series Fund, Inc. Bond Fund
Six-months
ended
April 30, 1996 Year ended
(Unaudited) October 31, 1995
---------------- -------------------
<S> <C> <C>
From Operations:
Net investment income ................................... $ 1,154,879 $ 2,900,860
Net realized gain (loss) ................................ 447,578 (287,323)
Net change in unrealized gain (loss) .................... (1,379,672) 3,094,180
-------------- ---------------
Increase in net assets resulting from operations ........ 222,785 5,707,717
-------------- ---------------
Distributions to Shareholders: (Note 1)
Select Class:
From net investment income ........................... (1,257,514) (1,855,003)
Adviser Class:
From net investment income ........................... (98,736) (896,133)
-------------- ---------------
Decrease in net assets from distributions to
shareholders ......................................... (1,356,250) (2,751,136)
-------------- ---------------
Fund Share Transactions: (Note 8)
Select Class:
Proceeds from shares sold ............................ 10,002,164 11,304,362
Reinvestment of distributions ........................ 1,136,984 1,689,033
Cost of shares redeemed .............................. (7,692,067) (9,913,625)
Adviser Class:
Proceeds from shares sold ............................ 399,882 240,905
Reinvestment of distributions ........................ 98,212 895,776
Cost of shares redeemed .............................. (5,031,709) (20,043,606)
-------------- ---------------
Net decrease in net assets from fund share transactions (1,086,534) (15,827,155)
-------------- ---------------
Change in net assets .................................... (2,219,999) (12,870,574)
-------------- ---------------
Net assets:
Beginning of period ..................................... 40,118,662 52,989,236
============== ===============
End of period ........................................... $ 37,898,663 $ 40,118,662
============== ===============
End of period net assets includes undistributed net
investment income .................................... $ 2,410 $ 203,781
============== ===============
</TABLE>
88 See Notes to Financial Statements.
<PAGE>
- --------------------------------------------------------------------------------
Statements of Changes in Net Assets
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Aetna Series Fund, Inc. The Aetna Fund
Six-months
ended
April 30, 1996 Year ended
(Unaudited) October 31, 1995
---------------- -------------------
<S> <C> <C>
From Operations:
Net investment income ................................... $ 1,113,993 $ 2,727,732
Net realized gain ....................................... 5,840,752 5,062,065
Net change in unrealized gain ........................... 677,701 6,873,536
--------------- ---------------
Increase in net assets resulting from operations ........ 7,632,446 14,663,333
--------------- ---------------
Distributions to Shareholders: (Note 1)
Select Class:
From net investment income ........................... (1,447,698) (2,366,265)
From realized gain on investments .................... (3,635,332) --
Adviser Class:
From net investment income ........................... (24,995) (346,417)
From realized gain on investments .................... (74,327) --
--------------- ---------------
Decrease in net assets from distributions to
shareholders ......................................... (5,182,352) (2,712,682)
--------------- ---------------
Fund Share Transactions: (Note 8)
Select Class:
Proceeds from shares sold ............................ 4,640,374 18,047,983
Reinvestment of distributions ........................ 5,042,973 2,339,294
Cost of shares redeemed .............................. (12,082,460) (24,943,784)
Adviser Class:
Proceeds from shares sold ............................ 1,402,694 890,189
Reinvestment of distributions ........................ 97,631 306,603
Cost of shares redeemed .............................. (75,026) (25,950,245)
--------------- ---------------
Net decrease in net assets from fund share transactions (973,814) (29,309,960)
--------------- ---------------
Change in net assets .................................... 1,476,280 (17,359,309)
--------------- ---------------
Net assets:
Beginning of period ..................................... 85,302,886 102,662,195
=============== ===============
End of period ........................................... $ 86,779,166 $ 85,302,886
=============== ===============
End of period net assets includes undistributed net
investment income .................................... $ 629,983 $ 988,683
=============== ===============
</TABLE>
Aetna Mutual Funds Semi-Annual Report 89
<PAGE>
- --------------------------------------------------------------------------------
Statements of Changes in Net Assets
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Aetna Series Fund, Inc. Growth and Income Fund
Six-months
ended
April 30, 1996 Year ended
(Unaudited) October 31, 1995
---------------- -------------------
<S> <C> <C>
From Operations:
Net investment income ................................... $ 2,432,072 $ 5,732,043
Net realized gain ....................................... 26,179,465 22,242,980
Net change in unrealized gain ........................... 19,730,651 40,657,050
---------------- ---------------
Increase in net assets resulting from operations ........ 48,342,188 68,632,073
---------------- ---------------
Distributions to Shareholders: (Note 1)
Select Class:
From net investment income ........................... (4,032,116) (3,718,581)
From realized gain on investments .................... (19,770,375) --
Adviser Class:
From net investment income ........................... (21,457) (19,523)
From realized gain on investments .................... (154,880) --
---------------- ---------------
Decrease in net assets from distributions to
shareholders ......................................... (23,978,828) (3,738,104)
---------------- ---------------
Fund Share Transactions: (Note 8)
Select Class:
Proceeds from shares sold ............................ 14,519,545 74,993,372
Reinvestment of distributions ........................ 23,781,954 3,714,435
Cost of shares redeemed .............................. (34,585,236) (87,967,109)
Adviser Class:
Proceeds from shares sold ............................ 2,444,745 1,598,535
Reinvestment of distributions ........................ 174,031 19,466
Cost of shares redeemed .............................. (525,348) (5,332,821)
---------------- ---------------
Net increase (decrease) in net assets from fund share
transactions 5,809,691 (12,974,122)
---------------- ---------------
Change in net assets .................................... 30,173,051 51,919,847
---------------- ---------------
Net assets:
Beginning of period ..................................... 359,019,749 307,099,902
================ ===============
End of period ........................................... $ 389,192,800 $ 359,019,749
================ ===============
End of period net assets includes undistributed net
investment income .................................... $ 976,055 $ 2,597,556
================ ===============
</TABLE>
90 See Notes to Financial Statements.
<PAGE>
- --------------------------------------------------------------------------------
Statements of Changes in Net Assets
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Aetna Series Fund, Inc. Growth Fund
Six-months
ended
April 30, 1996 Year ended
(Unaudited) October 31, 1995
---------------- -------------------
<S> <C> <C>
From Operations:
Net investment income ................................... $ 34,824 $ 111,223
Net realized gain ....................................... 2,301,325 4,907,116
Net change in unrealized gain ........................... 2,371,336 3,776,468
--------------- ---------------
Increase in net assets resulting from operations ........ 4,707,485 8,794,807
--------------- ---------------
Distributions to Shareholders: (Note 1)
Select Class:
From net investment income ........................... (132,724) (218,963)
From realized gain on investments .................... (4,659,506) (15,187)
Adviser Class:
From net investment income ........................... -- (3,720)
From realized gain on investments .................... (262,211) (348)
--------------- ---------------
Decrease in net assets from distributions to
shareholders ......................................... (5,054,441) (238,218)
--------------- ---------------
Fund Share Transactions: (Note 8)
Select Class:
Proceeds from shares sold ............................ 13,878,178 16,700,945
Reinvestment of distributions ........................ 4,792,366 234,137
Cost of shares redeemed .............................. (16,120,219) (15,489,540)
Adviser Class:
Proceeds from shares sold ............................ 1,630,001 1,319,960
Reinvestment of distributions ........................ 260,085 4,068
Cost of shares redeemed .............................. (400,920) (267,563)
--------------- ---------------
Net increase in net assets from fund share transactions 4,039,491 2,502,007
--------------- ---------------
Change in net assets .................................... $ 3,692,535 $ 11,058,596
--------------- ---------------
Net assets:
Beginning of period ..................................... 38,663,593 27,604,997
=============== ===============
End of period ........................................... $ 42,356,128 $ 38,663,593
=============== ===============
End of period net assets includes undistributed
(distributions in excess of) net investment income ... $ (2,307) $ 95,593
=============== ===============
</TABLE>
Aetna Mutual Funds Semi-Annual Report 91
<PAGE>
- --------------------------------------------------------------------------------
Statements of Changes in Net Assets
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Aetna Series Fund, Inc. Small Company Growth Fund
Six-months
ended
April 30, 1996 Year ended
(Unaudited) October 31, 1995
---------------- -------------------
<S> <C> <C>
From Operations:
Net investment income ................................... $ (135,717) $ (7,728)
Net realized gain ....................................... 5,697,124 4,597,414
Net change in unrealized gain ........................... 2,958,261 3,558,853
-------------- --------------
Increase in net assets resulting from operations ........ 8,519,668 8,148,539
-------------- --------------
Distributions to Shareholders: (Note 1)
Select Class:
From net investment income ........................... -- (49,874)
From realized gain on investments .................... (3,464,685) --
Adviser Class:
From realized gain on investments .................... (158,209) --
-------------- --------------
Decrease in net assets from distributions to
shareholders ......................................... (3,622,894) (49,874)
-------------- --------------
Fund Share Transactions: (Note 8)
Select Class:
Proceeds from shares sold ............................ 2,662,458 1,069,365
Reinvestment of distributions ........................ 3,458,796 49,835
Cost of shares redeemed .............................. (4,936,298) (1,421,580)
Adviser Class:
Proceeds from shares sold ............................ 1,266,575 1,080,943
Reinvestment of distributions ........................ 155,711 --
Cost of shares redeemed .............................. (129,790) (165,246)
-------------- --------------
Net increase in net assets from fund share transactions 2,477,452 613,317
-------------- --------------
Change in net assets .................................... 7,374,226 8,711,982
-------------- --------------
Net assets:
Beginning of period ..................................... 34,795,413 26,083,431
============== ==============
End of period ........................................... $ 42,169,639 $ 34,795,413
============== ==============
End of period net assets includes distributions in
excess of net investment income ...................... $ (156,644) $ (20,927)
============== ==============
</TABLE>
92 See Notes to Financial Statements.
<PAGE>
- --------------------------------------------------------------------------------
Statements of Changes in Net Assets
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Aetna Series Fund, Inc. International Growth Fund
Six-months
ended
April 30, 1996 Year ended
(Unaudited) October 31, 1995
---------------- -------------------
<S> <C> <C>
From Operations:
Net investment income ................................... $ (105,648) $ 360,922
Net realized gain ....................................... 3,316,405 970,715
Net change in unrealized gain (loss) .................... 1,961,499 (1,638,125)
--------------- ---------------
Increase (decrease) in net assets resulting from
operations ........................................... 5,172,256 (306,488)
--------------- ---------------
Distributions to Shareholders: (Note 1)
Select Class:
From net investment income ........................... (155,153) (510,337)
From realized gain on investments .................... (537,862) (2,093,986)
Adviser Class:
From net investment income ........................... (58,321) (221,683)
From realized gain on investments .................... (505,447) (1,697,440)
--------------- ---------------
Decrease in net assets from distributions to
shareholders ......................................... (1,256,783) (4,523,446)
--------------- ---------------
Fund Share Transactions: (Note 8)
Select Class:
Proceeds from shares sold ............................ 2,534,150 5,891,177
Reinvestment of distributions ........................ 625,308 2,576,315
Cost of shares redeemed .............................. (10,482,343) (12,040,660)
Adviser Class:
Proceeds from shares sold ............................ 414,276 22,544,184
Reinvestment of distributions ........................ 510,485 1,918,360
Cost of shares redeemed .............................. (7,826,791) (22,619,626)
--------------- ---------------
Net decrease in net assets from fund share transactions (14,224,915) (1,730,250)
--------------- ---------------
Change in net assets .................................... (10,309,442) (6,560,184)
--------------- ---------------
Net assets:
Beginning of period ..................................... 51,565,840 58,126,024
=============== ===============
End of period ........................................... $ 41,256,398 $ 51,565,840
=============== ===============
End of period net assets includes undistributed net
investment income .................................... $ 66,191 $ 385,313
=============== ===============
</TABLE>
Aetna Mutual Funds Semi-Annual Report 93
<PAGE>
- --------------------------------------------------------------------------------
Statements of Changes in Net Assets
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Aetna Series Fund, Inc. Asian Growth Fund
Six-months
ended
April 30, 1996 Year ended
(Unaudited) October 31, 1995
---------------- -------------------
<S> <C> <C>
From Operations:
Net investment income ................................... $ 75,249 $ 269,634
Net realized gain (loss) ................................ 486,575 (2,920,617)
Net change in unrealized gain (loss) .................... 2,410,772 (784,221)
-------------- --------------
Increase (decrease) in net assets resulting from
operations ........................................... 2,972,596 (3,435,204)
-------------- --------------
Distributions to Shareholders: (Note 1)
Select Class:
From net investment income ........................... (146,621) (203,012)
Adviser Class:
From net investment income ........................... (1,607) (1,782)
-------------- --------------
Decrease in net assets from distributions to
shareholders ......................................... (148,228) (204,794)
-------------- --------------
Fund Share Transactions: (Note 8)
Select Class:
Proceeds from shares sold ............................ 240,010 1,504,158
Reinvestment of distributions ........................ 129,137 203,011
Cost of shares redeemed .............................. (159,298) (5,190,185)
Adviser Class:
Proceeds from shares sold ............................ 253,468 482,511
Reinvestment of distributions ........................ 1,385 1,781
Cost of shares redeemed .............................. (396,656) (65,497)
-------------- --------------
Net increase (decrease) in net assets from fund share
transactions ......................................... 68,046 (3,064,221)
-------------- --------------
Change in net assets .................................... 2,892,414 (6,704,219)
-------------- --------------
Net assets:
Beginning of period ..................................... 22,996,117 29,700,336
============== ==============
End of period ........................................... $ 25,888,531 $ 22,996,117
============== ==============
End of period net assets includes undistributed net
investment income .................................... $ 93,479 $ 166,458
============== ==============
</TABLE>
94 See Notes to Financial Statements.
<PAGE>
AETNA SERIES FUND, INC.
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 ("Funds") each of which
has its own investment objectives, policies and restrictions.
Shares of each Fund are available to all investors including employers and
employees who utilize the Funds as investment options under retirement plans.
Each Fund is diversified and offers two classes of shares, the Select Class and
the Adviser Class. The Select Class is offered principally to institutions and
is not subject to sales charges or service fees. The Adviser Class is offered
primarily to the general public and is subject to deferred sales charges payable
upon redemption within four calendar years after the year of purchase. The
Adviser Class was made available to the public on April 15, 1994. Additionally,
the Adviser Class is subject to a shareholder service fee and an annual Rule
12b-1 distribution plan expense.
The Company offers the following Funds:
Aetna Money Market Fund Aetna Growth Fund
Aetna Government Fund Aetna Small Company Growth Fund
Aetna Bond Fund Aetna International Growth Fund
The Aetna Fund Aetna Asian Growth Fund
Aetna Growth and Income Fund
The Board of Directors voted in October 1995 to liquidate the Aetna Tax-Free
Fund, subject to shareholder approval. As a result, the Fund has not been
offered since October 13, 1995. The Plan of Liquidation was approved by
shareholders at a special shareholders meeting called for this purpose on May
23, 1996. Accordingly, the Fund was liquidated on June 24, 1996.
Effective September 29, 1995, Aetna International Growth Fund and Aetna Asian
Growth Fund entered into an Agreement and Plan of Reorganization whereby,
subject to approval by shareholders of Aetna Asian Growth and Aetna
International Growth Fund, Aetna International Growth Fund will acquire the
assets and assume the liabilities of Aetna Asian Growth Fund.
Aetna Life Insurance and Annuity Company ("ALIAC") serves as the Investment
Adviser and principal underwriter to each Fund. Aeltus Investment Management,
Inc. ("Aeltus") is employed as a sub-adviser to the Growth Fund and the Small
Company Growth Fund. Effective December 1, 1995, the sub-advisory agreements
with Aeltus Investment Management International (F.E.) Limited, as sub-adviser
to the Asian Growth Fund and Dunedin Fund Managers Ltd., as sub-adviser to the
International Growth Fund were terminated.
Aetna Mutual Funds Semi-Annual Report 95
<PAGE>
- --------------------------------------------------------------------------------
1. Summary of Significant Accounting Policies - (continued)
- --------------------------------------------------------------------------------
The following is a summary of significant accounting policies consistently
followed by the Funds in the preparation of their financial statements.
The policies are in conformity with generally accepted accounting principles.
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect amounts reported therein. Although 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
Except in the Money Market Fund, investments are stated at market values based
upon closing sales prices as reported on national securities exchanges or, for
over-the-counter securities, at the mean of the bid and asked prices. Short-term
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. Securities for which market
quotations are not considered to be readily available are valued in good faith
using methods approved by the Board of Directors. The Money Market Fund states
all investments at amortized cost which approximates market value.
The accounting records of the Funds are maintained in U.S. dollars. Investment
securities and other assets and liabilities denominated in a foreign currency
are translated into U.S. dollars at the prevailing rates of exchange at the end
of the period. Purchases and sales of securities, income receipts, and expense
payments are translated into U.S. dollars at the prevailing exchange rate on the
respective dates of the transactions.
B. Option Contracts
The Funds (except Money Market) may purchase and sell put and call options and
write covered call options as a hedge against adverse movements in the value of
portfolio holdings.
Option contracts are valued daily, and unrealized gains or losses are recorded
based upon the last sales price on the principal exchange on which the options
are traded.
The Funds realize a gain or loss upon the expiration or closing of the option
contract. When an option is exercised, the proceeds on sales for a written call
option, the purchase cost for a written put option, or the cost of the security
for a purchased put or call option is adjusted by the amount of premium received
or paid. Realized and unrealized gains or losses on option contracts are
reflected in the accompanying financial statements.
96
<PAGE>
- --------------------------------------------------------------------------------
1. Summary of Significant Accounting Policies - (continued)
- --------------------------------------------------------------------------------
The risk in writing a call option is that the Funds give up the opportunity for
profit if the market price of the security increases and the option is
exercised. The risk in writing a put option is that the Funds may incur a loss
if the market price of the security decreases and the option is exercised. The
risk in buying an option is that the Funds pay a premium whether or not the
option is exercised. Risks may also arise from an illiquid secondary market, or
from the inability of counterparties to meet the terms of the contract.
C. Futures and Forward Foreign Currency Exchange Contracts
A futures contract is an agreement between two parties to buy and sell a
specific amount of a commodity, security or financial instrument including an
index of stocks at a set price on a future date. The Funds 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 securities.
Upon entering into a futures contract, the Funds are required to deposit with a
broker an amount (initial margin) equal to a percentage of the purchase price
indicated by the futures contract. Subsequent deposits (variation margin) are
received or paid each day by the Funds equal to the daily fluctuations in the
market value of the contract. These amounts are recorded by the Funds as
unrealized gains or losses. When a contract is closed, the Funds record a
realized gain or loss equal to the difference between the value of the contract
at the time it was opened and the value at the time it was closed. Generally,
futures contracts are closed prior to expiration.
A forward foreign currency exchange contract is an agreement to pay or receive
specific amounts of a currency at a future date in exchange for another currency
at an agreed upon exchange rate. The Funds may use forward foreign currency
exchange contracts to hedge certain foreign currency assets. Contracts are
recorded at market value and marked-to-market daily.
The risks associated with futures and foreign currency exchange contracts may
arise from an imperfect correlation between the change in market value of the
securities held by the Funds and the price of the contracts. Risks may also
arise from an illiquid secondary market, or from the inability of counterparties
to meet the terms of the contracts.
Realized and unrealized gains or losses on futures and foreign currency exchange
contracts are reflected in the accompanying financial statements . For federal
tax purposes, any futures contracts and forward foreign currency exchange
contracts which remain open at the end of the fiscal year are marked-to-market
and the resultant net gain or loss is included in federal taxable income.
D. Illiquid and Restricted Securities
Illiquid securities are securities that are not readily marketable. Disposing of
illiquid investments may involve time-consuming negotiation and legal expenses,
and it may
Aetna Mutual Funds Semi-Annual Report 97
<PAGE>
- --------------------------------------------------------------------------------
1. Summary of Significant Accounting Policies - (continued)
- --------------------------------------------------------------------------------
be difficult or impossible for the Funds to sell them promptly at an acceptable
price. Restricted securities are subject to legal or contractual restrictions on
resale and may not be publicly sold without registration under the Federal
Securities Act of 1933. The Funds may invest up to 15% (10% in the case of the
Money Market Fund) of its total assets in illiquid securities. Illiquid and
restricted securities are valued using market quotations when readily available.
In the absence of market quotations, the securities are valued based upon their
fair value determined under procedures approved by the Board of Directors. The
Funds will not pay the costs of disposition of restricted securities other than
ordinary brokerage fees, if any.
E. Federal Income Taxes
As a qualified regulated investment company, each Fund is relieved of federal
income and excise taxes by distributing its net taxable investment income and
capital gains, if any, in compliance with the applicable provisions of the
Internal Revenue Code.
F. Distributions
Distributions are recorded on the ex-dividend date. Income and capital gain
distributions are determined in accordance with income tax regulations which may
differ from generally accepted accounting principles. These differences are
primarily due to differing treatments for foreign currency transactions and
losses deferred due to wash sales.
G. Other
Investment transactions are accounted for on the day following trade date,
except same day settlements which are accounted for on the trade date. Interest
income is recorded on an accrual basis. Discounts and premiums on securities
purchased are amortized over the life of the respective security. Dividend
income is recorded on the ex-dividend date. Realized gains and losses from
investment transactions are determined on an identified cost basis.
H. Deferred Organizational Costs
The Company paid organizational expenses in connection with the start-up and
initial registration of the Company. These organizational expenses have been
capitalized and allocated equally to the Money Market Fund, the Bond Fund, The
Aetna Fund, the Growth and Income Fund, and the International Growth Fund.
Organizational expenses are being amortized over 60 months on a straight-line
basis beginning with the commencement of operations. If any or all of the shares
representing initial capital of each Fund are redeemed by any holder thereof
prior to the end of the amortization period, the proceeds will be reduced by the
unamortized organizational expense balance in the same proportion as the number
of shares redeemed bears to the number of initial shares outstanding immediately
preceding the redemption.
98
<PAGE>
- --------------------------------------------------------------------------------
2. Investment Advisory, Management, Shareholder Service and Distribution Fees
- --------------------------------------------------------------------------------
The Funds pay the Investment Adviser annual fees expressed as a percentage of
average daily net assets of each Fund. As the Funds' net assets exceed
predetermined thresholds, lower advisory fees are applied. Below are the Funds'
Investment Advisor fee ranges and the effective rates as of April 30, 1996:
<TABLE>
<CAPTION>
Fee Effective Fee Effective
Range Rate Range Rate
<S> <C> <C> <C> <C>
Money Market Fund .40% - .30% .40% Growth Fund .70% - .55% .70%
Government Fund .50% - .40% .50% Small Company Growth Fund .85% - .725% .85%
Bond Fund .50% - .40% .50% International Growth Fund .85% - .70% .85%
The Aetna Fund .80% - .65% .80% Asian Growth Fund 1.00% - .80% 1.00%
Growth and Income Fund .70% - .55% .68%
</TABLE>
The Company has entered into an administrative services agreement under
which ALIAC acts as administrator and provides certain administrative and
shareholder services and is responsible for the supervision of other service
providers. Each Fund pays ALIAC a monthly fee at an annual rate based on average
daily net assets of 0.25% on the first $250 million. As each Fund's net assets
exceed $250 million, lower fees will apply.
The Funds have adopted a Shareholder Service Plan for the Adviser Class shares.
Under the Shareholder Service Plan, ALIAC is paid a service fee at an annual
rate of 0.25% (0.10% for the Money Market Fund) of the daily net assets of the
Adviser Class of each fund. This fee is used as compensation for expenses
incurred in servicing shareholder accounts. For the six-month period ended April
30, 1996, the Funds paid ALIAC $45,626 in service fees.
The Funds have adopted a Distribution Plan pursuant to Rule 12b-1 of the
Investment Company Act of 1940. The Distribution Plan provides for payments to
ALIAC at an annual rate 0.50% of the daily net assets of the Adviser Class
shares of each Fund, except for the Money Market Fund. Amounts paid by the Funds
are used to pay expenses incurred by ALIAC in promoting the sales of the Adviser
Class shares. For the six-month period ended April 30, 1996, the Funds paid
ALIAC $91,251 in Rule 12b-1 fees. The plan may be terminated upon a majority
vote of the Funds independent trustees. Presently, the Funds class specific
expenses are limited to Shareholder Service and Distribution Plan expenses
incurred by the Adviser Class shares.
Aetna Mutual Funds Semi-Annual Report 99
<PAGE>
- --------------------------------------------------------------------------------
3. Reimbursement from Investment Adviser
- --------------------------------------------------------------------------------
The Investment Adviser may, from time to time, make reimbursements to a Fund for
some or all of its operating expenses or it may waive fees. Reimbursement and
waiver arrangements, which may be terminated at any time without notice, will
increase a Fund's yield and total return.
- --------------------------------------------------------------------------------
4. Purchase and Sales of Investment Securities
- --------------------------------------------------------------------------------
Purchases and sales of investment securities, excluding short-term investments,
for all Funds except the Money Market Fund, for the six-month period ended
April 30, 1996:
Cost of Proceeds
Purchases from Sales
Money Market Fund.................. $5,320,328,000 $5,255,990,123
Government Fund.................... 4,599,115 8,659,266
Bond Fund.......................... 9,289,998 9,839,421
The Aetna Fund..................... 53,281,135 65,094,168
Growth and Income Fund............. 172,032,569 188,443,281
Growth Fund........................ 32,234,172 32,865,000
Small Company Growth Fund.......... 30,693,147 31,395,739
International Growth Fund.......... 31,906,414 45,757,562
Asian Growth Fund.................. 7,752,882 8,276,141
- --------------------------------------------------------------------------------
5. Options
- --------------------------------------------------------------------------------
All Funds except the Money Market Fund may use options. For the six-month period
ended April 30, 1996, the following reflects the covered call and put option
activity:
Growth and Income Fund
Number of Deferred
Call Option Premium Realized
Contracts Received Gain (Loss)
Outstanding October 31, 1995 -- $ -- $ --
Written....................... 655 712,636 --
Canceled...................... -- -- --
Exercised..................... (21) (5,231) --
Expired....................... -- -- --
======= ============= ========
Outstanding April 30, 1996 634 $ 707,405 $ --
======= ============= ========
100
<PAGE>
- --------------------------------------------------------------------------------
5. Options - (continued)
- --------------------------------------------------------------------------------
Growth and Income Fund
Number of
Put Option Deferred Premium Realized
Contracts Received Gain (Loss)
Outstanding October 31, 1995 -- $ -- $ --
Written....................... 598 558,692 --
Canceled...................... -- -- --
Exercised..................... -- -- --
Expired....................... -- -- --
======= ============= =======
Outstanding April 30, 1996 598 $ 558,692 $ --
======= ============= =======
- --------------------------------------------------------------------------------
6. Capital Loss Carryforwards
- --------------------------------------------------------------------------------
At April 30, 1996, for federal income tax purposes the Funds had the following
capital loss carryforwards:
Capital Loss
Fund Carryforward Year of Expiration
Government Fund $ 271,000 2002
546,000 2003
--------------------------------------------------------------
Bond Fund 129,000 2001
835,000 2002
287,000 2003
--------------------------------------------------------------
Asian Growth Fund 289,000 2002
2,797,000 2003
--------------------------------------------------------------
The Board of Directors will not distribute any realized gains until the capital
loss carryforwards have been offset or expire.
Aetna Mutual Funds Semi-Annual Report 101
<PAGE>
- --------------------------------------------------------------------------------
7. Forward Foreign Currency Exchange Contracts
- --------------------------------------------------------------------------------
At April 30, 1996, the Growth and Income Fund and the International Growth Fund
had the following open forward foreign currency exchange contracts that obligate
the Fund to deliver currencies at specified future dates. The unrealized gains
of $86,603 and $118,880, respectively, on these contracts are included in the
accompanying financial statements. The terms of the open contracts are as
follows:
<TABLE>
<CAPTION>
Growth and Income Fund: U.S. $ Value
Exchange Currency to U.S. $ Value Currency to April 30, Unrealized
Date be Delivered April 30, 1996 be Received 1996 Gain (Loss)
<S> <C> <C> <C> <C> <C>
Contracts to Buy
8/9/96 42,119 $42,119 50,000 $40,582 $(1,537)
U.S. Dollar Swiss Franc
- -------------------------------------------------------------------------------------------------
8/13/96 80,000 80,000 400,000 77,638 (2,362)
U.S. Dollar French Franc
- -------------------------------------------------------------------------------------------------
6/14/96 1,113,196 1,113,196 724,000 1,085,638 (27,558)
U.S. Dollar British Pound
- -------------------------------------------------------------------------------------------------
6/19/96 372,271 372,271 39,200,000 376,805 4,532
U.S. Dollar Japanese Yen
- -------------------------------------------------------------------------------------------------
5/6/96 51,912 51,912 130,000 52,142 230
U.S. Dollar Malaysian -
--Ringgit
- -------------------------------------------------------------------------------------------------
Contracts to Sell
8/9/96 328,000 266,219 276,280 276,280 10,061
Swiss Franc U.S. Dollar
- -------------------------------------------------------------------------------------------------
9/3/96 98,000 64,425 67,179 67,179 2,754
German U.S. Dollar
Deutschemark
- -------------------------------------------------------------------------------------------------
8/13/96 2,505,000 486,208 494,075 494,075 7,867
French Franc U.S. Dollar
- -------------------------------------------------------------------------------------------------
6/14/96 1,057,000 1,584,972 1,613,571 1,613,571 28,599
British Pound U.S. Dollar
- -------------------------------------------------------------------------------------------------
6/19/96 150,200,000 1,443,777 1,501,838 1,501,838 58,061
Japanese Yen U.S. Dollar
- -------------------------------------------------------------------------------------------------
9/13/96 219,740,000 2,136,535 2,132,402 2,132,402 (4,133)
Japanese Yen U.S. Dollar
- -------------------------------------------------------------------------------------------------
10/18/96 1,030,000 608,233 618,322 618,322 10,089
Dutch Guilder U.S. Dollar
- -------------------------------------------------------------------------------------------------
$86,603
==============
</TABLE>
102
<PAGE>
- -------------------------------------------------------------------------------
7. Forward Foreign Currency Exchange Contracts - (continued)
- -------------------------------------------------------------------------------
International Growth Fund:
<TABLE>
<CAPTION>
Exchange Currency to U.S. $ Value Currency to U.S. $ Value Unrealized
Date be Delivered April 30, 1996 be Received April 30, Gain (Loss)
1996
<S> <C> <C> <C> <C> <C>
Contracts to Buy
6/14/96 352,180 $352,180 230,000 $344,970 $(7,210)
U.S. Dollar British Pound
- -------------------------------------------------------------------------------------------------
6/19/96 437,238 437,238 46,300,000 441,984 4,746
U.S. Dollar Japanese Yen
- -------------------------------------------------------------------------------------------------
9/3/96 184,300 184,300 270,000 177,544 (6,756)
U.S. Dollar German
Deutschemark
- -------------------------------------------------------------------------------------------------
9/13/96 1,215,963 1,215,963 127,600,000 1,240,837 24,874
U.S. Dollar Japanese Yen
- -------------------------------------------------------------------------------------------------
10/18/96 155,363 155,363 260,000 153,555 (1,808)
U.S. Dollar Netherlands
Guilder
- -------------------------------------------------------------------------------------------------
Contracts to Sell
6/14/96 1,050,000 1,574,862 1,610,700 1,610,700 35,838
British Pound U.S. Dollar
- -------------------------------------------------------------------------------------------------
6/19/96 46,300,000 441,984 438,447 438,447 (3,537)
Japanese Yen U.S. Dollar
- -------------------------------------------------------------------------------------------------
8/9/96 730,000 592,715 614,892 614,892 22,177
Swiss Franc U.S. Dollar
- -------------------------------------------------------------------------------------------------
8/13/96 9,100,000 1,766,483 1,795,910 1,795,910 29,427
French Franc U.S. Dollar
- -------------------------------------------------------------------------------------------------
9/3/96 3,539,000 2,327,143 2,434,579 2,434,579 107,436
German U.S. Dollar
Deutschemark
- -------------------------------------------------------------------------------------------------
9/13/96 846,700,000 8,233,676 8,123,760 8,123,760 (109,916)
Japanese Yen U.S. Dollar
- -------------------------------------------------------------------------------------------------
10/18/96 2,430,000 1,435,150 1,458,759 1,458,759 23,609
Dutch Guilder U.S. Dollar
- -------------------------------------------------------------------------------------------------
$118,880
==============
</TABLE>
Aetna Mutual Funds Semi-Annual Report 103
<PAGE>
- --------------------------------------------------------------------------------
8. Authorized Capital Shares and Capital Share Transactions
- --------------------------------------------------------------------------------
The Funds are authorized to issue a total of 4.0 billion shares. Of those 4.0
billion shares, 3.8 billion have been designated to the Funds as follows: All of
the Funds, except Money Market, have been allocated 100 million shares each of
Select and Adviser Class shares. Money Market has been allocated one billion
shares each of Select and Adviser Class shares. Share transactions for each Fund
were as follows:
<TABLE>
<CAPTION>
Money Market Fund
Select Adviser
--------------------------------- --------------------------------
Six-month Six-month
period ended Year ended period ended Year ended
April 30, 1996 October 31,1995 April 30, 1996 October 31,1995
<S> <C> <C> <C> <C>
Shares sold 223,998,031 303,179,867 110,730,469 113,465,548
Shares issued upon
reinvestment 5,987,636 9,929,370 2,385,182 3,576,944
Shares redeemed (201,455,098) (199,341,125) (88,718,475) (85,667,348)
--------------- --------------- -------------- --------------
Net increase 28,530,569 113,768,112 24,397,176 31,375,144
=============== =============== ============== ==============
Government Fund
Select Adviser
--------------------------------- --------------------------------
Six-month Six-month
period ended Year ended period ended Year ended
April 30, 1996 October 31,1995 April 30, 1996 October 31,1995
Shares sold 599,267 1,193,587 25,233 38,421
Shares issued upon
reinvestment 49,403 136,326 1,530 1,326
Shares redeemed (1,163,132) (2,189,773) (9,654) (15,295)
--------------- ---------------- --------------- --------------
Net increase (decrease) (514,462) (859,860) 17,109 24,452
=============== ================ =============== ==============
Bond Fund
Select Adviser
--------------------------------- --------------------------------
Six-month Six-month
period ended Year ended period ended Year ended
April 30, 1996 October 31,1995 April 30, 1996 October 31,1995
Shares sold 973,229 1,140,369 38,952 24,045
Shares issued upon
reinvestment 111,069 170,990 9,584 91,739
Shares redeemed (748,060) (998,454) (485,582) (2,051,824)
--------------- --------------- -------------- --------------
Net increase (decrease) 336,238 312,905 (437,046) (1,936,040)
=============== =============== ============== ==============
104
<PAGE>
- -------------------------------------------------------------------------------
8. Authorized Capital Shares and Capital Share Transactions - (continued)
- -------------------------------------------------------------------------------
The Aetna Fund
Select Adviser
--------------------------------- --------------------------------
Six-month Six-month
period ended Year ended period ended Year ended
April 30, 1996 October 31,1995 April 30, 1996 October 31,1995
Shares sold 372,352 1,654,411 112,446 78,916
Shares issued upon
reinvestment 417,119 216,866 8,075 29,573
Shares redeemed (981,748) (2,238,432) (6,026) (2,483,536)
--------------- --------------- -------------- --------------
Net increase (decrease) (192,277) (367,155) 114,495 (2,375,047)
=============== =============== ============== ==============
Growth and Income Fund
Select Adviser
--------------------------------- --------------------------------
Six-month Six-month
period ended Year ended period ended Year ended
April 30, 1996 October 31,1995 April 30, 1996 October 31,1995
Shares sold 1,047,435 6,670,390 176,146 130,556
Shares issued upon
reinvestment 1,792,159 322,995 13,115 1,755
Shares redeemed (2,525,417) (7,621,288) (37,826) (485,408)
--------------- --------------- -------------- --------------
Net increase (decrease) 314,177 (627,903) 151,435 (353,097)
=============== =============== ============== ==============
Growth Fund
Select Adviser
--------------------------------- --------------------------------
Six-month Six-month
period ended Year ended period ended Year ended
April 30, 1996 October 31,1995 April 30, 1996 October 31,1995
Shares sold 1,051,360 1,378,209 126,285 109,935
Shares issued upon
reinvestment 391,202 22,556 21,388 393
Shares redeemed (1,221,485) (1,236,680) (30,891) (22,400)
--------------- --------------- -------------- --------------
Net increase 221,077 164,085 116,782 87,928
=============== =============== ============== ==============
Aetna Mutual Funds Semi-Annual Report 105
<PAGE>
- -------------------------------------------------------------------------------
8. Authorized Capital Shares and Capital Share Transactions - (continued)
- -------------------------------------------------------------------------------
Small Company Growth Fund
Select Adviser
--------------------------------- --------------------------------
Six-month Six-month
period ended Year ended period ended Year ended
April 30, 1996 October 31,1995 April 30, 1996 October 31,1995
Shares sold 187,939 86,407 90,275 88,948
Shares issued upon
reinvestment 254,901 4,983 11,630 --
Shares redeemed (347,733) (103,946) (9,407) (12,812)
--------------- --------------- -------------- --------------
Net increase (decrease) 95,107 (12,556) 92,498 76,136
=============== =============== ============== ==============
International Growth Fund
Select Adviser
--------------------------------- --------------------------------
Six-month Six-month
period ended Year ended period ended Year ended
April 30, 1996 October 31,1995 April 30, 1996 October 31,1995
Shares sold 226,372 576,518 33,335 2,284,778
Shares issued upon
reinvestment 64,933 232,686 52,955 177,272
Shares redeemed (970,865) (1,168,155) (719,440) (2,277,588)
--------------- --------------- -------------- --------------
Net increase (decrease) (679,560) (358,951) (633,150) 184,462
=============== =============== ============== ==============
Asian Growth Fund
Select Adviser
--------------------------------- --------------------------------
Six-month Six-month
period ended Year ended period ended Year ended
April 30, 1996 October 31,1995 April 30, 1996 October 31,1995
Shares sold 24,979 197,383 27,773 56,991
Shares issued upon
reinvestment 17,334 11,728 186 67
Shares redeemed (19,001) (636,165) (44,770) (7,782)
--------------- --------------- -------------- --------------
Net increase (decrease) 23,312 (427,054) (16,811) 49,276
=============== =============== ============== ==============
</TABLE>
106
<PAGE>
- -------------------------------------------------------------------------------
8. Authorized Capital Shares and Capital Share Transactions - (continued)
- -------------------------------------------------------------------------------
As of April 30, 1996, the following shares of the Funds were owned by ALIAC and
its affiliates:
Select Adviser
Money Market Fund 121,041 --
Government Fund 724,389 --
Bond Fund 77,595 212,704
The Aetna Fund 12,013 --
Growth and Income Fund 11,347 --
Growth Fund 404,920 --
Small Company Growth Fund 2,285,948 --
International Growth Fund 11,702 1,762,533
Asian Growth Fund 2,534,187 --
Aetna Mutual Funds Semi-Annual Report 107
<PAGE>
Financial Highlights
Selected data for a fund share outstanding throughout each period:
<TABLE>
<CAPTION>
Money Market Fund
--------------------------------------------------------------
Select Class
--------------------------------------------------------------
Six-month Ten-month
period Year period Year Year
ended ended ended ended ended
April 30, October October December December
1996 31, 31, 31, 31,
(Unaudited) 1995 1994 1993 1992
----------- ---------- ---------- ------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
period ......................
Income from investment operations:
Net investment income ....... 0.03 0.06 0.03 0.03 0.04
Less distributions:
From net investment income .. (0.03) (0.06) (0.03) (0.03) (0.04)
--------- --------- ---------- --------- --------
Net asset value, end of period . $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========= ========= ========== ========= ========
Total return ................... 2.72% 5.95% 3.33% 3.29% 3.98%
Net assets, end of period
(000's) ..................... $304,055 $275,524 $ 161,756 $107,844 $36,522
Ratio of total investment
expenses to average net
assets* ..................... 0.30% 0.27% 0.21% 0.00% 0.00%
Ratio of net investment income
to average net assets* ...... 5.42% 5.80% 4.05% 3.33% 3.93%
Ratio of net investment expense
before reimbursement and
waiver to average net
assets* ..................... 0.86% 0.86% 0.85% 0.95% 1.04%
Ratio of net investment income
before reimbursement and
waiver to average net
assets* ..................... 4.86% 5.21% 3.38% 2.38% 2.87%
</TABLE>
*Annualized for periods of less than one year.
Per share data calculated using average number of shares outstanding throughout
the period.
108
<PAGE>
Financial Highlights
Selected data for a fund share outstanding throughout each period:
<TABLE>
<CAPTION>
Money Market Fund
-----------------------------------
Adviser Class
-----------------------------------
Six-month Period from
period Year April 15,
ended ended 1994 to
April 30, October October
1996 31, 31,
(Unaudited) 1995 1994
---------- ---------- ----------
<S> <C> <C> <C>
Net asset value, beginning of period ..................... $ 1.00 $ 1.00 $ 1.00
Income from investment operations:
Net investment income ................................. 0.03 0.06 0.03
Less distributions:
From net investment income ............................ (0.03) (0.06) (0.03)
--------- -------- --------
Net asset value, end of period ........................... $ 1.00 $ 1.00 $ 1.00
========= ======== ========
Total return ............................................. 2.72% 5.95% 2.41%
Net assets, end of period (000's) ........................ $103,123 $78,726 $47,350
Ratio of total investment expenses to average net assets* 0.30% 0.27% 0.21%
Ratio of net investment income to average net assets* .... 5.42% 5.80% 4.27%
Ratio of net investment expense before reimbursement and
waiver to average net assets* ......................... 0.96% 0.96% 0.92%
Ratio of net investment income before reimbursement and
waiver to average net assets* ......................... 4.76% 5.11% 3.67%
</TABLE>
*Annualized for periods of less than one year.
Per share data calculated using average number of shares outstanding throughout
the period.
Aetna Mutual Funds Semi-Annual Report 109
<PAGE>
Financial Highlights
Selected data for a fund share outstanding throughout each period:
<TABLE>
<CAPTION>
Government Fund
-----------------------------------
Select Class
-----------------------------------
Six-month Ten-month
period Year period
ended ended ended
April 30, October October
1996 31, 31,
(Unaudited) 1995 1994
---------- ---------- ----------
<S> <C> <C> <C>
Net asset value, beginning of period ...................... $ 10.01 $ 9.41 $ 10.00
Income from investment operations:
Net investment income .................................. 0.28 0.64 0.40
Net realized and change in unrealized gain (loss) ...... (0.25) 0.59 (0.63)
-------- -------- --------
Total ................................................ 0.03 1.23 (0.23)
Less distributions:
From net investment income ............................. (0.35) (0.63) (0.36)
-------- -------- --------
Net asset value, end of period ............................ $ 9.69 $ 10.01 $ 9.41
======== ======== ========
Total return .............................................. 0.25% 13.58% (2.37)%
Net assets, end of period (000's) ......................... $13,563 $19,154 $26,110
Ratio of total investment expenses to average net assets* . 0.70% 0.70% 0.41%
Ratio of net investment income to average net assets* ..... 5.55% 6.79% 5.29%
Ratio of net investment expense before reimbursement and
waiver to average net assets* .......................... 1.51% 1.30% 1.16%
Ratio of net investment income before reimbursement and
waiver to average net assets* .......................... 4.73% 6.19% 4.54%
Portfolio turnover rate* .................................. 61.50% 117.31% 43.63%
</TABLE>
*Annualized for periods of less than one year.
Per share data calculated using average number of shares outstanding throughout
the period.
110
<PAGE>
Financial Highlights
Selected data for a fund share outstanding throughout each period:
<TABLE>
<CAPTION>
Government Fund
-----------------------------------
Adviser Class
-----------------------------------
Six-month Period from
period Year April 15,
ended ended 1994 to
April 30, October October
1996 31, 31,
(Unaudited) 1995 1994
---------- ---------- ----------
<S> <C> <C> <C>
Net asset value, beginning of period ........................ $10.00 $ 9.41 $ 9.67
Income from investment operations:
Net investment income .................................... 0.24 0.60 0.24
Net realized and change in unrealized gain (loss) ........ (0.24) 0.56 (0.24)
------- -------- -------
Total .................................................. 0.00 1.16 0.00
Less distributions:
From net investment income ............................... (0.31) (0.57) (0.26)
------- -------- -------
Net asset value, end of period .............................. $ 9.69 $ 10.00 $ 9.41
======= ======== =======
Total return ................................................ (0.03)% 12.60% (0.06)%
Net assets, end of period (000's) ........................... $ 558 $ 405 $ 151
Ratio of total investment expenses to average net assets* ... 1.45% 1.51% 1.28%
Ratio of net investment income to average net assets* ....... 4.80% 6.02% 4.68%
Ratio of net investment expense before reimbursement and
waiver to average net assets* ............................ 2.26% 2.11% 2.11%
Ratio of net investment income before reimbursement and
waiver to average net assets* ............................ 3.98% 5.42% 3.85%
Portfolio turnover rate* .................................... 61.50% 117.31% 43.63%
</TABLE>
*Annualized for periods of less than one year.
Per share data calculated using average number of shares outstanding throughout
the period.
Aetna Mutual Funds Semi-Annual Report 111
<PAGE>
Financial Highlights
Selected data for a fund share outstanding throughout each period:
<TABLE>
<CAPTION>
Bond Fund
------------------------------------------------------------
Select Class
------------------------------------------------------------
Six-month
period Ten-month
ended Year period Year Year
April ended ended ended ended
30, October October December December
1996 31, 31, 31, 31,
(Unaudited) 1995 1994 1993 1992
--------- ---------- ---------- -----------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 10.27 $ 9.58 $ 10.37 $ 9.99 $ 10.00
Income from investment operations:
Net investment income ............ 0.32 0.65 0.52 0.55 0.53
Net realized and change in
unrealized gain (loss) ......... (0.26) 0.65 (0.86) 0.45 0.16
-------- -------- -------- -------- --------
Total .......................... 0.06 1.30 (0.34) 1.00 0.69
Less distributions:
From net investment income ....... (0.37) (0.61) (0.45) (0.55) (0.53)
In excess of net investment
income ......................... 0.00 0.00 0.00 (0.07) (0.17)
-------- -------- -------- -------- --------
Net asset value, end of period ...... $ 9.96 $ 10.27 $ 9.58 $ 10.37 $ 9.99
======== ======== ======== ======== ========
Total return ........................ 0.56% 14.06% (3.31)% 10.20% 7.23%
Net assets, end of period (000's) ... $35,132 $32,778 $27,584 $46,788 $37,209
Ratio of total investment expenses
to average net assets* ........... 0.75% 0.79% 0.76% 0.47% 0.05%
Ratio of net investment income to
average net assets* .............. 6.25% 6.56% 6.29% 5.34% 5.44%
Ratio of net investment expense
before reimbursement and waiver
to average net assets* ........... 1.15% 1.06% 1.06% 1.01% 1.10%
Ratio of net investment income
before reimbursement and waiver
to average net assets* ........... 5.85% 6.25% 5.98% 4.80% 4.39%
Portfolio turnover rate* ............ 51.26% 56.99% 51.80% 50.01% 57.05%
</TABLE>
*Annualized for periods of less than one year.
Per share data calculated using average number of shares outstanding throughout
the period.
112
<PAGE>
Financial Highlights
Selected data for a fund share outstanding throughout each period:
<TABLE>
<CAPTION>
Bond Fund
-----------------------------------
Adviser Class
-----------------------------------
Six-month Period
period Year from April
ended ended 15, 1994 to
April 30, October October
1996 31, 31,
(Unaudited) 1995 1994
---------- ---------- ----------
<S> <C> <C> <C>
Net asset value, beginning of period ........................ $10.27 $ 9.58 $ 9.92
Income from investment operations:
Net investment income .................................... 0.29 0.56 0.28
Net realized and change in unrealized gain (loss) ........ (0.27) 0.66 (0.35)
------- ------- --------
Total .................................................. 0.02 1.22 (0.07)
Less distributions:
From net investment income ............................... (0.33) (0.53) (0.27)
------- ------- --------
Net asset value, end of period .............................. $ 9.96 $10.27 $ 9.58
======= ======= ========
Total return ................................................ 0.18% 13.28% (0.68)%
Net assets, end of period (000's) ........................... $2,767 $7,340 $25,405
Ratio of total investment expenses to average net assets* ... 1.50% 1.50% 1.49%
Ratio of net investment income to average net assets* ....... 5.50% 5.91% 5.36%
Ratio of net investment expense before reimbursement and
waiver to average net assets* ............................ 1.90% 1.82% 1.81%
Ratio of net investment income before reimbursement and
waiver to average net assets* ............................ 5.10% 5.60% 5.04%
Portfolio turnover rate ..................................... 51.26% 56.99% 51.80%
</TABLE>
*Annualized for periods of less than one year.
Per share data calculated using average number of shares outstanding throughout
the period.
Aetna Mutual Funds Semi-Annual Report 113
<PAGE>
Financial Highlights
Selected data for a fund share outstanding throughout each period:
<TABLE>
<CAPTION>
The Aetna Fund
-----------------------------------------------------------
Select Class
-----------------------------------------------------------
Six-month Ten-month
period Year period Year Year
ended ended ended ended ended
April 30, October October December December
1996 31, 31, 31, 31,
(Unaudited) 1995 1994 1993 1992
---------- ---------- ---------- -----------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 12.36 $ 10.65 $ 10.82 $ 10.18 $ 10.00
Income from investment operations:
Net investment income ............ 0.17 0.35 0.23 0.34 0.43
Net realized and change in
unrealized gain (loss) ......... 0.99 1.69 (0.28) 0.64 0.24
-------- -------- -------- -------- --------
Total .......................... 1.16 2.04 (0.05) 0.98 0.67
Less distributions:
From net investment income ....... (0.23) (0.33) (0.12) (0.30) (0.39)
In excess of net investment
income ......................... 0.00 0.00 0.00 (0.01) (0.10)
From realized gain on investments (0.57) 0.00 0.00 (0.03) 0.00
-------- -------- -------- -------- --------
Net asset value, end of period ...... $ 12.72 $ 12.36 $ 10.65 $ 10.82 $ 10.18
======== ======== ======== ======== ========
Total return ........................ 9.64% 19.45% (0.42)% 9.84% 6.64%
Net assets, end of period (000's) ... $83,927 $83,941 $76,267 $63,982 $37,726
Ratio of total investment expenses
to average net assets* ........... 1.33% 1.27% 1.09% 0.93% 0.07%
Ratio of net investment income to
average net assets* .............. 2.69% 3.14% 2.65% 3.21% 4.31%
Ratio of net investment expense
before reimbursement and waiver
to average net assets* ........... 1.33% 1.30% 1.32% 1.34% 1.47%
Ratio of net investment income
before reimbursement and waiver
to average net assets* ........... 2.69% 3.11% 2.42% 2.79% 2.91%
Portfolio turnover rate* ............ 134.86% 129.05% 86.10% 19.95% 13.35%
Average commission rate paid per
share ............................ $0.0606 -- -- -- --
</TABLE>
*Annualized for periods of less than one year.
Per share data calculated using average number of shares outstanding throughout
the period.
114
<PAGE>
Financial Highlights
Selected data for a fund share outstanding throughout each period:
<TABLE>
<CAPTION>
The Aetna Fund
-----------------------------------
Adviser Class
-----------------------------------
Six-month Period
period Year from April
ended ended 15, 1994 to
April 30, October October
1996 31, 31,
(Unaudited) 1995 1994
---------- ---------- ----------
<S> <C> <C> <C>
Net asset value, beginning of period ...................... $ 12.34 $ 10.62 $ 10.54
Income from investment operations:
Net investment income .................................. 0.12 0.23 0.19
Net realized and change in unrealized gain ............. 0.98 1.91 0.00
-------- -------- --------
Total ................................................ 1.10 2.14 0.19
Less distributions:
From net investment income ............................. (0.19) (0.42) (0.11)
From realized gain on investments ...................... (0.57) 0.00 0.00
-------- -------- --------
Net asset value, end of period ............................ $ 12.68 $ 12.34 $ 10.62
======== ======== ========
Total return .............................................. 9.17% 18.32% 1.84%
Net assets, end of period (000's) ......................... $ 2,852 $ 1,362 $26,396
Ratio of total investment expenses to average net assets* . 2.08% 2.04% 1.87%
Ratio of net investment income to average net assets* ..... 1.94% 2.61% 1.90%
Ratio of net investment expense before reimbursement and
waiver to average net assets* .......................... 2.08% 2.07% 2.06%
Ratio of net investment income before reimbursement and
waiver to average net assets* .......................... 1.94% 2.58% 1.67%
Portfolio turnover rate* .................................. 134.86% 129.05% 86.10%
Average commission rate paid per share .................... $0.0606 -- --
</TABLE>
*Annualized for periods of less than one year.
Per share data calculated using average number of shares outstanding throughout
the period.
Aetna Mutual Funds Semi-Annual Report 115
<PAGE>
Financial Highlights
Selected data for a fund share outstanding throughout each period:
<TABLE>
<CAPTION>
Growth and Income Fund
-----------------------------------------------------------
Select Class
-----------------------------------------------------------
Six-month Ten-month
period Year period Year Year
ended ended ended ended ended
April 30, October October December December
1996 31, 31, 31, 31,
(Unaudited) 1995 1994 1993 1992
---------- ---------- ---------- -----------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of
period .......................... $ 13.46 $ 11.11 $ 11.03 $ 10.51 $ 10.00
Income from investment operations:
Net investment income ........ 0.09 0.21 0.12 0.19 0.26
Net realized and change in
unrealized gain ............ 1.71 2.27 0.04 0.50 0.51
--------- --------- ---------- -------- --------
Total ...................... 1.80 2.48 0.16 0.69 0.77
Less distributions:
From net investment income ... (0.16) (0.13) (0.08) (0.16) (0.26)
From realized gain on
investments ................ (0.76) 0.00 0.00 (0.01) 0.00
--------- --------- ---------- -------- --------
Net asset value, end of period .. $ 14.34 $ 13.46 $ 11.11 $ 11.03 $ 10.51
========= ========= ========== ======== ========
Total return .................... 13.88% 22.58% 1.40% 6.58% 7.81%
Net assets, end of period
(000's) ...................... $384,665 $356,803 $ 301,360 $60,127 $31,473
Ratio of total investment
expenses to average net
assets* ...................... 1.07% 1.10% 0.92% 1.13% 0.33%
Ratio of net investment income
to average net assets* ....... 1.30% 1.73% 1.51% 1.77% 2.83%
Ratio of net investment expense
before reimbursement and
waiver to average net assets* 1.07% 1.10% 1.03% 1.27% 1.72%
Ratio of net investment income
before reimbursement and
waiver to average net assets* 1.30% 1.73% 1.39% 1.55% 1.44%
Portfolio turnover rate* ........ 97.91% 127.43% 54.13% 23.60% 14.44%
Average commission rate paid per
share ........................ $ 0.0435 -- -- -- --
</TABLE>
*Annualized for periods of less than one year.
Per share data calculated using average number of shares outstanding throughout
the period.
116
<PAGE>
Financial Highlights
Selected data for a fund share outstanding throughout each period:
<TABLE>
<CAPTION>
Growth and Income Fund
-----------------------------------
Adviser Class
-----------------------------------
Six-month Period
period Year from April
ended ended 15, 1994 to
April 30, October October
1996 31, 31,
(Unaudited) 1995 1994
---------- ---------- ----------
<S> <C> <C> <C>
Net asset value, beginning of period ....................... $ 13.43 $ 11.08 $10.75
Income from investment operations:
Net investment income ................................... 0.03 0.12 0.11
Net realized and change in unrealized gain .............. 1.71 2.31 0.30
-------- -------- -------
Total ................................................. 1.74 2.43 0.41
Less distributions:
From net investment income .............................. (0.11) (0.08) (0.08)
From realized gain on investments ....................... (0.76) 0.00 0.00
-------- -------- -------
Net asset value, end of period ............................. $ 14.30 $ 13.43 $11.08
======== ======== =======
Total return ............................................... 13.42% 21.90% 3.71%
Net assets, end of period (000's) .......................... $ 4,528 $ 2,217 $5,740
Ratio of total investment expenses to average net assets* .. 1.85% 1.84% 2.32%
Ratio of net investment income to average net assets* ...... 0.56% 1.14% 1.74%
Ratio of net investment expense before reimbursement and
waiver to average net assets* ........................... 1.85% 1.84% 2.42%
Ratio of net investment income before reimbursement and
waiver to average net assets* ........................... 0.56% 1.14% 1.65%
Portfolio turnover rate* ................................... 97.91% 127.43% 54.13%
Average commission rate paid per share ..................... $0.0435 -- --
</TABLE>
*Annualized for periods of less than one year.
Per share data calculated using average number of shares outstanding throughout
the period.
Aetna Mutual Funds Semi-Annual Report 117
<PAGE>
Financial Highlights
Selected data for a fund share outstanding throughout each period:
<TABLE>
<CAPTION>
Growth Fund
-----------------------------------
Select Class
-----------------------------------
Six-month Ten-month
period Year period
ended ended ended
April 30, October October
1996 31, 31,
(Unaudited) 1995 1994
---------- ---------- ----------
<S> <C> <C> <C>
Net asset value, beginning of period ...................... $ 13.75 $ 10.78 $ 10.00
Income from investment operations:
Net investment income .................................. 0.02 0.04 0.09
Net realized and change in unrealized gain ............. 1.50 3.02 0.69
-------- -------- --------
Total ................................................ 1.52 3.06 0.78
Less distributions:
From net investment income ............................. (0.05) (0.08) 0.00
From realized gain on investments ...................... (1.76) (0.01) 0.00
-------- -------- --------
Net asset value, end of period ............................ $ 13.46 $ 13.75 $ 10.78
======== ======== ========
Total return .............................................. 12.31% 28.79% 7.70%
Net assets, end of period (000's) ......................... $39,110 $36,936 $27,188
Ratio of total investment expenses to average net assets* . 1.29% 1.20% 0.92%
Ratio of net investment income to average net assets* ..... 0.22% 0.36% 1.10%
Ratio of net investment expense before reimbursement and
waiver to average net assets* .......................... 1.29% 1.30% 1.42%
Ratio of net investment income before reimbursement and
waiver to average net assets* .......................... 0.22% 0.26% 0.60%
Portfolio turnover rate* .................................. 172.82% 171.75% 120.32%
Average commission rate paid per share .................... $0.0535 -- --
</TABLE>
*Annualized for periods of less than one year.
Per share data calculated using average number of shares outstanding throughout
the period.
118
<PAGE>
Financial Highlights
Selected data for a fund share outstanding throughout each period:
<TABLE>
<CAPTION>
Growth Fund
-----------------------------------
Adviser Class
-----------------------------------
Six-month Period
period Year from April
ended ended 15, 1994 to
April 30, October October
1996 31, 31,
(Unaudited) 1995 1994
---------- ---------- ----------
<S> <C> <C> <C>
Net asset value, beginning of period ...................... $ 13.63 $ 10.74 $ 10.26
Income from investment operations:
Net investment income .................................. (0.04) (0.06) (0.02)
Net realized and change in unrealized gain ............. 1.50 3.00 0.50
-------- -------- --------
Total ................................................ 1.46 2.94 0.48
Less distributions:
From net investment income ............................. 0.00 (0.05) 0.00
From realized gain on investments ...................... (1.76) 0.00 0.00
-------- -------- --------
Net asset value, end of period ............................ $ 13.33 $ 13.63 $ 10.74
======== ======== ========
Total return .............................................. 11.91% 27.92% 4.58%
Net assets, end of period (000's) ......................... $ 3,246 $ 1,727 $ 417
Ratio of total investment expenses to average net assets* . 2.04% 2.03% 1.72%
Ratio of net investment income to average net assets* ..... (0.53)% (0.47)% (0.25)%
Ratio of net investment expense before reimbursement and
waiver to average net assets* .......................... 2.04% 2.14% 2.17%
Ratio of net investment income before reimbursement and
waiver to average net assets* .......................... (0.53)% (0.58)% (0.71)%
Portfolio turnover rate* .................................. 172.82% 171.75% 120.32%
Average commission rate paid per share .................... $0.0535 -- --
</TABLE>
*Annualized for periods of less than one year.
Per share data calculated using average number of shares outstanding throughout
the period.
Aetna Mutual Funds Semi-Annual Report 119
<PAGE>
Financial Highlights
Selected data for a fund share outstanding throughout each period:
<TABLE>
<CAPTION>
Small Company Growth Fund
-----------------------------------
Select Class
-----------------------------------
Six-month Ten-month
period Year period
ended ended ended
April 30, October October
1996 31, 31,
(Unaudited) 1995 1994
---------- ---------- ----------
<S> <C> <C> <C>
Net asset value, beginning of period ...................... $ 13.52 $ 10.39 $ 10.00
Income from investment operations:
Net investment income .................................. (0.05) 0.00 0.02
Net realized and change in unrealized gain ............. 3.22 3.15 0.37
-------- -------- --------
Total ................................................ 3.17 3.15 0.39
Less distributions:
From net investment income ............................. 0.00 (0.02) 0.00
From realized gain on investments ...................... (1.41) 0.00 0.00
-------- -------- --------
Net asset value, end of period ............................ $ 15.28 $ 13.52 $ 10.39
======== ======== ========
Total return .............................................. 24.76% 30.39% 3.90%
Net assets, end of period (000's) ......................... $39,329 $33,511 $25,879
Ratio of total investment expenses to average net assets* . 1.41% 1.41% 1.15%
Ratio of net investment income to average net assets* ..... (0.67)% (0.01)% 0.21%
Ratio of net investment expense before reimbursement and
waiver to average net assets* .......................... 1.41% 1.49% 1.58%
Ratio of net investment income before reimbursement and
waiver to average net assets* .......................... (0.67)% (0.08)% (0.22)%
Portfolio turnover rate* .................................. 176.30% 156.43% 116.28%
Average commission rate paid per share .................... $0.0522 -- --
</TABLE>
*Annualized for periods of less than one year.
Per share data calculated using average number of shares outstanding throughout
the period.
120
<PAGE>
Financial Highlights
Selected data for a fund share outstanding throughout each period:
<TABLE>
<CAPTION>
Small Company Growth Fund
-----------------------------------
Adviser Class
-----------------------------------
Six-month Period
period Year from April
ended ended 15, 1994 to
April 30, October October
1996 31, 31,
(Unaudited) 1995 1994
---------- ---------- ----------
<S> <C> <C> <C>
Net asset value, beginning of period ...................... $ 13.39 $ 10.35 $ 10.24
Income from investment operations:
Net investment income .................................. (0.10) (0.11) (0.04)
Net realized and change in unrealized gain ............. 3.20 3.15 0.15
-------- -------- --------
Total ................................................ 3.10 3.04 0.11
Less distributions:
From realized gain on investments ...................... (1.41) 0.00 0.00
-------- -------- --------
Net asset value, end of period ............................ $ 15.08 $ 13.39 $ 10.35
======== ======== ========
Total return .............................................. 24.46% 29.44% 0.98%
Net assets, end of period (000's) ......................... $ 2,841 $ 1,285 $ 205
Ratio of total investment expenses to average net assets* . 2.16% 2.23% 1.78%
Ratio of net investment income to average net assets* ..... (1.42)% (0.89)% (0.72)%
Ratio of net investment expense before reimbursement and
waiver to average net assets* .......................... 2.16% 2.30% 2.14%
Ratio of net investment income before reimbursement and
waiver to average net assets* .......................... (1.42)% (0.97)% (1.07)%
Portfolio turnover rate* .................................. 176.30% 156.43% 116.28%
Average commission rate paid per share .................... $0.0522 -- --
</TABLE>
*Annualized for periods of less than one year.
Per share data calculated using average number of shares outstanding throughout
the period.
Aetna Mutual Funds Semi-Annual Report 121
<PAGE>
<TABLE>
<CAPTION>
Financial Highlights
Selected data for a fund share outstanding throught each period.
International Growth Fund
-----------------------------------------------------------
Select Class
-----------------------------------------------------------
Six-month Ten-month
period Year period Year Year
ended ended ended ended ended
April 30, October October December December
1996 31, 31, 31, 31,
(Unaudited) 1995 1994 1993 1992
---------- ---------- ---------- -----------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 10.62 $ 11.56 $ 11.17 $ 8.88 $ 10.00
Income from investment operations:
Net investment income ............ (0.01) 0.11 0.06 0.05 0.06
Net realized and change in
unrealized gain (loss) ......... 1.36 (0.09) 0.33 2.65 (1.15)
-------- -------- -------- -------- --------
Total .......................... 1.35 0.02 0.39 2.70 (1.09)
Less distributions:
From net investment income ....... (0.08) (0.40) 0.00 (0.05) (0.03)
In excess of net investment
income ......................... 0.00 0.00 0.00 (0.34) 0.00
From realized gain on investments (0.26) (0.56) 0.00 (0.02) 0.00
In excess of realized gain on
investments .................... 0.00 0.00 0.00 0.00 0.00
-------- -------- -------- -------- --------
Net asset value, end of period ...... $ 11.63 $ 10.62 $ 11.56 $ 11.17 $ 8.88
======== ======== ======== ======== ========
Total return ........................ 13.17% (0.04)% 3.49% 30.37% (10.84)%
Net assets, end of period (000's) ... $19,597 $25,102 $31,479 $39,847 $26,640
Ratio of total investment expenses
to average net assets* ........... 1.88% 1.37% 1.66% 1.48% 0.50%
Ratio of net investment income to
average net assets* .............. (0.10)% 1.02% 0.71% 0.50% 1.36%
Ratio of net investment expense
before reimbursement and waiver
to average net assets* ........... 1.88% 1.50% 1.80% 1.77% 2.98%
Ratio of net investment income
before reimbursement and waiver
to average net assets* ........... (0.10)% .88% 0.57% 0.20% (1.12)%
Portfolio turnover rate* ............ 131.86% 32.91% 81.67% 110.38% 81.74%
Average commission rate paid per $0.2655 -- -- -- --
share ............................
</TABLE>
*Annualized for periods of less than one year.
Per share data calculated using average number of shares outstanding throughout
the period.
122
<PAGE>
Financial Highlights
Selected data for a fund share outstanding throughout each period:
<TABLE>
<CAPTION>
International Growth Fund
-----------------------------------
Adviser Class
-----------------------------------
Six-month Period
period Year from April
ended ended 15, 1994 to
April 30, October October
1996 31, 31,
(Unaudited) 1995 1994
---------- ---------- ----------
<S> <C> <C> <C>
Net asset value, beginning of period ...................... $ 10.59 $ 11.51 $ 11.24
Income from investment operations:
Net investment income .................................. (0.05) 0.03 0.01
Net realized and change in unrealized gain (loss) ...... 1.36 (0.20) 0.26
-------- -------- --------
Total ................................................ 1.31 (0.17) 0.27
Less distributions:
From net investment income ............................. (0.03) (0.27) 0.00
From realized gain on investments ...................... (0.26) (0.00) 0.00
In excess of realized gain on investments .............. 0.00 (0.48) 0.00
-------- -------- --------
Net asset value, end of period ............................ $ 11.61 $ 10.59 $ 11.51
======== ======== ========
Total return .............................................. 12.83% (0.81)% 2.40%
Net assets, end of period (000's) ......................... $21,659 $26,464 $26,647
Ratio of total investment expenses to average net assets* . 2.63% 2.12% 0.27%
Ratio of net investment income to average net assets* ..... (0.85)% (0.27)% 0.17%
Ratio of net investment expense before reimbursement and
waiver to average net assets* .......................... 2.63% 2.25% 2.41%
Ratio of net investment income before reimbursement and
waiver to average net assets* .......................... (0.85)% 0.14% 0.02%
Portfolio turnover rate* .................................. 131.86% 32.91% 81.67%
Average commission rate paid per share .................... $0.2655 -- --
</TABLE>
*Annualized for periods of less than one year.
Per share data calculated using average number of shares outstanding throughout
the period.
Aetna Mutual Funds Semi-Annual Report 123
<PAGE>
Financial Highlights
Selected data for a fund share outstanding throughout each period:
<TABLE>
<CAPTION>
Asian Growth Fund
-----------------------------------
Select Class
-----------------------------------
Six-month Ten-month
period Year period
ended ended ended
April 30, October October
1996 31, 31,
(Unaudited) 1995 1994
---------- ---------- ----------
<S> <C> <C> <C>
Net asset value, beginning of period ...................... $ 8.35 $ 9.49 $ 10.00
Income from investment operations:
Net investment income .................................. 0.03 0.09 0.05
Net realized and change in unrealized loss ............. 1.05 (1.16) (0.56)
-------- -------- --------
Total ................................................ 1.08 (1.07) (0.51)
Less distributions:
From net investment income ............................. (0.05) (0.07) 0.00
-------- -------- --------
Net asset value, end of period ............................ $ 9.38 $ 8.35 $ 9.49
======== ======== ========
Total return .............................................. 13.47% (11.54)% (5.10)%
Net assets, end of period (000's) ......................... $25,277 $22,309 $29,386
Ratio of total investment expenses to average net assets* . 1.55% 1.17% 1.25%
Ratio of net investment income to average net assets* ..... 0.64% 1.13% 0.71%
Ratio of net investment expense before reimbursement and
waiver to average net assets* .......................... 2.29% 2.01% 1.81%
Ratio of net investment income before reimbursement and
waiver to average net assets* .......................... (0.10)% 0.29% 0.15%
Portfolio turnover rate* .................................. 64.81% 64.97% 65.50%
Average commission rate paid per share .................... $0.1724 -- --
</TABLE>
*Annualized for periods of less than one year.
Per share data calculated using average number of shares outstanding throughout
the period.
124
<PAGE>
Financial Highlights
Selected data for a fund share outstanding throughout each period:
<TABLE>
<CAPTION>
Asian Growth Fund
-----------------------------------
Adviser Class
-----------------------------------
Six-month Period
period Year from April
ended ended 15, 1994 to
April 30, October October
1996 31, 31,
(Unaudited) 1995 1994
---------- ---------- ----------
<S> <C> <C> <C>
Net asset value, beginning of period ........................ $ 8.33 $ 9.46 $ 8.56
Income from investment operations:
Net investment income .................................... (0.01) 0.03 (0.01)
Net realized and change in unrealized gain (loss) ........ 1.06 (1.13) 0.91
-------- -------- -------
Total .................................................. 1.05 (1.10) 0.90
Less distributions:
From net investment income ............................... (0.02) (0.03) 0.00
-------- -------- -------
Net asset value, end of period .............................. $ 9.36 $ 8.33 $ 9.46
======== ======== =======
Total return ................................................ 13.21% (12.11)% 10.51%
Net assets, end of period (000's) ........................... $ 615 $ 687 $ 314
Ratio of total investment expenses to average net assets* ... 2.30% 1.90% 1.42%
Ratio of net investment income to average net assets* ....... (0.11)% 0.31% (0.24)%
Ratio of net investment expense before reimbursement and
waiver to average net assets* ............................ 3.04% 2.72% 1.73%
Ratio of net investment income before reimbursement and
waiver to average net assets* ............................ (0.85)% (0.50)% (0.55)%
Portfolio turnover rate* .................................... 64.81% 64.97% 65.50%
Average commission rate paid per share ...................... $0.1724 -- --
</TABLE>
*Annualized for periods of less than one year.
Per share data calculated using average number of shares outstanding throughout
the period.
Aetna Mutual Funds Semi-Annual Report 125
<PAGE>
126 Aetna Mutual Funds Semi-Annual Report
<PAGE>
[BLANK]
<PAGE>
[BLANK]
<PAGE>
[BLANK]
<PAGE>
[BLANK]
<PAGE>
[BACK COVER]
Aetna Series Fund, Inc. BULK RATE
151 Farmington Avenue U.S. Postage
Hartford, CT 06156-8962 PAID
Boston, MA
Permit No. 9
Aetna Money Market Fund
Aetna Government Fund
Aetna Bond Fund
The Aetna Fund
Aetna Growth and Income Fund
Aetna Growth Fund
Aetna Small Company Growth Fund
Aetna International Growth Fund
Aetna Asian Growth Fund
This report and the financial statements contained herein are submitted for the
general information of the shareholders of the corporation. The report is not
authorized for distribution to prospective investors in the corporation unless
preceded or accompanied by an effective prospectus.
SA.AET.2-1 (Recycle symbol) Printed on recycled paper using soybean ink
[FRONT COVER]
Aetna Mutual Funds
Semi-
Annual
Report
April 30, 1996
[Aetna logo]
